{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "BOR": "http://borgestad.no/2023-12-31", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://borgestad.no/2023-12-31/Borgestad-ASA-2023-12-31.xsd" ] }, "facts": { "s11_notes__6__5-1": { "value": "Board of Directors and management in Borgestad ASAGlen Ole R\u00f8dland, Chair of the BoardR\u00f8dland was elected chairman in 2023. R\u00f8dland holds an MBA and PostgraduateStudies in Finance at the Norwegian School of Economics (NHH) and UCLA.R\u00f8land has 30 years' experience in shipping, oil and gas service, finance andinvestment management. He has extensive experience as an analyst and incorporate finance from investment banking, private office and private equity.R\u00f8dland also has considerable experience as a board member and chairman ofseveral Norwegian public and private companies, as well as internationalcompanies. As of today, he is chairman of Prosafe SE and ABL-Group ASA.R\u00f8dland has previously been a board member of Spectrum ASA (merged into TGSASA) for more than ten years, of which seven years as chairman. He was alsochairman of the board of Seadrill Ltd.R\u00f8dland controls 60,000,000 shares corresponding to 4.28 percent in BorgestadASA.Wenche Kj\u00f8l\u00e5s, Board MemberKj\u00f8l\u00e5s was elected board member in 2023. Kj\u00f8l\u00e5s holds, among other things, aMaster of Economics and Business Administration from the Norwegian School ofEconomics (NHH), and Executive Management Program, Strategic Managementand Innovation, INSEAD, Paris, France.Kj\u00f8l\u00e5s is an experienced chair and board member with wide sector experienceacross listed, private, family owned and private equity firms, having served invarious leadership roles throughout her career, including COO ,CEO and CFO ofthe Grieg Group\u2019s holding company, Grieg Maturitas AS, Kj\u00f8l\u00e5s has been CEO inKavli Norway and CFO in Kavli Holding, served on the board in Grieg SeafoodASA, Cermaq ASA, PGS ASA, DOF ASA, and chaired Magseis Fairfield ASA,Keolis Norway and Flytoget AS. Currently on the Board of DeepOcean GroupHolding AS, Alginor ASA and Western Norway University.Kj\u00f8l\u00e5s controls 4,000,000 shares corresponding to 0.29 percent in Borgestad ASA.Jacob M\u00f8ller, Board MemberM\u00f8ller has been a board member since 2009, and was Chairman in the period 2021- 2023. He has a degree in law from the University of Oslo and a Master in Lawfrom the University of Cambridge. M\u00f8ller has a background as a lawyer at BAHRand head of Schibsted's M&A department. M\u00f8ller is currently a Partner and Head ofthe technology department at BAHR. He has extensive experience with board work.M\u00f8ller owns/controls 48,719,692 shares corresponding to 3.47 percent inBorgestad ASA.Jan Erik Sivertsen, Board MemberSivertsen was elected as a board member in 2022. He is a qualified auditor fromthe University of Agder. He is chairman and board member of a number of boardsthrough active ownership under the Kontrari umbrella. Sivertsen currently works asmanaging director of Kontrari AS, a holding company with significant investments inseveral listed and unlisted companies. Sivertsen has previously been employed asfinance director at B&G Group and as an authorized auditor at Iversen Revisjon AS.Sivertsen controls 380,513,105 shares corresponding to 27.13 percent in BorgestadASA.Helene Steen, Board MemberSteen was elected as a board member in 2022. She has a master\u2019s degree inshipping and finance from Cass Business School in London and a bachelor'sdegree from BI Business School. Over several years, she has held variouspositions in DNB Bank's major customer department within shipping and offshoreand DNB Asset Management. Steen currently works as principal/CFO in Ses AS, aholding company with significant investments in several listed and unlistedcompanies.Steen represents 209,408,501 shares corresponding to 14.93 percent in BorgestadASA.P\u00e5l Feen Larsen, CEOFeen Larsen has held the position as CEO since 2019. He was employed in 2013and from 2015 to 2019 was CFO in the Group. Feen Larsen has a master's degreein accounting and auditing at Bl Business School and is a state authorized auditor.He has experience from auditing and consulting from several listed companies andother international Groups.Feen Larsen owns 5,529,605 shares corresponding to 0.39 percent in BorgestadASA.Note 4 Salaries, personnel expenses and shares owned by the board of thedirectorsSalaries and personnel expenses NOK 1 000 2023 2022Salaries 259 046 219 807Social security costs 54 845 49 333Pension costs 16 638 18 578Other personnel costs 16 578 4 808Total expenses 347 108 292 525Average number of employees 373 355Management remunerationThe guidelines for management remuneration are available on Borgestad ASA\u2019s website. The remunerationto the Group Executive Operational Management Team and Board of Directors is disclosed below.Remuneration paid to board member and executive management in 2023BoardAuditOtherremunerationCommittee Salaryremuneration Pension Bonus TotalP\u00e5l Feen Larsen, CEO 2 800 184 125 - 3 109Frode Martinussen, CEO segment Refractory from 1st of August 2023 - 875 7 20 - 901Glen Ole R\u00f8dland, Chairman of the board from June 2023 200 - - - - 200Jacob M\u00f8ller Chairman of the board until June 2023, board member fromJune 2023* 564 15 - - - - 579Jan Erik Sivertsen, board member 275 15 - - - - 290Helene Steen, board member 275 15 - - - - 290Wenche Kj\u00f8ls\u00e5s, board member from June 2023 100 50 - - - - 150Gudmund Bratrud, deputy member until June 2023 175 - - - - - 175Anne Sofie T\u00f8nseth Markman, board member until June 2023 175 15 - - - - 190Odd Rune Austgulen, board member until June 2023 175 - - - - - 175Total 1 939 110 3 675 191 145 - 6 059* Jacob M\u00f8ller has received fees as chairman of Borgestad ASA and chairman of H\u00f6gan\u00e4s BorgestadHolding AB.During the financial year 2023, no loans or guarantees have been given to senior employees or boardmembers in the Group.Remuneration paid to board memeber and executive management in 2022BoardAuditOtherremunerationComittee Salaryremuneration Pension Bonus TotalP\u00e5l Feen Larsen, CEO - 2 631 191 115 600 3 537Niclas Sj\u00f6berg, CEO segment Refractory until Oktober 2022 - 2 205 1 639 212 3 056Jacob M\u00f8ller, board member* 443 15 - - - - 458Gudmund Bratrud, board member until June 2022. Deputy member fromJune 2022 165 8 - - - - 173Anita Ballestad, deputy member until June 2022 165 8 - - - - 173Anne Sofie T\u00f8nseth Markman 165 15 - - - - 180Odd Rune Austgulen, board member from June 2022 - - - - - -Jan Erik Sivertsen, board member from June 2022 - - - - - -Helene Steen, board member from June 2022 - - - - - -Total 938 45 4 836 192 754 812 7 576* Jacob M\u00f8ller has received fees as chairman of Borgestad ASA and chairman of H\u00f6gan\u00e4s BorgestadHolding AB.During the financial year 2022, no loans or guarantees have been given to senior employees or boardmembers in the Group.Shares owned or controlled by the company'smanagement, the board and their relatives: Number of shares Percent1)Jan Erik Sivertsenboard member 380 513 105 27,13 %2)Helene Steenboard member 209 408 501 14,93 %3)Glen Ole R\u00f8dlandChairman of the board 60 000 000 4,28 %4)Jacob M\u00f8llerboard member 48 719 692 3,47 %P\u00e5l Feen Larsen, CEO 5 529 605 0,39 %5)Wenche Kj\u00f8l\u00e5sboard member 4 000 000 0,29 %Total 708 170 903 50,49 %1)Applies to the company Kontrari AS, where Jan Erik Sivertsen is general manager2)Applies to the company SES AS, where Helene Steen is principal/CFO3)Applies to the company Gross Management AS, where Glen Ole R\u00f8dland and close relatives controls 100 % of the shares4)Applies to the companies Ploot Invest AS and Dione AS, both controlled by Jacob M\u00f8ller5)Applies to the company Jawendel AS, where Wenche Kj\u00f8l\u00e5s and close relatives controls 100 % of the shares", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__6-1": { "value": "Board of Directors\u2019 report 2023Borgestad ASA is an investment company based in Skien, Norway. Our portfolio primarily covers twomain business areas: real estate and refractory.Within these segments, it is the shopping center Agora Bytom and the refractory production and installationcompany H\u00f6gan\u00e4s Borgestad, that have a material impact on the company performance. Real estate is thelargest segment measured by the balance sheet, while refractory industry is the largest by revenue.RefractoryH\u00f6gan\u00e4s Borgestad is a manufacturer and supplier of refractory quality products, installations, systems, andsolutions that are essential for industrial high-temperature processes exceeding 1,200\u00b0C in various industriessuch as steel, cement, and aluminum. Refractory materials are stones or masses produced in many differentvariants depending on their intended use. Refractory materials are primarily used to protect productionindustries and contribute to energy savings.The production facility in Sweden produces special products and refractory monolithic where H\u00f6gan\u00e4sBorgestad has a high level of production expertise. H\u00f6gan\u00e4s Borgestad's strategic partner Refratechnik hasadded further breadth to the product range, such as basic stone and monolithics.Real estateAgora Bytom shopping center in Poland is the largest investment of the Group, accounting for over half of thebalance sheet. The shopping center has a gross area of 52,000 sqm and more than 30,000 sqm of rentalarea. In addition, there is a parking garage with 820 parking spaces. Agora Bytom is centrally located in theSilesian region of Poland and holds a strong market position in its primary catchment area. Agora offersspaces to a wide range of tenants, including large international chains and important Polish brands, 8 cinemahalls, a fitness center, and a rich selection of cafes.Borgestad considers a diverse tenant mix as a prerequisite for future revenue growth.Agora Bytom holds a strong position in the local market and maintains a high occupancy rate. Continuousefforts are made to further develop the center, and despite challenges related to reduced purchasing powerand significant inflation, the rental market is active, with Agora Bytom currently in negotiations with severalpotential new tenants.Turnover among Agora Bytom\u2019s tenants has increased by 3.7 percent in 2023 compared to 2022. Thenumber of visitors increased by 4.7 percent in 2023 compared to 2022. Agora Bytom had approximately 4.9million visitors in the center in 2023.1The WAULTby area and income are as of December 31. 2023, 3.49 years and 3.19 years respectively.The company completed a five-year bank refinancing of Agora Bytom in December 2023 with Bank Pekaothat secures the project with a stable long-term financing. The financing was completed on market terms, andAgora Bytom has a loan to value, LTV, below 50 percent after the financing.Note 3 Segment InformationReal estateThe Group's largest real estate investment is the Agora Bytom shopping center with a gross area of 52,000sqm, and a letting area of just over 30,000 sq m in Bytom in Poland. The center was opened on 15 November2010. As of 31 December 2023, there are 110 (115) shops in the center.RefractoryThe Refractory segment develops, manufactures and delivers refractory products, installations and conceptsolutions to industrial customers through the H\u00f6gan\u00e4s Borgestad Group. Products that can withstand heatabove 1,250 \u00b0C are defined as refractory. Refractory materials can be defined as bricks or monolithics, andare produced in many different varieties depending on the area of use. Refractory materials are mainly usedto protect production equipment in process industries with high temperatures. The products also contribute toefficient utilization of energy. The business has a leading position within the refractory industry in the Nordicsand the segment has a global presence within selected refractory application areas.Other activitiesThe segment mainly consists of operations in the parent company Borgestad ASA and the holding companiesBorgestad Industries AS and Borgestad Industries AB.Real Estate Refractory Other activities Eliminations TotalOPERATING SEGMENTS 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Revenue - external 57 370 50 296 1 048 724 868 146 101 332 - 1 106 195 918 773Revenue - within the group - - 45 67 - - -45 -67 - -Other income 11 826 10 345 23 396 2 591 - 16 35 222 12 953Operating income 69 196 60 641 1 072 165 870 804 101 348 -45 -67 1 141 417 931 726Supplies and subcontracting - - 315 801 184 318 - - - - 315 801 184 318Materials 527 483 266 241 260 073 - - - - 266 768 260 555Total supplies, subcontracting and materials 527 483 582 043 444 391 - - - - 582 570 444 873Salaries and management payment 3 948 2 998 251 711 210 748 3 387 6 061 - - 259 046 219 807Social security contributions 601 476 53 261 47 754 984 1 103 - - 54 845 49 333Pension costs - - 16 427 18 318 211 259 - - 16 638 18 578Other personnel costs 28 43 16 445 4 579 105 186 - - 16 578 4 808Total salaries and personnel expense 4 577 3 518 337 844 281 399 4 687 7 609 - - 347 108 292 525Consultancy fees and external personnel 9 425 8 364 7 035 13 789 6 323 4 999 - - 22 782 27 151Travel costs 141 137 18 738 33 005 269 343 - - 19 148 33 485Other operating costs 17 438 14 860 24 519 66 362 2 044 1 869 -1 670 -1 692 42 331 81 398EBITDA 37 088 33 280 101 986 31 860 -13 222 -14 472 1 625 1 625 127 478 52 293Depreciation and amortisation 8 458 11 352 22 365 19 377 256 399 671 671 31 750 31 799Impairments 94 298 91 343 - - - - - - 94 298 91 343Operating profit -65 668 -69 415 79 621 12 484 -13 478 -14 871 954 954 1 429 -70 848Net agio/disagio 8 436 1 595 0 -5 013 17 704 3 589 -15 606 -3 641 10 534 -3 469Impairment of financial assets - - - - -88 866 -63 038 87 560 63 038 -1 306 0Net other financial items -24 318 -24 771 -21 621 -9 628 7 381 -7 316 -9 382 -8 287 -47 940 -50 003Profit before tax -81 549 -92 591 58 000 -2 158 -77 260 -81 636 63 525 52 064 -37 283 -124 320Real Estate Refractory Other activities Eliminations TotalTotal assets and liabilities into segments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Total assets 1 008 371 795 380 598 844 655 159 1 003 573 595 330 -1204411 -579 310 1 406 378 1 466 558Total liabilities 759 067 705 286 289 435 404 993 283 429 109 004 -681 395 -259 827 650 536 959 456Norway Poland Sweden Other TotalTotal assets and liabilities by location 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Total assets 253 990 94 173 738 662 801 022 357 307 500 550 56 419 68 719 1 406 378 1 464 464Total liabilities 38 249 160 998 351 949 457 510 213 725 295 506 46 613 45 442 650 536 959 456Real Estate Refractory Other activities Eliminations TotalGeographical revenue by segment 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Norway - -51 277 382 219 933 101 348 -45 -67 277 438 220 163Poland 69 196 60 692 818 2 181 - - - - 70 014 62 873Sweden - - 403 030 371 137 - - - - 403 030 371 137Finland - - 258 585 162 360 - - - - 258 585 162 360Scandinavia, others - - 3 405 6 884 - - - - 3 405 6 884Europe, others - - 84 335 28 987 - - - - 84 335 28 987Asia - - 32 860 46 324 - - - - 32 860 46 324Africa - - 3 119 2 424 - - - - 3 119 2 424Other - - 8 631 30 573 - - - - 8 631 30 573Sum 69 196 60 641 1 072 164 870 804 101 348 -45 -67 1 141 417 931 726Real Estate Refractory Other activities Eliminations TotalOther information about the business area 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Investments 5 722 3 932 31 293 14 522 898 679 - - 37 912 19 133Depreciation 8 458 11 352 22 365 19 377 256 399 671 671 31 750 31 799Guarantees - - 21 148 18 688 - - - - 21 148 18 688None of the company's customers individually account for more than 10 percent of the turnover. This appliesto both 2023 and 2022.Other income 2023 2022Profit from the sale of operating assets 23 1 244Commission and joint costs when renting out property 11 803 10 321Interest on late payment from Vienna Arbitration case 19 694 -other incomes 3 702 1 387Total other income 35 222 12 953", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__7": { "value": "Cash flow, investments, and liquidityThe company\u2019s cash flow from operating activities was NOK 166.9 million, up from negative NOK 50.6 millionin 2022.Cash flow from investing activities was negative NOK 36.6 million, compared to negative NOK 8.1 million in2022, and cash flow from financial activities was negative NOK 68.7 million, down from NOK 101.5 million. Asa result, the cash flow for 2023 was positive at NOK 61.6 million, compared to NOK 42.7 million.The available liquidity as of 31 December 2023 was NOK 186.1 million, up from NOK 85.5 million in 2022.The company's R&D activity takes place under the auspices of H\u00f6gan\u00e4s Borgestad AB and ended at NOK6.6 million and NOK 6.4 million in 2023 and 2022 respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__8": { "value": "Conditions for going concernThe accounts have been prepared under the assumption of going concern in accordance with the NorwegianAccounting Act \u00a7 3-3.The Board refers to the mention of financial risk in the annual report.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": 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"ifrs-full:RetainedEarningsMember", "unit": "iso4217:NOK" } }, "f4493": { "value": "73270000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:NOK" } }, "f4496": { "value": "755842000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "s11_notes__6__9-1": { "value": "Borgestad Group,Notes to the financial statementsNote 1 Corporate informationBorgestad ASA is an investment company focused on real estate and refractory.Borgestad ASA is a public listed company on the Oslo Stock Exchange with the ticker \u201cBOR\u201d and aredomiciled in Norway. The office address is Gunnar Knudsens veg 144, 3712 Skien, Norway.Note 2 Basis for preparation and estimates and assumptionsStatement of complianceBorgestad has prepared its consolidated financial statements in accordance with IFRS\u00a9 AccountingStandards as adopted by the EU as at 31 December 2023 and Norwegian disclosure requirements pursuantto the Norwegian accounting act as at 31 December 2023.The consolidated financial statements have been prepared under the historical cost convention. Thepreparation of financial statements in accordance with IFRS requires the use of estimates. It also requiresmanagement to exercise its judgement in the process of applying the company\u2019s accounting policies. Areasinvolving a higher degree of judge mentor complexity, or areas where assumptions and estimates are materialto the consolidated financial statements.The consolidated accounts as at 31 December 2023 have been approved by the company's board on 26 April2024 and will be presented for approval at the ordinary general meeting on 3 June 2024.Change in comparative figuresIn 2023 Management have renamed the consolidated income statement line item from \u201cCost of goods sold\u201d tomaterials, supplies and subcontracting. The Group consider the change to present a more fair and correctclassification of the accounting items. As a result, The Borgestad Group has changed the comparative figurein materials, supplies and subcontracting for 2022, which is increased by TNOK 184,317, at the same time,other operating expenses have been reduced by TNOK 184,317. The nature of the increase in Materials,supplies and subcontracting are mainly offset by the inclusion of subcontractors and production expenseswhich previously was presented as \u201cOther operating expenses\u201d. The Group consider the change to be morefair and correct classification of the accounting items.Reported 2022 2022Revenue and other income 931 726Materials, supplies and subcontracting 260 555Salary and personnel expenses 292 525Other expenses 326 352Total operating expenses 879 433EBITDA 52 293Changes included in 2023 for 2022 figures 2022Revenue and other income -Materials, supplies and subcontracting 184 317Salary and personnel expenses -Other expenses -184 317Total operating expenses -EBITDA -Reported 2022 figures in 2023 the Annual report 2022Revenue and other income 931 726Materials, supplies and subcontracting 444 873Salary and personnel expenses 292 525Other expenses 142 035Total operating expenses 879 433EBITDA 52 293Changes after the presented fourth quarterFollowing the submission of the Q4 2023 report, Management has conducted a new assessment of AgoraBytom, which has led to an additional write-down of NOK 30.8 million. The reasons for this additional write-down are due to discounts given to tenants and an increase in structural vacancy from 3% to 4%. See Note 9for more information about the write-down.Consolidation principlesThe Group\u2019s consolidated financial statements comprise the parent company and it's subsidiaries as of 31.December 2023. An entity has been assessed as being controlled by the Group when the Group is exposedfor or have the rights to variable returns from its involvement with the entity, and has the ability to use itspower over the entity to affect the amount of the Group\u2019s returns.Thus, the Group controls an entity if and only if the Group has all the following: power over the entity;exposure, or rights, to variable returns from its involvement with the entity; and the ability to use its powerover the entity to affect the amount of the Group\u2019s returns.There is a presumption that if the Group has the majority of the voting rights in an entity, the entity isconsidered as a subsidiary. To support this presumption and when the Group has less than a majority of thevoting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessingwhether it has power over the entity. Including ownership interests, voting rights, ownership structure andrelative power, as well as options controlled by the Group and shareholder's agreement or other contractualagreements. The assessments are done for each individual investment.The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there arechanges to one or more of the three elements of control.Business combinations are accounted for by using the acquisition method. Consolidation of a subsidiarybegins when the Group obtains control over the subsidiary and ceases when the Group loses control of thesubsidiary.When necessary, adjustments are made to the financial statements of subsidiaries to bring their accountingpolicies into line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income,expenses and cash flows relating to transactions between members of the Group are eliminated in full onconsolidation.Non-controlling interests is presented separately under equity in the Group's balance sheet.Business combinations and goodwillGoodwillWhen purchasing a business, all acquired assets and liabilities are assessed for classification andassignment in accordance with contract terms, financial circumstances and relevant conditions at the time ofacquisition. The difference between the consideration for acquisition and the fair value of net identifiableassets and liabilities at the time of acquisition is classified as goodwill. When investing in affiliated companies,goodwill is included in the investment's carrying value.Goodwill is entered in the balance sheet at acquisition cost, less any accumulated write-downs. Goodwill isnot written off, but is tested at least annually for impairment. In connection with this, goodwill is allocated tocash-flow-generating units or Groups of cash-flow-generating units that are expected to benefit from thesynergy effects of the business combination.CurrencyFunctional currency and presentation currencyThe consolidated accounts are presented in Norwegian kroner (NOK). Transactions carried out by therespective Group companies are recorded in the currency that is generally used in the economic environmentwhere the units operate (functional currency).Transactions and balance sheet items in foreign currencyTransactions in foreign currency are converted to the average annual exchange rate as an approximation ofusing the exchange rate on the day of the transaction. Currency gains and losses that arise as a result ofchanges in the exchange rates between the time of the transaction and the time of payment and which aredue to the conversion of cash items in foreign currency to exchange rates at the end of the balance sheetdate are accounted for in the income statement, with the exception of translation differences that are linked tothe Group's net investment in a foreign entity. These conversion differences have been entered via astatement of comprehensive income against equity. Claims on foreign entities are included as part of the netinvestment in cases where settlement of the claim is neither planned nor likely in the foreseeable future. Inthe event of a future sale of a foreign entity with a functional currency different from the Group's presentationcurrency, all accumulated translation differences relating to the entity will be included in the calculation of gainor loss.Non-monetary assets and liabilities in foreign currency that are accounted for at historical cost are includedbased on the exchange rates at the time of the transaction.ConsolidationThe accounts for all units in the Group that use a functional currency that deviates from the Group'spresentation currency are converted to the Group's presentation currency as follows:- Assets and liabilities are converted to closing prices on the balance sheet date;- Income and costs are converted to annual average rates; and- All conversion differences are shown on a separate line as part of the statement of comprehensive income.Currency on intra-Group loans as well as the associated tax cost that is included as part of the net investmentin subsidiaries is accounted for against other income and costs that will be reclassified above profit.Principles of income recognitionAccording to IFRS 15, the Group must recognize the income when the delivery obligations are fulfilled oralternatively as the delivery obligations are fulfilled. This happens when the customer has taken over controlof the product or service linked to a given delivery obligation. Apart from non-quantifiable frameworkagreements, the income is order-driven.The Group recognizes income from the following three main sources:\u2022 Ongoing sales of refractory products\u2022 Sale of installation and maintenance services to the refractory industry\u2022 Rental income as a lessorFor the Refractory segment, income mainly consists of deliveries of refractory materials or other goods tovarious types of customers as well as installation services. Transaction prices for refractory materials are setand measured per ton, while transaction prices for installation and maintenance services are set in deliveryagreements and project agreements. Income from the sale of these goods is recognized in the incomestatement when delivery has taken place. Most of segment refractory's deliveries of refractory products havethe time of delivery at the time of handover to the carrier. Installation service and maintenance projects havea relatively short duration and are recognized as revenue in line with progress.Installation and maintenance services of refractory materials are seasonal and there is little activity at thebeginning and end of the year. Installation projects and maintenance services of refractory materials normallyhave a short time horizon and the delivery times for the transfer of goods and services are clear. The serviceperformed and the delivery of goods are also easy to quantify. Accrual of income is therefore followed byquantified achieved degree of completion for installation and maintenance projects. Accrued costs are takeninto account in the final invoicing upon handover of the project.Warranty obligations related to the sale of refractory products, installation and maintenance services cannotbe sold separately and the Group's warranty give customers assurance that the products meet the setrequirements. The Group will recognize guarantee obligations in accordance with IAS 37.Classification of items in the balance sheetCurrent assets and short-term liabilities include items due for payment within one year of the balance sheet date, as well as items linked to the product cycle if this is later. The short-term part of long-term debt is classified as short-term debt. Financially motivated investments that the Group expects to realize within one year after the balance sheet date are classified as current assets, other assets are classified as fixed asset.Fixed assetsFixed assets are entered in the balance sheet at acquisition cost less accumulated depreciation and write-downs. When assets are sold or disposed of, the balance sheet value is deducted and any loss or gain is recognized in profit or loss.Depreciation is calculated using the straight-line method based on the assumed useful life and residual value at the end of the useful life. The depreciation period and method are assessed annually to ensure that the method and period used correspond to the financial realities of the fixed asset. The same applies to residual value.Acquisition cost for fixed assets is the purchase price, including fees/taxes and costs directly related to putting the fixed asset in condition for use. Expenses incurred after the asset has been put into use, such as ongoing maintenance, are recognized in the income statement, while other expenses that are expected to provide future financial benefits are recognized in the balance sheet.Gains on disposal of fixed assets, investment properties and development projects are presented as other income. Increases in the value of investment properties are only recognized on full or partial sales.SegmentsFor management reporting purposes, the Group is organized into business units based on its activities and has three reportable segments. The financial information relating to segments is presented in Note 3 Segment.Investment propertyThe Group owns both investment properties and a building acquired for its own use. Properties that are acquired for the purpose of letting out to tenants outside the Group, and that are acquired to achieve a long-term return on rental income or to achieve an increase in value, or both, are classified as investment properties. In this context, tenants who are affiliated with the company are considered to be tenants outside the Group.The Group's investment property is listed at acquisition cost, less accumulated depreciation and write-downs. Acquisition cost includes transaction costs for purchase, and design costs, direct labor costs, borrowing costs, other direct costs and related fixed costs for construction or development. Expenses are added to the investment property if it is likely that these will provide future value, and the expense can be measured reliably. Other expenses for repair and maintenance are recognized in the income statement in the period in which they are incurred. The investment properties are depreciated on a straight-line basis over their expected lifetime.Investment property in the Group companies are presented on a separate line in the balance sheet.Climate riskThe climate changes that the world is facing today are significant, and this entails risks, but also opportunitiesfor companies. Climate risk refers to the potential damage or negative impact on human and natural systemsas a result of climate change. This can include physical risks, such as damage from extreme weather events,as well as transition risks related to the green shift, such as changes in political and regulatory frameworkconditions or market changes and economic losses due to the phasing out of fossil fuels in the transition to alow carbon economy.Borgestad has so far carried out an overall assessment of its exposure to climate risk guided by theframework from the Task Force on Climate-related Financial Disclosure (TCFD).Physical climate riskFor Borgestad, physical climate risk has mainly been assessed in the upstream value chain, i.e. linked to theextraction and deliveries of raw materials from areas including China and southern Asia. Effects on this partof the value chain, which in turn can affect Borgestad, will typically be linked to shutdowns and transportproblems resulting from various types of extreme weather and the impact it has on both the opportunity towork and society at large.Short term (0-3 years): In the short term, the risk of extreme weather of such a scale and frequency that itwill affect Borgestad's raw material deliveries, or equivalently for Borgestad's suppliers of refractory products,is considered to be relatively low.Medium term (3-10 years): Over time, increased occurrence of extreme weather conditions may begin toaffect various upstream suppliers and their local infrastructure. A number of such conditions may be relevant,including the direct effect of, for example, extreme heat (which may lead to shutdowns), water shortages(which may result in shutdowns or increased absences for workers) and rain/floods (which may result inshutdowns), and indirect effects through economic and political turbulence resulting from climate-relatedchallenges in society.Long-term (>10 years): In the long term, climate change may lead to further more extreme conditions, whichin turn cause disruptions, transport delays, conflict, political instability, disruption and migration. These factorscan have a significant impact on Borgestad's supply chains in vulnerable areasPotential financial impactsThe effects described above can affect Borgestad in two ways in particular:1. Increased prices resulting from reduced supply and still high demand2. Increased lead time for raw materials as a result of reduced supply, downtime and unpredictable extractionand transportBoth effects 1 and 2 will affect Borgestad's ability to deliver competitive prices with the desired delivery timeand predictability.\u2022 Potential economic consequences: High\u2022 Risk in the short term: Low\u2022 Medium-term risk: Medium\u2022 Long-term risk: MediumBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofthe group's exposure to various risk factors. A process that already appears to be significant is a mapping ofsubcontractors and increased communication/interaction with the value chain so that a more activerelationship with actual risk is achieved. Increased diversification when it comes to subcontractors may alsobecome relevant, to ensure access to various alternatives should any subcontractors be exposed to any ofthe above-mentioned risks.Climate transition riskFuture emission and environmental regulations will be necessary for the world to be able to reduce its climateimpact sufficiently for the targets in the Paris Agreement to be reached. The societal change that comesthrough this restructuring is referred to as the green shift. Transition risk is a collective term for the type of riskthat arises due to this changeover.Regulatory riskFailure to comply with new regulations may result in fines or non-approval of compliance documentation.Future regulations may entail significantly increased costs for negative climate impacts, for example throughmore aggressive taxation of emissions of CO2 and other greenhouse gases. Such changes will entailsignificant increased costs for both Borgestad, our production partner and our customers and are thus athreat to both supply and demand for refractory products. At the same time, it will result in increased pressureto transition to alternative energy sources, a transition that is important for Borgestad to be aware of andconsider how to deal with.Borgestad operates in a relatively emissions-intensive industry, as do several of our customers. The group isaware of this and the uncertainty it entails and will continue its work to map which transition risks the businessand the value chains are exposed to.Potential financial impactsProduction of refractory products is a relatively energy-intensive business. Borgestad has reduced its directrisk exposure, but is still exposed to regulatory risk through our German partner's production, and now hasless influence on how this risk is handled.Borgestad considers this risk to be particularly relevant to our business and will prioritize further analyzes ofthis going forward. Borgestad's initial survey points to the following as significant risk points for furtherinvestigation:Risk point 1: Increased tax on CO2 and other greenhouse gases will increase the production cost forBorgestad and our suppliers of refractory products where natural gas is a significantenergy source. This will affect the prices we have to charge our customers and may affect our profitability andcompetitiveness, if other players can price themselves lower due to less exposure to such cost increases.Risk point 2: Increased tax on CO2 and other greenhouse gases will increase production costs forcustomers. This can result in reduced purchasing power and willingness to pay as a result of pressuredprofitability. This effect can be further influenced by customers having to deal with Borgestad's emissionsthrough their own Scope 3 calculations and reports.\u2022 Potential economic consequences: High\u2022 Risk in the short term: Low\u2022 Medium-term risk: Medium\u2022 Long-term risk: HighBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofour exposure to various risk factors. It is nevertheless reasonable to assume that an increased focus onreducing emission intensity through innovation and technology development will be necessary.Reputational riskThe company's business emission intensity can pose a reputational risk. Failure to comply with upcomingregulatory requirements could exacerbate this risk. New regulatory requirements will also make it easier forstakeholders to monitor how companies approach their own emissions. It will be important for Borgestad toget a good overview of its own emissions and how the group works with this in the long term.Potential financial impactsA lack of sustainable practice can negatively affect the outcome of tender processes for Borgestad. Withgrowing awareness of climate issues and increasing pressure on sustainability, many companies areincorporating green criteria when making their procurement decisions. This could lead to a negative incomeeffect for Borgestad through loss of business and income. Furthermore, a lack of focus on sustainability-related topics can lead to a lower willingness to invest from investors and banks.\u2022 Potential economic consequences: Low\u2022 Risk in the short term: Low\u2022 Medium-term risk: Low\u2022 Long-term risk: MediumBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofour exposure to various risk factors, where the risk is considered high.Potential financial impactsIncreased costs linked to the emission of greenhouse gases as discussed above can also lead to increaseddemand for high-quality refractory products, as this type of product can be an important means of reducingour customers' energy use and thus their own emissions. This represents both an opportunity for Borgestad,if the group manages to offer good products with industry-leading properties, and a commercial risk if thegroup itself or through production partners does not have access to products of sufficiently high quality.\u2022 Potential economic consequences: High\u2022 Risk in the short term: Low\u2022 \u2022Medium-term risk: Medium\u2022 \u2022Long-term risk: HighBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofour exposure to various risk factors. At the same time, it indicates that a diversification of the product offeringand the markets in which the group operates will have to be considered, as well as that investments ininnovation and new technology will be prioritized, as this will probably contribute to a more sustainablepractice, optimization on the cost/expenditure side and thus be central to handling of risk.Financial instrumentsFinancial assets and liabilities within the scope of IFRS 9 are classified in the following relevant categories forthe Group:\u2022 Financial assets at amortized cost;\u2022 Equity instruments (shares) at fair value through profit or loss;\u2022 Equity instruments (shares) at fair value through other comprehensive income;- Financial derivatives that are measured at fair value over profit or loss, unless the derivatives are designedin an effective hedging relationship;\u2022 Other financial obligations at amortized costThe Group has no investments in debt instruments that are measured at fair value with changes in valuethrough other comprehensive income.Receivables and impairment of financial assetsThe Group's receivables, which mainly consist of trade receivables with short maturities and receivables fromlease agreements, are held to receive contractual cash flows and the cash flows only consist of payment offace value and any interest. Group receivables are measured at amortized cost, less provision for expectedlosses. The Group regularly reviews outstanding receivables and prepares for each reporting periodestimates for bad debts which form the basis for the accounting provision. In addition, the expected loss isassessed based on the best available information on historical, current and future conditions. In accordancewith IFRS 9, a simplified loss provision model is used for trade receivables and lease receivables, where, inaddition to actual loss events, provision is made for expected future losses over the lifetime of the receivable.According to IFRS 9, financial assets are to be classified in three measurement categories: fair value withvalue change through profit or loss, fair value with value change through other comprehensive income (OCI)and amortized cost. The classification is based on whether the instruments are held in a business model bothto receive contractual cash flows and for sale, and whether contractual cash flows are only payments ofinterest and principal on given dates.Financial instruments held primarily for the purpose of selling or buying back in the short term are classifiedas current shares. Other shares are classified as fixed assets.Derivatives at fair value designated as hedging instrumentsThe Group has entered into interest rate protection for the mortgage loan in Agora Bytom. On initialaccounting, derivatives are entered at fair value. The derivates are measured at fair value at each reportingdate. All the Group's derivatives are entered into and earmarked for hedging purposes and are accounted foras hedging instruments.Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fairvalue through other comprehensive income (OCI).BorrowingsBorrowing is accounted for at amortized cost using the effective interest method. Unamortized transactioncosts are entered against the loan account in the balance sheet and the amortization costs are reflected inthe profit and loss account as interest costs. Any gains and losses are only recognized in the incomestatement when the obligation is redeemed.Loan expensesBorrowing expenses are recognized in the income statement when the borrowing cost is incurred. Borrowingcosts are entered in the balance sheet to the extent that these are directly related to the manufacture of afixed asset. Entering of the loan costs at the balance sheet is done up to the time the fixed asset is ready foruse.Impairment of non-financial assets and goodwillOn the balance sheet date, Borgestad assesses whether there are objective impairment indicators for fixedassets, including investment properties and goodwill. Goodwill is tested annually. If there is an impairmentindicator, the recoverable amount is calculated. Recoverable amount is the higher of an asset's fair value lesscosts of disposal and the asset's value in use for the company. Value in use is calculated based on adiscounting of expected future cash flows from the asset. When it is assumed that the asset's recoverableamount is lower than the balance sheet value, the asset is written down to it\u2019s recoverable amount.Write-downs booked in previous periods are only reversed if there are changes in the estimates used todetermine the recoverable amount. However, the reversal amount can only be so large that the balance sheetvalue after the reversal corresponds at most to the value at which the asset would have been registered if thewrite-down had not been carried out earlier. Such reversals are recognized in the income statement.ProvisionsProvisions are recognized when the Group has an actual obligation (legal or assumed) as a result of eventsthat have occurred and it is likely that a financial settlement will occur as a result of the obligation, and thatthe size of the amount can be measured reliably.Contingent liabilities and assetsContingent liabilities are not accounted for in the annual accounts. Contingent liabilities are disclosed, withthe exception of contingent liabilities where the probability of future cash outflows is considered to be verylow.A contingent asset is not accounted for in the annual accounts, but is disclosed in cases where there is apreponderance of probability that a benefit will flow to the Group.LeasesIdentification of a leaseWhen entering into a contract, the Group assesses whether the contract is or contains a lease agreement. Acontract is or contains a lease if the contract transfers the right to control the use of an identified asset for aperiod of time in exchange for consideration.The Group as lesseeSeparation of the components of a leaseFor contracts that constitute or contain a lease, the Group separates lease components if it can benefit fromthe use of an underlying asset either alone or together with other resources that are readily available to theGroup, and the underlying asset is neither highly dependent on nor closely connected to other underlyingassets in the contract. The Group then accounts for each individual lease component of the contract as alease separately from non-lease components of the contract.Recognition of lease agreements and recognition exceptionsAt the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset forall its lease agreements, with the exception of the following applied exceptions:\u2022 Short-term leases (lease period of 12 months or less)\u2022 Assets of low valueFor these leases, the Group recognizes the lease payments as other operating costs in the profit and lossaccount when they are incurred.Lease obligationsThe Group measures lease obligations at the time of implementation at the present value of the leasepayments that are not paid at this time. The lease period represents the non-cancellable period of the leaseagreement, in addition to periods covered by an option either to extend or terminate the lease agreement ifthe Group with reasonable certainty will (will not) exercise this option.\u2022 The rental payments included in the measurement of the lease liability consist of:\u2022 Fixed rental payments (including in reality fixed payments), minus any receivables in the form of rentalincentives\u2022 Variable lease payments that depend on an index or an interest rate, first measured using the index orinterest rate at the time of commencement\u2022 Amounts expected to be paid for the Group in accordance with residual value guarantees\u2022 The exercise price for a call option, if the Group will with reasonable certainty exercise this option\u2022 Payment of a fine for terminating the lease, if the lease period reflects that the Group will exercise an optionto terminate the leaseThe lease liability is subsequently measured by increasing the carrying amount to reflect the interest on thelease liability, reducing the carrying amount to reflect lease payments made and re-measuring the carryingamount to reflect any revaluations or changes to the lease, or to reflect adjustments in lease payments thatresulting from adjustments in indices or rates.The Group presents its lease obligations on separate lines in the balance sheet.Rights of use assetsThe Group measures right-of-use assets at acquisition cost, less accumulated depreciation and impairmentlosses, adjusted for any new measurements of the rental obligation. Acquisition cost for the right-of-useassets includes:\u2022 The amount from the initial measurement of the rental obligation\u2022 All rental payments at or before the commencement date, minus any rental incentives received\u2022 All direct expenses for the conclusion of the agreement incurred by the Group\u2022 An estimate of the expenses incurred by the lessee for dismantling and removing the underlying asset,restoring the site where the unit is located, or restoring the underlying asset to the condition required by theterms of the lease, unless these expenses are incurred during the production of the goods.The Group applies the depreciation requirements in IAS 16 Property, plant and equipment when depreciatingthe right-of-use asset, except that the right-of-use asset is depreciated from the time of implementation untilthe earlier of the end of the lease period and the end of the right-of-use asset's useful life.The Group applies IAS 36 \"Impairment of assets\" to determine whether the right-of-use asset is impaired andto account for any proven impairment losses.Right-of-use assets and the rental obligation are listed in Note 12The Group as a lessorFor contracts where the Group acts as a lessor, it classifies each of its leases as either an operating lease ora finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewardsincidental to ownership of an underlying asset. A lease is classified as an operating lease if it does nottransfer substantially all the risks and rewards incidental to ownership of an underlying asset.The group as a lessor does not have any finance leases.Operating leasesFor operating leases, the Group recognises lease payments as revenue, mainly on a straight-line basis,unless another systematic basis is more representative of the pattern in which benefit from the use of theunderlying asset is diminished. Service charges and marketing income are recognised as other income. TheGroup recognises costs incurred in earning the lease income in other operating expenses. The Group addsinitial direct costs incurred in obtaining an operating lease to the carrying amount of the underlying asset andrecognises those costs as an expense over the lease term on the same basis as the rental income.Cash and cash equivalentsCash and cash equivalents include cash balances and bank deposits. Cash and cash equivalents are bookedat nominal values in the balance sheet. Restricted funds are included in cash and cash equivalents.Public grantsPublic grants are accounted for when there is reasonable certainty that the company will fulfill the conditionsrelating to the grants, and the grants will be received. Accounting for operating grants is recognized in asystematic way over the grant period. Grants are deducted from the cost that the grant is intended to cover.Investment grants are entered in the balance sheet and recognized in a systematic way over the useful life ofthe asset. Investment grants are recognized either by the grant being entered as deferred income, or by thegrant being deducted when determining the asset's balance sheet value.WarehouseInventories are accounted for at the lower of acquisition cost and net selling price. Net selling price is theestimated selling price for ordinary operations minus estimated costs for completion, marketing anddistribution. Acquisition cost is assigned using the FIFO method and includes expenses incurred whenacquiring the goods and costs to bring the goods to their current condition and location. In-house producedgoods include variable and fixed costs that can be allocated based on normal capacity utilization.Research and developmentExpenses related to research activities are recognized in the income statement when incurred. Expendituresrelated to development activities are recognized in the balance sheet to the extent that the product or processis technically and commercially feasible and the Group has sufficient resources to complete the development.In this accounting period, the Group has no development activities that satisfy the criteria for balance sheetentry.DividendDividends proposed by the board are booked as a liability in the accounts only when they have beenapproved by the shareholders in a general meeting.Own sharesBorgestad ASA's holding of own shares has been brought up to par value before deductions under otherpaid-in capital. The difference between nominal value and acquisition cost is deducted under other equity.Earnings per shareProfit per share is calculated by dividing the result by a weighted average number of outstanding shares inthe reporting period. Buy-backs of ordinary shares in the period are weighted based on the period they wereoutstanding. Diluted profit per share is calculated by using the Group's profit, divided by the average numberof outstanding shares weighted over the relevant period and the shares that can potentially be converted.There are no conversion rights or outstanding shares in the Group as of 31 December 2023 and 2022.Diluted earnings per share therefore correspond to earnings per share.Income taxTax expense consists of payable tax and changes in deferred tax. Deferred tax liability and deferred taxassets are calculated on all differences between the accounting and tax value of assets and liabilities with theexception of:\u2022 temporary difference related to goodwill which is not tax deductible\u2022 temporary differences related to investments in subsidiaries or associated companies if the Group controlsthe timing of when the temporary differences will be reversed and this is not expected to happen in theforeseeable future.Deferred tax assets are recognized in the balance sheet when it is likely that the company will have sufficienttax profits in later periods to make use of the tax advantage. Accounting for deferred tax assets is subject torelatively strict requirements with regard to the likelihood of actual future utilization. The accounting for this istherefore based on comprehensive assessments. Any changes in the estimate are included in the tax cost forthe year.Deferred tax assets and liabilities are measured based on the expected future tax rate of the companies inthe Group where temporary differences have arisen. Deferred tax is presented net when there is a legal rightto set off payable tax against tax benefits within the same tax system, and the Group is expected to make anet settlement.Payable tax and deferred tax are accounted for directly against equity to the extent that the tax items relate toequity transactions.Related partiesParties are considered to be closely related if one party has the opportunity to directly or indirectly control theother party or has significant influence over the other party with regard to financial and operational decisions.Parties are also closely related if they are subject to joint control or are under joint significant influence. Alltransactions between related parties are based on the arm's length principle (assumed market value).Use of estimates and discretionary valuationsPreparation of the Group's accounts means that the management makes estimates and discretionaryassessments. This will therefore affect the amounts reported in the financial statements and theaccompanying notes. The management bases its estimates and judgments on past experience and onvarious other factors which are believed to be reasonable and reasonable in the circumstances.Future events may cause the estimates to change. Estimates and the underlying assumptions are assessedon an ongoing basis. Changes in accounting estimates are accounted for in the period in which the changesoccur. If the changes also apply to future periods, the effect is distributed over the current and future periods.The areas with the greatest risk of significant changes are the value of investment property, goodwill andshares. Estimates and assumptions are discussed in more detail below, as well as in the various notes to theannual accounts.The main areas for assessments and associated estimate uncertainty at the time of the balance sheet arestated and explained below:Fixed assets and investment propertiesThe Group carries out impairment assessments when there is an indication of a decline in value. Recoverableamount from cash flow generating units is calculated from discounted future cash flows.When calculating depreciation for the operating assets, the economic useful life is based on estimates. Theestimate is based on a long history and experience with the production of refractory elements and theoperation of real estate, respectively, which results in lower estimate uncertainty.For production equipment, major shifts in the market can lead to the need for a changed production rangeand thus changes in parts of the production apparatus. This may lead to changed estimates in the lifetime ofexisting machines. Likewise, the technological development could lead to changes in that some productionequipment could be discarded, while other equipment could have its lifetime significantly extended with minoradaptations to new technology.The Group's investment property are accounted for using the cost method with annual depreciation. Thisshould basically reduce the risk of a decline in value beyond the balance sheet value. For the Group, thevaluing Agora Bytom is the estimate subject to the largest estimation uncertainty. Main input and assumptionsused in the valuation are discount rate, rent per sqm, vacancy, capitalization expenses and growth in terminalvalue. In Note 9, further and more detailed information are explained.Deferred tax assetsA deferred tax asset is recognized as an asset to the extent that it is likely that the Group will have sufficientfuture tax profits to utilize the tax advantage of the unused tax losses, temporary differences and unused taxcredits. Assessments must be made to determine the amount that can be recognized as an asset. Thebalance sheet value of the asset is reviewed at each balance sheet date and is reduced to the extent that theGroup can no longer utilize the benefit.Future events and changes in framework conditions may mean that estimates and assumptions have to bechanged. New statements and interpretations of standards may also mean that the choice of principles andpresentation will be changed. Such changes will be accounted for when new estimates are drawn up and newrequirements for presentation possibly exist. These conditions are discussed in both the principle descriptionand notes.Estimate Note 2023Recoverable amount for impairmentFixed assets, intangible assets andassessment and estimation of remaining11 784 862investment propertiesuseful life and scrap valueShares and other financial instruments Fair value 16,19 176Assessment of the ability to exploit taxDeferred tax assets7 13 734positions in the futureEvents after the balance sheet dateNew information after the balance sheet date about the company's financial position on the balance sheetdate is taken into account in the annual accounts. Events after the balance sheet date that do not affect thecompany's financial position on the balance sheet date, but which will affect the company's financial positionin the future, are disclosed if this is significant.Changes in accounting principles and note informationNo changes in IFRS with effect for the 2023 accounts have been relevant or implemented the in 2023.New accounting standardsNone of the accounting standards or changes in accounting standards that have been published but are notyet effective are expected to have a significant impact on Borgestad's financial reporting. Furthermore, noneof the recently published agenda decisions from the interpretation body IFRS Interpretations Committee areexpected to entail the need for significant changes in Borgestad's accounting principles or their practice.There are no significant events in 2023 per balance sheet date beyond normal operations.Note 3 Segment InformationReal estateThe Group's largest real estate investment is the Agora Bytom shopping center with a gross area of 52,000sqm, and a letting area of just over 30,000 sq m in Bytom in Poland. The center was opened on 15 November2010. As of 31 December 2023, there are 110 (115) shops in the center.RefractoryThe Refractory segment develops, manufactures and delivers refractory products, installations and conceptsolutions to industrial customers through the H\u00f6gan\u00e4s Borgestad Group. Products that can withstand heatabove 1,250 \u00b0C are defined as refractory. Refractory materials can be defined as bricks or monolithics, andare produced in many different varieties depending on the area of use. Refractory materials are mainly usedto protect production equipment in process industries with high temperatures. The products also contribute toefficient utilization of energy. The business has a leading position within the refractory industry in the Nordicsand the segment has a global presence within selected refractory application areas.Other activitiesThe segment mainly consists of operations in the parent company Borgestad ASA and the holding companiesBorgestad Industries AS and Borgestad Industries AB.Real Estate Refractory Other activities Eliminations TotalOPERATING SEGMENTS 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Revenue - external 57 370 50 296 1 048 724 868 146 101 332 - 1 106 195 918 773Revenue - within the group - - 45 67 - - -45 -67 - -Other income 11 826 10 345 23 396 2 591 - 16 35 222 12 953Operating income 69 196 60 641 1 072 165 870 804 101 348 -45 -67 1 141 417 931 726Supplies and subcontracting - - 315 801 184 318 - - - - 315 801 184 318Materials 527 483 266 241 260 073 - - - - 266 768 260 555Total supplies, subcontracting and materials 527 483 582 043 444 391 - - - - 582 570 444 873Salaries and management payment 3 948 2 998 251 711 210 748 3 387 6 061 - - 259 046 219 807Social security contributions 601 476 53 261 47 754 984 1 103 - - 54 845 49 333Pension costs - - 16 427 18 318 211 259 - - 16 638 18 578Other personnel costs 28 43 16 445 4 579 105 186 - - 16 578 4 808Total salaries and personnel expense 4 577 3 518 337 844 281 399 4 687 7 609 - - 347 108 292 525Consultancy fees and external personnel 9 425 8 364 7 035 13 789 6 323 4 999 - - 22 782 27 151Travel costs 141 137 18 738 33 005 269 343 - - 19 148 33 485Other operating costs 17 438 14 860 24 519 66 362 2 044 1 869 -1 670 -1 692 42 331 81 398EBITDA 37 088 33 280 101 986 31 860 -13 222 -14 472 1 625 1 625 127 478 52 293Depreciation and amortisation 8 458 11 352 22 365 19 377 256 399 671 671 31 750 31 799Impairments 94 298 91 343 - - - - - - 94 298 91 343Operating profit -65 668 -69 415 79 621 12 484 -13 478 -14 871 954 954 1 429 -70 848Net agio/disagio 8 436 1 595 0 -5 013 17 704 3 589 -15 606 -3 641 10 534 -3 469Impairment of financial assets - - - - -88 866 -63 038 87 560 63 038 -1 306 0Net other financial items -24 318 -24 771 -21 621 -9 628 7 381 -7 316 -9 382 -8 287 -47 940 -50 003Profit before tax -81 549 -92 591 58 000 -2 158 -77 260 -81 636 63 525 52 064 -37 283 -124 320Real Estate Refractory Other activities Eliminations TotalTotal assets and liabilities into segments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Total assets 1 008 371 795 380 598 844 655 159 1 003 573 595 330 -1204411 -579 310 1 406 378 1 466 558Total liabilities 759 067 705 286 289 435 404 993 283 429 109 004 -681 395 -259 827 650 536 959 456Norway Poland Sweden Other TotalTotal assets and liabilities by location 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Total assets 253 990 94 173 738 662 801 022 357 307 500 550 56 419 68 719 1 406 378 1 464 464Total liabilities 38 249 160 998 351 949 457 510 213 725 295 506 46 613 45 442 650 536 959 456Real Estate Refractory Other activities Eliminations TotalGeographical revenue by segment 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Norway - -51 277 382 219 933 101 348 -45 -67 277 438 220 163Poland 69 196 60 692 818 2 181 - - - - 70 014 62 873Sweden - - 403 030 371 137 - - - - 403 030 371 137Finland - - 258 585 162 360 - - - - 258 585 162 360Scandinavia, others - - 3 405 6 884 - - - - 3 405 6 884Europe, others - - 84 335 28 987 - - - - 84 335 28 987Asia - - 32 860 46 324 - - - - 32 860 46 324Africa - - 3 119 2 424 - - - - 3 119 2 424Other - - 8 631 30 573 - - - - 8 631 30 573Sum 69 196 60 641 1 072 164 870 804 101 348 -45 -67 1 141 417 931 726Real Estate Refractory Other activities Eliminations TotalOther information about the business area 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Investments 5 722 3 932 31 293 14 522 898 679 - - 37 912 19 133Depreciation 8 458 11 352 22 365 19 377 256 399 671 671 31 750 31 799Guarantees - - 21 148 18 688 - - - - 21 148 18 688None of the company's customers individually account for more than 10 percent of the turnover. This appliesto both 2023 and 2022.Other income 2023 2022Profit from the sale of operating assets 23 1 244Commission and joint costs when renting out property 11 803 10 321Interest on late payment from Vienna Arbitration case 19 694 -other incomes 3 702 1 387Total other income 35 222 12 953Note 4 Salaries, personnel expenses and shares owned by the board of thedirectorsSalaries and personnel expenses NOK 1 000 2023 2022Salaries 259 046 219 807Social security costs 54 845 49 333Pension costs 16 638 18 578Other personnel costs 16 578 4 808Total expenses 347 108 292 525Average number of employees 373 355Management remunerationThe guidelines for management remuneration are available on Borgestad ASA\u2019s website. The remunerationto the Group Executive Operational Management Team and Board of Directors is disclosed below.Remuneration paid to board member and executive management in 2023BoardAuditOtherremunerationCommittee Salaryremuneration Pension Bonus TotalP\u00e5l Feen Larsen, CEO 2 800 184 125 - 3 109Frode Martinussen, CEO segment Refractory from 1st of August 2023 - 875 7 20 - 901Glen Ole R\u00f8dland, Chairman of the board from June 2023 200 - - - - 200Jacob M\u00f8ller Chairman of the board until June 2023, board member fromJune 2023* 564 15 - - - - 579Jan Erik Sivertsen, board member 275 15 - - - - 290Helene Steen, board member 275 15 - - - - 290Wenche Kj\u00f8ls\u00e5s, board member from June 2023 100 50 - - - - 150Gudmund Bratrud, deputy member until June 2023 175 - - - - - 175Anne Sofie T\u00f8nseth Markman, board member until June 2023 175 15 - - - - 190Odd Rune Austgulen, board member until June 2023 175 - - - - - 175Total 1 939 110 3 675 191 145 - 6 059* Jacob M\u00f8ller has received fees as chairman of Borgestad ASA and chairman of H\u00f6gan\u00e4s BorgestadHolding AB.During the financial year 2023, no loans or guarantees have been given to senior employees or boardmembers in the Group.Remuneration paid to board memeber and executive management in 2022BoardAuditOtherremunerationComittee Salaryremuneration Pension Bonus TotalP\u00e5l Feen Larsen, CEO - 2 631 191 115 600 3 537Niclas Sj\u00f6berg, CEO segment Refractory until Oktober 2022 - 2 205 1 639 212 3 056Jacob M\u00f8ller, board member* 443 15 - - - - 458Gudmund Bratrud, board member until June 2022. Deputy member fromJune 2022 165 8 - - - - 173Anita Ballestad, deputy member until June 2022 165 8 - - - - 173Anne Sofie T\u00f8nseth Markman 165 15 - - - - 180Odd Rune Austgulen, board member from June 2022 - - - - - -Jan Erik Sivertsen, board member from June 2022 - - - - - -Helene Steen, board member from June 2022 - - - - - -Total 938 45 4 836 192 754 812 7 576* Jacob M\u00f8ller has received fees as chairman of Borgestad ASA and chairman of H\u00f6gan\u00e4s BorgestadHolding AB.During the financial year 2022, no loans or guarantees have been given to senior employees or boardmembers in the Group.Shares owned or controlled by the company'smanagement, the board and their relatives: Number of shares Percent1)Jan Erik Sivertsenboard member 380 513 105 27,13 %2)Helene Steenboard member 209 408 501 14,93 %3)Glen Ole R\u00f8dlandChairman of the board 60 000 000 4,28 %4)Jacob M\u00f8llerboard member 48 719 692 3,47 %P\u00e5l Feen Larsen, CEO 5 529 605 0,39 %5)Wenche Kj\u00f8l\u00e5sboard member 4 000 000 0,29 %Total 708 170 903 50,49 %1)Applies to the company Kontrari AS, where Jan Erik Sivertsen is general manager2)Applies to the company SES AS, where Helene Steen is principal/CFO3)Applies to the company Gross Management AS, where Glen Ole R\u00f8dland and close relatives controls 100 % of the shares4)Applies to the companies Ploot Invest AS and Dione AS, both controlled by Jacob M\u00f8ller5)Applies to the company Jawendel AS, where Wenche Kj\u00f8l\u00e5s and close relatives controls 100 % of the sharesNote 5 Pension expenses and pension liabilitiesAll employees in the Norwegian companies are included to a collective occupational pension scheme. Thecompany's pension schemes meet the requirements of the occupational pensions act in Norway and similarlegislation in Sweden, Finland and Poland. There are eight remaining employees who are part of a closedbenefit-based scheme. All other employees in the Swedish and Norwegian companies in the Group havedefined contribution schemes. The contribution plan covers full- and part-time employees and amounts tobetween 2 and 8 per cent of the salary.All Norwegian companies in the Group with employees are members of the joint Scheme for AFP. The AFPobligation is not recognized because the scheme is a multi-enterprise scheme where sufficient and reliableinformation is not available to be able to measure the Group's proportional share of pension cost, pensionobligation and pension assets in the scheme. Certain companies in the Group have an unsecured earlyretirement scheme for their employees where the employee is entitled to benefits in addition to the ordinaryretirement pension and AFP in the event of voluntary resignation before the age of 67. The benefits fromthese companies will increase the later retirement pension/AFP is withdrawn.The scheme was formalized in 2010 in connection with the new public pension reform from 2011, and wasclosed to new employees from and including 2012.The Group's pension obligations mainly apply to closed pre-pension scheme and closed operating pensionscheme in Borgestad ASA.In 2023, the Group has paid a total of TNOK 15,734 in pension premiums and TNOK 582 in current pensionover operations. For 2024, it is estimated that the Group will pay TNOK 16,678 in pension premiums andTNOK 758 in ongoing pensions over operations.Secured Unsecured:Number of people in the agreement at the end of theyear:Number of active 5 1Number of retired 1 2The average age of the active employees included in the collective benefit-based scheme is relatively high,as the scheme was closed five years ago. The high average age means that changed assumptions inconnection to the discount rate, wage growth and pension adjustment become relatively insignificant for thegross pension obligation. Sensitivity analyzes have therefore not been prepared.Total pension expense recognised in profit and loss 2023 2022Pension expense recognised from defined benefit plans 371 321Contributions to defined contribution plans 16 267 18 256Total pension expense recognised in profit and loss 16 638 18 577a) Secured:Plan assets -5 390 -5 301Defined benefit obligation 5 136 4 889Net defined benefit asset(-) / liability -254 -412b) Unsecured:Pension liabilities 6 369 5 987Prepaid pension -254 -412Pension liabilities including social security tax 6 369 5 987Actuarial gains and losses on defined benefit pension plansEncountered actuarial gains and losses on pension-431 187liabilities secured schemes (negative sign is losses)Encountered actuarial gains and losses on pension-1 388 -165liabilities unsecured schemes (negative sign is losses)Total actuarial gains and losses on defined benefit-1 819 22pension plansrecognised over OCINote 6 Financial income and financial expensesForeign currency gain/(-) loss 2023 2022Currency gains 50 051 192Currency loss -39 517 -7 031Net currency 10 534 -6 839Interest expenses 2023 2022Interest expense on external borrowings -47 046 -44 731Interest expense on leases -4 864 -2 699Totalt interest expenses -51 910 -47 429Other financial income/(-) expenses 2023 2022Interest income on cash 1 763 1 253Other financial income 4 828 1 007Write down on finacial asset -1 306 -Other financial expenses -2 621 -1 464Net other financial income/(-) expenses 2 664 796Net financial items 2023 2022Total -38 712 -53 472Note 7 TaxIncome tax expense: 2023 2022Current income tax expense 12 147 3 271Changes in deferred tax 14 162 -1 482Tax expense 26 309 1 789Reconciliation of tax expense to Norwegian nominal statutory tax rateIncome (loss) before tax -37 283 -124 320Expected income taxes at statutory tax rate -6 528 -35 117Non deductible expenses 6 648 10 894Changes in unrecognised deferred tax asset 26 189 26 012Tax expense 26 309 1 789Tax effects of temporary differences and tax loss carryforwards giving rise to deferred tax assets and liabilitiesCurrent asset -98 014 -62 856Property, plant and equipment -3 049 198Revaluation account currency 35 829 15 527Pensions -1 442 -1 050Other non-current liabilities 432 -179Long term debt 1 130 2 782Profit and loss account 4 305 5 378Accrual Fund Sweden 4 420 1 112Tax loss carryforwards -55 822 -57 307Of which not recognized as tax asset 106 464 80 275Net deferred tax assets (liabilities) -5 746 -16 120Deferred tax assets 13 734 17 623Deferred tax liabilities -7 988 -1 503Deferred tax assetDeferred tax assets are calculated based on temporary differences which are assumed to be reversed in theforeseeable future. When entering the deferred tax asset in the balance sheet, the Group has assessedwhether it is likely that the Group can make use of the calculated deferred tax asset through future earnings.When it has not been proven that the calculated tax asset can be utilized against future earnings, a limitationhas been made in the balance sheet entry of the deferred tax asset.The limitation in deferred tax assets relates to Norway, and is a result of carry-forward losses that cannot beexpected to be used against future tax-related operating income/profits in the foreseeable future.Deferred tax assets in Sweden are restricted from utilization until the tax year 2024 due to a Group freezefollowing the reorganization in 2018 and 2019. It is estimated that the carry forward loss will be used in theyears 2024 and 2025 due to expected increased profitability in the Swedish companies.Tax loss carried forward 2023 2022Norway 45 766 41 009Sweden 10 057 10 918Poland - 5 380Total tax loss carried forward 55 822 57 307Deficits carried forward in Norway and Sweden can be used for the foreseeable future, as the utilization ofthese deficits is not time-limited. Deficit carry-forwards in Poland have a limitation on utilization of five years.The basis for deferred tax benefits that are not recognized in the balance sheet amounts to MNOK 484 (365)as of 31 December 2023.Note 8 Earnings per shareEarnings per share is calculated by dividing the majority's earnings related to ordinary shareholders in theparent company by a weighted average number of outstanding shares in the financial year.Diluted earnings per share are calculated by dividing the majority's earnings related to ordinary shareholdersin the parent company by the average number of outstanding shares in the financial year plus a weightedaverage of the shares, conversion rights or options that can potentially be converted into ordinary shares. Asof 31 December 2023 and 2022, there was no difference between earnings per share and diluted earningsper share in Borgestad.Basis of calculation 2023 2022Weighted average number of ordinary shares 339 983 112 144Weighted average number of shares 339 983 112 144Result per shareTotal profit attributable to equity holders of the parent -78 281 -124 805Basic and diluted earnings per share -0,23 -1,11Note 9 Investment property2023 2022Carrying amout shopping Center, Poland 701 407 745 008Specification 2023 2022Rental income 69 146 62 197Direct operating expenses generating rental income 32 051 26 413Depreciation 8 458 11 352Write downs 94 298 91 343Depreciation method Linear LinearEconomic life 100 years 100 yearsImpairment of Investment PropertyDuring the financial year, Management identified indicators of impairment for Agora Bytom. The indicators ofimpairment were primarily due to the economic environment, characterized by increased inflation and interestrates. Macroeconomic factors have led to a decrease in consumer purchasing power, which has adverselyaffected the revenues of the tenants in the shopping mall. Concurrently, the increase in interest rates hasnegatively impacted the valuation of the property, as the cost of capital used in property valuation models hasincreased.In response to these indicators, Management performed an additional impairment test after the presentedfourth quarter. This impairment test resulted in an additional impairment of NOK 30.8 million compared to thefourth quarter of 2023. Please see Note 2 for further information.The recoverable amount of Agora Bytom has been determined based on the highest value of its fair valueless cost of disposal and its value in use, and the recoverable amount used in the Group\u2019s annual report isbased on value in use. The fair value was determined with assistance of an external assessor. The value inuse was calculated using discounted cash flow projections from financial forecasts approved by Managementcovering a ten-year period. The accounting standard suggests using a five-year cash flow projection periodfor these tests. However, Management considers using a longer projection period reflects the business cyclemore accurately, providing a more realistic estimate of the asset's value. The assessment is supported by theCompany\u2019s history of a good track record of extending or re-leasing the area to other tenants. Furthermore,Management believes that utilizing longer periods aligns with market practice. Management acknowledge thata longer projection period introduces more uncertainty into the cash flow estimates, however we believe thatthe reliability of our data and robust forecasting methods supports a ten-year cash flow projection.The value in use estimate are based on significant unobservable inputs. These inputs include:Discount RateThe present value of future cash flows was calculated using a pre-tax discount rate of 8.8% and a post-taxdiscount rate of 7.5%. These rates reflect current market assessments of the time value of money and therisks specific to Agora Bytom. The discount rate is calculated by an applicable market WACC.Rent per sqmEstimated rent is EUR 15.5 per sqm per month in 2024 and is forecasted to increase at a steady growth rateof 2%. Estimated rent at EUR 15.5 per sqm is estimated based on signed leases at EUR 16.2 per sqm withdeduction of discounts to tenants.VacancyEstimated vacancy rates are based on current and expected future market conditions in line with the averagemarket vacancy in the Polish region Agora Bytom operates in. Estimated vacancy included in terminal periodare at 4 percent level.Capitalization expensesCapitalization rates are based on actual location in Poland, size and quality of the properties and taking intoaccount market data at the valuation date. Management anticipates a rise in capital expenditure towards theconclusion of the projected timeline, attributable to climate risk considerations, to ensure adherence toregulatory standards.Terminal valueCash flows beyond this ten year period were extrapolated using a steady growth rate of 2%, which isconsistent with the long-term average growth rate for the industry.Impairment LossAs a result of this analysis, the carrying amount of Agora Bytom was found to exceed its recoverable amount,indicating an impairment. An impairment loss of NOK 94.3 million has therefore been recognized in theincome statement under \u201cImpairment of non-current assets\u201d. Angora Bytom operates in the Real estatesegment.Sensitivities:The below tables are showing the calculated value in use, valuated in euro, for the investment property givenchanges in the different assumptions.Terminal growthWACC 0,5% 1,0% 1,5% 2,0% 2,5% 3,0% 3,5%6,0% -1,5% 68 846 73 246 78 614 85 308 93 888 105 282 121 1466,5% -1,0% 63 078 66 607 70 835 75 992 82 424 90 667 101 6157,0% -0,5% 58 195 61 068 64 460 68 523 73 479 79 659 87 5817,5% 0,0% 54 008 56 378 59 140 62 400 66 305 71 069 77 0098,0% 0,5% 50 380 52 356 54 635 57 290 60 423 64 178 68 7578,5% 1,0% 47 205 48 869 50 770 52 961 55 514 58 527 62 1369,0% 1,5% 44 404 45 818 47 418 49 246 51 353 53 808 56 705Vacancy in terminalWACC 7,0% 6,0% 5,0% 4,0% 3,0% 2,0% 1,0%6,0% -1,5% 82 610 83 510 84 409 85 308 86 207 87 106 88 0056,5% -1,0% 73 686 74 455 75 224 75 992 76 761 77 530 78 2997,0% -0,5% 66 526 67 191 67 857 68 523 69 189 69 854 70 5207,5% 0,0% 60 653 61 235 61 818 62 400 62 982 63 564 64 1478,0% 0,5% 55 749 56 263 56 776 57 290 57 803 58 317 58 8308,5% 1,0% 51 593 52 049 52 505 52 961 53 417 53 873 54 3299,0% 1,5% 48 024 48 431 48 839 49 246 49 653 50 061 50 468Capex in terminalWACC 903 000 853 000 803 000 753 000 703 000 653 000 603 0006,0% -1,5% 83 059 83 809 84 558 85 308 86 057 86 807 87 5576,5% -1,0% 74 069 74 710 75 351 75 992 76 634 77 275 77 9167,0% -0,5% 66 858 67 413 67 968 68 523 69 078 69 633 70 1887,5% 0,0% 60 944 61 429 61 915 62 400 62 885 63 371 63 8568,0% 0,5% 56 006 56 434 56 862 57 290 57 718 58 146 58 5748,5% 1,0% 51 820 52 200 52 580 52 961 53 341 53 721 54 1019,0% 1,5% 48 227 48 567 48 906 49 246 49 586 49 925 50 265Rent / sqmWACC EUR / Sqm-> 15,0 15,2 15,3 15,5 15,7 15,8 16,06,0% -1,5% 82 623 83 518 84 413 85 308 86 203 87 098 87 9936,5% -1,0% 73 601 74 398 75 195 75 992 76 790 77 587 78 3847,0% -0,5% 66 366 67 085 67 804 68 523 69 242 69 961 70 6807,5% 0,0% 60 436 61 090 61 745 62 400 63 055 63 710 64 3648,0% 0,5% 55 486 56 087 56 689 57 290 57 891 58 492 59 0948,5% 1,0% 51 293 51 849 52 405 52 961 53 516 54 072 54 6289,0% 1,5% 47 695 48 212 48 729 49 246 49 763 50 280 50 797Depreciation and write-downsThe Group's operating assets are depreciated and assessed in terms of write-down according to theprinciples described in the introduction. Depreciation is calculated using the straight-line method over thefollowing useful life.Estimate uncertainty related to depreciationWhen calculating depreciation for the operating assets, the economic lifetime and the residual value at theend of their useful life are based on estimates.Lease contractsThe Group enters into contracts for the rental of real estate (investment property). For non-cancelable leases,the minimum rental income for consolidated investment properties is due as follows:Lease contracts at 31.12 have the following maturity2023 2022structure measured in annual rent1 year 55 897 45 8711 < 5 years 124 921 98 362>5 \u00e5r 22 651 9 000Total 203 469 153 233When converting from EUR to NOK for future rental income for Agora Bytom Sp. z o.o. an exchange rate ofNOK/EUR of 11.4242 for the 2023 figures and NOK/EUR of 10.1021 for 2022 figures has been used.Note 10 Assets classified as held for saleNon-current assets held for saleNon-current assets and disposal groups are classified as held for sale if their carrying amounts will berecovered principally through sale rather than continuing use. Non-current assets and disposal groupsclassified as held for sale are measured at the lower of their carrying amount and fair value less cost to selland presented separately as assets held for sale and liabilities held for sale in the statement of financialposition.The criteria for held for sale classification is regarded as met only when the sale is highly probable, and theasset or disposal group is available for immediate sale in its present condition. Actions required to completethe sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan tosell will be withdrawn. In addition, management must be committed to the plan, and it is expected that thesale will be completed within a year.Property, plant and equipment and intangible assets are not depreciated or amortized once classified as heldfor sale.H\u00f6gan\u00e4s Bjuf Fastighets AB, an indirect subsidiary of Borgestad ASA, entered on 27. October 2023, into aconditional agreement with Bjuv municipality in Sweden for a sale and leaseback transaction for twoproperties in Sweden where the Group's production plant and other production facilities for refractoryproducts are located.Borgestad Group will sell the two properties, including the production facilities, to Bjuv municipality and thenlease the production facilities back to continue its production of refractory products in line with previouspractice. Prior to completion of the transaction, the two properties will be transferred to a new wholly ownedsubsidiary of H\u00f6gan\u00e4s Bjuf Fastighet AB, and the transaction will be structured as a sale by H\u00f6gan\u00e4s BjufFastighet AB of the shares in such subsidiary.The transaction was approved by the Municipal Council of Bjuv on 11. December 2023, but the Group hasbeen informed that a complaint regarding the approval from Bjuv municipality has been received prior to theexpiration of the appeal period. The complaint relates to the purchase price in the transaction and that this, inthe claimant's opinion, significantly exceeds the market value of the two properties. The complaint will behandled by the Administrative Court in Malm\u00f6 (the Administrative Court\").The approval of the transaction by Bjuv municipality will only become binding once the complaint has beenfinally resolved in the claimant's disfavor, and the completion of the transaction is conditional upon suchbinding approval. The Group estimate that the transaction is completed during 2024.In connection with the sale the Group has outstanding mortgage loan to Nordea that will be repaid inconnection with completion of the transaction. The total loan amount that needs to be repaid at completion isNOK 52.4 million. The loan amount is classified as interest bearing debt, current liabilities.Asset 2023(NOK 1 000) 31.12.Buildings and plant 13 165Total assets classified as held for sale 13 165Note 11 Property, plant and equipment, Intangible assets and Investment propertyInvestmentLand andAssets underMachinery andLisens,2023propertybuildingsconstructionvehiclestrademark TotalCost at 1 January 1 100 294 79 034 25 807 244 866 1 721 1 451 722Additions 5 647 75 9 741 5 206 17 245 37 912Disposals, and assets classified as held for sale - -64 869 -18 384 -1 658 - -84 912Reclassification - - -14 395 2 087 12 308 -Effects of changes in foreign exchange rates 70 782 4 430 1 848 16 683 122 93 865Cost at 31 December 1 176 723 18 670 4 616 267 184 31 395 1 498 588-Accumulated depreciation and impairment at 1355 286 51 907 - 210 419 548 618 160JanuaryDisposals, and assets classified as held for sale - -51 704 - -1 196 - -52 900Depreciation 8 458 924 - 6 838 2 273 18 493Impairments 94 298 - - - - 94 298Effects of changes in foreign exchange rates 17 274 4 269 - 14 057 75 35 675Accumulated depreciation and impairment at 31475 316 5 396 - 230 118 2 897 713 727DecemberCarrying amount at 31 December 701 407 13 274 4 616 37 066 28 499 784 861InvestmentLand andAssets underMachinery andLisens,2022propertybuildingsconstructionvehiclestrademark TotalCost at 1 January 1 042 411 85 509 17 070 285 640 1 218 1 431 849Additions 3 932 2 788 9 248 3 165 - 19 133Disposals -837 -7 399 - -35 852 - -44 087Effects of changes in foreign exchange rates 54 788 -1 864 -511 -8 088 502 44 828Cost at 31 December 1 100 294 79 034 25 807 244 866 1 721 1 451 722Accumulated depreciation and impairment at 1236 764 52 348 - 245 262 - 534 374JanuaryDisposals -330 - - -35 762 - -36 092Depreciation charge for the year 11 352 1 034 - 7 835 301 20 523Impairments 91 343 - - - - 91 343Effects of changes in foreign exchange rates 16 158 -1 475 - -6 917 247 8 013Accumulated depreciation and impairment at 31355 286 51 907 - 210 419 548 618 160DecemberCarrying amount at 31 December 745 008 27 128 25 807 34 448 1 172 833 562Fixed asset Economic life Depreciation methodInvestment property 100 year linearBuildings 20 \u2013 50 year linearMachinery and vehicles 3 \u2013 20 year linearLand not depreciated not depreciatedNote 12 LeasesRight-of-use-assets 2023 Vehicles Machinery and equipment Buildings/Property TotalCost at 1 January 14 215 9 546 36 278 60 039Additions 6 920 130 2 360 9 410Disposals -4 797 -2 249 -315 -7 362Effects of changes in foreign exchange3 170 22 2 531 5 724rates and other changesCost at 31 December 19 508 7 449 40 854 67 811Accumulated depreciation at 1 January 8 223 4 283 11 273 23 779Disposals -4 797 -2 249 -315 -7 362Depreciation 5 601 1 709 5 949 13 257Effects of changes in foreign exchange1 273 345 2 617 4 235rates and other changesAccumulated depreciation and impairment10 299 4 087 19 524 33 909at 31 DecemberCarrying amount at 31 December 9 209 3 362 21 330 33 902Vehicles usually have a lease period of 3-5 years, machinery 3-10 years and buildings 10 years.Lease liabilityUndiscounted liabilities 2023 2022Less then one year 16 209 11 216One to two years 12 784 9 514Two to three years 7 901 8 253Three to four years 5 720 5 820Four to five years 4 072 4 664More than five years 3 014 5 213Total undiscounted liabilities at 31 December 49 699 44 681Summary of the lease liabilities 2023 2022Carrying amount at 1st January 37 877 32 373Additions and remeasurements 9 410 18 744Lease payments -18 492 -14 104Interest expense 4 864 2 699Effects of changes in foreign exchange rates and other6 435 -1 834changesCarrying amount at 31 December 40 094 37 877Interest rates used in Norway are between 6.07 and 11.75 per cent, in Sweden between 11 and 12.50 percent and in Finland between 11 and 11.75 per cent. For the calculation of interest, mortgage debt in thevarious countries has been adjusted with a risk supplement for the duration of the lease.Summary of other lease expenses recognised in2023 2022profit or lossOperating expenses in the period related to short-term616 243leases (including short-term low value assets)Operating expenses in the period related to low value120 -assets (excluding short-term leases included above)Total lease expenses included in other operating736 243expensesNote 13 GoodwillGoodwill 2023 2022Cost at 1 January 87 165 87 923Effects of changes in foreign exchange rates 2 943 -758Carrying amount at 31 December 90 108 87 165Impairment assessments of goodwillGoodwill is not depreciated. In accordance with IFRS, the Group assesses annually whether there is a needfor write-down related to the balance sheet value of goodwill. The tests are carried out at the end of the year,but are carried out more often if there are indications of a need for write-down.Goodwill arising from the acquisition of Norwegian companies/enterprises in 2006, 2007 and 2008 has a bookvalue of TNOK 46,071 as of 31 December 2023. In 2011, the Group acquired two Swedish companies and inconnection with this goodwill arose which is assessed at TNOK 34,772 per 31 December 2023. In 2015 and2018, the Group acquired two Finnish companies and in connection with these acquisitions goodwill arosewhich is assessed at TNOK 6,322 per 31 December 2023.Allocated as follows: CompanyH\u00f6gan\u00e4sH\u00f6gan\u00e4sMaconH\u00f6gan\u00e4sH\u00f6gan\u00e4s Borgestad Energi &TotalBorgestad ASBorgestad ABABBorgestad OyUgnsteknik ABNet carrying value 46 071 14 419 21 031 6 759 1 828 90 108H\u00f6gan\u00e4s Borgestad AS, Macon AB, H\u00f6gan\u00e4s Borgestad AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik ABand H\u00f6gan\u00e4s Borgestad Oy are all included in the Refractory segment.Goodwill allocated to H\u00f6gan\u00e4s Borgestad AB, Macon AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB andH\u00f6gan\u00e4s Borgestad Oy is exposed to currency fluctuations.Recoverable amount is the cash flow-generating unit's value in use. When assessing whether there is a needto write down goodwill, the recoverable amount is assessed against net assets, including goodwill on thebalance sheet date. If the recoverable amount exceeds net assets, there is no need for impairment.Recoverable amount is based on value in use and calculated per cash flow generating unit/company.Assumptions used when calculating value in use are cash flow forecasts which are again based on budgetsand business plans for each cash flow generating unit for a five-year period (defined period). Growth in theperiod is assessed per cash flow generating unit. For turnover growth, the increase is in the interval between2 per cent and 3.5 per cent. For H\u00f6gan\u00e4s Borgestad AS the increase in turnover is up to 2 percent in theperiod before the terminal period, growth in terminal period is 0 percent. There are estimated improvements inEBIT margins in the five-year period, but the estimated EBIT margin is within the range that has historicallybeen achieved for each cash flow-generating unit, with the exception of H\u00f6gan\u00e4s Borgestad AB, which hasan improvement in EBIT margin in line with the business plan after the closure of the stone factory. Growth of0 (0) percent is assumed for the terminal period for all companies.Prerequisites for investments in the five-year period and the terminal period are approximately the same orsimilar to today's depreciation for all cash flow-generating units. For all cash flow-generating units, with theexception of Macon AB, positive one-off effects have been estimated from the release of working capital.The cash flows are calculated based on the expected cash flow and the discount rate is based on a requiredreturn before tax of 11.7 (12.4) per cent. The discount rate takes into account debt premium, market riskpremium, debt ratio, tax rate and asset beta.There is estimation uncertainty linked to the calculations and assessment of goodwill, through theassumptions used. In the event of changed assumptions, the outcome of the calculations may lead to adifferent result. The cash flow-generating unit that has the lowest margin between calculated recoverableamount and net assets has a margin of approx. 9 (17) percent.Based on calculations carried out and the assumptions made, no impairment of goodwill has been made asof 31 December 2023 or in previous years. This is because the result of the calculations shows that therecoverable amount of all cash flow generating units (the companies) exceeds the balance sheet value ofassets/liabilities and thus there is a margin on the balance sheet value of goodwill. It is specified that there isestimation uncertainty linked to the assessment of the value of goodwill.Note 14 InventoriesInventory 2023 2022Raw materials 22 333 35 153Work in progress 1 164 1 134Finished goods own produced products 30 271 47 203Goods purchased for resale 64 966 63 789Total 118 733 147 280The specification above is net book value after deduction for impairment. The provision for impairmentamounted to TNOK 8,642 (7,366) as at 31. December 2023.Write down 2023 2022Balance at 1 January -7 366 -7 195Write-downs reversed, other -36 36New write-downs recognized during the year -1 239 -Foreign currency translation gain/(loss) - -207Balance at 31 December -8 642 -7 366Note 15 Cash and cash equivalentsCash 2023 2022Unrestricted cash 139 273 77 867Restricted cash 13 415 13 193Total cash 152 688 91 059Overdraft facility 46 812 7 634Restricted deposits -13 415 -13 193Total available liquity 186 086 85 501Restricted funds consist of tax deductions of TNOK 2,174 (2,679) and TNOK 11,241 (10,514) which arerestricted funds in Agora Bytom. Tied up funds in Agora Bytom are a liquidity reserve of MEUR 1 inaccordance with the company's loan agreement. Restricted funds in Agora Bytom are for security related tothe outstanding debt towards Bank Pekao.Note 16 InvestmentsCompany Ownership percent Cost Book value 31.12.23 Book value 31.12.22ERH AS 2,98 % 27 573 - -QNTM Ecom SW AB 0,15 % 1 306 1 1 306Impact Technology Systems AS 1,55 % 350 - -Other shares 175 175 546Total 29 403 176 1 852For information regarding the valuation hierarchy, see Note 19.Estimate uncertainty when calculating fair value for financial assetsThere is risk associated with the valuation of shares where there is no observable market value at the timethe accounts are drawn up. The Group bases its estimates on a number of observations which are supportedby calculations to arrive at the best possible estimate of the assets' value. These observations consist ofissue amounts in the case of open subscription, various players' price offers and valuations when selling partsof the company, cost price when shares are recently purchased, external valuations as well as assessmentsof discounted cash flow and value-adjusted equity.Sensitivity analysis of equity investmentsIn the event of a change in the market value of shares classified as fixed assets by +/- 10 per cent, this willaffect the result by TNOK +/- 1.75.Note 17 Share capital and shareholder informationTreasuryNumber of shares Ordinary shares issuedshares Ordinary shares outstanding01.01.2022 12 724 832 -8 010 12 716 822Issued new share capital 139 766 019 139 766 01931.12.2022 152 490 851 -8 010 152 482 841Change 2023 1 249 991 990 8 010 1 250 000 00031.12.2023 1 402 482 841 - 1 402 482 841Information related to sharesThe company's share capital on 31. December 2023 is NOK 350,620,710.25 divided into 1,402,482,841shares at NOK 0.25 per share. All shares have equal voting rights. There are no preferential rights orrestrictions on the shares.Own sharesThe company has no own shares per 31. December 2023.The 20 main shareholders at 31.12.23 are:Shareholder Number of shares Ownership interest:Kontrari AS 380 513 105 27,13 %Ses AS 209 408 501 14,93 %Clearstream Banking S.A. 80 536 191 5,74 %Auris AS 78 749 042 5,61 %Intertrade Shipping AS 69 567 135 4,96 %Gross Management AS 60 000 000 4,28 %Jahatt AS 44 000 000 3,14 %Dione AS 43 885 449 3,13 %North Sea Group AS 39 023 515 2,78 %Regent AS 32 139 449 2,29 %Suveren AS 25 512 287 1,82 %Br\u00f8drene Jensen AS 23 733 583 1,69 %Christiansen Lars Aage Haaland 15 173 441 1,08 %Bratrud Gudmund Joar 13 378 637 0,95 %Ar Vekst AS 10 000 000 0,71 %Torhus Andreas 9 079 000 0,65 %Batjak AS 8 900 091 0,63 %Gravr\u00e5k Olve 8 000 000 0,57 %Lgt Bank AG 7 939 560 0,57 %Cjl Holding AS 7 416 742 0,53 %Total 1 166 955 728 83,19 %Other shareholders 235 527 113 16,79 %Total 1 402 482 841 100,00 %Note 18 BorrowingsSecured Interest term Maturity date Effective interest rate 31.12.23 2023 2022Bond loan amortised Borgestad ASA - 96 581Bank loan (currency EUR) Agora Bytom Sp. z o.o. EURIBOR 1M + margin 2,80% 2028 5,52 % 332 362 439 796Bank loan (currency SEK) H\u00f6gan\u00e4s Borgestad AB STIBOR 3M + 3,75 % 2025 7,79 % 52 423 57 427Bank loan (currency EUR) H\u00f6gan\u00e4s Borgestad OY 2023 - 568Bank loan (currency NOK) H\u00f6gan\u00e4s Borgestad AS NIBOR 3M + 3,75% 2029 8,50 % 11 000 13 000Total secured long-term debt 395 785 607 3721st year\u2019s principal repayments on long-term debt -60 043 -30 533Total long-term debt excluding the 1st year\u2019s principal repayments 335 742 576 839Maturity overview: 2024 2025 2026 2027 2028 2029-Bank loan 60 043 7 621 13 677 18 408 295 036 1 000Overdraft facility Interest term Maturity date Effective interest rate 31.12.23 2023 2022Overdraft facility Nordea 3 mnd Stibor + 3,75% 2023 7,79 % 24 098 58 537Granted check credit with Nordea is MSEK 70 as of 31 December 2023. The check credit is available andgranted for H\u00f6gan\u00e4s Borgestad Group.Mortgage loan and bond loanMortgage loans are secured by mortgages on buildings, operating assets, stocks and accounts receivable.The loan agreements regarding mortgage loans in the refractory segment, H\u00f6gan\u00e4s Borgestad Group, havethe following covenants: minimum 30 percent equity at the end of each quarter, EBITDA minimum MSEK 35on a 12-month rolling basis per quarter and net interest-bearing debt, excluding leasing debt, does notexceed 2.5 times EBITDA as of 31. December. H\u00f6gan\u00e4s Borgestad meet all covenant requirements agreedwith Nordea per 31. December 2023.The loan agreement regarding the mortgage loan in Agora Bytom has a covenant that Net Operating Income(NOI) is at minimum of 115 percent of interest costs plus annual loan amortization (DSCR ratio) and \"Loan toValue\" (LTV) must at all times be equal to or lower than 60 percent of fair value of the shopping center.The Group fulfills all covenant requirements as of 31 December 2023.Reference is also made to Note 19 regarding discussion of liquidity risk for the Group.Pledged as security 2023 2022Buildings, investment property and factory facilities 725 112 767 953Fixtures, machinery and vehicles 72 818 57 350Current assets and fixed assets 307 094 307 462Total 1 105 024 1 132 765As security for the long-term mortgages, registered liens amounting to MNOK 1,225 (1,225) have beenregistered in buildings and investment properties, in addition, security has been provided for a total of MNOK145.5 (145.5) divided between receivables, inventory and operating accessories. For other businesses in theGroup, there are registered liens amounting to MNOK 15.0 (15.0) in receivables, MNOK 12.0 (12.0) ininventory and MNOK 2.0 (2.0) in operating accessories.For the loan granted by Bank Pekao in Poland to Agora Bytom Sp. z o.o., security is provided in the shoppingcenter. Borgestad ASA has also provided an additional guarantee of MEUR 5.0.Note 19 Financial risk and management objectives and policiesFinancial riskThe Group uses financial instruments such as bank loans and bond loans to obtain capital for investments inthe company's operations. In addition, the Group has financial instruments such as accounts receivable,accounts payable, etc. which are directly linked to the company's daily operations.Routines for risk management have been adopted by the board and are carried out by a central financedepartment in collaboration with the individual operating units. The most important financial risks the Group isexposed to are related to interest rate risk, liquidity risk, currency risk and credit risk. The Group'smanagement has an ongoing assessment of these risks and sets guidelines for how these are to be handled.In accordance with the Group's strategy for interest rate and currency exposure, the Group sometimes usesfinancial derivatives to reduce this risk. Accounting treatment of financial derivatives is discussed in Note 2i) Credit riskThe Group only trades with approved creditworthy counterparties. All counterparties who receive credit fromthe Group, for example customers, must be approved and subject to an assessment of creditworthiness.The Group has no significant credit risk linked to a single counterparty or several counterparties that can beseen as a Group due to similarities in credit risk.In accordance with the expected credit loss model introduced by IFRS 9, Borgestad records expected creditloss over the lifetime of all receivables (the simplified approach). The calculation of expected credit loss isbased on both historical and forward-looking information and is carried out at company level. Whenestimating expected credit losses for trade receivables that are not yet due and trade receivables that aredue, available information is assessed, including loss history and future expectations, where this forms thebasis for an estimate for provisions for losses on an individual and a general basis.Maximum risk exposure is represented by the book value of the financial assets, including derivatives, in thebalance sheet. As the counterparty in derivatives trading and deposits in banks are normally banks, the creditrisk associated with these items is considered to be very low. Furthermore, the counterparty for pension fundsis a Norwegian insurance company and the risk associated with this is considered minimal. The Groupconsiders its maximum risk exposure to be the balance sheet value of long-term receivables, tradereceivables, market-based bonds and bond funds and other short-term receivables, cf. v) for an overview ofthe amounts within these classes.Information on accounts receivable, age distributionand losses on claims: 2023 2022Trade receivables 184 567 202 585Aging profile of trade receivables 2023 2022Not due 133 993 168 023<30 days 38 452 19 72530-60 days 5 757 4 72561-90 days 1 570 5 461>90 days 17 179 16 139Total 196 952 214 073Expected credit loss -12 385 -11 489Total 184 567 202 585Change in provison for losses:January 01.01 11 489 16 067Change in provision during the year -1 069 3 157Reversed previous provision 2 392 -8 290Translation difference and other changes -427 555Provision 31th December 12 385 11 489This year losses 19 243Provision for losses, in both the opening and closing balance sheet, as well as changes in ascertained losses on claims are mainly linked to Agora Bytom.ii) Interest rate riskThe Group is exposed to interest rate risk through placement and financing activities. As of 31 December2023, the Group had a floating interest rate for most of its deposits, receivables and loans.For the mortgage loan in Agora Bytom, 100 percent of the loan of MEUR 29,9 is secured at 0.30 percent+2.80 percent margin which expires in June 2024. Fixed interest loans are accounted for at amortized cost.Change in the interest rate level inYear:Effect on profit before tax (NOK 1 000) Effect on equity (NOK 1 000)percentage points2023 +/-1 % poeng -/+ 251 -/+ 1 6622022 +/-1 % poeng -/+ 3 131 -/+ 5 278All fixed interest contracts entered into are accounted for as cash flow hedges. In the tables below thesecontracts are specified.Change in value throughout2023 Interest derivatives Secured amount Maturity remaining Fair valuethe yearAgora Bytom Sp. z o.o. ** 332 362 0,5 \u00e5r 5 945 -7 957Change in value throughout2022 Interest derivatives Secured amount Maturity remaining Fair valuethe yearAgora Bytom Sp. z o.o.** 351 837 1,5 \u00e5r 13 902 18 730** 100 (80) percent of the loan linked to Agora is secured with an interest rate of 0.30 percent + 2.80 (2.80)percent margin.The term of the interest rate swap agreement is until June 2024.The derivatives above are contracts where floating interest has been exchanged for fixed interest. Theinterest derivatives above are accounted for as hedging instruments with a change in fair value over otherincome and expenses (OCI).The interest derivative in Agora Bytom Sp. z o.o. is entered into in EUR and the secured amount amounts toMEUR 29.9 (33.4), which corresponds to 100 (80) percent of the company's mortgage loan.Interest on loans, receivables and liabilities measured2023 2022at amortized costBond loan 9 612 22 878Bank loan 42 298 24 552Total sum 51 910 47 429iii) Liquidity riskLiquidity risk is the risk that the Group will not be able to service its financial obligations as they fall due.Group board and management consider that the group has a reasonable debt structure and a sufficientliquidity situation. The group's strategy for managing liquidity risk is to have sufficient cash at all times to beable to meet its financial obligations when due, both under normal and extraordinary circumstances.Unused credit facilities are presented in Note 15The following table shows an overview of the maturity structure for the group's financial obligations, based onundiscounted contractual payments. In cases where the counterparty can demand earlier redemption, theamount is given in the earliest period in which payment can be required from the counterparty. If theobligation can be redeemed on request, these are included in the first column for which the obligation can beredeemed.Remaining period2023 0-3 mth. 3-12 mth. 1-3 year 3 years or moreBank overdraft - 24 098 - -Interest-bearing debt 15 011 45 032 39 706 296 036Other non-current liabilities - - - -Interest expenses 5 843 17 529 54 656 16 510Trade payables 64 017 - - -Other short-term liabilities 74 148 38 038 - -Total 159 019 124 698 94 361 312 546See Note 12 for maturity analysis on leasing.Remaining period2022 0-3 mth. 3-12 mth. 1-3 year 3 years or moreBank overdraft - 58 537 - -Interest-bearing debt 7 633 22 900 475 258 5 000Other non-current liabilities - 631 - -Bond loan - - 97 664 -Interest expenses 7 376 21 660 16 380 420Trade payables 83 631 - - -Other short-term liabilities 53 496 109 653 - -Total 152 136 213 380 589 302 5 420Note 18 contains more information about long term loan.iv) Currency riskThe Group companies are exposed to currency risk due to production, buying and selling in several differentcountries and in different currencies. The most important currencies are NOK, SEK, PLN, EUR and USD.The Group enters into forward contracts and currency exchange agreements from time to time to reduce thecurrency risk in cash flows denominated in foreign currency. The company has not had currency exchangeagreements in 2023 or 2022.The Group's available liquid assets are held in NOK, EUR, PLN, SEK and USD.The tables below show the sensitivity of the consolidated balance sheet to potential changes in the kroneexchange rate for each EUR, PLN, SEK and USD with all other ratios held constant.Year: Change in EUR exchange rate Effect on profit before tax Effect on equity2023 +/- 10 % +/- 3 600 +/- 46 0442022 +/- 10 % +/- 3 145 +/- 31 412Year: Change in PLN exchange rate Effect on profit before tax Effect on equity2023 +/- 10 % +/- 1 997 +/- 8672022 +/- 10 % +/- 1 325 +/- 431Year: Change in SEK exchange rate Effect on profit before tax Effect on equity2023 +/- 10 % +/- 3 638 +/- 11 7732022 +/- 10 % +/- 2 413 +/- 7 561v) Classification of financial instrumentsLoans and receivables atDerivatives that are hedgingShares at fair value throughamortized cost and bankFinancial liabilities31.12.23instrumentsprofit or lossdepositsmeasured at amortized costNon-current financial assetsOther financial assets 5 945 - 734 -Other shares - 176 - -Total non-current financial assetsTrade receivables - - 184 567 -Other receivables - - 7 763 -Cash and cash equivalents - - 152 688 -Total financial assets 5 945 176 345 752 -Interest-bearing debt long termInterest-bearing debt - - - 335 742Bond loan - - - -Lease liability 27 453Interest-bearing debt short termInterest-bearing debt - - - 60 043Lease liability 12 641Bank overdraft - - - 24 098Trade payables - - - 64 017Public duties payable - - - 27 560Other short-term liabilities - - - 72 479Total financial obligations - - - 624 032Loans and receivables atDerivatives that are hedgingShares at fair value throughamortized cost and bankFinancial liabilities31.12.22instrumentsprofit or lossdepositsmeasured at amortized costNon-current financial assetsOther financial assets 13 902 - 23 670 -Other shares - 1 852 - -Total non-current financial assetsTrade receivables - - 202 585 -Other receivables - - 14 508 -Cash and cash equivalents - - 91 059 -Total financial assets 13 902 1 852 331 822 -Interest-bearing debt long termInterest-bearing debt - - - 480 258Bond loan - - - 96 581Lease liability 29 008Other long term debt - - - 631Interest-bearing debt short termInterest-bearing debt - - - 30 533Lease liability 8 869Bank overdraft - - - 58 537Trade payables - - - 83 631Public duties payable - - - 23 852Other short-term liabilities - - - 137 615Total financial obligations - - - 949 514vi) Fair value of financial instrumentsIf the financial asset does not have an observable market value, the Group bases its estimate on a series ofobservations supported by calculations to arrive at the best possible estimate of the asset's value. Theseobservations consist of issue amounts in the case of open subscription, various players' price offers andvaluation when selling parts of the company, cost price when buying shares recently, as well as ownassessments of cash flow and value-adjusted equity of the Group's investments. The most importantuncertainties linked to the estimates for fair value are conditions such as declining turnover and profit in thecompanies in which you have a stake, a change in the risk profile of the investment or a general increase inthe requirement the Group sets for its discount rate. Reference is made to the separate table below whichshows the method used for the valuation of the individual balance sheet item (valuation hierarchy).The following of the company's financial instruments are not separately valued at fair value: cash and cashequivalents, trade receivables, other short-term receivables, overdrafts, trade payables and long-term debt.The carrying value of cash and cash equivalents and overdrafts is approximately equal to fair value due to thefact that these instruments have a short maturity. Correspondingly, the balance sheet value of tradereceivables, short-term receivables, trade payables, public charges and other short-term liabilities isapproximately equal to fair value as they are entered into under \"normal\" conditions.In relation to interest-bearing debt, the Group has not entered into agreements that deviate significantly fromordinary market conditions.Fair value hierarchyThe Group classifies fair value measurements using the fair value hierarchy. The fair value hierarchy has thefollowing levels:\u00b7 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.\u00b7 Level 2: inputs are other than quoted prices included in Level 1 that are observable for the asset or liability,either directly (ie as prices) or indirectly (ie derived from prices).\u00b7 Level 3: input for the asset or liability that is not based on observable market data (unobservable input).Assets recognized at fair value 31.12.23 Level 1 Level 2 Level 3Hedging derivatives with changes in value5 945 - 5 945 -through other comprehensive incomeEquity instruments held for trading with a176 7 - 169change in value through profit or lossTotal 6 121 7 5 945 169During the reporting period, there was no change in fair value measurement that entailed transfers betweenlevels 1, 2 or 3.In accordance with IFRS 9, all changes in the value of financial assets are entered in profit or loss, unless youhave chosen otherwise at first recognition.Assets recognized at fair value 31.12.22 Level 1 Level 2 Level 3Hedging derivatives with changes in value13 902 - 13 902 -through other comprehensive incomeEquity instruments held for trading with a1 852 7 - 1 845change in value through profit or lossTotal 15 754 7 13 902 1 845Specification of changes in level 3 2023 2022Balance sheet as of 01. January 1 845 4 247Purchase, sale, issue and settlement - -2 429Gains and losses recognised in the current profit and loss-1 676 -statementForeign exchange through profit or loss 27Total 169 1 845vii) Capital managementBorgestad ASA has mainly investments in property and long-term shares in affiliated and jointly controlledcompanies. As the investments are mainly long-term, the Group also strive for adapted financing in the formof equity capital and long-term debt capital. The Group seeks to adapt the development in the equity share asneeded in the short and long term. Equity ratio is calculated as book equity in relation to total capital.The equity ratio as of 31 December 2023 and 2022 was 53.7 per cent and 34.6 per cent respectively. SeeNote 18 for further information on interest-bearing debt.Borgestad ASA wants to achieve the best possible price for the company's shares through efficient andprofitable management of the Group's resources. A competitive return must be achieved through valueappreciation and the payment of dividends. The return must be competitive compared to other investmentalternatives with the same risk. The dividend must be in relation to the company's results, equity needs andfuture prospects.Note 20 Research and development, Other current assets and liabilities andauditor remunerationResearch and development 2023 2022Expenses, incl. salaries 6 560 6 421The criteria for recognition of intangible assets in accordance with IAS 38 have not been met and all costs forresearch and development have been expensed.Other receivables 2023 2022Income accruals 282 3 990Cost accruals - 3 684Prepayment to suppliers 7 539 -Tax and value added tax - 4 317Other current assets -58 2 518Total 7 763 14 508Other current liabilities 2023 2022Accrued costs 10 857 10 122Accrued interest - 662Advance from customers - 4 891Holiday pay and other debts to employees 34 440 22 409Other current liabilities 27 182 99 531Total 72 479 137 615Auditor\u2019s remuneration 2023 2022Audit 2 593 2 369Audit related services 631 394Tax related services - -Other services 203 37Total 3 427 2 800Note 21 Contractual obligationsAs of 31 December 2023, guarantees have been given to customers on the basis of agreed deliveries ofTNOK 21,148 (18,688).Note 22 Contingent liabilitiesOther obligationsIn July 2018, three Danish companies initiated a lawsuit against Borgestad ASA, Borgestad Properties ASand Agora Bytom Sp. z.o.o at Oslo district court. The Danish companies claim to have claims against thedefendants for payment of additional project administration related to the construction of the shopping centerin Agora Bytom. In July 2019, the Court of Appeal rejected the case for procedural reasons with respect toone of the Danish companies (lack of legal interest) and Agora Bytom (court/arbitration clause). This decisionis final.In 2022, the claimants and Borgestad ASA entered into a settlement, whereby Borgestad ASA is obliged topay MNOK 4 with addition of indexation (KPI) to the other parties in the event of a future sale and/or ifBorgestad decreasing its direct or indirect influence, control and/or ownership to less than 50 percent of theAgora Bytom shopping center. The settlement also means that the other parties have waived any right tobring forward further claims arising from or connected to the Agora Bytom project against Borgestad ASA,Borgestad Properties AS, Agora Bytom Sp. z.o.o., as well as former or current board members andemployees of the aforementioned companies.The Group has not made any provisions in the accounts as the claim is assessed as a contingent liabilityarising at the time of a potential sale of the Agora Bytom shopping centre.Note 23 Reconciliation for liabilities arising from financing activities2023 Other New leases Relocation Foreign exchange movement Cash flows 2022Long-term borrowings 335 742 -60 043 24 730 -109 202 480 258Short-term borrowings 60 043 60 043 - -30 533 30 5331)Bond- 1 083 -97 664 96 5812)Other short-term liabilities- - -75 098Payment of lease liabilities 40 094 11 299 9 410 -18 492 37 877Other long term debt - -631 - - 631Overdraft facility 24 098 -34 439 58 537Total liabilities from financing activities 459 977 11 751 9 410 - 24 730 -365 428 704 4151) MNOK 1,1 is amortized cost2) Loans from the Swedish tax authorities have been repaid in 20232022 Other New leases Relocation Foreign exchange movement Cash flows 2021Long-term borrowings 480 258 40 462 21 828 417 967Short-term borrowings 30 533 -40 462 -1 026 -33 058 105 0791)Bond96 581 -43 368 -124 936 264 885Payment of lease liabilities 37 877 864 18 744 -14 104 32 3732)Other long term debt631 -78 664 79 295Overdraft facility 58 537 58 537 -Total liabilities from financing activities 704 416 -42 504 18 744 -78 664 20 802 -113 561 899 6001) MNOK 4.4 is amortized cost without MNOK 47.8 which has been converted to share capital2) Swap Agora in Bank Pekao has been reclassified as a receivable, and loans from the Swedish tax authorities have been reclassified as short-term liabilitiesNote 24 Investment in subsidiariesTransactions with subsidiaries are eliminated in the consolidated accounts and do not represent transactionswith related parties.The consolidated Group accounts include the accounts of Borgestad ASA with subsidiaries and relatedparties as summarized:Subsidiary Country of incorporation Main operations Ownership interest 2023 Ownership interest 2022Borgestad Properties AS Norge Holding company 100,00 % 100,00 %Agora Bytom Sp. z o.o. Polen Real estate company 100,00 % 100,00 %GZMO Sp. z o.o. Polen Real estate company 100,00 % 100,00 %Idea Property & Asset Management Sp. zo.o. Polen Property Management 100,00 % 100,00 %Facility Service Sp. z o.o. Polen Property Management 100,00 % 100,00 %Borgestad Industries AS Norge Holding company 100,00 % 100,00 %Borgestad Industries AB Sverige Holding company 100,00 % 100,00 %H\u00f6gan\u00e4s Borgestad Holding AB Sverige Holding company 64,25 % 64,25 %Installation and supplier ofH\u00f6gan\u00e4s Borgestad AS Norgerefractory products 64,25 % 64,25 %H\u00f6gan\u00e4s Borgestad AB Sverige Supplier of refractory products 64,25 % 64,25 %Installation and supplier ofMacon AB Sverigerefractory products 64,25 % 64,25 %H\u00f6gan\u00e4s Bjuf Fastighets AB Sverige Real estate company 64,25 % 64,25 %H\u00f6gan\u00e4s Borgestad Energi & UgnsteknikInstallation and supplier ofAB Sverigerefractory products 64,25 % 64,25 %Installation and supplier ofH\u00f6gan\u00e4s Borgestad Oy Finlandrefractory products 64,25 % 64,25 %H\u00f6gan\u00e4s Bjuf Germany GmbH Tyskland Supplier of refractory products 64,25 % 64,25 %H\u00f6gan\u00e4s Bjuf Italia Srl Italia Supplier of refractory products 64,25 % 64,25 %H\u00f6gan\u00e4s Contracting Asia Pacific Sdn Bhd Malaysia Supplier of refractory products 64,25 % 64,25 %H\u00f6gan\u00e4s Bjuf Asia Pacific Sdn Bhd Malaysia Supplier of refractory products 64,25 % 64,25 %H\u00f6gan\u00e4s Bjuf Eastern Europe Sp.z o.o. Polen Supplier of refractory products 64,25 % 64,25 %There are no differences between the number of shares and voting rights for the shareholders in H\u00f6gan\u00e4sBorgestad Holding AB. H\u00f6gan\u00e4s Borgestad Holding AB owns 100 percent of all the other companies withinH\u00f6gan\u00e4s Borgestad Group, all companies with ownership interest below 100 % in the table above.Note 25 Events after the balance sheet dateThere are no significant events in 2024 per the date the annual report is dated beyond normal operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__11": { "value": "Borgestad ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__13": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__12": { "value": "is an investment company focused on real estate and refractory", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__17": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__14": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__15": { "value": "Gunnar Knudsens veg 144, 3712 Skien", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__16": { "value": "Skien", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__20": { "value": "Note 2 Basis for preparation and estimates and assumptionsStatement of complianceBorgestad has prepared its consolidated financial statements in accordance with IFRS\u00a9 AccountingStandards as adopted by the EU as at 31 December 2023 and Norwegian disclosure requirements pursuantto the Norwegian accounting act as at 31 December 2023.The consolidated financial statements have been prepared under the historical cost convention. Thepreparation of financial statements in accordance with IFRS requires the use of estimates. It also requiresmanagement to exercise its judgement in the process of applying the company\u2019s accounting policies. Areasinvolving a higher degree of judge mentor complexity, or areas where assumptions and estimates are materialto the consolidated financial statements.The consolidated accounts as at 31 December 2023 have been approved by the company's board on 26 April2024 and will be presented for approval at the ordinary general meeting on 3 June 2024.Change in comparative figuresIn 2023 Management have renamed the consolidated income statement line item from \u201cCost of goods sold\u201d tomaterials, supplies and subcontracting. The Group consider the change to present a more fair and correctclassification of the accounting items. As a result, The Borgestad Group has changed the comparative figurein materials, supplies and subcontracting for 2022, which is increased by TNOK 184,317, at the same time,other operating expenses have been reduced by TNOK 184,317. The nature of the increase in Materials,supplies and subcontracting are mainly offset by the inclusion of subcontractors and production expenseswhich previously was presented as \u201cOther operating expenses\u201d. The Group consider the change to be morefair and correct classification of the accounting items.Reported 2022 2022Revenue and other income 931 726Materials, supplies and subcontracting 260 555Salary and personnel expenses 292 525Other expenses 326 352Total operating expenses 879 433EBITDA 52 293Changes included in 2023 for 2022 figures 2022Revenue and other income -Materials, supplies and subcontracting 184 317Salary and personnel expenses -Other expenses -184 317Total operating expenses -EBITDA -Reported 2022 figures in 2023 the Annual report 2022Revenue and other income 931 726Materials, supplies and subcontracting 444 873Salary and personnel expenses 292 525Other expenses 142 035Total operating expenses 879 433EBITDA 52 293Changes after the presented fourth quarterFollowing the submission of the Q4 2023 report, Management has conducted a new assessment of AgoraBytom, which has led to an additional write-down of NOK 30.8 million. The reasons for this additional write-down are due to discounts given to tenants and an increase in structural vacancy from 3% to 4%. See Note 9for more information about the write-down.Consolidation principlesThe Group\u2019s consolidated financial statements comprise the parent company and it's subsidiaries as of 31.December 2023. An entity has been assessed as being controlled by the Group when the Group is exposedfor or have the rights to variable returns from its involvement with the entity, and has the ability to use itspower over the entity to affect the amount of the Group\u2019s returns.Thus, the Group controls an entity if and only if the Group has all the following: power over the entity;exposure, or rights, to variable returns from its involvement with the entity; and the ability to use its powerover the entity to affect the amount of the Group\u2019s returns.There is a presumption that if the Group has the majority of the voting rights in an entity, the entity isconsidered as a subsidiary. To support this presumption and when the Group has less than a majority of thevoting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessingwhether it has power over the entity. Including ownership interests, voting rights, ownership structure andrelative power, as well as options controlled by the Group and shareholder's agreement or other contractualagreements. The assessments are done for each individual investment.The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there arechanges to one or more of the three elements of control.Business combinations are accounted for by using the acquisition method. Consolidation of a subsidiarybegins when the Group obtains control over the subsidiary and ceases when the Group loses control of thesubsidiary.When necessary, adjustments are made to the financial statements of subsidiaries to bring their accountingpolicies into line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income,expenses and cash flows relating to transactions between members of the Group are eliminated in full onconsolidation.Non-controlling interests is presented separately under equity in the Group's balance sheet.Business combinations and goodwillGoodwillWhen purchasing a business, all acquired assets and liabilities are assessed for classification andassignment in accordance with contract terms, financial circumstances and relevant conditions at the time ofacquisition. The difference between the consideration for acquisition and the fair value of net identifiableassets and liabilities at the time of acquisition is classified as goodwill. When investing in affiliated companies,goodwill is included in the investment's carrying value.Goodwill is entered in the balance sheet at acquisition cost, less any accumulated write-downs. Goodwill isnot written off, but is tested at least annually for impairment. In connection with this, goodwill is allocated tocash-flow-generating units or Groups of cash-flow-generating units that are expected to benefit from thesynergy effects of the business combination.CurrencyFunctional currency and presentation currencyThe consolidated accounts are presented in Norwegian kroner (NOK). Transactions carried out by therespective Group companies are recorded in the currency that is generally used in the economic environmentwhere the units operate (functional currency).Transactions and balance sheet items in foreign currencyTransactions in foreign currency are converted to the average annual exchange rate as an approximation ofusing the exchange rate on the day of the transaction. Currency gains and losses that arise as a result ofchanges in the exchange rates between the time of the transaction and the time of payment and which aredue to the conversion of cash items in foreign currency to exchange rates at the end of the balance sheetdate are accounted for in the income statement, with the exception of translation differences that are linked tothe Group's net investment in a foreign entity. These conversion differences have been entered via astatement of comprehensive income against equity. Claims on foreign entities are included as part of the netinvestment in cases where settlement of the claim is neither planned nor likely in the foreseeable future. Inthe event of a future sale of a foreign entity with a functional currency different from the Group's presentationcurrency, all accumulated translation differences relating to the entity will be included in the calculation of gainor loss.Non-monetary assets and liabilities in foreign currency that are accounted for at historical cost are includedbased on the exchange rates at the time of the transaction.ConsolidationThe accounts for all units in the Group that use a functional currency that deviates from the Group'spresentation currency are converted to the Group's presentation currency as follows:- Assets and liabilities are converted to closing prices on the balance sheet date;- Income and costs are converted to annual average rates; and- All conversion differences are shown on a separate line as part of the statement of comprehensive income.Currency on intra-Group loans as well as the associated tax cost that is included as part of the net investmentin subsidiaries is accounted for against other income and costs that will be reclassified above profit.Principles of income recognitionAccording to IFRS 15, the Group must recognize the income when the delivery obligations are fulfilled oralternatively as the delivery obligations are fulfilled. This happens when the customer has taken over controlof the product or service linked to a given delivery obligation. Apart from non-quantifiable frameworkagreements, the income is order-driven.The Group recognizes income from the following three main sources:\u2022 Ongoing sales of refractory products\u2022 Sale of installation and maintenance services to the refractory industry\u2022 Rental income as a lessorFor the Refractory segment, income mainly consists of deliveries of refractory materials or other goods tovarious types of customers as well as installation services. Transaction prices for refractory materials are setand measured per ton, while transaction prices for installation and maintenance services are set in deliveryagreements and project agreements. Income from the sale of these goods is recognized in the incomestatement when delivery has taken place. Most of segment refractory's deliveries of refractory products havethe time of delivery at the time of handover to the carrier. Installation service and maintenance projects havea relatively short duration and are recognized as revenue in line with progress.Installation and maintenance services of refractory materials are seasonal and there is little activity at thebeginning and end of the year. Installation projects and maintenance services of refractory materials normallyhave a short time horizon and the delivery times for the transfer of goods and services are clear. The serviceperformed and the delivery of goods are also easy to quantify. Accrual of income is therefore followed byquantified achieved degree of completion for installation and maintenance projects. Accrued costs are takeninto account in the final invoicing upon handover of the project.Warranty obligations related to the sale of refractory products, installation and maintenance services cannotbe sold separately and the Group's warranty give customers assurance that the products meet the setrequirements. The Group will recognize guarantee obligations in accordance with IAS 37.Classification of items in the balance sheetCurrent assets and short-term liabilities include items due for payment within one year of the balance sheet date, as well as items linked to the product cycle if this is later. The short-term part of long-term debt is classified as short-term debt. Financially motivated investments that the Group expects to realize within one year after the balance sheet date are classified as current assets, other assets are classified as fixed asset.Fixed assetsFixed assets are entered in the balance sheet at acquisition cost less accumulated depreciation and write-downs. When assets are sold or disposed of, the balance sheet value is deducted and any loss or gain is recognized in profit or loss.Depreciation is calculated using the straight-line method based on the assumed useful life and residual value at the end of the useful life. The depreciation period and method are assessed annually to ensure that the method and period used correspond to the financial realities of the fixed asset. The same applies to residual value.Acquisition cost for fixed assets is the purchase price, including fees/taxes and costs directly related to putting the fixed asset in condition for use. Expenses incurred after the asset has been put into use, such as ongoing maintenance, are recognized in the income statement, while other expenses that are expected to provide future financial benefits are recognized in the balance sheet.Gains on disposal of fixed assets, investment properties and development projects are presented as other income. Increases in the value of investment properties are only recognized on full or partial sales.SegmentsFor management reporting purposes, the Group is organized into business units based on its activities and has three reportable segments. The financial information relating to segments is presented in Note 3 Segment.Investment propertyThe Group owns both investment properties and a building acquired for its own use. Properties that are acquired for the purpose of letting out to tenants outside the Group, and that are acquired to achieve a long-term return on rental income or to achieve an increase in value, or both, are classified as investment properties. In this context, tenants who are affiliated with the company are considered to be tenants outside the Group.The Group's investment property is listed at acquisition cost, less accumulated depreciation and write-downs. Acquisition cost includes transaction costs for purchase, and design costs, direct labor costs, borrowing costs, other direct costs and related fixed costs for construction or development. Expenses are added to the investment property if it is likely that these will provide future value, and the expense can be measured reliably. Other expenses for repair and maintenance are recognized in the income statement in the period in which they are incurred. The investment properties are depreciated on a straight-line basis over their expected lifetime.Investment property in the Group companies are presented on a separate line in the balance sheet.Climate riskThe climate changes that the world is facing today are significant, and this entails risks, but also opportunitiesfor companies. Climate risk refers to the potential damage or negative impact on human and natural systemsas a result of climate change. This can include physical risks, such as damage from extreme weather events,as well as transition risks related to the green shift, such as changes in political and regulatory frameworkconditions or market changes and economic losses due to the phasing out of fossil fuels in the transition to alow carbon economy.Borgestad has so far carried out an overall assessment of its exposure to climate risk guided by theframework from the Task Force on Climate-related Financial Disclosure (TCFD).Physical climate riskFor Borgestad, physical climate risk has mainly been assessed in the upstream value chain, i.e. linked to theextraction and deliveries of raw materials from areas including China and southern Asia. Effects on this partof the value chain, which in turn can affect Borgestad, will typically be linked to shutdowns and transportproblems resulting from various types of extreme weather and the impact it has on both the opportunity towork and society at large.Short term (0-3 years): In the short term, the risk of extreme weather of such a scale and frequency that itwill affect Borgestad's raw material deliveries, or equivalently for Borgestad's suppliers of refractory products,is considered to be relatively low.Medium term (3-10 years): Over time, increased occurrence of extreme weather conditions may begin toaffect various upstream suppliers and their local infrastructure. A number of such conditions may be relevant,including the direct effect of, for example, extreme heat (which may lead to shutdowns), water shortages(which may result in shutdowns or increased absences for workers) and rain/floods (which may result inshutdowns), and indirect effects through economic and political turbulence resulting from climate-relatedchallenges in society.Long-term (>10 years): In the long term, climate change may lead to further more extreme conditions, whichin turn cause disruptions, transport delays, conflict, political instability, disruption and migration. These factorscan have a significant impact on Borgestad's supply chains in vulnerable areasPotential financial impactsThe effects described above can affect Borgestad in two ways in particular:1. Increased prices resulting from reduced supply and still high demand2. Increased lead time for raw materials as a result of reduced supply, downtime and unpredictable extractionand transportBoth effects 1 and 2 will affect Borgestad's ability to deliver competitive prices with the desired delivery timeand predictability.\u2022 Potential economic consequences: High\u2022 Risk in the short term: Low\u2022 Medium-term risk: Medium\u2022 Long-term risk: MediumBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofthe group's exposure to various risk factors. A process that already appears to be significant is a mapping ofsubcontractors and increased communication/interaction with the value chain so that a more activerelationship with actual risk is achieved. Increased diversification when it comes to subcontractors may alsobecome relevant, to ensure access to various alternatives should any subcontractors be exposed to any ofthe above-mentioned risks.Climate transition riskFuture emission and environmental regulations will be necessary for the world to be able to reduce its climateimpact sufficiently for the targets in the Paris Agreement to be reached. The societal change that comesthrough this restructuring is referred to as the green shift. Transition risk is a collective term for the type of riskthat arises due to this changeover.Regulatory riskFailure to comply with new regulations may result in fines or non-approval of compliance documentation.Future regulations may entail significantly increased costs for negative climate impacts, for example throughmore aggressive taxation of emissions of CO2 and other greenhouse gases. Such changes will entailsignificant increased costs for both Borgestad, our production partner and our customers and are thus athreat to both supply and demand for refractory products. At the same time, it will result in increased pressureto transition to alternative energy sources, a transition that is important for Borgestad to be aware of andconsider how to deal with.Borgestad operates in a relatively emissions-intensive industry, as do several of our customers. The group isaware of this and the uncertainty it entails and will continue its work to map which transition risks the businessand the value chains are exposed to.Potential financial impactsProduction of refractory products is a relatively energy-intensive business. Borgestad has reduced its directrisk exposure, but is still exposed to regulatory risk through our German partner's production, and now hasless influence on how this risk is handled.Borgestad considers this risk to be particularly relevant to our business and will prioritize further analyzes ofthis going forward. Borgestad's initial survey points to the following as significant risk points for furtherinvestigation:Risk point 1: Increased tax on CO2 and other greenhouse gases will increase the production cost forBorgestad and our suppliers of refractory products where natural gas is a significantenergy source. This will affect the prices we have to charge our customers and may affect our profitability andcompetitiveness, if other players can price themselves lower due to less exposure to such cost increases.Risk point 2: Increased tax on CO2 and other greenhouse gases will increase production costs forcustomers. This can result in reduced purchasing power and willingness to pay as a result of pressuredprofitability. This effect can be further influenced by customers having to deal with Borgestad's emissionsthrough their own Scope 3 calculations and reports.\u2022 Potential economic consequences: High\u2022 Risk in the short term: Low\u2022 Medium-term risk: Medium\u2022 Long-term risk: HighBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofour exposure to various risk factors. It is nevertheless reasonable to assume that an increased focus onreducing emission intensity through innovation and technology development will be necessary.Reputational riskThe company's business emission intensity can pose a reputational risk. Failure to comply with upcomingregulatory requirements could exacerbate this risk. New regulatory requirements will also make it easier forstakeholders to monitor how companies approach their own emissions. It will be important for Borgestad toget a good overview of its own emissions and how the group works with this in the long term.Potential financial impactsA lack of sustainable practice can negatively affect the outcome of tender processes for Borgestad. Withgrowing awareness of climate issues and increasing pressure on sustainability, many companies areincorporating green criteria when making their procurement decisions. This could lead to a negative incomeeffect for Borgestad through loss of business and income. Furthermore, a lack of focus on sustainability-related topics can lead to a lower willingness to invest from investors and banks.\u2022 Potential economic consequences: Low\u2022 Risk in the short term: Low\u2022 Medium-term risk: Low\u2022 Long-term risk: MediumBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofour exposure to various risk factors, where the risk is considered high.Potential financial impactsIncreased costs linked to the emission of greenhouse gases as discussed above can also lead to increaseddemand for high-quality refractory products, as this type of product can be an important means of reducingour customers' energy use and thus their own emissions. This represents both an opportunity for Borgestad,if the group manages to offer good products with industry-leading properties, and a commercial risk if thegroup itself or through production partners does not have access to products of sufficiently high quality.\u2022 Potential economic consequences: High\u2022 Risk in the short term: Low\u2022 \u2022Medium-term risk: Medium\u2022 \u2022Long-term risk: HighBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofour exposure to various risk factors. At the same time, it indicates that a diversification of the product offeringand the markets in which the group operates will have to be considered, as well as that investments ininnovation and new technology will be prioritized, as this will probably contribute to a more sustainablepractice, optimization on the cost/expenditure side and thus be central to handling of risk.Financial instrumentsFinancial assets and liabilities within the scope of IFRS 9 are classified in the following relevant categories forthe Group:\u2022 Financial assets at amortized cost;\u2022 Equity instruments (shares) at fair value through profit or loss;\u2022 Equity instruments (shares) at fair value through other comprehensive income;- Financial derivatives that are measured at fair value over profit or loss, unless the derivatives are designedin an effective hedging relationship;\u2022 Other financial obligations at amortized costThe Group has no investments in debt instruments that are measured at fair value with changes in valuethrough other comprehensive income.Receivables and impairment of financial assetsThe Group's receivables, which mainly consist of trade receivables with short maturities and receivables fromlease agreements, are held to receive contractual cash flows and the cash flows only consist of payment offace value and any interest. Group receivables are measured at amortized cost, less provision for expectedlosses. The Group regularly reviews outstanding receivables and prepares for each reporting periodestimates for bad debts which form the basis for the accounting provision. In addition, the expected loss isassessed based on the best available information on historical, current and future conditions. In accordancewith IFRS 9, a simplified loss provision model is used for trade receivables and lease receivables, where, inaddition to actual loss events, provision is made for expected future losses over the lifetime of the receivable.According to IFRS 9, financial assets are to be classified in three measurement categories: fair value withvalue change through profit or loss, fair value with value change through other comprehensive income (OCI)and amortized cost. The classification is based on whether the instruments are held in a business model bothto receive contractual cash flows and for sale, and whether contractual cash flows are only payments ofinterest and principal on given dates.Financial instruments held primarily for the purpose of selling or buying back in the short term are classifiedas current shares. Other shares are classified as fixed assets.Derivatives at fair value designated as hedging instrumentsThe Group has entered into interest rate protection for the mortgage loan in Agora Bytom. On initialaccounting, derivatives are entered at fair value. The derivates are measured at fair value at each reportingdate. All the Group's derivatives are entered into and earmarked for hedging purposes and are accounted foras hedging instruments.Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fairvalue through other comprehensive income (OCI).BorrowingsBorrowing is accounted for at amortized cost using the effective interest method. Unamortized transactioncosts are entered against the loan account in the balance sheet and the amortization costs are reflected inthe profit and loss account as interest costs. Any gains and losses are only recognized in the incomestatement when the obligation is redeemed.Loan expensesBorrowing expenses are recognized in the income statement when the borrowing cost is incurred. Borrowingcosts are entered in the balance sheet to the extent that these are directly related to the manufacture of afixed asset. Entering of the loan costs at the balance sheet is done up to the time the fixed asset is ready foruse.Impairment of non-financial assets and goodwillOn the balance sheet date, Borgestad assesses whether there are objective impairment indicators for fixedassets, including investment properties and goodwill. Goodwill is tested annually. If there is an impairmentindicator, the recoverable amount is calculated. Recoverable amount is the higher of an asset's fair value lesscosts of disposal and the asset's value in use for the company. Value in use is calculated based on adiscounting of expected future cash flows from the asset. When it is assumed that the asset's recoverableamount is lower than the balance sheet value, the asset is written down to it\u2019s recoverable amount.Write-downs booked in previous periods are only reversed if there are changes in the estimates used todetermine the recoverable amount. However, the reversal amount can only be so large that the balance sheetvalue after the reversal corresponds at most to the value at which the asset would have been registered if thewrite-down had not been carried out earlier. Such reversals are recognized in the income statement.ProvisionsProvisions are recognized when the Group has an actual obligation (legal or assumed) as a result of eventsthat have occurred and it is likely that a financial settlement will occur as a result of the obligation, and thatthe size of the amount can be measured reliably.Contingent liabilities and assetsContingent liabilities are not accounted for in the annual accounts. Contingent liabilities are disclosed, withthe exception of contingent liabilities where the probability of future cash outflows is considered to be verylow.A contingent asset is not accounted for in the annual accounts, but is disclosed in cases where there is apreponderance of probability that a benefit will flow to the Group.LeasesIdentification of a leaseWhen entering into a contract, the Group assesses whether the contract is or contains a lease agreement. Acontract is or contains a lease if the contract transfers the right to control the use of an identified asset for aperiod of time in exchange for consideration.The Group as lesseeSeparation of the components of a leaseFor contracts that constitute or contain a lease, the Group separates lease components if it can benefit fromthe use of an underlying asset either alone or together with other resources that are readily available to theGroup, and the underlying asset is neither highly dependent on nor closely connected to other underlyingassets in the contract. The Group then accounts for each individual lease component of the contract as alease separately from non-lease components of the contract.Recognition of lease agreements and recognition exceptionsAt the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset forall its lease agreements, with the exception of the following applied exceptions:\u2022 Short-term leases (lease period of 12 months or less)\u2022 Assets of low valueFor these leases, the Group recognizes the lease payments as other operating costs in the profit and lossaccount when they are incurred.Lease obligationsThe Group measures lease obligations at the time of implementation at the present value of the leasepayments that are not paid at this time. The lease period represents the non-cancellable period of the leaseagreement, in addition to periods covered by an option either to extend or terminate the lease agreement ifthe Group with reasonable certainty will (will not) exercise this option.\u2022 The rental payments included in the measurement of the lease liability consist of:\u2022 Fixed rental payments (including in reality fixed payments), minus any receivables in the form of rentalincentives\u2022 Variable lease payments that depend on an index or an interest rate, first measured using the index orinterest rate at the time of commencement\u2022 Amounts expected to be paid for the Group in accordance with residual value guarantees\u2022 The exercise price for a call option, if the Group will with reasonable certainty exercise this option\u2022 Payment of a fine for terminating the lease, if the lease period reflects that the Group will exercise an optionto terminate the leaseThe lease liability is subsequently measured by increasing the carrying amount to reflect the interest on thelease liability, reducing the carrying amount to reflect lease payments made and re-measuring the carryingamount to reflect any revaluations or changes to the lease, or to reflect adjustments in lease payments thatresulting from adjustments in indices or rates.The Group presents its lease obligations on separate lines in the balance sheet.Rights of use assetsThe Group measures right-of-use assets at acquisition cost, less accumulated depreciation and impairmentlosses, adjusted for any new measurements of the rental obligation. Acquisition cost for the right-of-useassets includes:\u2022 The amount from the initial measurement of the rental obligation\u2022 All rental payments at or before the commencement date, minus any rental incentives received\u2022 All direct expenses for the conclusion of the agreement incurred by the Group\u2022 An estimate of the expenses incurred by the lessee for dismantling and removing the underlying asset,restoring the site where the unit is located, or restoring the underlying asset to the condition required by theterms of the lease, unless these expenses are incurred during the production of the goods.The Group applies the depreciation requirements in IAS 16 Property, plant and equipment when depreciatingthe right-of-use asset, except that the right-of-use asset is depreciated from the time of implementation untilthe earlier of the end of the lease period and the end of the right-of-use asset's useful life.The Group applies IAS 36 \"Impairment of assets\" to determine whether the right-of-use asset is impaired andto account for any proven impairment losses.Right-of-use assets and the rental obligation are listed in Note 12The Group as a lessorFor contracts where the Group acts as a lessor, it classifies each of its leases as either an operating lease ora finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewardsincidental to ownership of an underlying asset. A lease is classified as an operating lease if it does nottransfer substantially all the risks and rewards incidental to ownership of an underlying asset.The group as a lessor does not have any finance leases.Operating leasesFor operating leases, the Group recognises lease payments as revenue, mainly on a straight-line basis,unless another systematic basis is more representative of the pattern in which benefit from the use of theunderlying asset is diminished. Service charges and marketing income are recognised as other income. TheGroup recognises costs incurred in earning the lease income in other operating expenses. The Group addsinitial direct costs incurred in obtaining an operating lease to the carrying amount of the underlying asset andrecognises those costs as an expense over the lease term on the same basis as the rental income.Cash and cash equivalentsCash and cash equivalents include cash balances and bank deposits. Cash and cash equivalents are bookedat nominal values in the balance sheet. Restricted funds are included in cash and cash equivalents.Public grantsPublic grants are accounted for when there is reasonable certainty that the company will fulfill the conditionsrelating to the grants, and the grants will be received. Accounting for operating grants is recognized in asystematic way over the grant period. Grants are deducted from the cost that the grant is intended to cover.Investment grants are entered in the balance sheet and recognized in a systematic way over the useful life ofthe asset. Investment grants are recognized either by the grant being entered as deferred income, or by thegrant being deducted when determining the asset's balance sheet value.WarehouseInventories are accounted for at the lower of acquisition cost and net selling price. Net selling price is theestimated selling price for ordinary operations minus estimated costs for completion, marketing anddistribution. Acquisition cost is assigned using the FIFO method and includes expenses incurred whenacquiring the goods and costs to bring the goods to their current condition and location. In-house producedgoods include variable and fixed costs that can be allocated based on normal capacity utilization.Research and developmentExpenses related to research activities are recognized in the income statement when incurred. Expendituresrelated to development activities are recognized in the balance sheet to the extent that the product or processis technically and commercially feasible and the Group has sufficient resources to complete the development.In this accounting period, the Group has no development activities that satisfy the criteria for balance sheetentry.DividendDividends proposed by the board are booked as a liability in the accounts only when they have beenapproved by the shareholders in a general meeting.Own sharesBorgestad ASA's holding of own shares has been brought up to par value before deductions under otherpaid-in capital. The difference between nominal value and acquisition cost is deducted under other equity.Earnings per shareProfit per share is calculated by dividing the result by a weighted average number of outstanding shares inthe reporting period. Buy-backs of ordinary shares in the period are weighted based on the period they wereoutstanding. Diluted profit per share is calculated by using the Group's profit, divided by the average numberof outstanding shares weighted over the relevant period and the shares that can potentially be converted.There are no conversion rights or outstanding shares in the Group as of 31 December 2023 and 2022.Diluted earnings per share therefore correspond to earnings per share.Income taxTax expense consists of payable tax and changes in deferred tax. Deferred tax liability and deferred taxassets are calculated on all differences between the accounting and tax value of assets and liabilities with theexception of:\u2022 temporary difference related to goodwill which is not tax deductible\u2022 temporary differences related to investments in subsidiaries or associated companies if the Group controlsthe timing of when the temporary differences will be reversed and this is not expected to happen in theforeseeable future.Deferred tax assets are recognized in the balance sheet when it is likely that the company will have sufficienttax profits in later periods to make use of the tax advantage. Accounting for deferred tax assets is subject torelatively strict requirements with regard to the likelihood of actual future utilization. The accounting for this istherefore based on comprehensive assessments. Any changes in the estimate are included in the tax cost forthe year.Deferred tax assets and liabilities are measured based on the expected future tax rate of the companies inthe Group where temporary differences have arisen. Deferred tax is presented net when there is a legal rightto set off payable tax against tax benefits within the same tax system, and the Group is expected to make anet settlement.Payable tax and deferred tax are accounted for directly against equity to the extent that the tax items relate toequity transactions.Related partiesParties are considered to be closely related if one party has the opportunity to directly or indirectly control theother party or has significant influence over the other party with regard to financial and operational decisions.Parties are also closely related if they are subject to joint control or are under joint significant influence. Alltransactions between related parties are based on the arm's length principle (assumed market value).Use of estimates and discretionary valuationsPreparation of the Group's accounts means that the management makes estimates and discretionaryassessments. This will therefore affect the amounts reported in the financial statements and theaccompanying notes. The management bases its estimates and judgments on past experience and onvarious other factors which are believed to be reasonable and reasonable in the circumstances.Future events may cause the estimates to change. Estimates and the underlying assumptions are assessedon an ongoing basis. Changes in accounting estimates are accounted for in the period in which the changesoccur. If the changes also apply to future periods, the effect is distributed over the current and future periods.The areas with the greatest risk of significant changes are the value of investment property, goodwill andshares. Estimates and assumptions are discussed in more detail below, as well as in the various notes to theannual accounts.The main areas for assessments and associated estimate uncertainty at the time of the balance sheet arestated and explained below:Fixed assets and investment propertiesThe Group carries out impairment assessments when there is an indication of a decline in value. Recoverableamount from cash flow generating units is calculated from discounted future cash flows.When calculating depreciation for the operating assets, the economic useful life is based on estimates. Theestimate is based on a long history and experience with the production of refractory elements and theoperation of real estate, respectively, which results in lower estimate uncertainty.For production equipment, major shifts in the market can lead to the need for a changed production rangeand thus changes in parts of the production apparatus. This may lead to changed estimates in the lifetime ofexisting machines. Likewise, the technological development could lead to changes in that some productionequipment could be discarded, while other equipment could have its lifetime significantly extended with minoradaptations to new technology.The Group's investment property are accounted for using the cost method with annual depreciation. Thisshould basically reduce the risk of a decline in value beyond the balance sheet value. For the Group, thevaluing Agora Bytom is the estimate subject to the largest estimation uncertainty. Main input and assumptionsused in the valuation are discount rate, rent per sqm, vacancy, capitalization expenses and growth in terminalvalue. In Note 9, further and more detailed information are explained.Deferred tax assetsA deferred tax asset is recognized as an asset to the extent that it is likely that the Group will have sufficientfuture tax profits to utilize the tax advantage of the unused tax losses, temporary differences and unused taxcredits. Assessments must be made to determine the amount that can be recognized as an asset. Thebalance sheet value of the asset is reviewed at each balance sheet date and is reduced to the extent that theGroup can no longer utilize the benefit.Future events and changes in framework conditions may mean that estimates and assumptions have to bechanged. New statements and interpretations of standards may also mean that the choice of principles andpresentation will be changed. Such changes will be accounted for when new estimates are drawn up and newrequirements for presentation possibly exist. These conditions are discussed in both the principle descriptionand notes.Estimate Note 2023Recoverable amount for impairmentFixed assets, intangible assets andassessment and estimation of remaining11 784 862investment propertiesuseful life and scrap valueShares and other financial instruments Fair value 16,19 176Assessment of the ability to exploit taxDeferred tax assets7 13 734positions in the futureEvents after the balance sheet dateNew information after the balance sheet date about the company's financial position on the balance sheetdate is taken into account in the annual accounts. Events after the balance sheet date that do not affect thecompany's financial position on the balance sheet date, but which will affect the company's financial positionin the future, are disclosed if this is significant.Changes in accounting principles and note informationNo changes in IFRS with effect for the 2023 accounts have been relevant or implemented the in 2023.New accounting standardsNone of the accounting standards or changes in accounting standards that have been published but are notyet effective are expected to have a significant impact on Borgestad's financial reporting. Furthermore, noneof the recently published agenda decisions from the interpretation body IFRS Interpretations Committee areexpected to entail the need for significant changes in Borgestad's accounting principles or their practice.There are no significant events in 2023 per balance sheet date beyond normal operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__19": { "value": "Note 2 Basis for preparation and estimates and assumptionsStatement of complianceBorgestad has prepared its consolidated financial statements in accordance with IFRS\u00a9 AccountingStandards as adopted by the EU as at 31 December 2023 and Norwegian disclosure requirements pursuantto the Norwegian accounting act as at 31 December 2023.The consolidated financial statements have been prepared under the historical cost convention. Thepreparation of financial statements in accordance with IFRS requires the use of estimates. It also requiresmanagement to exercise its judgement in the process of applying the company\u2019s accounting policies. Areasinvolving a higher degree of judge mentor complexity, or areas where assumptions and estimates are materialto the consolidated financial statements.The consolidated accounts as at 31 December 2023 have been approved by the company's board on 26 April2024 and will be presented for approval at the ordinary general meeting on 3 June 2024.Change in comparative figuresIn 2023 Management have renamed the consolidated income statement line item from \u201cCost of goods sold\u201d tomaterials, supplies and subcontracting. The Group consider the change to present a more fair and correctclassification of the accounting items. As a result, The Borgestad Group has changed the comparative figurein materials, supplies and subcontracting for 2022, which is increased by TNOK 184,317, at the same time,other operating expenses have been reduced by TNOK 184,317. The nature of the increase in Materials,supplies and subcontracting are mainly offset by the inclusion of subcontractors and production expenseswhich previously was presented as \u201cOther operating expenses\u201d. The Group consider the change to be morefair and correct classification of the accounting items.Reported 2022 2022Revenue and other income 931 726Materials, supplies and subcontracting 260 555Salary and personnel expenses 292 525Other expenses 326 352Total operating expenses 879 433EBITDA 52 293Changes included in 2023 for 2022 figures 2022Revenue and other income -Materials, supplies and subcontracting 184 317Salary and personnel expenses -Other expenses -184 317Total operating expenses -EBITDA -Reported 2022 figures in 2023 the Annual report 2022Revenue and other income 931 726Materials, supplies and subcontracting 444 873Salary and personnel expenses 292 525Other expenses 142 035Total operating expenses 879 433EBITDA 52 293Changes after the presented fourth quarterFollowing the submission of the Q4 2023 report, Management has conducted a new assessment of AgoraBytom, which has led to an additional write-down of NOK 30.8 million. The reasons for this additional write-down are due to discounts given to tenants and an increase in structural vacancy from 3% to 4%. See Note 9for more information about the write-down.Consolidation principlesThe Group\u2019s consolidated financial statements comprise the parent company and it's subsidiaries as of 31.December 2023. An entity has been assessed as being controlled by the Group when the Group is exposedfor or have the rights to variable returns from its involvement with the entity, and has the ability to use itspower over the entity to affect the amount of the Group\u2019s returns.Thus, the Group controls an entity if and only if the Group has all the following: power over the entity;exposure, or rights, to variable returns from its involvement with the entity; and the ability to use its powerover the entity to affect the amount of the Group\u2019s returns.There is a presumption that if the Group has the majority of the voting rights in an entity, the entity isconsidered as a subsidiary. To support this presumption and when the Group has less than a majority of thevoting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessingwhether it has power over the entity. Including ownership interests, voting rights, ownership structure andrelative power, as well as options controlled by the Group and shareholder's agreement or other contractualagreements. The assessments are done for each individual investment.The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there arechanges to one or more of the three elements of control.Business combinations are accounted for by using the acquisition method. Consolidation of a subsidiarybegins when the Group obtains control over the subsidiary and ceases when the Group loses control of thesubsidiary.When necessary, adjustments are made to the financial statements of subsidiaries to bring their accountingpolicies into line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income,expenses and cash flows relating to transactions between members of the Group are eliminated in full onconsolidation.Non-controlling interests is presented separately under equity in the Group's balance sheet.Business combinations and goodwillGoodwillWhen purchasing a business, all acquired assets and liabilities are assessed for classification andassignment in accordance with contract terms, financial circumstances and relevant conditions at the time ofacquisition. The difference between the consideration for acquisition and the fair value of net identifiableassets and liabilities at the time of acquisition is classified as goodwill. When investing in affiliated companies,goodwill is included in the investment's carrying value.Goodwill is entered in the balance sheet at acquisition cost, less any accumulated write-downs. Goodwill isnot written off, but is tested at least annually for impairment. In connection with this, goodwill is allocated tocash-flow-generating units or Groups of cash-flow-generating units that are expected to benefit from thesynergy effects of the business combination.CurrencyFunctional currency and presentation currencyThe consolidated accounts are presented in Norwegian kroner (NOK). Transactions carried out by therespective Group companies are recorded in the currency that is generally used in the economic environmentwhere the units operate (functional currency).Transactions and balance sheet items in foreign currencyTransactions in foreign currency are converted to the average annual exchange rate as an approximation ofusing the exchange rate on the day of the transaction. Currency gains and losses that arise as a result ofchanges in the exchange rates between the time of the transaction and the time of payment and which aredue to the conversion of cash items in foreign currency to exchange rates at the end of the balance sheetdate are accounted for in the income statement, with the exception of translation differences that are linked tothe Group's net investment in a foreign entity. These conversion differences have been entered via astatement of comprehensive income against equity. Claims on foreign entities are included as part of the netinvestment in cases where settlement of the claim is neither planned nor likely in the foreseeable future. Inthe event of a future sale of a foreign entity with a functional currency different from the Group's presentationcurrency, all accumulated translation differences relating to the entity will be included in the calculation of gainor loss.Non-monetary assets and liabilities in foreign currency that are accounted for at historical cost are includedbased on the exchange rates at the time of the transaction.ConsolidationThe accounts for all units in the Group that use a functional currency that deviates from the Group'spresentation currency are converted to the Group's presentation currency as follows:- Assets and liabilities are converted to closing prices on the balance sheet date;- Income and costs are converted to annual average rates; and- All conversion differences are shown on a separate line as part of the statement of comprehensive income.Currency on intra-Group loans as well as the associated tax cost that is included as part of the net investmentin subsidiaries is accounted for against other income and costs that will be reclassified above profit.Principles of income recognitionAccording to IFRS 15, the Group must recognize the income when the delivery obligations are fulfilled oralternatively as the delivery obligations are fulfilled. This happens when the customer has taken over controlof the product or service linked to a given delivery obligation. Apart from non-quantifiable frameworkagreements, the income is order-driven.The Group recognizes income from the following three main sources:\u2022 Ongoing sales of refractory products\u2022 Sale of installation and maintenance services to the refractory industry\u2022 Rental income as a lessorFor the Refractory segment, income mainly consists of deliveries of refractory materials or other goods tovarious types of customers as well as installation services. Transaction prices for refractory materials are setand measured per ton, while transaction prices for installation and maintenance services are set in deliveryagreements and project agreements. Income from the sale of these goods is recognized in the incomestatement when delivery has taken place. Most of segment refractory's deliveries of refractory products havethe time of delivery at the time of handover to the carrier. Installation service and maintenance projects havea relatively short duration and are recognized as revenue in line with progress.Installation and maintenance services of refractory materials are seasonal and there is little activity at thebeginning and end of the year. Installation projects and maintenance services of refractory materials normallyhave a short time horizon and the delivery times for the transfer of goods and services are clear. The serviceperformed and the delivery of goods are also easy to quantify. Accrual of income is therefore followed byquantified achieved degree of completion for installation and maintenance projects. Accrued costs are takeninto account in the final invoicing upon handover of the project.Warranty obligations related to the sale of refractory products, installation and maintenance services cannotbe sold separately and the Group's warranty give customers assurance that the products meet the setrequirements. The Group will recognize guarantee obligations in accordance with IAS 37.Classification of items in the balance sheetCurrent assets and short-term liabilities include items due for payment within one year of the balance sheet date, as well as items linked to the product cycle if this is later. The short-term part of long-term debt is classified as short-term debt. Financially motivated investments that the Group expects to realize within one year after the balance sheet date are classified as current assets, other assets are classified as fixed asset.Fixed assetsFixed assets are entered in the balance sheet at acquisition cost less accumulated depreciation and write-downs. When assets are sold or disposed of, the balance sheet value is deducted and any loss or gain is recognized in profit or loss.Depreciation is calculated using the straight-line method based on the assumed useful life and residual value at the end of the useful life. The depreciation period and method are assessed annually to ensure that the method and period used correspond to the financial realities of the fixed asset. The same applies to residual value.Acquisition cost for fixed assets is the purchase price, including fees/taxes and costs directly related to putting the fixed asset in condition for use. Expenses incurred after the asset has been put into use, such as ongoing maintenance, are recognized in the income statement, while other expenses that are expected to provide future financial benefits are recognized in the balance sheet.Gains on disposal of fixed assets, investment properties and development projects are presented as other income. Increases in the value of investment properties are only recognized on full or partial sales.SegmentsFor management reporting purposes, the Group is organized into business units based on its activities and has three reportable segments. The financial information relating to segments is presented in Note 3 Segment.Investment propertyThe Group owns both investment properties and a building acquired for its own use. Properties that are acquired for the purpose of letting out to tenants outside the Group, and that are acquired to achieve a long-term return on rental income or to achieve an increase in value, or both, are classified as investment properties. In this context, tenants who are affiliated with the company are considered to be tenants outside the Group.The Group's investment property is listed at acquisition cost, less accumulated depreciation and write-downs. Acquisition cost includes transaction costs for purchase, and design costs, direct labor costs, borrowing costs, other direct costs and related fixed costs for construction or development. Expenses are added to the investment property if it is likely that these will provide future value, and the expense can be measured reliably. Other expenses for repair and maintenance are recognized in the income statement in the period in which they are incurred. The investment properties are depreciated on a straight-line basis over their expected lifetime.Investment property in the Group companies are presented on a separate line in the balance sheet.Climate riskThe climate changes that the world is facing today are significant, and this entails risks, but also opportunitiesfor companies. Climate risk refers to the potential damage or negative impact on human and natural systemsas a result of climate change. This can include physical risks, such as damage from extreme weather events,as well as transition risks related to the green shift, such as changes in political and regulatory frameworkconditions or market changes and economic losses due to the phasing out of fossil fuels in the transition to alow carbon economy.Borgestad has so far carried out an overall assessment of its exposure to climate risk guided by theframework from the Task Force on Climate-related Financial Disclosure (TCFD).Physical climate riskFor Borgestad, physical climate risk has mainly been assessed in the upstream value chain, i.e. linked to theextraction and deliveries of raw materials from areas including China and southern Asia. Effects on this partof the value chain, which in turn can affect Borgestad, will typically be linked to shutdowns and transportproblems resulting from various types of extreme weather and the impact it has on both the opportunity towork and society at large.Short term (0-3 years): In the short term, the risk of extreme weather of such a scale and frequency that itwill affect Borgestad's raw material deliveries, or equivalently for Borgestad's suppliers of refractory products,is considered to be relatively low.Medium term (3-10 years): Over time, increased occurrence of extreme weather conditions may begin toaffect various upstream suppliers and their local infrastructure. A number of such conditions may be relevant,including the direct effect of, for example, extreme heat (which may lead to shutdowns), water shortages(which may result in shutdowns or increased absences for workers) and rain/floods (which may result inshutdowns), and indirect effects through economic and political turbulence resulting from climate-relatedchallenges in society.Long-term (>10 years): In the long term, climate change may lead to further more extreme conditions, whichin turn cause disruptions, transport delays, conflict, political instability, disruption and migration. These factorscan have a significant impact on Borgestad's supply chains in vulnerable areasPotential financial impactsThe effects described above can affect Borgestad in two ways in particular:1. Increased prices resulting from reduced supply and still high demand2. Increased lead time for raw materials as a result of reduced supply, downtime and unpredictable extractionand transportBoth effects 1 and 2 will affect Borgestad's ability to deliver competitive prices with the desired delivery timeand predictability.\u2022 Potential economic consequences: High\u2022 Risk in the short term: Low\u2022 Medium-term risk: Medium\u2022 Long-term risk: MediumBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofthe group's exposure to various risk factors. A process that already appears to be significant is a mapping ofsubcontractors and increased communication/interaction with the value chain so that a more activerelationship with actual risk is achieved. Increased diversification when it comes to subcontractors may alsobecome relevant, to ensure access to various alternatives should any subcontractors be exposed to any ofthe above-mentioned risks.Climate transition riskFuture emission and environmental regulations will be necessary for the world to be able to reduce its climateimpact sufficiently for the targets in the Paris Agreement to be reached. The societal change that comesthrough this restructuring is referred to as the green shift. Transition risk is a collective term for the type of riskthat arises due to this changeover.Regulatory riskFailure to comply with new regulations may result in fines or non-approval of compliance documentation.Future regulations may entail significantly increased costs for negative climate impacts, for example throughmore aggressive taxation of emissions of CO2 and other greenhouse gases. Such changes will entailsignificant increased costs for both Borgestad, our production partner and our customers and are thus athreat to both supply and demand for refractory products. At the same time, it will result in increased pressureto transition to alternative energy sources, a transition that is important for Borgestad to be aware of andconsider how to deal with.Borgestad operates in a relatively emissions-intensive industry, as do several of our customers. The group isaware of this and the uncertainty it entails and will continue its work to map which transition risks the businessand the value chains are exposed to.Potential financial impactsProduction of refractory products is a relatively energy-intensive business. Borgestad has reduced its directrisk exposure, but is still exposed to regulatory risk through our German partner's production, and now hasless influence on how this risk is handled.Borgestad considers this risk to be particularly relevant to our business and will prioritize further analyzes ofthis going forward. Borgestad's initial survey points to the following as significant risk points for furtherinvestigation:Risk point 1: Increased tax on CO2 and other greenhouse gases will increase the production cost forBorgestad and our suppliers of refractory products where natural gas is a significantenergy source. This will affect the prices we have to charge our customers and may affect our profitability andcompetitiveness, if other players can price themselves lower due to less exposure to such cost increases.Risk point 2: Increased tax on CO2 and other greenhouse gases will increase production costs forcustomers. This can result in reduced purchasing power and willingness to pay as a result of pressuredprofitability. This effect can be further influenced by customers having to deal with Borgestad's emissionsthrough their own Scope 3 calculations and reports.\u2022 Potential economic consequences: High\u2022 Risk in the short term: Low\u2022 Medium-term risk: Medium\u2022 Long-term risk: HighBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofour exposure to various risk factors. It is nevertheless reasonable to assume that an increased focus onreducing emission intensity through innovation and technology development will be necessary.Reputational riskThe company's business emission intensity can pose a reputational risk. Failure to comply with upcomingregulatory requirements could exacerbate this risk. New regulatory requirements will also make it easier forstakeholders to monitor how companies approach their own emissions. It will be important for Borgestad toget a good overview of its own emissions and how the group works with this in the long term.Potential financial impactsA lack of sustainable practice can negatively affect the outcome of tender processes for Borgestad. Withgrowing awareness of climate issues and increasing pressure on sustainability, many companies areincorporating green criteria when making their procurement decisions. This could lead to a negative incomeeffect for Borgestad through loss of business and income. Furthermore, a lack of focus on sustainability-related topics can lead to a lower willingness to invest from investors and banks.\u2022 Potential economic consequences: Low\u2022 Risk in the short term: Low\u2022 Medium-term risk: Low\u2022 Long-term risk: MediumBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofour exposure to various risk factors, where the risk is considered high.Potential financial impactsIncreased costs linked to the emission of greenhouse gases as discussed above can also lead to increaseddemand for high-quality refractory products, as this type of product can be an important means of reducingour customers' energy use and thus their own emissions. This represents both an opportunity for Borgestad,if the group manages to offer good products with industry-leading properties, and a commercial risk if thegroup itself or through production partners does not have access to products of sufficiently high quality.\u2022 Potential economic consequences: High\u2022 Risk in the short term: Low\u2022 \u2022Medium-term risk: Medium\u2022 \u2022Long-term risk: HighBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofour exposure to various risk factors. At the same time, it indicates that a diversification of the product offeringand the markets in which the group operates will have to be considered, as well as that investments ininnovation and new technology will be prioritized, as this will probably contribute to a more sustainablepractice, optimization on the cost/expenditure side and thus be central to handling of risk.Financial instrumentsFinancial assets and liabilities within the scope of IFRS 9 are classified in the following relevant categories forthe Group:\u2022 Financial assets at amortized cost;\u2022 Equity instruments (shares) at fair value through profit or loss;\u2022 Equity instruments (shares) at fair value through other comprehensive income;- Financial derivatives that are measured at fair value over profit or loss, unless the derivatives are designedin an effective hedging relationship;\u2022 Other financial obligations at amortized costThe Group has no investments in debt instruments that are measured at fair value with changes in valuethrough other comprehensive income.Receivables and impairment of financial assetsThe Group's receivables, which mainly consist of trade receivables with short maturities and receivables fromlease agreements, are held to receive contractual cash flows and the cash flows only consist of payment offace value and any interest. Group receivables are measured at amortized cost, less provision for expectedlosses. The Group regularly reviews outstanding receivables and prepares for each reporting periodestimates for bad debts which form the basis for the accounting provision. In addition, the expected loss isassessed based on the best available information on historical, current and future conditions. In accordancewith IFRS 9, a simplified loss provision model is used for trade receivables and lease receivables, where, inaddition to actual loss events, provision is made for expected future losses over the lifetime of the receivable.According to IFRS 9, financial assets are to be classified in three measurement categories: fair value withvalue change through profit or loss, fair value with value change through other comprehensive income (OCI)and amortized cost. The classification is based on whether the instruments are held in a business model bothto receive contractual cash flows and for sale, and whether contractual cash flows are only payments ofinterest and principal on given dates.Financial instruments held primarily for the purpose of selling or buying back in the short term are classifiedas current shares. Other shares are classified as fixed assets.Derivatives at fair value designated as hedging instrumentsThe Group has entered into interest rate protection for the mortgage loan in Agora Bytom. On initialaccounting, derivatives are entered at fair value. The derivates are measured at fair value at each reportingdate. All the Group's derivatives are entered into and earmarked for hedging purposes and are accounted foras hedging instruments.Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fairvalue through other comprehensive income (OCI).BorrowingsBorrowing is accounted for at amortized cost using the effective interest method. Unamortized transactioncosts are entered against the loan account in the balance sheet and the amortization costs are reflected inthe profit and loss account as interest costs. Any gains and losses are only recognized in the incomestatement when the obligation is redeemed.Loan expensesBorrowing expenses are recognized in the income statement when the borrowing cost is incurred. Borrowingcosts are entered in the balance sheet to the extent that these are directly related to the manufacture of afixed asset. Entering of the loan costs at the balance sheet is done up to the time the fixed asset is ready foruse.Impairment of non-financial assets and goodwillOn the balance sheet date, Borgestad assesses whether there are objective impairment indicators for fixedassets, including investment properties and goodwill. Goodwill is tested annually. If there is an impairmentindicator, the recoverable amount is calculated. Recoverable amount is the higher of an asset's fair value lesscosts of disposal and the asset's value in use for the company. Value in use is calculated based on adiscounting of expected future cash flows from the asset. When it is assumed that the asset's recoverableamount is lower than the balance sheet value, the asset is written down to it\u2019s recoverable amount.Write-downs booked in previous periods are only reversed if there are changes in the estimates used todetermine the recoverable amount. However, the reversal amount can only be so large that the balance sheetvalue after the reversal corresponds at most to the value at which the asset would have been registered if thewrite-down had not been carried out earlier. Such reversals are recognized in the income statement.ProvisionsProvisions are recognized when the Group has an actual obligation (legal or assumed) as a result of eventsthat have occurred and it is likely that a financial settlement will occur as a result of the obligation, and thatthe size of the amount can be measured reliably.Contingent liabilities and assetsContingent liabilities are not accounted for in the annual accounts. Contingent liabilities are disclosed, withthe exception of contingent liabilities where the probability of future cash outflows is considered to be verylow.A contingent asset is not accounted for in the annual accounts, but is disclosed in cases where there is apreponderance of probability that a benefit will flow to the Group.LeasesIdentification of a leaseWhen entering into a contract, the Group assesses whether the contract is or contains a lease agreement. Acontract is or contains a lease if the contract transfers the right to control the use of an identified asset for aperiod of time in exchange for consideration.The Group as lesseeSeparation of the components of a leaseFor contracts that constitute or contain a lease, the Group separates lease components if it can benefit fromthe use of an underlying asset either alone or together with other resources that are readily available to theGroup, and the underlying asset is neither highly dependent on nor closely connected to other underlyingassets in the contract. The Group then accounts for each individual lease component of the contract as alease separately from non-lease components of the contract.Recognition of lease agreements and recognition exceptionsAt the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset forall its lease agreements, with the exception of the following applied exceptions:\u2022 Short-term leases (lease period of 12 months or less)\u2022 Assets of low valueFor these leases, the Group recognizes the lease payments as other operating costs in the profit and lossaccount when they are incurred.Lease obligationsThe Group measures lease obligations at the time of implementation at the present value of the leasepayments that are not paid at this time. The lease period represents the non-cancellable period of the leaseagreement, in addition to periods covered by an option either to extend or terminate the lease agreement ifthe Group with reasonable certainty will (will not) exercise this option.\u2022 The rental payments included in the measurement of the lease liability consist of:\u2022 Fixed rental payments (including in reality fixed payments), minus any receivables in the form of rentalincentives\u2022 Variable lease payments that depend on an index or an interest rate, first measured using the index orinterest rate at the time of commencement\u2022 Amounts expected to be paid for the Group in accordance with residual value guarantees\u2022 The exercise price for a call option, if the Group will with reasonable certainty exercise this option\u2022 Payment of a fine for terminating the lease, if the lease period reflects that the Group will exercise an optionto terminate the leaseThe lease liability is subsequently measured by increasing the carrying amount to reflect the interest on thelease liability, reducing the carrying amount to reflect lease payments made and re-measuring the carryingamount to reflect any revaluations or changes to the lease, or to reflect adjustments in lease payments thatresulting from adjustments in indices or rates.The Group presents its lease obligations on separate lines in the balance sheet.Rights of use assetsThe Group measures right-of-use assets at acquisition cost, less accumulated depreciation and impairmentlosses, adjusted for any new measurements of the rental obligation. Acquisition cost for the right-of-useassets includes:\u2022 The amount from the initial measurement of the rental obligation\u2022 All rental payments at or before the commencement date, minus any rental incentives received\u2022 All direct expenses for the conclusion of the agreement incurred by the Group\u2022 An estimate of the expenses incurred by the lessee for dismantling and removing the underlying asset,restoring the site where the unit is located, or restoring the underlying asset to the condition required by theterms of the lease, unless these expenses are incurred during the production of the goods.The Group applies the depreciation requirements in IAS 16 Property, plant and equipment when depreciatingthe right-of-use asset, except that the right-of-use asset is depreciated from the time of implementation untilthe earlier of the end of the lease period and the end of the right-of-use asset's useful life.The Group applies IAS 36 \"Impairment of assets\" to determine whether the right-of-use asset is impaired andto account for any proven impairment losses.Right-of-use assets and the rental obligation are listed in Note 12The Group as a lessorFor contracts where the Group acts as a lessor, it classifies each of its leases as either an operating lease ora finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewardsincidental to ownership of an underlying asset. A lease is classified as an operating lease if it does nottransfer substantially all the risks and rewards incidental to ownership of an underlying asset.The group as a lessor does not have any finance leases.Operating leasesFor operating leases, the Group recognises lease payments as revenue, mainly on a straight-line basis,unless another systematic basis is more representative of the pattern in which benefit from the use of theunderlying asset is diminished. Service charges and marketing income are recognised as other income. TheGroup recognises costs incurred in earning the lease income in other operating expenses. The Group addsinitial direct costs incurred in obtaining an operating lease to the carrying amount of the underlying asset andrecognises those costs as an expense over the lease term on the same basis as the rental income.Cash and cash equivalentsCash and cash equivalents include cash balances and bank deposits. Cash and cash equivalents are bookedat nominal values in the balance sheet. Restricted funds are included in cash and cash equivalents.Public grantsPublic grants are accounted for when there is reasonable certainty that the company will fulfill the conditionsrelating to the grants, and the grants will be received. Accounting for operating grants is recognized in asystematic way over the grant period. Grants are deducted from the cost that the grant is intended to cover.Investment grants are entered in the balance sheet and recognized in a systematic way over the useful life ofthe asset. Investment grants are recognized either by the grant being entered as deferred income, or by thegrant being deducted when determining the asset's balance sheet value.WarehouseInventories are accounted for at the lower of acquisition cost and net selling price. Net selling price is theestimated selling price for ordinary operations minus estimated costs for completion, marketing anddistribution. Acquisition cost is assigned using the FIFO method and includes expenses incurred whenacquiring the goods and costs to bring the goods to their current condition and location. In-house producedgoods include variable and fixed costs that can be allocated based on normal capacity utilization.Research and developmentExpenses related to research activities are recognized in the income statement when incurred. Expendituresrelated to development activities are recognized in the balance sheet to the extent that the product or processis technically and commercially feasible and the Group has sufficient resources to complete the development.In this accounting period, the Group has no development activities that satisfy the criteria for balance sheetentry.DividendDividends proposed by the board are booked as a liability in the accounts only when they have beenapproved by the shareholders in a general meeting.Own sharesBorgestad ASA's holding of own shares has been brought up to par value before deductions under otherpaid-in capital. The difference between nominal value and acquisition cost is deducted under other equity.Earnings per shareProfit per share is calculated by dividing the result by a weighted average number of outstanding shares inthe reporting period. Buy-backs of ordinary shares in the period are weighted based on the period they wereoutstanding. Diluted profit per share is calculated by using the Group's profit, divided by the average numberof outstanding shares weighted over the relevant period and the shares that can potentially be converted.There are no conversion rights or outstanding shares in the Group as of 31 December 2023 and 2022.Diluted earnings per share therefore correspond to earnings per share.Income taxTax expense consists of payable tax and changes in deferred tax. Deferred tax liability and deferred taxassets are calculated on all differences between the accounting and tax value of assets and liabilities with theexception of:\u2022 temporary difference related to goodwill which is not tax deductible\u2022 temporary differences related to investments in subsidiaries or associated companies if the Group controlsthe timing of when the temporary differences will be reversed and this is not expected to happen in theforeseeable future.Deferred tax assets are recognized in the balance sheet when it is likely that the company will have sufficienttax profits in later periods to make use of the tax advantage. Accounting for deferred tax assets is subject torelatively strict requirements with regard to the likelihood of actual future utilization. The accounting for this istherefore based on comprehensive assessments. Any changes in the estimate are included in the tax cost forthe year.Deferred tax assets and liabilities are measured based on the expected future tax rate of the companies inthe Group where temporary differences have arisen. Deferred tax is presented net when there is a legal rightto set off payable tax against tax benefits within the same tax system, and the Group is expected to make anet settlement.Payable tax and deferred tax are accounted for directly against equity to the extent that the tax items relate toequity transactions.Related partiesParties are considered to be closely related if one party has the opportunity to directly or indirectly control theother party or has significant influence over the other party with regard to financial and operational decisions.Parties are also closely related if they are subject to joint control or are under joint significant influence. Alltransactions between related parties are based on the arm's length principle (assumed market value).Use of estimates and discretionary valuationsPreparation of the Group's accounts means that the management makes estimates and discretionaryassessments. This will therefore affect the amounts reported in the financial statements and theaccompanying notes. The management bases its estimates and judgments on past experience and onvarious other factors which are believed to be reasonable and reasonable in the circumstances.Future events may cause the estimates to change. Estimates and the underlying assumptions are assessedon an ongoing basis. Changes in accounting estimates are accounted for in the period in which the changesoccur. If the changes also apply to future periods, the effect is distributed over the current and future periods.The areas with the greatest risk of significant changes are the value of investment property, goodwill andshares. Estimates and assumptions are discussed in more detail below, as well as in the various notes to theannual accounts.The main areas for assessments and associated estimate uncertainty at the time of the balance sheet arestated and explained below:Fixed assets and investment propertiesThe Group carries out impairment assessments when there is an indication of a decline in value. Recoverableamount from cash flow generating units is calculated from discounted future cash flows.When calculating depreciation for the operating assets, the economic useful life is based on estimates. Theestimate is based on a long history and experience with the production of refractory elements and theoperation of real estate, respectively, which results in lower estimate uncertainty.For production equipment, major shifts in the market can lead to the need for a changed production rangeand thus changes in parts of the production apparatus. This may lead to changed estimates in the lifetime ofexisting machines. Likewise, the technological development could lead to changes in that some productionequipment could be discarded, while other equipment could have its lifetime significantly extended with minoradaptations to new technology.The Group's investment property are accounted for using the cost method with annual depreciation. Thisshould basically reduce the risk of a decline in value beyond the balance sheet value. For the Group, thevaluing Agora Bytom is the estimate subject to the largest estimation uncertainty. Main input and assumptionsused in the valuation are discount rate, rent per sqm, vacancy, capitalization expenses and growth in terminalvalue. In Note 9, further and more detailed information are explained.Deferred tax assetsA deferred tax asset is recognized as an asset to the extent that it is likely that the Group will have sufficientfuture tax profits to utilize the tax advantage of the unused tax losses, temporary differences and unused taxcredits. Assessments must be made to determine the amount that can be recognized as an asset. Thebalance sheet value of the asset is reviewed at each balance sheet date and is reduced to the extent that theGroup can no longer utilize the benefit.Future events and changes in framework conditions may mean that estimates and assumptions have to bechanged. New statements and interpretations of standards may also mean that the choice of principles andpresentation will be changed. Such changes will be accounted for when new estimates are drawn up and newrequirements for presentation possibly exist. These conditions are discussed in both the principle descriptionand notes.Estimate Note 2023Recoverable amount for impairmentFixed assets, intangible assets andassessment and estimation of remaining11 784 862investment propertiesuseful life and scrap valueShares and other financial instruments Fair value 16,19 176Assessment of the ability to exploit taxDeferred tax assets7 13 734positions in the futureEvents after the balance sheet dateNew information after the balance sheet date about the company's financial position on the balance sheetdate is taken into account in the annual accounts. Events after the balance sheet date that do not affect thecompany's financial position on the balance sheet date, but which will affect the company's financial positionin the future, are disclosed if this is significant.Changes in accounting principles and note informationNo changes in IFRS with effect for the 2023 accounts have been relevant or implemented the in 2023.New accounting standardsNone of the accounting standards or changes in accounting standards that have been published but are notyet effective are expected to have a significant impact on Borgestad's financial reporting. Furthermore, noneof the recently published agenda decisions from the interpretation body IFRS Interpretations Committee areexpected to entail the need for significant changes in Borgestad's accounting principles or their practice.There are no significant events in 2023 per balance sheet date beyond normal operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__22": { "value": "Statement of complianceBorgestad has prepared its consolidated financial statements in accordance with IFRS\u00a9 AccountingStandards as adopted by the EU as at 31 December 2023 and Norwegian disclosure requirements pursuantto the Norwegian accounting act as at 31 December 2023.The consolidated financial statements have been prepared under the historical cost convention. Thepreparation of financial statements in accordance with IFRS requires the use of estimates. It also requiresmanagement to exercise its judgement in the process of applying the company\u2019s accounting policies. Areasinvolving a higher degree of judge mentor complexity, or areas where assumptions and estimates are materialto the consolidated financial statements.The consolidated accounts as at 31 December 2023 have been approved by the company's board on 26 April2024 and will be presented for approval at the ordinary general meeting on 3 June 2024.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__21": { "value": "Statement of complianceBorgestad has prepared its consolidated financial statements in accordance with IFRS\u00a9 AccountingStandards as adopted by the EU as at 31 December 2023 and Norwegian disclosure requirements pursuantto the Norwegian accounting act as at 31 December 2023.The consolidated financial statements have been prepared under the historical cost convention. Thepreparation of financial statements in accordance with IFRS requires the use of estimates. It also requiresmanagement to exercise its judgement in the process of applying the company\u2019s accounting policies. Areasinvolving a higher degree of judge mentor complexity, or areas where assumptions and estimates are materialto the consolidated financial statements.The consolidated accounts as at 31 December 2023 have been approved by the company's board on 26 April2024 and will be presented for approval at the ordinary general meeting on 3 June 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__24": { "value": "Change in comparative figuresIn 2023 Management have renamed the consolidated income statement line item from \u201cCost of goods sold\u201d tomaterials, supplies and subcontracting. The Group consider the change to present a more fair and correctclassification of the accounting items. As a result, The Borgestad Group has changed the comparative figurein materials, supplies and subcontracting for 2022, which is increased by TNOK 184,317, at the same time,other operating expenses have been reduced by TNOK 184,317. The nature of the increase in Materials,supplies and subcontracting are mainly offset by the inclusion of subcontractors and production expenseswhich previously was presented as \u201cOther operating expenses\u201d. The Group consider the change to be morefair and correct classification of the accounting items.Reported 2022 2022Revenue and other income 931 726Materials, supplies and subcontracting 260 555Salary and personnel expenses 292 525Other expenses 326 352Total operating expenses 879 433EBITDA 52 293Changes included in 2023 for 2022 figures 2022Revenue and other income -Materials, supplies and subcontracting 184 317Salary and personnel expenses -Other expenses -184 317Total operating expenses -EBITDA -Reported 2022 figures in 2023 the Annual report 2022Revenue and other income 931 726Materials, supplies and subcontracting 444 873Salary and personnel expenses 292 525Other expenses 142 035Total operating expenses 879 433EBITDA 52 293Changes after the presented fourth quarterFollowing the submission of the Q4 2023 report, Management has conducted a new assessment of AgoraBytom, which has led to an additional write-down of NOK 30.8 million. The reasons for this additional write-down are due to discounts given to tenants and an increase in structural vacancy from 3% to 4%. See Note 9for more information about the write-down.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__23": { "value": "Change in comparative figuresIn 2023 Management have renamed the consolidated income statement line item from \u201cCost of goods sold\u201d tomaterials, supplies and subcontracting. The Group consider the change to present a more fair and correctclassification of the accounting items. As a result, The Borgestad Group has changed the comparative figurein materials, supplies and subcontracting for 2022, which is increased by TNOK 184,317, at the same time,other operating expenses have been reduced by TNOK 184,317. The nature of the increase in Materials,supplies and subcontracting are mainly offset by the inclusion of subcontractors and production expenseswhich previously was presented as \u201cOther operating expenses\u201d. The Group consider the change to be morefair and correct classification of the accounting items.Reported 2022 2022Revenue and other income 931 726Materials, supplies and subcontracting 260 555Salary and personnel expenses 292 525Other expenses 326 352Total operating expenses 879 433EBITDA 52 293Changes included in 2023 for 2022 figures 2022Revenue and other income -Materials, supplies and subcontracting 184 317Salary and personnel expenses -Other expenses -184 317Total operating expenses -EBITDA -Reported 2022 figures in 2023 the Annual report 2022Revenue and other income 931 726Materials, supplies and subcontracting 444 873Salary and personnel expenses 292 525Other expenses 142 035Total operating expenses 879 433EBITDA 52 293Changes after the presented fourth quarterFollowing the submission of the Q4 2023 report, Management has conducted a new assessment of AgoraBytom, which has led to an additional write-down of NOK 30.8 million. The reasons for this additional write-down are due to discounts given to tenants and an increase in structural vacancy from 3% to 4%. See Note 9for more information about the write-down.", "dimensions": { "concept": "ifrs-full:DescriptionOfReasonWhyFinancialStatementsAreNotEntirelyComparable", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__26": { "value": "Consolidation principlesThe Group\u2019s consolidated financial statements comprise the parent company and it's subsidiaries as of 31.December 2023. An entity has been assessed as being controlled by the Group when the Group is exposedfor or have the rights to variable returns from its involvement with the entity, and has the ability to use itspower over the entity to affect the amount of the Group\u2019s returns.Thus, the Group controls an entity if and only if the Group has all the following: power over the entity;exposure, or rights, to variable returns from its involvement with the entity; and the ability to use its powerover the entity to affect the amount of the Group\u2019s returns.There is a presumption that if the Group has the majority of the voting rights in an entity, the entity isconsidered as a subsidiary. To support this presumption and when the Group has less than a majority of thevoting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessingwhether it has power over the entity. Including ownership interests, voting rights, ownership structure andrelative power, as well as options controlled by the Group and shareholder's agreement or other contractualagreements. The assessments are done for each individual investment.The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there arechanges to one or more of the three elements of control.Business combinations are accounted for by using the acquisition method. Consolidation of a subsidiarybegins when the Group obtains control over the subsidiary and ceases when the Group loses control of thesubsidiary.When necessary, adjustments are made to the financial statements of subsidiaries to bring their accountingpolicies into line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income,expenses and cash flows relating to transactions between members of the Group are eliminated in full onconsolidation.Non-controlling interests is presented separately under equity in the Group's balance sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__25": { "value": "Consolidation principlesThe Group\u2019s consolidated financial statements comprise the parent company and it's subsidiaries as of 31.December 2023. An entity has been assessed as being controlled by the Group when the Group is exposedfor or have the rights to variable returns from its involvement with the entity, and has the ability to use itspower over the entity to affect the amount of the Group\u2019s returns.Thus, the Group controls an entity if and only if the Group has all the following: power over the entity;exposure, or rights, to variable returns from its involvement with the entity; and the ability to use its powerover the entity to affect the amount of the Group\u2019s returns.There is a presumption that if the Group has the majority of the voting rights in an entity, the entity isconsidered as a subsidiary. To support this presumption and when the Group has less than a majority of thevoting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessingwhether it has power over the entity. Including ownership interests, voting rights, ownership structure andrelative power, as well as options controlled by the Group and shareholder's agreement or other contractualagreements. The assessments are done for each individual investment.The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there arechanges to one or more of the three elements of control.Business combinations are accounted for by using the acquisition method. Consolidation of a subsidiarybegins when the Group obtains control over the subsidiary and ceases when the Group loses control of thesubsidiary.When necessary, adjustments are made to the financial statements of subsidiaries to bring their accountingpolicies into line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income,expenses and cash flows relating to transactions between members of the Group are eliminated in full onconsolidation.Non-controlling interests is presented separately under equity in the Group's balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__30": { "value": "Business combinations and goodwillGoodwillWhen purchasing a business, all acquired assets and liabilities are assessed for classification andassignment in accordance with contract terms, financial circumstances and relevant conditions at the time ofacquisition. The difference between the consideration for acquisition and the fair value of net identifiableassets and liabilities at the time of acquisition is classified as goodwill. When investing in affiliated companies,goodwill is included in the investment's carrying value.Goodwill is entered in the balance sheet at acquisition cost, less any accumulated write-downs. Goodwill isnot written off, but is tested at least annually for impairment. In connection with this, goodwill is allocated tocash-flow-generating units or Groups of cash-flow-generating units that are expected to benefit from thesynergy effects of the business combination.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__29": { "value": "Business combinations and goodwillGoodwillWhen purchasing a business, all acquired assets and liabilities are assessed for classification andassignment in accordance with contract terms, financial circumstances and relevant conditions at the time ofacquisition. The difference between the consideration for acquisition and the fair value of net identifiableassets and liabilities at the time of acquisition is classified as goodwill. When investing in affiliated companies,goodwill is included in the investment's carrying value.Goodwill is entered in the balance sheet at acquisition cost, less any accumulated write-downs. Goodwill isnot written off, but is tested at least annually for impairment. In connection with this, goodwill is allocated tocash-flow-generating units or Groups of cash-flow-generating units that are expected to benefit from thesynergy effects of the business combination.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__28": { "value": "Business combinations and goodwillGoodwillWhen purchasing a business, all acquired assets and liabilities are assessed for classification andassignment in accordance with contract terms, financial circumstances and relevant conditions at the time ofacquisition. The difference between the consideration for acquisition and the fair value of net identifiableassets and liabilities at the time of acquisition is classified as goodwill. When investing in affiliated companies,goodwill is included in the investment's carrying value.Goodwill is entered in the balance sheet at acquisition cost, less any accumulated write-downs. Goodwill isnot written off, but is tested at least annually for impairment. In connection with this, goodwill is allocated tocash-flow-generating units or Groups of cash-flow-generating units that are expected to benefit from thesynergy effects of the business combination.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__27": { "value": "Business combinations and goodwillGoodwillWhen purchasing a business, all acquired assets and liabilities are assessed for classification andassignment in accordance with contract terms, financial circumstances and relevant conditions at the time ofacquisition. The difference between the consideration for acquisition and the fair value of net identifiableassets and liabilities at the time of acquisition is classified as goodwill. When investing in affiliated companies,goodwill is included in the investment's carrying value.Goodwill is entered in the balance sheet at acquisition cost, less any accumulated write-downs. Goodwill isnot written off, but is tested at least annually for impairment. In connection with this, goodwill is allocated tocash-flow-generating units or Groups of cash-flow-generating units that are expected to benefit from thesynergy effects of the business combination.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__32-1": { "value": "CurrencyFunctional currency and presentation currencyThe consolidated accounts are presented in Norwegian kroner (NOK). Transactions carried out by therespective Group companies are recorded in the currency that is generally used in the economic environmentwhere the units operate (functional currency).Transactions and balance sheet items in foreign currencyTransactions in foreign currency are converted to the average annual exchange rate as an approximation ofusing the exchange rate on the day of the transaction. Currency gains and losses that arise as a result ofchanges in the exchange rates between the time of the transaction and the time of payment and which aredue to the conversion of cash items in foreign currency to exchange rates at the end of the balance sheetdate are accounted for in the income statement, with the exception of translation differences that are linked tothe Group's net investment in a foreign entity. These conversion differences have been entered via astatement of comprehensive income against equity. Claims on foreign entities are included as part of the netinvestment in cases where settlement of the claim is neither planned nor likely in the foreseeable future. Inthe event of a future sale of a foreign entity with a functional currency different from the Group's presentationcurrency, all accumulated translation differences relating to the entity will be included in the calculation of gainor loss.Non-monetary assets and liabilities in foreign currency that are accounted for at historical cost are includedbased on the exchange rates at the time of the transaction.ConsolidationThe accounts for all units in the Group that use a functional currency that deviates from the Group'spresentation currency are converted to the Group's presentation currency as follows:- Assets and liabilities are converted to closing prices on the balance sheet date;- Income and costs are converted to annual average rates; and- All conversion differences are shown on a separate line as part of the statement of comprehensive income.Currency on intra-Group loans as well as the associated tax cost that is included as part of the net investmentin subsidiaries is accounted for against other income and costs that will be reclassified above profit.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__31-1": { "value": "CurrencyFunctional currency and presentation currencyThe consolidated accounts are presented in Norwegian kroner (NOK). Transactions carried out by therespective Group companies are recorded in the currency that is generally used in the economic environmentwhere the units operate (functional currency).Transactions and balance sheet items in foreign currencyTransactions in foreign currency are converted to the average annual exchange rate as an approximation ofusing the exchange rate on the day of the transaction. Currency gains and losses that arise as a result ofchanges in the exchange rates between the time of the transaction and the time of payment and which aredue to the conversion of cash items in foreign currency to exchange rates at the end of the balance sheetdate are accounted for in the income statement, with the exception of translation differences that are linked tothe Group's net investment in a foreign entity. These conversion differences have been entered via astatement of comprehensive income against equity. Claims on foreign entities are included as part of the netinvestment in cases where settlement of the claim is neither planned nor likely in the foreseeable future. Inthe event of a future sale of a foreign entity with a functional currency different from the Group's presentationcurrency, all accumulated translation differences relating to the entity will be included in the calculation of gainor loss.Non-monetary assets and liabilities in foreign currency that are accounted for at historical cost are includedbased on the exchange rates at the time of the transaction.ConsolidationThe accounts for all units in the Group that use a functional currency that deviates from the Group'spresentation currency are converted to the Group's presentation currency as follows:- Assets and liabilities are converted to closing prices on the balance sheet date;- Income and costs are converted to annual average rates; and- All conversion differences are shown on a separate line as part of the statement of comprehensive income.Currency on intra-Group loans as well as the associated tax cost that is included as part of the net investmentin subsidiaries is accounted for against other income and costs that will be reclassified above profit.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__35": { "value": "Principles of income recognitionAccording to IFRS 15, the Group must recognize the income when the delivery obligations are fulfilled oralternatively as the delivery obligations are fulfilled. This happens when the customer has taken over controlof the product or service linked to a given delivery obligation. Apart from non-quantifiable frameworkagreements, the income is order-driven.The Group recognizes income from the following three main sources:\u2022 Ongoing sales of refractory products\u2022 Sale of installation and maintenance services to the refractory industry\u2022 Rental income as a lessorFor the Refractory segment, income mainly consists of deliveries of refractory materials or other goods tovarious types of customers as well as installation services. Transaction prices for refractory materials are setand measured per ton, while transaction prices for installation and maintenance services are set in deliveryagreements and project agreements. Income from the sale of these goods is recognized in the incomestatement when delivery has taken place. Most of segment refractory's deliveries of refractory products havethe time of delivery at the time of handover to the carrier. Installation service and maintenance projects havea relatively short duration and are recognized as revenue in line with progress.Installation and maintenance services of refractory materials are seasonal and there is little activity at thebeginning and end of the year. Installation projects and maintenance services of refractory materials normallyhave a short time horizon and the delivery times for the transfer of goods and services are clear. The serviceperformed and the delivery of goods are also easy to quantify. Accrual of income is therefore followed byquantified achieved degree of completion for installation and maintenance projects. Accrued costs are takeninto account in the final invoicing upon handover of the project.Warranty obligations related to the sale of refractory products, installation and maintenance services cannotbe sold separately and the Group's warranty give customers assurance that the products meet the setrequirements. The Group will recognize guarantee obligations in accordance with IAS 37.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__36": { "value": "Classification of items in the balance sheetCurrent assets and short-term liabilities include items due for payment within one year of the balance sheet date, as well as items linked to the product cycle if this is later. The short-term part of long-term debt is classified as short-term debt. Financially motivated investments that the Group expects to realize within one year after the balance sheet date are classified as current assets, other assets are classified as fixed asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__37": { "value": "Fixed assetsFixed assets are entered in the balance sheet at acquisition cost less accumulated depreciation and write-downs. When assets are sold or disposed of, the balance sheet value is deducted and any loss or gain is recognized in profit or loss.Depreciation is calculated using the straight-line method based on the assumed useful life and residual value at the end of the useful life. The depreciation period and method are assessed annually to ensure that the method and period used correspond to the financial realities of the fixed asset. The same applies to residual value.Acquisition cost for fixed assets is the purchase price, including fees/taxes and costs directly related to putting the fixed asset in condition for use. Expenses incurred after the asset has been put into use, such as ongoing maintenance, are recognized in the income statement, while other expenses that are expected to provide future financial benefits are recognized in the balance sheet.Gains on disposal of fixed assets, investment properties and development projects are presented as other income. Increases in the value of investment properties are only recognized on full or partial sales.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__38": { "value": "SegmentsFor management reporting purposes, the Group is organized into business units based on its activities and has three reportable segments. The financial information relating to segments is presented in Note 3 Segment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__40": { "value": "Investment propertyThe Group owns both investment properties and a building acquired for its own use. Properties that are acquired for the purpose of letting out to tenants outside the Group, and that are acquired to achieve a long-term return on rental income or to achieve an increase in value, or both, are classified as investment properties. In this context, tenants who are affiliated with the company are considered to be tenants outside the Group.The Group's investment property is listed at acquisition cost, less accumulated depreciation and write-downs. Acquisition cost includes transaction costs for purchase, and design costs, direct labor costs, borrowing costs, other direct costs and related fixed costs for construction or development. Expenses are added to the investment property if it is likely that these will provide future value, and the expense can be measured reliably. Other expenses for repair and maintenance are recognized in the income statement in the period in which they are incurred. The investment properties are depreciated on a straight-line basis over their expected lifetime.Investment property in the Group companies are presented on a separate line in the balance sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__39": { "value": "Investment propertyThe Group owns both investment properties and a building acquired for its own use. Properties that are acquired for the purpose of letting out to tenants outside the Group, and that are acquired to achieve a long-term return on rental income or to achieve an increase in value, or both, are classified as investment properties. In this context, tenants who are affiliated with the company are considered to be tenants outside the Group.The Group's investment property is listed at acquisition cost, less accumulated depreciation and write-downs. Acquisition cost includes transaction costs for purchase, and design costs, direct labor costs, borrowing costs, other direct costs and related fixed costs for construction or development. Expenses are added to the investment property if it is likely that these will provide future value, and the expense can be measured reliably. Other expenses for repair and maintenance are recognized in the income statement in the period in which they are incurred. The investment properties are depreciated on a straight-line basis over their expected lifetime.Investment property in the Group companies are presented on a separate line in the balance sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__41": { "value": "Climate riskThe climate changes that the world is facing today are significant, and this entails risks, but also opportunitiesfor companies. Climate risk refers to the potential damage or negative impact on human and natural systemsas a result of climate change. This can include physical risks, such as damage from extreme weather events,as well as transition risks related to the green shift, such as changes in political and regulatory frameworkconditions or market changes and economic losses due to the phasing out of fossil fuels in the transition to alow carbon economy.Borgestad has so far carried out an overall assessment of its exposure to climate risk guided by theframework from the Task Force on Climate-related Financial Disclosure (TCFD).Physical climate riskFor Borgestad, physical climate risk has mainly been assessed in the upstream value chain, i.e. linked to theextraction and deliveries of raw materials from areas including China and southern Asia. Effects on this partof the value chain, which in turn can affect Borgestad, will typically be linked to shutdowns and transportproblems resulting from various types of extreme weather and the impact it has on both the opportunity towork and society at large.Short term (0-3 years): In the short term, the risk of extreme weather of such a scale and frequency that itwill affect Borgestad's raw material deliveries, or equivalently for Borgestad's suppliers of refractory products,is considered to be relatively low.Medium term (3-10 years): Over time, increased occurrence of extreme weather conditions may begin toaffect various upstream suppliers and their local infrastructure. A number of such conditions may be relevant,including the direct effect of, for example, extreme heat (which may lead to shutdowns), water shortages(which may result in shutdowns or increased absences for workers) and rain/floods (which may result inshutdowns), and indirect effects through economic and political turbulence resulting from climate-relatedchallenges in society.Long-term (>10 years): In the long term, climate change may lead to further more extreme conditions, whichin turn cause disruptions, transport delays, conflict, political instability, disruption and migration. These factorscan have a significant impact on Borgestad's supply chains in vulnerable areasPotential financial impactsThe effects described above can affect Borgestad in two ways in particular:1. Increased prices resulting from reduced supply and still high demand2. Increased lead time for raw materials as a result of reduced supply, downtime and unpredictable extractionand transportBoth effects 1 and 2 will affect Borgestad's ability to deliver competitive prices with the desired delivery timeand predictability.\u2022 Potential economic consequences: High\u2022 Risk in the short term: Low\u2022 Medium-term risk: Medium\u2022 Long-term risk: MediumBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofthe group's exposure to various risk factors. A process that already appears to be significant is a mapping ofsubcontractors and increased communication/interaction with the value chain so that a more activerelationship with actual risk is achieved. Increased diversification when it comes to subcontractors may alsobecome relevant, to ensure access to various alternatives should any subcontractors be exposed to any ofthe above-mentioned risks.Climate transition riskFuture emission and environmental regulations will be necessary for the world to be able to reduce its climateimpact sufficiently for the targets in the Paris Agreement to be reached. The societal change that comesthrough this restructuring is referred to as the green shift. Transition risk is a collective term for the type of riskthat arises due to this changeover.Regulatory riskFailure to comply with new regulations may result in fines or non-approval of compliance documentation.Future regulations may entail significantly increased costs for negative climate impacts, for example throughmore aggressive taxation of emissions of CO2 and other greenhouse gases. Such changes will entailsignificant increased costs for both Borgestad, our production partner and our customers and are thus athreat to both supply and demand for refractory products. At the same time, it will result in increased pressureto transition to alternative energy sources, a transition that is important for Borgestad to be aware of andconsider how to deal with.Borgestad operates in a relatively emissions-intensive industry, as do several of our customers. The group isaware of this and the uncertainty it entails and will continue its work to map which transition risks the businessand the value chains are exposed to.Potential financial impactsProduction of refractory products is a relatively energy-intensive business. Borgestad has reduced its directrisk exposure, but is still exposed to regulatory risk through our German partner's production, and now hasless influence on how this risk is handled.Borgestad considers this risk to be particularly relevant to our business and will prioritize further analyzes ofthis going forward. Borgestad's initial survey points to the following as significant risk points for furtherinvestigation:Risk point 1: Increased tax on CO2 and other greenhouse gases will increase the production cost forBorgestad and our suppliers of refractory products where natural gas is a significantenergy source. This will affect the prices we have to charge our customers and may affect our profitability andcompetitiveness, if other players can price themselves lower due to less exposure to such cost increases.Risk point 2: Increased tax on CO2 and other greenhouse gases will increase production costs forcustomers. This can result in reduced purchasing power and willingness to pay as a result of pressuredprofitability. This effect can be further influenced by customers having to deal with Borgestad's emissionsthrough their own Scope 3 calculations and reports.\u2022 Potential economic consequences: High\u2022 Risk in the short term: Low\u2022 Medium-term risk: Medium\u2022 Long-term risk: HighBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofour exposure to various risk factors. It is nevertheless reasonable to assume that an increased focus onreducing emission intensity through innovation and technology development will be necessary.Reputational riskThe company's business emission intensity can pose a reputational risk. Failure to comply with upcomingregulatory requirements could exacerbate this risk. New regulatory requirements will also make it easier forstakeholders to monitor how companies approach their own emissions. It will be important for Borgestad toget a good overview of its own emissions and how the group works with this in the long term.Potential financial impactsA lack of sustainable practice can negatively affect the outcome of tender processes for Borgestad. Withgrowing awareness of climate issues and increasing pressure on sustainability, many companies areincorporating green criteria when making their procurement decisions. This could lead to a negative incomeeffect for Borgestad through loss of business and income. Furthermore, a lack of focus on sustainability-related topics can lead to a lower willingness to invest from investors and banks.\u2022 Potential economic consequences: Low\u2022 Risk in the short term: Low\u2022 Medium-term risk: Low\u2022 Long-term risk: MediumBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofour exposure to various risk factors, where the risk is considered high.Potential financial impactsIncreased costs linked to the emission of greenhouse gases as discussed above can also lead to increaseddemand for high-quality refractory products, as this type of product can be an important means of reducingour customers' energy use and thus their own emissions. This represents both an opportunity for Borgestad,if the group manages to offer good products with industry-leading properties, and a commercial risk if thegroup itself or through production partners does not have access to products of sufficiently high quality.\u2022 Potential economic consequences: High\u2022 Risk in the short term: Low\u2022 \u2022Medium-term risk: Medium\u2022 \u2022Long-term risk: HighBorgestad will essentially await the identification of measures and include this as part of a closer analysis ofour exposure to various risk factors. At the same time, it indicates that a diversification of the product offeringand the markets in which the group operates will have to be considered, as well as that investments ininnovation and new technology will be prioritized, as this will probably contribute to a more sustainablepractice, optimization on the cost/expenditure side and thus be central to handling of risk.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__42": { "value": "Financial instrumentsFinancial assets and liabilities within the scope of IFRS 9 are classified in the following relevant categories forthe Group:\u2022 Financial assets at amortized cost;\u2022 Equity instruments (shares) at fair value through profit or loss;\u2022 Equity instruments (shares) at fair value through other comprehensive income;- Financial derivatives that are measured at fair value over profit or loss, unless the derivatives are designedin an effective hedging relationship;\u2022 Other financial obligations at amortized costThe Group has no investments in debt instruments that are measured at fair value with changes in valuethrough other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__44": { "value": "Receivables and impairment of financial assetsThe Group's receivables, which mainly consist of trade receivables with short maturities and receivables fromlease agreements, are held to receive contractual cash flows and the cash flows only consist of payment offace value and any interest. Group receivables are measured at amortized cost, less provision for expectedlosses. The Group regularly reviews outstanding receivables and prepares for each reporting periodestimates for bad debts which form the basis for the accounting provision. In addition, the expected loss isassessed based on the best available information on historical, current and future conditions. In accordancewith IFRS 9, a simplified loss provision model is used for trade receivables and lease receivables, where, inaddition to actual loss events, provision is made for expected future losses over the lifetime of the receivable.According to IFRS 9, financial assets are to be classified in three measurement categories: fair value withvalue change through profit or loss, fair value with value change through other comprehensive income (OCI)and amortized cost. The classification is based on whether the instruments are held in a business model bothto receive contractual cash flows and for sale, and whether contractual cash flows are only payments ofinterest and principal on given dates.Financial instruments held primarily for the purpose of selling or buying back in the short term are classifiedas current shares. Other shares are classified as fixed assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__43": { "value": "Receivables and impairment of financial assetsThe Group's receivables, which mainly consist of trade receivables with short maturities and receivables fromlease agreements, are held to receive contractual cash flows and the cash flows only consist of payment offace value and any interest. Group receivables are measured at amortized cost, less provision for expectedlosses. The Group regularly reviews outstanding receivables and prepares for each reporting periodestimates for bad debts which form the basis for the accounting provision. In addition, the expected loss isassessed based on the best available information on historical, current and future conditions. In accordancewith IFRS 9, a simplified loss provision model is used for trade receivables and lease receivables, where, inaddition to actual loss events, provision is made for expected future losses over the lifetime of the receivable.According to IFRS 9, financial assets are to be classified in three measurement categories: fair value withvalue change through profit or loss, fair value with value change through other comprehensive income (OCI)and amortized cost. The classification is based on whether the instruments are held in a business model bothto receive contractual cash flows and for sale, and whether contractual cash flows are only payments ofinterest and principal on given dates.Financial instruments held primarily for the purpose of selling or buying back in the short term are classifiedas current shares. Other shares are classified as fixed assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__46": { "value": "Derivatives at fair value designated as hedging instrumentsThe Group has entered into interest rate protection for the mortgage loan in Agora Bytom. On initialaccounting, derivatives are entered at fair value. The derivates are measured at fair value at each reportingdate. All the Group's derivatives are entered into and earmarked for hedging purposes and are accounted foras hedging instruments.Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fairvalue through other comprehensive income (OCI).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__45": { "value": "Derivatives at fair value designated as hedging instrumentsThe Group has entered into interest rate protection for the mortgage loan in Agora Bytom. On initialaccounting, derivatives are entered at fair value. The derivates are measured at fair value at each reportingdate. All the Group's derivatives are entered into and earmarked for hedging purposes and are accounted foras hedging instruments.Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fairvalue through other comprehensive income (OCI).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__47": { "value": "BorrowingsBorrowing is accounted for at amortized cost using the effective interest method. Unamortized transactioncosts are entered against the loan account in the balance sheet and the amortization costs are reflected inthe profit and loss account as interest costs. Any gains and losses are only recognized in the incomestatement when the obligation is redeemed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__48": { "value": "Loan expensesBorrowing expenses are recognized in the income statement when the borrowing cost is incurred. Borrowingcosts are entered in the balance sheet to the extent that these are directly related to the manufacture of afixed asset. Entering of the loan costs at the balance sheet is done up to the time the fixed asset is ready foruse.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__49": { "value": "Impairment of non-financial assets and goodwillOn the balance sheet date, Borgestad assesses whether there are objective impairment indicators for fixedassets, including investment properties and goodwill. Goodwill is tested annually. If there is an impairmentindicator, the recoverable amount is calculated. Recoverable amount is the higher of an asset's fair value lesscosts of disposal and the asset's value in use for the company. Value in use is calculated based on adiscounting of expected future cash flows from the asset. When it is assumed that the asset's recoverableamount is lower than the balance sheet value, the asset is written down to it\u2019s recoverable amount.Write-downs booked in previous periods are only reversed if there are changes in the estimates used todetermine the recoverable amount. However, the reversal amount can only be so large that the balance sheetvalue after the reversal corresponds at most to the value at which the asset would have been registered if thewrite-down had not been carried out earlier. Such reversals are recognized in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__50": { "value": "ProvisionsProvisions are recognized when the Group has an actual obligation (legal or assumed) as a result of eventsthat have occurred and it is likely that a financial settlement will occur as a result of the obligation, and thatthe size of the amount can be measured reliably.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__51": { "value": "Contingent liabilities and assetsContingent liabilities are not accounted for in the annual accounts. Contingent liabilities are disclosed, withthe exception of contingent liabilities where the probability of future cash outflows is considered to be verylow.A contingent asset is not accounted for in the annual accounts, but is disclosed in cases where there is apreponderance of probability that a benefit will flow to the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__52": { "value": "LeasesIdentification of a leaseWhen entering into a contract, the Group assesses whether the contract is or contains a lease agreement. Acontract is or contains a lease if the contract transfers the right to control the use of an identified asset for aperiod of time in exchange for consideration.The Group as lesseeSeparation of the components of a leaseFor contracts that constitute or contain a lease, the Group separates lease components if it can benefit fromthe use of an underlying asset either alone or together with other resources that are readily available to theGroup, and the underlying asset is neither highly dependent on nor closely connected to other underlyingassets in the contract. The Group then accounts for each individual lease component of the contract as alease separately from non-lease components of the contract.Recognition of lease agreements and recognition exceptionsAt the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset forall its lease agreements, with the exception of the following applied exceptions:\u2022 Short-term leases (lease period of 12 months or less)\u2022 Assets of low valueFor these leases, the Group recognizes the lease payments as other operating costs in the profit and lossaccount when they are incurred.Lease obligationsThe Group measures lease obligations at the time of implementation at the present value of the leasepayments that are not paid at this time. The lease period represents the non-cancellable period of the leaseagreement, in addition to periods covered by an option either to extend or terminate the lease agreement ifthe Group with reasonable certainty will (will not) exercise this option.\u2022 The rental payments included in the measurement of the lease liability consist of:\u2022 Fixed rental payments (including in reality fixed payments), minus any receivables in the form of rentalincentives\u2022 Variable lease payments that depend on an index or an interest rate, first measured using the index orinterest rate at the time of commencement\u2022 Amounts expected to be paid for the Group in accordance with residual value guarantees\u2022 The exercise price for a call option, if the Group will with reasonable certainty exercise this option\u2022 Payment of a fine for terminating the lease, if the lease period reflects that the Group will exercise an optionto terminate the leaseThe lease liability is subsequently measured by increasing the carrying amount to reflect the interest on thelease liability, reducing the carrying amount to reflect lease payments made and re-measuring the carryingamount to reflect any revaluations or changes to the lease, or to reflect adjustments in lease payments thatresulting from adjustments in indices or rates.The Group presents its lease obligations on separate lines in the balance sheet.Rights of use assetsThe Group measures right-of-use assets at acquisition cost, less accumulated depreciation and impairmentlosses, adjusted for any new measurements of the rental obligation. Acquisition cost for the right-of-useassets includes:\u2022 The amount from the initial measurement of the rental obligation\u2022 All rental payments at or before the commencement date, minus any rental incentives received\u2022 All direct expenses for the conclusion of the agreement incurred by the Group\u2022 An estimate of the expenses incurred by the lessee for dismantling and removing the underlying asset,restoring the site where the unit is located, or restoring the underlying asset to the condition required by theterms of the lease, unless these expenses are incurred during the production of the goods.The Group applies the depreciation requirements in IAS 16 Property, plant and equipment when depreciatingthe right-of-use asset, except that the right-of-use asset is depreciated from the time of implementation untilthe earlier of the end of the lease period and the end of the right-of-use asset's useful life.The Group applies IAS 36 \"Impairment of assets\" to determine whether the right-of-use asset is impaired andto account for any proven impairment losses.Right-of-use assets and the rental obligation are listed in Note 12The Group as a lessorFor contracts where the Group acts as a lessor, it classifies each of its leases as either an operating lease ora finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewardsincidental to ownership of an underlying asset. A lease is classified as an operating lease if it does nottransfer substantially all the risks and rewards incidental to ownership of an underlying asset.The group as a lessor does not have any finance leases.Operating leasesFor operating leases, the Group recognises lease payments as revenue, mainly on a straight-line basis,unless another systematic basis is more representative of the pattern in which benefit from the use of theunderlying asset is diminished. Service charges and marketing income are recognised as other income. TheGroup recognises costs incurred in earning the lease income in other operating expenses. The Group addsinitial direct costs incurred in obtaining an operating lease to the carrying amount of the underlying asset andrecognises those costs as an expense over the lease term on the same basis as the rental income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__53": { "value": "Cash and cash equivalentsCash and cash equivalents include cash balances and bank deposits. Cash and cash equivalents are bookedat nominal values in the balance sheet. Restricted funds are included in cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__55": { "value": "Public grantsPublic grants are accounted for when there is reasonable certainty that the company will fulfill the conditionsrelating to the grants, and the grants will be received. Accounting for operating grants is recognized in asystematic way over the grant period. Grants are deducted from the cost that the grant is intended to cover.Investment grants are entered in the balance sheet and recognized in a systematic way over the useful life ofthe asset. Investment grants are recognized either by the grant being entered as deferred income, or by thegrant being deducted when determining the asset's balance sheet value.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__54": { "value": "Public grantsPublic grants are accounted for when there is reasonable certainty that the company will fulfill the conditionsrelating to the grants, and the grants will be received. Accounting for operating grants is recognized in asystematic way over the grant period. Grants are deducted from the cost that the grant is intended to cover.Investment grants are entered in the balance sheet and recognized in a systematic way over the useful life ofthe asset. Investment grants are recognized either by the grant being entered as deferred income, or by thegrant being deducted when determining the asset's balance sheet value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__56": { "value": "WarehouseInventories are accounted for at the lower of acquisition cost and net selling price. Net selling price is theestimated selling price for ordinary operations minus estimated costs for completion, marketing anddistribution. Acquisition cost is assigned using the FIFO method and includes expenses incurred whenacquiring the goods and costs to bring the goods to their current condition and location. In-house producedgoods include variable and fixed costs that can be allocated based on normal capacity utilization.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__58": { "value": "Research and developmentExpenses related to research activities are recognized in the income statement when incurred. Expendituresrelated to development activities are recognized in the balance sheet to the extent that the product or processis technically and commercially feasible and the Group has sufficient resources to complete the development.In this accounting period, the Group has no development activities that satisfy the criteria for balance sheetentry.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__57": { "value": "Research and developmentExpenses related to research activities are recognized in the income statement when incurred. Expendituresrelated to development activities are recognized in the balance sheet to the extent that the product or processis technically and commercially feasible and the Group has sufficient resources to complete the development.In this accounting period, the Group has no development activities that satisfy the criteria for balance sheetentry.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__59": { "value": "DividendDividends proposed by the board are booked as a liability in the accounts only when they have beenapproved by the shareholders in a general meeting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__60": { "value": "Own sharesBorgestad ASA's holding of own shares has been brought up to par value before deductions under otherpaid-in capital. The difference between nominal value and acquisition cost is deducted under other equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__61": { "value": "Earnings per shareProfit per share is calculated by dividing the result by a weighted average number of outstanding shares inthe reporting period. Buy-backs of ordinary shares in the period are weighted based on the period they wereoutstanding. Diluted profit per share is calculated by using the Group's profit, divided by the average numberof outstanding shares weighted over the relevant period and the shares that can potentially be converted.There are no conversion rights or outstanding shares in the Group as of 31 December 2023 and 2022.Diluted earnings per share therefore correspond to earnings per share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__63-1": { "value": "Income taxTax expense consists of payable tax and changes in deferred tax. Deferred tax liability and deferred taxassets are calculated on all differences between the accounting and tax value of assets and liabilities with theexception of:\u2022 temporary difference related to goodwill which is not tax deductible\u2022 temporary differences related to investments in subsidiaries or associated companies if the Group controlsthe timing of when the temporary differences will be reversed and this is not expected to happen in theforeseeable future.Deferred tax assets are recognized in the balance sheet when it is likely that the company will have sufficienttax profits in later periods to make use of the tax advantage. Accounting for deferred tax assets is subject torelatively strict requirements with regard to the likelihood of actual future utilization. The accounting for this istherefore based on comprehensive assessments. Any changes in the estimate are included in the tax cost forthe year.Deferred tax assets and liabilities are measured based on the expected future tax rate of the companies inthe Group where temporary differences have arisen. Deferred tax is presented net when there is a legal rightto set off payable tax against tax benefits within the same tax system, and the Group is expected to make anet settlement.Payable tax and deferred tax are accounted for directly against equity to the extent that the tax items relate toequity transactions.Deferred tax assetsA deferred tax asset is recognized as an asset to the extent that it is likely that the Group will have sufficientfuture tax profits to utilize the tax advantage of the unused tax losses, temporary differences and unused taxcredits. Assessments must be made to determine the amount that can be recognized as an asset. Thebalance sheet value of the asset is reviewed at each balance sheet date and is reduced to the extent that theGroup can no longer utilize the benefit.Future events and changes in framework conditions may mean that estimates and assumptions have to bechanged. New statements and interpretations of standards may also mean that the choice of principles andpresentation will be changed. Such changes will be accounted for when new estimates are drawn up and newrequirements for presentation possibly exist. These conditions are discussed in both the principle descriptionand notes.Estimate Note 2023Recoverable amount for impairmentFixed assets, intangible assets andassessment and estimation of remaining11 784 862investment propertiesuseful life and scrap valueShares and other financial instruments Fair value 16,19 176Assessment of the ability to exploit taxDeferred tax assets7 13 734positions in the future", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__62": { "value": "Income taxTax expense consists of payable tax and changes in deferred tax. Deferred tax liability and deferred taxassets are calculated on all differences between the accounting and tax value of assets and liabilities with theexception of:\u2022 temporary difference related to goodwill which is not tax deductible\u2022 temporary differences related to investments in subsidiaries or associated companies if the Group controlsthe timing of when the temporary differences will be reversed and this is not expected to happen in theforeseeable future.Deferred tax assets are recognized in the balance sheet when it is likely that the company will have sufficienttax profits in later periods to make use of the tax advantage. Accounting for deferred tax assets is subject torelatively strict requirements with regard to the likelihood of actual future utilization. The accounting for this istherefore based on comprehensive assessments. Any changes in the estimate are included in the tax cost forthe year.Deferred tax assets and liabilities are measured based on the expected future tax rate of the companies inthe Group where temporary differences have arisen. Deferred tax is presented net when there is a legal rightto set off payable tax against tax benefits within the same tax system, and the Group is expected to make anet settlement.Payable tax and deferred tax are accounted for directly against equity to the extent that the tax items relate toequity transactions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__64": { "value": "Related partiesParties are considered to be closely related if one party has the opportunity to directly or indirectly control theother party or has significant influence over the other party with regard to financial and operational decisions.Parties are also closely related if they are subject to joint control or are under joint significant influence. Alltransactions between related parties are based on the arm's length principle (assumed market value).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__66-1": { "value": "Use of estimates and discretionary valuationsPreparation of the Group's accounts means that the management makes estimates and discretionaryassessments. This will therefore affect the amounts reported in the financial statements and theaccompanying notes. The management bases its estimates and judgments on past experience and onvarious other factors which are believed to be reasonable and reasonable in the circumstances.Future events may cause the estimates to change. Estimates and the underlying assumptions are assessedon an ongoing basis. Changes in accounting estimates are accounted for in the period in which the changesoccur. If the changes also apply to future periods, the effect is distributed over the current and future periods.The areas with the greatest risk of significant changes are the value of investment property, goodwill andshares. Estimates and assumptions are discussed in more detail below, as well as in the various notes to theannual accounts.The main areas for assessments and associated estimate uncertainty at the time of the balance sheet arestated and explained below:Fixed assets and investment propertiesThe Group carries out impairment assessments when there is an indication of a decline in value. Recoverableamount from cash flow generating units is calculated from discounted future cash flows.When calculating depreciation for the operating assets, the economic useful life is based on estimates. Theestimate is based on a long history and experience with the production of refractory elements and theoperation of real estate, respectively, which results in lower estimate uncertainty.For production equipment, major shifts in the market can lead to the need for a changed production rangeand thus changes in parts of the production apparatus. This may lead to changed estimates in the lifetime ofexisting machines. Likewise, the technological development could lead to changes in that some productionequipment could be discarded, while other equipment could have its lifetime significantly extended with minoradaptations to new technology.The Group's investment property are accounted for using the cost method with annual depreciation. Thisshould basically reduce the risk of a decline in value beyond the balance sheet value. For the Group, thevaluing Agora Bytom is the estimate subject to the largest estimation uncertainty. Main input and assumptionsused in the valuation are discount rate, rent per sqm, vacancy, capitalization expenses and growth in terminalvalue. In Note 9, further and more detailed information are explained.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__65-1": { "value": "Use of estimates and discretionary valuationsPreparation of the Group's accounts means that the management makes estimates and discretionaryassessments. This will therefore affect the amounts reported in the financial statements and theaccompanying notes. The management bases its estimates and judgments on past experience and onvarious other factors which are believed to be reasonable and reasonable in the circumstances.Future events may cause the estimates to change. Estimates and the underlying assumptions are assessedon an ongoing basis. Changes in accounting estimates are accounted for in the period in which the changesoccur. If the changes also apply to future periods, the effect is distributed over the current and future periods.The areas with the greatest risk of significant changes are the value of investment property, goodwill andshares. Estimates and assumptions are discussed in more detail below, as well as in the various notes to theannual accounts.The main areas for assessments and associated estimate uncertainty at the time of the balance sheet arestated and explained below:Fixed assets and investment propertiesThe Group carries out impairment assessments when there is an indication of a decline in value. Recoverableamount from cash flow generating units is calculated from discounted future cash flows.When calculating depreciation for the operating assets, the economic useful life is based on estimates. Theestimate is based on a long history and experience with the production of refractory elements and theoperation of real estate, respectively, which results in lower estimate uncertainty.For production equipment, major shifts in the market can lead to the need for a changed production rangeand thus changes in parts of the production apparatus. This may lead to changed estimates in the lifetime ofexisting machines. Likewise, the technological development could lead to changes in that some productionequipment could be discarded, while other equipment could have its lifetime significantly extended with minoradaptations to new technology.The Group's investment property are accounted for using the cost method with annual depreciation. Thisshould basically reduce the risk of a decline in value beyond the balance sheet value. For the Group, thevaluing Agora Bytom is the estimate subject to the largest estimation uncertainty. Main input and assumptionsused in the valuation are discount rate, rent per sqm, vacancy, capitalization expenses and growth in terminalvalue. In Note 9, further and more detailed information are explained.Deferred tax assetsA deferred tax asset is recognized as an asset to the extent that it is likely that the Group will have sufficientfuture tax profits to utilize the tax advantage of the unused tax losses, temporary differences and unused taxcredits. Assessments must be made to determine the amount that can be recognized as an asset. Thebalance sheet value of the asset is reviewed at each balance sheet date and is reduced to the extent that theGroup can no longer utilize the benefit.Future events and changes in framework conditions may mean that estimates and assumptions have to bechanged. New statements and interpretations of standards may also mean that the choice of principles andpresentation will be changed. Such changes will be accounted for when new estimates are drawn up and newrequirements for presentation possibly exist. These conditions are discussed in both the principle descriptionand notes.Estimate Note 2023Recoverable amount for impairmentFixed assets, intangible assets andassessment and estimation of remaining11 784 862investment propertiesuseful life and scrap valueShares and other financial instruments Fair value 16,19 176Assessment of the ability to exploit taxDeferred tax assets7 13 734positions in the futureNote 16 InvestmentsCompany Ownership percent Cost Book value 31.12.23 Book value 31.12.22ERH AS 2,98 % 27 573 - -QNTM Ecom SW AB 0,15 % 1 306 1 1 306Impact Technology Systems AS 1,55 % 350 - -Other shares 175 175 546Total 29 403 176 1 852For information regarding the valuation hierarchy, see Note 19.Estimate uncertainty when calculating fair value for financial assetsThere is risk associated with the valuation of shares where there is no observable market value at the timethe accounts are drawn up. The Group bases its estimates on a number of observations which are supportedby calculations to arrive at the best possible estimate of the assets' value. These observations consist ofissue amounts in the case of open subscription, various players' price offers and valuations when selling partsof the company, cost price when shares are recently purchased, external valuations as well as assessmentsof discounted cash flow and value-adjusted equity.Sensitivity analysis of equity investmentsIn the event of a change in the market value of shares classified as fixed assets by +/- 10 per cent, this willaffect the result by TNOK +/- 1.75.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__71-1": { "value": "Events after the balance sheet dateNew information after the balance sheet date about the company's financial position on the balance sheetdate is taken into account in the annual accounts. Events after the balance sheet date that do not affect thecompany's financial position on the balance sheet date, but which will affect the company's financial positionin the future, are disclosed if this is significant.Changes in accounting principles and note informationNo changes in IFRS with effect for the 2023 accounts have been relevant or implemented the in 2023.New accounting standardsNone of the accounting standards or changes in accounting standards that have been published but are notyet effective are expected to have a significant impact on Borgestad's financial reporting. Furthermore, noneof the recently published agenda decisions from the interpretation body IFRS Interpretations Committee areexpected to entail the need for significant changes in Borgestad's accounting principles or their practice.There are no significant events in 2023 per balance sheet date beyond normal operations.Note 25 Events after the balance sheet dateThere are no significant events in 2024 per the date the annual report is dated beyond normal operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__74": { "value": "Note 3 Segment InformationReal estateThe Group's largest real estate investment is the Agora Bytom shopping center with a gross area of 52,000sqm, and a letting area of just over 30,000 sq m in Bytom in Poland. The center was opened on 15 November2010. As of 31 December 2023, there are 110 (115) shops in the center.RefractoryThe Refractory segment develops, manufactures and delivers refractory products, installations and conceptsolutions to industrial customers through the H\u00f6gan\u00e4s Borgestad Group. Products that can withstand heatabove 1,250 \u00b0C are defined as refractory. Refractory materials can be defined as bricks or monolithics, andare produced in many different varieties depending on the area of use. Refractory materials are mainly usedto protect production equipment in process industries with high temperatures. The products also contribute toefficient utilization of energy. The business has a leading position within the refractory industry in the Nordicsand the segment has a global presence within selected refractory application areas.Other activitiesThe segment mainly consists of operations in the parent company Borgestad ASA and the holding companiesBorgestad Industries AS and Borgestad Industries AB.Real Estate Refractory Other activities Eliminations TotalOPERATING SEGMENTS 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Revenue - external 57 370 50 296 1 048 724 868 146 101 332 - 1 106 195 918 773Revenue - within the group - - 45 67 - - -45 -67 - -Other income 11 826 10 345 23 396 2 591 - 16 35 222 12 953Operating income 69 196 60 641 1 072 165 870 804 101 348 -45 -67 1 141 417 931 726Supplies and subcontracting - - 315 801 184 318 - - - - 315 801 184 318Materials 527 483 266 241 260 073 - - - - 266 768 260 555Total supplies, subcontracting and materials 527 483 582 043 444 391 - - - - 582 570 444 873Salaries and management payment 3 948 2 998 251 711 210 748 3 387 6 061 - - 259 046 219 807Social security contributions 601 476 53 261 47 754 984 1 103 - - 54 845 49 333Pension costs - - 16 427 18 318 211 259 - - 16 638 18 578Other personnel costs 28 43 16 445 4 579 105 186 - - 16 578 4 808Total salaries and personnel expense 4 577 3 518 337 844 281 399 4 687 7 609 - - 347 108 292 525Consultancy fees and external personnel 9 425 8 364 7 035 13 789 6 323 4 999 - - 22 782 27 151Travel costs 141 137 18 738 33 005 269 343 - - 19 148 33 485Other operating costs 17 438 14 860 24 519 66 362 2 044 1 869 -1 670 -1 692 42 331 81 398EBITDA 37 088 33 280 101 986 31 860 -13 222 -14 472 1 625 1 625 127 478 52 293Depreciation and amortisation 8 458 11 352 22 365 19 377 256 399 671 671 31 750 31 799Impairments 94 298 91 343 - - - - - - 94 298 91 343Operating profit -65 668 -69 415 79 621 12 484 -13 478 -14 871 954 954 1 429 -70 848Net agio/disagio 8 436 1 595 0 -5 013 17 704 3 589 -15 606 -3 641 10 534 -3 469Impairment of financial assets - - - - -88 866 -63 038 87 560 63 038 -1 306 0Net other financial items -24 318 -24 771 -21 621 -9 628 7 381 -7 316 -9 382 -8 287 -47 940 -50 003Profit before tax -81 549 -92 591 58 000 -2 158 -77 260 -81 636 63 525 52 064 -37 283 -124 320Real Estate Refractory Other activities Eliminations TotalTotal assets and liabilities into segments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Total assets 1 008 371 795 380 598 844 655 159 1 003 573 595 330 -1204411 -579 310 1 406 378 1 466 558Total liabilities 759 067 705 286 289 435 404 993 283 429 109 004 -681 395 -259 827 650 536 959 456Norway Poland Sweden Other TotalTotal assets and liabilities by location 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Total assets 253 990 94 173 738 662 801 022 357 307 500 550 56 419 68 719 1 406 378 1 464 464Total liabilities 38 249 160 998 351 949 457 510 213 725 295 506 46 613 45 442 650 536 959 456Real Estate Refractory Other activities Eliminations TotalGeographical revenue by segment 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Norway - -51 277 382 219 933 101 348 -45 -67 277 438 220 163Poland 69 196 60 692 818 2 181 - - - - 70 014 62 873Sweden - - 403 030 371 137 - - - - 403 030 371 137Finland - - 258 585 162 360 - - - - 258 585 162 360Scandinavia, others - - 3 405 6 884 - - - - 3 405 6 884Europe, others - - 84 335 28 987 - - - - 84 335 28 987Asia - - 32 860 46 324 - - - - 32 860 46 324Africa - - 3 119 2 424 - - - - 3 119 2 424Other - - 8 631 30 573 - - - - 8 631 30 573Sum 69 196 60 641 1 072 164 870 804 101 348 -45 -67 1 141 417 931 726Real Estate Refractory Other activities Eliminations TotalOther information about the business area 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Investments 5 722 3 932 31 293 14 522 898 679 - - 37 912 19 133Depreciation 8 458 11 352 22 365 19 377 256 399 671 671 31 750 31 799Guarantees - - 21 148 18 688 - - - - 21 148 18 688None of the company's customers individually account for more than 10 percent of the turnover. This appliesto both 2023 and 2022.Other income 2023 2022Profit from the sale of operating assets 23 1 244Commission and joint costs when renting out property 11 803 10 321Interest on late payment from Vienna Arbitration case 19 694 -other incomes 3 702 1 387Total other income 35 222 12 953", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__77-1": { "value": "Note 4 Salaries, personnel expenses and shares owned by the board of thedirectorsSalaries and personnel expenses NOK 1 000 2023 2022Salaries 259 046 219 807Social security costs 54 845 49 333Pension costs 16 638 18 578Other personnel costs 16 578 4 808Total expenses 347 108 292 525Average number of employees 373 355Management remunerationThe guidelines for management remuneration are available on Borgestad ASA\u2019s website. The remunerationto the Group Executive Operational Management Team and Board of Directors is disclosed below.Remuneration paid to board member and executive management in 2023BoardAuditOtherremunerationCommittee Salaryremuneration Pension Bonus TotalP\u00e5l Feen Larsen, CEO 2 800 184 125 - 3 109Frode Martinussen, CEO segment Refractory from 1st of August 2023 - 875 7 20 - 901Glen Ole R\u00f8dland, Chairman of the board from June 2023 200 - - - - 200Jacob M\u00f8ller Chairman of the board until June 2023, board member fromJune 2023* 564 15 - - - - 579Jan Erik Sivertsen, board member 275 15 - - - - 290Helene Steen, board member 275 15 - - - - 290Wenche Kj\u00f8ls\u00e5s, board member from June 2023 100 50 - - - - 150Gudmund Bratrud, deputy member until June 2023 175 - - - - - 175Anne Sofie T\u00f8nseth Markman, board member until June 2023 175 15 - - - - 190Odd Rune Austgulen, board member until June 2023 175 - - - - - 175Total 1 939 110 3 675 191 145 - 6 059* Jacob M\u00f8ller has received fees as chairman of Borgestad ASA and chairman of H\u00f6gan\u00e4s BorgestadHolding AB.During the financial year 2023, no loans or guarantees have been given to senior employees or boardmembers in the Group.Remuneration paid to board memeber and executive management in 2022BoardAuditOtherremunerationComittee Salaryremuneration Pension Bonus TotalP\u00e5l Feen Larsen, CEO - 2 631 191 115 600 3 537Niclas Sj\u00f6berg, CEO segment Refractory until Oktober 2022 - 2 205 1 639 212 3 056Jacob M\u00f8ller, board member* 443 15 - - - - 458Gudmund Bratrud, board member until June 2022. Deputy member fromJune 2022 165 8 - - - - 173Anita Ballestad, deputy member until June 2022 165 8 - - - - 173Anne Sofie T\u00f8nseth Markman 165 15 - - - - 180Odd Rune Austgulen, board member from June 2022 - - - - - -Jan Erik Sivertsen, board member from June 2022 - - - - - -Helene Steen, board member from June 2022 - - - - - -Total 938 45 4 836 192 754 812 7 576* Jacob M\u00f8ller has received fees as chairman of Borgestad ASA and chairman of H\u00f6gan\u00e4s BorgestadHolding AB.During the financial year 2022, no loans or guarantees have been given to senior employees or boardmembers in the Group.Shares owned or controlled by the company'smanagement, the board and their relatives: Number of shares Percent1)Jan Erik Sivertsenboard member 380 513 105 27,13 %2)Helene Steenboard member 209 408 501 14,93 %3)Glen Ole R\u00f8dlandChairman of the board 60 000 000 4,28 %4)Jacob M\u00f8llerboard member 48 719 692 3,47 %P\u00e5l Feen Larsen, CEO 5 529 605 0,39 %5)Wenche Kj\u00f8l\u00e5sboard member 4 000 000 0,29 %Total 708 170 903 50,49 %1)Applies to the company Kontrari AS, where Jan Erik Sivertsen is general manager2)Applies to the company SES AS, where Helene Steen is principal/CFO3)Applies to the company Gross Management AS, where Glen Ole R\u00f8dland and close relatives controls 100 % of the shares4)Applies to the companies Ploot Invest AS and Dione AS, both controlled by Jacob M\u00f8ller5)Applies to the company Jawendel AS, where Wenche Kj\u00f8l\u00e5s and close relatives controls 100 % of the sharesNote 5 Pension expenses and pension liabilitiesAll employees in the Norwegian companies are included to a collective occupational pension scheme. Thecompany's pension schemes meet the requirements of the occupational pensions act in Norway and similarlegislation in Sweden, Finland and Poland. There are eight remaining employees who are part of a closedbenefit-based scheme. All other employees in the Swedish and Norwegian companies in the Group havedefined contribution schemes. The contribution plan covers full- and part-time employees and amounts tobetween 2 and 8 per cent of the salary.All Norwegian companies in the Group with employees are members of the joint Scheme for AFP. The AFPobligation is not recognized because the scheme is a multi-enterprise scheme where sufficient and reliableinformation is not available to be able to measure the Group's proportional share of pension cost, pensionobligation and pension assets in the scheme. Certain companies in the Group have an unsecured earlyretirement scheme for their employees where the employee is entitled to benefits in addition to the ordinaryretirement pension and AFP in the event of voluntary resignation before the age of 67. The benefits fromthese companies will increase the later retirement pension/AFP is withdrawn.The scheme was formalized in 2010 in connection with the new public pension reform from 2011, and wasclosed to new employees from and including 2012.The Group's pension obligations mainly apply to closed pre-pension scheme and closed operating pensionscheme in Borgestad ASA.In 2023, the Group has paid a total of TNOK 15,734 in pension premiums and TNOK 582 in current pensionover operations. For 2024, it is estimated that the Group will pay TNOK 16,678 in pension premiums andTNOK 758 in ongoing pensions over operations.Secured Unsecured:Number of people in the agreement at the end of theyear:Number of active 5 1Number of retired 1 2The average age of the active employees included in the collective benefit-based scheme is relatively high,as the scheme was closed five years ago. The high average age means that changed assumptions inconnection to the discount rate, wage growth and pension adjustment become relatively insignificant for thegross pension obligation. Sensitivity analyzes have therefore not been prepared.Total pension expense recognised in profit and loss 2023 2022Pension expense recognised from defined benefit plans 371 321Contributions to defined contribution plans 16 267 18 256Total pension expense recognised in profit and loss 16 638 18 577a) Secured:Plan assets -5 390 -5 301Defined benefit obligation 5 136 4 889Net defined benefit asset(-) / liability -254 -412b) Unsecured:Pension liabilities 6 369 5 987Prepaid pension -254 -412Pension liabilities including social security tax 6 369 5 987Actuarial gains and losses on defined benefit pension plansEncountered actuarial gains and losses on pension-431 187liabilities secured schemes (negative sign is losses)Encountered actuarial gains and losses on pension-1 388 -165liabilities unsecured schemes (negative sign is losses)Total actuarial gains and losses on defined benefit-1 819 22pension plansrecognised over OCI", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__75": { "value": "Note 4 Salaries, personnel expenses and shares owned by the board of thedirectorsSalaries and personnel expenses NOK 1 000 2023 2022Salaries 259 046 219 807Social security costs 54 845 49 333Pension costs 16 638 18 578Other personnel costs 16 578 4 808Total expenses 347 108 292 525Average number of employees 373 355Management remunerationThe guidelines for management remuneration are available on Borgestad ASA\u2019s website. The remunerationto the Group Executive Operational Management Team and Board of Directors is disclosed below.Remuneration paid to board member and executive management in 2023BoardAuditOtherremunerationCommittee Salaryremuneration Pension Bonus TotalP\u00e5l Feen Larsen, CEO 2 800 184 125 - 3 109Frode Martinussen, CEO segment Refractory from 1st of August 2023 - 875 7 20 - 901Glen Ole R\u00f8dland, Chairman of the board from June 2023 200 - - - - 200Jacob M\u00f8ller Chairman of the board until June 2023, board member fromJune 2023* 564 15 - - - - 579Jan Erik Sivertsen, board member 275 15 - - - - 290Helene Steen, board member 275 15 - - - - 290Wenche Kj\u00f8ls\u00e5s, board member from June 2023 100 50 - - - - 150Gudmund Bratrud, deputy member until June 2023 175 - - - - - 175Anne Sofie T\u00f8nseth Markman, board member until June 2023 175 15 - - - - 190Odd Rune Austgulen, board member until June 2023 175 - - - - - 175Total 1 939 110 3 675 191 145 - 6 059* Jacob M\u00f8ller has received fees as chairman of Borgestad ASA and chairman of H\u00f6gan\u00e4s BorgestadHolding AB.During the financial year 2023, no loans or guarantees have been given to senior employees or boardmembers in the Group.Remuneration paid to board memeber and executive management in 2022BoardAuditOtherremunerationComittee Salaryremuneration Pension Bonus TotalP\u00e5l Feen Larsen, CEO - 2 631 191 115 600 3 537Niclas Sj\u00f6berg, CEO segment Refractory until Oktober 2022 - 2 205 1 639 212 3 056Jacob M\u00f8ller, board member* 443 15 - - - - 458Gudmund Bratrud, board member until June 2022. Deputy member fromJune 2022 165 8 - - - - 173Anita Ballestad, deputy member until June 2022 165 8 - - - - 173Anne Sofie T\u00f8nseth Markman 165 15 - - - - 180Odd Rune Austgulen, board member from June 2022 - - - - - -Jan Erik Sivertsen, board member from June 2022 - - - - - -Helene Steen, board member from June 2022 - - - - - -Total 938 45 4 836 192 754 812 7 576* Jacob M\u00f8ller has received fees as chairman of Borgestad ASA and chairman of H\u00f6gan\u00e4s BorgestadHolding AB.During the financial year 2022, no loans or guarantees have been given to senior employees or boardmembers in the Group.Shares owned or controlled by the company'smanagement, the board and their relatives: Number of shares Percent1)Jan Erik Sivertsenboard member 380 513 105 27,13 %2)Helene Steenboard member 209 408 501 14,93 %3)Glen Ole R\u00f8dlandChairman of the board 60 000 000 4,28 %4)Jacob M\u00f8llerboard member 48 719 692 3,47 %P\u00e5l Feen Larsen, CEO 5 529 605 0,39 %5)Wenche Kj\u00f8l\u00e5sboard member 4 000 000 0,29 %Total 708 170 903 50,49 %1)Applies to the company Kontrari AS, where Jan Erik Sivertsen is general manager2)Applies to the company SES AS, where Helene Steen is principal/CFO3)Applies to the company Gross Management AS, where Glen Ole R\u00f8dland and close relatives controls 100 % of the shares4)Applies to the companies Ploot Invest AS and Dione AS, both controlled by Jacob M\u00f8ller5)Applies to the company Jawendel AS, where Wenche Kj\u00f8l\u00e5s and close relatives controls 100 % of the shares", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__82": { "value": "Note 6 Financial income and financial expensesForeign currency gain/(-) loss 2023 2022Currency gains 50 051 192Currency loss -39 517 -7 031Net currency 10 534 -6 839Interest expenses 2023 2022Interest expense on external borrowings -47 046 -44 731Interest expense on leases -4 864 -2 699Totalt interest expenses -51 910 -47 429Other financial income/(-) expenses 2023 2022Interest income on cash 1 763 1 253Other financial income 4 828 1 007Write down on finacial asset -1 306 -Other financial expenses -2 621 -1 464Net other financial income/(-) expenses 2 664 796Net financial items 2023 2022Total -38 712 -53 472", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__81": { "value": "Note 6 Financial income and financial expensesForeign currency gain/(-) loss 2023 2022Currency gains 50 051 192Currency loss -39 517 -7 031Net currency 10 534 -6 839Interest expenses 2023 2022Interest expense on external borrowings -47 046 -44 731Interest expense on leases -4 864 -2 699Totalt interest expenses -51 910 -47 429Other financial income/(-) expenses 2023 2022Interest income on cash 1 763 1 253Other financial income 4 828 1 007Write down on finacial asset -1 306 -Other financial expenses -2 621 -1 464Net other financial income/(-) expenses 2 664 796Net financial items 2023 2022Total -38 712 -53 472", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__80": { "value": "Note 6 Financial income and financial expensesForeign currency gain/(-) loss 2023 2022Currency gains 50 051 192Currency loss -39 517 -7 031Net currency 10 534 -6 839Interest expenses 2023 2022Interest expense on external borrowings -47 046 -44 731Interest expense on leases -4 864 -2 699Totalt interest expenses -51 910 -47 429Other financial income/(-) expenses 2023 2022Interest income on cash 1 763 1 253Other financial income 4 828 1 007Write down on finacial asset -1 306 -Other financial expenses -2 621 -1 464Net other financial income/(-) expenses 2 664 796Net financial items 2023 2022Total -38 712 -53 472", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__79": { "value": "Note 6 Financial income and financial expensesForeign currency gain/(-) loss 2023 2022Currency gains 50 051 192Currency loss -39 517 -7 031Net currency 10 534 -6 839Interest expenses 2023 2022Interest expense on external borrowings -47 046 -44 731Interest expense on leases -4 864 -2 699Totalt interest expenses -51 910 -47 429Other financial income/(-) expenses 2023 2022Interest income on cash 1 763 1 253Other financial income 4 828 1 007Write down on finacial asset -1 306 -Other financial expenses -2 621 -1 464Net other financial income/(-) expenses 2 664 796Net financial items 2023 2022Total -38 712 -53 472", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__85": { "value": "Note 7 TaxIncome tax expense: 2023 2022Current income tax expense 12 147 3 271Changes in deferred tax 14 162 -1 482Tax expense 26 309 1 789Reconciliation of tax expense to Norwegian nominal statutory tax rateIncome (loss) before tax -37 283 -124 320Expected income taxes at statutory tax rate -6 528 -35 117Non deductible expenses 6 648 10 894Changes in unrecognised deferred tax asset 26 189 26 012Tax expense 26 309 1 789Tax effects of temporary differences and tax loss carryforwards giving rise to deferred tax assets and liabilitiesCurrent asset -98 014 -62 856Property, plant and equipment -3 049 198Revaluation account currency 35 829 15 527Pensions -1 442 -1 050Other non-current liabilities 432 -179Long term debt 1 130 2 782Profit and loss account 4 305 5 378Accrual Fund Sweden 4 420 1 112Tax loss carryforwards -55 822 -57 307Of which not recognized as tax asset 106 464 80 275Net deferred tax assets (liabilities) -5 746 -16 120Deferred tax assets 13 734 17 623Deferred tax liabilities -7 988 -1 503Deferred tax assetDeferred tax assets are calculated based on temporary differences which are assumed to be reversed in theforeseeable future. When entering the deferred tax asset in the balance sheet, the Group has assessedwhether it is likely that the Group can make use of the calculated deferred tax asset through future earnings.When it has not been proven that the calculated tax asset can be utilized against future earnings, a limitationhas been made in the balance sheet entry of the deferred tax asset.The limitation in deferred tax assets relates to Norway, and is a result of carry-forward losses that cannot beexpected to be used against future tax-related operating income/profits in the foreseeable future.Deferred tax assets in Sweden are restricted from utilization until the tax year 2024 due to a Group freezefollowing the reorganization in 2018 and 2019. It is estimated that the carry forward loss will be used in theyears 2024 and 2025 due to expected increased profitability in the Swedish companies.Tax loss carried forward 2023 2022Norway 45 766 41 009Sweden 10 057 10 918Poland - 5 380Total tax loss carried forward 55 822 57 307Deficits carried forward in Norway and Sweden can be used for the foreseeable future, as the utilization ofthese deficits is not time-limited. Deficit carry-forwards in Poland have a limitation on utilization of five years.The basis for deferred tax benefits that are not recognized in the balance sheet amounts to MNOK 484 (365)as of 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__84": { "value": "Note 7 TaxIncome tax expense: 2023 2022Current income tax expense 12 147 3 271Changes in deferred tax 14 162 -1 482Tax expense 26 309 1 789Reconciliation of tax expense to Norwegian nominal statutory tax rateIncome (loss) before tax -37 283 -124 320Expected income taxes at statutory tax rate -6 528 -35 117Non deductible expenses 6 648 10 894Changes in unrecognised deferred tax asset 26 189 26 012Tax expense 26 309 1 789Tax effects of temporary differences and tax loss carryforwards giving rise to deferred tax assets and liabilitiesCurrent asset -98 014 -62 856Property, plant and equipment -3 049 198Revaluation account currency 35 829 15 527Pensions -1 442 -1 050Other non-current liabilities 432 -179Long term debt 1 130 2 782Profit and loss account 4 305 5 378Accrual Fund Sweden 4 420 1 112Tax loss carryforwards -55 822 -57 307Of which not recognized as tax asset 106 464 80 275Net deferred tax assets (liabilities) -5 746 -16 120Deferred tax assets 13 734 17 623Deferred tax liabilities -7 988 -1 503Deferred tax assetDeferred tax assets are calculated based on temporary differences which are assumed to be reversed in theforeseeable future. When entering the deferred tax asset in the balance sheet, the Group has assessedwhether it is likely that the Group can make use of the calculated deferred tax asset through future earnings.When it has not been proven that the calculated tax asset can be utilized against future earnings, a limitationhas been made in the balance sheet entry of the deferred tax asset.The limitation in deferred tax assets relates to Norway, and is a result of carry-forward losses that cannot beexpected to be used against future tax-related operating income/profits in the foreseeable future.Deferred tax assets in Sweden are restricted from utilization until the tax year 2024 due to a Group freezefollowing the reorganization in 2018 and 2019. It is estimated that the carry forward loss will be used in theyears 2024 and 2025 due to expected increased profitability in the Swedish companies.Tax loss carried forward 2023 2022Norway 45 766 41 009Sweden 10 057 10 918Poland - 5 380Total tax loss carried forward 55 822 57 307Deficits carried forward in Norway and Sweden can be used for the foreseeable future, as the utilization ofthese deficits is not time-limited. Deficit carry-forwards in Poland have a limitation on utilization of five years.The basis for deferred tax benefits that are not recognized in the balance sheet amounts to MNOK 484 (365)as of 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__83": { "value": "Note 7 TaxIncome tax expense: 2023 2022Current income tax expense 12 147 3 271Changes in deferred tax 14 162 -1 482Tax expense 26 309 1 789Reconciliation of tax expense to Norwegian nominal statutory tax rateIncome (loss) before tax -37 283 -124 320Expected income taxes at statutory tax rate -6 528 -35 117Non deductible expenses 6 648 10 894Changes in unrecognised deferred tax asset 26 189 26 012Tax expense 26 309 1 789Tax effects of temporary differences and tax loss carryforwards giving rise to deferred tax assets and liabilitiesCurrent asset -98 014 -62 856Property, plant and equipment -3 049 198Revaluation account currency 35 829 15 527Pensions -1 442 -1 050Other non-current liabilities 432 -179Long term debt 1 130 2 782Profit and loss account 4 305 5 378Accrual Fund Sweden 4 420 1 112Tax loss carryforwards -55 822 -57 307Of which not recognized as tax asset 106 464 80 275Net deferred tax assets (liabilities) -5 746 -16 120Deferred tax assets 13 734 17 623Deferred tax liabilities -7 988 -1 503Deferred tax assetDeferred tax assets are calculated based on temporary differences which are assumed to be reversed in theforeseeable future. When entering the deferred tax asset in the balance sheet, the Group has assessedwhether it is likely that the Group can make use of the calculated deferred tax asset through future earnings.When it has not been proven that the calculated tax asset can be utilized against future earnings, a limitationhas been made in the balance sheet entry of the deferred tax asset.The limitation in deferred tax assets relates to Norway, and is a result of carry-forward losses that cannot beexpected to be used against future tax-related operating income/profits in the foreseeable future.Deferred tax assets in Sweden are restricted from utilization until the tax year 2024 due to a Group freezefollowing the reorganization in 2018 and 2019. It is estimated that the carry forward loss will be used in theyears 2024 and 2025 due to expected increased profitability in the Swedish companies.Tax loss carried forward 2023 2022Norway 45 766 41 009Sweden 10 057 10 918Poland - 5 380Total tax loss carried forward 55 822 57 307Deficits carried forward in Norway and Sweden can be used for the foreseeable future, as the utilization ofthese deficits is not time-limited. Deficit carry-forwards in Poland have a limitation on utilization of five years.The basis for deferred tax benefits that are not recognized in the balance sheet amounts to MNOK 484 (365)as of 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__86": { "value": "Note 8 Earnings per shareEarnings per share is calculated by dividing the majority's earnings related to ordinary shareholders in theparent company by a weighted average number of outstanding shares in the financial year.Diluted earnings per share are calculated by dividing the majority's earnings related to ordinary shareholdersin the parent company by the average number of outstanding shares in the financial year plus a weightedaverage of the shares, conversion rights or options that can potentially be converted into ordinary shares. Asof 31 December 2023 and 2022, there was no difference between earnings per share and diluted earningsper share in Borgestad.Basis of calculation 2023 2022Weighted average number of ordinary shares 339 983 112 144Weighted average number of shares 339 983 112 144Result per shareTotal profit attributable to equity holders of the parent -78 281 -124 805Basic and diluted earnings per share -0,23 -1,11", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__88-1": { "value": "Note 9 Investment property2023 2022Carrying amout shopping Center, Poland 701 407 745 008Specification 2023 2022Rental income 69 146 62 197Direct operating expenses generating rental income 32 051 26 413Depreciation 8 458 11 352Write downs 94 298 91 343Depreciation method Linear LinearEconomic life 100 years 100 yearsImpairment of Investment PropertyDuring the financial year, Management identified indicators of impairment for Agora Bytom. The indicators ofimpairment were primarily due to the economic environment, characterized by increased inflation and interestrates. Macroeconomic factors have led to a decrease in consumer purchasing power, which has adverselyaffected the revenues of the tenants in the shopping mall. Concurrently, the increase in interest rates hasnegatively impacted the valuation of the property, as the cost of capital used in property valuation models hasincreased.In response to these indicators, Management performed an additional impairment test after the presentedfourth quarter. This impairment test resulted in an additional impairment of NOK 30.8 million compared to thefourth quarter of 2023. Please see Note 2 for further information.The recoverable amount of Agora Bytom has been determined based on the highest value of its fair valueless cost of disposal and its value in use, and the recoverable amount used in the Group\u2019s annual report isbased on value in use. The fair value was determined with assistance of an external assessor. The value inuse was calculated using discounted cash flow projections from financial forecasts approved by Managementcovering a ten-year period. The accounting standard suggests using a five-year cash flow projection periodfor these tests. However, Management considers using a longer projection period reflects the business cyclemore accurately, providing a more realistic estimate of the asset's value. The assessment is supported by theCompany\u2019s history of a good track record of extending or re-leasing the area to other tenants. Furthermore,Management believes that utilizing longer periods aligns with market practice. Management acknowledge thata longer projection period introduces more uncertainty into the cash flow estimates, however we believe thatthe reliability of our data and robust forecasting methods supports a ten-year cash flow projection.The value in use estimate are based on significant unobservable inputs. These inputs include:Discount RateThe present value of future cash flows was calculated using a pre-tax discount rate of 8.8% and a post-taxdiscount rate of 7.5%. These rates reflect current market assessments of the time value of money and therisks specific to Agora Bytom. The discount rate is calculated by an applicable market WACC.Rent per sqmEstimated rent is EUR 15.5 per sqm per month in 2024 and is forecasted to increase at a steady growth rateof 2%. Estimated rent at EUR 15.5 per sqm is estimated based on signed leases at EUR 16.2 per sqm withdeduction of discounts to tenants.VacancyEstimated vacancy rates are based on current and expected future market conditions in line with the averagemarket vacancy in the Polish region Agora Bytom operates in. Estimated vacancy included in terminal periodare at 4 percent level.Capitalization expensesCapitalization rates are based on actual location in Poland, size and quality of the properties and taking intoaccount market data at the valuation date. Management anticipates a rise in capital expenditure towards theconclusion of the projected timeline, attributable to climate risk considerations, to ensure adherence toregulatory standards.Terminal valueCash flows beyond this ten year period were extrapolated using a steady growth rate of 2%, which isconsistent with the long-term average growth rate for the industry.Impairment LossAs a result of this analysis, the carrying amount of Agora Bytom was found to exceed its recoverable amount,indicating an impairment. An impairment loss of NOK 94.3 million has therefore been recognized in theincome statement under \u201cImpairment of non-current assets\u201d. Angora Bytom operates in the Real estatesegment.Sensitivities:The below tables are showing the calculated value in use, valuated in euro, for the investment property givenchanges in the different assumptions.Terminal growthWACC 0,5% 1,0% 1,5% 2,0% 2,5% 3,0% 3,5%6,0% -1,5% 68 846 73 246 78 614 85 308 93 888 105 282 121 1466,5% -1,0% 63 078 66 607 70 835 75 992 82 424 90 667 101 6157,0% -0,5% 58 195 61 068 64 460 68 523 73 479 79 659 87 5817,5% 0,0% 54 008 56 378 59 140 62 400 66 305 71 069 77 0098,0% 0,5% 50 380 52 356 54 635 57 290 60 423 64 178 68 7578,5% 1,0% 47 205 48 869 50 770 52 961 55 514 58 527 62 1369,0% 1,5% 44 404 45 818 47 418 49 246 51 353 53 808 56 705Vacancy in terminalWACC 7,0% 6,0% 5,0% 4,0% 3,0% 2,0% 1,0%6,0% -1,5% 82 610 83 510 84 409 85 308 86 207 87 106 88 0056,5% -1,0% 73 686 74 455 75 224 75 992 76 761 77 530 78 2997,0% -0,5% 66 526 67 191 67 857 68 523 69 189 69 854 70 5207,5% 0,0% 60 653 61 235 61 818 62 400 62 982 63 564 64 1478,0% 0,5% 55 749 56 263 56 776 57 290 57 803 58 317 58 8308,5% 1,0% 51 593 52 049 52 505 52 961 53 417 53 873 54 3299,0% 1,5% 48 024 48 431 48 839 49 246 49 653 50 061 50 468Capex in terminalWACC 903 000 853 000 803 000 753 000 703 000 653 000 603 0006,0% -1,5% 83 059 83 809 84 558 85 308 86 057 86 807 87 5576,5% -1,0% 74 069 74 710 75 351 75 992 76 634 77 275 77 9167,0% -0,5% 66 858 67 413 67 968 68 523 69 078 69 633 70 1887,5% 0,0% 60 944 61 429 61 915 62 400 62 885 63 371 63 8568,0% 0,5% 56 006 56 434 56 862 57 290 57 718 58 146 58 5748,5% 1,0% 51 820 52 200 52 580 52 961 53 341 53 721 54 1019,0% 1,5% 48 227 48 567 48 906 49 246 49 586 49 925 50 265Rent / sqmWACC EUR / Sqm-> 15,0 15,2 15,3 15,5 15,7 15,8 16,06,0% -1,5% 82 623 83 518 84 413 85 308 86 203 87 098 87 9936,5% -1,0% 73 601 74 398 75 195 75 992 76 790 77 587 78 3847,0% -0,5% 66 366 67 085 67 804 68 523 69 242 69 961 70 6807,5% 0,0% 60 436 61 090 61 745 62 400 63 055 63 710 64 3648,0% 0,5% 55 486 56 087 56 689 57 290 57 891 58 492 59 0948,5% 1,0% 51 293 51 849 52 405 52 961 53 516 54 072 54 6289,0% 1,5% 47 695 48 212 48 729 49 246 49 763 50 280 50 797Depreciation and write-downsThe Group's operating assets are depreciated and assessed in terms of write-down according to theprinciples described in the introduction. Depreciation is calculated using the straight-line method over thefollowing useful life.Estimate uncertainty related to depreciationWhen calculating depreciation for the operating assets, the economic lifetime and the residual value at theend of their useful life are based on estimates.Lease contractsThe Group enters into contracts for the rental of real estate (investment property). For non-cancelable leases,the minimum rental income for consolidated investment properties is due as follows:Lease contracts at 31.12 have the following maturity2023 2022structure measured in annual rent1 year 55 897 45 8711 < 5 years 124 921 98 362>5 \u00e5r 22 651 9 000Total 203 469 153 233When converting from EUR to NOK for future rental income for Agora Bytom Sp. z o.o. an exchange rate ofNOK/EUR of 11.4242 for the 2023 figures and NOK/EUR of 10.1021 for 2022 figures has been used.Note 11 Property, plant and equipment, Intangible assets and Investment propertyInvestmentLand andAssets underMachinery andLisens,2023propertybuildingsconstructionvehiclestrademark TotalCost at 1 January 1 100 294 79 034 25 807 244 866 1 721 1 451 722Additions 5 647 75 9 741 5 206 17 245 37 912Disposals, and assets classified as held for sale - -64 869 -18 384 -1 658 - -84 912Reclassification - - -14 395 2 087 12 308 -Effects of changes in foreign exchange rates 70 782 4 430 1 848 16 683 122 93 865Cost at 31 December 1 176 723 18 670 4 616 267 184 31 395 1 498 588-Accumulated depreciation and impairment at 1355 286 51 907 - 210 419 548 618 160JanuaryDisposals, and assets classified as held for sale - -51 704 - -1 196 - -52 900Depreciation 8 458 924 - 6 838 2 273 18 493Impairments 94 298 - - - - 94 298Effects of changes in foreign exchange rates 17 274 4 269 - 14 057 75 35 675Accumulated depreciation and impairment at 31475 316 5 396 - 230 118 2 897 713 727DecemberCarrying amount at 31 December 701 407 13 274 4 616 37 066 28 499 784 861InvestmentLand andAssets underMachinery andLisens,2022propertybuildingsconstructionvehiclestrademark TotalCost at 1 January 1 042 411 85 509 17 070 285 640 1 218 1 431 849Additions 3 932 2 788 9 248 3 165 - 19 133Disposals -837 -7 399 - -35 852 - -44 087Effects of changes in foreign exchange rates 54 788 -1 864 -511 -8 088 502 44 828Cost at 31 December 1 100 294 79 034 25 807 244 866 1 721 1 451 722Accumulated depreciation and impairment at 1236 764 52 348 - 245 262 - 534 374JanuaryDisposals -330 - - -35 762 - -36 092Depreciation charge for the year 11 352 1 034 - 7 835 301 20 523Impairments 91 343 - - - - 91 343Effects of changes in foreign exchange rates 16 158 -1 475 - -6 917 247 8 013Accumulated depreciation and impairment at 31355 286 51 907 - 210 419 548 618 160DecemberCarrying amount at 31 December 745 008 27 128 25 807 34 448 1 172 833 562Fixed asset Economic life Depreciation methodInvestment property 100 year linearBuildings 20 \u2013 50 year linearMachinery and vehicles 3 \u2013 20 year linearLand not depreciated not depreciated", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__87": { "value": "Note 9 Investment property2023 2022Carrying amout shopping Center, Poland 701 407 745 008Specification 2023 2022Rental income 69 146 62 197Direct operating expenses generating rental income 32 051 26 413Depreciation 8 458 11 352Write downs 94 298 91 343Depreciation method Linear LinearEconomic life 100 years 100 yearsImpairment of Investment PropertyDuring the financial year, Management identified indicators of impairment for Agora Bytom. The indicators ofimpairment were primarily due to the economic environment, characterized by increased inflation and interestrates. Macroeconomic factors have led to a decrease in consumer purchasing power, which has adverselyaffected the revenues of the tenants in the shopping mall. Concurrently, the increase in interest rates hasnegatively impacted the valuation of the property, as the cost of capital used in property valuation models hasincreased.In response to these indicators, Management performed an additional impairment test after the presentedfourth quarter. This impairment test resulted in an additional impairment of NOK 30.8 million compared to thefourth quarter of 2023. Please see Note 2 for further information.The recoverable amount of Agora Bytom has been determined based on the highest value of its fair valueless cost of disposal and its value in use, and the recoverable amount used in the Group\u2019s annual report isbased on value in use. The fair value was determined with assistance of an external assessor. The value inuse was calculated using discounted cash flow projections from financial forecasts approved by Managementcovering a ten-year period. The accounting standard suggests using a five-year cash flow projection periodfor these tests. However, Management considers using a longer projection period reflects the business cyclemore accurately, providing a more realistic estimate of the asset's value. The assessment is supported by theCompany\u2019s history of a good track record of extending or re-leasing the area to other tenants. Furthermore,Management believes that utilizing longer periods aligns with market practice. Management acknowledge thata longer projection period introduces more uncertainty into the cash flow estimates, however we believe thatthe reliability of our data and robust forecasting methods supports a ten-year cash flow projection.The value in use estimate are based on significant unobservable inputs. These inputs include:Discount RateThe present value of future cash flows was calculated using a pre-tax discount rate of 8.8% and a post-taxdiscount rate of 7.5%. These rates reflect current market assessments of the time value of money and therisks specific to Agora Bytom. The discount rate is calculated by an applicable market WACC.Rent per sqmEstimated rent is EUR 15.5 per sqm per month in 2024 and is forecasted to increase at a steady growth rateof 2%. Estimated rent at EUR 15.5 per sqm is estimated based on signed leases at EUR 16.2 per sqm withdeduction of discounts to tenants.VacancyEstimated vacancy rates are based on current and expected future market conditions in line with the averagemarket vacancy in the Polish region Agora Bytom operates in. Estimated vacancy included in terminal periodare at 4 percent level.Capitalization expensesCapitalization rates are based on actual location in Poland, size and quality of the properties and taking intoaccount market data at the valuation date. Management anticipates a rise in capital expenditure towards theconclusion of the projected timeline, attributable to climate risk considerations, to ensure adherence toregulatory standards.Terminal valueCash flows beyond this ten year period were extrapolated using a steady growth rate of 2%, which isconsistent with the long-term average growth rate for the industry.Impairment LossAs a result of this analysis, the carrying amount of Agora Bytom was found to exceed its recoverable amount,indicating an impairment. An impairment loss of NOK 94.3 million has therefore been recognized in theincome statement under \u201cImpairment of non-current assets\u201d. Angora Bytom operates in the Real estatesegment.Sensitivities:The below tables are showing the calculated value in use, valuated in euro, for the investment property givenchanges in the different assumptions.Terminal growthWACC 0,5% 1,0% 1,5% 2,0% 2,5% 3,0% 3,5%6,0% -1,5% 68 846 73 246 78 614 85 308 93 888 105 282 121 1466,5% -1,0% 63 078 66 607 70 835 75 992 82 424 90 667 101 6157,0% -0,5% 58 195 61 068 64 460 68 523 73 479 79 659 87 5817,5% 0,0% 54 008 56 378 59 140 62 400 66 305 71 069 77 0098,0% 0,5% 50 380 52 356 54 635 57 290 60 423 64 178 68 7578,5% 1,0% 47 205 48 869 50 770 52 961 55 514 58 527 62 1369,0% 1,5% 44 404 45 818 47 418 49 246 51 353 53 808 56 705Vacancy in terminalWACC 7,0% 6,0% 5,0% 4,0% 3,0% 2,0% 1,0%6,0% -1,5% 82 610 83 510 84 409 85 308 86 207 87 106 88 0056,5% -1,0% 73 686 74 455 75 224 75 992 76 761 77 530 78 2997,0% -0,5% 66 526 67 191 67 857 68 523 69 189 69 854 70 5207,5% 0,0% 60 653 61 235 61 818 62 400 62 982 63 564 64 1478,0% 0,5% 55 749 56 263 56 776 57 290 57 803 58 317 58 8308,5% 1,0% 51 593 52 049 52 505 52 961 53 417 53 873 54 3299,0% 1,5% 48 024 48 431 48 839 49 246 49 653 50 061 50 468Capex in terminalWACC 903 000 853 000 803 000 753 000 703 000 653 000 603 0006,0% -1,5% 83 059 83 809 84 558 85 308 86 057 86 807 87 5576,5% -1,0% 74 069 74 710 75 351 75 992 76 634 77 275 77 9167,0% -0,5% 66 858 67 413 67 968 68 523 69 078 69 633 70 1887,5% 0,0% 60 944 61 429 61 915 62 400 62 885 63 371 63 8568,0% 0,5% 56 006 56 434 56 862 57 290 57 718 58 146 58 5748,5% 1,0% 51 820 52 200 52 580 52 961 53 341 53 721 54 1019,0% 1,5% 48 227 48 567 48 906 49 246 49 586 49 925 50 265Rent / sqmWACC EUR / Sqm-> 15,0 15,2 15,3 15,5 15,7 15,8 16,06,0% -1,5% 82 623 83 518 84 413 85 308 86 203 87 098 87 9936,5% -1,0% 73 601 74 398 75 195 75 992 76 790 77 587 78 3847,0% -0,5% 66 366 67 085 67 804 68 523 69 242 69 961 70 6807,5% 0,0% 60 436 61 090 61 745 62 400 63 055 63 710 64 3648,0% 0,5% 55 486 56 087 56 689 57 290 57 891 58 492 59 0948,5% 1,0% 51 293 51 849 52 405 52 961 53 516 54 072 54 6289,0% 1,5% 47 695 48 212 48 729 49 246 49 763 50 280 50 797Depreciation and write-downsThe Group's operating assets are depreciated and assessed in terms of write-down according to theprinciples described in the introduction. Depreciation is calculated using the straight-line method over thefollowing useful life.Estimate uncertainty related to depreciationWhen calculating depreciation for the operating assets, the economic lifetime and the residual value at theend of their useful life are based on estimates.Lease contractsThe Group enters into contracts for the rental of real estate (investment property). For non-cancelable leases,the minimum rental income for consolidated investment properties is due as follows:Lease contracts at 31.12 have the following maturity2023 2022structure measured in annual rent1 year 55 897 45 8711 < 5 years 124 921 98 362>5 \u00e5r 22 651 9 000Total 203 469 153 233When converting from EUR to NOK for future rental income for Agora Bytom Sp. z o.o. an exchange rate ofNOK/EUR of 11.4242 for the 2023 figures and NOK/EUR of 10.1021 for 2022 figures has been used.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__89": { "value": "Note 10 Assets classified as held for saleNon-current assets held for saleNon-current assets and disposal groups are classified as held for sale if their carrying amounts will berecovered principally through sale rather than continuing use. Non-current assets and disposal groupsclassified as held for sale are measured at the lower of their carrying amount and fair value less cost to selland presented separately as assets held for sale and liabilities held for sale in the statement of financialposition.The criteria for held for sale classification is regarded as met only when the sale is highly probable, and theasset or disposal group is available for immediate sale in its present condition. Actions required to completethe sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan tosell will be withdrawn. In addition, management must be committed to the plan, and it is expected that thesale will be completed within a year.Property, plant and equipment and intangible assets are not depreciated or amortized once classified as heldfor sale.H\u00f6gan\u00e4s Bjuf Fastighets AB, an indirect subsidiary of Borgestad ASA, entered on 27. October 2023, into aconditional agreement with Bjuv municipality in Sweden for a sale and leaseback transaction for twoproperties in Sweden where the Group's production plant and other production facilities for refractoryproducts are located.Borgestad Group will sell the two properties, including the production facilities, to Bjuv municipality and thenlease the production facilities back to continue its production of refractory products in line with previouspractice. Prior to completion of the transaction, the two properties will be transferred to a new wholly ownedsubsidiary of H\u00f6gan\u00e4s Bjuf Fastighet AB, and the transaction will be structured as a sale by H\u00f6gan\u00e4s BjufFastighet AB of the shares in such subsidiary.The transaction was approved by the Municipal Council of Bjuv on 11. December 2023, but the Group hasbeen informed that a complaint regarding the approval from Bjuv municipality has been received prior to theexpiration of the appeal period. The complaint relates to the purchase price in the transaction and that this, inthe claimant's opinion, significantly exceeds the market value of the two properties. The complaint will behandled by the Administrative Court in Malm\u00f6 (the Administrative Court\").The approval of the transaction by Bjuv municipality will only become binding once the complaint has beenfinally resolved in the claimant's disfavor, and the completion of the transaction is conditional upon suchbinding approval. The Group estimate that the transaction is completed during 2024.In connection with the sale the Group has outstanding mortgage loan to Nordea that will be repaid inconnection with completion of the transaction. The total loan amount that needs to be repaid at completion isNOK 52.4 million. The loan amount is classified as interest bearing debt, current liabilities.Asset 2023(NOK 1 000) 31.12.Buildings and plant 13 165Total assets classified as held for sale 13 165", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__94": { "value": "Note 11 Property, plant and equipment, Intangible assets and Investment propertyInvestmentLand andAssets underMachinery andLisens,2023propertybuildingsconstructionvehiclestrademark TotalCost at 1 January 1 100 294 79 034 25 807 244 866 1 721 1 451 722Additions 5 647 75 9 741 5 206 17 245 37 912Disposals, and assets classified as held for sale - -64 869 -18 384 -1 658 - -84 912Reclassification - - -14 395 2 087 12 308 -Effects of changes in foreign exchange rates 70 782 4 430 1 848 16 683 122 93 865Cost at 31 December 1 176 723 18 670 4 616 267 184 31 395 1 498 588-Accumulated depreciation and impairment at 1355 286 51 907 - 210 419 548 618 160JanuaryDisposals, and assets classified as held for sale - -51 704 - -1 196 - -52 900Depreciation 8 458 924 - 6 838 2 273 18 493Impairments 94 298 - - - - 94 298Effects of changes in foreign exchange rates 17 274 4 269 - 14 057 75 35 675Accumulated depreciation and impairment at 31475 316 5 396 - 230 118 2 897 713 727DecemberCarrying amount at 31 December 701 407 13 274 4 616 37 066 28 499 784 861InvestmentLand andAssets underMachinery andLisens,2022propertybuildingsconstructionvehiclestrademark TotalCost at 1 January 1 042 411 85 509 17 070 285 640 1 218 1 431 849Additions 3 932 2 788 9 248 3 165 - 19 133Disposals -837 -7 399 - -35 852 - -44 087Effects of changes in foreign exchange rates 54 788 -1 864 -511 -8 088 502 44 828Cost at 31 December 1 100 294 79 034 25 807 244 866 1 721 1 451 722Accumulated depreciation and impairment at 1236 764 52 348 - 245 262 - 534 374JanuaryDisposals -330 - - -35 762 - -36 092Depreciation charge for the year 11 352 1 034 - 7 835 301 20 523Impairments 91 343 - - - - 91 343Effects of changes in foreign exchange rates 16 158 -1 475 - -6 917 247 8 013Accumulated depreciation and impairment at 31355 286 51 907 - 210 419 548 618 160DecemberCarrying amount at 31 December 745 008 27 128 25 807 34 448 1 172 833 562Fixed asset Economic life Depreciation methodInvestment property 100 year linearBuildings 20 \u2013 50 year linearMachinery and vehicles 3 \u2013 20 year linearLand not depreciated not depreciated", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__93": { "value": "Note 11 Property, plant and equipment, Intangible assets and Investment propertyInvestmentLand andAssets underMachinery andLisens,2023propertybuildingsconstructionvehiclestrademark TotalCost at 1 January 1 100 294 79 034 25 807 244 866 1 721 1 451 722Additions 5 647 75 9 741 5 206 17 245 37 912Disposals, and assets classified as held for sale - -64 869 -18 384 -1 658 - -84 912Reclassification - - -14 395 2 087 12 308 -Effects of changes in foreign exchange rates 70 782 4 430 1 848 16 683 122 93 865Cost at 31 December 1 176 723 18 670 4 616 267 184 31 395 1 498 588-Accumulated depreciation and impairment at 1355 286 51 907 - 210 419 548 618 160JanuaryDisposals, and assets classified as held for sale - -51 704 - -1 196 - -52 900Depreciation 8 458 924 - 6 838 2 273 18 493Impairments 94 298 - - - - 94 298Effects of changes in foreign exchange rates 17 274 4 269 - 14 057 75 35 675Accumulated depreciation and impairment at 31475 316 5 396 - 230 118 2 897 713 727DecemberCarrying amount at 31 December 701 407 13 274 4 616 37 066 28 499 784 861InvestmentLand andAssets underMachinery andLisens,2022propertybuildingsconstructionvehiclestrademark TotalCost at 1 January 1 042 411 85 509 17 070 285 640 1 218 1 431 849Additions 3 932 2 788 9 248 3 165 - 19 133Disposals -837 -7 399 - -35 852 - -44 087Effects of changes in foreign exchange rates 54 788 -1 864 -511 -8 088 502 44 828Cost at 31 December 1 100 294 79 034 25 807 244 866 1 721 1 451 722Accumulated depreciation and impairment at 1236 764 52 348 - 245 262 - 534 374JanuaryDisposals -330 - - -35 762 - -36 092Depreciation charge for the year 11 352 1 034 - 7 835 301 20 523Impairments 91 343 - - - - 91 343Effects of changes in foreign exchange rates 16 158 -1 475 - -6 917 247 8 013Accumulated depreciation and impairment at 31355 286 51 907 - 210 419 548 618 160DecemberCarrying amount at 31 December 745 008 27 128 25 807 34 448 1 172 833 562Fixed asset Economic life Depreciation methodInvestment property 100 year linearBuildings 20 \u2013 50 year linearMachinery and vehicles 3 \u2013 20 year linearLand not depreciated not depreciated", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__92": { "value": "Note 11 Property, plant and equipment, Intangible assets and Investment propertyInvestmentLand andAssets underMachinery andLisens,2023propertybuildingsconstructionvehiclestrademark TotalCost at 1 January 1 100 294 79 034 25 807 244 866 1 721 1 451 722Additions 5 647 75 9 741 5 206 17 245 37 912Disposals, and assets classified as held for sale - -64 869 -18 384 -1 658 - -84 912Reclassification - - -14 395 2 087 12 308 -Effects of changes in foreign exchange rates 70 782 4 430 1 848 16 683 122 93 865Cost at 31 December 1 176 723 18 670 4 616 267 184 31 395 1 498 588-Accumulated depreciation and impairment at 1355 286 51 907 - 210 419 548 618 160JanuaryDisposals, and assets classified as held for sale - -51 704 - -1 196 - -52 900Depreciation 8 458 924 - 6 838 2 273 18 493Impairments 94 298 - - - - 94 298Effects of changes in foreign exchange rates 17 274 4 269 - 14 057 75 35 675Accumulated depreciation and impairment at 31475 316 5 396 - 230 118 2 897 713 727DecemberCarrying amount at 31 December 701 407 13 274 4 616 37 066 28 499 784 861InvestmentLand andAssets underMachinery andLisens,2022propertybuildingsconstructionvehiclestrademark TotalCost at 1 January 1 042 411 85 509 17 070 285 640 1 218 1 431 849Additions 3 932 2 788 9 248 3 165 - 19 133Disposals -837 -7 399 - -35 852 - -44 087Effects of changes in foreign exchange rates 54 788 -1 864 -511 -8 088 502 44 828Cost at 31 December 1 100 294 79 034 25 807 244 866 1 721 1 451 722Accumulated depreciation and impairment at 1236 764 52 348 - 245 262 - 534 374JanuaryDisposals -330 - - -35 762 - -36 092Depreciation charge for the year 11 352 1 034 - 7 835 301 20 523Impairments 91 343 - - - - 91 343Effects of changes in foreign exchange rates 16 158 -1 475 - -6 917 247 8 013Accumulated depreciation and impairment at 31355 286 51 907 - 210 419 548 618 160DecemberCarrying amount at 31 December 745 008 27 128 25 807 34 448 1 172 833 562Fixed asset Economic life Depreciation methodInvestment property 100 year linearBuildings 20 \u2013 50 year linearMachinery and vehicles 3 \u2013 20 year linearLand not depreciated not depreciated", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__90-1": { "value": "Note 11 Property, plant and equipment, Intangible assets and Investment propertyInvestmentLand andAssets underMachinery andLisens,2023propertybuildingsconstructionvehiclestrademark TotalCost at 1 January 1 100 294 79 034 25 807 244 866 1 721 1 451 722Additions 5 647 75 9 741 5 206 17 245 37 912Disposals, and assets classified as held for sale - -64 869 -18 384 -1 658 - -84 912Reclassification - - -14 395 2 087 12 308 -Effects of changes in foreign exchange rates 70 782 4 430 1 848 16 683 122 93 865Cost at 31 December 1 176 723 18 670 4 616 267 184 31 395 1 498 588-Accumulated depreciation and impairment at 1355 286 51 907 - 210 419 548 618 160JanuaryDisposals, and assets classified as held for sale - -51 704 - -1 196 - -52 900Depreciation 8 458 924 - 6 838 2 273 18 493Impairments 94 298 - - - - 94 298Effects of changes in foreign exchange rates 17 274 4 269 - 14 057 75 35 675Accumulated depreciation and impairment at 31475 316 5 396 - 230 118 2 897 713 727DecemberCarrying amount at 31 December 701 407 13 274 4 616 37 066 28 499 784 861InvestmentLand andAssets underMachinery andLisens,2022propertybuildingsconstructionvehiclestrademark TotalCost at 1 January 1 042 411 85 509 17 070 285 640 1 218 1 431 849Additions 3 932 2 788 9 248 3 165 - 19 133Disposals -837 -7 399 - -35 852 - -44 087Effects of changes in foreign exchange rates 54 788 -1 864 -511 -8 088 502 44 828Cost at 31 December 1 100 294 79 034 25 807 244 866 1 721 1 451 722Accumulated depreciation and impairment at 1236 764 52 348 - 245 262 - 534 374JanuaryDisposals -330 - - -35 762 - -36 092Depreciation charge for the year 11 352 1 034 - 7 835 301 20 523Impairments 91 343 - - - - 91 343Effects of changes in foreign exchange rates 16 158 -1 475 - -6 917 247 8 013Accumulated depreciation and impairment at 31355 286 51 907 - 210 419 548 618 160DecemberCarrying amount at 31 December 745 008 27 128 25 807 34 448 1 172 833 562Fixed asset Economic life Depreciation methodInvestment property 100 year linearBuildings 20 \u2013 50 year linearMachinery and vehicles 3 \u2013 20 year linearLand not depreciated not depreciatedNote 12 LeasesRight-of-use-assets 2023 Vehicles Machinery and equipment Buildings/Property TotalCost at 1 January 14 215 9 546 36 278 60 039Additions 6 920 130 2 360 9 410Disposals -4 797 -2 249 -315 -7 362Effects of changes in foreign exchange3 170 22 2 531 5 724rates and other changesCost at 31 December 19 508 7 449 40 854 67 811Accumulated depreciation at 1 January 8 223 4 283 11 273 23 779Disposals -4 797 -2 249 -315 -7 362Depreciation 5 601 1 709 5 949 13 257Effects of changes in foreign exchange1 273 345 2 617 4 235rates and other changesAccumulated depreciation and impairment10 299 4 087 19 524 33 909at 31 DecemberCarrying amount at 31 December 9 209 3 362 21 330 33 902Vehicles usually have a lease period of 3-5 years, machinery 3-10 years and buildings 10 years.Lease liabilityUndiscounted liabilities 2023 2022Less then one year 16 209 11 216One to two years 12 784 9 514Two to three years 7 901 8 253Three to four years 5 720 5 820Four to five years 4 072 4 664More than five years 3 014 5 213Total undiscounted liabilities at 31 December 49 699 44 681Summary of the lease liabilities 2023 2022Carrying amount at 1st January 37 877 32 373Additions and remeasurements 9 410 18 744Lease payments -18 492 -14 104Interest expense 4 864 2 699Effects of changes in foreign exchange rates and other6 435 -1 834changesCarrying amount at 31 December 40 094 37 877Interest rates used in Norway are between 6.07 and 11.75 per cent, in Sweden between 11 and 12.50 percent and in Finland between 11 and 11.75 per cent. For the calculation of interest, mortgage debt in thevarious countries has been adjusted with a risk supplement for the duration of the lease.Summary of other lease expenses recognised in2023 2022profit or lossOperating expenses in the period related to short-term616 243leases (including short-term low value assets)Operating expenses in the period related to low value120 -assets (excluding short-term leases included above)Total lease expenses included in other operating736 243expenses", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__95": { "value": "Note 12 LeasesRight-of-use-assets 2023 Vehicles Machinery and equipment Buildings/Property TotalCost at 1 January 14 215 9 546 36 278 60 039Additions 6 920 130 2 360 9 410Disposals -4 797 -2 249 -315 -7 362Effects of changes in foreign exchange3 170 22 2 531 5 724rates and other changesCost at 31 December 19 508 7 449 40 854 67 811Accumulated depreciation at 1 January 8 223 4 283 11 273 23 779Disposals -4 797 -2 249 -315 -7 362Depreciation 5 601 1 709 5 949 13 257Effects of changes in foreign exchange1 273 345 2 617 4 235rates and other changesAccumulated depreciation and impairment10 299 4 087 19 524 33 909at 31 DecemberCarrying amount at 31 December 9 209 3 362 21 330 33 902Vehicles usually have a lease period of 3-5 years, machinery 3-10 years and buildings 10 years.Lease liabilityUndiscounted liabilities 2023 2022Less then one year 16 209 11 216One to two years 12 784 9 514Two to three years 7 901 8 253Three to four years 5 720 5 820Four to five years 4 072 4 664More than five years 3 014 5 213Total undiscounted liabilities at 31 December 49 699 44 681Summary of the lease liabilities 2023 2022Carrying amount at 1st January 37 877 32 373Additions and remeasurements 9 410 18 744Lease payments -18 492 -14 104Interest expense 4 864 2 699Effects of changes in foreign exchange rates and other6 435 -1 834changesCarrying amount at 31 December 40 094 37 877Interest rates used in Norway are between 6.07 and 11.75 per cent, in Sweden between 11 and 12.50 percent and in Finland between 11 and 11.75 per cent. For the calculation of interest, mortgage debt in thevarious countries has been adjusted with a risk supplement for the duration of the lease.Summary of other lease expenses recognised in2023 2022profit or lossOperating expenses in the period related to short-term616 243leases (including short-term low value assets)Operating expenses in the period related to low value120 -assets (excluding short-term leases included above)Total lease expenses included in other operating736 243expenses", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__98": { "value": "Note 13 GoodwillGoodwill 2023 2022Cost at 1 January 87 165 87 923Effects of changes in foreign exchange rates 2 943 -758Carrying amount at 31 December 90 108 87 165Impairment assessments of goodwillGoodwill is not depreciated. In accordance with IFRS, the Group assesses annually whether there is a needfor write-down related to the balance sheet value of goodwill. The tests are carried out at the end of the year,but are carried out more often if there are indications of a need for write-down.Goodwill arising from the acquisition of Norwegian companies/enterprises in 2006, 2007 and 2008 has a bookvalue of TNOK 46,071 as of 31 December 2023. In 2011, the Group acquired two Swedish companies and inconnection with this goodwill arose which is assessed at TNOK 34,772 per 31 December 2023. In 2015 and2018, the Group acquired two Finnish companies and in connection with these acquisitions goodwill arosewhich is assessed at TNOK 6,322 per 31 December 2023.Allocated as follows: CompanyH\u00f6gan\u00e4sH\u00f6gan\u00e4sMaconH\u00f6gan\u00e4sH\u00f6gan\u00e4s Borgestad Energi &TotalBorgestad ASBorgestad ABABBorgestad OyUgnsteknik ABNet carrying value 46 071 14 419 21 031 6 759 1 828 90 108H\u00f6gan\u00e4s Borgestad AS, Macon AB, H\u00f6gan\u00e4s Borgestad AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik ABand H\u00f6gan\u00e4s Borgestad Oy are all included in the Refractory segment.Goodwill allocated to H\u00f6gan\u00e4s Borgestad AB, Macon AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB andH\u00f6gan\u00e4s Borgestad Oy is exposed to currency fluctuations.Recoverable amount is the cash flow-generating unit's value in use. When assessing whether there is a needto write down goodwill, the recoverable amount is assessed against net assets, including goodwill on thebalance sheet date. If the recoverable amount exceeds net assets, there is no need for impairment.Recoverable amount is based on value in use and calculated per cash flow generating unit/company.Assumptions used when calculating value in use are cash flow forecasts which are again based on budgetsand business plans for each cash flow generating unit for a five-year period (defined period). Growth in theperiod is assessed per cash flow generating unit. For turnover growth, the increase is in the interval between2 per cent and 3.5 per cent. For H\u00f6gan\u00e4s Borgestad AS the increase in turnover is up to 2 percent in theperiod before the terminal period, growth in terminal period is 0 percent. There are estimated improvements inEBIT margins in the five-year period, but the estimated EBIT margin is within the range that has historicallybeen achieved for each cash flow-generating unit, with the exception of H\u00f6gan\u00e4s Borgestad AB, which hasan improvement in EBIT margin in line with the business plan after the closure of the stone factory. Growth of0 (0) percent is assumed for the terminal period for all companies.Prerequisites for investments in the five-year period and the terminal period are approximately the same orsimilar to today's depreciation for all cash flow-generating units. For all cash flow-generating units, with theexception of Macon AB, positive one-off effects have been estimated from the release of working capital.The cash flows are calculated based on the expected cash flow and the discount rate is based on a requiredreturn before tax of 11.7 (12.4) per cent. The discount rate takes into account debt premium, market riskpremium, debt ratio, tax rate and asset beta.There is estimation uncertainty linked to the calculations and assessment of goodwill, through theassumptions used. In the event of changed assumptions, the outcome of the calculations may lead to adifferent result. The cash flow-generating unit that has the lowest margin between calculated recoverableamount and net assets has a margin of approx. 9 (17) percent.Based on calculations carried out and the assumptions made, no impairment of goodwill has been made asof 31 December 2023 or in previous years. This is because the result of the calculations shows that therecoverable amount of all cash flow generating units (the companies) exceeds the balance sheet value ofassets/liabilities and thus there is a margin on the balance sheet value of goodwill. It is specified that there isestimation uncertainty linked to the assessment of the value of goodwill.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__97": { "value": "Note 13 GoodwillGoodwill 2023 2022Cost at 1 January 87 165 87 923Effects of changes in foreign exchange rates 2 943 -758Carrying amount at 31 December 90 108 87 165Impairment assessments of goodwillGoodwill is not depreciated. In accordance with IFRS, the Group assesses annually whether there is a needfor write-down related to the balance sheet value of goodwill. The tests are carried out at the end of the year,but are carried out more often if there are indications of a need for write-down.Goodwill arising from the acquisition of Norwegian companies/enterprises in 2006, 2007 and 2008 has a bookvalue of TNOK 46,071 as of 31 December 2023. In 2011, the Group acquired two Swedish companies and inconnection with this goodwill arose which is assessed at TNOK 34,772 per 31 December 2023. In 2015 and2018, the Group acquired two Finnish companies and in connection with these acquisitions goodwill arosewhich is assessed at TNOK 6,322 per 31 December 2023.Allocated as follows: CompanyH\u00f6gan\u00e4sH\u00f6gan\u00e4sMaconH\u00f6gan\u00e4sH\u00f6gan\u00e4s Borgestad Energi &TotalBorgestad ASBorgestad ABABBorgestad OyUgnsteknik ABNet carrying value 46 071 14 419 21 031 6 759 1 828 90 108H\u00f6gan\u00e4s Borgestad AS, Macon AB, H\u00f6gan\u00e4s Borgestad AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik ABand H\u00f6gan\u00e4s Borgestad Oy are all included in the Refractory segment.Goodwill allocated to H\u00f6gan\u00e4s Borgestad AB, Macon AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB andH\u00f6gan\u00e4s Borgestad Oy is exposed to currency fluctuations.Recoverable amount is the cash flow-generating unit's value in use. When assessing whether there is a needto write down goodwill, the recoverable amount is assessed against net assets, including goodwill on thebalance sheet date. If the recoverable amount exceeds net assets, there is no need for impairment.Recoverable amount is based on value in use and calculated per cash flow generating unit/company.Assumptions used when calculating value in use are cash flow forecasts which are again based on budgetsand business plans for each cash flow generating unit for a five-year period (defined period). Growth in theperiod is assessed per cash flow generating unit. For turnover growth, the increase is in the interval between2 per cent and 3.5 per cent. For H\u00f6gan\u00e4s Borgestad AS the increase in turnover is up to 2 percent in theperiod before the terminal period, growth in terminal period is 0 percent. There are estimated improvements inEBIT margins in the five-year period, but the estimated EBIT margin is within the range that has historicallybeen achieved for each cash flow-generating unit, with the exception of H\u00f6gan\u00e4s Borgestad AB, which hasan improvement in EBIT margin in line with the business plan after the closure of the stone factory. Growth of0 (0) percent is assumed for the terminal period for all companies.Prerequisites for investments in the five-year period and the terminal period are approximately the same orsimilar to today's depreciation for all cash flow-generating units. For all cash flow-generating units, with theexception of Macon AB, positive one-off effects have been estimated from the release of working capital.The cash flows are calculated based on the expected cash flow and the discount rate is based on a requiredreturn before tax of 11.7 (12.4) per cent. The discount rate takes into account debt premium, market riskpremium, debt ratio, tax rate and asset beta.There is estimation uncertainty linked to the calculations and assessment of goodwill, through theassumptions used. In the event of changed assumptions, the outcome of the calculations may lead to adifferent result. The cash flow-generating unit that has the lowest margin between calculated recoverableamount and net assets has a margin of approx. 9 (17) percent.Based on calculations carried out and the assumptions made, no impairment of goodwill has been made asof 31 December 2023 or in previous years. This is because the result of the calculations shows that therecoverable amount of all cash flow generating units (the companies) exceeds the balance sheet value ofassets/liabilities and thus there is a margin on the balance sheet value of goodwill. It is specified that there isestimation uncertainty linked to the assessment of the value of goodwill.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__99": { "value": "Note 14 InventoriesInventory 2023 2022Raw materials 22 333 35 153Work in progress 1 164 1 134Finished goods own produced products 30 271 47 203Goods purchased for resale 64 966 63 789Total 118 733 147 280The specification above is net book value after deduction for impairment. The provision for impairmentamounted to TNOK 8,642 (7,366) as at 31. December 2023.Write down 2023 2022Balance at 1 January -7 366 -7 195Write-downs reversed, other -36 36New write-downs recognized during the year -1 239 -Foreign currency translation gain/(loss) - -207Balance at 31 December -8 642 -7 366", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__101": { "value": "Note 15 Cash and cash equivalentsCash 2023 2022Unrestricted cash 139 273 77 867Restricted cash 13 415 13 193Total cash 152 688 91 059Overdraft facility 46 812 7 634Restricted deposits -13 415 -13 193Total available liquity 186 086 85 501Restricted funds consist of tax deductions of TNOK 2,174 (2,679) and TNOK 11,241 (10,514) which arerestricted funds in Agora Bytom. Tied up funds in Agora Bytom are a liquidity reserve of MEUR 1 inaccordance with the company's loan agreement. Restricted funds in Agora Bytom are for security related tothe outstanding debt towards Bank Pekao.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__100": { "value": "Note 15 Cash and cash equivalentsCash 2023 2022Unrestricted cash 139 273 77 867Restricted cash 13 415 13 193Total cash 152 688 91 059Overdraft facility 46 812 7 634Restricted deposits -13 415 -13 193Total available liquity 186 086 85 501Restricted funds consist of tax deductions of TNOK 2,174 (2,679) and TNOK 11,241 (10,514) which arerestricted funds in Agora Bytom. Tied up funds in Agora Bytom are a liquidity reserve of MEUR 1 inaccordance with the company's loan agreement. Restricted funds in Agora Bytom are for security related tothe outstanding debt towards Bank Pekao.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__104": { "value": "Note 16 InvestmentsCompany Ownership percent Cost Book value 31.12.23 Book value 31.12.22ERH AS 2,98 % 27 573 - -QNTM Ecom SW AB 0,15 % 1 306 1 1 306Impact Technology Systems AS 1,55 % 350 - -Other shares 175 175 546Total 29 403 176 1 852For information regarding the valuation hierarchy, see Note 19.Estimate uncertainty when calculating fair value for financial assetsThere is risk associated with the valuation of shares where there is no observable market value at the timethe accounts are drawn up. The Group bases its estimates on a number of observations which are supportedby calculations to arrive at the best possible estimate of the assets' value. These observations consist ofissue amounts in the case of open subscription, various players' price offers and valuations when selling partsof the company, cost price when shares are recently purchased, external valuations as well as assessmentsof discounted cash flow and value-adjusted equity.Sensitivity analysis of equity investmentsIn the event of a change in the market value of shares classified as fixed assets by +/- 10 per cent, this willaffect the result by TNOK +/- 1.75.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__102": { "value": "Note 16 InvestmentsCompany Ownership percent Cost Book value 31.12.23 Book value 31.12.22ERH AS 2,98 % 27 573 - -QNTM Ecom SW AB 0,15 % 1 306 1 1 306Impact Technology Systems AS 1,55 % 350 - -Other shares 175 175 546Total 29 403 176 1 852For information regarding the valuation hierarchy, see Note 19.Estimate uncertainty when calculating fair value for financial assetsThere is risk associated with the valuation of shares where there is no observable market value at the timethe accounts are drawn up. The Group bases its estimates on a number of observations which are supportedby calculations to arrive at the best possible estimate of the assets' value. These observations consist ofissue amounts in the case of open subscription, various players' price offers and valuations when selling partsof the company, cost price when shares are recently purchased, external valuations as well as assessmentsof discounted cash flow and value-adjusted equity.Sensitivity analysis of equity investmentsIn the event of a change in the market value of shares classified as fixed assets by +/- 10 per cent, this willaffect the result by TNOK +/- 1.75.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__107": { "value": "Note 17 Share capital and shareholder informationTreasuryNumber of shares Ordinary shares issuedshares Ordinary shares outstanding01.01.2022 12 724 832 -8 010 12 716 822Issued new share capital 139 766 019 139 766 01931.12.2022 152 490 851 -8 010 152 482 841Change 2023 1 249 991 990 8 010 1 250 000 00031.12.2023 1 402 482 841 - 1 402 482 841Information related to sharesThe company's share capital on 31. December 2023 is NOK 350,620,710.25 divided into 1,402,482,841shares at NOK 0.25 per share. All shares have equal voting rights. There are no preferential rights orrestrictions on the shares.Own sharesThe company has no own shares per 31. December 2023.The 20 main shareholders at 31.12.23 are:Shareholder Number of shares Ownership interest:Kontrari AS 380 513 105 27,13 %Ses AS 209 408 501 14,93 %Clearstream Banking S.A. 80 536 191 5,74 %Auris AS 78 749 042 5,61 %Intertrade Shipping AS 69 567 135 4,96 %Gross Management AS 60 000 000 4,28 %Jahatt AS 44 000 000 3,14 %Dione AS 43 885 449 3,13 %North Sea Group AS 39 023 515 2,78 %Regent AS 32 139 449 2,29 %Suveren AS 25 512 287 1,82 %Br\u00f8drene Jensen AS 23 733 583 1,69 %Christiansen Lars Aage Haaland 15 173 441 1,08 %Bratrud Gudmund Joar 13 378 637 0,95 %Ar Vekst AS 10 000 000 0,71 %Torhus Andreas 9 079 000 0,65 %Batjak AS 8 900 091 0,63 %Gravr\u00e5k Olve 8 000 000 0,57 %Lgt Bank AG 7 939 560 0,57 %Cjl Holding AS 7 416 742 0,53 %Total 1 166 955 728 83,19 %Other shareholders 235 527 113 16,79 %Total 1 402 482 841 100,00 %", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__106": { "value": "Note 17 Share capital and shareholder informationTreasuryNumber of shares Ordinary shares issuedshares Ordinary shares outstanding01.01.2022 12 724 832 -8 010 12 716 822Issued new share capital 139 766 019 139 766 01931.12.2022 152 490 851 -8 010 152 482 841Change 2023 1 249 991 990 8 010 1 250 000 00031.12.2023 1 402 482 841 - 1 402 482 841Information related to sharesThe company's share capital on 31. December 2023 is NOK 350,620,710.25 divided into 1,402,482,841shares at NOK 0.25 per share. All shares have equal voting rights. There are no preferential rights orrestrictions on the shares.Own sharesThe company has no own shares per 31. December 2023.The 20 main shareholders at 31.12.23 are:Shareholder Number of shares Ownership interest:Kontrari AS 380 513 105 27,13 %Ses AS 209 408 501 14,93 %Clearstream Banking S.A. 80 536 191 5,74 %Auris AS 78 749 042 5,61 %Intertrade Shipping AS 69 567 135 4,96 %Gross Management AS 60 000 000 4,28 %Jahatt AS 44 000 000 3,14 %Dione AS 43 885 449 3,13 %North Sea Group AS 39 023 515 2,78 %Regent AS 32 139 449 2,29 %Suveren AS 25 512 287 1,82 %Br\u00f8drene Jensen AS 23 733 583 1,69 %Christiansen Lars Aage Haaland 15 173 441 1,08 %Bratrud Gudmund Joar 13 378 637 0,95 %Ar Vekst AS 10 000 000 0,71 %Torhus Andreas 9 079 000 0,65 %Batjak AS 8 900 091 0,63 %Gravr\u00e5k Olve 8 000 000 0,57 %Lgt Bank AG 7 939 560 0,57 %Cjl Holding AS 7 416 742 0,53 %Total 1 166 955 728 83,19 %Other shareholders 235 527 113 16,79 %Total 1 402 482 841 100,00 %", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__105": { "value": "Note 17 Share capital and shareholder informationTreasuryNumber of shares Ordinary shares issuedshares Ordinary shares outstanding01.01.2022 12 724 832 -8 010 12 716 822Issued new share capital 139 766 019 139 766 01931.12.2022 152 490 851 -8 010 152 482 841Change 2023 1 249 991 990 8 010 1 250 000 00031.12.2023 1 402 482 841 - 1 402 482 841Information related to sharesThe company's share capital on 31. December 2023 is NOK 350,620,710.25 divided into 1,402,482,841shares at NOK 0.25 per share. All shares have equal voting rights. There are no preferential rights orrestrictions on the shares.Own sharesThe company has no own shares per 31. December 2023.The 20 main shareholders at 31.12.23 are:Shareholder Number of shares Ownership interest:Kontrari AS 380 513 105 27,13 %Ses AS 209 408 501 14,93 %Clearstream Banking S.A. 80 536 191 5,74 %Auris AS 78 749 042 5,61 %Intertrade Shipping AS 69 567 135 4,96 %Gross Management AS 60 000 000 4,28 %Jahatt AS 44 000 000 3,14 %Dione AS 43 885 449 3,13 %North Sea Group AS 39 023 515 2,78 %Regent AS 32 139 449 2,29 %Suveren AS 25 512 287 1,82 %Br\u00f8drene Jensen AS 23 733 583 1,69 %Christiansen Lars Aage Haaland 15 173 441 1,08 %Bratrud Gudmund Joar 13 378 637 0,95 %Ar Vekst AS 10 000 000 0,71 %Torhus Andreas 9 079 000 0,65 %Batjak AS 8 900 091 0,63 %Gravr\u00e5k Olve 8 000 000 0,57 %Lgt Bank AG 7 939 560 0,57 %Cjl Holding AS 7 416 742 0,53 %Total 1 166 955 728 83,19 %Other shareholders 235 527 113 16,79 %Total 1 402 482 841 100,00 %", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__109": { "value": "Note 18 BorrowingsSecured Interest term Maturity date Effective interest rate 31.12.23 2023 2022Bond loan amortised Borgestad ASA - 96 581Bank loan (currency EUR) Agora Bytom Sp. z o.o. EURIBOR 1M + margin 2,80% 2028 5,52 % 332 362 439 796Bank loan (currency SEK) H\u00f6gan\u00e4s Borgestad AB STIBOR 3M + 3,75 % 2025 7,79 % 52 423 57 427Bank loan (currency EUR) H\u00f6gan\u00e4s Borgestad OY 2023 - 568Bank loan (currency NOK) H\u00f6gan\u00e4s Borgestad AS NIBOR 3M + 3,75% 2029 8,50 % 11 000 13 000Total secured long-term debt 395 785 607 3721st year\u2019s principal repayments on long-term debt -60 043 -30 533Total long-term debt excluding the 1st year\u2019s principal repayments 335 742 576 839Maturity overview: 2024 2025 2026 2027 2028 2029-Bank loan 60 043 7 621 13 677 18 408 295 036 1 000Overdraft facility Interest term Maturity date Effective interest rate 31.12.23 2023 2022Overdraft facility Nordea 3 mnd Stibor + 3,75% 2023 7,79 % 24 098 58 537Granted check credit with Nordea is MSEK 70 as of 31 December 2023. The check credit is available andgranted for H\u00f6gan\u00e4s Borgestad Group.Mortgage loan and bond loanMortgage loans are secured by mortgages on buildings, operating assets, stocks and accounts receivable.The loan agreements regarding mortgage loans in the refractory segment, H\u00f6gan\u00e4s Borgestad Group, havethe following covenants: minimum 30 percent equity at the end of each quarter, EBITDA minimum MSEK 35on a 12-month rolling basis per quarter and net interest-bearing debt, excluding leasing debt, does notexceed 2.5 times EBITDA as of 31. December. H\u00f6gan\u00e4s Borgestad meet all covenant requirements agreedwith Nordea per 31. December 2023.The loan agreement regarding the mortgage loan in Agora Bytom has a covenant that Net Operating Income(NOI) is at minimum of 115 percent of interest costs plus annual loan amortization (DSCR ratio) and \"Loan toValue\" (LTV) must at all times be equal to or lower than 60 percent of fair value of the shopping center.The Group fulfills all covenant requirements as of 31 December 2023.Reference is also made to Note 19 regarding discussion of liquidity risk for the Group.Pledged as security 2023 2022Buildings, investment property and factory facilities 725 112 767 953Fixtures, machinery and vehicles 72 818 57 350Current assets and fixed assets 307 094 307 462Total 1 105 024 1 132 765As security for the long-term mortgages, registered liens amounting to MNOK 1,225 (1,225) have beenregistered in buildings and investment properties, in addition, security has been provided for a total of MNOK145.5 (145.5) divided between receivables, inventory and operating accessories. For other businesses in theGroup, there are registered liens amounting to MNOK 15.0 (15.0) in receivables, MNOK 12.0 (12.0) ininventory and MNOK 2.0 (2.0) in operating accessories.For the loan granted by Bank Pekao in Poland to Agora Bytom Sp. z o.o., security is provided in the shoppingcenter. Borgestad ASA has also provided an additional guarantee of MEUR 5.0.", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__108-1": { "value": "Note 18 BorrowingsSecured Interest term Maturity date Effective interest rate 31.12.23 2023 2022Bond loan amortised Borgestad ASA - 96 581Bank loan (currency EUR) Agora Bytom Sp. z o.o. EURIBOR 1M + margin 2,80% 2028 5,52 % 332 362 439 796Bank loan (currency SEK) H\u00f6gan\u00e4s Borgestad AB STIBOR 3M + 3,75 % 2025 7,79 % 52 423 57 427Bank loan (currency EUR) H\u00f6gan\u00e4s Borgestad OY 2023 - 568Bank loan (currency NOK) H\u00f6gan\u00e4s Borgestad AS NIBOR 3M + 3,75% 2029 8,50 % 11 000 13 000Total secured long-term debt 395 785 607 3721st year\u2019s principal repayments on long-term debt -60 043 -30 533Total long-term debt excluding the 1st year\u2019s principal repayments 335 742 576 839Maturity overview: 2024 2025 2026 2027 2028 2029-Bank loan 60 043 7 621 13 677 18 408 295 036 1 000Overdraft facility Interest term Maturity date Effective interest rate 31.12.23 2023 2022Overdraft facility Nordea 3 mnd Stibor + 3,75% 2023 7,79 % 24 098 58 537Granted check credit with Nordea is MSEK 70 as of 31 December 2023. The check credit is available andgranted for H\u00f6gan\u00e4s Borgestad Group.Mortgage loan and bond loanMortgage loans are secured by mortgages on buildings, operating assets, stocks and accounts receivable.The loan agreements regarding mortgage loans in the refractory segment, H\u00f6gan\u00e4s Borgestad Group, havethe following covenants: minimum 30 percent equity at the end of each quarter, EBITDA minimum MSEK 35on a 12-month rolling basis per quarter and net interest-bearing debt, excluding leasing debt, does notexceed 2.5 times EBITDA as of 31. December. H\u00f6gan\u00e4s Borgestad meet all covenant requirements agreedwith Nordea per 31. December 2023.The loan agreement regarding the mortgage loan in Agora Bytom has a covenant that Net Operating Income(NOI) is at minimum of 115 percent of interest costs plus annual loan amortization (DSCR ratio) and \"Loan toValue\" (LTV) must at all times be equal to or lower than 60 percent of fair value of the shopping center.The Group fulfills all covenant requirements as of 31 December 2023.Reference is also made to Note 19 regarding discussion of liquidity risk for the Group.Pledged as security 2023 2022Buildings, investment property and factory facilities 725 112 767 953Fixtures, machinery and vehicles 72 818 57 350Current assets and fixed assets 307 094 307 462Total 1 105 024 1 132 765As security for the long-term mortgages, registered liens amounting to MNOK 1,225 (1,225) have beenregistered in buildings and investment properties, in addition, security has been provided for a total of MNOK145.5 (145.5) divided between receivables, inventory and operating accessories. For other businesses in theGroup, there are registered liens amounting to MNOK 15.0 (15.0) in receivables, MNOK 12.0 (12.0) ininventory and MNOK 2.0 (2.0) in operating accessories.For the loan granted by Bank Pekao in Poland to Agora Bytom Sp. z o.o., security is provided in the shoppingcenter. Borgestad ASA has also provided an additional guarantee of MEUR 5.0.Note 23 Reconciliation for liabilities arising from financing activities2023 Other New leases Relocation Foreign exchange movement Cash flows 2022Long-term borrowings 335 742 -60 043 24 730 -109 202 480 258Short-term borrowings 60 043 60 043 - -30 533 30 5331)Bond- 1 083 -97 664 96 5812)Other short-term liabilities- - -75 098Payment of lease liabilities 40 094 11 299 9 410 -18 492 37 877Other long term debt - -631 - - 631Overdraft facility 24 098 -34 439 58 537Total liabilities from financing activities 459 977 11 751 9 410 - 24 730 -365 428 704 4151) MNOK 1,1 is amortized cost2) Loans from the Swedish tax authorities have been repaid in 20232022 Other New leases Relocation Foreign exchange movement Cash flows 2021Long-term borrowings 480 258 40 462 21 828 417 967Short-term borrowings 30 533 -40 462 -1 026 -33 058 105 0791)Bond96 581 -43 368 -124 936 264 885Payment of lease liabilities 37 877 864 18 744 -14 104 32 3732)Other long term debt631 -78 664 79 295Overdraft facility 58 537 58 537 -Total liabilities from financing activities 704 416 -42 504 18 744 -78 664 20 802 -113 561 899 6001) MNOK 4.4 is amortized cost without MNOK 47.8 which has been converted to share capital2) Swap Agora in Bank Pekao has been reclassified as a receivable, and loans from the Swedish tax authorities have been reclassified as short-term liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__111": { "value": "Note 19 Financial risk and management objectives and policiesFinancial riskThe Group uses financial instruments such as bank loans and bond loans to obtain capital for investments inthe company's operations. In addition, the Group has financial instruments such as accounts receivable,accounts payable, etc. which are directly linked to the company's daily operations.Routines for risk management have been adopted by the board and are carried out by a central financedepartment in collaboration with the individual operating units. The most important financial risks the Group isexposed to are related to interest rate risk, liquidity risk, currency risk and credit risk. The Group'smanagement has an ongoing assessment of these risks and sets guidelines for how these are to be handled.In accordance with the Group's strategy for interest rate and currency exposure, the Group sometimes usesfinancial derivatives to reduce this risk. Accounting treatment of financial derivatives is discussed in Note 2i) Credit riskThe Group only trades with approved creditworthy counterparties. All counterparties who receive credit fromthe Group, for example customers, must be approved and subject to an assessment of creditworthiness.The Group has no significant credit risk linked to a single counterparty or several counterparties that can beseen as a Group due to similarities in credit risk.In accordance with the expected credit loss model introduced by IFRS 9, Borgestad records expected creditloss over the lifetime of all receivables (the simplified approach). The calculation of expected credit loss isbased on both historical and forward-looking information and is carried out at company level. Whenestimating expected credit losses for trade receivables that are not yet due and trade receivables that aredue, available information is assessed, including loss history and future expectations, where this forms thebasis for an estimate for provisions for losses on an individual and a general basis.Maximum risk exposure is represented by the book value of the financial assets, including derivatives, in thebalance sheet. As the counterparty in derivatives trading and deposits in banks are normally banks, the creditrisk associated with these items is considered to be very low. Furthermore, the counterparty for pension fundsis a Norwegian insurance company and the risk associated with this is considered minimal. The Groupconsiders its maximum risk exposure to be the balance sheet value of long-term receivables, tradereceivables, market-based bonds and bond funds and other short-term receivables, cf. v) for an overview ofthe amounts within these classes.Information on accounts receivable, age distributionand losses on claims: 2023 2022Trade receivables 184 567 202 585Aging profile of trade receivables 2023 2022Not due 133 993 168 023<30 days 38 452 19 72530-60 days 5 757 4 72561-90 days 1 570 5 461>90 days 17 179 16 139Total 196 952 214 073Expected credit loss -12 385 -11 489Total 184 567 202 585Change in provison for losses:January 01.01 11 489 16 067Change in provision during the year -1 069 3 157Reversed previous provision 2 392 -8 290Translation difference and other changes -427 555Provision 31th December 12 385 11 489This year losses 19 243Provision for losses, in both the opening and closing balance sheet, as well as changes in ascertained losses on claims are mainly linked to Agora Bytom.ii) Interest rate riskThe Group is exposed to interest rate risk through placement and financing activities. As of 31 December2023, the Group had a floating interest rate for most of its deposits, receivables and loans.For the mortgage loan in Agora Bytom, 100 percent of the loan of MEUR 29,9 is secured at 0.30 percent+2.80 percent margin which expires in June 2024. Fixed interest loans are accounted for at amortized cost.Change in the interest rate level inYear:Effect on profit before tax (NOK 1 000) Effect on equity (NOK 1 000)percentage points2023 +/-1 % poeng -/+ 251 -/+ 1 6622022 +/-1 % poeng -/+ 3 131 -/+ 5 278All fixed interest contracts entered into are accounted for as cash flow hedges. In the tables below thesecontracts are specified.Change in value throughout2023 Interest derivatives Secured amount Maturity remaining Fair valuethe yearAgora Bytom Sp. z o.o. ** 332 362 0,5 \u00e5r 5 945 -7 957Change in value throughout2022 Interest derivatives Secured amount Maturity remaining Fair valuethe yearAgora Bytom Sp. z o.o.** 351 837 1,5 \u00e5r 13 902 18 730** 100 (80) percent of the loan linked to Agora is secured with an interest rate of 0.30 percent + 2.80 (2.80)percent margin.The term of the interest rate swap agreement is until June 2024.The derivatives above are contracts where floating interest has been exchanged for fixed interest. Theinterest derivatives above are accounted for as hedging instruments with a change in fair value over otherincome and expenses (OCI).The interest derivative in Agora Bytom Sp. z o.o. is entered into in EUR and the secured amount amounts toMEUR 29.9 (33.4), which corresponds to 100 (80) percent of the company's mortgage loan.Interest on loans, receivables and liabilities measured2023 2022at amortized costBond loan 9 612 22 878Bank loan 42 298 24 552Total sum 51 910 47 429iii) Liquidity riskLiquidity risk is the risk that the Group will not be able to service its financial obligations as they fall due.Group board and management consider that the group has a reasonable debt structure and a sufficientliquidity situation. The group's strategy for managing liquidity risk is to have sufficient cash at all times to beable to meet its financial obligations when due, both under normal and extraordinary circumstances.Unused credit facilities are presented in Note 15The following table shows an overview of the maturity structure for the group's financial obligations, based onundiscounted contractual payments. In cases where the counterparty can demand earlier redemption, theamount is given in the earliest period in which payment can be required from the counterparty. If theobligation can be redeemed on request, these are included in the first column for which the obligation can beredeemed.Remaining period2023 0-3 mth. 3-12 mth. 1-3 year 3 years or moreBank overdraft - 24 098 - -Interest-bearing debt 15 011 45 032 39 706 296 036Other non-current liabilities - - - -Interest expenses 5 843 17 529 54 656 16 510Trade payables 64 017 - - -Other short-term liabilities 74 148 38 038 - -Total 159 019 124 698 94 361 312 546See Note 12 for maturity analysis on leasing.Remaining period2022 0-3 mth. 3-12 mth. 1-3 year 3 years or moreBank overdraft - 58 537 - -Interest-bearing debt 7 633 22 900 475 258 5 000Other non-current liabilities - 631 - -Bond loan - - 97 664 -Interest expenses 7 376 21 660 16 380 420Trade payables 83 631 - - -Other short-term liabilities 53 496 109 653 - -Total 152 136 213 380 589 302 5 420Note 18 contains more information about long term loan.iv) Currency riskThe Group companies are exposed to currency risk due to production, buying and selling in several differentcountries and in different currencies. The most important currencies are NOK, SEK, PLN, EUR and USD.The Group enters into forward contracts and currency exchange agreements from time to time to reduce thecurrency risk in cash flows denominated in foreign currency. The company has not had currency exchangeagreements in 2023 or 2022.The Group's available liquid assets are held in NOK, EUR, PLN, SEK and USD.The tables below show the sensitivity of the consolidated balance sheet to potential changes in the kroneexchange rate for each EUR, PLN, SEK and USD with all other ratios held constant.Year: Change in EUR exchange rate Effect on profit before tax Effect on equity2023 +/- 10 % +/- 3 600 +/- 46 0442022 +/- 10 % +/- 3 145 +/- 31 412Year: Change in PLN exchange rate Effect on profit before tax Effect on equity2023 +/- 10 % +/- 1 997 +/- 8672022 +/- 10 % +/- 1 325 +/- 431Year: Change in SEK exchange rate Effect on profit before tax Effect on equity2023 +/- 10 % +/- 3 638 +/- 11 7732022 +/- 10 % +/- 2 413 +/- 7 561v) Classification of financial instrumentsLoans and receivables atDerivatives that are hedgingShares at fair value throughamortized cost and bankFinancial liabilities31.12.23instrumentsprofit or lossdepositsmeasured at amortized costNon-current financial assetsOther financial assets 5 945 - 734 -Other shares - 176 - -Total non-current financial assetsTrade receivables - - 184 567 -Other receivables - - 7 763 -Cash and cash equivalents - - 152 688 -Total financial assets 5 945 176 345 752 -Interest-bearing debt long termInterest-bearing debt - - - 335 742Bond loan - - - -Lease liability 27 453Interest-bearing debt short termInterest-bearing debt - - - 60 043Lease liability 12 641Bank overdraft - - - 24 098Trade payables - - - 64 017Public duties payable - - - 27 560Other short-term liabilities - - - 72 479Total financial obligations - - - 624 032Loans and receivables atDerivatives that are hedgingShares at fair value throughamortized cost and bankFinancial liabilities31.12.22instrumentsprofit or lossdepositsmeasured at amortized costNon-current financial assetsOther financial assets 13 902 - 23 670 -Other shares - 1 852 - -Total non-current financial assetsTrade receivables - - 202 585 -Other receivables - - 14 508 -Cash and cash equivalents - - 91 059 -Total financial assets 13 902 1 852 331 822 -Interest-bearing debt long termInterest-bearing debt - - - 480 258Bond loan - - - 96 581Lease liability 29 008Other long term debt - - - 631Interest-bearing debt short termInterest-bearing debt - - - 30 533Lease liability 8 869Bank overdraft - - - 58 537Trade payables - - - 83 631Public duties payable - - - 23 852Other short-term liabilities - - - 137 615Total financial obligations - - - 949 514vi) Fair value of financial instrumentsIf the financial asset does not have an observable market value, the Group bases its estimate on a series ofobservations supported by calculations to arrive at the best possible estimate of the asset's value. Theseobservations consist of issue amounts in the case of open subscription, various players' price offers andvaluation when selling parts of the company, cost price when buying shares recently, as well as ownassessments of cash flow and value-adjusted equity of the Group's investments. The most importantuncertainties linked to the estimates for fair value are conditions such as declining turnover and profit in thecompanies in which you have a stake, a change in the risk profile of the investment or a general increase inthe requirement the Group sets for its discount rate. Reference is made to the separate table below whichshows the method used for the valuation of the individual balance sheet item (valuation hierarchy).The following of the company's financial instruments are not separately valued at fair value: cash and cashequivalents, trade receivables, other short-term receivables, overdrafts, trade payables and long-term debt.The carrying value of cash and cash equivalents and overdrafts is approximately equal to fair value due to thefact that these instruments have a short maturity. Correspondingly, the balance sheet value of tradereceivables, short-term receivables, trade payables, public charges and other short-term liabilities isapproximately equal to fair value as they are entered into under \"normal\" conditions.In relation to interest-bearing debt, the Group has not entered into agreements that deviate significantly fromordinary market conditions.Fair value hierarchyThe Group classifies fair value measurements using the fair value hierarchy. The fair value hierarchy has thefollowing levels:\u00b7 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.\u00b7 Level 2: inputs are other than quoted prices included in Level 1 that are observable for the asset or liability,either directly (ie as prices) or indirectly (ie derived from prices).\u00b7 Level 3: input for the asset or liability that is not based on observable market data (unobservable input).Assets recognized at fair value 31.12.23 Level 1 Level 2 Level 3Hedging derivatives with changes in value5 945 - 5 945 -through other comprehensive incomeEquity instruments held for trading with a176 7 - 169change in value through profit or lossTotal 6 121 7 5 945 169During the reporting period, there was no change in fair value measurement that entailed transfers betweenlevels 1, 2 or 3.In accordance with IFRS 9, all changes in the value of financial assets are entered in profit or loss, unless youhave chosen otherwise at first recognition.Assets recognized at fair value 31.12.22 Level 1 Level 2 Level 3Hedging derivatives with changes in value13 902 - 13 902 -through other comprehensive incomeEquity instruments held for trading with a1 852 7 - 1 845change in value through profit or lossTotal 15 754 7 13 902 1 845Specification of changes in level 3 2023 2022Balance sheet as of 01. January 1 845 4 247Purchase, sale, issue and settlement - -2 429Gains and losses recognised in the current profit and loss-1 676 -statementForeign exchange through profit or loss 27Total 169 1 845vii) Capital managementBorgestad ASA has mainly investments in property and long-term shares in affiliated and jointly controlledcompanies. As the investments are mainly long-term, the Group also strive for adapted financing in the formof equity capital and long-term debt capital. The Group seeks to adapt the development in the equity share asneeded in the short and long term. Equity ratio is calculated as book equity in relation to total capital.The equity ratio as of 31 December 2023 and 2022 was 53.7 per cent and 34.6 per cent respectively. SeeNote 18 for further information on interest-bearing debt.Borgestad ASA wants to achieve the best possible price for the company's shares through efficient andprofitable management of the Group's resources. A competitive return must be achieved through valueappreciation and the payment of dividends. The return must be competitive compared to other investmentalternatives with the same risk. The dividend must be in relation to the company's results, equity needs andfuture prospects.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__110": { "value": "Note 19 Financial risk and management objectives and policiesFinancial riskThe Group uses financial instruments such as bank loans and bond loans to obtain capital for investments inthe company's operations. In addition, the Group has financial instruments such as accounts receivable,accounts payable, etc. which are directly linked to the company's daily operations.Routines for risk management have been adopted by the board and are carried out by a central financedepartment in collaboration with the individual operating units. The most important financial risks the Group isexposed to are related to interest rate risk, liquidity risk, currency risk and credit risk. The Group'smanagement has an ongoing assessment of these risks and sets guidelines for how these are to be handled.In accordance with the Group's strategy for interest rate and currency exposure, the Group sometimes usesfinancial derivatives to reduce this risk. Accounting treatment of financial derivatives is discussed in Note 2i) Credit riskThe Group only trades with approved creditworthy counterparties. All counterparties who receive credit fromthe Group, for example customers, must be approved and subject to an assessment of creditworthiness.The Group has no significant credit risk linked to a single counterparty or several counterparties that can beseen as a Group due to similarities in credit risk.In accordance with the expected credit loss model introduced by IFRS 9, Borgestad records expected creditloss over the lifetime of all receivables (the simplified approach). The calculation of expected credit loss isbased on both historical and forward-looking information and is carried out at company level. Whenestimating expected credit losses for trade receivables that are not yet due and trade receivables that aredue, available information is assessed, including loss history and future expectations, where this forms thebasis for an estimate for provisions for losses on an individual and a general basis.Maximum risk exposure is represented by the book value of the financial assets, including derivatives, in thebalance sheet. As the counterparty in derivatives trading and deposits in banks are normally banks, the creditrisk associated with these items is considered to be very low. Furthermore, the counterparty for pension fundsis a Norwegian insurance company and the risk associated with this is considered minimal. The Groupconsiders its maximum risk exposure to be the balance sheet value of long-term receivables, tradereceivables, market-based bonds and bond funds and other short-term receivables, cf. v) for an overview ofthe amounts within these classes.Information on accounts receivable, age distributionand losses on claims: 2023 2022Trade receivables 184 567 202 585Aging profile of trade receivables 2023 2022Not due 133 993 168 023<30 days 38 452 19 72530-60 days 5 757 4 72561-90 days 1 570 5 461>90 days 17 179 16 139Total 196 952 214 073Expected credit loss -12 385 -11 489Total 184 567 202 585Change in provison for losses:January 01.01 11 489 16 067Change in provision during the year -1 069 3 157Reversed previous provision 2 392 -8 290Translation difference and other changes -427 555Provision 31th December 12 385 11 489This year losses 19 243Provision for losses, in both the opening and closing balance sheet, as well as changes in ascertained losses on claims are mainly linked to Agora Bytom.ii) Interest rate riskThe Group is exposed to interest rate risk through placement and financing activities. As of 31 December2023, the Group had a floating interest rate for most of its deposits, receivables and loans.For the mortgage loan in Agora Bytom, 100 percent of the loan of MEUR 29,9 is secured at 0.30 percent+2.80 percent margin which expires in June 2024. Fixed interest loans are accounted for at amortized cost.Change in the interest rate level inYear:Effect on profit before tax (NOK 1 000) Effect on equity (NOK 1 000)percentage points2023 +/-1 % poeng -/+ 251 -/+ 1 6622022 +/-1 % poeng -/+ 3 131 -/+ 5 278All fixed interest contracts entered into are accounted for as cash flow hedges. In the tables below thesecontracts are specified.Change in value throughout2023 Interest derivatives Secured amount Maturity remaining Fair valuethe yearAgora Bytom Sp. z o.o. ** 332 362 0,5 \u00e5r 5 945 -7 957Change in value throughout2022 Interest derivatives Secured amount Maturity remaining Fair valuethe yearAgora Bytom Sp. z o.o.** 351 837 1,5 \u00e5r 13 902 18 730** 100 (80) percent of the loan linked to Agora is secured with an interest rate of 0.30 percent + 2.80 (2.80)percent margin.The term of the interest rate swap agreement is until June 2024.The derivatives above are contracts where floating interest has been exchanged for fixed interest. Theinterest derivatives above are accounted for as hedging instruments with a change in fair value over otherincome and expenses (OCI).The interest derivative in Agora Bytom Sp. z o.o. is entered into in EUR and the secured amount amounts toMEUR 29.9 (33.4), which corresponds to 100 (80) percent of the company's mortgage loan.Interest on loans, receivables and liabilities measured2023 2022at amortized costBond loan 9 612 22 878Bank loan 42 298 24 552Total sum 51 910 47 429iii) Liquidity riskLiquidity risk is the risk that the Group will not be able to service its financial obligations as they fall due.Group board and management consider that the group has a reasonable debt structure and a sufficientliquidity situation. The group's strategy for managing liquidity risk is to have sufficient cash at all times to beable to meet its financial obligations when due, both under normal and extraordinary circumstances.Unused credit facilities are presented in Note 15The following table shows an overview of the maturity structure for the group's financial obligations, based onundiscounted contractual payments. In cases where the counterparty can demand earlier redemption, theamount is given in the earliest period in which payment can be required from the counterparty. If theobligation can be redeemed on request, these are included in the first column for which the obligation can beredeemed.Remaining period2023 0-3 mth. 3-12 mth. 1-3 year 3 years or moreBank overdraft - 24 098 - -Interest-bearing debt 15 011 45 032 39 706 296 036Other non-current liabilities - - - -Interest expenses 5 843 17 529 54 656 16 510Trade payables 64 017 - - -Other short-term liabilities 74 148 38 038 - -Total 159 019 124 698 94 361 312 546See Note 12 for maturity analysis on leasing.Remaining period2022 0-3 mth. 3-12 mth. 1-3 year 3 years or moreBank overdraft - 58 537 - -Interest-bearing debt 7 633 22 900 475 258 5 000Other non-current liabilities - 631 - -Bond loan - - 97 664 -Interest expenses 7 376 21 660 16 380 420Trade payables 83 631 - - -Other short-term liabilities 53 496 109 653 - -Total 152 136 213 380 589 302 5 420Note 18 contains more information about long term loan.iv) Currency riskThe Group companies are exposed to currency risk due to production, buying and selling in several differentcountries and in different currencies. The most important currencies are NOK, SEK, PLN, EUR and USD.The Group enters into forward contracts and currency exchange agreements from time to time to reduce thecurrency risk in cash flows denominated in foreign currency. The company has not had currency exchangeagreements in 2023 or 2022.The Group's available liquid assets are held in NOK, EUR, PLN, SEK and USD.The tables below show the sensitivity of the consolidated balance sheet to potential changes in the kroneexchange rate for each EUR, PLN, SEK and USD with all other ratios held constant.Year: Change in EUR exchange rate Effect on profit before tax Effect on equity2023 +/- 10 % +/- 3 600 +/- 46 0442022 +/- 10 % +/- 3 145 +/- 31 412Year: Change in PLN exchange rate Effect on profit before tax Effect on equity2023 +/- 10 % +/- 1 997 +/- 8672022 +/- 10 % +/- 1 325 +/- 431Year: Change in SEK exchange rate Effect on profit before tax Effect on equity2023 +/- 10 % +/- 3 638 +/- 11 7732022 +/- 10 % +/- 2 413 +/- 7 561v) Classification of financial instrumentsLoans and receivables atDerivatives that are hedgingShares at fair value throughamortized cost and bankFinancial liabilities31.12.23instrumentsprofit or lossdepositsmeasured at amortized costNon-current financial assetsOther financial assets 5 945 - 734 -Other shares - 176 - -Total non-current financial assetsTrade receivables - - 184 567 -Other receivables - - 7 763 -Cash and cash equivalents - - 152 688 -Total financial assets 5 945 176 345 752 -Interest-bearing debt long termInterest-bearing debt - - - 335 742Bond loan - - - -Lease liability 27 453Interest-bearing debt short termInterest-bearing debt - - - 60 043Lease liability 12 641Bank overdraft - - - 24 098Trade payables - - - 64 017Public duties payable - - - 27 560Other short-term liabilities - - - 72 479Total financial obligations - - - 624 032Loans and receivables atDerivatives that are hedgingShares at fair value throughamortized cost and bankFinancial liabilities31.12.22instrumentsprofit or lossdepositsmeasured at amortized costNon-current financial assetsOther financial assets 13 902 - 23 670 -Other shares - 1 852 - -Total non-current financial assetsTrade receivables - - 202 585 -Other receivables - - 14 508 -Cash and cash equivalents - - 91 059 -Total financial assets 13 902 1 852 331 822 -Interest-bearing debt long termInterest-bearing debt - - - 480 258Bond loan - - - 96 581Lease liability 29 008Other long term debt - - - 631Interest-bearing debt short termInterest-bearing debt - - - 30 533Lease liability 8 869Bank overdraft - - - 58 537Trade payables - - - 83 631Public duties payable - - - 23 852Other short-term liabilities - - - 137 615Total financial obligations - - - 949 514vi) Fair value of financial instrumentsIf the financial asset does not have an observable market value, the Group bases its estimate on a series ofobservations supported by calculations to arrive at the best possible estimate of the asset's value. Theseobservations consist of issue amounts in the case of open subscription, various players' price offers andvaluation when selling parts of the company, cost price when buying shares recently, as well as ownassessments of cash flow and value-adjusted equity of the Group's investments. The most importantuncertainties linked to the estimates for fair value are conditions such as declining turnover and profit in thecompanies in which you have a stake, a change in the risk profile of the investment or a general increase inthe requirement the Group sets for its discount rate. Reference is made to the separate table below whichshows the method used for the valuation of the individual balance sheet item (valuation hierarchy).The following of the company's financial instruments are not separately valued at fair value: cash and cashequivalents, trade receivables, other short-term receivables, overdrafts, trade payables and long-term debt.The carrying value of cash and cash equivalents and overdrafts is approximately equal to fair value due to thefact that these instruments have a short maturity. Correspondingly, the balance sheet value of tradereceivables, short-term receivables, trade payables, public charges and other short-term liabilities isapproximately equal to fair value as they are entered into under \"normal\" conditions.In relation to interest-bearing debt, the Group has not entered into agreements that deviate significantly fromordinary market conditions.Fair value hierarchyThe Group classifies fair value measurements using the fair value hierarchy. The fair value hierarchy has thefollowing levels:\u00b7 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.\u00b7 Level 2: inputs are other than quoted prices included in Level 1 that are observable for the asset or liability,either directly (ie as prices) or indirectly (ie derived from prices).\u00b7 Level 3: input for the asset or liability that is not based on observable market data (unobservable input).Assets recognized at fair value 31.12.23 Level 1 Level 2 Level 3Hedging derivatives with changes in value5 945 - 5 945 -through other comprehensive incomeEquity instruments held for trading with a176 7 - 169change in value through profit or lossTotal 6 121 7 5 945 169During the reporting period, there was no change in fair value measurement that entailed transfers betweenlevels 1, 2 or 3.In accordance with IFRS 9, all changes in the value of financial assets are entered in profit or loss, unless youhave chosen otherwise at first recognition.Assets recognized at fair value 31.12.22 Level 1 Level 2 Level 3Hedging derivatives with changes in value13 902 - 13 902 -through other comprehensive incomeEquity instruments held for trading with a1 852 7 - 1 845change in value through profit or lossTotal 15 754 7 13 902 1 845Specification of changes in level 3 2023 2022Balance sheet as of 01. January 1 845 4 247Purchase, sale, issue and settlement - -2 429Gains and losses recognised in the current profit and loss-1 676 -statementForeign exchange through profit or loss 27Total 169 1 845vii) Capital managementBorgestad ASA has mainly investments in property and long-term shares in affiliated and jointly controlledcompanies. As the investments are mainly long-term, the Group also strive for adapted financing in the formof equity capital and long-term debt capital. The Group seeks to adapt the development in the equity share asneeded in the short and long term. Equity ratio is calculated as book equity in relation to total capital.The equity ratio as of 31 December 2023 and 2022 was 53.7 per cent and 34.6 per cent respectively. SeeNote 18 for further information on interest-bearing debt.Borgestad ASA wants to achieve the best possible price for the company's shares through efficient andprofitable management of the Group's resources. A competitive return must be achieved through valueappreciation and the payment of dividends. The return must be competitive compared to other investmentalternatives with the same risk. The dividend must be in relation to the company's results, equity needs andfuture prospects.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__114": { "value": "i) Credit riskThe Group only trades with approved creditworthy counterparties. All counterparties who receive credit fromthe Group, for example customers, must be approved and subject to an assessment of creditworthiness.The Group has no significant credit risk linked to a single counterparty or several counterparties that can beseen as a Group due to similarities in credit risk.In accordance with the expected credit loss model introduced by IFRS 9, Borgestad records expected creditloss over the lifetime of all receivables (the simplified approach). The calculation of expected credit loss isbased on both historical and forward-looking information and is carried out at company level. Whenestimating expected credit losses for trade receivables that are not yet due and trade receivables that aredue, available information is assessed, including loss history and future expectations, where this forms thebasis for an estimate for provisions for losses on an individual and a general basis.Maximum risk exposure is represented by the book value of the financial assets, including derivatives, in thebalance sheet. As the counterparty in derivatives trading and deposits in banks are normally banks, the creditrisk associated with these items is considered to be very low. Furthermore, the counterparty for pension fundsis a Norwegian insurance company and the risk associated with this is considered minimal. The Groupconsiders its maximum risk exposure to be the balance sheet value of long-term receivables, tradereceivables, market-based bonds and bond funds and other short-term receivables, cf. v) for an overview ofthe amounts within these classes.Information on accounts receivable, age distributionand losses on claims: 2023 2022Trade receivables 184 567 202 585Aging profile of trade receivables 2023 2022Not due 133 993 168 023<30 days 38 452 19 72530-60 days 5 757 4 72561-90 days 1 570 5 461>90 days 17 179 16 139Total 196 952 214 073Expected credit loss -12 385 -11 489Total 184 567 202 585Change in provison for losses:January 01.01 11 489 16 067Change in provision during the year -1 069 3 157Reversed previous provision 2 392 -8 290Translation difference and other changes -427 555Provision 31th December 12 385 11 489This year losses 19 243Provision for losses, in both the opening and closing balance sheet, as well as changes in ascertained losses on claims are mainly linked to Agora Bytom.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__113": { "value": "i) Credit riskThe Group only trades with approved creditworthy counterparties. All counterparties who receive credit fromthe Group, for example customers, must be approved and subject to an assessment of creditworthiness.The Group has no significant credit risk linked to a single counterparty or several counterparties that can beseen as a Group due to similarities in credit risk.In accordance with the expected credit loss model introduced by IFRS 9, Borgestad records expected creditloss over the lifetime of all receivables (the simplified approach). The calculation of expected credit loss isbased on both historical and forward-looking information and is carried out at company level. Whenestimating expected credit losses for trade receivables that are not yet due and trade receivables that aredue, available information is assessed, including loss history and future expectations, where this forms thebasis for an estimate for provisions for losses on an individual and a general basis.Maximum risk exposure is represented by the book value of the financial assets, including derivatives, in thebalance sheet. As the counterparty in derivatives trading and deposits in banks are normally banks, the creditrisk associated with these items is considered to be very low. Furthermore, the counterparty for pension fundsis a Norwegian insurance company and the risk associated with this is considered minimal. The Groupconsiders its maximum risk exposure to be the balance sheet value of long-term receivables, tradereceivables, market-based bonds and bond funds and other short-term receivables, cf. v) for an overview ofthe amounts within these classes.Information on accounts receivable, age distributionand losses on claims: 2023 2022Trade receivables 184 567 202 585Aging profile of trade receivables 2023 2022Not due 133 993 168 023<30 days 38 452 19 72530-60 days 5 757 4 72561-90 days 1 570 5 461>90 days 17 179 16 139Total 196 952 214 073Expected credit loss -12 385 -11 489Total 184 567 202 585Change in provison for losses:January 01.01 11 489 16 067Change in provision during the year -1 069 3 157Reversed previous provision 2 392 -8 290Translation difference and other changes -427 555Provision 31th December 12 385 11 489This year losses 19 243Provision for losses, in both the opening and closing balance sheet, as well as changes in ascertained losses on claims are mainly linked to Agora Bytom.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__112": { "value": "i) Credit riskThe Group only trades with approved creditworthy counterparties. All counterparties who receive credit fromthe Group, for example customers, must be approved and subject to an assessment of creditworthiness.The Group has no significant credit risk linked to a single counterparty or several counterparties that can beseen as a Group due to similarities in credit risk.In accordance with the expected credit loss model introduced by IFRS 9, Borgestad records expected creditloss over the lifetime of all receivables (the simplified approach). The calculation of expected credit loss isbased on both historical and forward-looking information and is carried out at company level. Whenestimating expected credit losses for trade receivables that are not yet due and trade receivables that aredue, available information is assessed, including loss history and future expectations, where this forms thebasis for an estimate for provisions for losses on an individual and a general basis.Maximum risk exposure is represented by the book value of the financial assets, including derivatives, in thebalance sheet. As the counterparty in derivatives trading and deposits in banks are normally banks, the creditrisk associated with these items is considered to be very low. Furthermore, the counterparty for pension fundsis a Norwegian insurance company and the risk associated with this is considered minimal. The Groupconsiders its maximum risk exposure to be the balance sheet value of long-term receivables, tradereceivables, market-based bonds and bond funds and other short-term receivables, cf. v) for an overview ofthe amounts within these classes.Information on accounts receivable, age distributionand losses on claims: 2023 2022Trade receivables 184 567 202 585Aging profile of trade receivables 2023 2022Not due 133 993 168 023<30 days 38 452 19 72530-60 days 5 757 4 72561-90 days 1 570 5 461>90 days 17 179 16 139Total 196 952 214 073Expected credit loss -12 385 -11 489Total 184 567 202 585Change in provison for losses:January 01.01 11 489 16 067Change in provision during the year -1 069 3 157Reversed previous provision 2 392 -8 290Translation difference and other changes -427 555Provision 31th December 12 385 11 489This year losses 19 243Provision for losses, in both the opening and closing balance sheet, as well as changes in ascertained losses on claims are mainly linked to Agora Bytom.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__115": { "value": "ii) Interest rate riskThe Group is exposed to interest rate risk through placement and financing activities. As of 31 December2023, the Group had a floating interest rate for most of its deposits, receivables and loans.For the mortgage loan in Agora Bytom, 100 percent of the loan of MEUR 29,9 is secured at 0.30 percent+2.80 percent margin which expires in June 2024. Fixed interest loans are accounted for at amortized cost.Change in the interest rate level inYear:Effect on profit before tax (NOK 1 000) Effect on equity (NOK 1 000)percentage points2023 +/-1 % poeng -/+ 251 -/+ 1 6622022 +/-1 % poeng -/+ 3 131 -/+ 5 278All fixed interest contracts entered into are accounted for as cash flow hedges. In the tables below thesecontracts are specified.Change in value throughout2023 Interest derivatives Secured amount Maturity remaining Fair valuethe yearAgora Bytom Sp. z o.o. ** 332 362 0,5 \u00e5r 5 945 -7 957Change in value throughout2022 Interest derivatives Secured amount Maturity remaining Fair valuethe yearAgora Bytom Sp. z o.o.** 351 837 1,5 \u00e5r 13 902 18 730** 100 (80) percent of the loan linked to Agora is secured with an interest rate of 0.30 percent + 2.80 (2.80)percent margin.The term of the interest rate swap agreement is until June 2024.The derivatives above are contracts where floating interest has been exchanged for fixed interest. Theinterest derivatives above are accounted for as hedging instruments with a change in fair value over otherincome and expenses (OCI).The interest derivative in Agora Bytom Sp. z o.o. is entered into in EUR and the secured amount amounts toMEUR 29.9 (33.4), which corresponds to 100 (80) percent of the company's mortgage loan.Interest on loans, receivables and liabilities measured2023 2022at amortized costBond loan 9 612 22 878Bank loan 42 298 24 552Total sum 51 910 47 429", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__116": { "value": "iii) Liquidity riskLiquidity risk is the risk that the Group will not be able to service its financial obligations as they fall due.Group board and management consider that the group has a reasonable debt structure and a sufficientliquidity situation. The group's strategy for managing liquidity risk is to have sufficient cash at all times to beable to meet its financial obligations when due, both under normal and extraordinary circumstances.Unused credit facilities are presented in Note 15The following table shows an overview of the maturity structure for the group's financial obligations, based onundiscounted contractual payments. In cases where the counterparty can demand earlier redemption, theamount is given in the earliest period in which payment can be required from the counterparty. If theobligation can be redeemed on request, these are included in the first column for which the obligation can beredeemed.Remaining period2023 0-3 mth. 3-12 mth. 1-3 year 3 years or moreBank overdraft - 24 098 - -Interest-bearing debt 15 011 45 032 39 706 296 036Other non-current liabilities - - - -Interest expenses 5 843 17 529 54 656 16 510Trade payables 64 017 - - -Other short-term liabilities 74 148 38 038 - -Total 159 019 124 698 94 361 312 546See Note 12 for maturity analysis on leasing.Remaining period2022 0-3 mth. 3-12 mth. 1-3 year 3 years or moreBank overdraft - 58 537 - -Interest-bearing debt 7 633 22 900 475 258 5 000Other non-current liabilities - 631 - -Bond loan - - 97 664 -Interest expenses 7 376 21 660 16 380 420Trade payables 83 631 - - -Other short-term liabilities 53 496 109 653 - -Total 152 136 213 380 589 302 5 420Note 18 contains more information about long term loan.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__117": { "value": "iv) Currency riskThe Group companies are exposed to currency risk due to production, buying and selling in several differentcountries and in different currencies. The most important currencies are NOK, SEK, PLN, EUR and USD.The Group enters into forward contracts and currency exchange agreements from time to time to reduce thecurrency risk in cash flows denominated in foreign currency. The company has not had currency exchangeagreements in 2023 or 2022.The Group's available liquid assets are held in NOK, EUR, PLN, SEK and USD.The tables below show the sensitivity of the consolidated balance sheet to potential changes in the kroneexchange rate for each EUR, PLN, SEK and USD with all other ratios held constant.Year: Change in EUR exchange rate Effect on profit before tax Effect on equity2023 +/- 10 % +/- 3 600 +/- 46 0442022 +/- 10 % +/- 3 145 +/- 31 412Year: Change in PLN exchange rate Effect on profit before tax Effect on equity2023 +/- 10 % +/- 1 997 +/- 8672022 +/- 10 % +/- 1 325 +/- 431Year: Change in SEK exchange rate Effect on profit before tax Effect on equity2023 +/- 10 % +/- 3 638 +/- 11 7732022 +/- 10 % +/- 2 413 +/- 7 561", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__120": { "value": "vi) Fair value of financial instrumentsIf the financial asset does not have an observable market value, the Group bases its estimate on a series ofobservations supported by calculations to arrive at the best possible estimate of the asset's value. Theseobservations consist of issue amounts in the case of open subscription, various players' price offers andvaluation when selling parts of the company, cost price when buying shares recently, as well as ownassessments of cash flow and value-adjusted equity of the Group's investments. The most importantuncertainties linked to the estimates for fair value are conditions such as declining turnover and profit in thecompanies in which you have a stake, a change in the risk profile of the investment or a general increase inthe requirement the Group sets for its discount rate. Reference is made to the separate table below whichshows the method used for the valuation of the individual balance sheet item (valuation hierarchy).The following of the company's financial instruments are not separately valued at fair value: cash and cashequivalents, trade receivables, other short-term receivables, overdrafts, trade payables and long-term debt.The carrying value of cash and cash equivalents and overdrafts is approximately equal to fair value due to thefact that these instruments have a short maturity. Correspondingly, the balance sheet value of tradereceivables, short-term receivables, trade payables, public charges and other short-term liabilities isapproximately equal to fair value as they are entered into under \"normal\" conditions.In relation to interest-bearing debt, the Group has not entered into agreements that deviate significantly fromordinary market conditions.Fair value hierarchyThe Group classifies fair value measurements using the fair value hierarchy. The fair value hierarchy has thefollowing levels:\u00b7 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.\u00b7 Level 2: inputs are other than quoted prices included in Level 1 that are observable for the asset or liability,either directly (ie as prices) or indirectly (ie derived from prices).\u00b7 Level 3: input for the asset or liability that is not based on observable market data (unobservable input).Assets recognized at fair value 31.12.23 Level 1 Level 2 Level 3Hedging derivatives with changes in value5 945 - 5 945 -through other comprehensive incomeEquity instruments held for trading with a176 7 - 169change in value through profit or lossTotal 6 121 7 5 945 169During the reporting period, there was no change in fair value measurement that entailed transfers betweenlevels 1, 2 or 3.In accordance with IFRS 9, all changes in the value of financial assets are entered in profit or loss, unless youhave chosen otherwise at first recognition.Assets recognized at fair value 31.12.22 Level 1 Level 2 Level 3Hedging derivatives with changes in value13 902 - 13 902 -through other comprehensive incomeEquity instruments held for trading with a1 852 7 - 1 845change in value through profit or lossTotal 15 754 7 13 902 1 845Specification of changes in level 3 2023 2022Balance sheet as of 01. January 1 845 4 247Purchase, sale, issue and settlement - -2 429Gains and losses recognised in the current profit and loss-1 676 -statementForeign exchange through profit or loss 27Total 169 1 845", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__118": { "value": "vi) Fair value of financial instrumentsIf the financial asset does not have an observable market value, the Group bases its estimate on a series ofobservations supported by calculations to arrive at the best possible estimate of the asset's value. Theseobservations consist of issue amounts in the case of open subscription, various players' price offers andvaluation when selling parts of the company, cost price when buying shares recently, as well as ownassessments of cash flow and value-adjusted equity of the Group's investments. The most importantuncertainties linked to the estimates for fair value are conditions such as declining turnover and profit in thecompanies in which you have a stake, a change in the risk profile of the investment or a general increase inthe requirement the Group sets for its discount rate. Reference is made to the separate table below whichshows the method used for the valuation of the individual balance sheet item (valuation hierarchy).The following of the company's financial instruments are not separately valued at fair value: cash and cashequivalents, trade receivables, other short-term receivables, overdrafts, trade payables and long-term debt.The carrying value of cash and cash equivalents and overdrafts is approximately equal to fair value due to thefact that these instruments have a short maturity. Correspondingly, the balance sheet value of tradereceivables, short-term receivables, trade payables, public charges and other short-term liabilities isapproximately equal to fair value as they are entered into under \"normal\" conditions.In relation to interest-bearing debt, the Group has not entered into agreements that deviate significantly fromordinary market conditions.Fair value hierarchyThe Group classifies fair value measurements using the fair value hierarchy. The fair value hierarchy has thefollowing levels:\u00b7 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.\u00b7 Level 2: inputs are other than quoted prices included in Level 1 that are observable for the asset or liability,either directly (ie as prices) or indirectly (ie derived from prices).\u00b7 Level 3: input for the asset or liability that is not based on observable market data (unobservable input).Assets recognized at fair value 31.12.23 Level 1 Level 2 Level 3Hedging derivatives with changes in value5 945 - 5 945 -through other comprehensive incomeEquity instruments held for trading with a176 7 - 169change in value through profit or lossTotal 6 121 7 5 945 169During the reporting period, there was no change in fair value measurement that entailed transfers betweenlevels 1, 2 or 3.In accordance with IFRS 9, all changes in the value of financial assets are entered in profit or loss, unless youhave chosen otherwise at first recognition.Assets recognized at fair value 31.12.22 Level 1 Level 2 Level 3Hedging derivatives with changes in value13 902 - 13 902 -through other comprehensive incomeEquity instruments held for trading with a1 852 7 - 1 845change in value through profit or lossTotal 15 754 7 13 902 1 845Specification of changes in level 3 2023 2022Balance sheet as of 01. January 1 845 4 247Purchase, sale, issue and settlement - -2 429Gains and losses recognised in the current profit and loss-1 676 -statementForeign exchange through profit or loss 27Total 169 1 845", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__119": { "value": "vii) Capital managementBorgestad ASA has mainly investments in property and long-term shares in affiliated and jointly controlledcompanies. As the investments are mainly long-term, the Group also strive for adapted financing in the formof equity capital and long-term debt capital. The Group seeks to adapt the development in the equity share asneeded in the short and long term. Equity ratio is calculated as book equity in relation to total capital.The equity ratio as of 31 December 2023 and 2022 was 53.7 per cent and 34.6 per cent respectively. SeeNote 18 for further information on interest-bearing debt.Borgestad ASA wants to achieve the best possible price for the company's shares through efficient andprofitable management of the Group's resources. A competitive return must be achieved through valueappreciation and the payment of dividends. The return must be competitive compared to other investmentalternatives with the same risk. The dividend must be in relation to the company's results, equity needs andfuture prospects.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__121": { "value": "Research and development, Other current assets and liabilities andauditor remunerationResearch and development 2023 2022Expenses, incl. salaries 6 560 6 421The criteria for recognition of intangible assets in accordance with IAS 38 have not been met and all costs forresearch and development have been expensed.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__124": { "value": "Other receivables 2023 2022Income accruals 282 3 990Cost accruals - 3 684Prepayment to suppliers 7 539 -Tax and value added tax - 4 317Other current assets -58 2 518Total 7 763 14 508", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__123": { "value": "Other receivables 2023 2022Income accruals 282 3 990Cost accruals - 3 684Prepayment to suppliers 7 539 -Tax and value added tax - 4 317Other current assets -58 2 518Total 7 763 14 508", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__122": { "value": "Other receivables 2023 2022Income accruals 282 3 990Cost accruals - 3 684Prepayment to suppliers 7 539 -Tax and value added tax - 4 317Other current assets -58 2 518Total 7 763 14 508", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__127": { "value": "Other current liabilities 2023 2022Accrued costs 10 857 10 122Accrued interest - 662Advance from customers - 4 891Holiday pay and other debts to employees 34 440 22 409Other current liabilities 27 182 99 531Total 72 479 137 615", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__125": { "value": "Other current liabilities 2023 2022Accrued costs 10 857 10 122Accrued interest - 662Advance from customers - 4 891Holiday pay and other debts to employees 34 440 22 409Other current liabilities 27 182 99 531Total 72 479 137 615", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__126": { "value": "Auditor\u2019s remuneration 2023 2022Audit 2 593 2 369Audit related services 631 394Tax related services - -Other services 203 37Total 3 427 2 800", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__128": { "value": "Note 21 Contractual obligationsAs of 31 December 2023, guarantees have been given to customers on the basis of agreed deliveries ofTNOK 21,148 (18,688).", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__132": { "value": "Note 22 Contingent liabilitiesOther obligationsIn July 2018, three Danish companies initiated a lawsuit against Borgestad ASA, Borgestad Properties ASand Agora Bytom Sp. z.o.o at Oslo district court. The Danish companies claim to have claims against thedefendants for payment of additional project administration related to the construction of the shopping centerin Agora Bytom. In July 2019, the Court of Appeal rejected the case for procedural reasons with respect toone of the Danish companies (lack of legal interest) and Agora Bytom (court/arbitration clause). This decisionis final.In 2022, the claimants and Borgestad ASA entered into a settlement, whereby Borgestad ASA is obliged topay MNOK 4 with addition of indexation (KPI) to the other parties in the event of a future sale and/or ifBorgestad decreasing its direct or indirect influence, control and/or ownership to less than 50 percent of theAgora Bytom shopping center. The settlement also means that the other parties have waived any right tobring forward further claims arising from or connected to the Agora Bytom project against Borgestad ASA,Borgestad Properties AS, Agora Bytom Sp. z.o.o., as well as former or current board members andemployees of the aforementioned companies.The Group has not made any provisions in the accounts as the claim is assessed as a contingent liabilityarising at the time of a potential sale of the Agora Bytom shopping centre.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__131": { "value": "Note 22 Contingent liabilitiesOther obligationsIn July 2018, three Danish companies initiated a lawsuit against Borgestad ASA, Borgestad Properties ASand Agora Bytom Sp. z.o.o at Oslo district court. The Danish companies claim to have claims against thedefendants for payment of additional project administration related to the construction of the shopping centerin Agora Bytom. In July 2019, the Court of Appeal rejected the case for procedural reasons with respect toone of the Danish companies (lack of legal interest) and Agora Bytom (court/arbitration clause). This decisionis final.In 2022, the claimants and Borgestad ASA entered into a settlement, whereby Borgestad ASA is obliged topay MNOK 4 with addition of indexation (KPI) to the other parties in the event of a future sale and/or ifBorgestad decreasing its direct or indirect influence, control and/or ownership to less than 50 percent of theAgora Bytom shopping center. The settlement also means that the other parties have waived any right tobring forward further claims arising from or connected to the Agora Bytom project against Borgestad ASA,Borgestad Properties AS, Agora Bytom Sp. z.o.o., as well as former or current board members andemployees of the aforementioned companies.The Group has not made any provisions in the accounts as the claim is assessed as a contingent liabilityarising at the time of a potential sale of the Agora Bytom shopping centre.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__130": { "value": "Note 22 Contingent liabilitiesOther obligationsIn July 2018, three Danish companies initiated a lawsuit against Borgestad ASA, Borgestad Properties ASand Agora Bytom Sp. z.o.o at Oslo district court. The Danish companies claim to have claims against thedefendants for payment of additional project administration related to the construction of the shopping centerin Agora Bytom. In July 2019, the Court of Appeal rejected the case for procedural reasons with respect toone of the Danish companies (lack of legal interest) and Agora Bytom (court/arbitration clause). This decisionis final.In 2022, the claimants and Borgestad ASA entered into a settlement, whereby Borgestad ASA is obliged topay MNOK 4 with addition of indexation (KPI) to the other parties in the event of a future sale and/or ifBorgestad decreasing its direct or indirect influence, control and/or ownership to less than 50 percent of theAgora Bytom shopping center. The settlement also means that the other parties have waived any right tobring forward further claims arising from or connected to the Agora Bytom project against Borgestad ASA,Borgestad Properties AS, Agora Bytom Sp. z.o.o., as well as former or current board members andemployees of the aforementioned companies.The Group has not made any provisions in the accounts as the claim is assessed as a contingent liabilityarising at the time of a potential sale of the Agora Bytom shopping centre.", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__129": { "value": "Note 22 Contingent liabilitiesOther obligationsIn July 2018, three Danish companies initiated a lawsuit against Borgestad ASA, Borgestad Properties ASand Agora Bytom Sp. z.o.o at Oslo district court. The Danish companies claim to have claims against thedefendants for payment of additional project administration related to the construction of the shopping centerin Agora Bytom. In July 2019, the Court of Appeal rejected the case for procedural reasons with respect toone of the Danish companies (lack of legal interest) and Agora Bytom (court/arbitration clause). This decisionis final.In 2022, the claimants and Borgestad ASA entered into a settlement, whereby Borgestad ASA is obliged topay MNOK 4 with addition of indexation (KPI) to the other parties in the event of a future sale and/or ifBorgestad decreasing its direct or indirect influence, control and/or ownership to less than 50 percent of theAgora Bytom shopping center. The settlement also means that the other parties have waived any right tobring forward further claims arising from or connected to the Agora Bytom project against Borgestad ASA,Borgestad Properties AS, Agora Bytom Sp. z.o.o., as well as former or current board members andemployees of the aforementioned companies.The Group has not made any provisions in the accounts as the claim is assessed as a contingent liabilityarising at the time of a potential sale of the Agora Bytom shopping centre.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__134": { "value": "Note 24 Investment in subsidiariesTransactions with subsidiaries are eliminated in the consolidated accounts and do not represent transactionswith related parties.The consolidated Group accounts include the accounts of Borgestad ASA with subsidiaries and relatedparties as summarized:Subsidiary Country of incorporation Main operations Ownership interest 2023 Ownership interest 2022Borgestad Properties AS Norge Holding company 100,00 % 100,00 %Agora Bytom Sp. z o.o. Polen Real estate company 100,00 % 100,00 %GZMO Sp. z o.o. Polen Real estate company 100,00 % 100,00 %Idea Property & Asset Management Sp. zo.o. Polen Property Management 100,00 % 100,00 %Facility Service Sp. z o.o. Polen Property Management 100,00 % 100,00 %Borgestad Industries AS Norge Holding company 100,00 % 100,00 %Borgestad Industries AB Sverige Holding company 100,00 % 100,00 %H\u00f6gan\u00e4s Borgestad Holding AB Sverige Holding company 64,25 % 64,25 %Installation and supplier ofH\u00f6gan\u00e4s Borgestad AS Norgerefractory products 64,25 % 64,25 %H\u00f6gan\u00e4s Borgestad AB Sverige Supplier of refractory products 64,25 % 64,25 %Installation and supplier ofMacon AB Sverigerefractory products 64,25 % 64,25 %H\u00f6gan\u00e4s Bjuf Fastighets AB Sverige Real estate company 64,25 % 64,25 %H\u00f6gan\u00e4s Borgestad Energi & UgnsteknikInstallation and supplier ofAB Sverigerefractory products 64,25 % 64,25 %Installation and supplier ofH\u00f6gan\u00e4s Borgestad Oy Finlandrefractory products 64,25 % 64,25 %H\u00f6gan\u00e4s Bjuf Germany GmbH Tyskland Supplier of refractory products 64,25 % 64,25 %H\u00f6gan\u00e4s Bjuf Italia Srl Italia Supplier of refractory products 64,25 % 64,25 %H\u00f6gan\u00e4s Contracting Asia Pacific Sdn Bhd Malaysia Supplier of refractory products 64,25 % 64,25 %H\u00f6gan\u00e4s Bjuf Asia Pacific Sdn Bhd Malaysia Supplier of refractory products 64,25 % 64,25 %H\u00f6gan\u00e4s Bjuf Eastern Europe Sp.z o.o. Polen Supplier of refractory products 64,25 % 64,25 %There are no differences between the number of shares and voting rights for the shareholders in H\u00f6gan\u00e4sBorgestad Holding AB. H\u00f6gan\u00e4s Borgestad Holding AB owns 100 percent of all the other companies withinH\u00f6gan\u00e4s Borgestad Group, all companies with ownership interest below 100 % in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s11_notes__6__136": { "value": "Deloitte ASLeirvollen 23NO-3736 SkienNorway+47 23 27 90 00www.deloitte.noTo the General Meeting of Borgestad ASAINDEPENDENT AUDITOR\u2019S REPORTReport on the Audit of the Financial StatementsOpinionWe have audited the financial statements of Borgestad ASA, which comprise:\uf0b7 The financial statements of the parent company Borgestad ASA (the Company), which comprise the balancesheet as at 31 December 2023, the income statement and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.\uf0b7 The consolidated financial statements of Borgestad ASA and its subsidiaries (the Group), which comprise theconsolidated statement of financial position as at 31 December 2023, consolidated income statement, statement of other comprehensive income, consolidated statement of change in equity and consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information.In our opinion\uf0b7 the financial statements comply with applicable statutory requirements,\uf0b7 the financial statements give a true and fair view of the financial position of the Company as at 31 December 2023, and its financial performance and its cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and\uf0b7 the consolidated financial statements give a true and fair view of the financial position of the Group as at 31December 2023, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU.Our opinion is consistent with our additional report to the Audit Committee.Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor\u2019s Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants\u2019 International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided.We have been the auditor of Borgestad ASA for 7 years from the election by the general meeting of the shareholderson 8. juni 2017 for the accounting year 2017.Key Audit MattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of 2023. These matters were addressed in the context of our audit of the financial statements asa whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.Deloitte AS and Deloitte Advokatfirma AS are the Norwegian affiliates of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK Registrert i Foretaksregisteretprivate company limited by guarantee (\u201cDTTL\u201d). DTTL and each of its member firms are legally separate and independent entities. DTTL and Deloitte NSE Medlemmer av Den norske RevisorforeningLLP do not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.Organisasjonsnummer: 980 211 282Deloitte Norway conducts business through two legally separate and independent limited liability companies; Deloitte AS, providing audit, consulting, financial advisory and risk management services, and Deloitte Advokatfirma AS, providing tax and legal services.Independent auditor\u2019s reportBorgestad ASAValuation of investment propertyDescription of the Key Audit Matter How the matter was addressed in the auditThe Group\u2019s investment property Agora Bytom in Poland has a We have:booked value of 701 million kroner as of 31.12.2023. The \u2022 Assessed the design & implementation of investment property is recognized at cost. The investment property relevant controls related to management has been tested for impairment in 2023 and the recoverable process for identifying impairment amount has been determined by the management with assistance indicators, as well as the determination of from external valuation specialists. The investment property has the recoverable amount of the investment been impaired with 94 million kroner, and it is referred to note 9 in property.the Annual Report. \u2022 Assessed the methodological approach to determine the recoverable amount in The determination of the recoverable amount is based on key accordance with the requirements set out inassumptions such as discount rate, future tenant income and IAS 36 \u2013 Impairment of assets.vacancy rate. These are assumptions where management exercise \u2022 Assessed competence and objectivity of judgment and which possess estimation uncertainty and combined external valuation specialists.with the investment property\u2019s relative substantial share of the \u2022 Used internal specialist to test the accuracy Group\u2019s total assets, this has been concluded to be a key audit of the methods applied to determine the matter.recoverable amount. \u2022 Reviewed and challenged the reasonableness of management\u2019s assumptions related to tenant income and vacancy rate by comparing historical tenant income and vacancy rate. \u2022 Used internal specialist to assess the applied discount rate. \u2022 Assessed whether the disclosure requirements in the annual report fulfil the disclosure requirements in IAS 40 \u2013 Investment Property and IAS 36 \u2013 Impairment of assets.Other InformationThe Board of Directors and the Managing Director (management) are responsible for the information in the Board of Directors\u2019 report and the other information accompanying the financial statements. The other information comprisesinformation in the annual report, but does not include the financial statements and our auditor\u2019s report thereon. Ouropinion on the financial statements does not cover the information in the Board of Directors\u2019 report nor the other information accompanying the financial statements.In connection with our audit of the financial statements, our responsibility is to read the Board of Directors\u2019 report and the other information accompanying the financial statements. The purpose is to consider if there is material inconsistency between the Board of Directors\u2019 report and the other information accompanying the financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors\u2019 report and the other information accompanying the financial statements otherwise appear to be materially 2Independent auditor\u2019s reportBorgestad ASAmisstated. We are required to report if there is a material misstatement in the Board of Directors\u2019 report or the other information accompanying the financial statements. We have nothing to report in this regard.Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors\u2019 report\uf0b7 is consistent with the financial statements and\uf0b7 contains the information required by applicable statutory requirements.Our opinion on the Board of Directors\u2019 report applies correspondingly to the statements on Corporate Governance and Corporate Social Responsibility.Responsibilities of Management for the Financial StatementsManagement is responsible for the preparation of financial statements of the Company that give a true and fair view in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and for the preparation of the consolidated financial statements of the Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is responsible for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, management is responsible for assessing the Company\u2019s and the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern. The financial statements of the Company use the going concern basis of accounting insofar as it is not likely that the enterprise will cease operations. The financial statements of the Group use the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.Auditor\u2019s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor\u2019s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:\uf0b7 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.\uf0b7 obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company\u2019s and the Group's internal control.\uf0b7 evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.\uf0b7 conclude on the appropriateness of management\u2019s use of the going concern basis of accounting, and, basedon the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company\u2019s and the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor\u2019s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor\u2019s report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern.3Independent auditor\u2019s reportBorgestad ASA\uf0b7 evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.\uf0b7 obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsiblefor our audit opinion. We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor\u2019s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory RequirementsReport on Compliance with Requirement on European Single Electronic Format (ESEF)OpinionAs part of the audit of the financial statements of Borgestad ASA, we have performed an assurance engagement to obtain reasonable assurance about whether the financial statements included in the annual report, with the file name Borgestad-ASA-2023-12-31-en.zip, have been prepared, in all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidatedfinancial statements.In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in compliance with the ESEF regulation.Management\u2019s ResponsibilitiesManagement is responsible for the preparation of the annual report in compliance with the ESEF regulation. This responsibility comprises an adequate process and such internal control as management determines is necessary.Auditor\u2019s ResponsibilitiesOur responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects, the financial statements included in the annual report have been prepared in compliance with ESEF. We conduct our work in compliance with the International Standard for Assurance Engagements (ISAE) 3000 \u2013 \u201cAssurance engagements other than audits or reviews of historical financial information\u201d. The standard requires us to plan and perform procedures to obtain reasonable assurance about whether the financial statements included in the annual report have been prepared in compliance with the ESEF Regulation.As part of our work, we have performed procedures to obtain an understanding of the Company\u2019s processes for preparing the financial statements in compliance with the ESEF Regulation. We examine whether the financial statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL tagging of the consolidated financial statements and assess management\u2019s use of judgement. Our procedures include reconciliation4Independent auditor\u2019s reportBorgestad ASAof the iXBRL tagged data with the audited financial statements in human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Skien, 26 April 2024Deloitte ASKenneth KarlsenState Authorised Public AccountantThis document is signed electronically", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG3AG53", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }