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"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"pp-value-5-1": {
"value": "Notes to the financial statementsNOTE 1: GENERAL INFORMATION, BASIS OF PREPARATION,CONSOLIDATION PRINCIPLES, NEW AND AMENDED STANDARDS ADOPTED BY THE GROUP AND NEW AND AMENDED STANDARDS ISSUED BUT NOT YET EFFECTIVE1.1 General informationB2Holding ASA (the Company or Parent) and its subsidiaries (together the Group) is a pan-European debt investor and servicer. The business consists of purchase, management and collection of unsecured and secured non-performing loans.B2Holding ASA is a Norwegian public limited company listed on theOslo Stock Exchange (Oslo B\u00f8rs) with ticker B2H. The Company\u2019s registered office is atCort Adelersgate 30, 0254 Oslo, NorwayThe consolidated financial statements of the Group for the year ending 31 December 2022 were authorised for issue in accordance with a resolution of the Board of Directors on 27 April 2023.1.2 Basis of preparationThe consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. The consolidated financial statements comply with IFRS as issued by the International Accounting Standards Board (IASB) and approved by the EU.Preparation of the financial statements, including note disclosures, requires management to make estimates and assumptions that affect amounts reported. Actual results may differ. See note 3 \u201cCritical accounting judgments and key sources of estimation uncertainty\u201d.The consolidated financial statements have been prepared on a historical cost basis except for the following assets and liabilities that are measured at fair value:\u2022 derivatives and\u2022 contingent considerations arising from business combinationsThe functional currency of B2Holding ASA is the Norwegian krone (NOK). The B2Holding Group consolidated financial statements arepresented in NOK and all values are rounded to the nearest million (NOK\u2019000 000) except when otherwise indicated. B2Holding ASA has been granted permission from the Norwegian authorities to publish the Group accounts in English only.The Group consolidated financial statements are prepared on the basis of uniform accounting principles for similar transactions and events. Unless otherwise stated the accounting policies as set out below have been consistently applied to all reporting periods presented. Presentation and classification of items in the financial statements is also consistent for the periods presented.1.3 Consolidation principlesThe consolidated financial statements comprise of the financial statements of the Group on 31 December 2022. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:\u2022 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee),\u2022 exposure, or rights, to variable returns from its involvement with the investee, and\u2022 the ability to use its power over the investee to affect its returns.Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2022 the contractual arrangement with the other vote holdersof the investee,\u2022 rights arising from other contractual arrangements, and\u2022 the Group\u2019s voting rights and potential voting rights.The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income are attributable to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets, liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full upon consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest, and other components of equity while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.1.4 New and amended standards adopted by the GroupThe adoption of the following standards and interpretations has not had any material impact on the disclosures or on the amounts reported in these financial statements:\u2022 Amendments to IFRS 9 Financial Instruments that clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. 1.5 New and amended standards issued but not yet effective The Group has not early adopted new and revised IFRS standards which are not yet mandatory or effective. The Group does not expect that the adoption of these accounting standards in future periods will have a material impact on the financial statements.1.6 Change in presentation of financial informationConsolidated statement of Financial PositionIn the Consolidated statement of Financial Position is Participation loans/notes included in the line Investments in associated companiesand joint ventures, while previously in a separate line. NOTE 2: SIGNIFICANT ACCOUNTING PRINCIPLESThe following accounting principles applied by the Group when preparing its consolidated financial statements.2.1 Business combinations and goodwillBusiness combinations are accounted for using the acquisition method. According to this method, acquisitions of subsidiaries are viewed as transactions by which the Group indirectly acquires the subsidiary\u2019s assets and assumes its liabilities and contingent liabilities and values those assets and liabilities meeting the conditions for recognition under IFRS 3 Business Combinations, at their fair value on the acquisition date.The Group\u2019s cost of the subsidiary\u2019s shares or operations consists of the fair value of the consideration given on the transfer date, including any conditional purchase consideration which is recognised as a liability at fair value at the acquisition that date, as well as the amount of any non-controlling interest in the subsidiary. Contingent consideration is a financial instrument and falls within the scope of IFRS 9 Financial Instruments. Any changes in the fair value of contingent consideration are recognised in the consolidated income statement. A contingent payment that is considered to be remuneration for future services of employees or former owners of the acquiree is recognised as personnel costs.Non-controlling interests arise in cases where the Group acquires less than 100 % of the shares in the subsidiary. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in other operating expenses in accordance with the acquisition method.In business combinations where the Group\u2019s cost exceeds the net fair value of the identifiable assets, liabilities and contingent liabilities, the difference is reported as goodwill. If the difference is negative, it is recognised directly in the consolidated income statement.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period, WACC and growth rate. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period. On disposal of an operating unit within a CGU to which goodwill has been allocated, the goodwill associated with that operation is included in the carrying amount of the operation when determining the gain or loss on disposal.2.2 Investments in associated companies and joint arrangementsAn associated company is an entity over which the Group has significant influence and that is not a subsidiary or a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without the ability to have control over those policies. Significant influence normally exists when the Group has 20 % to 50 % voting power through ownership or agreements. Investments in associated companies are accounted for using the equity method.A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control. That is when the strategic financial and operating policy decisions relating to the activities of the joint arrangement require the unanimous consent of the parties sharing control. If the parties to the joint arrangement have rights to the net assets of the arrangement, the arrangement is classified as a joint venture and accounted for using the equity method. If the parties have rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is classified as a joint operation. The Group\u2019s participation in joint arrangements is all classified as joint ventures. See further details about investments in associated companies and joint ventures in note 17.Under the equity method the investment is recognised at cost and subsequently adjusted to the Group\u2019s share of the change in the investment\u2019s net assets since acquisition date. The equity method is applied from the date a significant influence arises until the time it ceases, or the associated company or joint venture becomes a subsidiary. Adjustments are made where necessary to bring the accounting policies in line with those of the Group.The financial statements of the associates and joint ventures are prepared for the same reporting period as the Group, except for the Joint Venture EOS Credit Funding BL DAC, which prepare financialstatements for the period 1 March to 28 February. Adjustments are made for the effects of transactions or events that occur between thedate of the Group\u2019s consolidated financial statements and that date.If the Group\u2019s share of reported losses in the investment exceeds its carrying value, the carrying value is reduced to zero. Losses can be offset against the Group\u2019s unsecured receivables from the investmentif they constitute a part of the net investment. Further losses are not recognised provided the Group has not issued guarantees to cover them.2.3 Foreign currenciesThe consolidated financial statements are presented in NOK, which is B2Holding ASA\u2019s functional currency. Transactions in foreign currencies are initially recognised in the functional currency at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using the exchange rate at the reporting date. All exchange differences are recognised in the income statement with the exception of exchange differences on foreign currency borrowings that provide an effective hedge against a net investment in a foreign entity, or monetary items that are regarded as a part of the net investments. These exchange differences are recognised as a separate component of other comprehensive income until the disposal of the net investment or settlement of the monetary item, at which time they are recognised in the income statement. Tax charges and credits attributable to exchange differences on those borrowings are also recognised in other comprehensive income. Non-monetary items measured at historical cost in foreign currency are translated using the exchange rates at the dates of the initial recognition. The date of initial recognition for non-monetary assets on which the Group has paid an advance consideration is the date of the payment of the advanced consideration.The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.2.4 Purchased loan portfoliosPurchased loan portfolios consist of portfolios of non-performing loans and debt, purchased at prices significantly below the nominal receivable. They are recognised at amortised cost according to the credit-adjusted effective interest method in accordance with the rules for credit-impaired receivables set out in IFRS 9 Financial instruments. Purchased loan portfolios are classified as non-current assets in the statement of financial position.The credit-adjusted effective interest method is a method of calculating the amortised cost of a credit-impaired financial asset and of allocating the interest income to the income statement over the relevant period. The credit-adjusted effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument, or when appropriate a shorter period, to the net carrying amount of the financial asset.In connection with purchased loan portfolios, the effective interest rate is calculated based on the acquisition cost, including all directly attributable transaction costs, and estimated future cash flows which includes the nominal amount, reminder fees, collection fees and late interest that, based on a probability assessment, are expected to be received from debtors.Each portfolio is initially recorded in the statement of financial position at cost, including all transaction costs. Subsequent price adjustments for portfolios acquired are recorded as an adjustment to the statement of financial position. Interest income on purchased loan portfolios is accrued monthly in the income statement based on each portfolios credit adjusted effective interest rate. Monthly cash flows greater than the cash flow forecast for the same period are recorded as part of the \u201cNet credit gain/loss purchased loan portfolios\u201d in the period. Likewise, monthly cash flows that are less than the monthly cash flow forecast for the same period are also classified as part of the \u201cNet credit gain/loss purchased loan portfolios\u201d in the period. Portfolios are defined to be the lowest reliable level for aggregating accounts with similar attributes, such as accounts in the same jurisdiction or similar types or classes of debt. Typically, each portfolio consists of an individual acquisition of receivables. The portfolio is accounted for as a single unit for the recognition of income, principal payments and adjustments due to the recalculation of the estimated future cash flows.The Group also acquires portfolios on a forward flow basis. This means that a contract is established for purchases of loan portfolio at an agreed price as a percentage of a nominal receivable, but where the volumes of debts are not fully known at the time of agreement. The acquisition (delivery) of forward flow debts can be done on a monthly basis. For reporting and IFRS evaluation purposes, the Group combines these acquisitions into portfolio pools by vendor and sets future collections expectations based on these combined pools. The internal rate of return can therefore vary from each pool based on content of the pool.Unidentified receipts and excess paymentsThe Group receives large volumes of payments from debtors. There are instances where the sender\u2019s reference information is missing or incorrect making it difficult to allocate the payment to the right case. There are also situations where payments are received on closed cases. In such instances, a liability is recognised in the statement of financial position for unidentified or incorrectly received payments. A reasonable search and attempt to contact the payment sender are made but, failing this, the payment is recognised as income at intervals that are permitted according to the rules and business practices of the local jurisdiction.Collateral assets In connection with the acquisition and recovery of purchased loan portfolios, the Group may become owner of assets such as land, buildings or other physical goods. These assets are only acquired as part of the recovery strategy for the purpose of being divested within the Group\u2019s ongoing operations to maximize the value of recoveries. Such assets are classified as inventories and recognized in the balance sheet at the lower of cost and net realisable value in accordance with IAS 2 Inventories.2.5 SegmentsAn operating segment is a part of the Group that generates income and incurs expenses, and for which separate financial information is available that is evaluated regularly by the chief operating decision maker, the Chief Executive Officer, in deciding how to assess per-formance and allocate resources to the operating segment.The Group\u2019s operating segments are the geographical regions:\u2022 Northern Europe (NE): Norway, Sweden, Denmark, Finland, Estonia, Latvia and Lithuania \u2022 Poland \u2022 Central Europe (CE): Croatia, Slovenia, Serbia, Montenegro, Bosnia and Herzegovina, Austria, Czech Republic, and Hungary \u2022 Western Europe (WE): Spain, Italy and France \u2022 South Eastern Europe (SEE): Bulgaria, Romania, Greece and Cyprus\u2022 Central Functions (CF): including the Parent company and central functions in Luxembourg.Results from purchased loan portfolios are included in the region where the portfolio is originated. The breakdown by geographical region is also used for internal monitoring in the Group. Revenue and operating profits are reported by geographical region. Financial income and expenses are not as the allocation of financial items is dependent on the Group structure and financing and is not affected by the actual performance of the regions. 2.6 Revenue from contracts with customerThe Group applies IFRS 15 Revenue from Contracts with Customers five-step model whereby revenue is recognised at an amount which reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes and duties. Revenue from contracts with customers are mainly revenue from external collection, telemarketing, fraud prevention and credit information services. Revenue from contracts with customers is presented in one-line item in the consolidated income statement as part of \u201cOther revenues\u201d and specified in note 7 Other revenues.2.7 TaxesCurrent income tax:Income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the balance sheet date in the countries where the Group operates. When there is uncertainty regarding if particular tax treatments made in tax filings will be accepted by the tax authorities, but acceptability is probable, accounting tax positions are determined consistently with the treatment in the tax filings. If acceptability is not probable, the uncertainty is reflected when determining the accounting tax positions.Income tax relating to items recognised directly in other compre-hensive income or equity is recognised in other comprehensive income or equity and not in the income statement.Deferred tax:Deferred income tax is computed using the liability method on temporary differences between the tax basis of assets and liabilities and their carrying amounts in the statement of financial position at the reporting date. Deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or in respect of temporary differences associated with investments in subsidiaries, associates or joint ventures where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised in the statement of financial position to the extent it is more likely than not that the tax assets will be utilised. The enacted tax rates at the end of the reporting period and undiscounted amounts are used. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.Sales tax:Revenues, expenses and assets are recognised net of the amount of sales tax, except:\u2022 where the sales tax incurred on the purchase of assets or services is not recoverable from the tax authority so that the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item. This is the case in many of the tax jurisdictions in which the Group operates where the collection of debts is not subject to sales tax; and\u2022 receivables and payables which are subject to sales tax are stated with the amount of sales tax included. The net amount of the sales tax recoverable from, or payable to, the tax authority is included as part of receivables or payables in the statement of financial position.2.8 Tangible assetsTangible assets, such as improvements to rented offices, equipment, fixtures and fittings are recognised at cost less accumulated depreciation and accumulated impairment, if any. Cost includes the purchase price and costs directly attributable to installing the asset in the way intended. Repair and maintenance costs are expensed as incurred.Depreciation is calculated on a straight-line basis over the useful life of these assets, and for improvements to rented offices, over the remaining expected term of the property lease, if this is less than the useful life. For practical reasons, the residual value of the asset is set to zero.The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The tangible assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.A tangible fixed asset is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. The gain or loss arising on the disposal or retirement of an item of tangible asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is reported as other revenues or other operating expenses in the income statement as part of operating profit or loss.2.9 LeasesThe Group leases various office buildings, vehicles, and smaller equipment. Rental contracts are typically made for fixed periods of 6 months to 10 years but may have extension or termination options.Contracts may contain both lease and non-lease components. The group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the contractual lease payments.The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost.The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balanceof the liability for each period. For the classification in the statementof cash flow the interest payments on the lease liabilities follow the same principles as other interests.Right-of-use assets are measured at cost comprising the following:\u2022 the amount of the initial measurement of lease liability,\u2022 any lease payments made at or before the commencement date less any lease incentives received,\u2022 any initial direct costs, and\u2022 restoration costsRight-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.2.10 Intangible assetsIntangible assets include purchase of software and intangible assets acquired separately or in a business combination. Internal expenses for IT development and internal and external maintenance expenses are expensed as incurred.Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is its fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost lessany accumulated amortisation and accumulated impairment losses, if any. Intangible assets with finite lives are amortised on a straight-line basis over the useful economic life and tested for impairment whenever there is an indication that the intangible asset may be impaired.The intangible assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. The amortizationexpense on intangible assets with finite lives is presented in the income statement as part of \u201cDepreciation and amortisation\u201d. The gain or loss arising from derecognition of an intangible asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is reported as other revenues or other operating expenses in the income statement as part of operating profit or loss. 2.11 Impairment of tangible assets and other non-current assetsThe Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset\u2019s recoverable amount. If it is not possible to estimate the recoverable amount of an individual asset, the Group determines the recoverable amount of the cash generating unit to which the asset belongs.An asset\u2019s (or cash-generating unit\u2019s) recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or the cash-generating unit to which the asset belongs.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. The impairment is recognised in the income statement. If the impairment is subsequently reversed, for assets other than goodwill, the carrying amount of the asset (cash-generating unit) is increased to the updated estimate of its recoverable amount to the extent the increased carrying amount does not exceed the carrying amount that would have been recognised had no impair-ment losses been recognised for the asset (or cash-generating unit) in prior years.See also section 2.1 Business combinations and goodwill and section 2.10 Intangible assets for the specific criteria which is applied in determining the impairment of these classes of asset.2.12 Financial assets and liabilities: classification, measurement and impairmentA financial instrument is defined as any form of agreement giving rise to a financial asset in a company and a financial liability or equity instrument in a counterparty. The Group\u2019s main financial assets and liabilities are described below. See section 2.13 for a description of the Group\u2019s use of derivative financial instruments for the purpose of risk management.Within the scope of IFRS 9 Financial instruments, financial assets are classified as either financial assets held at fair value through profit or loss (FVTPL), financial assets held at fair value through other comprehensive income (FVOCI) or financial assets held at amortised cost. Financial assets held at FVTPL are derivatives, equity-traded instruments and other investments not meeting the criteria of cash flows consisting of solely payments of principal and interest (SPPI). Financial assets at FVOCI meet the SPPI criteria and have a business model of Hold to collect and sell. All other financial assets are those meeting the SPPI criteria and with a business model of Hold to collect and are measured at amortised cost. Financial liabilities are classified as either financial liabilities at fair value through profit or loss or at amortised costs. Financial assets and liabilities measured at FVTPL include derivatives not designated for hedging purposes, assets held for trading and financial assets and liabilities that are not classified in one of the other categories.Financial assets and liabilities are recognised by the Group when it becomes party to the contractual provisions of the instrument and are initially measured at fair value, which normally equals the transaction price. Directly attributable transaction costs are added or subtracted from the carrying amount for financial instruments not measured at FVPL. The Group determines the classification of its financial assets and financial liabilities at the point in time of initial recognition.Amortised cost is calculated based on expected future cash flows from the assets discounted using the effective interest derived from the relation between transaction price and expected future cashflows at the initial transaction date. Purchased loan portfolios:Purchased loan portfolios are measured at amortised cost. Their accounting treatment is described in more detail in section 2.4 and note 3.Loan receivables:Loan receivables are issued loans measured at amortised cost. See note 18.1 Loan receivables for additional information.Other non-current financial assets:Other non-current financial assets are primarily derivatives measured at FVTPL. See note 18.2 for additional information about fair value financial assets.Other current assets:Accounts and other receivables are recognised when the Group has performed and there is a contractual obligation on the counterparty to pay, even if an invoice has not yet been received. Accounts receivables are recognised when an invoice has been sent. Accounts and other receivables are recognized at the transaction price, nominal amount unless containing a significant financing component, and subsequently measured at amortised cost less any loss allowance. The loss allowance is based on a lifetime credit loss. The anticipated maturity of these receivables is short, so their carrying values are not discounted.Customer cash accounts, included in Other, represent cash received on collection of a specific debt on behalf of a client and payable to the client within a specific period of time. The same amount is reported within other payables.Cash and cash equivalents:Cash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest bearing loans and borrowings including overdrafts:Bonds are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings, are subsequently measured at amortised cost using the effective interest method and included in net financial items. The upfront fees and discounts are a part of the borrowing cost and are recognised as part of the interest expense in accordance with the effective interest method. Due to their short-term nature, other loans and borrowings are recognised at nominal value and are subsequently measured at amortised cost.Accounts and other payables:Payables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognized when an invoice has been received.Accounts and other payables are recognised initially at trans- action cost, normally nominal amount, and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.Impairment of financial assets:IFRS 9 Financial Instruments requires recognition of expected credit losses (ECL) for the Group\u2019s investments in debt instruments measured at amortised cost. The Group applies the practical expedient of the lifetime ECL model for accounts receivable. For loan receivables at amortised cost, the ECL 3-stage model is applied. In stage 1, ECL from default events that are possible within the next 12 months is recognised. In stage 2 and 3 (credit risk has increased significantly since initial recognition), lifetime ECL is recognised. Loan receivables are transferred from stage 1 to stage 2 when days past due are 11 days. The purchased loan portfolios are credit impaired at acquisition and are out of scope for the general ECL impairment model. Full lifetime ECL is included in the estimated cash flows when calculatingthe effective interest rate, and only cumulative changes in lifetime ECL since initial recognition is recognized as a loss allowance for purchased loan portfolios.2.13 DerivativesThe Group uses the following derivative financial instruments to hedge its risks associated with interest rates and foreign exchange rates: interest rate swaps (with or without cap), interest rate caps, foreign exchange swaps and cross currency rate swaps (with or without cap).The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognized in the income statement as financial income or expense. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.2.14 Derecognition of financial assets and liabilitiesThe Group derecognizes a financial asset when the contractual rights to the cash flow from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.A financial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recog- nition of a new liability, and the difference in the respective carrying amounts is recognised in the income statement.2.15 Offsetting of financial instrumentsFinancial assets and financial liabilities are offset with the net amount reported in the statement of financial position only if there is a current enforceable legal right to offset the recognised amounts and an intent to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.2.16 Fair value of financial instrumentsThe fair value of financial instruments that are traded on active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs.For financial instruments that are not traded on an active market, the fair value is determined using appropriate valuation techniques which include:\u2022 using recent arm\u2019s length market transactions\u2022 reference to the current fair value of another instrument that is substantially the same and\u2022 a discounted cash flow analysis or other valuation model.An analysis of the fair values of financial instruments and further details as to how they are measured are provided in note 4 Financial risk management.2.17 ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Where the Group expects full or partial reimbursement of the expense related to the provision, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain.2.18 Pensions and other post-employment liabilitiesDefined contribution pension plans:The Group has a series of defined contribution pension plans which are pension plans under which the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual, or voluntary basis. The contributions are recognised as employee benefit expense when they are due.The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods, and therefore does not record a pension liability in the statement of financial position. Other post-employment liabilities:The Group\u2019s employees in certain jurisdictions are entitled to one month\u2019s severance pay in the event of old-age or disability retirement, in accordance with national labour regulations. This post-employment liability is based on a valuation carried out by a professional actuarial firm. Provisions for other termination benefits are created once employment is terminated.2.19 Share based paymentsMembers of the Group management and some key employees may receive remuneration in the form of share-based payments that are considered as equity-settled share-based payments.The cost of equity-settled transactions is determined by the fair value at the date when the grant is made, see further details in note 23 Share based payments. The fair value reflects market performance conditions, while service and non-market performance conditions are not considered. The cost is recognised as personnel costs, with a corresponding increase in other capital reserves, over the vesting period. The cumulative expense recognised at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with exercised share options. In addition, the Group may be obliged to report and pay social security tax.No expense is recognised for awards that do not ultimately vest because of non-market performance and/or service conditions not being met. Where an award is forfeited by the entity, any remaining element of the fair value of the award is expensed immediately through profit or loss.The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share. For further details, see note 13 Earnings per share.2.20 Equity and net investment hedgeShare capital is stated at the nominal value of the shares that have been issued. Other paid-in capital consists of any premiums received in connection with the initial issue of share capital. Any transaction costs associated with the issuing of shares are deducted from other paid-in capital, net of any related income tax benefits.Other capital reserves represent the cumulative cost of share-based payments, as described in note 2.18 above.The effects of exchange differences on translation of foreign currency are included as a separate component of equity.The Group hedges net investments in foreign operations when feasible. The hedged risk is the foreign currency translation risk caused by the consolidation of an investment in a foreign subsidiary with a different functional currency than the parent. With hedge accounting, the change in carrying amount due to exchange rate fluctuations to the degree considered an effective hedge, will be reported as \u201cHedging of currency risk in foreign operations\u201d in Other comprehensive income. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as Other comprehensive income while any gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss. For further details, see note 4 Financial risk management.Other equity includes current and prior period results as disclosed in the consolidated statement of profit or loss and other compre-hensive income.2.21 DividendsThe Group recognises a liability to pay a dividend to owners of equity once it has been approved by the shareholders at the Shareholders\u2019 General Meeting. A corresponding amount is recognised directly in equity.Dividend revenue is recognised when the Group\u2019s right to receive the payment is established, which is generally when the share- holders have approved the dividend.2.22 Classification in the statement of financial positionCurrent assets and liabilities include items due less than one year from the reporting date, and items tied to the operating cycle, if longer. Other assets are classified as non-current assets. The current portion of long-term debt is included as current liabilities.2.23 Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019(estimated market value).2.24 Consolidated statement of cash flowsThe indirect method is used for the consolidated statement of cash flows which reconciles the change in cash and cash equivalents to the profit for the year before tax. For the purpose of the consolidated statement of cash flows, cash and cash equivalents, defined in section 2.12 Financial assets and liabilities, are shown net of any outstanding bank overdrafts.Foreign subsidiary transactions are translated in the cash flow statement at the average exchange rate for the period. Acquired and divested subsidiaries are recognised as cash flow from investing activities on a net basis after deducting cash and cash equivalents in the acquired or divested company.NOTE 3: CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTYThe preparation of consolidated financial statements requires management to make judgements and assumptions that can significantly affect the amounts recognised in the financial statements. Additionally, major sources of estimation uncertainty at the end of the reporting period can have a significant risk of resulting in a material adjustment to the carrying amounts of assets or liabilities in future periods.Key sources of estimation uncertainty and critical judgements are continually evaluated and updated based on expectations about future events that are believed by Management to be reasonable under the circumstances.When applying the Group\u2019s accounting policies, Management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements:Purchased loan portfolios \u2013 classificationPurchased loan portfolios are the primary business activity of the Group and consist of portfolios of non-performing loans and debt, purchased at prices significantly below the nominal value of the receivable. After adoption of IFRS 9 Financial Instruments on 1 January 2018, these portfolios are defined as credit-impaired at acquisition, and classification under IFRS 9 Financial Instruments is dependent on an evaluation of the B2Holding business model and whether these portfolios meet the SPPI criteria (cash flows are solely payments of principal and interest). If these portfolios are determined to meet the criteria for a business model of Hold to collect and the cash flows consist of only principal and interest, then the classification is amortised cost. If not amortised cost, then the classification would be measurement at fair value over other comprehensive income (FVOCI), as the SPPI criteria is met, and the business model would be Hold to collect and sell. Management has performed a detailed analysis and exercised significant judge-ment related to the classification of the purchased loan portfolios upon implementation of IFRS 9 Financial Instruments. Management reviewed the portfolio cash flows, collection methods, and strategies as well as the infrequency of sales of individual receivables claims in the process of coming to a classification decision. It is management\u2019s conclusion that the IFRS 9 Financial Instruments criteria for a business model of Hold to collect and the SPPI criteria are satisfied for these portfolios. Purchased loan portfolios will continue to be measured at amortised cost using the effective interest method in accordance with the rules for credit-impaired at acquisition financial assets as set out in IFRS 9 Financial Instruments.Purchased loan portfolios \u2013 recognition in the income statementThe Group uses a credit-adjusted effective interest rate method to account for the loan receivables in the purchased loan portfolios. The use of the credit-adjusted effective interest rate method requires the Group to estimate future cash flows at each balance sheet reporting date. The underlying estimates that form the basis for interest income recognition and impairment losses on the portfolios depends on variables such as the ability to contact the customer and reach an agreement, estimated timing of cash flows, the general economic environment and statutory regulations. Interestincome from purchased loan portfolios is the calculated amortised cost interest revenue from the purchased loan portfolios using the credit-adjusted effective interest rates set at initial acquisition in the consolidated income statement. If the estimations for future periods are revised, the Group adjusts the carrying amount of the port- folios and loans to reflect actual and revised estimated cash flows in accordance with IFRS 9.B5.4.6. This adjustment, due to changes in the actual and estimated cash flows, is recognised in the con-solidated income statement as \u201cNet credit gain/loss from purchased loan portfolios\u201d. Events or changes in assumptions and Management\u2019s assessments and judgement will affect the amount and timing of the recognition of interest income and impairment losses. For further details, see note 4 Financial risk management.Purchased loan portfolios \u2013 measurementPurchased loan portfolios consist mainly of acquired credit impaired (non-performing) loans and receivables (non-derivative financial assets). When these portfolios meet the definition of having cash flows that are payments of solely principal and interest and are managed in a business model of Hold to collect, they are measured at amortised cost. The initial book value of the purchased loan portfolios is at fair value, defined as the acquisition cost plus transaction expenses at the time of purchase. Subsequent measurement is at amortised cost using the credit-adjusted effective interest rate established as of the date of initial acquisition of the portfolio. Events or changes in actual versus estimated collections and Management\u2019s assessment of future cash flows will impact the net present value of future cash flows and therefore the amortised cost book value of the purchased loan portfolios. Significant estimates have been made by management with respect to the collectability of future cash flows from portfolios. The cash flow estimates are prepared by management over a forecast period of time. If the cash flow estimates are revised, the carrying amount is recalculated by computing the present value of estimated future cash flows using the original credit-adjusted effective interest rate.Management\u2019s interpretations of historical cash flows, type of receivable, age, face value of the individual account, collaterals and experience from other portfolios form the basis for the cash flow estimates. Actual results may differ from the estimates, making it reasonably possible that a change in estimates could occur and impact the carrying value of the related purchased loan portfolio. On a quarterly basis Management reviews the estimates of future cash flows and whether it is reasonably possible that its assessment of collectability may change based on actual results and other factors that may have an impact on the estimates. Where management is made aware of special circumstances relating to a purchased loan portfolio that may affect the reliability of previous assumptions, they will review and, if necessary, change the future cash flow estimates. For further details, see notes 2.4 Purchased loan portfolios and 4 Financial risk management.Goodwill impairment testingIn accordance with IAS 36, goodwill is tested at least on an annual basis for impairment. If a loss in value is indicated, the recoverable amount is the cash-generating unit\u2019s (CGU\u2019s) fair value less the cost of disposal or its value in use. When testing goodwill for impairment, Management defines the recoverable amount as the estimated value in use. The value in use is the net present value of the estimated cash flows before tax. The discount rate used is the weighted average cost of capital (WACC) before tax calculated for each CGU. Estimating the financial assets\u2019 recoverable amount is based on Management\u2019s judgements related to estimates of future performance and cash flows, the interest income generating capacity of the assets and assumptions related to future market conditions. A possible impairment of goodwill is determined by assessing the recoverable amount of the CGU (or group of CGUs) to which the goodwill relates. For specific details related to the testing of goodwill, see note 14 Goodwill.Deferred tax assetsDeferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgment is required to determine the amount of deferred tax assets that will be recognised, based upon the reliable evidence as to the estimated timing and amount of the future taxable profits. Further details are included in note 2.7 and note 12 Income tax.NOTE 4: FINANCIAL RISK MANAGEMENT4.1 Financial riskThe Group\u2019s activities are exposed to financial risks: market risk, currency and interest rate risk, credit risk, liquidity risk and cash flow risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverseeffects on the Group\u2019s financial performance. Market and regulatory environment:The primary market risk for the Group is related to general economic conditions and statutory regulations in various geographical markets which have an impact on the debtors\u2019 ability to pay and vendors\u2019 criteria for selling portfolios of loans and receivables. The services and products offered in the respective geographical markets are subject to strict local laws and regulations, including requirements for lending, ownership and debt collection licenses, as well as legislation concerning personal data protection. Any legislative changes concerning consumer credit could affect the Group\u2019s earnings, market position and range of products and services.Currency and interest rate risk:The strategy of the Group is to manage and limit both currency and interest rate risk. The Group holds various derivative financial instruments with the purpose of reducing its interest rate exposure and achieving a suitable currency ratio between its assets and liabilities. Currency riskNet debt adjusted for derivatives are made in relevant currencies reflecting the underlying expected future cash flows from loans and receivables. The exceptions are Romanian Leu (RON), Bulgarian Lev (BGN), Hungarian Forint (HUF), Bosnian Convertible Mark (BAM), Czech Koruna (CZK) and Serbian Dinar (RSD) where all borrowing is done in EUR.The Group\u2019s bond loans is denominated in EUR and borrowings under the multi-currency revolving credit facility and the bridge facility are drawn in PLN, SEK, DKK and EUR. To obtain a more balanced currency basket, the Group has entered into one FX Swap of EUR 15 million bought against PLN. At 31 December 2022, Net debt amounted to NOK 9,199 million. Adjusted for the currency derivative mentioned above, the Net debt represented a currency basket comprising of EUR: 66 %, PLN: 19 %, SEK: 10 % and DKK: 4 %.Interest rate riskThe Group uses interest rate swaps and interest rate caps to reduce its interest rate exposure. The Group\u2019s strategy is to hedge between 60 % and 120 % of Net debt up to a maximum period of five years. The hedging ratio at 31 December 2022 was 54 % with a duration of 1.0 years.Under the arrangements in effect at 31 December 2022, a 1 %-point decrease in market interest rates is estimated to have a neutral effect on net financial items of NOK 0 million, including a decrease in the fair value of the derivatives of NOK 42 million and reduction in payments from derivatives of NOK 50 million, offset by a reduced estimated interest cost of NOK 92 million. A 1 %-point increase in market interest rates is estimated to have a negative effect on net financial items of NOK 0.6 million, driven by an increase in the fair value of the derivatives of NOK 42 million and increased payments from the interest rate derivatives of NOK 50 million with an increase in interest expense is estimated to NOK 92 million.In general, changes in macroeconomic factors such as interest rates may impact the debtors\u2019 ability to repay their debt and thereby influence the future cash flow received from the portfolios.The currency sensitivity analysis shown below is based on book value of loans and receivables at 31 December 2022, net of Net debt and the effect of currency derivatives.Closing rate at 31NOK NOK NOK NOK December 2022strengthens strengthens weakens weakens Currencyagainst NOKby 20 %by 10 %by 10 %by 20 %DKK 1.4138 -42 -21 21 42EUR 10.5138 339 170 -170 -3391)HRK1.3954 -492 -246 246 492SEK 0.9453 -93 -46 46 93HUF 0.0262 -10 -5 5 10BAM 5.3757 -5 -2 2 5RSD 0.0897 -8 -4 4 8PLN 2.2462 -153 -76 76 153RON 2.1242 -54 -27 27 54BGN 5.3757 -95 -48 48 95CZK 0.4360 -75 -37 37 75Total impact on book values -686 -343 343 6861) Croatia (HRK) converted into EUR in January 2023.The EUR has an opposite effect to the other currencies in the table above because EUR net borrowings, including derivatives, exceeds the book value of EUR loans and receivables. The reason for this is that all borrowings relating to the acquisition of loan portfolios in Czech Republic, Croatia, Serbia, Bosnia and Herzegovina, Hungary, Romania and Bulgaria are done in EUR and not in their local currency, as mentioned in the currency risk paragraph above.Credit risk:Most of the loans and receivables are unsecured. As long as there is uncertainty about the ability of debtors to fulfil their obligations, there will also be considerable risk linked to cash collected from the Group\u2019s loans and receivables. Management\u2019s view is that the real credit risk exposure is reduced through the price discount paid on acquisition of the portfolios. In order to minimise the credit risk exposure, the Group continues to invest in staff with broad experience in credit management, and focus on increased analytical approaches to portfolio assessments. In addition, the Group\u2019s investment in effective IT systems and a more uniform cross-border business model will result in better control of the Group\u2019s business, which in turn will also help reduce the risk of credit losses. Refer to note 32 for subsequent events impact on credit risk.Maximum exposure to credit risk 2022 2021Purchased loan portfolios 11 181 10 921Loan receivables 280 2061)Investments in associated companies and joint ventures690 854Other non-current financial assets 13354Accounts receivable 34 32Other current assets 357 228Cash and cash equivalents 1 176 376Total at 31 December 13 852 12 6711) Investments in associated companies and joint ventures are recognised using the equity method, but underlying exposures are loan portfolios. These investments are therefore included in 2022 and 2021 is changed accordingly.Liquidity risk:The Group\u2019s multi-currency revolving credit facility of EUR 610 million, the EUR 171 million Senior Facility Agreement (SFA), the three senior unsecured bond loans of in total EUR 550 million, and the cash and cash equivalents, totalling NOK 15,170 million at 31 December 2022, ensures necessary funding to meet future payment obligations. At 31 December 2022, the Group had an unused part of the revolving credit facility totalling EUR 206 million or NOK 2,166 million, an unused part of the SFA of EUR 53 million or NOK 557 million, an unused part of the multi-currency overdraft totalling EUR 18 million or NOK 180 million and cash and cash equivalents of NOK 1,176 million.The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:12 months More than or less 1-2 years 2-5 years5 yearsInterest bearing loans & borrowings (current and non-current) 2 056 2 741 10 547Other non-current liabilities 32 64 55Bank overdraft 131Accounts and other payables 209Other current liabilities 405Total at 31 December 2022 2 801 2 773 10 611 55Interest bearing loans & borrowings (current and non-current) 2 945 5 124 2 050Other non-current liabilities 37 40 8Bank overdraft 219Accounts and other payables 173Other current liabilities 282Total at 31 December 2021 3 619 5 161 2 090 8Refer to note 32 for subsequent events impact on liquidity risk.Capital structure:The Group\u2019s Net interest bearing debt was NOK 9,042 million at 31 December 2022. Total equity, net of intangible assets (incl. goodwill), was NOK 4,353 million and total assets, net of intangible assets (incl. goodwill), was NOK 15,636 million. The Group monitors its capital structure by calculating a total loan to value ratio, defined as Net debt, adjusted for vendor financing, earn out, financial lease, fair value of hedging instrument, less cash and deposits divided by the carrying value of purchased loan portfolios, loan receivables, joint venture investments, collateral assets and goodwill. The total loan to value ratio at 31 December 2022 was 67.2 % which is lower than the maximum allowed loan to value covenant requirement under the multi-currency revolving credit facility of 75 %. Refer to note 24 for more information about the Group\u2019s financial covenants.4.2 Derivative financial instruments and net investment hedgeAt 31 December 2022, the Group had the following derivative financial instruments:Notional Notional Fair amount in amount in Fixed Floating value Instrument CurrencycurrencyNOKrate Strike3M IBORNOK Start Due Interest rate derivatives:Interest rate swap DKK 350 495 0.2540 % 2.45 % 14 21/12/2018 14/12/2023Interest rate swap PLN 75 168 0.6850 % 6.82 % 23 14/07/2020 14/07/2025Interest rate swap PLN 75 168 0.6670 % 6.82 % 23 15/06/2020 16/06/2025Interest rate swap PLN 75 168 0.6650 % 6.82 % 22 14/05/2020 14/05/2025Interest rate cap EUR 100 1 051 1.0000 % 2.13 % 9 10/07/2018 10/07/2023Interest rate cap EUR 100 1 051 1.0000 % 2.13 % 9 10/07/2018 10/07/2023Interest rate cap EUR 75 789 1.0000 % 2.13 % 20 21/12/2018 14/02/2024Interest rate cap EUR 75 789 1.0000 % 2.13 % 19 21/12/2018 14/02/2024Interest rate cap SEK 300 284 1.0000 % 2.70 % 8 21/12/2018 14/03/2024146Buy Sell Fair Currency Buy amount amount Forward amount value Start Due pairin currencyin NOK ratecurrency Spot rate NOKdatedateCurrency derivatives:FX swap EUR/PLN 15 158 4.7580 71 4.6816 -0.4 10/12/2021 14/03/2022-0.4The Group uses interest rate swaps and caps to hedge (from floating to fixed) its interest rate risk exposure, and foreign exchange forward contracts to hedge its currency exposure. The fair value of the interest swaps and caps at 31 December 2022 was positive with NOK 146 million and the fair value of the foreign exchange forward contracts at 31 December 2022 was negative with NOK 0.4 million. In total the fair value of all derivatives at 31 December 2022 was positive with NOK 146 million.In addition to changes in fair value, net financial items is also affected by the interest paid and received under the interest rate swaps and foreign exchange forwards. The net interest revenue from the interest rate swaps and caps was NOK 18 million, and the net interest revenue from the currency derivatives was NOK 7 million in 2022. Financial instruments designated as hedging instruments of net investment in foreign operations The Group applies hedge accounting to hedges of net investments in foreign subsidiaries. The hedged risk is the foreign currency translation risk caused by the consolidation of an investment in a foreign subsidiary with a different functional currency than the parent. Foreign currency borrowings are used as hedging instruments. These instruments are presented as non-current interest bearing debt in the balance sheet. Instruments in EUR, PLN and SEK are used to hedge the investments in the Group\u2019s subsidiaries with functional currencies EUR, PLN and SEK. Hedge ineffectiveness may arise when the amount of the investment in the foreign subsidiary becomes lower than the amount of the debt and derivatives designated as hedging instruments. The total hedged exposure in the net investment hedges amounted to NOK 2,118 million at 31 December 2022. There was no hedge ineffectiveness recorded in the years ending 31 December 2022 and 2021, since the foreign currency gains and losses on the hedged items are offset by the foreign currency gains and losses on the hedging instruments. The hedge ratio is 1:1. Any reclassifications from net investment hedge reserve to the income statement, due to for instance sales of subsidiaries, can be seen in the Consolidated statement of comprehensive income and the Consolidated statement of changes in equity.Net investment hedging relationships 2022 2021Change in carrying amount of net investment hedge instruments as a result of foreign currency movements since 1 January, recognised in OCI 9 15Change in value of hedged item used to determine hedge effectiveness -9 -15Interest bearing debt designated as hedging instruments in net investment hedges (only designated part of instruments is included):As of 31 December 2022 2021Nominal amounts net investment hedge instruments 2 118 1 292 Debt designated as hedging instruments in net investment hedges are recognised on the line item Non-current interest bearing loans and borrowings in the Consoldiated statement of financial position. The following table shows the maturity profile (in nominal values) of the Group\u2019s net investment hedge instruments (only designated part of instruments are included): <1 year 2 years 3 years 4 years TotalAs of 31 December 2022 620 1 498 2 118 As of 31 December 2021 1 292 1 292 Impact of hedging on equitySet out below is the reconciliation of component of equity and the analysis of the other comprehensive income:Foreign currency hedge reserveAs at 1 January 2021 7 Foreign currency revaluation of the PLN borrowing 6 Foreign currency revaluation of the SEK borrowing 7 Foreign currency revaluation of the EUR borrowing 2As at 1 January 2022 22 Foreign currency revaluation of the PLN borrowing 23 Foreign currency revaluation of the SEK borrowing 17 Foreign currency revaluation of the EUR borrowing -31 As at 31 December 2022 31 4.3 Purchased loan portfoliosPurchased loan portfolios at 31 December 20222022 2021At 1 January 10 921 13 033Purchase of loan portfolios 2 165 1 202Gross collection from purchased loan portfolios -4 584 -5 068Interest revenue from purchased loan portfolios 2 133 2 344Net credit gain/loss purchased loan portfolios 129 11Exchange rate differences 417 -600At 31 December 11 181 10 921Gross collections from purchased loan portfolios:Gross collections are the actual cash collected and assets recovered from purchased portfolios before costs related to collect the cash received.Net credit gain/loss from purchased portfolios:The Group purchases materially impaired loan portfolios at significant discounts and impairments are already included at purchase. The expected credit loss for the purchased loan portfolios is not explicitly recognized as a loss provision, as these financial assets are credit impaired by definition and the estimated loss is already part of the amortized cost. The Group\u2019s exposure to credit risk from the purchased loan portfolios is related to actual Gross collections deviating from collection estimates and from changes in future cash collections estimates. The Group regularly evaluates the current collection estimates on single portfolios and the estimate is adjusted if collections are determined to deviate from current estimate over time. The adjusted collections estimate is discounted by the initial rate of return at acquisition of the portfolio. Changes from current estimate adjusts the book value of the portfolio and is included in the profit and loss statement in the line item \u201cNet credit gain/loss from purchased loan portfolios\u201d. The portfolios are evaluated quarterly. Cash collections above collection estimates and upwards adjustment of future collection estimates increase revenue. Cash collections below collection estimates and downwards adjustment of future collection estimates decrease revenue.Net credit gain/(loss) from purchased loan portfolios is specified in the table below:South Northern Central Western Eastern Year ended 31 December 2022Europe PolandEuropeEuropeEurope TotalSecured portfolios:Gross collection from purchased loan portfolios 8 36 571 254 153 1 022Collection above/(below) estimates 3 -14 367 23 58 437Changes in future collection estimates -2 15 -272 -113 -38 -410Net credit gain/(loss) from secured portfolios 1 0 95 -90 21 27Unsecured portfolios:Gross collection from purchased loan portfolios 1 592 1 050 312 149 458 3 562Collection above/(below) estimates 19 166 23 -61 -31 116Changes in future collection estimates -44 125 1 -72 -24 -14Net credit gain/loss from unsecured portfolios -25 291 24 -133 -55 102 Net credit gain/(loss) from purchased loan portfolios -24 291 119 -223 -35 129South Northern Central Western Eastern Year ended 31 December 2021Europe PolandEuropeEuropeEurope TotalSecured portfolios:Gross collection from purchased loan portfolios 10 48 859 294 215 1 427Collection above/(below) estimates 4 19 30 -44 24 34Changes in future collection estimates -3 -26 2 -107 -29 -163Net credit gain/(loss) from secured portfolios 1 -7 32 -150 -5 -129Unsecured portfolios:Gross collection from purchased loan portfolios 1 691 1 004 324 168 454 3 641Collection above/(below) estimates 70 106 4 -56 -43 81Changes in future collection estimates -13 2 -3 0 72 59Net credit gain/loss from unsecured portfolios 58 108 1 -56 29 140Net credit gain/(loss) from purchased loan portfolios 58 102 33 -206 23 11Net purchase of purchased loan portfolios, cash flow statement:2022 2021Purchase of loan portfolios -2 165 -1 202Change in prepaid/amounts due on purchase of purchased loan portfolios 8 10Net purchase of purchased loan portfolios, cash flow statement -2 157 -1 1924.4 Fair value estimation purchased loan portfoliosThe fair value of financial instruments that are not traded in an active market is determined by using valuation techniques such as net present value of estimated cash flows. For purchased loan portfolios, the discount rate used is the weighted average cost of capital, which is the weighted value of the cost of debt and the cost of equity in each particular country. The cost of equity is estimated by applying the capital asset pricing model.As described in note 3, the preparation of cash flow estimates requires significant estimates to be made by management regarding future cash flows from purchased loan portfolios. The fair value of the purchased loan portfolios is estimated to be approximately NOK 11.5 billion and is based on net future estimated cash flows after tax, discounted with the estimated WACC for the countries in question. The corresponding carrying amount is NOK 11,181 million which is based on IFRS 9 using the estimated gross future cash flows, where the discount factor is the individual IRR for each portfolio. The future gross cash flow forecasts used to estimate the fair value are the same as the cash flow forecasts used in the accounting for purchased loan portfolios at 31 December 2022.The fair value estimation is based on estimated monthly net cash flows from the purchased loan portfolios per subsidiary and type of portfolio (unsecured/secured). The estimated monthly net cash flows from purchased loan portfolios is the assumed monthly future Gross collection less assumed monthly cost to collect. Cost to collect is a percentage of the Gross collection and varies from 8 % to 35 % depending on the type of portfolio, stage of development of the subsidiary in its local market and country specific environment. In addition, the country specific marginal tax rate is applied. This individual cost to collect and tax rate is applied to each estimated future cash flow, adding up to an estimated total net cash flow (CF3) for the Group, presented in the table below.Table showing CF1, CF2 & CF3 for the years from 2023 to 2042 for purchased loan portfolios owned at 31 December 2022 2023 2024 -----------> 2043 TotalGross collection (CF1) 4 148 4 199 10 477 18 824Cost to collect -794 -734 -2 111 -3 639Gross collection less cost to collect (CF2) 3 354 3 465 8 366 0 15 184Tax -243 -158 -425 -827Net cash flow from purchased loan portfolios (CF3) 3 110 3 307 7 941 0 14 358The weighted average cost of capital after tax is estimated for each country where the cash flow is generated. Based on this rate, the discounted value of the estimated net cash flows for the forecast period indicates that the fair value of the purchased loan portfolios is NOK 11.5 billion.To evaluate this calculation, a sensitivity analysis is presented in the table below in order to see the effect of deviations in the cash flow estimates and effects of variations in the cost of capital used as discount rate. % forecast collectionFair value of purchased loan portfolios at 31 December 2022 assuming different % forecast collection levels and discount rates90 % 100 % 110 %Discount rate WACC -1.5 % 10 641 11 962 13 283 WACC -1.0 % 10 494 11 798 13 101 WACC -0.5 % 10 352 11 638 12 924 WACC used 10 214 11 484 12 752 WACC +0,5 % 10 081 11 334 12 586 WACC +1.0 % 9 951 11 188 12 425 WACC +1.5 % 9 826 11 047 12 268 Cost of capital:The cost of equity (R) was assessed by applying the Capital Asset Pricing Model, which assumes that the shareholders demand a risk Spremium in addition to the return on a risk-free (R) investment. The risk premium was estimated based on a general market risk (MRP), Fwhich was adjusted up or down depending on the industry\u2019s risk profile through multiplying by the \u03b2-risk. The first adjustment to the basic CAPM model is a country risk premium, CRP. An additional adjustment to the CAPM equation is a legal risk premium, LRP. This expands our specification of the CAPM to:\ue61fR = R + MRP * \u03b2 + CRP + LRPSFThe weighted average cost of capital is estimated as:EquityDebtWACC= * R+ R* (1 - corporate tax rate)S B Equity + DebtEquity + DebtWhere R is the cost of debt. The cost of debt is estimated as the observed weighted marginal cost of the company\u2019s outstanding debt.BRisk free rate:The applied risk-free rate is based on a 10-year AAA-rated Euro area central government bond. The applied rate is calculated as an average of observed rates in a 30-day period before the calculation date. Market risk premium:The market risk premium is defined as: MRP = (R - R) MF where R = Market return and R = Risk free rate MFA market risk premium of 5 % was applied. Equity beta:The beta coefficient is a measure of systematic risk. The value expresses the combination of the stock\u2019s risk and to what extent the stock correlates with the market. Beta was determined based on stock price statistics for quoted, comparable companies. Monthly observations over a five-year period was used to estimate beta. The Morgan Stanley World ACWI index was used as reference index. Bayesian adjusted betas were applied. The effect of debt on \u03b2 was eliminated through the Harris and Pringle formula. Country Risk Premium (CRP)A country risk premium is often added when the target company is located in or operating in a geographical area that is subject to additional political and economic risks compared to a similar company based in, for instance, Western Europe. There are several sources and methodologies available for estimating CRP. CRP for the Group was estimated using the Damodaran model, which is an extension of the sovereign spread model (Goldman model) where credit default risk for sovereign bonds is estimated based on sovereign bond credit ratings. The Damodaran model adjusts the bond default risk with a factor for assumed equity markets standard deviation divided by bond markets standard deviation (usually assumed to be 1.5).Legal Risk Premium (LRP)LRP is added to account for the risk related to a country\u2019s regulatory and legal environment. The LRP is calculated as a factor derived from a corruption perception index multiplied with a premium assumed on basis of the country\u2019s credit rating.Future cash flow estimatesThe future cash flow estimates are based on the forecast for the portfolio base as of 31 December 2022. Cost of capital calculation2022Risk free rate (long term government bond yields) 2.1 %Equity Beta 1.8 - 2.04 Country risk premium 0 % - 11.2 %Market risk premium 5 %Tax rates 9 % - 25 %Cost of equity 11 % - 30 %Cost of debt 6 %Equity weight 31 %Debt weight 69 %WACC (after tax) 6.7 % - 13.1 % 4.5 Fair value of financial instrumentsCarrying amount Fair valueFair value through profit or Amortised As at 31 December 2022losscost Total Level 1 Level 2 Level 3 TotalFinancial assetsPurchased loan portfolios (Note 4.4) 11 181 11 181 11 484 11 484Derivatives (Note 4.2) 146 146 146 146Other assets where carrying amount is a reasonable approximation of fair value and for which fair values are disclosed: Loan receivables (Note 18) 280 280 Accounts receivables (Note 19) 34 34 Collateral assets (Note 20) 1 294 1 294 Cash and cash equivalents (Note 21) 1 176 1 176Financial liabilitiesInterest bearing loans and borrowings (Note 24) 131 10 087 10 218 4 813 5 363 10 176Derivatives (Note 4.2) 0 0 0 04.5 Fair value of financial instrumentsCarrying amount Fair valueFair value through profit or Amortised As at 31 December 2021losscost Total Level 1 Level 2 Level 3 TotalFinancial assetsPurchased loan portfolios (Note 4.4) 10 921 10 921 11 370 11 370Derivatives (Note 4.2) 71 71 71 71Other assets where carrying amount is a reasonable approximation of fair value and for which fair values are disclosed: Loan receivables (Note 18) 206 206 Accounts receivables (Note 19) 32 32 Collateral assets (Note 20) 1 284 1 284 Cash and cash equivalents (Note 21) 376 376Financial liabilitiesInterest bearing loans and borrowings (Note 24) 219 9 224 9 443 5 815 3 527 9 342Derivatives (Note 4.2) 5 5 5 5Contingent consideration (Note 5.2) 11 11 11 11The fair value of unquoted financial assets has been estimated using valuation techniques based on assumptions that are not supported by observable market prices. The fair value of purchased loan portfolios (level 3) has been calculated by discounting the expected net future cash flows from Gross collection less cost to collect and tax with the estimated weighted average cost of capital for the countries where the purchased loan portfolio is originated. The fair value of interest bearing loans and borrowings is equal to book value for the Multi-currency revolving credit facility (level 2) as the loans are based on one to six month floating interest. The fair value for the bond loans (level 1) were determined by obtaining quoted market prices for the bond loans from the Norwegian Stock Exchange. The fair value of derivatives is set by calculating the present value of future cash flow using market rates for interest and currencies. In the case of the derivatives the fair value is confirmed by the financial institution that is the counterparty.The Group classifies fair value measurements by using a fair value hierarchy that reflects the significance of the input that is used in preparing the measurements. The fair value hierarchy has the following levels: Level 1: the input is quoted prices (unadjusted) in an active market for identical assets or liabilities. Level 2: the input is prices, other than quoted prices included in level 1, that are observable for the asset or liability either directly (as prices) or indirectly (calculated from prices). Level 3: the input to the asset or liability is not based on observable market data (non-observable input). NOTE 5: BUSINESS COMBINATIONS AND ACQUISITION OF NON-CONTROLLING INTERESTS\ue61e.1 Acquisitions in 2022The Group made no business acquisitions in 2022.5.2 Contingent consideration1)As part of the purchase agreements with the previous owners of NACC a contingent consideration is due for a limited period of time based on the achievement of certain post-acquisition performance targets.NACC, France was acquired in March 2018. As at the acquisition date, the fair value of the contingent consideration was estimated and accounted for as a non-current or current liability depending on the payment date of the various installments.A reconciliation of the fair value measurement of the contingent consideration liability is set out below:NACCAt 1 January 2021 31Payments during the year -14Fair value adjustments during the year -5Exchange differences -1At 31 December 2021 11Payments during the year -11Fair value adjustments during the year 0Exchange differences 0At 31 December 2022 0The contingent consideration to the former owners of NACC is based on Gross collection from the portfolios held by NACC as at 31 December 2017 for the period 30 September 2017 to 31 December 2021. In addition, if cost to collect in relation to the Gross collection from portfolios held at 31 December 2017 exceeds the target threshold, cost to collect will reduce the Gross collection constituting the calculation basis for the contingent consideration. Estimated earn-out calculations of NOK 11 million for 2021 (final year), was finally approved and paid in 2022. 1) NACC (N\u00e9gociation et Achat de Cr\u00e9ances Contentieuses) changed name to SAS Veraltis Asset Managment in November 2022.NOTE 6: OPERATING SEGMENTSFor management purposes, the Group is organised into different geographical regions corresponding to the countries where the Group operates. The Executive Management monitors the operating results of these geographical regions separately for the purposes of making decisions about resource allocation and performance assessment. The segment reporting is presented in the same manner as presented to the Executive Management. The Executive Management reporting differs from the reported numbers in the consolidated financial statements. The differences are related to the line item presentation of revenue from purchased loan portfolios and the presentation of operating cost. Total revenues and operating profit are equal in segment reporting and in the consolidated income statement. Amortisation/revaluation of purchased loan portfolios shows the difference between Gross collection and revenue from purchased loan portfolios recognised in the condensed interim consolidated income statement. Finance and taxes are managed on a Group basis and are not included at the regional level. The results of the parent company, the holding companies and the investment office in Luxembourg are reported as \u2018Central functions\u2019. Results from purchased loan portfolios are included in the region where the portfolio is originated.South Central Northern Central Western Eastern functions / Year ended 31 December 2022Europe PolandEuropeEuropeEuropeeliminations TotalInterest revenue from purchased loan portfolios 717 489 364 264 299 2 133Net credit gain/(loss) from purchased loan portfolios -24 291 119 -223 -35 129Revenue from purchased loan portfolios 693 780 483 41 265 2 262Profit from investments in associated parties/joint ventures -9 82 28 100Total revenue from purchased loan portfolios 684 780 564 41 292 2 362Revenue from external collection 141 6 102 100 349Revenue from loan receivables 117 1 118Revenue from sale of collateral assets 1 2 519 17 42 581Other operating revenues 16 4 13 28 7 68Total other revenues 158 123 538 146 150 1 115Total revenues 842 903 1 103 187 442 3 477Cost to collect -229 -272 -191 -148 -184 -1 025Cost of collateral assets sold, including impairment -1 -2 -345 -11 -33 -392Cost other revenues -128 -52 -20 -133 -121 -453Administration and management costs -31 -17 -29 -10 -23 -286 -395EBITDA 453 560 518 -114 82 -286 1 212Depreciation, amortisation and impairment losses -16 -20 -9 -19 -17 -103 -184Operating profit/(loss) (EBIT) 437 540 510 -134 65 -389 1 029South Central Northern Central Western Eastern functions / Year ended 31 December 2021Europe PolandEuropeEuropeEuropeeliminations TotalInterest revenue from purchased loan portfolios 777 505 430 308 324 2 344Net credit gain/(loss) from purchased loan portfolios 58 102 33 -206 23 11Revenue from purchased loan portfolios 835 607 463 101 348 2 355Profit from investments in associated parties/joint ventures 6 65 27 99Total revenue from purchased loan portfolios 842 607 528 101 375 2 452Revenue from external collection 150 0 9 110 93 362Revenue from loan receivables 92 1 93Revenue from sale of collateral assets 2 3 98 11 51 164Other operating revenues 19 1 17 30 16 83Total other revenues 171 95 124 151 160 702Total revenues 1 013 702 652 253 535 3 155Cost to collect -220 -259 -167 -150 -183 -981Cost of collateral assets sold, including impairment -1 -3 -72 -10 -33 -119Cost other revenues -135 -42 -27 -133 -110 -447Administration and management costs -24 24 -21 -16 -15 -160 -213 EBITDA 632 422 365 -58 195 -160 1 396Depreciation, amortisation and impairment losses -14 -25 -8 -19 -14 -9 -88Operating profit/(loss) (EBIT) 618 397 356 -76 181 -169 1 308South Central Northern Central Western Eastern functions / Year ended 31 December 2022Europe PolandEuropeEurope Europeeliminations TotalPortfolio investments 884 729 74 312 166 2 165Carrying value of purchased loansPurchased loan portfolios 4 437 2 378 1 795 1 563 1 008 11 181Purchased loan portfolios held through joint ventures 56 240 394 690Purchased loan portfolios at 31 December 4 493 2 378 2 034 1 563 1 402 11 871South Central Northern Central Western Eastern functions / Year ended 31 December 2021Europe PolandEuropeEurope Europeeliminations TotalPortfolio investments 427 458 73 32 213 1 202Purchased loan portfolios, book valuePurchased loan portfolios 4 352 1 874 2 025 1 534 1 136 10 921Purchased loan portfolios held through joint ventures 83 344 427 854Purchased loan portfolios at 31 December 4 435 1 874 2 369 1 534 1 563 11 775NOTE 7: OTHER REVENUES2022 2021Collection fees, commissions and debtor fees from external collection 349 362Other revenues from contracts with customers 48 54Total revenue from contracts with customers 397 415Rental income from collateral assets 13 16Other revenues 6 13Total other revenues 416 444Other revenues from contracts with customers consists mainly of telemarketing, fraud prevention and credit information services. NOTE 8: EXPENSES OF SERVICES PROVIDED2022 2021Fees to court and bailiffs -323 -308External cost portfolio acquisition & search 0 -4Other fees for external services, including fees to lawyers for collection services -99 -108Total Expenses of services provided -422 -420NOTE 9: PERSONNEL EXPENSES2022 2021Wages, salaries and other benefits paid -683 -645Social security costs & payroll taxes -128 -131Defined contribution pension costs -34 -32Cost of external temporary staff -25 -30Other personnel costs, including training and recruitment costs -30 -33Total Personnel expenses -900 -870Number of full time equivalents (FTEs) at 31 December 1 885 1 979The pension schemes of the Norwegian companies in the Group follow the requirements in the Act on Mandatory company pension. NOTE 10: OTHER OPERATING EXPENSES2022 2021Printing, postage -51 -38IT, telecommunications -102 -93Cost of office premises -30 -29Travel, vehicles, accomodation -22 -15Marketing, business entertaining, meetings, arrangements -18 -12Consultancy fees - non collection services -216 -104Statutory and other corporate costs, including business insurance and trade licences -19 -21Office equipment and supplies -11 -10Impairment of receivables -2 -1Bank charges -8 -7Other expenses -71 -21Total Other operating expenses -551 -350NOTE 11: NET FINANCIAL ITEMS2022 2021Interest revenue 5 1Gain on other financial instruments (excluding derivatives) 0 0Other financial income 1 0Financial income 6 1Interest expenses -665 -632Change in fair value of interest rate derivatives 92 62Interest expense on leases -8 -7Loss on purchase of bonds in own bond loans (note 24) -7 0Loss on other financial instruments (excluding derivatives) 0 0Other financial expenses -1 5Financial expenses -588 -572Realised exchange gain/(loss) -174 -16Unrealised exchange gain/(loss) 168 22Change in fair value of currency derivatives -19 -1Net exchange gain/(loss) -25 5Net financial items -607 -566NOTE 12: INCOME TAXThe major components of income tax reported in the income statement for the years ended 31 December 2022 and 2021 are set out below.Income tax expense: 2022 2021Current year income tax payable 133 131Change in deferred tax -38 38Total tax expense reported in the income statement 95 169Reconciliation between the expected tax expense and the actual tax expense2022 2021Profit before tax 421 742Expected tax expense at Norwegian nominal tax rate of 22 % 93 163Difference between local tax rates and the Norwegian nominal tax rate -58 -20Tax effect of permanent differences -340 30Tax effect of the change in unrecognised deferred taxes 456 -4Other differences -56 0Actual tax expense 95 169Effective tax rate 23 % 23 %The nominal tax rate in Norway was 22 % in 2022. Subsidiaries outside Norway are subject to local tax rates in their country of operation. The effective taxation of operations outside Norway depends on both local tax rules and on whether it is possible to avoid double taxation. The tax expense is also dependent on whether or not to recognise a deferred tax asset from carry forward losses in the individual entity. Analysis of deferred tax assets and liabilitiesTax effect of temporary differences 2022 2021Taxable temporary differences - non-current itemsTangible and intangible assets 45 39 Purchased loan portfolios 280 248 Loans to group companies and other long-term assets 305 85 Long-term interest bearing loans and borrowings 11 0 Loans from group companies and other non-current liabilities 10 39 651 412 Taxable temporary differences - current itemsOther current assets 18 28 Other current liabilities 0 0 18 28 Deductible temporary differences - non-current itemsTangible and intangible assets 0 -0 Purchased loan portfolios -191 -144 Loans to group companies and other long-term assets -1 -1 Long-term interest bearing loans and borrowings -62 -19 Loans from group companies and other non-current liabilities -1 -1 -256 -166 Deductible temporary differences - current itemsOther short-term assets -2 -3 Other current liabilities -30 -33 -32 -36 Tax losses carried forward -1 033 -464 Gross deferred tax liabilities/(assets) -652 -226 Deferred taxes not recognised 624 238 Net deferred tax liabilities/(assets) -27 12 Due to the right to offset deferred tax assets and liabilities within the same tax jurisdiction, the presentation of net deferred tax in the consolidated statement of financial position for each year end was as follows:2022 2021Deferred tax assets -303 -279Deferred tax liabilities 275 291-27 12Deferred tax liabilities/(assets) at 1 January 12 -28Deferred tax expense recognised in the income statement -38 38Deferred tax expense recognised in other comprehensive income 0 0Exchange differences -1 2Deferred tax assets(-)/liabilities at 31 December -27 12Analysis of tax losses available for offset against future taxable income, by year of expiration:2022 2021Within 5 years 2 727 880After 5 years 2 1No time limit 1 607 1 127Total tax losses available for offset 4 336 2 007Tax effect of tax losses, before consideration of whether the losses are recognisable or not 1 033 464Tax losses carried forward at 31 December 2022 relate mainly to the Group\u2019s subsidiary companies in Luxembourg NOK 3,178 million (NOK 1,242 million) and the Parent company in Norway, NOK 789 million (NOK 423 million). The tax losses in the Group\u2019s subsidiary companies in Luxembourg are partly recognised as deferred tax asset, based on the Group\u2019s expectation of taxable profit in the coming five years. The tax losses in the Group\u2019s parent company in Norway and NOK 1.694 (607) million in Luxembourg are not recognised as deferred tax assets. NOTE 13: EARNINGS PER SHAREBasic earnings per share amounts are calculated by dividing the profit after tax for the year attributable to ordinary shareholders of the parent company by the weighted average number of ordinary shares outstanding during the year, excluding the Company\u2019s own shares.Diluted earnings per share amounts are calculated by dividing the profit after tax for the year attributable to ordinary shareholders of the parent company by the weighted average number of ordinary shares outstanding during the year, excluding the Company\u2019s own share, plus the weighted average number of ordinary shares that would be issued on conversion of all the potentially dilutive ordinary shares into ordinary shares.The following reflects the profit and share data used in the basic and diluted earnings per share computations:2022 2021Profit after tax attributable to parent company shareholders 326 573Number of shares outstanding at 1 January 409 932 598 409 932 598Number of shares outstanding at 31 December 401 364 824 409 932 598Treasury shares (note 22) -14 184 000 -2 940 631Weighted average number of shares during the year 396 339 977 409 563 452Effect of dilution:Option programmes (note 23) 1 380 824 1 613 355Weighted average number of shares during the year adjusted for the effect of dilution 397 829 196 411 176 807Earnings per share (in NOK):- Basic 0.82 1.40- Diluted 0.82 1.39Options granted to employees are considered to be potential ordinary shares. Accordingly, they have not been included in the determination of basic earnings per share, but have been included in the determination of diluted earnings per share to the extent that they are dilutive. 9,640,781 options granted in the period 2019 - 2022 are not included in the calculation of diluted earnings per share because exercise price is higher than average stock price 2022 of 8.7294 and therefore they are not considered dilutive for the year ended 31 December 2022. These options could potentially dilute basic earnings per share in the future.NOTE 14: GOODWILLGoodwillAcquisition/purchase costAt 1 January 2021 833Exchange differences -38At 31 December 2021 796Exchange differences 42At 31 December 2022 837ImpairmentAt 1 January 2021 9Impairment 0Exchange differences 0At 31 December 2021 9Impairment 92Exchange differences 5At 31 December 2022 106Net book valueAt 31 December 2021 787At 31 December 2022 731Goodwill acquired through business combinations has been tested for impairment at the end of 2022. The recoverable amount is set to the estimated value in use. The value in use is the net present value of the estimated cash flow before tax. The discount rate used is the weighted average cost of capital (WACC) before tax calculated for each Cash Generating Unit (CGU). Reference to note 4.4 for further details on cost of capital and WACC calculation.The CGUs have been tested using a 5 or 10 year cash flow model discounted at a country specific pre-tax WACC ranging from 8.6 % to 10.6 % by the end of December 2022 (8.1 % - 10.1 % in 2021). A 5 or 10 year cash flow model has been used based on expected life time for the individual CGUs portfolio, as well as the expected recoverable cash flows arising from the individual CGUs loan portfolio investment programme. The terminal value for loan portfolios has been set to estimated portfolio book value at the end of the 5 or 10 year cash flow model. The basis for the expected future cash flow is a management approved plan for the periode 2023-2025 for the individual CGU. The sum of the future expected gross cash flows, less estimated costs to collect and costs related to other revenue, forms the basis for the net cash flow estimates used in the 5 or 10 year cashflow model and estimated terminal value. The impact of changes to key assumptions have been considered and assessed for each individual CGU, and there have not been identified any instances that should cause the carrying amount to exceed the recoverable amount. The following cash generating units represents 78 % of the carrying value of goodwill at the end of December 2022:Poland GroupAt 31 December 2022, the carrying value of goodwill allocated to Poland Group amounts amounts to NOK 302 million (287 million in 2021). The CGUs has been tested using a 10 year cash flow model based on a stable loan portfolio investment programme and with a terminal value after 10 years.SAS Veraltis Asset Management (former N\u00e9gociation et Achat de Cr\u00e9ances Contentieuses - NACC), France, and its subsidiary Tahiti Encaissements Services, TahitiAt 31 December 2022, the carrying value of goodwill allocated to SAS Veraltis Management, France, and its subsidiary amounts to NOK 268 million (NOK 254 million in 2021). The CGUs have been tested using a 10 year cash flow model with a terminal value after 10 years based on a stable loan portfolio investment programme. In addition, the following cash generating units have been tested for impairment:Company name Region Allocated goodwillAt 31 December 2022 At 31 December 2021Debt Collection Agency AD (Bulgaria) / B2 Kapital 1)Portofoli Managment S.R.L (Romania) South Eastern Europe 19 110Confirmaci\u00f3nde Solicitudes de Cr\u00e9dito Verifica S.A. (Verifica), Spain Western Europe 87 82Creditreform Latvia SIA, Latvia, and its subsidiaries Northern Europe 31 29Interkreditt AS, Norway Northern Europe 11 11OK Perinta OY, Finland, and its subsidiaries Northern Europe 5 5Nordic Debt Collection A/S, Denmark Northern Europe 2 2B2Kapital UAB, Lithuania Northern Europe 7 6Total 162 2461) Goodwill at 31 December 2021 was allocated to Debt Collection Agency AD in Bulgaria including a subsidiariy in Romania. The Romanian subsidiary is sold and merged into another Romanian Group entity, B2Kapital Portfolio Management S.R.L. and goodwill of EUR 1.8m was transferred to this entity. The remaining goodwill related to the Bulgarian entity was impaired in the second quarter of 2022 in connection with an agreement to sell this entity to an external party. The transaction is expected to close in 2023.There was no impairment of goodwill in any of the cash generating units except for the Bulgarian entity described above. The Group constantly monitors the latest legislation in relation to sustainability. At the current time, no legislation has been passed that will impact the group. The group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumption should a change be required.The war in Ukraine and volatile macroenvironment have created a significant uncertainty in the market and B2Holding is closely monitoring the macroeconomic and geopolitical developments related to the war. At this stage the baseline scenarios indicate limited risk for B2Holding, however the full impact on B2Holdings business activities and assessment of goodwill is uncertain and may change in the event of significant escalation. NOTE 15: TANGIBLE AND INTANGIBLE ASSETSImprovementsEquipment,RoU assetRoU assetto rentedfixtures &officevehicles &Intangibleofficesfittingspremisesequipmentassets TotalAcquisition/purchase costAt 1 January 2021 34 149 184 8 387 763Additions 1 9 34 1 25 71Disposals 0 -9 -5 0 -5 -20Exchange differences -2 -7 -9 0 -18 -36At 31 December 2021 34 141 204 9 389 778Additions 10 20 65 2 28 125Disposals -4 -28 -10 -6 -19 -67Exchange differences 2 5 9 0 15 32At 31 December 2022 42 139 268 5 414 867Depreciation / amortisation and impairmentAt 1 January 2021 22 97 72 3 238 433Depreciation / amortisation charge for the year 4 18 36 2 26 85Impairment losses for the year 1 0 2 3Disposals 0 -7 -3 0 -5 -15Exchange differences -1 -5 -4 0 -12 -22At 31 December 2021 25 103 101 5 249 483Depreciation / amortisation charge for the year 3 15 34 2 29 83Impairment losses for the year 1 2 4 8Disposals -4 -22 -6 -4 -12 -47Exchange differences 1 4 5 0 11 21At 31 December 2022 27 103 134 3 281 547Net book valueAt 31 December 2021 9 38 103 4 141 295At 31 December 2022 14 36 134 3 133 320Depreciation method Straight line Straight line Straight line Straight line Straight lineEconomic useful lives 2-10 years 2-10 years 2-10 years 2-10 years 2-12 yearsIntangible assets are the capitalised costs related to the software systems used throughout the Group, client relationships and licenses. The Group has also invested in development of a group data warehouse.NOTE 16: LEASESThe Group\u2019s lease agreements mainly relate to the lease of office premises.Lease liabilities 2022 2021Current lease liabilities 32 36Non-current lease liabilities 119 81151 117Maturity analysis contractual undiscounted cash flows 2022 2021Amounts due within one year 40 43Amounts due between one and five years 93 68Amounts due later than five years 55 32188 144Effects on income statement 2022 2021Depreciation of right-of-use assets -36 -38Interest expense on lease liabilities -8 -7Expense relating to short-term leases -6 -8Expense relating to leases of low value assets -9 -8-58 -61Cash outflows for leases 2022 2021Interest paid on lease liabilities -8 -7Principle paid on lease liabilities -26 -46Expense relating to short-term leases -6 -8Expense relating to leases of low value assets -9 -8-48 -70Please refer to Note 15 for information about RoU assets.NOTE 17 INVESTMENTS IN ASSOCIATED COMPANIES AND JOINT VENTURESThe Group has together with co-investors purchased loan portfolios through SPVs, fully financed through equity or participation loan/notes from the investors. The contractual arrangement of the participation is directly linked to the performance of the portfolios purchased in the SPVs. All gross collections in the SPVs from the portfolios are paid to the investors pro rata after deduction of cost to collect and overhead costs in the SPVs. The joint ventures are regulated by investor agreements securing that the righ to vote and decide on key decsions is not the same as the ownership interests. The investments are accounted for under the equity method in accordance with IFRS 11 Joint Arrangements.Country of Measure-incorpora-Place of %-right to ment Name of entitytion businesscash flow Relationshipmethod Carrying amount2022 2021 2022 2021Hellas 2P Investment Designated Joint Equity Activity Company Ireland Greece 30% 30% Venturemethod 144 169Hellas 3P Investment Designated Joint Equity Activity Company Ireland Greece 35% 35% Venturemethod 242 240Joint Equity Glencar ICAV, Sub-Fund 3 Ireland Sweden 30% 30% Venturemethod 56 83Joint Equity CE Holding Invest S.C.S (Group) Luxembourg Croatia 50% 50% Venturemethod 240 344EOS Credit Funding BL Designated Activity Company / ENB Property Ireland/ Joint Equity Solutions SRLRomania Romania 50% 50% Venturemethod 8 18690 854Hellas 2P Investment DAC and Hellas 3P Investment DACIn 2018, the Group entered into two agreements for co-investments in NPL portfolios in Greece through SPVs. The Group\u2019s share of the participation notes in the SPVs was 30% for the H2P portfolio purchase and 35% for the H3P porfolio purchase. The Group is servicing both H2P and H3P.Glencar ICAVThe Group invested In December 2019 in 30% of a portfolio in Sweden through subscribing to 30% of the shares in Glencar 3, a sub-fund of Glencar ICAV. Glencar ICAV with offices in Dublin, Ireland. The portfolio is serviced by the Group.CE Holding Invest S.C.S (Group)31 Mai 2019 the Group acquired NPL portfolios containing secured corporate receivables in Croatia though a 50/50 joint venture with DDM Debt Group (DDM). As part of the coinvestment structure with DDM, the Group became owner of 50 % of the share capital and voting rights in CE Partner S.\u00e0 r.l. and CE Holding Invest S.C.S. (the \u201cJoint Venture\u201d) registered in Luxembourg. The Joint Venture is subject, by agreement, to joint controlled shared equally between DDM and the Group. The Group is master servicer for the Joint Venture.EOS Credit Funding BL DAC / ENB Property Solutions S.R.LIn 2018 the Group became owner of 50 % of the share capital and voting rights in the SPV, EOS Credit Funding BL DAC with offices in Dublin, Ireland (portfolio owner), and ENB Properties Solutions srl with offices in Bucharest, Romania, and has joint control in these two companies.The movements in in the investments in joint ventures are specified in the table below:2022 2021Opening balance 1 January 854 871 Investments in Joint venture 87 Profit from investments in associated parties/joint ventures 100 99 Cash flow/dividend from joint ventures -295 -184 Translation differences 31 -18 Closing balance at 31 December 690 854The summarised financial information for the joint ventures is shown below:CE Holding 3)Name of entity H2P H3P GlencarInvest EOS/ENB2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Summarised Balance SheetPurchased loan portfolios 478 518 702 729 184 210 462 659 18 38 Other assets - - - - 2 2 23 20 4 0 Cash & cash equivalents 17 28 51 29 11 17 28 34 5 8 Total Assets 496 546 753 757 198 229 513 713 27 46 1)Liabilities 17 22 43 25 3 4 34 26 10 7 Net Assets/Equity 479 524 710 732 195 225 478 687 17 39 Summarised Profit and LossRevenue 99 102 76 76 31 -23 233 233 53 34 Expenses -41 -43 -48 -48 -6 -8 -70 -84 -15 -23 2)Interest - - - - - - - -19 -29 -13 Net income/loss 59 59 28 27 25 -31 163 130 9 -1 1) Excluding Profit Participating Notes2) Excluding interest to Noteholders3) Calendar year from March to FebruaryThe table above show the full financial information of the joint ventures and not the Groups share of the joint ventures. All financial information is adjusted to reflect the Groups accounting principles and assesments.NOTE 18: LOAN RECEIVABLES AND OTHER NON-CURRENT FINANCIAL ASSETSNote 18.1: Loan receivables2022 2021Loan receivables - gross 959 1 111Loss allowance -679 -905At 31 December 280 206Loan receivables are interest bearing loans issued by Takto in Poland and are normally granted for a period of few years, with monthly installments and no up-front payment. The Group collects contractual cash flow according to loan schedules. The average loan ticket amounts to PLN 4,250 and the average installment number is 33 months at the end of 2022. The Group decided in February 2023 to discontinue the loan issuance activity; hence no new loans will be issued. The existing loans will be administered and collected by the Group\u2019s servicing business in Poland. There is no single debtor who represents a large share of the loan receivables and therefore pose a material credit risk. The Group measures the impairment loss on loan receivables using a 3-stage model for expected credit loss (ECL) according to IFRS 9. For loan receivables in stage 1 (performing, i.e. days past due between 0-10 days), ECL for default events that are possible within the next 12 months are recognised. The Group consider that credit risk has increased significantly since initial recognition for loan receivables in stage 2 (underp er forming, i.e. days due between 11-60 days) and 3 (non-performing, i.e. days past due over 60 days) and lifetime ECL is recognised. At 31 December, the analysis of loan receivables was as follows:Total Stage 1 Stage 2 Stage 3Loan receivables - gross 959 216 33 710Loss allowance -679 -21 -15 -643Loan receivables - net, 31 December 2022 280 195 18 68Loan receivables - gross 1 111 145 18 948Loss allowance -905 -17 -9 -879Loan receivables - net, 31 December 2021 206 128 9 69Note 18.2: Other non-current financial assets2022 2021Financial assets at fair value through profit or loss:Derivatives (note 4.2) 128 52128 52Financial assets at amortised cost:Other 5 25 2At 31 December 133 54NOTE 19: OTHER CURRENT ASSETS19.1: Accounts receivableAs at 31 December 2022 2021Accounts receivable from contract revenues - gross 32 27Accounts receivable from single transactions - gross 5 8Loss allowance -3 -3 34 32There is no single customer who represents a large share of the accounts receivable and therefore pose a material credit risk. Accounts receivable are non-interest bearing and are generally on terms of 30-90 days. At 31 December, the maturity of accounts receivables was as follows:Total Not due 0-30 days 31-60 days 61-90 days >90 daysAccounts receivable - gross, 31 December 2022 37 20 5 2 1 8 Loss allowance -3 -0 -0 -0 -0 -3 Accounts receivable - net, 31 December 2022 34 20 5 2 1 6 Accounts receivable - gross, 31 December 2021 35 21 5 2 3 3 Loss allowance -3 -0 -0 -0 -0 -3 Accounts receivable - net, 31 December 2021 32 21 5 2 3 1 19.2: Other current assetsAs at 31 December 2022 2021Value added, sales or other taxes receivable 41 43Corporate income taxes receivable 51Amounts due from previous owners of purchased loan portfolios 8 5Advances & security deposits paid to suppliers 102 54Prepayments 34 25Amounts due from employees 0 0Derivatives (note 4) 18 19Amounts due from joint ventures (note 17) 4 7Accrued income not yet invoiced 19 21Other 79 54Total Other current assets 357 228NOTE 20: COLLATERAL ASSETSCollateral assets are assets, mainly real estate, repossessed as part of the management of secured non-performing loan portfolios. Collateral assets are acquired with the purpose of subsequent resale in the near future, however there may be improvements or actions needed in order to optimaze prices. 2022 2021Opening balance 1 January 1 284 873Additions 340 576Disposals -391 -117Write-down -1 -1Exchange differences 63 -46Closing book value at 31 December 1 294 1 284Which consists of:2022 2021Retail Properties 484 404Non-retail properties 749 829Other 62 50Total 1 294 1 284Of the collateral assets NOK 926 million is located in Central Europe (2021: 1,031 million), NOK 202 million is located in South Eastern Europe (2021: 169 million), NOK 161 million is located in Western Europe (2021: 77 million), NOK 5 million is located in Poland (2021: 6 million) and NOK 0 million is located in Northern Europe (2021: 1 million). Retail properties is related to private housing and non-retail properties to commercial buildings. The Group has specific pre-emption rights on the realisability of some of its collateral assets if the offered sales prices are below what has been agreed with interested stakeholders. These rights are only applicable for a period of 18-36 months from the granting of such rights which was in Q3 2020.The Group has no contractual obligations for construction, development, repairs or maintenance.2022 2021Rental income 13 16Revenue from sale of collateral assets 581 164Cost of collateral assets sold, including impairment -392 -119Direct operating expenses -16 -17Operating profit/(loss) from collateral assets 187 45Rental income is presented in the line \u201cOther revenues\u201d in the consolidated income statement. Direct operating expenses are directly related to the collateral assets and include repairs and maintenance costs, insurance, valuation costs and other similar types of running costs. Direct operating expenses are included in either \u201cExpenses of external services provided\u201d or \u201cOther operating expenses\u201d depending upon the nature of the expense.NOTE 21: CASH AND CASH EQUIVALENTS2022 2021Cash at banks - unrestricted balances 1 141 308- tax deductions from employee payroll 0 0- other restricted balances 10 41 151 312Short-term deposits 25 641 176 376Cash at banks earns interest at floating rates which are based on bank deposit rates. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.Other restricted balances represent deposits paid into a short term escrow account in connection with, for example, the acquisition of loan portfolios or guarantees provided by third parties.For the purpose of the statement of cash flows, cash and cash equivalents comprise the cash and current deposits balances in the table above.NOTE 22: SHARE CAPITAL AND OTHER PAID-IN CAPITALOrdinary shares have a nominal value of NOK 0.10 each. The number and value of authorised and registered shares, and the amount of other paid-in capital, being the premium on shares issued less any transaction costs of new shares issued, was as follows:Other paid-in2) Share capitalShare capital capital 1)Number of shares NOK\ue61fmillNOK\ue61fmillAt 1 January 2021 409 932 598 41 2 843At 31 December 2021 409 932 598 41 2 843Capital reduction registered 28 July 2022 related to the share buy-back programme ended 31 Mar 2022 -8 767 774 -1Capital increase registered 20 October 2022 related to issuance of ordinary shares 200 000 0 1At 31 December 2022 401 364 824 40 2 844At 27 April 2023 (the date of completion of these financial statements) 401 364 824 40 2 8441) Including 14,184,000 treasury shares purchased in the 2022 Share buy-back programme.2) Net proceeds after transaction costs.A share buy-back programme started on 8 November 2021 and ended 31 March 2022. The purpose of the programme was to reduce the capital of the Company. In total 8,767,774 shares were bought back at an average price of NOK 9.90 per share and the share capital reduction of NOK 0.9m was effective as of 28 July 2022. The Company started a second share buy-back programme on 27 May 2022 which was extended 9 November 2022. The purpose of the programme was to reduce the capital of the Company. 14,184,000 shares were bought back at an average price of NOK 8.31 per share, corresponding to 3.53 % of the Company\u2019s shares and decreasing the equity attributable to parent company shareholders by NOK 118m. The share buy-back programme for 2022 is complete and the Board will propose to the Annual General Meeting 2023 to decrease the parent Company\u2019s Share capital and Other paid in capital by cancellation of its 14,184,000 treasury shares acquired under the share buy-back program. A creditor deadline of six weeks will apply before implementation.Dividend paid to parent company\u2019s shareholders in 2022, for 2021, amounted to NOK 0.42 per share. Proposed dividend for 2022 is NOK 0.20 per share. Mandates granted to the Board of Directors: On 24 May 2022 the General Meeting of the shareholders of B2Holding ASA granted the Board a right to increase the share capital (i) in connection with acquisitions and raising of equity by up to NOK 4,011,648, equivalent to 10 % (rounded) of the Company\u2019s share capital, and (ii) to hounour options granted by the Company by up to NOK 1,181,000. The General Meeting on 24 May 2022 also granted the Board a right to acquire own shares (treasury shares) in B2Holding ASA from the shareholders in the Company up to a total nominal value of NOK 4,011,648, equaling 10 % (rounded) of the share capital. The maximum amount to be paid per share is the volume weighted average price as quoted on the Oslo Stock Exchange for the five business days prior to the time of the acquisition plus 5 %, and the minimum amount is NOK 0.10. Treasury shares acquired may be utilized to either fulfil the Company\u2019s obligations in connection with acquisitions, employee incentive arrangements, fulfilment of earn-out arrangements, be sold to strengthen the Company\u2019s equity or be cancelled. Each of the said authorisations provided to the Board are valid until the Company\u2019s Annual General Meeting in 2023, but no longer than to and including 30 June 2023. Shares owned by Group management and Board of Directors The number of shares owned directly or indirectly by the Board of Directors and Group Management at 31 December 2022 were as set out below. For details of options granted to the Board of Directors and Group Management, please refer to note 23.Name Position Number of shares1)Erik Just Johnsen Chief Excecutive Officer 2 385 680Endre Solvin-Witz\u00f8 Chief Investment Officer 125 0002)Rasmus Hansson Head of Commercial Strategy and Investor Relations 80 0573)Adam Parfiniewicz Head of Unsecured Asset Management 6 000Maria Haddad Chief Brand & Sustainability Officer 100 000Harald L. Thorstein Chair of the Board of Directors 280 0004, 5)Kjetil Garstad Board member 1 050 000Adele Bugge Norman Pran Board member 90 000Grethe Wittenberg Meier Board member 25 0006)Trond Kristian Andreassen Board member 300 0001) Erling Johnsen AS, an entity controlled by Erik J. Johnsen holds 2,080,000 shares. In addition, persons related to Johnsen holds 145,680 shares2) Rmh Invest AS, an entity controlled by Rasmus Hansson, holds 80,057 shares 3) Adam Parfiniewicz holds 6,000 shares through a nominee account4) Kjetil Garstad represents a large shareholder, Stenshagen Invest AS5) Steel City AS, an entity controlled by Kjetil Garstad, holds 1,000,000 shares. In addition, persons related to Garstad holds 50,000 shares6) Vimar AS, an entity controlled by Trond Kristian Andreassen, holds 300,000 shares Rasmussengruppen AS with subsidiaries holds 51,373,266 shares represented by board member Trygve Lauvdal.For further information regarding shares and shareholders, please refer to note 11 to the parent company financial statements.NOTE 23: SHARE BASED PAYMENTS23.1 Option programmeThe Group has granted share options to management and selected key employees according to the Group\u2019s remuneration policy. As of the date of completion of these financial statements, there were 10,930,000 options outstanding. All of the Company\u2019s option agreements include a clause regarding accelerated vesting meaning that if 50.1 % of the shares in the Company are sold to an acquirer, all outstanding options are vested. In case of a merger, the grantee shall if possible be granted an equal share option in the merged company. If this is not possible, the grantee will have the right to exercise all the options prior to the merger. Movements during the yearThe following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year.2022202220212021NumberWAEPNumberWAEPOutstanding 1 January 10 610 000 9.345 14 410 000 9.051 Granted during the year 2 110 000 8.050 2 450 000 10.080 Exercised during the year -200 000 4.000Forfeited during the year -240 000 7.720 -6 250 000 9.217 Expired during the year -1 350 000 9.345 Outstanding at 31 December 10 930 000 7.820 10 610 000 9.345 Exercisable at 31 December 5 793 328 7.780 4 256 662 11.240 One member of the Group Management resigned from his position in 2022 and in line with standard agreement, 240,000 share options not vested was terminated. 200,000 share options were exercised by a previous employee. The weighted average fair value of options granted in 2022 was NOK 8.048 (NOK 10.08 for options granted in 2021) per option and the cost of the options recognised in personnel costs together with a corresponding increase in other capital reserves was NOK 6 million in 2022 (NOK 6 million in 2021). The fair value of options awarded is calculated using the Black-Scholes option pricing model. The risk-free interest rate on the award date has been obtained from Norges Bank and weighted average for options awarded in 2022 was 2.92 % (0.89 % in 2021). The weighted average expected volatility for the options granted in 2022 was 48.42 % (54.85 % in 2021), and the expected lifetime has been set as the vesting date. At 31 December 2022, the range of exercise prices and weighted average remaining contractual life of the options were as follows: Outstanding options Vested optionsOutstandingWeighted Weighted OutstandingWeighted Weighted options as ofaverageaverageoptions as ofaverageaverage31/12/2022remaining exercise31/12/2022remaining exerciseExercise pricecontractual lifepricecontractual lifeprice0.00 - 8.00 2 500 000 2.5 4.000 1 666 662 2.5 4.000 8.01 - 9.00 3 510 000 3.3 8.222 700 000 3.3 8.452 9.01 - 9.99 4 920 000 2.4 9.426 3 426 666 2.4 9.480 13.00 - 17.9918.00 - 23.30Total 10 930 000 2.7 7.824 5 793 328 2.6 7.778At 31 December 2021, the range of exercise prices and weighted average remaining contractual life of the options were as follows: Outstanding options Vested optionsOutstandingWeighted Weighted OutstandingWeighted Weighted options as ofaverageaverageoptions as ofaverageaverage31/12/2021remaining exercise31/12/2021remaining exerciseExercise pricecontractual lifepricecontractual lifeprice0.00 - 8.00 2 800 000 3.5 4.420 933 330 3.5 4.420 8.01 - 8.99 4 010 000 2.5 9.250 1 973 332 2.5 9.490 10.00 - 12.99 2 450 000 4.5 10.080 13.00 - 17.99 600 000 16.060 600 000 16.060 18.00 - 23.30 750 000 20.480 750 000 20.480 Total 10 610 000 2.9 9.346 4 256 662 1.9 11.241 NOTE 24: INTEREST BEARING LOANS AND BORROWINGS2022 2021Non-current Multi-currency revolving credit facility 4 025 3 031Senior Facility Agreement 1 208 Bond loan 3 653 3 794 8 885 6 8252022 2021Current Bond loan 1 201 1 900Bridge Facility500Bank overdraft 131 2191 332 2 619Interest bearing loansThe Group is financed by the following loans; (i) a EUR 610 million senior secured multi-currency revolving credit facility agreement (RCF), including a multi-currency cash pool with a EUR 40 million overdraft. EUR 100m of the RCF matures on 31 December 2023 while the remaining EUR 510m matures in Q3 2025. (ii) a EUR 200 million senior unsecured bond with maturity in May 2023, (iii) a EUR 200 million senior unsecured bond with maturity in May 2024, (iv) a EUR 150 million senior unsecured bond with maturity in September 2026 and (v) EUR 171 million senior secured facility agreement (SFA) with PIF Barbican S.\u00e0 r.l. (Pimco as original noteholder) with maturity in 2027. The Group holds EUR 86 million in treasury bonds, which is not reflected in the tables below. The RCF, SFA and the bond loans carry a variable interest rate based on the interbank rate in each currency plus a margin supplement. In addition, there is a commitment fee, which is calculated as a percentage of the loan margin on the undrawn part of the credit facilities. The overdraft carries a facility line fee. The loan agreements have a number of operational and financial covenants, including limits on certain key indicators, which have all been complied with as of 31 December 2022. There are no instalments to be paid before maturity. At 31 December 2022, PLN 700 million, SEK 975 million, DKK 260 million and EUR 120 million, in total EUR 392 million, was utilised from the EUR 570 million RCF, leaving an available, undrawn amount of EUR 178 million. The multi-currency overdraft facility of EUR 40 million was utilised with EUR 13 million, leaving an available, undrawn amount of EUR 27 million. The SFA facility of EUR 171 million was utilised with EUR 118 million, leaving an available, undrawn amount of EUR 53 million. The EUR 610 million RCF is secured by guarantees issued by B2Holding ASA, a share pledge over B2Holding ASA\u2019s 100 % directly owned subsidiaries, an account charge over a number of pre-defined B2Holding ASA bank accounts and a pledge over the intra-group loan receivables from B2Holding ASA to its subsidiaries. The SFA is fully securitised, but with no recourse to B2Holding. The Bond Loans are unsecured. Details of the interest rates, maturity and outstanding nominal values by currency at 31 December 2022 and 31 December 2021 are summarised below:OutstandingInterestnominalAt 31 December 2022 Currencyrate % MaturityvalueMulti-currency revolving credit facility PLN 3.25 % + WIBOR July 2025 1 572SEK 3.25 % + STIBOR July 2025 922EUR 3.25 % + EURIBOR July 2025 1 262DKK 3.25 % + CIBOR July 2025 3681)Bond loansEUR 4.75 % + 3M EURIBOR May 2023 2 103EUR 6.35 % + 3M EURIBOR May 2024 2 103EUR 6.90 % + 3M EURIBOR Sept 2026 1 577Senior Facility Agreement EUR 4.55 % + 3M EURIBOR 2027 1 24111 1471) Includes NOK 903 million in treasury bondsOutstandingInterestnominalAt 31 December 2021 Currencyrate % MaturityvalueMulti-currency revolving credit facility PLN 3.75 % + WIBOR May 2023 1 521SEK 3.75 % + STIBOR May 2023 741NOK 3.75 % + NIBOR May 2023 800Bridge facility NOK 5.50 % + NIBOR May 2022 5001)Bond loansEUR 4.25 % + 3M EURIBOR November 2022 1 998EUR 4.75 % + 3M EURIBOR May 2023 1 998EUR 6.35 % + 3M EURIBOR May 2024 1 9989 5551) Includes NOK 269 million in treasury bondsThe repayment schedule by currency at 31 December 2022 and 31 December 2021 is shown in the table below:Multi-currency revolvingSFAAt 31 December 2022credit facilityFacility Bond loan TotalALL CCY NOK EUR2022 2 103 2 1032023 2 103 2 1032024 4 123 4 123After 2025 1 241 1 577 2 8184 123 1 241 5 783 11 147Multi-currency revolvingBridgeAt 31 December 2021credit facilityFacility Bond loan TotalALL CCY NOK EUR2022 500 1 998 2 4982023 3 062 1 998 5 0592024 1 998 1 9983 062 500 5 993 9 555Financial covenantsThe financial covenants at 31 December 2022 for the bond loans are summarised below. All covenants have been met at 31 December 2022 and 31 December 2021.The financial covenants for the bond loan are as follows:Requirement 2022 2021Secured loan to value Maximum 65 % 29.7 % 24 %Leverage ratio Maximum 4.0 2.3 2.2Net interest cover ratio Minimum 4.0 6.9 7.3The financial covenants for the RCF are as follows: Borrowing base ratio, Equity Ratio, Actual collection vs. IFRS forecast, total loan to value ratio and interest cover ratio. The borrowing base ratio is measured on \u201crestricted group\u201d (ex SFA). The financial covenants for the SFA are as follows: Loan to value ratio, Loan to CREV (Principal amount outstanding under the SFA divided by certain type of property valuations stated in the SFA) ratio, Cashflow cover ratio and Loan to CREV consentration ratio. All covenants are measured on the no recourse structure. If the group fails to comply with the financial covenants, all loan agreements have a grace period after notice thereof is given to the counterparties before default is declared.Bank borrowings secured by pledged assets 2022 2021RCF 4 025 3 531SFA 1 208 5 232 3 531Balance sheet value of pledged assets 2022 2021RCF: Share Pledge 3 733 3 622RCF: Intra Group Loan receivable 5 093 5 5858 826 9 208At 31 December 2022, the RCF is secured by a share pledge over B2Holding ASA\u2019s shares in B2Kapital Holding S.\u00e0 r.l., an account charge over a number of pre-defined B2Holding ASA bank accounts and a pledge over the intra-group loan receivables from B2Holding ASA to B2Kapital Holding S.\u00e0 r.l.. The SFA is fully securitized (pledge in assets, bank accounts, portfolios, intercompany loans/notes and servicing agreements), but with no recourse to B2Holding. The Bond Loans are unsecured. Changes in liabilities arising from financing activitiesThe table below shows reconciliation of cash flows from financing activities to interest bearing liabilities in the statement of financial position. Interest expense and Foreign Changes in amortization exchange fair value New of arrange-At 31 At 1 January Cash flow movementderivativesleasesment fees OtherDecember2021 11 469Non-current interest bearing loans and borrowings 10 116 -800 -318 57 -2 231 6 825Other non-current liabilities 131 -11 35 -63 93Current interest bearing loans and borrowings 1 153 -734 -264 13 2 231 2 400Other current liabilities 339 -582 -3 -1 562 -6 309Total liabilities from financing activities 11 740 -2 115 -585 -11 35 632 -69 9 6262022Non-current interest bearing loans and borrowings 6 825 3 537 282 53 -1 811 8 885Other non-current liabilities 93 -3 67 -24 133Current interest bearing loans and borrowings 2 400 -2 966 -57 14 1 811 1 201Other current liabilities 309 -620 2 -1 598 108 396Total liabilities from financing activities 9 626 -50 227 -4 67 665 85 10 616Other non-current liabilities and Other current liabilites in the Consolidated statement of financial positions includes both financial activites, such as accrued interest on interest bearing loans, lease liabilites and derivatives, and non-financial activites. Non-financial activities are classified as Other in table above. Hereof interest bearing liabilities 2022 20211)Interest bearing loans and borrowings 10 087 9 224 Accrued interest on interest bearing loans and borrowings (see note 27) 82 47 Lease liabilities (see note 16) 151 117 10 320 9 3881) Including EUR 86 million treasury bonds in 2022 (2021: EUR 27 million)NOTE 25: OTHER NON-CURRENT LIABILITIES2022 2021Financial liabilities at fair value through profit or loss Contingent consideration (note 5.2) 0 0Derivatives (note 4) 0 3Other 7 4 7 7Financial liabilities Lease liabilities (note 16) 119 81119 81Other non-financial liabilities Post-employment liabilities 7 57 5133 93Contingent consideration due within one year is classified within other current liabilities.NOTE 26: ACCOUNTS AND OTHER PAYABLES2022 2021Accounts payable 78 67Vendor financing 47 36Amounts owed to third party collection customers 16 12Amounts prepaid by loan debtors 41 32Other payables 27 26 209 173Accounts payable, amounts prepaid by loan debtors and amounts owed to third party collection customers are non-interest bearing and are normally settled within 30 days. Vendor financing is non-interest bearing and relates to portfolio purchases not yet fully paid but normally due within 6 months. NOTE 27: OTHER CURRENT LIABILITIES2022 2021Financial liabilities at fair value through profit or loss Contingent consideration (note 5.2) 0 11Derivatives (note 4) 0 1 0 12Other liabilities at amortised cost Amounts due to employees 131 108Accrued interest on external loans 82 47Accrued costs of external collection services and other expenses 76 36Lease liabilities (note 16) 32 36Other 28 27351 254Indirect taxes payable Value added taxes / sales taxes payable 9 11Payroll taxes payable 12 12Social security payable 22 20Other indirect taxes payable 1 045 43396 309Contingent consideration due within one year is classified as other current liabilities. Amounts due to employees are accruals for fixed and variable salaries and includes accruals for holiday entitlements according to local regulations and practices. Interest payable on loans and borrowings is normally paid quarterly throughout the financial year.Indirect taxes are non-interest bearing and are payable on a regular basis to the relevant national tax authority.Social security payable at 31 December 2022 and 31 December 2021 includes the accrued social security costs of the share option programmes described in note 23. NOTE 28: COMMITMENTS28.1 Lease commitments - Group as lesseeThe Group has entered into leases for office premises, motor vehicles and office equipment. The lease payments for the majority of the office premises lease contracts are adjusted according to the consumer price index, have an extension option and have an average life of between 12 months and 9 years. There are no restrictions placed upon the lessee under the lease contracts to use the office premises in the normal course of business. The commitments related to future payments on lease agreements are presented in note 16. 28.2 Forward flow commitmentsThe Group has committed to buy non-performing debt portfolios for delivery in future periods (\u201cforward flow\u201d contracts) in the following segments. The estimated face value and purchase price of contracts are based on the maximum face value in the purchase agreement or best estimate if there are not any maximum amounts in the purchase agreements. The Group is entitled to terminate the agreements with less than 12 months notice. At 31 December, the non-cancellable part of these commitments were as follows: 2022 2021PurchasePurchaseFace valueprice Face valuepriceNorthern Europe 71 65 71 47Poland 27 12 92 21Western Europe 101 12 85 11South Eastern Europe 42 11 31 5240 99 279 83NOTE 29: RELATED PARTY DISCLOSUREThe Group\u2019s related parties include the Group management team, Board of Directors of the parent company, associated companies and joint ventures (note 17). No loans or guarantees have been given to members of the Management, the Board of Directors or other elected corporate bodies. 2022 2021Base salary 27 25Benefits 1 1Short term incentive 11 9Share-options 6 6Pension 3 3Total compensation to key management personnel 48 43CEO and Group Management have received bonus according to the bonus programme described in the Remuneration report. The Board of Directors has also granted one-off bonuses in excess of targets bonus to CEO and two members of group management. No additional remuneration are paid for special services outside the normal functions within the given manager positions. Short term incentive includes yearly bonus awarded for the reporting period while the other amounts disclosed in the table are the amounts recognised as an expense during the reporting period.The Board of Directors compensation was NOK 3.3 million in 2022 (NOK 2.9 million in 2021) including any additional fees to members of Audit Committee and Remuneration Committee. Transactions with associated companies and joint ventures: See note 17 and 18 for transactions with associated companies and joint ventures.Group companies Companies in the Group are also related parties. Intra-group related party transactions and outstanding balances are eliminated in the preparation of the consolidated financial statements of the Group. Sales to and purchases from intra-group related parties are made at normal market prices as the transactions are performed on the same terms as unrelated parties. Outstanding intra-group balances at the year end are unsecured and interest free, other than for interest bearing loans. B2Holding ASA, with its registered office in Oslo is the Parent Company of the Group. The list of Group subsidiaries is provided below. All subsidiaries are included in the B2Holding Group consolidated financial statements.Directly % equity interestowned by Country ofB2HoldingCompany nameincorporation SegmentASA2022 2021B2Holding ASA (Parent company of the Group) Norway Central functionsInterkreditt AS Norway Northern Europe 100 % 100 %Interkreditt Kapital AS Norway Northern Europe 100 % 100 %Veraltis Group S.\u00e0 r.l. Luxembourg Central functions \u221a 100 %BackB Investments S.\u00e0 r.l. Luxembourg Central functions \u221a 100 % 100 %B-Squared Investments S.\u00e0 r.l. Luxembourg Central functions 100 % 100 %B2Kapital Holding S.\u00e0 r.l. Luxembourg Central functions \u221a 100 % 100 %ULTIMO Portfolio Investment SA Luxembourg Central functions 100 % 100 %ULTIMO SA Poland Poland 100 % 100 %ULTIMO Securitisation Fund Poland Poland 100 % 100 %ULTIMO Legal Office Poland Poland 99 % 99 %ULTIMO TFI SA Poland Poland 100 % 100 %TAKTO Group comprising TAKTO Sp z.o.o, TAKTO Securitisation Fund & Invest TAKTO SKA Poland Poland 100 % 100 %Sileo Holding AB Sweden Northern Europe 100 % 100 %Sileo Kapital AB Sweden Northern Europe 100 % 100 %1)Interkredit Sverige ABSweden Northern Europe 100 %2)Sileo F\u00f6rvaltning AB Sweden Northern Europe 100 %OK Perint\u00e4 OY Finland Northern Europe 100 % 100 %Nordic Debt Collection A/S Denmark Northern Europe 100 % 100 %OK Incure O\u00dc Estonia Northern Europe 100 % 100 %TCM Estonia O\u00dc Estonia Northern Europe 100 % 100 %B2Kapital SIA Latvia Northern Europe 100 % 100 %Creditreform Latvija SIA Latvia Northern Europe 99.5 % 99.5 %Crefo Rating SIA Latvia Northern Europe 100 % 100 %AS Crefo Birojs Latvia Northern Europe 100 % 100 %UAB B2Kapital Lithuania Northern Europe 100 % 100 %B2 Kapital d.o.o Croatia Central Europe 100 % 100 %B2 Real Estate d.o.o Croatia Central Europe 100 % 100 %B2 Portfolio d.o.o. Croatia Central Europe 100 % 100 %Veraltis Asset Management d.o.o. (former BSP Consulting d.o.o.) Croatia Central Europe 100 % 100 %Veraltis Asset Management Ogranak d.o.o. (Branch) Serbia Central Europe Veraltis Asset Management Podruznica d.o.o. (Branch) Slovenia Central Europe B2Kapital d.o.o Slovenia Central Europe 100 % 100 %B2 Holding Kapital d.o.o Serbia Central Europe 100 % 100 %B2Kapital d.o.o Bosnia and HerzegovinaCentral Europe 100 % 100 %B2Kapital d.o.o Montenegro Central Europe 100 % 100 %3)B2Kapital GmbHAustria Central Europe 100 % 100 %B2Kapital Czech Republic s.r.o Czech Republic Central Europe 100 % 100 %Consequence Europe MKFT (liquidated April 2022) Hungary Central Europe 100 %B2Kapital Hungary Zrt Hungary Central Europe 100 % 100 %Directly % equity interestowned by Country ofB2HoldingCompany nameincorporation SegmentASA2022 2021South Eastern B2Kapital Porfolio Management S.R.L RomaniaEurope 100 % 100 %Veraltis Asset Management SRL South Eastern (former B2 Real Estate Management S.R.L.) RomaniaEurope 100 % 100 %South Eastern B2 Kapital Finance I.F.N. S.A. RomaniaEurope 100 % 100 %South Eastern Freyja Development S.R.L RomaniaEurope 100 % 100 %South Eastern Acatoen Development S.R.L RomaniaEurope 100 % 100 %South Eastern Joro Assets S.R.L. RomaniaEurope 100 % 100 %South Eastern Advanced Holding Three S.R.L RomaniaEurope 100 % 100 %South Eastern 5)Debt Collection Agency EADBulgariaEurope 100 % 100 %South Eastern 5)Smart Collect EOODBulgariaEurope 100 % 100 %South Eastern B2 Real Estate Holding EOOD BulgariaEurope 100 %South Eastern Veraltis Asset Management SA (former B2Kapital AE) GreeceEurope 100 % 100 %South Eastern B2Kapital Cyprus LTD CyprusEurope 100 % 100 %South Eastern Gabuyd Ltd CyprusEurope 100 % 100 %South Eastern Veraltis Asset Management Ltd CyprusEurope 100 %3)B2 Kapital S.r.lItaly Western Europe 100 % 100 %B2 Kapital Investment S.r.l. Italy Western Europe 100 % 100 %B2 Kapital RE S.r.l. Italy Western Europe 100 % 100 %B2Kapital 7.1 S.r.l Italy Western Europe 100 % 100 %Confirmaci\u00f3n de Solicitudes de Cr\u00e9dito Verifica S.A.U Spain Western Europe 100 % 100 %4)Verifica Portugal S.A.Portugal Western Europe 100 %SAS Veraltis Asset Management (former N\u00e9gociation et Achat de Cr\u00e9ances Contentieuses) France Western Europe 100 % 100 %SAS BackB REO France France Western Europe 100 %FCT B-Squared France Western Europe 100 %Tahiti Encaissements Services French Polynesia Western Europe 100 % 100 %1) Sold from B2Kapital Holding S.\u00e0 r.l. and merged into Sileo Kapital AB 16 December 20222) Sold from B2H ASA and merged into Sileo Kapital AB 16 December 20223) In process of liquidation4) Liquidated during 20225) Debt Collection Agency EAD and its fully owned subsidiary Smart Collect EOOD is agreed to be sold and the transaction is expected to close in 2023.NOTE 30: FEES TO AUDITORSErnst & Young 2022 2021Audit fees 11.1 9.4 Fees for further assurance services 0.4 0.5 Fees for tax advise 0.5 0.5 Total Ernst & Young 12.0 10.4 Other auditing companies 3.3 2.4 Total 15.4 12.7 VAT is both included and not included in the fees specified above, depending on if the receiving company can deduct VAT. NOTE 31: GUARANTEESB2Holding ASA has issued a guarantee limited to EUR 900 million with the addition of any and all interests, default interests, costs and expenses to DNB Bank ASA as Agent on behalf of itself, Nordea Bank ABP, Branch of Norway and Swedbank AB in connection with the provision of the Group\u2019s senior secured multi-currency revolving credit facility of EUR\ue61f610 million.\ue61fThe guarantee was issued on behalf of the borrower under the multi-currency revolving credit facility, B2Holding ASA\u2019s 100 % directly owned subsidiary, B2Kapital Holding S.\u00e0 r.l. The total utilised amount under the facilities at 31 December 2022 was EUR 405 million. \ue61f B2Holding ASA has granted a soft guarantee to Senior Noteholders in the SFA which cover all reporting obligations in the related financing documents. B2Holding ASA has issued a office rental guarantee with effect from 10 October 2017 in favour of the lessor of the Group\u2019s offices in Gothenburg, Sweden.\ue61fIn 2021 the rental agreement was extendend three years if not cancelled within a specified date.\ue61fAlthough the guarantee is unlimited, the Group estimates that its exposure for the remaining rental period is limited to the yearly rental cost for the period, which amounts to SEK 2.4 million. B2Holding ASA has issued a office rental guarantee with effect from 19 December 2017 in favour of the lessor of the Group\u2019s offices in Wroclaw, Poland. The guarantee agreement is limited to the aggregated amount of EUR 402 thousand, which are ment to cover 3 months office rental cost, and are valid until 90 days following the rental agreement maturing in June 2031.NOTE 32: SUBSEQUENT EVENTSThe Board of Director\u2019s has proposed for the Annual General Meeting 2023 to pay a cash dividend of NOK 0.2 per share for 2022 and a share buy-back program of NOK 0.42 per share for the financial year 2022.In the first quarter of 2023 B2Holding completed a tap issue of EUR 150m in B2H06. The tap proceeds were used to repurchase EUR 19m of B2H04.As we are writing this report the war in Ukraine and volatile macroenvironment have created a significant uncertainty in the market and B2Holding is closely monitoring the macroeconomic and geopolitical developments. At this stage the baseline scenarios indicate limited risk for B2Holding, however the full impact on B2Holdings business activities and may change in the event of significant escalation.NOTE 33: CONTINGENCIES None.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-6-2": {
"value": "NOTE 1: GENERAL INFORMATION, BASIS OF PREPARATION,CONSOLIDATION PRINCIPLES, NEW AND AMENDED STANDARDS ADOPTED BY THE GROUP AND NEW AND AMENDED STANDARDS ISSUED BUT NOT YET EFFECTIVE1.1 General informationB2Holding ASA (the Company or Parent) and its subsidiaries (together the Group) is a pan-European debt investor and servicer. The business consists of purchase, management and collection of unsecured and secured non-performing loans.B2Holding ASA is a Norwegian public limited company listed on theOslo Stock Exchange (Oslo B\u00f8rs) with ticker B2H. The Company\u2019s registered office is atCort Adelersgate 30, 0254 Oslo, NorwayThe consolidated financial statements of the Group for the year ending 31 December 2022 were authorised for issue in accordance with a resolution of the Board of Directors on 27 April 2023.1.4 New and amended standards adopted by the GroupThe adoption of the following standards and interpretations has not had any material impact on the disclosures or on the amounts reported in these financial statements:\u2022 Amendments to IFRS 9 Financial Instruments that clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. 1.5 New and amended standards issued but not yet effective The Group has not early adopted new and revised IFRS standards which are not yet mandatory or effective. The Group does not expect that the adoption of these accounting standards in future periods will have a material impact on the financial statements.1.6 Change in presentation of financial informationConsolidated statement of Financial PositionIn the Consolidated statement of Financial Position is Participation loans/notes included in the line Investments in associated companiesand joint ventures, while previously in a separate line. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-8-3": {
"value": "The business consists of purchase, management and collection of unsecured and secured non-performing loans.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19352": {
"value": "Cort Adelersgate 30, 0254 Oslo, Norway",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-12-3": {
"value": "The consolidated financial statements of the Group for the year ending 31 December 2022 were authorised for issue in accordance with a resolution of the Board of Directors on 27 April 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-13-2": {
"value": "1.2 Basis of preparationThe consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. The consolidated financial statements comply with IFRS as issued by the International Accounting Standards Board (IASB) and approved by the EU.Preparation of the financial statements, including note disclosures, requires management to make estimates and assumptions that affect amounts reported. Actual results may differ. See note 3 \u201cCritical accounting judgments and key sources of estimation uncertainty\u201d.The consolidated financial statements have been prepared on a historical cost basis except for the following assets and liabilities that are measured at fair value:\u2022 derivatives and\u2022 contingent considerations arising from business combinationsThe functional currency of B2Holding ASA is the Norwegian krone (NOK). The B2Holding Group consolidated financial statements arepresented in NOK and all values are rounded to the nearest million (NOK\u2019000 000) except when otherwise indicated. B2Holding ASA has been granted permission from the Norwegian authorities to publish the Group accounts in English only.The Group consolidated financial statements are prepared on the basis of uniform accounting principles for similar transactions and events. Unless otherwise stated the accounting policies as set out below have been consistently applied to all reporting periods presented. Presentation and classification of items in the financial statements is also consistent for the periods presented.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-13-3": {
"value": "1.2 Basis of preparationThe consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. The consolidated financial statements comply with IFRS as issued by the International Accounting Standards Board (IASB) and approved by the EU.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-15-2": {
"value": "1.3 Consolidation principlesThe consolidated financial statements comprise of the financial statements of the Group on 31 December 2022. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:\u2022 power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee),\u2022 exposure, or rights, to variable returns from its involvement with the investee, and\u2022 the ability to use its power over the investee to affect its returns.Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:\u2022 the contractual arrangement with the other vote holdersof the investee,\u2022 rights arising from other contractual arrangements, and\u2022 the Group\u2019s voting rights and potential voting rights.The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income are attributable to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets, liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full upon consolidation.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest, and other components of equity while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-17-3": {
"value": "1.6 Change in presentation of financial informationConsolidated statement of Financial PositionIn the Consolidated statement of Financial Position is Participation loans/notes included in the line Investments in associated companiesand joint ventures, while previously in a separate line. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-18-2": {
"value": "NOTE 2: SIGNIFICANT ACCOUNTING PRINCIPLESThe following accounting principles applied by the Group when preparing its consolidated financial statements.2.1 Business combinations and goodwillBusiness combinations are accounted for using the acquisition method. According to this method, acquisitions of subsidiaries are viewed as transactions by which the Group indirectly acquires the subsidiary\u2019s assets and assumes its liabilities and contingent liabilities and values those assets and liabilities meeting the conditions for recognition under IFRS 3 Business Combinations, at their fair value on the acquisition date.The Group\u2019s cost of the subsidiary\u2019s shares or operations consists of the fair value of the consideration given on the transfer date, including any conditional purchase consideration which is recognised as a liability at fair value at the acquisition that date, as well as the amount of any non-controlling interest in the subsidiary. Contingent consideration is a financial instrument and falls within the scope of IFRS 9 Financial Instruments. Any changes in the fair value of contingent consideration are recognised in the consolidated income statement. A contingent payment that is considered to be remuneration for future services of employees or former owners of the acquiree is recognised as personnel costs.Non-controlling interests arise in cases where the Group acquires less than 100 % of the shares in the subsidiary. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in other operating expenses in accordance with the acquisition method.In business combinations where the Group\u2019s cost exceeds the net fair value of the identifiable assets, liabilities and contingent liabilities, the difference is reported as goodwill. If the difference is negative, it is recognised directly in the consolidated income statement.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period, WACC and growth rate. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period. On disposal of an operating unit within a CGU to which goodwill has been allocated, the goodwill associated with that operation is included in the carrying amount of the operation when determining the gain or loss on disposal.2.2 Investments in associated companies and joint arrangementsAn associated company is an entity over which the Group has significant influence and that is not a subsidiary or a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without the ability to have control over those policies. Significant influence normally exists when the Group has 20 % to 50 % voting power through ownership or agreements. Investments in associated companies are accounted for using the equity method.A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control. That is when the strategic financial and operating policy decisions relating to the activities of the joint arrangement require the unanimous consent of the parties sharing control. If the parties to the joint arrangement have rights to the net assets of the arrangement, the arrangement is classified as a joint venture and accounted for using the equity method. If the parties have rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is classified as a joint operation. The Group\u2019s participation in joint arrangements is all classified as joint ventures. See further details about investments in associated companies and joint ventures in note 17.Under the equity method the investment is recognised at cost and subsequently adjusted to the Group\u2019s share of the change in the investment\u2019s net assets since acquisition date. The equity method is applied from the date a significant influence arises until the time it ceases, or the associated company or joint venture becomes a subsidiary. Adjustments are made where necessary to bring the accounting policies in line with those of the Group.The financial statements of the associates and joint ventures are prepared for the same reporting period as the Group, except for the Joint Venture EOS Credit Funding BL DAC, which prepare financialstatements for the period 1 March to 28 February. Adjustments are made for the effects of transactions or events that occur between thedate of the Group\u2019s consolidated financial statements and that date.If the Group\u2019s share of reported losses in the investment exceeds its carrying value, the carrying value is reduced to zero. Losses can be offset against the Group\u2019s unsecured receivables from the investmentif they constitute a part of the net investment. Further losses are not recognised provided the Group has not issued guarantees to cover them.2.3 Foreign currenciesThe consolidated financial statements are presented in NOK, which is B2Holding ASA\u2019s functional currency. Transactions in foreign currencies are initially recognised in the functional currency at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using the exchange rate at the reporting date. All exchange differences are recognised in the income statement with the exception of exchange differences on foreign currency borrowings that provide an effective hedge against a net investment in a foreign entity, or monetary items that are regarded as a part of the net investments. These exchange differences are recognised as a separate component of other comprehensive income until the disposal of the net investment or settlement of the monetary item, at which time they are recognised in the income statement. Tax charges and credits attributable to exchange differences on those borrowings are also recognised in other comprehensive income. Non-monetary items measured at historical cost in foreign currency are translated using the exchange rates at the dates of the initial recognition. The date of initial recognition for non-monetary assets on which the Group has paid an advance consideration is the date of the payment of the advanced consideration.The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.2.4 Purchased loan portfoliosPurchased loan portfolios consist of portfolios of non-performing loans and debt, purchased at prices significantly below the nominal receivable. They are recognised at amortised cost according to the credit-adjusted effective interest method in accordance with the rules for credit-impaired receivables set out in IFRS 9 Financial instruments. Purchased loan portfolios are classified as non-current assets in the statement of financial position.The credit-adjusted effective interest method is a method of calculating the amortised cost of a credit-impaired financial asset and of allocating the interest income to the income statement over the relevant period. The credit-adjusted effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument, or when appropriate a shorter period, to the net carrying amount of the financial asset.In connection with purchased loan portfolios, the effective interest rate is calculated based on the acquisition cost, including all directly attributable transaction costs, and estimated future cash flows which includes the nominal amount, reminder fees, collection fees and late interest that, based on a probability assessment, are expected to be received from debtors.Each portfolio is initially recorded in the statement of financial position at cost, including all transaction costs. Subsequent price adjustments for portfolios acquired are recorded as an adjustment to the statement of financial position. Interest income on purchased loan portfolios is accrued monthly in the income statement based on each portfolios credit adjusted effective interest rate. Monthly cash flows greater than the cash flow forecast for the same period are recorded as part of the \u201cNet credit gain/loss purchased loan portfolios\u201d in the period. Likewise, monthly cash flows that are less than the monthly cash flow forecast for the same period are also classified as part of the \u201cNet credit gain/loss purchased loan portfolios\u201d in the period. Portfolios are defined to be the lowest reliable level for aggregating accounts with similar attributes, such as accounts in the same jurisdiction or similar types or classes of debt. Typically, each portfolio consists of an individual acquisition of receivables. The portfolio is accounted for as a single unit for the recognition of income, principal payments and adjustments due to the recalculation of the estimated future cash flows.The Group also acquires portfolios on a forward flow basis. This means that a contract is established for purchases of loan portfolio at an agreed price as a percentage of a nominal receivable, but where the volumes of debts are not fully known at the time of agreement. The acquisition (delivery) of forward flow debts can be done on a monthly basis. For reporting and IFRS evaluation purposes, the Group combines these acquisitions into portfolio pools by vendor and sets future collections expectations based on these combined pools. The internal rate of return can therefore vary from each pool based on content of the pool.Unidentified receipts and excess paymentsThe Group receives large volumes of payments from debtors. There are instances where the sender\u2019s reference information is missing or incorrect making it difficult to allocate the payment to the right case. There are also situations where payments are received on closed cases. In such instances, a liability is recognised in the statement of financial position for unidentified or incorrectly received payments. A reasonable search and attempt to contact the payment sender are made but, failing this, the payment is recognised as income at intervals that are permitted according to the rules and business practices of the local jurisdiction.Collateral assets In connection with the acquisition and recovery of purchased loan portfolios, the Group may become owner of assets such as land, buildings or other physical goods. These assets are only acquired as part of the recovery strategy for the purpose of being divested within the Group\u2019s ongoing operations to maximize the value of recoveries. Such assets are classified as inventories and recognized in the balance sheet at the lower of cost and net realisable value in accordance with IAS 2 Inventories.2.5 SegmentsAn operating segment is a part of the Group that generates income and incurs expenses, and for which separate financial information is available that is evaluated regularly by the chief operating decision maker, the Chief Executive Officer, in deciding how to assess per-formance and allocate resources to the operating segment.The Group\u2019s operating segments are the geographical regions:\u2022 Northern Europe (NE): Norway, Sweden, Denmark, Finland, Estonia, Latvia and Lithuania \u2022 Poland \u2022 Central Europe (CE): Croatia, Slovenia, Serbia, Montenegro, Bosnia and Herzegovina, Austria, Czech Republic, and Hungary \u2022 Western Europe (WE): Spain, Italy and France \u2022 South Eastern Europe (SEE): Bulgaria, Romania, Greece and Cyprus\u2022 Central Functions (CF): including the Parent company and central functions in Luxembourg.Results from purchased loan portfolios are included in the region where the portfolio is originated. The breakdown by geographical region is also used for internal monitoring in the Group. Revenue and operating profits are reported by geographical region. Financial income and expenses are not as the allocation of financial items is dependent on the Group structure and financing and is not affected by the actual performance of the regions. 2.6 Revenue from contracts with customerThe Group applies IFRS 15 Revenue from Contracts with Customers five-step model whereby revenue is recognised at an amount which reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes and duties. Revenue from contracts with customers are mainly revenue from external collection, telemarketing, fraud prevention and credit information services. Revenue from contracts with customers is presented in one-line item in the consolidated income statement as part of \u201cOther revenues\u201d and specified in note 7 Other revenues.2.7 TaxesCurrent income tax:Income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the balance sheet date in the countries where the Group operates. When there is uncertainty regarding if particular tax treatments made in tax filings will be accepted by the tax authorities, but acceptability is probable, accounting tax positions are determined consistently with the treatment in the tax filings. If acceptability is not probable, the uncertainty is reflected when determining the accounting tax positions.Income tax relating to items recognised directly in other compre-hensive income or equity is recognised in other comprehensive income or equity and not in the income statement.Deferred tax:Deferred income tax is computed using the liability method on temporary differences between the tax basis of assets and liabilities and their carrying amounts in the statement of financial position at the reporting date. Deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or in respect of temporary differences associated with investments in subsidiaries, associates or joint ventures where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised in the statement of financial position to the extent it is more likely than not that the tax assets will be utilised. The enacted tax rates at the end of the reporting period and undiscounted amounts are used. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.Sales tax:Revenues, expenses and assets are recognised net of the amount of sales tax, except:\u2022 where the sales tax incurred on the purchase of assets or services is not recoverable from the tax authority so that the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item. This is the case in many of the tax jurisdictions in which the Group operates where the collection of debts is not subject to sales tax; and\u2022 receivables and payables which are subject to sales tax are stated with the amount of sales tax included. The net amount of the sales tax recoverable from, or payable to, the tax authority is included as part of receivables or payables in the statement of financial position.2.8 Tangible assetsTangible assets, such as improvements to rented offices, equipment, fixtures and fittings are recognised at cost less accumulated depreciation and accumulated impairment, if any. Cost includes the purchase price and costs directly attributable to installing the asset in the way intended. Repair and maintenance costs are expensed as incurred.Depreciation is calculated on a straight-line basis over the useful life of these assets, and for improvements to rented offices, over the remaining expected term of the property lease, if this is less than the useful life. For practical reasons, the residual value of the asset is set to zero.The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The tangible assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.A tangible fixed asset is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. The gain or loss arising on the disposal or retirement of an item of tangible asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is reported as other revenues or other operating expenses in the income statement as part of operating profit or loss.2.9 LeasesThe Group leases various office buildings, vehicles, and smaller equipment. Rental contracts are typically made for fixed periods of 6 months to 10 years but may have extension or termination options.Contracts may contain both lease and non-lease components. The group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the contractual lease payments.The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost.The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balanceof the liability for each period. For the classification in the statementof cash flow the interest payments on the lease liabilities follow the same principles as other interests.Right-of-use assets are measured at cost comprising the following:\u2022 the amount of the initial measurement of lease liability,\u2022 any lease payments made at or before the commencement date less any lease incentives received,\u2022 any initial direct costs, and\u2022 restoration costsRight-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.2.10 Intangible assetsIntangible assets include purchase of software and intangible assets acquired separately or in a business combination. Internal expenses for IT development and internal and external maintenance expenses are expensed as incurred.Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is its fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost lessany accumulated amortisation and accumulated impairment losses, if any. Intangible assets with finite lives are amortised on a straight-line basis over the useful economic life and tested for impairment whenever there is an indication that the intangible asset may be impaired.The intangible assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. The amortizationexpense on intangible assets with finite lives is presented in the income statement as part of \u201cDepreciation and amortisation\u201d. The gain or loss arising from derecognition of an intangible asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is reported as other revenues or other operating expenses in the income statement as part of operating profit or loss. 2.11 Impairment of tangible assets and other non-current assetsThe Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset\u2019s recoverable amount. If it is not possible to estimate the recoverable amount of an individual asset, the Group determines the recoverable amount of the cash generating unit to which the asset belongs.An asset\u2019s (or cash-generating unit\u2019s) recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or the cash-generating unit to which the asset belongs.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. The impairment is recognised in the income statement. If the impairment is subsequently reversed, for assets other than goodwill, the carrying amount of the asset (cash-generating unit) is increased to the updated estimate of its recoverable amount to the extent the increased carrying amount does not exceed the carrying amount that would have been recognised had no impair-ment losses been recognised for the asset (or cash-generating unit) in prior years.See also section 2.1 Business combinations and goodwill and section 2.10 Intangible assets for the specific criteria which is applied in determining the impairment of these classes of asset.2.12 Financial assets and liabilities: classification, measurement and impairmentA financial instrument is defined as any form of agreement giving rise to a financial asset in a company and a financial liability or equity instrument in a counterparty. The Group\u2019s main financial assets and liabilities are described below. See section 2.13 for a description of the Group\u2019s use of derivative financial instruments for the purpose of risk management.Within the scope of IFRS 9 Financial instruments, financial assets are classified as either financial assets held at fair value through profit or loss (FVTPL), financial assets held at fair value through other comprehensive income (FVOCI) or financial assets held at amortised cost. Financial assets held at FVTPL are derivatives, equity-traded instruments and other investments not meeting the criteria of cash flows consisting of solely payments of principal and interest (SPPI). Financial assets at FVOCI meet the SPPI criteria and have a business model of Hold to collect and sell. All other financial assets are those meeting the SPPI criteria and with a business model of Hold to collect and are measured at amortised cost. Financial liabilities are classified as either financial liabilities at fair value through profit or loss or at amortised costs. Financial assets and liabilities measured at FVTPL include derivatives not designated for hedging purposes, assets held for trading and financial assets and liabilities that are not classified in one of the other categories.Financial assets and liabilities are recognised by the Group when it becomes party to the contractual provisions of the instrument and are initially measured at fair value, which normally equals the transaction price. Directly attributable transaction costs are added or subtracted from the carrying amount for financial instruments not measured at FVPL. The Group determines the classification of its financial assets and financial liabilities at the point in time of initial recognition.Amortised cost is calculated based on expected future cash flows from the assets discounted using the effective interest derived from the relation between transaction price and expected future cashflows at the initial transaction date. Purchased loan portfolios:Purchased loan portfolios are measured at amortised cost. Their accounting treatment is described in more detail in section 2.4 and note 3.Loan receivables:Loan receivables are issued loans measured at amortised cost. See note 18.1 Loan receivables for additional information.Other non-current financial assets:Other non-current financial assets are primarily derivatives measured at FVTPL. See note 18.2 for additional information about fair value financial assets.Other current assets:Accounts and other receivables are recognised when the Group has performed and there is a contractual obligation on the counterparty to pay, even if an invoice has not yet been received. Accounts receivables are recognised when an invoice has been sent. Accounts and other receivables are recognized at the transaction price, nominal amount unless containing a significant financing component, and subsequently measured at amortised cost less any loss allowance. The loss allowance is based on a lifetime credit loss. The anticipated maturity of these receivables is short, so their carrying values are not discounted.Customer cash accounts, included in Other, represent cash received on collection of a specific debt on behalf of a client and payable to the client within a specific period of time. The same amount is reported within other payables.Cash and cash equivalents:Cash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest bearing loans and borrowings including overdrafts:Bonds are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings, are subsequently measured at amortised cost using the effective interest method and included in net financial items. The upfront fees and discounts are a part of the borrowing cost and are recognised as part of the interest expense in accordance with the effective interest method. Due to their short-term nature, other loans and borrowings are recognised at nominal value and are subsequently measured at amortised cost.Accounts and other payables:Payables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognized when an invoice has been received.Accounts and other payables are recognised initially at trans- action cost, normally nominal amount, and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.Impairment of financial assets:IFRS 9 Financial Instruments requires recognition of expected credit losses (ECL) for the Group\u2019s investments in debt instruments measured at amortised cost. The Group applies the practical expedient of the lifetime ECL model for accounts receivable. For loan receivables at amortised cost, the ECL 3-stage model is applied. In stage 1, ECL from default events that are possible within the next 12 months is recognised. In stage 2 and 3 (credit risk has increased significantly since initial recognition), lifetime ECL is recognised. Loan receivables are transferred from stage 1 to stage 2 when days past due are 11 days. The purchased loan portfolios are credit impaired at acquisition and are out of scope for the general ECL impairment model. Full lifetime ECL is included in the estimated cash flows when calculatingthe effective interest rate, and only cumulative changes in lifetime ECL since initial recognition is recognized as a loss allowance for purchased loan portfolios.2.13 DerivativesThe Group uses the following derivative financial instruments to hedge its risks associated with interest rates and foreign exchange rates: interest rate swaps (with or without cap), interest rate caps, foreign exchange swaps and cross currency rate swaps (with or without cap).The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognized in the income statement as financial income or expense. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.2.14 Derecognition of financial assets and liabilitiesThe Group derecognizes a financial asset when the contractual rights to the cash flow from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.A financial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recog- nition of a new liability, and the difference in the respective carrying amounts is recognised in the income statement.2.15 Offsetting of financial instrumentsFinancial assets and financial liabilities are offset with the net amount reported in the statement of financial position only if there is a current enforceable legal right to offset the recognised amounts and an intent to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.2.16 Fair value of financial instrumentsThe fair value of financial instruments that are traded on active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs.For financial instruments that are not traded on an active market, the fair value is determined using appropriate valuation techniques which include:\u2022 using recent arm\u2019s length market transactions\u2022 reference to the current fair value of another instrument that is substantially the same and\u2022 a discounted cash flow analysis or other valuation model.An analysis of the fair values of financial instruments and further details as to how they are measured are provided in note 4 Financial risk management.2.17 ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Where the Group expects full or partial reimbursement of the expense related to the provision, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain.2.18 Pensions and other post-employment liabilitiesDefined contribution pension plans:The Group has a series of defined contribution pension plans which are pension plans under which the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual, or voluntary basis. The contributions are recognised as employee benefit expense when they are due.The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods, and therefore does not record a pension liability in the statement of financial position. Other post-employment liabilities:The Group\u2019s employees in certain jurisdictions are entitled to one month\u2019s severance pay in the event of old-age or disability retirement, in accordance with national labour regulations. This post-employment liability is based on a valuation carried out by a professional actuarial firm. Provisions for other termination benefits are created once employment is terminated.2.19 Share based paymentsMembers of the Group management and some key employees may receive remuneration in the form of share-based payments that are considered as equity-settled share-based payments.The cost of equity-settled transactions is determined by the fair value at the date when the grant is made, see further details in note 23 Share based payments. The fair value reflects market performance conditions, while service and non-market performance conditions are not considered. The cost is recognised as personnel costs, with a corresponding increase in other capital reserves, over the vesting period. The cumulative expense recognised at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with exercised share options. In addition, the Group may be obliged to report and pay social security tax.No expense is recognised for awards that do not ultimately vest because of non-market performance and/or service conditions not being met. Where an award is forfeited by the entity, any remaining element of the fair value of the award is expensed immediately through profit or loss.The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share. For further details, see note 13 Earnings per share.2.20 Equity and net investment hedgeShare capital is stated at the nominal value of the shares that have been issued. Other paid-in capital consists of any premiums received in connection with the initial issue of share capital. Any transaction costs associated with the issuing of shares are deducted from other paid-in capital, net of any related income tax benefits.Other capital reserves represent the cumulative cost of share-based payments, as described in note 2.18 above.The effects of exchange differences on translation of foreign currency are included as a separate component of equity.The Group hedges net investments in foreign operations when feasible. The hedged risk is the foreign currency translation risk caused by the consolidation of an investment in a foreign subsidiary with a different functional currency than the parent. With hedge accounting, the change in carrying amount due to exchange rate fluctuations to the degree considered an effective hedge, will be reported as \u201cHedging of currency risk in foreign operations\u201d in Other comprehensive income. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as Other comprehensive income while any gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss. For further details, see note 4 Financial risk management.Other equity includes current and prior period results as disclosed in the consolidated statement of profit or loss and other compre-hensive income.2.21 DividendsThe Group recognises a liability to pay a dividend to owners of equity once it has been approved by the shareholders at the Shareholders\u2019 General Meeting. A corresponding amount is recognised directly in equity.Dividend revenue is recognised when the Group\u2019s right to receive the payment is established, which is generally when the share- holders have approved the dividend.2.22 Classification in the statement of financial positionCurrent assets and liabilities include items due less than one year from the reporting date, and items tied to the operating cycle, if longer. Other assets are classified as non-current assets. The current portion of long-term debt is included as current liabilities.2.23 Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019(estimated market value).2.24 Consolidated statement of cash flowsThe indirect method is used for the consolidated statement of cash flows which reconciles the change in cash and cash equivalents to the profit for the year before tax. For the purpose of the consolidated statement of cash flows, cash and cash equivalents, defined in section 2.12 Financial assets and liabilities, are shown net of any outstanding bank overdrafts.Foreign subsidiary transactions are translated in the cash flow statement at the average exchange rate for the period. Acquired and divested subsidiaries are recognised as cash flow from investing activities on a net basis after deducting cash and cash equivalents in the acquired or divested company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-3": {
"value": "2.1 Business combinations and goodwillBusiness combinations are accounted for using the acquisition method. According to this method, acquisitions of subsidiaries are viewed as transactions by which the Group indirectly acquires the subsidiary\u2019s assets and assumes its liabilities and contingent liabilities and values those assets and liabilities meeting the conditions for recognition under IFRS 3 Business Combinations, at their fair value on the acquisition date.The Group\u2019s cost of the subsidiary\u2019s shares or operations consists of the fair value of the consideration given on the transfer date, including any conditional purchase consideration which is recognised as a liability at fair value at the acquisition that date, as well as the amount of any non-controlling interest in the subsidiary. Contingent consideration is a financial instrument and falls within the scope of IFRS 9 Financial Instruments. Any changes in the fair value of contingent consideration are recognised in the consolidated income statement. A contingent payment that is considered to be remuneration for future services of employees or former owners of the acquiree is recognised as personnel costs.Non-controlling interests arise in cases where the Group acquires less than 100 % of the shares in the subsidiary. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in other operating expenses in accordance with the acquisition method.In business combinations where the Group\u2019s cost exceeds the net fair value of the identifiable assets, liabilities and contingent liabilities, the difference is reported as goodwill. If the difference is negative, it is recognised directly in the consolidated income statement.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period, WACC and growth rate. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period. On disposal of an operating unit within a CGU to which goodwill has been allocated, the goodwill associated with that operation is included in the carrying amount of the operation when determining the gain or loss on disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-4": {
"value": "2.1 Business combinations and goodwillBusiness combinations are accounted for using the acquisition method. According to this method, acquisitions of subsidiaries are viewed as transactions by which the Group indirectly acquires the subsidiary\u2019s assets and assumes its liabilities and contingent liabilities and values those assets and liabilities meeting the conditions for recognition under IFRS 3 Business Combinations, at their fair value on the acquisition date.The Group\u2019s cost of the subsidiary\u2019s shares or operations consists of the fair value of the consideration given on the transfer date, including any conditional purchase consideration which is recognised as a liability at fair value at the acquisition that date, as well as the amount of any non-controlling interest in the subsidiary. Contingent consideration is a financial instrument and falls within the scope of IFRS 9 Financial Instruments. Any changes in the fair value of contingent consideration are recognised in the consolidated income statement. A contingent payment that is considered to be remuneration for future services of employees or former owners of the acquiree is recognised as personnel costs.Non-controlling interests arise in cases where the Group acquires less than 100 % of the shares in the subsidiary. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in other operating expenses in accordance with the acquisition method.In business combinations where the Group\u2019s cost exceeds the net fair value of the identifiable assets, liabilities and contingent liabilities, the difference is reported as goodwill. If the difference is negative, it is recognised directly in the consolidated income statement.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period, WACC and growth rate. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period. On disposal of an operating unit within a CGU to which goodwill has been allocated, the goodwill associated with that operation is included in the carrying amount of the operation when determining the gain or loss on disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-5": {
"value": "2.1 Business combinations and goodwillBusiness combinations are accounted for using the acquisition method. According to this method, acquisitions of subsidiaries are viewed as transactions by which the Group indirectly acquires the subsidiary\u2019s assets and assumes its liabilities and contingent liabilities and values those assets and liabilities meeting the conditions for recognition under IFRS 3 Business Combinations, at their fair value on the acquisition date.The Group\u2019s cost of the subsidiary\u2019s shares or operations consists of the fair value of the consideration given on the transfer date, including any conditional purchase consideration which is recognised as a liability at fair value at the acquisition that date, as well as the amount of any non-controlling interest in the subsidiary. Contingent consideration is a financial instrument and falls within the scope of IFRS 9 Financial Instruments. Any changes in the fair value of contingent consideration are recognised in the consolidated income statement. A contingent payment that is considered to be remuneration for future services of employees or former owners of the acquiree is recognised as personnel costs.Non-controlling interests arise in cases where the Group acquires less than 100 % of the shares in the subsidiary. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in other operating expenses in accordance with the acquisition method.In business combinations where the Group\u2019s cost exceeds the net fair value of the identifiable assets, liabilities and contingent liabilities, the difference is reported as goodwill. If the difference is negative, it is recognised directly in the consolidated income statement.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period, WACC and growth rate. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period. On disposal of an operating unit within a CGU to which goodwill has been allocated, the goodwill associated with that operation is included in the carrying amount of the operation when determining the gain or loss on disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-3": {
"value": "2.2 Investments in associated companies and joint arrangementsAn associated company is an entity over which the Group has significant influence and that is not a subsidiary or a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without the ability to have control over those policies. Significant influence normally exists when the Group has 20 % to 50 % voting power through ownership or agreements. Investments in associated companies are accounted for using the equity method.A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control. That is when the strategic financial and operating policy decisions relating to the activities of the joint arrangement require the unanimous consent of the parties sharing control. If the parties to the joint arrangement have rights to the net assets of the arrangement, the arrangement is classified as a joint venture and accounted for using the equity method. If the parties have rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is classified as a joint operation. The Group\u2019s participation in joint arrangements is all classified as joint ventures. See further details about investments in associated companies and joint ventures in note 17.Under the equity method the investment is recognised at cost and subsequently adjusted to the Group\u2019s share of the change in the investment\u2019s net assets since acquisition date. The equity method is applied from the date a significant influence arises until the time it ceases, or the associated company or joint venture becomes a subsidiary. Adjustments are made where necessary to bring the accounting policies in line with those of the Group.The financial statements of the associates and joint ventures are prepared for the same reporting period as the Group, except for the Joint Venture EOS Credit Funding BL DAC, which prepare financialstatements for the period 1 March to 28 February. Adjustments are made for the effects of transactions or events that occur between thedate of the Group\u2019s consolidated financial statements and that date.If the Group\u2019s share of reported losses in the investment exceeds its carrying value, the carrying value is reduced to zero. Losses can be offset against the Group\u2019s unsecured receivables from the investmentif they constitute a part of the net investment. Further losses are not recognised provided the Group has not issued guarantees to cover them.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-4": {
"value": "2.2 Investments in associated companies and joint arrangementsAn associated company is an entity over which the Group has significant influence and that is not a subsidiary or a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without the ability to have control over those policies. Significant influence normally exists when the Group has 20 % to 50 % voting power through ownership or agreements. Investments in associated companies are accounted for using the equity method.A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control. That is when the strategic financial and operating policy decisions relating to the activities of the joint arrangement require the unanimous consent of the parties sharing control. If the parties to the joint arrangement have rights to the net assets of the arrangement, the arrangement is classified as a joint venture and accounted for using the equity method. If the parties have rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is classified as a joint operation. The Group\u2019s participation in joint arrangements is all classified as joint ventures. See further details about investments in associated companies and joint ventures in note 17.Under the equity method the investment is recognised at cost and subsequently adjusted to the Group\u2019s share of the change in the investment\u2019s net assets since acquisition date. The equity method is applied from the date a significant influence arises until the time it ceases, or the associated company or joint venture becomes a subsidiary. Adjustments are made where necessary to bring the accounting policies in line with those of the Group.The financial statements of the associates and joint ventures are prepared for the same reporting period as the Group, except for the Joint Venture EOS Credit Funding BL DAC, which prepare financialstatements for the period 1 March to 28 February. Adjustments are made for the effects of transactions or events that occur between thedate of the Group\u2019s consolidated financial statements and that date.If the Group\u2019s share of reported losses in the investment exceeds its carrying value, the carrying value is reduced to zero. Losses can be offset against the Group\u2019s unsecured receivables from the investmentif they constitute a part of the net investment. Further losses are not recognised provided the Group has not issued guarantees to cover them.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-5": {
"value": "2.2 Investments in associated companies and joint arrangementsAn associated company is an entity over which the Group has significant influence and that is not a subsidiary or a joint arrangement. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without the ability to have control over those policies. Significant influence normally exists when the Group has 20 % to 50 % voting power through ownership or agreements. Investments in associated companies are accounted for using the equity method.A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control. That is when the strategic financial and operating policy decisions relating to the activities of the joint arrangement require the unanimous consent of the parties sharing control. If the parties to the joint arrangement have rights to the net assets of the arrangement, the arrangement is classified as a joint venture and accounted for using the equity method. If the parties have rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is classified as a joint operation. The Group\u2019s participation in joint arrangements is all classified as joint ventures. See further details about investments in associated companies and joint ventures in note 17.Under the equity method the investment is recognised at cost and subsequently adjusted to the Group\u2019s share of the change in the investment\u2019s net assets since acquisition date. The equity method is applied from the date a significant influence arises until the time it ceases, or the associated company or joint venture becomes a subsidiary. Adjustments are made where necessary to bring the accounting policies in line with those of the Group.The financial statements of the associates and joint ventures are prepared for the same reporting period as the Group, except for the Joint Venture EOS Credit Funding BL DAC, which prepare financialstatements for the period 1 March to 28 February. Adjustments are made for the effects of transactions or events that occur between thedate of the Group\u2019s consolidated financial statements and that date.If the Group\u2019s share of reported losses in the investment exceeds its carrying value, the carrying value is reduced to zero. Losses can be offset against the Group\u2019s unsecured receivables from the investmentif they constitute a part of the net investment. Further losses are not recognised provided the Group has not issued guarantees to cover them.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-3": {
"value": "2.3 Foreign currenciesThe consolidated financial statements are presented in NOK, which is B2Holding ASA\u2019s functional currency. Transactions in foreign currencies are initially recognised in the functional currency at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using the exchange rate at the reporting date. All exchange differences are recognised in the income statement with the exception of exchange differences on foreign currency borrowings that provide an effective hedge against a net investment in a foreign entity, or monetary items that are regarded as a part of the net investments. These exchange differences are recognised as a separate component of other comprehensive income until the disposal of the net investment or settlement of the monetary item, at which time they are recognised in the income statement. Tax charges and credits attributable to exchange differences on those borrowings are also recognised in other comprehensive income. Non-monetary items measured at historical cost in foreign currency are translated using the exchange rates at the dates of the initial recognition. The date of initial recognition for non-monetary assets on which the Group has paid an advance consideration is the date of the payment of the advanced consideration.The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-4": {
"value": "2.3 Foreign currenciesThe consolidated financial statements are presented in NOK, which is B2Holding ASA\u2019s functional currency. Transactions in foreign currencies are initially recognised in the functional currency at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency using the exchange rate at the reporting date. All exchange differences are recognised in the income statement with the exception of exchange differences on foreign currency borrowings that provide an effective hedge against a net investment in a foreign entity, or monetary items that are regarded as a part of the net investments. These exchange differences are recognised as a separate component of other comprehensive income until the disposal of the net investment or settlement of the monetary item, at which time they are recognised in the income statement. Tax charges and credits attributable to exchange differences on those borrowings are also recognised in other comprehensive income. Non-monetary items measured at historical cost in foreign currency are translated using the exchange rates at the dates of the initial recognition. The date of initial recognition for non-monetary assets on which the Group has paid an advance consideration is the date of the payment of the advanced consideration.The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-3": {
"value": "2.4 Purchased loan portfoliosPurchased loan portfolios consist of portfolios of non-performing loans and debt, purchased at prices significantly below the nominal receivable. They are recognised at amortised cost according to the credit-adjusted effective interest method in accordance with the rules for credit-impaired receivables set out in IFRS 9 Financial instruments. Purchased loan portfolios are classified as non-current assets in the statement of financial position.The credit-adjusted effective interest method is a method of calculating the amortised cost of a credit-impaired financial asset and of allocating the interest income to the income statement over the relevant period. The credit-adjusted effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument, or when appropriate a shorter period, to the net carrying amount of the financial asset.In connection with purchased loan portfolios, the effective interest rate is calculated based on the acquisition cost, including all directly attributable transaction costs, and estimated future cash flows which includes the nominal amount, reminder fees, collection fees and late interest that, based on a probability assessment, are expected to be received from debtors.Each portfolio is initially recorded in the statement of financial position at cost, including all transaction costs. Subsequent price adjustments for portfolios acquired are recorded as an adjustment to the statement of financial position. Interest income on purchased loan portfolios is accrued monthly in the income statement based on each portfolios credit adjusted effective interest rate. Monthly cash flows greater than the cash flow forecast for the same period are recorded as part of the \u201cNet credit gain/loss purchased loan portfolios\u201d in the period. Likewise, monthly cash flows that are less than the monthly cash flow forecast for the same period are also classified as part of the \u201cNet credit gain/loss purchased loan portfolios\u201d in the period. Portfolios are defined to be the lowest reliable level for aggregating accounts with similar attributes, such as accounts in the same jurisdiction or similar types or classes of debt. Typically, each portfolio consists of an individual acquisition of receivables. The portfolio is accounted for as a single unit for the recognition of income, principal payments and adjustments due to the recalculation of the estimated future cash flows.The Group also acquires portfolios on a forward flow basis. This means that a contract is established for purchases of loan portfolio at an agreed price as a percentage of a nominal receivable, but where the volumes of debts are not fully known at the time of agreement. The acquisition (delivery) of forward flow debts can be done on a monthly basis. For reporting and IFRS evaluation purposes, the Group combines these acquisitions into portfolio pools by vendor and sets future collections expectations based on these combined pools. The internal rate of return can therefore vary from each pool based on content of the pool.2.12 Financial assets and liabilities: classification, measurement and impairmentA financial instrument is defined as any form of agreement giving rise to a financial asset in a company and a financial liability or equity instrument in a counterparty. The Group\u2019s main financial assets and liabilities are described below. See section 2.13 for a description of the Group\u2019s use of derivative financial instruments for the purpose of risk management.Within the scope of IFRS 9 Financial instruments, financial assets are classified as either financial assets held at fair value through profit or loss (FVTPL), financial assets held at fair value through other comprehensive income (FVOCI) or financial assets held at amortised cost. Financial assets held at FVTPL are derivatives, equity-traded instruments and other investments not meeting the criteria of cash flows consisting of solely payments of principal and interest (SPPI). Financial assets at FVOCI meet the SPPI criteria and have a business model of Hold to collect and sell. All other financial assets are those meeting the SPPI criteria and with a business model of Hold to collect and are measured at amortised cost. Financial liabilities are classified as either financial liabilities at fair value through profit or loss or at amortised costs. Financial assets and liabilities measured at FVTPL include derivatives not designated for hedging purposes, assets held for trading and financial assets and liabilities that are not classified in one of the other categories.Financial assets and liabilities are recognised by the Group when it becomes party to the contractual provisions of the instrument and are initially measured at fair value, which normally equals the transaction price. Directly attributable transaction costs are added or subtracted from the carrying amount for financial instruments not measured at FVPL. The Group determines the classification of its financial assets and financial liabilities at the point in time of initial recognition.Amortised cost is calculated based on expected future cash flows from the assets discounted using the effective interest derived from the relation between transaction price and expected future cashflows at the initial transaction date. Purchased loan portfolios:Purchased loan portfolios are measured at amortised cost. Their accounting treatment is described in more detail in section 2.4 and note 3.Loan receivables:Loan receivables are issued loans measured at amortised cost. See note 18.1 Loan receivables for additional information.Other non-current financial assets:Other non-current financial assets are primarily derivatives measured at FVTPL. See note 18.2 for additional information about fair value financial assets.Other current assets:Accounts and other receivables are recognised when the Group has performed and there is a contractual obligation on the counterparty to pay, even if an invoice has not yet been received. Accounts receivables are recognised when an invoice has been sent. Accounts and other receivables are recognized at the transaction price, nominal amount unless containing a significant financing component, and subsequently measured at amortised cost less any loss allowance. The loss allowance is based on a lifetime credit loss. The anticipated maturity of these receivables is short, so their carrying values are not discounted.Customer cash accounts, included in Other, represent cash received on collection of a specific debt on behalf of a client and payable to the client within a specific period of time. The same amount is reported within other payables.Cash and cash equivalents:Cash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest bearing loans and borrowings including overdrafts:Bonds are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings, are subsequently measured at amortised cost using the effective interest method and included in net financial items. The upfront fees and discounts are a part of the borrowing cost and are recognised as part of the interest expense in accordance with the effective interest method. Due to their short-term nature, other loans and borrowings are recognised at nominal value and are subsequently measured at amortised cost.Accounts and other payables:Payables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognized when an invoice has been received.Accounts and other payables are recognised initially at trans- action cost, normally nominal amount, and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.Impairment of financial assets:IFRS 9 Financial Instruments requires recognition of expected credit losses (ECL) for the Group\u2019s investments in debt instruments measured at amortised cost. The Group applies the practical expedient of the lifetime ECL model for accounts receivable. For loan receivables at amortised cost, the ECL 3-stage model is applied. In stage 1, ECL from default events that are possible within the next 12 months is recognised. In stage 2 and 3 (credit risk has increased significantly since initial recognition), lifetime ECL is recognised. Loan receivables are transferred from stage 1 to stage 2 when days past due are 11 days. The purchased loan portfolios are credit impaired at acquisition and are out of scope for the general ECL impairment model. Full lifetime ECL is included in the estimated cash flows when calculatingthe effective interest rate, and only cumulative changes in lifetime ECL since initial recognition is recognized as a loss allowance for purchased loan portfolios.2.14 Derecognition of financial assets and liabilitiesThe Group derecognizes a financial asset when the contractual rights to the cash flow from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.A financial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recog- nition of a new liability, and the difference in the respective carrying amounts is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-4": {
"value": "2.4 Purchased loan portfoliosPurchased loan portfolios consist of portfolios of non-performing loans and debt, purchased at prices significantly below the nominal receivable. They are recognised at amortised cost according to the credit-adjusted effective interest method in accordance with the rules for credit-impaired receivables set out in IFRS 9 Financial instruments. Purchased loan portfolios are classified as non-current assets in the statement of financial position.The credit-adjusted effective interest method is a method of calculating the amortised cost of a credit-impaired financial asset and of allocating the interest income to the income statement over the relevant period. The credit-adjusted effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument, or when appropriate a shorter period, to the net carrying amount of the financial asset.In connection with purchased loan portfolios, the effective interest rate is calculated based on the acquisition cost, including all directly attributable transaction costs, and estimated future cash flows which includes the nominal amount, reminder fees, collection fees and late interest that, based on a probability assessment, are expected to be received from debtors.Each portfolio is initially recorded in the statement of financial position at cost, including all transaction costs. Subsequent price adjustments for portfolios acquired are recorded as an adjustment to the statement of financial position. Interest income on purchased loan portfolios is accrued monthly in the income statement based on each portfolios credit adjusted effective interest rate. Monthly cash flows greater than the cash flow forecast for the same period are recorded as part of the \u201cNet credit gain/loss purchased loan portfolios\u201d in the period. Likewise, monthly cash flows that are less than the monthly cash flow forecast for the same period are also classified as part of the \u201cNet credit gain/loss purchased loan portfolios\u201d in the period. Portfolios are defined to be the lowest reliable level for aggregating accounts with similar attributes, such as accounts in the same jurisdiction or similar types or classes of debt. Typically, each portfolio consists of an individual acquisition of receivables. The portfolio is accounted for as a single unit for the recognition of income, principal payments and adjustments due to the recalculation of the estimated future cash flows.The Group also acquires portfolios on a forward flow basis. This means that a contract is established for purchases of loan portfolio at an agreed price as a percentage of a nominal receivable, but where the volumes of debts are not fully known at the time of agreement. The acquisition (delivery) of forward flow debts can be done on a monthly basis. For reporting and IFRS evaluation purposes, the Group combines these acquisitions into portfolio pools by vendor and sets future collections expectations based on these combined pools. The internal rate of return can therefore vary from each pool based on content of the pool.2.12 Financial assets and liabilities: classification, measurement and impairmentA financial instrument is defined as any form of agreement giving rise to a financial asset in a company and a financial liability or equity instrument in a counterparty. The Group\u2019s main financial assets and liabilities are described below. See section 2.13 for a description of the Group\u2019s use of derivative financial instruments for the purpose of risk management.Within the scope of IFRS 9 Financial instruments, financial assets are classified as either financial assets held at fair value through profit or loss (FVTPL), financial assets held at fair value through other comprehensive income (FVOCI) or financial assets held at amortised cost. Financial assets held at FVTPL are derivatives, equity-traded instruments and other investments not meeting the criteria of cash flows consisting of solely payments of principal and interest (SPPI). Financial assets at FVOCI meet the SPPI criteria and have a business model of Hold to collect and sell. All other financial assets are those meeting the SPPI criteria and with a business model of Hold to collect and are measured at amortised cost. Financial liabilities are classified as either financial liabilities at fair value through profit or loss or at amortised costs. Financial assets and liabilities measured at FVTPL include derivatives not designated for hedging purposes, assets held for trading and financial assets and liabilities that are not classified in one of the other categories.Financial assets and liabilities are recognised by the Group when it becomes party to the contractual provisions of the instrument and are initially measured at fair value, which normally equals the transaction price. Directly attributable transaction costs are added or subtracted from the carrying amount for financial instruments not measured at FVPL. The Group determines the classification of its financial assets and financial liabilities at the point in time of initial recognition.Amortised cost is calculated based on expected future cash flows from the assets discounted using the effective interest derived from the relation between transaction price and expected future cashflows at the initial transaction date. Purchased loan portfolios:Purchased loan portfolios are measured at amortised cost. Their accounting treatment is described in more detail in section 2.4 and note 3.Loan receivables:Loan receivables are issued loans measured at amortised cost. See note 18.1 Loan receivables for additional information.Other non-current financial assets:Other non-current financial assets are primarily derivatives measured at FVTPL. See note 18.2 for additional information about fair value financial assets.Other current assets:Accounts and other receivables are recognised when the Group has performed and there is a contractual obligation on the counterparty to pay, even if an invoice has not yet been received. Accounts receivables are recognised when an invoice has been sent. Accounts and other receivables are recognized at the transaction price, nominal amount unless containing a significant financing component, and subsequently measured at amortised cost less any loss allowance. The loss allowance is based on a lifetime credit loss. The anticipated maturity of these receivables is short, so their carrying values are not discounted.Customer cash accounts, included in Other, represent cash received on collection of a specific debt on behalf of a client and payable to the client within a specific period of time. The same amount is reported within other payables.Cash and cash equivalents:Cash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest bearing loans and borrowings including overdrafts:Bonds are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings, are subsequently measured at amortised cost using the effective interest method and included in net financial items. The upfront fees and discounts are a part of the borrowing cost and are recognised as part of the interest expense in accordance with the effective interest method. Due to their short-term nature, other loans and borrowings are recognised at nominal value and are subsequently measured at amortised cost.Accounts and other payables:Payables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognized when an invoice has been received.Accounts and other payables are recognised initially at trans- action cost, normally nominal amount, and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.Impairment of financial assets:IFRS 9 Financial Instruments requires recognition of expected credit losses (ECL) for the Group\u2019s investments in debt instruments measured at amortised cost. The Group applies the practical expedient of the lifetime ECL model for accounts receivable. For loan receivables at amortised cost, the ECL 3-stage model is applied. In stage 1, ECL from default events that are possible within the next 12 months is recognised. In stage 2 and 3 (credit risk has increased significantly since initial recognition), lifetime ECL is recognised. Loan receivables are transferred from stage 1 to stage 2 when days past due are 11 days. The purchased loan portfolios are credit impaired at acquisition and are out of scope for the general ECL impairment model. Full lifetime ECL is included in the estimated cash flows when calculatingthe effective interest rate, and only cumulative changes in lifetime ECL since initial recognition is recognized as a loss allowance for purchased loan portfolios.2.14 Derecognition of financial assets and liabilitiesThe Group derecognizes a financial asset when the contractual rights to the cash flow from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.A financial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recog- nition of a new liability, and the difference in the respective carrying amounts is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-5": {
"value": "2.4 Purchased loan portfoliosPurchased loan portfolios consist of portfolios of non-performing loans and debt, purchased at prices significantly below the nominal receivable. They are recognised at amortised cost according to the credit-adjusted effective interest method in accordance with the rules for credit-impaired receivables set out in IFRS 9 Financial instruments. Purchased loan portfolios are classified as non-current assets in the statement of financial position.The credit-adjusted effective interest method is a method of calculating the amortised cost of a credit-impaired financial asset and of allocating the interest income to the income statement over the relevant period. The credit-adjusted effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument, or when appropriate a shorter period, to the net carrying amount of the financial asset.In connection with purchased loan portfolios, the effective interest rate is calculated based on the acquisition cost, including all directly attributable transaction costs, and estimated future cash flows which includes the nominal amount, reminder fees, collection fees and late interest that, based on a probability assessment, are expected to be received from debtors.Each portfolio is initially recorded in the statement of financial position at cost, including all transaction costs. Subsequent price adjustments for portfolios acquired are recorded as an adjustment to the statement of financial position. Interest income on purchased loan portfolios is accrued monthly in the income statement based on each portfolios credit adjusted effective interest rate. Monthly cash flows greater than the cash flow forecast for the same period are recorded as part of the \u201cNet credit gain/loss purchased loan portfolios\u201d in the period. Likewise, monthly cash flows that are less than the monthly cash flow forecast for the same period are also classified as part of the \u201cNet credit gain/loss purchased loan portfolios\u201d in the period. Portfolios are defined to be the lowest reliable level for aggregating accounts with similar attributes, such as accounts in the same jurisdiction or similar types or classes of debt. Typically, each portfolio consists of an individual acquisition of receivables. The portfolio is accounted for as a single unit for the recognition of income, principal payments and adjustments due to the recalculation of the estimated future cash flows.The Group also acquires portfolios on a forward flow basis. This means that a contract is established for purchases of loan portfolio at an agreed price as a percentage of a nominal receivable, but where the volumes of debts are not fully known at the time of agreement. The acquisition (delivery) of forward flow debts can be done on a monthly basis. For reporting and IFRS evaluation purposes, the Group combines these acquisitions into portfolio pools by vendor and sets future collections expectations based on these combined pools. The internal rate of return can therefore vary from each pool based on content of the pool.2.12 Financial assets and liabilities: classification, measurement and impairmentA financial instrument is defined as any form of agreement giving rise to a financial asset in a company and a financial liability or equity instrument in a counterparty. The Group\u2019s main financial assets and liabilities are described below. See section 2.13 for a description of the Group\u2019s use of derivative financial instruments for the purpose of risk management.Within the scope of IFRS 9 Financial instruments, financial assets are classified as either financial assets held at fair value through profit or loss (FVTPL), financial assets held at fair value through other comprehensive income (FVOCI) or financial assets held at amortised cost. Financial assets held at FVTPL are derivatives, equity-traded instruments and other investments not meeting the criteria of cash flows consisting of solely payments of principal and interest (SPPI). Financial assets at FVOCI meet the SPPI criteria and have a business model of Hold to collect and sell. All other financial assets are those meeting the SPPI criteria and with a business model of Hold to collect and are measured at amortised cost. Financial liabilities are classified as either financial liabilities at fair value through profit or loss or at amortised costs. Financial assets and liabilities measured at FVTPL include derivatives not designated for hedging purposes, assets held for trading and financial assets and liabilities that are not classified in one of the other categories.Financial assets and liabilities are recognised by the Group when it becomes party to the contractual provisions of the instrument and are initially measured at fair value, which normally equals the transaction price. Directly attributable transaction costs are added or subtracted from the carrying amount for financial instruments not measured at FVPL. The Group determines the classification of its financial assets and financial liabilities at the point in time of initial recognition.Amortised cost is calculated based on expected future cash flows from the assets discounted using the effective interest derived from the relation between transaction price and expected future cashflows at the initial transaction date. Purchased loan portfolios:Purchased loan portfolios are measured at amortised cost. Their accounting treatment is described in more detail in section 2.4 and note 3.Loan receivables:Loan receivables are issued loans measured at amortised cost. See note 18.1 Loan receivables for additional information.Other non-current financial assets:Other non-current financial assets are primarily derivatives measured at FVTPL. See note 18.2 for additional information about fair value financial assets.Other current assets:Accounts and other receivables are recognised when the Group has performed and there is a contractual obligation on the counterparty to pay, even if an invoice has not yet been received. Accounts receivables are recognised when an invoice has been sent. Accounts and other receivables are recognized at the transaction price, nominal amount unless containing a significant financing component, and subsequently measured at amortised cost less any loss allowance. The loss allowance is based on a lifetime credit loss. The anticipated maturity of these receivables is short, so their carrying values are not discounted.Customer cash accounts, included in Other, represent cash received on collection of a specific debt on behalf of a client and payable to the client within a specific period of time. The same amount is reported within other payables.Cash and cash equivalents:Cash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest bearing loans and borrowings including overdrafts:Bonds are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings, are subsequently measured at amortised cost using the effective interest method and included in net financial items. The upfront fees and discounts are a part of the borrowing cost and are recognised as part of the interest expense in accordance with the effective interest method. Due to their short-term nature, other loans and borrowings are recognised at nominal value and are subsequently measured at amortised cost.Accounts and other payables:Payables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognized when an invoice has been received.Accounts and other payables are recognised initially at trans- action cost, normally nominal amount, and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.Impairment of financial assets:IFRS 9 Financial Instruments requires recognition of expected credit losses (ECL) for the Group\u2019s investments in debt instruments measured at amortised cost. The Group applies the practical expedient of the lifetime ECL model for accounts receivable. For loan receivables at amortised cost, the ECL 3-stage model is applied. In stage 1, ECL from default events that are possible within the next 12 months is recognised. In stage 2 and 3 (credit risk has increased significantly since initial recognition), lifetime ECL is recognised. Loan receivables are transferred from stage 1 to stage 2 when days past due are 11 days. The purchased loan portfolios are credit impaired at acquisition and are out of scope for the general ECL impairment model. Full lifetime ECL is included in the estimated cash flows when calculatingthe effective interest rate, and only cumulative changes in lifetime ECL since initial recognition is recognized as a loss allowance for purchased loan portfolios.2.13 DerivativesThe Group uses the following derivative financial instruments to hedge its risks associated with interest rates and foreign exchange rates: interest rate swaps (with or without cap), interest rate caps, foreign exchange swaps and cross currency rate swaps (with or without cap).The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognized in the income statement as financial income or expense. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.2.14 Derecognition of financial assets and liabilitiesThe Group derecognizes a financial asset when the contractual rights to the cash flow from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.A financial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recog- nition of a new liability, and the difference in the respective carrying amounts is recognised in the income statement.2.15 Offsetting of financial instrumentsFinancial assets and financial liabilities are offset with the net amount reported in the statement of financial position only if there is a current enforceable legal right to offset the recognised amounts and an intent to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.2.16 Fair value of financial instrumentsThe fair value of financial instruments that are traded on active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs.For financial instruments that are not traded on an active market, the fair value is determined using appropriate valuation techniques which include:\u2022 using recent arm\u2019s length market transactions\u2022 reference to the current fair value of another instrument that is substantially the same and\u2022 a discounted cash flow analysis or other valuation model.An analysis of the fair values of financial instruments and further details as to how they are measured are provided in note 4 Financial risk management.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-3": {
"value": "Collateral assets In connection with the acquisition and recovery of purchased loan portfolios, the Group may become owner of assets such as land, buildings or other physical goods. These assets are only acquired as part of the recovery strategy for the purpose of being divested within the Group\u2019s ongoing operations to maximize the value of recoveries. Such assets are classified as inventories and recognized in the balance sheet at the lower of cost and net realisable value in accordance with IAS 2 Inventories.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-3": {
"value": "2.5 SegmentsAn operating segment is a part of the Group that generates income and incurs expenses, and for which separate financial information is available that is evaluated regularly by the chief operating decision maker, the Chief Executive Officer, in deciding how to assess per-formance and allocate resources to the operating segment.The Group\u2019s operating segments are the geographical regions:\u2022 Northern Europe (NE): Norway, Sweden, Denmark, Finland, Estonia, Latvia and Lithuania \u2022 Poland \u2022 Central Europe (CE): Croatia, Slovenia, Serbia, Montenegro, Bosnia and Herzegovina, Austria, Czech Republic, and Hungary \u2022 Western Europe (WE): Spain, Italy and France \u2022 South Eastern Europe (SEE): Bulgaria, Romania, Greece and Cyprus\u2022 Central Functions (CF): including the Parent company and central functions in Luxembourg.Results from purchased loan portfolios are included in the region where the portfolio is originated. The breakdown by geographical region is also used for internal monitoring in the Group. Revenue and operating profits are reported by geographical region. Financial income and expenses are not as the allocation of financial items is dependent on the Group structure and financing and is not affected by the actual performance of the regions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-30-3": {
"value": "2.6 Revenue from contracts with customerThe Group applies IFRS 15 Revenue from Contracts with Customers five-step model whereby revenue is recognised at an amount which reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes and duties. Revenue from contracts with customers are mainly revenue from external collection, telemarketing, fraud prevention and credit information services. Revenue from contracts with customers is presented in one-line item in the consolidated income statement as part of \u201cOther revenues\u201d and specified in note 7 Other revenues.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-3": {
"value": "2.7 TaxesCurrent income tax:Income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the balance sheet date in the countries where the Group operates. When there is uncertainty regarding if particular tax treatments made in tax filings will be accepted by the tax authorities, but acceptability is probable, accounting tax positions are determined consistently with the treatment in the tax filings. If acceptability is not probable, the uncertainty is reflected when determining the accounting tax positions.Income tax relating to items recognised directly in other compre-hensive income or equity is recognised in other comprehensive income or equity and not in the income statement.Deferred tax:Deferred income tax is computed using the liability method on temporary differences between the tax basis of assets and liabilities and their carrying amounts in the statement of financial position at the reporting date. Deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or in respect of temporary differences associated with investments in subsidiaries, associates or joint ventures where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised in the statement of financial position to the extent it is more likely than not that the tax assets will be utilised. The enacted tax rates at the end of the reporting period and undiscounted amounts are used. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-4": {
"value": "2.7 TaxesDeferred tax:Deferred income tax is computed using the liability method on temporary differences between the tax basis of assets and liabilities and their carrying amounts in the statement of financial position at the reporting date. Deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or in respect of temporary differences associated with investments in subsidiaries, associates or joint ventures where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised in the statement of financial position to the extent it is more likely than not that the tax assets will be utilised. The enacted tax rates at the end of the reporting period and undiscounted amounts are used. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-5": {
"value": "2.7 TaxesSales tax:Revenues, expenses and assets are recognised net of the amount of sales tax, except:\u2022 where the sales tax incurred on the purchase of assets or services is not recoverable from the tax authority so that the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item. This is the case in many of the tax jurisdictions in which the Group operates where the collection of debts is not subject to sales tax; and\u2022 receivables and payables which are subject to sales tax are stated with the amount of sales tax included. The net amount of the sales tax recoverable from, or payable to, the tax authority is included as part of receivables or payables in the statement of financial position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "2.8 Tangible assetsTangible assets, such as improvements to rented offices, equipment, fixtures and fittings are recognised at cost less accumulated depreciation and accumulated impairment, if any. Cost includes the purchase price and costs directly attributable to installing the asset in the way intended. Repair and maintenance costs are expensed as incurred.Depreciation is calculated on a straight-line basis over the useful life of these assets, and for improvements to rented offices, over the remaining expected term of the property lease, if this is less than the useful life. For practical reasons, the residual value of the asset is set to zero.The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The tangible assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.A tangible fixed asset is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. The gain or loss arising on the disposal or retirement of an item of tangible asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is reported as other revenues or other operating expenses in the income statement as part of operating profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-4": {
"value": "2.8 Tangible assetsTangible assets, such as improvements to rented offices, equipment, fixtures and fittings are recognised at cost less accumulated depreciation and accumulated impairment, if any. Cost includes the purchase price and costs directly attributable to installing the asset in the way intended. Repair and maintenance costs are expensed as incurred.Depreciation is calculated on a straight-line basis over the useful life of these assets, and for improvements to rented offices, over the remaining expected term of the property lease, if this is less than the useful life. For practical reasons, the residual value of the asset is set to zero.The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The tangible assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.A tangible fixed asset is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. The gain or loss arising on the disposal or retirement of an item of tangible asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is reported as other revenues or other operating expenses in the income statement as part of operating profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-3": {
"value": "2.9 LeasesThe Group leases various office buildings, vehicles, and smaller equipment. Rental contracts are typically made for fixed periods of 6 months to 10 years but may have extension or termination options.Contracts may contain both lease and non-lease components. The group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the contractual lease payments.The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost.The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balanceof the liability for each period. For the classification in the statementof cash flow the interest payments on the lease liabilities follow the same principles as other interests.Right-of-use assets are measured at cost comprising the following:\u2022 the amount of the initial measurement of lease liability,\u2022 any lease payments made at or before the commencement date less any lease incentives received,\u2022 any initial direct costs, and\u2022 restoration costsRight-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-3": {
"value": "2.10 Intangible assetsIntangible assets include purchase of software and intangible assets acquired separately or in a business combination. Internal expenses for IT development and internal and external maintenance expenses are expensed as incurred.Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is its fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost lessany accumulated amortisation and accumulated impairment losses, if any. Intangible assets with finite lives are amortised on a straight-line basis over the useful economic life and tested for impairment whenever there is an indication that the intangible asset may be impaired.The intangible assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. The amortizationexpense on intangible assets with finite lives is presented in the income statement as part of \u201cDepreciation and amortisation\u201d. The gain or loss arising from derecognition of an intangible asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is reported as other revenues or other operating expenses in the income statement as part of operating profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-3": {
"value": "2.11 Impairment of tangible assets and other non-current assetsThe Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset\u2019s recoverable amount. If it is not possible to estimate the recoverable amount of an individual asset, the Group determines the recoverable amount of the cash generating unit to which the asset belongs.An asset\u2019s (or cash-generating unit\u2019s) recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or the cash-generating unit to which the asset belongs.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. The impairment is recognised in the income statement. If the impairment is subsequently reversed, for assets other than goodwill, the carrying amount of the asset (cash-generating unit) is increased to the updated estimate of its recoverable amount to the extent the increased carrying amount does not exceed the carrying amount that would have been recognised had no impair-ment losses been recognised for the asset (or cash-generating unit) in prior years.See also section 2.1 Business combinations and goodwill and section 2.10 Intangible assets for the specific criteria which is applied in determining the impairment of these classes of asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-4": {
"value": "2.11 Impairment of tangible assets and other non-current assetsThe Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset\u2019s recoverable amount. If it is not possible to estimate the recoverable amount of an individual asset, the Group determines the recoverable amount of the cash generating unit to which the asset belongs.An asset\u2019s (or cash-generating unit\u2019s) recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or the cash-generating unit to which the asset belongs.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. The impairment is recognised in the income statement. If the impairment is subsequently reversed, for assets other than goodwill, the carrying amount of the asset (cash-generating unit) is increased to the updated estimate of its recoverable amount to the extent the increased carrying amount does not exceed the carrying amount that would have been recognised had no impair-ment losses been recognised for the asset (or cash-generating unit) in prior years.See also section 2.1 Business combinations and goodwill and section 2.10 Intangible assets for the specific criteria which is applied in determining the impairment of these classes of asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-43-6": {
"value": "Loan receivables:Loan receivables are issued loans measured at amortised cost. See note 18.1 Loan receivables for additional information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-6": {
"value": "Cash and cash equivalents:Cash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-6": {
"value": "Interest bearing loans and borrowings including overdrafts:Bonds are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings, are subsequently measured at amortised cost using the effective interest method and included in net financial items. The upfront fees and discounts are a part of the borrowing cost and are recognised as part of the interest expense in accordance with the effective interest method. Due to their short-term nature, other loans and borrowings are recognised at nominal value and are subsequently measured at amortised cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-7": {
"value": "Interest bearing loans and borrowings including overdrafts:Bonds are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings, are subsequently measured at amortised cost using the effective interest method and included in net financial items. The upfront fees and discounts are a part of the borrowing cost and are recognised as part of the interest expense in accordance with the effective interest method. Due to their short-term nature, other loans and borrowings are recognised at nominal value and are subsequently measured at amortised cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-47-6": {
"value": "Accounts and other payables:Payables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognized when an invoice has been received.Accounts and other payables are recognised initially at trans- action cost, normally nominal amount, and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-6": {
"value": "Impairment of financial assets:IFRS 9 Financial Instruments requires recognition of expected credit losses (ECL) for the Group\u2019s investments in debt instruments measured at amortised cost. The Group applies the practical expedient of the lifetime ECL model for accounts receivable. For loan receivables at amortised cost, the ECL 3-stage model is applied. In stage 1, ECL from default events that are possible within the next 12 months is recognised. In stage 2 and 3 (credit risk has increased significantly since initial recognition), lifetime ECL is recognised. Loan receivables are transferred from stage 1 to stage 2 when days past due are 11 days. The purchased loan portfolios are credit impaired at acquisition and are out of scope for the general ECL impairment model. Full lifetime ECL is included in the estimated cash flows when calculatingthe effective interest rate, and only cumulative changes in lifetime ECL since initial recognition is recognized as a loss allowance for purchased loan portfolios.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-49-4": {
"value": "2.13 DerivativesThe Group uses the following derivative financial instruments to hedge its risks associated with interest rates and foreign exchange rates: interest rate swaps (with or without cap), interest rate caps, foreign exchange swaps and cross currency rate swaps (with or without cap).The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognized in the income statement as financial income or expense. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-49-5": {
"value": "2.13 DerivativesThe Group uses the following derivative financial instruments to hedge its risks associated with interest rates and foreign exchange rates: interest rate swaps (with or without cap), interest rate caps, foreign exchange swaps and cross currency rate swaps (with or without cap).The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognized in the income statement as financial income or expense. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-50-6": {
"value": "2.14 Derecognition of financial assets and liabilitiesThe Group derecognizes a financial asset when the contractual rights to the cash flow from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.A financial liability is derecognised when the obligation under the liability is discharged, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recog- nition of a new liability, and the difference in the respective carrying amounts is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-51-4": {
"value": "2.15 Offsetting of financial instrumentsFinancial assets and financial liabilities are offset with the net amount reported in the statement of financial position only if there is a current enforceable legal right to offset the recognised amounts and an intent to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-4": {
"value": "2.16 Fair value of financial instrumentsThe fair value of financial instruments that are traded on active markets at each reporting date is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs.For financial instruments that are not traded on an active market, the fair value is determined using appropriate valuation techniques which include:\u2022 using recent arm\u2019s length market transactions\u2022 reference to the current fair value of another instrument that is substantially the same and\u2022 a discounted cash flow analysis or other valuation model.An analysis of the fair values of financial instruments and further details as to how they are measured are provided in note 4 Financial risk management.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-3": {
"value": "2.17 ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Where the Group expects full or partial reimbursement of the expense related to the provision, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-54-3": {
"value": "2.18 Pensions and other post-employment liabilitiesDefined contribution pension plans:The Group has a series of defined contribution pension plans which are pension plans under which the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual, or voluntary basis. The contributions are recognised as employee benefit expense when they are due.The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods, and therefore does not record a pension liability in the statement of financial position. Other post-employment liabilities:The Group\u2019s employees in certain jurisdictions are entitled to one month\u2019s severance pay in the event of old-age or disability retirement, in accordance with national labour regulations. This post-employment liability is based on a valuation carried out by a professional actuarial firm. Provisions for other termination benefits are created once employment is terminated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-3": {
"value": "2.19 Share based paymentsMembers of the Group management and some key employees may receive remuneration in the form of share-based payments that are considered as equity-settled share-based payments.The cost of equity-settled transactions is determined by the fair value at the date when the grant is made, see further details in note 23 Share based payments. The fair value reflects market performance conditions, while service and non-market performance conditions are not considered. The cost is recognised as personnel costs, with a corresponding increase in other capital reserves, over the vesting period. The cumulative expense recognised at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with exercised share options. In addition, the Group may be obliged to report and pay social security tax.No expense is recognised for awards that do not ultimately vest because of non-market performance and/or service conditions not being met. Where an award is forfeited by the entity, any remaining element of the fair value of the award is expensed immediately through profit or loss.The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share. For further details, see note 13 Earnings per share.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-3": {
"value": "2.20 Equity and net investment hedgeShare capital is stated at the nominal value of the shares that have been issued. Other paid-in capital consists of any premiums received in connection with the initial issue of share capital. Any transaction costs associated with the issuing of shares are deducted from other paid-in capital, net of any related income tax benefits.Other capital reserves represent the cumulative cost of share-based payments, as described in note 2.18 above.The effects of exchange differences on translation of foreign currency are included as a separate component of equity.The Group hedges net investments in foreign operations when feasible. The hedged risk is the foreign currency translation risk caused by the consolidation of an investment in a foreign subsidiary with a different functional currency than the parent. With hedge accounting, the change in carrying amount due to exchange rate fluctuations to the degree considered an effective hedge, will be reported as \u201cHedging of currency risk in foreign operations\u201d in Other comprehensive income. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as Other comprehensive income while any gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss. For further details, see note 4 Financial risk management.Other equity includes current and prior period results as disclosed in the consolidated statement of profit or loss and other compre-hensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-58-3": {
"value": "2.21 DividendsThe Group recognises a liability to pay a dividend to owners of equity once it has been approved by the shareholders at the Shareholders\u2019 General Meeting. A corresponding amount is recognised directly in equity.Dividend revenue is recognised when the Group\u2019s right to receive the payment is established, which is generally when the share- holders have approved the dividend.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-59-3": {
"value": "2.22 Classification in the statement of financial positionCurrent assets and liabilities include items due less than one year from the reporting date, and items tied to the operating cycle, if longer. Other assets are classified as non-current assets. The current portion of long-term debt is included as current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-60-3": {
"value": "2.23 Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019(estimated market value).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-3": {
"value": "2.24 Consolidated statement of cash flowsThe indirect method is used for the consolidated statement of cash flows which reconciles the change in cash and cash equivalents to the profit for the year before tax. For the purpose of the consolidated statement of cash flows, cash and cash equivalents, defined in section 2.12 Financial assets and liabilities, are shown net of any outstanding bank overdrafts.Foreign subsidiary transactions are translated in the cash flow statement at the average exchange rate for the period. Acquired and divested subsidiaries are recognised as cash flow from investing activities on a net basis after deducting cash and cash equivalents in the acquired or divested company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-2": {
"value": "NOTE 3: CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTYThe preparation of consolidated financial statements requires management to make judgements and assumptions that can significantly affect the amounts recognised in the financial statements. Additionally, major sources of estimation uncertainty at the end of the reporting period can have a significant risk of resulting in a material adjustment to the carrying amounts of assets or liabilities in future periods.Key sources of estimation uncertainty and critical judgements are continually evaluated and updated based on expectations about future events that are believed by Management to be reasonable under the circumstances.When applying the Group\u2019s accounting policies, Management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements:Purchased loan portfolios \u2013 classificationPurchased loan portfolios are the primary business activity of the Group and consist of portfolios of non-performing loans and debt, purchased at prices significantly below the nominal value of the receivable. After adoption of IFRS 9 Financial Instruments on 1 January 2018, these portfolios are defined as credit-impaired at acquisition, and classification under IFRS 9 Financial Instruments is dependent on an evaluation of the B2Holding business model and whether these portfolios meet the SPPI criteria (cash flows are solely payments of principal and interest). If these portfolios are determined to meet the criteria for a business model of Hold to collect and the cash flows consist of only principal and interest, then the classification is amortised cost. If not amortised cost, then the classification would be measurement at fair value over other comprehensive income (FVOCI), as the SPPI criteria is met, and the business model would be Hold to collect and sell. Management has performed a detailed analysis and exercised significant judge-ment related to the classification of the purchased loan portfolios upon implementation of IFRS 9 Financial Instruments. Management reviewed the portfolio cash flows, collection methods, and strategies as well as the infrequency of sales of individual receivables claims in the process of coming to a classification decision. It is management\u2019s conclusion that the IFRS 9 Financial Instruments criteria for a business model of Hold to collect and the SPPI criteria are satisfied for these portfolios. Purchased loan portfolios will continue to be measured at amortised cost using the effective interest method in accordance with the rules for credit-impaired at acquisition financial assets as set out in IFRS 9 Financial Instruments.Purchased loan portfolios \u2013 recognition in the income statementThe Group uses a credit-adjusted effective interest rate method to account for the loan receivables in the purchased loan portfolios. The use of the credit-adjusted effective interest rate method requires the Group to estimate future cash flows at each balance sheet reporting date. The underlying estimates that form the basis for interest income recognition and impairment losses on the portfolios depends on variables such as the ability to contact the customer and reach an agreement, estimated timing of cash flows, the general economic environment and statutory regulations. Interestincome from purchased loan portfolios is the calculated amortised cost interest revenue from the purchased loan portfolios using the credit-adjusted effective interest rates set at initial acquisition in the consolidated income statement. If the estimations for future periods are revised, the Group adjusts the carrying amount of the port- folios and loans to reflect actual and revised estimated cash flows in accordance with IFRS 9.B5.4.6. This adjustment, due to changes in the actual and estimated cash flows, is recognised in the con-solidated income statement as \u201cNet credit gain/loss from purchased loan portfolios\u201d. Events or changes in assumptions and Management\u2019s assessments and judgement will affect the amount and timing of the recognition of interest income and impairment losses. For further details, see note 4 Financial risk management.Purchased loan portfolios \u2013 measurementPurchased loan portfolios consist mainly of acquired credit impaired (non-performing) loans and receivables (non-derivative financial assets). When these portfolios meet the definition of having cash flows that are payments of solely principal and interest and are managed in a business model of Hold to collect, they are measured at amortised cost. The initial book value of the purchased loan portfolios is at fair value, defined as the acquisition cost plus transaction expenses at the time of purchase. Subsequent measurement is at amortised cost using the credit-adjusted effective interest rate established as of the date of initial acquisition of the portfolio. Events or changes in actual versus estimated collections and Management\u2019s assessment of future cash flows will impact the net present value of future cash flows and therefore the amortised cost book value of the purchased loan portfolios. Significant estimates have been made by management with respect to the collectability of future cash flows from portfolios. The cash flow estimates are prepared by management over a forecast period of time. If the cash flow estimates are revised, the carrying amount is recalculated by computing the present value of estimated future cash flows using the original credit-adjusted effective interest rate.Management\u2019s interpretations of historical cash flows, type of receivable, age, face value of the individual account, collaterals and experience from other portfolios form the basis for the cash flow estimates. Actual results may differ from the estimates, making it reasonably possible that a change in estimates could occur and impact the carrying value of the related purchased loan portfolio. On a quarterly basis Management reviews the estimates of future cash flows and whether it is reasonably possible that its assessment of collectability may change based on actual results and other factors that may have an impact on the estimates. Where management is made aware of special circumstances relating to a purchased loan portfolio that may affect the reliability of previous assumptions, they will review and, if necessary, change the future cash flow estimates. For further details, see notes 2.4 Purchased loan portfolios and 4 Financial risk management.Goodwill impairment testingIn accordance with IAS 36, goodwill is tested at least on an annual basis for impairment. If a loss in value is indicated, the recoverable amount is the cash-generating unit\u2019s (CGU\u2019s) fair value less the cost of disposal or its value in use. When testing goodwill for impairment, Management defines the recoverable amount as the estimated value in use. The value in use is the net present value of the estimated cash flows before tax. The discount rate used is the weighted average cost of capital (WACC) before tax calculated for each CGU. Estimating the financial assets\u2019 recoverable amount is based on Management\u2019s judgements related to estimates of future performance and cash flows, the interest income generating capacity of the assets and assumptions related to future market conditions. A possible impairment of goodwill is determined by assessing the recoverable amount of the CGU (or group of CGUs) to which the goodwill relates. For specific details related to the testing of goodwill, see note 14 Goodwill.Deferred tax assetsDeferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgment is required to determine the amount of deferred tax assets that will be recognised, based upon the reliable evidence as to the estimated timing and amount of the future taxable profits. Further details are included in note 2.7 and note 12 Income tax.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-3": {
"value": "NOTE 3: CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTYThe preparation of consolidated financial statements requires management to make judgements and assumptions that can significantly affect the amounts recognised in the financial statements. Additionally, major sources of estimation uncertainty at the end of the reporting period can have a significant risk of resulting in a material adjustment to the carrying amounts of assets or liabilities in future periods.Key sources of estimation uncertainty and critical judgements are continually evaluated and updated based on expectations about future events that are believed by Management to be reasonable under the circumstances.When applying the Group\u2019s accounting policies, Management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements:Purchased loan portfolios \u2013 classificationPurchased loan portfolios are the primary business activity of the Group and consist of portfolios of non-performing loans and debt, purchased at prices significantly below the nominal value of the receivable. After adoption of IFRS 9 Financial Instruments on 1 January 2018, these portfolios are defined as credit-impaired at acquisition, and classification under IFRS 9 Financial Instruments is dependent on an evaluation of the B2Holding business model and whether these portfolios meet the SPPI criteria (cash flows are solely payments of principal and interest). If these portfolios are determined to meet the criteria for a business model of Hold to collect and the cash flows consist of only principal and interest, then the classification is amortised cost. If not amortised cost, then the classification would be measurement at fair value over other comprehensive income (FVOCI), as the SPPI criteria is met, and the business model would be Hold to collect and sell. Management has performed a detailed analysis and exercised significant judge-ment related to the classification of the purchased loan portfolios upon implementation of IFRS 9 Financial Instruments. Management reviewed the portfolio cash flows, collection methods, and strategies as well as the infrequency of sales of individual receivables claims in the process of coming to a classification decision. It is management\u2019s conclusion that the IFRS 9 Financial Instruments criteria for a business model of Hold to collect and the SPPI criteria are satisfied for these portfolios. Purchased loan portfolios will continue to be measured at amortised cost using the effective interest method in accordance with the rules for credit-impaired at acquisition financial assets as set out in IFRS 9 Financial Instruments.Purchased loan portfolios \u2013 recognition in the income statementThe Group uses a credit-adjusted effective interest rate method to account for the loan receivables in the purchased loan portfolios. The use of the credit-adjusted effective interest rate method requires the Group to estimate future cash flows at each balance sheet reporting date. The underlying estimates that form the basis for interest income recognition and impairment losses on the portfolios depends on variables such as the ability to contact the customer and reach an agreement, estimated timing of cash flows, the general economic environment and statutory regulations. Interestincome from purchased loan portfolios is the calculated amortised cost interest revenue from the purchased loan portfolios using the credit-adjusted effective interest rates set at initial acquisition in the consolidated income statement. If the estimations for future periods are revised, the Group adjusts the carrying amount of the port- folios and loans to reflect actual and revised estimated cash flows in accordance with IFRS 9.B5.4.6. This adjustment, due to changes in the actual and estimated cash flows, is recognised in the con-solidated income statement as \u201cNet credit gain/loss from purchased loan portfolios\u201d. Events or changes in assumptions and Management\u2019s assessments and judgement will affect the amount and timing of the recognition of interest income and impairment losses. For further details, see note 4 Financial risk management.Purchased loan portfolios \u2013 measurementPurchased loan portfolios consist mainly of acquired credit impaired (non-performing) loans and receivables (non-derivative financial assets). When these portfolios meet the definition of having cash flows that are payments of solely principal and interest and are managed in a business model of Hold to collect, they are measured at amortised cost. The initial book value of the purchased loan portfolios is at fair value, defined as the acquisition cost plus transaction expenses at the time of purchase. Subsequent measurement is at amortised cost using the credit-adjusted effective interest rate established as of the date of initial acquisition of the portfolio. Events or changes in actual versus estimated collections and Management\u2019s assessment of future cash flows will impact the net present value of future cash flows and therefore the amortised cost book value of the purchased loan portfolios. Significant estimates have been made by management with respect to the collectability of future cash flows from portfolios. The cash flow estimates are prepared by management over a forecast period of time. If the cash flow estimates are revised, the carrying amount is recalculated by computing the present value of estimated future cash flows using the original credit-adjusted effective interest rate.Management\u2019s interpretations of historical cash flows, type of receivable, age, face value of the individual account, collaterals and experience from other portfolios form the basis for the cash flow estimates. Actual results may differ from the estimates, making it reasonably possible that a change in estimates could occur and impact the carrying value of the related purchased loan portfolio. On a quarterly basis Management reviews the estimates of future cash flows and whether it is reasonably possible that its assessment of collectability may change based on actual results and other factors that may have an impact on the estimates. Where management is made aware of special circumstances relating to a purchased loan portfolio that may affect the reliability of previous assumptions, they will review and, if necessary, change the future cash flow estimates. For further details, see notes 2.4 Purchased loan portfolios and 4 Financial risk management.Goodwill impairment testingIn accordance with IAS 36, goodwill is tested at least on an annual basis for impairment. If a loss in value is indicated, the recoverable amount is the cash-generating unit\u2019s (CGU\u2019s) fair value less the cost of disposal or its value in use. When testing goodwill for impairment, Management defines the recoverable amount as the estimated value in use. The value in use is the net present value of the estimated cash flows before tax. The discount rate used is the weighted average cost of capital (WACC) before tax calculated for each CGU. Estimating the financial assets\u2019 recoverable amount is based on Management\u2019s judgements related to estimates of future performance and cash flows, the interest income generating capacity of the assets and assumptions related to future market conditions. A possible impairment of goodwill is determined by assessing the recoverable amount of the CGU (or group of CGUs) to which the goodwill relates. For specific details related to the testing of goodwill, see note 14 Goodwill.Deferred tax assetsDeferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgment is required to determine the amount of deferred tax assets that will be recognised, based upon the reliable evidence as to the estimated timing and amount of the future taxable profits. Further details are included in note 2.7 and note 12 Income tax.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-4": {
"value": "NOTE 3: CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTYThe preparation of consolidated financial statements requires management to make judgements and assumptions that can significantly affect the amounts recognised in the financial statements. Additionally, major sources of estimation uncertainty at the end of the reporting period can have a significant risk of resulting in a material adjustment to the carrying amounts of assets or liabilities in future periods.Key sources of estimation uncertainty and critical judgements are continually evaluated and updated based on expectations about future events that are believed by Management to be reasonable under the circumstances.When applying the Group\u2019s accounting policies, Management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements:Purchased loan portfolios \u2013 classificationPurchased loan portfolios are the primary business activity of the Group and consist of portfolios of non-performing loans and debt, purchased at prices significantly below the nominal value of the receivable. After adoption of IFRS 9 Financial Instruments on 1 January 2018, these portfolios are defined as credit-impaired at acquisition, and classification under IFRS 9 Financial Instruments is dependent on an evaluation of the B2Holding business model and whether these portfolios meet the SPPI criteria (cash flows are solely payments of principal and interest). If these portfolios are determined to meet the criteria for a business model of Hold to collect and the cash flows consist of only principal and interest, then the classification is amortised cost. If not amortised cost, then the classification would be measurement at fair value over other comprehensive income (FVOCI), as the SPPI criteria is met, and the business model would be Hold to collect and sell. Management has performed a detailed analysis and exercised significant judge-ment related to the classification of the purchased loan portfolios upon implementation of IFRS 9 Financial Instruments. Management reviewed the portfolio cash flows, collection methods, and strategies as well as the infrequency of sales of individual receivables claims in the process of coming to a classification decision. It is management\u2019s conclusion that the IFRS 9 Financial Instruments criteria for a business model of Hold to collect and the SPPI criteria are satisfied for these portfolios. Purchased loan portfolios will continue to be measured at amortised cost using the effective interest method in accordance with the rules for credit-impaired at acquisition financial assets as set out in IFRS 9 Financial Instruments.Purchased loan portfolios \u2013 recognition in the income statementThe Group uses a credit-adjusted effective interest rate method to account for the loan receivables in the purchased loan portfolios. The use of the credit-adjusted effective interest rate method requires the Group to estimate future cash flows at each balance sheet reporting date. The underlying estimates that form the basis for interest income recognition and impairment losses on the portfolios depends on variables such as the ability to contact the customer and reach an agreement, estimated timing of cash flows, the general economic environment and statutory regulations. Interestincome from purchased loan portfolios is the calculated amortised cost interest revenue from the purchased loan portfolios using the credit-adjusted effective interest rates set at initial acquisition in the consolidated income statement. If the estimations for future periods are revised, the Group adjusts the carrying amount of the port- folios and loans to reflect actual and revised estimated cash flows in accordance with IFRS 9.B5.4.6. This adjustment, due to changes in the actual and estimated cash flows, is recognised in the con-solidated income statement as \u201cNet credit gain/loss from purchased loan portfolios\u201d. Events or changes in assumptions and Management\u2019s assessments and judgement will affect the amount and timing of the recognition of interest income and impairment losses. For further details, see note 4 Financial risk management.Purchased loan portfolios \u2013 measurementPurchased loan portfolios consist mainly of acquired credit impaired (non-performing) loans and receivables (non-derivative financial assets). When these portfolios meet the definition of having cash flows that are payments of solely principal and interest and are managed in a business model of Hold to collect, they are measured at amortised cost. The initial book value of the purchased loan portfolios is at fair value, defined as the acquisition cost plus transaction expenses at the time of purchase. Subsequent measurement is at amortised cost using the credit-adjusted effective interest rate established as of the date of initial acquisition of the portfolio. Events or changes in actual versus estimated collections and Management\u2019s assessment of future cash flows will impact the net present value of future cash flows and therefore the amortised cost book value of the purchased loan portfolios. Significant estimates have been made by management with respect to the collectability of future cash flows from portfolios. The cash flow estimates are prepared by management over a forecast period of time. If the cash flow estimates are revised, the carrying amount is recalculated by computing the present value of estimated future cash flows using the original credit-adjusted effective interest rate.Management\u2019s interpretations of historical cash flows, type of receivable, age, face value of the individual account, collaterals and experience from other portfolios form the basis for the cash flow estimates. Actual results may differ from the estimates, making it reasonably possible that a change in estimates could occur and impact the carrying value of the related purchased loan portfolio. On a quarterly basis Management reviews the estimates of future cash flows and whether it is reasonably possible that its assessment of collectability may change based on actual results and other factors that may have an impact on the estimates. Where management is made aware of special circumstances relating to a purchased loan portfolio that may affect the reliability of previous assumptions, they will review and, if necessary, change the future cash flow estimates. For further details, see notes 2.4 Purchased loan portfolios and 4 Financial risk management.Goodwill impairment testingIn accordance with IAS 36, goodwill is tested at least on an annual basis for impairment. If a loss in value is indicated, the recoverable amount is the cash-generating unit\u2019s (CGU\u2019s) fair value less the cost of disposal or its value in use. When testing goodwill for impairment, Management defines the recoverable amount as the estimated value in use. The value in use is the net present value of the estimated cash flows before tax. The discount rate used is the weighted average cost of capital (WACC) before tax calculated for each CGU. Estimating the financial assets\u2019 recoverable amount is based on Management\u2019s judgements related to estimates of future performance and cash flows, the interest income generating capacity of the assets and assumptions related to future market conditions. A possible impairment of goodwill is determined by assessing the recoverable amount of the CGU (or group of CGUs) to which the goodwill relates. For specific details related to the testing of goodwill, see note 14 Goodwill.Deferred tax assetsDeferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgment is required to determine the amount of deferred tax assets that will be recognised, based upon the reliable evidence as to the estimated timing and amount of the future taxable profits. Further details are included in note 2.7 and note 12 Income tax.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-66-2": {
"value": "4.1 Financial riskThe Group\u2019s activities are exposed to financial risks: market risk, currency and interest rate risk, credit risk, liquidity risk and cash flow risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverseeffects on the Group\u2019s financial performance. Market and regulatory environment:The primary market risk for the Group is related to general economic conditions and statutory regulations in various geographical markets which have an impact on the debtors\u2019 ability to pay and vendors\u2019 criteria for selling portfolios of loans and receivables. The services and products offered in the respective geographical markets are subject to strict local laws and regulations, including requirements for lending, ownership and debt collection licenses, as well as legislation concerning personal data protection. Any legislative changes concerning consumer credit could affect the Group\u2019s earnings, market position and range of products and services.Currency and interest rate risk:The strategy of the Group is to manage and limit both currency and interest rate risk. The Group holds various derivative financial instruments with the purpose of reducing its interest rate exposure and achieving a suitable currency ratio between its assets and liabilities. Currency riskNet debt adjusted for derivatives are made in relevant currencies reflecting the underlying expected future cash flows from loans and receivables. The exceptions are Romanian Leu (RON), Bulgarian Lev (BGN), Hungarian Forint (HUF), Bosnian Convertible Mark (BAM), Czech Koruna (CZK) and Serbian Dinar (RSD) where all borrowing is done in EUR.The Group\u2019s bond loans is denominated in EUR and borrowings under the multi-currency revolving credit facility and the bridge facility are drawn in PLN, SEK, DKK and EUR. To obtain a more balanced currency basket, the Group has entered into one FX Swap of EUR 15 million bought against PLN. At 31 December 2022, Net debt amounted to NOK 9,199 million. Adjusted for the currency derivative mentioned above, the Net debt represented a currency basket comprising of EUR: 66 %, PLN: 19 %, SEK: 10 % and DKK: 4 %.Interest rate riskThe Group uses interest rate swaps and interest rate caps to reduce its interest rate exposure. The Group\u2019s strategy is to hedge between 60 % and 120 % of Net debt up to a maximum period of five years. The hedging ratio at 31 December 2022 was 54 % with a duration of 1.0 years.Under the arrangements in effect at 31 December 2022, a 1 %-point decrease in market interest rates is estimated to have a neutral effect on net financial items of NOK 0 million, including a decrease in the fair value of the derivatives of NOK 42 million and reduction in payments from derivatives of NOK 50 million, offset by a reduced estimated interest cost of NOK 92 million. A 1 %-point increase in market interest rates is estimated to have a negative effect on net financial items of NOK 0.6 million, driven by an increase in the fair value of the derivatives of NOK 42 million and increased payments from the interest rate derivatives of NOK 50 million with an increase in interest expense is estimated to NOK 92 million.In general, changes in macroeconomic factors such as interest rates may impact the debtors\u2019 ability to repay their debt and thereby influence the future cash flow received from the portfolios.The currency sensitivity analysis shown below is based on book value of loans and receivables at 31 December 2022, net of Net debt and the effect of currency derivatives.Closing rate at 31NOK NOK NOK NOK December 2022strengthens strengthens weakens weakens Currencyagainst NOKby 20 %by 10 %by 10 %by 20 %DKK 1.4138 -42 -21 21 42EUR 10.5138 339 170 -170 -3391)HRK1.3954 -492 -246 246 492SEK 0.9453 -93 -46 46 93HUF 0.0262 -10 -5 5 10BAM 5.3757 -5 -2 2 5RSD 0.0897 -8 -4 4 8PLN 2.2462 -153 -76 76 153RON 2.1242 -54 -27 27 54BGN 5.3757 -95 -48 48 95CZK 0.4360 -75 -37 37 75Total impact on book values -686 -343 343 6861) Croatia (HRK) converted into EUR in January 2023.The EUR has an opposite effect to the other currencies in the table above because EUR net borrowings, including derivatives, exceeds the book value of EUR loans and receivables. The reason for this is that all borrowings relating to the acquisition of loan portfolios in Czech Republic, Croatia, Serbia, Bosnia and Herzegovina, Hungary, Romania and Bulgaria are done in EUR and not in their local currency, as mentioned in the currency risk paragraph above.Credit risk:Most of the loans and receivables are unsecured. As long as there is uncertainty about the ability of debtors to fulfil their obligations, there will also be considerable risk linked to cash collected from the Group\u2019s loans and receivables. Management\u2019s view is that the real credit risk exposure is reduced through the price discount paid on acquisition of the portfolios. In order to minimise the credit risk exposure, the Group continues to invest in staff with broad experience in credit management, and focus on increased analytical approaches to portfolio assessments. In addition, the Group\u2019s investment in effective IT systems and a more uniform cross-border business model will result in better control of the Group\u2019s business, which in turn will also help reduce the risk of credit losses. Refer to note 32 for subsequent events impact on credit risk.Maximum exposure to credit risk 2022 2021Purchased loan portfolios 11 181 10 921Loan receivables 280 2061)Investments in associated companies and joint ventures690 854Other non-current financial assets 13354Accounts receivable 34 32Other current assets 357 228Cash and cash equivalents 1 176 376Total at 31 December 13 852 12 6711) Investments in associated companies and joint ventures are recognised using the equity method, but underlying exposures are loan portfolios. These investments are therefore included in 2022 and 2021 is changed accordingly.Liquidity risk:The Group\u2019s multi-currency revolving credit facility of EUR 610 million, the EUR 171 million Senior Facility Agreement (SFA), the three senior unsecured bond loans of in total EUR 550 million, and the cash and cash equivalents, totalling NOK 15,170 million at 31 December 2022, ensures necessary funding to meet future payment obligations. At 31 December 2022, the Group had an unused part of the revolving credit facility totalling EUR 206 million or NOK 2,166 million, an unused part of the SFA of EUR 53 million or NOK 557 million, an unused part of the multi-currency overdraft totalling EUR 18 million or NOK 180 million and cash and cash equivalents of NOK 1,176 million.The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:12 months More than or less 1-2 years 2-5 years5 yearsInterest bearing loans & borrowings (current and non-current) 2 056 2 741 10 547Other non-current liabilities 32 64 55Bank overdraft 131Accounts and other payables 209Other current liabilities 405Total at 31 December 2022 2 801 2 773 10 611 55Interest bearing loans & borrowings (current and non-current) 2 945 5 124 2 050Other non-current liabilities 37 40 8Bank overdraft 219Accounts and other payables 173Other current liabilities 282Total at 31 December 2021 3 619 5 161 2 090 8Refer to note 32 for subsequent events impact on liquidity risk.Capital structure:The Group\u2019s Net interest bearing debt was NOK 9,042 million at 31 December 2022. Total equity, net of intangible assets (incl. goodwill), was NOK 4,353 million and total assets, net of intangible assets (incl. goodwill), was NOK 15,636 million. The Group monitors its capital structure by calculating a total loan to value ratio, defined as Net debt, adjusted for vendor financing, earn out, financial lease, fair value of hedging instrument, less cash and deposits divided by the carrying value of purchased loan portfolios, loan receivables, joint venture investments, collateral assets and goodwill. The total loan to value ratio at 31 December 2022 was 67.2 % which is lower than the maximum allowed loan to value covenant requirement under the multi-currency revolving credit facility of 75 %. Refer to note 24 for more information about the Group\u2019s financial covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-66-3": {
"value": "4.1 Financial riskThe Group\u2019s activities are exposed to financial risks: market risk, currency and interest rate risk, credit risk, liquidity risk and cash flow risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverseeffects on the Group\u2019s financial performance. Market and regulatory environment:The primary market risk for the Group is related to general economic conditions and statutory regulations in various geographical markets which have an impact on the debtors\u2019 ability to pay and vendors\u2019 criteria for selling portfolios of loans and receivables. The services and products offered in the respective geographical markets are subject to strict local laws and regulations, including requirements for lending, ownership and debt collection licenses, as well as legislation concerning personal data protection. Any legislative changes concerning consumer credit could affect the Group\u2019s earnings, market position and range of products and services.Currency and interest rate risk:The strategy of the Group is to manage and limit both currency and interest rate risk. The Group holds various derivative financial instruments with the purpose of reducing its interest rate exposure and achieving a suitable currency ratio between its assets and liabilities. Currency riskNet debt adjusted for derivatives are made in relevant currencies reflecting the underlying expected future cash flows from loans and receivables. The exceptions are Romanian Leu (RON), Bulgarian Lev (BGN), Hungarian Forint (HUF), Bosnian Convertible Mark (BAM), Czech Koruna (CZK) and Serbian Dinar (RSD) where all borrowing is done in EUR.The Group\u2019s bond loans is denominated in EUR and borrowings under the multi-currency revolving credit facility and the bridge facility are drawn in PLN, SEK, DKK and EUR. To obtain a more balanced currency basket, the Group has entered into one FX Swap of EUR 15 million bought against PLN. At 31 December 2022, Net debt amounted to NOK 9,199 million. Adjusted for the currency derivative mentioned above, the Net debt represented a currency basket comprising of EUR: 66 %, PLN: 19 %, SEK: 10 % and DKK: 4 %.Interest rate riskThe Group uses interest rate swaps and interest rate caps to reduce its interest rate exposure. The Group\u2019s strategy is to hedge between 60 % and 120 % of Net debt up to a maximum period of five years. The hedging ratio at 31 December 2022 was 54 % with a duration of 1.0 years.Under the arrangements in effect at 31 December 2022, a 1 %-point decrease in market interest rates is estimated to have a neutral effect on net financial items of NOK 0 million, including a decrease in the fair value of the derivatives of NOK 42 million and reduction in payments from derivatives of NOK 50 million, offset by a reduced estimated interest cost of NOK 92 million. A 1 %-point increase in market interest rates is estimated to have a negative effect on net financial items of NOK 0.6 million, driven by an increase in the fair value of the derivatives of NOK 42 million and increased payments from the interest rate derivatives of NOK 50 million with an increase in interest expense is estimated to NOK 92 million.In general, changes in macroeconomic factors such as interest rates may impact the debtors\u2019 ability to repay their debt and thereby influence the future cash flow received from the portfolios.The currency sensitivity analysis shown below is based on book value of loans and receivables at 31 December 2022, net of Net debt and the effect of currency derivatives.Closing rate at 31NOK NOK NOK NOK December 2022strengthens strengthens weakens weakens Currencyagainst NOKby 20 %by 10 %by 10 %by 20 %DKK 1.4138 -42 -21 21 42EUR 10.5138 339 170 -170 -3391)HRK1.3954 -492 -246 246 492SEK 0.9453 -93 -46 46 93HUF 0.0262 -10 -5 5 10BAM 5.3757 -5 -2 2 5RSD 0.0897 -8 -4 4 8PLN 2.2462 -153 -76 76 153RON 2.1242 -54 -27 27 54BGN 5.3757 -95 -48 48 95CZK 0.4360 -75 -37 37 75Total impact on book values -686 -343 343 6861) Croatia (HRK) converted into EUR in January 2023.The EUR has an opposite effect to the other currencies in the table above because EUR net borrowings, including derivatives, exceeds the book value of EUR loans and receivables. The reason for this is that all borrowings relating to the acquisition of loan portfolios in Czech Republic, Croatia, Serbia, Bosnia and Herzegovina, Hungary, Romania and Bulgaria are done in EUR and not in their local currency, as mentioned in the currency risk paragraph above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
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"pp-value-66-4": {
"value": "4.1 Financial riskThe Group\u2019s activities are exposed to financial risks: market risk, currency and interest rate risk, credit risk, liquidity risk and cash flow risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverseeffects on the Group\u2019s financial performance. Market and regulatory environment:The primary market risk for the Group is related to general economic conditions and statutory regulations in various geographical markets which have an impact on the debtors\u2019 ability to pay and vendors\u2019 criteria for selling portfolios of loans and receivables. The services and products offered in the respective geographical markets are subject to strict local laws and regulations, including requirements for lending, ownership and debt collection licenses, as well as legislation concerning personal data protection. Any legislative changes concerning consumer credit could affect the Group\u2019s earnings, market position and range of products and services.Currency and interest rate risk:The strategy of the Group is to manage and limit both currency and interest rate risk. The Group holds various derivative financial instruments with the purpose of reducing its interest rate exposure and achieving a suitable currency ratio between its assets and liabilities. Currency riskNet debt adjusted for derivatives are made in relevant currencies reflecting the underlying expected future cash flows from loans and receivables. The exceptions are Romanian Leu (RON), Bulgarian Lev (BGN), Hungarian Forint (HUF), Bosnian Convertible Mark (BAM), Czech Koruna (CZK) and Serbian Dinar (RSD) where all borrowing is done in EUR.The Group\u2019s bond loans is denominated in EUR and borrowings under the multi-currency revolving credit facility and the bridge facility are drawn in PLN, SEK, DKK and EUR. To obtain a more balanced currency basket, the Group has entered into one FX Swap of EUR 15 million bought against PLN. At 31 December 2022, Net debt amounted to NOK 9,199 million. Adjusted for the currency derivative mentioned above, the Net debt represented a currency basket comprising of EUR: 66 %, PLN: 19 %, SEK: 10 % and DKK: 4 %.Interest rate riskThe Group uses interest rate swaps and interest rate caps to reduce its interest rate exposure. The Group\u2019s strategy is to hedge between 60 % and 120 % of Net debt up to a maximum period of five years. The hedging ratio at 31 December 2022 was 54 % with a duration of 1.0 years.Under the arrangements in effect at 31 December 2022, a 1 %-point decrease in market interest rates is estimated to have a neutral effect on net financial items of NOK 0 million, including a decrease in the fair value of the derivatives of NOK 42 million and reduction in payments from derivatives of NOK 50 million, offset by a reduced estimated interest cost of NOK 92 million. A 1 %-point increase in market interest rates is estimated to have a negative effect on net financial items of NOK 0.6 million, driven by an increase in the fair value of the derivatives of NOK 42 million and increased payments from the interest rate derivatives of NOK 50 million with an increase in interest expense is estimated to NOK 92 million.In general, changes in macroeconomic factors such as interest rates may impact the debtors\u2019 ability to repay their debt and thereby influence the future cash flow received from the portfolios.The currency sensitivity analysis shown below is based on book value of loans and receivables at 31 December 2022, net of Net debt and the effect of currency derivatives.Closing rate at 31NOK NOK NOK NOK December 2022strengthens strengthens weakens weakens Currencyagainst NOKby 20 %by 10 %by 10 %by 20 %DKK 1.4138 -42 -21 21 42EUR 10.5138 339 170 -170 -3391)HRK1.3954 -492 -246 246 492SEK 0.9453 -93 -46 46 93HUF 0.0262 -10 -5 5 10BAM 5.3757 -5 -2 2 5RSD 0.0897 -8 -4 4 8PLN 2.2462 -153 -76 76 153RON 2.1242 -54 -27 27 54BGN 5.3757 -95 -48 48 95CZK 0.4360 -75 -37 37 75Total impact on book values -686 -343 343 6861) Croatia (HRK) converted into EUR in January 2023.The EUR has an opposite effect to the other currencies in the table above because EUR net borrowings, including derivatives, exceeds the book value of EUR loans and receivables. The reason for this is that all borrowings relating to the acquisition of loan portfolios in Czech Republic, Croatia, Serbia, Bosnia and Herzegovina, Hungary, Romania and Bulgaria are done in EUR and not in their local currency, as mentioned in the currency risk paragraph above.Credit risk:Most of the loans and receivables are unsecured. As long as there is uncertainty about the ability of debtors to fulfil their obligations, there will also be considerable risk linked to cash collected from the Group\u2019s loans and receivables. Management\u2019s view is that the real credit risk exposure is reduced through the price discount paid on acquisition of the portfolios. In order to minimise the credit risk exposure, the Group continues to invest in staff with broad experience in credit management, and focus on increased analytical approaches to portfolio assessments. In addition, the Group\u2019s investment in effective IT systems and a more uniform cross-border business model will result in better control of the Group\u2019s business, which in turn will also help reduce the risk of credit losses. Refer to note 32 for subsequent events impact on credit risk.Maximum exposure to credit risk 2022 2021Purchased loan portfolios 11 181 10 921Loan receivables 280 2061)Investments in associated companies and joint ventures690 854Other non-current financial assets 13354Accounts receivable 34 32Other current assets 357 228Cash and cash equivalents 1 176 376Total at 31 December 13 852 12 6711) Investments in associated companies and joint ventures are recognised using the equity method, but underlying exposures are loan portfolios. These investments are therefore included in 2022 and 2021 is changed accordingly.Liquidity risk:The Group\u2019s multi-currency revolving credit facility of EUR 610 million, the EUR 171 million Senior Facility Agreement (SFA), the three senior unsecured bond loans of in total EUR 550 million, and the cash and cash equivalents, totalling NOK 15,170 million at 31 December 2022, ensures necessary funding to meet future payment obligations. At 31 December 2022, the Group had an unused part of the revolving credit facility totalling EUR 206 million or NOK 2,166 million, an unused part of the SFA of EUR 53 million or NOK 557 million, an unused part of the multi-currency overdraft totalling EUR 18 million or NOK 180 million and cash and cash equivalents of NOK 1,176 million.The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:12 months More than or less 1-2 years 2-5 years5 yearsInterest bearing loans & borrowings (current and non-current) 2 056 2 741 10 547Other non-current liabilities 32 64 55Bank overdraft 131Accounts and other payables 209Other current liabilities 405Total at 31 December 2022 2 801 2 773 10 611 55Interest bearing loans & borrowings (current and non-current) 2 945 5 124 2 050Other non-current liabilities 37 40 8Bank overdraft 219Accounts and other payables 173Other current liabilities 282Total at 31 December 2021 3 619 5 161 2 090 8Refer to note 32 for subsequent events impact on liquidity risk.Capital structure:The Group\u2019s Net interest bearing debt was NOK 9,042 million at 31 December 2022. Total equity, net of intangible assets (incl. goodwill), was NOK 4,353 million and total assets, net of intangible assets (incl. goodwill), was NOK 15,636 million. The Group monitors its capital structure by calculating a total loan to value ratio, defined as Net debt, adjusted for vendor financing, earn out, financial lease, fair value of hedging instrument, less cash and deposits divided by the carrying value of purchased loan portfolios, loan receivables, joint venture investments, collateral assets and goodwill. The total loan to value ratio at 31 December 2022 was 67.2 % which is lower than the maximum allowed loan to value covenant requirement under the multi-currency revolving credit facility of 75 %. Refer to note 24 for more information about the Group\u2019s financial covenants.4.2 Derivative financial instruments and net investment hedgeAt 31 December 2022, the Group had the following derivative financial instruments:Notional Notional Fair amount in amount in Fixed Floating value Instrument CurrencycurrencyNOKrate Strike3M IBORNOK Start Due Interest rate derivatives:Interest rate swap DKK 350 495 0.2540 % 2.45 % 14 21/12/2018 14/12/2023Interest rate swap PLN 75 168 0.6850 % 6.82 % 23 14/07/2020 14/07/2025Interest rate swap PLN 75 168 0.6670 % 6.82 % 23 15/06/2020 16/06/2025Interest rate swap PLN 75 168 0.6650 % 6.82 % 22 14/05/2020 14/05/2025Interest rate cap EUR 100 1 051 1.0000 % 2.13 % 9 10/07/2018 10/07/2023Interest rate cap EUR 100 1 051 1.0000 % 2.13 % 9 10/07/2018 10/07/2023Interest rate cap EUR 75 789 1.0000 % 2.13 % 20 21/12/2018 14/02/2024Interest rate cap EUR 75 789 1.0000 % 2.13 % 19 21/12/2018 14/02/2024Interest rate cap SEK 300 284 1.0000 % 2.70 % 8 21/12/2018 14/03/2024146Buy Sell Fair Currency Buy amount amount Forward amount value Start Due pairin currencyin NOK ratecurrency Spot rate NOKdatedateCurrency derivatives:FX swap EUR/PLN 15 158 4.7580 71 4.6816 -0.4 10/12/2021 14/03/2022-0.4The Group uses interest rate swaps and caps to hedge (from floating to fixed) its interest rate risk exposure, and foreign exchange forward contracts to hedge its currency exposure. The fair value of the interest swaps and caps at 31 December 2022 was positive with NOK 146 million and the fair value of the foreign exchange forward contracts at 31 December 2022 was negative with NOK 0.4 million. In total the fair value of all derivatives at 31 December 2022 was positive with NOK 146 million.In addition to changes in fair value, net financial items is also affected by the interest paid and received under the interest rate swaps and foreign exchange forwards. The net interest revenue from the interest rate swaps and caps was NOK 18 million, and the net interest revenue from the currency derivatives was NOK 7 million in 2022. Financial instruments designated as hedging instruments of net investment in foreign operations The Group applies hedge accounting to hedges of net investments in foreign subsidiaries. The hedged risk is the foreign currency translation risk caused by the consolidation of an investment in a foreign subsidiary with a different functional currency than the parent. Foreign currency borrowings are used as hedging instruments. These instruments are presented as non-current interest bearing debt in the balance sheet. Instruments in EUR, PLN and SEK are used to hedge the investments in the Group\u2019s subsidiaries with functional currencies EUR, PLN and SEK. Hedge ineffectiveness may arise when the amount of the investment in the foreign subsidiary becomes lower than the amount of the debt and derivatives designated as hedging instruments. The total hedged exposure in the net investment hedges amounted to NOK 2,118 million at 31 December 2022. There was no hedge ineffectiveness recorded in the years ending 31 December 2022 and 2021, since the foreign currency gains and losses on the hedged items are offset by the foreign currency gains and losses on the hedging instruments. The hedge ratio is 1:1. Any reclassifications from net investment hedge reserve to the income statement, due to for instance sales of subsidiaries, can be seen in the Consolidated statement of comprehensive income and the Consolidated statement of changes in equity.Net investment hedging relationships 2022 2021Change in carrying amount of net investment hedge instruments as a result of foreign currency movements since 1 January, recognised in OCI 9 15Change in value of hedged item used to determine hedge effectiveness -9 -15Interest bearing debt designated as hedging instruments in net investment hedges (only designated part of instruments is included):As of 31 December 2022 2021Nominal amounts net investment hedge instruments 2 118 1 292 Debt designated as hedging instruments in net investment hedges are recognised on the line item Non-current interest bearing loans and borrowings in the Consoldiated statement of financial position. The following table shows the maturity profile (in nominal values) of the Group\u2019s net investment hedge instruments (only designated part of instruments are included): <1 year 2 years 3 years 4 years TotalAs of 31 December 2022 620 1 498 2 118 As of 31 December 2021 1 292 1 292 Impact of hedging on equitySet out below is the reconciliation of component of equity and the analysis of the other comprehensive income:Foreign currency hedge reserveAs at 1 January 2021 7 Foreign currency revaluation of the PLN borrowing 6 Foreign currency revaluation of the SEK borrowing 7 Foreign currency revaluation of the EUR borrowing 2As at 1 January 2022 22 Foreign currency revaluation of the PLN borrowing 23 Foreign currency revaluation of the SEK borrowing 17 Foreign currency revaluation of the EUR borrowing -31 As at 31 December 2022 31 4.3 Purchased loan portfoliosPurchased loan portfolios at 31 December 20222022 2021At 1 January 10 921 13 033Purchase of loan portfolios 2 165 1 202Gross collection from purchased loan portfolios -4 584 -5 068Interest revenue from purchased loan portfolios 2 133 2 344Net credit gain/loss purchased loan portfolios 129 11Exchange rate differences 417 -600At 31 December 11 181 10 921Gross collections from purchased loan portfolios:Gross collections are the actual cash collected and assets recovered from purchased portfolios before costs related to collect the cash received.Net credit gain/loss from purchased portfolios:The Group purchases materially impaired loan portfolios at significant discounts and impairments are already included at purchase. The expected credit loss for the purchased loan portfolios is not explicitly recognized as a loss provision, as these financial assets are credit impaired by definition and the estimated loss is already part of the amortized cost. The Group\u2019s exposure to credit risk from the purchased loan portfolios is related to actual Gross collections deviating from collection estimates and from changes in future cash collections estimates. The Group regularly evaluates the current collection estimates on single portfolios and the estimate is adjusted if collections are determined to deviate from current estimate over time. The adjusted collections estimate is discounted by the initial rate of return at acquisition of the portfolio. Changes from current estimate adjusts the book value of the portfolio and is included in the profit and loss statement in the line item \u201cNet credit gain/loss from purchased loan portfolios\u201d. The portfolios are evaluated quarterly. Cash collections above collection estimates and upwards adjustment of future collection estimates increase revenue. Cash collections below collection estimates and downwards adjustment of future collection estimates decrease revenue.Net credit gain/(loss) from purchased loan portfolios is specified in the table below:South Northern Central Western Eastern Year ended 31 December 2022Europe PolandEuropeEuropeEurope TotalSecured portfolios:Gross collection from purchased loan portfolios 8 36 571 254 153 1 022Collection above/(below) estimates 3 -14 367 23 58 437Changes in future collection estimates -2 15 -272 -113 -38 -410Net credit gain/(loss) from secured portfolios 1 0 95 -90 21 27Unsecured portfolios:Gross collection from purchased loan portfolios 1 592 1 050 312 149 458 3 562Collection above/(below) estimates 19 166 23 -61 -31 116Changes in future collection estimates -44 125 1 -72 -24 -14Net credit gain/loss from unsecured portfolios -25 291 24 -133 -55 102 Net credit gain/(loss) from purchased loan portfolios -24 291 119 -223 -35 129South Northern Central Western Eastern Year ended 31 December 2021Europe PolandEuropeEuropeEurope TotalSecured portfolios:Gross collection from purchased loan portfolios 10 48 859 294 215 1 427Collection above/(below) estimates 4 19 30 -44 24 34Changes in future collection estimates -3 -26 2 -107 -29 -163Net credit gain/(loss) from secured portfolios 1 -7 32 -150 -5 -129Unsecured portfolios:Gross collection from purchased loan portfolios 1 691 1 004 324 168 454 3 641Collection above/(below) estimates 70 106 4 -56 -43 81Changes in future collection estimates -13 2 -3 0 72 59Net credit gain/loss from unsecured portfolios 58 108 1 -56 29 140Net credit gain/(loss) from purchased loan portfolios 58 102 33 -206 23 11Net purchase of purchased loan portfolios, cash flow statement:2022 2021Purchase of loan portfolios -2 165 -1 202Change in prepaid/amounts due on purchase of purchased loan portfolios 8 10Net purchase of purchased loan portfolios, cash flow statement -2 157 -1 1924.4 Fair value estimation purchased loan portfoliosThe fair value of financial instruments that are not traded in an active market is determined by using valuation techniques such as net present value of estimated cash flows. For purchased loan portfolios, the discount rate used is the weighted average cost of capital, which is the weighted value of the cost of debt and the cost of equity in each particular country. The cost of equity is estimated by applying the capital asset pricing model.As described in note 3, the preparation of cash flow estimates requires significant estimates to be made by management regarding future cash flows from purchased loan portfolios. The fair value of the purchased loan portfolios is estimated to be approximately NOK 11.5 billion and is based on net future estimated cash flows after tax, discounted with the estimated WACC for the countries in question. The corresponding carrying amount is NOK 11,181 million which is based on IFRS 9 using the estimated gross future cash flows, where the discount factor is the individual IRR for each portfolio. The future gross cash flow forecasts used to estimate the fair value are the same as the cash flow forecasts used in the accounting for purchased loan portfolios at 31 December 2022.The fair value estimation is based on estimated monthly net cash flows from the purchased loan portfolios per subsidiary and type of portfolio (unsecured/secured). The estimated monthly net cash flows from purchased loan portfolios is the assumed monthly future Gross collection less assumed monthly cost to collect. Cost to collect is a percentage of the Gross collection and varies from 8 % to 35 % depending on the type of portfolio, stage of development of the subsidiary in its local market and country specific environment. In addition, the country specific marginal tax rate is applied. This individual cost to collect and tax rate is applied to each estimated future cash flow, adding up to an estimated total net cash flow (CF3) for the Group, presented in the table below.Table showing CF1, CF2 & CF3 for the years from 2023 to 2042 for purchased loan portfolios owned at 31 December 2022 2023 2024 -----------> 2043 TotalGross collection (CF1) 4 148 4 199 10 477 18 824Cost to collect -794 -734 -2 111 -3 639Gross collection less cost to collect (CF2) 3 354 3 465 8 366 0 15 184Tax -243 -158 -425 -827Net cash flow from purchased loan portfolios (CF3) 3 110 3 307 7 941 0 14 358The weighted average cost of capital after tax is estimated for each country where the cash flow is generated. Based on this rate, the discounted value of the estimated net cash flows for the forecast period indicates that the fair value of the purchased loan portfolios is NOK 11.5 billion.To evaluate this calculation, a sensitivity analysis is presented in the table below in order to see the effect of deviations in the cash flow estimates and effects of variations in the cost of capital used as discount rate. % forecast collectionFair value of purchased loan portfolios at 31 December 2022 assuming different % forecast collection levels and discount rates90 % 100 % 110 %Discount rate WACC -1.5 % 10 641 11 962 13 283 WACC -1.0 % 10 494 11 798 13 101 WACC -0.5 % 10 352 11 638 12 924 WACC used 10 214 11 484 12 752 WACC +0,5 % 10 081 11 334 12 586 WACC +1.0 % 9 951 11 188 12 425 WACC +1.5 % 9 826 11 047 12 268 Cost of capital:The cost of equity (R) was assessed by applying the Capital Asset Pricing Model, which assumes that the shareholders demand a risk Spremium in addition to the return on a risk-free (R) investment. The risk premium was estimated based on a general market risk (MRP), Fwhich was adjusted up or down depending on the industry\u2019s risk profile through multiplying by the \u03b2-risk. The first adjustment to the basic CAPM model is a country risk premium, CRP. An additional adjustment to the CAPM equation is a legal risk premium, LRP. This expands our specification of the CAPM to:\ue61fR = R + MRP * \u03b2 + CRP + LRPSFThe weighted average cost of capital is estimated as:EquityDebtWACC= * R+ R* (1 - corporate tax rate)S B Equity + DebtEquity + DebtWhere R is the cost of debt. The cost of debt is estimated as the observed weighted marginal cost of the company\u2019s outstanding debt.BRisk free rate:The applied risk-free rate is based on a 10-year AAA-rated Euro area central government bond. The applied rate is calculated as an average of observed rates in a 30-day period before the calculation date. Market risk premium:The market risk premium is defined as: MRP = (R - R) MF where R = Market return and R = Risk free rate MFA market risk premium of 5 % was applied. Equity beta:The beta coefficient is a measure of systematic risk. The value expresses the combination of the stock\u2019s risk and to what extent the stock correlates with the market. Beta was determined based on stock price statistics for quoted, comparable companies. Monthly observations over a five-year period was used to estimate beta. The Morgan Stanley World ACWI index was used as reference index. Bayesian adjusted betas were applied. The effect of debt on \u03b2 was eliminated through the Harris and Pringle formula. Country Risk Premium (CRP)A country risk premium is often added when the target company is located in or operating in a geographical area that is subject to additional political and economic risks compared to a similar company based in, for instance, Western Europe. There are several sources and methodologies available for estimating CRP. CRP for the Group was estimated using the Damodaran model, which is an extension of the sovereign spread model (Goldman model) where credit default risk for sovereign bonds is estimated based on sovereign bond credit ratings. The Damodaran model adjusts the bond default risk with a factor for assumed equity markets standard deviation divided by bond markets standard deviation (usually assumed to be 1.5).Legal Risk Premium (LRP)LRP is added to account for the risk related to a country\u2019s regulatory and legal environment. The LRP is calculated as a factor derived from a corruption perception index multiplied with a premium assumed on basis of the country\u2019s credit rating.Future cash flow estimatesThe future cash flow estimates are based on the forecast for the portfolio base as of 31 December 2022. Cost of capital calculation2022Risk free rate (long term government bond yields) 2.1 %Equity Beta 1.8 - 2.04 Country risk premium 0 % - 11.2 %Market risk premium 5 %Tax rates 9 % - 25 %Cost of equity 11 % - 30 %Cost of debt 6 %Equity weight 31 %Debt weight 69 %WACC (after tax) 6.7 % - 13.1 % 4.5 Fair value of financial instrumentsCarrying amount Fair valueFair value through profit or Amortised As at 31 December 2022losscost Total Level 1 Level 2 Level 3 TotalFinancial assetsPurchased loan portfolios (Note 4.4) 11 181 11 181 11 484 11 484Derivatives (Note 4.2) 146 146 146 146Other assets where carrying amount is a reasonable approximation of fair value and for which fair values are disclosed: Loan receivables (Note 18) 280 280 Accounts receivables (Note 19) 34 34 Collateral assets (Note 20) 1 294 1 294 Cash and cash equivalents (Note 21) 1 176 1 176Financial liabilitiesInterest bearing loans and borrowings (Note 24) 131 10 087 10 218 4 813 5 363 10 176Derivatives (Note 4.2) 0 0 0 04.5 Fair value of financial instrumentsCarrying amount Fair valueFair value through profit or Amortised As at 31 December 2021losscost Total Level 1 Level 2 Level 3 TotalFinancial assetsPurchased loan portfolios (Note 4.4) 10 921 10 921 11 370 11 370Derivatives (Note 4.2) 71 71 71 71Other assets where carrying amount is a reasonable approximation of fair value and for which fair values are disclosed: Loan receivables (Note 18) 206 206 Accounts receivables (Note 19) 32 32 Collateral assets (Note 20) 1 284 1 284 Cash and cash equivalents (Note 21) 376 376Financial liabilitiesInterest bearing loans and borrowings (Note 24) 219 9 224 9 443 5 815 3 527 9 342Derivatives (Note 4.2) 5 5 5 5Contingent consideration (Note 5.2) 11 11 11 11The fair value of unquoted financial assets has been estimated using valuation techniques based on assumptions that are not supported by observable market prices. The fair value of purchased loan portfolios (level 3) has been calculated by discounting the expected net future cash flows from Gross collection less cost to collect and tax with the estimated weighted average cost of capital for the countries where the purchased loan portfolio is originated. The fair value of interest bearing loans and borrowings is equal to book value for the Multi-currency revolving credit facility (level 2) as the loans are based on one to six month floating interest. The fair value for the bond loans (level 1) were determined by obtaining quoted market prices for the bond loans from the Norwegian Stock Exchange. The fair value of derivatives is set by calculating the present value of future cash flow using market rates for interest and currencies. In the case of the derivatives the fair value is confirmed by the financial institution that is the counterparty.The Group classifies fair value measurements by using a fair value hierarchy that reflects the significance of the input that is used in preparing the measurements. The fair value hierarchy has the following levels: Level 1: the input is quoted prices (unadjusted) in an active market for identical assets or liabilities. Level 2: the input is prices, other than quoted prices included in level 1, that are observable for the asset or liability either directly (as prices) or indirectly (calculated from prices). Level 3: the input to the asset or liability is not based on observable market data (non-observable input). ",
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"value": "Credit risk:Most of the loans and receivables are unsecured. As long as there is uncertainty about the ability of debtors to fulfil their obligations, there will also be considerable risk linked to cash collected from the Group\u2019s loans and receivables. Management\u2019s view is that the real credit risk exposure is reduced through the price discount paid on acquisition of the portfolios. In order to minimise the credit risk exposure, the Group continues to invest in staff with broad experience in credit management, and focus on increased analytical approaches to portfolio assessments. In addition, the Group\u2019s investment in effective IT systems and a more uniform cross-border business model will result in better control of the Group\u2019s business, which in turn will also help reduce the risk of credit losses. Refer to note 32 for subsequent events impact on credit risk.Maximum exposure to credit risk 2022 2021Purchased loan portfolios 11 181 10 921Loan receivables 280 2061)Investments in associated companies and joint ventures690 854Other non-current financial assets 13354Accounts receivable 34 32Other current assets 357 228Cash and cash equivalents 1 176 376Total at 31 December 13 852 12 6711) Investments in associated companies and joint ventures are recognised using the equity method, but underlying exposures are loan portfolios. These investments are therefore included in 2022 and 2021 is changed accordingly.",
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"pp-value-69-4": {
"value": "Liquidity risk:The Group\u2019s multi-currency revolving credit facility of EUR 610 million, the EUR 171 million Senior Facility Agreement (SFA), the three senior unsecured bond loans of in total EUR 550 million, and the cash and cash equivalents, totalling NOK 15,170 million at 31 December 2022, ensures necessary funding to meet future payment obligations. At 31 December 2022, the Group had an unused part of the revolving credit facility totalling EUR 206 million or NOK 2,166 million, an unused part of the SFA of EUR 53 million or NOK 557 million, an unused part of the multi-currency overdraft totalling EUR 18 million or NOK 180 million and cash and cash equivalents of NOK 1,176 million.The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:12 months More than or less 1-2 years 2-5 years5 yearsInterest bearing loans & borrowings (current and non-current) 2 056 2 741 10 547Other non-current liabilities 32 64 55Bank overdraft 131Accounts and other payables 209Other current liabilities 405Total at 31 December 2022 2 801 2 773 10 611 55Interest bearing loans & borrowings (current and non-current) 2 945 5 124 2 050Other non-current liabilities 37 40 8Bank overdraft 219Accounts and other payables 173Other current liabilities 282Total at 31 December 2021 3 619 5 161 2 090 8Refer to note 32 for subsequent events impact on liquidity risk.",
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"value": "Capital structure:The Group\u2019s Net interest bearing debt was NOK 9,042 million at 31 December 2022. Total equity, net of intangible assets (incl. goodwill), was NOK 4,353 million and total assets, net of intangible assets (incl. goodwill), was NOK 15,636 million. The Group monitors its capital structure by calculating a total loan to value ratio, defined as Net debt, adjusted for vendor financing, earn out, financial lease, fair value of hedging instrument, less cash and deposits divided by the carrying value of purchased loan portfolios, loan receivables, joint venture investments, collateral assets and goodwill. The total loan to value ratio at 31 December 2022 was 67.2 % which is lower than the maximum allowed loan to value covenant requirement under the multi-currency revolving credit facility of 75 %. Refer to note 24 for more information about the Group\u2019s financial covenants.",
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"pp-value-71-3": {
"value": "4.2 Derivative financial instruments and net investment hedgeAt 31 December 2022, the Group had the following derivative financial instruments:Notional Notional Fair amount in amount in Fixed Floating value Instrument CurrencycurrencyNOKrate Strike3M IBORNOK Start Due Interest rate derivatives:Interest rate swap DKK 350 495 0.2540 % 2.45 % 14 21/12/2018 14/12/2023Interest rate swap PLN 75 168 0.6850 % 6.82 % 23 14/07/2020 14/07/2025Interest rate swap PLN 75 168 0.6670 % 6.82 % 23 15/06/2020 16/06/2025Interest rate swap PLN 75 168 0.6650 % 6.82 % 22 14/05/2020 14/05/2025Interest rate cap EUR 100 1 051 1.0000 % 2.13 % 9 10/07/2018 10/07/2023Interest rate cap EUR 100 1 051 1.0000 % 2.13 % 9 10/07/2018 10/07/2023Interest rate cap EUR 75 789 1.0000 % 2.13 % 20 21/12/2018 14/02/2024Interest rate cap EUR 75 789 1.0000 % 2.13 % 19 21/12/2018 14/02/2024Interest rate cap SEK 300 284 1.0000 % 2.70 % 8 21/12/2018 14/03/2024146Buy Sell Fair Currency Buy amount amount Forward amount value Start Due pairin currencyin NOK ratecurrency Spot rate NOKdatedateCurrency derivatives:FX swap EUR/PLN 15 158 4.7580 71 4.6816 -0.4 10/12/2021 14/03/2022-0.4The Group uses interest rate swaps and caps to hedge (from floating to fixed) its interest rate risk exposure, and foreign exchange forward contracts to hedge its currency exposure. The fair value of the interest swaps and caps at 31 December 2022 was positive with NOK 146 million and the fair value of the foreign exchange forward contracts at 31 December 2022 was negative with NOK 0.4 million. In total the fair value of all derivatives at 31 December 2022 was positive with NOK 146 million.In addition to changes in fair value, net financial items is also affected by the interest paid and received under the interest rate swaps and foreign exchange forwards. The net interest revenue from the interest rate swaps and caps was NOK 18 million, and the net interest revenue from the currency derivatives was NOK 7 million in 2022. Financial instruments designated as hedging instruments of net investment in foreign operations The Group applies hedge accounting to hedges of net investments in foreign subsidiaries. The hedged risk is the foreign currency translation risk caused by the consolidation of an investment in a foreign subsidiary with a different functional currency than the parent. Foreign currency borrowings are used as hedging instruments. These instruments are presented as non-current interest bearing debt in the balance sheet. Instruments in EUR, PLN and SEK are used to hedge the investments in the Group\u2019s subsidiaries with functional currencies EUR, PLN and SEK. Hedge ineffectiveness may arise when the amount of the investment in the foreign subsidiary becomes lower than the amount of the debt and derivatives designated as hedging instruments. The total hedged exposure in the net investment hedges amounted to NOK 2,118 million at 31 December 2022. There was no hedge ineffectiveness recorded in the years ending 31 December 2022 and 2021, since the foreign currency gains and losses on the hedged items are offset by the foreign currency gains and losses on the hedging instruments. The hedge ratio is 1:1. Any reclassifications from net investment hedge reserve to the income statement, due to for instance sales of subsidiaries, can be seen in the Consolidated statement of comprehensive income and the Consolidated statement of changes in equity.Net investment hedging relationships 2022 2021Change in carrying amount of net investment hedge instruments as a result of foreign currency movements since 1 January, recognised in OCI 9 15Change in value of hedged item used to determine hedge effectiveness -9 -15Interest bearing debt designated as hedging instruments in net investment hedges (only designated part of instruments is included):As of 31 December 2022 2021Nominal amounts net investment hedge instruments 2 118 1 292 Debt designated as hedging instruments in net investment hedges are recognised on the line item Non-current interest bearing loans and borrowings in the Consoldiated statement of financial position. The following table shows the maturity profile (in nominal values) of the Group\u2019s net investment hedge instruments (only designated part of instruments are included): <1 year 2 years 3 years 4 years TotalAs of 31 December 2022 620 1 498 2 118 As of 31 December 2021 1 292 1 292 Impact of hedging on equitySet out below is the reconciliation of component of equity and the analysis of the other comprehensive income:Foreign currency hedge reserveAs at 1 January 2021 7 Foreign currency revaluation of the PLN borrowing 6 Foreign currency revaluation of the SEK borrowing 7 Foreign currency revaluation of the EUR borrowing 2As at 1 January 2022 22 Foreign currency revaluation of the PLN borrowing 23 Foreign currency revaluation of the SEK borrowing 17 Foreign currency revaluation of the EUR borrowing -31 As at 31 December 2022 31 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-75-3": {
"value": "4.4 Fair value estimation purchased loan portfoliosThe fair value of financial instruments that are not traded in an active market is determined by using valuation techniques such as net present value of estimated cash flows. For purchased loan portfolios, the discount rate used is the weighted average cost of capital, which is the weighted value of the cost of debt and the cost of equity in each particular country. The cost of equity is estimated by applying the capital asset pricing model.As described in note 3, the preparation of cash flow estimates requires significant estimates to be made by management regarding future cash flows from purchased loan portfolios. The fair value of the purchased loan portfolios is estimated to be approximately NOK 11.5 billion and is based on net future estimated cash flows after tax, discounted with the estimated WACC for the countries in question. The corresponding carrying amount is NOK 11,181 million which is based on IFRS 9 using the estimated gross future cash flows, where the discount factor is the individual IRR for each portfolio. The future gross cash flow forecasts used to estimate the fair value are the same as the cash flow forecasts used in the accounting for purchased loan portfolios at 31 December 2022.The fair value estimation is based on estimated monthly net cash flows from the purchased loan portfolios per subsidiary and type of portfolio (unsecured/secured). The estimated monthly net cash flows from purchased loan portfolios is the assumed monthly future Gross collection less assumed monthly cost to collect. Cost to collect is a percentage of the Gross collection and varies from 8 % to 35 % depending on the type of portfolio, stage of development of the subsidiary in its local market and country specific environment. In addition, the country specific marginal tax rate is applied. This individual cost to collect and tax rate is applied to each estimated future cash flow, adding up to an estimated total net cash flow (CF3) for the Group, presented in the table below.Table showing CF1, CF2 & CF3 for the years from 2023 to 2042 for purchased loan portfolios owned at 31 December 2022 2023 2024 -----------> 2043 TotalGross collection (CF1) 4 148 4 199 10 477 18 824Cost to collect -794 -734 -2 111 -3 639Gross collection less cost to collect (CF2) 3 354 3 465 8 366 0 15 184Tax -243 -158 -425 -827Net cash flow from purchased loan portfolios (CF3) 3 110 3 307 7 941 0 14 358The weighted average cost of capital after tax is estimated for each country where the cash flow is generated. Based on this rate, the discounted value of the estimated net cash flows for the forecast period indicates that the fair value of the purchased loan portfolios is NOK 11.5 billion.To evaluate this calculation, a sensitivity analysis is presented in the table below in order to see the effect of deviations in the cash flow estimates and effects of variations in the cost of capital used as discount rate. % forecast collectionFair value of purchased loan portfolios at 31 December 2022 assuming different % forecast collection levels and discount rates90 % 100 % 110 %Discount rate WACC -1.5 % 10 641 11 962 13 283 WACC -1.0 % 10 494 11 798 13 101 WACC -0.5 % 10 352 11 638 12 924 WACC used 10 214 11 484 12 752 WACC +0,5 % 10 081 11 334 12 586 WACC +1.0 % 9 951 11 188 12 425 WACC +1.5 % 9 826 11 047 12 268 Cost of capital:The cost of equity (R) was assessed by applying the Capital Asset Pricing Model, which assumes that the shareholders demand a risk Spremium in addition to the return on a risk-free (R) investment. The risk premium was estimated based on a general market risk (MRP), Fwhich was adjusted up or down depending on the industry\u2019s risk profile through multiplying by the \u03b2-risk. The first adjustment to the basic CAPM model is a country risk premium, CRP. An additional adjustment to the CAPM equation is a legal risk premium, LRP. This expands our specification of the CAPM to:\ue61fR = R + MRP * \u03b2 + CRP + LRPSFThe weighted average cost of capital is estimated as:EquityDebtWACC= * R+ R* (1 - corporate tax rate)S B Equity + DebtEquity + DebtWhere R is the cost of debt. The cost of debt is estimated as the observed weighted marginal cost of the company\u2019s outstanding debt.BRisk free rate:The applied risk-free rate is based on a 10-year AAA-rated Euro area central government bond. The applied rate is calculated as an average of observed rates in a 30-day period before the calculation date. Market risk premium:The market risk premium is defined as: MRP = (R - R) MF where R = Market return and R = Risk free rate MFA market risk premium of 5 % was applied. Equity beta:The beta coefficient is a measure of systematic risk. The value expresses the combination of the stock\u2019s risk and to what extent the stock correlates with the market. Beta was determined based on stock price statistics for quoted, comparable companies. Monthly observations over a five-year period was used to estimate beta. The Morgan Stanley World ACWI index was used as reference index. Bayesian adjusted betas were applied. The effect of debt on \u03b2 was eliminated through the Harris and Pringle formula. Country Risk Premium (CRP)A country risk premium is often added when the target company is located in or operating in a geographical area that is subject to additional political and economic risks compared to a similar company based in, for instance, Western Europe. There are several sources and methodologies available for estimating CRP. CRP for the Group was estimated using the Damodaran model, which is an extension of the sovereign spread model (Goldman model) where credit default risk for sovereign bonds is estimated based on sovereign bond credit ratings. The Damodaran model adjusts the bond default risk with a factor for assumed equity markets standard deviation divided by bond markets standard deviation (usually assumed to be 1.5).Legal Risk Premium (LRP)LRP is added to account for the risk related to a country\u2019s regulatory and legal environment. The LRP is calculated as a factor derived from a corruption perception index multiplied with a premium assumed on basis of the country\u2019s credit rating.Future cash flow estimatesThe future cash flow estimates are based on the forecast for the portfolio base as of 31 December 2022. Cost of capital calculation2022Risk free rate (long term government bond yields) 2.1 %Equity Beta 1.8 - 2.04 Country risk premium 0 % - 11.2 %Market risk premium 5 %Tax rates 9 % - 25 %Cost of equity 11 % - 30 %Cost of debt 6 %Equity weight 31 %Debt weight 69 %WACC (after tax) 6.7 % - 13.1 % 4.5 Fair value of financial instrumentsCarrying amount Fair valueFair value through profit or Amortised As at 31 December 2022losscost Total Level 1 Level 2 Level 3 TotalFinancial assetsPurchased loan portfolios (Note 4.4) 11 181 11 181 11 484 11 484Derivatives (Note 4.2) 146 146 146 146Other assets where carrying amount is a reasonable approximation of fair value and for which fair values are disclosed: Loan receivables (Note 18) 280 280 Accounts receivables (Note 19) 34 34 Collateral assets (Note 20) 1 294 1 294 Cash and cash equivalents (Note 21) 1 176 1 176Financial liabilitiesInterest bearing loans and borrowings (Note 24) 131 10 087 10 218 4 813 5 363 10 176Derivatives (Note 4.2) 0 0 0 04.5 Fair value of financial instrumentsCarrying amount Fair valueFair value through profit or Amortised As at 31 December 2021losscost Total Level 1 Level 2 Level 3 TotalFinancial assetsPurchased loan portfolios (Note 4.4) 10 921 10 921 11 370 11 370Derivatives (Note 4.2) 71 71 71 71Other assets where carrying amount is a reasonable approximation of fair value and for which fair values are disclosed: Loan receivables (Note 18) 206 206 Accounts receivables (Note 19) 32 32 Collateral assets (Note 20) 1 284 1 284 Cash and cash equivalents (Note 21) 376 376Financial liabilitiesInterest bearing loans and borrowings (Note 24) 219 9 224 9 443 5 815 3 527 9 342Derivatives (Note 4.2) 5 5 5 5Contingent consideration (Note 5.2) 11 11 11 11The fair value of unquoted financial assets has been estimated using valuation techniques based on assumptions that are not supported by observable market prices. The fair value of purchased loan portfolios (level 3) has been calculated by discounting the expected net future cash flows from Gross collection less cost to collect and tax with the estimated weighted average cost of capital for the countries where the purchased loan portfolio is originated. The fair value of interest bearing loans and borrowings is equal to book value for the Multi-currency revolving credit facility (level 2) as the loans are based on one to six month floating interest. The fair value for the bond loans (level 1) were determined by obtaining quoted market prices for the bond loans from the Norwegian Stock Exchange. The fair value of derivatives is set by calculating the present value of future cash flow using market rates for interest and currencies. In the case of the derivatives the fair value is confirmed by the financial institution that is the counterparty.The Group classifies fair value measurements by using a fair value hierarchy that reflects the significance of the input that is used in preparing the measurements. The fair value hierarchy has the following levels: Level 1: the input is quoted prices (unadjusted) in an active market for identical assets or liabilities. Level 2: the input is prices, other than quoted prices included in level 1, that are observable for the asset or liability either directly (as prices) or indirectly (calculated from prices). Level 3: the input to the asset or liability is not based on observable market data (non-observable input). ",
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"pp-value-78-4": {
"value": "4.5 Fair value of financial instrumentsCarrying amount Fair valueFair value through profit or Amortised As at 31 December 2022losscost Total Level 1 Level 2 Level 3 TotalFinancial assetsPurchased loan portfolios (Note 4.4) 11 181 11 181 11 484 11 484Derivatives (Note 4.2) 146 146 146 146Other assets where carrying amount is a reasonable approximation of fair value and for which fair values are disclosed: Loan receivables (Note 18) 280 280 Accounts receivables (Note 19) 34 34 Collateral assets (Note 20) 1 294 1 294 Cash and cash equivalents (Note 21) 1 176 1 176Financial liabilitiesInterest bearing loans and borrowings (Note 24) 131 10 087 10 218 4 813 5 363 10 176Derivatives (Note 4.2) 0 0 0 04.5 Fair value of financial instrumentsCarrying amount Fair valueFair value through profit or Amortised As at 31 December 2021losscost Total Level 1 Level 2 Level 3 TotalFinancial assetsPurchased loan portfolios (Note 4.4) 10 921 10 921 11 370 11 370Derivatives (Note 4.2) 71 71 71 71Other assets where carrying amount is a reasonable approximation of fair value and for which fair values are disclosed: Loan receivables (Note 18) 206 206 Accounts receivables (Note 19) 32 32 Collateral assets (Note 20) 1 284 1 284 Cash and cash equivalents (Note 21) 376 376Financial liabilitiesInterest bearing loans and borrowings (Note 24) 219 9 224 9 443 5 815 3 527 9 342Derivatives (Note 4.2) 5 5 5 5Contingent consideration (Note 5.2) 11 11 11 11The fair value of unquoted financial assets has been estimated using valuation techniques based on assumptions that are not supported by observable market prices. The fair value of purchased loan portfolios (level 3) has been calculated by discounting the expected net future cash flows from Gross collection less cost to collect and tax with the estimated weighted average cost of capital for the countries where the purchased loan portfolio is originated. The fair value of interest bearing loans and borrowings is equal to book value for the Multi-currency revolving credit facility (level 2) as the loans are based on one to six month floating interest. The fair value for the bond loans (level 1) were determined by obtaining quoted market prices for the bond loans from the Norwegian Stock Exchange. The fair value of derivatives is set by calculating the present value of future cash flow using market rates for interest and currencies. In the case of the derivatives the fair value is confirmed by the financial institution that is the counterparty.The Group classifies fair value measurements by using a fair value hierarchy that reflects the significance of the input that is used in preparing the measurements. The fair value hierarchy has the following levels: Level 1: the input is quoted prices (unadjusted) in an active market for identical assets or liabilities. Level 2: the input is prices, other than quoted prices included in level 1, that are observable for the asset or liability either directly (as prices) or indirectly (calculated from prices). Level 3: the input to the asset or liability is not based on observable market data (non-observable input). ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-80-2": {
"value": "NOTE 5: BUSINESS COMBINATIONS AND ACQUISITION OF NON-CONTROLLING INTERESTS\ue61e.1 Acquisitions in 2022The Group made no business acquisitions in 2022.5.2 Contingent consideration1)As part of the purchase agreements with the previous owners of NACC a contingent consideration is due for a limited period of time based on the achievement of certain post-acquisition performance targets.NACC, France was acquired in March 2018. As at the acquisition date, the fair value of the contingent consideration was estimated and accounted for as a non-current or current liability depending on the payment date of the various installments.A reconciliation of the fair value measurement of the contingent consideration liability is set out below:NACCAt 1 January 2021 31Payments during the year -14Fair value adjustments during the year -5Exchange differences -1At 31 December 2021 11Payments during the year -11Fair value adjustments during the year 0Exchange differences 0At 31 December 2022 0The contingent consideration to the former owners of NACC is based on Gross collection from the portfolios held by NACC as at 31 December 2017 for the period 30 September 2017 to 31 December 2021. In addition, if cost to collect in relation to the Gross collection from portfolios held at 31 December 2017 exceeds the target threshold, cost to collect will reduce the Gross collection constituting the calculation basis for the contingent consideration. Estimated earn-out calculations of NOK 11 million for 2021 (final year), was finally approved and paid in 2022. 1) NACC (N\u00e9gociation et Achat de Cr\u00e9ances Contentieuses) changed name to SAS Veraltis Asset Managment in November 2022.",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-81-2": {
"value": "NOTE 6: OPERATING SEGMENTSFor management purposes, the Group is organised into different geographical regions corresponding to the countries where the Group operates. The Executive Management monitors the operating results of these geographical regions separately for the purposes of making decisions about resource allocation and performance assessment. The segment reporting is presented in the same manner as presented to the Executive Management. The Executive Management reporting differs from the reported numbers in the consolidated financial statements. The differences are related to the line item presentation of revenue from purchased loan portfolios and the presentation of operating cost. Total revenues and operating profit are equal in segment reporting and in the consolidated income statement. Amortisation/revaluation of purchased loan portfolios shows the difference between Gross collection and revenue from purchased loan portfolios recognised in the condensed interim consolidated income statement. Finance and taxes are managed on a Group basis and are not included at the regional level. The results of the parent company, the holding companies and the investment office in Luxembourg are reported as \u2018Central functions\u2019. Results from purchased loan portfolios are included in the region where the portfolio is originated.South Central Northern Central Western Eastern functions / Year ended 31 December 2022Europe PolandEuropeEuropeEuropeeliminations TotalInterest revenue from purchased loan portfolios 717 489 364 264 299 2 133Net credit gain/(loss) from purchased loan portfolios -24 291 119 -223 -35 129Revenue from purchased loan portfolios 693 780 483 41 265 2 262Profit from investments in associated parties/joint ventures -9 82 28 100Total revenue from purchased loan portfolios 684 780 564 41 292 2 362Revenue from external collection 141 6 102 100 349Revenue from loan receivables 117 1 118Revenue from sale of collateral assets 1 2 519 17 42 581Other operating revenues 16 4 13 28 7 68Total other revenues 158 123 538 146 150 1 115Total revenues 842 903 1 103 187 442 3 477Cost to collect -229 -272 -191 -148 -184 -1 025Cost of collateral assets sold, including impairment -1 -2 -345 -11 -33 -392Cost other revenues -128 -52 -20 -133 -121 -453Administration and management costs -31 -17 -29 -10 -23 -286 -395EBITDA 453 560 518 -114 82 -286 1 212Depreciation, amortisation and impairment losses -16 -20 -9 -19 -17 -103 -184Operating profit/(loss) (EBIT) 437 540 510 -134 65 -389 1 029South Central Northern Central Western Eastern functions / Year ended 31 December 2021Europe PolandEuropeEuropeEuropeeliminations TotalInterest revenue from purchased loan portfolios 777 505 430 308 324 2 344Net credit gain/(loss) from purchased loan portfolios 58 102 33 -206 23 11Revenue from purchased loan portfolios 835 607 463 101 348 2 355Profit from investments in associated parties/joint ventures 6 65 27 99Total revenue from purchased loan portfolios 842 607 528 101 375 2 452Revenue from external collection 150 0 9 110 93 362Revenue from loan receivables 92 1 93Revenue from sale of collateral assets 2 3 98 11 51 164Other operating revenues 19 1 17 30 16 83Total other revenues 171 95 124 151 160 702Total revenues 1 013 702 652 253 535 3 155Cost to collect -220 -259 -167 -150 -183 -981Cost of collateral assets sold, including impairment -1 -3 -72 -10 -33 -119Cost other revenues -135 -42 -27 -133 -110 -447Administration and management costs -24 24 -21 -16 -15 -160 -213 EBITDA 632 422 365 -58 195 -160 1 396Depreciation, amortisation and impairment losses -14 -25 -8 -19 -14 -9 -88Operating profit/(loss) (EBIT) 618 397 356 -76 181 -169 1 308South Central Northern Central Western Eastern functions / Year ended 31 December 2022Europe PolandEuropeEurope Europeeliminations TotalPortfolio investments 884 729 74 312 166 2 165Carrying value of purchased loansPurchased loan portfolios 4 437 2 378 1 795 1 563 1 008 11 181Purchased loan portfolios held through joint ventures 56 240 394 690Purchased loan portfolios at 31 December 4 493 2 378 2 034 1 563 1 402 11 871South Central Northern Central Western Eastern functions / Year ended 31 December 2021Europe PolandEuropeEurope Europeeliminations TotalPortfolio investments 427 458 73 32 213 1 202Purchased loan portfolios, book valuePurchased loan portfolios 4 352 1 874 2 025 1 534 1 136 10 921Purchased loan portfolios held through joint ventures 83 344 427 854Purchased loan portfolios at 31 December 4 435 1 874 2 369 1 534 1 563 11 775",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-81-3": {
"value": "NOTE 6: OPERATING SEGMENTSFor management purposes, the Group is organised into different geographical regions corresponding to the countries where the Group operates. The Executive Management monitors the operating results of these geographical regions separately for the purposes of making decisions about resource allocation and performance assessment. The segment reporting is presented in the same manner as presented to the Executive Management. The Executive Management reporting differs from the reported numbers in the consolidated financial statements. The differences are related to the line item presentation of revenue from purchased loan portfolios and the presentation of operating cost. Total revenues and operating profit are equal in segment reporting and in the consolidated income statement. Amortisation/revaluation of purchased loan portfolios shows the difference between Gross collection and revenue from purchased loan portfolios recognised in the condensed interim consolidated income statement. Finance and taxes are managed on a Group basis and are not included at the regional level. The results of the parent company, the holding companies and the investment office in Luxembourg are reported as \u2018Central functions\u2019. Results from purchased loan portfolios are included in the region where the portfolio is originated.South Central Northern Central Western Eastern functions / Year ended 31 December 2022Europe PolandEuropeEuropeEuropeeliminations TotalInterest revenue from purchased loan portfolios 717 489 364 264 299 2 133Net credit gain/(loss) from purchased loan portfolios -24 291 119 -223 -35 129Revenue from purchased loan portfolios 693 780 483 41 265 2 262Profit from investments in associated parties/joint ventures -9 82 28 100Total revenue from purchased loan portfolios 684 780 564 41 292 2 362Revenue from external collection 141 6 102 100 349Revenue from loan receivables 117 1 118Revenue from sale of collateral assets 1 2 519 17 42 581Other operating revenues 16 4 13 28 7 68Total other revenues 158 123 538 146 150 1 115Total revenues 842 903 1 103 187 442 3 477Cost to collect -229 -272 -191 -148 -184 -1 025Cost of collateral assets sold, including impairment -1 -2 -345 -11 -33 -392Cost other revenues -128 -52 -20 -133 -121 -453Administration and management costs -31 -17 -29 -10 -23 -286 -395EBITDA 453 560 518 -114 82 -286 1 212Depreciation, amortisation and impairment losses -16 -20 -9 -19 -17 -103 -184Operating profit/(loss) (EBIT) 437 540 510 -134 65 -389 1 029South Central Northern Central Western Eastern functions / Year ended 31 December 2021Europe PolandEuropeEuropeEuropeeliminations TotalInterest revenue from purchased loan portfolios 777 505 430 308 324 2 344Net credit gain/(loss) from purchased loan portfolios 58 102 33 -206 23 11Revenue from purchased loan portfolios 835 607 463 101 348 2 355Profit from investments in associated parties/joint ventures 6 65 27 99Total revenue from purchased loan portfolios 842 607 528 101 375 2 452Revenue from external collection 150 0 9 110 93 362Revenue from loan receivables 92 1 93Revenue from sale of collateral assets 2 3 98 11 51 164Other operating revenues 19 1 17 30 16 83Total other revenues 171 95 124 151 160 702Total revenues 1 013 702 652 253 535 3 155Cost to collect -220 -259 -167 -150 -183 -981Cost of collateral assets sold, including impairment -1 -3 -72 -10 -33 -119Cost other revenues -135 -42 -27 -133 -110 -447Administration and management costs -24 24 -21 -16 -15 -160 -213 EBITDA 632 422 365 -58 195 -160 1 396Depreciation, amortisation and impairment losses -14 -25 -8 -19 -14 -9 -88Operating profit/(loss) (EBIT) 618 397 356 -76 181 -169 1 308South Central Northern Central Western Eastern functions / Year ended 31 December 2022Europe PolandEuropeEurope Europeeliminations TotalPortfolio investments 884 729 74 312 166 2 165Carrying value of purchased loansPurchased loan portfolios 4 437 2 378 1 795 1 563 1 008 11 181Purchased loan portfolios held through joint ventures 56 240 394 690Purchased loan portfolios at 31 December 4 493 2 378 2 034 1 563 1 402 11 871South Central Northern Central Western Eastern functions / Year ended 31 December 2021Europe PolandEuropeEurope Europeeliminations TotalPortfolio investments 427 458 73 32 213 1 202Purchased loan portfolios, book valuePurchased loan portfolios 4 352 1 874 2 025 1 534 1 136 10 921Purchased loan portfolios held through joint ventures 83 344 427 854Purchased loan portfolios at 31 December 4 435 1 874 2 369 1 534 1 563 11 775",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-83-2": {
"value": "NOTE 7: OTHER REVENUES2022 2021Collection fees, commissions and debtor fees from external collection 349 362Other revenues from contracts with customers 48 54Total revenue from contracts with customers 397 415Rental income from collateral assets 13 16Other revenues 6 13Total other revenues 416 444Other revenues from contracts with customers consists mainly of telemarketing, fraud prevention and credit information services. NOTE 10: OTHER OPERATING EXPENSES2022 2021Printing, postage -51 -38IT, telecommunications -102 -93Cost of office premises -30 -29Travel, vehicles, accomodation -22 -15Marketing, business entertaining, meetings, arrangements -18 -12Consultancy fees - non collection services -216 -104Statutory and other corporate costs, including business insurance and trade licences -19 -21Office equipment and supplies -11 -10Impairment of receivables -2 -1Bank charges -8 -7Other expenses -71 -21Total Other operating expenses -551 -350",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-83-3": {
"value": "NOTE 7: OTHER REVENUES2022 2021Collection fees, commissions and debtor fees from external collection 349 362Other revenues from contracts with customers 48 54Total revenue from contracts with customers 397 415Rental income from collateral assets 13 16Other revenues 6 13Total other revenues 416 444Other revenues from contracts with customers consists mainly of telemarketing, fraud prevention and credit information services. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-83-4": {
"value": "NOTE 7: OTHER REVENUES2022 2021Collection fees, commissions and debtor fees from external collection 349 362Other revenues from contracts with customers 48 54Total revenue from contracts with customers 397 415Rental income from collateral assets 13 16Other revenues 6 13Total other revenues 416 444Other revenues from contracts with customers consists mainly of telemarketing, fraud prevention and credit information services. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-84-2": {
"value": "NOTE 8: EXPENSES OF SERVICES PROVIDED2022 2021Fees to court and bailiffs -323 -308External cost portfolio acquisition & search 0 -4Other fees for external services, including fees to lawyers for collection services -99 -108Total Expenses of services provided -422 -420",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-85-2": {
"value": "NOTE 9: PERSONNEL EXPENSES2022 2021Wages, salaries and other benefits paid -683 -645Social security costs & payroll taxes -128 -131Defined contribution pension costs -34 -32Cost of external temporary staff -25 -30Other personnel costs, including training and recruitment costs -30 -33Total Personnel expenses -900 -870Number of full time equivalents (FTEs) at 31 December 1 885 1 979The pension schemes of the Norwegian companies in the Group follow the requirements in the Act on Mandatory company pension. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-85-3": {
"value": "NOTE 9: PERSONNEL EXPENSES2022 2021Wages, salaries and other benefits paid -683 -645Social security costs & payroll taxes -128 -131Defined contribution pension costs -34 -32Cost of external temporary staff -25 -30Other personnel costs, including training and recruitment costs -30 -33Total Personnel expenses -900 -870Number of full time equivalents (FTEs) at 31 December 1 885 1 979The pension schemes of the Norwegian companies in the Group follow the requirements in the Act on Mandatory company pension. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-86-3": {
"value": "NOTE 10: OTHER OPERATING EXPENSES2022 2021Printing, postage -51 -38IT, telecommunications -102 -93Cost of office premises -30 -29Travel, vehicles, accomodation -22 -15Marketing, business entertaining, meetings, arrangements -18 -12Consultancy fees - non collection services -216 -104Statutory and other corporate costs, including business insurance and trade licences -19 -21Office equipment and supplies -11 -10Impairment of receivables -2 -1Bank charges -8 -7Other expenses -71 -21Total Other operating expenses -551 -350",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-2": {
"value": "NOTE 11: NET FINANCIAL ITEMS2022 2021Interest revenue 5 1Gain on other financial instruments (excluding derivatives) 0 0Other financial income 1 0Financial income 6 1Interest expenses -665 -632Change in fair value of interest rate derivatives 92 62Interest expense on leases -8 -7Loss on purchase of bonds in own bond loans (note 24) -7 0Loss on other financial instruments (excluding derivatives) 0 0Other financial expenses -1 5Financial expenses -588 -572Realised exchange gain/(loss) -174 -16Unrealised exchange gain/(loss) 168 22Change in fair value of currency derivatives -19 -1Net exchange gain/(loss) -25 5Net financial items -607 -566",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-3": {
"value": "NOTE 11: NET FINANCIAL ITEMS2022 2021Interest revenue 5 1Gain on other financial instruments (excluding derivatives) 0 0Other financial income 1 0Financial income 6 1Interest expenses -665 -632Change in fair value of interest rate derivatives 92 62Interest expense on leases -8 -7Loss on purchase of bonds in own bond loans (note 24) -7 0Loss on other financial instruments (excluding derivatives) 0 0Other financial expenses -1 5Financial expenses -588 -572Realised exchange gain/(loss) -174 -16Unrealised exchange gain/(loss) 168 22Change in fair value of currency derivatives -19 -1Net exchange gain/(loss) -25 5Net financial items -607 -566",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-4": {
"value": "NOTE 11: NET FINANCIAL ITEMS2022 2021Interest revenue 5 1Gain on other financial instruments (excluding derivatives) 0 0Other financial income 1 0Financial income 6 1Interest expenses -665 -632Change in fair value of interest rate derivatives 92 62Interest expense on leases -8 -7Loss on purchase of bonds in own bond loans (note 24) -7 0Loss on other financial instruments (excluding derivatives) 0 0Other financial expenses -1 5Financial expenses -588 -572Realised exchange gain/(loss) -174 -16Unrealised exchange gain/(loss) 168 22Change in fair value of currency derivatives -19 -1Net exchange gain/(loss) -25 5Net financial items -607 -566",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-2": {
"value": "NOTE 12: INCOME TAXThe major components of income tax reported in the income statement for the years ended 31 December 2022 and 2021 are set out below.Income tax expense: 2022 2021Current year income tax payable 133 131Change in deferred tax -38 38Total tax expense reported in the income statement 95 169Reconciliation between the expected tax expense and the actual tax expense2022 2021Profit before tax 421 742Expected tax expense at Norwegian nominal tax rate of 22 % 93 163Difference between local tax rates and the Norwegian nominal tax rate -58 -20Tax effect of permanent differences -340 30Tax effect of the change in unrecognised deferred taxes 456 -4Other differences -56 0Actual tax expense 95 169Effective tax rate 23 % 23 %The nominal tax rate in Norway was 22 % in 2022. Subsidiaries outside Norway are subject to local tax rates in their country of operation. The effective taxation of operations outside Norway depends on both local tax rules and on whether it is possible to avoid double taxation. The tax expense is also dependent on whether or not to recognise a deferred tax asset from carry forward losses in the individual entity. Analysis of deferred tax assets and liabilitiesTax effect of temporary differences 2022 2021Taxable temporary differences - non-current itemsTangible and intangible assets 45 39 Purchased loan portfolios 280 248 Loans to group companies and other long-term assets 305 85 Long-term interest bearing loans and borrowings 11 0 Loans from group companies and other non-current liabilities 10 39 651 412 Taxable temporary differences - current itemsOther current assets 18 28 Other current liabilities 0 0 18 28 Deductible temporary differences - non-current itemsTangible and intangible assets 0 -0 Purchased loan portfolios -191 -144 Loans to group companies and other long-term assets -1 -1 Long-term interest bearing loans and borrowings -62 -19 Loans from group companies and other non-current liabilities -1 -1 -256 -166 Deductible temporary differences - current itemsOther short-term assets -2 -3 Other current liabilities -30 -33 -32 -36 Tax losses carried forward -1 033 -464 Gross deferred tax liabilities/(assets) -652 -226 Deferred taxes not recognised 624 238 Net deferred tax liabilities/(assets) -27 12 Due to the right to offset deferred tax assets and liabilities within the same tax jurisdiction, the presentation of net deferred tax in the consolidated statement of financial position for each year end was as follows:2022 2021Deferred tax assets -303 -279Deferred tax liabilities 275 291-27 12Deferred tax liabilities/(assets) at 1 January 12 -28Deferred tax expense recognised in the income statement -38 38Deferred tax expense recognised in other comprehensive income 0 0Exchange differences -1 2Deferred tax assets(-)/liabilities at 31 December -27 12Analysis of tax losses available for offset against future taxable income, by year of expiration:2022 2021Within 5 years 2 727 880After 5 years 2 1No time limit 1 607 1 127Total tax losses available for offset 4 336 2 007Tax effect of tax losses, before consideration of whether the losses are recognisable or not 1 033 464Tax losses carried forward at 31 December 2022 relate mainly to the Group\u2019s subsidiary companies in Luxembourg NOK 3,178 million (NOK 1,242 million) and the Parent company in Norway, NOK 789 million (NOK 423 million). The tax losses in the Group\u2019s subsidiary companies in Luxembourg are partly recognised as deferred tax asset, based on the Group\u2019s expectation of taxable profit in the coming five years. The tax losses in the Group\u2019s parent company in Norway and NOK 1.694 (607) million in Luxembourg are not recognised as deferred tax assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-3": {
"value": "NOTE 12: INCOME TAXThe major components of income tax reported in the income statement for the years ended 31 December 2022 and 2021 are set out below.Income tax expense: 2022 2021Current year income tax payable 133 131Change in deferred tax -38 38Total tax expense reported in the income statement 95 169Reconciliation between the expected tax expense and the actual tax expense2022 2021Profit before tax 421 742Expected tax expense at Norwegian nominal tax rate of 22 % 93 163Difference between local tax rates and the Norwegian nominal tax rate -58 -20Tax effect of permanent differences -340 30Tax effect of the change in unrecognised deferred taxes 456 -4Other differences -56 0Actual tax expense 95 169Effective tax rate 23 % 23 %The nominal tax rate in Norway was 22 % in 2022. Subsidiaries outside Norway are subject to local tax rates in their country of operation. The effective taxation of operations outside Norway depends on both local tax rules and on whether it is possible to avoid double taxation. The tax expense is also dependent on whether or not to recognise a deferred tax asset from carry forward losses in the individual entity. Analysis of deferred tax assets and liabilitiesTax effect of temporary differences 2022 2021Taxable temporary differences - non-current itemsTangible and intangible assets 45 39 Purchased loan portfolios 280 248 Loans to group companies and other long-term assets 305 85 Long-term interest bearing loans and borrowings 11 0 Loans from group companies and other non-current liabilities 10 39 651 412 Taxable temporary differences - current itemsOther current assets 18 28 Other current liabilities 0 0 18 28 Deductible temporary differences - non-current itemsTangible and intangible assets 0 -0 Purchased loan portfolios -191 -144 Loans to group companies and other long-term assets -1 -1 Long-term interest bearing loans and borrowings -62 -19 Loans from group companies and other non-current liabilities -1 -1 -256 -166 Deductible temporary differences - current itemsOther short-term assets -2 -3 Other current liabilities -30 -33 -32 -36 Tax losses carried forward -1 033 -464 Gross deferred tax liabilities/(assets) -652 -226 Deferred taxes not recognised 624 238 Net deferred tax liabilities/(assets) -27 12 Due to the right to offset deferred tax assets and liabilities within the same tax jurisdiction, the presentation of net deferred tax in the consolidated statement of financial position for each year end was as follows:2022 2021Deferred tax assets -303 -279Deferred tax liabilities 275 291-27 12Deferred tax liabilities/(assets) at 1 January 12 -28Deferred tax expense recognised in the income statement -38 38Deferred tax expense recognised in other comprehensive income 0 0Exchange differences -1 2Deferred tax assets(-)/liabilities at 31 December -27 12Analysis of tax losses available for offset against future taxable income, by year of expiration:2022 2021Within 5 years 2 727 880After 5 years 2 1No time limit 1 607 1 127Total tax losses available for offset 4 336 2 007Tax effect of tax losses, before consideration of whether the losses are recognisable or not 1 033 464Tax losses carried forward at 31 December 2022 relate mainly to the Group\u2019s subsidiary companies in Luxembourg NOK 3,178 million (NOK 1,242 million) and the Parent company in Norway, NOK 789 million (NOK 423 million). The tax losses in the Group\u2019s subsidiary companies in Luxembourg are partly recognised as deferred tax asset, based on the Group\u2019s expectation of taxable profit in the coming five years. The tax losses in the Group\u2019s parent company in Norway and NOK 1.694 (607) million in Luxembourg are not recognised as deferred tax assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-4": {
"value": "NOTE 12: INCOME TAXThe major components of income tax reported in the income statement for the years ended 31 December 2022 and 2021 are set out below.Income tax expense: 2022 2021Current year income tax payable 133 131Change in deferred tax -38 38Total tax expense reported in the income statement 95 169Reconciliation between the expected tax expense and the actual tax expense2022 2021Profit before tax 421 742Expected tax expense at Norwegian nominal tax rate of 22 % 93 163Difference between local tax rates and the Norwegian nominal tax rate -58 -20Tax effect of permanent differences -340 30Tax effect of the change in unrecognised deferred taxes 456 -4Other differences -56 0Actual tax expense 95 169Effective tax rate 23 % 23 %The nominal tax rate in Norway was 22 % in 2022. Subsidiaries outside Norway are subject to local tax rates in their country of operation. The effective taxation of operations outside Norway depends on both local tax rules and on whether it is possible to avoid double taxation. The tax expense is also dependent on whether or not to recognise a deferred tax asset from carry forward losses in the individual entity. Analysis of deferred tax assets and liabilitiesTax effect of temporary differences 2022 2021Taxable temporary differences - non-current itemsTangible and intangible assets 45 39 Purchased loan portfolios 280 248 Loans to group companies and other long-term assets 305 85 Long-term interest bearing loans and borrowings 11 0 Loans from group companies and other non-current liabilities 10 39 651 412 Taxable temporary differences - current itemsOther current assets 18 28 Other current liabilities 0 0 18 28 Deductible temporary differences - non-current itemsTangible and intangible assets 0 -0 Purchased loan portfolios -191 -144 Loans to group companies and other long-term assets -1 -1 Long-term interest bearing loans and borrowings -62 -19 Loans from group companies and other non-current liabilities -1 -1 -256 -166 Deductible temporary differences - current itemsOther short-term assets -2 -3 Other current liabilities -30 -33 -32 -36 Tax losses carried forward -1 033 -464 Gross deferred tax liabilities/(assets) -652 -226 Deferred taxes not recognised 624 238 Net deferred tax liabilities/(assets) -27 12 Due to the right to offset deferred tax assets and liabilities within the same tax jurisdiction, the presentation of net deferred tax in the consolidated statement of financial position for each year end was as follows:2022 2021Deferred tax assets -303 -279Deferred tax liabilities 275 291-27 12Deferred tax liabilities/(assets) at 1 January 12 -28Deferred tax expense recognised in the income statement -38 38Deferred tax expense recognised in other comprehensive income 0 0Exchange differences -1 2Deferred tax assets(-)/liabilities at 31 December -27 12Analysis of tax losses available for offset against future taxable income, by year of expiration:2022 2021Within 5 years 2 727 880After 5 years 2 1No time limit 1 607 1 127Total tax losses available for offset 4 336 2 007Tax effect of tax losses, before consideration of whether the losses are recognisable or not 1 033 464Tax losses carried forward at 31 December 2022 relate mainly to the Group\u2019s subsidiary companies in Luxembourg NOK 3,178 million (NOK 1,242 million) and the Parent company in Norway, NOK 789 million (NOK 423 million). The tax losses in the Group\u2019s subsidiary companies in Luxembourg are partly recognised as deferred tax asset, based on the Group\u2019s expectation of taxable profit in the coming five years. The tax losses in the Group\u2019s parent company in Norway and NOK 1.694 (607) million in Luxembourg are not recognised as deferred tax assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-91-2": {
"value": "NOTE 13: EARNINGS PER SHAREBasic earnings per share amounts are calculated by dividing the profit after tax for the year attributable to ordinary shareholders of the parent company by the weighted average number of ordinary shares outstanding during the year, excluding the Company\u2019s own shares.Diluted earnings per share amounts are calculated by dividing the profit after tax for the year attributable to ordinary shareholders of the parent company by the weighted average number of ordinary shares outstanding during the year, excluding the Company\u2019s own share, plus the weighted average number of ordinary shares that would be issued on conversion of all the potentially dilutive ordinary shares into ordinary shares.The following reflects the profit and share data used in the basic and diluted earnings per share computations:2022 2021Profit after tax attributable to parent company shareholders 326 573Number of shares outstanding at 1 January 409 932 598 409 932 598Number of shares outstanding at 31 December 401 364 824 409 932 598Treasury shares (note 22) -14 184 000 -2 940 631Weighted average number of shares during the year 396 339 977 409 563 452Effect of dilution:Option programmes (note 23) 1 380 824 1 613 355Weighted average number of shares during the year adjusted for the effect of dilution 397 829 196 411 176 807Earnings per share (in NOK):- Basic 0.82 1.40- Diluted 0.82 1.39Options granted to employees are considered to be potential ordinary shares. Accordingly, they have not been included in the determination of basic earnings per share, but have been included in the determination of diluted earnings per share to the extent that they are dilutive. 9,640,781 options granted in the period 2019 - 2022 are not included in the calculation of diluted earnings per share because exercise price is higher than average stock price 2022 of 8.7294 and therefore they are not considered dilutive for the year ended 31 December 2022. These options could potentially dilute basic earnings per share in the future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-2": {
"value": "NOTE 14: GOODWILLGoodwillAcquisition/purchase costAt 1 January 2021 833Exchange differences -38At 31 December 2021 796Exchange differences 42At 31 December 2022 837ImpairmentAt 1 January 2021 9Impairment 0Exchange differences 0At 31 December 2021 9Impairment 92Exchange differences 5At 31 December 2022 106Net book valueAt 31 December 2021 787At 31 December 2022 731Goodwill acquired through business combinations has been tested for impairment at the end of 2022. The recoverable amount is set to the estimated value in use. The value in use is the net present value of the estimated cash flow before tax. The discount rate used is the weighted average cost of capital (WACC) before tax calculated for each Cash Generating Unit (CGU). Reference to note 4.4 for further details on cost of capital and WACC calculation.The CGUs have been tested using a 5 or 10 year cash flow model discounted at a country specific pre-tax WACC ranging from 8.6 % to 10.6 % by the end of December 2022 (8.1 % - 10.1 % in 2021). A 5 or 10 year cash flow model has been used based on expected life time for the individual CGUs portfolio, as well as the expected recoverable cash flows arising from the individual CGUs loan portfolio investment programme. The terminal value for loan portfolios has been set to estimated portfolio book value at the end of the 5 or 10 year cash flow model. The basis for the expected future cash flow is a management approved plan for the periode 2023-2025 for the individual CGU. The sum of the future expected gross cash flows, less estimated costs to collect and costs related to other revenue, forms the basis for the net cash flow estimates used in the 5 or 10 year cashflow model and estimated terminal value. The impact of changes to key assumptions have been considered and assessed for each individual CGU, and there have not been identified any instances that should cause the carrying amount to exceed the recoverable amount. The following cash generating units represents 78 % of the carrying value of goodwill at the end of December 2022:Poland GroupAt 31 December 2022, the carrying value of goodwill allocated to Poland Group amounts amounts to NOK 302 million (287 million in 2021). The CGUs has been tested using a 10 year cash flow model based on a stable loan portfolio investment programme and with a terminal value after 10 years.SAS Veraltis Asset Management (former N\u00e9gociation et Achat de Cr\u00e9ances Contentieuses - NACC), France, and its subsidiary Tahiti Encaissements Services, TahitiAt 31 December 2022, the carrying value of goodwill allocated to SAS Veraltis Management, France, and its subsidiary amounts to NOK 268 million (NOK 254 million in 2021). The CGUs have been tested using a 10 year cash flow model with a terminal value after 10 years based on a stable loan portfolio investment programme. In addition, the following cash generating units have been tested for impairment:Company name Region Allocated goodwillAt 31 December 2022 At 31 December 2021Debt Collection Agency AD (Bulgaria) / B2 Kapital 1)Portofoli Managment S.R.L (Romania) South Eastern Europe 19 110Confirmaci\u00f3nde Solicitudes de Cr\u00e9dito Verifica S.A. (Verifica), Spain Western Europe 87 82Creditreform Latvia SIA, Latvia, and its subsidiaries Northern Europe 31 29Interkreditt AS, Norway Northern Europe 11 11OK Perinta OY, Finland, and its subsidiaries Northern Europe 5 5Nordic Debt Collection A/S, Denmark Northern Europe 2 2B2Kapital UAB, Lithuania Northern Europe 7 6Total 162 2461) Goodwill at 31 December 2021 was allocated to Debt Collection Agency AD in Bulgaria including a subsidiariy in Romania. The Romanian subsidiary is sold and merged into another Romanian Group entity, B2Kapital Portfolio Management S.R.L. and goodwill of EUR 1.8m was transferred to this entity. The remaining goodwill related to the Bulgarian entity was impaired in the second quarter of 2022 in connection with an agreement to sell this entity to an external party. The transaction is expected to close in 2023.There was no impairment of goodwill in any of the cash generating units except for the Bulgarian entity described above. The Group constantly monitors the latest legislation in relation to sustainability. At the current time, no legislation has been passed that will impact the group. The group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumption should a change be required.The war in Ukraine and volatile macroenvironment have created a significant uncertainty in the market and B2Holding is closely monitoring the macroeconomic and geopolitical developments related to the war. At this stage the baseline scenarios indicate limited risk for B2Holding, however the full impact on B2Holdings business activities and assessment of goodwill is uncertain and may change in the event of significant escalation. NOTE 15: TANGIBLE AND INTANGIBLE ASSETSImprovementsEquipment,RoU assetRoU assetto rentedfixtures &officevehicles &Intangibleofficesfittingspremisesequipmentassets TotalAcquisition/purchase costAt 1 January 2021 34 149 184 8 387 763Additions 1 9 34 1 25 71Disposals 0 -9 -5 0 -5 -20Exchange differences -2 -7 -9 0 -18 -36At 31 December 2021 34 141 204 9 389 778Additions 10 20 65 2 28 125Disposals -4 -28 -10 -6 -19 -67Exchange differences 2 5 9 0 15 32At 31 December 2022 42 139 268 5 414 867Depreciation / amortisation and impairmentAt 1 January 2021 22 97 72 3 238 433Depreciation / amortisation charge for the year 4 18 36 2 26 85Impairment losses for the year 1 0 2 3Disposals 0 -7 -3 0 -5 -15Exchange differences -1 -5 -4 0 -12 -22At 31 December 2021 25 103 101 5 249 483Depreciation / amortisation charge for the year 3 15 34 2 29 83Impairment losses for the year 1 2 4 8Disposals -4 -22 -6 -4 -12 -47Exchange differences 1 4 5 0 11 21At 31 December 2022 27 103 134 3 281 547Net book valueAt 31 December 2021 9 38 103 4 141 295At 31 December 2022 14 36 134 3 133 320Depreciation method Straight line Straight line Straight line Straight line Straight lineEconomic useful lives 2-10 years 2-10 years 2-10 years 2-10 years 2-12 yearsIntangible assets are the capitalised costs related to the software systems used throughout the Group, client relationships and licenses. The Group has also invested in development of a group data warehouse.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-3": {
"value": "NOTE 14: GOODWILLGoodwillAcquisition/purchase costAt 1 January 2021 833Exchange differences -38At 31 December 2021 796Exchange differences 42At 31 December 2022 837ImpairmentAt 1 January 2021 9Impairment 0Exchange differences 0At 31 December 2021 9Impairment 92Exchange differences 5At 31 December 2022 106Net book valueAt 31 December 2021 787At 31 December 2022 731Goodwill acquired through business combinations has been tested for impairment at the end of 2022. The recoverable amount is set to the estimated value in use. The value in use is the net present value of the estimated cash flow before tax. The discount rate used is the weighted average cost of capital (WACC) before tax calculated for each Cash Generating Unit (CGU). Reference to note 4.4 for further details on cost of capital and WACC calculation.The CGUs have been tested using a 5 or 10 year cash flow model discounted at a country specific pre-tax WACC ranging from 8.6 % to 10.6 % by the end of December 2022 (8.1 % - 10.1 % in 2021). A 5 or 10 year cash flow model has been used based on expected life time for the individual CGUs portfolio, as well as the expected recoverable cash flows arising from the individual CGUs loan portfolio investment programme. The terminal value for loan portfolios has been set to estimated portfolio book value at the end of the 5 or 10 year cash flow model. The basis for the expected future cash flow is a management approved plan for the periode 2023-2025 for the individual CGU. The sum of the future expected gross cash flows, less estimated costs to collect and costs related to other revenue, forms the basis for the net cash flow estimates used in the 5 or 10 year cashflow model and estimated terminal value. The impact of changes to key assumptions have been considered and assessed for each individual CGU, and there have not been identified any instances that should cause the carrying amount to exceed the recoverable amount. The following cash generating units represents 78 % of the carrying value of goodwill at the end of December 2022:Poland GroupAt 31 December 2022, the carrying value of goodwill allocated to Poland Group amounts amounts to NOK 302 million (287 million in 2021). The CGUs has been tested using a 10 year cash flow model based on a stable loan portfolio investment programme and with a terminal value after 10 years.SAS Veraltis Asset Management (former N\u00e9gociation et Achat de Cr\u00e9ances Contentieuses - NACC), France, and its subsidiary Tahiti Encaissements Services, TahitiAt 31 December 2022, the carrying value of goodwill allocated to SAS Veraltis Management, France, and its subsidiary amounts to NOK 268 million (NOK 254 million in 2021). The CGUs have been tested using a 10 year cash flow model with a terminal value after 10 years based on a stable loan portfolio investment programme. In addition, the following cash generating units have been tested for impairment:Company name Region Allocated goodwillAt 31 December 2022 At 31 December 2021Debt Collection Agency AD (Bulgaria) / B2 Kapital 1)Portofoli Managment S.R.L (Romania) South Eastern Europe 19 110Confirmaci\u00f3nde Solicitudes de Cr\u00e9dito Verifica S.A. (Verifica), Spain Western Europe 87 82Creditreform Latvia SIA, Latvia, and its subsidiaries Northern Europe 31 29Interkreditt AS, Norway Northern Europe 11 11OK Perinta OY, Finland, and its subsidiaries Northern Europe 5 5Nordic Debt Collection A/S, Denmark Northern Europe 2 2B2Kapital UAB, Lithuania Northern Europe 7 6Total 162 2461) Goodwill at 31 December 2021 was allocated to Debt Collection Agency AD in Bulgaria including a subsidiariy in Romania. The Romanian subsidiary is sold and merged into another Romanian Group entity, B2Kapital Portfolio Management S.R.L. and goodwill of EUR 1.8m was transferred to this entity. The remaining goodwill related to the Bulgarian entity was impaired in the second quarter of 2022 in connection with an agreement to sell this entity to an external party. The transaction is expected to close in 2023.There was no impairment of goodwill in any of the cash generating units except for the Bulgarian entity described above. The Group constantly monitors the latest legislation in relation to sustainability. At the current time, no legislation has been passed that will impact the group. The group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumption should a change be required.The war in Ukraine and volatile macroenvironment have created a significant uncertainty in the market and B2Holding is closely monitoring the macroeconomic and geopolitical developments related to the war. At this stage the baseline scenarios indicate limited risk for B2Holding, however the full impact on B2Holdings business activities and assessment of goodwill is uncertain and may change in the event of significant escalation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-4": {
"value": "NOTE 14: GOODWILLGoodwillAcquisition/purchase costAt 1 January 2021 833Exchange differences -38At 31 December 2021 796Exchange differences 42At 31 December 2022 837ImpairmentAt 1 January 2021 9Impairment 0Exchange differences 0At 31 December 2021 9Impairment 92Exchange differences 5At 31 December 2022 106Net book valueAt 31 December 2021 787At 31 December 2022 731Goodwill acquired through business combinations has been tested for impairment at the end of 2022. The recoverable amount is set to the estimated value in use. The value in use is the net present value of the estimated cash flow before tax. The discount rate used is the weighted average cost of capital (WACC) before tax calculated for each Cash Generating Unit (CGU). Reference to note 4.4 for further details on cost of capital and WACC calculation.The CGUs have been tested using a 5 or 10 year cash flow model discounted at a country specific pre-tax WACC ranging from 8.6 % to 10.6 % by the end of December 2022 (8.1 % - 10.1 % in 2021). A 5 or 10 year cash flow model has been used based on expected life time for the individual CGUs portfolio, as well as the expected recoverable cash flows arising from the individual CGUs loan portfolio investment programme. The terminal value for loan portfolios has been set to estimated portfolio book value at the end of the 5 or 10 year cash flow model. The basis for the expected future cash flow is a management approved plan for the periode 2023-2025 for the individual CGU. The sum of the future expected gross cash flows, less estimated costs to collect and costs related to other revenue, forms the basis for the net cash flow estimates used in the 5 or 10 year cashflow model and estimated terminal value. The impact of changes to key assumptions have been considered and assessed for each individual CGU, and there have not been identified any instances that should cause the carrying amount to exceed the recoverable amount. The following cash generating units represents 78 % of the carrying value of goodwill at the end of December 2022:Poland GroupAt 31 December 2022, the carrying value of goodwill allocated to Poland Group amounts amounts to NOK 302 million (287 million in 2021). The CGUs has been tested using a 10 year cash flow model based on a stable loan portfolio investment programme and with a terminal value after 10 years.SAS Veraltis Asset Management (former N\u00e9gociation et Achat de Cr\u00e9ances Contentieuses - NACC), France, and its subsidiary Tahiti Encaissements Services, TahitiAt 31 December 2022, the carrying value of goodwill allocated to SAS Veraltis Management, France, and its subsidiary amounts to NOK 268 million (NOK 254 million in 2021). The CGUs have been tested using a 10 year cash flow model with a terminal value after 10 years based on a stable loan portfolio investment programme. In addition, the following cash generating units have been tested for impairment:Company name Region Allocated goodwillAt 31 December 2022 At 31 December 2021Debt Collection Agency AD (Bulgaria) / B2 Kapital 1)Portofoli Managment S.R.L (Romania) South Eastern Europe 19 110Confirmaci\u00f3nde Solicitudes de Cr\u00e9dito Verifica S.A. (Verifica), Spain Western Europe 87 82Creditreform Latvia SIA, Latvia, and its subsidiaries Northern Europe 31 29Interkreditt AS, Norway Northern Europe 11 11OK Perinta OY, Finland, and its subsidiaries Northern Europe 5 5Nordic Debt Collection A/S, Denmark Northern Europe 2 2B2Kapital UAB, Lithuania Northern Europe 7 6Total 162 2461) Goodwill at 31 December 2021 was allocated to Debt Collection Agency AD in Bulgaria including a subsidiariy in Romania. The Romanian subsidiary is sold and merged into another Romanian Group entity, B2Kapital Portfolio Management S.R.L. and goodwill of EUR 1.8m was transferred to this entity. The remaining goodwill related to the Bulgarian entity was impaired in the second quarter of 2022 in connection with an agreement to sell this entity to an external party. The transaction is expected to close in 2023.There was no impairment of goodwill in any of the cash generating units except for the Bulgarian entity described above. The Group constantly monitors the latest legislation in relation to sustainability. At the current time, no legislation has been passed that will impact the group. The group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumption should a change be required.The war in Ukraine and volatile macroenvironment have created a significant uncertainty in the market and B2Holding is closely monitoring the macroeconomic and geopolitical developments related to the war. At this stage the baseline scenarios indicate limited risk for B2Holding, however the full impact on B2Holdings business activities and assessment of goodwill is uncertain and may change in the event of significant escalation. NOTE 15: TANGIBLE AND INTANGIBLE ASSETSImprovementsEquipment,RoU assetRoU assetto rentedfixtures &officevehicles &Intangibleofficesfittingspremisesequipmentassets TotalAcquisition/purchase costAt 1 January 2021 34 149 184 8 387 763Additions 1 9 34 1 25 71Disposals 0 -9 -5 0 -5 -20Exchange differences -2 -7 -9 0 -18 -36At 31 December 2021 34 141 204 9 389 778Additions 10 20 65 2 28 125Disposals -4 -28 -10 -6 -19 -67Exchange differences 2 5 9 0 15 32At 31 December 2022 42 139 268 5 414 867Depreciation / amortisation and impairmentAt 1 January 2021 22 97 72 3 238 433Depreciation / amortisation charge for the year 4 18 36 2 26 85Impairment losses for the year 1 0 2 3Disposals 0 -7 -3 0 -5 -15Exchange differences -1 -5 -4 0 -12 -22At 31 December 2021 25 103 101 5 249 483Depreciation / amortisation charge for the year 3 15 34 2 29 83Impairment losses for the year 1 2 4 8Disposals -4 -22 -6 -4 -12 -47Exchange differences 1 4 5 0 11 21At 31 December 2022 27 103 134 3 281 547Net book valueAt 31 December 2021 9 38 103 4 141 295At 31 December 2022 14 36 134 3 133 320Depreciation method Straight line Straight line Straight line Straight line Straight lineEconomic useful lives 2-10 years 2-10 years 2-10 years 2-10 years 2-12 yearsIntangible assets are the capitalised costs related to the software systems used throughout the Group, client relationships and licenses. The Group has also invested in development of a group data warehouse.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-94-4": {
"value": "NOTE 15: TANGIBLE AND INTANGIBLE ASSETSImprovementsEquipment,RoU assetRoU assetto rentedfixtures &officevehicles &Intangibleofficesfittingspremisesequipmentassets TotalAcquisition/purchase costAt 1 January 2021 34 149 184 8 387 763Additions 1 9 34 1 25 71Disposals 0 -9 -5 0 -5 -20Exchange differences -2 -7 -9 0 -18 -36At 31 December 2021 34 141 204 9 389 778Additions 10 20 65 2 28 125Disposals -4 -28 -10 -6 -19 -67Exchange differences 2 5 9 0 15 32At 31 December 2022 42 139 268 5 414 867Depreciation / amortisation and impairmentAt 1 January 2021 22 97 72 3 238 433Depreciation / amortisation charge for the year 4 18 36 2 26 85Impairment losses for the year 1 0 2 3Disposals 0 -7 -3 0 -5 -15Exchange differences -1 -5 -4 0 -12 -22At 31 December 2021 25 103 101 5 249 483Depreciation / amortisation charge for the year 3 15 34 2 29 83Impairment losses for the year 1 2 4 8Disposals -4 -22 -6 -4 -12 -47Exchange differences 1 4 5 0 11 21At 31 December 2022 27 103 134 3 281 547Net book valueAt 31 December 2021 9 38 103 4 141 295At 31 December 2022 14 36 134 3 133 320Depreciation method Straight line Straight line Straight line Straight line Straight lineEconomic useful lives 2-10 years 2-10 years 2-10 years 2-10 years 2-12 yearsIntangible assets are the capitalised costs related to the software systems used throughout the Group, client relationships and licenses. The Group has also invested in development of a group data warehouse.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-94-5": {
"value": "NOTE 15: TANGIBLE AND INTANGIBLE ASSETSImprovementsEquipment,RoU assetRoU assetto rentedfixtures &officevehicles &Intangibleofficesfittingspremisesequipmentassets TotalAcquisition/purchase costAt 1 January 2021 34 149 184 8 387 763Additions 1 9 34 1 25 71Disposals 0 -9 -5 0 -5 -20Exchange differences -2 -7 -9 0 -18 -36At 31 December 2021 34 141 204 9 389 778Additions 10 20 65 2 28 125Disposals -4 -28 -10 -6 -19 -67Exchange differences 2 5 9 0 15 32At 31 December 2022 42 139 268 5 414 867Depreciation / amortisation and impairmentAt 1 January 2021 22 97 72 3 238 433Depreciation / amortisation charge for the year 4 18 36 2 26 85Impairment losses for the year 1 0 2 3Disposals 0 -7 -3 0 -5 -15Exchange differences -1 -5 -4 0 -12 -22At 31 December 2021 25 103 101 5 249 483Depreciation / amortisation charge for the year 3 15 34 2 29 83Impairment losses for the year 1 2 4 8Disposals -4 -22 -6 -4 -12 -47Exchange differences 1 4 5 0 11 21At 31 December 2022 27 103 134 3 281 547Net book valueAt 31 December 2021 9 38 103 4 141 295At 31 December 2022 14 36 134 3 133 320Depreciation method Straight line Straight line Straight line Straight line Straight lineEconomic useful lives 2-10 years 2-10 years 2-10 years 2-10 years 2-12 yearsIntangible assets are the capitalised costs related to the software systems used throughout the Group, client relationships and licenses. The Group has also invested in development of a group data warehouse.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-6": {
"value": "NOTE 15: TANGIBLE AND INTANGIBLE ASSETSImprovementsEquipment,RoU assetRoU assetto rentedfixtures &officevehicles &Intangibleofficesfittingspremisesequipmentassets TotalAcquisition/purchase costAt 1 January 2021 34 149 184 8 387 763Additions 1 9 34 1 25 71Disposals 0 -9 -5 0 -5 -20Exchange differences -2 -7 -9 0 -18 -36At 31 December 2021 34 141 204 9 389 778Additions 10 20 65 2 28 125Disposals -4 -28 -10 -6 -19 -67Exchange differences 2 5 9 0 15 32At 31 December 2022 42 139 268 5 414 867Depreciation / amortisation and impairmentAt 1 January 2021 22 97 72 3 238 433Depreciation / amortisation charge for the year 4 18 36 2 26 85Impairment losses for the year 1 0 2 3Disposals 0 -7 -3 0 -5 -15Exchange differences -1 -5 -4 0 -12 -22At 31 December 2021 25 103 101 5 249 483Depreciation / amortisation charge for the year 3 15 34 2 29 83Impairment losses for the year 1 2 4 8Disposals -4 -22 -6 -4 -12 -47Exchange differences 1 4 5 0 11 21At 31 December 2022 27 103 134 3 281 547Net book valueAt 31 December 2021 9 38 103 4 141 295At 31 December 2022 14 36 134 3 133 320Depreciation method Straight line Straight line Straight line Straight line Straight lineEconomic useful lives 2-10 years 2-10 years 2-10 years 2-10 years 2-12 yearsIntangible assets are the capitalised costs related to the software systems used throughout the Group, client relationships and licenses. The Group has also invested in development of a group data warehouse.NOTE 16: LEASESThe Group\u2019s lease agreements mainly relate to the lease of office premises.Lease liabilities 2022 2021Current lease liabilities 32 36Non-current lease liabilities 119 81151 117Maturity analysis contractual undiscounted cash flows 2022 2021Amounts due within one year 40 43Amounts due between one and five years 93 68Amounts due later than five years 55 32188 144Effects on income statement 2022 2021Depreciation of right-of-use assets -36 -38Interest expense on lease liabilities -8 -7Expense relating to short-term leases -6 -8Expense relating to leases of low value assets -9 -8-58 -61Cash outflows for leases 2022 2021Interest paid on lease liabilities -8 -7Principle paid on lease liabilities -26 -46Expense relating to short-term leases -6 -8Expense relating to leases of low value assets -9 -8-48 -70Please refer to Note 15 for information about RoU assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-7": {
"value": "NOTE 15: TANGIBLE AND INTANGIBLE ASSETSImprovementsEquipment,RoU assetRoU assetto rentedfixtures &officevehicles &Intangibleofficesfittingspremisesequipmentassets TotalAcquisition/purchase costAt 1 January 2021 34 149 184 8 387 763Additions 1 9 34 1 25 71Disposals 0 -9 -5 0 -5 -20Exchange differences -2 -7 -9 0 -18 -36At 31 December 2021 34 141 204 9 389 778Additions 10 20 65 2 28 125Disposals -4 -28 -10 -6 -19 -67Exchange differences 2 5 9 0 15 32At 31 December 2022 42 139 268 5 414 867Depreciation / amortisation and impairmentAt 1 January 2021 22 97 72 3 238 433Depreciation / amortisation charge for the year 4 18 36 2 26 85Impairment losses for the year 1 0 2 3Disposals 0 -7 -3 0 -5 -15Exchange differences -1 -5 -4 0 -12 -22At 31 December 2021 25 103 101 5 249 483Depreciation / amortisation charge for the year 3 15 34 2 29 83Impairment losses for the year 1 2 4 8Disposals -4 -22 -6 -4 -12 -47Exchange differences 1 4 5 0 11 21At 31 December 2022 27 103 134 3 281 547Net book valueAt 31 December 2021 9 38 103 4 141 295At 31 December 2022 14 36 134 3 133 320Depreciation method Straight line Straight line Straight line Straight line Straight lineEconomic useful lives 2-10 years 2-10 years 2-10 years 2-10 years 2-12 yearsIntangible assets are the capitalised costs related to the software systems used throughout the Group, client relationships and licenses. The Group has also invested in development of a group data warehouse.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-96-2": {
"value": "NOTE 17 INVESTMENTS IN ASSOCIATED COMPANIES AND JOINT VENTURESThe Group has together with co-investors purchased loan portfolios through SPVs, fully financed through equity or participation loan/notes from the investors. The contractual arrangement of the participation is directly linked to the performance of the portfolios purchased in the SPVs. All gross collections in the SPVs from the portfolios are paid to the investors pro rata after deduction of cost to collect and overhead costs in the SPVs. The joint ventures are regulated by investor agreements securing that the righ to vote and decide on key decsions is not the same as the ownership interests. The investments are accounted for under the equity method in accordance with IFRS 11 Joint Arrangements.Country of Measure-incorpora-Place of %-right to ment Name of entitytion businesscash flow Relationshipmethod Carrying amount2022 2021 2022 2021Hellas 2P Investment Designated Joint Equity Activity Company Ireland Greece 30% 30% Venturemethod 144 169Hellas 3P Investment Designated Joint Equity Activity Company Ireland Greece 35% 35% Venturemethod 242 240Joint Equity Glencar ICAV, Sub-Fund 3 Ireland Sweden 30% 30% Venturemethod 56 83Joint Equity CE Holding Invest S.C.S (Group) Luxembourg Croatia 50% 50% Venturemethod 240 344EOS Credit Funding BL Designated Activity Company / ENB Property Ireland/ Joint Equity Solutions SRLRomania Romania 50% 50% Venturemethod 8 18690 854Hellas 2P Investment DAC and Hellas 3P Investment DACIn 2018, the Group entered into two agreements for co-investments in NPL portfolios in Greece through SPVs. The Group\u2019s share of the participation notes in the SPVs was 30% for the H2P portfolio purchase and 35% for the H3P porfolio purchase. The Group is servicing both H2P and H3P.Glencar ICAVThe Group invested In December 2019 in 30% of a portfolio in Sweden through subscribing to 30% of the shares in Glencar 3, a sub-fund of Glencar ICAV. Glencar ICAV with offices in Dublin, Ireland. The portfolio is serviced by the Group.CE Holding Invest S.C.S (Group)31 Mai 2019 the Group acquired NPL portfolios containing secured corporate receivables in Croatia though a 50/50 joint venture with DDM Debt Group (DDM). As part of the coinvestment structure with DDM, the Group became owner of 50 % of the share capital and voting rights in CE Partner S.\u00e0 r.l. and CE Holding Invest S.C.S. (the \u201cJoint Venture\u201d) registered in Luxembourg. The Joint Venture is subject, by agreement, to joint controlled shared equally between DDM and the Group. The Group is master servicer for the Joint Venture.EOS Credit Funding BL DAC / ENB Property Solutions S.R.LIn 2018 the Group became owner of 50 % of the share capital and voting rights in the SPV, EOS Credit Funding BL DAC with offices in Dublin, Ireland (portfolio owner), and ENB Properties Solutions srl with offices in Bucharest, Romania, and has joint control in these two companies.The movements in in the investments in joint ventures are specified in the table below:2022 2021Opening balance 1 January 854 871 Investments in Joint venture 87 Profit from investments in associated parties/joint ventures 100 99 Cash flow/dividend from joint ventures -295 -184 Translation differences 31 -18 Closing balance at 31 December 690 854The summarised financial information for the joint ventures is shown below:CE Holding 3)Name of entity H2P H3P GlencarInvest EOS/ENB2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Summarised Balance SheetPurchased loan portfolios 478 518 702 729 184 210 462 659 18 38 Other assets - - - - 2 2 23 20 4 0 Cash & cash equivalents 17 28 51 29 11 17 28 34 5 8 Total Assets 496 546 753 757 198 229 513 713 27 46 1)Liabilities 17 22 43 25 3 4 34 26 10 7 Net Assets/Equity 479 524 710 732 195 225 478 687 17 39 Summarised Profit and LossRevenue 99 102 76 76 31 -23 233 233 53 34 Expenses -41 -43 -48 -48 -6 -8 -70 -84 -15 -23 2)Interest - - - - - - - -19 -29 -13 Net income/loss 59 59 28 27 25 -31 163 130 9 -1 1) Excluding Profit Participating Notes2) Excluding interest to Noteholders3) Calendar year from March to FebruaryThe table above show the full financial information of the joint ventures and not the Groups share of the joint ventures. All financial information is adjusted to reflect the Groups accounting principles and assesments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-96-3": {
"value": "NOTE 17 INVESTMENTS IN ASSOCIATED COMPANIES AND JOINT VENTURESThe Group has together with co-investors purchased loan portfolios through SPVs, fully financed through equity or participation loan/notes from the investors. The contractual arrangement of the participation is directly linked to the performance of the portfolios purchased in the SPVs. All gross collections in the SPVs from the portfolios are paid to the investors pro rata after deduction of cost to collect and overhead costs in the SPVs. The joint ventures are regulated by investor agreements securing that the righ to vote and decide on key decsions is not the same as the ownership interests. The investments are accounted for under the equity method in accordance with IFRS 11 Joint Arrangements.Country of Measure-incorpora-Place of %-right to ment Name of entitytion businesscash flow Relationshipmethod Carrying amount2022 2021 2022 2021Hellas 2P Investment Designated Joint Equity Activity Company Ireland Greece 30% 30% Venturemethod 144 169Hellas 3P Investment Designated Joint Equity Activity Company Ireland Greece 35% 35% Venturemethod 242 240Joint Equity Glencar ICAV, Sub-Fund 3 Ireland Sweden 30% 30% Venturemethod 56 83Joint Equity CE Holding Invest S.C.S (Group) Luxembourg Croatia 50% 50% Venturemethod 240 344EOS Credit Funding BL Designated Activity Company / ENB Property Ireland/ Joint Equity Solutions SRLRomania Romania 50% 50% Venturemethod 8 18690 854Hellas 2P Investment DAC and Hellas 3P Investment DACIn 2018, the Group entered into two agreements for co-investments in NPL portfolios in Greece through SPVs. The Group\u2019s share of the participation notes in the SPVs was 30% for the H2P portfolio purchase and 35% for the H3P porfolio purchase. The Group is servicing both H2P and H3P.Glencar ICAVThe Group invested In December 2019 in 30% of a portfolio in Sweden through subscribing to 30% of the shares in Glencar 3, a sub-fund of Glencar ICAV. Glencar ICAV with offices in Dublin, Ireland. The portfolio is serviced by the Group.CE Holding Invest S.C.S (Group)31 Mai 2019 the Group acquired NPL portfolios containing secured corporate receivables in Croatia though a 50/50 joint venture with DDM Debt Group (DDM). As part of the coinvestment structure with DDM, the Group became owner of 50 % of the share capital and voting rights in CE Partner S.\u00e0 r.l. and CE Holding Invest S.C.S. (the \u201cJoint Venture\u201d) registered in Luxembourg. The Joint Venture is subject, by agreement, to joint controlled shared equally between DDM and the Group. The Group is master servicer for the Joint Venture.EOS Credit Funding BL DAC / ENB Property Solutions S.R.LIn 2018 the Group became owner of 50 % of the share capital and voting rights in the SPV, EOS Credit Funding BL DAC with offices in Dublin, Ireland (portfolio owner), and ENB Properties Solutions srl with offices in Bucharest, Romania, and has joint control in these two companies.The movements in in the investments in joint ventures are specified in the table below:2022 2021Opening balance 1 January 854 871 Investments in Joint venture 87 Profit from investments in associated parties/joint ventures 100 99 Cash flow/dividend from joint ventures -295 -184 Translation differences 31 -18 Closing balance at 31 December 690 854The summarised financial information for the joint ventures is shown below:CE Holding 3)Name of entity H2P H3P GlencarInvest EOS/ENB2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Summarised Balance SheetPurchased loan portfolios 478 518 702 729 184 210 462 659 18 38 Other assets - - - - 2 2 23 20 4 0 Cash & cash equivalents 17 28 51 29 11 17 28 34 5 8 Total Assets 496 546 753 757 198 229 513 713 27 46 1)Liabilities 17 22 43 25 3 4 34 26 10 7 Net Assets/Equity 479 524 710 732 195 225 478 687 17 39 Summarised Profit and LossRevenue 99 102 76 76 31 -23 233 233 53 34 Expenses -41 -43 -48 -48 -6 -8 -70 -84 -15 -23 2)Interest - - - - - - - -19 -29 -13 Net income/loss 59 59 28 27 25 -31 163 130 9 -1 1) Excluding Profit Participating Notes2) Excluding interest to Noteholders3) Calendar year from March to FebruaryThe table above show the full financial information of the joint ventures and not the Groups share of the joint ventures. All financial information is adjusted to reflect the Groups accounting principles and assesments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-98-2": {
"value": "NOTE 18: LOAN RECEIVABLES AND OTHER NON-CURRENT FINANCIAL ASSETSNote 18.1: Loan receivables2022 2021Loan receivables - gross 959 1 111Loss allowance -679 -905At 31 December 280 206Loan receivables are interest bearing loans issued by Takto in Poland and are normally granted for a period of few years, with monthly installments and no up-front payment. The Group collects contractual cash flow according to loan schedules. The average loan ticket amounts to PLN 4,250 and the average installment number is 33 months at the end of 2022. The Group decided in February 2023 to discontinue the loan issuance activity; hence no new loans will be issued. The existing loans will be administered and collected by the Group\u2019s servicing business in Poland. There is no single debtor who represents a large share of the loan receivables and therefore pose a material credit risk. The Group measures the impairment loss on loan receivables using a 3-stage model for expected credit loss (ECL) according to IFRS 9. For loan receivables in stage 1 (performing, i.e. days past due between 0-10 days), ECL for default events that are possible within the next 12 months are recognised. The Group consider that credit risk has increased significantly since initial recognition for loan receivables in stage 2 (underp er forming, i.e. days due between 11-60 days) and 3 (non-performing, i.e. days past due over 60 days) and lifetime ECL is recognised. At 31 December, the analysis of loan receivables was as follows:Total Stage 1 Stage 2 Stage 3Loan receivables - gross 959 216 33 710Loss allowance -679 -21 -15 -643Loan receivables - net, 31 December 2022 280 195 18 68Loan receivables - gross 1 111 145 18 948Loss allowance -905 -17 -9 -879Loan receivables - net, 31 December 2021 206 128 9 69Note 18.2: Other non-current financial assets2022 2021Financial assets at fair value through profit or loss:Derivatives (note 4.2) 128 52128 52Financial assets at amortised cost:Other 5 25 2At 31 December 133 54NOTE 19: OTHER CURRENT ASSETS19.1: Accounts receivableAs at 31 December 2022 2021Accounts receivable from contract revenues - gross 32 27Accounts receivable from single transactions - gross 5 8Loss allowance -3 -3 34 32There is no single customer who represents a large share of the accounts receivable and therefore pose a material credit risk. Accounts receivable are non-interest bearing and are generally on terms of 30-90 days. At 31 December, the maturity of accounts receivables was as follows:Total Not due 0-30 days 31-60 days 61-90 days >90 daysAccounts receivable - gross, 31 December 2022 37 20 5 2 1 8 Loss allowance -3 -0 -0 -0 -0 -3 Accounts receivable - net, 31 December 2022 34 20 5 2 1 6 Accounts receivable - gross, 31 December 2021 35 21 5 2 3 3 Loss allowance -3 -0 -0 -0 -0 -3 Accounts receivable - net, 31 December 2021 32 21 5 2 3 1 19.2: Other current assetsAs at 31 December 2022 2021Value added, sales or other taxes receivable 41 43Corporate income taxes receivable 51Amounts due from previous owners of purchased loan portfolios 8 5Advances & security deposits paid to suppliers 102 54Prepayments 34 25Amounts due from employees 0 0Derivatives (note 4) 18 19Amounts due from joint ventures (note 17) 4 7Accrued income not yet invoiced 19 21Other 79 54Total Other current assets 357 228",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-98-3": {
"value": "NOTE 18: LOAN RECEIVABLES AND OTHER NON-CURRENT FINANCIAL ASSETSNote 18.1: Loan receivables2022 2021Loan receivables - gross 959 1 111Loss allowance -679 -905At 31 December 280 206Loan receivables are interest bearing loans issued by Takto in Poland and are normally granted for a period of few years, with monthly installments and no up-front payment. The Group collects contractual cash flow according to loan schedules. The average loan ticket amounts to PLN 4,250 and the average installment number is 33 months at the end of 2022. The Group decided in February 2023 to discontinue the loan issuance activity; hence no new loans will be issued. The existing loans will be administered and collected by the Group\u2019s servicing business in Poland. There is no single debtor who represents a large share of the loan receivables and therefore pose a material credit risk. The Group measures the impairment loss on loan receivables using a 3-stage model for expected credit loss (ECL) according to IFRS 9. For loan receivables in stage 1 (performing, i.e. days past due between 0-10 days), ECL for default events that are possible within the next 12 months are recognised. The Group consider that credit risk has increased significantly since initial recognition for loan receivables in stage 2 (underp er forming, i.e. days due between 11-60 days) and 3 (non-performing, i.e. days past due over 60 days) and lifetime ECL is recognised. At 31 December, the analysis of loan receivables was as follows:Total Stage 1 Stage 2 Stage 3Loan receivables - gross 959 216 33 710Loss allowance -679 -21 -15 -643Loan receivables - net, 31 December 2022 280 195 18 68Loan receivables - gross 1 111 145 18 948Loss allowance -905 -17 -9 -879Loan receivables - net, 31 December 2021 206 128 9 69Note 18.2: Other non-current financial assets2022 2021Financial assets at fair value through profit or loss:Derivatives (note 4.2) 128 52128 52Financial assets at amortised cost:Other 5 25 2At 31 December 133 54",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-3": {
"value": "NOTE 19: OTHER CURRENT ASSETS19.1: Accounts receivableAs at 31 December 2022 2021Accounts receivable from contract revenues - gross 32 27Accounts receivable from single transactions - gross 5 8Loss allowance -3 -3 34 32There is no single customer who represents a large share of the accounts receivable and therefore pose a material credit risk. Accounts receivable are non-interest bearing and are generally on terms of 30-90 days. At 31 December, the maturity of accounts receivables was as follows:Total Not due 0-30 days 31-60 days 61-90 days >90 daysAccounts receivable - gross, 31 December 2022 37 20 5 2 1 8 Loss allowance -3 -0 -0 -0 -0 -3 Accounts receivable - net, 31 December 2022 34 20 5 2 1 6 Accounts receivable - gross, 31 December 2021 35 21 5 2 3 3 Loss allowance -3 -0 -0 -0 -0 -3 Accounts receivable - net, 31 December 2021 32 21 5 2 3 1 19.2: Other current assetsAs at 31 December 2022 2021Value added, sales or other taxes receivable 41 43Corporate income taxes receivable 51Amounts due from previous owners of purchased loan portfolios 8 5Advances & security deposits paid to suppliers 102 54Prepayments 34 25Amounts due from employees 0 0Derivatives (note 4) 18 19Amounts due from joint ventures (note 17) 4 7Accrued income not yet invoiced 19 21Other 79 54Total Other current assets 357 228",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-4": {
"value": "NOTE 19: OTHER CURRENT ASSETS19.1: Accounts receivableAs at 31 December 2022 2021Accounts receivable from contract revenues - gross 32 27Accounts receivable from single transactions - gross 5 8Loss allowance -3 -3 34 32There is no single customer who represents a large share of the accounts receivable and therefore pose a material credit risk. Accounts receivable are non-interest bearing and are generally on terms of 30-90 days. At 31 December, the maturity of accounts receivables was as follows:Total Not due 0-30 days 31-60 days 61-90 days >90 daysAccounts receivable - gross, 31 December 2022 37 20 5 2 1 8 Loss allowance -3 -0 -0 -0 -0 -3 Accounts receivable - net, 31 December 2022 34 20 5 2 1 6 Accounts receivable - gross, 31 December 2021 35 21 5 2 3 3 Loss allowance -3 -0 -0 -0 -0 -3 Accounts receivable - net, 31 December 2021 32 21 5 2 3 1 19.2: Other current assetsAs at 31 December 2022 2021Value added, sales or other taxes receivable 41 43Corporate income taxes receivable 51Amounts due from previous owners of purchased loan portfolios 8 5Advances & security deposits paid to suppliers 102 54Prepayments 34 25Amounts due from employees 0 0Derivatives (note 4) 18 19Amounts due from joint ventures (note 17) 4 7Accrued income not yet invoiced 19 21Other 79 54Total Other current assets 357 228",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-100-2": {
"value": "NOTE 20: COLLATERAL ASSETSCollateral assets are assets, mainly real estate, repossessed as part of the management of secured non-performing loan portfolios. Collateral assets are acquired with the purpose of subsequent resale in the near future, however there may be improvements or actions needed in order to optimaze prices. 2022 2021Opening balance 1 January 1 284 873Additions 340 576Disposals -391 -117Write-down -1 -1Exchange differences 63 -46Closing book value at 31 December 1 294 1 284Which consists of:2022 2021Retail Properties 484 404Non-retail properties 749 829Other 62 50Total 1 294 1 284Of the collateral assets NOK 926 million is located in Central Europe (2021: 1,031 million), NOK 202 million is located in South Eastern Europe (2021: 169 million), NOK 161 million is located in Western Europe (2021: 77 million), NOK 5 million is located in Poland (2021: 6 million) and NOK 0 million is located in Northern Europe (2021: 1 million). Retail properties is related to private housing and non-retail properties to commercial buildings. The Group has specific pre-emption rights on the realisability of some of its collateral assets if the offered sales prices are below what has been agreed with interested stakeholders. These rights are only applicable for a period of 18-36 months from the granting of such rights which was in Q3 2020.The Group has no contractual obligations for construction, development, repairs or maintenance.2022 2021Rental income 13 16Revenue from sale of collateral assets 581 164Cost of collateral assets sold, including impairment -392 -119Direct operating expenses -16 -17Operating profit/(loss) from collateral assets 187 45Rental income is presented in the line \u201cOther revenues\u201d in the consolidated income statement. Direct operating expenses are directly related to the collateral assets and include repairs and maintenance costs, insurance, valuation costs and other similar types of running costs. Direct operating expenses are included in either \u201cExpenses of external services provided\u201d or \u201cOther operating expenses\u201d depending upon the nature of the expense.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-101-2": {
"value": "NOTE 21: CASH AND CASH EQUIVALENTS2022 2021Cash at banks - unrestricted balances 1 141 308- tax deductions from employee payroll 0 0- other restricted balances 10 41 151 312Short-term deposits 25 641 176 376Cash at banks earns interest at floating rates which are based on bank deposit rates. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.Other restricted balances represent deposits paid into a short term escrow account in connection with, for example, the acquisition of loan portfolios or guarantees provided by third parties.For the purpose of the statement of cash flows, cash and cash equivalents comprise the cash and current deposits balances in the table above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-2": {
"value": "NOTE 22: SHARE CAPITAL AND OTHER PAID-IN CAPITALOrdinary shares have a nominal value of NOK 0.10 each. The number and value of authorised and registered shares, and the amount of other paid-in capital, being the premium on shares issued less any transaction costs of new shares issued, was as follows:Other paid-in2) Share capitalShare capital capital 1)Number of shares NOK\ue61fmillNOK\ue61fmillAt 1 January 2021 409 932 598 41 2 843At 31 December 2021 409 932 598 41 2 843Capital reduction registered 28 July 2022 related to the share buy-back programme ended 31 Mar 2022 -8 767 774 -1Capital increase registered 20 October 2022 related to issuance of ordinary shares 200 000 0 1At 31 December 2022 401 364 824 40 2 844At 27 April 2023 (the date of completion of these financial statements) 401 364 824 40 2 8441) Including 14,184,000 treasury shares purchased in the 2022 Share buy-back programme.2) Net proceeds after transaction costs.A share buy-back programme started on 8 November 2021 and ended 31 March 2022. The purpose of the programme was to reduce the capital of the Company. In total 8,767,774 shares were bought back at an average price of NOK 9.90 per share and the share capital reduction of NOK 0.9m was effective as of 28 July 2022. The Company started a second share buy-back programme on 27 May 2022 which was extended 9 November 2022. The purpose of the programme was to reduce the capital of the Company. 14,184,000 shares were bought back at an average price of NOK 8.31 per share, corresponding to 3.53 % of the Company\u2019s shares and decreasing the equity attributable to parent company shareholders by NOK 118m. The share buy-back programme for 2022 is complete and the Board will propose to the Annual General Meeting 2023 to decrease the parent Company\u2019s Share capital and Other paid in capital by cancellation of its 14,184,000 treasury shares acquired under the share buy-back program. A creditor deadline of six weeks will apply before implementation.Dividend paid to parent company\u2019s shareholders in 2022, for 2021, amounted to NOK 0.42 per share. Proposed dividend for 2022 is NOK 0.20 per share. Mandates granted to the Board of Directors: On 24 May 2022 the General Meeting of the shareholders of B2Holding ASA granted the Board a right to increase the share capital (i) in connection with acquisitions and raising of equity by up to NOK 4,011,648, equivalent to 10 % (rounded) of the Company\u2019s share capital, and (ii) to hounour options granted by the Company by up to NOK 1,181,000. The General Meeting on 24 May 2022 also granted the Board a right to acquire own shares (treasury shares) in B2Holding ASA from the shareholders in the Company up to a total nominal value of NOK 4,011,648, equaling 10 % (rounded) of the share capital. The maximum amount to be paid per share is the volume weighted average price as quoted on the Oslo Stock Exchange for the five business days prior to the time of the acquisition plus 5 %, and the minimum amount is NOK 0.10. Treasury shares acquired may be utilized to either fulfil the Company\u2019s obligations in connection with acquisitions, employee incentive arrangements, fulfilment of earn-out arrangements, be sold to strengthen the Company\u2019s equity or be cancelled. Each of the said authorisations provided to the Board are valid until the Company\u2019s Annual General Meeting in 2023, but no longer than to and including 30 June 2023. Shares owned by Group management and Board of Directors The number of shares owned directly or indirectly by the Board of Directors and Group Management at 31 December 2022 were as set out below. For details of options granted to the Board of Directors and Group Management, please refer to note 23.Name Position Number of shares1)Erik Just Johnsen Chief Excecutive Officer 2 385 680Endre Solvin-Witz\u00f8 Chief Investment Officer 125 0002)Rasmus Hansson Head of Commercial Strategy and Investor Relations 80 0573)Adam Parfiniewicz Head of Unsecured Asset Management 6 000Maria Haddad Chief Brand & Sustainability Officer 100 000Harald L. Thorstein Chair of the Board of Directors 280 0004, 5)Kjetil Garstad Board member 1 050 000Adele Bugge Norman Pran Board member 90 000Grethe Wittenberg Meier Board member 25 0006)Trond Kristian Andreassen Board member 300 0001) Erling Johnsen AS, an entity controlled by Erik J. Johnsen holds 2,080,000 shares. In addition, persons related to Johnsen holds 145,680 shares2) Rmh Invest AS, an entity controlled by Rasmus Hansson, holds 80,057 shares 3) Adam Parfiniewicz holds 6,000 shares through a nominee account4) Kjetil Garstad represents a large shareholder, Stenshagen Invest AS5) Steel City AS, an entity controlled by Kjetil Garstad, holds 1,000,000 shares. In addition, persons related to Garstad holds 50,000 shares6) Vimar AS, an entity controlled by Trond Kristian Andreassen, holds 300,000 shares Rasmussengruppen AS with subsidiaries holds 51,373,266 shares represented by board member Trygve Lauvdal.For further information regarding shares and shareholders, please refer to note 11 to the parent company financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-3": {
"value": "NOTE 22: SHARE CAPITAL AND OTHER PAID-IN CAPITALOrdinary shares have a nominal value of NOK 0.10 each. The number and value of authorised and registered shares, and the amount of other paid-in capital, being the premium on shares issued less any transaction costs of new shares issued, was as follows:Other paid-in2) Share capitalShare capital capital 1)Number of shares NOK\ue61fmillNOK\ue61fmillAt 1 January 2021 409 932 598 41 2 843At 31 December 2021 409 932 598 41 2 843Capital reduction registered 28 July 2022 related to the share buy-back programme ended 31 Mar 2022 -8 767 774 -1Capital increase registered 20 October 2022 related to issuance of ordinary shares 200 000 0 1At 31 December 2022 401 364 824 40 2 844At 27 April 2023 (the date of completion of these financial statements) 401 364 824 40 2 8441) Including 14,184,000 treasury shares purchased in the 2022 Share buy-back programme.2) Net proceeds after transaction costs.A share buy-back programme started on 8 November 2021 and ended 31 March 2022. The purpose of the programme was to reduce the capital of the Company. In total 8,767,774 shares were bought back at an average price of NOK 9.90 per share and the share capital reduction of NOK 0.9m was effective as of 28 July 2022. The Company started a second share buy-back programme on 27 May 2022 which was extended 9 November 2022. The purpose of the programme was to reduce the capital of the Company. 14,184,000 shares were bought back at an average price of NOK 8.31 per share, corresponding to 3.53 % of the Company\u2019s shares and decreasing the equity attributable to parent company shareholders by NOK 118m. The share buy-back programme for 2022 is complete and the Board will propose to the Annual General Meeting 2023 to decrease the parent Company\u2019s Share capital and Other paid in capital by cancellation of its 14,184,000 treasury shares acquired under the share buy-back program. A creditor deadline of six weeks will apply before implementation.Dividend paid to parent company\u2019s shareholders in 2022, for 2021, amounted to NOK 0.42 per share. Proposed dividend for 2022 is NOK 0.20 per share. Mandates granted to the Board of Directors: On 24 May 2022 the General Meeting of the shareholders of B2Holding ASA granted the Board a right to increase the share capital (i) in connection with acquisitions and raising of equity by up to NOK 4,011,648, equivalent to 10 % (rounded) of the Company\u2019s share capital, and (ii) to hounour options granted by the Company by up to NOK 1,181,000. The General Meeting on 24 May 2022 also granted the Board a right to acquire own shares (treasury shares) in B2Holding ASA from the shareholders in the Company up to a total nominal value of NOK 4,011,648, equaling 10 % (rounded) of the share capital. The maximum amount to be paid per share is the volume weighted average price as quoted on the Oslo Stock Exchange for the five business days prior to the time of the acquisition plus 5 %, and the minimum amount is NOK 0.10. Treasury shares acquired may be utilized to either fulfil the Company\u2019s obligations in connection with acquisitions, employee incentive arrangements, fulfilment of earn-out arrangements, be sold to strengthen the Company\u2019s equity or be cancelled. Each of the said authorisations provided to the Board are valid until the Company\u2019s Annual General Meeting in 2023, but no longer than to and including 30 June 2023. Shares owned by Group management and Board of Directors The number of shares owned directly or indirectly by the Board of Directors and Group Management at 31 December 2022 were as set out below. For details of options granted to the Board of Directors and Group Management, please refer to note 23.Name Position Number of shares1)Erik Just Johnsen Chief Excecutive Officer 2 385 680Endre Solvin-Witz\u00f8 Chief Investment Officer 125 0002)Rasmus Hansson Head of Commercial Strategy and Investor Relations 80 0573)Adam Parfiniewicz Head of Unsecured Asset Management 6 000Maria Haddad Chief Brand & Sustainability Officer 100 000Harald L. Thorstein Chair of the Board of Directors 280 0004, 5)Kjetil Garstad Board member 1 050 000Adele Bugge Norman Pran Board member 90 000Grethe Wittenberg Meier Board member 25 0006)Trond Kristian Andreassen Board member 300 0001) Erling Johnsen AS, an entity controlled by Erik J. Johnsen holds 2,080,000 shares. In addition, persons related to Johnsen holds 145,680 shares2) Rmh Invest AS, an entity controlled by Rasmus Hansson, holds 80,057 shares 3) Adam Parfiniewicz holds 6,000 shares through a nominee account4) Kjetil Garstad represents a large shareholder, Stenshagen Invest AS5) Steel City AS, an entity controlled by Kjetil Garstad, holds 1,000,000 shares. In addition, persons related to Garstad holds 50,000 shares6) Vimar AS, an entity controlled by Trond Kristian Andreassen, holds 300,000 shares Rasmussengruppen AS with subsidiaries holds 51,373,266 shares represented by board member Trygve Lauvdal.For further information regarding shares and shareholders, please refer to note 11 to the parent company financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-4": {
"value": "NOTE 22: SHARE CAPITAL AND OTHER PAID-IN CAPITALOrdinary shares have a nominal value of NOK 0.10 each. The number and value of authorised and registered shares, and the amount of other paid-in capital, being the premium on shares issued less any transaction costs of new shares issued, was as follows:Other paid-in2) Share capitalShare capital capital 1)Number of shares NOK\ue61fmillNOK\ue61fmillAt 1 January 2021 409 932 598 41 2 843At 31 December 2021 409 932 598 41 2 843Capital reduction registered 28 July 2022 related to the share buy-back programme ended 31 Mar 2022 -8 767 774 -1Capital increase registered 20 October 2022 related to issuance of ordinary shares 200 000 0 1At 31 December 2022 401 364 824 40 2 844At 27 April 2023 (the date of completion of these financial statements) 401 364 824 40 2 8441) Including 14,184,000 treasury shares purchased in the 2022 Share buy-back programme.2) Net proceeds after transaction costs.A share buy-back programme started on 8 November 2021 and ended 31 March 2022. The purpose of the programme was to reduce the capital of the Company. In total 8,767,774 shares were bought back at an average price of NOK 9.90 per share and the share capital reduction of NOK 0.9m was effective as of 28 July 2022. The Company started a second share buy-back programme on 27 May 2022 which was extended 9 November 2022. The purpose of the programme was to reduce the capital of the Company. 14,184,000 shares were bought back at an average price of NOK 8.31 per share, corresponding to 3.53 % of the Company\u2019s shares and decreasing the equity attributable to parent company shareholders by NOK 118m. The share buy-back programme for 2022 is complete and the Board will propose to the Annual General Meeting 2023 to decrease the parent Company\u2019s Share capital and Other paid in capital by cancellation of its 14,184,000 treasury shares acquired under the share buy-back program. A creditor deadline of six weeks will apply before implementation.Dividend paid to parent company\u2019s shareholders in 2022, for 2021, amounted to NOK 0.42 per share. Proposed dividend for 2022 is NOK 0.20 per share. Mandates granted to the Board of Directors: On 24 May 2022 the General Meeting of the shareholders of B2Holding ASA granted the Board a right to increase the share capital (i) in connection with acquisitions and raising of equity by up to NOK 4,011,648, equivalent to 10 % (rounded) of the Company\u2019s share capital, and (ii) to hounour options granted by the Company by up to NOK 1,181,000. The General Meeting on 24 May 2022 also granted the Board a right to acquire own shares (treasury shares) in B2Holding ASA from the shareholders in the Company up to a total nominal value of NOK 4,011,648, equaling 10 % (rounded) of the share capital. The maximum amount to be paid per share is the volume weighted average price as quoted on the Oslo Stock Exchange for the five business days prior to the time of the acquisition plus 5 %, and the minimum amount is NOK 0.10. Treasury shares acquired may be utilized to either fulfil the Company\u2019s obligations in connection with acquisitions, employee incentive arrangements, fulfilment of earn-out arrangements, be sold to strengthen the Company\u2019s equity or be cancelled. Each of the said authorisations provided to the Board are valid until the Company\u2019s Annual General Meeting in 2023, but no longer than to and including 30 June 2023. Shares owned by Group management and Board of Directors The number of shares owned directly or indirectly by the Board of Directors and Group Management at 31 December 2022 were as set out below. For details of options granted to the Board of Directors and Group Management, please refer to note 23.Name Position Number of shares1)Erik Just Johnsen Chief Excecutive Officer 2 385 680Endre Solvin-Witz\u00f8 Chief Investment Officer 125 0002)Rasmus Hansson Head of Commercial Strategy and Investor Relations 80 0573)Adam Parfiniewicz Head of Unsecured Asset Management 6 000Maria Haddad Chief Brand & Sustainability Officer 100 000Harald L. Thorstein Chair of the Board of Directors 280 0004, 5)Kjetil Garstad Board member 1 050 000Adele Bugge Norman Pran Board member 90 000Grethe Wittenberg Meier Board member 25 0006)Trond Kristian Andreassen Board member 300 0001) Erling Johnsen AS, an entity controlled by Erik J. Johnsen holds 2,080,000 shares. In addition, persons related to Johnsen holds 145,680 shares2) Rmh Invest AS, an entity controlled by Rasmus Hansson, holds 80,057 shares 3) Adam Parfiniewicz holds 6,000 shares through a nominee account4) Kjetil Garstad represents a large shareholder, Stenshagen Invest AS5) Steel City AS, an entity controlled by Kjetil Garstad, holds 1,000,000 shares. In addition, persons related to Garstad holds 50,000 shares6) Vimar AS, an entity controlled by Trond Kristian Andreassen, holds 300,000 shares Rasmussengruppen AS with subsidiaries holds 51,373,266 shares represented by board member Trygve Lauvdal.For further information regarding shares and shareholders, please refer to note 11 to the parent company financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-102-5": {
"value": "NOTE 22: SHARE CAPITAL AND OTHER PAID-IN CAPITALOrdinary shares have a nominal value of NOK 0.10 each. The number and value of authorised and registered shares, and the amount of other paid-in capital, being the premium on shares issued less any transaction costs of new shares issued, was as follows:Other paid-in2) Share capitalShare capital capital 1)Number of shares NOK\ue61fmillNOK\ue61fmillAt 1 January 2021 409 932 598 41 2 843At 31 December 2021 409 932 598 41 2 843Capital reduction registered 28 July 2022 related to the share buy-back programme ended 31 Mar 2022 -8 767 774 -1Capital increase registered 20 October 2022 related to issuance of ordinary shares 200 000 0 1At 31 December 2022 401 364 824 40 2 844At 27 April 2023 (the date of completion of these financial statements) 401 364 824 40 2 8441) Including 14,184,000 treasury shares purchased in the 2022 Share buy-back programme.2) Net proceeds after transaction costs.A share buy-back programme started on 8 November 2021 and ended 31 March 2022. The purpose of the programme was to reduce the capital of the Company. In total 8,767,774 shares were bought back at an average price of NOK 9.90 per share and the share capital reduction of NOK 0.9m was effective as of 28 July 2022. The Company started a second share buy-back programme on 27 May 2022 which was extended 9 November 2022. The purpose of the programme was to reduce the capital of the Company. 14,184,000 shares were bought back at an average price of NOK 8.31 per share, corresponding to 3.53 % of the Company\u2019s shares and decreasing the equity attributable to parent company shareholders by NOK 118m. The share buy-back programme for 2022 is complete and the Board will propose to the Annual General Meeting 2023 to decrease the parent Company\u2019s Share capital and Other paid in capital by cancellation of its 14,184,000 treasury shares acquired under the share buy-back program. A creditor deadline of six weeks will apply before implementation.Dividend paid to parent company\u2019s shareholders in 2022, for 2021, amounted to NOK 0.42 per share. Proposed dividend for 2022 is NOK 0.20 per share. Mandates granted to the Board of Directors: On 24 May 2022 the General Meeting of the shareholders of B2Holding ASA granted the Board a right to increase the share capital (i) in connection with acquisitions and raising of equity by up to NOK 4,011,648, equivalent to 10 % (rounded) of the Company\u2019s share capital, and (ii) to hounour options granted by the Company by up to NOK 1,181,000. The General Meeting on 24 May 2022 also granted the Board a right to acquire own shares (treasury shares) in B2Holding ASA from the shareholders in the Company up to a total nominal value of NOK 4,011,648, equaling 10 % (rounded) of the share capital. The maximum amount to be paid per share is the volume weighted average price as quoted on the Oslo Stock Exchange for the five business days prior to the time of the acquisition plus 5 %, and the minimum amount is NOK 0.10. Treasury shares acquired may be utilized to either fulfil the Company\u2019s obligations in connection with acquisitions, employee incentive arrangements, fulfilment of earn-out arrangements, be sold to strengthen the Company\u2019s equity or be cancelled. Each of the said authorisations provided to the Board are valid until the Company\u2019s Annual General Meeting in 2023, but no longer than to and including 30 June 2023. Shares owned by Group management and Board of Directors The number of shares owned directly or indirectly by the Board of Directors and Group Management at 31 December 2022 were as set out below. For details of options granted to the Board of Directors and Group Management, please refer to note 23.Name Position Number of shares1)Erik Just Johnsen Chief Excecutive Officer 2 385 680Endre Solvin-Witz\u00f8 Chief Investment Officer 125 0002)Rasmus Hansson Head of Commercial Strategy and Investor Relations 80 0573)Adam Parfiniewicz Head of Unsecured Asset Management 6 000Maria Haddad Chief Brand & Sustainability Officer 100 000Harald L. Thorstein Chair of the Board of Directors 280 0004, 5)Kjetil Garstad Board member 1 050 000Adele Bugge Norman Pran Board member 90 000Grethe Wittenberg Meier Board member 25 0006)Trond Kristian Andreassen Board member 300 0001) Erling Johnsen AS, an entity controlled by Erik J. Johnsen holds 2,080,000 shares. In addition, persons related to Johnsen holds 145,680 shares2) Rmh Invest AS, an entity controlled by Rasmus Hansson, holds 80,057 shares 3) Adam Parfiniewicz holds 6,000 shares through a nominee account4) Kjetil Garstad represents a large shareholder, Stenshagen Invest AS5) Steel City AS, an entity controlled by Kjetil Garstad, holds 1,000,000 shares. In addition, persons related to Garstad holds 50,000 shares6) Vimar AS, an entity controlled by Trond Kristian Andreassen, holds 300,000 shares Rasmussengruppen AS with subsidiaries holds 51,373,266 shares represented by board member Trygve Lauvdal.For further information regarding shares and shareholders, please refer to note 11 to the parent company financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__5": {
"value": "0.42",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"s7_notes__6__6": {
"value": "0.2",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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"pp-value-104-2": {
"value": "NOTE 23: SHARE BASED PAYMENTS23.1 Option programmeThe Group has granted share options to management and selected key employees according to the Group\u2019s remuneration policy. As of the date of completion of these financial statements, there were 10,930,000 options outstanding. All of the Company\u2019s option agreements include a clause regarding accelerated vesting meaning that if 50.1 % of the shares in the Company are sold to an acquirer, all outstanding options are vested. In case of a merger, the grantee shall if possible be granted an equal share option in the merged company. If this is not possible, the grantee will have the right to exercise all the options prior to the merger. Movements during the yearThe following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year.2022202220212021NumberWAEPNumberWAEPOutstanding 1 January 10 610 000 9.345 14 410 000 9.051 Granted during the year 2 110 000 8.050 2 450 000 10.080 Exercised during the year -200 000 4.000Forfeited during the year -240 000 7.720 -6 250 000 9.217 Expired during the year -1 350 000 9.345 Outstanding at 31 December 10 930 000 7.820 10 610 000 9.345 Exercisable at 31 December 5 793 328 7.780 4 256 662 11.240 One member of the Group Management resigned from his position in 2022 and in line with standard agreement, 240,000 share options not vested was terminated. 200,000 share options were exercised by a previous employee. The weighted average fair value of options granted in 2022 was NOK 8.048 (NOK 10.08 for options granted in 2021) per option and the cost of the options recognised in personnel costs together with a corresponding increase in other capital reserves was NOK 6 million in 2022 (NOK 6 million in 2021). The fair value of options awarded is calculated using the Black-Scholes option pricing model. The risk-free interest rate on the award date has been obtained from Norges Bank and weighted average for options awarded in 2022 was 2.92 % (0.89 % in 2021). The weighted average expected volatility for the options granted in 2022 was 48.42 % (54.85 % in 2021), and the expected lifetime has been set as the vesting date. At 31 December 2022, the range of exercise prices and weighted average remaining contractual life of the options were as follows: Outstanding options Vested optionsOutstandingWeighted Weighted OutstandingWeighted Weighted options as ofaverageaverageoptions as ofaverageaverage31/12/2022remaining exercise31/12/2022remaining exerciseExercise pricecontractual lifepricecontractual lifeprice0.00 - 8.00 2 500 000 2.5 4.000 1 666 662 2.5 4.000 8.01 - 9.00 3 510 000 3.3 8.222 700 000 3.3 8.452 9.01 - 9.99 4 920 000 2.4 9.426 3 426 666 2.4 9.480 13.00 - 17.9918.00 - 23.30Total 10 930 000 2.7 7.824 5 793 328 2.6 7.778At 31 December 2021, the range of exercise prices and weighted average remaining contractual life of the options were as follows: Outstanding options Vested optionsOutstandingWeighted Weighted OutstandingWeighted Weighted options as ofaverageaverageoptions as ofaverageaverage31/12/2021remaining exercise31/12/2021remaining exerciseExercise pricecontractual lifepricecontractual lifeprice0.00 - 8.00 2 800 000 3.5 4.420 933 330 3.5 4.420 8.01 - 8.99 4 010 000 2.5 9.250 1 973 332 2.5 9.490 10.00 - 12.99 2 450 000 4.5 10.080 13.00 - 17.99 600 000 16.060 600 000 16.060 18.00 - 23.30 750 000 20.480 750 000 20.480 Total 10 610 000 2.9 9.346 4 256 662 1.9 11.241 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-106-2": {
"value": "NOTE 24: INTEREST BEARING LOANS AND BORROWINGS2022 2021Non-current Multi-currency revolving credit facility 4 025 3 031Senior Facility Agreement 1 208 Bond loan 3 653 3 794 8 885 6 8252022 2021Current Bond loan 1 201 1 900Bridge Facility500Bank overdraft 131 2191 332 2 619Interest bearing loansThe Group is financed by the following loans; (i) a EUR 610 million senior secured multi-currency revolving credit facility agreement (RCF), including a multi-currency cash pool with a EUR 40 million overdraft. EUR 100m of the RCF matures on 31 December 2023 while the remaining EUR 510m matures in Q3 2025. (ii) a EUR 200 million senior unsecured bond with maturity in May 2023, (iii) a EUR 200 million senior unsecured bond with maturity in May 2024, (iv) a EUR 150 million senior unsecured bond with maturity in September 2026 and (v) EUR 171 million senior secured facility agreement (SFA) with PIF Barbican S.\u00e0 r.l. (Pimco as original noteholder) with maturity in 2027. The Group holds EUR 86 million in treasury bonds, which is not reflected in the tables below. The RCF, SFA and the bond loans carry a variable interest rate based on the interbank rate in each currency plus a margin supplement. In addition, there is a commitment fee, which is calculated as a percentage of the loan margin on the undrawn part of the credit facilities. The overdraft carries a facility line fee. The loan agreements have a number of operational and financial covenants, including limits on certain key indicators, which have all been complied with as of 31 December 2022. There are no instalments to be paid before maturity. At 31 December 2022, PLN 700 million, SEK 975 million, DKK 260 million and EUR 120 million, in total EUR 392 million, was utilised from the EUR 570 million RCF, leaving an available, undrawn amount of EUR 178 million. The multi-currency overdraft facility of EUR 40 million was utilised with EUR 13 million, leaving an available, undrawn amount of EUR 27 million. The SFA facility of EUR 171 million was utilised with EUR 118 million, leaving an available, undrawn amount of EUR 53 million. The EUR 610 million RCF is secured by guarantees issued by B2Holding ASA, a share pledge over B2Holding ASA\u2019s 100 % directly owned subsidiaries, an account charge over a number of pre-defined B2Holding ASA bank accounts and a pledge over the intra-group loan receivables from B2Holding ASA to its subsidiaries. The SFA is fully securitised, but with no recourse to B2Holding. The Bond Loans are unsecured. Details of the interest rates, maturity and outstanding nominal values by currency at 31 December 2022 and 31 December 2021 are summarised below:OutstandingInterestnominalAt 31 December 2022 Currencyrate % MaturityvalueMulti-currency revolving credit facility PLN 3.25 % + WIBOR July 2025 1 572SEK 3.25 % + STIBOR July 2025 922EUR 3.25 % + EURIBOR July 2025 1 262DKK 3.25 % + CIBOR July 2025 3681)Bond loansEUR 4.75 % + 3M EURIBOR May 2023 2 103EUR 6.35 % + 3M EURIBOR May 2024 2 103EUR 6.90 % + 3M EURIBOR Sept 2026 1 577Senior Facility Agreement EUR 4.55 % + 3M EURIBOR 2027 1 24111 1471) Includes NOK 903 million in treasury bondsOutstandingInterestnominalAt 31 December 2021 Currencyrate % MaturityvalueMulti-currency revolving credit facility PLN 3.75 % + WIBOR May 2023 1 521SEK 3.75 % + STIBOR May 2023 741NOK 3.75 % + NIBOR May 2023 800Bridge facility NOK 5.50 % + NIBOR May 2022 5001)Bond loansEUR 4.25 % + 3M EURIBOR November 2022 1 998EUR 4.75 % + 3M EURIBOR May 2023 1 998EUR 6.35 % + 3M EURIBOR May 2024 1 9989 5551) Includes NOK 269 million in treasury bondsThe repayment schedule by currency at 31 December 2022 and 31 December 2021 is shown in the table below:Multi-currency revolvingSFAAt 31 December 2022credit facilityFacility Bond loan TotalALL CCY NOK EUR2022 2 103 2 1032023 2 103 2 1032024 4 123 4 123After 2025 1 241 1 577 2 8184 123 1 241 5 783 11 147Multi-currency revolvingBridgeAt 31 December 2021credit facilityFacility Bond loan TotalALL CCY NOK EUR2022 500 1 998 2 4982023 3 062 1 998 5 0592024 1 998 1 9983 062 500 5 993 9 555Financial covenantsThe financial covenants at 31 December 2022 for the bond loans are summarised below. All covenants have been met at 31 December 2022 and 31 December 2021.The financial covenants for the bond loan are as follows:Requirement 2022 2021Secured loan to value Maximum 65 % 29.7 % 24 %Leverage ratio Maximum 4.0 2.3 2.2Net interest cover ratio Minimum 4.0 6.9 7.3The financial covenants for the RCF are as follows: Borrowing base ratio, Equity Ratio, Actual collection vs. IFRS forecast, total loan to value ratio and interest cover ratio. The borrowing base ratio is measured on \u201crestricted group\u201d (ex SFA). The financial covenants for the SFA are as follows: Loan to value ratio, Loan to CREV (Principal amount outstanding under the SFA divided by certain type of property valuations stated in the SFA) ratio, Cashflow cover ratio and Loan to CREV consentration ratio. All covenants are measured on the no recourse structure. If the group fails to comply with the financial covenants, all loan agreements have a grace period after notice thereof is given to the counterparties before default is declared.Bank borrowings secured by pledged assets 2022 2021RCF 4 025 3 531SFA 1 208 5 232 3 531Balance sheet value of pledged assets 2022 2021RCF: Share Pledge 3 733 3 622RCF: Intra Group Loan receivable 5 093 5 5858 826 9 208At 31 December 2022, the RCF is secured by a share pledge over B2Holding ASA\u2019s shares in B2Kapital Holding S.\u00e0 r.l., an account charge over a number of pre-defined B2Holding ASA bank accounts and a pledge over the intra-group loan receivables from B2Holding ASA to B2Kapital Holding S.\u00e0 r.l.. The SFA is fully securitized (pledge in assets, bank accounts, portfolios, intercompany loans/notes and servicing agreements), but with no recourse to B2Holding. The Bond Loans are unsecured. Changes in liabilities arising from financing activitiesThe table below shows reconciliation of cash flows from financing activities to interest bearing liabilities in the statement of financial position. Interest expense and Foreign Changes in amortization exchange fair value New of arrange-At 31 At 1 January Cash flow movementderivativesleasesment fees OtherDecember2021 11 469Non-current interest bearing loans and borrowings 10 116 -800 -318 57 -2 231 6 825Other non-current liabilities 131 -11 35 -63 93Current interest bearing loans and borrowings 1 153 -734 -264 13 2 231 2 400Other current liabilities 339 -582 -3 -1 562 -6 309Total liabilities from financing activities 11 740 -2 115 -585 -11 35 632 -69 9 6262022Non-current interest bearing loans and borrowings 6 825 3 537 282 53 -1 811 8 885Other non-current liabilities 93 -3 67 -24 133Current interest bearing loans and borrowings 2 400 -2 966 -57 14 1 811 1 201Other current liabilities 309 -620 2 -1 598 108 396Total liabilities from financing activities 9 626 -50 227 -4 67 665 85 10 616Other non-current liabilities and Other current liabilites in the Consolidated statement of financial positions includes both financial activites, such as accrued interest on interest bearing loans, lease liabilites and derivatives, and non-financial activites. Non-financial activities are classified as Other in table above. Hereof interest bearing liabilities 2022 20211)Interest bearing loans and borrowings 10 087 9 224 Accrued interest on interest bearing loans and borrowings (see note 27) 82 47 Lease liabilities (see note 16) 151 117 10 320 9 3881) Including EUR 86 million treasury bonds in 2022 (2021: EUR 27 million)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-106-3": {
"value": "NOTE 24: INTEREST BEARING LOANS AND BORROWINGS2022 2021Non-current Multi-currency revolving credit facility 4 025 3 031Senior Facility Agreement 1 208 Bond loan 3 653 3 794 8 885 6 8252022 2021Current Bond loan 1 201 1 900Bridge Facility500Bank overdraft 131 2191 332 2 619Interest bearing loansThe Group is financed by the following loans; (i) a EUR 610 million senior secured multi-currency revolving credit facility agreement (RCF), including a multi-currency cash pool with a EUR 40 million overdraft. EUR 100m of the RCF matures on 31 December 2023 while the remaining EUR 510m matures in Q3 2025. (ii) a EUR 200 million senior unsecured bond with maturity in May 2023, (iii) a EUR 200 million senior unsecured bond with maturity in May 2024, (iv) a EUR 150 million senior unsecured bond with maturity in September 2026 and (v) EUR 171 million senior secured facility agreement (SFA) with PIF Barbican S.\u00e0 r.l. (Pimco as original noteholder) with maturity in 2027. The Group holds EUR 86 million in treasury bonds, which is not reflected in the tables below. The RCF, SFA and the bond loans carry a variable interest rate based on the interbank rate in each currency plus a margin supplement. In addition, there is a commitment fee, which is calculated as a percentage of the loan margin on the undrawn part of the credit facilities. The overdraft carries a facility line fee. The loan agreements have a number of operational and financial covenants, including limits on certain key indicators, which have all been complied with as of 31 December 2022. There are no instalments to be paid before maturity. At 31 December 2022, PLN 700 million, SEK 975 million, DKK 260 million and EUR 120 million, in total EUR 392 million, was utilised from the EUR 570 million RCF, leaving an available, undrawn amount of EUR 178 million. The multi-currency overdraft facility of EUR 40 million was utilised with EUR 13 million, leaving an available, undrawn amount of EUR 27 million. The SFA facility of EUR 171 million was utilised with EUR 118 million, leaving an available, undrawn amount of EUR 53 million. The EUR 610 million RCF is secured by guarantees issued by B2Holding ASA, a share pledge over B2Holding ASA\u2019s 100 % directly owned subsidiaries, an account charge over a number of pre-defined B2Holding ASA bank accounts and a pledge over the intra-group loan receivables from B2Holding ASA to its subsidiaries. The SFA is fully securitised, but with no recourse to B2Holding. The Bond Loans are unsecured. Details of the interest rates, maturity and outstanding nominal values by currency at 31 December 2022 and 31 December 2021 are summarised below:OutstandingInterestnominalAt 31 December 2022 Currencyrate % MaturityvalueMulti-currency revolving credit facility PLN 3.25 % + WIBOR July 2025 1 572SEK 3.25 % + STIBOR July 2025 922EUR 3.25 % + EURIBOR July 2025 1 262DKK 3.25 % + CIBOR July 2025 3681)Bond loansEUR 4.75 % + 3M EURIBOR May 2023 2 103EUR 6.35 % + 3M EURIBOR May 2024 2 103EUR 6.90 % + 3M EURIBOR Sept 2026 1 577Senior Facility Agreement EUR 4.55 % + 3M EURIBOR 2027 1 24111 1471) Includes NOK 903 million in treasury bondsOutstandingInterestnominalAt 31 December 2021 Currencyrate % MaturityvalueMulti-currency revolving credit facility PLN 3.75 % + WIBOR May 2023 1 521SEK 3.75 % + STIBOR May 2023 741NOK 3.75 % + NIBOR May 2023 800Bridge facility NOK 5.50 % + NIBOR May 2022 5001)Bond loansEUR 4.25 % + 3M EURIBOR November 2022 1 998EUR 4.75 % + 3M EURIBOR May 2023 1 998EUR 6.35 % + 3M EURIBOR May 2024 1 9989 5551) Includes NOK 269 million in treasury bondsThe repayment schedule by currency at 31 December 2022 and 31 December 2021 is shown in the table below:Multi-currency revolvingSFAAt 31 December 2022credit facilityFacility Bond loan TotalALL CCY NOK EUR2022 2 103 2 1032023 2 103 2 1032024 4 123 4 123After 2025 1 241 1 577 2 8184 123 1 241 5 783 11 147Multi-currency revolvingBridgeAt 31 December 2021credit facilityFacility Bond loan TotalALL CCY NOK EUR2022 500 1 998 2 4982023 3 062 1 998 5 0592024 1 998 1 9983 062 500 5 993 9 555Financial covenantsThe financial covenants at 31 December 2022 for the bond loans are summarised below. All covenants have been met at 31 December 2022 and 31 December 2021.The financial covenants for the bond loan are as follows:Requirement 2022 2021Secured loan to value Maximum 65 % 29.7 % 24 %Leverage ratio Maximum 4.0 2.3 2.2Net interest cover ratio Minimum 4.0 6.9 7.3The financial covenants for the RCF are as follows: Borrowing base ratio, Equity Ratio, Actual collection vs. IFRS forecast, total loan to value ratio and interest cover ratio. The borrowing base ratio is measured on \u201crestricted group\u201d (ex SFA). The financial covenants for the SFA are as follows: Loan to value ratio, Loan to CREV (Principal amount outstanding under the SFA divided by certain type of property valuations stated in the SFA) ratio, Cashflow cover ratio and Loan to CREV consentration ratio. All covenants are measured on the no recourse structure. If the group fails to comply with the financial covenants, all loan agreements have a grace period after notice thereof is given to the counterparties before default is declared.Bank borrowings secured by pledged assets 2022 2021RCF 4 025 3 531SFA 1 208 5 232 3 531Balance sheet value of pledged assets 2022 2021RCF: Share Pledge 3 733 3 622RCF: Intra Group Loan receivable 5 093 5 5858 826 9 208At 31 December 2022, the RCF is secured by a share pledge over B2Holding ASA\u2019s shares in B2Kapital Holding S.\u00e0 r.l., an account charge over a number of pre-defined B2Holding ASA bank accounts and a pledge over the intra-group loan receivables from B2Holding ASA to B2Kapital Holding S.\u00e0 r.l.. The SFA is fully securitized (pledge in assets, bank accounts, portfolios, intercompany loans/notes and servicing agreements), but with no recourse to B2Holding. The Bond Loans are unsecured. Changes in liabilities arising from financing activitiesThe table below shows reconciliation of cash flows from financing activities to interest bearing liabilities in the statement of financial position. Interest expense and Foreign Changes in amortization exchange fair value New of arrange-At 31 At 1 January Cash flow movementderivativesleasesment fees OtherDecember2021 11 469Non-current interest bearing loans and borrowings 10 116 -800 -318 57 -2 231 6 825Other non-current liabilities 131 -11 35 -63 93Current interest bearing loans and borrowings 1 153 -734 -264 13 2 231 2 400Other current liabilities 339 -582 -3 -1 562 -6 309Total liabilities from financing activities 11 740 -2 115 -585 -11 35 632 -69 9 6262022Non-current interest bearing loans and borrowings 6 825 3 537 282 53 -1 811 8 885Other non-current liabilities 93 -3 67 -24 133Current interest bearing loans and borrowings 2 400 -2 966 -57 14 1 811 1 201Other current liabilities 309 -620 2 -1 598 108 396Total liabilities from financing activities 9 626 -50 227 -4 67 665 85 10 616Other non-current liabilities and Other current liabilites in the Consolidated statement of financial positions includes both financial activites, such as accrued interest on interest bearing loans, lease liabilites and derivatives, and non-financial activites. Non-financial activities are classified as Other in table above. Hereof interest bearing liabilities 2022 20211)Interest bearing loans and borrowings 10 087 9 224 Accrued interest on interest bearing loans and borrowings (see note 27) 82 47 Lease liabilities (see note 16) 151 117 10 320 9 3881) Including EUR 86 million treasury bonds in 2022 (2021: EUR 27 million)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-111-2": {
"value": "NOTE 26: ACCOUNTS AND OTHER PAYABLES2022 2021Accounts payable 78 67Vendor financing 47 36Amounts owed to third party collection customers 16 12Amounts prepaid by loan debtors 41 32Other payables 27 26 209 173Accounts payable, amounts prepaid by loan debtors and amounts owed to third party collection customers are non-interest bearing and are normally settled within 30 days. Vendor financing is non-interest bearing and relates to portfolio purchases not yet fully paid but normally due within 6 months. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-110-2": {
"value": "NOTE 25: OTHER NON-CURRENT LIABILITIES2022 2021Financial liabilities at fair value through profit or loss Contingent consideration (note 5.2) 0 0Derivatives (note 4) 0 3Other 7 4 7 7Financial liabilities Lease liabilities (note 16) 119 81119 81Other non-financial liabilities Post-employment liabilities 7 57 5133 93Contingent consideration due within one year is classified within other current liabilities.NOTE 27: OTHER CURRENT LIABILITIES2022 2021Financial liabilities at fair value through profit or loss Contingent consideration (note 5.2) 0 11Derivatives (note 4) 0 1 0 12Other liabilities at amortised cost Amounts due to employees 131 108Accrued interest on external loans 82 47Accrued costs of external collection services and other expenses 76 36Lease liabilities (note 16) 32 36Other 28 27351 254Indirect taxes payable Value added taxes / sales taxes payable 9 11Payroll taxes payable 12 12Social security payable 22 20Other indirect taxes payable 1 045 43396 309Contingent consideration due within one year is classified as other current liabilities. Amounts due to employees are accruals for fixed and variable salaries and includes accruals for holiday entitlements according to local regulations and practices. Interest payable on loans and borrowings is normally paid quarterly throughout the financial year.Indirect taxes are non-interest bearing and are payable on a regular basis to the relevant national tax authority.Social security payable at 31 December 2022 and 31 December 2021 includes the accrued social security costs of the share option programmes described in note 23. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-110-3": {
"value": "NOTE 25: OTHER NON-CURRENT LIABILITIES2022 2021Financial liabilities at fair value through profit or loss Contingent consideration (note 5.2) 0 0Derivatives (note 4) 0 3Other 7 4 7 7Financial liabilities Lease liabilities (note 16) 119 81119 81Other non-financial liabilities Post-employment liabilities 7 57 5133 93Contingent consideration due within one year is classified within other current liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-112-3": {
"value": "NOTE 27: OTHER CURRENT LIABILITIES2022 2021Financial liabilities at fair value through profit or loss Contingent consideration (note 5.2) 0 11Derivatives (note 4) 0 1 0 12Other liabilities at amortised cost Amounts due to employees 131 108Accrued interest on external loans 82 47Accrued costs of external collection services and other expenses 76 36Lease liabilities (note 16) 32 36Other 28 27351 254Indirect taxes payable Value added taxes / sales taxes payable 9 11Payroll taxes payable 12 12Social security payable 22 20Other indirect taxes payable 1 045 43396 309Contingent consideration due within one year is classified as other current liabilities. Amounts due to employees are accruals for fixed and variable salaries and includes accruals for holiday entitlements according to local regulations and practices. Interest payable on loans and borrowings is normally paid quarterly throughout the financial year.Indirect taxes are non-interest bearing and are payable on a regular basis to the relevant national tax authority.Social security payable at 31 December 2022 and 31 December 2021 includes the accrued social security costs of the share option programmes described in note 23. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-2": {
"value": "NOTE 28: COMMITMENTS28.1 Lease commitments - Group as lesseeThe Group has entered into leases for office premises, motor vehicles and office equipment. The lease payments for the majority of the office premises lease contracts are adjusted according to the consumer price index, have an extension option and have an average life of between 12 months and 9 years. There are no restrictions placed upon the lessee under the lease contracts to use the office premises in the normal course of business. The commitments related to future payments on lease agreements are presented in note 16. 28.2 Forward flow commitmentsThe Group has committed to buy non-performing debt portfolios for delivery in future periods (\u201cforward flow\u201d contracts) in the following segments. The estimated face value and purchase price of contracts are based on the maximum face value in the purchase agreement or best estimate if there are not any maximum amounts in the purchase agreements. The Group is entitled to terminate the agreements with less than 12 months notice. At 31 December, the non-cancellable part of these commitments were as follows: 2022 2021PurchasePurchaseFace valueprice Face valuepriceNorthern Europe 71 65 71 47Poland 27 12 92 21Western Europe 101 12 85 11South Eastern Europe 42 11 31 5240 99 279 83NOTE 31: GUARANTEESB2Holding ASA has issued a guarantee limited to EUR 900 million with the addition of any and all interests, default interests, costs and expenses to DNB Bank ASA as Agent on behalf of itself, Nordea Bank ABP, Branch of Norway and Swedbank AB in connection with the provision of the Group\u2019s senior secured multi-currency revolving credit facility of EUR\ue61f610 million.\ue61fThe guarantee was issued on behalf of the borrower under the multi-currency revolving credit facility, B2Holding ASA\u2019s 100 % directly owned subsidiary, B2Kapital Holding S.\u00e0 r.l. The total utilised amount under the facilities at 31 December 2022 was EUR 405 million. \ue61f B2Holding ASA has granted a soft guarantee to Senior Noteholders in the SFA which cover all reporting obligations in the related financing documents. B2Holding ASA has issued a office rental guarantee with effect from 10 October 2017 in favour of the lessor of the Group\u2019s offices in Gothenburg, Sweden.\ue61fIn 2021 the rental agreement was extendend three years if not cancelled within a specified date.\ue61fAlthough the guarantee is unlimited, the Group estimates that its exposure for the remaining rental period is limited to the yearly rental cost for the period, which amounts to SEK 2.4 million. B2Holding ASA has issued a office rental guarantee with effect from 19 December 2017 in favour of the lessor of the Group\u2019s offices in Wroclaw, Poland. The guarantee agreement is limited to the aggregated amount of EUR 402 thousand, which are ment to cover 3 months office rental cost, and are valid until 90 days following the rental agreement maturing in June 2031.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-113-3": {
"value": "NOTE 28: COMMITMENTS28.1 Lease commitments - Group as lesseeThe Group has entered into leases for office premises, motor vehicles and office equipment. The lease payments for the majority of the office premises lease contracts are adjusted according to the consumer price index, have an extension option and have an average life of between 12 months and 9 years. There are no restrictions placed upon the lessee under the lease contracts to use the office premises in the normal course of business. The commitments related to future payments on lease agreements are presented in note 16. 28.2 Forward flow commitmentsThe Group has committed to buy non-performing debt portfolios for delivery in future periods (\u201cforward flow\u201d contracts) in the following segments. The estimated face value and purchase price of contracts are based on the maximum face value in the purchase agreement or best estimate if there are not any maximum amounts in the purchase agreements. The Group is entitled to terminate the agreements with less than 12 months notice. At 31 December, the non-cancellable part of these commitments were as follows: 2022 2021PurchasePurchaseFace valueprice Face valuepriceNorthern Europe 71 65 71 47Poland 27 12 92 21Western Europe 101 12 85 11South Eastern Europe 42 11 31 5240 99 279 83NOTE 31: GUARANTEESB2Holding ASA has issued a guarantee limited to EUR 900 million with the addition of any and all interests, default interests, costs and expenses to DNB Bank ASA as Agent on behalf of itself, Nordea Bank ABP, Branch of Norway and Swedbank AB in connection with the provision of the Group\u2019s senior secured multi-currency revolving credit facility of EUR\ue61f610 million.\ue61fThe guarantee was issued on behalf of the borrower under the multi-currency revolving credit facility, B2Holding ASA\u2019s 100 % directly owned subsidiary, B2Kapital Holding S.\u00e0 r.l. The total utilised amount under the facilities at 31 December 2022 was EUR 405 million. \ue61f B2Holding ASA has granted a soft guarantee to Senior Noteholders in the SFA which cover all reporting obligations in the related financing documents. B2Holding ASA has issued a office rental guarantee with effect from 10 October 2017 in favour of the lessor of the Group\u2019s offices in Gothenburg, Sweden.\ue61fIn 2021 the rental agreement was extendend three years if not cancelled within a specified date.\ue61fAlthough the guarantee is unlimited, the Group estimates that its exposure for the remaining rental period is limited to the yearly rental cost for the period, which amounts to SEK 2.4 million. B2Holding ASA has issued a office rental guarantee with effect from 19 December 2017 in favour of the lessor of the Group\u2019s offices in Wroclaw, Poland. The guarantee agreement is limited to the aggregated amount of EUR 402 thousand, which are ment to cover 3 months office rental cost, and are valid until 90 days following the rental agreement maturing in June 2031.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-115-2": {
"value": "NOTE 29: RELATED PARTY DISCLOSUREThe Group\u2019s related parties include the Group management team, Board of Directors of the parent company, associated companies and joint ventures (note 17). No loans or guarantees have been given to members of the Management, the Board of Directors or other elected corporate bodies. 2022 2021Base salary 27 25Benefits 1 1Short term incentive 11 9Share-options 6 6Pension 3 3Total compensation to key management personnel 48 43CEO and Group Management have received bonus according to the bonus programme described in the Remuneration report. The Board of Directors has also granted one-off bonuses in excess of targets bonus to CEO and two members of group management. No additional remuneration are paid for special services outside the normal functions within the given manager positions. Short term incentive includes yearly bonus awarded for the reporting period while the other amounts disclosed in the table are the amounts recognised as an expense during the reporting period.The Board of Directors compensation was NOK 3.3 million in 2022 (NOK 2.9 million in 2021) including any additional fees to members of Audit Committee and Remuneration Committee. Transactions with associated companies and joint ventures: See note 17 and 18 for transactions with associated companies and joint ventures.Group companies Companies in the Group are also related parties. Intra-group related party transactions and outstanding balances are eliminated in the preparation of the consolidated financial statements of the Group. Sales to and purchases from intra-group related parties are made at normal market prices as the transactions are performed on the same terms as unrelated parties. Outstanding intra-group balances at the year end are unsecured and interest free, other than for interest bearing loans. B2Holding ASA, with its registered office in Oslo is the Parent Company of the Group. The list of Group subsidiaries is provided below. All subsidiaries are included in the B2Holding Group consolidated financial statements.Directly % equity interestowned by Country ofB2HoldingCompany nameincorporation SegmentASA2022 2021B2Holding ASA (Parent company of the Group) Norway Central functionsInterkreditt AS Norway Northern Europe 100 % 100 %Interkreditt Kapital AS Norway Northern Europe 100 % 100 %Veraltis Group S.\u00e0 r.l. Luxembourg Central functions \u221a 100 %BackB Investments S.\u00e0 r.l. Luxembourg Central functions \u221a 100 % 100 %B-Squared Investments S.\u00e0 r.l. Luxembourg Central functions 100 % 100 %B2Kapital Holding S.\u00e0 r.l. Luxembourg Central functions \u221a 100 % 100 %ULTIMO Portfolio Investment SA Luxembourg Central functions 100 % 100 %ULTIMO SA Poland Poland 100 % 100 %ULTIMO Securitisation Fund Poland Poland 100 % 100 %ULTIMO Legal Office Poland Poland 99 % 99 %ULTIMO TFI SA Poland Poland 100 % 100 %TAKTO Group comprising TAKTO Sp z.o.o, TAKTO Securitisation Fund & Invest TAKTO SKA Poland Poland 100 % 100 %Sileo Holding AB Sweden Northern Europe 100 % 100 %Sileo Kapital AB Sweden Northern Europe 100 % 100 %1)Interkredit Sverige ABSweden Northern Europe 100 %2)Sileo F\u00f6rvaltning AB Sweden Northern Europe 100 %OK Perint\u00e4 OY Finland Northern Europe 100 % 100 %Nordic Debt Collection A/S Denmark Northern Europe 100 % 100 %OK Incure O\u00dc Estonia Northern Europe 100 % 100 %TCM Estonia O\u00dc Estonia Northern Europe 100 % 100 %B2Kapital SIA Latvia Northern Europe 100 % 100 %Creditreform Latvija SIA Latvia Northern Europe 99.5 % 99.5 %Crefo Rating SIA Latvia Northern Europe 100 % 100 %AS Crefo Birojs Latvia Northern Europe 100 % 100 %UAB B2Kapital Lithuania Northern Europe 100 % 100 %B2 Kapital d.o.o Croatia Central Europe 100 % 100 %B2 Real Estate d.o.o Croatia Central Europe 100 % 100 %B2 Portfolio d.o.o. Croatia Central Europe 100 % 100 %Veraltis Asset Management d.o.o. (former BSP Consulting d.o.o.) Croatia Central Europe 100 % 100 %Veraltis Asset Management Ogranak d.o.o. (Branch) Serbia Central Europe Veraltis Asset Management Podruznica d.o.o. (Branch) Slovenia Central Europe B2Kapital d.o.o Slovenia Central Europe 100 % 100 %B2 Holding Kapital d.o.o Serbia Central Europe 100 % 100 %B2Kapital d.o.o Bosnia and HerzegovinaCentral Europe 100 % 100 %B2Kapital d.o.o Montenegro Central Europe 100 % 100 %3)B2Kapital GmbHAustria Central Europe 100 % 100 %B2Kapital Czech Republic s.r.o Czech Republic Central Europe 100 % 100 %Consequence Europe MKFT (liquidated April 2022) Hungary Central Europe 100 %B2Kapital Hungary Zrt Hungary Central Europe 100 % 100 %Directly % equity interestowned by Country ofB2HoldingCompany nameincorporation SegmentASA2022 2021South Eastern B2Kapital Porfolio Management S.R.L RomaniaEurope 100 % 100 %Veraltis Asset Management SRL South Eastern (former B2 Real Estate Management S.R.L.) RomaniaEurope 100 % 100 %South Eastern B2 Kapital Finance I.F.N. S.A. RomaniaEurope 100 % 100 %South Eastern Freyja Development S.R.L RomaniaEurope 100 % 100 %South Eastern Acatoen Development S.R.L RomaniaEurope 100 % 100 %South Eastern Joro Assets S.R.L. RomaniaEurope 100 % 100 %South Eastern Advanced Holding Three S.R.L RomaniaEurope 100 % 100 %South Eastern 5)Debt Collection Agency EADBulgariaEurope 100 % 100 %South Eastern 5)Smart Collect EOODBulgariaEurope 100 % 100 %South Eastern B2 Real Estate Holding EOOD BulgariaEurope 100 %South Eastern Veraltis Asset Management SA (former B2Kapital AE) GreeceEurope 100 % 100 %South Eastern B2Kapital Cyprus LTD CyprusEurope 100 % 100 %South Eastern Gabuyd Ltd CyprusEurope 100 % 100 %South Eastern Veraltis Asset Management Ltd CyprusEurope 100 %3)B2 Kapital S.r.lItaly Western Europe 100 % 100 %B2 Kapital Investment S.r.l. Italy Western Europe 100 % 100 %B2 Kapital RE S.r.l. Italy Western Europe 100 % 100 %B2Kapital 7.1 S.r.l Italy Western Europe 100 % 100 %Confirmaci\u00f3n de Solicitudes de Cr\u00e9dito Verifica S.A.U Spain Western Europe 100 % 100 %4)Verifica Portugal S.A.Portugal Western Europe 100 %SAS Veraltis Asset Management (former N\u00e9gociation et Achat de Cr\u00e9ances Contentieuses) France Western Europe 100 % 100 %SAS BackB REO France France Western Europe 100 %FCT B-Squared France Western Europe 100 %Tahiti Encaissements Services French Polynesia Western Europe 100 % 100 %1) Sold from B2Kapital Holding S.\u00e0 r.l. and merged into Sileo Kapital AB 16 December 20222) Sold from B2H ASA and merged into Sileo Kapital AB 16 December 20223) In process of liquidation4) Liquidated during 20225) Debt Collection Agency EAD and its fully owned subsidiary Smart Collect EOOD is agreed to be sold and the transaction is expected to close in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-115-3": {
"value": "NOTE 29: RELATED PARTY DISCLOSURENo loans or guarantees have been given to members of the Management, the Board of Directors or other elected corporate bodies. 2022 2021Base salary 27 25Benefits 1 1Short term incentive 11 9Share-options 6 6Pension 3 3Total compensation to key management personnel 48 43CEO and Group Management have received bonus according to the bonus programme described in the Remuneration report. The Board of Directors has also granted one-off bonuses in excess of targets bonus to CEO and two members of group management. No additional remuneration are paid for special services outside the normal functions within the given manager positions. Short term incentive includes yearly bonus awarded for the reporting period while the other amounts disclosed in the table are the amounts recognised as an expense during the reporting period.The Board of Directors compensation was NOK 3.3 million in 2022 (NOK 2.9 million in 2021) including any additional fees to members of Audit Committee and Remuneration Committee. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-115-4": {
"value": "NOTE 29: RELATED PARTY DISCLOSUREDirectly % equity interestowned by Country ofB2HoldingCompany nameincorporation SegmentASA2022 2021B2Holding ASA (Parent company of the Group) Norway Central functionsInterkreditt AS Norway Northern Europe 100 % 100 %Interkreditt Kapital AS Norway Northern Europe 100 % 100 %Veraltis Group S.\u00e0 r.l. Luxembourg Central functions \u221a 100 %BackB Investments S.\u00e0 r.l. Luxembourg Central functions \u221a 100 % 100 %B-Squared Investments S.\u00e0 r.l. Luxembourg Central functions 100 % 100 %B2Kapital Holding S.\u00e0 r.l. Luxembourg Central functions \u221a 100 % 100 %ULTIMO Portfolio Investment SA Luxembourg Central functions 100 % 100 %ULTIMO SA Poland Poland 100 % 100 %ULTIMO Securitisation Fund Poland Poland 100 % 100 %ULTIMO Legal Office Poland Poland 99 % 99 %ULTIMO TFI SA Poland Poland 100 % 100 %TAKTO Group comprising TAKTO Sp z.o.o, TAKTO Securitisation Fund & Invest TAKTO SKA Poland Poland 100 % 100 %Sileo Holding AB Sweden Northern Europe 100 % 100 %Sileo Kapital AB Sweden Northern Europe 100 % 100 %1)Interkredit Sverige ABSweden Northern Europe 100 %2)Sileo F\u00f6rvaltning AB Sweden Northern Europe 100 %OK Perint\u00e4 OY Finland Northern Europe 100 % 100 %Nordic Debt Collection A/S Denmark Northern Europe 100 % 100 %OK Incure O\u00dc Estonia Northern Europe 100 % 100 %TCM Estonia O\u00dc Estonia Northern Europe 100 % 100 %B2Kapital SIA Latvia Northern Europe 100 % 100 %Creditreform Latvija SIA Latvia Northern Europe 99.5 % 99.5 %Crefo Rating SIA Latvia Northern Europe 100 % 100 %AS Crefo Birojs Latvia Northern Europe 100 % 100 %UAB B2Kapital Lithuania Northern Europe 100 % 100 %B2 Kapital d.o.o Croatia Central Europe 100 % 100 %B2 Real Estate d.o.o Croatia Central Europe 100 % 100 %B2 Portfolio d.o.o. Croatia Central Europe 100 % 100 %Veraltis Asset Management d.o.o. (former BSP Consulting d.o.o.) Croatia Central Europe 100 % 100 %Veraltis Asset Management Ogranak d.o.o. (Branch) Serbia Central Europe Veraltis Asset Management Podruznica d.o.o. (Branch) Slovenia Central Europe B2Kapital d.o.o Slovenia Central Europe 100 % 100 %B2 Holding Kapital d.o.o Serbia Central Europe 100 % 100 %B2Kapital d.o.o Bosnia and HerzegovinaCentral Europe 100 % 100 %B2Kapital d.o.o Montenegro Central Europe 100 % 100 %3)B2Kapital GmbHAustria Central Europe 100 % 100 %B2Kapital Czech Republic s.r.o Czech Republic Central Europe 100 % 100 %Consequence Europe MKFT (liquidated April 2022) Hungary Central Europe 100 %B2Kapital Hungary Zrt Hungary Central Europe 100 % 100 %Directly % equity interestowned by Country ofB2HoldingCompany nameincorporation SegmentASA2022 2021South Eastern B2Kapital Porfolio Management S.R.L RomaniaEurope 100 % 100 %Veraltis Asset Management SRL South Eastern (former B2 Real Estate Management S.R.L.) RomaniaEurope 100 % 100 %South Eastern B2 Kapital Finance I.F.N. S.A. RomaniaEurope 100 % 100 %South Eastern Freyja Development S.R.L RomaniaEurope 100 % 100 %South Eastern Acatoen Development S.R.L RomaniaEurope 100 % 100 %South Eastern Joro Assets S.R.L. RomaniaEurope 100 % 100 %South Eastern Advanced Holding Three S.R.L RomaniaEurope 100 % 100 %South Eastern 5)Debt Collection Agency EADBulgariaEurope 100 % 100 %South Eastern 5)Smart Collect EOODBulgariaEurope 100 % 100 %South Eastern B2 Real Estate Holding EOOD BulgariaEurope 100 %South Eastern Veraltis Asset Management SA (former B2Kapital AE) GreeceEurope 100 % 100 %South Eastern B2Kapital Cyprus LTD CyprusEurope 100 % 100 %South Eastern Gabuyd Ltd CyprusEurope 100 % 100 %South Eastern Veraltis Asset Management Ltd CyprusEurope 100 %3)B2 Kapital S.r.lItaly Western Europe 100 % 100 %B2 Kapital Investment S.r.l. Italy Western Europe 100 % 100 %B2 Kapital RE S.r.l. Italy Western Europe 100 % 100 %B2Kapital 7.1 S.r.l Italy Western Europe 100 % 100 %Confirmaci\u00f3n de Solicitudes de Cr\u00e9dito Verifica S.A.U Spain Western Europe 100 % 100 %4)Verifica Portugal S.A.Portugal Western Europe 100 %SAS Veraltis Asset Management (former N\u00e9gociation et Achat de Cr\u00e9ances Contentieuses) France Western Europe 100 % 100 %SAS BackB REO France France Western Europe 100 %FCT B-Squared France Western Europe 100 %Tahiti Encaissements Services French Polynesia Western Europe 100 % 100 %1) Sold from B2Kapital Holding S.\u00e0 r.l. and merged into Sileo Kapital AB 16 December 20222) Sold from B2H ASA and merged into Sileo Kapital AB 16 December 20223) In process of liquidation4) Liquidated during 20225) Debt Collection Agency EAD and its fully owned subsidiary Smart Collect EOOD is agreed to be sold and the transaction is expected to close in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-121-2": {
"value": "NOTE 30: FEES TO AUDITORSErnst & Young 2022 2021Audit fees 11.1 9.4 Fees for further assurance services 0.4 0.5 Fees for tax advise 0.5 0.5 Total Ernst & Young 12.0 10.4 Other auditing companies 3.3 2.4 Total 15.4 12.7 VAT is both included and not included in the fees specified above, depending on if the receiving company can deduct VAT. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-123-2": {
"value": "NOTE 32: SUBSEQUENT EVENTSThe Board of Director\u2019s has proposed for the Annual General Meeting 2023 to pay a cash dividend of NOK 0.2 per share for 2022 and a share buy-back program of NOK 0.42 per share for the financial year 2022.In the first quarter of 2023 B2Holding completed a tap issue of EUR 150m in B2H06. The tap proceeds were used to repurchase EUR 19m of B2H04.As we are writing this report the war in Ukraine and volatile macroenvironment have created a significant uncertainty in the market and B2Holding is closely monitoring the macroeconomic and geopolitical developments. At this stage the baseline scenarios indicate limited risk for B2Holding, however the full impact on B2Holdings business activities and may change in the event of significant escalation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-124-2": {
"value": "NOTE 33: CONTINGENCIES None.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFHOO08",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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}
}