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Aker Solutions delivers integrated solutions, products and services to the global energy industry.
We enable low-carbon oil and gas production and develop renewable solutions to meet future
energy needs. By combining innovative digital solutions and predictable project execution we
accelerate the transition to sustainable energy production. The company had about 11,500 own
employees and was present in 15 countries at the end of 2023.
The main office is in Fornebu, Norway and the parent company Aker Solutions ASA is listed on the
Oslo Stock Exchange under the ticker AKSO. The consolidated financial statements in this report
include the financial performance and position of the company and its subsidiaries collectively
referred to as \u201cthe group\u201d or \u201cthe company\u201d and separately as group companies.\u00a0
Basis of Preparation
Statement of Compliance
The consolidated financial statements have
been prepared in accordance with IFRS\u00ae
Accounting Standards as adopted by the EU,
their interpretations adopted by the International
Accounting Standards Board (IASB) and the
additional requirements of the Norwegian
Accounting Act as of December 31, 2023.
The consolidated financial statements were
approved by the Board of Directors and the
chief executive officer (CEO) on March 15,
2024. The consolidated financial statements
will be authorized at the Annual General
Meeting on April 11, 2024. Until this date the
Board of Directors has the authority to amend
the financial statements.
Basis of Measurement
The consolidated balance sheet has been
prepared on the historical cost basis except
for certain financial assets and liabilities as
presented in note 26 measured at fair value
on each reporting date. The consolidated
financial statements are presented in
Norwegian Kroner (NOK) and has been
rounded to the nearest million (NOK million),
therefore the subtotals and totals in some
tables may not equal the sum of the amounts
shown.
Consolidation
The consolidated financial statements
comprise the parent company Aker Solutions
ASA and its subsidiaries. Intra-group balances
and transactions, and any unrealized gains
and losses or income and expenses arising
from intra-group transactions, are eliminated
in the consolidated financial statements.
Aker Solutions contributed in all material
aspects the entire Subsea segment into a new
entity formed with SLB on October 2, 2023,
and will no longer be a reporting segment.
Aker Solutions holds a non-controlling interest
of 20 percent in the new entity OneSubsea.
For historical figures, Aker Solutions\u2019 subsea
business has been restated as discontinued
operations. For more information about the
transaction and the investment in OneSubsea,
see note 28 Investments in Companies and
note 30 The Subsea Transaction and
Discontinued Operations.
Translation of foreign
currency
Assets and liabilities of subsidiaries that have
a different functional currency are translated
to NOK using the exchange rate on the
balance sheet date. Income and expenses are
translated using the average exchange rate
for the year, calculated on the basis of 12
monthly rates. Foreign exchange differences
arising from these translations are recognized
in other comprehensive income, and
presented as a separate component in equity
(translation reserve). The translation
differences are reclassified to the income
statement upon disposal or liquidation of the
related operations. Exchange differences
arising from non-current monetary receivable
or payable by a foreign operation where
settlement is neither planned nor likely in the
foreseeable future, forms part of the net
investment in that entity and are also
recognized in other comprehensive income.
Judgments and Estimates
The preparation of consolidated financial
statements in conformity with IFRS requires
management to make judgments, estimates
and assumptions each reporting period that
affect the income statement and balance
sheet. The accounting estimates will by
definition seldom precisely match actual
results. The main areas where judgments and
estimates have been made are described in
each of the following notes:
\u25fc Note 9 Income Tax
\u25fc Note 10 Property, Plant and Equipment
\u25fc Note 11 Intangible Assets and Goodwill
\u25fc Note 12 Impairment of Assets
\u25fc Note 13 Inventories
\u25fc Note 14 Trade and Other Receivables
\u25fc Note 19 Leases and Investment Property
\u25fc Note 20 Pension Obligations
\u25fc Note 21 Provisions and Contingent
Liabilities
\u25fc Note 29 Business Combinations
The main area where significant judgment has
been made is described in:
\u25fc Note 3 Revenue
Aker Solutions acknowledge that climate
change represents an element in the
application of methodologies and models used
in estimates used in valuations and
measurement of certain accounting items.
This is further described in note:
\u25fc Note 12 Impairment of Assets
\u25fc Note 33 Climate Risk
New or Changed Financial
Reporting Principles
Some amendments to standards and
interpretations have become effective in 2023.
These changes did not have a material impact
on the consolidated financial statements.
Disclosure of accounting policies have been
updated in accordance with amendments in
IAS 1. Standards, amendments to standards
and interpretations that have been published,
but not yet effective are not expected to have
a material impact on the consolidated
financial statements.
Revenue
The revenue in Aker Solutions consists of
large engineering, procurement and
construction (EPC) contracts within the
renewables and oil and gas energy sector. The
company also has engineering contracts and
frame agreements for maintenance of various
energy installations. The compensation format
is both reimbursable and lump sum, and the
contracts often include various incentive
mechanisms. Project execution is a key
component of all deliveries.
Financial Reporting Principles
Customer contracts are assessed using the
five-step model. Only approved customer
contracts with a firm commitment are basis for
revenue recognition. Variation orders are
included when they have been approved,
either verbally, in writing or implied by
customary business practice. The deliveries in
the contracts are reviewed to identify distinct
performance obligations. For the vast majority
of the identified performance obligations,
control has been assessed to be transferred to
the customer over time as the performance
obligation is satisfied. Revenue is recognized
over time using a cost based progress
method, or as time and materials are delivered
to the customer. The cost progress method is
commonly used on reimbursable - and lump
sum contracts when scope of work is firm. The
time and materials method is more commonly
used for reimbursable contracts with less firm
scope. These methods are used to best reflect
the pattern of transfer of control of goods and
services to the customer.
Variable considerations, such as incentive
payments, are included in revenue when they
are highly probable. Expected liquidated
damages (LDs) are recognized as a reduction
of revenue unless it is highly probable LDs will
not be incurred. The transaction price of
performance obligations is adjusted for
significant financing components to reflect the
time value of money. Profit is not recognized
until the outcome of the performance obligations
can be measured reliably, usually at 20 percent
progress. The full loss is recognized immediately
when identified on loss-making contracts. The
loss is determined based on revenue less direct
cost (i.e. labor, subcontractor and material cost)
and an allocation of overhead that relate directly
to the contract or activities required to fulfil the
contract. Customer financed assets required to
execute the projects are presented gross in the
financial statements. Financing of such assets
are included in the projects as revenue.
Judgments and Estimates
It can be challenging to estimate the expected
revenue and cost in the company's customer
contracts, in particular if there are operational
challenges. The most significant judgments
and estimates in the customer contracts are
described below.
Performance Obligations
Significant management judgment is
sometimes required in order to identify
distinct performance obligations in customer
contracts. This includes an analysis of the
customer contract to determine if the goods
or services are distinct deliveries or input to
an overall promise to deliver a combined
system of products and services. As most of
the contracts represent a single, combined
output for the customers, contracts will
normally contain one performance obligation.
Variable Consideration
Incentive payments are integral and
significant parts of contract revenue on
certain reimbursable contracts. They can also
be present in lump sum contracts. Incentive
payments include key performance indicators,
bonuses, target sum mechanisms and
productivity measures and can potentially
both increase and decrease revenue. Most
incentives are estimated using the most likely
amount. Revenue from variable consideration
is included only when it is highly probable that
the revenue will not be reversed. There is a
risk that the actual payment of incentives may
differ from the estimated amount.
Liquidated Damages (LDs)
LDs are penalties for not achieving defined
milestones on time. LDs are common in
construction contracts, but can also be
present in service contracts. If a project does
not meet the defined milestone in a contract,
a provision reducing the transaction price is
made unless it is highly probable that LD will
not be imposed. The estimated LD provision is
highly judgmental. The assessment of the LD
provision is based on experience from similar
LD situations in addition to client relationship,
contractual position and status on
negotiations.
Total Contract Cost
The estimates of total contract cost can be
judgmental and sensitive to changes. The cost
estimates can significantly impact revenue
recognition for contracts using cost progress,
particularly in lump sum construction contracts.
The forecasting of total project cost depends on
the ability to properly execute the engineering
and design phase, availability of skilled
resources, manufacturing capacity, productivity
and quality factors, performance of
subcontractors and sometimes also weather
conditions. Experience, systematic use of the
project execution model and focus on core
competencies reduce, but do not eliminate, the
risk that cost estimates may change
significantly.
Note 3 continues on next page
Note 3 Revenue cont.
Different Types of Customer Contracts
The revenue in Aker Solutions arise from various contracts for the engineering, procurement,
construction, modification and maintenance within the oil and gas and renewables energy sector.
Renewables and Field Development
Deliveries include foundations for carbon capture, offshore wind and traditional oil and gas
installations, topside modules, substructures, floating production units (FPSOs), decommissioning,
hook-up services and marine operations. Most contracts last between three to five years. The
contracts include a combination of FEED, engineering, procurement, construction and installation
(EPCI) of equipment. Each contract is usually assessed as one performance obligation as the
deliveries are combined in one output. The contracts may be reimbursable, lump sum, target cost or
a combination. The contracts regularly include incentives for achievement of key performance
indicators (KPIs) or penalties for late delivery. Payment terms are normally 30-45 days according to
predefined milestones or monthly billing.
The following table shows a selection of the largest projects in the segment:
Project
Customer
Award year
Estimated
delivery
Hugin A
Aker BP
2022
2026
Valhall PWP
Aker BP
2022
2026
Norfolk Vanguard West
Vattenfall / RWE
2023
2027
Johan Castberg
Equinor
2017
2024
Hugin B
Aker BP
2022
2026
East Anglia 3
ScottishPower
2022
2025
Fenris UI
Aker BP
2022
2026
Rosebank Redeployment Knarr
Equinor
2023
2025
Sunrise Wind
\u00d8rsted & Eversource
2021
2025
Jackdaw WHP
Shell
2022
2024
Norfolk Vanguard East
Vattenfall / RWE
2023
2028
Note 3 continues on next page
Note 3 Revenue cont.
Life Cycle
Deliveries include electrification, maintenance, modification and hook-up contracts for oil and gas
installations. The contracts are mainly reimbursable, but can also include lump sum elements. The
majority of the contracts have incentive mechanisms including bonuses, target sum mechanisms,
key performance indicators and productivity measures. Each contract or purchase order under a
frame agreement (FA) is usually assessed as a separate performance obligation. The contracts
usually last from one to five years. Payment terms are normally 30 days after time and materials are
delivered.
The following table shows a selection of the largest projects in the segment:
Project
Customer
Award year
Estimated
delivery
Draugen Pfs EPCIC
OKEA
2023
2027
Equinor H (FA)
Equinor
2016
2026
ConocoPhillips M&M (FA)
ConocoPhillips
2016
2026
Valhall PWP tie-in
Aker BP
2023
2028
Skarv Satellites Project
Aker BP
2023
2027
Shell Modification Contract (FA)
Shell
2017
2028
Brunei (FA)
Shell Brunei
2020
2025
Berling tie-in to \u00c5sgard B
Equinor
2023
2028
Troll West, electrification
Equinor
2021
2025
Subsea
The subsea business was disposed October 2, 2023. The segment delivered construction contracts
and service contracts.
Deliveries in construction contracts included stand-alone subsea equipment or complete subsea
systems. The contracts included engineering, procurement and construction (EPC) of subsea
production equipment. Each contract was usually assessed as one performance obligation as the
deliveries were combined in one output. The service contracts included installation and
commissioning as well as maintenance, repair, spare supply and production asset through regional
service bases. Each service job under a frame agreement was usually assessed as a separate
performance obligation as they represented one separate output.
Revenue by segment
The following tables show the revenue from customer contracts by segment. Revenue by country is
shown in note 4 (operating segments).
Amounts in NOK million
2023
2022
Renewables and Field Development
21,472
14,808
Life Cycle
13,025
12,135
Other
1,384
359
Total revenue from customer contracts
35,882
27,302
Note 3 continues on next page
Note 3 Revenue cont.
Timing of Revenue
The satisfaction of performance obligations in customer contracts vary from a few months to as
long as five years. The order backlog as of December\u00a031, 2023 was NOK 72.7 billion, compared to
NOK 72.8 billion the year before. The table below shows the expected timing of future revenue for
ongoing and not yet started performance obligations at year-end.
Amounts in NOK billion
2024
2025
2026
2027
and late
Total
backlog
Backlog phasing of ongoing performance obligations
36.3
24.6
8.7
2.7
72.2
Backlog phasing of performance obligations not yet started
0.1
0.1
0.2
0.1
0.4
Total backlog
36.5
24.6
8.8
2.8
72.7
Revenue recognized in 2023 for performance obligations satisfied in prior years was NOK 0 million,
compared to NOK 12 million the year before.
Contract Balances
The company has recognized the following assets and liabilities related to contracts with
customers:
Amounts in NOK million
December 31, 2023
December 31, 2022
Trade receivables
5,268
5,857
Customer contract assets
2,113
4,283
Customer contract liabilities
-4,831
-3,134
Customer contract assets relate to consideration for work completed, but not yet invoiced at the
reporting date. The contract assets are transferred to trade receivables when the right to payment
become unconditional, which usually occurs when invoices are issued to the customers. Customer
contract liabilities relate to advances from customer for work not yet performed.
The change in contract assets and liabilities relates to the natural progression of the project
portfolio, as well as the current project mix. Of the amount of NOK -3,134 million recognized in
contract liabilities at the end of prior year, NOK 3,059 million (of which NOK 539 million relates to
the disposed subsea business) has been recognized as revenue in 2023.
The bad debt provision included in trade receivables at December\u00a031, 2023 was NOK 116 million,
compared to NOK 69 million the year before. No impairment has been recognized on customer
contract assets.
Note 3 continues on next page
Note 3 Revenue cont.
Net Income Equity Accounted Investees
The company has recognized the share of net income from investments accounted as equity
accounted investees. As the activities of the investees are closely related to Aker Solutions
operating activities, the share of net income is reported as part of revenue and other income.
Amounts in NOK million
Note
2023
2022
Share of net income OneSubsea
172
0
Share of net income other equity accounted investees
34
33
Profit from equity accounted investees
28
205
33
Other Income
Other income includes revenue that is not derived from regular customer contracts such as leasing
revenue.
Amounts in NOK million
Note
2023
2022
Revenue from operating leases
19
155
159
Other
20
7
Total other income
175
166
See note 4 for more information about revenue per segment and per country
See note 14 for more information about trade and other receivables
See note 19 for more information about leasing revenue
See note 22 for more information about trade and other payables
See note 28 for more information about equity accounted investees
See note 30 for more information about the subsea transaction and discontinued operations
Segments
Aker Solutions is a global provider of equipment, systems and services to the renewable and oil and gas energy sector. Aker Solutions has two reporting segments.
Renewables and Field Development
The Renewables and Field Development segment pursues and executes projects within offshore
wind power, green onshore as well as the market for traditional oil and gas platforms, onshore
facilities, decommissioning and marine operations. The objective of the segment is to add value by
improving efficiency and reducing carbon footprint in oil and gas deliveries. Furthermore
accelerating the transition to renewables and become a key supplier to renewables and carbon
capture solutions by building execution and collaboration through a digital value chain.
The Renewables and Field Development reporting segment includes two operating segments in
Aker Solutions that are organized separately and provide individual management reporting to the
CEO. The following two operating segments are included: (1) New Build and (2) New Energies. The
operating segments have been aggregated in the external reporting as they share resources and
production capacity, and engineering is often an integrated scope of the customer contracts in both
operating segments. The operating segments have similar commercial risks, they operate in the
same economic climate and markets, and have similar customers. They also have similar
operational characteristics and use the same type of KPI's to monitor the business.
Life Cycle
The Life Cycle segment provides optimized field life solutions driven by decarbonization and
environmentally sound offerings both for offshore and onshore facilities. The segment provides a
full-range offering of maintenance and modification services including electrification projects,
digitally enabled asset integrity services, hook-up and installation services as well as late-life and
decommissioning activities. The segment has a global presence across regions with main execution
in Norway, UK, Canada, Brazil, Brunei and Angola.
Subsea
The subsea business was disposed October 2, 2023 and is presented as discontinued operations.
The segment is therefore not presented for 2023. See note 30 for more information. The Subsea
segment provided market-leading intelligent subsea systems, products, services and low-carbon
solutions, used in oil and gas production. The segment also provided extensive life-of-field services
including installation and commissioning, conditional monitoring, inspection, maintenance, repair,
upgrades and spares supply, related to subsea equipment and infrastructure. The segment had a
global delivery model with service bases across all main offshore oil and gas basins globally.
Other
The Other segment includes unallocated corporate costs, Aker Solutions Hydropower, Benestad
businesses and the group effect of hedges not qualifying for hedge accounting. The Other segment also
includes impairments of right-of-use lease assets for certain leases, as certain lease decisions are taken
by the corporate center. The number of employees in corporate functions and finance support functions
are reported in the Other segment while the related cost is allocated to the segments.
Change in reporting segments
A minor reorganization, affecting segments was carried out April 1, 2023. Historical figures have
not been restated as changes are insignificant.
Aker Solutions contributed in all material aspects the Subsea segment into a new entity formed with
SLB on October 2, 2023 and will no longer be a reporting segment. Aker Solutions holds a non-
controlling interest of 20 percent in the new entity OneSubsea.
Note 4 continues on next page
Note 4 Segments cont.
Segment Performance 2023
Amounts in NOK million
Notes
Renewables & Field
Development
Life Cycle
Total operating
segments
Other
Intra-group
eliminations
Total
Income statement
Revenue from customer contracts
21,866
13,025
34,891
991
0
35,882
Other income
32
7
39
342
0
380
External revenue
21,898
13,032
34,930
1,332
0
36,262
Inter-segment revenue
622
40
662
-131
-531
0
Total revenue
22,520
13,072
35,592
1,201
-531
36,262
Operating income before depreciation, amortization and impairment
973
686
1,659
-492
0
1,166
Depreciation and amortization
10, 11, 19
-376
-120
-496
-188
0
-684
Impairment
10, 11, 12, 19
0
0
0
-60
0
-60
Operating income
597
565
1,162
-740
0
422
Assets and Liabilities
Property, plant and equipment
2,995
52
3,047
440
0
3,487
Intangible assets
1,631
1,309
2,940
623
0
3,563
Right-of-use assets
470
79
548
1,363
0
1,911
Current operating assets
4,132
3,306
7,438
1,710
-230
8,918
Operating assets
9,227
4,746
13,973
4,137
-230
17,880
Current operating assets
4,132
3,306
7,438
1,710
-230
8,918
Current operating liabilities
10,167
2,769
12,936
4,697
-230
17,403
Net current operating assets
-6,035
537
-5,498
-2,986
0
-8,484
Cash flow
Cash flow from operating activities
3,832
237
4,069
2,147
0
6,216
Acquisition of property, plant and equipment
-1,482
-39
-1,521
-313
0
-1,833
Capitalized development
-30
0
-30
-359
0
-388
Other key figures
Order intake
22,523
11,781
34,304
1,146
-147
35,303
Order backlog
51,405
20,579
71,984
710
-15
72,680
Own employees
6,121
4,220
10,341
1,132
0
11,473
Note 4 continues on next page
Note 4 Segments cont.
Segment Performance 2022
Amounts in NOK million
Notes
Renewables & Field
Development
Life Cycle
Subsea
Total operating
segments
Other
Intra-group
eliminations
Total
Income statement
Revenue from customer contracts
14,808
12,135
0
26,943
359
0
27,302
Other income
14
0
0
14
185
0
198
External revenue
14,822
12,135
0
26,957
544
0
27,500
Inter-segment revenue
35
29
0
64
78
-142
0
Total revenue
14,857
12,164
0
27,020
622
-142
27,500
Operating income before depreciation, amortization and impairment
487
663
0
1,150
-504
0
647
Depreciation and amortization
10, 11, 19
-298
-105
0
-404
-164
0
-568
Impairment
10, 11, 12, 19
-3
0
0
-3
34
0
30
Operating income
185
558
0
743
-634
0
109
Assets and Liabilities
Property, plant and equipment
1,424
61
1,837
3,321
275
0
3,596
Intangible assets
1,613
1,311
2,808
5,732
217
0
5,949
Right-of-use assets
19
378
22
874
1,274
1,449
0
2,723
Current operating assets
3,011
2,975
4,315
10,301
2,656
-358
12,598
Operating assets
6,426
4,369
9,833
20,628
4,597
-358
24,866
Current operating assets
3,011
2,975
4,315
10,301
2,656
-358
12,598
Current operating liabilities
5,923
2,730
4,709
13,361
3,627
-358
16,630
Net current operating assets
-2,912
245
-394
-3,061
-971
0
-4,032
Cash flow
Cash flow from operating activities
2,058
194
0
2,252
2,266
0
4,518
Acquisition of property, plant and equipment
-305
-17
0
-321
-186
0
-507
Capitalized development
-26
0
0
-26
-87
0
-113
Other key figures
Order intake
51,398
16,190
0
67,589
379
-157
67,811
Order backlog
50,790
21,617
0
72,407
285
92
72,784
Own employees
5,484
4,381
0
9,865
1,139
0
11,004
Note 4 continues on next page
Note 4 Segments cont.
Reconciliation of Information on Reporting Segments to IFRS
Measures
Amounts in NOK million
2023
2022
Assets
Total operating assets
17,880
24,866
Deferred tax assets
491
584
Lease receivables
529
561
Equity accounted investees
6,555
103
Investments in companies
19
25
Derivative financial instruments
258
406
Current interest-bearing receivables
3,103
146
Financial investments
5,714
0
Non-current interest-bearing receivables
197
201
Other non-current assets
506
26
Cash and cash equivalents
6,003
6,170
Total assets
41,253
33,088
Liabilities
Total operating liabilities
17,403
16,630
Non-current borrowings
0
962
Non-current lease liabilities
2,921
3,679
Pension obligations
895
1,031
Deferred tax liabilities
140
459
Other non-current liabilities
119
36
Current borrowings
0
60
Current lease liabilities
619
734
Derivative financial instruments
204
255
Total liabilities
22,300
23,847
Major Customer
All reporting segments delivered to one major customer which represented 42 percent of total
revenue in 2023 (2022: 49 percent). Aker Solutions has long-term contracts with this customer
which is a large international oil company.
Geographical Information
External revenue is presented on the basis of geographical location of the selling company. Non-
current assets and capital expenditures are based on the geographical location of the company
owning the assets.
Revenue from
customer contracts
Non-current
operating assets
Capital expenditure
PPE
Amounts in NOK million
2023
2022
2023
2022
2023
2022
Norway
31,782
22,923
8,079
9,038
1,640
332
USA
1,024
1,243
2
286
5
17
Brazil
73
287
2
1,030
90
79
UK
472
577
550
886
9
0
Malaysia
286
508
44
374
16
9
Angola
264
270
1
185
2
3
Brunei
874
694
15
18
6
2
Canada
973
692
73
52
19
5
India
80
36
195
223
16
17
Other countries
55
70
2
177
32
43
Total
35,882
27,302
8,962
12,268
1,833
507
See note 3 for more information about revenue
See note 30 for more information about the subsea transaction
Personnel Expenses
Personnel Expenses
Amounts in NOK million
2023
2022
Salaries and wages including holiday allowance
8,544
6,942
Social security contribution
1,188
974
Pension cost
795
655
Other employee benefits
229
162
Personnel expenses
10,757
8,733
Total number of employees as of December 311
11,473
11,004
Average number of employees2
11,289
10,897
1)Total number of employees in 2022 is excluding 4,391 employees related to the disposed subsea business.
2)Average number of employees in 2022 is excluding 4,025 employees related to the disposed subsea business.
Employee Share Purchase Program
In 2023, 1,413 employees participated in the share purchase programs in Aker Solutions.
Employees received a 25 percent reduction of cost price limited to a total of NOK 7,500.
Employees could sign up for shares up to a maximum amount of NOK 60,000 and management an
additional amount of maximum 20 percent of annual salary. Employees that are still working in the
company three years after completion of the program will receive one bonus share for every two
shares still held by the employee. Costs related to the bonus shares are expensed over the vesting
period. Aker Solutions expensed a total of NOK 12 million in 2023 related to share purchase
programs (NOK 8 million in 2022), including NOK 4 million related to compensation of the
employees in the Subsea segment. Employees in the Subsea segment have been compensated for
matching shares at closing of the subsea transaction. The compensation was a cash payment
corresponding to the cash value of the matching shares. Total cost related to the compensation of
the subsea employees was NOK 12 million. There were no loans to employees as of December 31,
2023, same as in the previous year.
See note 20 for more information about the pension cost and obligations
Other Operating Expenses
Amounts in NOK million
2023
2022
Rental of equipment, IT systems and support
1,369
1,350
Operating and maintenance expenses for
property
808
666
External consultants including audit fees
526
444
Travel expenses
343
221
Insurance
190
164
Other expenses
343
207
Other operating expenses
3,578
3,052
See note 19 for more information about leasing costs
See note 32 for more information about audit fees
Financial Income and Expenses
Financial Reporting Principles
Interest income and expenses include effects from using the effective interest rate method where
fees, interest paid, transaction costs and other premiums are deferred and amortized over the life of
the instrument. Interest income from lease receivables and interest expense from lease liabilities
are included.
Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are
not hedged. Translation of monetary assets and liabilities denominated in foreign currencies related
to operating activities such as trade receivables and payables are included in operating expenses
before depreciation, amortization and impairment. However, the currency gains and losses are
offset by the effects from hedging derivatives. Translation of operational monetary assets and
liabilities in countries with hyperinflationary or non-convertible currencies are presented as financial
items. Translation of assets and liabilities related to general financing of the entity are included as
financial income and expenses. Foreign exchange gains and losses also include effects from
translating monetary assets and liabilities denominated in foreign currencies at the balance sheet
date. The profit or loss on foreign exchange forward contracts include effects from derivatives that
do not qualify for hedge accounting, embedded derivatives and the ineffective portion of qualifying
hedges.
Financial Income and Expenses
Amounts in NOK million
2023
2022
Interest income from lease receivables
28
27
Other interest income
325
78
Interest income
353
105
Interest expense on lease liability
-155
-159
Interest expense on financial liabilities measured at amortized cost
-32
-127
Interest expense on financial liabilities measured at fair value
-39
-4
Interest expense
-227
-290
Net foreign exchange gain (loss)
-116
17
Profit (loss) on foreign currency forward contracts
33
12
Loss on marketable shares1
-453
0
Other financial income
86
9
Other financial expenses
-3
-13
Net other financial items
-453
26
Net finance cost
-328
-160
1)Loss on shares in SLB received as part of consideration from disposal of the subsea business.
See note 15 for more information about financial investments
See note 19 for more information about lease receivables and liabilities
See note 20 for more information about pension obligations
See note 23 for more information about foreign exchange gains and losses
See note 25 for more information about derivative financial instruments
See note 26 for more information about financial assets and liabilities
See note 28 for more information about investments in companies
Earnings per Share and Dividends
Earnings per Share (EPS)
2023
2022
Income from continuing operations attributable to ordinary shares (NOK
million)
97
-134
Income from discontinued operations (NOK million)
11,540
1,312
Income from total operations attributable to ordinary shares (NOK million)
11,637
1,179
Weighted average number of issued ordinary shares for the year adjusted for
treasury shares
488,829,434
486,899,547
Basic and diluted earnings per share from continuing operations (NOK)
0.20
-0.27
Basic and diluted earnings per share from discontinued operations (NOK)
23.61
2.70
Basic and diluted earnings per share from total operations (NOK)
23.81
2.42
Employees participating in Aker Solutions\u2019 employee share purchase program may, given certain
criteria, be awarded one bonus share for every two shares purchased. The bonus shares do not
represent a material dilutive effect and have been excluded from the earnings per share figures.
Dividends
Aker Solutions targets to pay annual dividends of 40-60 percent of adjusted net profit over time.
Given the company\u2019s solid financial position and positive outlook, the Board has proposed a
dividend per share of NOK 2.00 for 2023. The proposed dividend amounts to NOK 979 million
based on outstanding shares as of December 31, 2023. Aker Solutions had a liquidity buffer of NOK
9.0 billion as of December 31, 2023 compared to NOK 11.2 billion as of December 31, 2022. In
addition, the group had investments in liquid, fixed income securities of NOK 3 billion as of year-
end 2023.
For the previous year, Aker Solutions distributed dividends to its shareholders of NOK 1.00 per
share with a total amount of NOK 489 million.
See note 5 for more information about the employee share purchase program
See note 17 for more information about share capital and treasury shares
Income Tax
Judgments and Estimates
The group is subject to income taxes in numerous jurisdictions, and judgment may be involved
when determining the taxable amounts. Tax authorities in different jurisdictions may challenge
calculation of taxes payable from prior periods.
Management judgment is required when assessing valuation of unused losses, tax credits and other
deferred tax assets. The recoverability is assessed by estimating taxable profits in future years
taking into consideration also expected changes in temporary differences. The profits are
compared to book value of the tax assets. The estimate of future taxable profits is sensitive to
future market development for the projects and services of Aker Solutions. Forecasts are based on
firm orders in the backlog and identified prospects in addition to expected service revenue.
Changes in the assumptions related to the expected prospects and services can have a significant
impact on the forecasted cash flows. Economic conditions may change and lead to a different
conclusion regarding recoverability, and such changes may affect future reporting periods.
The Pillar Two legislation, also known as \u201cGlobal minimum tax\u201d or GloBE has been enacted in
Norway and in many of the jurisdictions where Aker Solutions operates. The legislation is effective
from January 1, 2024 and Aker Solutions is required to comply.
Aker Solutions has prepared an assessment based on Country-by-Country Reporting to the tax
authorities and the transitional safe harbor rules. Based on this assessment, a number of
jurisdictions with limited activity will pass the \u201cde minimis\u201d test and in most jurisdictions the reported
effective tax rate is above 15 percent. In a limited number of jurisdictions where Aker Solutions
operates, the conditions under the transitional safe harbor may not apply, but the impact of the new
legislation is not expected to be material for the group.
IFRS has introduced a requirement in IAS 12 that entities within scope of the Pillar Two legislation
shall not recognize or disclose information about deferred tax assets and deferred tax liabilities
related to the Pillar Two legislation, which Aker Solutions applies.
Note 9 continues on next page
Note 9 Income Tax cont.
Deferred tax assets
The deferred tax assets are recognized only to the extent it is considered probable that future
taxable profits will be available to utilize the tax losses and credits. The forecasted future taxable
profits are based on firm orders in the backlog and identified prospects in addition to expected
service revenue. The forecasted taxable profits reflect organic growth only. Other parameters in the
assessment are the predicted long-term investment level by companies in the renewable and oil and
gas energy sector, mix of projects and services and level of operating expenses.
Income Tax Expense
Amounts in NOK million
2023
2022
Current income tax
Current year
89
18
Prior year adjustment
10
5
Total current income tax
99
22
Deferred income tax
Origination and reversal of temporary differences
-34
-5
Write down of tax loss carry-forwards and deferred tax assets
35
77
Change in tax rates
0
-1
Adjustment for prior periods
9
-1
Total deferred income tax
11
70
Total income tax
110
92
Recoverability of deferred tax assets has been subject to assessment following market volatility and
outlook in the jurisdictions where we operate. As a result, deferred tax assets related to net
operating losses have been written down by NOK 35 million in 2023 .
Taxes in OCI and Equity
Amounts in NOK million
2023
2022
Cash flow hedges, deferred tax
-2
25
Remeasurement of defined benefit pension plans
-8
-31
Income taxes included in OCI
-10
-6
Effective Tax Rate
The table below reconciles the tax expense as if the Norwegian tax rate of 22 percent was applied.
Amounts in NOK million
2023
2022
Income before tax from continuing operations
95
-50
Income tax when applying Norwegian tax rate of 22 percent
21
22.1%
-11
22.0%
Tax effects of:
Effect of different tax rates in other jurisdictions
9
9.5%
2
-4.0%
Non-taxable income
-47
-49.5%
0
0.0%
Non-deductible expenses
29
30.5%
10
-20.0%
Effect of withholding tax
44
46.3%
21
-42.0%
Current tax adjustments related to prior years
10
10.5%
5
-10.0%
Deferred tax adjustments related to prior years
9
9.5%
-1
2.0%
Previously unrecognized tax losses used to reduce payable tax
0
0.0%
-13
26.0%
Write down of deferred tax assets
35
36.8%
77
-154.0%
Impact of change in tax rate
0
0.0%
-1
2.0%
Other
0
0.0%
3
-6.0%
Income tax and effective tax rate
110
115.8%
92
-184.0%
Note 9 continues on next page
Note 9 Income Tax cont.
Deferred Tax Assets and Liabilities
Assets
Liabilities
Net
Amounts in NOK million
2023
2022
2023
2022
2023
2022
Property, plant and equipment
10
32
-46
-112
-36
-81
Pensions
190
195
0
0
190
195
Projects under construction
66
16
-1,880
-2,114
-1,814
-2,098
Tax loss carry-forwards
1,591
1,721
0
0
1,591
1,721
Intangible assets
5
6
-16
-208
-11
-202
Provisions
281
180
0
0
281
180
Derivatives
1
1
-41
-33
-40
-32
Tax credits and other
448
634
-259
-191
189
442
Total before offsetting
2,592
2,785
-2,242
-2,660
351
125
Offsetting
-2,101
-2,201
2,101
2,201
0
0
Total
491
584
-140
-459
351
125
Note 9 continues on next page
Note 9 Income Tax cont.
Change in Net Recognized Deferred Tax Assets and Liabilities
Amounts in NOK million
Property,
plant and
equipment
Pensions
Projects
under
construction
Tax loss
carry-
forwards
Intangible
assets
Provisions
Derivatives
Tax credits
and other
Total
Balance as of January 1, 2022
-82
175
-2,626
2,398
-192
173
23
379
248
Acquisition of subsidiaries
2
4
-13
110
-19
1
0
7
92
Recognized in profit and loss1
8
-18
502
-788
1
-5
-26
24
-302
Prior year-adjustments booked in equity
-6
0
0
5
0
0
0
0
0
Recognized in other comprehensive income (OCI)
0
31
0
0
0
0
-25
0
7
Prepaid withholding tax
0
0
0
0
0
0
0
29
29
Reclassification between categories
0
0
37
-45
7
8
-6
0
1
Currency translation differences
-2
3
1
41
0
3
2
4
52
Balance as of December 31, 2022
-81
195
-2,098
1,721
-202
180
-32
442
125
Disposal of Subsea
41
-1
642
-103
193
-34
28
-143
623
Recognized in profit and loss2
10
-12
-359
-20
2
134
-35
-139
-420
Prior year-adjustments booked in equity
0
0
0
-25
0
0
0
0
-25
Recognized in other comprehensive income (OCI)
0
8
0
0
0
0
2
0
10
Prepaid withholding tax
0
0
0
0
0
0
0
14
14
Reclassification between categories
0
0
0
0
0
0
0
0
0
Currency translation differences
-7
1
2
19
-4
2
-2
15
25
Balance as of December 31, 2023
-36
190
-1,814
1,591
-11
281
-40
189
351
1)Includes NOK 232 million in 2022 related to the disposed subsea business.
2)Includes NOK 410 million in 2023 related to the disposed subsea business.
Note 9 continues on next page
Note 9 Income Tax cont.
Tax Loss Carry-Forwards and Unrecognized Deferred Tax Assets (gross amount)
Amounts in NOK million
Tax losses carry-forwards
Other tax assets
Expiry within 5
years
Expiry 5-20
years
Indefinite
expiration
Total
Of which is
unrecognized\u00a0
Of which is
recognized\u00a0
Unrecognized
Norway
0
6,649
6,649
0
6,649
93
Europe excluding Norway
4
2
469
475
469
6
73
North America
2
830
689
1,522
749
772
0
South America
0
0
293
293
293
0
0
Africa
0
0
0
0
0
0
0
Asia Pacific
24
689
0
713
713
1
0
Total\u00a0
30
1,521
8,100
9,652
2,224
7,428
311
The majority of the recognized tax losses carry-forward sits in Norway. The balance must be seen together with deferred taxation on construction contracts and make in total a deferred tax liability. As
projects are completed and come to taxation, temporary differences associated with construction contracts and tax losses carry-forward will be reduced.
See note 21 for more information about tax provisions
Property, Plant and Equipment
Property, plant and equipment mainly relates to the yards within the Renewables and Field Development segment. Historically, the majority of property, plant and equipment related to the disposed subsea
business\u2019 manufacturing plants and service bases in Norway, Brazil, Malaysia, the US and the UK. Property, plant and equipment also include furniture and fittings in office buildings.
Financial Reporting Principles
Assets are normally depreciated on a straight-line basis over their expected economic lives as
follows:
\u25fc Machinery and equipment: 3-15 years
\u25fc Buildings: 4-30 years
\u25fc Land: No depreciation
Impairment triggers are assessed quarterly and impairment testing is performed when triggers have
been identified.
Judgment and Estimates
Judgment is involved when determining the depreciation period and when assessing impairment or
reversal of impairment. Impairment is assessed for individual assets and for cash generating units.
The impairment testing involves judgmental assumptions about future market development, cash
flows, determination of weighted average cost of capital (WACC), growth rate, and other
assumptions that may change over time.
Commitments
Aker Solutions has entered into contractual commitments for the acquisition of property, plant and
equipment amounting to NOK 871 million as of December 31, 2023, all of which is expected to be
paid during 2024. Contractual commitments were NOK 1,552 million per December 31, 2022, of
which NOK 231 million related to the disposed subsea business.
Note 10 continues on next page
Note 10 Property, Plant and Equipment cont.
Property, Plant and Equipment
Amounts in NOK million
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Historical cost
Balance as of December 31, 2021
2,827
7,488
241
10,556
Additions1
4
18
567
589
Acquisition of subsidiaries2
34
4
0
38
Reclassification from assets under construction
22
271
-293
0
Disposal and scrapping2
-34
-122
0
-156
Currency translation differences
157
411
15
583
Balance as of December 31, 2022
3,010
8,070
530
11,610
Additions1
17
25
1,979
2,021
Acquisition of subsidiaries
25
3
0
28
Reclassification from assets under construction
80
238
-318
0
Disposal of subsea operations
-1,140
-5,060
-337
-6,537
Disposal and scrapping
-4
-110
0
-115
Currency translation differences
152
429
26
608
Balance as of December 31, 2023
2,139
3,595
1,879
7,614
Amounts in NOK million
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Accumulated depreciation and impairment
Balance as of December 31, 2021
-1,211
-6,112
-2
-7,325
Depreciation for the year3
-92
-353
0
-446
Impairment4
-3
0
-3
-6
Disposal and scrapping
0
117
0
117
Currency translation differences
-46
-309
0
-355
Balance as of December 31, 2022
-1,351
-6,658
-6
-8,015
Depreciation for the year3
-91
-274
0
-365
Impairment4
-93
-55
0
-148
Disposal of subsea operations
437
4,260
0
4,697
Disposal and scrapping
1
92
0
93
Currency translation differences
-55
-335
0
-389
Balance as of December 31, 2023
-1,152
-2,969
-5
-4,126
Book value as of December 31, 2022
1,658
1,412
526
3,596
Book value as of December 31, 2023
987
626
1,874
3,487
1)Includes NOK 270 million unpaid capital expenditure in 2023 (NOK 82 million in 2022). NOK 160 million in capital
expenditure in 2023 (NOK 162 million in 2022) related to discontinued operations.
2)Includes NOK 34 million in 2022 related to acquisition of EPE Eigedom which was later partly sold and reclassified to equity
accounted investee.
3)Includes NOK 138 million in depreciation in 2023 (NOK 226 million in 2022) related to discontinued operations.
4)Includes NOK 148 million in impairment in 2023 (NOK 3 million in 2022) related to discontinued operations.
See note 12 for more information about impairment testing
See note 19 for more information about right-of-use lease assets
Intangible Assets and Goodwill
Intangible assets mainly relate to capitalized technology development in addition to goodwill. The
technology development programs are closely monitored to secure the desired technological
achievements in time and at acceptable cost levels. Technology development programs that meet
certain criteria are capitalized and amortized over the expected useful lives.
Financial Reporting Principles
Capitalized Development
The technology development at Aker Solutions is graded according to a Technology Readiness
Level (TRL) consisting of eight phases. Research and development costs are expensed as incurred
until a program has completed the concept phase. Development cost is only capitalized if the
product or process is technically and commercially feasible and the business case shows a positive
net present value. Capitalized development mainly includes internal labor costs in addition to
materials for the development program. Any third-party funding is presented as a reduction of the
capitalized amount. The capitalized development is normally amortized over five years on a
straight-line basis, but certain programs with a clear differentiating offering and a longer economic
benefit may be amortized up to seven years. For development projects in progress, a full
impairment test is performed annually or when impairment indicators are identified. Assets are
written down to recoverable amount if lower than book value.
Goodwill
Goodwill represents the consideration paid in excess of identifiable assets and liabilities in business
combinations. Goodwill has an indefinite useful life and is tested for impairment annually, or when
impairment indicators are identified.
Other
Other intangible assets include IT systems and technology development acquired through business
combinations.
Judgments and Estimates
The decision to capitalize a development program involves management judgment. There are strict
internal rules defining what qualifies for capitalization, and the documentation of the assessment is
monitored centrally. Management makes assessment of future market opportunities, ability to
successfully achieve the desired technological solution and the time and cost it takes to develop it.
These factors may change over time.
Judgment is involved when determining the amortization period and when assessing impairment or
reversal of impairment. Impairment indicators are assessed for individual development projects,
other intangible assets, and for cash generating units including goodwill. Impairment testing is
performed when impairment indicators have been identified. In addition, goodwill and capitalized
development programs that have not been completed are subject to an annual impairment test. The
impairment testing involves judgmental assumptions about future market development, cash flows,
determination of weighted average cost of capital (WACC), growth rate, and other assumptions that
may change over time.
Note 11 continues on next page
Note 11 Intangible Assets and Goodwill cont.
Intangible Assets
Amounts in NOK million
Capitalized
development
Goodwill
Other
Total
Historical cost
Balance as of December 31, 2021
3,382
5,385
292
9,058
Additions from internal development1,2,3
124
0
1
125
Acquisition of subsidiaries
26
196
85
307
Disposal of subsidiaries and assets
-15
0
0
-15
Currency translation differences
82
17
6
106
Balance as of December 31, 2022
3,599
5,598
384
9,581
Additions from internal development1,2,3
361
0
6
367
Acquisition of subsidiaries
0
13
0
13
Reclassification between categories
7
0
-7
0
Disposal of subsea operations
-2,981
-1,842
-2
-4,825
Disposal of assets
-4
0
-1
-4
Currency translation differences
145
14
16
174
Balance as of December 31, 2023
1,127
3,783
396
5,306
1) Development cost funded by third-party totaled NOK 37 million in 2023 (NOK 55 million in 2022), of which nil related to the
disposed subsea business.
2) Includes NOK 5 million of unpaid capital expenditure in 2023 (NOK 12 million in 2022).
3) Includes NOK 47 million in capital expenditure in 2023 (NOK 72 million in 2022) related to discontinued operations.
4) Includes NOK 109 million in amortization in 2023 (NOK 180 million in 2022) related to discontinued operations.
5) Includes NOK 14 million in impairment in 2023 (nil in 2022) related to discontinued operations.
Amounts in NOK million
Capitalized
development
Goodwill
Other
Total
Accumulated depreciation and impairment
Balance as of December 31, 2021
-2,512
-546
-276
-3,334
Amortization for the year4
-213
0
-11
-224
Impairment5
-6
0
0
-6
Disposal of subsidiaries and assets
15
0
0
15
Currency translation differences
-62
-15
-6
-83
Balance as of December 31, 2022
-2,778
-560
-293
-3,631
Amortization for the year4
-180
0
-15
-195
Impairment5
-19
0
0
-19
Reclassifications between categories
-1
0
1
0
Disposal of subsea operations
2,352
-110
2
2,245
Disposal of assets
3
0
1
3
Currency translation differences
-118
-13
-16
-146
Balance as of December 31, 2023
-741
-683
-319
-1,744
Book value as of December 31, 2022
820
5,037
91
5,949
Book value as of December 31, 2023
386
3,100
77
3,563
Research and Development Expenses
The research and development expense was NOK 59 million in 2023 compared to NOK 21 million in
2022. In addition, NOK 28 million related to the disposed subsea business (NOK 39 million in
2022), which is included within discontinued operations.
See note 12 for more information about impairment testing
Impairment of Assets
The future outlook continues to be positive for Aker Solutions. High activity is expected over the
coming years particularly due to the ongoing projects for Aker BP. Aker Solutions has a solid order
backlog and continued high tendering- and FEED activity. The company had net impairments of
NOK 354 million in 2023, of which NOK 294 million related to discontinued operations.
Impairment Testing Method
Individual Assets
Each property, plant, equipment and right-of-use asset is assessed for impairment triggers every
quarter to identify assets that are damaged, no longer in use or will be disposed. Capitalized
development is assessed for impairment triggers every quarter to identify development programs
where the technological development or commercial outlook for that specific technology no longer
justify the book value. Capitalized development programs that have not been completed are subject
to annual impairment testing. The impairment testing of capitalized development includes an
update of the future expected cash flows, assessing status on technical achievements and
reviewing cost incurred compared to budget in order to identify if any of the capitalized cost should
be expensed. The assets are written down to recoverable amount, if lower than book value.
Reversal of impairment is assessed quarterly for assets previously impaired.
Assets in a Cash Generating Unit (CGU)
Impairment indicators are assessed quarterly for all assets (including right-of-use assets) that are
part of a cash generating unit (CGU). A CGU represents the lowest level of independent revenue
generated by the assets. This is usually the lowest level where a separate external market exists for
the output from the CGU. Impairment indicators are reviewed for all assets with assessment of
market conditions, technological development, change in order backlog, change in discount rate
and other elements that may impact the value of the assets in the CGU. Assets are usually tested
using the value-in-use approach determined by discounting expected future cash flows. Various
sensitivity analysis for change in future cash flows, growth rate and WACC is performed for CGUs
with limited headroom in the impairment testing. Impairment losses are recognized for assets in
CGUs where the recoverable amount is lower than book value.
Goodwill
The groups of CGUs that include goodwill are tested for impairment annually or when impairment
triggers have been identified. The company does not have other assets than goodwill with indefinite
useful lives.
Judgments and Estimates
The impairment testing of assets is by nature highly judgmental as it includes estimates such as
future market development, cash flows, determination of CGUs and WACC, growth rate used for
calculation of terminal value and other assumptions that may change over time. In particular, future
cash flows are uncertain as they are impacted by market developments beyond Aker Solutions'
control. The oil price impacts for example the investment levels in CapEx and maintenance projects
by the oil companies. Carbon taxation impacts the investment levels of carbon capture and offshore wind
investments. These external factors in turn impact the markets in which Aker Solutions operates.
Climate related matters
The energy transition may curtail the expected useful lives of oil and gas related assets thereby
accelerating depreciation charges. The group\u2019s assets related to oil and gas are likely to be fully
depreciated within the next 10-15 years and projects related to oil and gas will be a part of Aker
Solutions\u2019 business activities over this period. Aker Solutions will be engaged in traditional oil and
gas projects and will also be engaged in projects relating to decarbonization solutions and services
for existing platforms. Therefore, Aker Solutions does not expect any changes to the useful lives of
our property, plant, and equipment. Assessment of effect on useful lives is not considered to be a
significant accounting judgment or estimate. Aker Solutions note that assessment of useful lives of
future capital expenditure may be different, and local climate changes in the future may affect
useful lives of certain assets.
Under all three climate scenarios (described in note 33) the group expects an increase in the
frequency and intensity of extreme weather events. This is not expected to lead to any effects on
useful economic life of property, plant and equipment per 2023.
Note 12 continues on next page
Note 12 Impairment of Assets cont.
The expected future cash flows used in impairment testing are affected by climate changes as the
projects Aker Solutions will be engaged in will change going forward. Aker Solutions has a revenue
ambition of 2/3 within renewables and transitional solutions in 2030. As the cash flows used in the
impairment testing are based on current backlog together with identified prospects, the ambitions
for transforming Aker Solutions towards 2/3 of revenue to be within renewables and transitional
solutions have been included in the impairment testing.
Cash Flow Assumptions
When estimating future cash flows, five years of cash flows for the period 2024 to 2028 have been
used as basis. The forecasted cash flows are based on firm orders in the backlog and identified
prospects in addition to expected service revenue. ROU lease assets are included in the impairment
test. Management has defined the growth rate, post-tax discount rate and estimated future cash
flows as the most sensitive assessment in the value-in-use calculation. The forecasted cash flows
used in the impairment tests reflect organic growth only. Other parameters in the assessment are
the predicted long-term oil price per barrel, mix of projects and services, level of operating
expenses and capital expenditure for maintenance of the asset portfolio.
Discount and Growth Rate
The WACC used in the impairment testing of goodwill is shown below.
2023
2022
Post-tax
WACC
Pre-tax
WACC
Post-tax
WACC
Pre-tax
WACC
New Build yards
10.8%
15.3%
10.5%
13.6%
New Energies
10.9%
13.2%
n.a.
n.a.
Life Cycle
11.7%
14.6%
10.7%
13.2%
Benestad
10.8%
13.1%
10.8%
13.9%
Hydropower
11.1%
13.1%
9.7%
11.3%
Engineering
n.a.
n.a.
10.6%
13.0%
Subsea
n.a.
n.a.
10.8%
13.9%
Estimated future cash flows are discounted to their present value using the weighted average cost
of capital (WACC), which is a post-tax discount rate. The WACC is based on a risk-free interest
rate, a risk premium and average beta values of peers within each market. A separate WACC has
been calculated for each of the CGUs taken into consideration country specific risk premiums and
long-term risk free interest rates. A growth rate has been applied to calculate terminal value after
the five-year period.
Impairment Testing of Individual Assets and CGUs
The table below summarizes the impairments recognized per group of assets and per segment.
Renewables &
Field
Development
Life Cycle
Other
Continuing
operations
Amounts in NOK million
2023
2022
2023
2022
2023
2022
2023
2022
Impairment of intangible assets
0
3
0
0
5
3
5
6
Impairment of property, plant and equipment
0
0
0
0
0
3
0
3
Impairment of right-of-use assets
0
0
0
0
55
-39
55
-39
Total impairment
0
3
0
0
60
-34
60
-30
The company had impairments of NOK 60 million for its continuing operations in 2023. Impairments
in the year related to right-of-use assets with empty areas available for sub-lease and intangible
assets where the technology or commercial outlook no longer justified the value. Total net
impairments for discontinued operations amounted to NOK 294 (2022: NOK 8 million). In 2022, the
group reversed previous impairments of right-of-use assets due to more utilization of leased assets
and favorable developments with sub-leases.
Note 12 continues on next page
Note 12 Impairment of Assets cont.
Impairment Testing of Goodwill
The groups of CGUs identified when testing goodwill represent the level where synergies are
expected and goodwill is monitored. ROU lease assets are included in the impairment testing.
The book value of goodwill for the groups of CGUs that include goodwill is shown below. In 2023,
Aker Solutions sold its subsea business and derecognized associated goodwill. Aker Solutions
subsidiary Benestad AS was part of and tested together with Subsea in 2022, but remains with
Aker Solutions. Following a minor reorganization, effective April 1, 2023, previous segment
Engineering was merged into New Build and New Energies and goodwill was reallocated to these
CGUs based on estimated value of engineers. The Rainpower CGU has changed name to
Hydropower.
Amounts in NOK million
2023
2022
New Build yards (Renewables and Field Development)
1,302
720
New Energies (Renewables and Field Development)
226
0
Life Cycle (Life Cycle)
1,302
1,300
Benestad (Other)
188
188
Hydropower (Other)
82
82
Engineering (Renewables and Field Development)
0
795
Subsea (Subsea)
0
1,952
Total goodwill as of December 31
3,100
5,037
Assumptions
A post-tax value-in-use method was used, with pre-tax rates calculated using an iterative method
for illustration purposes only. The forecasted cash flows are based on firm orders and an expected
share of new contracts. When determining the terminal value, a growth rate of 1.5 percent has been
used for the CGUs. The annual impairment testing of goodwill did not result in any impairment
losses.
Sensitivities
The impairment testing is affected by changes in demand for Aker Solutions\u2019 products and services.
External factors such as long-term oil prices and governments\u2019 policies regarding renewable energy
sources and decarbonization impact customers\u2019 investment decisions. The testing is also affected
by changes in WACC, growth rates, product mix, cost levels and the ability of Aker Solutions to
secure projects as forecasted in the cash flow. Multiple sensitivity tests have been run on the key
assumptions in the value-in-use calculation to evaluate possible adverse changes. This includes
changing the discount rate and growth rate in addition to reducing the expected cash flows in the
future.
Aker Solutions acknowledge that our business will be affected by climate risks. The growth rate
embedded in impairment testing is lower than the inflation that is assumed in the WACC calculation,
leading to a negative real growth rate. This is embedded in the numbers to reflect that the oil and
gas activities are not assumed to have infinite lives. When material climate risk effects on
operations are identified, impairment assessments will be reassessed. Climate risks are assessed
and reported in note 33 and in Aker Solutions\u2019 TCFD report.
The recoverable amounts exceed book value for all scenarios and for all the CGUs in the goodwill
impairment testing both in 2023 and 2022.
See note 10 for more information about property, plant and equipment
See note 11 for more information about intangible assets
See note 19 for more information about right-of-use lease assets
See note 33 for more information about climate scenarios and climate-related risk
Inventories
Judgments and Estimates
The assessment of obsolete and slow-moving inventory in order to determine inventory write-downs
is subject to management judgment. The selling price in the market has to be estimated, and there
is a risk that the actual selling price may turn out to be different than the amount estimated by
management.
Inventories
Amounts in NOK million
2023
2022
Raw materials and semi-finished goods
42
274
Finished goods
2
1
Total
44
275
Total inventories at cost
46
384
Inventory write-downs to net realizable value
-2
-109
Total\u00a0
44
275
Inventory (Net) - Opening balance
275
293
Purchase of inventory
1,757
983
Recognized as expenses
-1,683
-1,041
Write down
-19
-14
Reversal of write down
12
19
Disposal of subsea operations
-320
0
Currency translation differences
22
35
Total\u00a0
44
275
Trade and Other Receivables
Judgments and Estimates
Judgment is involved when determining the impairment losses on receivables and customer
contract assets. The impairment is based on individual assessments of each customer and default
risk in the industry and the country in which the customer operates in line with the expected credit
loss method (ECL). The customers of Aker Solutions are mainly large, international energy
companies with low credit risk.
Trade and Other Receivables
Amounts in NOK million
2023
2022
Trade receivables
4,775
5,842
Trade receivables, related parties
608
84
Less bad debt provision
-116
-69
Trade receivables, net
5,268
5,857
Customer contract assets
2,113
4,283
Other receivables
204
135
Customer contract assets and other receivables
2,317
4,419
Bad Debt Provision
Amounts in NOK million
2023
2022
Balance as of January 1
-69
-44
Provisions made during the year
-61
-40
Provisions reversed during the year
4
10
Provisions used during the year
5
8
Disposal of subsea operations
10
0
Currency translation differences
-4
-2
Balance as of December 31
-116
-69
Aging of Trade Receivables
Amounts in NOK million
2023
2022
Not due
4,584
4,857
Past due 0-30 days
589
832
Past due 31-90 days
74
60
Past due 91 days to one year
115
120
Past due more than one year
21
57
Total
5,383
5,926
The wars in Ukraine and Gaza have generally increased the global credit risk. In Aker Solutions, the credit risk
has not changed significantly, as the majority of customers are large, international energy companies.
See note 3 for more information about customer contract assets and trade receivables
See note 23 for more information about credit risk and the ECL method
See note 26 for more information about financial assets and liabilities
See note 31 for more information about receivables to related parties
Financial Investments and Interest-bearing
Receivables
Financial investments
Amounts in NOK million
2023
2022
Liquid funds
3,030
0
Shares in SLB
2,684
0
Total
5,714
0
Liquid funds
Aker Solutions\u2019 Investment Strategy allows investments in liquid money market funds with low risk
and interest period below 6 months and credit duration below 2 years. The rationale is to diversify
the risk among debtors and enhance the return from surplus cash, compared to the interest rate in
the cash pool.
December 31, 2023 Aker Solutions had invested NOK 3,000 million in three different funds. The
funds invest in short-term interest-bearing securities in NOK, i.e., certificates and bonds issued by
companies with investment grade rating and the public sector. The money market funds cannot
invest in securities with fixed interest rates longer than one year. The credit risk is deemed to range
from low to very low, depending on the investment strategy of the fund.
Shares in SLB
As part of the consideration from the sale of the subsea business, Aker Solutions received USD
306.5 million from SLB in the form of 5,076,706 shares in SLB. The shares is subject to a lock-up-
period of 180 days from closing at October 2, 2023.
The shares are measured at fair value through profit and loss. The investment is exposed to
currency risk and share price risk. Part of the currency exposure is secured by a USD 225 million
put option at strike 10,00 with maturity April 2024. A loss of NOK 126 million for the put option was
recognized in 2023 (gain of NOK 14 million in 2022) as part of net foreign exchange gain (loss).
Interest-bearing current receivables
Amounts in NOK million
2023
2022
Vendor note OneSubsea
912
0
Receivable Subsea7
1,592
0
Working capital funding of OneSubsea
370
0
Lease receivable
148
136
Other interest-bearing receivables
81
10
Total current interest-bearing receivables
3,103
146
Vendor note and receivable from Subsea7
The vendor note and receivable from Subsea7 are hedged with both a call and a put option. A gain
of NOK 85 million was recognized in 2023 as part of net foreign exchange gain (loss).
See note 23 for more information about financial risk management and exposures
See note 26 for more information about financial assets and liabilities
See note 30 for more information about the subsea transaction
Cash and Cash Equivalents
Amounts in NOK million
2023
2022
Cash pool
3,979
4,666
Interest-bearing deposits
2,018
1,499
Non interest-bearing deposits and other
5
4
Total
6,003
6,170
Available Liquidity
Additional undrawn committed non-current bank revolving credit facilities amounted to NOK 3.0
billion, compared to NOK 5.0 billion in the prior period. Together with cash and cash equivalents,
this gives a total liquidity buffer of NOK 9.0 billion, compared to NOK 11.2 billion in prior year. In
addition to the liquidity buffer, Aker Solutions has invested NOK 3.0 billion in liquid interest funds
that are not defined as cash and cash equivalents.
See note 15 for more information about liquid interest funds
See note 18 for more information about borrowings
See note 23 for more information about cash restrictions and the cash pool arrangement
See note 24 for more information about capital management
Equity
Share Capital
Aker Solutions ASA was founded May 23, 2014, and the share capital was NOK 531,540,456
divided into 492,167,089 shares, each having a nominal value of NOK 1.08 as of December 31,
2023. All issued shares are fully paid. Aker Solutions ASA has one class of shares, ordinary shares,
with equal rights for all shares. The holders of ordinary shares are entitled to receive dividends and
are entitled to one vote per share at general meetings.
Treasury Shares
The group purchases its own shares to meet obligations under employee share purchase programs
and variable pay programs for management. Treasury shares are not included in the weighted
average number of ordinary shares. Earnings per share have been calculated based on an average
of 488,829,434 shares outstanding December 31, 2023. Consideration for treasury shares sold in
2023 was NOK 56 million.
Amounts in NOK million
Number of shares
Treasury shares as of December 31, 2022
3,838,897
Sale
-1,369,962
Treasury shares as of December 31, 2023
2,468,935
Hedging Reserve
The hedge reserve mainly relates to effects of currency cash flow hedges that are not yet
recognized in the income statement. The hedging effects are recognized in the income statement
according to the progress of the underlying customer contract.
Translation Reserve
The currency translation reserve includes foreign exchange differences arising from the translation
of the subsidiaries into the presentation currency of the consolidated financial statements.
Fair Value Reserve
The fair value reserve includes fair value adjustments of equity securities at fair value through other
comprehensive income (FVOCI).
See note 2 for more information about currency translation of subsidiaries
See note 25 for more information about hedging
See note 28 for more information about equity securities in the fair value reserve
Borrowings
Revolving Credit Facility
The revolving credit facility agreement of NOK 5,000 million with maturity in March 2023 was
refinanced in January 2023 and replaced with a five year NOK 3,000 million revolving credit
facility, maturing January 30, 2028. The facility is provided by a syndicate of high-quality
international banks. The revolving credit facility was undrawn as of December 31, 2023. The terms
and conditions include restrictions which are customary for these kind of facilities, including inter
alia negative pledge provisions, financial covenants and restrictions related to acquisitions,
disposals and mergers. There are also certain provisions of change of control included in the
agreement. There are no restrictions for dividend payments and the facility is unsecured. Interest
terms for the revolving credit facility is 3 month NIBOR plus a fixed margin of 1.5 percent. The
margin applicable to the facility is determined by leverage ratio. Utilization fee applies based on
utilized portion of credit facility. Commitment fee is 35 percent of the margin.
Norwegian Bonds
The group had one bond loan with maturity June 2024 amounting to NOK 1 billion listed on the Oslo
Stock Exchange. On February 14, 2023 Aker Solutions offered to buy back all outstanding bonds of
the NOK 1 billion senior unsecured floating rate bonds due June 2024 at a price of 102. Tenders of
NOK 477 million was accepted and repurchased on February 22, 2023. The remaining outstanding
bonds were purchased by exercising a call option for Voluntary early redemption on December 4,
2023, six months prior to original maturity date. The bond loan and the listing of the loan on Oslo
Stock Exchange has been cancelled.
Note 18 continues on next page
Note 18 Borrowings cont.
Bonds and Borrowings
During 2023 Aker Solutions repaid all drawn debt from external lenders.
2022
Amounts in NOK million
Currency
Nominal
currency value
Carrying amount
Reference
interest rate
Fixed interest
margin
Interest coupon
Maturity date
(mm/dd/yy)
Interest terms
ISIN NO 0010853286
NOK
914
915
3.5%
3.0%
6.5%
06/03/24
Floating, 3M+fix margin
Total bonds
915
Revolving credit facility (NOK 5,000 million)
NOK
0
0
3.0%
1.1%
4.1%
03/19/23
NIBOR+margin
Facilities, Hydropower
NOK
106
106
1.3-3.3%
2.6-2.9%
3.9-6.2%
03/26/26
Base rates+margins
Other borrowings
2
Total borrowings
1,023
Current borrowings
60
Non-current borrowings
962
Total borrowings
1,023
Maturity of Bonds and Borrowings
2022
Amounts in NOK million
Carrying amount
Total cash flow1
6 months and less
6-12 months
1-2 years
2-5 years
ISIN NO 0010853286
915
1,004
30
30
944
0
Total bonds
915
1,004
30
30
944
0
Revolving credit facility (NOK 5,000 million)2
0
0
0
0
0
0
Facilities, Hydropower
106
121
3
56
4
58
Other borrowings
2
2
2
0
0
0
Total other borrowings
108
123
5
56
4
58
Total borrowings
1,023
1,127
35
86
948
58
1) The interest costs are calculated using either the last fixing rate known by year end (plus applicable margin) or the contractual fixed rate (when fixed rate debt).
2) The cash flow is based on the assumption that the nominal drawn amount will remain constant until the maturity of the revolving credit facility.
Note 18 continues on next page
Note 18 Borrowings cont.
Movement of Liabilities
2023
2022
Amounts in NOK million
Bonds
Credit
facilities
Other
borrowings
Total
Bonds
Credit
facilities
Other
borrowings
Total
Balance as of January 1
915
106
2
1,023
2,335
-6
31
2,360
Proceeds from loans and borrowings
0
0
0
0
0
6
0
6
Repayment of borrowings
-914
-53
0
-967
-1,416
0
-34
-1,450
Total changes from financial cash flows
-914
-53
0
-967
-1,416
6
-34
-1,444
Accrued interest
-4
0
0
-4
-9
0
0
-9
Amortization of borrowing cost
3
0
0
3
5
6
0
11
Acquisition of subsidiaries
0
0
0
0
0
100
0
100
Loan settlement1
0
-53
0
-53
0
0
0
0
Reclassification2
0
0
-2
-2
0
0
0
0
Currency translation differences
0
0
0
0
0
0
5
5
Balance as of December 31
0
0
0
0
915
106
2
1,023
1)Loan settlement relates to financial restructuring of Aker Solutions Hydropower AS.
2)Received non-interest bearing rent deposit has been reclassified to other payables.
Mortgages
The company has no mortgage liabilities at year-end 2023 (NOK 76 million in 2022).
See note 19 for more information about lease liabilities
See note 24 for more information about capital management
See note 25 for more information about interest rate derivatives
See note 26 for more information about financial assets and liabilities
Leases and Investment Property
The company leases a number of office buildings, manufacturing and service sites in addition to
some machines and vehicles. Contracts that contain a lease are recognized on the balance sheet as
a right-of-use asset and lease liability unless the lease is short-term or low-value. Vacated leased
property made available for sublease and property with operational subleases are classified as
investment property.
Financial Reporting Principles
The lease liability represents the net present value of the lease payments to be made over the
remaining lease period. The discount rate is calculated for each lease based on a model that
includes swap-rates, credit risk and country risk. The right-of-use asset is depreciated over the
lease term and is subject to impairment testing. Several property leases contain extension options
or cancellation clauses. The non-cancellable lease period is basis for the lease commitment.
Periods covered by extension or termination options are included when it is reasonably certain that
the lease period will be extended. When management has decided to extend the lease period is
typically an event that would trigger an updated assessment of the reasonably certain criteria.
When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use
asset is reclassified as investment property and assessed for impairment. The investment property
is measured using the cost model, meaning that the book value and depreciation of the lease term
from the ROU asset is the basis for measuring the investment property. When testing the
investment property for impairment, the expected future sublease income is discounted to present
value and compared to the value of the investment property. The cost model together with
impairment assessments is also an estimate of fair value of the right-of-use asset classified as
investment property.
The company has a number of subleases. Income from operational subleases on investment
property is recognized as other income. Subleases covering the major part of the lease term in the
head-lease are classified as financial subleases. The portion of the right-of-use asset or investment
property subject to financial sublease is derecognized and a sublease receivable is recognized in
the balance sheet when the sublease commences.
Judgments and Estimates
Judgment is involved when determining impairment of the investment property. Impairment is
assessed for separable parts of leased buildings that have been or will be vacated in the near
future. The impairment is sensitive to changes in estimated future expected sublease income and
sublease period. Further, judgment is involved when determining whether sublease contracts are
financial or operational, as well as when determining lease term for contracts that have extension or
termination options. Determination of the discount rate also involves judgment.
Note 19 continues on next page
Note 19 Leases and Investment Property cont.
Right-of-Use (ROU) Assets
The movement in the right-of-use assets is summarized below.
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Historical cost
Balance at January 1, 2022
4,135
1,229
44
5,408
Additions and remeasurement
298
14
18
330
Acquisition of subsidiaries
67
0
1
68
De-recognition through financial sublease
-1
0
0
-1
Disposals through early exit of lease contract
-56
0
-5
-61
Transfer between categories
-7
7
0
0
Currency translation differences
45
2
1
48
Balance as of December 31, 2022
4,481
1,252
59
5,792
Additions and remeasurement
571
0
18
589
De-recognition through financial sublease
-63
0
0
-63
Disposals through early exit of lease contract
-37
-86
0
-124
Disposals of subsea operations
-1,301
0
-22
-1,322
Transfer between categories
91
-91
0
0
Currency translation differences
95
84
1
181
Balance as of December 31, 2023
3,836
1,159
57
5,052
Accumulated depreciation and impairment
Balance at January 1, 2022
-2,005
-571
-28
-2,604
Depreciation expense1
-363
-59
-7
-430
Impairments2
-15
-42
0
-56
Reversal of impairments this period3
87
4
0
90
De-recognition through financial sublease
-54
0
0
-54
Depreciation and impairment on disposal of ROU, acc.
5
0
5
10
Currency translation difference
-23
-1
-1
-25
Balance as of December 31, 2022
-2,368
-670
-31
-3,069
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Depreciation expense1
-379
-60
-9
-447
Impairments2
-167
-36
0
-203
Reversal of impairments this period3
16
0
0
16
De-recognition through financial sublease
0
0
0
0
Depreciation and impairment on disposal of ROU, acc.
18
34
0
51
Depreciation and impairment on disposal of subsea
operations
603
0
19
622
Currency translation difference
-63
-47
-1
-111
Balance as of December 31, 2023
-2,339
-779
-22
-3,141
Book value as of December 31, 2022
2,113
582
28
2,723
Book value as of December 31, 2023
1,497
379
35
1,911
1)Depreciation expense includes discontinued operations with NOK 75 million for 2023 and NOK 126 million for 2022.
2)Impairments include discontinued operations with NOK 135 million for 2023 and NOK 5 million for 2022.
3)Reversal of impairments include discontinued operations with NOK 3 million for 2023 and zero for 2022.
Note 19 continues on next page
Note 19 Leases and Investment Property cont.
Lease liabilities and Lease Receivables
The movement in lease liabilities and lease receivables related to subleases are shown in the table
below.
Lease liabilities
Lease receivable
(sublease)
Amounts in NOK million
2023
2022
2023
2022
Movement of lease liabilities and receivables
Balance as of January 1
4,413
4,748
697
767
Additions and remeasurement
566
337
61
62
Acquisition of subsidiaries
0
68
0
0
De-recognition
-50
-77
0
-25
Disposal of subsea operations
-791
0
-14
0
Interest expense/sublease interest income
181
195
28
29
Lease payments/sublease payments
-956
-889
-146
-139
Currency translation differences
176
31
50
4
Balance as of December 31
3,540
4,413
677
697
Of which current
619
734
148
136
Of which non-current
2,921
3,679
529
561
Balance as of December 31
3,540
4,413
677
697
The weighted-average discount rate applied to calculate lease liability was 4.7 percent in 2023 (4.3
percent in 2022).
The maturity of lease payments and sublease income per December 31 are presented below:
Lease Payments
Financial sublease
income
Operational
sublease income
Amounts in NOK million
2023
2022
2023
2022
2023
2022
Maturity within 1 year
765
905
173
154
33
14
Maturity 1-5 years
2,101
2,448
397
397
71
109
Maturity 5-10 years
1,069
1,394
165
238
26
24
Maturity later than 10 years
200
460
34
64
0
0
Total
4,135
5,207
769
852
130
146
Discounting effect
-595
-794
-92
-155
n/a
n/a
Lease liabilities and lease receivable
3,540
4,413
677
697
n/a
n/a
Amounts Recognized in the Income Statement
The following amounts are recognized in the income statement related to leasing:
Amounts in NOK million
2023
2022
Income from operational subleases presented as other income
155
159
Expenses relating to short-term leases presented as operating costs
-552
-631
Expenses relating to low-value leases presented as operating costs
-6
-18
Depreciation of ROU assets
-371
-304
Net impairments of ROU assets
-55
39
Interest on lease receivables presented as financial income
28
27
Interest on lease liabilities presented as financial expense
-155
-159
Gain/(loss) on termination of lease agreements
-2
0
Expense relating to variable lease payments not included in lease liabilities
-4
-3
Total effect on profit/(loss) before tax
-963
-890
Short-term leases include storage and accommodation for expats and workers in addition to rental
of tools, machinery, cranes, containers and other equipment used in production.
See note 6 for more information about operating expenses for land and buildings
See note 12 for more information about impairment testing of right-of-use assets
See note 31 for more information about leasing contracts with related parties
Pension Obligations
Aker Solutions operates several pension plans around the world. The most common type of plan is
the defined contribution plan, where Aker Solutions makes contributions to the employee's
individual pension account. Aker Solutions also has a closed defined benefit plan where the impact
is gradually reduced.
Pension Plans
Defined Contribution Plans
A defined contribution plan is a type of retirement plan where the employer makes contributions on
a regular basis to the employee\u2019s individual pension account. The benefits received by the
employee are based on the employer contributions and gains or losses from investing the capital.
Contributions to defined contribution pension plans are recognized as an expense in the income
statement as incurred.
Defined Benefit Plans
A defined benefit plan is a type of pension plan where the employer promises an annual pension on
retirement based on a percentage of the salary upon retirement and the employee's earnings
history, years of service and age. The calculation of defined benefit obligations is performed
annually by a qualified actuary using the projected unit credit method.
The defined benefit obligation is calculated separately for each plan by discounting the estimated
amount of future benefit that employees have earned in the current and prior periods and deducting
the fair value of any plan assets. The change of the defined benefit obligation as a result of the
change of assumptions (actuarial gains and losses) and the return on plan assets are recognized
immediately in other comprehensive income. Net interest expense and other expenses related to
defined benefit plans are recognized in the income statement. When the benefits of a plan are
changed, settled or when a plan is curtailed, the change relating to past service or the gain or loss
on curtailment or settlement is recognized immediately in the income statement.
Judgments and Estimates
The present value of the pension obligations depends on a number of factors determined on the
basis of actuarial assumptions. These assumptions include financial factors such as the discount
rate, expected salary growth, inflation and return on assets as well as demographic factors
concerning mortality, employee turnover, disability and early retirement. Assumptions about all
these factors are based on the situation at the time the assessment is made. However, it is
reasonably certain that such factors will change over long periods for which pension calculations
are made. Any changes in these assumptions will affect the calculated pension obligations with
immediate recognition in other comprehensive income.
Pension Plans in Norway
The main pension arrangement in Norway is a general pension plan organized by the Norwegian state
providing a basic pension entitlement to all taxpayers. The additional pension plans which all Norwegian
employers are obliged to provide according to current legislation, represent limited additional pension
entitlements. The occupational plans in Aker Solutions in Norway are described below.
Defined Contribution Plans
All employees in Norway are offered participation in a defined contribution plan. The annual
contributions, premium and administration cost expensed for the Norwegian plans in 2023 were
NOK 377 million, compared to NOK 407 million in 2022, of which NOK 48 million related to the
disposed subsea business. The estimated contribution, premium and administration cost expected
to be paid in 2024 is NOK 477 million.
Defined Benefit Plans
The defined benefit plans at the Norwegian companies in Aker Solutions are split between funded
and unfunded plans. The plans are organized in Aker Pensjonskasse. Aker Solutions companies in
Norway closed the defined benefit plans in 2008. Employees who were 58 years or older in 2008
are still members of the closed defined benefit plan. This is a funded plan and represents the
funded pension liability reported in the tables below. Aker Solutions also has various unfunded early
retirement plans and executive pension plans that are partially closed for new members. The
estimated premium cost expected to be paid during 2024 is NOK 85 million. The liability is
calculated using a projected unit credit method.
Note 20 continues on next page
Note 20 Pension Obligations cont.
Compensation Plans
All employees in 2008 who had a calculated loss of more than NOK 1,000 per year upon transition
to the defined contribution plan were offered compensation. The compensation amount will be
adjusted annually in accordance with the adjustment of the employees' pensionable income, and
accrued interest according to market interest. If the employee leaves the company voluntarily
before the age of 67 years, the accrued compensation amount will be paid out. The compensation
plan is an unfunded plan, and is included in the unfunded pension liability reported in the tables
below. The liability is equal to the compensation balance.
Tariff Based Pension Agreement (AFP)
Employees in Norway have a tariff based lifelong retirement arrangement (AFP) organized by the
main labor unions and the Norwegian state. The pension can be withdrawn from the age of 62. The
information required to estimate the pension obligation from this defined benefit plan is not
available from the plan administrator. Aker Solutions therefore currently accounts for the plan as if
it was a defined contribution plan. The annual contributions expensed in 2023 were NOK 177
million, compared to NOK 136 million in 2022, of which NOK 16 million related to the disposed
subsea business. The estimated contribution expected to be paid in 2024 is NOK 156 million.
Pension Plans Outside Norway
Pension plans outside Norway are mainly defined contribution plans. The annual contributions
expensed for plans outside Norway in 2023 were NOK 101 million, compared to NOK 140 million in
2022, of which NOK 75 million related to the disposed subsea business. The estimated
contributions expected to be paid in 2024 is NOK 98 million to the plans outside Norway.
Total Pension Cost
Amounts in NOK million
2023
2022
Defined benefit plans
77
41
Defined contribution plans
736
766
Total1
814
807
1) Includes NOK 147 million in 2022 related to the disposed subsea business.
Note 20 continues on next page
Note 20 Pension Obligations cont.
Movement in Net Defined Benefit Liability
The table below shows the movement from the opening balance to the closing balance for the net defined benefit liability.
Present value of obligation
Fair value of plan assets
Impact of asset ceiling
Net defined benefit liability
Amounts in NOK million
2023
2022
2023
2022
2023
2022
2023
2022
Balance as of January 1
2,128
2,211
-1,096
-1,241
0
40
1,031
1,010
Current service and administration cost
52
32
8
3
0
0
59
35
Interest cost (income)
50
28
-32
-23
0
1
18
6
Included in income statement
102
61
-24
-20
0
1
77
41
Actuarial loss (gain) arising from financial assumptions
18
24
0
0
0
0
18
24
Return on plan assets
0
0
19
108
0
0
19
108
Changes in asset ceiling
0
0
0
0
0
-28
0
-28
Actuarial loss (gain) arising from experience adjustments
0
39
0
0
0
0
0
39
Remeasurements loss (gain) included in OCI
17
63
19
108
0
-28
36
143
Contributions paid into the plan
0
0
-86
-77
0
0
-86
-77
Benefits paid by the plan
-215
-230
131
134
0
0
-84
-96
Other events due to effect of any business combinations/divestitures/transfers1
-80
23
0
0
0
-13
-80
10
Other
-295
-207
45
57
0
-13
-250
-163
Balance as of December 31
1,952
2,128
-1,057
-1,096
0
0
895
1,031
1) NOK 80 million in pension obligations related to the disposed subsea business. Aker Solutions is still liable to OneSubsea and the liability is reported as other non-current liabilities.
Note 20 continues on next page
Note 20 Pension Obligations cont.
The net liability disclosed above relates to funded and unfunded plans as follows:
Present value of obligation
Fair value of plan assets
Asset ceiling
Net defined benefit liability
Amounts in NOK million
2023
2022
2023
2022
2023
2022
2023
2022
Net defined benefit liability funded plan
1,057
1,096
-1,057
-1,096
0
0
0
0
Net defined benefit liability unfunded plans
895
1,031
0
0
0
0
895
1,031
Balance as of December 31
1,952
2,128
-1,057
-1,096
0
0
895
1,031
Assets in the Defined Benefit Plan
Amounts in NOK million
2023
2022
Bonds
429
501
Income and equity funds
628
595
Total plan assets at fair value
1,057
1,096
The majority of the bond investment is in Norwegian municipalities and is assumed to have a rating
equal to AA, but there are few official ratings for these investments. The remaining bond investment
is primarily in the Norwegian market within bonds assumed to be of \u201cInvestment Grade\u201d quality. The
majority of these investments do not, however, have an official rating. The fund investments consist
of fixed income funds and equity funds with listed securities where the value is based on quoted
prices. The equity securities are invested globally, and the value is based on quoted price at the
reporting date without any deduction for estimated future selling cost.
Actuarial Assumptions
The information below relates only to Norwegian plans as these represent the majority of the plans.
The following were the principal actuarial assumptions at the reporting date:
2023
2022
Discount rate
3.10%
3.00%
Asset return
3.10%
3.00%
Salary progression
3.50%
3.50%
Pension indexation funded plans1
0-4%
0-4 %
Mortality table
K2013
K2013
Remaining life expectancy at age 65 for pensioners, males
22.7
22.7
Remaining life expectancy at age 65 for pensioners, females
26.0
26.0
1) Pension indexation for unfunded plans is agreed individually (0-4 percent).
The discount rate is based on high-quality corporate bonds (OMF) with maturities consistent with
the terms of the obligations. The assumptions used are in line with recommendations from the
Norwegian Accounting Standards Board.
Note 20 continues on next page
Note 20 Pension Obligations cont.
Sensitivity Analysis
Changes at the reporting date to one of the relevant actuarial assumptions, holding other
assumptions constant, would have changed the defined benefit obligation as of December 31
by the amounts shown below.
2023
2022
Discount rate increase by 1 percent
-94
-102
Discount rate decrease by 1 percent
116
123
Expected rate of salary increase by 1 percent
0
1
Expected rate of salary decrease by 1 percent
0
-1
Expected rate of pension increase by 1 percent
106
116
Expected rate of pension decrease by 1 percent
-90
-97
For Aker Solutions, a one percent increase of discount rate decreases the benefit obligation
by only 8 percent. This is because the benefit obligation in Aker Solutions consists mainly of
pensioners and employees over 60 years of age, hence limiting the discounting effect.
See note 5 for more information about personnel expenses
Provisions and Contingent Liabilities
Financial Reporting Principles
A provision is a liability with uncertain timing and amount. Provisions are recognized when cash
outflow is considered probable, the amount can be reliably estimated and the obligation is a result
of a past event. All provisions are presented as short-term as they are part of the operating cycle.
A contingent liability is a possible obligation that arises from past events that typically depends on a
future event outside of the company's control, for example a court decision. A provision is made
when it is considered as probable that cash outflow will take place, and the obligation can be
measured reliably.
Judgments and Estimates
The provisions are estimated based on a number of assumptions and are highly judgmental in
nature. The various provisions with assumptions and estimation uncertainties are discussed in the
table to the right.
Provisions
Amounts in NOK million
Warranties
Onerous
contracts
Other
Total
Balance as of December 31, 2021
399
79
306
784
Provisions made during the year
177
1,104
181
1,462
Provisions used during the year
-45
-292
-72
-410
Provisions reversed during the year
-83
-60
-8
-151
Acquisition of subsidiaries
9
8
0
17
Reclassifications
0
0
-1
-1
Currency translation differences
7
3
9
19
Balance as of December 31, 2022
464
841
415
1,719
Provisions made during the year
267
983
1,176
2,426
Provisions used during the year
-64
-460
-67
-591
Provisions reversed during the year
-3
-1
-22
-27
Disposal of subsea operations
0
-132
-37
-169
Reclassifications
-12
-4
21
5
Currency translation differences
15
1
27
42
Balance as of December 31, 2023
666
1,227
1,512
3,405
Amounts in NOK million
Warranties
Onerous
contracts
Other
Total
Expected timing of payments
Payment within one year
104
456
238
798
Payment after one year
360
384
176
921
Total as of December 31, 2022
464
841
415
1,719
Payment within one year
180
1,068
360
1,609
Payment after one year
486
158
1,152
1,796
Total as of December 31, 2023
666
1,227
1,512
3,405
Note 21 continues on next page
Note 21 Provisions and Contingent Liabilities cont.
Warranties
The provision for warranties relates to expected re-work for products and services delivered to
customers. The warranty period is normally two to five years. The provision is based on the
historical average warranty expense for each type of equipment and an assessment of the value
of delivered products and services currently in the warranty period. The provision can also be a
higher or lower amount following a specific evaluation of the actual circumstances for each
contract. The final warranty cost may differ from the estimated warranty provision. Warranty
provisions in 2023 includes amounts related to the disposed subsea business that was
contributed into OneSubsea. Aker Solutions is responsible for possible warranty claims related to
subsea deliveries before the transaction.
Onerous Contracts
The provision includes onerous customer contracts with expected losses upon completion. The
provision is mainly driven by legacy renewables projects contracted on lump sum terms in 2021,
impacted by increases in commodity prices and supply chain constraints driven by the war in
Ukraine, as well as changes in designs and weights.
Other
Other provisions relate to other liabilities with uncertain timing or amount. This includes provisions
for claims, leasehold dilapidations, tax and National Insurance Contributions (NICs), restructuring
provision and certain employee benefits. Changes in status for hired-ins in the UK makes Aker
Solutions liable to withhold and pay NIC. Other provisions also include provisions related to
certain indemnities given in relation to the disposal of the subsea operations reported as part of
the result from discontinued operations of NOK 1,093 million (whereof NOK 78 million is current
and NOK 1,015 million is non-current). The provision includes ICMS tax claim of BRL 311 million
(NOK 654 million) in Brazil and provision for unavoidable costs on premises remaining in Aker
Solutions after the disposal of subsea operations.
Contingent Liabilities
Disputes with customers are normally settled during the final negotiations with the customer upon
delivery and provided for in the project\u2019s accounts. However, given the scope of the group\u2019s
worldwide operations there is a risk that legal claims may arise in the future for deliveries where
revenue has been recognized in the past. Legal and tax claims are assessed on a regular basis.
Nordsee Ost Arbitration
In March 2021, Aker Solutions received a favorable outcome in the Nordsee Ost arbitration
process, and NOK 698 million (EUR 67 million) was paid to Aker Solutions in 2021. Aker Solutions
recognized NOK 125 million as revenue, NOK 147 million as interest income and remaining NOK
426 million as settlement of accounts receivable in 2021. In June 2021, the counterparty RWE
submitted an application for annulment of the arbitration award to the German Courts. After
decisions by the court of first instance in Hamburg in February 2023 and the federal appeal court
in October 2023 on the admissibility of RWE\u2019s annulment application, the annulment application
remains in process and has been redirected to the court of first instance for re-assessment. No
provision has been made for this contingent liability as the probability for a cash outflow is
considered remote.
See note 30 for more information about the subsea transaction
Trade and Other Payables
Trade and Other Payables
Amounts in NOK million
2023
2022
Trade creditors
2,489
2,620
Trade creditors, related parties
65
25
Trade payables
2,554
2,645
Accrued operating costs
4,434
6,892
Public duties and taxes
873
956
Other current liabilities
1,243
1,219
Other payables
6,550
9,066
Total
9,104
11,711
Trade creditors did not include reverse factoring as of December 31, 2023, (NOK 99 million in
2022). Trade creditors include NOK 11 million as of December 31, 2023 (NOK 0 million in 2022)
due after one year.
See note 3 for more information about customer contract liabilities
See note 31 for more information about payables to related parties
Financial Risk Management and Exposures
The objective of financial risk management is to manage and control financial risk exposures to increase
the predictability of earnings and minimize potential adverse effects on the company\u2019s financial
performance. The energy landscape has evolved significantly during 2022 and 2023, as energy markets
were strongly impacted by the war in Ukraine. Aker Solutions uses derivatives to hedge currency risk
exposures and aims to apply hedge accounting whenever possible in order to reduce the volatility
resulting from the periodic market-to-market revaluation of financial instruments in the income
statement. The company is also exposed to interest rate risk, credit risk, liquidity risk and price risk.
Risk Management
Risk management of financial risks is performed in every project and is the responsibility of the
project manager. They cooperate with local finance managers and corporate treasury to identify,
evaluate and hedge financial risks under policies approved by the Board of Directors. The company
has well-established procedures for overall risk management, as well as policies for the use of
derivatives and financial investments.
Geopolitical unrest
The tragic war in Ukraine has amplified several trends, including increased commodity prices,
broad-based inflation and global supply chain constraints. Also, the war in the Middle East between
Israel and Hamas may lead to distress in the financial markets and rising oil prices, particularly if the
conflict escalates.\u00a0 The unstable situation generally increase financial risk.
\u25fc Currency risk: The war in Ukraine and the COVID-19 pandemic increased the volatility in the
currency market. Currency variation clauses, escalation mechanisms, contingency buffer
included in tender prices, and currency options are used to mitigate contingent currency
exposures in tenders.
\u25fc Credit risk: Operational challenges due to restrictions on mobility, volatile commodity prices and
the ongoing transition towards renewable energy has increased credit risk in the energy sector.
Due to a predominance of large international energy companies with a relatively low credit risk
in its customer base, the exposure for Aker Solutions to this increased credit risk is limited.
\u25fc Liquidity risk: The current market uncertainty as a result of the wars has increased the liquidity
risk. However, solid order backlog and strong cash generation from operations have contributed
to a strong balance sheet and visibility.
Currency Risk
Aker Solutions has international operations and is exposed to currency risk on commercial
transactions, assets and liabilities when payments and revenues are denominated in a currency
other than the functional currency of the respective entity. The company's exposure to currency
risk is primarily related to USD, EUR and GBP. Following the disposal of the Subsea segment, the
currency exposure to AOA (Angolan Kwanza) and BRL has been significantly reduced. The
company's primary translation risk is related to USD, EUR and GBP.
Use of Currency Derivatives
The Aker Solutions' policy requires that all entities identify and mitigate currency exposure in all
contracts. Aker Solutions manages the currency risk in the tender period either by including
currency clauses in the tender, entering into derivative instruments or including a contingency in
the tender price. All entities identify and hedge their exposure with the Corporate treasury
department. The Corporate treasury department manages the overall currency exposures based on
well established currency risk strategy and procedures.
Note 23 continues on next page
Note 23 Financial Risk Management and Exposures cont.
Each entity designates all foreign currency hedge contracts with corporate treasury as cash flow
hedges or as hedges of separate embedded derivatives. Corporate treasury enters into external
foreign exchange contracts separately for revenue and cost exposure. More than 80 percent of the
value of the hedging instruments either qualify for hedge accounting or are hedges of separate
embedded derivatives. Corporate treasury monitors hedges not qualifying for hedge accounting
and non-qualifying hedges are reported in the \"other\" segment. Currency exposure from long-term
investments in foreign currencies is only hedged when specifically instructed by management.
Treasury has hedged parts of the currency exposure from future USD denominated proceeds from
the OneSubsea formation with financial derivatives
Non-Convertible Currencies
Aker Solutions operates in some jurisdictions where regulations and requirements may limit the
convertibility of local currency and restrict free flow of cash. Mitigating actions are taken to
minimize the currency exposure. However, Aker Solutions has historically experienced currency
exposures in such jurisdictions where no means of hedging has been available. Following the
disposal of the subsea operations to OneSubsea, the currency exposure against non-convertible
currencies has been reduced.
Exposure to Currency Risk
Corporate treasury is allowed to hold positions within an approved trading mandate. The net
exposure as of December 31 is shown in the following table. A bank deposit in a currency different
than the functional currency of the entity represent an exposure for the group. A negative amount
on bank deposits represent an overdraft for the entities. Estimated forecasted cash flows in the
table are calculated based on the entity's hedge transactions through corporate treasury, as these
are considered to be the best estimate of future revenue and cost in foreign currencies. The net
exposure is closely monitored by corporate treasury and reported on a daily basis to management.
2023
2022
Amounts in million
USD
EUR
GBP
USD
EUR
GBP
Bank deposits
-1
-49
-173
9
-34
-106
Intercompany and related parties deposits (+) and loan (-)
-51
0
-36
3
-1
-1
Balance sheet exposure
-51
-48
-209
12
-35
-107
Forecasted receipts from customers
26
53
29
224
138
137
Forecasted payments to vendors
-49
-84
-19
-263
-152
-140
Cash flow exposure
-23
-31
10
-39
-14
-3
Forward exchange contracts
75
80
199
27
48
110
Tri-party agreements
0
0
0
0
0
0
Net exposure in currency
1
1
1
0
0
0
Net exposure in NOK
6
7
13
3
-4
3
The currency exposures in USD, EUR and GBP per December 31, 2023 and 2022, were within the
trading mandate.
Note 23 continues on next page
Note 23 Financial Risk Management and Exposures cont.
Sensitivity Analysis - Fair Value of Financial Instruments
The impact on income and equity from a 15 percent strengthening of EUR, USD and GBP against
other currencies is shown below. A 15 percent weakening would have had the equal, but opposite
effect. This sensitivity analysis shows the impact on financial instruments denominated in a foreign
currency per December 31 and assumes that all other variables, in particular interest rates, remain
constant. The analysis does not include the effect on future transactions (not invoiced as of
December 31) or any effect from translation of subsidiaries.
2023
2022
Amounts in NOK million
Income (loss)
before tax
Equity increase
(decrease)
Income (loss)
before tax
Equity increase
(decrease)
USD - 15 percent strengthening
307
317
81
66
EUR - 15 percent strengthening
72
115
178
199
GBP - 15 percent strengthening
-9
-13
147
197
The competitiveness of Aker Solutions is influenced by currency exchange rate fluctuations,
choices of locations, suppliers and other strategic decisions. Such effects are not systematically
hedged and are not included in the sensitivity analysis.
Sensitivity Analysis - Currency Translation of Subsidiaries
A change in foreign currency rates will also impact the income statement and balance sheet when
translating the Aker Solutions companies into the presentation currency which is NOK. The effect
of change in the various currencies will impact the consolidated financial statements in the
following manner:
2023
Amounts in NOK million
Revenue increase
(decrease)
EBIT increase
(decrease)
Profit (loss)
before tax
Equity increase
(decrease)
USD - 15 percent strengthening
215
-20
-18
394
EUR - 15 percent strengthening
2
0
0
32
GBP - 15 percent strengthening
52
-19
4
273
Interest Rate Risk
The company\u2019s interest exposure mainly arises from the group\u2019s cash position. Currently Aker
Solutions has no external debt. In 2023, Corporate Treasury has invested surplus liquidity in time
deposits and liquidity funds to distribute risk among counterparties and enhance the return
compared to the interest rate in the cash pool.
In previous years the company\u2019s interest exposure mainly arose from any external funding in bank
and debt capital markets. The company\u2019s risk management strategy is that 30-50 percent of the
interest exposure on any borrowings shall be fixed interest rate for the duration of the debt. The
company has used interest rate swaps to achieve the desired fixed/floating ratio of the external
debt. During 2023 Aker Solutions repaid all drawn debt from external lenders, including the NOK 1
billion senior unsecured floating rate bond loan due June 2024. Interest rate swaps of NOK 500
million related to the repaid bond loan remain open and will mature in June 2024.
As the company has no significant interest-bearing operating assets, operating income and
operating cash flow are substantially independent of changes in market interest rates.
Note 23 continues on next page
Note 23 Financial Risk Management and Exposures cont.
Interest Rates Sensitivity
An increase of 100 basis points in interest rates would have increased (decreased) equity and
profit and loss by the amounts shown on the table below. This analysis assumes that all other
variables, in particular foreign currency rates, remain constant.
2023
2022
Amounts in NOK million
Income (loss)
before tax
Equity
increase
(decrease)1
Income (loss)
before tax
Equity
increase
(decrease)1
Interest on cash and cash equivalents
78
0
52
0
Interest on borrowings
-5
0
-16
7
Effect of interest rate swap
-1
0
6
0
Cash flow sensitivity (net)
73
0
42
7
1) Not including tax effect on hedge reserve or effects to equity that follow directly from the effects to profit and loss.
A decrease of 100 basis points in interest rates would have had the equal but opposite effect on
the amounts, on the basis that all other variables remain constant.
Credit Risk
Credit risk is the risk of financial losses if a customer or counterparty to financial receivables and
financial instruments fails to meet contractual obligations.
Investment Instruments and Derivatives
Investment instruments, loans, credit facilities and derivatives are only conducted with approved
counterparties and governed by standard agreements (ISDA, Nordic Trustee and LMA
documentation). All approved banks are participants in the Aker Solutions loan syndicate and
have investment grade ratings. Credit risk related to investment securities and derivatives is
therefore considered to be low.
Trade Receivables and Contract Assets
Assessment of credit risk related to customers and subcontractors is an important requirement in
the bid phase and throughout the contract period. Such assessments are based on credit ratings,
income statement and balance sheet reviews and using credit assessment tools available (e.g.
BvD Procurement Catalyst). Revenues are mainly related to large and long-term projects closely
followed up in terms of payments in accordance with agreed milestones. Normally, lack of
payment is due to disagreements related to project deliveries and is solved together with the
customer.
Aker Solutions\u2019 major customers are highly rated energy companies where the credit risk is
considered to be limited. Risk related to lower rated companies is monitored closely. The
maximum exposure to credit risk at the reporting date equals the book value of each category of
financial assets. The company does not hold collateral as security.
Measurement of Expected Credit Losses (ECLs)
Impairment is assessed using the expected credit loss (ECL) method for financial assets. The company
considers a financial asset to be in default when the borrower is unlikely to pay its credit obligation to
the company in full. ECLs are estimated probability-weighted net present value of future expected
credit losses. ECLs are discounted at the effective interest rate of the financial asset. Loss allowances
for trade receivables, contract assets and lease receivables are always measured at an amount equal to
lifetime ECLs. Twelve month ECLs are used for interest-bearing receivables and bank balances for
which credit risk has not increased significantly since initial recognition.
At each reporting date, the company assesses whether any financial assets are credit-impaired.
Evidence that a financial asset is credit-impaired includes when invoices are more than 90 days
past due without agreed postponement, knowledge of significant financial difficulty of the
customer or debtor or other forward-looking information. The gross carrying amount of a financial
asset is written off (either partially or in full) to the extent that there is no realistic prospect of
recovery. This is generally the case when the company determines that the debtor does not have
assets or sources of income that could generate sufficient cash flows to repay the amounts
subject to write-off.
Note 23 continues on next page
Note 23 Financial Risk Management and Exposures cont.
Liquidity Risk
Liquidity risk is the risk that the company is unable to meet the obligations associated with its financial liabilities. The company's approach to managing liquidity is to ensure, as far as possible, that it will
always have sufficient liquidity reserves to meet its liabilities when due.
Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions.
Management monitors rolling weekly and monthly forecasts of the company\u2019s liquidity reserve on the basis of expected cash flow. Due to the dynamic nature of the underlying businesses, corporate treasury
maintains flexibility in funding by maintaining availability under committed credit lines in addition to cash and liquid investments.
Financial Liabilities and the Period in which they Mature
2023
Amounts in NOK million
Book value
Total cash flow1
6 months and less
6-12 months
1-2 years
2-5 years
More than 5 years
Net derivative financial instruments
54
54
-91
139
6
0
0
Trade and other payables
9,104
9,104
9,078
16
1
10
0
Lease liabilities
3,540
4,135
400
365
699
1,402
1,269
Total liabilities
12,698
13,292
9,387
519
706
1,411
1,269
2022
Amounts in NOK million
Book value
Total cash flow1
6 months and less
6-12 months
1-2 years
2-5 years
More than 5 years
Borrowings
1,023
1,127
35
86
948
58
0
Net derivative financial instruments
150
150
-10
147
15
6
0
Trade and other payables
11,711
11,711
11,686
24
0
0
0
Lease liabilities
4,413
5,207
464
442
758
1,690
1,854
Total liabilities
17,297
18,195
12,175
699
1,722
1,754
1,854
1) Nominal currency value including interest.
Note 23 continues on next page
Note 23 Financial Risk Management and Exposures cont.
Cash Pool Arrangements
The company policy for the purpose of optimizing availability and flexibility of cash within the
company is to operate centrally managed cash pooling arrangements. Such arrangements are
either organized with a bank as a service provider, or as a part of the operation of corporate
treasury. An important condition for the participants (entities) in such cash pooling arrangements
is that Aker Solutions as an owner of such pools is financially viable and is able to prove its
capability to service its obligations concerning repayment of any net deposits made by entities.
The company policy is not applied in countries where local laws prohibit international cash pool
arrangements, such as Malaysia and India.
Price Risk
The company is exposed to fluctuations in market prices both in the investment portfolio and in
the operating businesses related to individual contracts. The units are exposed to changes in
market prices for raw materials, equipment and development in wages. This is managed in the bid
process by locking in committed prices from key vendors as basis for offers to customers or
through escalation clauses with customers.
Guarantees
The company has provided the following guarantees on behalf of wholly owned subsidiaries and
related parties as of December 31 (all obligations are per date of issue):
\u25fc Non-financial parent company guarantees related to project performance on behalf of group
companies
\u25fc Financial parent company indemnity guarantees for fulfillment of lease obligations, credits and
loans were NOK 10.6 billion (NOK 10.3 billion in 2022)
\u25fc Financial guarantees including counter guarantees for bank/surety bonds and guarantees for
pension obligations to employees were NOK 7.1 billion (NOK 8.2 billion in 2022)
Guarantee on Behalf of Akastor
Aker Solutions was demerged from Akastor in 2014, and parties in a demerger have joint liability
according to Norwegian law. If an obligation that arose prior to the completion of the demerger is
not met by either party, the other party will have secondary joint liability for such obligation. The
remaining value of the financial guarantees where Aker Solutions has a secondary joint liability
was NOK 1.3 billion per December 31, 2023, compared to NOK 1.9 billion per December 31, 2022.
The largest guarantee, with a value of NOK 1.1 billion, expires end of September 2027. There are
no provisions related to the guarantee as the likelihood of any payments related to the joint
liability is considered to be low.
See note 14 for more information about trade and other receivables
See note 16 for more information about cash and available credit facility
See note 18 for more information about borrowings
See note 19 for more information about lease liabilities
See note 22 for more information about trade and other payables
See note 25 for more information about derivatives
See note 26 for more information about financial assets and liabilities
Capital Management
The objective of Aker Solutions' capital management policy is to optimize the capital structure to
ensure sufficient and timely funding over time to finance its activities at the lowest cost, in addition
to investing in projects and businesses which will increase the company's return on capital
employed over time.
Investment Policy
Aker Solutions\u2019 capital management is based on a rigorous investment selection process which
considers not only Aker Solutions\u2019 weighted average cost of capital and strategic orientation, but
also external factors such as market expectations and extrinsic risk factors. This selection process
is coupled with a centralized approval process for all capital expenditures to be incurred by the
group.
Funding Policy
Liquidity Planning
Aker Solutions has a strong focus on liquidity in order to meet its working capital needs short-term
and to ensure solvency for its financial obligations long-term. The group\u2019s internal guideline is to
have a minimum liquidity reserve of NOK 3 billion, including cash and undrawn committed credit
facilities. As per December 31, 2023 the liquidity reserve amounted to NOK 9.0 billion compared to
NOK 11.2 billion in the prior year. It was composed of an undrawn committed credit facility, cash in
bank accounts and bank deposits. In addition, the group had investments in liquid, fixed income
securities of NOK 3 billion as of year-end 2023. The cash position in Aker Solutions is strong and
increased steadily in 2023, driven by high activity level in the group with sound cash flows from the
projects and initial proceeds from the subsea transaction. Investing surplus liquidity to diversify risk
among debtors and enhance return has become an important aspect in the liquidity planning.
Funding of Operations
Aker Solutions\u2019 funding policy states that all operating units will be funded through corporate
treasury. This ensures optimal availability and transfer of cash within the group, improved control of
the group's capital structure and optimized terms and conditions on funding of the group\u2019s
operations. The group policy is not applied in countries where local laws prohibit international cash
pool arrangements.
Aker Solutions emphasizes financial flexibility and steers its capital structure to ensure a balance
between liquidity risk and refinancing risk. In this perspective, any loans and other external
borrowings will be renegotiated well in advance of their due date.
Aker Solutions aims to have a diversified mix of funding sources to obtain an optimal cost of capital.
These funding sources include:
\u25fc The use of banks based on syndicated credit facilities or bilateral agreements
\u25fc The issue of debt instruments in the Norwegian debt capital market
\u25fc The issue of debt instruments in international capital markets
Debt Covenants
During 2023 Aker Solutions repaid all drawn debt from external lenders, including the NOK 1 billion
senior unsecured floating rate bond loan due June 2024 and bank loans and facilities related to
Hydropower (previously Rainpower) which was acquired in 2022. The group has an undrawn NOK 3
billion Revolving Credit Facility (RCF) with a syndicate of ten banks which contains financial
covenants based on gearing and interest cover ratios. All debt covenants are based on IFRS
excluding the impact of IFRS 16. At year-end 2023, all ratios were well within the covenants in the
RCF.
Aker Solutions has the following debt covenants for the RCF:
\u25fc The company\u2019s gearing ratio shall not exceed 3.5, calculated from net debt to adjusted EBITDA
\u25fc The company\u2019s interest cover ratio shall not be less than 3.5, calculated from adjusted EBITDA
to net finance cost
Note 24 continues on next page
Note 24 Capital Management cont.
Gearing and Interest Cover Ratios at December 31
Amounts in NOK million
2023
2022
Gearing ratios
Non-current interest-bearing borrowings
0
962
Current interest-bearing borrowings
0
60
Gross interest-bearing debt
0
1,023
Cash and cash equivalents
6,003
6,170
Net debt
-6,003
-5,147
EBITDA excl. IFRS 161
477
192
Restructuring and other special items as defined in the loan agreement
181
27
Adjusted EBITDA
658
219
Gross interest-bearing debt/adjusted EBITDA
0.0
4.7
Net debt/adjusted EBITDA
-9.1
-23.5
Interest cover
Adjusted EBITDA excl. IFRS 161
658
219
Net interest expense as defined in the loan agreement
240
-49
Adjusted EBITDA/Net finance cost
2.7
-4.5
1) Excluding IFRS 16 means that leasing cost is reported as part of operating cost and included in EBITDA.
See note 18 for more information about borrowings
See note 23 for more information about financial risk management
See note 25 for more information about interest rate derivatives
See note 26 for more information about financial assets and liabilities
See note 30 for more information about proceeds from the subsea transaction
Derivative Financial Instruments
Aker Solutions has future cash flows to be settled in foreign currencies, and forward contracts are
the most commonly used derivative to hedge such exposures. The risk management policy states
that all foreign exchange exposure shall be hedged, of which at least 80 percent shall qualify for
hedge accounting or be hedges of separated embedded derivatives. Aker Solutions\u2019 interest rate
exposure mainly arises from its cash position. Aker Solutions has no external debt after exercising a
call option in December 2023 for Voluntary Early Redemption of the NOK 1 billion senior unsecured
floating rate bonds due June 2024. One interest rate swap related to the bond loan remains open
and will mature in June 2024.
Financial Reporting Principles
Cash Flow Hedges of Foreign Currency
Forward contracts are the most commonly used derivative to hedge foreign currency exposure. In
addition, currency options are sometimes used to hedge exposures. In case of changes in the
expected maturity dates, currencies or amounts of the hedged items corresponding derivatives are
routinely adjusted (pre-matured or rolled over), usually by means of currency swaps.
The hedged transactions in foreign currency subject to cash flow hedge accounting are highly
probable future transactions expected to occur at various dates during the next one to four years,
depending on progress of the projects and firm commitments. The derivatives are recognized
initially and subsequently at fair value in the balance sheet, and the effective portion of changes in
the fair value is recognized in other comprehensive income as a hedge reserve.
Aker Solutions designates the full forward foreign exchange contracts to hedge its currency risk
and applies a hedge ratio of 1:1. The policy covers critical terms such as currency pair, amount and
timing of the forward exchange contracts to align with the hedged item. The existence of an
economic relationship between the hedging instrument and hedged item is determined based on
matching critical terms of their respective cash flows. In addition, an assessment is made to
determine whether the derivative designated in each hedging relationship is expected to be, and
has been, effective in offsetting changes in cash flows of the hedged item by the hypothetical
derivative method.
In these hedge relationships, the main sources of ineffectiveness are:
\u25fc any sequential change of timing of the hedged item;
\u25fc change in the total amount of the hedge item; and
\u25fc significant change in the counterparty's and Aker Solutions' credit risk
Aker Solutions does not designate any net positions in a hedging relationship. Some hedged
transactions are not accounted for by applying hedge accounting, primarily because internal
hedged transactions are grouped and netted before external hedge transactions are established.
Changes in the fair value of derivatives will be reported as financial income or expenses. Remaining
derivatives not applying hedge accounting include derivatives used by corporate treasury to hedge
the residual exposure of the company as part of its risk mandate. As of December 31, 2023, these
hedging instruments include currency forwards, interest swaps and foreign exchange swaps. In
addition, Corporate treasury has hedged parts of the currency exposure from USD denominated
proceeds from the OneSubsea formation with currency options.
Hedge accounting is discontinued with immediate recognition in finance income and expenses in
the income statement when the hedge no longer qualifies for hedge accounting, for example upon
sale, expiration, termination or when a forecasted transaction is no longer probable. The derivative
financial instruments are classified as current assets or liabilities as they are part of the operating
cycle.
Note 25 continues on next page
Note 25 Derivative Financial Instruments cont.
Foreign Currency as Embedded Derivatives
Embedded derivatives may exist in contracts with a currency other than the currency of the
contracting partners. The embedded derivative will under certain circumstances be separated and
recognized at fair value in the balance sheet and changes recognized in the income statement.
These entries will result in corresponding and opposite effects compared to the hedging instrument.
Aker Solutions applies the following separation criteria for embedded derivatives:
\u25fc The embedded derivative needs to be separated if the agreed payment is in a currency different
from any of the major contract parties' own functional currency, or
\u25fc that the contract currency is not considered to be commonly used for the relevant economic
environment defined as the countries involved in the cross-border transaction.
Cash Flow Hedges of Interest Rates
Aker Solutions' interest exposure mainly arises from the cash position of more than NOK 6 billion
and additional NOK 3 billion invested in liquid funds as of December 31, 2023. Treasury has
invested surplus liquidity in time deposits and liquid funds to distribute the risk among debtors and
enhance the return compared to the interest rate in the cash pool. One interest rate swap related to
the former bond loan remains open and will mature in June 2024.
Note 25 continues on next page
Note 25 Derivative Financial Instruments cont.
Fair Values and Maturity
The following table presents the fair value of the derivatives and a maturity analysis of the derivatives undiscounted cash flows. Given Aker Solutions hedging policy and the assumption that projects are
cash neutral, this table also indicates when the cash flows related to project expenses are expected to impact profit and loss. Project revenues are recognized over time according to the progress of the
project. This may result in differences between cash flow and revenue recognition.
2023
2022
Amounts in NOK million
Instruments
at fair value1
6 months
or less
6-12
months
1-2 years
2-5 years
Over 5
years
Instruments
at fair value1
6 months
or less
6-12
months
1-2 years
2-5 years
Over 5
years
Assets
Cash flow hedging instruments
43
24
8
11
0
0
247
112
93
37
5
0
Fair value adjustments to hedged instruments2
-17
-12
-2
-4
0
0
-109
-53
-38
-15
-3
0
Fair value of currency options3
197
45
152
0
0
0
130
0
130
0
0
0
Embedded derivatives in ordinary commercial contracts
6
5
1
0
0
0
105
83
15
8
8
0
Financial instruments not hedge accounted
23
22
1
0
0
0
21
11
6
3
0
0
Total forward foreign exchange contracts
251
85
160
7
0
0
394
153
207
32
11
0
Cash flow hedges interest rate assets
7
7
0
0
0
0
11
1
0
11
0
0
Total financial instrument assets
258
92
160
7
0
0
406
154
207
43
11
0
Liabilities
Cash flow hedging instruments
-38
-35
-2
-1
0
0
-278
-188
-59
-28
-4
0
Fair value adjustments to hedged instruments
5
3
1
1
0
0
102
79
15
7
1
0
Fair value of currency options3
-18
0
-18
0
0
0
0
0
0
0
0
0
Embedded derivatives in ordinary commercial contracts
-4
-2
-2
0
0
0
-45
-26
-11
-6
-2
0
Financial instruments not hedge accounted
-149
-149
0
0
0
0
-34
-29
-5
-1
0
0
Total forward foreign exchange contracts
-204
-182
-21
-1
0
0
-255
-164
-59
-28
-5
0
Cash flow hedges interest rate liability
0
0
0
0
0
0
0
0
0
0
0
0
Total financial instrument liabilities
-204
-182
-21
-1
0
0
-255
-164
-59
-28
-5
0
Net financial instruments
54
-91
139
6
0
0
150
-10
147
15
6
0
1) Cash flows from matured derivatives are translated to NOK using the exchange rates on the balance sheet date.
2) Fair value of settled derivatives not yet booked in the income statement are recognized in balance sheet and will be reclassified to the income statement over the next years as the projects progress.
3) The proceeds from the subsea transaction represent a significant currency exposure, and Aker Solutions has therefore entered into FX put options contracts to hedge for a part of the exposed proceeds as of December 31, 2023.
Note 25 continues on next page
Note 25 Derivative Financial Instruments cont.
Unsettled Hedges
The table below shows the impact from the unsettled cash flow hedges on profit and loss and equity (not adjusted for tax).
2023
2022
Amounts in NOK million
Fair value of all
hedging instruments
Recognized in
profit and loss
Deferred in equity
(the hedge reserve)
Fair value of all
hedging instruments
Recognized in
profit and loss
Deferred in equity
(the hedge reserve)
Forward exchange contracts (cash flow hedges)
4
11
-7
-32
-33
2
Interest rate swaps
7
1
6
11
1
11
Total
11
12
-1
-20
-33
12
The purpose of the hedging instrument is to secure a situation where the hedged item and the hedging instrument together represent a predetermined value independent of fluctuations of exchange rates.
Revenue and expenses on the underlying customer contracts are recognized in the income statement in accordance with progress. Consequently, NOK 11 million (NOK -33 million in 2022) of the value of the
forward contracts have already impacted the income statement. The NOK -7 million (NOK 2 million in 2022) that are currently recorded in the hedge reserve, will be reclassified to the income statement over
the next years.
The value of the interest swaps is attributable to changes in the interest swap curve for Norwegian Kroner during the period from inception of the hedge to the balance sheet date, excluding accrued interest
rates of the swaps, tax and deferred settlements related to matured instruments.
Note 25 continues on next page
Note 25 Derivative Financial Instruments cont.
Hedge Reserve Movement
The table below shows the movement in the hedge reserve from changes in the cash flow hedges.
Amounts in NOK million
Hedge reserve
Balance as of January 1, 2022
-58
Forward currency
156
Interest rate swaps
18
Total changes in fair value
175
Forward currency contracts
-79
Interest rate swaps
-2
Total amount reclassified to profit or loss
-81
Tax on movements on reserves during the year
-25
Balance as of December 31, 2022
10
Forward currency contracts
35
Interest rate swaps
-4
Total changes in fair value
31
Forward currency contracts
-4
Interest rate swaps
-1
Total amount reclassified to profit or loss
-5
Tax on movements on reserves during the year
2
Disposal of subsea operations
-40
Balance as of December 31, 2023
-1
Interest Rate Swaps
Aker Solutions does currently not have any external liabilities. One fixed interest rate swap of NOK
500 million will run to maturity. Floating interest rates are tied to inter-bank offered rates (NIBOR
for NOK).
See note 18 for more information about borrowings
See note 26 for more information about financial assets and liabilities
Financial Assets and Liabilities
The fair value hierarchy defines a framework for categorizing financial assets and liabilities based on fair value valuation techniques. Fair value of assets and liabilities in level one is based on quoted prices in
an active market, whereas level three fair values are based on assumptions made by the company in the absence of quoted prices.
The Fair Value Hierarchy
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial
assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
\u25fc Level 1: Fair values are based on prices quoted in an active market for identical assets or liabilities.
\u25fc Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from observable market transactions in an active market for identical assets or liabilities. Level 2 includes
currency or interest derivatives and interest bonds, typically when the group uses forward prices on foreign exchange rates or interest rates as inputs to valuation models.
\u25fc Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in the absence of quoted prices from an active market or other observable price inputs.
Note 26 continues on next page
Note 26 Financial Assets and Liabilities cont.
Financial Instruments as of December 31, 2023
Carrying value
Fair value
Amounts in NOK million
Hedging
instruments at
FVOCI1
Financial
assets at
FVTPL1
Amortized
cost
Equity
investments
at FVOCI1
Other
financial
liabilities
Total
Level 1
Level 2
Level 3
Total
Other investments2
0
0
0
19
0
19
5
0
14
19
Non-current receivables
0
0
1,231
0
0
1,231
0
0
0
0
Trade and other receivables
0
0
5,472
0
0
5,472
0
0
0
0
Forward foreign exchange contracts
50
0
0
0
0
50
0
50
0
50
Fair value of currency options
0
197
0
0
0
197
0
197
0
197
Fair value embedded derivatives
4
0
0
0
0
4
0
4
0
4
Interest rate instruments
7
0
0
0
0
7
0
7
0
7
Current interest-bearing receivables
0
0
3,103
0
0
3,103
0
0
0
0
Financial investments
0
5,714
0
0
0
5,714
5,714
0
0
5,714
Cash and cash equivalents
0
0
6,003
0
0
6,003
0
0
0
0
Financial assets
61
5,911
15,808
19
0
21,799
5,719
258
14
5,991
Trade and other payables3
0
0
0
0
-6,462
-6,462
0
0
0
0
Lease liabilities
0
0
0
0
-3,540
-3,540
0
0
0
0
Forward foreign exchange contracts
-185
0
0
0
0
-185
0
-185
0
-185
Fair value of currency options
0
-18
0
0
0
-18
0
-18
0
-18
Fair value embedded derivatives
-1
0
0
0
0
-1
0
-1
0
-1
Financial liabilities
-186
-18
0
0
-10,002
-10,206
0
-204
0
-204
1) FVTPL is short for fair value through profit and loss. FVOCI is short for fair value through other comprehensive income.
2) Investments in level 1 consist of listed shares with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial
purchase price.
3) Trade and other payables that are not financial liabilities at negative NOK 2,642 million in 2023 are not included.
Note 26 continues on next page
Note 26 Financial Assets and Liabilities cont.
Financial Instruments as of December 31, 2022
Carrying value
Fair value
Amounts in NOK million
Hedging
instruments at
FVOCI1
Financial
assets at
FVTPL1
Amortized
cost
Equity
investments
at FVOCI1
Other
financial
liabilities
Total
Level 1
Level 2
Level 3
Total
Other investments2
0
0
0
25
0
25
11
0
14
25
Non-current receivables
0
0
788
0
0
788
0
0
0
0
Trade and other receivables
0
0
5,992
0
0
5,992
0
0
0
0
Forward foreign exchange contracts
159
0
0
0
0
159
0
159
0
159
Fair value of currency options
0
130
0
0
0
130
0
130
0
130
Fair value embedded derivatives
105
0
0
0
0
105
0
105
0
105
Interest rate instruments
11
0
0
0
0
11
0
11
0
11
Current interest-bearing receivables
0
0
146
0
0
146
0
0
0
0
Cash and cash equivalents
0
0
6,170
0
0
6,170
0
0
0
0
Financial assets
276
130
13,096
25
0
13,527
11
406
14
431
Non-current borrowings3
0
0
0
0
-962
-962
-914
0
-48
-962
Current borrowings3
0
0
0
0
-60
-60
0
0
-60
-60
Trade and other payables4
0
0
0
0
-5,099
-5,099
0
0
0
0
Lease liabilities
0
0
0
0
-4,413
-4,413
0
0
0
0
Forward foreign exchange contracts
-211
0
0
0
0
-211
0
-211
0
-211
Fair value embedded derivatives
-45
0
0
0
0
-45
0
-45
0
-45
Financial liabilities
-255
0
0
0
-10,535
-10,790
-914
-255
-108
-1,277
1) FVOCI is short for fair value through other comprehensive income.
2) Investments in level 1 consist of listed shares with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial
purchase price.
3) Fair value is quoted prices for the bonds noted on the Oslo Stock Exchange.
4) Trade and other payables that are not financial liabilities at negative NOK 6,612 million in 2022 are not included.
See note 14 for more information about trade and other receivables
See note 15 for more information about financial investments
See note 18 for more information about borrowings
See note 22 for more information about trade and other payables
See note 23 for more information about financial risk management
See note 25 for more information about derivatives
See note 28 for more information about other investments
Subsidiaries and NCIs
Subsidiaries: Aker Solutions has 60 subsidiaries in 25 countries at the reporting date. The number of countries where Aker Solutions had employees was 15. The group holds the majority of the shares
in all subsidiaries except three, see description below. If not stated otherwise, ownership equals the percentage of voting shares.
Company
Location
Country
Percent
Aker Solutions Enterprises, LDA
Luanda
Angola
49
C.S.E. Mec\u00e2nica e Instrumenta\u00e7\u00e2o Ltda
Curitiba
Brazil
100
Aker Solutions Sdn Bhd
Kuala Belait
Brunei
100
PTAS Aker Solutions Sdn Bhd
Kuala Belait
Brunei
75
Aker Solutions Asset Integrity and Management Canada Inc.
Newfoundland
Canada
100
Aker Solutions Canada Inc
Vancouver
Canada
100
Aker Solutions Marine Contractors Limited
St John's
Canada
100
Aker Engineering & Technology (Beijing) Co., Ltd
Beijing
China
100
Aker Solutions Hydropower Hangzhou Co Ltd
Hangzhou
China
100
Aker Solutions Congo SA
Point-Noire
Congo
70
Aker Solutions Finland Oy
Ulvila
Finland
100
Aker Solutions Ghana Ltd
Accra
Ghana
90
Aker Solutions SAS
Paris
France
100
Aker Solutions Ghana Holding Ltd
Accra
Ghana
100
Aker Solutions Deepwater Ghana Ltd
Accra
Ghana
80
Aker Powergas Pvt Ltd
Mumbai
India
100
Aker Engineering International Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Engineering Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions APAC Sdn Bhd
Kuala Lumpur
Malaysia
48
Aker Solutions India Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions BV
Zoetemer
Netherlands
100
AH \u00c5tte AS
Fornebu
Norway
100
Aker Installation FP AS
Fornebu
Norway
100
Aker Insurance Services AS
Fornebu
Norway
100
Aker Solutions AS
Fornebu
Norway
100
Aker Solutions Contracting AS
Fornebu
Norway
100
Aker Solutions Holding AS
Fornebu
Norway
100
Aker Solutions Middle East AS
Fornebu
Norway
100
ASK JV AS
Stavanger
Norway
100
Company
Location
Country
Percent
Benestad Solutions AS
Lierskogen
Norway
100
Kv\u00e6rner Resources AS
Fornebu
Norway
100
Norwegian Contractors AS
Lysaker
Norway
100
Aker Solutions Hydropower AS
Tranby
Norway
100
Unitech Power Systems AS
Stavanger
Norway
100
Rainpower Peru S.A.C.
Lima
Peru
100
Aker Solutions Poland Sp. z o.o.
Warsaw
Poland
100
Aker Solutions Gulf Services WLL
Doha
Qatar
49
Aker Solutions Saudi Arabia Co. Ltd.
Al-Khobar
Saudi Arabia
100
Aker Solutions Korea Co. Ltd
Geoje
South Korea
100
K Water AB
\u00d6rnsk\u00f6ldsvik
Sweden
100
Rainpower Kristinehamn AB
Kristinehamn
Sweden
100
Aker Solutions Hydropower Switzerland AG
Vaud
Switzerland
100
Aker Solutions Tanzania Ltd
Dar es Salaam
Tanzania
100
Aker Solutions Hydro Enerji Limited Sirketi
Istanbul
Turkey
100
Aker Engineering and Technology Ltd
London
UK
100
Aker Engineering Malaysia Ltd
Leeds
UK
100
Aker Offshore Partner Ltd
Aberdeen
UK
100
Aker Solutions DC Trustees Ltd
London
UK
100
Aker Solutions EAME Limited
Aberdeen
UK
100
Aker Solutions Enterprises International (UK) Limited
London
UK
100
Aker Solutions Holding Limited
Aberdeen
UK
100
Aker Solutions Ltd
Maidenhead
UK
100
International Design Engineering and Services Ltd
Aberdeen
UK
100
Kvaerner Contracting Ltd
London
UK
100
Kvaerner Resources Ltd
London
UK
100
Aker Solutions Inc.
Houston
USA
100
Aker Solutions USA Corporation
Houston
USA
100
Kvaerner Americas Holdings Inc
Canonsburg
USA
100
Kvaerner Renewables US LLC
Canonsburg
USA
100
Note 27 Subsidiaries and NCIs cont.
Subsidiaries where Aker Solutions does not have the Majority of Shares
Aker Solutions has less than 50 percent of the shares in three subsidiaries as shown in the table
above. Aker Solutions has control over relevant activities through shareholders agreements. The
subsidiaries are fully consolidated and the non-controlling interest share of profit and equity is
presented in the income statement and in the balance sheet.\u00a0
The following entities are not legally transferred to OneSubsea due to delayed legal transfer or
delayed closing. The subsea business in these entities are not consolidated as Aker Solutions does
not have control of operations or rights to cash generations.
Company
Location
Country
Percent
Aker Solutions Congo SA
Point-Noire
Congo
70
Aker Solutions Ghana Ltd
Accra
Ghana
90
Aker Solutions APAC Sdn Bhd
Kuala Lumpur
Malaysia
48
Aker Solutions Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions Inc.
Houston
USA
100
Investments in Companies
Financial Reporting Principles
Joint ventures are those entities where the company has joint control and rights to net assets.
Associates are those entities where the company has significant influence, but not control or joint
control (usually between twenty and fifty percent of the voting power). Interests in joint ventures
and associates are accounted for using the equity method. The investments are initially recognized
at cost (including transaction costs) and subsequently increased or decreased to recognize the
share of the profit or loss. The profit or loss for the equity-accounted investees is presented as part
of total revenue when the operations are closely linked to the current operations of Aker Solutions,
otherwise they are presented as financial income.
Other investments are those entities in which the company does not have significant influence.
These are usually entities where the company holds less than twenty percent of the voting power.
Such investments are designated as equity securities at fair value through other comprehensive
income (FVOCI) as they represent long-term strategic investments. When the investments are sold,
the accumulated gain or loss in equity is not reclassified to the income statement.
Investments in Companies
The company has recognized the following balances for its investment in other companies:
Amounts in NOK million
2023
2022
Joint Ventures and Associates
6,555
103
Other investments over OCI
19
25
Total investment in companies
6,574
128
Joint Ventures and Associates (Equity Accounted Investees)
The company had 13 equity-accounted investments as of December 31, 2023. Ownership
percentage equals the percentage of voting shares.
Name of company
Office
Percent
Type
Kiewit-Kvaerner Contractors (KKC)
Newfoundland, Canada
50.0%
Joint venture
KDS JV AS
Fornebu, Norway
50.0%
Joint venture
EPE Eigedom AS
Stord, Norway
50.0%
Joint venture
Eld\u00f8yane Holding AS
Stord, Norway
50.0%
Joint venture
Rosebank JV Ltd
Dubai, United Arab Emirates
50.0%
Joint venture
Concrete Structures AS
Fornebu, Norway
50.0%
Associate
Siva Verdal Eiendom AS
Trondheim, Norway
46.0%
Associate
Bemlotek AS
Fornebu, Norway
24.6%
Associate
Kv\u00e6rnhuset Industri-inkubator AS
Egersund, Norway
33.0%
Associate
Windstaller Alliance AS
Fornebu, Norway
33.3%
Associate
OneSubsea LLC
Houston, USA
20.0%
Associate
OneSubsea Processing AS
Sandsli, Norway
20.0%
Associate
OneSubsea Investments UK Ltd
London, UK
20.0%
Associate
Note 28 continues on next page
Note 28 Investment in Companies cont.
2023
2022
Amounts in NOK million
OneSubsea
Other
Total
Total
Equity accounted investees per January 1
0
103
103
58
Acquisition
6,549
0
6,549
24
Share of net income included in other income
172
34
205
33
Other comprehensive income
53
0
53
0
Reclassification from other investments
0
-10
-10
0
Sale
0
-6
-6
0
Dividends received
0
-34
-34
-13
Currency translation differences1
-306
1
-305
1
Equity accounted investees per December 31
6,468
88
6,555
103
1)NOK -284 million in currency translation difference is included in translation differences related to equity accounted
investees in OCI.
Significant associates
Aker Solutions established a new entity with SLB October 2, 2023. The entity is operating in the
subsea business and consists of three separate legal entities; OneSubsea LLC, OneSubsea
Processing AS and OneSubsea Investments UK Ltd. The legal entities are established in Norway,
the UK and the US. These entities are considered material for Aker Solutions. Aker Solutions Inc
owns the partnership interests in OneSubsea LLC which is a transparent entity for income tax
purposes in the US.
The following table summarizes financial information for the entities at a consolidated level. The
figures are at the same basis as used in the group financial statements and represents an IFRS
conversion of OneSubsea\u2019s consolidated income statement and balance sheet prepared in
accordance with US GAAP. The financial information includes allocation of provisional excess
values recognized from assets contributed by SLB and Aker Solutions. Aker Solutions expects that
the fair value assessment of the acquired assets and liabilities will be concluded during 2024. All
amounts are for the consolidated entities at a 100 percent basis.
Amounts in NOK million
2023
Current assets
28,677
Non-current assets
33,386
Current liabilities
26,250
Non-current liabilities
3,474
Net assets
32,339
Aker Solutions' share of equity (20%)
6,468
4Q 2023
Revenue
10,744
Net income
852
Other comprehensive income
263
Total comprehensive income
1,115
Other Investments
Key information about the other investments are presented in the table below:
Amounts in NOK million
2023
2022
Shares in Aker Horizons ASA
3
10
Shares in Aker Carbon Capture ASA
2
1
Shares in unlisted companies
14
14
Total other investments
19
25
Other investments relate to shares in listed and unlisted companies where ownership is below 20
percent. The ownership in these companies are measured at their market value with changes over
OCI as they are long-term strategic investments. The loss recognized in OCI in 2023 was NOK 6
million (loss of NOK 78 million in 2022). Unlisted shares are usually measured at cost less
impairment, as this is assumed to be the best estimate of fair value.
See note 3 for more information about other income
See note 7 for more information about financial income and expense
See note 30 for more information about the subsea transaction
Business Combinations
Financial Reporting Principles
Business combinations are transactions where Aker Solutions obtains control of one or more
businesses. Business combinations are accounted for using the acquisition method when control is
transferred to the group. The consideration transferred in the acquisition is generally measured at
fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for
impairment. Goodwill is allocated to the cash generating unit that is expected to benefit from
synergies from the acquisition. In some business combinations goodwill will arise due to the
requirement to recognize deferred tax on the difference between the assigned fair values and the
related tax bases. This is referred to as technical goodwill. Transactions costs are expensed as
incurred, except if related to the issue of debt or equity securities incurred in connection with a
business combination.
Judgments and Estimates
Judgment has been applied when assessing the fair value of the acquired assets and liabilities,
including weighted average cost of capital, and when determining the amortization period for
excess values. Various valuation techniques have been used in the purchase price allocation,
including a cost replacement approach for assembled workforce and excess earnings method for
customer relationships. Management judgment is also applied when valuing contingent
considerations which are based on estimated future profits.
There has not been any significant business combinations in 2023. In March 2023, Aker Solutions
acquired 66 percent of the shares in Vitec AS, resulting in an ownership of 100 percent in the
company after the transaction. The purchase price was NOK 19.8 million.
Unitech Power Systems
On February 28, 2022, Aker Solutions acquired 100 percent of the shares and voting rights of the
Norwegian company Unitech Power Systems. The acquired company is a leading electrical power
systems consultancy business. The acquisition will significantly enhance Aker Solutions'
capabilities related to high-voltage electrical power systems. By leveraging Unitech Power Systems\u2019
strong expertise and track record with Aker Solutions' existing front end, engineering and project
management capabilities, the acquisition will drive growth in markets supported by the energy
transition.
Consideration transferred and contingent consideration
NOK 104 million was paid in cash to the selling shareholders at the acquisition date. Aker Solutions
has included a liability of NOK 33 million as deferred consideration to be paid in cash in first half
year 2024. The total consideration of NOK 137 million represents the fair value at the acquisition
date. The liability of NOK 33 million follows a contingent consideration arrangement based on
Unitech Power Systems\u2019 EBITDA performance. The range of this element is NOK 24 million to NOK
44 million. Transaction costs related to the acquisition were insignificant.
Measurement of fair value
Customer relationships have been identified as intangible assets assumed in the acquisition. They
are valued at NOK 31 million based on a multi-period excess earnings method. NOK 96 million has
been allocated to goodwill. Goodwill resulting from the transaction is mainly attributable to value of
assembled workforce and expected synergies from Unitech being part of a global company.
Note 29 continues on next page
Note 29 Business Combinations cont.
Hydropower (previous Rainpower)
On May 10, 2022, Aker Solutions acquired 100 percent of the shares and voting rights of the
Norwegian company Hydropower from related party Aker Horizons. The company is a leading
technology provider to the hydropower industry. The acquisition builds on Aker Solutions\u2019 growth
strategy and will further strengthen its offering within renewables. Aker Solutions sees strong
industrial synergies in further developing Hydropower into an innovative hydropower technology
company to optimize hydropower developments and operations.
The company has a subordinated perpetual equity linked loan of NOK 113 million with no
installments or scheduled maturity date. As Hydropower has no contractual obligation to repay the
loan, the hybrid loan is assessed to not meet the requirements in the definition of a financial
liability. The fair value of the hybrid loan is estimated to NOK 12 million and has been classified as
non-controlling interests within equity.
Revenue and net loss from Hydropower in Aker Solutions\u2019 consolidated income statement were
NOK 218 million and NOK 105 million, respectively. If the acquisition had taken place at the
beginning of the year, the group\u2019s revenue would have increased by NOK 113 million and net profit
would have decreased by NOK 44 million.
Consideration transferred
The purchase price of NOK 100 million was settled in financial instruments, being shares in Aker
Carbon Capture. Aker Solutions took over Hydropower\u2019s cash and debt. In addition there is a
discretionary element which may bring the purchase price to NOK 150 million. The share purchase
agreement does not contain trigger elements for the discretionary element, but future material
strengthening of the company\u2019s equity may lead to a payment. Transaction costs related to the
acquisition were insignificant. Transaction with related party Aker Horizons was based on
negotiations between the parties, and management believes that the agreed prices is a fair
approximation to arms length prices.
Measurement of fair value
Customer relationships have been identified as intangible assets and are valued at NOK 50 million
based on a multi-period excess earnings method. NOK 82 million has been allocated to goodwill,
which mainly is attributable to value of assembled workforce and expected synergies from
Hydropower being part of a larger organization with extensive project execution experience.
Frontica Engineering
On June 30, 2022, Aker Solutions acquired 100 percent of the shares and voting rights of the
Norwegian company Frontica Engineering to secure engineering capacity. The company is serving
the offshore energy sector in the domestic and international markets and has a multidisciplinary
staff of around 50 individuals. NOK 16 million was paid in cash for the company. A provisional
purchase price allocation shows excess values of NOK 18 million that are allocated to goodwill and
represent value of assembled workforce. Revenue and net loss from Frontica Engineering in Aker
Solutions\u2019 consolidated income statement were NOK 7 million and NOK 2 million, respectively. If the
acquisition had taken place at the beginning of the year, the group\u2019s revenue would have increased
by NOK 20 million and net profit would have decreased by NOK 4 million. In December 2022,
Frontica Engineering was merged with Aker Solutions AS.
Consideration transferred
Amounts in NOK million
Unitech Power
Systems
Hydropower
Frontica
Engineering
Total consideration
137
100
16
Contingent consideration
33
0
0
Consideration transferred
104
100
16
Of which non-cash consideration
0
-100
0
Cash acquired
13
11
11
Net cash outflow
91
-11
5
Note 29 continues on next page
Note 29 Business Combinations cont.
Identifiable assets acquired and liabilities assumed
Amounts in NOK million
Unitech Power
Systems
Hydropower
Frontica
Engineering
Intangible assets
34
77
0
Property, plant and equipment
0
4
0
Right-of-use assets
6
62
0
Deferred tax assets
0
90
9
Trade and other receivables
20
131
13
Cash and cash equivalents
13
11
11
Borrowings
0
-100
0
Lease liabilities
-6
-62
0
Pension obligations
0
-4
-18
Deferred tax liabilities
-7
0
0
Other non-current liabilities
0
0
-2
Trade and other payables
-19
-178
-15
Net identifiable assets
41
30
-2
Goodwill arising from the acquisitions has been recognized as follows:
Amounts in NOK million
Unitech Power
Systems
Hydropower
Frontica
Engineering
Consideration transferred
104
100
16
Contingent consideration
33
0
0
Total consideration
137
100
16
Non-controlling interests
0
12
0
Fair value of identifiable net asset
41
30
-2
Goodwill
96
82
18
Of the total goodwill of NOK 196 million NOK 9 million related to Hydropower is expected to be
deductible for tax purposes.
In 2022, Aker Solutions also acquired the 51 percent minority share in Aker Solutions Enterprises
Limited and a 50 percent ownership in EPE Eigedom for a total cash consideration of NOK 83
million. Aker Solutions first purchased 100 percent of EPE Eigedom, and later sold 50 percent
making the company an equity accounted investee.
The Subsea Transaction and Discontinued Operations
On August 30, 2022 Aker Solutions, SLB and Subsea7 entered into a master formation
agreement and agreed to establish a new entity where Aker Solutions and SLB contributed their
subsea businesses.
The transaction was dependent on approval from regulatory authorities. The subsea business was
therefore not classified as held for sale until final approval came from the regulatory authorities in
Brazil, on August 4, 2023, leading to the closing of the transaction on October 2, 2023. Aker Solutions
and SLB contributed their subsea businesses into the entity with respectively 40 and 60 percent of the
values. Aker Solutions thereafter sold 10 percent of their shares to SLB and 10 percent of their
shares to Subsea7 as part of the agreement. Following these transactions, the entity is owned by
SLB (70 percent), Aker Solutions (20 percent) and Subsea7 (10 percent). There is a lock-up
period of three years for the shares in the entity before any of the parties can sell their shares.
Aker Solutions consideration was NOK 7.5 billion (USD 700 million) for the sale of the 20 percent
ownership in the entity, which was divided as follows:
\u25fc NOK 3.3 billion (USD 306.5 million) in forms of shares in SLB, subject to a lock-up period of
180 days.
\u25fc NOK 3.3 billion (USD 306.5 million) in cash from the 10 percent divestment to Subsea7. USD
153.25 million was settled at closing October 2, 2023, while the remaining USD 153.25 million,
will be settled with interest at the latest on June 30, 2024.
\u25fc NOK 936 million (USD 87.5 million) in proceeds from a vendor note from the entity to be paid,
with interest, to Aker Solutions with minimum 50 percent one year from closing and the
remaining within two years from closing.
The entity was established to build on the different strengths of the subsea business in the
companies, with an ambition of delivering a step change in subsea production economics. Joining
the subsea business of SLB and Aker Solutions can help unlock reserves, reduce time to first oil,
and lower development costs, by simultaneously delivering on decarbonization objectives. Aker
Solutions and SLB have had different strengths within the respective subsea operations, and
joining the operations leads to a stronger subsea company, where the operations can gain from
synergies. Aker Solutions contribution into the entity comprises in all material respects the entire
Subsea segment including certain support functions.
Aker Solutions performed several activities in preparation for the closing of the transaction. The
group was reorganized to enable contribution of the subsea operations upon closing of the
transaction. The activities included shares and asset transfers between subsea and non-subsea
companies to secure appropriate ownership within the group. In addition, the companies
established business and agreements related to licenses of IP.
In addition to the preparatory activities described above, Aker Solutions entered into a transitional
service agreement (TSA) and a parent service agreement (PSA) with the entity. These agreements
were established to secure that the new entity was fully operational from day one after the
transaction was closed. The TSA consists of different services that Aker Solutions provides to the
new entity, and duration of the services vary between 6 and 18 months. Fees for the services are
determined by a cost-plus model defined in the TSA. The PSA is established to ensure that the
parties are able to deliver on commitments that are made prior to establishment of the new entity.
The agreement includes access to fabrication services from Aker Solutions\u2019 facilities for the
entity, engineering services and goods produced by the counterparties. The PSA is structured as
frame agreements with a three-year time frame. Specific needs for fabrication, goods or services
will be established as defined project related call offs within the frame agreements.
Financial reporting of the transaction
The 20 percent ownership in OneSubsea is presented as an Investment in associates using the
equity method as a non-current asset in the balance sheet. Our share of the investee\u2019s net profit
or loss is presented as a separate line and included in the group revenue and other income in the
Income Statement.
The historical results for the subsea business are reported separately under the caption
discontinued operations for the current and prior year. The gain on sale of the subsea business is
also reported in this line item in 2023. Income and expenses from discontinued operations are
excluded from specifications presented in other notes unless otherwise stated.
Note 30 continues on next page
Note 30 The Subsea Transaction and Discontinued Operations cont.
Some of the transactions were not legally completed by year end but accounted for as transferred
assets in the group accounts. Estimates of future cash settlements for these transactions and the
settlement of the closing accounts for the group is NOK 440 million and reported as other non-
current assets.
The financial data for discontinued operations are as follows:
Profit (loss)
Amounts in NOK million
2023
2022
Revenue
14,807
13,917
Depreciation, amortization and impairment
-336
-540
Other expenses
-12,035
-11,629
Operating income
2,435
1,748
Financial income (expense), net
-65
18
Income before tax
2,370
1,765
Income tax expense
-553
-453
Income from discontinued operations
1,817
1,312
Gain on disposal (net of tax)
9,723
0
Net income from discontinued operations
11,540
1,312
Cash flow
Amounts in NOK million
2023
2022
Net cash provided by operating activities
2,410
1,689
Net cash provided by investing activities
-86
-133
Net cash used in financing activities
-195
-264
Foreign currency effects on cash
27
79
Net cash provided by discontinued operations1
2,155
1,371
1)Cash flow from discontinued operations does not include net proceeds from the transaction of NOK 621 million.
Net proceeds
Amounts in NOK million
2023
Consideration received
1,640
Cash in divested subsidiaries
-623
Loans given to OneSubsea
-396
Net proceeds from sale of subsidiaries
621
Gain on disposal
The fair value of the Aker Solutions\u2019 subsea business was in the transaction agreement valued at
NOK 13.9 billion (USD 1.3 billion). After the transaction, Aker Solutions deconsolidated the subsea
business, and the accounting treatment has been a sale of 100 percent of the subsea business
following a purchase of 20 percent of OneSubsea at fair value. Aker Solutions recognized a gain
in connection with the sale of the subsea business of NOK 9.7 billion. The gain was calculated as
the difference between the fair value of the consideration received, the net book value of the
disposed business and the reclassification of foreign currency translation reserve.
Amounts in NOK million
2023
Fair value of subsea business1
14,370
Carrying amount of net assets sold and assumed liabilities
-6,039
Reclassification of foreign currency translation reserve
1,392
Gain on disposal
9,723
1)NOK 6,560 million (USD 613 million) in consideration for sale of 20 percent to SLB and Subsea7, NOK 6,560 million in
value of remaining investment in OneSubsea and vendor note of NOK 936 million (USD 87.5 million). Fair value also
includes NOK 314 million for cash transferred to OneSubsea at closing that will be repaid to Aker Solutions when all
transactions are completed and revaluation of shares in SLB before closing of the transaction.
See note 28 for more information about other investments
Related Parties and Key Management Compensation
Financial Reporting Principles
Related party relationships are defined to be entities under joint control or significant influence by
Aker Solutions, and companies outside the Aker Solutions group that are under control (either
directly or indirectly) or joint control by the owners having significant influence over Aker Solutions.
The management and the Board of Aker Solutions are also related parties.
Related Parties of Aker Solutions
The largest shareholder of Aker Solutions is Aker Holdings AS , which is wholly-owned by Aker
ASA. Aker Solutions is an associate of Aker ASA, and entities controlled by Aker ASA and entities
which Kjell Inge R\u00f8kke and his close family controls through The Resource Group TRG AS are
considered related parties to Aker Solutions. These entities include companies like Aker Carbon
Capture, Aker Offshore Wind and Cognite and are referred to as Aker entities in this note.
Companies that are associates of Aker ASA or The Resource Group TRG AS are not considered
related parties of Aker Solutions, such as Akastor and Aker BP.
Related party relationships also include entities under joint control or significant influence by Aker
Solutions. OneSubsea is an associate of Aker Solutions and defined as a related party. Non-
controlling interests with significant influence are also considered as related parties of Aker
Solutions.
Related parties are in a position to enter into transactions with the company that would potentially
not be undertaken between unrelated parties. Transactions with related parties are based on
negotiations between the parties, and management believes that the agreed prices is a fair
approximation to arms length prices.
Note 31 continues on next page
Note 31 Related Parties cont.
Transactions and Balances with Related Parties1
2023
2022
Amounts in NOK million
Aker and TRG
companies
Joint ventures
and associates
Total
Aker and TRG
companies
Joint ventures
and associates
Total
Income statement
Operating revenues
302
1,108
1,410
368
36
404
Operating costs
-1,007
-623
-1,631
-634
-434
-1,068
Depreciation and impairment of ROU assets
-38
-18
-56
-44
-8
-52
Net financial items
35
0
35
9
0
9
Balance sheet
Right-of-use (ROU) assets
389
63
452
519
10
530
Trade receivables
51
556
608
82
2
84
Non-current interest-bearing receivables
195
0
195
199
0
199
Current interest-bearing receivables
10
1,410
1,420
10
0
10
Other current receivables
0
405
405
0
0
0
Non-current leasing liabilities
0
-463
-463
-591
-5
-596
Other non-current liabilities
0
-81
-81
0
0
0
Trade payables
-16
-49
-65
0
-25
-25
Current leasing liabilities
0
-45
-45
-43
-6
-49
1)Subsea not classified as discontinued operations.
Note 31 continues on next page
Note 31 Related Parties cont.
Significant Related Parties Transactions
Aker Solutions has transactions with related parties on a recurring basis as part of normal business.
In 2023, Aker Solutions purchased software applications from Aize of NOK 265 million. Aker
Solutions also leases industrial properties owned by Kjell Inge R\u00f8kke through TRG AS which
amounted to NOK 68 million in 2023 (NOK 65 million in 2022). In addition, Aker Solutions
supported the group's union representative function with NOK 780,000 in 2023 (NOK 740,000 in
2022).
Compensation to Key Management
The key management personnel of Aker Solutions include the Board of Directors and the executive
management team. Refer to further description about management compensation in the
Management Remuneration Report available at www.akersolutions.com/corporate-governance.
Amounts in NOK million
2023
2022
Salaries and wages including holiday allowance
64
74
Social security contributions
10
11
Pension cost
2
2
Termination benefits
0
0
Share-based payments
3
3
Other employee benefits
1
1
Total compensation to key management personnel
79
92
The below table shows the shareholding of Aker Solutions\u2019 Board of Directors and the President
and Chief Executive Officer per December 31, 2023.
Name
Role
Shareholding as of
December 31, 20231
Kjetel Digre
President and Chief Executive Officer
133,657
Leif-Arne Lang\u00f8y
Chairman
159,426
\u00d8yvind Eriksen
Deputy Chairman
0
Kjell Inge R\u00f8kke
Director
0
Birgit Aagaard-Svendsen
Director
90,000
Lone F\u00f8nss Schr\u00f8der
Director
0
Elisabeth T\u00f8rstad
Director
2,000
Jan Arve Haugan
Director
136,527
Hilde Karlsen
Director, employee elected
32,774
Line Sm\u00e5ge Breidablikk
Director, employee elected
1,755
Stian Pettersen Sagvold
Director, employee elected
246
Arne Christian R\u00f8dby
Director, employee elected
1,822
Sigurd S\u00e6vareid2
Director, employee elected
0
Tommy Angeltveit2
Director, employee elected
0
Total
558,207
1)The number of shares owned covers direct ownership of Aker Solutions ASA for individual and related parties and does not
include \u00d8yvind Eriksen's and Kjell Inge R\u00f8kke's indirect ownership.
2)Sigurd S\u00e6vareid left the board in April 2023 and was replaced by Stian Sagvold. Tommy Angeltveit left the board and was
replaced by Arne R\u00f8dby in October 2023.
See note 14 for more information about customer contract assets and receivables
See note 19 for more information about leasing contracts
See note 22 for more information about trade and other payables
See note 27 for more information about subsidiaries
See note 28 for more information about joint arrangements and associates
Audit Fees
On April 27, 2022, the general meeting of shareholders appointed PwC as Aker Solution's auditor.
The table below presents expenses for audit and other services to the auditor, including expenses
related to the disposed subsea business.
Aker Solutions
ASA
Subsidiaries
Total
Amounts in NOK million (excl. VAT)
2023
2022
2023
2022
2023
2022
Audit
3.7
3.1
14.5
13.9
18.2
17.0
Other assurance services
1.4
0.1
1.8
0.7
3.1
0.8
Tax services
0.0
0.0
0.1
0.2
0.1
0.2
Other non-audit services
0.0
0.0
2.0
1.8
2.0
1.8
Total
5.1
3.2
18.4
16.6
23.4
19.8
Climate Risk
Aker Solutions delivers integrated solutions, products, and services to the global energy industry.
We enable low-carbon oil and gas production and develop renewable solutions to meet future
energy needs. The oil and gas industry has been identified as high risk by the Task Force on
Climate-Related Financial Disclosures (TCFD), and Aker Solutions has conducted a climate-related
scenario analysis in order to improve company strategy resilience.
Scenario analysis
Together with an external consulting partner, Aker Solutions has developed three customized climate
scenarios tailored to consider our full value chain in oil and gas and renewable energy markets such as
offshore wind, hydrogen and carbon capture and storage (CCS). These scenarios were based on publicly
available scenarios published by the International Energy Agency and the intergovernmental Panel on
Climate Change and titled Net Zero 2050 (1.5\u00b0C), Announced Pledges (1.7-2\u00b0C), and Stated Policies
(2.4-3\u00b0C). The Net Zero scenario describes an orderly transition where ambitious climate polices are
implemented immediately and with a high degree of global cooperation and collaboration and low
physical risk. The Announced Pledges scenario assumes lower global policy coordination and a
disorderly transition with wide variation and the Stated Policies scenario assumes business as usual and
severe physical risk. As a part of the scenario analysis, short term, medium term, and long-term was
defined as 2025, 2030, and 2050 respectively. A workshop was held with key personnel in order to
assess the climate scenarios with risks and opportunities, including financial materiality and potential
impact on our business model and strategy. Aker Solutions re-confirmed two material climate-related
risks and two climate-related opportunities as a result of the scenario analysis:
\u25fc Risk 1: Declining investment in upstream oil and gas in core markets
\u25fc Risk 2: Attraction and retention of talent
\u25fc Opportunity 1: Increase competitiveness in oil and gas through decarbonization solutions and
services
\u25fc Opportunity 2: Revenue diversification into markets supported by the energy transition
Environmental objectives
Aker Solutions has an ambition that projects within renewable and transitional energy solutions will
represent two thirds of total revenue by 2030. Furthermore, the company has an emissions
reduction target of 50 percent of own emissions by 20301. The goal is to be net zero by 2050.\u00a0 \u00a0
1)Scope 1 and 2 emissions with 2023 as a baseline. Due to significant changes in the company operations in 2023, we are
setting a new baseline for emissions accounting. Details of the new 2023 baseline can be found in the Climate Change
Adaptation and Mitigation chapter of this report.
Effects on Aker Solutions\u2019 Financial Statements
In the net zero 2050 scenario, demand for oil and gas falls to levels that do not necessitate new oil
and gas field developments beyond those already approved. However, investment in existing fields
remains. In all three scenarios, the demand for North Sea oil and gas supply decreases.
Following the climate-related scenario analysis and workshop, both risks and opportunities related
to the energy transition are identified. The different scenarios and risks that are assessed are not
considered to entail significant changes in the market or regulatory environment in which Aker
Solutions operates in the short or medium term. There are no significant changes in plans for assets
following emission or revenue transition targets. Aker Solutions have currently not identified any
risk factors related to climate-change that will lead to material reductions in recoverable amounts of
assets.
There has not been identified any material impacts on judgments and estimates in the 2023
financial report. Aker Solutions has considered the impact of climate change on going concern and
capital expenditure commitments. While there are no identified immediate or short-term impacts
from climate change, Aker Solutions is aware of the ever-changing risks and opportunities related
to climate change. We will regularly assess these risks against judgments and estimates made in
preparation of the group\u2019s financial statements.
Renewable Energy Certificates
Aker Solutions purchases energy attribute certificates (EACs) to reduce scope 2 emissions. The
purchase is based on estimated energy consumption. In 2023, a total of 125.300 megawatt hours
was purchased for our Norwegian locations. The cost is included in the yard rate at our locations
and reflected as operating expenses in the income statement.
See note 2 for more information about accounting judgments and estimates
See note 12 for more information about impairment
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-381": { "value": "Aker Solutions delivers integrated solutions, products and services to the global energy industry. We enable low-carbon oil and gas production and develop renewable solutions to meet future energy needs. By combining innovative digital solutions and predictable project execution we accelerate the transition to sustainable energy production. The company had about 11,500 own employees and was present in 15 countries at the end of 2023. The main office is in Fornebu, Norway and the parent company Aker Solutions ASA is listed on the Oslo Stock Exchange under the ticker AKSO. The consolidated financial statements in this report include the financial performance and position of the company and its subsidiaries collectively referred to as \u201cthe group\u201d or \u201cthe company\u201d and separately as group companies.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-380": { "value": "Aker Solutions", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-382": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-383": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-384": { "value": "Aker Solutions ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-385": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-386": { "value": "Basis of Preparation
Statement of Compliance
The consolidated financial statements have
been prepared in accordance with IFRS\u00ae
Accounting Standards as adopted by the EU,
their interpretations adopted by the International
Accounting Standards Board (IASB) and the
additional requirements of the Norwegian
Accounting Act as of December 31, 2023.
The consolidated financial statements were
approved by the Board of Directors and the
chief executive officer (CEO) on March 15,
2024. The consolidated financial statements
will be authorized at the Annual General
Meeting on April 11, 2024. Until this date the
Board of Directors has the authority to amend
the financial statements.
Basis of Measurement
The consolidated balance sheet has been
prepared on the historical cost basis except
for certain financial assets and liabilities as
presented in note 26 measured at fair value
on each reporting date. The consolidated
financial statements are presented in
Norwegian Kroner (NOK) and has been
rounded to the nearest million (NOK million),
therefore the subtotals and totals in some
tables may not equal the sum of the amounts
shown.
Consolidation
The consolidated financial statements
comprise the parent company Aker Solutions
ASA and its subsidiaries. Intra-group balances
and transactions, and any unrealized gains
and losses or income and expenses arising
from intra-group transactions, are eliminated
in the consolidated financial statements.
Aker Solutions contributed in all material
aspects the entire Subsea segment into a new
entity formed with SLB on October 2, 2023,
and will no longer be a reporting segment.
Aker Solutions holds a non-controlling interest
of 20 percent in the new entity OneSubsea.
For historical figures, Aker Solutions\u2019 subsea
business has been restated as discontinued
operations. For more information about the
transaction and the investment in OneSubsea,
see note 28 Investments in Companies and
note 30 The Subsea Transaction and
Discontinued Operations.
Translation of foreign
currency
Assets and liabilities of subsidiaries that have
a different functional currency are translated
to NOK using the exchange rate on the
balance sheet date. Income and expenses are
translated using the average exchange rate
for the year, calculated on the basis of 12
monthly rates. Foreign exchange differences
arising from these translations are recognized
in other comprehensive income, and
presented as a separate component in equity
(translation reserve). The translation
differences are reclassified to the income
statement upon disposal or liquidation of the
related operations. Exchange differences
arising from non-current monetary receivable
or payable by a foreign operation where
settlement is neither planned nor likely in the
foreseeable future, forms part of the net
investment in that entity and are also
recognized in other comprehensive income.
Judgments and Estimates
The preparation of consolidated financial
statements in conformity with IFRS requires
management to make judgments, estimates
and assumptions each reporting period that
affect the income statement and balance
sheet. The accounting estimates will by
definition seldom precisely match actual
results. The main areas where judgments and
estimates have been made are described in
each of the following notes:
\u25fc Note 9 Income Tax
\u25fc Note 10 Property, Plant and Equipment
\u25fc Note 11 Intangible Assets and Goodwill
\u25fc Note 12 Impairment of Assets
\u25fc Note 13 Inventories
\u25fc Note 14 Trade and Other Receivables
\u25fc Note 19 Leases and Investment Property
\u25fc Note 20 Pension Obligations
\u25fc Note 21 Provisions and Contingent
Liabilities
\u25fc Note 29 Business Combinations
The main area where significant judgment has
been made is described in:
\u25fc Note 3 Revenue
Aker Solutions acknowledge that climate
change represents an element in the
application of methodologies and models used
in estimates used in valuations and
measurement of certain accounting items.
This is further described in note:
\u25fc Note 12 Impairment of Assets
\u25fc Note 33 Climate Risk
New or Changed Financial
Reporting Principles
Some amendments to standards and
interpretations have become effective in 2023.
These changes did not have a material impact
on the consolidated financial statements.
Disclosure of accounting policies have been
updated in accordance with amendments in
IAS 1. Standards, amendments to standards
and interpretations that have been published,
but not yet effective are not expected to have
a material impact on the consolidated
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-387": { "value": "
Statement of Compliance
The consolidated financial statements have
been prepared in accordance with IFRS\u00ae
Accounting Standards as adopted by the EU,
their interpretations adopted by the International
Accounting Standards Board (IASB) and the
additional requirements of the Norwegian
Accounting Act as of December 31, 2023.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-388": { "value": "2023-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-389": { "value": "
Consolidation
The consolidated financial statements
comprise the parent company Aker Solutions
ASA and its subsidiaries. Intra-group balances
and transactions, and any unrealized gains
and losses or income and expenses arising
from intra-group transactions, are eliminated
in the consolidated financial statements.
Aker Solutions contributed in all material
aspects the entire Subsea segment into a new
entity formed with SLB on October 2, 2023,
and will no longer be a reporting segment.
Aker Solutions holds a non-controlling interest
of 20 percent in the new entity OneSubsea.
For historical figures, Aker Solutions\u2019 subsea
business has been restated as discontinued
operations. For more information about the
transaction and the investment in OneSubsea,
see note 28 Investments in Companies and
note 30 The Subsea Transaction and
Discontinued Operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-391": { "value": "
Translation of foreign
currency
Assets and liabilities of subsidiaries that have
a different functional currency are translated
to NOK using the exchange rate on the
balance sheet date. Income and expenses are
translated using the average exchange rate
for the year, calculated on the basis of 12
monthly rates. Foreign exchange differences
arising from these translations are recognized
in other comprehensive income, and
presented as a separate component in equity
(translation reserve). The translation
differences are reclassified to the income
statement upon disposal or liquidation of the
related operations. Exchange differences
arising from non-current monetary receivable
or payable by a foreign operation where
settlement is neither planned nor likely in the
foreseeable future, forms part of the net
investment in that entity and are also
recognized in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-390": { "value": "
Translation of foreign
currency
Assets and liabilities of subsidiaries that have
a different functional currency are translated
to NOK using the exchange rate on the
balance sheet date. Income and expenses are
translated using the average exchange rate
for the year, calculated on the basis of 12
monthly rates. Foreign exchange differences
arising from these translations are recognized
in other comprehensive income, and
presented as a separate component in equity
(translation reserve). The translation
differences are reclassified to the income
statement upon disposal or liquidation of the
related operations. Exchange differences
arising from non-current monetary receivable
or payable by a foreign operation where
settlement is neither planned nor likely in the
foreseeable future, forms part of the net
investment in that entity and are also
recognized in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-392": { "value": "
Judgments and Estimates
The preparation of consolidated financial
statements in conformity with IFRS requires
management to make judgments, estimates
and assumptions each reporting period that
affect the income statement and balance
sheet. The accounting estimates will by
definition seldom precisely match actual
results. The main areas where judgments and
estimates have been made are described in
each of the following notes:
\u25fc Note 9 Income Tax
\u25fc Note 10 Property, Plant and Equipment
\u25fc Note 11 Intangible Assets and Goodwill
\u25fc Note 12 Impairment of Assets
\u25fc Note 13 Inventories
\u25fc Note 14 Trade and Other Receivables
\u25fc Note 19 Leases and Investment Property
\u25fc Note 20 Pension Obligations
\u25fc Note 21 Provisions and Contingent
Liabilities
\u25fc Note 29 Business Combinations
The main area where significant judgment has
been made is described in:
\u25fc Note 3 Revenue
Aker Solutions acknowledge that climate
change represents an element in the
application of methodologies and models used
in estimates used in valuations and
measurement of certain accounting items.
This is further described in note:
\u25fc Note 12 Impairment of Assets
\u25fc Note 33 Climate Risk
Judgments and Estimates
It can be challenging to estimate the expected
revenue and cost in the company's customer
contracts, in particular if there are operational
challenges. The most significant judgments
and estimates in the customer contracts are
described below.
Performance Obligations
Significant management judgment is
sometimes required in order to identify
distinct performance obligations in customer
contracts. This includes an analysis of the
customer contract to determine if the goods
or services are distinct deliveries or input to
an overall promise to deliver a combined
system of products and services. As most of
the contracts represent a single, combined
output for the customers, contracts will
normally contain one performance obligation.
Variable Consideration
Incentive payments are integral and
significant parts of contract revenue on
certain reimbursable contracts. They can also
be present in lump sum contracts. Incentive
payments include key performance indicators,
bonuses, target sum mechanisms and
productivity measures and can potentially
both increase and decrease revenue. Most
incentives are estimated using the most likely
amount. Revenue from variable consideration
is included only when it is highly probable that
the revenue will not be reversed. There is a
risk that the actual payment of incentives may
differ from the estimated amount.
Liquidated Damages (LDs)
LDs are penalties for not achieving defined
milestones on time. LDs are common in
construction contracts, but can also be
present in service contracts. If a project does
not meet the defined milestone in a contract,
a provision reducing the transaction price is
made unless it is highly probable that LD will
not be imposed. The estimated LD provision is
highly judgmental. The assessment of the LD
provision is based on experience from similar
LD situations in addition to client relationship,
contractual position and status on
negotiations.
Total Contract Cost
The estimates of total contract cost can be
judgmental and sensitive to changes. The cost
estimates can significantly impact revenue
recognition for contracts using cost progress,
particularly in lump sum construction contracts.
The forecasting of total project cost depends on
the ability to properly execute the engineering
and design phase, availability of skilled
resources, manufacturing capacity, productivity
and quality factors, performance of
subcontractors and sometimes also weather
conditions. Experience, systematic use of the
project execution model and focus on core
competencies reduce, but do not eliminate, the
risk that cost estimates may change
significantly.
Note 3 continues on next page
Judgments and Estimates
The group is subject to income taxes in numerous jurisdictions, and judgment may be involved
when determining the taxable amounts. Tax authorities in different jurisdictions may challenge
calculation of taxes payable from prior periods.
Management judgment is required when assessing valuation of unused losses, tax credits and other
deferred tax assets. The recoverability is assessed by estimating taxable profits in future years
taking into consideration also expected changes in temporary differences. The profits are
compared to book value of the tax assets. The estimate of future taxable profits is sensitive to
future market development for the projects and services of Aker Solutions. Forecasts are based on
firm orders in the backlog and identified prospects in addition to expected service revenue.
Changes in the assumptions related to the expected prospects and services can have a significant
impact on the forecasted cash flows. Economic conditions may change and lead to a different
conclusion regarding recoverability, and such changes may affect future reporting periods.
The Pillar Two legislation, also known as \u201cGlobal minimum tax\u201d or GloBE has been enacted in
Norway and in many of the jurisdictions where Aker Solutions operates. The legislation is effective
from January 1, 2024 and Aker Solutions is required to comply.
Aker Solutions has prepared an assessment based on Country-by-Country Reporting to the tax
authorities and the transitional safe harbor rules. Based on this assessment, a number of
jurisdictions with limited activity will pass the \u201cde minimis\u201d test and in most jurisdictions the reported
effective tax rate is above 15 percent. In a limited number of jurisdictions where Aker Solutions
operates, the conditions under the transitional safe harbor may not apply, but the impact of the new
legislation is not expected to be material for the group.
IFRS has introduced a requirement in IAS 12 that entities within scope of the Pillar Two legislation
shall not recognize or disclose information about deferred tax assets and deferred tax liabilities
related to the Pillar Two legislation, which Aker Solutions applies.
Note 9 continues on next page
Judgment and Estimates
Judgment is involved when determining the depreciation period and when assessing impairment or
reversal of impairment. Impairment is assessed for individual assets and for cash generating units.
The impairment testing involves judgmental assumptions about future market development, cash
flows, determination of weighted average cost of capital (WACC), growth rate, and other
assumptions that may change over time.
Judgments and Estimates
The decision to capitalize a development program involves management judgment. There are strict
internal rules defining what qualifies for capitalization, and the documentation of the assessment is
monitored centrally. Management makes assessment of future market opportunities, ability to
successfully achieve the desired technological solution and the time and cost it takes to develop it.
These factors may change over time.
Judgment is involved when determining the amortization period and when assessing impairment or
reversal of impairment. Impairment indicators are assessed for individual development projects,
other intangible assets, and for cash generating units including goodwill. Impairment testing is
performed when impairment indicators have been identified. In addition, goodwill and capitalized
development programs that have not been completed are subject to an annual impairment test. The
impairment testing involves judgmental assumptions about future market development, cash flows,
determination of weighted average cost of capital (WACC), growth rate, and other assumptions that
may change over time.
Judgments and Estimates
The impairment testing of assets is by nature highly judgmental as it includes estimates such as
future market development, cash flows, determination of CGUs and WACC, growth rate used for
calculation of terminal value and other assumptions that may change over time. In particular, future
cash flows are uncertain as they are impacted by market developments beyond Aker Solutions'
control. The oil price impacts for example the investment levels in CapEx and maintenance projects
by the oil companies. Carbon taxation impacts the investment levels of carbon capture and offshore wind
investments. These external factors in turn impact the markets in which Aker Solutions operates.
Climate related matters
The energy transition may curtail the expected useful lives of oil and gas related assets thereby
accelerating depreciation charges. The group\u2019s assets related to oil and gas are likely to be fully
depreciated within the next 10-15 years and projects related to oil and gas will be a part of Aker
Solutions\u2019 business activities over this period. Aker Solutions will be engaged in traditional oil and
gas projects and will also be engaged in projects relating to decarbonization solutions and services
for existing platforms. Therefore, Aker Solutions does not expect any changes to the useful lives of
our property, plant, and equipment. Assessment of effect on useful lives is not considered to be a
significant accounting judgment or estimate. Aker Solutions note that assessment of useful lives of
future capital expenditure may be different, and local climate changes in the future may affect
useful lives of certain assets.
Under all three climate scenarios (described in note 33) the group expects an increase in the
frequency and intensity of extreme weather events. This is not expected to lead to any effects on
useful economic life of property, plant and equipment per 2023.
Note 12 continues on next page
Note 12 Impairment of Assets cont.
The expected future cash flows used in impairment testing are affected by climate changes as the
projects Aker Solutions will be engaged in will change going forward. Aker Solutions has a revenue
ambition of 2/3 within renewables and transitional solutions in 2030. As the cash flows used in the
impairment testing are based on current backlog together with identified prospects, the ambitions
for transforming Aker Solutions towards 2/3 of revenue to be within renewables and transitional
solutions have been included in the impairment testing.
Judgments and Estimates
The assessment of obsolete and slow-moving inventory in order to determine inventory write-downs
is subject to management judgment. The selling price in the market has to be estimated, and there
is a risk that the actual selling price may turn out to be different than the amount estimated by
management.
Judgments and Estimates
Judgment is involved when determining the impairment losses on receivables and customer
contract assets. The impairment is based on individual assessments of each customer and default
risk in the industry and the country in which the customer operates in line with the expected credit
loss method (ECL). The customers of Aker Solutions are mainly large, international energy
companies with low credit risk.
Judgments and Estimates
Judgment is involved when determining impairment of the investment property. Impairment is
assessed for separable parts of leased buildings that have been or will be vacated in the near
future. The impairment is sensitive to changes in estimated future expected sublease income and
sublease period. Further, judgment is involved when determining whether sublease contracts are
financial or operational, as well as when determining lease term for contracts that have extension or
termination options. Determination of the discount rate also involves judgment.
Judgments and Estimates
The present value of the pension obligations depends on a number of factors determined on the
basis of actuarial assumptions. These assumptions include financial factors such as the discount
rate, expected salary growth, inflation and return on assets as well as demographic factors
concerning mortality, employee turnover, disability and early retirement. Assumptions about all
these factors are based on the situation at the time the assessment is made. However, it is
reasonably certain that such factors will change over long periods for which pension calculations
are made. Any changes in these assumptions will affect the calculated pension obligations with
immediate recognition in other comprehensive income.
Judgments and Estimates
The provisions are estimated based on a number of assumptions and are highly judgmental in
nature. The various provisions with assumptions and estimation uncertainties are discussed in the
table to the right.
Judgments and Estimates
Judgment has been applied when assessing the fair value of the acquired assets and liabilities,
including weighted average cost of capital, and when determining the amortization period for
excess values. Various valuation techniques have been used in the purchase price allocation,
including a cost replacement approach for assembled workforce and excess earnings method for
customer relationships. Management judgment is also applied when valuing contingent
considerations which are based on estimated future profits.
There has not been any significant business combinations in 2023. In March 2023, Aker Solutions
acquired 66 percent of the shares in Vitec AS, resulting in an ownership of 100 percent in the
company after the transaction. The purchase price was NOK 19.8 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-393": { "value": "Property, Plant and EquipmentProperty, Plant and Equipment
Property, plant and equipment mainly relates to the yards within the Renewables and Field Development segment. Historically, the majority of property, plant and equipment related to the disposed subsea
business\u2019 manufacturing plants and service bases in Norway, Brazil, Malaysia, the US and the UK. Property, plant and equipment also include furniture and fittings in office buildings.
Financial Reporting Principles
Assets are normally depreciated on a straight-line basis over their expected economic lives as
follows:
\u25fc Machinery and equipment: 3-15 years
\u25fc Buildings: 4-30 years
\u25fc Land: No depreciation
Impairment triggers are assessed quarterly and impairment testing is performed when triggers have
been identified.
Judgment and Estimates
Judgment is involved when determining the depreciation period and when assessing impairment or
reversal of impairment. Impairment is assessed for individual assets and for cash generating units.
The impairment testing involves judgmental assumptions about future market development, cash
flows, determination of weighted average cost of capital (WACC), growth rate, and other
assumptions that may change over time.
Commitments
Aker Solutions has entered into contractual commitments for the acquisition of property, plant and
equipment amounting to NOK 871 million as of December 31, 2023, all of which is expected to be
paid during 2024. Contractual commitments were NOK 1,552 million per December 31, 2022, of
which NOK 231 million related to the disposed subsea business.
Note 10 continues on next page
Note 10 Property, Plant and Equipment cont.
Property, Plant and Equipment
Amounts in NOK million
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Historical cost
Balance as of December 31, 2021
2,827
7,488
241
10,556
Additions1
4
18
567
589
Acquisition of subsidiaries2
34
4
0
38
Reclassification from assets under construction
22
271
-293
0
Disposal and scrapping2
-34
-122
0
-156
Currency translation differences
157
411
15
583
Balance as of December 31, 2022
3,010
8,070
530
11,610
Additions1
17
25
1,979
2,021
Acquisition of subsidiaries
25
3
0
28
Reclassification from assets under construction
80
238
-318
0
Disposal of subsea operations
-1,140
-5,060
-337
-6,537
Disposal and scrapping
-4
-110
0
-115
Currency translation differences
152
429
26
608
Balance as of December 31, 2023
2,139
3,595
1,879
7,614
Amounts in NOK million
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Accumulated depreciation and impairment
Balance as of December 31, 2021
-1,211
-6,112
-2
-7,325
Depreciation for the year3
-92
-353
0
-446
Impairment4
-3
0
-3
-6
Disposal and scrapping
0
117
0
117
Currency translation differences
-46
-309
0
-355
Balance as of December 31, 2022
-1,351
-6,658
-6
-8,015
Depreciation for the year3
-91
-274
0
-365
Impairment4
-93
-55
0
-148
Disposal of subsea operations
437
4,260
0
4,697
Disposal and scrapping
1
92
0
93
Currency translation differences
-55
-335
0
-389
Balance as of December 31, 2023
-1,152
-2,969
-5
-4,126
Book value as of December 31, 2022
1,658
1,412
526
3,596
Book value as of December 31, 2023
987
626
1,874
3,487
1)Includes NOK 270 million unpaid capital expenditure in 2023 (NOK 82 million in 2022). NOK 160 million in capital
expenditure in 2023 (NOK 162 million in 2022) related to discontinued operations.
2)Includes NOK 34 million in 2022 related to acquisition of EPE Eigedom which was later partly sold and reclassified to equity
accounted investee.
3)Includes NOK 138 million in depreciation in 2023 (NOK 226 million in 2022) related to discontinued operations.
4)Includes NOK 148 million in impairment in 2023 (NOK 3 million in 2022) related to discontinued operations.
See note 12 for more information about impairment testing
See note 19 for more information about right-of-use lease assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-394": { "value": "
New or Changed Financial
Reporting Principles
Some amendments to standards and
interpretations have become effective in 2023.
These changes did not have a material impact
on the consolidated financial statements.
Disclosure of accounting policies have been
updated in accordance with amendments in
IAS 1. Standards, amendments to standards
and interpretations that have been published,
but not yet effective are not expected to have
a material impact on the consolidated
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-395": { "value": "Revenue
The revenue in Aker Solutions consists of
large engineering, procurement and
construction (EPC) contracts within the
renewables and oil and gas energy sector. The
company also has engineering contracts and
frame agreements for maintenance of various
energy installations. The compensation format
is both reimbursable and lump sum, and the
contracts often include various incentive
mechanisms. Project execution is a key
component of all deliveries.
Financial Reporting Principles
Customer contracts are assessed using the
five-step model. Only approved customer
contracts with a firm commitment are basis for
revenue recognition. Variation orders are
included when they have been approved,
either verbally, in writing or implied by
customary business practice. The deliveries in
the contracts are reviewed to identify distinct
performance obligations. For the vast majority
of the identified performance obligations,
control has been assessed to be transferred to
the customer over time as the performance
obligation is satisfied. Revenue is recognized
over time using a cost based progress
method, or as time and materials are delivered
to the customer. The cost progress method is
commonly used on reimbursable - and lump
sum contracts when scope of work is firm. The
time and materials method is more commonly
used for reimbursable contracts with less firm
scope. These methods are used to best reflect
the pattern of transfer of control of goods and
services to the customer.
Variable considerations, such as incentive
payments, are included in revenue when they
are highly probable. Expected liquidated
damages (LDs) are recognized as a reduction
of revenue unless it is highly probable LDs will
not be incurred. The transaction price of
performance obligations is adjusted for
significant financing components to reflect the
time value of money. Profit is not recognized
until the outcome of the performance obligations
can be measured reliably, usually at 20 percent
progress. The full loss is recognized immediately
when identified on loss-making contracts. The
loss is determined based on revenue less direct
cost (i.e. labor, subcontractor and material cost)
and an allocation of overhead that relate directly
to the contract or activities required to fulfil the
contract. Customer financed assets required to
execute the projects are presented gross in the
financial statements. Financing of such assets
are included in the projects as revenue.
Judgments and Estimates
It can be challenging to estimate the expected
revenue and cost in the company's customer
contracts, in particular if there are operational
challenges. The most significant judgments
and estimates in the customer contracts are
described below.
Performance Obligations
Significant management judgment is
sometimes required in order to identify
distinct performance obligations in customer
contracts. This includes an analysis of the
customer contract to determine if the goods
or services are distinct deliveries or input to
an overall promise to deliver a combined
system of products and services. As most of
the contracts represent a single, combined
output for the customers, contracts will
normally contain one performance obligation.
Variable Consideration
Incentive payments are integral and
significant parts of contract revenue on
certain reimbursable contracts. They can also
be present in lump sum contracts. Incentive
payments include key performance indicators,
bonuses, target sum mechanisms and
productivity measures and can potentially
both increase and decrease revenue. Most
incentives are estimated using the most likely
amount. Revenue from variable consideration
is included only when it is highly probable that
the revenue will not be reversed. There is a
risk that the actual payment of incentives may
differ from the estimated amount.
Liquidated Damages (LDs)
LDs are penalties for not achieving defined
milestones on time. LDs are common in
construction contracts, but can also be
present in service contracts. If a project does
not meet the defined milestone in a contract,
a provision reducing the transaction price is
made unless it is highly probable that LD will
not be imposed. The estimated LD provision is
highly judgmental. The assessment of the LD
provision is based on experience from similar
LD situations in addition to client relationship,
contractual position and status on
negotiations.
Total Contract Cost
The estimates of total contract cost can be
judgmental and sensitive to changes. The cost
estimates can significantly impact revenue
recognition for contracts using cost progress,
particularly in lump sum construction contracts.
The forecasting of total project cost depends on
the ability to properly execute the engineering
and design phase, availability of skilled
resources, manufacturing capacity, productivity
and quality factors, performance of
subcontractors and sometimes also weather
conditions. Experience, systematic use of the
project execution model and focus on core
competencies reduce, but do not eliminate, the
risk that cost estimates may change
significantly.
Note 3 continues on next page
Note 3 Revenue cont.
Different Types of Customer Contracts
The revenue in Aker Solutions arise from various contracts for the engineering, procurement,
construction, modification and maintenance within the oil and gas and renewables energy sector.
Renewables and Field Development
Deliveries include foundations for carbon capture, offshore wind and traditional oil and gas
installations, topside modules, substructures, floating production units (FPSOs), decommissioning,
hook-up services and marine operations. Most contracts last between three to five years. The
contracts include a combination of FEED, engineering, procurement, construction and installation
(EPCI) of equipment. Each contract is usually assessed as one performance obligation as the
deliveries are combined in one output. The contracts may be reimbursable, lump sum, target cost or
a combination. The contracts regularly include incentives for achievement of key performance
indicators (KPIs) or penalties for late delivery. Payment terms are normally 30-45 days according to
predefined milestones or monthly billing.
The following table shows a selection of the largest projects in the segment:
Project
Customer
Award year
Estimated
delivery
Hugin A
Aker BP
2022
2026
Valhall PWP
Aker BP
2022
2026
Norfolk Vanguard West
Vattenfall / RWE
2023
2027
Johan Castberg
Equinor
2017
2024
Hugin B
Aker BP
2022
2026
East Anglia 3
ScottishPower
2022
2025
Fenris UI
Aker BP
2022
2026
Rosebank Redeployment Knarr
Equinor
2023
2025
Sunrise Wind
\u00d8rsted & Eversource
2021
2025
Jackdaw WHP
Shell
2022
2024
Norfolk Vanguard East
Vattenfall / RWE
2023
2028
Note 3 continues on next page
Note 3 Revenue cont.
Life Cycle
Deliveries include electrification, maintenance, modification and hook-up contracts for oil and gas
installations. The contracts are mainly reimbursable, but can also include lump sum elements. The
majority of the contracts have incentive mechanisms including bonuses, target sum mechanisms,
key performance indicators and productivity measures. Each contract or purchase order under a
frame agreement (FA) is usually assessed as a separate performance obligation. The contracts
usually last from one to five years. Payment terms are normally 30 days after time and materials are
delivered.
The following table shows a selection of the largest projects in the segment:
Project
Customer
Award year
Estimated
delivery
Draugen Pfs EPCIC
OKEA
2023
2027
Equinor H (FA)
Equinor
2016
2026
ConocoPhillips M&M (FA)
ConocoPhillips
2016
2026
Valhall PWP tie-in
Aker BP
2023
2028
Skarv Satellites Project
Aker BP
2023
2027
Shell Modification Contract (FA)
Shell
2017
2028
Brunei (FA)
Shell Brunei
2020
2025
Berling tie-in to \u00c5sgard B
Equinor
2023
2028
Troll West, electrification
Equinor
2021
2025
Subsea
The subsea business was disposed October 2, 2023. The segment delivered construction contracts
and service contracts.
Deliveries in construction contracts included stand-alone subsea equipment or complete subsea
systems. The contracts included engineering, procurement and construction (EPC) of subsea
production equipment. Each contract was usually assessed as one performance obligation as the
deliveries were combined in one output. The service contracts included installation and
commissioning as well as maintenance, repair, spare supply and production asset through regional
service bases. Each service job under a frame agreement was usually assessed as a separate
performance obligation as they represented one separate output.
Revenue by segment
The following tables show the revenue from customer contracts by segment. Revenue by country is
shown in note 4 (operating segments).
Amounts in NOK million
2023
2022
Renewables and Field Development
21,472
14,808
Life Cycle
13,025
12,135
Other
1,384
359
Total revenue from customer contracts
35,882
27,302
Note 3 continues on next page
Note 3 Revenue cont.
Timing of Revenue
The satisfaction of performance obligations in customer contracts vary from a few months to as
long as five years. The order backlog as of December\u00a031, 2023 was NOK 72.7 billion, compared to
NOK 72.8 billion the year before. The table below shows the expected timing of future revenue for
ongoing and not yet started performance obligations at year-end.
Amounts in NOK billion
2024
2025
2026
2027
and late
Total
backlog
Backlog phasing of ongoing performance obligations
36.3
24.6
8.7
2.7
72.2
Backlog phasing of performance obligations not yet started
0.1
0.1
0.2
0.1
0.4
Total backlog
36.5
24.6
8.8
2.8
72.7
Revenue recognized in 2023 for performance obligations satisfied in prior years was NOK 0 million,
compared to NOK 12 million the year before.
Contract Balances
The company has recognized the following assets and liabilities related to contracts with
customers:
Amounts in NOK million
December 31, 2023
December 31, 2022
Trade receivables
5,268
5,857
Customer contract assets
2,113
4,283
Customer contract liabilities
-4,831
-3,134
Customer contract assets relate to consideration for work completed, but not yet invoiced at the
reporting date. The contract assets are transferred to trade receivables when the right to payment
become unconditional, which usually occurs when invoices are issued to the customers. Customer
contract liabilities relate to advances from customer for work not yet performed.
The change in contract assets and liabilities relates to the natural progression of the project
portfolio, as well as the current project mix. Of the amount of NOK -3,134 million recognized in
contract liabilities at the end of prior year, NOK 3,059 million (of which NOK 539 million relates to
the disposed subsea business) has been recognized as revenue in 2023.
The bad debt provision included in trade receivables at December\u00a031, 2023 was NOK 116 million,
compared to NOK 69 million the year before. No impairment has been recognized on customer
contract assets.
Note 3 continues on next page
Note 3 Revenue cont.
Net Income Equity Accounted Investees
The company has recognized the share of net income from investments accounted as equity
accounted investees. As the activities of the investees are closely related to Aker Solutions
operating activities, the share of net income is reported as part of revenue and other income.
Amounts in NOK million
Note
2023
2022
Share of net income OneSubsea
172
0
Share of net income other equity accounted investees
34
33
Profit from equity accounted investees
28
205
33
Other Income
Other income includes revenue that is not derived from regular customer contracts such as leasing
revenue.
Amounts in NOK million
Note
2023
2022
Revenue from operating leases
19
155
159
Other
20
7
Total other income
175
166
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-396": { "value": "
Financial Reporting Principles
Customer contracts are assessed using the
five-step model. Only approved customer
contracts with a firm commitment are basis for
revenue recognition. Variation orders are
included when they have been approved,
either verbally, in writing or implied by
customary business practice. The deliveries in
the contracts are reviewed to identify distinct
performance obligations. For the vast majority
of the identified performance obligations,
control has been assessed to be transferred to
the customer over time as the performance
obligation is satisfied. Revenue is recognized
over time using a cost based progress
method, or as time and materials are delivered
to the customer. The cost progress method is
commonly used on reimbursable - and lump
sum contracts when scope of work is firm. The
time and materials method is more commonly
used for reimbursable contracts with less firm
scope. These methods are used to best reflect
the pattern of transfer of control of goods and
services to the customer.
Variable considerations, such as incentive
payments, are included in revenue when they
are highly probable. Expected liquidated
damages (LDs) are recognized as a reduction
of revenue unless it is highly probable LDs will
not be incurred. The transaction price of
performance obligations is adjusted for
significant financing components to reflect the
time value of money. Profit is not recognized
until the outcome of the performance obligations
can be measured reliably, usually at 20 percent
progress. The full loss is recognized immediately
when identified on loss-making contracts. The
loss is determined based on revenue less direct
cost (i.e. labor, subcontractor and material cost)
and an allocation of overhead that relate directly
to the contract or activities required to fulfil the
contract. Customer financed assets required to
execute the projects are presented gross in the
financial statements. Financing of such assets
are included in the projects as revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-397": { "value": "
Other Income
Other income includes revenue that is not derived from regular customer contracts such as leasing
revenue.
Amounts in NOK million
Note
2023
2022
Revenue from operating leases
19
155
159
Other
20
7
Total other income
175
166
See note 4 for more information about revenue per segment and per country
See note 14 for more information about trade and other receivables
See note 19 for more information about leasing revenue
See note 22 for more information about trade and other payables
See note 28 for more information about equity accounted investees
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-398": { "value": "Segments
Aker Solutions is a global provider of equipment, systems and services to the renewable and oil and gas energy sector. Aker Solutions has two reporting segments.
Renewables and Field Development
The Renewables and Field Development segment pursues and executes projects within offshore
wind power, green onshore as well as the market for traditional oil and gas platforms, onshore
facilities, decommissioning and marine operations. The objective of the segment is to add value by
improving efficiency and reducing carbon footprint in oil and gas deliveries. Furthermore
accelerating the transition to renewables and become a key supplier to renewables and carbon
capture solutions by building execution and collaboration through a digital value chain.
The Renewables and Field Development reporting segment includes two operating segments in
Aker Solutions that are organized separately and provide individual management reporting to the
CEO. The following two operating segments are included: (1) New Build and (2) New Energies. The
operating segments have been aggregated in the external reporting as they share resources and
production capacity, and engineering is often an integrated scope of the customer contracts in both
operating segments. The operating segments have similar commercial risks, they operate in the
same economic climate and markets, and have similar customers. They also have similar
operational characteristics and use the same type of KPI's to monitor the business.
Life Cycle
The Life Cycle segment provides optimized field life solutions driven by decarbonization and
environmentally sound offerings both for offshore and onshore facilities. The segment provides a
full-range offering of maintenance and modification services including electrification projects,
digitally enabled asset integrity services, hook-up and installation services as well as late-life and
decommissioning activities. The segment has a global presence across regions with main execution
in Norway, UK, Canada, Brazil, Brunei and Angola.
Subsea
The subsea business was disposed October 2, 2023 and is presented as discontinued operations.
The segment is therefore not presented for 2023. See note 30 for more information. The Subsea
segment provided market-leading intelligent subsea systems, products, services and low-carbon
solutions, used in oil and gas production. The segment also provided extensive life-of-field services
including installation and commissioning, conditional monitoring, inspection, maintenance, repair,
upgrades and spares supply, related to subsea equipment and infrastructure. The segment had a
global delivery model with service bases across all main offshore oil and gas basins globally.
Other
The Other segment includes unallocated corporate costs, Aker Solutions Hydropower, Benestad
businesses and the group effect of hedges not qualifying for hedge accounting. The Other segment also
includes impairments of right-of-use lease assets for certain leases, as certain lease decisions are taken
by the corporate center. The number of employees in corporate functions and finance support functions
are reported in the Other segment while the related cost is allocated to the segments.
Change in reporting segments
A minor reorganization, affecting segments was carried out April 1, 2023. Historical figures have
not been restated as changes are insignificant.
Aker Solutions contributed in all material aspects the Subsea segment into a new entity formed with
SLB on October 2, 2023 and will no longer be a reporting segment. Aker Solutions holds a non-
controlling interest of 20 percent in the new entity OneSubsea.
Note 4 continues on next page
Note 4 Segments cont.
Segment Performance 2023
Amounts in NOK million
Notes
Renewables & Field
Development
Life Cycle
Total operating
segments
Other
Intra-group
eliminations
Total
Income statement
Revenue from customer contracts
21,866
13,025
34,891
991
0
35,882
Other income
32
7
39
342
0
380
External revenue
21,898
13,032
34,930
1,332
0
36,262
Inter-segment revenue
622
40
662
-131
-531
0
Total revenue
22,520
13,072
35,592
1,201
-531
36,262
Operating income before depreciation, amortization and impairment
973
686
1,659
-492
0
1,166
Depreciation and amortization
10, 11, 19
-376
-120
-496
-188
0
-684
Impairment
10, 11, 12, 19
0
0
0
-60
0
-60
Operating income
597
565
1,162
-740
0
422
Assets and Liabilities
Property, plant and equipment
2,995
52
3,047
440
0
3,487
Intangible assets
1,631
1,309
2,940
623
0
3,563
Right-of-use assets
470
79
548
1,363
0
1,911
Current operating assets
4,132
3,306
7,438
1,710
-230
8,918
Operating assets
9,227
4,746
13,973
4,137
-230
17,880
Current operating assets
4,132
3,306
7,438
1,710
-230
8,918
Current operating liabilities
10,167
2,769
12,936
4,697
-230
17,403
Net current operating assets
-6,035
537
-5,498
-2,986
0
-8,484
Cash flow
Cash flow from operating activities
3,832
237
4,069
2,147
0
6,216
Acquisition of property, plant and equipment
-1,482
-39
-1,521
-313
0
-1,833
Capitalized development
-30
0
-30
-359
0
-388
Other key figures
Order intake
22,523
11,781
34,304
1,146
-147
35,303
Order backlog
51,405
20,579
71,984
710
-15
72,680
Own employees
6,121
4,220
10,341
1,132
0
11,473
Note 4 continues on next page
Note 4 Segments cont.
Segment Performance 2022
Amounts in NOK million
Notes
Renewables & Field
Development
Life Cycle
Subsea
Total operating
segments
Other
Intra-group
eliminations
Total
Income statement
Revenue from customer contracts
14,808
12,135
0
26,943
359
0
27,302
Other income
14
0
0
14
185
0
198
External revenue
14,822
12,135
0
26,957
544
0
27,500
Inter-segment revenue
35
29
0
64
78
-142
0
Total revenue
14,857
12,164
0
27,020
622
-142
27,500
Operating income before depreciation, amortization and impairment
487
663
0
1,150
-504
0
647
Depreciation and amortization
10, 11, 19
-298
-105
0
-404
-164
0
-568
Impairment
10, 11, 12, 19
-3
0
0
-3
34
0
30
Operating income
185
558
0
743
-634
0
109
Assets and Liabilities
Property, plant and equipment
1,424
61
1,837
3,321
275
0
3,596
Intangible assets
1,613
1,311
2,808
5,732
217
0
5,949
Right-of-use assets
19
378
22
874
1,274
1,449
0
2,723
Current operating assets
3,011
2,975
4,315
10,301
2,656
-358
12,598
Operating assets
6,426
4,369
9,833
20,628
4,597
-358
24,866
Current operating assets
3,011
2,975
4,315
10,301
2,656
-358
12,598
Current operating liabilities
5,923
2,730
4,709
13,361
3,627
-358
16,630
Net current operating assets
-2,912
245
-394
-3,061
-971
0
-4,032
Cash flow
Cash flow from operating activities
2,058
194
0
2,252
2,266
0
4,518
Acquisition of property, plant and equipment
-305
-17
0
-321
-186
0
-507
Capitalized development
-26
0
0
-26
-87
0
-113
Other key figures
Order intake
51,398
16,190
0
67,589
379
-157
67,811
Order backlog
50,790
21,617
0
72,407
285
92
72,784
Own employees
5,484
4,381
0
9,865
1,139
0
11,004
Note 4 continues on next page
Note 4 Segments cont.
Reconciliation of Information on Reporting Segments to IFRS
Measures
Amounts in NOK million
2023
2022
Assets
Total operating assets
17,880
24,866
Deferred tax assets
491
584
Lease receivables
529
561
Equity accounted investees
6,555
103
Investments in companies
19
25
Derivative financial instruments
258
406
Current interest-bearing receivables
3,103
146
Financial investments
5,714
0
Non-current interest-bearing receivables
197
201
Other non-current assets
506
26
Cash and cash equivalents
6,003
6,170
Total assets
41,253
33,088
Liabilities
Total operating liabilities
17,403
16,630
Non-current borrowings
0
962
Non-current lease liabilities
2,921
3,679
Pension obligations
895
1,031
Deferred tax liabilities
140
459
Other non-current liabilities
119
36
Current borrowings
0
60
Current lease liabilities
619
734
Derivative financial instruments
204
255
Total liabilities
22,300
23,847
Major Customer
All reporting segments delivered to one major customer which represented 42 percent of total
revenue in 2023 (2022: 49 percent). Aker Solutions has long-term contracts with this customer
which is a large international oil company.
Geographical Information
External revenue is presented on the basis of geographical location of the selling company. Non-
current assets and capital expenditures are based on the geographical location of the company
owning the assets.
Revenue from
customer contracts
Non-current
operating assets
Capital expenditure
PPE
Amounts in NOK million
2023
2022
2023
2022
2023
2022
Norway
31,782
22,923
8,079
9,038
1,640
332
USA
1,024
1,243
2
286
5
17
Brazil
73
287
2
1,030
90
79
UK
472
577
550
886
9
0
Malaysia
286
508
44
374
16
9
Angola
264
270
1
185
2
3
Brunei
874
694
15
18
6
2
Canada
973
692
73
52
19
5
India
80
36
195
223
16
17
Other countries
55
70
2
177
32
43
Total
35,882
27,302
8,962
12,268
1,833
507
See note 3 for more information about revenue
See note 30 for more information about the subsea transaction
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-400": { "value": "Personnel Expenses
Personnel Expenses
Amounts in NOK million
2023
2022
Salaries and wages including holiday allowance
8,544
6,942
Social security contribution
1,188
974
Pension cost
795
655
Other employee benefits
229
162
Personnel expenses
10,757
8,733
Total number of employees as of December 311
11,473
11,004
Average number of employees2
11,289
10,897
1)Total number of employees in 2022 is excluding 4,391 employees related to the disposed subsea business.
2)Average number of employees in 2022 is excluding 4,025 employees related to the disposed subsea business.
Employee Share Purchase Program
In 2023, 1,413 employees participated in the share purchase programs in Aker Solutions.
Employees received a 25 percent reduction of cost price limited to a total of NOK 7,500.
Employees could sign up for shares up to a maximum amount of NOK 60,000 and management an
additional amount of maximum 20 percent of annual salary. Employees that are still working in the
company three years after completion of the program will receive one bonus share for every two
shares still held by the employee. Costs related to the bonus shares are expensed over the vesting
period. Aker Solutions expensed a total of NOK 12 million in 2023 related to share purchase
programs (NOK 8 million in 2022), including NOK 4 million related to compensation of the
employees in the Subsea segment. Employees in the Subsea segment have been compensated for
matching shares at closing of the subsea transaction. The compensation was a cash payment
corresponding to the cash value of the matching shares. Total cost related to the compensation of
the subsea employees was NOK 12 million. There were no loans to employees as of December 31,
2023, same as in the previous year.
See note 20 for more information about the pension cost and obligations
Pension Obligations
Aker Solutions operates several pension plans around the world. The most common type of plan is
the defined contribution plan, where Aker Solutions makes contributions to the employee's
individual pension account. Aker Solutions also has a closed defined benefit plan where the impact
is gradually reduced.
Pension Plans
Defined Contribution Plans
A defined contribution plan is a type of retirement plan where the employer makes contributions on
a regular basis to the employee\u2019s individual pension account. The benefits received by the
employee are based on the employer contributions and gains or losses from investing the capital.
Contributions to defined contribution pension plans are recognized as an expense in the income
statement as incurred.
Defined Benefit Plans
A defined benefit plan is a type of pension plan where the employer promises an annual pension on
retirement based on a percentage of the salary upon retirement and the employee's earnings
history, years of service and age. The calculation of defined benefit obligations is performed
annually by a qualified actuary using the projected unit credit method.
The defined benefit obligation is calculated separately for each plan by discounting the estimated
amount of future benefit that employees have earned in the current and prior periods and deducting
the fair value of any plan assets. The change of the defined benefit obligation as a result of the
change of assumptions (actuarial gains and losses) and the return on plan assets are recognized
immediately in other comprehensive income. Net interest expense and other expenses related to
defined benefit plans are recognized in the income statement. When the benefits of a plan are
changed, settled or when a plan is curtailed, the change relating to past service or the gain or loss
on curtailment or settlement is recognized immediately in the income statement.
Judgments and Estimates
The present value of the pension obligations depends on a number of factors determined on the
basis of actuarial assumptions. These assumptions include financial factors such as the discount
rate, expected salary growth, inflation and return on assets as well as demographic factors
concerning mortality, employee turnover, disability and early retirement. Assumptions about all
these factors are based on the situation at the time the assessment is made. However, it is
reasonably certain that such factors will change over long periods for which pension calculations
are made. Any changes in these assumptions will affect the calculated pension obligations with
immediate recognition in other comprehensive income.
Pension Plans in Norway
The main pension arrangement in Norway is a general pension plan organized by the Norwegian state
providing a basic pension entitlement to all taxpayers. The additional pension plans which all Norwegian
employers are obliged to provide according to current legislation, represent limited additional pension
entitlements. The occupational plans in Aker Solutions in Norway are described below.
Defined Contribution Plans
All employees in Norway are offered participation in a defined contribution plan. The annual
contributions, premium and administration cost expensed for the Norwegian plans in 2023 were
NOK 377 million, compared to NOK 407 million in 2022, of which NOK 48 million related to the
disposed subsea business. The estimated contribution, premium and administration cost expected
to be paid in 2024 is NOK 477 million.
Defined Benefit Plans
The defined benefit plans at the Norwegian companies in Aker Solutions are split between funded
and unfunded plans. The plans are organized in Aker Pensjonskasse. Aker Solutions companies in
Norway closed the defined benefit plans in 2008. Employees who were 58 years or older in 2008
are still members of the closed defined benefit plan. This is a funded plan and represents the
funded pension liability reported in the tables below. Aker Solutions also has various unfunded early
retirement plans and executive pension plans that are partially closed for new members. The
estimated premium cost expected to be paid during 2024 is NOK 85 million. The liability is
calculated using a projected unit credit method.
Note 20 continues on next page
Note 20 Pension Obligations cont.
Compensation Plans
All employees in 2008 who had a calculated loss of more than NOK 1,000 per year upon transition
to the defined contribution plan were offered compensation. The compensation amount will be
adjusted annually in accordance with the adjustment of the employees' pensionable income, and
accrued interest according to market interest. If the employee leaves the company voluntarily
before the age of 67 years, the accrued compensation amount will be paid out. The compensation
plan is an unfunded plan, and is included in the unfunded pension liability reported in the tables
below. The liability is equal to the compensation balance.
Tariff Based Pension Agreement (AFP)
Employees in Norway have a tariff based lifelong retirement arrangement (AFP) organized by the
main labor unions and the Norwegian state. The pension can be withdrawn from the age of 62. The
information required to estimate the pension obligation from this defined benefit plan is not
available from the plan administrator. Aker Solutions therefore currently accounts for the plan as if
it was a defined contribution plan. The annual contributions expensed in 2023 were NOK 177
million, compared to NOK 136 million in 2022, of which NOK 16 million related to the disposed
subsea business. The estimated contribution expected to be paid in 2024 is NOK 156 million.
Pension Plans Outside Norway
Pension plans outside Norway are mainly defined contribution plans. The annual contributions
expensed for plans outside Norway in 2023 were NOK 101 million, compared to NOK 140 million in
2022, of which NOK 75 million related to the disposed subsea business. The estimated
contributions expected to be paid in 2024 is NOK 98 million to the plans outside Norway.
Total Pension Cost
Amounts in NOK million
2023
2022
Defined benefit plans
77
41
Defined contribution plans
736
766
Total1
814
807
1) Includes NOK 147 million in 2022 related to the disposed subsea business.
Note 20 continues on next page
Note 20 Pension Obligations cont.
Movement in Net Defined Benefit Liability
The table below shows the movement from the opening balance to the closing balance for the net defined benefit liability.
Present value of obligation
Fair value of plan assets
Impact of asset ceiling
Net defined benefit liability
Amounts in NOK million
2023
2022
2023
2022
2023
2022
2023
2022
Balance as of January 1
2,128
2,211
-1,096
-1,241
0
40
1,031
1,010
Current service and administration cost
52
32
8
3
0
0
59
35
Interest cost (income)
50
28
-32
-23
0
1
18
6
Included in income statement
102
61
-24
-20
0
1
77
41
Actuarial loss (gain) arising from financial assumptions
18
24
0
0
0
0
18
24
Return on plan assets
0
0
19
108
0
0
19
108
Changes in asset ceiling
0
0
0
0
0
-28
0
-28
Actuarial loss (gain) arising from experience adjustments
0
39
0
0
0
0
0
39
Remeasurements loss (gain) included in OCI
17
63
19
108
0
-28
36
143
Contributions paid into the plan
0
0
-86
-77
0
0
-86
-77
Benefits paid by the plan
-215
-230
131
134
0
0
-84
-96
Other events due to effect of any business combinations/divestitures/transfers1
-80
23
0
0
0
-13
-80
10
Other
-295
-207
45
57
0
-13
-250
-163
Balance as of December 31
1,952
2,128
-1,057
-1,096
0
0
895
1,031
1) NOK 80 million in pension obligations related to the disposed subsea business. Aker Solutions is still liable to OneSubsea and the liability is reported as other non-current liabilities.
Note 20 continues on next page
Note 20 Pension Obligations cont.
The net liability disclosed above relates to funded and unfunded plans as follows:
Present value of obligation
Fair value of plan assets
Asset ceiling
Net defined benefit liability
Amounts in NOK million
2023
2022
2023
2022
2023
2022
2023
2022
Net defined benefit liability funded plan
1,057
1,096
-1,057
-1,096
0
0
0
0
Net defined benefit liability unfunded plans
895
1,031
0
0
0
0
895
1,031
Balance as of December 31
1,952
2,128
-1,057
-1,096
0
0
895
1,031
Assets in the Defined Benefit Plan
Amounts in NOK million
2023
2022
Bonds
429
501
Income and equity funds
628
595
Total plan assets at fair value
1,057
1,096
The majority of the bond investment is in Norwegian municipalities and is assumed to have a rating
equal to AA, but there are few official ratings for these investments. The remaining bond investment
is primarily in the Norwegian market within bonds assumed to be of \u201cInvestment Grade\u201d quality. The
majority of these investments do not, however, have an official rating. The fund investments consist
of fixed income funds and equity funds with listed securities where the value is based on quoted
prices. The equity securities are invested globally, and the value is based on quoted price at the
reporting date without any deduction for estimated future selling cost.
Actuarial Assumptions
The information below relates only to Norwegian plans as these represent the majority of the plans.
The following were the principal actuarial assumptions at the reporting date:
2023
2022
Discount rate
3.10%
3.00%
Asset return
3.10%
3.00%
Salary progression
3.50%
3.50%
Pension indexation funded plans1
0-4%
0-4 %
Mortality table
K2013
K2013
Remaining life expectancy at age 65 for pensioners, males
22.7
22.7
Remaining life expectancy at age 65 for pensioners, females
26.0
26.0
1) Pension indexation for unfunded plans is agreed individually (0-4 percent).
The discount rate is based on high-quality corporate bonds (OMF) with maturities consistent with
the terms of the obligations. The assumptions used are in line with recommendations from the
Norwegian Accounting Standards Board.
Note 20 continues on next page
Note 20 Pension Obligations cont.
Sensitivity Analysis
Changes at the reporting date to one of the relevant actuarial assumptions, holding other
assumptions constant, would have changed the defined benefit obligation as of December 31
by the amounts shown below.
2023
2022
Discount rate increase by 1 percent
-94
-102
Discount rate decrease by 1 percent
116
123
Expected rate of salary increase by 1 percent
0
1
Expected rate of salary decrease by 1 percent
0
-1
Expected rate of pension increase by 1 percent
106
116
Expected rate of pension decrease by 1 percent
-90
-97
For Aker Solutions, a one percent increase of discount rate decreases the benefit obligation
by only 8 percent. This is because the benefit obligation in Aker Solutions consists mainly of
pensioners and employees over 60 years of age, hence limiting the discounting effect.
See note 5 for more information about personnel expenses
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-399": { "value": "Personnel Expenses
Personnel Expenses
Amounts in NOK million
2023
2022
Salaries and wages including holiday allowance
8,544
6,942
Social security contribution
1,188
974
Pension cost
795
655
Other employee benefits
229
162
Personnel expenses
10,757
8,733
Total number of employees as of December 311
11,473
11,004
Average number of employees2
11,289
10,897
1)Total number of employees in 2022 is excluding 4,391 employees related to the disposed subsea business.
2)Average number of employees in 2022 is excluding 4,025 employees related to the disposed subsea business.
Employee Share Purchase Program
In 2023, 1,413 employees participated in the share purchase programs in Aker Solutions.
Employees received a 25 percent reduction of cost price limited to a total of NOK 7,500.
Employees could sign up for shares up to a maximum amount of NOK 60,000 and management an
additional amount of maximum 20 percent of annual salary. Employees that are still working in the
company three years after completion of the program will receive one bonus share for every two
shares still held by the employee. Costs related to the bonus shares are expensed over the vesting
period. Aker Solutions expensed a total of NOK 12 million in 2023 related to share purchase
programs (NOK 8 million in 2022), including NOK 4 million related to compensation of the
employees in the Subsea segment. Employees in the Subsea segment have been compensated for
matching shares at closing of the subsea transaction. The compensation was a cash payment
corresponding to the cash value of the matching shares. Total cost related to the compensation of
the subsea employees was NOK 12 million. There were no loans to employees as of December 31,
2023, same as in the previous year.
See note 20 for more information about the pension cost and obligations
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-401": { "value": "Other Operating Expenses
Amounts in NOK million
2023
2022
Rental of equipment, IT systems and support
1,369
1,350
Operating and maintenance expenses for
property
808
666
External consultants including audit fees
526
444
Travel expenses
343
221
Insurance
190
164
Other expenses
343
207
Other operating expenses
3,578
3,052
See note 19 for more information about leasing costs
See note 32 for more information about audit fees
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-402": { "value": "Financial Income and Expenses
Financial Reporting Principles
Interest income and expenses include effects from using the effective interest rate method where
fees, interest paid, transaction costs and other premiums are deferred and amortized over the life of
the instrument. Interest income from lease receivables and interest expense from lease liabilities
are included.
Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are
not hedged. Translation of monetary assets and liabilities denominated in foreign currencies related
to operating activities such as trade receivables and payables are included in operating expenses
before depreciation, amortization and impairment. However, the currency gains and losses are
offset by the effects from hedging derivatives. Translation of operational monetary assets and
liabilities in countries with hyperinflationary or non-convertible currencies are presented as financial
items. Translation of assets and liabilities related to general financing of the entity are included as
financial income and expenses. Foreign exchange gains and losses also include effects from
translating monetary assets and liabilities denominated in foreign currencies at the balance sheet
date. The profit or loss on foreign exchange forward contracts include effects from derivatives that
do not qualify for hedge accounting, embedded derivatives and the ineffective portion of qualifying
hedges.
Financial Income and Expenses
Amounts in NOK million
2023
2022
Interest income from lease receivables
28
27
Other interest income
325
78
Interest income
353
105
Interest expense on lease liability
-155
-159
Interest expense on financial liabilities measured at amortized cost
-32
-127
Interest expense on financial liabilities measured at fair value
-39
-4
Interest expense
-227
-290
Net foreign exchange gain (loss)
-116
17
Profit (loss) on foreign currency forward contracts
33
12
Loss on marketable shares1
-453
0
Other financial income
86
9
Other financial expenses
-3
-13
Net other financial items
-453
26
Net finance cost
-328
-160
1)Loss on shares in SLB received as part of consideration from disposal of the subsea business.
See note 15 for more information about financial investments
See note 19 for more information about lease receivables and liabilities
See note 20 for more information about pension obligations
See note 23 for more information about foreign exchange gains and losses
See note 25 for more information about derivative financial instruments
See note 26 for more information about financial assets and liabilities
See note 28 for more information about investments in companies
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-403": { "value": "
Financial Reporting Principles
Interest income and expenses include effects from using the effective interest rate method where
fees, interest paid, transaction costs and other premiums are deferred and amortized over the life of
the instrument. Interest income from lease receivables and interest expense from lease liabilities
are included.
Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are
not hedged. Translation of monetary assets and liabilities denominated in foreign currencies related
to operating activities such as trade receivables and payables are included in operating expenses
before depreciation, amortization and impairment. However, the currency gains and losses are
offset by the effects from hedging derivatives. Translation of operational monetary assets and
liabilities in countries with hyperinflationary or non-convertible currencies are presented as financial
items. Translation of assets and liabilities related to general financing of the entity are included as
financial income and expenses. Foreign exchange gains and losses also include effects from
translating monetary assets and liabilities denominated in foreign currencies at the balance sheet
date. The profit or loss on foreign exchange forward contracts include effects from derivatives that
do not qualify for hedge accounting, embedded derivatives and the ineffective portion of qualifying
hedges.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-405": { "value": "Earnings per Share and Dividends
Earnings per Share (EPS)
2023
2022
Income from continuing operations attributable to ordinary shares (NOK
million)
97
-134
Income from discontinued operations (NOK million)
11,540
1,312
Income from total operations attributable to ordinary shares (NOK million)
11,637
1,179
Weighted average number of issued ordinary shares for the year adjusted for
treasury shares
488,829,434
486,899,547
Basic and diluted earnings per share from continuing operations (NOK)
0.20
-0.27
Basic and diluted earnings per share from discontinued operations (NOK)
23.61
2.70
Basic and diluted earnings per share from total operations (NOK)
23.81
2.42
Employees participating in Aker Solutions\u2019 employee share purchase program may, given certain
criteria, be awarded one bonus share for every two shares purchased. The bonus shares do not
represent a material dilutive effect and have been excluded from the earnings per share figures.
Dividends
Aker Solutions targets to pay annual dividends of 40-60 percent of adjusted net profit over time.
Given the company\u2019s solid financial position and positive outlook, the Board has proposed a
dividend per share of NOK 2.00 for 2023. The proposed dividend amounts to NOK 979 million
based on outstanding shares as of December 31, 2023. Aker Solutions had a liquidity buffer of NOK
9.0 billion as of December 31, 2023 compared to NOK 11.2 billion as of December 31, 2022. In
addition, the group had investments in liquid, fixed income securities of NOK 3 billion as of year-
end 2023.
For the previous year, Aker Solutions distributed dividends to its shareholders of NOK 1.00 per
share with a total amount of NOK 489 million.
See note 5 for more information about the employee share purchase program
See note 17 for more information about share capital and treasury shares
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-404": { "value": "Earnings per Share and Dividends
Earnings per Share (EPS)
2023
2022
Income from continuing operations attributable to ordinary shares (NOK
million)
97
-134
Income from discontinued operations (NOK million)
11,540
1,312
Income from total operations attributable to ordinary shares (NOK million)
11,637
1,179
Weighted average number of issued ordinary shares for the year adjusted for
treasury shares
488,829,434
486,899,547
Basic and diluted earnings per share from continuing operations (NOK)
0.20
-0.27
Basic and diluted earnings per share from discontinued operations (NOK)
23.61
2.70
Basic and diluted earnings per share from total operations (NOK)
23.81
2.42
Employees participating in Aker Solutions\u2019 employee share purchase program may, given certain
criteria, be awarded one bonus share for every two shares purchased. The bonus shares do not
represent a material dilutive effect and have been excluded from the earnings per share figures.
Dividends
Aker Solutions targets to pay annual dividends of 40-60 percent of adjusted net profit over time.
Given the company\u2019s solid financial position and positive outlook, the Board has proposed a
dividend per share of NOK 2.00 for 2023. The proposed dividend amounts to NOK 979 million
based on outstanding shares as of December 31, 2023. Aker Solutions had a liquidity buffer of NOK
9.0 billion as of December 31, 2023 compared to NOK 11.2 billion as of December 31, 2022. In
addition, the group had investments in liquid, fixed income securities of NOK 3 billion as of year-
end 2023.
For the previous year, Aker Solutions distributed dividends to its shareholders of NOK 1.00 per
share with a total amount of NOK 489 million.
See note 5 for more information about the employee share purchase program
See note 17 for more information about share capital and treasury shares
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-406": { "value": "2", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-407": { "value": "979000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-408": { "value": "Income Tax
Judgments and Estimates
The group is subject to income taxes in numerous jurisdictions, and judgment may be involved
when determining the taxable amounts. Tax authorities in different jurisdictions may challenge
calculation of taxes payable from prior periods.
Management judgment is required when assessing valuation of unused losses, tax credits and other
deferred tax assets. The recoverability is assessed by estimating taxable profits in future years
taking into consideration also expected changes in temporary differences. The profits are
compared to book value of the tax assets. The estimate of future taxable profits is sensitive to
future market development for the projects and services of Aker Solutions. Forecasts are based on
firm orders in the backlog and identified prospects in addition to expected service revenue.
Changes in the assumptions related to the expected prospects and services can have a significant
impact on the forecasted cash flows. Economic conditions may change and lead to a different
conclusion regarding recoverability, and such changes may affect future reporting periods.
The Pillar Two legislation, also known as \u201cGlobal minimum tax\u201d or GloBE has been enacted in
Norway and in many of the jurisdictions where Aker Solutions operates. The legislation is effective
from January 1, 2024 and Aker Solutions is required to comply.
Aker Solutions has prepared an assessment based on Country-by-Country Reporting to the tax
authorities and the transitional safe harbor rules. Based on this assessment, a number of
jurisdictions with limited activity will pass the \u201cde minimis\u201d test and in most jurisdictions the reported
effective tax rate is above 15 percent. In a limited number of jurisdictions where Aker Solutions
operates, the conditions under the transitional safe harbor may not apply, but the impact of the new
legislation is not expected to be material for the group.
IFRS has introduced a requirement in IAS 12 that entities within scope of the Pillar Two legislation
shall not recognize or disclose information about deferred tax assets and deferred tax liabilities
related to the Pillar Two legislation, which Aker Solutions applies.
Note 9 continues on next page
Note 9 Income Tax cont.
Deferred tax assets
The deferred tax assets are recognized only to the extent it is considered probable that future
taxable profits will be available to utilize the tax losses and credits. The forecasted future taxable
profits are based on firm orders in the backlog and identified prospects in addition to expected
service revenue. The forecasted taxable profits reflect organic growth only. Other parameters in the
assessment are the predicted long-term investment level by companies in the renewable and oil and
gas energy sector, mix of projects and services and level of operating expenses.
Income Tax Expense
Amounts in NOK million
2023
2022
Current income tax
Current year
89
18
Prior year adjustment
10
5
Total current income tax
99
22
Deferred income tax
Origination and reversal of temporary differences
-34
-5
Write down of tax loss carry-forwards and deferred tax assets
35
77
Change in tax rates
0
-1
Adjustment for prior periods
9
-1
Total deferred income tax
11
70
Total income tax
110
92
Recoverability of deferred tax assets has been subject to assessment following market volatility and
outlook in the jurisdictions where we operate. As a result, deferred tax assets related to net
operating losses have been written down by NOK 35 million in 2023 .
Taxes in OCI and Equity
Amounts in NOK million
2023
2022
Cash flow hedges, deferred tax
-2
25
Remeasurement of defined benefit pension plans
-8
-31
Income taxes included in OCI
-10
-6
Effective Tax Rate
The table below reconciles the tax expense as if the Norwegian tax rate of 22 percent was applied.
Amounts in NOK million
2023
2022
Income before tax from continuing operations
95
-50
Income tax when applying Norwegian tax rate of 22 percent
21
22.1%
-11
22.0%
Tax effects of:
Effect of different tax rates in other jurisdictions
9
9.5%
2
-4.0%
Non-taxable income
-47
-49.5%
0
0.0%
Non-deductible expenses
29
30.5%
10
-20.0%
Effect of withholding tax
44
46.3%
21
-42.0%
Current tax adjustments related to prior years
10
10.5%
5
-10.0%
Deferred tax adjustments related to prior years
9
9.5%
-1
2.0%
Previously unrecognized tax losses used to reduce payable tax
0
0.0%
-13
26.0%
Write down of deferred tax assets
35
36.8%
77
-154.0%
Impact of change in tax rate
0
0.0%
-1
2.0%
Other
0
0.0%
3
-6.0%
Income tax and effective tax rate
110
115.8%
92
-184.0%
Note 9 continues on next page
Note 9 Income Tax cont.
Deferred Tax Assets and Liabilities
Assets
Liabilities
Net
Amounts in NOK million
2023
2022
2023
2022
2023
2022
Property, plant and equipment
10
32
-46
-112
-36
-81
Pensions
190
195
0
0
190
195
Projects under construction
66
16
-1,880
-2,114
-1,814
-2,098
Tax loss carry-forwards
1,591
1,721
0
0
1,591
1,721
Intangible assets
5
6
-16
-208
-11
-202
Provisions
281
180
0
0
281
180
Derivatives
1
1
-41
-33
-40
-32
Tax credits and other
448
634
-259
-191
189
442
Total before offsetting
2,592
2,785
-2,242
-2,660
351
125
Offsetting
-2,101
-2,201
2,101
2,201
0
0
Total
491
584
-140
-459
351
125
Note 9 continues on next page
Note 9 Income Tax cont.
Change in Net Recognized Deferred Tax Assets and Liabilities
Amounts in NOK million
Property,
plant and
equipment
Pensions
Projects
under
construction
Tax loss
carry-
forwards
Intangible
assets
Provisions
Derivatives
Tax credits
and other
Total
Balance as of January 1, 2022
-82
175
-2,626
2,398
-192
173
23
379
248
Acquisition of subsidiaries
2
4
-13
110
-19
1
0
7
92
Recognized in profit and loss1
8
-18
502
-788
1
-5
-26
24
-302
Prior year-adjustments booked in equity
-6
0
0
5
0
0
0
0
0
Recognized in other comprehensive income (OCI)
0
31
0
0
0
0
-25
0
7
Prepaid withholding tax
0
0
0
0
0
0
0
29
29
Reclassification between categories
0
0
37
-45
7
8
-6
0
1
Currency translation differences
-2
3
1
41
0
3
2
4
52
Balance as of December 31, 2022
-81
195
-2,098
1,721
-202
180
-32
442
125
Disposal of Subsea
41
-1
642
-103
193
-34
28
-143
623
Recognized in profit and loss2
10
-12
-359
-20
2
134
-35
-139
-420
Prior year-adjustments booked in equity
0
0
0
-25
0
0
0
0
-25
Recognized in other comprehensive income (OCI)
0
8
0
0
0
0
2
0
10
Prepaid withholding tax
0
0
0
0
0
0
0
14
14
Reclassification between categories
0
0
0
0
0
0
0
0
0
Currency translation differences
-7
1
2
19
-4
2
-2
15
25
Balance as of December 31, 2023
-36
190
-1,814
1,591
-11
281
-40
189
351
1)Includes NOK 232 million in 2022 related to the disposed subsea business.
2)Includes NOK 410 million in 2023 related to the disposed subsea business.
Note 9 continues on next page
Note 9 Income Tax cont.
Tax Loss Carry-Forwards and Unrecognized Deferred Tax Assets (gross amount)
Amounts in NOK million
Tax losses carry-forwards
Other tax assets
Expiry within 5
years
Expiry 5-20
years
Indefinite
expiration
Total
Of which is
unrecognized\u00a0
Of which is
recognized\u00a0
Unrecognized
Norway
0
6,649
6,649
0
6,649
93
Europe excluding Norway
4
2
469
475
469
6
73
North America
2
830
689
1,522
749
772
0
South America
0
0
293
293
293
0
0
Africa
0
0
0
0
0
0
0
Asia Pacific
24
689
0
713
713
1
0
Total\u00a0
30
1,521
8,100
9,652
2,224
7,428
311
The majority of the recognized tax losses carry-forward sits in Norway. The balance must be seen together with deferred taxation on construction contracts and make in total a deferred tax liability. As
projects are completed and come to taxation, temporary differences associated with construction contracts and tax losses carry-forward will be reduced.
See note 21 for more information about tax", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-409": { "value": "
Deferred tax assets
The deferred tax assets are recognized only to the extent it is considered probable that future
taxable profits will be available to utilize the tax losses and credits. The forecasted future taxable
profits are based on firm orders in the backlog and identified prospects in addition to expected
service revenue. The forecasted taxable profits reflect organic growth only. Other parameters in the
assessment are the predicted long-term investment level by companies in the renewable and oil and
gas energy sector, mix of projects and services and level of operating expenses.
Deferred Tax Assets and Liabilities
Assets
Liabilities
Net
Amounts in NOK million
2023
2022
2023
2022
2023
2022
Property, plant and equipment
10
32
-46
-112
-36
-81
Pensions
190
195
0
0
190
195
Projects under construction
66
16
-1,880
-2,114
-1,814
-2,098
Tax loss carry-forwards
1,591
1,721
0
0
1,591
1,721
Intangible assets
5
6
-16
-208
-11
-202
Provisions
281
180
0
0
281
180
Derivatives
1
1
-41
-33
-40
-32
Tax credits and other
448
634
-259
-191
189
442
Total before offsetting
2,592
2,785
-2,242
-2,660
351
125
Offsetting
-2,101
-2,201
2,101
2,201
0
0
Total
491
584
-140
-459
351
125
Note 9 continues on next page
Note 9 Income Tax cont.
Change in Net Recognized Deferred Tax Assets and Liabilities
Amounts in NOK million
Property,
plant and
equipment
Pensions
Projects
under
construction
Tax loss
carry-
forwards
Intangible
assets
Provisions
Derivatives
Tax credits
and other
Total
Balance as of January 1, 2022
-82
175
-2,626
2,398
-192
173
23
379
248
Acquisition of subsidiaries
2
4
-13
110
-19
1
0
7
92
Recognized in profit and loss1
8
-18
502
-788
1
-5
-26
24
-302
Prior year-adjustments booked in equity
-6
0
0
5
0
0
0
0
0
Recognized in other comprehensive income (OCI)
0
31
0
0
0
0
-25
0
7
Prepaid withholding tax
0
0
0
0
0
0
0
29
29
Reclassification between categories
0
0
37
-45
7
8
-6
0
1
Currency translation differences
-2
3
1
41
0
3
2
4
52
Balance as of December 31, 2022
-81
195
-2,098
1,721
-202
180
-32
442
125
Disposal of Subsea
41
-1
642
-103
193
-34
28
-143
623
Recognized in profit and loss2
10
-12
-359
-20
2
134
-35
-139
-420
Prior year-adjustments booked in equity
0
0
0
-25
0
0
0
0
-25
Recognized in other comprehensive income (OCI)
0
8
0
0
0
0
2
0
10
Prepaid withholding tax
0
0
0
0
0
0
0
14
14
Reclassification between categories
0
0
0
0
0
0
0
0
0
Currency translation differences
-7
1
2
19
-4
2
-2
15
25
Balance as of December 31, 2023
-36
190
-1,814
1,591
-11
281
-40
189
351
1)Includes NOK 232 million in 2022 related to the disposed subsea business.
2)Includes NOK 410 million in 2023 related to the disposed subsea business.
Note 9 continues on next page
Note 9 Income Tax cont.
Tax Loss Carry-Forwards and Unrecognized Deferred Tax Assets (gross amount)
Amounts in NOK million
Tax losses carry-forwards
Other tax assets
Expiry within 5
years
Expiry 5-20
years
Indefinite
expiration
Total
Of which is
unrecognized\u00a0
Of which is
recognized\u00a0
Unrecognized
Norway
0
6,649
6,649
0
6,649
93
Europe excluding Norway
4
2
469
475
469
6
73
North America
2
830
689
1,522
749
772
0
South America
0
0
293
293
293
0
0
Africa
0
0
0
0
0
0
0
Asia Pacific
24
689
0
713
713
1
0
Total\u00a0
30
1,521
8,100
9,652
2,224
7,428
311
The majority of the recognized tax losses carry-forward sits in Norway. The balance must be seen together with deferred taxation on construction contracts and make in total a deferred tax liability. As
projects are completed and come to taxation, temporary differences associated with construction contracts and tax losses carry-forward will be reduced.
See note 21 for more information about tax", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-410": { "value": "
Financial Reporting Principles
Assets are normally depreciated on a straight-line basis over their expected economic lives as
follows:
\u25fc Machinery and equipment: 3-15 years
\u25fc Buildings: 4-30 years
\u25fc Land: No depreciation
Impairment triggers are assessed quarterly and impairment testing is performed when triggers have
been identified.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-411": { "value": "Intangible Assets and Goodwill
Intangible assets mainly relate to capitalized technology development in addition to goodwill. The
technology development programs are closely monitored to secure the desired technological
achievements in time and at acceptable cost levels. Technology development programs that meet
certain criteria are capitalized and amortized over the expected useful lives.
Financial Reporting Principles
Capitalized Development
The technology development at Aker Solutions is graded according to a Technology Readiness
Level (TRL) consisting of eight phases. Research and development costs are expensed as incurred
until a program has completed the concept phase. Development cost is only capitalized if the
product or process is technically and commercially feasible and the business case shows a positive
net present value. Capitalized development mainly includes internal labor costs in addition to
materials for the development program. Any third-party funding is presented as a reduction of the
capitalized amount. The capitalized development is normally amortized over five years on a
straight-line basis, but certain programs with a clear differentiating offering and a longer economic
benefit may be amortized up to seven years. For development projects in progress, a full
impairment test is performed annually or when impairment indicators are identified. Assets are
written down to recoverable amount if lower than book value.
Goodwill
Goodwill represents the consideration paid in excess of identifiable assets and liabilities in business
combinations. Goodwill has an indefinite useful life and is tested for impairment annually, or when
impairment indicators are identified.
Other
Other intangible assets include IT systems and technology development acquired through business
combinations.
Judgments and Estimates
The decision to capitalize a development program involves management judgment. There are strict
internal rules defining what qualifies for capitalization, and the documentation of the assessment is
monitored centrally. Management makes assessment of future market opportunities, ability to
successfully achieve the desired technological solution and the time and cost it takes to develop it.
These factors may change over time.
Judgment is involved when determining the amortization period and when assessing impairment or
reversal of impairment. Impairment indicators are assessed for individual development projects,
other intangible assets, and for cash generating units including goodwill. Impairment testing is
performed when impairment indicators have been identified. In addition, goodwill and capitalized
development programs that have not been completed are subject to an annual impairment test. The
impairment testing involves judgmental assumptions about future market development, cash flows,
determination of weighted average cost of capital (WACC), growth rate, and other assumptions that
may change over time.
Note 11 continues on next page
Note 11 Intangible Assets and Goodwill cont.
Intangible Assets
Amounts in NOK million
Capitalized
development
Goodwill
Other
Total
Historical cost
Balance as of December 31, 2021
3,382
5,385
292
9,058
Additions from internal development1,2,3
124
0
1
125
Acquisition of subsidiaries
26
196
85
307
Disposal of subsidiaries and assets
-15
0
0
-15
Currency translation differences
82
17
6
106
Balance as of December 31, 2022
3,599
5,598
384
9,581
Additions from internal development1,2,3
361
0
6
367
Acquisition of subsidiaries
0
13
0
13
Reclassification between categories
7
0
-7
0
Disposal of subsea operations
-2,981
-1,842
-2
-4,825
Disposal of assets
-4
0
-1
-4
Currency translation differences
145
14
16
174
Balance as of December 31, 2023
1,127
3,783
396
5,306
1) Development cost funded by third-party totaled NOK 37 million in 2023 (NOK 55 million in 2022), of which nil related to the
disposed subsea business.
2) Includes NOK 5 million of unpaid capital expenditure in 2023 (NOK 12 million in 2022).
3) Includes NOK 47 million in capital expenditure in 2023 (NOK 72 million in 2022) related to discontinued operations.
4) Includes NOK 109 million in amortization in 2023 (NOK 180 million in 2022) related to discontinued operations.
5) Includes NOK 14 million in impairment in 2023 (nil in 2022) related to discontinued operations.
Amounts in NOK million
Capitalized
development
Goodwill
Other
Total
Accumulated depreciation and impairment
Balance as of December 31, 2021
-2,512
-546
-276
-3,334
Amortization for the year4
-213
0
-11
-224
Impairment5
-6
0
0
-6
Disposal of subsidiaries and assets
15
0
0
15
Currency translation differences
-62
-15
-6
-83
Balance as of December 31, 2022
-2,778
-560
-293
-3,631
Amortization for the year4
-180
0
-15
-195
Impairment5
-19
0
0
-19
Reclassifications between categories
-1
0
1
0
Disposal of subsea operations
2,352
-110
2
2,245
Disposal of assets
3
0
1
3
Currency translation differences
-118
-13
-16
-146
Balance as of December 31, 2023
-741
-683
-319
-1,744
Book value as of December 31, 2022
820
5,037
91
5,949
Book value as of December 31, 2023
386
3,100
77
3,563
Research and Development Expenses
The research and development expense was NOK 59 million in 2023 compared to NOK 21 million in
2022. In addition, NOK 28 million related to the disposed subsea business (NOK 39 million in
2022), which is included within discontinued operations.
See note 12 for more information about impairment testing
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-412": { "value": "
Financial Reporting Principles
Capitalized Development
The technology development at Aker Solutions is graded according to a Technology Readiness
Level (TRL) consisting of eight phases. Research and development costs are expensed as incurred
until a program has completed the concept phase. Development cost is only capitalized if the
product or process is technically and commercially feasible and the business case shows a positive
net present value. Capitalized development mainly includes internal labor costs in addition to
materials for the development program. Any third-party funding is presented as a reduction of the
capitalized amount. The capitalized development is normally amortized over five years on a
straight-line basis, but certain programs with a clear differentiating offering and a longer economic
benefit may be amortized up to seven years. For development projects in progress, a full
impairment test is performed annually or when impairment indicators are identified. Assets are
written down to recoverable amount if lower than book value.
Other
Other intangible assets include IT systems and technology development acquired through business
combinations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-413": { "value": "
Goodwill
Goodwill represents the consideration paid in excess of identifiable assets and liabilities in business
combinations. Goodwill has an indefinite useful life and is tested for impairment annually, or when
impairment indicators are identified.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-414": { "value": "Impairment of Assets
The future outlook continues to be positive for Aker Solutions. High activity is expected over the
coming years particularly due to the ongoing projects for Aker BP. Aker Solutions has a solid order
backlog and continued high tendering- and FEED activity. The company had net impairments of
NOK 354 million in 2023, of which NOK 294 million related to discontinued operations.
Impairment Testing Method
Individual Assets
Each property, plant, equipment and right-of-use asset is assessed for impairment triggers every
quarter to identify assets that are damaged, no longer in use or will be disposed. Capitalized
development is assessed for impairment triggers every quarter to identify development programs
where the technological development or commercial outlook for that specific technology no longer
justify the book value. Capitalized development programs that have not been completed are subject
to annual impairment testing. The impairment testing of capitalized development includes an
update of the future expected cash flows, assessing status on technical achievements and
reviewing cost incurred compared to budget in order to identify if any of the capitalized cost should
be expensed. The assets are written down to recoverable amount, if lower than book value.
Reversal of impairment is assessed quarterly for assets previously impaired.
Assets in a Cash Generating Unit (CGU)
Impairment indicators are assessed quarterly for all assets (including right-of-use assets) that are
part of a cash generating unit (CGU). A CGU represents the lowest level of independent revenue
generated by the assets. This is usually the lowest level where a separate external market exists for
the output from the CGU. Impairment indicators are reviewed for all assets with assessment of
market conditions, technological development, change in order backlog, change in discount rate
and other elements that may impact the value of the assets in the CGU. Assets are usually tested
using the value-in-use approach determined by discounting expected future cash flows. Various
sensitivity analysis for change in future cash flows, growth rate and WACC is performed for CGUs
with limited headroom in the impairment testing. Impairment losses are recognized for assets in
CGUs where the recoverable amount is lower than book value.
Goodwill
The groups of CGUs that include goodwill are tested for impairment annually or when impairment
triggers have been identified. The company does not have other assets than goodwill with indefinite
useful lives.
Judgments and Estimates
The impairment testing of assets is by nature highly judgmental as it includes estimates such as
future market development, cash flows, determination of CGUs and WACC, growth rate used for
calculation of terminal value and other assumptions that may change over time. In particular, future
cash flows are uncertain as they are impacted by market developments beyond Aker Solutions'
control. The oil price impacts for example the investment levels in CapEx and maintenance projects
by the oil companies. Carbon taxation impacts the investment levels of carbon capture and offshore wind
investments. These external factors in turn impact the markets in which Aker Solutions operates.
Climate related matters
The energy transition may curtail the expected useful lives of oil and gas related assets thereby
accelerating depreciation charges. The group\u2019s assets related to oil and gas are likely to be fully
depreciated within the next 10-15 years and projects related to oil and gas will be a part of Aker
Solutions\u2019 business activities over this period. Aker Solutions will be engaged in traditional oil and
gas projects and will also be engaged in projects relating to decarbonization solutions and services
for existing platforms. Therefore, Aker Solutions does not expect any changes to the useful lives of
our property, plant, and equipment. Assessment of effect on useful lives is not considered to be a
significant accounting judgment or estimate. Aker Solutions note that assessment of useful lives of
future capital expenditure may be different, and local climate changes in the future may affect
useful lives of certain assets.
Under all three climate scenarios (described in note 33) the group expects an increase in the
frequency and intensity of extreme weather events. This is not expected to lead to any effects on
useful economic life of property, plant and equipment per 2023.
Note 12 continues on next page
Note 12 Impairment of Assets cont.
The expected future cash flows used in impairment testing are affected by climate changes as the
projects Aker Solutions will be engaged in will change going forward. Aker Solutions has a revenue
ambition of 2/3 within renewables and transitional solutions in 2030. As the cash flows used in the
impairment testing are based on current backlog together with identified prospects, the ambitions
for transforming Aker Solutions towards 2/3 of revenue to be within renewables and transitional
solutions have been included in the impairment testing.
Cash Flow Assumptions
When estimating future cash flows, five years of cash flows for the period 2024 to 2028 have been
used as basis. The forecasted cash flows are based on firm orders in the backlog and identified
prospects in addition to expected service revenue. ROU lease assets are included in the impairment
test. Management has defined the growth rate, post-tax discount rate and estimated future cash
flows as the most sensitive assessment in the value-in-use calculation. The forecasted cash flows
used in the impairment tests reflect organic growth only. Other parameters in the assessment are
the predicted long-term oil price per barrel, mix of projects and services, level of operating
expenses and capital expenditure for maintenance of the asset portfolio.
Discount and Growth Rate
The WACC used in the impairment testing of goodwill is shown below.
2023
2022
Post-tax
WACC
Pre-tax
WACC
Post-tax
WACC
Pre-tax
WACC
New Build yards
10.8%
15.3%
10.5%
13.6%
New Energies
10.9%
13.2%
n.a.
n.a.
Life Cycle
11.7%
14.6%
10.7%
13.2%
Benestad
10.8%
13.1%
10.8%
13.9%
Hydropower
11.1%
13.1%
9.7%
11.3%
Engineering
n.a.
n.a.
10.6%
13.0%
Subsea
n.a.
n.a.
10.8%
13.9%
Estimated future cash flows are discounted to their present value using the weighted average cost
of capital (WACC), which is a post-tax discount rate. The WACC is based on a risk-free interest
rate, a risk premium and average beta values of peers within each market. A separate WACC has
been calculated for each of the CGUs taken into consideration country specific risk premiums and
long-term risk free interest rates. A growth rate has been applied to calculate terminal value after
the five-year period.
Impairment Testing of Individual Assets and CGUs
The table below summarizes the impairments recognized per group of assets and per segment.
Renewables &
Field
Development
Life Cycle
Other
Continuing
operations
Amounts in NOK million
2023
2022
2023
2022
2023
2022
2023
2022
Impairment of intangible assets
0
3
0
0
5
3
5
6
Impairment of property, plant and equipment
0
0
0
0
0
3
0
3
Impairment of right-of-use assets
0
0
0
0
55
-39
55
-39
Total impairment
0
3
0
0
60
-34
60
-30
The company had impairments of NOK 60 million for its continuing operations in 2023. Impairments
in the year related to right-of-use assets with empty areas available for sub-lease and intangible
assets where the technology or commercial outlook no longer justified the value. Total net
impairments for discontinued operations amounted to NOK 294 (2022: NOK 8 million). In 2022, the
group reversed previous impairments of right-of-use assets due to more utilization of leased assets
and favorable developments with sub-leases.
Note 12 continues on next page
Note 12 Impairment of Assets cont.
Impairment Testing of Goodwill
The groups of CGUs identified when testing goodwill represent the level where synergies are
expected and goodwill is monitored. ROU lease assets are included in the impairment testing.
The book value of goodwill for the groups of CGUs that include goodwill is shown below. In 2023,
Aker Solutions sold its subsea business and derecognized associated goodwill. Aker Solutions
subsidiary Benestad AS was part of and tested together with Subsea in 2022, but remains with
Aker Solutions. Following a minor reorganization, effective April 1, 2023, previous segment
Engineering was merged into New Build and New Energies and goodwill was reallocated to these
CGUs based on estimated value of engineers. The Rainpower CGU has changed name to
Hydropower.
Amounts in NOK million
2023
2022
New Build yards (Renewables and Field Development)
1,302
720
New Energies (Renewables and Field Development)
226
0
Life Cycle (Life Cycle)
1,302
1,300
Benestad (Other)
188
188
Hydropower (Other)
82
82
Engineering (Renewables and Field Development)
0
795
Subsea (Subsea)
0
1,952
Total goodwill as of December 31
3,100
5,037
Assumptions
A post-tax value-in-use method was used, with pre-tax rates calculated using an iterative method
for illustration purposes only. The forecasted cash flows are based on firm orders and an expected
share of new contracts. When determining the terminal value, a growth rate of 1.5 percent has been
used for the CGUs. The annual impairment testing of goodwill did not result in any impairment
losses.
Sensitivities
The impairment testing is affected by changes in demand for Aker Solutions\u2019 products and services.
External factors such as long-term oil prices and governments\u2019 policies regarding renewable energy
sources and decarbonization impact customers\u2019 investment decisions. The testing is also affected
by changes in WACC, growth rates, product mix, cost levels and the ability of Aker Solutions to
secure projects as forecasted in the cash flow. Multiple sensitivity tests have been run on the key
assumptions in the value-in-use calculation to evaluate possible adverse changes. This includes
changing the discount rate and growth rate in addition to reducing the expected cash flows in the
future.
Aker Solutions acknowledge that our business will be affected by climate risks. The growth rate
embedded in impairment testing is lower than the inflation that is assumed in the WACC calculation,
leading to a negative real growth rate. This is embedded in the numbers to reflect that the oil and
gas activities are not assumed to have infinite lives. When material climate risk effects on
operations are identified, impairment assessments will be reassessed. Climate risks are assessed
and reported in note 33 and in Aker Solutions\u2019 TCFD report.
The recoverable amounts exceed book value for all scenarios and for all the CGUs in the goodwill
impairment testing both in 2023 and 2022.
See note 10 for more information about property, plant and equipment
See note 11 for more information about intangible assets
See note 19 for more information about right-of-use lease assets
See note 33 for more information about climate scenarios and climate-related risk
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-415": { "value": "
Impairment Testing Method
Individual Assets
Each property, plant, equipment and right-of-use asset is assessed for impairment triggers every
quarter to identify assets that are damaged, no longer in use or will be disposed. Capitalized
development is assessed for impairment triggers every quarter to identify development programs
where the technological development or commercial outlook for that specific technology no longer
justify the book value. Capitalized development programs that have not been completed are subject
to annual impairment testing. The impairment testing of capitalized development includes an
update of the future expected cash flows, assessing status on technical achievements and
reviewing cost incurred compared to budget in order to identify if any of the capitalized cost should
be expensed. The assets are written down to recoverable amount, if lower than book value.
Reversal of impairment is assessed quarterly for assets previously impaired.
Assets in a Cash Generating Unit (CGU)
Impairment indicators are assessed quarterly for all assets (including right-of-use assets) that are
part of a cash generating unit (CGU). A CGU represents the lowest level of independent revenue
generated by the assets. This is usually the lowest level where a separate external market exists for
the output from the CGU. Impairment indicators are reviewed for all assets with assessment of
market conditions, technological development, change in order backlog, change in discount rate
and other elements that may impact the value of the assets in the CGU. Assets are usually tested
using the value-in-use approach determined by discounting expected future cash flows. Various
sensitivity analysis for change in future cash flows, growth rate and WACC is performed for CGUs
with limited headroom in the impairment testing. Impairment losses are recognized for assets in
CGUs where the recoverable amount is lower than book value.
Goodwill
The groups of CGUs that include goodwill are tested for impairment annually or when impairment
triggers have been identified. The company does not have other assets than goodwill with indefinite
useful lives.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-416": { "value": "Inventories
Judgments and Estimates
The assessment of obsolete and slow-moving inventory in order to determine inventory write-downs
is subject to management judgment. The selling price in the market has to be estimated, and there
is a risk that the actual selling price may turn out to be different than the amount estimated by
management.
Inventories
Amounts in NOK million
2023
2022
Raw materials and semi-finished goods
42
274
Finished goods
2
1
Total
44
275
Total inventories at cost
46
384
Inventory write-downs to net realizable value
-2
-109
Total\u00a0
44
275
Inventory (Net) - Opening balance
275
293
Purchase of inventory
1,757
983
Recognized as expenses
-1,683
-1,041
Write down
-19
-14
Reversal of write down
12
19
Disposal of subsea operations
-320
0
Currency translation differences
22
35
Total\u00a0
44
275
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-417": { "value": "Trade and Other Receivables
Judgments and Estimates
Judgment is involved when determining the impairment losses on receivables and customer
contract assets. The impairment is based on individual assessments of each customer and default
risk in the industry and the country in which the customer operates in line with the expected credit
loss method (ECL). The customers of Aker Solutions are mainly large, international energy
companies with low credit risk.
Trade and Other Receivables
Amounts in NOK million
2023
2022
Trade receivables
4,775
5,842
Trade receivables, related parties
608
84
Less bad debt provision
-116
-69
Trade receivables, net
5,268
5,857
Customer contract assets
2,113
4,283
Other receivables
204
135
Customer contract assets and other receivables
2,317
4,419
Bad Debt Provision
Amounts in NOK million
2023
2022
Balance as of January 1
-69
-44
Provisions made during the year
-61
-40
Provisions reversed during the year
4
10
Provisions used during the year
5
8
Disposal of subsea operations
10
0
Currency translation differences
-4
-2
Balance as of December 31
-116
-69
Aging of Trade Receivables
Amounts in NOK million
2023
2022
Not due
4,584
4,857
Past due 0-30 days
589
832
Past due 31-90 days
74
60
Past due 91 days to one year
115
120
Past due more than one year
21
57
Total
5,383
5,926
The wars in Ukraine and Gaza have generally increased the global credit risk. In Aker Solutions, the credit risk
has not changed significantly, as the majority of customers are large, international energy companies.
See note 3 for more information about customer contract assets and trade receivables
See note 23 for more information about credit risk and the ECL method
See note 26 for more information about financial assets and liabilities
See note 31 for more information about receivables to related parties
Interest-bearing current receivables
Amounts in NOK million
2023
2022
Vendor note OneSubsea
912
0
Receivable Subsea7
1,592
0
Working capital funding of OneSubsea
370
0
Lease receivable
148
136
Other interest-bearing receivables
81
10
Total current interest-bearing receivables
3,103
146
Vendor note and receivable from Subsea7
The vendor note and receivable from Subsea7 are hedged with both a call and a put option. A gain
of NOK 85 million was recognized in 2023 as part of net foreign exchange gain (loss).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-418": { "value": "Financial Investments and Interest-bearing
Receivables
Financial investments
Amounts in NOK million
2023
2022
Liquid funds
3,030
0
Shares in SLB
2,684
0
Total
5,714
0
Liquid funds
Aker Solutions\u2019 Investment Strategy allows investments in liquid money market funds with low risk
and interest period below 6 months and credit duration below 2 years. The rationale is to diversify
the risk among debtors and enhance the return from surplus cash, compared to the interest rate in
the cash pool.
December 31, 2023 Aker Solutions had invested NOK 3,000 million in three different funds. The
funds invest in short-term interest-bearing securities in NOK, i.e., certificates and bonds issued by
companies with investment grade rating and the public sector. The money market funds cannot
invest in securities with fixed interest rates longer than one year. The credit risk is deemed to range
from low to very low, depending on the investment strategy of the fund.
Shares in SLB
As part of the consideration from the sale of the subsea business, Aker Solutions received USD
306.5 million from SLB in the form of 5,076,706 shares in SLB. The shares is subject to a lock-up-
period of 180 days from closing at October 2, 2023.
The shares are measured at fair value through profit and loss. The investment is exposed to
currency risk and share price risk. Part of the currency exposure is secured by a USD 225 million
put option at strike 10,00 with maturity April 2024. A loss of NOK 126 million for the put option was
recognized in 2023 (gain of NOK 14 million in 2022) as part of net foreign exchange gain (loss).
Interest-bearing current receivables
Amounts in NOK million
2023
2022
Vendor note OneSubsea
912
0
Receivable Subsea7
1,592
0
Working capital funding of OneSubsea
370
0
Lease receivable
148
136
Other interest-bearing receivables
81
10
Total current interest-bearing receivables
3,103
146
Vendor note and receivable from Subsea7
The vendor note and receivable from Subsea7 are hedged with both a call and a put option. A gain
of NOK 85 million was recognized in 2023 as part of net foreign exchange gain (loss).
See note 23 for more information about financial risk management and exposures
See note 26 for more information about financial assets and liabilities
See note 30 for more information about the subsea transaction
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-419": { "value": "
Amounts in NOK million
2023
2022
Cash pool
3,979
4,666
Interest-bearing deposits
2,018
1,499
Non interest-bearing deposits and other
5
4
Total
6,003
6,170
Available Liquidity
Additional undrawn committed non-current bank revolving credit facilities amounted to NOK 3.0
billion, compared to NOK 5.0 billion in the prior period. Together with cash and cash equivalents,
this gives a total liquidity buffer of NOK 9.0 billion, compared to NOK 11.2 billion in prior year. In
addition to the liquidity buffer, Aker Solutions has invested NOK 3.0 billion in liquid interest funds
that are not defined as cash and cash equivalents.
See note 15 for more information about liquid interest funds
See note 18 for more information about borrowings
See note 23 for more information about cash restrictions and the cash pool arrangement
See note 24 for more information about capital management
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-420": { "value": "Equity
Share Capital
Aker Solutions ASA was founded May 23, 2014, and the share capital was NOK 531,540,456
divided into 492,167,089 shares, each having a nominal value of NOK 1.08 as of December 31,
2023. All issued shares are fully paid. Aker Solutions ASA has one class of shares, ordinary shares,
with equal rights for all shares. The holders of ordinary shares are entitled to receive dividends and
are entitled to one vote per share at general meetings.
Treasury Shares
The group purchases its own shares to meet obligations under employee share purchase programs
and variable pay programs for management. Treasury shares are not included in the weighted
average number of ordinary shares. Earnings per share have been calculated based on an average
of 488,829,434 shares outstanding December 31, 2023. Consideration for treasury shares sold in
2023 was NOK 56 million.
Amounts in NOK million
Number of shares
Treasury shares as of December 31, 2022
3,838,897
Sale
-1,369,962
Treasury shares as of December 31, 2023
2,468,935
Hedging Reserve
The hedge reserve mainly relates to effects of currency cash flow hedges that are not yet
recognized in the income statement. The hedging effects are recognized in the income statement
according to the progress of the underlying customer contract.
Translation Reserve
The currency translation reserve includes foreign exchange differences arising from the translation
of the subsidiaries into the presentation currency of the consolidated financial statements.
Fair Value Reserve
The fair value reserve includes fair value adjustments of equity securities at fair value through other
comprehensive income (FVOCI).
See note 2 for more information about currency translation of subsidiaries
See note 25 for more information about hedging
See note 28 for more information about equity securities in the fair value reserve
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-421": { "value": "
Treasury Shares
The group purchases its own shares to meet obligations under employee share purchase programs
and variable pay programs for management. Treasury shares are not included in the weighted
average number of ordinary shares. Earnings per share have been calculated based on an average
of 488,829,434 shares outstanding December 31, 2023. Consideration for treasury shares sold in
2023 was NOK 56 million.
Amounts in NOK million
Number of shares
Treasury shares as of December 31, 2022
3,838,897
Sale
-1,369,962
Treasury shares as of December 31, 2023
2,468,935
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-422": { "value": "
Hedging Reserve
The hedge reserve mainly relates to effects of currency cash flow hedges that are not yet
recognized in the income statement. The hedging effects are recognized in the income statement
according to the progress of the underlying customer contract.
Translation Reserve
The currency translation reserve includes foreign exchange differences arising from the translation
of the subsidiaries into the presentation currency of the consolidated financial statements.
Fair Value Reserve
The fair value reserve includes fair value adjustments of equity securities at fair value through other
comprehensive income (FVOCI).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-423": { "value": "Borrowings
Revolving Credit Facility
The revolving credit facility agreement of NOK 5,000 million with maturity in March 2023 was
refinanced in January 2023 and replaced with a five year NOK 3,000 million revolving credit
facility, maturing January 30, 2028. The facility is provided by a syndicate of high-quality
international banks. The revolving credit facility was undrawn as of December 31, 2023. The terms
and conditions include restrictions which are customary for these kind of facilities, including inter
alia negative pledge provisions, financial covenants and restrictions related to acquisitions,
disposals and mergers. There are also certain provisions of change of control included in the
agreement. There are no restrictions for dividend payments and the facility is unsecured. Interest
terms for the revolving credit facility is 3 month NIBOR plus a fixed margin of 1.5 percent. The
margin applicable to the facility is determined by leverage ratio. Utilization fee applies based on
utilized portion of credit facility. Commitment fee is 35 percent of the margin.
Norwegian Bonds
The group had one bond loan with maturity June 2024 amounting to NOK 1 billion listed on the Oslo
Stock Exchange. On February 14, 2023 Aker Solutions offered to buy back all outstanding bonds of
the NOK 1 billion senior unsecured floating rate bonds due June 2024 at a price of 102. Tenders of
NOK 477 million was accepted and repurchased on February 22, 2023. The remaining outstanding
bonds were purchased by exercising a call option for Voluntary early redemption on December 4,
2023, six months prior to original maturity date. The bond loan and the listing of the loan on Oslo
Stock Exchange has been cancelled.
Note 18 continues on next page
Note 18 Borrowings cont.
Bonds and Borrowings
During 2023 Aker Solutions repaid all drawn debt from external lenders.
2022
Amounts in NOK million
Currency
Nominal
currency value
Carrying amount
Reference
interest rate
Fixed interest
margin
Interest coupon
Maturity date
(mm/dd/yy)
Interest terms
ISIN NO 0010853286
NOK
914
915
3.5%
3.0%
6.5%
06/03/24
Floating, 3M+fix margin
Total bonds
915
Revolving credit facility (NOK 5,000 million)
NOK
0
0
3.0%
1.1%
4.1%
03/19/23
NIBOR+margin
Facilities, Hydropower
NOK
106
106
1.3-3.3%
2.6-2.9%
3.9-6.2%
03/26/26
Base rates+margins
Other borrowings
2
Total borrowings
1,023
Current borrowings
60
Non-current borrowings
962
Total borrowings
1,023
Maturity of Bonds and Borrowings
2022
Amounts in NOK million
Carrying amount
Total cash flow1
6 months and less
6-12 months
1-2 years
2-5 years
ISIN NO 0010853286
915
1,004
30
30
944
0
Total bonds
915
1,004
30
30
944
0
Revolving credit facility (NOK 5,000 million)2
0
0
0
0
0
0
Facilities, Hydropower
106
121
3
56
4
58
Other borrowings
2
2
2
0
0
0
Total other borrowings
108
123
5
56
4
58
Total borrowings
1,023
1,127
35
86
948
58
1) The interest costs are calculated using either the last fixing rate known by year end (plus applicable margin) or the contractual fixed rate (when fixed rate debt).
2) The cash flow is based on the assumption that the nominal drawn amount will remain constant until the maturity of the revolving credit facility.
Note 18 continues on next page
Note 18 Borrowings cont.
Movement of Liabilities
2023
2022
Amounts in NOK million
Bonds
Credit
facilities
Other
borrowings
Total
Bonds
Credit
facilities
Other
borrowings
Total
Balance as of January 1
915
106
2
1,023
2,335
-6
31
2,360
Proceeds from loans and borrowings
0
0
0
0
0
6
0
6
Repayment of borrowings
-914
-53
0
-967
-1,416
0
-34
-1,450
Total changes from financial cash flows
-914
-53
0
-967
-1,416
6
-34
-1,444
Accrued interest
-4
0
0
-4
-9
0
0
-9
Amortization of borrowing cost
3
0
0
3
5
6
0
11
Acquisition of subsidiaries
0
0
0
0
0
100
0
100
Loan settlement1
0
-53
0
-53
0
0
0
0
Reclassification2
0
0
-2
-2
0
0
0
0
Currency translation differences
0
0
0
0
0
0
5
5
Balance as of December 31
0
0
0
0
915
106
2
1,023
1)Loan settlement relates to financial restructuring of Aker Solutions Hydropower AS.
2)Received non-interest bearing rent deposit has been reclassified to other payables.
Mortgages
The company has no mortgage liabilities at year-end 2023 (NOK 76 million in 2022).
See note 19 for more information about lease liabilities
See note 24 for more information about capital management
See note 25 for more information about interest rate derivatives
See note 26 for more information about financial assets and liabilities
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-425": { "value": "
The company leases a number of office buildings, manufacturing and service sites in addition to
some machines and vehicles. Contracts that contain a lease are recognized on the balance sheet as
a right-of-use asset and lease liability unless the lease is short-term or low-value. Vacated leased
property made available for sublease and property with operational subleases are classified as
investment property.
Financial Reporting Principles
The lease liability represents the net present value of the lease payments to be made over the
remaining lease period. The discount rate is calculated for each lease based on a model that
includes swap-rates, credit risk and country risk. The right-of-use asset is depreciated over the
lease term and is subject to impairment testing. Several property leases contain extension options
or cancellation clauses. The non-cancellable lease period is basis for the lease commitment.
Periods covered by extension or termination options are included when it is reasonably certain that
the lease period will be extended. When management has decided to extend the lease period is
typically an event that would trigger an updated assessment of the reasonably certain criteria.
When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use
asset is reclassified as investment property and assessed for impairment. The investment property
is measured using the cost model, meaning that the book value and depreciation of the lease term
from the ROU asset is the basis for measuring the investment property. When testing the
investment property for impairment, the expected future sublease income is discounted to present
value and compared to the value of the investment property. The cost model together with
impairment assessments is also an estimate of fair value of the right-of-use asset classified as
investment property.
The company has a number of subleases. Income from operational subleases on investment
property is recognized as other income. Subleases covering the major part of the lease term in the
head-lease are classified as financial subleases. The portion of the right-of-use asset or investment
property subject to financial sublease is derecognized and a sublease receivable is recognized in
the balance sheet when the sublease commences.
Judgments and Estimates
Judgment is involved when determining impairment of the investment property. Impairment is
assessed for separable parts of leased buildings that have been or will be vacated in the near
future. The impairment is sensitive to changes in estimated future expected sublease income and
sublease period. Further, judgment is involved when determining whether sublease contracts are
financial or operational, as well as when determining lease term for contracts that have extension or
termination options. Determination of the discount rate also involves judgment.
Note 19 continues on next page
Note 19 Leases and Investment Property cont.
Right-of-Use (ROU) Assets
The movement in the right-of-use assets is summarized below.
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Historical cost
Balance at January 1, 2022
4,135
1,229
44
5,408
Additions and remeasurement
298
14
18
330
Acquisition of subsidiaries
67
0
1
68
De-recognition through financial sublease
-1
0
0
-1
Disposals through early exit of lease contract
-56
0
-5
-61
Transfer between categories
-7
7
0
0
Currency translation differences
45
2
1
48
Balance as of December 31, 2022
4,481
1,252
59
5,792
Additions and remeasurement
571
0
18
589
De-recognition through financial sublease
-63
0
0
-63
Disposals through early exit of lease contract
-37
-86
0
-124
Disposals of subsea operations
-1,301
0
-22
-1,322
Transfer between categories
91
-91
0
0
Currency translation differences
95
84
1
181
Balance as of December 31, 2023
3,836
1,159
57
5,052
Accumulated depreciation and impairment
Balance at January 1, 2022
-2,005
-571
-28
-2,604
Depreciation expense1
-363
-59
-7
-430
Impairments2
-15
-42
0
-56
Reversal of impairments this period3
87
4
0
90
De-recognition through financial sublease
-54
0
0
-54
Depreciation and impairment on disposal of ROU, acc.
5
0
5
10
Currency translation difference
-23
-1
-1
-25
Balance as of December 31, 2022
-2,368
-670
-31
-3,069
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Depreciation expense1
-379
-60
-9
-447
Impairments2
-167
-36
0
-203
Reversal of impairments this period3
16
0
0
16
De-recognition through financial sublease
0
0
0
0
Depreciation and impairment on disposal of ROU, acc.
18
34
0
51
Depreciation and impairment on disposal of subsea
operations
603
0
19
622
Currency translation difference
-63
-47
-1
-111
Balance as of December 31, 2023
-2,339
-779
-22
-3,141
Book value as of December 31, 2022
2,113
582
28
2,723
Book value as of December 31, 2023
1,497
379
35
1,911
1)Depreciation expense includes discontinued operations with NOK 75 million for 2023 and NOK 126 million for 2022.
2)Impairments include discontinued operations with NOK 135 million for 2023 and NOK 5 million for 2022.
3)Reversal of impairments include discontinued operations with NOK 3 million for 2023 and zero for 2022.
Note 19 continues on next page
Note 19 Leases and Investment Property cont.
Lease liabilities and Lease Receivables
The movement in lease liabilities and lease receivables related to subleases are shown in the table
below.
Lease liabilities
Lease receivable
(sublease)
Amounts in NOK million
2023
2022
2023
2022
Movement of lease liabilities and receivables
Balance as of January 1
4,413
4,748
697
767
Additions and remeasurement
566
337
61
62
Acquisition of subsidiaries
0
68
0
0
De-recognition
-50
-77
0
-25
Disposal of subsea operations
-791
0
-14
0
Interest expense/sublease interest income
181
195
28
29
Lease payments/sublease payments
-956
-889
-146
-139
Currency translation differences
176
31
50
4
Balance as of December 31
3,540
4,413
677
697
Of which current
619
734
148
136
Of which non-current
2,921
3,679
529
561
Balance as of December 31
3,540
4,413
677
697
The weighted-average discount rate applied to calculate lease liability was 4.7 percent in 2023 (4.3
percent in 2022).
The maturity of lease payments and sublease income per December 31 are presented below:
Lease Payments
Financial sublease
income
Operational
sublease income
Amounts in NOK million
2023
2022
2023
2022
2023
2022
Maturity within 1 year
765
905
173
154
33
14
Maturity 1-5 years
2,101
2,448
397
397
71
109
Maturity 5-10 years
1,069
1,394
165
238
26
24
Maturity later than 10 years
200
460
34
64
0
0
Total
4,135
5,207
769
852
130
146
Discounting effect
-595
-794
-92
-155
n/a
n/a
Lease liabilities and lease receivable
3,540
4,413
677
697
n/a
n/a
Amounts Recognized in the Income Statement
The following amounts are recognized in the income statement related to leasing:
Amounts in NOK million
2023
2022
Income from operational subleases presented as other income
155
159
Expenses relating to short-term leases presented as operating costs
-552
-631
Expenses relating to low-value leases presented as operating costs
-6
-18
Depreciation of ROU assets
-371
-304
Net impairments of ROU assets
-55
39
Interest on lease receivables presented as financial income
28
27
Interest on lease liabilities presented as financial expense
-155
-159
Gain/(loss) on termination of lease agreements
-2
0
Expense relating to variable lease payments not included in lease liabilities
-4
-3
Total effect on profit/(loss) before tax
-963
-890
Short-term leases include storage and accommodation for expats and workers in addition to rental
of tools, machinery, cranes, containers and other equipment used in production.
See note 6 for more information about operating expenses for land and buildings
See note 12 for more information about impairment testing of right-of-use assets
See note 31 for more information about leasing contracts with related parties
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-424": { "value": "
The company leases a number of office buildings, manufacturing and service sites in addition to
some machines and vehicles. Contracts that contain a lease are recognized on the balance sheet as
a right-of-use asset and lease liability unless the lease is short-term or low-value. Vacated leased
property made available for sublease and property with operational subleases are classified as
investment property.
Financial Reporting Principles
The lease liability represents the net present value of the lease payments to be made over the
remaining lease period. The discount rate is calculated for each lease based on a model that
includes swap-rates, credit risk and country risk. The right-of-use asset is depreciated over the
lease term and is subject to impairment testing. Several property leases contain extension options
or cancellation clauses. The non-cancellable lease period is basis for the lease commitment.
Periods covered by extension or termination options are included when it is reasonably certain that
the lease period will be extended. When management has decided to extend the lease period is
typically an event that would trigger an updated assessment of the reasonably certain criteria.
When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use
asset is reclassified as investment property and assessed for impairment. The investment property
is measured using the cost model, meaning that the book value and depreciation of the lease term
from the ROU asset is the basis for measuring the investment property. When testing the
investment property for impairment, the expected future sublease income is discounted to present
value and compared to the value of the investment property. The cost model together with
impairment assessments is also an estimate of fair value of the right-of-use asset classified as
investment property.
The company has a number of subleases. Income from operational subleases on investment
property is recognized as other income. Subleases covering the major part of the lease term in the
head-lease are classified as financial subleases. The portion of the right-of-use asset or investment
property subject to financial sublease is derecognized and a sublease receivable is recognized in
the balance sheet when the sublease commences.
Judgments and Estimates
Judgment is involved when determining impairment of the investment property. Impairment is
assessed for separable parts of leased buildings that have been or will be vacated in the near
future. The impairment is sensitive to changes in estimated future expected sublease income and
sublease period. Further, judgment is involved when determining whether sublease contracts are
financial or operational, as well as when determining lease term for contracts that have extension or
termination options. Determination of the discount rate also involves judgment.
Note 19 continues on next page
Note 19 Leases and Investment Property cont.
Right-of-Use (ROU) Assets
The movement in the right-of-use assets is summarized below.
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Historical cost
Balance at January 1, 2022
4,135
1,229
44
5,408
Additions and remeasurement
298
14
18
330
Acquisition of subsidiaries
67
0
1
68
De-recognition through financial sublease
-1
0
0
-1
Disposals through early exit of lease contract
-56
0
-5
-61
Transfer between categories
-7
7
0
0
Currency translation differences
45
2
1
48
Balance as of December 31, 2022
4,481
1,252
59
5,792
Additions and remeasurement
571
0
18
589
De-recognition through financial sublease
-63
0
0
-63
Disposals through early exit of lease contract
-37
-86
0
-124
Disposals of subsea operations
-1,301
0
-22
-1,322
Transfer between categories
91
-91
0
0
Currency translation differences
95
84
1
181
Balance as of December 31, 2023
3,836
1,159
57
5,052
Accumulated depreciation and impairment
Balance at January 1, 2022
-2,005
-571
-28
-2,604
Depreciation expense1
-363
-59
-7
-430
Impairments2
-15
-42
0
-56
Reversal of impairments this period3
87
4
0
90
De-recognition through financial sublease
-54
0
0
-54
Depreciation and impairment on disposal of ROU, acc.
5
0
5
10
Currency translation difference
-23
-1
-1
-25
Balance as of December 31, 2022
-2,368
-670
-31
-3,069
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Depreciation expense1
-379
-60
-9
-447
Impairments2
-167
-36
0
-203
Reversal of impairments this period3
16
0
0
16
De-recognition through financial sublease
0
0
0
0
Depreciation and impairment on disposal of ROU, acc.
18
34
0
51
Depreciation and impairment on disposal of subsea
operations
603
0
19
622
Currency translation difference
-63
-47
-1
-111
Balance as of December 31, 2023
-2,339
-779
-22
-3,141
Book value as of December 31, 2022
2,113
582
28
2,723
Book value as of December 31, 2023
1,497
379
35
1,911
1)Depreciation expense includes discontinued operations with NOK 75 million for 2023 and NOK 126 million for 2022.
2)Impairments include discontinued operations with NOK 135 million for 2023 and NOK 5 million for 2022.
3)Reversal of impairments include discontinued operations with NOK 3 million for 2023 and zero for 2022.
Note 19 continues on next page
Note 19 Leases and Investment Property cont.
Lease liabilities and Lease Receivables
The movement in lease liabilities and lease receivables related to subleases are shown in the table
below.
Lease liabilities
Lease receivable
(sublease)
Amounts in NOK million
2023
2022
2023
2022
Movement of lease liabilities and receivables
Balance as of January 1
4,413
4,748
697
767
Additions and remeasurement
566
337
61
62
Acquisition of subsidiaries
0
68
0
0
De-recognition
-50
-77
0
-25
Disposal of subsea operations
-791
0
-14
0
Interest expense/sublease interest income
181
195
28
29
Lease payments/sublease payments
-956
-889
-146
-139
Currency translation differences
176
31
50
4
Balance as of December 31
3,540
4,413
677
697
Of which current
619
734
148
136
Of which non-current
2,921
3,679
529
561
Balance as of December 31
3,540
4,413
677
697
The weighted-average discount rate applied to calculate lease liability was 4.7 percent in 2023 (4.3
percent in 2022).
The maturity of lease payments and sublease income per December 31 are presented below:
Lease Payments
Financial sublease
income
Operational
sublease income
Amounts in NOK million
2023
2022
2023
2022
2023
2022
Maturity within 1 year
765
905
173
154
33
14
Maturity 1-5 years
2,101
2,448
397
397
71
109
Maturity 5-10 years
1,069
1,394
165
238
26
24
Maturity later than 10 years
200
460
34
64
0
0
Total
4,135
5,207
769
852
130
146
Discounting effect
-595
-794
-92
-155
n/a
n/a
Lease liabilities and lease receivable
3,540
4,413
677
697
n/a
n/a
Amounts Recognized in the Income Statement
The following amounts are recognized in the income statement related to leasing:
Amounts in NOK million
2023
2022
Income from operational subleases presented as other income
155
159
Expenses relating to short-term leases presented as operating costs
-552
-631
Expenses relating to low-value leases presented as operating costs
-6
-18
Depreciation of ROU assets
-371
-304
Net impairments of ROU assets
-55
39
Interest on lease receivables presented as financial income
28
27
Interest on lease liabilities presented as financial expense
-155
-159
Gain/(loss) on termination of lease agreements
-2
0
Expense relating to variable lease payments not included in lease liabilities
-4
-3
Total effect on profit/(loss) before tax
-963
-890
Short-term leases include storage and accommodation for expats and workers in addition to rental
of tools, machinery, cranes, containers and other equipment used in production.
See note 6 for more information about operating expenses for land and buildings
See note 12 for more information about impairment testing of right-of-use assets
See note 31 for more information about leasing contracts with related parties
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-427": { "value": "
Financial Reporting Principles
The lease liability represents the net present value of the lease payments to be made over the
remaining lease period. The discount rate is calculated for each lease based on a model that
includes swap-rates, credit risk and country risk. The right-of-use asset is depreciated over the
lease term and is subject to impairment testing. Several property leases contain extension options
or cancellation clauses. The non-cancellable lease period is basis for the lease commitment.
Periods covered by extension or termination options are included when it is reasonably certain that
the lease period will be extended. When management has decided to extend the lease period is
typically an event that would trigger an updated assessment of the reasonably certain criteria.
When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use
asset is reclassified as investment property and assessed for impairment. The investment property
is measured using the cost model, meaning that the book value and depreciation of the lease term
from the ROU asset is the basis for measuring the investment property. When testing the
investment property for impairment, the expected future sublease income is discounted to present
value and compared to the value of the investment property. The cost model together with
impairment assessments is also an estimate of fair value of the right-of-use asset classified as
investment property.
The company has a number of subleases. Income from operational subleases on investment
property is recognized as other income. Subleases covering the major part of the lease term in the
head-lease are classified as financial subleases. The portion of the right-of-use asset or investment
property subject to financial sublease is derecognized and a sublease receivable is recognized in
the balance sheet when the sublease commences.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-426": { "value": "
Financial Reporting Principles
The lease liability represents the net present value of the lease payments to be made over the
remaining lease period. The discount rate is calculated for each lease based on a model that
includes swap-rates, credit risk and country risk. The right-of-use asset is depreciated over the
lease term and is subject to impairment testing. Several property leases contain extension options
or cancellation clauses. The non-cancellable lease period is basis for the lease commitment.
Periods covered by extension or termination options are included when it is reasonably certain that
the lease period will be extended. When management has decided to extend the lease period is
typically an event that would trigger an updated assessment of the reasonably certain criteria.
When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use
asset is reclassified as investment property and assessed for impairment. The investment property
is measured using the cost model, meaning that the book value and depreciation of the lease term
from the ROU asset is the basis for measuring the investment property. When testing the
investment property for impairment, the expected future sublease income is discounted to present
value and compared to the value of the investment property. The cost model together with
impairment assessments is also an estimate of fair value of the right-of-use asset classified as
investment property.
The company has a number of subleases. Income from operational subleases on investment
property is recognized as other income. Subleases covering the major part of the lease term in the
head-lease are classified as financial subleases. The portion of the right-of-use asset or investment
property subject to financial sublease is derecognized and a sublease receivable is recognized in
the balance sheet when the sublease commences.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-428": { "value": "
Defined Contribution Plans
A defined contribution plan is a type of retirement plan where the employer makes contributions on
a regular basis to the employee\u2019s individual pension account. The benefits received by the
employee are based on the employer contributions and gains or losses from investing the capital.
Contributions to defined contribution pension plans are recognized as an expense in the income
statement as incurred.
Defined Benefit Plans
A defined benefit plan is a type of pension plan where the employer promises an annual pension on
retirement based on a percentage of the salary upon retirement and the employee's earnings
history, years of service and age. The calculation of defined benefit obligations is performed
annually by a qualified actuary using the projected unit credit method.
The defined benefit obligation is calculated separately for each plan by discounting the estimated
amount of future benefit that employees have earned in the current and prior periods and deducting
the fair value of any plan assets. The change of the defined benefit obligation as a result of the
change of assumptions (actuarial gains and losses) and the return on plan assets are recognized
immediately in other comprehensive income. Net interest expense and other expenses related to
defined benefit plans are recognized in the income statement. When the benefits of a plan are
changed, settled or when a plan is curtailed, the change relating to past service or the gain or loss
on curtailment or settlement is recognized immediately in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-429": { "value": "
Financial Reporting Principles
A provision is a liability with uncertain timing and amount. Provisions are recognized when cash
outflow is considered probable, the amount can be reliably estimated and the obligation is a result
of a past event. All provisions are presented as short-term as they are part of the operating cycle.
A contingent liability is a possible obligation that arises from past events that typically depends on a
future event outside of the company's control, for example a court decision. A provision is made
when it is considered as probable that cash outflow will take place, and the obligation can be
measured reliably.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-430": { "value": "
A contingent liability is a possible obligation that arises from past events that typically depends on a
future event outside of the company's control, for example a court decision. A provision is made
when it is considered as probable that cash outflow will take place, and the obligation can be
measured reliably.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-431": { "value": "
Provisions
Amounts in NOK million
Warranties
Onerous
contracts
Other
Total
Balance as of December 31, 2021
399
79
306
784
Provisions made during the year
177
1,104
181
1,462
Provisions used during the year
-45
-292
-72
-410
Provisions reversed during the year
-83
-60
-8
-151
Acquisition of subsidiaries
9
8
0
17
Reclassifications
0
0
-1
-1
Currency translation differences
7
3
9
19
Balance as of December 31, 2022
464
841
415
1,719
Provisions made during the year
267
983
1,176
2,426
Provisions used during the year
-64
-460
-67
-591
Provisions reversed during the year
-3
-1
-22
-27
Disposal of subsea operations
0
-132
-37
-169
Reclassifications
-12
-4
21
5
Currency translation differences
15
1
27
42
Balance as of December 31, 2023
666
1,227
1,512
3,405
Amounts in NOK million
Warranties
Onerous
contracts
Other
Total
Expected timing of payments
Payment within one year
104
456
238
798
Payment after one year
360
384
176
921
Total as of December 31, 2022
464
841
415
1,719
Payment within one year
180
1,068
360
1,609
Payment after one year
486
158
1,152
1,796
Total as of December 31, 2023
666
1,227
1,512
3,405
Note 21 continues on next page
Note 21 Provisions and Contingent Liabilities cont.
Warranties
The provision for warranties relates to expected re-work for products and services delivered to
customers. The warranty period is normally two to five years. The provision is based on the
historical average warranty expense for each type of equipment and an assessment of the value
of delivered products and services currently in the warranty period. The provision can also be a
higher or lower amount following a specific evaluation of the actual circumstances for each
contract. The final warranty cost may differ from the estimated warranty provision. Warranty
provisions in 2023 includes amounts related to the disposed subsea business that was
contributed into OneSubsea. Aker Solutions is responsible for possible warranty claims related to
subsea deliveries before the transaction.
Onerous Contracts
The provision includes onerous customer contracts with expected losses upon completion. The
provision is mainly driven by legacy renewables projects contracted on lump sum terms in 2021,
impacted by increases in commodity prices and supply chain constraints driven by the war in
Ukraine, as well as changes in designs and weights.
Other
Other provisions relate to other liabilities with uncertain timing or amount. This includes provisions
for claims, leasehold dilapidations, tax and National Insurance Contributions (NICs), restructuring
provision and certain employee benefits. Changes in status for hired-ins in the UK makes Aker
Solutions liable to withhold and pay NIC. Other provisions also include provisions related to
certain indemnities given in relation to the disposal of the subsea operations reported as part of
the result from discontinued operations of NOK 1,093 million (whereof NOK 78 million is current
and NOK 1,015 million is non-current). The provision includes ICMS tax claim of BRL 311 million
(NOK 654 million) in Brazil and provision for unavoidable costs on premises remaining in Aker
Solutions after the disposal of subsea operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-432": { "value": "
Contingent Liabilities
Disputes with customers are normally settled during the final negotiations with the customer upon
delivery and provided for in the project\u2019s accounts. However, given the scope of the group\u2019s
worldwide operations there is a risk that legal claims may arise in the future for deliveries where
revenue has been recognized in the past. Legal and tax claims are assessed on a regular basis.
Nordsee Ost Arbitration
In March 2021, Aker Solutions received a favorable outcome in the Nordsee Ost arbitration
process, and NOK 698 million (EUR 67 million) was paid to Aker Solutions in 2021. Aker Solutions
recognized NOK 125 million as revenue, NOK 147 million as interest income and remaining NOK
426 million as settlement of accounts receivable in 2021. In June 2021, the counterparty RWE
submitted an application for annulment of the arbitration award to the German Courts. After
decisions by the court of first instance in Hamburg in February 2023 and the federal appeal court
in October 2023 on the admissibility of RWE\u2019s annulment application, the annulment application
remains in process and has been redirected to the court of first instance for re-assessment. No
provision has been made for this contingent liability as the probability for a cash outflow is
considered remote.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-433": { "value": "Trade and Other Payables
Trade and Other Payables
Amounts in NOK million
2023
2022
Trade creditors
2,489
2,620
Trade creditors, related parties
65
25
Trade payables
2,554
2,645
Accrued operating costs
4,434
6,892
Public duties and taxes
873
956
Other current liabilities
1,243
1,219
Other payables
6,550
9,066
Total
9,104
11,711
Trade creditors did not include reverse factoring as of December 31, 2023, (NOK 99 million in
2022). Trade creditors include NOK 11 million as of December 31, 2023 (NOK 0 million in 2022)
due after one year.
See note 3 for more information about customer contract liabilities
See note 31 for more information about payables to related parties
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-434": { "value": "Financial Risk Management and Exposures
The objective of financial risk management is to manage and control financial risk exposures to increase
the predictability of earnings and minimize potential adverse effects on the company\u2019s financial
performance. The energy landscape has evolved significantly during 2022 and 2023, as energy markets
were strongly impacted by the war in Ukraine. Aker Solutions uses derivatives to hedge currency risk
exposures and aims to apply hedge accounting whenever possible in order to reduce the volatility
resulting from the periodic market-to-market revaluation of financial instruments in the income
statement. The company is also exposed to interest rate risk, credit risk, liquidity risk and price risk.
Risk Management
Risk management of financial risks is performed in every project and is the responsibility of the
project manager. They cooperate with local finance managers and corporate treasury to identify,
evaluate and hedge financial risks under policies approved by the Board of Directors. The company
has well-established procedures for overall risk management, as well as policies for the use of
derivatives and financial investments.
Geopolitical unrest
The tragic war in Ukraine has amplified several trends, including increased commodity prices,
broad-based inflation and global supply chain constraints. Also, the war in the Middle East between
Israel and Hamas may lead to distress in the financial markets and rising oil prices, particularly if the
conflict escalates.\u00a0 The unstable situation generally increase financial risk.
\u25fc Currency risk: The war in Ukraine and the COVID-19 pandemic increased the volatility in the
currency market. Currency variation clauses, escalation mechanisms, contingency buffer
included in tender prices, and currency options are used to mitigate contingent currency
exposures in tenders.
\u25fc Credit risk: Operational challenges due to restrictions on mobility, volatile commodity prices and
the ongoing transition towards renewable energy has increased credit risk in the energy sector.
Due to a predominance of large international energy companies with a relatively low credit risk
in its customer base, the exposure for Aker Solutions to this increased credit risk is limited.
\u25fc Liquidity risk: The current market uncertainty as a result of the wars has increased the liquidity
risk. However, solid order backlog and strong cash generation from operations have contributed
to a strong balance sheet and visibility.
Currency Risk
Aker Solutions has international operations and is exposed to currency risk on commercial
transactions, assets and liabilities when payments and revenues are denominated in a currency
other than the functional currency of the respective entity. The company's exposure to currency
risk is primarily related to USD, EUR and GBP. Following the disposal of the Subsea segment, the
currency exposure to AOA (Angolan Kwanza) and BRL has been significantly reduced. The
company's primary translation risk is related to USD, EUR and GBP.
Use of Currency Derivatives
The Aker Solutions' policy requires that all entities identify and mitigate currency exposure in all
contracts. Aker Solutions manages the currency risk in the tender period either by including
currency clauses in the tender, entering into derivative instruments or including a contingency in
the tender price. All entities identify and hedge their exposure with the Corporate treasury
department. The Corporate treasury department manages the overall currency exposures based on
well established currency risk strategy and procedures.
Note 23 continues on next page
Note 23 Financial Risk Management and Exposures cont.
Each entity designates all foreign currency hedge contracts with corporate treasury as cash flow
hedges or as hedges of separate embedded derivatives. Corporate treasury enters into external
foreign exchange contracts separately for revenue and cost exposure. More than 80 percent of the
value of the hedging instruments either qualify for hedge accounting or are hedges of separate
embedded derivatives. Corporate treasury monitors hedges not qualifying for hedge accounting
and non-qualifying hedges are reported in the \"other\" segment. Currency exposure from long-term
investments in foreign currencies is only hedged when specifically instructed by management.
Treasury has hedged parts of the currency exposure from future USD denominated proceeds from
the OneSubsea formation with financial derivatives
Non-Convertible Currencies
Aker Solutions operates in some jurisdictions where regulations and requirements may limit the
convertibility of local currency and restrict free flow of cash. Mitigating actions are taken to
minimize the currency exposure. However, Aker Solutions has historically experienced currency
exposures in such jurisdictions where no means of hedging has been available. Following the
disposal of the subsea operations to OneSubsea, the currency exposure against non-convertible
currencies has been reduced.
Exposure to Currency Risk
Corporate treasury is allowed to hold positions within an approved trading mandate. The net
exposure as of December 31 is shown in the following table. A bank deposit in a currency different
than the functional currency of the entity represent an exposure for the group. A negative amount
on bank deposits represent an overdraft for the entities. Estimated forecasted cash flows in the
table are calculated based on the entity's hedge transactions through corporate treasury, as these
are considered to be the best estimate of future revenue and cost in foreign currencies. The net
exposure is closely monitored by corporate treasury and reported on a daily basis to management.
2023
2022
Amounts in million
USD
EUR
GBP
USD
EUR
GBP
Bank deposits
-1
-49
-173
9
-34
-106
Intercompany and related parties deposits (+) and loan (-)
-51
0
-36
3
-1
-1
Balance sheet exposure
-51
-48
-209
12
-35
-107
Forecasted receipts from customers
26
53
29
224
138
137
Forecasted payments to vendors
-49
-84
-19
-263
-152
-140
Cash flow exposure
-23
-31
10
-39
-14
-3
Forward exchange contracts
75
80
199
27
48
110
Tri-party agreements
0
0
0
0
0
0
Net exposure in currency
1
1
1
0
0
0
Net exposure in NOK
6
7
13
3
-4
3
The currency exposures in USD, EUR and GBP per December 31, 2023 and 2022, were within the
trading mandate.
Note 23 continues on next page
Note 23 Financial Risk Management and Exposures cont.
Sensitivity Analysis - Fair Value of Financial Instruments
The impact on income and equity from a 15 percent strengthening of EUR, USD and GBP against
other currencies is shown below. A 15 percent weakening would have had the equal, but opposite
effect. This sensitivity analysis shows the impact on financial instruments denominated in a foreign
currency per December 31 and assumes that all other variables, in particular interest rates, remain
constant. The analysis does not include the effect on future transactions (not invoiced as of
December 31) or any effect from translation of subsidiaries.
2023
2022
Amounts in NOK million
Income (loss)
before tax
Equity increase
(decrease)
Income (loss)
before tax
Equity increase
(decrease)
USD - 15 percent strengthening
307
317
81
66
EUR - 15 percent strengthening
72
115
178
199
GBP - 15 percent strengthening
-9
-13
147
197
The competitiveness of Aker Solutions is influenced by currency exchange rate fluctuations,
choices of locations, suppliers and other strategic decisions. Such effects are not systematically
hedged and are not included in the sensitivity analysis.
Sensitivity Analysis - Currency Translation of Subsidiaries
A change in foreign currency rates will also impact the income statement and balance sheet when
translating the Aker Solutions companies into the presentation currency which is NOK. The effect
of change in the various currencies will impact the consolidated financial statements in the
following manner:
2023
Amounts in NOK million
Revenue increase
(decrease)
EBIT increase
(decrease)
Profit (loss)
before tax
Equity increase
(decrease)
USD - 15 percent strengthening
215
-20
-18
394
EUR - 15 percent strengthening
2
0
0
32
GBP - 15 percent strengthening
52
-19
4
273
Interest Rate Risk
The company\u2019s interest exposure mainly arises from the group\u2019s cash position. Currently Aker
Solutions has no external debt. In 2023, Corporate Treasury has invested surplus liquidity in time
deposits and liquidity funds to distribute risk among counterparties and enhance the return
compared to the interest rate in the cash pool.
In previous years the company\u2019s interest exposure mainly arose from any external funding in bank
and debt capital markets. The company\u2019s risk management strategy is that 30-50 percent of the
interest exposure on any borrowings shall be fixed interest rate for the duration of the debt. The
company has used interest rate swaps to achieve the desired fixed/floating ratio of the external
debt. During 2023 Aker Solutions repaid all drawn debt from external lenders, including the NOK 1
billion senior unsecured floating rate bond loan due June 2024. Interest rate swaps of NOK 500
million related to the repaid bond loan remain open and will mature in June 2024.
As the company has no significant interest-bearing operating assets, operating income and
operating cash flow are substantially independent of changes in market interest rates.
Note 23 continues on next page
Note 23 Financial Risk Management and Exposures cont.
Interest Rates Sensitivity
An increase of 100 basis points in interest rates would have increased (decreased) equity and
profit and loss by the amounts shown on the table below. This analysis assumes that all other
variables, in particular foreign currency rates, remain constant.
2023
2022
Amounts in NOK million
Income (loss)
before tax
Equity
increase
(decrease)1
Income (loss)
before tax
Equity
increase
(decrease)1
Interest on cash and cash equivalents
78
0
52
0
Interest on borrowings
-5
0
-16
7
Effect of interest rate swap
-1
0
6
0
Cash flow sensitivity (net)
73
0
42
7
1) Not including tax effect on hedge reserve or effects to equity that follow directly from the effects to profit and loss.
A decrease of 100 basis points in interest rates would have had the equal but opposite effect on
the amounts, on the basis that all other variables remain constant.
Credit Risk
Credit risk is the risk of financial losses if a customer or counterparty to financial receivables and
financial instruments fails to meet contractual obligations.
Investment Instruments and Derivatives
Investment instruments, loans, credit facilities and derivatives are only conducted with approved
counterparties and governed by standard agreements (ISDA, Nordic Trustee and LMA
documentation). All approved banks are participants in the Aker Solutions loan syndicate and
have investment grade ratings. Credit risk related to investment securities and derivatives is
therefore considered to be low.
Trade Receivables and Contract Assets
Assessment of credit risk related to customers and subcontractors is an important requirement in
the bid phase and throughout the contract period. Such assessments are based on credit ratings,
income statement and balance sheet reviews and using credit assessment tools available (e.g.
BvD Procurement Catalyst). Revenues are mainly related to large and long-term projects closely
followed up in terms of payments in accordance with agreed milestones. Normally, lack of
payment is due to disagreements related to project deliveries and is solved together with the
customer.
Aker Solutions\u2019 major customers are highly rated energy companies where the credit risk is
considered to be limited. Risk related to lower rated companies is monitored closely. The
maximum exposure to credit risk at the reporting date equals the book value of each category of
financial assets. The company does not hold collateral as security.
Measurement of Expected Credit Losses (ECLs)
Impairment is assessed using the expected credit loss (ECL) method for financial assets. The company
considers a financial asset to be in default when the borrower is unlikely to pay its credit obligation to
the company in full. ECLs are estimated probability-weighted net present value of future expected
credit losses. ECLs are discounted at the effective interest rate of the financial asset. Loss allowances
for trade receivables, contract assets and lease receivables are always measured at an amount equal to
lifetime ECLs. Twelve month ECLs are used for interest-bearing receivables and bank balances for
which credit risk has not increased significantly since initial recognition.
At each reporting date, the company assesses whether any financial assets are credit-impaired.
Evidence that a financial asset is credit-impaired includes when invoices are more than 90 days
past due without agreed postponement, knowledge of significant financial difficulty of the
customer or debtor or other forward-looking information. The gross carrying amount of a financial
asset is written off (either partially or in full) to the extent that there is no realistic prospect of
recovery. This is generally the case when the company determines that the debtor does not have
assets or sources of income that could generate sufficient cash flows to repay the amounts
subject to write-off.
Note 23 continues on next page
Note 23 Financial Risk Management and Exposures cont.
Liquidity Risk
Liquidity risk is the risk that the company is unable to meet the obligations associated with its financial liabilities. The company's approach to managing liquidity is to ensure, as far as possible, that it will
always have sufficient liquidity reserves to meet its liabilities when due.
Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions.
Management monitors rolling weekly and monthly forecasts of the company\u2019s liquidity reserve on the basis of expected cash flow. Due to the dynamic nature of the underlying businesses, corporate treasury
maintains flexibility in funding by maintaining availability under committed credit lines in addition to cash and liquid investments.
Financial Liabilities and the Period in which they Mature
2023
Amounts in NOK million
Book value
Total cash flow1
6 months and less
6-12 months
1-2 years
2-5 years
More than 5 years
Net derivative financial instruments
54
54
-91
139
6
0
0
Trade and other payables
9,104
9,104
9,078
16
1
10
0
Lease liabilities
3,540
4,135
400
365
699
1,402
1,269
Total liabilities
12,698
13,292
9,387
519
706
1,411
1,269
2022
Amounts in NOK million
Book value
Total cash flow1
6 months and less
6-12 months
1-2 years
2-5 years
More than 5 years
Borrowings
1,023
1,127
35
86
948
58
0
Net derivative financial instruments
150
150
-10
147
15
6
0
Trade and other payables
11,711
11,711
11,686
24
0
0
0
Lease liabilities
4,413
5,207
464
442
758
1,690
1,854
Total liabilities
17,297
18,195
12,175
699
1,722
1,754
1,854
1) Nominal currency value including interest.
Note 23 continues on next page
Note 23 Financial Risk Management and Exposures cont.
Cash Pool Arrangements
The company policy for the purpose of optimizing availability and flexibility of cash within the
company is to operate centrally managed cash pooling arrangements. Such arrangements are
either organized with a bank as a service provider, or as a part of the operation of corporate
treasury. An important condition for the participants (entities) in such cash pooling arrangements
is that Aker Solutions as an owner of such pools is financially viable and is able to prove its
capability to service its obligations concerning repayment of any net deposits made by entities.
The company policy is not applied in countries where local laws prohibit international cash pool
arrangements, such as Malaysia and India.
Price Risk
The company is exposed to fluctuations in market prices both in the investment portfolio and in
the operating businesses related to individual contracts. The units are exposed to changes in
market prices for raw materials, equipment and development in wages. This is managed in the bid
process by locking in committed prices from key vendors as basis for offers to customers or
through escalation clauses with customers.
Guarantees
The company has provided the following guarantees on behalf of wholly owned subsidiaries and
related parties as of December 31 (all obligations are per date of issue):
\u25fc Non-financial parent company guarantees related to project performance on behalf of group
companies
\u25fc Financial parent company indemnity guarantees for fulfillment of lease obligations, credits and
loans were NOK 10.6 billion (NOK 10.3 billion in 2022)
\u25fc Financial guarantees including counter guarantees for bank/surety bonds and guarantees for
pension obligations to employees were NOK 7.1 billion (NOK 8.2 billion in 2022)
Guarantee on Behalf of Akastor
Aker Solutions was demerged from Akastor in 2014, and parties in a demerger have joint liability
according to Norwegian law. If an obligation that arose prior to the completion of the demerger is
not met by either party, the other party will have secondary joint liability for such obligation. The
remaining value of the financial guarantees where Aker Solutions has a secondary joint liability
was NOK 1.3 billion per December 31, 2023, compared to NOK 1.9 billion per December 31, 2022.
The largest guarantee, with a value of NOK 1.1 billion, expires end of September 2027. There are
no provisions related to the guarantee as the likelihood of any payments related to the joint
liability is considered to be low.
See note 14 for more information about trade and other receivables
See note 16 for more information about cash and available credit facility
See note 18 for more information about borrowings
See note 19 for more information about lease liabilities
See note 22 for more information about trade and other payables
See note 25 for more information about derivatives
See note 26 for more information about financial assets and liabilities
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-435": { "value": "
Interest Rate Risk
The company\u2019s interest exposure mainly arises from the group\u2019s cash position. Currently Aker
Solutions has no external debt. In 2023, Corporate Treasury has invested surplus liquidity in time
deposits and liquidity funds to distribute risk among counterparties and enhance the return
compared to the interest rate in the cash pool.
In previous years the company\u2019s interest exposure mainly arose from any external funding in bank
and debt capital markets. The company\u2019s risk management strategy is that 30-50 percent of the
interest exposure on any borrowings shall be fixed interest rate for the duration of the debt. The
company has used interest rate swaps to achieve the desired fixed/floating ratio of the external
debt. During 2023 Aker Solutions repaid all drawn debt from external lenders, including the NOK 1
billion senior unsecured floating rate bond loan due June 2024. Interest rate swaps of NOK 500
million related to the repaid bond loan remain open and will mature in June 2024.
As the company has no significant interest-bearing operating assets, operating income and
operating cash flow are substantially independent of changes in market interest rates.
Note 23 continues on next page
Note 23 Financial Risk Management and Exposures cont.
Interest Rates Sensitivity
An increase of 100 basis points in interest rates would have increased (decreased) equity and
profit and loss by the amounts shown on the table below. This analysis assumes that all other
variables, in particular foreign currency rates, remain constant.
2023
2022
Amounts in NOK million
Income (loss)
before tax
Equity
increase
(decrease)1
Income (loss)
before tax
Equity
increase
(decrease)1
Interest on cash and cash equivalents
78
0
52
0
Interest on borrowings
-5
0
-16
7
Effect of interest rate swap
-1
0
6
0
Cash flow sensitivity (net)
73
0
42
7
1) Not including tax effect on hedge reserve or effects to equity that follow directly from the effects to profit and loss.
A decrease of 100 basis points in interest rates would have had the equal but opposite effect on
the amounts, on the basis that all other variables remain constant.
Price Risk
The company is exposed to fluctuations in market prices both in the investment portfolio and in
the operating businesses related to individual contracts. The units are exposed to changes in
market prices for raw materials, equipment and development in wages. This is managed in the bid
process by locking in committed prices from key vendors as basis for offers to customers or
through escalation clauses with customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-436": { "value": "
Credit Risk
Credit risk is the risk of financial losses if a customer or counterparty to financial receivables and
financial instruments fails to meet contractual obligations.
Investment Instruments and Derivatives
Investment instruments, loans, credit facilities and derivatives are only conducted with approved
counterparties and governed by standard agreements (ISDA, Nordic Trustee and LMA
documentation). All approved banks are participants in the Aker Solutions loan syndicate and
have investment grade ratings. Credit risk related to investment securities and derivatives is
therefore considered to be low.
Trade Receivables and Contract Assets
Assessment of credit risk related to customers and subcontractors is an important requirement in
the bid phase and throughout the contract period. Such assessments are based on credit ratings,
income statement and balance sheet reviews and using credit assessment tools available (e.g.
BvD Procurement Catalyst). Revenues are mainly related to large and long-term projects closely
followed up in terms of payments in accordance with agreed milestones. Normally, lack of
payment is due to disagreements related to project deliveries and is solved together with the
customer.
Aker Solutions\u2019 major customers are highly rated energy companies where the credit risk is
considered to be limited. Risk related to lower rated companies is monitored closely. The
maximum exposure to credit risk at the reporting date equals the book value of each category of
financial assets. The company does not hold collateral as security.
Measurement of Expected Credit Losses (ECLs)
Impairment is assessed using the expected credit loss (ECL) method for financial assets. The company
considers a financial asset to be in default when the borrower is unlikely to pay its credit obligation to
the company in full. ECLs are estimated probability-weighted net present value of future expected
credit losses. ECLs are discounted at the effective interest rate of the financial asset. Loss allowances
for trade receivables, contract assets and lease receivables are always measured at an amount equal to
lifetime ECLs. Twelve month ECLs are used for interest-bearing receivables and bank balances for
which credit risk has not increased significantly since initial recognition.
At each reporting date, the company assesses whether any financial assets are credit-impaired.
Evidence that a financial asset is credit-impaired includes when invoices are more than 90 days
past due without agreed postponement, knowledge of significant financial difficulty of the
customer or debtor or other forward-looking information. The gross carrying amount of a financial
asset is written off (either partially or in full) to the extent that there is no realistic prospect of
recovery. This is generally the case when the company determines that the debtor does not have
assets or sources of income that could generate sufficient cash flows to repay the amounts
subject to write-off.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-437": { "value": "
Liquidity Risk
Liquidity risk is the risk that the company is unable to meet the obligations associated with its financial liabilities. The company's approach to managing liquidity is to ensure, as far as possible, that it will
always have sufficient liquidity reserves to meet its liabilities when due.
Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions.
Management monitors rolling weekly and monthly forecasts of the company\u2019s liquidity reserve on the basis of expected cash flow. Due to the dynamic nature of the underlying businesses, corporate treasury
maintains flexibility in funding by maintaining availability under committed credit lines in addition to cash and liquid investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-438": { "value": "Capital Management
The objective of Aker Solutions' capital management policy is to optimize the capital structure to
ensure sufficient and timely funding over time to finance its activities at the lowest cost, in addition
to investing in projects and businesses which will increase the company's return on capital
employed over time.
Investment Policy
Aker Solutions\u2019 capital management is based on a rigorous investment selection process which
considers not only Aker Solutions\u2019 weighted average cost of capital and strategic orientation, but
also external factors such as market expectations and extrinsic risk factors. This selection process
is coupled with a centralized approval process for all capital expenditures to be incurred by the
group.
Funding Policy
Liquidity Planning
Aker Solutions has a strong focus on liquidity in order to meet its working capital needs short-term
and to ensure solvency for its financial obligations long-term. The group\u2019s internal guideline is to
have a minimum liquidity reserve of NOK 3 billion, including cash and undrawn committed credit
facilities. As per December 31, 2023 the liquidity reserve amounted to NOK 9.0 billion compared to
NOK 11.2 billion in the prior year. It was composed of an undrawn committed credit facility, cash in
bank accounts and bank deposits. In addition, the group had investments in liquid, fixed income
securities of NOK 3 billion as of year-end 2023. The cash position in Aker Solutions is strong and
increased steadily in 2023, driven by high activity level in the group with sound cash flows from the
projects and initial proceeds from the subsea transaction. Investing surplus liquidity to diversify risk
among debtors and enhance return has become an important aspect in the liquidity planning.
Funding of Operations
Aker Solutions\u2019 funding policy states that all operating units will be funded through corporate
treasury. This ensures optimal availability and transfer of cash within the group, improved control of
the group's capital structure and optimized terms and conditions on funding of the group\u2019s
operations. The group policy is not applied in countries where local laws prohibit international cash
pool arrangements.
Aker Solutions emphasizes financial flexibility and steers its capital structure to ensure a balance
between liquidity risk and refinancing risk. In this perspective, any loans and other external
borrowings will be renegotiated well in advance of their due date.
Aker Solutions aims to have a diversified mix of funding sources to obtain an optimal cost of capital.
These funding sources include:
\u25fc The use of banks based on syndicated credit facilities or bilateral agreements
\u25fc The issue of debt instruments in the Norwegian debt capital market
\u25fc The issue of debt instruments in international capital markets
Debt Covenants
During 2023 Aker Solutions repaid all drawn debt from external lenders, including the NOK 1 billion
senior unsecured floating rate bond loan due June 2024 and bank loans and facilities related to
Hydropower (previously Rainpower) which was acquired in 2022. The group has an undrawn NOK 3
billion Revolving Credit Facility (RCF) with a syndicate of ten banks which contains financial
covenants based on gearing and interest cover ratios. All debt covenants are based on IFRS
excluding the impact of IFRS 16. At year-end 2023, all ratios were well within the covenants in the
RCF.
Aker Solutions has the following debt covenants for the RCF:
\u25fc The company\u2019s gearing ratio shall not exceed 3.5, calculated from net debt to adjusted EBITDA
\u25fc The company\u2019s interest cover ratio shall not be less than 3.5, calculated from adjusted EBITDA
to net finance cost
Note 24 continues on next page
Note 24 Capital Management cont.
Gearing and Interest Cover Ratios at December 31
Amounts in NOK million
2023
2022
Gearing ratios
Non-current interest-bearing borrowings
0
962
Current interest-bearing borrowings
0
60
Gross interest-bearing debt
0
1,023
Cash and cash equivalents
6,003
6,170
Net debt
-6,003
-5,147
EBITDA excl. IFRS 161
477
192
Restructuring and other special items as defined in the loan agreement
181
27
Adjusted EBITDA
658
219
Gross interest-bearing debt/adjusted EBITDA
0.0
4.7
Net debt/adjusted EBITDA
-9.1
-23.5
Interest cover
Adjusted EBITDA excl. IFRS 161
658
219
Net interest expense as defined in the loan agreement
240
-49
Adjusted EBITDA/Net finance cost
2.7
-4.5
1) Excluding IFRS 16 means that leasing cost is reported as part of operating cost and included in EBITDA.
See note 18 for more information about borrowings
See note 23 for more information about financial risk management
See note 25 for more information about interest rate derivatives
See note 26 for more information about financial assets and liabilities
See note 30 for more information about proceeds from the subsea transaction
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-439": { "value": "Derivative Financial Instruments
Aker Solutions has future cash flows to be settled in foreign currencies, and forward contracts are
the most commonly used derivative to hedge such exposures. The risk management policy states
that all foreign exchange exposure shall be hedged, of which at least 80 percent shall qualify for
hedge accounting or be hedges of separated embedded derivatives. Aker Solutions\u2019 interest rate
exposure mainly arises from its cash position. Aker Solutions has no external debt after exercising a
call option in December 2023 for Voluntary Early Redemption of the NOK 1 billion senior unsecured
floating rate bonds due June 2024. One interest rate swap related to the bond loan remains open
and will mature in June 2024.
Financial Reporting Principles
Cash Flow Hedges of Foreign Currency
Forward contracts are the most commonly used derivative to hedge foreign currency exposure. In
addition, currency options are sometimes used to hedge exposures. In case of changes in the
expected maturity dates, currencies or amounts of the hedged items corresponding derivatives are
routinely adjusted (pre-matured or rolled over), usually by means of currency swaps.
The hedged transactions in foreign currency subject to cash flow hedge accounting are highly
probable future transactions expected to occur at various dates during the next one to four years,
depending on progress of the projects and firm commitments. The derivatives are recognized
initially and subsequently at fair value in the balance sheet, and the effective portion of changes in
the fair value is recognized in other comprehensive income as a hedge reserve.
Aker Solutions designates the full forward foreign exchange contracts to hedge its currency risk
and applies a hedge ratio of 1:1. The policy covers critical terms such as currency pair, amount and
timing of the forward exchange contracts to align with the hedged item. The existence of an
economic relationship between the hedging instrument and hedged item is determined based on
matching critical terms of their respective cash flows. In addition, an assessment is made to
determine whether the derivative designated in each hedging relationship is expected to be, and
has been, effective in offsetting changes in cash flows of the hedged item by the hypothetical
derivative method.
In these hedge relationships, the main sources of ineffectiveness are:
\u25fc any sequential change of timing of the hedged item;
\u25fc change in the total amount of the hedge item; and
\u25fc significant change in the counterparty's and Aker Solutions' credit risk
Aker Solutions does not designate any net positions in a hedging relationship. Some hedged
transactions are not accounted for by applying hedge accounting, primarily because internal
hedged transactions are grouped and netted before external hedge transactions are established.
Changes in the fair value of derivatives will be reported as financial income or expenses. Remaining
derivatives not applying hedge accounting include derivatives used by corporate treasury to hedge
the residual exposure of the company as part of its risk mandate. As of December 31, 2023, these
hedging instruments include currency forwards, interest swaps and foreign exchange swaps. In
addition, Corporate treasury has hedged parts of the currency exposure from USD denominated
proceeds from the OneSubsea formation with currency options.
Hedge accounting is discontinued with immediate recognition in finance income and expenses in
the income statement when the hedge no longer qualifies for hedge accounting, for example upon
sale, expiration, termination or when a forecasted transaction is no longer probable. The derivative
financial instruments are classified as current assets or liabilities as they are part of the operating
cycle.
Note 25 continues on next page
Note 25 Derivative Financial Instruments cont.
Foreign Currency as Embedded Derivatives
Embedded derivatives may exist in contracts with a currency other than the currency of the
contracting partners. The embedded derivative will under certain circumstances be separated and
recognized at fair value in the balance sheet and changes recognized in the income statement.
These entries will result in corresponding and opposite effects compared to the hedging instrument.
Aker Solutions applies the following separation criteria for embedded derivatives:
\u25fc The embedded derivative needs to be separated if the agreed payment is in a currency different
from any of the major contract parties' own functional currency, or
\u25fc that the contract currency is not considered to be commonly used for the relevant economic
environment defined as the countries involved in the cross-border transaction.
Cash Flow Hedges of Interest Rates
Aker Solutions' interest exposure mainly arises from the cash position of more than NOK 6 billion
and additional NOK 3 billion invested in liquid funds as of December 31, 2023. Treasury has
invested surplus liquidity in time deposits and liquid funds to distribute the risk among debtors and
enhance the return compared to the interest rate in the cash pool. One interest rate swap related to
the former bond loan remains open and will mature in June 2024.
Note 25 continues on next page
Note 25 Derivative Financial Instruments cont.
Fair Values and Maturity
The following table presents the fair value of the derivatives and a maturity analysis of the derivatives undiscounted cash flows. Given Aker Solutions hedging policy and the assumption that projects are
cash neutral, this table also indicates when the cash flows related to project expenses are expected to impact profit and loss. Project revenues are recognized over time according to the progress of the
project. This may result in differences between cash flow and revenue recognition.
2023
2022
Amounts in NOK million
Instruments
at fair value1
6 months
or less
6-12
months
1-2 years
2-5 years
Over 5
years
Instruments
at fair value1
6 months
or less
6-12
months
1-2 years
2-5 years
Over 5
years
Assets
Cash flow hedging instruments
43
24
8
11
0
0
247
112
93
37
5
0
Fair value adjustments to hedged instruments2
-17
-12
-2
-4
0
0
-109
-53
-38
-15
-3
0
Fair value of currency options3
197
45
152
0
0
0
130
0
130
0
0
0
Embedded derivatives in ordinary commercial contracts
6
5
1
0
0
0
105
83
15
8
8
0
Financial instruments not hedge accounted
23
22
1
0
0
0
21
11
6
3
0
0
Total forward foreign exchange contracts
251
85
160
7
0
0
394
153
207
32
11
0
Cash flow hedges interest rate assets
7
7
0
0
0
0
11
1
0
11
0
0
Total financial instrument assets
258
92
160
7
0
0
406
154
207
43
11
0
Liabilities
Cash flow hedging instruments
-38
-35
-2
-1
0
0
-278
-188
-59
-28
-4
0
Fair value adjustments to hedged instruments
5
3
1
1
0
0
102
79
15
7
1
0
Fair value of currency options3
-18
0
-18
0
0
0
0
0
0
0
0
0
Embedded derivatives in ordinary commercial contracts
-4
-2
-2
0
0
0
-45
-26
-11
-6
-2
0
Financial instruments not hedge accounted
-149
-149
0
0
0
0
-34
-29
-5
-1
0
0
Total forward foreign exchange contracts
-204
-182
-21
-1
0
0
-255
-164
-59
-28
-5
0
Cash flow hedges interest rate liability
0
0
0
0
0
0
0
0
0
0
0
0
Total financial instrument liabilities
-204
-182
-21
-1
0
0
-255
-164
-59
-28
-5
0
Net financial instruments
54
-91
139
6
0
0
150
-10
147
15
6
0
1) Cash flows from matured derivatives are translated to NOK using the exchange rates on the balance sheet date.
2) Fair value of settled derivatives not yet booked in the income statement are recognized in balance sheet and will be reclassified to the income statement over the next years as the projects progress.
3) The proceeds from the subsea transaction represent a significant currency exposure, and Aker Solutions has therefore entered into FX put options contracts to hedge for a part of the exposed proceeds as of December 31, 2023.
Note 25 continues on next page
Note 25 Derivative Financial Instruments cont.
Unsettled Hedges
The table below shows the impact from the unsettled cash flow hedges on profit and loss and equity (not adjusted for tax).
2023
2022
Amounts in NOK million
Fair value of all
hedging instruments
Recognized in
profit and loss
Deferred in equity
(the hedge reserve)
Fair value of all
hedging instruments
Recognized in
profit and loss
Deferred in equity
(the hedge reserve)
Forward exchange contracts (cash flow hedges)
4
11
-7
-32
-33
2
Interest rate swaps
7
1
6
11
1
11
Total
11
12
-1
-20
-33
12
The purpose of the hedging instrument is to secure a situation where the hedged item and the hedging instrument together represent a predetermined value independent of fluctuations of exchange rates.
Revenue and expenses on the underlying customer contracts are recognized in the income statement in accordance with progress. Consequently, NOK 11 million (NOK -33 million in 2022) of the value of the
forward contracts have already impacted the income statement. The NOK -7 million (NOK 2 million in 2022) that are currently recorded in the hedge reserve, will be reclassified to the income statement over
the next years.
The value of the interest swaps is attributable to changes in the interest swap curve for Norwegian Kroner during the period from inception of the hedge to the balance sheet date, excluding accrued interest
rates of the swaps, tax and deferred settlements related to matured instruments.
Note 25 continues on next page
Note 25 Derivative Financial Instruments cont.
Hedge Reserve Movement
The table below shows the movement in the hedge reserve from changes in the cash flow hedges.
Amounts in NOK million
Hedge reserve
Balance as of January 1, 2022
-58
Forward currency
156
Interest rate swaps
18
Total changes in fair value
175
Forward currency contracts
-79
Interest rate swaps
-2
Total amount reclassified to profit or loss
-81
Tax on movements on reserves during the year
-25
Balance as of December 31, 2022
10
Forward currency contracts
35
Interest rate swaps
-4
Total changes in fair value
31
Forward currency contracts
-4
Interest rate swaps
-1
Total amount reclassified to profit or loss
-5
Tax on movements on reserves during the year
2
Disposal of subsea operations
-40
Balance as of December 31, 2023
-1
Interest Rate Swaps
Aker Solutions does currently not have any external liabilities. One fixed interest rate swap of NOK
500 million will run to maturity. Floating interest rates are tied to inter-bank offered rates (NIBOR
for NOK).
See note 18 for more information about borrowings
See note 26 for more information about financial assets and liabilities
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-440": { "value": "
Financial Reporting Principles
Cash Flow Hedges of Foreign Currency
Forward contracts are the most commonly used derivative to hedge foreign currency exposure. In
addition, currency options are sometimes used to hedge exposures. In case of changes in the
expected maturity dates, currencies or amounts of the hedged items corresponding derivatives are
routinely adjusted (pre-matured or rolled over), usually by means of currency swaps.
The hedged transactions in foreign currency subject to cash flow hedge accounting are highly
probable future transactions expected to occur at various dates during the next one to four years,
depending on progress of the projects and firm commitments. The derivatives are recognized
initially and subsequently at fair value in the balance sheet, and the effective portion of changes in
the fair value is recognized in other comprehensive income as a hedge reserve.
Aker Solutions designates the full forward foreign exchange contracts to hedge its currency risk
and applies a hedge ratio of 1:1. The policy covers critical terms such as currency pair, amount and
timing of the forward exchange contracts to align with the hedged item. The existence of an
economic relationship between the hedging instrument and hedged item is determined based on
matching critical terms of their respective cash flows. In addition, an assessment is made to
determine whether the derivative designated in each hedging relationship is expected to be, and
has been, effective in offsetting changes in cash flows of the hedged item by the hypothetical
derivative method.
In these hedge relationships, the main sources of ineffectiveness are:
\u25fc any sequential change of timing of the hedged item;
\u25fc change in the total amount of the hedge item; and
\u25fc significant change in the counterparty's and Aker Solutions' credit risk
Aker Solutions does not designate any net positions in a hedging relationship. Some hedged
transactions are not accounted for by applying hedge accounting, primarily because internal
hedged transactions are grouped and netted before external hedge transactions are established.
Changes in the fair value of derivatives will be reported as financial income or expenses. Remaining
derivatives not applying hedge accounting include derivatives used by corporate treasury to hedge
the residual exposure of the company as part of its risk mandate. As of December 31, 2023, these
hedging instruments include currency forwards, interest swaps and foreign exchange swaps. In
addition, Corporate treasury has hedged parts of the currency exposure from USD denominated
proceeds from the OneSubsea formation with currency options.
Hedge accounting is discontinued with immediate recognition in finance income and expenses in
the income statement when the hedge no longer qualifies for hedge accounting, for example upon
sale, expiration, termination or when a forecasted transaction is no longer probable. The derivative
financial instruments are classified as current assets or liabilities as they are part of the operating
cycle.
Note 25 continues on next page
Note 25 Derivative Financial Instruments cont.
Foreign Currency as Embedded Derivatives
Embedded derivatives may exist in contracts with a currency other than the currency of the
contracting partners. The embedded derivative will under certain circumstances be separated and
recognized at fair value in the balance sheet and changes recognized in the income statement.
These entries will result in corresponding and opposite effects compared to the hedging instrument.
Aker Solutions applies the following separation criteria for embedded derivatives:
\u25fc The embedded derivative needs to be separated if the agreed payment is in a currency different
from any of the major contract parties' own functional currency, or
\u25fc that the contract currency is not considered to be commonly used for the relevant economic
environment defined as the countries involved in the cross-border transaction.
Cash Flow Hedges of Interest Rates
Aker Solutions' interest exposure mainly arises from the cash position of more than NOK 6 billion
and additional NOK 3 billion invested in liquid funds as of December 31, 2023. Treasury has
invested surplus liquidity in time deposits and liquid funds to distribute the risk among debtors and
enhance the return compared to the interest rate in the cash pool. One interest rate swap related to
the former bond loan remains open and will mature in June 2024.
Note 25 continues on next page
Note 25 Derivative Financial Instruments cont.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-441": { "value": "Financial Assets and Liabilities
The fair value hierarchy defines a framework for categorizing financial assets and liabilities based on fair value valuation techniques. Fair value of assets and liabilities in level one is based on quoted prices in
an active market, whereas level three fair values are based on assumptions made by the company in the absence of quoted prices.
The Fair Value Hierarchy
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial
assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
\u25fc Level 1: Fair values are based on prices quoted in an active market for identical assets or liabilities.
\u25fc Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from observable market transactions in an active market for identical assets or liabilities. Level 2 includes
currency or interest derivatives and interest bonds, typically when the group uses forward prices on foreign exchange rates or interest rates as inputs to valuation models.
\u25fc Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in the absence of quoted prices from an active market or other observable price inputs.
Note 26 continues on next page
Note 26 Financial Assets and Liabilities cont.
Financial Instruments as of December 31, 2023
Carrying value
Fair value
Amounts in NOK million
Hedging
instruments at
FVOCI1
Financial
assets at
FVTPL1
Amortized
cost
Equity
investments
at FVOCI1
Other
financial
liabilities
Total
Level 1
Level 2
Level 3
Total
Other investments2
0
0
0
19
0
19
5
0
14
19
Non-current receivables
0
0
1,231
0
0
1,231
0
0
0
0
Trade and other receivables
0
0
5,472
0
0
5,472
0
0
0
0
Forward foreign exchange contracts
50
0
0
0
0
50
0
50
0
50
Fair value of currency options
0
197
0
0
0
197
0
197
0
197
Fair value embedded derivatives
4
0
0
0
0
4
0
4
0
4
Interest rate instruments
7
0
0
0
0
7
0
7
0
7
Current interest-bearing receivables
0
0
3,103
0
0
3,103
0
0
0
0
Financial investments
0
5,714
0
0
0
5,714
5,714
0
0
5,714
Cash and cash equivalents
0
0
6,003
0
0
6,003
0
0
0
0
Financial assets
61
5,911
15,808
19
0
21,799
5,719
258
14
5,991
Trade and other payables3
0
0
0
0
-6,462
-6,462
0
0
0
0
Lease liabilities
0
0
0
0
-3,540
-3,540
0
0
0
0
Forward foreign exchange contracts
-185
0
0
0
0
-185
0
-185
0
-185
Fair value of currency options
0
-18
0
0
0
-18
0
-18
0
-18
Fair value embedded derivatives
-1
0
0
0
0
-1
0
-1
0
-1
Financial liabilities
-186
-18
0
0
-10,002
-10,206
0
-204
0
-204
1) FVTPL is short for fair value through profit and loss. FVOCI is short for fair value through other comprehensive income.
2) Investments in level 1 consist of listed shares with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial
purchase price.
3) Trade and other payables that are not financial liabilities at negative NOK 2,642 million in 2023 are not included.
Note 26 continues on next page
Note 26 Financial Assets and Liabilities cont.
Financial Instruments as of December 31, 2022
Carrying value
Fair value
Amounts in NOK million
Hedging
instruments at
FVOCI1
Financial
assets at
FVTPL1
Amortized
cost
Equity
investments
at FVOCI1
Other
financial
liabilities
Total
Level 1
Level 2
Level 3
Total
Other investments2
0
0
0
25
0
25
11
0
14
25
Non-current receivables
0
0
788
0
0
788
0
0
0
0
Trade and other receivables
0
0
5,992
0
0
5,992
0
0
0
0
Forward foreign exchange contracts
159
0
0
0
0
159
0
159
0
159
Fair value of currency options
0
130
0
0
0
130
0
130
0
130
Fair value embedded derivatives
105
0
0
0
0
105
0
105
0
105
Interest rate instruments
11
0
0
0
0
11
0
11
0
11
Current interest-bearing receivables
0
0
146
0
0
146
0
0
0
0
Cash and cash equivalents
0
0
6,170
0
0
6,170
0
0
0
0
Financial assets
276
130
13,096
25
0
13,527
11
406
14
431
Non-current borrowings3
0
0
0
0
-962
-962
-914
0
-48
-962
Current borrowings3
0
0
0
0
-60
-60
0
0
-60
-60
Trade and other payables4
0
0
0
0
-5,099
-5,099
0
0
0
0
Lease liabilities
0
0
0
0
-4,413
-4,413
0
0
0
0
Forward foreign exchange contracts
-211
0
0
0
0
-211
0
-211
0
-211
Fair value embedded derivatives
-45
0
0
0
0
-45
0
-45
0
-45
Financial liabilities
-255
0
0
0
-10,535
-10,790
-914
-255
-108
-1,277
1) FVOCI is short for fair value through other comprehensive income.
2) Investments in level 1 consist of listed shares with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial
purchase price.
3) Fair value is quoted prices for the bonds noted on the Oslo Stock Exchange.
4) Trade and other payables that are not financial liabilities at negative NOK 6,612 million in 2022 are not included.
See note 14 for more information about trade and other receivables
See note 15 for more information about financial investments
See note 18 for more information about borrowings
See note 22 for more information about trade and other payables
See note 23 for more information about financial risk management
See note 25 for more information about derivatives
See note 28 for more information about other investments
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-443": { "value": "Subsidiaries and NCIs
Subsidiaries: Aker Solutions has 60 subsidiaries in 25 countries at the reporting date. The number of countries where Aker Solutions had employees was 15. The group holds the majority of the shares
in all subsidiaries except three, see description below. If not stated otherwise, ownership equals the percentage of voting shares.
Company
Location
Country
Percent
Aker Solutions Enterprises, LDA
Luanda
Angola
49
C.S.E. Mec\u00e2nica e Instrumenta\u00e7\u00e2o Ltda
Curitiba
Brazil
100
Aker Solutions Sdn Bhd
Kuala Belait
Brunei
100
PTAS Aker Solutions Sdn Bhd
Kuala Belait
Brunei
75
Aker Solutions Asset Integrity and Management Canada Inc.
Newfoundland
Canada
100
Aker Solutions Canada Inc
Vancouver
Canada
100
Aker Solutions Marine Contractors Limited
St John's
Canada
100
Aker Engineering & Technology (Beijing) Co., Ltd
Beijing
China
100
Aker Solutions Hydropower Hangzhou Co Ltd
Hangzhou
China
100
Aker Solutions Congo SA
Point-Noire
Congo
70
Aker Solutions Finland Oy
Ulvila
Finland
100
Aker Solutions Ghana Ltd
Accra
Ghana
90
Aker Solutions SAS
Paris
France
100
Aker Solutions Ghana Holding Ltd
Accra
Ghana
100
Aker Solutions Deepwater Ghana Ltd
Accra
Ghana
80
Aker Powergas Pvt Ltd
Mumbai
India
100
Aker Engineering International Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Engineering Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions APAC Sdn Bhd
Kuala Lumpur
Malaysia
48
Aker Solutions India Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions BV
Zoetemer
Netherlands
100
AH \u00c5tte AS
Fornebu
Norway
100
Aker Installation FP AS
Fornebu
Norway
100
Aker Insurance Services AS
Fornebu
Norway
100
Aker Solutions AS
Fornebu
Norway
100
Aker Solutions Contracting AS
Fornebu
Norway
100
Aker Solutions Holding AS
Fornebu
Norway
100
Aker Solutions Middle East AS
Fornebu
Norway
100
ASK JV AS
Stavanger
Norway
100
Company
Location
Country
Percent
Benestad Solutions AS
Lierskogen
Norway
100
Kv\u00e6rner Resources AS
Fornebu
Norway
100
Norwegian Contractors AS
Lysaker
Norway
100
Aker Solutions Hydropower AS
Tranby
Norway
100
Unitech Power Systems AS
Stavanger
Norway
100
Rainpower Peru S.A.C.
Lima
Peru
100
Aker Solutions Poland Sp. z o.o.
Warsaw
Poland
100
Aker Solutions Gulf Services WLL
Doha
Qatar
49
Aker Solutions Saudi Arabia Co. Ltd.
Al-Khobar
Saudi Arabia
100
Aker Solutions Korea Co. Ltd
Geoje
South Korea
100
K Water AB
\u00d6rnsk\u00f6ldsvik
Sweden
100
Rainpower Kristinehamn AB
Kristinehamn
Sweden
100
Aker Solutions Hydropower Switzerland AG
Vaud
Switzerland
100
Aker Solutions Tanzania Ltd
Dar es Salaam
Tanzania
100
Aker Solutions Hydro Enerji Limited Sirketi
Istanbul
Turkey
100
Aker Engineering and Technology Ltd
London
UK
100
Aker Engineering Malaysia Ltd
Leeds
UK
100
Aker Offshore Partner Ltd
Aberdeen
UK
100
Aker Solutions DC Trustees Ltd
London
UK
100
Aker Solutions EAME Limited
Aberdeen
UK
100
Aker Solutions Enterprises International (UK) Limited
London
UK
100
Aker Solutions Holding Limited
Aberdeen
UK
100
Aker Solutions Ltd
Maidenhead
UK
100
International Design Engineering and Services Ltd
Aberdeen
UK
100
Kvaerner Contracting Ltd
London
UK
100
Kvaerner Resources Ltd
London
UK
100
Aker Solutions Inc.
Houston
USA
100
Aker Solutions USA Corporation
Houston
USA
100
Kvaerner Americas Holdings Inc
Canonsburg
USA
100
Kvaerner Renewables US LLC
Canonsburg
USA
100
Note 27 Subsidiaries and NCIs cont.
Subsidiaries where Aker Solutions does not have the Majority of Shares
Aker Solutions has less than 50 percent of the shares in three subsidiaries as shown in the table
above. Aker Solutions has control over relevant activities through shareholders agreements. The
subsidiaries are fully consolidated and the non-controlling interest share of profit and equity is
presented in the income statement and in the balance sheet.\u00a0
The following entities are not legally transferred to OneSubsea due to delayed legal transfer or
delayed closing. The subsea business in these entities are not consolidated as Aker Solutions does
not have control of operations or rights to cash generations.
Company
Location
Country
Percent
Aker Solutions Congo SA
Point-Noire
Congo
70
Aker Solutions Ghana Ltd
Accra
Ghana
90
Aker Solutions APAC Sdn Bhd
Kuala Lumpur
Malaysia
48
Aker Solutions Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions Inc.
Houston
USA
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-442": { "value": "Subsidiaries and NCIs
Subsidiaries: Aker Solutions has 60 subsidiaries in 25 countries at the reporting date. The number of countries where Aker Solutions had employees was 15. The group holds the majority of the shares
in all subsidiaries except three, see description below. If not stated otherwise, ownership equals the percentage of voting shares.
Company
Location
Country
Percent
Aker Solutions Enterprises, LDA
Luanda
Angola
49
C.S.E. Mec\u00e2nica e Instrumenta\u00e7\u00e2o Ltda
Curitiba
Brazil
100
Aker Solutions Sdn Bhd
Kuala Belait
Brunei
100
PTAS Aker Solutions Sdn Bhd
Kuala Belait
Brunei
75
Aker Solutions Asset Integrity and Management Canada Inc.
Newfoundland
Canada
100
Aker Solutions Canada Inc
Vancouver
Canada
100
Aker Solutions Marine Contractors Limited
St John's
Canada
100
Aker Engineering & Technology (Beijing) Co., Ltd
Beijing
China
100
Aker Solutions Hydropower Hangzhou Co Ltd
Hangzhou
China
100
Aker Solutions Congo SA
Point-Noire
Congo
70
Aker Solutions Finland Oy
Ulvila
Finland
100
Aker Solutions Ghana Ltd
Accra
Ghana
90
Aker Solutions SAS
Paris
France
100
Aker Solutions Ghana Holding Ltd
Accra
Ghana
100
Aker Solutions Deepwater Ghana Ltd
Accra
Ghana
80
Aker Powergas Pvt Ltd
Mumbai
India
100
Aker Engineering International Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Engineering Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions APAC Sdn Bhd
Kuala Lumpur
Malaysia
48
Aker Solutions India Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions BV
Zoetemer
Netherlands
100
AH \u00c5tte AS
Fornebu
Norway
100
Aker Installation FP AS
Fornebu
Norway
100
Aker Insurance Services AS
Fornebu
Norway
100
Aker Solutions AS
Fornebu
Norway
100
Aker Solutions Contracting AS
Fornebu
Norway
100
Aker Solutions Holding AS
Fornebu
Norway
100
Aker Solutions Middle East AS
Fornebu
Norway
100
ASK JV AS
Stavanger
Norway
100
Company
Location
Country
Percent
Benestad Solutions AS
Lierskogen
Norway
100
Kv\u00e6rner Resources AS
Fornebu
Norway
100
Norwegian Contractors AS
Lysaker
Norway
100
Aker Solutions Hydropower AS
Tranby
Norway
100
Unitech Power Systems AS
Stavanger
Norway
100
Rainpower Peru S.A.C.
Lima
Peru
100
Aker Solutions Poland Sp. z o.o.
Warsaw
Poland
100
Aker Solutions Gulf Services WLL
Doha
Qatar
49
Aker Solutions Saudi Arabia Co. Ltd.
Al-Khobar
Saudi Arabia
100
Aker Solutions Korea Co. Ltd
Geoje
South Korea
100
K Water AB
\u00d6rnsk\u00f6ldsvik
Sweden
100
Rainpower Kristinehamn AB
Kristinehamn
Sweden
100
Aker Solutions Hydropower Switzerland AG
Vaud
Switzerland
100
Aker Solutions Tanzania Ltd
Dar es Salaam
Tanzania
100
Aker Solutions Hydro Enerji Limited Sirketi
Istanbul
Turkey
100
Aker Engineering and Technology Ltd
London
UK
100
Aker Engineering Malaysia Ltd
Leeds
UK
100
Aker Offshore Partner Ltd
Aberdeen
UK
100
Aker Solutions DC Trustees Ltd
London
UK
100
Aker Solutions EAME Limited
Aberdeen
UK
100
Aker Solutions Enterprises International (UK) Limited
London
UK
100
Aker Solutions Holding Limited
Aberdeen
UK
100
Aker Solutions Ltd
Maidenhead
UK
100
International Design Engineering and Services Ltd
Aberdeen
UK
100
Kvaerner Contracting Ltd
London
UK
100
Kvaerner Resources Ltd
London
UK
100
Aker Solutions Inc.
Houston
USA
100
Aker Solutions USA Corporation
Houston
USA
100
Kvaerner Americas Holdings Inc
Canonsburg
USA
100
Kvaerner Renewables US LLC
Canonsburg
USA
100
Note 27 Subsidiaries and NCIs cont.
Subsidiaries where Aker Solutions does not have the Majority of Shares
Aker Solutions has less than 50 percent of the shares in three subsidiaries as shown in the table
above. Aker Solutions has control over relevant activities through shareholders agreements. The
subsidiaries are fully consolidated and the non-controlling interest share of profit and equity is
presented in the income statement and in the balance sheet.\u00a0
The following entities are not legally transferred to OneSubsea due to delayed legal transfer or
delayed closing. The subsea business in these entities are not consolidated as Aker Solutions does
not have control of operations or rights to cash generations.
Company
Location
Country
Percent
Aker Solutions Congo SA
Point-Noire
Congo
70
Aker Solutions Ghana Ltd
Accra
Ghana
90
Aker Solutions APAC Sdn Bhd
Kuala Lumpur
Malaysia
48
Aker Solutions Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions Inc.
Houston
USA
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-444": { "value": "
Financial Reporting Principles
Joint ventures are those entities where the company has joint control and rights to net assets.
Associates are those entities where the company has significant influence, but not control or joint
control (usually between twenty and fifty percent of the voting power). Interests in joint ventures
and associates are accounted for using the equity method. The investments are initially recognized
at cost (including transaction costs) and subsequently increased or decreased to recognize the
share of the profit or loss. The profit or loss for the equity-accounted investees is presented as part
of total revenue when the operations are closely linked to the current operations of Aker Solutions,
otherwise they are presented as financial income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-445": { "value": "
Other investments are those entities in which the company does not have significant influence.
These are usually entities where the company holds less than twenty percent of the voting power.
Such investments are designated as equity securities at fair value through other comprehensive
income (FVOCI) as they represent long-term strategic investments. When the investments are sold,
the accumulated gain or loss in equity is not reclassified to the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-446": { "value": "
Investments in Companies
The company has recognized the following balances for its investment in other companies:
Amounts in NOK million
2023
2022
Joint Ventures and Associates
6,555
103
Other investments over OCI
19
25
Total investment in companies
6,574
128
Joint Ventures and Associates (Equity Accounted Investees)
The company had 13 equity-accounted investments as of December 31, 2023. Ownership
percentage equals the percentage of voting shares.
Name of company
Office
Percent
Type
Kiewit-Kvaerner Contractors (KKC)
Newfoundland, Canada
50.0%
Joint venture
KDS JV AS
Fornebu, Norway
50.0%
Joint venture
EPE Eigedom AS
Stord, Norway
50.0%
Joint venture
Eld\u00f8yane Holding AS
Stord, Norway
50.0%
Joint venture
Rosebank JV Ltd
Dubai, United Arab Emirates
50.0%
Joint venture
Concrete Structures AS
Fornebu, Norway
50.0%
Associate
Siva Verdal Eiendom AS
Trondheim, Norway
46.0%
Associate
Bemlotek AS
Fornebu, Norway
24.6%
Associate
Kv\u00e6rnhuset Industri-inkubator AS
Egersund, Norway
33.0%
Associate
Windstaller Alliance AS
Fornebu, Norway
33.3%
Associate
OneSubsea LLC
Houston, USA
20.0%
Associate
OneSubsea Processing AS
Sandsli, Norway
20.0%
Associate
OneSubsea Investments UK Ltd
London, UK
20.0%
Associate
Note 28 continues on next page
Note 28 Investment in Companies cont.
2023
2022
Amounts in NOK million
OneSubsea
Other
Total
Total
Equity accounted investees per January 1
0
103
103
58
Acquisition
6,549
0
6,549
24
Share of net income included in other income
172
34
205
33
Other comprehensive income
53
0
53
0
Reclassification from other investments
0
-10
-10
0
Sale
0
-6
-6
0
Dividends received
0
-34
-34
-13
Currency translation differences1
-306
1
-305
1
Equity accounted investees per December 31
6,468
88
6,555
103
1)NOK -284 million in currency translation difference is included in translation differences related to equity accounted
investees in OCI.
Significant associates
Aker Solutions established a new entity with SLB October 2, 2023. The entity is operating in the
subsea business and consists of three separate legal entities; OneSubsea LLC, OneSubsea
Processing AS and OneSubsea Investments UK Ltd. The legal entities are established in Norway,
the UK and the US. These entities are considered material for Aker Solutions. Aker Solutions Inc
owns the partnership interests in OneSubsea LLC which is a transparent entity for income tax
purposes in the US.
The following table summarizes financial information for the entities at a consolidated level. The
figures are at the same basis as used in the group financial statements and represents an IFRS
conversion of OneSubsea\u2019s consolidated income statement and balance sheet prepared in
accordance with US GAAP. The financial information includes allocation of provisional excess
values recognized from assets contributed by SLB and Aker Solutions. Aker Solutions expects that
the fair value assessment of the acquired assets and liabilities will be concluded during 2024. All
amounts are for the consolidated entities at a 100 percent basis.
Amounts in NOK million
2023
Current assets
28,677
Non-current assets
33,386
Current liabilities
26,250
Non-current liabilities
3,474
Net assets
32,339
Aker Solutions' share of equity (20%)
6,468
4Q 2023
Revenue
10,744
Net income
852
Other comprehensive income
263
Total comprehensive income
1,115
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-447": { "value": "
Other Investments
Key information about the other investments are presented in the table below:
Amounts in NOK million
2023
2022
Shares in Aker Horizons ASA
3
10
Shares in Aker Carbon Capture ASA
2
1
Shares in unlisted companies
14
14
Total other investments
19
25
Other investments relate to shares in listed and unlisted companies where ownership is below 20
percent. The ownership in these companies are measured at their market value with changes over
OCI as they are long-term strategic investments. The loss recognized in OCI in 2023 was NOK 6
million (loss of NOK 78 million in 2022). Unlisted shares are usually measured at cost less
impairment, as this is assumed to be the best estimate of fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-448": { "value": "Business Combinations
Financial Reporting Principles
Business combinations are transactions where Aker Solutions obtains control of one or more
businesses. Business combinations are accounted for using the acquisition method when control is
transferred to the group. The consideration transferred in the acquisition is generally measured at
fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for
impairment. Goodwill is allocated to the cash generating unit that is expected to benefit from
synergies from the acquisition. In some business combinations goodwill will arise due to the
requirement to recognize deferred tax on the difference between the assigned fair values and the
related tax bases. This is referred to as technical goodwill. Transactions costs are expensed as
incurred, except if related to the issue of debt or equity securities incurred in connection with a
business combination.
Judgments and Estimates
Judgment has been applied when assessing the fair value of the acquired assets and liabilities,
including weighted average cost of capital, and when determining the amortization period for
excess values. Various valuation techniques have been used in the purchase price allocation,
including a cost replacement approach for assembled workforce and excess earnings method for
customer relationships. Management judgment is also applied when valuing contingent
considerations which are based on estimated future profits.
There has not been any significant business combinations in 2023. In March 2023, Aker Solutions
acquired 66 percent of the shares in Vitec AS, resulting in an ownership of 100 percent in the
company after the transaction. The purchase price was NOK 19.8 million.
Unitech Power Systems
On February 28, 2022, Aker Solutions acquired 100 percent of the shares and voting rights of the
Norwegian company Unitech Power Systems. The acquired company is a leading electrical power
systems consultancy business. The acquisition will significantly enhance Aker Solutions'
capabilities related to high-voltage electrical power systems. By leveraging Unitech Power Systems\u2019
strong expertise and track record with Aker Solutions' existing front end, engineering and project
management capabilities, the acquisition will drive growth in markets supported by the energy
transition.
Consideration transferred and contingent consideration
NOK 104 million was paid in cash to the selling shareholders at the acquisition date. Aker Solutions
has included a liability of NOK 33 million as deferred consideration to be paid in cash in first half
year 2024. The total consideration of NOK 137 million represents the fair value at the acquisition
date. The liability of NOK 33 million follows a contingent consideration arrangement based on
Unitech Power Systems\u2019 EBITDA performance. The range of this element is NOK 24 million to NOK
44 million. Transaction costs related to the acquisition were insignificant.
Measurement of fair value
Customer relationships have been identified as intangible assets assumed in the acquisition. They
are valued at NOK 31 million based on a multi-period excess earnings method. NOK 96 million has
been allocated to goodwill. Goodwill resulting from the transaction is mainly attributable to value of
assembled workforce and expected synergies from Unitech being part of a global company.
Note 29 continues on next page
Note 29 Business Combinations cont.
Hydropower (previous Rainpower)
On May 10, 2022, Aker Solutions acquired 100 percent of the shares and voting rights of the
Norwegian company Hydropower from related party Aker Horizons. The company is a leading
technology provider to the hydropower industry. The acquisition builds on Aker Solutions\u2019 growth
strategy and will further strengthen its offering within renewables. Aker Solutions sees strong
industrial synergies in further developing Hydropower into an innovative hydropower technology
company to optimize hydropower developments and operations.
The company has a subordinated perpetual equity linked loan of NOK 113 million with no
installments or scheduled maturity date. As Hydropower has no contractual obligation to repay the
loan, the hybrid loan is assessed to not meet the requirements in the definition of a financial
liability. The fair value of the hybrid loan is estimated to NOK 12 million and has been classified as
non-controlling interests within equity.
Revenue and net loss from Hydropower in Aker Solutions\u2019 consolidated income statement were
NOK 218 million and NOK 105 million, respectively. If the acquisition had taken place at the
beginning of the year, the group\u2019s revenue would have increased by NOK 113 million and net profit
would have decreased by NOK 44 million.
Consideration transferred
The purchase price of NOK 100 million was settled in financial instruments, being shares in Aker
Carbon Capture. Aker Solutions took over Hydropower\u2019s cash and debt. In addition there is a
discretionary element which may bring the purchase price to NOK 150 million. The share purchase
agreement does not contain trigger elements for the discretionary element, but future material
strengthening of the company\u2019s equity may lead to a payment. Transaction costs related to the
acquisition were insignificant. Transaction with related party Aker Horizons was based on
negotiations between the parties, and management believes that the agreed prices is a fair
approximation to arms length prices.
Measurement of fair value
Customer relationships have been identified as intangible assets and are valued at NOK 50 million
based on a multi-period excess earnings method. NOK 82 million has been allocated to goodwill,
which mainly is attributable to value of assembled workforce and expected synergies from
Hydropower being part of a larger organization with extensive project execution experience.
Frontica Engineering
On June 30, 2022, Aker Solutions acquired 100 percent of the shares and voting rights of the
Norwegian company Frontica Engineering to secure engineering capacity. The company is serving
the offshore energy sector in the domestic and international markets and has a multidisciplinary
staff of around 50 individuals. NOK 16 million was paid in cash for the company. A provisional
purchase price allocation shows excess values of NOK 18 million that are allocated to goodwill and
represent value of assembled workforce. Revenue and net loss from Frontica Engineering in Aker
Solutions\u2019 consolidated income statement were NOK 7 million and NOK 2 million, respectively. If the
acquisition had taken place at the beginning of the year, the group\u2019s revenue would have increased
by NOK 20 million and net profit would have decreased by NOK 4 million. In December 2022,
Frontica Engineering was merged with Aker Solutions AS.
Consideration transferred
Amounts in NOK million
Unitech Power
Systems
Hydropower
Frontica
Engineering
Total consideration
137
100
16
Contingent consideration
33
0
0
Consideration transferred
104
100
16
Of which non-cash consideration
0
-100
0
Cash acquired
13
11
11
Net cash outflow
91
-11
5
Note 29 continues on next page
Note 29 Business Combinations cont.
Identifiable assets acquired and liabilities assumed
Amounts in NOK million
Unitech Power
Systems
Hydropower
Frontica
Engineering
Intangible assets
34
77
0
Property, plant and equipment
0
4
0
Right-of-use assets
6
62
0
Deferred tax assets
0
90
9
Trade and other receivables
20
131
13
Cash and cash equivalents
13
11
11
Borrowings
0
-100
0
Lease liabilities
-6
-62
0
Pension obligations
0
-4
-18
Deferred tax liabilities
-7
0
0
Other non-current liabilities
0
0
-2
Trade and other payables
-19
-178
-15
Net identifiable assets
41
30
-2
Goodwill arising from the acquisitions has been recognized as follows:
Amounts in NOK million
Unitech Power
Systems
Hydropower
Frontica
Engineering
Consideration transferred
104
100
16
Contingent consideration
33
0
0
Total consideration
137
100
16
Non-controlling interests
0
12
0
Fair value of identifiable net asset
41
30
-2
Goodwill
96
82
18
Of the total goodwill of NOK 196 million NOK 9 million related to Hydropower is expected to be
deductible for tax purposes.
In 2022, Aker Solutions also acquired the 51 percent minority share in Aker Solutions Enterprises
Limited and a 50 percent ownership in EPE Eigedom for a total cash consideration of NOK 83
million. Aker Solutions first purchased 100 percent of EPE Eigedom, and later sold 50 percent
making the company an equity accounted investee.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-449": { "value": "
Financial Reporting Principles
Business combinations are transactions where Aker Solutions obtains control of one or more
businesses. Business combinations are accounted for using the acquisition method when control is
transferred to the group. The consideration transferred in the acquisition is generally measured at
fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for
impairment. Goodwill is allocated to the cash generating unit that is expected to benefit from
synergies from the acquisition. In some business combinations goodwill will arise due to the
requirement to recognize deferred tax on the difference between the assigned fair values and the
related tax bases. This is referred to as technical goodwill. Transactions costs are expensed as
incurred, except if related to the issue of debt or equity securities incurred in connection with a
business combination.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-450": { "value": "
Note 30 The Subsea Transaction and Discontinued Operations
On August 30, 2022 Aker Solutions, SLB and Subsea7 entered into a master formation
agreement and agreed to establish a new entity where Aker Solutions and SLB contributed their
subsea businesses.
The transaction was dependent on approval from regulatory authorities. The subsea business was
therefore not classified as held for sale until final approval came from the regulatory authorities in
Brazil, on August 4, 2023, leading to the closing of the transaction on October 2, 2023. Aker Solutions
and SLB contributed their subsea businesses into the entity with respectively 40 and 60 percent of the
values. Aker Solutions thereafter sold 10 percent of their shares to SLB and 10 percent of their
shares to Subsea7 as part of the agreement. Following these transactions, the entity is owned by
SLB (70 percent), Aker Solutions (20 percent) and Subsea7 (10 percent). There is a lock-up
period of three years for the shares in the entity before any of the parties can sell their shares.
Aker Solutions consideration was NOK 7.5 billion (USD 700 million) for the sale of the 20 percent
ownership in the entity, which was divided as follows:
\u25fc NOK 3.3 billion (USD 306.5 million) in forms of shares in SLB, subject to a lock-up period of
180 days.
\u25fc NOK 3.3 billion (USD 306.5 million) in cash from the 10 percent divestment to Subsea7. USD
153.25 million was settled at closing October 2, 2023, while the remaining USD 153.25 million,
will be settled with interest at the latest on June 30, 2024.
\u25fc NOK 936 million (USD 87.5 million) in proceeds from a vendor note from the entity to be paid,
with interest, to Aker Solutions with minimum 50 percent one year from closing and the
remaining within two years from closing.
The entity was established to build on the different strengths of the subsea business in the
companies, with an ambition of delivering a step change in subsea production economics. Joining
the subsea business of SLB and Aker Solutions can help unlock reserves, reduce time to first oil,
and lower development costs, by simultaneously delivering on decarbonization objectives. Aker
Solutions and SLB have had different strengths within the respective subsea operations, and
joining the operations leads to a stronger subsea company, where the operations can gain from
synergies. Aker Solutions contribution into the entity comprises in all material respects the entire
Subsea segment including certain support functions.
Aker Solutions performed several activities in preparation for the closing of the transaction. The
group was reorganized to enable contribution of the subsea operations upon closing of the
transaction. The activities included shares and asset transfers between subsea and non-subsea
companies to secure appropriate ownership within the group. In addition, the companies
established business and agreements related to licenses of IP.
In addition to the preparatory activities described above, Aker Solutions entered into a transitional
service agreement (TSA) and a parent service agreement (PSA) with the entity. These agreements
were established to secure that the new entity was fully operational from day one after the
transaction was closed. The TSA consists of different services that Aker Solutions provides to the
new entity, and duration of the services vary between 6 and 18 months. Fees for the services are
determined by a cost-plus model defined in the TSA. The PSA is established to ensure that the
parties are able to deliver on commitments that are made prior to establishment of the new entity.
The agreement includes access to fabrication services from Aker Solutions\u2019 facilities for the
entity, engineering services and goods produced by the counterparties. The PSA is structured as
frame agreements with a three-year time frame. Specific needs for fabrication, goods or services
will be established as defined project related call offs within the frame agreements.
Financial reporting of the transaction
The 20 percent ownership in OneSubsea is presented as an Investment in associates using the
equity method as a non-current asset in the balance sheet. Our share of the investee\u2019s net profit
or loss is presented as a separate line and included in the group revenue and other income in the
Income Statement.
The historical results for the subsea business are reported separately under the caption
discontinued operations for the current and prior year. The gain on sale of the subsea business is
also reported in this line item in 2023. Income and expenses from discontinued operations are
excluded from specifications presented in other notes unless otherwise stated.
Note 30 continues on next page
Note 30 The Subsea Transaction and Discontinued Operations cont.
Some of the transactions were not legally completed by year end but accounted for as transferred
assets in the group accounts. Estimates of future cash settlements for these transactions and the
settlement of the closing accounts for the group is NOK 440 million and reported as other non-
current assets.
The financial data for discontinued operations are as follows:
Profit (loss)
Amounts in NOK million
2023
2022
Revenue
14,807
13,917
Depreciation, amortization and impairment
-336
-540
Other expenses
-12,035
-11,629
Operating income
2,435
1,748
Financial income (expense), net
-65
18
Income before tax
2,370
1,765
Income tax expense
-553
-453
Income from discontinued operations
1,817
1,312
Gain on disposal (net of tax)
9,723
0
Net income from discontinued operations
11,540
1,312
Cash flow
Amounts in NOK million
2023
2022
Net cash provided by operating activities
2,410
1,689
Net cash provided by investing activities
-86
-133
Net cash used in financing activities
-195
-264
Foreign currency effects on cash
27
79
Net cash provided by discontinued operations1
2,155
1,371
1)Cash flow from discontinued operations does not include net proceeds from the transaction of NOK 621 million.
Net proceeds
Amounts in NOK million
2023
Consideration received
1,640
Cash in divested subsidiaries
-623
Loans given to OneSubsea
-396
Net proceeds from sale of subsidiaries
621
Gain on disposal
The fair value of the Aker Solutions\u2019 subsea business was in the transaction agreement valued at
NOK 13.9 billion (USD 1.3 billion). After the transaction, Aker Solutions deconsolidated the subsea
business, and the accounting treatment has been a sale of 100 percent of the subsea business
following a purchase of 20 percent of OneSubsea at fair value. Aker Solutions recognized a gain
in connection with the sale of the subsea business of NOK 9.7 billion. The gain was calculated as
the difference between the fair value of the consideration received, the net book value of the
disposed business and the reclassification of foreign currency translation reserve.
Amounts in NOK million
2023
Fair value of subsea business1
14,370
Carrying amount of net assets sold and assumed liabilities
-6,039
Reclassification of foreign currency translation reserve
1,392
Gain on disposal
9,723
1)NOK 6,560 million (USD 613 million) in consideration for sale of 20 percent to SLB and Subsea7, NOK 6,560 million in
value of remaining investment in OneSubsea and vendor note of NOK 936 million (USD 87.5 million). Fair value also
includes NOK 314 million for cash transferred to OneSubsea at closing that will be repaid to Aker Solutions when all
transactions are completed and revaluation of shares in SLB before closing of the transaction.
See note 28 for more information about other investments
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-451": { "value": "9723000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-452": { "value": "9723000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-453": { "value": "Related Parties and Key Management Compensation
Financial Reporting Principles
Related party relationships are defined to be entities under joint control or significant influence by
Aker Solutions, and companies outside the Aker Solutions group that are under control (either
directly or indirectly) or joint control by the owners having significant influence over Aker Solutions.
The management and the Board of Aker Solutions are also related parties.
Related Parties of Aker Solutions
The largest shareholder of Aker Solutions is Aker Holdings AS , which is wholly-owned by Aker
ASA. Aker Solutions is an associate of Aker ASA, and entities controlled by Aker ASA and entities
which Kjell Inge R\u00f8kke and his close family controls through The Resource Group TRG AS are
considered related parties to Aker Solutions. These entities include companies like Aker Carbon
Capture, Aker Offshore Wind and Cognite and are referred to as Aker entities in this note.
Companies that are associates of Aker ASA or The Resource Group TRG AS are not considered
related parties of Aker Solutions, such as Akastor and Aker BP.
Related party relationships also include entities under joint control or significant influence by Aker
Solutions. OneSubsea is an associate of Aker Solutions and defined as a related party. Non-
controlling interests with significant influence are also considered as related parties of Aker
Solutions.
Related parties are in a position to enter into transactions with the company that would potentially
not be undertaken between unrelated parties. Transactions with related parties are based on
negotiations between the parties, and management believes that the agreed prices is a fair
approximation to arms length prices.
Note 31 continues on next page
Note 31 Related Parties cont.
Transactions and Balances with Related Parties1
2023
2022
Amounts in NOK million
Aker and TRG
companies
Joint ventures
and associates
Total
Aker and TRG
companies
Joint ventures
and associates
Total
Income statement
Operating revenues
302
1,108
1,410
368
36
404
Operating costs
-1,007
-623
-1,631
-634
-434
-1,068
Depreciation and impairment of ROU assets
-38
-18
-56
-44
-8
-52
Net financial items
35
0
35
9
0
9
Balance sheet
Right-of-use (ROU) assets
389
63
452
519
10
530
Trade receivables
51
556
608
82
2
84
Non-current interest-bearing receivables
195
0
195
199
0
199
Current interest-bearing receivables
10
1,410
1,420
10
0
10
Other current receivables
0
405
405
0
0
0
Non-current leasing liabilities
0
-463
-463
-591
-5
-596
Other non-current liabilities
0
-81
-81
0
0
0
Trade payables
-16
-49
-65
0
-25
-25
Current leasing liabilities
0
-45
-45
-43
-6
-49
1)Subsea not classified as discontinued operations.
Note 31 continues on next page
Note 31 Related Parties cont.
Significant Related Parties Transactions
Aker Solutions has transactions with related parties on a recurring basis as part of normal business.
In 2023, Aker Solutions purchased software applications from Aize of NOK 265 million. Aker
Solutions also leases industrial properties owned by Kjell Inge R\u00f8kke through TRG AS which
amounted to NOK 68 million in 2023 (NOK 65 million in 2022). In addition, Aker Solutions
supported the group's union representative function with NOK 780,000 in 2023 (NOK 740,000 in
2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-454": { "value": "
Financial Reporting Principles
Related party relationships are defined to be entities under joint control or significant influence by
Aker Solutions, and companies outside the Aker Solutions group that are under control (either
directly or indirectly) or joint control by the owners having significant influence over Aker Solutions.
The management and the Board of Aker Solutions are also related parties.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-455": { "value": "Aker ASA.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-456": { "value": "
Compensation to Key Management
The key management personnel of Aker Solutions include the Board of Directors and the executive
management team. Refer to further description about management compensation in the
Management Remuneration Report available at www.akersolutions.com/corporate-governance.
Amounts in NOK million
2023
2022
Salaries and wages including holiday allowance
64
74
Social security contributions
10
11
Pension cost
2
2
Termination benefits
0
0
Share-based payments
3
3
Other employee benefits
1
1
Total compensation to key management personnel
79
92
The below table shows the shareholding of Aker Solutions\u2019 Board of Directors and the President
and Chief Executive Officer per December 31, 2023.
Name
Role
Shareholding as of
December 31, 20231
Kjetel Digre
President and Chief Executive Officer
133,657
Leif-Arne Lang\u00f8y
Chairman
159,426
\u00d8yvind Eriksen
Deputy Chairman
0
Kjell Inge R\u00f8kke
Director
0
Birgit Aagaard-Svendsen
Director
90,000
Lone F\u00f8nss Schr\u00f8der
Director
0
Elisabeth T\u00f8rstad
Director
2,000
Jan Arve Haugan
Director
136,527
Hilde Karlsen
Director, employee elected
32,774
Line Sm\u00e5ge Breidablikk
Director, employee elected
1,755
Stian Pettersen Sagvold
Director, employee elected
246
Arne Christian R\u00f8dby
Director, employee elected
1,822
Sigurd S\u00e6vareid2
Director, employee elected
0
Tommy Angeltveit2
Director, employee elected
0
Total
558,207
1)The number of shares owned covers direct ownership of Aker Solutions ASA for individual and related parties and does not
include \u00d8yvind Eriksen's and Kjell Inge R\u00f8kke's indirect ownership.
2)Sigurd S\u00e6vareid left the board in April 2023 and was replaced by Stian Sagvold. Tommy Angeltveit left the board and was
replaced by Arne R\u00f8dby in October 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-457": { "value": "Audit Fees
On April 27, 2022, the general meeting of shareholders appointed PwC as Aker Solution's auditor.
The table below presents expenses for audit and other services to the auditor, including expenses
related to the disposed subsea business.
Aker Solutions
ASA
Subsidiaries
Total
Amounts in NOK million (excl. VAT)
2023
2022
2023
2022
2023
2022
Audit
3.7
3.1
14.5
13.9
18.2
17.0
Other assurance services
1.4
0.1
1.8
0.7
3.1
0.8
Tax services
0.0
0.0
0.1
0.2
0.1
0.2
Other non-audit services
0.0
0.0
2.0
1.8
2.0
1.8
Total
5.1
3.2
18.4
16.6
23.4
19.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-458": { "value": "Oksen\u00f8yveien 81366 LysakerNorway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-459": { "value": "Oksen\u00f8yveien 81366 LysakerNorway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }