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"value": "Note 1 \u2013 Corporate Information Saga Pure ASA (former \u201cSaga Tankers ASA\u201d) (\u201cthe Company\u201d) is a public limited liability company incorporated and domiciled in Norway. The address of the head office is Sj\u00f8lyst Plass 2, 0278 Oslo, Norway. The Company was incorporated on 24 March 2010 and was listed on the Oslo Stock Exchange \u201cEuronext Expand\u201d (former \u201cOslo Axess\u201d) -list on 18 June 2010. In 2021 the listing was transferred to Oslo B\u00f8rs (the main list). The consolidated financial statements for the year ended 31 December 2022, were approved by the Board of Directors on 20 April 2023, and will be presented for approval at the Annual General Meeting on 25 May 2023. The business activity of the Group is investment and management related to industry, energy, real estate, including ownership and investment in other businesses.",
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"value": "Note 1 \u2013 Corporate Information Saga Pure ASA (former \u201cSaga Tankers ASA\u201d) (\u201cthe Company\u201d) is a public limited liability company incorporated and domiciled in Norway. The address of the head office is Sj\u00f8lyst Plass 2, 0278 Oslo, Norway. The Company was incorporated on 24 March 2010 and was listed on the Oslo Stock Exchange \u201cEuronext Expand\u201d (former \u201cOslo Axess\u201d) -list on 18 June 2010. In 2021 the listing was transferred to Oslo B\u00f8rs (the main list). The consolidated financial statements for the year ended 31 December 2022, were approved by the Board of Directors on 20 April 2023, and will be presented for approval at the Annual General Meeting on 25 May 2023. The business activity of the Group is investment and management related to industry, energy, real estate, including ownership and investment in other businesses. Note 2 \u2013 Accounting Policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been applied to all the years presented, unless otherwise stated. Basis of preparation The financial statements for Saga Pure for the financial year 2022 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The IFRS principles have been applied consistently since incorporation. Below is a summary of the Group\u2019s accounting policies to be applied in the consolidated financial statements. The consolidated financial statements are presented in NOK and all numbers are rounded to the nearest thousands, except where otherwise indicated. The statement of comprehensive income is presented on a mixed basis (a blend of expenses by nature and function), as this is assessed to be the most relevant and reliable presentation. Going concern The financial statements have been prepared on the going concern assumption. For additional information see Board of Director\u2019s report. Basis of consolidation The consolidated financial statements comprise the financial statements of Saga Pure ASA and its subsidiary (the \u201cGroup\u201d) as of 31 December each year. Subsidiaries Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date the control ceases. All inter-company transactions and balances are eliminated in the consolidated financial statements. Revenue recognition Other income is related to services provided and are recognized on an ongoing basis based on hours delivered to the customer. Associates Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case when the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The group\u2019s investment in associates includes goodwill identified on acquisition. If the ownership interest in an associate is reduced, but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss where appropriate. The group\u2019s share of post-acquisition profit or loss is recognized in the income statement, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount adjacent to share of profit/ (loss) of associates in the income statement. Dilution gains and losses arising in investments in associates are recognized in the income statement. Pensions The company is obligated to have an occupational pension plan. The company meets the requirements for an occupational pension plan in accordance with the Norwegian law on required occupational pensions. Significant accounting judgments, estimates and assumptions The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that may affect assets, liabilities, revenues, expenses and information in notes to the financial statement. Estimates are management\u2019s best knowledge based on information available at the date the financial statements are authorized for issue. Actual results may differ from these estimates. Such changes will be recognized when new estimates can be determined with certainty. Non-current financial investments Non-current financial investments are valued at fair value. In cases where the fair value is not available through market values in quoted prices, the marked value is estimated through benchmarking, estimates from independent values and other sources. References are made to note 16 for further information regarding fair value estimation. Summary of significant accounting policies Share-based payments The Group has an equity-settled share-based remuneration program towards certain employees. The cost of this program is determined by the fair value at the grant date, as calculated by the Black-Scholes model. The cost is recognised as employee benefit expenses, together with a corresponding increase in other equity, over the vesting period. As this is equity settled, no subsequent fair value measurements are made post grant date. Social security Share-based payments The potential social security related to the share-based program, will be payable at expiration, based on the end value \u2013 if any \u2013 of the options. Reserves for social security are made, based in the current value of the option, as if it was at its expiration, hence, a full undiscounted reserve. The calculation is based on the difference between the strike price of the option, and the current stock price. If the option at the time of measurement is \u201cout of the money\u201d \u2013 no reserves is made. Dividend Income Dividend income is recognised when the right to receive payment is established. The company classifies such income as 'Other Income' on the face of Consolidated Statement of Comprehensive Income. Investment and trading of financial instruments/assets at fair value through profit or loss Financial instruments/assets are classified at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income (OCI), or at fair value through profit or loss, whereas the latter acquired principally for the purpose of generating a profit from fluctuation in prices is the most crucial for the Group. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The group indulges in investment and trading of financial instruments as part of its core business. The group\u2019s non-current financial investments are characterised in addition to the Groups intention of sale, that this sale could typically be expected to occur within a tree year time frame. The non-current financial investments are therefore treated at fair value through profit or loss. All such instruments are classified as non-current financial investments, unless the Group exercises significant influence of the investment, in which case the investment will be classified as associate. Current investments are considered part of a held for trading portfolio if they are acquired for the purpose of selling or repurchasing in the near term. The trading portfolio is considered a subordinated business compared to the long-term investments. These investments is subsequently measured at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit and loss. Investments subsequently measured at fair value over profit and loss in accordance with the fair value hierarchy: \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Net unrealised and realized gain/losses on the portfolio of investments is classified as operating income, while net unrealized and realized losses is classified as operating expenses. In cases where an investment changes classification between associate and non-current financial investment either way, the investment is derecognized and recognized in its new classification based on its fair value as of time of derecognition/recognition. The highest level achievable according to the IFRS fair-value hierarchy will be applied. Trade receivables and other receivables Current trade receivables and other receivables are initially recorded at their fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment. Trade payables and other payables Current trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Foreign currency The financial statements are presented in NOK, which is also the functional currency for all the companies in the Group. Transactions in foreign currencies are recorded at the exchange rate in effect at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the exchange rate at the financial position date. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. Subsequent measurement After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When 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 the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Cash, cash equivalents and cash flow statement Cash represents cash on hand and deposits with bank that is callable on demand. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less and that are subject to an insignificant risk of change in value. The cash flow statement is prepared using the indirect method. Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as financial expense. Equity Transaction costs related to an equity transaction are recognized directly in equity after deduction of tax. Ordinary taxation At year end, all subsidiaries within the Group are subject to the ordinary Norwegian taxation regime. Current income taxes are measured at the amount expected to be paid to (recover from) authorities, deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognized to the extent that it is probable that they can be utilized in the future. Dividends and capital gains are taxed according to the Norwegian exemption model. Financial position classification Current assets and current liabilities include items due less than one year from the financial position date, and items tied to the operating cycle. The current portion of long-term debt is included as current liabilities. Related parties Parties are related 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. Contingent liabilities Contingent liabilities are defined as possible obligations that arises from past events whose existence depends on one or more future events not wholly within the control of the entity, or present obligations that are not recognized because it is not probable that they will lead to an outflow or resources. Contingent liabilities are not recognized on the balance sheet unless arising from assuming assets and liabilities in a business combination. Significant contingent liabilities are disclosed unless the possibility of an outflow of resources embodying economic benefit is a remote one. Contingent assets are not accounted for unless virtually certain. Events after financial position date New information regarding the Group\u2019s situation on the financial position date is taken into account in the financial statements. Events occurring after the financial position date, that do not affect the Group on the financial position date but will affect the Group\u2019s situation in the future, are disclosed if significant. New and amended standards adopted by the group in the reporting period There are no new standards in 2022 with significant impact for the Group. Standards and Interpretations in issue but not yet adopted There are no new standards or amendments which have been issued, but are not yet effective, that are considered to have an impact on the Group. Note 3 \u2013 Operating Segments Investments are reported as one segment, while the \u201cOther\u201d segment currently consist of consulting services from internal industry specialists, are monitored separately. Further segmentation might be applied as the business evolves. Segment information Investment Other Total NOK 10002022 2021 2022 2021 2022 2021 Income Net gain/loss on investments (-) -3 161 136 190 - - - 3 161 136 190 Other income - - 1 819 687 1 819 687 Total income -3 161 136 190 1 819 687 -1 342 136 877 Operation expenses - excluding loss in investments 38 716 29 796 - - 38 716 29 796 Net operating profit/loss -29 038 230 897 1 819 687 -27 219 231 584 Assets 1 007 071 1 118 586 - - 1 007 071 1 118 586 Liabilities 10 614 10 622 - - 10 614 10 622 There has not been any transaction across the different segments. Note 4 \u2013 Investment in Associates Total associates At year end, the Group had Heimdall Power as associated investment. The Group made its initial investment in Heimdall Power in 2021 and acquired additional shares in the company in august 2022, reaching a total ownership of 22.05% During the year the Group disposed of all its shares in Bergen Carbon Solutions. Hyon conducted an equity issue related to its listing In January. Through this process the Groups ownership in Hyon was diluted below significant influence. IC Technology failed to raise new equity. The company is in the process of seeking debt arrangement with its creditors. It is not anticipated any dividends for the shareholders, therefor the associate has been written off in 2022. NOK 1000 Profit 2022 Profit 2021 Carrying value 2022 Carrying value 2021 Total associates Heimdall Power -3 945 - 116 042 - Bergen Carbon - 53 893 Solution 22 435 126 491 - 28 583 IC Technology -28 583 -1 417 Hyon 22 932 -572 - - Total 12 839 124 501 116 042 82 475 Heimdall Power AS The investment in Heimdall Power was classified as a non-current financial investment, until the Group acquired additional shares, and gained significant influence in September 2022. The company is developing and distributing sensors and software for surveillance and management of high-voltage power grids. As a solution, they deliver a complete system for monitoring the capacity and condition of the power grid. At last acquisition NOK 1000 31 Dec 2022 1 September 2022 Carrying value 22.05 % 22.05 % Current Assets 96 944 118 611 Non-current assets 77 187 71 387 Current liabilities -33 405 -31 380 Non-current liabilities - - Equity 140 726 158 618 Groups share of equity 31 029 34 973 Technology-based intangible 108 992 108 992 Deferred tax -23 978 -23 978 Group\u2019s carrying amount of investment 116 042 119 987 NOK 1000 2022 Net profit from associates Revenues 4 004 Operating expenses -23 437 Net finance income/(cost) 1 541 Profit before tax -17 892 Income tax expenses - Profit for the year -17 892 Group\u2019s share of profit for the year (22.05 %) -3 945 Net profit from investment in associate -3 945 Bergen Carbon Solutions As per beginning of 2022, the Group had 23.98% ownership in Bergen Carbon Solutions (BCS). During the year, the Group has disposed of all shares in BCS, and as of June the investment was no longer assessed to be an associate. NOK 1000 31 Dec 2022 31 Dec 2021 Carrying value 0 % 23.98 % Current Assets - 108 246 Non-current assets - 14 301 Current liabilities - -4 269 Non-current liabilities - - Equity - 118 278 Groups share of equity - 28 362 Technology-based intangible - 32 731 Deferred tax - -7 201 Group\u2019s carrying amount of investment - 53 893 NOK 1000 YTD May 2022 2021 Net profit from associates Revenues 224 874 Operating expenses -22 982 -31 687 Net finance income/(cost) -417 81 Profit before tax -23 174 -30 732 Income tax expenses - - Profit for the year (per May in 2022) -23 174 -30 732 Group\u2019s share of profit for the year (per May in 2022) -5 066 -6 986 Net profit from the Group\u2019s realization of shares 27 502 133 477 Net profit from investment in associate 22 435 126 491 IC Technology AS The Group has maintained its 32.61% share in IC Technology (ICT) throughout the year. In the fourth quarter of 2022, ICT failed to raise additional equity. As a consequence of this, the Group has impaired the intangible assets related to this investment and written of all remaining share of equity in ICT as of fourth quarter. ICT is still an active entity, but because of the uncertainties related to the way forward, the investment is valued at nil in the Groups consolidated statements. NOK 1000 31 Dec 2022 31 Dec 2021 Carrying value 32.61 % 32.61 % Current Assets N/A 26 362 Non-current assets N/A 3 555 Current liabilities N/A -1 639 Non-current liabilities N/A - Equity N/A 28 279 Groups share of equity N/A 9 221 Technology-based intangible - 24 822 Deferred tax - -5 461 Group\u2019s carrying amount of investment - 28 583 NOK 1000 YTD Sep 2022 2021 Net profit from associates Revenues 2 925 840 Operating expenses -21 675 -5 190 Net finance income/(cost) 11 3 Profit before tax -18 739 -4 347 Income tax expenses - - Profit for the year -18 739 -4 347 Group\u2019s share of profit for the year (32.61 %) -6 090 -1 417 Impairment of intangibles net of tax -19 361 - Write-off of residual value -3 132 - Net profit from investment in associate -28 583 -1 417 Hyon AS Hyon was listed for trading on Euronext Growth in February. In connection to the listing, the Group was diluted to an ownership of 17.64%. It was assessed that the Group no longer held significant influence in Hyon, and the investment was classified as a financial investment as of February 2022. NOK 1000 31 Dec2022 At 31 Dec2021 Carrying value 0 % 28.67 % Current Assets - 1 642 Non-current assets - 20 Current liabilities - -3 574 Non-current liabilities - - Equity - -1 912 Groups share of equity - -548 Negative goodwill - - Share of negative goodwill excluded - 548 Group\u2019s carrying amount of investment - - NOK 1000 Jan 2022 2021 Net profit from associates Revenues - - Operating expenses - -4 022 Net finance income/(cost) - 15 Profit before tax - -4 036 Income tax expenses - - Profit for the year - -4 036 Group\u2019s share of profit for the year (28.67 %) - -1 157 Negative goodwill taken as income - 37 Share of negative equity excluded - 548 Net profit from reclassification to Financial Investment 22 932 - Net profit from investment in associate 22 932 -572 A substantial part of the Group\u2019s other income is based on services provided to associated companies. These services recognised in accordance with the Group\u2019s policy for revenue recognition as described in note 2. Note 5 \u2013 Operating Expenses NOK 1000 2022 2021 Employee benefit expenses Salaries 15 679 12 867 Social security costs 2 577 1 868 Pension expenses 173 155 Expenses option program 8 113 3 456 Reserves social security option program -3 211 -2 343 Other personnel expenses 116 32 Total employee benefit expenses 23 447 16 035 Number of man-years 6 6 Other operating expenses Consultancy fees 7 731 6 938 Travel expenses and membership fees 456 289 Other expenses 7 082 6 518 Total administrative expenses 15 269 13 745 Remuneration to the Board of Directors and executive management \u2013 References made to note 19 Subsequent events 2022 NOK 1000 NamePosition Salary Bonus Vesting options Other benefit Pension cost Director\u2019s fee Bj\u00f8rn Simonsen CEO*** 3 578 - 823 12 30 - Espen Lundaas CFO 1 587 1 300 - 12 7 - Martin Nes Chairman - - - - - 250 \u00d8ystein Stray Spetalen Board member - - - - - 200 Yvonne Litsheim Sandvold Board member - - - - - 200 Christine Spiten Board member* - - - - - 83 G\u00f8ril Andersen Board member** - - - - - 117 Total remuneration 5 165 1 300 823 24 37 850 2021 NOK 1000 NamePosition Salary Bonus Vesting options Other benefit Pension cost Director\u2019s fee Bj\u00f8rn Simonsen CEO 2 029 - 1 111 13 28 - Espen Lundaas CFO 1 518 1 000 - 9 - - Martin Nes Chairman - - - - - 205 \u00d8ystein Stray Spetalen Board member - - - - - 159 Yvonne Litsheim Sandvold Board member - - - - - 159 Christine Spiten Board member* - - - - - 145 Total remuneration 3 548 1 000 1 111 22 28 668 * Christine Spiten joined the Board in February 2021, and left the Board in May 2022 ** G\u00f8ril Andersen joined the Board in May 2022 *** Including reserves made for six months severance pay. Reference to note 19 subsequent events The Group had no outstanding loans or guarantees in favour of any member of the Board of Directors or company management in 2022. Stock options program to Board members and Company employees No stock options or right to stock options are held by members of the board of directors on 31 December 2022. Reference is made to note 17 for further information regarding the equity settled option and share program towards certain key employees. Audit Fees NOK 1000 2022 2021 Audit fees including VAT Audit services 775 632 Other attestation services 111 78 Tax services - - Other non-audit services 65 88 Total 950 798 Fees to the Group\u2019s auditors are included in administrative expenses. Note 6 \u2013 Cash and Cash Equivalents The Group's cash and cash equivalents are denominated in the following currencies: NOK 1000 31 Dec 2022 31 Dec 2021 US Dollars* 416 -18 857 GB Pounds 1 479 Euro 6 546 Norwegian kroner 786 659 795 941 Total cash and cash equivalents 787 082 778 108 *The USD account is part of a multi-currency arrangement with a net deposit. Restricted cash Employee tax accounts 1 819 1 505 All cash deposits are held in financial institutions with a long-term credit rating of minimum A+ according to Standard & Poor\u2019s. Reference is made to note 14 for further information. Deposits carries floating interest rates. Note 7 \u2013 Other Current Assets NOK 1000 31 Dec 2022 31 Dec 2021 Other receivables - 2 014 Prepayments 1 306 54 Unbilled revenue - 657 Total other current assets 1 306 2 726 Note 8 \u2013 Trade Receivables and Other Receivables The outstanding amount of trade receivables on 31 December 2022 was TNOK 156 (31 December 2021 of TNOK 30). Note 9 \u2013 Other Current Liabilities NOK 1000 31 Dec 2022 31 Dec 2021 Public duties payable 2 726 2 010 Other current liabilities 5 348 4 126 Total other current liabilities 8 073 6 137 Other current liabilities are non-interest bearing. Other current liabilities are normally settled on 30 to 60-day terms. Deferred revenues are revenues invoiced, but not earned per 31 December. Note 10 \u2013 Tax NOK 1000 2022 2021 Current tax expense - - Deferred tax expense - - Tax expense - - Reconciliation of tax expenses Net profit before tax -23 716 233 675 Tax expense based on nominal tax rate of 22% -5 218 51 408 Permanent differences* -3 308 -61 247 Change in not recognized deferred tax assets 8 526 9 839 Tax expense - - Reconciliation of deferred tax (-)/deferred tax assets Fixed and other assets - - Payables -81 -788 Net tax loss carried forward 35 589 26 357 Share in partnership - - Deferred tax assets 35 508 25 570 Net deferred tax assets not recognized 35 508 25 570 Deferred tax (-)/deferred tax assets in the balance sheet - - Tax on other comprehensive income Other comprehensive income - - Income tax related to other comprehensive income - - * Permanent differences are to great extent related to the tax exemption for gain on certain financial assets. Note 11 \u2013 Issued Capital and Shareholders Issued capital 2022 NOK 1000 Number of shares Share capital Other paid in capital Opening balance 01.01.2022 478 878 423 4 789 1 161 258 Dividends -95 876 Option and share program 8 113 Share issue 1 000 000 10 3 Ending balance 31.12.2022 479 878 423 4 799 1 073 498 2021 NOK 1000 Number of shares Share capital Other paid in capital Opening balance 01.01.2021 439 149 831 4 391 1 059 771 Dividends -47 888 Option and share program 3 456 Share issue 39 728 592 397 145 918 Ending balance 31.12.2021 478 878 423 4 789 1 161 258 All issued shares have a nominal value of NOK 0.01 and are of equal rights. Saga Pure ASA is incorporated in Norway, listed on Oslo B\u00f8rs, and the share capital is denominated in NOK. As of 31 December 2022, the Company had 8,505 shareholders. Per 31 December 2022, The Company\u2019s largest shareholders are; Overview of the largest shareholders as per 31 December 2022 Name Shares Of total shares (1)1 \u00d8YSTEIN STRAY SPETALEN 172 841 799 36.02 % (1)2 TYCOON INDUSTRIER AS 28 550 000 5.95 % (2)3 SIMONSEN INVEST AS 20 000 000 4.17 % 4 CLEARSTREAM BANKING S.A. 15 778 375 3.29 % 5 DALLAS ASSET MANAGEMENT AS 9 187 461 1.91 % 6 NORDNET LIVSFORSIKRING AS 6 401 423 1.33 % 7 ATLE SANDVIK PEDERSEN 6 050 000 1.26 % 8 MELCHER HOLDING AS 5 800 000 1.21 % 9 OLA STORMYR HOLDING AS 5 510 413 1.15 % 10 FR\u00d8ILAND INVEST AS 3 454 554 0.72 % 11 KVANTIA AS 3 045 000 0.63 % 12 L\u00d8REN HOLDING AS 3 000 000 0.63 % 13 Tonor Holding As 2 830 000 0.59 % (3)14 HANEKAMB INVEST AS 2 300 000 0.48 % (4)15 EL INVESTMENT AS 2 300 000 0.48 % 16 HEGE BAKKEN 2 211 580 0.46 % 17 NORDA ASA 2 185 611 0.46 % 18 Nordnet Bank AB 2 141 947 0.45 % 19 BJ\u00d8RN H\u00c5VARD BR\u00c6NDEN 2 050 000 0.43 % 20 SPAR KAPITAL INVESTOR AS 2 000 000 0.42 % Total 297 638 163 62.02 % Total outstanding shares 479 878 423 100.00 % (1) Board member/controlled by Board member \u00d8ystein Stray Spetalen (2) Controlled by Bj\u00f8rn Simonsen, CEO of Saga Pure. Reference note 19 subsequent events (3) Controlled by Martin Nes, Chairman of the Board (4) Controlled by Espen Lundaas, CFO of Saga Pure. Reference note 19 subsequent events Total paid in capital Please see table above. Shareholders rights There are currently no limitations in voting rights or trade limitations related to the Saga Pure share. Power of attorney to increase the share capital through issuance of new shares The Board held as per 31 December 2022 authorization to issue up to 238,439,211 new shares. The authorization may be utilised on one or several occasions. Power of attorney to repurchase own shares The Board held authorization to repurchase own shares as per 31 December 2022 limited to 47,887,842 shares. Authorization to raise convertible loans The Board held no authorization to raise convertible bonds as per 31 December 2022. Stock option arrangements The Company have issued 27,500,000 stock options, with an authorization to the board to issue further 8,000,000 stock option as of 31 December 2022. References are made to note 19 regarding subsequent events. Shares owned by the Board, Management, and their Related Parties 2022 # of Shares Board of Directors (1)Martin Nes (Chairman) 2 300 000 (2)\u00d8ystein Stray Spetalen201 391 799 (3)Yvonne Litsheim Sandvold1 082 000 Group Management (4)Bj\u00f8rn Simonsen, CEO 20 000 000 (5)Espen Lundaas, CFO 2 300 000 Total number of shares held by Board members, Group management and related parties 227 073 799 Total number of shares held by Board members, Group management and related parties 47.32 % in % of total outstanding shares 2021 # of Shares Board of Directors (1)Martin Nes (Chairman) 2 300 000 (2)\u00d8ystein Stray Spetalen201 391 799 (3)Yvonne Litsheim Sandvold1 082 000 Group Management (4)Bj\u00f8rn Simonsen, CEO 20 000 000 (5)Espen Lundaas, CFO 2 300 000 Total number of shares held by Board members, Group management and related parties 227 073 799 Total number of shares held by Board members, Group management and related parties 47.54 % in % of total outstanding shares (1) Holdings through Hanekamb Invest AS (2) Including holdings through Tycoon Industrier AS (3) Holdings through Yls N\u00e6ringseiendom AS (4) Holdings through Simonsen Invest AS. Bj\u00f8rn Simonsen left the Group as of 15. January 2023. (5) Holdings through El Investment AS. Note 12 \u2013 Earnings Per Share Basic earnings per share are calculated by dividing net profit for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year, excluding ordinary shares purchased by the company and held as treasury shares. The company held no such treasury shares as of 31 December 2022. Diluted earnings per share are calculated by dividing the net profit attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all dilutive potential ordinary shares to ordinary shares. Net loss will not be attributed to dilutive shares, hence diluted loss per share will be equal to loss per basic shares. Dilutive shares related to option program for certain employees, see note 17. Number of shares NOK 1000 2022 2021 Net profit/(loss) attributable to the shareholders -23 716 233 675 Number of shares Weighted average number of ordinary shares outstanding 479 482 819 477 232 424 Weighted average number of shares outstanding, diluted 507 378 423 502 938 468 Number of shares outstanding at period end 479 878 423 478 878 423 NOK per share Basic diluted earnings/(loss) per share -0.05 0.49 Diluted earnings/(loss) per share -0.05 0.47 Note 13 \u2013 Related Parties Transactions with related parties within the ordinary course of business relates limited to office rent including mutual costs, deliverance of strategic management services and services rendered regarding support for financial reporting. All transactions with related parties have been made on an arm's length basis and are settled on a regular basis. Goods and/or services purchased from related parties have been priced at industry standard rates. Transactions with related parties are specified below: Related Party Transactions 2022 Amounts Amounts Sales to Purchase owed by owed to related from related related related NOK 1000 parties parties parties parties Tycoon Industrier AS* - 3 002 - 812 Ferncliff Holding AS* - 2 750 - 250 Hyon AS** 1 375 - - - IC Technology AS** 180 - - - Heimdall Power AS** 168 - - - Bergen Carbon Solution AS** 96 - - - Total 1 819 5 752 - 1 062 * Entities directly or indirectly controlled by the Company\u2019s largest shareholder \u00d8ystein Stray Spetalen, which also is represented in the Board of Director\u2019s. ** Companies that are, or have been \u2013 associated companies during 2022 Amounts Amounts 2021 Sales to Purchase owed by owed to related from related related related NOK 1000 parties parties parties parties Tycoon Industrier AS* - 2 936 - 710 Ferncliff Holding AS* - 3 250 - - Total - 6 186 - 710 Note 14 \u2013 Financial Risk Management Through its activities the Group is exposed to a variety of financial risks: market risk including currency risk, credit risk and liquidity risk. The Group\u2019s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group\u2019s financial performance. To reduce and manage these risks, management periodically assesses the Group\u2019s financial market risk in general. Equity price risk The Group invests in both marketable securities on different stock exchanges as well unlisted securities in order to take advantage of market movements in the equity markets. All marketable securities present a risk of loss of capital. The Group moderates this risk through a careful selection of securities. The maximum risk resulting from financial instruments is determined by the fair value of the financial instruments. The Group\u2019s overall market positions are monitored on a quarterly basis. The Group\u2019s maximum exposure to risk at the balance sheet date is NOK 116.6 million (2021: NOK 255.2 million). On 31 December 2022, the impact of increases/decreases of the Oslo Stock Exchange on the group\u2019s post-tax profit for the year and on equity would have been as shown below. The analysis is based on the assumption that the equity indexes had increased/decreased by 5% with all other variables held constant and all the group\u2019s equity instruments moved according to the historical correlation with the index. For instruments with insufficient historical data of correlation, a beta of 1.00 is assumed. The analysis does not include investments classified as current assets. Increase of 5 %: NOK 1000 Impact on post-tax profit Index 2022 2021 Oslo Stock Exchange - - Euronext Growth 5 300 6 091 Total 5 300 6 091 Decrease of 5 %: NOK 1000 Impact on post-tax profit Index 2022 2021 Oslo Stock Exchange - - Euronext Growth -5 300 -6 091 Total -5 300 -6 091 Currency Risk The Group is currently not exposed directly by currency risk, investments are in NOK nominated companies, and all substantial bank deposits are in NOK. The Group have only immaterial transactions in foreign currency. Tax risk Saga Pure is subject to taxation by Norwegian authorities. Any change in taxation regime may affect the payable taxes of Saga Pure. Currently the Group\u2019s investments are tax exempted (\u00abfritaksmetoden\u00bb), if the Norwegian tax regime changes and gains/losses on investment become taxable this could have significant impact on the Group\u2019s tax position. Credit Risk The Group have limited credit risk, inherent in the risk that a counterparty will be unable to pay amounts in full when due. As of the balance sheet date the Group had trade receivables, of NOK 0.2 million and bank deposits amounting to NOK 787.1 million are deposited at reputable banks and finance institution in Norway. Concentration of credit risk exists to the extent that on December 31, 2022, all cash and cash equivalents, and restricted cash, were held at one financial institution, with credit ratings according to Standard & Poor\u2019s of AA-: NOK 1000 Counterparty Rating Geographical segment 2022 Cash and cash equivalents DNB AA- Norway 787 082 Total 787 082 Liquidity risk The group monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs. The group had no outstanding interest bearing debt. At the reporting date, the Group held cash and cash equivalents of TNOK 787,082 (2021: TNOK 778,108) and other liquid assets of TNOK 156 (2021: TNOK 30) that are expected to readily generate cash inflows for managing liquidity risk. Interest rate risk Based on the financial status at balance sheet date, an increase of the general interest level of one percentile would impact the profit and loss accounts with TNOK +7,878. A decrease in the general interest level of one percentile would impact the profit and loss accounts with TNOK -7,878. Capital Management Capital as defined for capital management for the Group includes all equity reserves attributable to the equity holders of the parent company. As an investment group, the primary objective of Group\u2019s capital management is to maximize the value for its shareholders. In order to achieve this objective, the Group aim to maintain an optimal capital structure by assessing its projected future capital needs for investing and or divesting, towards its capital management tools such as dividends or issuance of new shares. The Group currently has no interest-bearing debt. If the Group were to incur interest-bearing debt, the policy would be to maintain the overall leverage at levels in which financial covenants of such debt does not interfere with autonomy of the Groups investment decisions. Note 15 \u2013 Financial Instruments Set out below is a comparison by category for carrying amounts and fair values of all the Group's financial instruments that are carried in the financial statements. 2022 NOK 1000Carrying amount Fair value Fair value hierarchy Loans and receivables Cash and cash equivalents 787 082 787 082 1 Investments Non-current financial investments 101 940 101 940 1 & 2 Current financial investments 545 545 2 Other financial assets Trade receivables 156 156 2 Other financial liabilities Other non-current liabilities 368 368 2 Trade payables 2 173 2 173 2 Other current liabilities 8 073 8 073 2 2021 NOK 1000Carrying amount Fair value Fair value hierarchy Loans and receivables Cash and cash equivalents 778 108 778 108 1 Investments Non-current financial investments 218 316 218 316 1 & 2 Current financial investments 36 931 36 931 1 Other financial assets Trade receivables 30 30 2 Other financial liabilities Other non-current liabilities 3 579 3 579 2 Trade payables 947 947 2 Other current liabilities 6 137 6 137 2 Fair value estimation The table below analyses financial instruments carried at fair value, by valuation method. The estimated fair value has been determined by the Group using appropriate market information and valuation methodologies. The different levels have been defined as follows: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the group\u2019s financial assets and liabilities that are measured at fair value on 31 December 2022. The fair value of financial instruments does not significantly deviate from their carrying amount. NOK 1000 Non-current financial investments (equity securities) in NOK 2022 2021 Listed shares (Level 1) 96 940 118 246 Non-listed shares Level 2) 5 000 100 070 Total 101 940 218 316 There were no transfers between the levels during the year. (a) Financial instruments in level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily OSE, Euronext Expand, Euronext Growth, DAX and FTSE 100 equity investments classified as trading securities or available for sale. (b) Financial instruments in level 2 The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Specific valuation techniques used to value financial instruments include: \u2022 Quoted market prices or dealer quotes for similar instruments. \u2022 Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments. Note 16 \u2013 Non-Current Financial Investments As at year end the Group held the following non-current financial instruments carried at fair value in the statement of financial position: NOK 100031 Dec 2022 31 Dec 2021 On 1 January 218 316 276 447 Additions* 156 058 155 031 Unrealized gain/(loss) -73 099 89 184 Disposals* -199 335 -302 346 On 31 December 101 940 218 316 Less non-current portion -101 940 -218 316 Current portion - - Fair value hierarchy 31 Dec 2022 31 Dec 2021 Listed shares Level 1 96 940 118 246 Non-listed shares Level 2* 5 000 100 070 Total 101 940 218 316 * Additions and disposals include transfers to and from investments in associates. Non-current financial investments include the following: Equity securities 2022 2021 Horisont Energi AS, market price 82 430 115 309 Heimdall Power AS, transactions between independent parties* - 95 070 Hyon AS, market price** 14 510 - Other, market price/ transactions between independent parties 5 000 7 937 * Transferred to associated investments ** Transferred from associated investment All the non-current financial investments shown above are denominated in NOK and are measured at fair value as of year-end. Note 17 \u2013 Option and Share Program An equity settled option and share program was initiated in 2020 towards certain key employees. During 2022, 1.5 million new options were issued, and 1,0 million options were called. Total cost for the option in 2022 was NOK 4.9 million, whereof 3.2 million in income from reduction of social security reserves. The current vesting periods of the program is ending in the period between 15 February 2023 and 4 July 2024. At initial recognition, the fair value of the options, as estimated by the Black-Scholes model, are straight-lined through the vesting period as General administrative expenses with corresponding entry against other paid in equity. Since the options are equity settled, no subsequent measurement is required under IFRS. Expenses recognised for employee service received during the year: 2022 NOK 1000 2021 Expenses arising from equity-settled share-based payment transactions 8 113 3 456 Social security reserves for equity-settled share-based payment transactions* -3 211 -2 343 Total expense arising from share-based payment transactions 4 902 1 113 * Social security expenses are accrued for if the options are in the money, and the accrual for social security expenses will be updated quarterly, based on development in the share price. An increase in share price, will increase the value of the options, hence increase the social security expenses, whereas a decrease in share price will reduce the reserves, creating an income. Input parameters for Black-Scholes option pricing model as applied for options granted in 2022: 03.01.22 Number of options granted (thousands) 1,500 Fair value at measurement date 1.02 Share price (spot) at grant date 3.41 Strike price (initial \u2013 ex dividends) 4.00 First exercise (months)* 6 Expiry (months) 42 Expected annualized volatility (weighted average of peer group) 47 % Asset drift (risk free interest rate) 1.0 % Expected dividends Not applicable * The related employment agreement has been terminated. The right to exercise the options has not been forfeited regardless of the termination. Movements during the year: 2022 2022 2021 2021 Number WAEP Number WAEP Outstanding on 1 January 27 000 000 3.79 18 000 000 1.90 Granted during the year 1 500 000 3.80 9 000 000 7.57 - - - - Forfeited during the year Exercised during the year 1 000 000 - - - - - - - Expired during the year Outstanding on 31 December 27 500 000 2.77* 27 000 000 3.79 Exercisable on 31 December 18 000 000 - - - * The WAEP as per 31 December 2022 is adjusted for NOK 0.2.in dividends as distributed through 2022, as well as amendment of strike in 9.000.000 of previously granted options according to the table below. Initial distribution of New distribution of Vesting Initial strike Amended strike optionsoptions (from initial grant) NOK NOK 3 000 000 4 500 000 18 months 5.50 4.00 3 000 000 2 250 000 24 months 7.50 5.00 3 000 000 2 250 000 36 months 10.00 6.00 The weighted average remaining vesting period for the options outstanding on 31 December was 0.21 years. The weighted average remaining contractual life for the options outstanding on 31 December was 1.69 years. The range of exercise price for the options outstanding on 31 December was 1.20 to 5.80 with a weighted average of 2.77. All prices are adjusted for dividends. Note 18 \u2013 Dividends Paid and Proposed The group has during 2022 distributed dividend of NOK 0.20 per share during the year, totalling 95.9 million. The board of Directors has decided not to distribute any dividends in 2023 based on the financial year of 2022. Note 19 \u2013 Subsequent Events As announced on the 22 December, Bj\u00f8rn Simonsen stepped down as CEO with effect from 15 January 2023. Mr Simonsen received six months salary as severance pay, as a substitution to the contractual six months termination period. Espen Lundaas has been appointed as interim CEO. Mr Lundaas previous position as CFO has been filled by Tore Jakob Berg. Saga has sold all its shares in Hyon AS, as well as all other minor investments classified as non-current financial assets at year end. 9.000.000 of the outstanding options has been forfeited in 2023 because of ending of employment. ",
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"value": "Note 2 \u2013 Accounting Policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been applied to all the years presented, unless otherwise stated. Basis of preparation The financial statements for Saga Pure for the financial year 2022 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The IFRS principles have been applied consistently since incorporation. Below is a summary of the Group\u2019s accounting policies to be applied in the consolidated financial statements. The consolidated financial statements are presented in NOK and all numbers are rounded to the nearest thousands, except where otherwise indicated. The statement of comprehensive income is presented on a mixed basis (a blend of expenses by nature and function), as this is assessed to be the most relevant and reliable presentation. Going concern The financial statements have been prepared on the going concern assumption. For additional information see Board of Director\u2019s report. Basis of consolidation The consolidated financial statements comprise the financial statements of Saga Pure ASA and its subsidiary (the \u201cGroup\u201d) as of 31 December each year. Subsidiaries Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date the control ceases. All inter-company transactions and balances are eliminated in the consolidated financial statements. Revenue recognition Other income is related to services provided and are recognized on an ongoing basis based on hours delivered to the customer. Associates Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case when the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The group\u2019s investment in associates includes goodwill identified on acquisition. If the ownership interest in an associate is reduced, but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss where appropriate. The group\u2019s share of post-acquisition profit or loss is recognized in the income statement, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount adjacent to share of profit/ (loss) of associates in the income statement. Dilution gains and losses arising in investments in associates are recognized in the income statement. Pensions The company is obligated to have an occupational pension plan. The company meets the requirements for an occupational pension plan in accordance with the Norwegian law on required occupational pensions. Significant accounting judgments, estimates and assumptions The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that may affect assets, liabilities, revenues, expenses and information in notes to the financial statement. Estimates are management\u2019s best knowledge based on information available at the date the financial statements are authorized for issue. Actual results may differ from these estimates. Such changes will be recognized when new estimates can be determined with certainty. Non-current financial investments Non-current financial investments are valued at fair value. In cases where the fair value is not available through market values in quoted prices, the marked value is estimated through benchmarking, estimates from independent values and other sources. References are made to note 16 for further information regarding fair value estimation. Summary of significant accounting policies Share-based payments The Group has an equity-settled share-based remuneration program towards certain employees. The cost of this program is determined by the fair value at the grant date, as calculated by the Black-Scholes model. The cost is recognised as employee benefit expenses, together with a corresponding increase in other equity, over the vesting period. As this is equity settled, no subsequent fair value measurements are made post grant date. Social security Share-based payments The potential social security related to the share-based program, will be payable at expiration, based on the end value \u2013 if any \u2013 of the options. Reserves for social security are made, based in the current value of the option, as if it was at its expiration, hence, a full undiscounted reserve. The calculation is based on the difference between the strike price of the option, and the current stock price. If the option at the time of measurement is \u201cout of the money\u201d \u2013 no reserves is made. Dividend Income Dividend income is recognised when the right to receive payment is established. The company classifies such income as 'Other Income' on the face of Consolidated Statement of Comprehensive Income. Investment and trading of financial instruments/assets at fair value through profit or loss Financial instruments/assets are classified at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income (OCI), or at fair value through profit or loss, whereas the latter acquired principally for the purpose of generating a profit from fluctuation in prices is the most crucial for the Group. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The group indulges in investment and trading of financial instruments as part of its core business. The group\u2019s non-current financial investments are characterised in addition to the Groups intention of sale, that this sale could typically be expected to occur within a tree year time frame. The non-current financial investments are therefore treated at fair value through profit or loss. All such instruments are classified as non-current financial investments, unless the Group exercises significant influence of the investment, in which case the investment will be classified as associate. Current investments are considered part of a held for trading portfolio if they are acquired for the purpose of selling or repurchasing in the near term. The trading portfolio is considered a subordinated business compared to the long-term investments. These investments is subsequently measured at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit and loss. Investments subsequently measured at fair value over profit and loss in accordance with the fair value hierarchy: \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Net unrealised and realized gain/losses on the portfolio of investments is classified as operating income, while net unrealized and realized losses is classified as operating expenses. In cases where an investment changes classification between associate and non-current financial investment either way, the investment is derecognized and recognized in its new classification based on its fair value as of time of derecognition/recognition. The highest level achievable according to the IFRS fair-value hierarchy will be applied. Trade receivables and other receivables Current trade receivables and other receivables are initially recorded at their fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment. Trade payables and other payables Current trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Foreign currency The financial statements are presented in NOK, which is also the functional currency for all the companies in the Group. Transactions in foreign currencies are recorded at the exchange rate in effect at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the exchange rate at the financial position date. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. Subsequent measurement After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When 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 the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Cash, cash equivalents and cash flow statement Cash represents cash on hand and deposits with bank that is callable on demand. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less and that are subject to an insignificant risk of change in value. The cash flow statement is prepared using the indirect method. Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as financial expense. Equity Transaction costs related to an equity transaction are recognized directly in equity after deduction of tax. Ordinary taxation At year end, all subsidiaries within the Group are subject to the ordinary Norwegian taxation regime. Current income taxes are measured at the amount expected to be paid to (recover from) authorities, deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognized to the extent that it is probable that they can be utilized in the future. Dividends and capital gains are taxed according to the Norwegian exemption model. Financial position classification Current assets and current liabilities include items due less than one year from the financial position date, and items tied to the operating cycle. The current portion of long-term debt is included as current liabilities. Related parties Parties are related 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. Contingent liabilities Contingent liabilities are defined as possible obligations that arises from past events whose existence depends on one or more future events not wholly within the control of the entity, or present obligations that are not recognized because it is not probable that they will lead to an outflow or resources. Contingent liabilities are not recognized on the balance sheet unless arising from assuming assets and liabilities in a business combination. Significant contingent liabilities are disclosed unless the possibility of an outflow of resources embodying economic benefit is a remote one. Contingent assets are not accounted for unless virtually certain. Events after financial position date New information regarding the Group\u2019s situation on the financial position date is taken into account in the financial statements. Events occurring after the financial position date, that do not affect the Group on the financial position date but will affect the Group\u2019s situation in the future, are disclosed if significant. New and amended standards adopted by the group in the reporting period There are no new standards in 2022 with significant impact for the Group. Standards and Interpretations in issue but not yet adopted There are no new standards or amendments which have been issued, but are not yet effective, that are considered to have an impact on the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__18": {
"value": "Basis of preparation The financial statements for Saga Pure for the financial year 2022 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The IFRS principles have been applied consistently since incorporation. Below is a summary of the Group\u2019s accounting policies to be applied in the consolidated financial statements. The consolidated financial statements are presented in NOK and all numbers are rounded to the nearest thousands, except where otherwise indicated. The statement of comprehensive income is presented on a mixed basis (a blend of expenses by nature and function), as this is assessed to be the most relevant and reliable presentation. Going concern The financial statements have been prepared on the going concern assumption. For additional information see Board of Director\u2019s report. Basis of consolidation The consolidated financial statements comprise the financial statements of Saga Pure ASA and its subsidiary (the \u201cGroup\u201d) as of 31 December each year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__16": {
"value": "Basis of preparation The financial statements for Saga Pure for the financial year 2022 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The IFRS principles have been applied consistently since incorporation. Below is a summary of the Group\u2019s accounting policies to be applied in the consolidated financial statements. The consolidated financial statements are presented in NOK and all numbers are rounded to the nearest thousands, except where otherwise indicated. The statement of comprehensive income is presented on a mixed basis (a blend of expenses by nature and function), as this is assessed to be the most relevant and reliable presentation. Going concern The financial statements have been prepared on the going concern assumption. For additional information see Board of Director\u2019s report. Basis of consolidation The consolidated financial statements comprise the financial statements of Saga Pure ASA and its subsidiary (the \u201cGroup\u201d) as of 31 December each year. Subsidiaries Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date the control ceases. All inter-company transactions and balances are eliminated in the consolidated financial statements. Revenue recognition Other income is related to services provided and are recognized on an ongoing basis based on hours delivered to the customer. Associates Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case when the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The group\u2019s investment in associates includes goodwill identified on acquisition. If the ownership interest in an associate is reduced, but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss where appropriate. The group\u2019s share of post-acquisition profit or loss is recognized in the income statement, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount adjacent to share of profit/ (loss) of associates in the income statement. Dilution gains and losses arising in investments in associates are recognized in the income statement. Pensions The company is obligated to have an occupational pension plan. The company meets the requirements for an occupational pension plan in accordance with the Norwegian law on required occupational pensions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__17": {
"value": "Going concern The financial statements have been prepared on the going concern assumption. For additional information see Board of Director\u2019s report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__19": {
"value": "Subsidiaries Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date the control ceases. All inter-company transactions and balances are eliminated in the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__20": {
"value": "Revenue recognition Other income is related to services provided and are recognized on an ongoing basis based on hours delivered to the customer.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__21": {
"value": "Associates Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case when the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The group\u2019s investment in associates includes goodwill identified on acquisition. If the ownership interest in an associate is reduced, but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss where appropriate. The group\u2019s share of post-acquisition profit or loss is recognized in the income statement, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount adjacent to share of profit/ (loss) of associates in the income statement. Dilution gains and losses arising in investments in associates are recognized in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__22": {
"value": "Significant accounting judgments, estimates and assumptions The preparation of financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that may affect assets, liabilities, revenues, expenses and information in notes to the financial statement. Estimates are management\u2019s best knowledge based on information available at the date the financial statements are authorized for issue. Actual results may differ from these estimates. Such changes will be recognized when new estimates can be determined with certainty. Non-current financial investments Non-current financial investments are valued at fair value. In cases where the fair value is not available through market values in quoted prices, the marked value is estimated through benchmarking, estimates from independent values and other sources. References are made to note 16 for further information regarding fair value estimation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__23": {
"value": "Summary of significant accounting policies Share-based payments The Group has an equity-settled share-based remuneration program towards certain employees. The cost of this program is determined by the fair value at the grant date, as calculated by the Black-Scholes model. The cost is recognised as employee benefit expenses, together with a corresponding increase in other equity, over the vesting period. As this is equity settled, no subsequent fair value measurements are made post grant date. Social security Share-based payments The potential social security related to the share-based program, will be payable at expiration, based on the end value \u2013 if any \u2013 of the options. Reserves for social security are made, based in the current value of the option, as if it was at its expiration, hence, a full undiscounted reserve. The calculation is based on the difference between the strike price of the option, and the current stock price. If the option at the time of measurement is \u201cout of the money\u201d \u2013 no reserves is made.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__24": {
"value": "Dividend Income Dividend income is recognised when the right to receive payment is established. The company classifies such income as 'Other Income' on the face of Consolidated Statement of Comprehensive Income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__25": {
"value": "Investment and trading of financial instruments/assets at fair value through profit or loss Financial instruments/assets are classified at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income (OCI), or at fair value through profit or loss, whereas the latter acquired principally for the purpose of generating a profit from fluctuation in prices is the most crucial for the Group. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The group indulges in investment and trading of financial instruments as part of its core business. The group\u2019s non-current financial investments are characterised in addition to the Groups intention of sale, that this sale could typically be expected to occur within a tree year time frame. The non-current financial investments are therefore treated at fair value through profit or loss. All such instruments are classified as non-current financial investments, unless the Group exercises significant influence of the investment, in which case the investment will be classified as associate. Current investments are considered part of a held for trading portfolio if they are acquired for the purpose of selling or repurchasing in the near term. The trading portfolio is considered a subordinated business compared to the long-term investments. These investments is subsequently measured at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit and loss. Investments subsequently measured at fair value over profit and loss in accordance with the fair value hierarchy: \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Net unrealised and realized gain/losses on the portfolio of investments is classified as operating income, while net unrealized and realized losses is classified as operating expenses. In cases where an investment changes classification between associate and non-current financial investment either way, the investment is derecognized and recognized in its new classification based on its fair value as of time of derecognition/recognition. The highest level achievable according to the IFRS fair-value hierarchy will be applied. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__26": {
"value": "Trade receivables and other receivables Current trade receivables and other receivables are initially recorded at their fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__27": {
"value": "Trade payables and other payables Current trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__28": {
"value": "Foreign currency The financial statements are presented in NOK, which is also the functional currency for all the companies in the Group. Transactions in foreign currencies are recorded at the exchange rate in effect at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the exchange rate at the financial position date. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__29": {
"value": "Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. Subsequent measurement After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When 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 the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__30": {
"value": "Cash, cash equivalents and cash flow statement Cash represents cash on hand and deposits with bank that is callable on demand. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less and that are subject to an insignificant risk of change in value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__31": {
"value": "The cash flow statement is prepared using the indirect method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__32": {
"value": "Provisions Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as financial expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__34": {
"value": "Ordinary taxation At year end, all subsidiaries within the Group are subject to the ordinary Norwegian taxation regime. Current income taxes are measured at the amount expected to be paid to (recover from) authorities, deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognized to the extent that it is probable that they can be utilized in the future. Dividends and capital gains are taxed according to the Norwegian exemption model.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__33": {
"value": "Ordinary taxation At year end, all subsidiaries within the Group are subject to the ordinary Norwegian taxation regime. Current income taxes are measured at the amount expected to be paid to (recover from) authorities, deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognized to the extent that it is probable that they can be utilized in the future. Dividends and capital gains are taxed according to the Norwegian exemption model.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__35": {
"value": "Related parties Parties are related 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__36": {
"value": "Contingent liabilities Contingent liabilities are defined as possible obligations that arises from past events whose existence depends on one or more future events not wholly within the control of the entity, or present obligations that are not recognized because it is not probable that they will lead to an outflow or resources. Contingent liabilities are not recognized on the balance sheet unless arising from assuming assets and liabilities in a business combination. Significant contingent liabilities are disclosed unless the possibility of an outflow of resources embodying economic benefit is a remote one. Contingent assets are not accounted for unless virtually certain.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__37": {
"value": "Note 3 \u2013 Operating Segments Investments are reported as one segment, while the \u201cOther\u201d segment currently consist of consulting services from internal industry specialists, are monitored separately. Further segmentation might be applied as the business evolves. Segment information Investment Other Total NOK 10002022 2021 2022 2021 2022 2021 Income Net gain/loss on investments (-) -3 161 136 190 - - - 3 161 136 190 Other income - - 1 819 687 1 819 687 Total income -3 161 136 190 1 819 687 -1 342 136 877 Operation expenses - excluding loss in investments 38 716 29 796 - - 38 716 29 796 Net operating profit/loss -29 038 230 897 1 819 687 -27 219 231 584 Assets 1 007 071 1 118 586 - - 1 007 071 1 118 586 Liabilities 10 614 10 622 - - 10 614 10 622 There has not been any transaction across the different segments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__38": {
"value": "Note 4 \u2013 Investment in Associates Total associates At year end, the Group had Heimdall Power as associated investment. The Group made its initial investment in Heimdall Power in 2021 and acquired additional shares in the company in august 2022, reaching a total ownership of 22.05% During the year the Group disposed of all its shares in Bergen Carbon Solutions. Hyon conducted an equity issue related to its listing In January. Through this process the Groups ownership in Hyon was diluted below significant influence. IC Technology failed to raise new equity. The company is in the process of seeking debt arrangement with its creditors. It is not anticipated any dividends for the shareholders, therefor the associate has been written off in 2022. NOK 1000 Profit 2022 Profit 2021 Carrying value 2022 Carrying value 2021 Total associates Heimdall Power -3 945 - 116 042 - Bergen Carbon - 53 893 Solution 22 435 126 491 - 28 583 IC Technology -28 583 -1 417 Hyon 22 932 -572 - - Total 12 839 124 501 116 042 82 475 Heimdall Power AS The investment in Heimdall Power was classified as a non-current financial investment, until the Group acquired additional shares, and gained significant influence in September 2022. The company is developing and distributing sensors and software for surveillance and management of high-voltage power grids. As a solution, they deliver a complete system for monitoring the capacity and condition of the power grid. At last acquisition NOK 1000 31 Dec 2022 1 September 2022 Carrying value 22.05 % 22.05 % Current Assets 96 944 118 611 Non-current assets 77 187 71 387 Current liabilities -33 405 -31 380 Non-current liabilities - - Equity 140 726 158 618 Groups share of equity 31 029 34 973 Technology-based intangible 108 992 108 992 Deferred tax -23 978 -23 978 Group\u2019s carrying amount of investment 116 042 119 987 NOK 1000 2022 Net profit from associates Revenues 4 004 Operating expenses -23 437 Net finance income/(cost) 1 541 Profit before tax -17 892 Income tax expenses - Profit for the year -17 892 Group\u2019s share of profit for the year (22.05 %) -3 945 Net profit from investment in associate -3 945 Bergen Carbon Solutions As per beginning of 2022, the Group had 23.98% ownership in Bergen Carbon Solutions (BCS). During the year, the Group has disposed of all shares in BCS, and as of June the investment was no longer assessed to be an associate. NOK 1000 31 Dec 2022 31 Dec 2021 Carrying value 0 % 23.98 % Current Assets - 108 246 Non-current assets - 14 301 Current liabilities - -4 269 Non-current liabilities - - Equity - 118 278 Groups share of equity - 28 362 Technology-based intangible - 32 731 Deferred tax - -7 201 Group\u2019s carrying amount of investment - 53 893 NOK 1000 YTD May 2022 2021 Net profit from associates Revenues 224 874 Operating expenses -22 982 -31 687 Net finance income/(cost) -417 81 Profit before tax -23 174 -30 732 Income tax expenses - - Profit for the year (per May in 2022) -23 174 -30 732 Group\u2019s share of profit for the year (per May in 2022) -5 066 -6 986 Net profit from the Group\u2019s realization of shares 27 502 133 477 Net profit from investment in associate 22 435 126 491 IC Technology AS The Group has maintained its 32.61% share in IC Technology (ICT) throughout the year. In the fourth quarter of 2022, ICT failed to raise additional equity. As a consequence of this, the Group has impaired the intangible assets related to this investment and written of all remaining share of equity in ICT as of fourth quarter. ICT is still an active entity, but because of the uncertainties related to the way forward, the investment is valued at nil in the Groups consolidated statements. NOK 1000 31 Dec 2022 31 Dec 2021 Carrying value 32.61 % 32.61 % Current Assets N/A 26 362 Non-current assets N/A 3 555 Current liabilities N/A -1 639 Non-current liabilities N/A - Equity N/A 28 279 Groups share of equity N/A 9 221 Technology-based intangible - 24 822 Deferred tax - -5 461 Group\u2019s carrying amount of investment - 28 583 NOK 1000 YTD Sep 2022 2021 Net profit from associates Revenues 2 925 840 Operating expenses -21 675 -5 190 Net finance income/(cost) 11 3 Profit before tax -18 739 -4 347 Income tax expenses - - Profit for the year -18 739 -4 347 Group\u2019s share of profit for the year (32.61 %) -6 090 -1 417 Impairment of intangibles net of tax -19 361 - Write-off of residual value -3 132 - Net profit from investment in associate -28 583 -1 417 Hyon AS Hyon was listed for trading on Euronext Growth in February. In connection to the listing, the Group was diluted to an ownership of 17.64%. It was assessed that the Group no longer held significant influence in Hyon, and the investment was classified as a financial investment as of February 2022. NOK 1000 31 Dec2022 At 31 Dec2021 Carrying value 0 % 28.67 % Current Assets - 1 642 Non-current assets - 20 Current liabilities - -3 574 Non-current liabilities - - Equity - -1 912 Groups share of equity - -548 Negative goodwill - - Share of negative goodwill excluded - 548 Group\u2019s carrying amount of investment - - NOK 1000 Jan 2022 2021 Net profit from associates Revenues - - Operating expenses - -4 022 Net finance income/(cost) - 15 Profit before tax - -4 036 Income tax expenses - - Profit for the year - -4 036 Group\u2019s share of profit for the year (28.67 %) - -1 157 Negative goodwill taken as income - 37 Share of negative equity excluded - 548 Net profit from reclassification to Financial Investment 22 932 - Net profit from investment in associate 22 932 -572 A substantial part of the Group\u2019s other income is based on services provided to associated companies. These services recognised in accordance with the Group\u2019s policy for revenue recognition as described in note 2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__39": {
"value": "Note 5 \u2013 Operating Expenses NOK 1000 2022 2021 Employee benefit expenses Salaries 15 679 12 867 Social security costs 2 577 1 868 Pension expenses 173 155 Expenses option program 8 113 3 456 Reserves social security option program -3 211 -2 343 Other personnel expenses 116 32 Total employee benefit expenses 23 447 16 035 Number of man-years 6 6 Other operating expenses Consultancy fees 7 731 6 938 Travel expenses and membership fees 456 289 Other expenses 7 082 6 518 Total administrative expenses 15 269 13 745 Remuneration to the Board of Directors and executive management \u2013 References made to note 19 Subsequent events 2022 NOK 1000 NamePosition Salary Bonus Vesting options Other benefit Pension cost Director\u2019s fee Bj\u00f8rn Simonsen CEO*** 3 578 - 823 12 30 - Espen Lundaas CFO 1 587 1 300 - 12 7 - Martin Nes Chairman - - - - - 250 \u00d8ystein Stray Spetalen Board member - - - - - 200 Yvonne Litsheim Sandvold Board member - - - - - 200 Christine Spiten Board member* - - - - - 83 G\u00f8ril Andersen Board member** - - - - - 117 Total remuneration 5 165 1 300 823 24 37 850 2021 NOK 1000 NamePosition Salary Bonus Vesting options Other benefit Pension cost Director\u2019s fee Bj\u00f8rn Simonsen CEO 2 029 - 1 111 13 28 - Espen Lundaas CFO 1 518 1 000 - 9 - - Martin Nes Chairman - - - - - 205 \u00d8ystein Stray Spetalen Board member - - - - - 159 Yvonne Litsheim Sandvold Board member - - - - - 159 Christine Spiten Board member* - - - - - 145 Total remuneration 3 548 1 000 1 111 22 28 668 * Christine Spiten joined the Board in February 2021, and left the Board in May 2022 ** G\u00f8ril Andersen joined the Board in May 2022 *** Including reserves made for six months severance pay. Reference to note 19 subsequent events The Group had no outstanding loans or guarantees in favour of any member of the Board of Directors or company management in 2022. Stock options program to Board members and Company employees No stock options or right to stock options are held by members of the board of directors on 31 December 2022. Reference is made to note 17 for further information regarding the equity settled option and share program towards certain key employees. Audit Fees NOK 1000 2022 2021 Audit fees including VAT Audit services 775 632 Other attestation services 111 78 Tax services - - Other non-audit services 65 88 Total 950 798 Fees to the Group\u2019s auditors are included in administrative expenses.",
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"value": "Number of man-years 6 6",
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"value": "Other operating expenses Consultancy fees 7 731 6 938 Travel expenses and membership fees 456 289 Other expenses 7 082 6 518 Total administrative expenses 15 269 13 745",
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"value": "Remuneration to the Board of Directors and executive management \u2013 References made to note 19 Subsequent events 2022 NOK 1000 NamePosition Salary Bonus Vesting options Other benefit Pension cost Director\u2019s fee Bj\u00f8rn Simonsen CEO*** 3 578 - 823 12 30 - Espen Lundaas CFO 1 587 1 300 - 12 7 - Martin Nes Chairman - - - - - 250 \u00d8ystein Stray Spetalen Board member - - - - - 200 Yvonne Litsheim Sandvold Board member - - - - - 200 Christine Spiten Board member* - - - - - 83 G\u00f8ril Andersen Board member** - - - - - 117 Total remuneration 5 165 1 300 823 24 37 850 2021 NOK 1000 NamePosition Salary Bonus Vesting options Other benefit Pension cost Director\u2019s fee Bj\u00f8rn Simonsen CEO 2 029 - 1 111 13 28 - Espen Lundaas CFO 1 518 1 000 - 9 - - Martin Nes Chairman - - - - - 205 \u00d8ystein Stray Spetalen Board member - - - - - 159 Yvonne Litsheim Sandvold Board member - - - - - 159 Christine Spiten Board member* - - - - - 145 Total remuneration 3 548 1 000 1 111 22 28 668 * Christine Spiten joined the Board in February 2021, and left the Board in May 2022 ** G\u00f8ril Andersen joined the Board in May 2022 *** Including reserves made for six months severance pay. Reference to note 19 subsequent events The Group had no outstanding loans or guarantees in favour of any member of the Board of Directors or company management in 2022. Stock options program to Board members and Company employees No stock options or right to stock options are held by members of the board of directors on 31 December 2022. Reference is made to note 17 for further information regarding the equity settled option and share program towards certain key employees.",
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"s7_notes__11__63": {
"value": "note 19 Subsequent events 2022 NOK 1000 NamePosition Salary Bonus Vesting options Other benefit Pension cost Director\u2019s fee Bj\u00f8rn Simonsen CEO*** 3 578 - 823 12 30 - Espen Lundaas CFO 1 587 1 300 - 12 7 - Martin Nes Chairman - - - - - 250 \u00d8ystein Stray Spetalen Board member - - - - - 200 Yvonne Litsheim Sandvold Board member - - - - - 200 Christine Spiten Board member* - - - - - 83 G\u00f8ril Andersen Board member** - - - - - 117 Total remuneration 5 165 1 300 823 24 37 850 2021 NOK 1000 NamePosition Salary Bonus Vesting options Other benefit Pension cost Director\u2019s fee Bj\u00f8rn Simonsen CEO 2 029 - 1 111 13 28 - Espen Lundaas CFO 1 518 1 000 - 9 - - Martin Nes Chairman - - - - - 205 \u00d8ystein Stray Spetalen Board member - - - - - 159 Yvonne Litsheim Sandvold Board member - - - - - 159 Christine Spiten Board member* - - - - - 145 Total remuneration 3 548 1 000 1 111 22 28 668 * Christine Spiten joined the Board in February 2021, and left the Board in May 2022 ** G\u00f8ril Andersen joined the Board in May 2022 *** Including reserves made for six months severance pay. Reference to note 19 subsequent events The Group had no outstanding loans or guarantees in favour of any member of the Board of Directors or company management in 2022. Stock options program to Board members and Company employees No stock options or right to stock options are held by members of the board of directors on 31 December 2022. Reference is made to note 17 for further information regarding the equity settled option and share program towards certain key employees. Audit Fees NOK 1000 2022 2021 Audit fees including VAT Audit services 775 632 Other attestation services 111 78 Tax services - - Other non-audit services 65 88 Total 950 798 Fees to the Group\u2019s auditors are included in administrative expenses. Note 6 \u2013 Cash and Cash Equivalents The Group's cash and cash equivalents are denominated in the following currencies: NOK 1000 31 Dec 2022 31 Dec 2021 US Dollars* 416 -18 857 GB Pounds 1 479 Euro 6 546 Norwegian kroner 786 659 795 941 Total cash and cash equivalents 787 082 778 108 *The USD account is part of a multi-currency arrangement with a net deposit. Restricted cash Employee tax accounts 1 819 1 505 All cash deposits are held in financial institutions with a long-term credit rating of minimum A+ according to Standard & Poor\u2019s. Reference is made to note 14 for further information. Deposits carries floating interest rates. Note 7 \u2013 Other Current Assets NOK 1000 31 Dec 2022 31 Dec 2021 Other receivables - 2 014 Prepayments 1 306 54 Unbilled revenue - 657 Total other current assets 1 306 2 726 Note 8 \u2013 Trade Receivables and Other Receivables The outstanding amount of trade receivables on 31 December 2022 was TNOK 156 (31 December 2021 of TNOK 30). Note 9 \u2013 Other Current Liabilities NOK 1000 31 Dec 2022 31 Dec 2021 Public duties payable 2 726 2 010 Other current liabilities 5 348 4 126 Total other current liabilities 8 073 6 137 Other current liabilities are non-interest bearing. Other current liabilities are normally settled on 30 to 60-day terms. Deferred revenues are revenues invoiced, but not earned per 31 December. Note 10 \u2013 Tax NOK 1000 2022 2021 Current tax expense - - Deferred tax expense - - Tax expense - - Reconciliation of tax expenses Net profit before tax -23 716 233 675 Tax expense based on nominal tax rate of 22% -5 218 51 408 Permanent differences* -3 308 -61 247 Change in not recognized deferred tax assets 8 526 9 839 Tax expense - - Reconciliation of deferred tax (-)/deferred tax assets Fixed and other assets - - Payables -81 -788 Net tax loss carried forward 35 589 26 357 Share in partnership - - Deferred tax assets 35 508 25 570 Net deferred tax assets not recognized 35 508 25 570 Deferred tax (-)/deferred tax assets in the balance sheet - - Tax on other comprehensive income Other comprehensive income - - Income tax related to other comprehensive income - - * Permanent differences are to great extent related to the tax exemption for gain on certain financial assets. Note 11 \u2013 Issued Capital and Shareholders Issued capital 2022 NOK 1000 Number of shares Share capital Other paid in capital Opening balance 01.01.2022 478 878 423 4 789 1 161 258 Dividends -95 876 Option and share program 8 113 Share issue 1 000 000 10 3 Ending balance 31.12.2022 479 878 423 4 799 1 073 498 2021 NOK 1000 Number of shares Share capital Other paid in capital Opening balance 01.01.2021 439 149 831 4 391 1 059 771 Dividends -47 888 Option and share program 3 456 Share issue 39 728 592 397 145 918 Ending balance 31.12.2021 478 878 423 4 789 1 161 258 All issued shares have a nominal value of NOK 0.01 and are of equal rights. Saga Pure ASA is incorporated in Norway, listed on Oslo B\u00f8rs, and the share capital is denominated in NOK. As of 31 December 2022, the Company had 8,505 shareholders. Per 31 December 2022, The Company\u2019s largest shareholders are; Overview of the largest shareholders as per 31 December 2022 Name Shares Of total shares (1)1 \u00d8YSTEIN STRAY SPETALEN 172 841 799 36.02 % (1)2 TYCOON INDUSTRIER AS 28 550 000 5.95 % (2)3 SIMONSEN INVEST AS 20 000 000 4.17 % 4 CLEARSTREAM BANKING S.A. 15 778 375 3.29 % 5 DALLAS ASSET MANAGEMENT AS 9 187 461 1.91 % 6 NORDNET LIVSFORSIKRING AS 6 401 423 1.33 % 7 ATLE SANDVIK PEDERSEN 6 050 000 1.26 % 8 MELCHER HOLDING AS 5 800 000 1.21 % 9 OLA STORMYR HOLDING AS 5 510 413 1.15 % 10 FR\u00d8ILAND INVEST AS 3 454 554 0.72 % 11 KVANTIA AS 3 045 000 0.63 % 12 L\u00d8REN HOLDING AS 3 000 000 0.63 % 13 Tonor Holding As 2 830 000 0.59 % (3)14 HANEKAMB INVEST AS 2 300 000 0.48 % (4)15 EL INVESTMENT AS 2 300 000 0.48 % 16 HEGE BAKKEN 2 211 580 0.46 % 17 NORDA ASA 2 185 611 0.46 % 18 Nordnet Bank AB 2 141 947 0.45 % 19 BJ\u00d8RN H\u00c5VARD BR\u00c6NDEN 2 050 000 0.43 % 20 SPAR KAPITAL INVESTOR AS 2 000 000 0.42 % Total 297 638 163 62.02 % Total outstanding shares 479 878 423 100.00 % (1) Board member/controlled by Board member \u00d8ystein Stray Spetalen (2) Controlled by Bj\u00f8rn Simonsen, CEO of Saga Pure. Reference note 19 subsequent events (3) Controlled by Martin Nes, Chairman of the Board (4) Controlled by Espen Lundaas, CFO of Saga Pure. Reference note 19 subsequent events Total paid in capital Please see table above. Shareholders rights There are currently no limitations in voting rights or trade limitations related to the Saga Pure share. Power of attorney to increase the share capital through issuance of new shares The Board held as per 31 December 2022 authorization to issue up to 238,439,211 new shares. The authorization may be utilised on one or several occasions. Power of attorney to repurchase own shares The Board held authorization to repurchase own shares as per 31 December 2022 limited to 47,887,842 shares. Authorization to raise convertible loans The Board held no authorization to raise convertible bonds as per 31 December 2022. Stock option arrangements The Company have issued 27,500,000 stock options, with an authorization to the board to issue further 8,000,000 stock option as of 31 December 2022. References are made to note 19 regarding subsequent events. Shares owned by the Board, Management, and their Related Parties 2022 # of Shares Board of Directors (1)Martin Nes (Chairman) 2 300 000 (2)\u00d8ystein Stray Spetalen201 391 799 (3)Yvonne Litsheim Sandvold1 082 000 Group Management (4)Bj\u00f8rn Simonsen, CEO 20 000 000 (5)Espen Lundaas, CFO 2 300 000 Total number of shares held by Board members, Group management and related parties 227 073 799 Total number of shares held by Board members, Group management and related parties 47.32 % in % of total outstanding shares 2021 # of Shares Board of Directors (1)Martin Nes (Chairman) 2 300 000 (2)\u00d8ystein Stray Spetalen201 391 799 (3)Yvonne Litsheim Sandvold1 082 000 Group Management (4)Bj\u00f8rn Simonsen, CEO 20 000 000 (5)Espen Lundaas, CFO 2 300 000 Total number of shares held by Board members, Group management and related parties 227 073 799 Total number of shares held by Board members, Group management and related parties 47.54 % in % of total outstanding shares (1) Holdings through Hanekamb Invest AS (2) Including holdings through Tycoon Industrier AS (3) Holdings through Yls N\u00e6ringseiendom AS (4) Holdings through Simonsen Invest AS. Bj\u00f8rn Simonsen left the Group as of 15. January 2023. (5) Holdings through El Investment AS. Note 12 \u2013 Earnings Per Share Basic earnings per share are calculated by dividing net profit for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year, excluding ordinary shares purchased by the company and held as treasury shares. The company held no such treasury shares as of 31 December 2022. Diluted earnings per share are calculated by dividing the net profit attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all dilutive potential ordinary shares to ordinary shares. Net loss will not be attributed to dilutive shares, hence diluted loss per share will be equal to loss per basic shares. Dilutive shares related to option program for certain employees, see note 17. Number of shares NOK 1000 2022 2021 Net profit/(loss) attributable to the shareholders -23 716 233 675 Number of shares Weighted average number of ordinary shares outstanding 479 482 819 477 232 424 Weighted average number of shares outstanding, diluted 507 378 423 502 938 468 Number of shares outstanding at period end 479 878 423 478 878 423 NOK per share Basic diluted earnings/(loss) per share -0.05 0.49 Diluted earnings/(loss) per share -0.05 0.47 Note 13 \u2013 Related Parties Transactions with related parties within the ordinary course of business relates limited to office rent including mutual costs, deliverance of strategic management services and services rendered regarding support for financial reporting. All transactions with related parties have been made on an arm's length basis and are settled on a regular basis. Goods and/or services purchased from related parties have been priced at industry standard rates. Transactions with related parties are specified below: Related Party Transactions 2022 Amounts Amounts Sales to Purchase owed by owed to related from related related related NOK 1000 parties parties parties parties Tycoon Industrier AS* - 3 002 - 812 Ferncliff Holding AS* - 2 750 - 250 Hyon AS** 1 375 - - - IC Technology AS** 180 - - - Heimdall Power AS** 168 - - - Bergen Carbon Solution AS** 96 - - - Total 1 819 5 752 - 1 062 * Entities directly or indirectly controlled by the Company\u2019s largest shareholder \u00d8ystein Stray Spetalen, which also is represented in the Board of Director\u2019s. ** Companies that are, or have been \u2013 associated companies during 2022 Amounts Amounts 2021 Sales to Purchase owed by owed to related from related related related NOK 1000 parties parties parties parties Tycoon Industrier AS* - 2 936 - 710 Ferncliff Holding AS* - 3 250 - - Total - 6 186 - 710 Note 14 \u2013 Financial Risk Management Through its activities the Group is exposed to a variety of financial risks: market risk including currency risk, credit risk and liquidity risk. The Group\u2019s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group\u2019s financial performance. To reduce and manage these risks, management periodically assesses the Group\u2019s financial market risk in general. Equity price risk The Group invests in both marketable securities on different stock exchanges as well unlisted securities in order to take advantage of market movements in the equity markets. All marketable securities present a risk of loss of capital. The Group moderates this risk through a careful selection of securities. The maximum risk resulting from financial instruments is determined by the fair value of the financial instruments. The Group\u2019s overall market positions are monitored on a quarterly basis. The Group\u2019s maximum exposure to risk at the balance sheet date is NOK 116.6 million (2021: NOK 255.2 million). On 31 December 2022, the impact of increases/decreases of the Oslo Stock Exchange on the group\u2019s post-tax profit for the year and on equity would have been as shown below. The analysis is based on the assumption that the equity indexes had increased/decreased by 5% with all other variables held constant and all the group\u2019s equity instruments moved according to the historical correlation with the index. For instruments with insufficient historical data of correlation, a beta of 1.00 is assumed. The analysis does not include investments classified as current assets. Increase of 5 %: NOK 1000 Impact on post-tax profit Index 2022 2021 Oslo Stock Exchange - - Euronext Growth 5 300 6 091 Total 5 300 6 091 Decrease of 5 %: NOK 1000 Impact on post-tax profit Index 2022 2021 Oslo Stock Exchange - - Euronext Growth -5 300 -6 091 Total -5 300 -6 091 Currency Risk The Group is currently not exposed directly by currency risk, investments are in NOK nominated companies, and all substantial bank deposits are in NOK. The Group have only immaterial transactions in foreign currency. Tax risk Saga Pure is subject to taxation by Norwegian authorities. Any change in taxation regime may affect the payable taxes of Saga Pure. Currently the Group\u2019s investments are tax exempted (\u00abfritaksmetoden\u00bb), if the Norwegian tax regime changes and gains/losses on investment become taxable this could have significant impact on the Group\u2019s tax position. Credit Risk The Group have limited credit risk, inherent in the risk that a counterparty will be unable to pay amounts in full when due. As of the balance sheet date the Group had trade receivables, of NOK 0.2 million and bank deposits amounting to NOK 787.1 million are deposited at reputable banks and finance institution in Norway. Concentration of credit risk exists to the extent that on December 31, 2022, all cash and cash equivalents, and restricted cash, were held at one financial institution, with credit ratings according to Standard & Poor\u2019s of AA-: NOK 1000 Counterparty Rating Geographical segment 2022 Cash and cash equivalents DNB AA- Norway 787 082 Total 787 082 Liquidity risk The group monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs. The group had no outstanding interest bearing debt. At the reporting date, the Group held cash and cash equivalents of TNOK 787,082 (2021: TNOK 778,108) and other liquid assets of TNOK 156 (2021: TNOK 30) that are expected to readily generate cash inflows for managing liquidity risk. Interest rate risk Based on the financial status at balance sheet date, an increase of the general interest level of one percentile would impact the profit and loss accounts with TNOK +7,878. A decrease in the general interest level of one percentile would impact the profit and loss accounts with TNOK -7,878. Capital Management Capital as defined for capital management for the Group includes all equity reserves attributable to the equity holders of the parent company. As an investment group, the primary objective of Group\u2019s capital management is to maximize the value for its shareholders. In order to achieve this objective, the Group aim to maintain an optimal capital structure by assessing its projected future capital needs for investing and or divesting, towards its capital management tools such as dividends or issuance of new shares. The Group currently has no interest-bearing debt. If the Group were to incur interest-bearing debt, the policy would be to maintain the overall leverage at levels in which financial covenants of such debt does not interfere with autonomy of the Groups investment decisions. Note 15 \u2013 Financial Instruments Set out below is a comparison by category for carrying amounts and fair values of all the Group's financial instruments that are carried in the financial statements. 2022 NOK 1000Carrying amount Fair value Fair value hierarchy Loans and receivables Cash and cash equivalents 787 082 787 082 1 Investments Non-current financial investments 101 940 101 940 1 & 2 Current financial investments 545 545 2 Other financial assets Trade receivables 156 156 2 Other financial liabilities Other non-current liabilities 368 368 2 Trade payables 2 173 2 173 2 Other current liabilities 8 073 8 073 2 2021 NOK 1000Carrying amount Fair value Fair value hierarchy Loans and receivables Cash and cash equivalents 778 108 778 108 1 Investments Non-current financial investments 218 316 218 316 1 & 2 Current financial investments 36 931 36 931 1 Other financial assets Trade receivables 30 30 2 Other financial liabilities Other non-current liabilities 3 579 3 579 2 Trade payables 947 947 2 Other current liabilities 6 137 6 137 2 Fair value estimation The table below analyses financial instruments carried at fair value, by valuation method. The estimated fair value has been determined by the Group using appropriate market information and valuation methodologies. The different levels have been defined as follows: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the group\u2019s financial assets and liabilities that are measured at fair value on 31 December 2022. The fair value of financial instruments does not significantly deviate from their carrying amount. NOK 1000 Non-current financial investments (equity securities) in NOK 2022 2021 Listed shares (Level 1) 96 940 118 246 Non-listed shares Level 2) 5 000 100 070 Total 101 940 218 316 There were no transfers between the levels during the year. (a) Financial instruments in level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily OSE, Euronext Expand, Euronext Growth, DAX and FTSE 100 equity investments classified as trading securities or available for sale. (b) Financial instruments in level 2 The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Specific valuation techniques used to value financial instruments include: \u2022 Quoted market prices or dealer quotes for similar instruments. \u2022 Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments. Note 16 \u2013 Non-Current Financial Investments As at year end the Group held the following non-current financial instruments carried at fair value in the statement of financial position: NOK 100031 Dec 2022 31 Dec 2021 On 1 January 218 316 276 447 Additions* 156 058 155 031 Unrealized gain/(loss) -73 099 89 184 Disposals* -199 335 -302 346 On 31 December 101 940 218 316 Less non-current portion -101 940 -218 316 Current portion - - Fair value hierarchy 31 Dec 2022 31 Dec 2021 Listed shares Level 1 96 940 118 246 Non-listed shares Level 2* 5 000 100 070 Total 101 940 218 316 * Additions and disposals include transfers to and from investments in associates. Non-current financial investments include the following: Equity securities 2022 2021 Horisont Energi AS, market price 82 430 115 309 Heimdall Power AS, transactions between independent parties* - 95 070 Hyon AS, market price** 14 510 - Other, market price/ transactions between independent parties 5 000 7 937 * Transferred to associated investments ** Transferred from associated investment All the non-current financial investments shown above are denominated in NOK and are measured at fair value as of year-end. Note 17 \u2013 Option and Share Program An equity settled option and share program was initiated in 2020 towards certain key employees. During 2022, 1.5 million new options were issued, and 1,0 million options were called. Total cost for the option in 2022 was NOK 4.9 million, whereof 3.2 million in income from reduction of social security reserves. The current vesting periods of the program is ending in the period between 15 February 2023 and 4 July 2024. At initial recognition, the fair value of the options, as estimated by the Black-Scholes model, are straight-lined through the vesting period as General administrative expenses with corresponding entry against other paid in equity. Since the options are equity settled, no subsequent measurement is required under IFRS. Expenses recognised for employee service received during the year: 2022 NOK 1000 2021 Expenses arising from equity-settled share-based payment transactions 8 113 3 456 Social security reserves for equity-settled share-based payment transactions* -3 211 -2 343 Total expense arising from share-based payment transactions 4 902 1 113 * Social security expenses are accrued for if the options are in the money, and the accrual for social security expenses will be updated quarterly, based on development in the share price. An increase in share price, will increase the value of the options, hence increase the social security expenses, whereas a decrease in share price will reduce the reserves, creating an income. Input parameters for Black-Scholes option pricing model as applied for options granted in 2022: 03.01.22 Number of options granted (thousands) 1,500 Fair value at measurement date 1.02 Share price (spot) at grant date 3.41 Strike price (initial \u2013 ex dividends) 4.00 First exercise (months)* 6 Expiry (months) 42 Expected annualized volatility (weighted average of peer group) 47 % Asset drift (risk free interest rate) 1.0 % Expected dividends Not applicable * The related employment agreement has been terminated. The right to exercise the options has not been forfeited regardless of the termination. Movements during the year: 2022 2022 2021 2021 Number WAEP Number WAEP Outstanding on 1 January 27 000 000 3.79 18 000 000 1.90 Granted during the year 1 500 000 3.80 9 000 000 7.57 - - - - Forfeited during the year Exercised during the year 1 000 000 - - - - - - - Expired during the year Outstanding on 31 December 27 500 000 2.77* 27 000 000 3.79 Exercisable on 31 December 18 000 000 - - - * The WAEP as per 31 December 2022 is adjusted for NOK 0.2.in dividends as distributed through 2022, as well as amendment of strike in 9.000.000 of previously granted options according to the table below. Initial distribution of New distribution of Vesting Initial strike Amended strike optionsoptions (from initial grant) NOK NOK 3 000 000 4 500 000 18 months 5.50 4.00 3 000 000 2 250 000 24 months 7.50 5.00 3 000 000 2 250 000 36 months 10.00 6.00 The weighted average remaining vesting period for the options outstanding on 31 December was 0.21 years. The weighted average remaining contractual life for the options outstanding on 31 December was 1.69 years. The range of exercise price for the options outstanding on 31 December was 1.20 to 5.80 with a weighted average of 2.77. All prices are adjusted for dividends. Note 18 \u2013 Dividends Paid and Proposed The group has during 2022 distributed dividend of NOK 0.20 per share during the year, totalling 95.9 million. The board of Directors has decided not to distribute any dividends in 2023 based on the financial year of 2022. Note 19 \u2013 Subsequent Events As announced on the 22 December, Bj\u00f8rn Simonsen stepped down as CEO with effect from 15 January 2023. Mr Simonsen received six months salary as severance pay, as a substitution to the contractual six months termination period. Espen Lundaas has been appointed as interim CEO. Mr Lundaas previous position as CFO has been filled by Tore Jakob Berg. Saga has sold all its shares in Hyon AS, as well as all other minor investments classified as non-current financial assets at year end. 9.000.000 of the outstanding options has been forfeited in 2023 because of ending of employment. ",
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"value": "Audit Fees NOK 1000 2022 2021 Audit fees including VAT Audit services 775 632 Other attestation services 111 78 Tax services - - Other non-audit services 65 88 Total 950 798 Fees to the Group\u2019s auditors are included in administrative expenses.",
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"value": "Note 6 \u2013 Cash and Cash Equivalents The Group's cash and cash equivalents are denominated in the following currencies: NOK 1000 31 Dec 2022 31 Dec 2021 US Dollars* 416 -18 857 GB Pounds 1 479 Euro 6 546 Norwegian kroner 786 659 795 941 Total cash and cash equivalents 787 082 778 108 *The USD account is part of a multi-currency arrangement with a net deposit. Restricted cash Employee tax accounts 1 819 1 505 All cash deposits are held in financial institutions with a long-term credit rating of minimum A+ according to Standard & Poor\u2019s. Reference is made to note 14 for further information. Deposits carries floating interest rates. ",
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"value": "Restricted cash Employee tax accounts 1 819 1 505 ",
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"s7_notes__11__46": {
"value": "Note 7 \u2013 Other Current Assets NOK 1000 31 Dec 2022 31 Dec 2021 Other receivables - 2 014 Prepayments 1 306 54 Unbilled revenue - 657 Total other current assets 1 306 2 726",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__47": {
"value": "Note 8 \u2013 Trade Receivables and Other Receivables The outstanding amount of trade receivables on 31 December 2022 was TNOK 156 (31 December 2021 of TNOK 30). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__48": {
"value": "Note 9 \u2013 Other Current Liabilities NOK 1000 31 Dec 2022 31 Dec 2021 Public duties payable 2 726 2 010 Other current liabilities 5 348 4 126 Total other current liabilities 8 073 6 137 Other current liabilities are non-interest bearing. Other current liabilities are normally settled on 30 to 60-day terms. Deferred revenues are revenues invoiced, but not earned per 31 December.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__49": {
"value": "Note 10 \u2013 Tax NOK 1000 2022 2021 Current tax expense - - Deferred tax expense - - Tax expense - - Reconciliation of tax expenses Net profit before tax -23 716 233 675 Tax expense based on nominal tax rate of 22% -5 218 51 408 Permanent differences* -3 308 -61 247 Change in not recognized deferred tax assets 8 526 9 839 Tax expense - - Reconciliation of deferred tax (-)/deferred tax assets Fixed and other assets - - Payables -81 -788 Net tax loss carried forward 35 589 26 357 Share in partnership - - Deferred tax assets 35 508 25 570 Net deferred tax assets not recognized 35 508 25 570 Deferred tax (-)/deferred tax assets in the balance sheet - - Tax on other comprehensive income Other comprehensive income - - Income tax related to other comprehensive income - - * Permanent differences are to great extent related to the tax exemption for gain on certain financial assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__50": {
"value": "Reconciliation of deferred tax (-)/deferred tax assets Fixed and other assets - - Payables -81 -788 Net tax loss carried forward 35 589 26 357 Share in partnership - - Deferred tax assets 35 508 25 570 Net deferred tax assets not recognized 35 508 25 570 Deferred tax (-)/deferred tax assets in the balance sheet - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__51": {
"value": "Note 11 \u2013 Issued Capital and Shareholders Issued capital 2022 NOK 1000 Number of shares Share capital Other paid in capital Opening balance 01.01.2022 478 878 423 4 789 1 161 258 Dividends -95 876 Option and share program 8 113 Share issue 1 000 000 10 3 Ending balance 31.12.2022 479 878 423 4 799 1 073 498 2021 NOK 1000 Number of shares Share capital Other paid in capital Opening balance 01.01.2021 439 149 831 4 391 1 059 771 Dividends -47 888 Option and share program 3 456 Share issue 39 728 592 397 145 918 Ending balance 31.12.2021 478 878 423 4 789 1 161 258 All issued shares have a nominal value of NOK 0.01 and are of equal rights. Saga Pure ASA is incorporated in Norway, listed on Oslo B\u00f8rs, and the share capital is denominated in NOK. As of 31 December 2022, the Company had 8,505 shareholders. Per 31 December 2022, The Company\u2019s largest shareholders are; Overview of the largest shareholders as per 31 December 2022 Name Shares Of total shares (1)1 \u00d8YSTEIN STRAY SPETALEN 172 841 799 36.02 % (1)2 TYCOON INDUSTRIER AS 28 550 000 5.95 % (2)3 SIMONSEN INVEST AS 20 000 000 4.17 % 4 CLEARSTREAM BANKING S.A. 15 778 375 3.29 % 5 DALLAS ASSET MANAGEMENT AS 9 187 461 1.91 % 6 NORDNET LIVSFORSIKRING AS 6 401 423 1.33 % 7 ATLE SANDVIK PEDERSEN 6 050 000 1.26 % 8 MELCHER HOLDING AS 5 800 000 1.21 % 9 OLA STORMYR HOLDING AS 5 510 413 1.15 % 10 FR\u00d8ILAND INVEST AS 3 454 554 0.72 % 11 KVANTIA AS 3 045 000 0.63 % 12 L\u00d8REN HOLDING AS 3 000 000 0.63 % 13 Tonor Holding As 2 830 000 0.59 % (3)14 HANEKAMB INVEST AS 2 300 000 0.48 % (4)15 EL INVESTMENT AS 2 300 000 0.48 % 16 HEGE BAKKEN 2 211 580 0.46 % 17 NORDA ASA 2 185 611 0.46 % 18 Nordnet Bank AB 2 141 947 0.45 % 19 BJ\u00d8RN H\u00c5VARD BR\u00c6NDEN 2 050 000 0.43 % 20 SPAR KAPITAL INVESTOR AS 2 000 000 0.42 % Total 297 638 163 62.02 % Total outstanding shares 479 878 423 100.00 % (1) Board member/controlled by Board member \u00d8ystein Stray Spetalen (2) Controlled by Bj\u00f8rn Simonsen, CEO of Saga Pure. Reference note 19 subsequent events (3) Controlled by Martin Nes, Chairman of the Board (4) Controlled by Espen Lundaas, CFO of Saga Pure. Reference note 19 subsequent events Total paid in capital Please see table above. Shareholders rights There are currently no limitations in voting rights or trade limitations related to the Saga Pure share. Power of attorney to increase the share capital through issuance of new shares The Board held as per 31 December 2022 authorization to issue up to 238,439,211 new shares. The authorization may be utilised on one or several occasions. Power of attorney to repurchase own shares The Board held authorization to repurchase own shares as per 31 December 2022 limited to 47,887,842 shares. Authorization to raise convertible loans The Board held no authorization to raise convertible bonds as per 31 December 2022. Stock option arrangements The Company have issued 27,500,000 stock options, with an authorization to the board to issue further 8,000,000 stock option as of 31 December 2022. References are made to note 19 regarding subsequent events. Shares owned by the Board, Management, and their Related Parties 2022 # of Shares Board of Directors (1)Martin Nes (Chairman) 2 300 000 (2)\u00d8ystein Stray Spetalen201 391 799 (3)Yvonne Litsheim Sandvold1 082 000 Group Management (4)Bj\u00f8rn Simonsen, CEO 20 000 000 (5)Espen Lundaas, CFO 2 300 000 Total number of shares held by Board members, Group management and related parties 227 073 799 Total number of shares held by Board members, Group management and related parties 47.32 % in % of total outstanding shares 2021 # of Shares Board of Directors (1)Martin Nes (Chairman) 2 300 000 (2)\u00d8ystein Stray Spetalen201 391 799 (3)Yvonne Litsheim Sandvold1 082 000 Group Management (4)Bj\u00f8rn Simonsen, CEO 20 000 000 (5)Espen Lundaas, CFO 2 300 000 Total number of shares held by Board members, Group management and related parties 227 073 799 Total number of shares held by Board members, Group management and related parties 47.54 % in % of total outstanding shares (1) Holdings through Hanekamb Invest AS (2) Including holdings through Tycoon Industrier AS (3) Holdings through Yls N\u00e6ringseiendom AS (4) Holdings through Simonsen Invest AS. Bj\u00f8rn Simonsen left the Group as of 15. January 2023. (5) Holdings through El Investment AS. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__52": {
"value": "Note 12 \u2013 Earnings Per Share Basic earnings per share are calculated by dividing net profit for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year, excluding ordinary shares purchased by the company and held as treasury shares. The company held no such treasury shares as of 31 December 2022. Diluted earnings per share are calculated by dividing the net profit attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all dilutive potential ordinary shares to ordinary shares. Net loss will not be attributed to dilutive shares, hence diluted loss per share will be equal to loss per basic shares. Dilutive shares related to option program for certain employees, see note 17. Number of shares NOK 1000 2022 2021 Net profit/(loss) attributable to the shareholders -23 716 233 675 Number of shares Weighted average number of ordinary shares outstanding 479 482 819 477 232 424 Weighted average number of shares outstanding, diluted 507 378 423 502 938 468 Number of shares outstanding at period end 479 878 423 478 878 423 NOK per share Basic diluted earnings/(loss) per share -0.05 0.49 Diluted earnings/(loss) per share -0.05 0.47",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__53": {
"value": "Note 13 \u2013 Related Parties Transactions with related parties within the ordinary course of business relates limited to office rent including mutual costs, deliverance of strategic management services and services rendered regarding support for financial reporting. All transactions with related parties have been made on an arm's length basis and are settled on a regular basis. Goods and/or services purchased from related parties have been priced at industry standard rates. Transactions with related parties are specified below: Related Party Transactions 2022 Amounts Amounts Sales to Purchase owed by owed to related from related related related NOK 1000 parties parties parties parties Tycoon Industrier AS* - 3 002 - 812 Ferncliff Holding AS* - 2 750 - 250 Hyon AS** 1 375 - - - IC Technology AS** 180 - - - Heimdall Power AS** 168 - - - Bergen Carbon Solution AS** 96 - - - Total 1 819 5 752 - 1 062 * Entities directly or indirectly controlled by the Company\u2019s largest shareholder \u00d8ystein Stray Spetalen, which also is represented in the Board of Director\u2019s. ** Companies that are, or have been \u2013 associated companies during 2022 Amounts Amounts 2021 Sales to Purchase owed by owed to related from related related related NOK 1000 parties parties parties parties Tycoon Industrier AS* - 2 936 - 710 Ferncliff Holding AS* - 3 250 - - Total - 6 186 - 710",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__54": {
"value": "Note 14 \u2013 Financial Risk Management Through its activities the Group is exposed to a variety of financial risks: market risk including currency risk, credit risk and liquidity risk. The Group\u2019s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group\u2019s financial performance. To reduce and manage these risks, management periodically assesses the Group\u2019s financial market risk in general. Equity price risk The Group invests in both marketable securities on different stock exchanges as well unlisted securities in order to take advantage of market movements in the equity markets. All marketable securities present a risk of loss of capital. The Group moderates this risk through a careful selection of securities. The maximum risk resulting from financial instruments is determined by the fair value of the financial instruments. The Group\u2019s overall market positions are monitored on a quarterly basis. The Group\u2019s maximum exposure to risk at the balance sheet date is NOK 116.6 million (2021: NOK 255.2 million). On 31 December 2022, the impact of increases/decreases of the Oslo Stock Exchange on the group\u2019s post-tax profit for the year and on equity would have been as shown below. The analysis is based on the assumption that the equity indexes had increased/decreased by 5% with all other variables held constant and all the group\u2019s equity instruments moved according to the historical correlation with the index. For instruments with insufficient historical data of correlation, a beta of 1.00 is assumed. The analysis does not include investments classified as current assets. Increase of 5 %: NOK 1000 Impact on post-tax profit Index 2022 2021 Oslo Stock Exchange - - Euronext Growth 5 300 6 091 Total 5 300 6 091 Decrease of 5 %: NOK 1000 Impact on post-tax profit Index 2022 2021 Oslo Stock Exchange - - Euronext Growth -5 300 -6 091 Total -5 300 -6 091 Currency Risk The Group is currently not exposed directly by currency risk, investments are in NOK nominated companies, and all substantial bank deposits are in NOK. The Group have only immaterial transactions in foreign currency. Tax risk Saga Pure is subject to taxation by Norwegian authorities. Any change in taxation regime may affect the payable taxes of Saga Pure. Currently the Group\u2019s investments are tax exempted (\u00abfritaksmetoden\u00bb), if the Norwegian tax regime changes and gains/losses on investment become taxable this could have significant impact on the Group\u2019s tax position. Credit Risk The Group have limited credit risk, inherent in the risk that a counterparty will be unable to pay amounts in full when due. As of the balance sheet date the Group had trade receivables, of NOK 0.2 million and bank deposits amounting to NOK 787.1 million are deposited at reputable banks and finance institution in Norway. Concentration of credit risk exists to the extent that on December 31, 2022, all cash and cash equivalents, and restricted cash, were held at one financial institution, with credit ratings according to Standard & Poor\u2019s of AA-: NOK 1000 Counterparty Rating Geographical segment 2022 Cash and cash equivalents DNB AA- Norway 787 082 Total 787 082 Liquidity risk The group monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs. The group had no outstanding interest bearing debt. At the reporting date, the Group held cash and cash equivalents of TNOK 787,082 (2021: TNOK 778,108) and other liquid assets of TNOK 156 (2021: TNOK 30) that are expected to readily generate cash inflows for managing liquidity risk. Interest rate risk Based on the financial status at balance sheet date, an increase of the general interest level of one percentile would impact the profit and loss accounts with TNOK +7,878. A decrease in the general interest level of one percentile would impact the profit and loss accounts with TNOK -7,878. Capital Management Capital as defined for capital management for the Group includes all equity reserves attributable to the equity holders of the parent company. As an investment group, the primary objective of Group\u2019s capital management is to maximize the value for its shareholders. In order to achieve this objective, the Group aim to maintain an optimal capital structure by assessing its projected future capital needs for investing and or divesting, towards its capital management tools such as dividends or issuance of new shares. The Group currently has no interest-bearing debt. If the Group were to incur interest-bearing debt, the policy would be to maintain the overall leverage at levels in which financial covenants of such debt does not interfere with autonomy of the Groups investment decisions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__56": {
"value": "credit risk",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__57": {
"value": "liquidity risk. The Group\u2019s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group\u2019s financial performance. To reduce and manage these risks, management periodically assesses the Group\u2019s financial market risk in general. Equity price risk The Group invests in both marketable securities on different stock exchanges as well unlisted securities in order to take advantage of market movements in the equity markets. All marketable securities present a risk of loss of capital. The Group moderates this risk through a careful selection of securities. The maximum risk resulting from financial instruments is determined by the fair value of the financial instruments. The Group\u2019s overall market positions are monitored on a quarterly basis. The Group\u2019s maximum exposure to risk at the balance sheet date is NOK 116.6 million (2021: NOK 255.2 million). On 31 December 2022, the impact of increases/decreases of the Oslo Stock Exchange on the group\u2019s post-tax profit for the year and on equity would have been as shown below. The analysis is based on the assumption that the equity indexes had increased/decreased by 5% with all other variables held constant and all the group\u2019s equity instruments moved according to the historical correlation with the index. For instruments with insufficient historical data of correlation, a beta of 1.00 is assumed. The analysis does not include investments classified as current assets. Increase of 5 %: NOK 1000 Impact on post-tax profit Index 2022 2021 Oslo Stock Exchange - - Euronext Growth 5 300 6 091 Total 5 300 6 091 Decrease of 5 %: NOK 1000 Impact on post-tax profit Index 2022 2021 Oslo Stock Exchange - - Euronext Growth -5 300 -6 091 Total -5 300 -6 091 Currency Risk The Group is currently not exposed directly by currency risk, investments are in NOK nominated companies, and all substantial bank deposits are in NOK. The Group have only immaterial transactions in foreign currency. Tax risk Saga Pure is subject to taxation by Norwegian authorities. Any change in taxation regime may affect the payable taxes of Saga Pure. Currently the Group\u2019s investments are tax exempted (\u00abfritaksmetoden\u00bb), if the Norwegian tax regime changes and gains/losses on investment become taxable this could have significant impact on the Group\u2019s tax position. Credit Risk The Group have limited credit risk, inherent in the risk that a counterparty will be unable to pay amounts in full when due. As of the balance sheet date the Group had trade receivables, of NOK 0.2 million and bank deposits amounting to NOK 787.1 million are deposited at reputable banks and finance institution in Norway. Concentration of credit risk exists to the extent that on December 31, 2022, all cash and cash equivalents, and restricted cash, were held at one financial institution, with credit ratings according to Standard & Poor\u2019s of AA-: NOK 1000 Counterparty Rating Geographical segment 2022 Cash and cash equivalents DNB AA- Norway 787 082 Total 787 082 Liquidity risk The group monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs. The group had no outstanding interest bearing debt. At the reporting date, the Group held cash and cash equivalents of TNOK 787,082 (2021: TNOK 778,108) and other liquid assets of TNOK 156 (2021: TNOK 30) that are expected to readily generate cash inflows for managing liquidity risk. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__55": {
"value": "Equity price risk The Group invests in both marketable securities on different stock exchanges as well unlisted securities in order to take advantage of market movements in the equity markets. All marketable securities present a risk of loss of capital. The Group moderates this risk through a careful selection of securities. The maximum risk resulting from financial instruments is determined by the fair value of the financial instruments. The Group\u2019s overall market positions are monitored on a quarterly basis. The Group\u2019s maximum exposure to risk at the balance sheet date is NOK 116.6 million (2021: NOK 255.2 million). On 31 December 2022, the impact of increases/decreases of the Oslo Stock Exchange on the group\u2019s post-tax profit for the year and on equity would have been as shown below. The analysis is based on the assumption that the equity indexes had increased/decreased by 5% with all other variables held constant and all the group\u2019s equity instruments moved according to the historical correlation with the index. For instruments with insufficient historical data of correlation, a beta of 1.00 is assumed. The analysis does not include investments classified as current assets. Increase of 5 %: NOK 1000 Impact on post-tax profit Index 2022 2021 Oslo Stock Exchange - - Euronext Growth 5 300 6 091 Total 5 300 6 091 Decrease of 5 %: NOK 1000 Impact on post-tax profit Index 2022 2021 Oslo Stock Exchange - - Euronext Growth -5 300 -6 091 Total -5 300 -6 091",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__59": {
"value": "Note 15 \u2013 Financial Instruments Set out below is a comparison by category for carrying amounts and fair values of all the Group's financial instruments that are carried in the financial statements. 2022 NOK 1000Carrying amount Fair value Fair value hierarchy Loans and receivables Cash and cash equivalents 787 082 787 082 1 Investments Non-current financial investments 101 940 101 940 1 & 2 Current financial investments 545 545 2 Other financial assets Trade receivables 156 156 2 Other financial liabilities Other non-current liabilities 368 368 2 Trade payables 2 173 2 173 2 Other current liabilities 8 073 8 073 2 2021 NOK 1000Carrying amount Fair value Fair value hierarchy Loans and receivables Cash and cash equivalents 778 108 778 108 1 Investments Non-current financial investments 218 316 218 316 1 & 2 Current financial investments 36 931 36 931 1 Other financial assets Trade receivables 30 30 2 Other financial liabilities Other non-current liabilities 3 579 3 579 2 Trade payables 947 947 2 Other current liabilities 6 137 6 137 2 Fair value estimation The table below analyses financial instruments carried at fair value, by valuation method. The estimated fair value has been determined by the Group using appropriate market information and valuation methodologies. The different levels have been defined as follows: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the group\u2019s financial assets and liabilities that are measured at fair value on 31 December 2022. The fair value of financial instruments does not significantly deviate from their carrying amount. NOK 1000 Non-current financial investments (equity securities) in NOK 2022 2021 Listed shares (Level 1) 96 940 118 246 Non-listed shares Level 2) 5 000 100 070 Total 101 940 218 316 There were no transfers between the levels during the year. (a) Financial instruments in level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily OSE, Euronext Expand, Euronext Growth, DAX and FTSE 100 equity investments classified as trading securities or available for sale. (b) Financial instruments in level 2 The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Specific valuation techniques used to value financial instruments include: \u2022 Quoted market prices or dealer quotes for similar instruments. \u2022 Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__58": {
"value": "Note 15 \u2013 Financial Instruments Set out below is a comparison by category for carrying amounts and fair values of all the Group's financial instruments that are carried in the financial statements. 2022 NOK 1000Carrying amount Fair value Fair value hierarchy Loans and receivables Cash and cash equivalents 787 082 787 082 1 Investments Non-current financial investments 101 940 101 940 1 & 2 Current financial investments 545 545 2 Other financial assets Trade receivables 156 156 2 Other financial liabilities Other non-current liabilities 368 368 2 Trade payables 2 173 2 173 2 Other current liabilities 8 073 8 073 2 2021 NOK 1000Carrying amount Fair value Fair value hierarchy Loans and receivables Cash and cash equivalents 778 108 778 108 1 Investments Non-current financial investments 218 316 218 316 1 & 2 Current financial investments 36 931 36 931 1 Other financial assets Trade receivables 30 30 2 Other financial liabilities Other non-current liabilities 3 579 3 579 2 Trade payables 947 947 2 Other current liabilities 6 137 6 137 2 Fair value estimation The table below analyses financial instruments carried at fair value, by valuation method. The estimated fair value has been determined by the Group using appropriate market information and valuation methodologies. The different levels have been defined as follows: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). \u2022 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the group\u2019s financial assets and liabilities that are measured at fair value on 31 December 2022. The fair value of financial instruments does not significantly deviate from their carrying amount. NOK 1000 Non-current financial investments (equity securities) in NOK 2022 2021 Listed shares (Level 1) 96 940 118 246 Non-listed shares Level 2) 5 000 100 070 Total 101 940 218 316 There were no transfers between the levels during the year. (a) Financial instruments in level 1 The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily OSE, Euronext Expand, Euronext Growth, DAX and FTSE 100 equity investments classified as trading securities or available for sale. (b) Financial instruments in level 2 The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Specific valuation techniques used to value financial instruments include: \u2022 Quoted market prices or dealer quotes for similar instruments. \u2022 Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__60": {
"value": "Note 16 \u2013 Non-Current Financial Investments As at year end the Group held the following non-current financial instruments carried at fair value in the statement of financial position: NOK 100031 Dec 2022 31 Dec 2021 On 1 January 218 316 276 447 Additions* 156 058 155 031 Unrealized gain/(loss) -73 099 89 184 Disposals* -199 335 -302 346 On 31 December 101 940 218 316 Less non-current portion -101 940 -218 316 Current portion - - Fair value hierarchy 31 Dec 2022 31 Dec 2021 Listed shares Level 1 96 940 118 246 Non-listed shares Level 2* 5 000 100 070 Total 101 940 218 316 * Additions and disposals include transfers to and from investments in associates. Non-current financial investments include the following: Equity securities 2022 2021 Horisont Energi AS, market price 82 430 115 309 Heimdall Power AS, transactions between independent parties* - 95 070 Hyon AS, market price** 14 510 - Other, market price/ transactions between independent parties 5 000 7 937 * Transferred to associated investments ** Transferred from associated investment All the non-current financial investments shown above are denominated in NOK and are measured at fair value as of year-end. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__61": {
"value": "Note 17 \u2013 Option and Share Program An equity settled option and share program was initiated in 2020 towards certain key employees. During 2022, 1.5 million new options were issued, and 1,0 million options were called. Total cost for the option in 2022 was NOK 4.9 million, whereof 3.2 million in income from reduction of social security reserves. The current vesting periods of the program is ending in the period between 15 February 2023 and 4 July 2024. At initial recognition, the fair value of the options, as estimated by the Black-Scholes model, are straight-lined through the vesting period as General administrative expenses with corresponding entry against other paid in equity. Since the options are equity settled, no subsequent measurement is required under IFRS. Expenses recognised for employee service received during the year: 2022 NOK 1000 2021 Expenses arising from equity-settled share-based payment transactions 8 113 3 456 Social security reserves for equity-settled share-based payment transactions* -3 211 -2 343 Total expense arising from share-based payment transactions 4 902 1 113 * Social security expenses are accrued for if the options are in the money, and the accrual for social security expenses will be updated quarterly, based on development in the share price. An increase in share price, will increase the value of the options, hence increase the social security expenses, whereas a decrease in share price will reduce the reserves, creating an income. Input parameters for Black-Scholes option pricing model as applied for options granted in 2022: 03.01.22 Number of options granted (thousands) 1,500 Fair value at measurement date 1.02 Share price (spot) at grant date 3.41 Strike price (initial \u2013 ex dividends) 4.00 First exercise (months)* 6 Expiry (months) 42 Expected annualized volatility (weighted average of peer group) 47 % Asset drift (risk free interest rate) 1.0 % Expected dividends Not applicable * The related employment agreement has been terminated. The right to exercise the options has not been forfeited regardless of the termination. Movements during the year: 2022 2022 2021 2021 Number WAEP Number WAEP Outstanding on 1 January 27 000 000 3.79 18 000 000 1.90 Granted during the year 1 500 000 3.80 9 000 000 7.57 - - - - Forfeited during the year Exercised during the year 1 000 000 - - - - - - - Expired during the year Outstanding on 31 December 27 500 000 2.77* 27 000 000 3.79 Exercisable on 31 December 18 000 000 - - - * The WAEP as per 31 December 2022 is adjusted for NOK 0.2.in dividends as distributed through 2022, as well as amendment of strike in 9.000.000 of previously granted options according to the table below. Initial distribution of New distribution of Vesting Initial strike Amended strike optionsoptions (from initial grant) NOK NOK 3 000 000 4 500 000 18 months 5.50 4.00 3 000 000 2 250 000 24 months 7.50 5.00 3 000 000 2 250 000 36 months 10.00 6.00 The weighted average remaining vesting period for the options outstanding on 31 December was 0.21 years. The weighted average remaining contractual life for the options outstanding on 31 December was 1.69 years. The range of exercise price for the options outstanding on 31 December was 1.20 to 5.80 with a weighted average of 2.77. All prices are adjusted for dividends. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__11__62": {
"value": "Note 18 \u2013 Dividends Paid and Proposed The group has during 2022 distributed dividend of NOK 0.20 per share during the year, totalling 95.9 million. The board of Directors has decided not to distribute any dividends in 2023 based on the financial year of 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG0Z404",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}