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"pp-value-20-3": {
"value": "RevenueRevenue is generated by delivering consulting services. The group provides a range of services, including multidisciplinary consulting and design, project engineering and management, verification, inspection, supervision and architecture \u2013 both in Norway and abroad. See note 5 segments for a more detailed description of services offered within seven business areas. See also note 6 for revenue from contracts with customers and contract balances. Revenue is measured based on the consideration specified in a contract with a customer. Revenue is recognised when a customer obtains control over a good or service, which could be at a point in time or over time. The group's revenue is generated from rendering of services, which is recognised over time.The group's rendering of services consists of agreements that are either time-based, time-based with a cap, or fixed price. The vast majority of contracts in terms of transaction price are time-based, i.e. the group earns revenue per hour worked. Contracts which are time-based with a cap, or fixed price, are minor compared to the total.Multiconsult has evaluated that for some of the services, for example construction management and coordination, the customer simultaneously receives and consumes the benefits provided by its performance as it performs, and therefore revenue is recognised over time.Other services are to a large extent tailored to the customer and has no alternative use for Multiconsult. The majority of contracts has clauses that secures that Multiconsult has enforceable right to payment for performance completed to date if the customer should terminate a contract for other reasons than failure by Multiconsult to deliver under the contract. Consequently, Multiconsult has determined that the customer controls all the work in progress as the services are provided, and revenue is recognised over time. A few contracts may have deviating contract clauses, but these are immaterial in relation to the group's total revenues.Progress in satisfaction of a performance obligation is normally estimated as hours incurred as a percentage of expected total hours and milestones in the project. It is continuously evaluated if hours incurred contribute to progress in the project and the total hours expected to be incurred to generate progress. As the main cost and efforts in the satisfaction of the performance obligations are hours incurred, for own employees and subcontractors, the group belie-ves this method provides a faithful depiction of the transfer of the services. The total scope is evaluated on an on-going basis. Costs are recognised as incurred.Under IFRS 15, revenue shall be recognised to the extent that it is highly probable that a significant reversal in the amount of cumula-tive revenue recognised will not occur. There are often discussions with the customer in relation to the number of hours that can be charged to the customer, consequently this is regarded as variable consideration. The company has established processes for ongoing evaluations and estimation of how much revenue can be recognised for each contract, primarily based on expected value, and on 31 December 2021 and 31 December 2020 it has not identified need for additional constraint of accumulated revenues.When it is probable that a project will incur a loss (remaining to-tal direct costs exceed remaining total revenue), the estimated loss is recognised immediately. Direct costs include predominantly costs for own personnel and sub-contractors. As the group has few projects with fixed price or with a cap, provisions for onerous contracts are limited.Invoices are issued according to contractual terms and are usually payable within 30 days. Invoiced amounts are presented as trade receivables. Un-invoiced amounts (contract assets) are presented as work in progress and is related to work performed but not billed at the reporting date. Contract liabilities are presented as prepaid revenues. For each contract it is presented a net amount for work in progress or prepaid revenues.In working partnerships not organised as separate legal entities, and where the group is the project manager with no overall responsibility for the engagement, the group invoices the client and subsequently pays the fee to the other parties for the work performed by them. The group only recognises its own share of revenue and expenses in such arrangements (refer also to the description above).Revenues are disaggregated on business areas and geography, see notes 5 and 6.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-3": {
"value": "Interest and dividends receivedInterest income that reflects the effective return on an asset is recognised as income over the period earned and classified as financial income in the statement of income. Dividends received on investments are recognised as income when the group's right to receive payment has been established. Dividends from investments that are recognised using the equity method are recognised as a reduction of the investment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-22-4": {
"value": "Interest and dividends receivedInterest income that reflects the effective return on an asset is recognised as income over the period earned and classified as financial income in the statement of income. Dividends received on investments are recognised as income when the group's right to receive payment has been established. Dividends from investments that are recognised using the equity method are recognised as a reduction of the investment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-23-3": {
"value": "Classification of current and non-current itemsAn asset is classified as current when it is expected to be realised or sold, or to be used in the group's normal operating cycle or falls due or is expected to be realised within 12 months after the end of the reporting period. Other assets are classified as non-current. Liabi-lities are classified as current when they are expected to be settled in the normal operating cycle of the group, are held for trading, are expected to be settled within 12 months of the end of the repor-ting period, or if the group does not have an unconditional right to postpone settlement for at least 12 months after the reporting date. Provisions for obligations and assets for reimbursement are classi-fied as non-current. Derivatives are classified as current.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "NOTE 1 GENERAL INFORMATION AND BASIS FOR THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTSMulticonsult group (\u201cMulticonsult\u201d or \u201cthe group\u201d) comprises Mul-ticonsult ASA (\u201cthe parent company\u201d) and all subsidiaries and associated companies.Multiconsult ASA is a Norwegian Public limited liability company. The shares of the company were listed on Oslo Stock Exchange on 22 May 2015. The company's head office is located in Nedre Sk\u00f8yen vei 2, 0276 Oslo. The group are among the leading suppliers of consultancy and design services in Norway and the Nordic region. The group has some activity and subsidiaries outside the Nordic region, including subsidiaries Multiconsult Polska, Multiconsult UK and Multiconsult Asia. The principal activities of the group are described in note 5 Segments. These consolidated financial statements were appro-ved by the board of directors on 15 March 2023 for adoption by the Annual General Meeting on 13 April 2023. The group prepares the consolidated financial statements in accor-dance with International Financial Reporting Standards as adopted by the EU (IFRS) and the Norwegian Accounting Act. References to \"IFRS\" in these financial statements mean IFRS as adopted by the EU.NOTE 2 A SIGNIFICANT ACCOUNTING POLICIESBasis of preparationThe consolidated financial statements have been prepared based on the historical cost basis, except for derivatives and pension as-sets that are measured at fair value, and pension liabilities that are measured at present value. The consolidated financial statements are presented in Norwegian kroner (NOK). Amounts are rounded to the nearest thousand, unless stated otherwise. As a result of such rounding, amounts and percentages presented may not add up to the total.Standards, interpretations and amendments implemented in 2022Several limited scope amendments and interpretations effective from 1 January 2022 had no material impact on the group. This include but is not limited to amendments to IAS 16, IAS 37, IFRS 1, IFRS 3 and IFRS 9. Consolidation principles, investments accounted for in accor-dance with the equity method and working partnerships The consolidated financial statements incorporate Multiconsult ASA and companies that Multiconsult ASA (directly or indirectly) control (the group). Control is achieved when the group is exposed or has rights to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. All subsidiaries are 100 per cent owned and there are no non-controlling interests.The consolidated financial statements have been prepared using uniform accounting policies. All material transactions and balances between group entities have been eliminated.Shares in subsidiaries are eliminated in the consolidated financial statements in accordance with the acquisition method. This entails that the consideration, as well as the acquired entity's assets and liabilities (with some exceptions as determined by IFRS 3 Business Combinations), are measured at fair value on the date of acquisiti-on, and any excess consideration is classified as goodwill. Acquisiti-on-related costs are recognised in profit or loss as incurred. Investments in associated companies and joint ventures over which the group exercises significant influence or joint control, are accounted for using the equity method. Refer to note 17 for more information.The group enters into working partnerships in certain projects where parties collaborate to offer a joint deliverable. Each participant is responsible for and has rights to the fee from its part of the delive-rables (agreements related to project collaboration). The individual parties utilise their resources using employees and sub-contractors. Some of these arrangements are considered to be joint operations within the scope of IFRS 11, and for which the group recognises its share of income and expenses, and its own assets and liabilities. Certain arrangements are not jointly controlled. Such activities are recognised on a line-by-line basis in accordance with the group's share, similar to joint operations. There are no significant differen-ces in the group's accounting for activities in arrangements without limited liability, whether within the scope of IFRS 11 or not.Foreign currenciesThe financial statements of the individual companies in the group are measured in the currency which is predominantly used in the economic environment in which the company operates (functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional currency and the presentation currency of the parent company.Transactions in foreign currencies are translated into the functio-nal currency at the exchange rates prevailing at the dates of the transactions. Currency gains and losses arising on the payment of such transactions and on translation of monetary items in foreign currencies at the exchange rates prevailing at the end of the repor-ting period, are recognised in profit or loss as financial items. For companies with a functional currency other than Norwegian kroner, income and expense items are translated based on the average exchange rates, and assets and liabilities are translated using the exchange rates prevailing at the end of the reporting period. Exchange differences are recognised in other comprehen-sive income.RevenueRevenue is generated by delivering consulting services. The group provides a range of services, including multidisciplinary consulting and design, project engineering and management, verification, inspection, supervision and architecture \u2013 both in Norway and abroad. See note 5 segments for a more detailed description of services offered within seven business areas. See also note 6 for revenue from contracts with customers and contract balances. Revenue is measured based on the consideration specified in a contract with a customer. Revenue is recognised when a customer obtains control over a good or service, which could be at a point in time or over time. The group's revenue is generated from rendering of services, which is recognised over time.The group's rendering of services consists of agreements that are either time-based, time-based with a cap, or fixed price. The vast majority of contracts in terms of transaction price are time-based, i.e. the group earns revenue per hour worked. Contracts which are time-based with a cap, or fixed price, are minor compared to the total.Multiconsult has evaluated that for some of the services, for example construction management and coordination, the customer simultaneously receives and consumes the benefits provided by its performance as it performs, and therefore revenue is recognised over time.Other services are to a large extent tailored to the customer and has no alternative use for Multiconsult. The majority of contracts has clauses that secures that Multiconsult has enforceable right to payment for performance completed to date if the customer should terminate a contract for other reasons than failure by Multiconsult to deliver under the contract. Consequently, Multiconsult has determined that the customer controls all the work in progress as the services are provided, and revenue is recognised over time. A few contracts may have deviating contract clauses, but these are immaterial in relation to the group's total revenues.Progress in satisfaction of a performance obligation is normally estimated as hours incurred as a percentage of expected total hours and milestones in the project. It is continuously evaluated if hours incurred contribute to progress in the project and the total hours expected to be incurred to generate progress. As the main cost and efforts in the satisfaction of the performance obligations are hours incurred, for own employees and subcontractors, the group belie-ves this method provides a faithful depiction of the transfer of the services. The total scope is evaluated on an on-going basis. Costs are recognised as incurred.Under IFRS 15, revenue shall be recognised to the extent that it is highly probable that a significant reversal in the amount of cumula-tive revenue recognised will not occur. There are often discussions with the customer in relation to the number of hours that can be charged to the customer, consequently this is regarded as variable consideration. The company has established processes for ongoing evaluations and estimation of how much revenue can be recognised for each contract, primarily based on expected value, and on 31 December 2021 and 31 December 2020 it has not identified need for additional constraint of accumulated revenues.When it is probable that a project will incur a loss (remaining to-tal direct costs exceed remaining total revenue), the estimated loss is recognised immediately. Direct costs include predominantly costs for own personnel and sub-contractors. As the group has few projects with fixed price or with a cap, provisions for onerous contracts are limited.Invoices are issued according to contractual terms and are usually payable within 30 days. Invoiced amounts are presented as trade receivables. Un-invoiced amounts (contract assets) are presented as work in progress and is related to work performed but not billed at the reporting date. Contract liabilities are presented as prepaid revenues. For each contract it is presented a net amount for work in progress or prepaid revenues.In working partnerships not organised as separate legal entities, and where the group is the project manager with no overall responsibility for the engagement, the group invoices the client and subsequently pays the fee to the other parties for the work performed by them. The group only recognises its own share of revenue and expenses in such arrangements (refer also to the description above).Revenues are disaggregated on business areas and geography, see notes 5 and 6.Interest and dividends receivedInterest income that reflects the effective return on an asset is recognised as income over the period earned and classified as financial income in the statement of income. Dividends received on investments are recognised as income when the group's right to receive payment has been established. Dividends from investments that are recognised using the equity method are recognised as a reduction of the investment.Classification of current and non-current itemsAn asset is classified as current when it is expected to be realised or sold, or to be used in the group's normal operating cycle or falls due or is expected to be realised within 12 months after the end of the reporting period. Other assets are classified as non-current. Liabi-lities are classified as current when they are expected to be settled in the normal operating cycle of the group, are held for trading, are expected to be settled within 12 months of the end of the repor-ting period, or if the group does not have an unconditional right to postpone settlement for at least 12 months after the reporting date. Provisions for obligations and assets for reimbursement are classi-fied as non-current. Derivatives are classified as current.Property, plant and equipmentProperty, plant and equipment are recognised at cost less accu-mulated depreciation. Cost of acquisition includes costs directly attributable to the acquisition of the fixed asset. Subsequent ex-penditure is added to the carrying value of the asset or is recog-nised separately when it is probable that future economic benefits related to the expenditure will flow to the group, and the cost can be measured reliably. The carrying amount related to replace parts is expensed. Other repair and maintenance costs are recognised in profit or loss in the period during which the cost is incurred. Property, plant and equipment are depreciated on a straight-line basis. The cost of acquisition of property, plant and equipment is depreciat-ed to their expected residual value, which in general is estimated to be nil. The estimated useful lives, residual values and deprecia-tion methods are reviewed at the end of each reporting period and changed if necessary. When the carrying amount of an item of prop-erty, plant and equipment is higher than its estimated recoverable amount (the higher of fair value less costs to sell and value in use), the carrying amount is reduced to the recoverable amount and rec-ognised as impairment in the statement of income. Gains and losses on disposal of property, plant and equipment are recognised in the income statement as the difference between the sales price and the carrying amount.Intangible assetsIntangible assets consist mainly of standard software, licenses and ERP system. A minor part of intangible assets consists of internally generated cost incurred in the development phase of software, as they meet the specific criteria for recognition in the balance sheet, as defined in IAS 38. Intangible assets are recognised at cost of acquisition less amortisation. Intangible assets are amortised on a straight-line basis to an estimated residual value of nil. Order back-log arising upon a business combination is amortised over its esti-mated useful life. When the carrying amount of an intangible asset is higher than its estimated recoverable amount, the carrying amount is reduced to the recoverable amount and recognised as impairment in the statement of income.GoodwillGoodwill arising upon a business combination is not amortised. Goodwill does not generate cash flows that are independent of other assets or groups of assets, and is allocated to the cash- generating units that are expected to benefit from the synergies of the combination that gave rise to goodwill. Cash-generating units to which goodwill has been allocated are reviewed for impairment on an annual basis, or more frequently if there are indications of impairment. If the recoverable amount of the cash-generating unit is less than its carrying value, the impairment loss is allocated first to reduce the carrying value of goodwill and then to the other assets in the cash-generating unit pro rata based on the carrying amount of each asset in the unit. The carrying value of individual assets is not reduced below nil. An impairment loss recognised for goodwill is not reversed in subsequent periods if the recoverable amount of the cash-generating unit increases. Any impairment is recognised as part of impairment in the statement of income.Cash-generating units A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of cash inflows from other assets or groups of assets. In order to iden-tify whether cash inflows from an asset (or a group of assets) are independent of cash inflows from other assets (or groups of assets), management assesses various factors, including how operations are monitored, e.g. based on service- or product areas, businesses or geographical areas. Each CGU or group of CGUs to which good-will has been allocated represent the lowest level in the entity where goodwill is monitored for internal management purposes. The group of CGUs are in all instances no larger than an operating segment as defined in IFRS 8 Operating Segments.Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group becomes a party to the contractual provisions of the instrument.Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acqui-sition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.Financial assets IFRS 9 contains three principal classification categories for finan-cial assets: measured at amortised cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addition of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equivalents, trade and other receivables and work in progress (contract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as meas-ured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by im-pairment losses.Financial assets at fair value through profit or loss consist of derivatives when the fair value is positive.Impairment of financial assetsThe group recognises loss allowances at an amount equal to lifetime Expected Credit losses (ECL) on receivables and work in progress. ECLs are probability-weighted estimates of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accord-ance with the contract and the cash flows that the group expects to receive). ECLs are discounted at the effective interest rate of the financial assets.The group assesses at each reporting date whether financial as-set carried at amortised cost are credit impaired. A financial asset is credit impaired if one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence of credit impairment includes the follow-ing observable data: significant financial difficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receivable by the group on terms that the group would not consider otherwise, or it is probable that the debtor will enter bankruptcy or other financial reorganisation, or the disap-pearance of an active market for a security because of financial dif-ficulties. See note 3 for a description of recognition of ECLs.Loss allowances are deducted from the gross carrying amount of the financial asset. The gross carrying amount of a financial asset is written off when the group has not reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Re-ceivables are written off if the customer goes bankrupt, collection by a debt collector has been unsuccessful for a period and in other concrete cases. The group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities.Financial liabilitiesThe group has financial liabilities measured at amortised cost and fair value through profit or loss. Financial liabilities at amortised cost comprise largely trade payable, other current liabilities and inter-est-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequently measured at amortised cost through using the effective interest method.Financial liabilities at fair value through profit or loss consist of derivatives. The company can use foreign currency forward contracts and interest rate swaps in order to hedge future cash flows. The company does not use hedge accounting. Derivatives are measured at fair value. Gains and losses arising as a result of changes in fair value are recognised in the statement of income as financial income and financial expenses. Derivatives are recognised on a gross basis as liabilities when the fair value is negative, as long as the group does not have a legal right to and intention of settling the contracts on a net basis.Embedded derivativesAn embedded derivative shall not be separated from the host con-tract and recognised as a derivative if the economic characteris-tics and the economic risks of the embedded derivative are close-ly related to the economic characteristics and the economic risk of the host contract. The company has certain cross border sales contracts in a currency that is not the functional currency of either of the parties to the contract. The company has determined that the currency used in the relevant contracts is a currency frequently used in contracts related to acquisition or disposal of non-financial assets in the economic environment in which the transaction takes place, and has therefore not separated a currency derivative.Cash and cash equivalentsCash and cash equivalents include cash, bank deposits and other cash equivalents with a maturity of less than three months at the date of acquisition.Restricted cashRestricted cash is cash with restrictions above 3 months. Restrict-ed funds is classified as non-current when the restriction is more than 12 months and is presented as non-current financial asset in the balance sheet.Provision for obligations Provisions for obligations such as restructuring, onerous contracts, project liabilities and legal claims are recognised when the group, as a result of a past event, has an existing legal or constructive obligation, it is probable that the group will be required to settle the obligation, and the amount can be measured reliably. Provi-sions are measured at management's best estimate of the expend-iture required to settle the obligation at the reporting date. The estimate is made based on the actual circumstances related to each individual item.Provisions for project liabilities are measured at the expected cost to settle the obligation. A reimbursement asset is recognised if the company is covered for losses incurred through an insurance com-pany and it is virtually certain that the company will receive com-pensation. A reimbursement asset reduces the net cost recognised in the statement of income.PensionsThe group has primarily defined contribution pension plans.For defined contributions plans, the group pays contributions to private, administered insurance plans for pensions on a statutory, contractual or voluntary basis. The group has no additional obligations after the contributions have been paid. Contributions to defined contribution plans are expensed as incurred. LINK Arkitek-tur AB participate in a defined benefit multi-employer plan that is accounted for as a defined contribution plan. The group has no early retirement plans.Remaining defined benefit pension plans are primarily an individual unfunded agreement in Multiconsult Norge AS and a funded plan in LINK Arkitektur AS. Pension obligations for defined benefit plans are estimated on an annual basis by independent actuaries. See note 12.Income taxAssets and liabilities related to current tax payable are measured at the amount expected to be received from or paid to the taxa-tion authorities. Deferred tax assets and liabilities are calculated based on the liability method, including all temporary differences between the carrying amounts and tax bases of assets and liabili-ties in the consolidated financial statements, including losses car-ried forward. Deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. For investments in subsidiaries, associated companies or joint ventures, deferred tax liabilities are not recognised for taxa-ble temporary differences when the group is able to control the timing of reversal of temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. Similarly, deferred tax assets are only recognised for such invest-ments if it is probable that the temporary difference will reverse in the foreseeable future and that sufficient taxable income will be available to allow the asset to be recovered.Deferred tax assets are recognised to the extent that it is proba-ble that the tax assets will be utilised. Tax rates that are enacted or substantially enacted at the end of the reporting period and un-discounted amounts are used. Deferred tax assets and liabilities are recognised net when there is a legal right to offset payable tax assets and liabilities, and the group is able to and intends to settle payable income tax net.The group considers expenses as tax deductible and income as not taxable based on interpretation of applicable legislation and regu-lations and when it is considered probable that the treatment will be accepted by the taxation authorities. The group provides for uncer-tain and contested tax positions based on the expected payment.The income tax expense for a period consists of income tax payable and deferred tax. Income tax is recognised in profit or loss, except for when it relates to items that are recognised in equity, either directly or through other comprehensive income.Statement of cash flowsThe statement of cash flows has been prepared in accordance with the indirect method. Interest received and paid are reported as part of financing activities. Dividends paid are presented as part of-financing activities.Lease agreementsThe group as lesseeMulticonsult has two classes of assets that have been reported as right-of-use assets: buildings (primarily office premises) and cars.Recognition exemptionsThe group applies the practical expedients to not recognise right- -of-use assets and liabilities for leases with lease periods of one year or less and where the underlying assets are of low value. Low value has been defined on the basis that the underlying assets, when new, are individually of low value, i.e. office furniture, water dispensers, coffee machines, IT equipment for use by the individ-ual employees, printers and copy machines etc. For these leases, the group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Identifying a leaseThe group assesses whether a contract is or contains a lease, at inception of the contract. For the group there are no difficult evalu-ations to determine if contracts contain leases. Only lease payments are included in the calculation of the lease liability. Several of the agreements for lease of office premises contain renewal options, and the group makes concrete evaluations of each contract to determine the lease term. Recognition and measurement of right-of-use assets and lease liabilitiesThe group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, with the exemptions as mentioned above. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using an incremental borrowing rate.Lease payments included in the measurement of the lease liability comprise:\u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable;\u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;\u2022 The amount expected to be payable by the lessee under residual value guarantees;\u2022 The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and\u2022 Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.Currently the group have no leases that contains variable lease pay-ments.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.The group remeasures the lease liability (and makes a correspond-ing adjustment to the related right-of-use asset) whenever:\u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.\u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).\u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.Several of the groups lease contracts for office premises are subject to an annual indexation regulation, a few of the contracts are subject to a quarterly index regulation. The most common index regulation is based on country specific CPI. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.The group applies IAS 36 Impairment of Assets to determine whether a right-of-use asset is impaired and to account for any impairment loss identified. An asset is impaired when the carrying amount ex-ceeds its recoverable amount. Recoverable amount is determined when there is any indication that an asset may be impaired. All right-of-use assets are assessed for impairment indicators at the end of each reporting period. Lease termThe lease term is defined as the non-cancellable period for which a lessee has the right to use an underlying asset, together with both periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option, and periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option.The group has several contracts containing options for extension of various length.If the lease period is medium long, the group has evaluated that it is reasonably certain that the group will exercise an option to ex-tend/not exercise the option to terminate the contract. Medium long term is regarded to be 4-5 years. This is relevant when there are no other facts and evaluations suggesting the opposite, for example if it is uncertainty if we will continue business in the relevant area. For longer terms, 5-8 years, we evaluate if there are obvious economic incentives to renew or other statements that indicates renewal. If there are no such, we normally are not able to conclude that it is reasonably certain that we will renew/extend. For longer periods, above 8 years, we will normally not be able to conclude that we are reasonably certain to extend.For some contracts there is a long non-cancellable period for the main contract, and a renewal option for a smaller contract (e.g. parking), and in absence of other information the group expect that the options will be utilised up to the same lease term as the main contract.Interest rateUpon initial measurement of the lease liability, the lease payments are discounted using the interest rate implicit in the lease. For many of the lease contracts entered into by the group, this rate cannot be readily determined, and the group\u2019s incremental borrowing rate is used.The group has created a model for the incremental borrowing rate. The model includes the Risk-Free Rate and a country risk for the country where the contract originates. Further, the model considers a government bond for 0-3 years, 3-5 years and 5-10 years, where the duration reflect the contract terms. Lending cost and financial spread is also included in the model. The model is tailored to the asset classes, which for the group is property and cars. The calcula-tion of the incremental borrowing rate is updated annually.ImpairmentThe group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy.The group as lessorThe group has not entered into any lease agreements as a lessor.Dividends Dividends to the company's shareholders are classified as a liability when the dividends proposed have been approved by the Annual General Meeting.Employee share purchase ProgrammeMulticonsult ASA has a share purchase programme for employ-ees of the group. Through the share purchase programme, the company offers employees of the group shares in Multiconsult ASA with a discount of 20 per cent. Shares purchased by the em-ployees through the programme are subject to a two-year lock-in period. Based on independent party calculations according to an option-pricing model (\u201cBlack Scholes\u201d), a part of the discount is recognised as employee benefit expense in the statement of income and a part directly to equity. The main part of the discount can be related to reduction in value due to the lock-in period and a loss on an equity transaction. See more details in note 9.Standards and interpretation not yet effectiveThe new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the group\u2019s financial statements are disclosed below. The group intends to adopt these new and amended standards and interpretations, if applicable, when they become adopted by EU.IFRS 17 Insurance ContractsIFRS 17 Insurance Contracts is a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. The standard is effec-tive for reporting periods beginning on or after 1 January 2023. This standard is not applicable to the group.Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are appli-cable for annual periods beginning on or after 1 January 2023 with earlier application permitted. The group will assess the impact of the amendments to determine the impact they will have on the group\u2019s accounting policy disclosures.OtherA number of limited scope amendments and interpretations have been issued effective from 1 January 2023, including amendments to IAS 8 and IAS 12. Initial application of IFRS 9 \u2013 Comparative Infor-mation has been issued and is effective from 1 January 2023. These amendments and interpretations have been assessed to have no material impact on the group. NOTE 2 B SIGNIFICANT JUDGEMENTS IN THE APPLICATION OF GROUP ACCOUNTING POLICIES AND ACCOUNTING ESTIMATESThe preparation of financial statements in accordance with IFRS requires that management makes assessments, estimates and assumptions that impact reported amounts for revenues, expenses, assets and liabilities and presentation of contingent liabilities at the end of the reporting period.Judgements that management have made as part of the application of the entity's accounting policies and that have the most significant impact on the amounts recognised in the financial statements are as follows:Business combinationsThe company assess on a continuous basis opportunities for strategic acquisitions of businesses within the consultant and advisory market. Goodwill is not amortised and is tested for impairment on an annual basis, whilst intangible assets will normally be amortised, allocating the cost of acquisition to profit or loss on a systematic basis.Development costsThe company carries out a range of research and development activities and projects, none of which are individually significant. Refer to note 7 for more information. Some expenses incurred in the development phase of an intangible asset shall be recognised in the balance sheet if specific criteria in IAS 38 have been satisfied. Costs that do not satisfy these criteria are recognised as expenses in the statement of income as incurred and may not be recognised in the balance sheet at a later date. Regarding sensitivity linked to macro-economic conditions see section for Macro-economic development in Director\u2019s report. Sources of estimation uncertainty with a significant risk of a material adjustment to the carrying amount in the following period:Revenue The majority of the projects are charged on hourly basis. In principle, all worked hours shall be paid according to the agreed rate in the contract. Revenue is recognised when the services are rendered. The company makes continuous assessment of the probability that hours worked will be paid and makes adjustments to recognised rev-enues as appropriate. The main uncertainty relating to the assess-ment of contract revenue is associated with work efficiency, change orders, claims, damages and incentives. Even though the company has considerable experience in project management and measure-ment, there is an inherent risk associated with all these estimates.ProvisionsThe group performs a large number of projects which vary in size. When performing a project, defects or damage that arise as a con-sequence of the deliverable may be discovered and result in a claim against the company. There may be potential defects or damag-es that have not been reported as a claim to the group, and that the group therefore is not aware of. Furthermore, the time horizon from reporting a case until final settlement may be several years. The size of the settlements may vary considerably. The company performs a thorough review of each claim. Project responsibility cases will give rise to both recognised provisions for liabilities and contingent liabilities that are not recognised as the company has assessed that it is not probable (under 50 per cent probability) that the company will be required to pay compensation. Multiconsult has insurance policies and routines for following up project risk. When a business segment is represented out of Multiconsult Norge AS it will have customary insurance cover for project liability up to a certain level and subject to certain conditions. Business segments represented through other subsidiaries have local insurance cover for project liability up to a certain level and subject to certain con-ditions. Insurance cover for project liability in Multiconsult Norge AS is mainly based on collective policies for engineering consultancies. This insurance takes the form of standard policies for engineering projects, with an excess of NOK 300 000 per claim and normally with a maximum cover of up to 150 times the Norwegian national insurance base rate (G) \u2013 about NOK 17 million.The company makes period reviews together with the insurance company. Expected reimbursement from the insurance company related to recognised provisions is recognised if it is virtually certain that the company will receive compensation.The actual outcomes may differ materially from the estimates used. Refer to note 20 Provisions, disputes and contingent liabilities.ImpairmentCash-generating units are reviewed for impairment when indicators exist and on an annual basis when it includes goodwill. The estimat-ed recoverable amounts are affected by assumptions in connection with the estimation of future cash flows, as well as the discount rate for the estimation of the present value of the cash flows. Refer to note 14 Intangible assets and goodwill for further disclosure.Income tax and indirect taxThe company conducts activities both within and outside Norway. There is a risk that the tax authorities may make assessments that differ from the group with regard to the amount of income tax and indirect tax payable. The group provides for income tax and indi-rect taxes based on the best estimate of the amounts payable for obligations that are probable, assuming that the group and the tax authorities have access to the same information. The group is not familiar with any significant disagreements upon issue of these consolidated financial statements.Climate- and nature-related risksNature-related risks provides both downsides and upsides for Multiconsult. The risks are addressed in line with other treats and opportunities. Transition risk and physical risk is evaluated separately. Nature-related physical risk is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. For Multiconsult, it is especially through the clients that the group face this type of risk. Nature-related transi-tional risks result from a misalignment between an organisation\u2019s or investor\u2019s strategy and management and the changing regulatory, policy or societal landscape in which it operates. Both Multiconsult and clients face this type of risks.Climate-related physical risks are risks resulting from climate change can be event driven (acute) or longer-term shifts (chronic) in climate patterns. Physical climate-related risk for Multiconsult is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. The clients, howev-er, can be highly exposed to physical risks, and it is important that Multiconsult have relevant competence to service our clients in order to treat such risks. The transitional climate-related risk with highest impact is linked to market. The market risk for Multiconsult is considered low for short-, medium- and long term. However, this requires that Multiconsult is up to date on the clients\u2019 climate-related risks and has knowledge about the policy and legal changes that are coming. In 2022 climate-related effects have not had any material impact on the financial statements for the group. Going forward the group will have focus on understanding and assess how climate-related risks may affect the financial statements. For more information, see reporting according to Task Force on Climate-Related Financial Disclosure, TCFD, and Taskforce on Nature-Related Financial Disclosure, TNFD in the section Sustaina-bility and Corporate responsibility section in this report.NOTE 3 FINANCIAL RISK MANAGEMENTThe group's exposure to financial risk is primarily related to credit risk, liquidity risk, currency risk and interest rate risk. Risk management in the group aims to support value creation in the group and to secure a continuing solid financial platform through visibility and strategic management of both financial and opera-tional risk factors. Operational risk relates mainly to larger projects, which is continuously reviewed by the executive management.1) Other current receivables do not include prepayments, which are not considered financial assets.2) Other non-current receivables do not include net pension assets and reimbursement assets.b) Liquidity riskLiquidity risk is the risk of being unable to settle financial obliga-tions at maturity. Liquidity risk arises if there is no correspondence between the cash flows from the business and the financial obliga-tions. Managing liquidity risk is performed through development of liquidity management strategies, which are operationalised through liquidity budgets and are continuously reviewed. The group\u2019s liquid-ity risk exposure is limited, but with significant short-term and sea-sonal variation. The highest level of net working capital is normally during the third quarter. Liquidity is managed closely through bud-gets and regular short- and long-term forecasting. Historically, the group has had sufficient liquidity and has annually paid dividends to the owners. The group's cash flows from operating activities in 2022 and 2021 were positive. The operations in Multiconsult are exposed to normal fluctuations that affect the cash flows during the year. The majority of payments relate to employees and sub-contractors.In December 2022 Multiconsult ASA renewed its loan portfolio and guarantee facility with Nordea bank. The loan portfolio consists of an overdraft loan facility and revolving credit facility. The overdraft loan facility of NOK 320.0 million is part of a cash pool. The cash pool is a multi-currency and multi-account system for the legal en-tities Multiconsult Norge AS, LINK Arkitektur AS, LINK Arkitektur AB, LINK Arkitektur A/S, Iterio AB and Multiconsult UK Limited, where Multiconsult ASA is the owner of the cash pool\u2019s top account and the debtor of the facility. In addition, Multiconsult ASA renewed the re-volving credit facility of NOK 300 million. The revolving credit facility includes an accordion option of NOK 500 million. Loan portfolio with Nordea bank is a 3-year (+ 3 month) facility until March 2026. The loan agreements include a covenant requiring that net inter-est-bearing liabilities (excluding restricted cash) of the group shall not exceed 3.0 times last twelve months EBITDA, and a covenant requiring an equity ratio of at least 25 per cent, reported quarter-ly. Covenant ratios are calculated excluding IFRS 16 effects, and the EBITDA includes \u201ccarve-out\u201d for certain limited one-off costs. Multiconsult ASA is in compliance with its financial covenants on 31 December 2022. The guarantee facility of NOK 120.0 million is renewed annually however individual guarantees under the guarantee facility can run for up to 5 years.As part of completing the 2022 share buyback programme Multi-consult ASA entered into a share loan agreement with its largest shareholder Stiftelsen Multiconsult. The deal was entered into on 5 December 2022 for a loan of 230 000 Multiconsult shares in con-a) Credit riskCredit risk is the risk that customers are not able to settle their pay-ment obligations. Credit risk is considered to be a part of business risk and is reviewed as part of ongoing operations. A major part of the group's activities are conducted in the subsidiary Multiconsult Norge AS (78.7 per cent of operating revenues in 2022), with the sub-group LINK Arkitektur as the second largest (6.5 per cent of operat-ing revenues in 2022). The companies in the group have established procedures for credit assessment of customers as well as suppliers. The risk that customers do not have the financial ability to settle their obligations is considered to be low. Historically, only minor credit losses on receivables have been realised. The group's clients are to a large extent public sector or well-established companies.The largest proportion of the group's customers are Norwegian, thus creating a geographical concentration of risk. Of the group's reve-nues in 2022 and 2021, approximately half relates to public sector customers and approximately 84.0 per cent relates to customers in Norway. Multiconsult Norge AS has some large contracts that, to a certain extent, lead to a concentration of risk within a small number of large customers. The group's five largest individual customers comprised approximately 20.3 per cent of the group\u2019s operating revenues in 2022 (16.0 per cent in 2021). The ten largest individu-al customers comprised approximately 30.3 per cent of the group\u2019s operating revenues in 2022 (22.7 per cent in 2021). The group's ten largest individual customers in relation to trade receivables and work in progress on 31 December 2022 comprised approximately 16.7 per cent and 39.9 per cent, respectively.The group's maximum credit exposure comprises the carrying amount of receivables, work in progress, and cash and cash equiv-alents and restricted cash. General payment terms are 30 days. Non-current receivables comprise limited amounts and have no fixed maturity date. The group assesses that the risk for trade re-ceivable and work in progress not being realised primarily relates to disputes regarding consideration. Individual assessments are made of trade receivables over a certain size, with a particular fo-cus on those more than 60 days overdue. Generally, customers are invoiced continuously for hours worked on the assignments. The assessment of whether revenue has been earned is, in some cases, also performed after the hours have been invoiced, with a reduction of revenues and work in progress or recognition of prepaid reve-nues (contract liability). To the degree that reduction to revenues has been realised in the form of a credit note, revenues has been reduced, instead of recognising the adjustment as a realised loss. Realised losses in the table below are therefore related to bankrupt-cies etc. at customers and represents actual credit losses.MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2022Maturities of receivables that have not been impairedCarrying 0-30 30-60 60-90 Amounts in NOK thousandNot due>90 daysamountdaysdaysdaysTrade receivables603 875 435 919 77 883 17 693 6 331 66 050Work in progress304 328 304 328 - - - -1)Other current receivables 48 093 48 093 - - - -2)Other non-current receivables 4 036 4 036 - - - -Allowance for losses on receivables(7 585) - - - (630) (6 955)Total trade and other receivables952 747 792 375 77 883 17 693 5 701 59 095MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2021Maturities of receivables that have not been impairedCarrying 0-30 30-60 60-90 Amounts in NOK thousandNot due>90 daysamountdaysdaysdaysTrade receivables738 430 597 567 69 107 13 094 6 622 52 039Work in progress225 021 225 021 - - - - 1)Other current receivables32 643 32 643 - - - - 2)Other non-current receivables6 405 6 405 - - - -Allowance for losses on receivables(7 549) - - - - (7 549)Total trade and other receivables994 950 861 636 69 107 13 094 6 622 44 4901) Other current receivables do not include prepayments, which are not considered financial assets.2) Other non-current receivables do not include net pension and reimbursement assets.CHANGES IN ALLOWANCES FOR LOSSES ON RECEIVABLES DURING THE YEARAmounts in NOK thousand 2022 2021Opening balance allowance for losses on receivables7 549 8 769Change in allowances for losses on trade receivable during the year36 (1 220)Closing balance allowance for losses on receivables 7 585 7 549Realised losses in the event of bankruptcy etc.- 2 005Loss on receivables in the statement of income 2 676 785nection with the implementation of the 2022 employee share pur-chase programme. Multiconsult will deliver the full amount of shares back to Stiftelsen Multiconsult no later than six months from the date of agreement. In consideration for the share loan, Multicon-sult shall pay to Stiftelsen Multiconsult an amount corresponding to 2.76 per cent p.a. based on 230 000 shares at a value of NOK 137.0 per share. The loan of NOK 31.5 million is presented as current inter-est-bearing liability in the statement of financial position.Change in interest-bearing liabilities in the balance sheet from 2022 to 2021 corresponds to the proceeds and instalments report-ed in the statement of cash flow. The loan of NOK 31.5 million has no cash effect in the cash flow statement for 2022. Amounts in NOK thousand 31.12.2022 31.12.2021Multiconsult ASA31 510 180 000Total interest-bearing liabilities31 510 180 000The existing loan agreement, overdraft facility and guarantee agreement contain negative pledge in relation to new loan agree-ments and cross default clauses, and limitations in entering into new loan agreements without the consent of the lender. See section \"capital management\" below. MATURITY INTEREST-BEARING LIABILITIES 31 DECEMBER 2022MaturityAmounts in NOK thousand Carrying amount 1 year 2 years > 2 years Total paymentsInterest-bearing liabilities31 510 31 510 - - 31 510Interest on interest-bearing liabilities430 - - 430Total interest-bearing liabilities incl. 31 510 31 940 - - 31 940interestMATURITY INTEREST-BEARING LIABILITIES 31 DECEMBER 2021MaturityAmounts in NOK thousand Carrying amount 1 year 2 years > 2 years Total paymentsInterest-bearing liabilities180 000 - 180 000 - 180 0001)Interest on interest-bearing liabilities 4 500 1 125 - 5 625Total interest-bearing liabilities incl. 180 000 4 500 181 125 - 185 625interestFor information on maturities of lease liabilities, see note 18 Leases.There are no significant restrictions on the company's ability to access or use the group's assets or to settle the group's liabilities, see however restricted cash in note 16.c) Currency riskSeveral business units carry out a small number of projects in other currencies than their domestic currency. The currency risk relates to the delivery of services where revenue is in a foreign currency. Several ongoing foreign assignments have agreed rates in currencies other than the functional currency of the business unit, mainly EUR and USD. When a significant currency risk arises, the risk is assessed separately, and the risk can be mitigated through the use of forward currency contracts. The group had no forward currency contracts on 31 December 2022 and 2021. The group has, to a limited degree, bank accounts, trade receivables and trade payables in foreign currency. When entering into contracts in for-eign currency the company evaluates currency risks and the need to secure these risks. The subsidiaries hold monetary items primarily in their functional currency. Changes in currency rates between NOK and foreign currencies will influence the group's statement of income and equity.For accounting purposes, the group is exposed to currency transla-tion risk related to foreign subsidiaries and associated companies, primarily to the following currencies - mentioned here by ISO currency code: PLN, DKK, SEK and GBP. Currency risk arising from equity in foreign entities is not hedged, and currency changes affect the group's equity through other comprehensive income. Subsidi-aries that conduct services abroad may be subject to currency risk that may influence their statement of income and equity. The effect on monetary items from a reasonably possible change in currency rates compared to the separate group entities' functional currency would be insignificant as of 31 December 2022 and 2021.d) Interest rate riskThe group's operating revenues and cash flows from operating activities are to a limited degree directly affected by interest rate changes. The group's interest rate risk is related to variable inter-est on bank accounts and on liabilities. Due to the limited amount of net interest-bearing liabilities on 31 December 2022 and 2021, a change in interest rates of half a percentage point would result in insignificant change in annual net interest expense (excluding effect on fair value of interest rate swaps). Multiconsult ASA has no interest rate swap that exposes it to fair value interest rate risk on 31 December 2022. On 31 December 2021, NOK 64.5 million was swapped from variable 3-month interest (NIBOR equivalent) to fixed interest of 1.565 per cent p.a. for three years. On 31 December 2021 the fair value was a liability of NOK 385 thousand. The interest rate swap was due in October 2022 and no new interest rate swap is agreed after this. The company will secure about, on average, 50 per cent of the assumed net interest-bearing liabilities over time. e) Categories of financial instrumentsThe group has the following categories of financial instruments:31 DECEMBER 2022Amortised Estimated Level in the fair FVTPLcost Totalfair valuevalue hierarchyAmounts in NOK thousandASSETSShares and equity interests3 601 - 3 601 3 601 3Other non-current receivables- 4 036 4 036 4 036 N/ANon-current financial assets, restricted funds- 22 661 22 661 22 661 N/ATrade receivables and other - 948 711 948 711 948 711 N/A 1)current receivablesCash and cash equivalents- 114 559 114 559 114 559 N/ATotal assets3 601 1 089 967 1 093 568 1 093 568 Estimated fair value3 601 1 089 967 1 093 568 1 093 568 Estimated Level in the fair FVTPL Amortised cost Totalfair valuevalue hierarchyAmounts in NOK thousandLIABILITIESInterest-bearing liabilities (excluding - 31 510 31 510 31 510 N/Alease liabilities)Trade payables and other current - 933 657 933 657 933 657 N/A2)liabilities Total liabilities- 965 167 965 167 965 167Estimated fair value- 965 167 965 167 965 1671) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimburse-ment assets.2) Prepaid revenues and income taxes payable are excluded from trade payables and other liabilities, since this analysis is only required for financial instruments. It also excludes provisions, net pension liabilities and lease liabilities.31 DECEMBER 2021Amortised Estimated Level in the fair FVTPLcost Totalfair valuevalue hierarchyAmounts in NOK thousandASSETSShares and equity interests1 731 - 1 731 1 731 3Other non-current receivables- 6 405 6 405 6 405 N/ANon-current financial assets, restricted funds- 15 316 15 316 15 316 N/ATrade receivables and other current receiva-- 988 545 988 545 988 545 N/A1)bles Cash and cash equivalents- 156 165 156 165 156 165 N/ATotal assets1 731 1 166 430 1 168 162 1 168 162 Estimated fair value1 731 1 166 430 1 168 162 1 168 162 Estimated Level in the fair FVTPL Amortised cost Totalfair valuevalue hierarchyAmounts in NOK thousandLIABILITIESDerivatives385 - 385 385 2Interest-bearing liabilities (excluding - 180 000 180 000 180 000 N/Alease liabilities)Trade payables and other current - 916 482 916 482 916 482 N/A2)liabilities Total liabilities385 1 096 482 1 096 867 1 096 867Estimated fair value385 1 096 482 1 096 867 1 096 8671) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimburse-ment assets.2) Prepaid revenues and income taxes payable are excluded from trade payables and other liabilities, since this analysis is only required for financial instruments. It also excludes provisions, net pension liabilities and lease liabilities.Fair value estimates and the fair value hierarchyThe group measures fair value based on the following hierarchy that reflects the input used in measuring fair value:Level 1: Quoted prices (unadjusted) in active markets for identical financial instruments.Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).Level 3: Inputs for assets or liabilities that are not based on observable marked data (unobservable inputs). The net carrying amounts of trade receivables, other receivables, cash and cash equivalents, interest-bearing liabilities and trade payable are deemed to approximate fair value. Shares and equity interests that are not listed, have a low value and it is assumed that the carrying amounts approximate fair value. Fair value of derivatives is calculated based on the present value of future cash flows, calculated using interest rate curves, currency exchange rates and currency spreads as of the reporting date.f) Capital managementThe group has followed up its capital structure by securing adequate free liquidity in the form of cash, bank placements and bank overdraft, to be able to continuously service its obligations with-out significant loan financing, have adequate equity and to have available liquidity. Multiconsult have set financial targets as follows:\u2022 Gearing: The maximum gearing (NIBD/EBITDA) shall be 2.5x. The company shall aim to have a gearing of 1.0x - 2.0x in normal circumstances. In special circumstances (such as acquisitions) gearing may go up to 3.0x for a period not exceeding 18 months. Gearing is measured excluding IFRS 16 effects.\u2022 Equity: Equity ratio above 25 per cent. Equity ratio shall be measured excluding IFRS 16 effects.\u2022 Profitability: 10 per cent EBIT margin \u2013 measured on an annual basis, exclusive extraordinary items.Dividend policy: The dividend policy is based on an ambition to distribute at least 50 per cent of the group\u2019s net profit annually. When deciding the annual dividend level, the board of directors will take into consideration the various aspects of the financing strategy, such as expected cash flows, capital expenditure plans, financing requirements and appropriate financial flexibility.The board proposes a dividend of NOK 9.00 per share as ordinary dividend for 2022 to be declared at the 2023 annual general meeting.The board\u2019s proposal for dividend is based on the good financial results for 2022, and a strong balance sheet that provides the company with adequate financial flexibility. The level of dividend is according to the dividend policy of the company.Calculated covenants based on amounts adjusted for IFRS 16 effects and \"carve-out\":31.12.2022 31.12 2021Covenant net interest-bearing liabilities/EBITDA*(0.19) 0.06Covenant Equity ratio*45.1% 40.3%* See section APMNOTE 4 BUSINESS COMBINATIONSBUSINESS COMBINATIONS IN 2022:Acquisition of Roar J\u00f8rgensen ASOn 30 November 2022, Multiconsult announced that it had entered into an agreement to purchase 100 per cent of the shares of Roar J\u00f8rgensen AS. The acquisition will strengthen our capacity, compe-tence and our presence in a new location in H\u00f8nefoss. The purchase price was settled in a combination of cash and Multiconsult shares (20 per cent of the enterprise value (EV)). An additional considera-tion may be paid to the sellers by way of an earn-out payment based on the annual accounts of 2023.In connection with the closing of the transaction Multiconsult issued 103 936 new shares to the shareholders of Roar J\u00f8rgensen AS at a share price of NOK 134.6971. The share price was based on the volume weighted average share price of Multiconsult during the five consecutive trading days prior to closing. The new shares were issued pursuant to an authority given to the board of directors by the annual general meeting on 7 April 2022. The cash portion of the purchase price was settled by using existing cash balances. The transaction was based on a completion accounts model where the closing accounts date (reference date) was set to 31 December 2022. Consequently, the purchase price will be adjusted accordingly with the net cash and net working capital position on the reference date. The purchase price adjustment will be settled during second quarter of 2023.The share capital increase of NOK 51 968.00 was filed and amendments to the articles of association of Multiconsult ASA was registered with the Norwegian Register of Business Enterpris-es immediately following closing. After the registration, the share capital of Multiconsult was NOK 13 767 229.50 divided into 27 534 459 shares, each with a nominal value of NOK 0.50. The newly issued shares represent approximately 0.38 per cent of the share capital of Multiconsult.The initial, preliminary purchase price allocation identified the following assets and liabilities at the acquisition date:Preliminary Purchase Price AllocationThe initial, preliminary purchase price allocation identified the following assets and liabilities at the acquisition date:Assets:Amounts in NOK thousandSoftware221 Deferred tax asset81 Intangible assets1 770 Property, plant and equipment186 Right-of-use assets10 439 Trade receivables8 937 Work in progress300Other current receivables and prepaid cost789 Cash and cash equivalents19 822 Total identifiable assets42 546 Liabilities:Amounts in NOK thousandDeferred tax liability389 Non-current lease liabilities8 909 Trade payables1 151 Provision200Current lease liabilities1 530 Other current liabilities12 443 Total identifiable liabilities24 623 Net identifiable assets17 923Goodwill:Amounts in NOK thousandTotal consideration83 500 Net identified assets(17 923)Goodwill65 577Total net assets and liabilities83 500Consideration:Amounts in NOK thousandSettled with Multiconsult shares14 000 Settled with cash55 500 Earn-out settlement14 000Total consideration 83 500 Adjustments:Amounts in NOK thousandCash in purchased entities (18 185)Net adjustments(18 185)Net cash paid (37 315)Earn-out settlement(14 000)This purchase price allocation was based on company accounts adjusted for calculated IFRS 16 right-of-use assets and lease liabilities. The carrying value corresponds to fair value in the purchase price allocation. As part of the purchase price allocation an intangible asset related to the order backlog of NOK 1.8 million was identified. The acquisition generated an excess value of NOK 65.6 million allocated to goodwill. The goodwill is related to the competence of the staff. Incremental external transaction related cost of NOK 1.3 million was expensed as part of other operating expenses. Other acquisition:On 19 January 2022 Multiconsult ASA announced its agreement to acquire 100 per cent of the shares in Smidt & Ingebrigtsen AS and strengthen its competence and presence in Bergen. Smidt & Ingebrigtsen AS is a consulting engineering company with a solid market position both in the public and private construction and civil market in western Norway. Closing date for the transaction was on 1 February 2022. The total purchase price was set to NOK 12.2 million, after adjust-ment for the value of net debt and normalised working capital at the transaction date. NOK 10.4 million was allocated to goodwill related to the competence of the staff. Net cash paid was NOK 10.1 million. The purchase price allocation is preliminary due to the fact that the financial statement of Roar J\u00f8rgensen AS have not been approved by the board and adopted by the general meeting.Pro-forma impact of the acquisition on the result of the groupIf the business combination of Roar J\u00f8rgensen AS and Smidt & Inge-brigtsen AS had been effective on 1 January 2022, the net operating revenue for the group would have been NOK 4 249 million for 2022 (NOK 3 862 million for 2021). EBIT would have been NOK 416 million for 2022 (NOK 362 million for 2021). The group considers these pro-forma numbers to represent a measure of the performance of the combined group and to provide a reference point for comparison in future periods. BUSINESS COMBINATIONS IN 2021:On 8 July 2021, Multiconsult acquired 100 per cent of the shares in Erichsen & Horgen AS. The acquired company is a leading Norwegian engineering consultancy with a strong market position within build-ings construction, HVAC, WWT, energy, environment and sustain-ability. Erichsen & Horgen AS, including its subsidiary Malnes og Endresen AS, has about 235 employees with headquarter in Oslo, the company also has offices in Trondheim, Skien, Drammen and Lillehammer. The total purchase price for the acquisition of Erichsen & Horgen AS was NOK 421.8 million after adjustments for working capital and net cash was settled in a combination of NOK 337.5 million in cash (80 per cent) and NOK 84.4 million in Multiconsult shares (20 per cent) on 16 August 2021. Purchase Price AllocationThe purchase price allocation identified the following assets and liabilities at the acquisition date:Assets:Amounts in NOK thousandIntangible assets8 900Property, plant and equipment4 030 Right-of-use assets39 863 Non-current receivables and shares431 Trade receivables42 438 Work in progress475 Other current receivables and prepaid cost5 867 Cash and cash equivalents38 377 Total identifiable assets140 381Liabilities:Amounts in NOK thousandDeferred tax1 748Provisions360Non-current lease liabilities30 441 Trade payables6 484 Current lease liabilities9 422 Other current liabilities53 087Total identifiable liabilities101 542Net identifiable assets38 839Goodwill:Amounts in NOK thousandTotal consideration421 831 Locked-box interest9 120 Net identified assets (38 839)Goodwill392 112 Total net assets and liabilities430 951 Consideration:Amounts in NOK thousandSettled with Multiconsult shares84 366 Settled with cash337 465 Total consideration421 831 Adjustments:Amounts in NOK thousandLocked-box interest9 120 Cash in purchased entities (38 377)Net adjustments (29 257)Net cash paid (308 208)This purchase price allocation is based on company accounts adjusted for calculated IFRS 16 right-of-use assets and lease liabilities. As part of the purchase price allocation an intangible asset related to the order backlog of NOK 8.9 million was identi-fied. The acquisition generated an excess value of NOK 392.1 million allocated to goodwill. The goodwill is related to the competence of the staff and synergy effects. The final purchase price allocation corresponds with the initial purchase price allocation.Incremental external transaction related cost of NOK 2.6 million was expensed as part of other operating expenses. Other acquisitionsOn 1 October 2021, Multiconsult ASA acquired 100 per cent of the shares in Nordland Teknikk AS. Nordland Teknikk AS is a consulting engineering company with a core of construction engineers, with a long history and solid presence in the county of Nordland, Norway.Closing date for the transaction was on 1 November. The total purchase price was set to NOK 7.4 million, after adjustment for the value of net debt and normalised working capital at the transaction date. NOK 4.9 million was allocated to goodwill related to the competence of the staff and synergy effects. Net cash paid was NOK 6.0 million. The final purchase price allocation corresponds with the initial purchase price allocation.NOTE 5 SEGMENTSThe group\u2019s business has previously been presented as five reporting segments, Region Oslo, Region Norway, Energy, LINK Arkitektur and International. In fourth quarter 2022, segment Energy was incorporated into Region Oslo and Region Norway to streamline the organisation and optimise utilisation of total capabilites within energy and industry. Multiconsult is now divided into four reporting segments, Region Oslo, Region Norway, LINK Arkitektur and International. To ensure comparability between periods, the previously reported figures in 2021 for the segment Energy has been transferred to the segments Region Oslo and Region Norway in line with the new organisational structure. 1. Region Oslo: This segment offers services in four business areas and comprises the Oslo region, including the Lillehammer office, Large Projects in Norway and the subsidiary Multiconsult UK.2. Region Norway: This segment offers services in four business areas and comprises all offices outside the Region Oslo, with presence in all larger cities and several other locations in Norway.3. LINK Arkitektur: This segment comprises LINK Arkitektur with offices in Norway, Sweden and Denmark and offers services in the business area Buildings & Properties and Energy & Industry. 4. International: This segment comprises the subsidiaries Multicon-sult Polska and Iterio AB in Sweden and offers services mainly in the business area Mobility & Transportation.Not allocated in 2022 consists of administrative staff and shared services, of which the majority is allocated to the business segments. Remaining unallocated costs are considered as shareholder costs. In addition, some of the administrative staff participated in external projects which generated some external revenue and project costs. Expenses for administrative services, rent, depreciation etc. are allocated to the segments. The majority of the allocation of expenses are not reported as intercompany revenue and expenses. Assets are not reported internally divided by segments. The information in the segment reporting is the same as the executive management uses to allocate resources and evaluate performance. The accounting policies for the segments are the same as the policies for the group.The Segments correspond with the internal reporting to the group's chief operating decision maker, the CEO. Projects are staffed across segments. Revenues and expenses are reported in a segment based on where the employee is based.The group also reports operating revenues divided by four business areas:1. Buildings & Properties2. Energy & Industry3. Mobility & Transportation4. Water & EnvironmentBuildings & Properties covers the traditional construction market, including housing, public and private buildings as well as real-estate management. Multiconsult and LINK Arkitektur provides services in all phases of the lifetime of a building, from early planning stages through the construction phase, operation and modernization phases as well as demolition and renewal of a building. Our focus is to provide innovative and sustainable solutions in line with our clients\u2019 strategies and goals. Energy & Industry includes planning and construction of industrial facilities and installations, which in addition to traditional industrial developments, includes onshore aqua-culture facilities, hydropower and dams as well as wind and solar power generation. The portfolio also covers electrical grid distribution and trans-mission. The business area is heavily involved in design and engi-neering of onshore processing plants within energy production and energy transformation. Multiconsult provides services in all of the project phases, from feasibility and location studies, through concept design, FEED and execution phase. Much emphasis is put on supporting our clients in transforming their business to meet society\u2019s demand for sustainable solutions. Mobility & Transportation delivers engineering and advisory services for safe and forward-looking transportation systems. The business area covers both road and rail, airport and harbour facilities and channel transportation systems. This business area also comprises a highly competent bridge construction department. In all our work in this segment, Multiconsult utilizes our broad experience with-in environmental issues to give our customers the best advice on how to achieve sustainable solutions and how to meet increasing environmental demands. Water & Environment focus on assisting our customers in finding good solutions and design in a world where more extreme weather will put infrastructure and our environment to an increasingly harder test. This business area covers advisory within all phases of a project related to greenhouse gas emissions, flood and mud slide protection, blue-green structures and water and drainage systems including water treatment. We also give advice on most air, water and soil pollution issues.Amounts in NOK thousandRegion Region LINK Inter-Not Elimina-2022OsloNorwayarkitekturnationalallocatedtions TotalNet operating revenues1 649 238 1 742 921 556 695 257 121 (8 410) (8 339) 4 189 226Operating expenses1 414 283 1 521 372 532 644 218 201 (99 090) (8 339) 3 579 072EBITDA234 954 221 549 24 051 38 920 90 680 - 610 154Depreciation and amortisation10 999 27 556 22 670 15 584 124 876 (21) 201 663EBITA223 956 193 993 1 381 23 336 (34 196) 21 408 491Number of employees1 060 1 218 484 444 147 - 3 353Amounts in NOK thousandRegion Region LINK Inter-Not Elimina-2021OsloNorwayarkitekturnationalallocatedtions TotalNet operating revenues1 433 211 1 563 439 564 454 243 261 6 979 (7 608) 3 803 736Operating expenses1 268 305 1 292 215 524 044 203 929 (12 999) (14 602) 3 260 892EBITDA164 906 271 225 40 410 39 333 19 977 6 994 542 845Depreciation and amortisation16 676 89 105 21 657 15 589 43 755 5 552 192 334EBITA148 230 182 120 18 753 23 743 (23 777) 1 442 350 511Number of employees1 081 1 144 469 374 133 - 3 200Amounts in NOK thousand 2022 2021REVENUES PER BUSINESS AREABuildings & Properties 2 032 493 1 782 808Energy & Industry 958 992 848 101Mobility & Transportation1 391 042 1 156 870Water & Environment 485 634 496 886Total 4 868 160 4 284 666Amounts in NOK thousand 2022 2021REVENUES PER GEOGRAPHYThe table below shows revenues distributed by geography, based on the customer's location:Norway4 086 865 3 490 628Abroad781 295 794 037Total4 868 160 4 284 666Customer location is based on the invoice address. No customer contributed 10 per cent or more of revenues in 2022 or 2021. NOTE 6 REVENUE FROM CONTRACTS WITH CUSTOMERS AND CONTRACT BALANCESAll revenues for the group in 2022 are from contracts with customers. Revenue is generated by delivering consulting services. The group provides a range of services, including multidisciplinary consulting and design, project engineering and management, verification, inspection, supervision and architecture \u2013 both in Norway and abroad.DISAGGREGATION FOR REVENUES FROM CONTRACTS WITH CUSTOMERSAmounts in NOK thousandRegion Region LINK Inter-Not 2022Oslo NorwayArkitekturnational allocated Total External revenues1 920 531 1 912 491 620 210 402 863 12 066 4 868 160Revenues per business areaBuildings & Properties 628 709 780 663 606 598 12 070 4 452 2 032 493Energy & Industry 456 670 485 949 13 612 (179) 2 940 958 992Mobility & Transportation 611 467 442 518 - 333 723 3 335 1 391 042Water & Environment223 685 203 361 - 57 248 1 339 485 634Total 1 920 531 1 912 491 620 210 402 863 12 066 4 868 1601)Revenues per geography Norway 1 828 874 1 901 380 344 545 - 12 066 4 086 865Sweden1 559 1 775 163 940 149 086 - 316 360Denmark372 359 111 726 - - 112 456Poland- - - 253 138 - 253 138All other countries89 725 8 977 - 639 - 99 342Total 1 920 531 1 912 491 620 210 402 863 12 066 4 868 1601) Revenues distributed by geography is based on the customer\u2019s location.NOTE 7 RESEARCH AND DEVELOPMENTMulticonsult Norge AS and LINK Arkitektur AS performs a number of research and development activities. Based on the definition in IFRS, the company has divided the activities into the following categories: 1. Projects with external funding. 2. Projects with collaborating partners (example SINTEF, Skatte-FUNN, PhD arrangements). 3. Activities related to methodology development, process etc. that the company uses to deliver to customers (product and process development), including these activities in group networks.Total expenditures for these activities were NOK 10.7 million in 2022 (NOK 7.6 million in 2021), of which NOK 0 million was invoiced to customers in 2022 (NOK 0 million in 2021). In the income state-ment, these expenditures have been reduced by government grants (SkatteFUNN) of NOK 1.6 million in 2022 (NOK 2.0 million in 2021). None of these expenditures have been capitalised. Amounts in NOK thousandRegion Region LINK Inter-Not 2021Oslo NorwayArkitekturnational allocated Total External revenues1 603 214 1 632 613 642 997 374 845 30 997 4 284 666Revenues per business areaBuildings & Properties 480 533 668 601 619 920 - 13 754 1 782 808Energy & Industry 389 738 413 799 23 077 13 750 7 736 848 101Mobility & Transportation 477 767 363 849 - 311 034 4 220 1 156 870Water & Environment255 176 186 363 - 50 061 5 286 496 886Total 1 603 214 1 632 613 642 997 374 845 30 997 4 284 6661)Revenues per geography Norway 1 505 092 1 575 555 378 985 - 30 997 3 490 628Sweden3 531 12 208 182 052 149 231 - 347 022Denmark150 90 81 895 - - 82 135Poland19 5 1 225 614 - 225 639All other countries94 422 44 756 64 - - 139 242Total 1 603 214 1 632 613 642 997 374 845 30 997 4 284 6661) Revenues distributed by geography is based on the customer\u2019s location.CONTRACT BALANCESAmounts in NOK thousand Note 31.12.2022 31.12.2021Trade receivables3, 13 596 291 730 881Work in progress (contract assets)3, 13 304 328 225 021Prepaid revenues (contract liabilities)146 860 141 749Work in progress relate to the group's right to consideration for work completed but not billed at the reporting date. Work in progress is transferred to receivables when the group issues an invoice. The group has used the practical expedient not to adjust the promised amount of consideration for the effects of a significant financing component if the group expects, at contract inception, that the period between transfer of the service and when the customer pays for that service will be one year or less. Approxi-mately 31.2 per cent of the prepaid revenues relates to contracts in Multiconsult Norge AS, and approximately 3.3 per cent to con-tracts in LINK Arkitektur AS. Approximately 65.4 per cent of the prepaid revenues relates to contracts in Multiconsult Polska. Mul-ticonsult Polska has been able to negotiate some long-term con-tracts with prepayments. Multiconsult\u2019s opinion is that the rationale behind the prepayments is not providing financing of the group and has consequently not recognised interest expense and offsetting increase in revenues. Multiconsult estimates that prepaid revenues of NOK 71 928 thousand on 31 December 2021 has been recognised as revenue during 2022.Order backlog (unaudited)Order backlog is revenue expected to be recognised in the future related to performance obligations that are unfulfilled (or partial-ly fulfilled) on 31 December 2022. Options and call-offs on frame agreements are not included in the order backlog before signed and thereby committed. Contracts for an agreed service delivery may include an agreed scope, with fixed price per hour but where the number of hours are not fixed. Multiconsult regards this as variable consideration and has included the expected number of hours in the order backlog.The order backlog on 31 December 2022 is estimated to NOK 3 608 million. The timing of the recognition of revenue is uncertain, as it depends on the actual progress in many different projects which involves a number of parties. The group has estimated that it may recognise approximately 69 per cent of the order backlog as revenue during 2023, 18 per cent in 2024 and the remaining 13 per cent in the subsequent years.No consideration from contracts with customers is excluded from the amounts presented in the table above.NOTE 8 OTHER OPERATING EXPENSESAmounts in NOK thousand 2022 2021Office expenses97 109 77 106Consultants50 446 45 640Technical equipment19 111 21 231IT and communication176 148 167 749Travel and meeting 31 799 21 250Sales and marketing23 242 15 220Losses on receivables2 676 785Gain on sale of fixed assets(207) (756)Other 127 766 101 259Total other operating expenses528 090 449 482AUDITORFees paid to Deloitte AS and affiliated companies, as well as other auditors in subsidiaries:2022 2021Amounts in NOK thousand Deloitte Other Deloitte OtherStatutory audit services3 391 280 3 102 426Tax advisory services78 - 32 -Other assurance services125 - 98 165Other non-audit services57 - 14 8Total3 652 280 3 247 599The amounts above are excluding VAT. NOTE 9 EMPLOYEE BENEFIT EXPENSES, NUMBER OF EMPLOYEES, REMUNERATION, LOANS TO EMPLOYEES ETC.Amounts in NOK thousand 2022 2021EMPLOYEE BENEFIT EXPENSESSalaries, vacation pay, bonus etc.2 442 873 2 256 722Social security tax361 197 331 459Pension expenses (see note 12)200 064 186 534Other employee benefit expenses46 847 36 695Total employee benefit expenses3 050 982 2 811 409 1)Number of full time employees during the year3 134 2 978Number of employees on 31 December3 353 3 2001) Number of full-time employees is calculated as the total number of working hours (including overtime and paid sick leave) divided on normal working hours per full time employee for the period.SHARE PURCHASE PROGRAMME AND LOANS TO EMPLOYEESMulticonsult ASA has a share purchase programme (SPP) available to all group employees. The SPP offers employees to buy shares in Multiconsult ASA at a discount of 20 per cent. Shares purchased by the employees through the programme are subject to a two-year lock-in period. The 2022 programme took place in November. In total Multicon-sult sold 420 258 shares to its employees, of which was 213 000 shares was purchased in the market and 230 000 shares was borrowed from Stiftelsen Multiconsult, see also note 3. The sale was based on a price of NOK 101.75 per share, a 20 per cent discount of the volume-weighted average share price of NOK 127.19 per share traded on Oslo B\u00f8rs in the period 19 September 2022 to 6 December 2022. The total sales price reduced with the discount was NOK 42 761 thousand, of which NOK 18 615 thousand was paid in cash and the remaining NOK 24 147 thousand as loans granted to the employees, maximum 3/5 G (NOK 66 886) per employee. The outstanding balance of loans per 31 December 2022 was NOK 22 537 thousand including loans to the executive manage-ment related to their variable performance-based bonus scheme. Repayment of loans takes place over 12 months through deduction in salary.In the 2021 programme the employees purchased 370 716 shares. The total sales price was NOK 45 943 thousand, of which NOK 21 529 thousand was paid in cash and the remaining NOK 24 413 thousand as loans granted to the employees. The outstanding balance of loans per 31 December 2021 was NOK 22 912 thousand, includ-ing loans to the executive management related to their variable performance-based bonus scheme. The discount is partially recognised as an expense and partially recognised directly in equity. See accounting policies for further description.DISCOUNT, EMPLOYEE SHARE PURCHASE PROGRAMMEAmounts in NOK thousand 2022 2021Employee benefit expenses2 106 (410)1)Recognised directly to equity (before tax) 9 394 11 895Total discount11 500 11 4851) The discount (before tax) recognised directly to equity may deviate from the total amount (before tax) recognised in the statement of equity if the payments to acquire own shares deviates from the market price for the shares used as basis for calculation of the discount.There are no unamortised employee benefit expense related to the shares sold. 1. Remuneration for leading personsThe group\u2019s executive remuneration policy (Remuneration policy on determination of salary and other remuneration for leading persons) can be found on the group\u2019s website www.multiconsult-ir.com.The principles described in the remuneration policy are the same principles that were applied during 2022. 2. Overview of remuneration earned by the executive management and board of directorsThe remuneration report for salary and other remuneration for leading persons 2022 \u2013 which can be found on the group\u2019s website \u2013 contains an overview of total remuneration earned by the exec-utive management team and board of directors in 2022 and 2021. 3. Remuneration to the executive management The table below show the total remuneration to the executive management earned in 2022 and 2021. For more information see remuneration report for salary and other remuneration for leading persons. REMUNERATION TO THE EXECUTIVE MANAGEMENT 2022 AND 2021Amounts in NOKFixed remuneration On 31 DecemberVariable Total Base Salary Other remuner-Pension remunera-1)2)3)4)5)6)Yearsalary paid benefits ation expensetion Shares Loans 202220 466 920 23 286 335 309 306 6 281 571 1 491 916 31 369 129 109 448 635 437202121 175 192 23 597 698 422 157 7 615 451 1 491 625 33 126 930 236 945 862 5131) Annual base salary per 31 December.2) Salary is amount paid during the year presented, including holiday pay, car allowance and compensation for entering into new pension plan. 3) Other benefit includes all other cash and non-cash benefit received during the year and includes taxable parts of; insurance premiums; discount on shares purchased; company car; housing allowance; per diem allowance; and telecommunication. Salary paid for previous positions within Multiconsult is included where relevant.4) Variable remuneration is an amount earned in the year presented (excluding holiday pay), and normally paid the subsequent year. Relevant bonus as part of executive management.5) Shares owned by the members of the executive management as of 31 December, with close associates.6) Short-term loans for purchase of shares through the share purchase programme for all employees and incentive programme for executive management.NOTE 10 FINANCIAL ITEMSAmounts in NOK thousand 2022 2021Other interest income6 194 1 489Foreign currency gain23 914 15 532Other financial income3 200 3 411Financial income33 308 20 432Other interest expenses11 890 4 228Foreign currency loss17 332 16 433Other financial expenses4 361 5 612Financial expenses IFRS 1631 067 32 062Financial expenses64 650 58 335Net financial items(31 342) (37 903)Other financial income in 2022 includes NOK 393 thousand gain on changes in fair value of derivatives and other financial expenses in 2022 includes NOK 8 thousand loss on changes in fair value of derivatives. Other financial income in 2021 includes NOK 1 204 thousand gain on changes in fair value of derivatives. NOTE 11 TAXESINCOME TAXESThe income tax expense for the year was as follows:Amounts in NOK thousand2022 2021Income taxes payable98 578 81 173 Net withholding tax after tax credit - 848 Regulation of previous years' taxes136 1 470 Change in deferred taxes(11 725) (6 900) Effect of change in tax rate- - Other items(2 961) (91)Income tax expenses84 028 76 500RECONCILIATION FROM NOMINAL TO ACTUAL TAX RATEAmounts in NOK thousand (except percentages)2022 2021Profit before income taxes387 043 311 166Expected income tax based on nominal tax rate in Norway (22%/22%)85 150 68 456Tax effect of the following items:Non-deductible expenses2 611 2 404Non-taxable income(317) (570)Share of profit from associated companies164 97Not recognised/reversal of previously not recognised deferred tax assets (531) 3 849Effect of change in tax rate- -Regulation of previous years' taxes136 1 470Net withholding tax after tax credit - 848 Other items (including currency and effect of deviation foreign vs. Norwegian tax rate)(3 183) (55)Income tax expenses84 028 76 500Effective tax rate21.7% 24.6%DEFERRED TAX IN THE BALANCE SHEETAmounts in NOK thousand31.12.2022 31.12.2021Deferred tax asset38 441 33 351Deferred tax12 158 12 571Net deferred tax asset in the balance sheet26 283 20 780SPECIFICATION OF THE TAX EFFECT OF TEMPORARY DIFFERENCESAmounts in NOK thousand31.12.2022 31.12.2021Non-current assets(135 471) (164 096)Current assets(22 537) (24 186)Liabilities and provisions176 855 202 9421)Taxable losses carried forward 21 072 18 972Deferred tax assets not recognised in the balance sheet(13 636) (12 852)Net deferred tax asset in the balance sheet26 283 20 7801) Group companies have recognised deferred tax assets related to tax losses that are expected to be utilised by receiving taxable group contributions from other group companies. The amount on 31 December 2022 is estimated to NOK 8 013 thousand (NOK 5 599 thousand on 31 December 2021). This will be done in the tax declarations for 2022 (2021) but is subject to the regulation for dividend and is conse-quently not recognised in the IFRS financial statements for 2022 (2021). This also has an opposite effect on tax payable, and it is expected that the same amounts as deferred tax assets will not be payable after taxable group contribution has been determined by the general meetings in 2023 (2022). The group has recognised net deferred tax assets in Norway and in Poland. Realisation of the remaining deferred tax asset requires future profit.Temporary differences related to IFRS 16 lease liabilities and right-of-use assets are presented as liabilities and provisions and non- current assets accordingly, in the table above. RECONCILIATION OF DEFERRED TAX ASSETS IN THE BALANCE SHEETAmounts in NOK thousand31.12.2022 31.12.2021Deferred tax assets 1 January20 780 22 511Deferred taxes arising from acquisitions(434) (1 781)Deferred tax assets 1 January reduced due to group contributions(5 599) (7 040)Changes in deferred taxes recognised in the statement of income 11 725 6 900Effects of changes in tax rate in the statement of income- -Deferred taxes included in other comprehensive income (related to pensions)(7) (32)Currency and regulation of previous years taxes(183) 222Deferred tax assets in the balance sheet (net) on 31 December26 283 20 780Due to losses and/or the exemption method, there are no significant temporary differences resulting in deferred taxes on retained ear-nings in subsidiaries, associated companies or joint ventures.RECONCILIATION OF INCOME TAXES PAYABLE IN THE BALANCE SHEETAmounts in NOK thousand31.12.2022 31.12.20211)Expensed income taxes payable (98 578) (81 173)Prepaid taxes8 192 7 793Tax payable/receivable from previous year963 818Income tax from acquisitions(2 818) (3 252)Income tax on employee share programme recognised in equity2 024 2 557SkatteFUNN (government R&D tax incentive scheme in Norway)1 605 2 007Currency effects(416) (450)1)Income tax payable recognised in the balance sheet (89 028) (71 699)1) The group has recognised tax payable related to the profits in subsidiaries for 2022, of which it is expected that NOK 8 013 thousand (NOK 5 599 thousand in 2021), will not be payable after taxable group contribution to other group companies have been determined by the general meetings in 2023 (2022).REMEASUREMENT OF PENSIONS (DEFINED BENEFIT OBLIGATION) AND RELATED TAX EFFECTGross Taxes NetAmounts in NOK thousand31 December 2020(270 612) 67 607 (203 005)Change 2021147 (32) 11431 December 2021(270 465) 67 575 (202 891)Change 202232 (7) 2531 December 2022(270 433) 67 568 (202 866)Income tax benefits on the employee share purchase programme has been recognised in equity with NOK 2 557 thousand in 2021 and NOK 2 068 thousand in 2022, in total NOK 12 616 thousand.NOTE 12 PENSIONSThe parent company and its subsidiaries in Norway have estab-lished pension plans that comply with the requirements in the Act on Mandatory Company Pensions. The group's subsidiaries both in Norway and abroad have defined contribution plans, except for a defined benefit plan in LINK Arkitektur AS and Multiconsult Norge AS, and a multiemployer plan in LINK Arkitektur AB.There were 2 370 active members in the Multiconsult ASA and Multiconsult Norge AS defined contribution plan at the end of 2022 (2021: 2 182). For the period before 30 June 2022 annual contributions to the plan were 5.55% for contribution basis between 1G and 7.1G, and 18% of the contribution basis between 7.1G and 12G. Starting from 1 July 2022 annual contributions to the plan are 5.0% for contribution basis between 0G and 7.1G, and 18% of the contribution basis between 7.1G and 12G. G is a base amount annually approved by the Norwegian parliament and was NOK 111 477 per 31 December 2022.In addition, Multiconsult Norge AS has individual defined benefit plans that are unfunded, with recognised liabilities of NOK 5 473 thousand at the end of 2022 (2021: NOK 6 129 thousand).LINK Arkitektur AS has a defined benefit plan that is closed and includes 9 retirees per 31 December 2022. Other plans in LINK Arkitektur group are plans accounted for as contribution plans, with 612 active members on 31 December 2022 (2021: 551). This includes a multiemployer plan in LINK Arkitektur AB (ITP 2 plan) which is a defined benefit plan.For 63 employees (2021: 69) in LINK Arkitektur AB the defined benefit pension commitments for retirement and family pensions are secured in the ITP 2 plan through insurance with Alecta. The group has not access to information in order to report its proportional share of the plan's obligations, plan assets and costs, and it is therefore reported as a defined contribution plan. The ex-pected contribution to the plan (premium) in 2023 is NOK 3 578 thousand. The premium paid and expensed in 2022 was NOK 4 912 thousand (2021: NOK 7 481 thousand). The premium is calculated individually and is dependent on factors including salary, previously earned pension, and expected remaining service period. The group's share of the total contributions to the plan amounted to 0.023 per cent in 2022 (2021: 0.022 per cent). The collective funding ratio is the market value of Alecta's assets as a percentage of insurance commitments calculated according to Alecta's actuarial methods and assumptions, which are not consistent with IAS 19. The collec-tive funding ratio is normally allowed to vary between 125 and 155 per cent. If Alecta's collective funding ratio is below 125 per cent or exceeds 155 per cent, action should be taken for consolidation level returning to the normal range. At low funding ratio, measures can be to raise the agreed price for new and existing contracts. At high funding ratio a measure may be to reduce premiums. At the end of 2022, the collective funding ratio was 185 per cent (2021: 169 per cent).Social security tax is calculated based on the pension plan's net financing and included in the gross pension obligations. Pension expenses include related social security tax.PENSION EXPENSESAmounts in NOK thousand2022 2021Pension expenses retirement defined benefit plan31 (123)Recognised as financial expenses97 98Pension expenses defined contribution plan 199 936 186 560Pension expenses in employee benefit expenses (note 9)200 064 186 534Effect of remeasurement of net defined benefit obligations(32) (147)FINANCIAL STATUS DEFINED BENEFIT PLANSAmounts in NOK thousand31.12.2022 31.12.2021Calculated pension obligations (incl. social security tax)(21 268) (21 929)Pension assets (at market value) 16 623 16 525Pension obligations (4 645) (5 403)Of which included in Other non-current financial assets and shares924 -Of which pension obligations in the financial statements(5 570) (5 403)Due to the immaterial amounts, no further disclosure is provided for the net defined benefit obligations.NOTE 13 RECEIVABLES, WORK IN PROGRESS AND PREPAID EXPENSESAmounts in NOK thousand31.12.2022 31.12.2021Trade receivables603 875 738 430Allowance for credit losses on receivables (see note 3)(7 585) (7 549)Total trade receivables596 291 730 881Work in progress304 328 225 021Prepaid expenses69 288 53 797Other48 093 32 643Total other current receivables and prepaid expenses117 381 86 439Total receivables and prepaid expenses1 018 000 1 042 341NOTE 14 INTANGIBLE ASSETS AND GOODWILLOwn developed Other Total intangible intangible intangibleAmounts in NOK thousand Softwareassetsassets assets GoodwillAcquisition cost 1 January 2021103 161--103 161538 546Addition from business combinations--9 1009 100397 054Additions 2 218--2 218-Disposals1 380--1 380-Currency translation differences(327)--(327) (6 606)Acquisition cost 31 December 2021103 672 - 9 100 112 772 928 994Additions from business combination221-2 4802 70175 949Additions1 390 4 533-5 923-Disposals1 557--1 557-Currency translation differences241--241 1 362Acquisition cost 31 December 2022103 968 4 533 11 580 120 081 1 006 305Accumulated amortisation 1 January 202182 249--82 24983 855Amortisation for the year5 362-1 6477 009-Disposals1 380--1 380-Currency translation differences(292)--(292)(1 520)Accumulated amortisation 31 December 202185 939 - 1 647 87 586 82 335Amortisation for the year4 236-5 3669 601-Disposals1 557--1 557-Currency translation differences204--204135Accumulated amortisation 31 December 202288 822 - 7 012 95 834 82 470Carrying amount 1 January 202120 913--20 913454 692Additions from business combination --9 1009 100397 054Additions2 218--2 218-Disposals-----Amortisation for the year5 362-1 6477 009-Currency translation differences(35)--(35)(5 087)Carrying amount 31 December 2021 17 733 - 7 453 25 187 846 659Additions from business combination221-2 4802 70175 949Additions1 3904 533-5 923-Disposals-----Amortisation for the year4 236-5 3669 601-Currency translation differences37--371 227Carrying amount 31 December 202215 146 4 533 4 568 24 247 923 835Software includes standard software and licenses that are amor-tised on a straight-line basis over three years. In 2017 a new ERP system has been capitalised, which is amortised straight-line over its estimated useful life of ten years. Own developed intangible asset relates to multiMap 2.0, a digital tool, for which depreciation will begin when asset is ready for use. Other intangible assets relate to order backlog from the acquisition of Smidt & Ingebrigtsen AS and Roar J\u00f8rgensen AS in 2022, Erichsen & Horgen AS and Nordland Teknikk AS in 2021. The order backlog is amortised on a straight-line basis over its estimated lifetime, in the range 1-2 years.Impairment testsThe group performs an assessment for impairment of goodwill at year end, or more often if there are indicators of impairment. The impairment test is based on identified cash generating units (CGUs) in the group. CGUs are changed if businesses are integrated or there are other organisational changes. CGUs are normally on a lower level than the segment classification and follows regions or separate companies, given that separate financial information is available. However, the largest parts of goodwill are allocated to the segments LINK Arkitektur and Region Oslo, as shown in the table below. CGUs identified to assess the value of the group's goodwill in 2022 and 2021 are disclosed in the table below. The carrying amounts of these cash generating units include property, plant and equipment, intan-gible assets, and allocated goodwill. Working capital cannot be split or reasonably allocated to the CGUs and is not included. Total net working capital was positive at year-end 2022, and with the head-room for each CGU it would not change any conclusions if working capital could be allocated.GOODWILL SPECIFIED PER CASH GENERATING UNIT:Amounts in NOK thousand 31.12.2022 31.12.2021 Belongs to segmentLINK Arkitektur151 810 149 447LINK ArkitekturRegion Oslo 434 429 434 429Region OsloBusiness unit Transportation27 600 27 600Region OsloRegion Norway 89 577 89 577Region NorwayBusiness unit North40 817 40 817Region NorwayBusiness unit West49 753 39 381Region NorwayBusiness unit Mid14 108 14 108Region NorwayBusiness unit \u00d8stfold9 098 9 098Region NorwayIterio39 988 41 224InternationalMC Polska978 978InternationalRoar J\u00f8rgensen AS65 577 NARegion NorwayTotal923 835 846 659The recoverable amount is estimated value in use, based on discounted future cash flows. Future cash flows included in the impairment tests at the end of 2022 are based on board approved budget for 2023 and the company's strategy plan for the subsequent four years. IFRS 16 is included in both the DCF model and in the WACC. The growth in the forecast period of 2024 \u2013 2027 is based on a moderate estimated growth in revenue and cost, in line with strategy, profitability targets and expected market out-look. The ambitions are profitability above peer-group average and strengthened operations and value creation, the assumed growth in cash flow and profitability is reflected in the budget and strategy plan period. The revenues in the budget show a moderate organic growth. The EBIT margin is reasonable and according to the strat-egy, and in line with the realised results in 2022. After the forecast period a terminal value has been calculated, using a moderate growth in cash flow of 1.0 per cent, unchanged from the assumption used in the previous year impairment test.Reinvestments in property, plant and equipment have been set below depreciation for the first five years and equal to depreciation in the terminal year for the purposes of the analysis. The business is not investment heavy, and the basis for maintaining the capacity for future cash flows is mainly investment in employees, which is reflected in the annual forecasted cash flows from operations. Therefore, EBIT is used as an estimate of cash flows in the terminal period. A calculated income tax has been included to be consistent with use of a post-tax discount rate.The key assumptions are determined to be the units' ability to de-liver as expected in ongoing contracts, win new contracts, and/or obtain extensions of existing contracts, and to obtain the assumed billing ratios. Furthermore, that the prices achieved in the contracts at least compensate for increased costs, especially employee expenses, thereby achieving the expected EBIT margin. The discount rate in the analysis is set to 8.2 per cent (2021: 7.3 per cent) after tax based on a calculation of the weighted average cost of capital (WACC). The same discount rate has been used for all cash generating units since the asset beta has been deemed the same in all CGUs and segments that the group operates. The main reason for the increase in WACC is a slightly increase in cost of equity and also a slightly increase in cost of debt mainly due to an increase in risk free rate and credit risk rate. The key assumptions used in the value in use calculation which is most sensitive to changes is operating revenue. However, in such a situation the company will bring the cost down to be in a normal steady business. For the CGUs Region Oslo, Region Norway, Business unit North, Business unit West, and Business unit Transportation the operating revenues must decrease by more than 10 per cent before an impairment occur. For Iterio the revenue needs to decrease more than 10 per cent and LINK Arkitektur more than 5 per cent to indicate impairment. In the sensitivity analysis for WACC, EBITDA and EBIT the headroom is good and a material change in assumptions must occur before an impairment will take place.The impairment tests have not resulted in any impairment for good-will, property, plant and equipment or intangible assets related to any of the cash generating units. Management has evaluated that a reasonably possible change in key assumptions would not give rise to impairment on 31 December 2022.NOTE 16 CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED FUNDSCash and cash equivalents consist primarily of bank deposits.Amounts in NOK thousand 31.12.2022 31.12.2021Cash and bank deposits, excluding restricted cash114 559 156 165Restricted cash- -Non-current financial assets, restricted funds 22 661 15 316Total cash and cash equivalents and restricted cash137 220 171 481Restricted funds on 31 December 2022 and 2021 relates mainly to Multiconsult Polska.Restricted funds in Multiconsult Polska are bank balances of NOK 20.8 million on 31 December 2022 (NOK 14.7 million on 31 December 2021) as security for parts of the bank guarantees issued to customers, see note 21. These bank guarantees have terms from 2023 to 2030. Restricted funds in Roar J\u00f8rgensen AS are bank balances of NOK 1.6 million on 31 December 2022 regarding employee withholding taxes. NOTE 17 ASSOCIATED COMPANIES AND JOINT ARRANGEMENTSConsorcio Norplan Amounts in NOK thousandFPSSAM SpA Tanzania JV Indigo TotalOpening balance 1 January 20211 739 258 5 054 3 174 10 227Share of profit for the year4 (28) 228 - 204Currency effect- - - (129) (129)Closing balance 31 December 20211 743 230 5 282 3 045 10 302Share of profit for the year(23) (98) 15 381 - 15 260Currency effect- - - 159 159Closing balance 31 December 20221 719 133 20 664 3 204 25 722None of the joint ventures and associated companies are deemed significant for the group, whether separately or combined. Conse-quently, no further details are provided.Project partnership - joint operationsThe group has for some projects entered into partnership agree-ments. Some of these have been assessed as joint operations. Participants work together to deliver a project in cooperation through a common project group. There are no assets in these project groups. Each participant is responsible for delivering the services that it has agreed to deliver, as well as being responsible for its own expenses and having a right to agreed revenues from the services the participant performs. Each participant uses its own assets, and obligations in the operation are limited to parts of the fee that may be held back to cover common costs (for exam-ple insurance premiums and travel expenses). One of the parties is typically appointed project manager with specific responsibili-ties in the project group. The participants have when it is relevant agreed that they are jointly and separately liable for the project deliverables. The main projects that are organised in this manner that are considered joint operations are T\u00f8nsberg hospital, Forne-bubanen, E39 Stord-Os Bj\u00f8rnafjorden, Forsvarsbygg frameagree-ment, Daugava HPP, Nye Rikshospitalet, Lilletorget, all in Norway. The group is the project manager, and there is no fixed participating share in these operations. In 2022 these projects contributed reve-nues of NOK 535 million (NOK 265 million in 2021). NOTE 15 PROPERTY, PLANT AND EQUIPMENTBuildings and Other machines, Total property, other real plant, fixtures and Leasehold plant and Amounts in NOK thousandestatefittingsimprovementsequipmentAcquisition cost 1 January 20219 044 425 303 72 433 506 780Additions from business combinations- 2 173 1 948 4 120Additions1 088 42 784 1 229 45 101Disposals503 22 277 105 22 885Currency translation differences(539) (2 599) (152) (3 290)Acquisition cost 31 December 20219 090 445 384 75 352 529 827Additions from business combinations- 186 - 186Additions- 41 430 692 42 122Disposals621 29 640 4 975 35 236Transfer between asset classes(6 464) 6 464 - -Currency translation differences10 (899) 46 (842)Acquisition cost 31 December 20222 015 462 924 71 116 536 056Acc. depreciation 1 January 20216 414 333 705 63 022 403 140Depreciation for the year899 37 484 2 880 41 263Disposals503 21 877 52 22 431Currency translation differences(365) (1 957) (126) (2 447)Acc. depreciation 31 December 20216 446 347 355 65 724 419 524Depreciation for the year143 42 877 2 939 45 958Disposals612 27 989 4 862 33 472Transfer between classes(4 712) 4 712 - -Currency translation differences2 (724) 31 (691)Acc. depreciation 31 December 20221 257 366 231 63 831 431 319Carrying amount 1 January 20212 630 91 598 9 411 103 640Additions from business combination- 2 173 1 948 4 120Additions1 088 42 784 1 229 45 101Disposals- 400 53 453Depreciation for the year899 37 484 2 880 41 263Currency translation differences(176) (643) (25) (844)Carrying amount 31 December 20212 644 98 030 9 628 110 303Additions from business combination- 186 - 186Additions- 41 430 692 42 122Disposals- 1 651 113 1 764Depreciation for the year143 42 877 2 939 45 958Transfer between classes(1 752) 1 752 - -Currency translation differences9 (175) 16 (151)Carrying amount 31 December 2022759 96 693 7 285 104 737Same as Useful life 10 - 50 years 3 - 8 yearsequivalent assets, Depreciation plan Straight-line Straight-linemax leasing periodNOTE 18 LEASESMulticonsult has two classes of assets that has been reported as right-of-use assets: buildings (primarily office premises) and cars. RIGHT-OF-USE ASSETS AND LEASE LIABILITIESAmounts in NOK thousandAsset LiabilitiesBalance 1 January 2021806 081 864 533Additions123 405 123 405Reassessments(16 776) (16 776)Depreciation(144 846) N/AImpairment- N/AInterest expenseN/A 32 062Lease payments (interest and instalments)N/A (172 596)Terminations(226) (234)Currency(767) (587)Balance 31 December 2021766 870 829 808Additions92 128 92 128Reassessments(9 673) (9 673)Depreciation(150 545) N/AImpairment- N/AInterest expenseN/A 30 608Lease payments (interest and instalments)N/A (180 357)Terminations(24 445) (27 069)Currency(964) (1 648)Balance 31 December 2022673 371 733 929Depreciation charge for right-of-use assets (previously operating lease), is split by class of underlying asset as follows:Amounts in NOK thousand 2022 2021Property148 346 142 618Cars2 200 2 228Total150 545 144 846The group has not identified any impairment indicators in 2022, and no impairment is recognised in 2022.The carrying amount of right-of-use assets at the end of the reporting period by class of underlying asset is as follows:Amounts in NOK thousand 31.12.2022 31.12.2021Property661 819 757 749Cars11 552 9 120Total673 371 766 870SHORT-TERM LEASES AND LOW-VALUE ASSET LEASE EXPENSEThe expenses related to short-term leases (less than 12 months) and low-value assets are summarised in the table below. For these leases the practical expedients in IFRS 16 have been applied, and the lease payments associated with those leases are recognised as an expense and classified as other operating expenses.Amounts in NOK thousand 2022 2021Short-term leases14 959 13 708Low value asset6 720 6 164Total21 679 19 871UNDISCOUNTED LEASE LIABILITIES AND MATURITY OF CASH OUTFLOWS31 December 2022Property, plant Amounts in NOK thousandOffice premisesand equipment TotalDue within 1 year175 682 3 415 179 097Due more than 1 year, but within 5 years537 574 5 248 542 822Due more than 5 years128 880 - 128 880Total undiscounted lease liabilities842 136 8 662 850 79831 December 2021Property, plant Amounts in NOK thousandOffice premisesand equipment TotalDue within 1 year166 438 2 111 168 549Due more than 1 year, but within 5 years548 062 4 308 552 371Due more than 5 years205 856 - 205 856Total undiscounted lease liabilities920 356 6 419 926 775The group has renewal options for several contracts that are not recognised, as per the principles described in note 2A. For material contracts we estimate that the lease cash outflows due more than one year, but within five years would have been NOK 11 million hig-her, and cash outflows due more than five and less than ten years would have been NOK 137 million higher, had these renewal options been recognised. Total cash outflows for leases amounts to NOK 202.0 million in 2022 and NOK 192.5 million in 2021. The group has not entered into any new material lease agree-ments not yet recognised in the consolidated statement of financial position. NOTE 19 OTHER CURRENT LIABILITIESAmounts in NOK thousand 31.12.2022 31.12.2021Salaries payable, holiday pay, bonus etc.352 264 349 382Other accrued expenses17 191 18 353Other21 121 8 358Total other current liabilities390 576 376 093NOTE 21 GUARANTEES, PLEDGES AND SECURITIES PROVIDEDGUARANTEE OBLIGATIONS NOT RECOGNISED IN THE BALANCE SHEETAmounts in NOK thousand 31.12.2022 31.12.2021Bank guarantee - guarantees towards customers146 343 122 956Bank guarantee - guarantees for other obligations51 138 46 765Guarantee - employee tax deductions146 500 134 600Parent company guarantees - for subsidiaries17 978 17 351Total guarantees 361 958 321 672Bank guarantees towards customers are related to assignments where the customer demands security for contract responsi bilities. Other bank guarantees are primarily guaranteeing for rent of premises.At the end of 2022, LINK Arkitektur AS, Multiconsult Norge AS and Multiconsult ASA holds guarantees for employee tax deductions for a total of NOK 146.5 million.Parent company guarantees on 31 December 2022 relates to rent of premises of NOK 18.0 million towards subsidiaries.The parent company's bank facility agreements with the lender in-cludes a negative pledge clause in relation to new borrowings of the group. Multiconsult ASA has provided a surety of NOK 5 million for LINK Arkitektur AS\u2019 liabilities towards the lender. Multiconsult Norge AS has provided a surety of NOK 800 million for Multiconsult ASA\u2019s liabilities towards the lender. Multiconsult ASA and Multiconsult Norge AS have both pledged trade receivables, inventory and prop-erty, plant and equipment. The carrying value of the pledged assets NOTE 20 PROVISIONS, DISPUTES AND CONTINGENT LIABILITIESThe group completes a significant number of assignments during a year. Normally, the group enters into agreements with the custom-ers limiting its responsibilities. During the execution of an assign-ment, defects or damages as a result of the deliveries may be iden-tified that could lead to claims being made towards the group. When it is probable (over 50 per cent) that a claim will result in outflow of economic resources from the group, a provision for the estimated liability is recognised. The provisions are presented as liabilities in the balance sheet, while the expected reimbursements from the insurance company related to recognised provisions are presented as a separate asset.PROJECT RESPONSIBILITYAmounts in NOK thousand 31.12.2022 31.12.2021Gross provisions64 895 24 712Assets for reimbursement of provisions56 845 18 302Net provisions8 050 6 410The reimbursement from the insurance company is directly linked to the cases and the actual additions, settlements and reversals are es-timated and incurred simultaneously. Consequently, the table below present changes in the provisions net of the assets for reimbursement. Project Amounts in NOK thousandresponsibilityNet provisions 1 January 20218 050Additions2 710Reversals(1 750)Utilised(2 600)Net provisions 31 December 20216 410Additions7 350Reversals(4 210)Utilised(1 500)Net provisions 31 December 20228 050The date for settlement of project responsibility cases is often out-side the group's control and it is not possible to make a reliable es-timate of settlement dates. The processes are extensive with nego-tiations with many parties and often results in long legal processes.The time-period from reporting a case to final settlement can take several years. The size of the settlement can vary considerably. The provision related to a claim is calculated on the basis of the expect-ed compensation, own risk deductibles and the claimed amount. As a consequence of the inherent uncertainty in both amount and tim-ing of the settlement, the provision is not discounted.The company's insurance coverage for project responsibilities is primarily based on a collective agreement for engineering consultants. This insurance takes the form of standard policies for engineering projects, with an excess of NOK 300 000 per claim and normally with a maximum coverage of up to 150 times the Norwegian national insurance base rate (G) \u2013 about NOK 17 million, which is the standard limitation of liability in Multiconsult\u2019s contracts. Uninsured liability is by agreement normally limited to 60 G about NOK 6.7 million, with exceptions and higher agreed limitations for such li-ability in some larger projects. There may however be significant project- and other operational risks where limitations of liability do not apply, that are not covered by the mentioned insurances and/or where the insurance coverage is insufficient to cover the risk. In some projects special provisions regarding liability apply or limita-tions of liability do not apply. This increases Multiconsult\u2019s possible liability and risk. In cases of gross negligence or wilful misconduct limitations on liability as a main rule do not apply, and insurance coverage may be reduced. Furthermore, Multiconsult has entered into multiple project partnerships with joint and several liability or joint and proportional liability that may in under particular circum-stances increase risk. In the latter cases Multiconsult\u2019s proportional liability is normally based on the share of the turnover in the project group. The mentioned risks may, in some adverse circumstances, have a significant negative impact on the financial performance of the group.The company performs a thorough review of each claim. Project responsibility cases therefore lead to both recognised provisions and contingent liabilities where no provision has been recognised because the group has assessed the probability of an outflow of economic resources from the group to be below 50 per cent.The provision on 31 December 2022 is related to several projects, but there is no significant provision related to any single project.in Multiconsult Norge AS on 31 December 2022 is NOK 392.6 million for trade receivables, NOK 0 for inventory and NOK 86.5 million for property, plant and equipment. For Multiconsult ASA the carrying values on 31 December 2022 is NOK 53.1 million for trade receiv-ables and NOK 0 for inventory and property, plant and equipment.On 31 December 2022, Multiconsult ASA had a guarantee facility of NOK 120.0 million, of which NOK 77.9 million was drawn (2021: NOK 59.2 million). Multiconsult ASA or any fully owned subsidiary (under surety from Multiconsult ASA) may draw under the guarantee facility. The guarantee facility is renewed annually but guarantees included in the limit may have a term of up to five years.Multiconsult Polska holds a bank guarantee facility of PLN 65 million, NOK 146.0 million, under which PLN 45.0 million, NOK 101.1 million was drawn on 31 December 2022. A cash deposit is required for employee tax deductions, VAT account and issued guarantees in Poland, and these deposits are held on bank accounts in the name of Multiconsult Polska. This is restricted cash and amounted to a total of PLN 9.3 million, NOK 20.8 million on 31 December 2022, included in non-current financial assets in the balance sheet, see note 16.NOTE 22 SHAREHOLDER INFORMATIONThe following table shows shareholders owning 1 per cent or more of Multiconsult ASA shares on 31 December 2022:Number of shares Ownership shareStiftelsen Multiconsult5 769 559 21.0%Verdipapirfond Odin Norge2 621 242 9.5%Vevlen G\u00e5rd AS1 550 000 5.6%Stenshagen Invest AS1 130 519 4.1%The Bank of New York Mellon SA/NV1 091 011 4.0%VJ Invest AS856 164 3.1%Verdipapirfondet Holberg Norge849 999 3.1%Pareto Aksje Norge Verdipapirfond660 535 2.4%Varner Equities AS506 388 1.8%Morgan Stanley & Co. Int. Plc.431 242 1.6%AAT Invest AS350 000 1.3%Skandinaviska Enskilda Banken AB288 555 1.0%Other11 429 245 41.5%Total number of shares27 534 459 100% Total number of shares are 27 534 459 with par value per share of NOK 0.50. All shares that are part of the parent company's share capital belong to the same share class with the same rights. The company\u2019s articles of association set forth that no shareholder, including such shareholder\u2019s close associates, may vote for more than 25 per cent of the shares at the general meeting.The number of treasury shares (own shares) at the end of 2022 was 28 013 (2021: 33 336 shares). During 2022 and 2021, the company purchased own shares that were sold in the employee share purchase programme, see note 9. The Annual General Meeting held on 7 April 2022 authorised the board of directors pursuant to \u00a710-14 (1) of the Public Limited Liability Companies Act to increase the company's share capital by up to NOK 1 371 526 in one or more share issues. The author-ity may only be used to issue shares as consideration in connec-tion with acquisitions, to finance acquisitions or to issue shares in connection with incentive schemes for the employees of the Mul-ticonsult group. The shareholders' pre-emptive rights under \u00a710-4 of the Public Limited Liability Companies Act may be set aside. The authority covers capital increases against contributions in cash and contributions other than in cash. The authority covers the right to incur special obligations for the Company, ref. \u00a710-2 of the Public Limited Liability Companies Act. The authority covers resolutions on mergers in accordance with \u00a713-5 of the Public Limited Liability Companies Act. The authority may also be used in take-over situa-tions, ref. \u00a76-17 (2) of the Securities Trading Act. The Annual General Meeting held on 7 April 2022 authorised the board of directors pursuant to \u00a79-4 of the Public Limited Liability Companies Act to acquire shares in the company (\"own shares\") on behalf of the company with an aggregate nominal value of up to 1 371 526. If the company disposes of own shares, this amount shall be increased by an amount equal to the nominal value of the shares disposed of. When acquiring own shares, the consideration per share may not be less than NOK 5 and not exceed NOK 350. The board of directors determines the methods by which own shares can be acquired or disposed of.Both authorities described above shall remain in force until the Annual General Meeting in 2023, but in no event later than 30 June 2023.NOTE 23 RELATED PARTIESThe group's related parties are:Key management personnel, close members of the family of a person and entities that are controlled or jointly controlled by any of these. Key management personnel are defined as the board of directors and the executive management. See note 9 Employee benefit expenses and the remuneration report for salary and other remuneration for leading persons 2022 for information on remuneration for key management personnel and information on share ownership. There were no other transactions with key management personnel in 2022 and 2021.Stiftelsen Multiconsult had an ownership share of 21.0 per cent on 31 December 2022 (21.9 per cent on 31 December 2021). The company's assessment is that Stiftelsen Multiconsult has signifi-cant influence. Multiconsult has recognised revenues from sales to Stiftelsen Multiconsult of NOK 3 199 thousand in 2022 (NOK 5 096 thousand in 2021) and had receivables of NOK 220 thousand on 31 December 2022 (NOK 269 thousand on 31 December 2021). The company and its subsidiaries are also considered related parties. Transactions and balances are eliminated in the consolidated financial statements and are not disclosed in this note for the group. Refer also to note 17 for the parent company.Refer to note 17 Associated companies and joint arrangements for more information on these related parties. TRANSACTIONS AND BALANCES WITH JOINT VENTURES AND ASSOCIATED COMPANIESAmounts in NOK thousand 2022 2021Revenues20 013 28 335Expenses2 365 145Receivables- 3 988Liabilities- -Guarantees provided- -NOTE 24 EARNINGS PER SHARE AND DIVIDENDSIn 2022 and 2021, there were no potential dilutive effects on earnings that are attributable to owners of Multiconsult ASA or on the number of shares. Basic and diluted earnings per share are therefore the same. 2022 2021Profit after tax attributable to owners of Multiconsult ASA (NOK thousand)303 015 234 666Weighted average number of shares (excl. treasury shares)27 390 212 27 080 810Earnings per share11.06 8.67DIVIDENDSDividends paid to owners of Multiconsult ASA (NOK thousand)164 383 215 437Dividends per share6.00 8.001)Dividends proposed after 31 December 2022 (NOK thousand) 247 8101)Dividends proposed after 31 December 2022 (per share) 9.001) Dividends to be adopted by the Annual General Meeting 13 April 2023.NOTE 25 EVENTS AFTER THE REPORTING PERIODAfter the reporting period ended on 31 December 2022 and up to the date these consolidated financial statements have been approved for issue, no events have been identified that require disclosure. ",
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"value": "NOTE 1 GENERAL INFORMATION AND BASIS FOR THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTSMulticonsult group (\u201cMulticonsult\u201d or \u201cthe group\u201d) comprises Mul-ticonsult ASA (\u201cthe parent company\u201d) and all subsidiaries and associated companies.Multiconsult ASA is a Norwegian Public limited liability company. The shares of the company were listed on Oslo Stock Exchange on 22 May 2015. The company's head office is located in Nedre Sk\u00f8yen vei 2, 0276 Oslo. The group are among the leading suppliers of consultancy and design services in Norway and the Nordic region. The group has some activity and subsidiaries outside the Nordic region, including subsidiaries Multiconsult Polska, Multiconsult UK and Multiconsult Asia. The principal activities of the group are described in note 5 Segments. These consolidated financial statements were appro-ved by the board of directors on 15 March 2023 for adoption by the Annual General Meeting on 13 April 2023. The group prepares the consolidated financial statements in accor-dance with International Financial Reporting Standards as adopted by the EU (IFRS) and the Norwegian Accounting Act. References to \"IFRS\" in these financial statements mean IFRS as adopted by the EU.",
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},
"pp-value-10-3": {
"value": "NOTE 1 GENERAL INFORMATION AND BASIS FOR THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTSMulticonsult group (\u201cMulticonsult\u201d or \u201cthe group\u201d) comprises Mul-ticonsult ASA (\u201cthe parent company\u201d) and all subsidiaries and associated companies.Multiconsult ASA is a Norwegian Public limited liability company. The shares of the company were listed on Oslo Stock Exchange on 22 May 2015. The company's head office is located in Nedre Sk\u00f8yen vei 2, 0276 Oslo. The group are among the leading suppliers of consultancy and design services in Norway and the Nordic region. The group has some activity and subsidiaries outside the Nordic region, including subsidiaries Multiconsult Polska, Multiconsult UK and Multiconsult Asia. The principal activities of the group are described in note 5 Segments. These consolidated financial statements were appro-ved by the board of directors on 15 March 2023 for adoption by the Annual General Meeting on 13 April 2023. The group prepares the consolidated financial statements in accor-dance with International Financial Reporting Standards as adopted by the EU (IFRS) and the Norwegian Accounting Act. References to \"IFRS\" in these financial statements mean IFRS as adopted by the EU.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-10-4": {
"value": "NOTE 1 GENERAL INFORMATION AND BASIS FOR THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTSMulticonsult group (\u201cMulticonsult\u201d or \u201cthe group\u201d) comprises Mul-ticonsult ASA (\u201cthe parent company\u201d) and all subsidiaries and associated companies.Multiconsult ASA is a Norwegian Public limited liability company. The shares of the company were listed on Oslo Stock Exchange on 22 May 2015. The company's head office is located in Nedre Sk\u00f8yen vei 2, 0276 Oslo. The group are among the leading suppliers of consultancy and design services in Norway and the Nordic region. The group has some activity and subsidiaries outside the Nordic region, including subsidiaries Multiconsult Polska, Multiconsult UK and Multiconsult Asia. The principal activities of the group are described in note 5 Segments. These consolidated financial statements were appro-ved by the board of directors on 15 March 2023 for adoption by the Annual General Meeting on 13 April 2023. The group prepares the consolidated financial statements in accor-dance with International Financial Reporting Standards as adopted by the EU (IFRS) and the Norwegian Accounting Act. References to \"IFRS\" in these financial statements mean IFRS as adopted by the EU.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-14-2": {
"value": "Basis of preparationThe consolidated financial statements have been prepared based on the historical cost basis, except for derivatives and pension as-sets that are measured at fair value, and pension liabilities that are measured at present value. The consolidated financial statements are presented in Norwegian kroner (NOK). Amounts are rounded to the nearest thousand, unless stated otherwise. As a result of such rounding, amounts and percentages presented may not add up to the total.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-16-2": {
"value": "Consolidation principles, investments accounted for in accor-dance with the equity method and working partnerships The consolidated financial statements incorporate Multiconsult ASA and companies that Multiconsult ASA (directly or indirectly) control (the group). Control is achieved when the group is exposed or has rights to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. All subsidiaries are 100 per cent owned and there are no non-controlling interests.The consolidated financial statements have been prepared using uniform accounting policies. All material transactions and balances between group entities have been eliminated.Shares in subsidiaries are eliminated in the consolidated financial statements in accordance with the acquisition method. This entails that the consideration, as well as the acquired entity's assets and liabilities (with some exceptions as determined by IFRS 3 Business Combinations), are measured at fair value on the date of acquisiti-on, and any excess consideration is classified as goodwill. Acquisiti-on-related costs are recognised in profit or loss as incurred. Investments in associated companies and joint ventures over which the group exercises significant influence or joint control, are accounted for using the equity method. Refer to note 17 for more information.The group enters into working partnerships in certain projects where parties collaborate to offer a joint deliverable. Each participant is responsible for and has rights to the fee from its part of the delive-rables (agreements related to project collaboration). The individual parties utilise their resources using employees and sub-contractors. Some of these arrangements are considered to be joint operations within the scope of IFRS 11, and for which the group recognises its share of income and expenses, and its own assets and liabilities. Certain arrangements are not jointly controlled. Such activities are recognised on a line-by-line basis in accordance with the group's share, similar to joint operations. There are no significant differen-ces in the group's accounting for activities in arrangements without limited liability, whether within the scope of IFRS 11 or not.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-16-4": {
"value": "Consolidation principles, investments accounted for in accor-dance with the equity method and working partnerships The consolidated financial statements incorporate Multiconsult ASA and companies that Multiconsult ASA (directly or indirectly) control (the group). Control is achieved when the group is exposed or has rights to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. All subsidiaries are 100 per cent owned and there are no non-controlling interests.The consolidated financial statements have been prepared using uniform accounting policies. All material transactions and balances between group entities have been eliminated.Shares in subsidiaries are eliminated in the consolidated financial statements in accordance with the acquisition method. This entails that the consideration, as well as the acquired entity's assets and liabilities (with some exceptions as determined by IFRS 3 Business Combinations), are measured at fair value on the date of acquisiti-on, and any excess consideration is classified as goodwill. Acquisiti-on-related costs are recognised in profit or loss as incurred. Investments in associated companies and joint ventures over which the group exercises significant influence or joint control, are accounted for using the equity method. Refer to note 17 for more information.The group enters into working partnerships in certain projects where parties collaborate to offer a joint deliverable. Each participant is responsible for and has rights to the fee from its part of the delive-rables (agreements related to project collaboration). The individual parties utilise their resources using employees and sub-contractors. Some of these arrangements are considered to be joint operations within the scope of IFRS 11, and for which the group recognises its share of income and expenses, and its own assets and liabilities. Certain arrangements are not jointly controlled. Such activities are recognised on a line-by-line basis in accordance with the group's share, similar to joint operations. There are no significant differen-ces in the group's accounting for activities in arrangements without limited liability, whether within the scope of IFRS 11 or not.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-16-5": {
"value": "Consolidation principles, investments accounted for in accor-dance with the equity method and working partnerships The consolidated financial statements incorporate Multiconsult ASA and companies that Multiconsult ASA (directly or indirectly) control (the group). Control is achieved when the group is exposed or has rights to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. All subsidiaries are 100 per cent owned and there are no non-controlling interests.The consolidated financial statements have been prepared using uniform accounting policies. All material transactions and balances between group entities have been eliminated.Shares in subsidiaries are eliminated in the consolidated financial statements in accordance with the acquisition method. This entails that the consideration, as well as the acquired entity's assets and liabilities (with some exceptions as determined by IFRS 3 Business Combinations), are measured at fair value on the date of acquisiti-on, and any excess consideration is classified as goodwill. Acquisiti-on-related costs are recognised in profit or loss as incurred. Investments in associated companies and joint ventures over which the group exercises significant influence or joint control, are accounted for using the equity method. Refer to note 17 for more information.The group enters into working partnerships in certain projects where parties collaborate to offer a joint deliverable. Each participant is responsible for and has rights to the fee from its part of the delive-rables (agreements related to project collaboration). The individual parties utilise their resources using employees and sub-contractors. Some of these arrangements are considered to be joint operations within the scope of IFRS 11, and for which the group recognises its share of income and expenses, and its own assets and liabilities. Certain arrangements are not jointly controlled. Such activities are recognised on a line-by-line basis in accordance with the group's share, similar to joint operations. There are no significant differen-ces in the group's accounting for activities in arrangements without limited liability, whether within the scope of IFRS 11 or not.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-16-6": {
"value": "Consolidation principles, investments accounted for in accor-dance with the equity method and working partnerships The consolidated financial statements incorporate Multiconsult ASA and companies that Multiconsult ASA (directly or indirectly) control (the group). Control is achieved when the group is exposed or has rights to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. All subsidiaries are 100 per cent owned and there are no non-controlling interests.The consolidated financial statements have been prepared using uniform accounting policies. All material transactions and balances between group entities have been eliminated.Shares in subsidiaries are eliminated in the consolidated financial statements in accordance with the acquisition method. This entails that the consideration, as well as the acquired entity's assets and liabilities (with some exceptions as determined by IFRS 3 Business Combinations), are measured at fair value on the date of acquisiti-on, and any excess consideration is classified as goodwill. Acquisiti-on-related costs are recognised in profit or loss as incurred. Investments in associated companies and joint ventures over which the group exercises significant influence or joint control, are accounted for using the equity method. Refer to note 17 for more information.The group enters into working partnerships in certain projects where parties collaborate to offer a joint deliverable. Each participant is responsible for and has rights to the fee from its part of the delive-rables (agreements related to project collaboration). The individual parties utilise their resources using employees and sub-contractors. Some of these arrangements are considered to be joint operations within the scope of IFRS 11, and for which the group recognises its share of income and expenses, and its own assets and liabilities. Certain arrangements are not jointly controlled. Such activities are recognised on a line-by-line basis in accordance with the group's share, similar to joint operations. There are no significant differen-ces in the group's accounting for activities in arrangements without limited liability, whether within the scope of IFRS 11 or not.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-16-7": {
"value": "Consolidation principles, investments accounted for in accor-dance with the equity method and working partnerships The consolidated financial statements incorporate Multiconsult ASA and companies that Multiconsult ASA (directly or indirectly) control (the group). Control is achieved when the group is exposed or has rights to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. All subsidiaries are 100 per cent owned and there are no non-controlling interests.The consolidated financial statements have been prepared using uniform accounting policies. All material transactions and balances between group entities have been eliminated.Shares in subsidiaries are eliminated in the consolidated financial statements in accordance with the acquisition method. This entails that the consideration, as well as the acquired entity's assets and liabilities (with some exceptions as determined by IFRS 3 Business Combinations), are measured at fair value on the date of acquisiti-on, and any excess consideration is classified as goodwill. Acquisiti-on-related costs are recognised in profit or loss as incurred. Investments in associated companies and joint ventures over which the group exercises significant influence or joint control, are accounted for using the equity method. Refer to note 17 for more information.The group enters into working partnerships in certain projects where parties collaborate to offer a joint deliverable. Each participant is responsible for and has rights to the fee from its part of the delive-rables (agreements related to project collaboration). The individual parties utilise their resources using employees and sub-contractors. Some of these arrangements are considered to be joint operations within the scope of IFRS 11, and for which the group recognises its share of income and expenses, and its own assets and liabilities. Certain arrangements are not jointly controlled. Such activities are recognised on a line-by-line basis in accordance with the group's share, similar to joint operations. There are no significant differen-ces in the group's accounting for activities in arrangements without limited liability, whether within the scope of IFRS 11 or not.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-13-2": {
"value": "NOTE 2 A SIGNIFICANT ACCOUNTING POLICIESBasis of preparationThe consolidated financial statements have been prepared based on the historical cost basis, except for derivatives and pension as-sets that are measured at fair value, and pension liabilities that are measured at present value. The consolidated financial statements are presented in Norwegian kroner (NOK). Amounts are rounded to the nearest thousand, unless stated otherwise. As a result of such rounding, amounts and percentages presented may not add up to the total.Standards, interpretations and amendments implemented in 2022Several limited scope amendments and interpretations effective from 1 January 2022 had no material impact on the group. This include but is not limited to amendments to IAS 16, IAS 37, IFRS 1, IFRS 3 and IFRS 9. Consolidation principles, investments accounted for in accor-dance with the equity method and working partnerships The consolidated financial statements incorporate Multiconsult ASA and companies that Multiconsult ASA (directly or indirectly) control (the group). Control is achieved when the group is exposed or has rights to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. All subsidiaries are 100 per cent owned and there are no non-controlling interests.The consolidated financial statements have been prepared using uniform accounting policies. All material transactions and balances between group entities have been eliminated.Shares in subsidiaries are eliminated in the consolidated financial statements in accordance with the acquisition method. This entails that the consideration, as well as the acquired entity's assets and liabilities (with some exceptions as determined by IFRS 3 Business Combinations), are measured at fair value on the date of acquisiti-on, and any excess consideration is classified as goodwill. Acquisiti-on-related costs are recognised in profit or loss as incurred. Investments in associated companies and joint ventures over which the group exercises significant influence or joint control, are accounted for using the equity method. Refer to note 17 for more information.The group enters into working partnerships in certain projects where parties collaborate to offer a joint deliverable. Each participant is responsible for and has rights to the fee from its part of the delive-rables (agreements related to project collaboration). The individual parties utilise their resources using employees and sub-contractors. Some of these arrangements are considered to be joint operations within the scope of IFRS 11, and for which the group recognises its share of income and expenses, and its own assets and liabilities. Certain arrangements are not jointly controlled. Such activities are recognised on a line-by-line basis in accordance with the group's share, similar to joint operations. There are no significant differen-ces in the group's accounting for activities in arrangements without limited liability, whether within the scope of IFRS 11 or not.Foreign currenciesThe financial statements of the individual companies in the group are measured in the currency which is predominantly used in the economic environment in which the company operates (functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional currency and the presentation currency of the parent company.Transactions in foreign currencies are translated into the functio-nal currency at the exchange rates prevailing at the dates of the transactions. Currency gains and losses arising on the payment of such transactions and on translation of monetary items in foreign currencies at the exchange rates prevailing at the end of the repor-ting period, are recognised in profit or loss as financial items. For companies with a functional currency other than Norwegian kroner, income and expense items are translated based on the average exchange rates, and assets and liabilities are translated using the exchange rates prevailing at the end of the reporting period. Exchange differences are recognised in other comprehen-sive income.RevenueRevenue is generated by delivering consulting services. The group provides a range of services, including multidisciplinary consulting and design, project engineering and management, verification, inspection, supervision and architecture \u2013 both in Norway and abroad. See note 5 segments for a more detailed description of services offered within seven business areas. See also note 6 for revenue from contracts with customers and contract balances. Revenue is measured based on the consideration specified in a contract with a customer. Revenue is recognised when a customer obtains control over a good or service, which could be at a point in time or over time. The group's revenue is generated from rendering of services, which is recognised over time.The group's rendering of services consists of agreements that are either time-based, time-based with a cap, or fixed price. The vast majority of contracts in terms of transaction price are time-based, i.e. the group earns revenue per hour worked. Contracts which are time-based with a cap, or fixed price, are minor compared to the total.Multiconsult has evaluated that for some of the services, for example construction management and coordination, the customer simultaneously receives and consumes the benefits provided by its performance as it performs, and therefore revenue is recognised over time.Other services are to a large extent tailored to the customer and has no alternative use for Multiconsult. The majority of contracts has clauses that secures that Multiconsult has enforceable right to payment for performance completed to date if the customer should terminate a contract for other reasons than failure by Multiconsult to deliver under the contract. Consequently, Multiconsult has determined that the customer controls all the work in progress as the services are provided, and revenue is recognised over time. A few contracts may have deviating contract clauses, but these are immaterial in relation to the group's total revenues.Progress in satisfaction of a performance obligation is normally estimated as hours incurred as a percentage of expected total hours and milestones in the project. It is continuously evaluated if hours incurred contribute to progress in the project and the total hours expected to be incurred to generate progress. As the main cost and efforts in the satisfaction of the performance obligations are hours incurred, for own employees and subcontractors, the group belie-ves this method provides a faithful depiction of the transfer of the services. The total scope is evaluated on an on-going basis. Costs are recognised as incurred.Under IFRS 15, revenue shall be recognised to the extent that it is highly probable that a significant reversal in the amount of cumula-tive revenue recognised will not occur. There are often discussions with the customer in relation to the number of hours that can be charged to the customer, consequently this is regarded as variable consideration. The company has established processes for ongoing evaluations and estimation of how much revenue can be recognised for each contract, primarily based on expected value, and on 31 December 2021 and 31 December 2020 it has not identified need for additional constraint of accumulated revenues.When it is probable that a project will incur a loss (remaining to-tal direct costs exceed remaining total revenue), the estimated loss is recognised immediately. Direct costs include predominantly costs for own personnel and sub-contractors. As the group has few projects with fixed price or with a cap, provisions for onerous contracts are limited.Invoices are issued according to contractual terms and are usually payable within 30 days. Invoiced amounts are presented as trade receivables. Un-invoiced amounts (contract assets) are presented as work in progress and is related to work performed but not billed at the reporting date. Contract liabilities are presented as prepaid revenues. For each contract it is presented a net amount for work in progress or prepaid revenues.In working partnerships not organised as separate legal entities, and where the group is the project manager with no overall responsibility for the engagement, the group invoices the client and subsequently pays the fee to the other parties for the work performed by them. The group only recognises its own share of revenue and expenses in such arrangements (refer also to the description above).Revenues are disaggregated on business areas and geography, see notes 5 and 6.Interest and dividends receivedInterest income that reflects the effective return on an asset is recognised as income over the period earned and classified as financial income in the statement of income. Dividends received on investments are recognised as income when the group's right to receive payment has been established. Dividends from investments that are recognised using the equity method are recognised as a reduction of the investment.Classification of current and non-current itemsAn asset is classified as current when it is expected to be realised or sold, or to be used in the group's normal operating cycle or falls due or is expected to be realised within 12 months after the end of the reporting period. Other assets are classified as non-current. Liabi-lities are classified as current when they are expected to be settled in the normal operating cycle of the group, are held for trading, are expected to be settled within 12 months of the end of the repor-ting period, or if the group does not have an unconditional right to postpone settlement for at least 12 months after the reporting date. Provisions for obligations and assets for reimbursement are classi-fied as non-current. Derivatives are classified as current.Property, plant and equipmentProperty, plant and equipment are recognised at cost less accu-mulated depreciation. Cost of acquisition includes costs directly attributable to the acquisition of the fixed asset. Subsequent ex-penditure is added to the carrying value of the asset or is recog-nised separately when it is probable that future economic benefits related to the expenditure will flow to the group, and the cost can be measured reliably. The carrying amount related to replace parts is expensed. Other repair and maintenance costs are recognised in profit or loss in the period during which the cost is incurred. Property, plant and equipment are depreciated on a straight-line basis. The cost of acquisition of property, plant and equipment is depreciat-ed to their expected residual value, which in general is estimated to be nil. The estimated useful lives, residual values and deprecia-tion methods are reviewed at the end of each reporting period and changed if necessary. When the carrying amount of an item of prop-erty, plant and equipment is higher than its estimated recoverable amount (the higher of fair value less costs to sell and value in use), the carrying amount is reduced to the recoverable amount and rec-ognised as impairment in the statement of income. Gains and losses on disposal of property, plant and equipment are recognised in the income statement as the difference between the sales price and the carrying amount.Intangible assetsIntangible assets consist mainly of standard software, licenses and ERP system. A minor part of intangible assets consists of internally generated cost incurred in the development phase of software, as they meet the specific criteria for recognition in the balance sheet, as defined in IAS 38. Intangible assets are recognised at cost of acquisition less amortisation. Intangible assets are amortised on a straight-line basis to an estimated residual value of nil. Order back-log arising upon a business combination is amortised over its esti-mated useful life. When the carrying amount of an intangible asset is higher than its estimated recoverable amount, the carrying amount is reduced to the recoverable amount and recognised as impairment in the statement of income.GoodwillGoodwill arising upon a business combination is not amortised. Goodwill does not generate cash flows that are independent of other assets or groups of assets, and is allocated to the cash- generating units that are expected to benefit from the synergies of the combination that gave rise to goodwill. Cash-generating units to which goodwill has been allocated are reviewed for impairment on an annual basis, or more frequently if there are indications of impairment. If the recoverable amount of the cash-generating unit is less than its carrying value, the impairment loss is allocated first to reduce the carrying value of goodwill and then to the other assets in the cash-generating unit pro rata based on the carrying amount of each asset in the unit. The carrying value of individual assets is not reduced below nil. An impairment loss recognised for goodwill is not reversed in subsequent periods if the recoverable amount of the cash-generating unit increases. Any impairment is recognised as part of impairment in the statement of income.Cash-generating units A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely independent of cash inflows from other assets or groups of assets. In order to iden-tify whether cash inflows from an asset (or a group of assets) are independent of cash inflows from other assets (or groups of assets), management assesses various factors, including how operations are monitored, e.g. based on service- or product areas, businesses or geographical areas. Each CGU or group of CGUs to which good-will has been allocated represent the lowest level in the entity where goodwill is monitored for internal management purposes. The group of CGUs are in all instances no larger than an operating segment as defined in IFRS 8 Operating Segments.Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group becomes a party to the contractual provisions of the instrument.Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acqui-sition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.Financial assets IFRS 9 contains three principal classification categories for finan-cial assets: measured at amortised cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addition of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equivalents, trade and other receivables and work in progress (contract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as meas-ured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by im-pairment losses.Financial assets at fair value through profit or loss consist of derivatives when the fair value is positive.Impairment of financial assetsThe group recognises loss allowances at an amount equal to lifetime Expected Credit losses (ECL) on receivables and work in progress. ECLs are probability-weighted estimates of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accord-ance with the contract and the cash flows that the group expects to receive). ECLs are discounted at the effective interest rate of the financial assets.The group assesses at each reporting date whether financial as-set carried at amortised cost are credit impaired. A financial asset is credit impaired if one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence of credit impairment includes the follow-ing observable data: significant financial difficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receivable by the group on terms that the group would not consider otherwise, or it is probable that the debtor will enter bankruptcy or other financial reorganisation, or the disap-pearance of an active market for a security because of financial dif-ficulties. See note 3 for a description of recognition of ECLs.Loss allowances are deducted from the gross carrying amount of the financial asset. The gross carrying amount of a financial asset is written off when the group has not reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Re-ceivables are written off if the customer goes bankrupt, collection by a debt collector has been unsuccessful for a period and in other concrete cases. The group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities.Financial liabilitiesThe group has financial liabilities measured at amortised cost and fair value through profit or loss. Financial liabilities at amortised cost comprise largely trade payable, other current liabilities and inter-est-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequently measured at amortised cost through using the effective interest method.Financial liabilities at fair value through profit or loss consist of derivatives. The company can use foreign currency forward contracts and interest rate swaps in order to hedge future cash flows. The company does not use hedge accounting. Derivatives are measured at fair value. Gains and losses arising as a result of changes in fair value are recognised in the statement of income as financial income and financial expenses. Derivatives are recognised on a gross basis as liabilities when the fair value is negative, as long as the group does not have a legal right to and intention of settling the contracts on a net basis.Embedded derivativesAn embedded derivative shall not be separated from the host con-tract and recognised as a derivative if the economic characteris-tics and the economic risks of the embedded derivative are close-ly related to the economic characteristics and the economic risk of the host contract. The company has certain cross border sales contracts in a currency that is not the functional currency of either of the parties to the contract. The company has determined that the currency used in the relevant contracts is a currency frequently used in contracts related to acquisition or disposal of non-financial assets in the economic environment in which the transaction takes place, and has therefore not separated a currency derivative.Cash and cash equivalentsCash and cash equivalents include cash, bank deposits and other cash equivalents with a maturity of less than three months at the date of acquisition.Restricted cashRestricted cash is cash with restrictions above 3 months. Restrict-ed funds is classified as non-current when the restriction is more than 12 months and is presented as non-current financial asset in the balance sheet.Provision for obligations Provisions for obligations such as restructuring, onerous contracts, project liabilities and legal claims are recognised when the group, as a result of a past event, has an existing legal or constructive obligation, it is probable that the group will be required to settle the obligation, and the amount can be measured reliably. Provi-sions are measured at management's best estimate of the expend-iture required to settle the obligation at the reporting date. The estimate is made based on the actual circumstances related to each individual item.Provisions for project liabilities are measured at the expected cost to settle the obligation. A reimbursement asset is recognised if the company is covered for losses incurred through an insurance com-pany and it is virtually certain that the company will receive com-pensation. A reimbursement asset reduces the net cost recognised in the statement of income.PensionsThe group has primarily defined contribution pension plans.For defined contributions plans, the group pays contributions to private, administered insurance plans for pensions on a statutory, contractual or voluntary basis. The group has no additional obligations after the contributions have been paid. Contributions to defined contribution plans are expensed as incurred. LINK Arkitek-tur AB participate in a defined benefit multi-employer plan that is accounted for as a defined contribution plan. The group has no early retirement plans.Remaining defined benefit pension plans are primarily an individual unfunded agreement in Multiconsult Norge AS and a funded plan in LINK Arkitektur AS. Pension obligations for defined benefit plans are estimated on an annual basis by independent actuaries. See note 12.Income taxAssets and liabilities related to current tax payable are measured at the amount expected to be received from or paid to the taxa-tion authorities. Deferred tax assets and liabilities are calculated based on the liability method, including all temporary differences between the carrying amounts and tax bases of assets and liabili-ties in the consolidated financial statements, including losses car-ried forward. Deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. For investments in subsidiaries, associated companies or joint ventures, deferred tax liabilities are not recognised for taxa-ble temporary differences when the group is able to control the timing of reversal of temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. Similarly, deferred tax assets are only recognised for such invest-ments if it is probable that the temporary difference will reverse in the foreseeable future and that sufficient taxable income will be available to allow the asset to be recovered.Deferred tax assets are recognised to the extent that it is proba-ble that the tax assets will be utilised. Tax rates that are enacted or substantially enacted at the end of the reporting period and un-discounted amounts are used. Deferred tax assets and liabilities are recognised net when there is a legal right to offset payable tax assets and liabilities, and the group is able to and intends to settle payable income tax net.The group considers expenses as tax deductible and income as not taxable based on interpretation of applicable legislation and regu-lations and when it is considered probable that the treatment will be accepted by the taxation authorities. The group provides for uncer-tain and contested tax positions based on the expected payment.The income tax expense for a period consists of income tax payable and deferred tax. Income tax is recognised in profit or loss, except for when it relates to items that are recognised in equity, either directly or through other comprehensive income.Statement of cash flowsThe statement of cash flows has been prepared in accordance with the indirect method. Interest received and paid are reported as part of financing activities. Dividends paid are presented as part of-financing activities.Lease agreementsThe group as lesseeMulticonsult has two classes of assets that have been reported as right-of-use assets: buildings (primarily office premises) and cars.Recognition exemptionsThe group applies the practical expedients to not recognise right- -of-use assets and liabilities for leases with lease periods of one year or less and where the underlying assets are of low value. Low value has been defined on the basis that the underlying assets, when new, are individually of low value, i.e. office furniture, water dispensers, coffee machines, IT equipment for use by the individ-ual employees, printers and copy machines etc. For these leases, the group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Identifying a leaseThe group assesses whether a contract is or contains a lease, at inception of the contract. For the group there are no difficult evalu-ations to determine if contracts contain leases. Only lease payments are included in the calculation of the lease liability. Several of the agreements for lease of office premises contain renewal options, and the group makes concrete evaluations of each contract to determine the lease term. Recognition and measurement of right-of-use assets and lease liabilitiesThe group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, with the exemptions as mentioned above. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using an incremental borrowing rate.Lease payments included in the measurement of the lease liability comprise:\u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable;\u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;\u2022 The amount expected to be payable by the lessee under residual value guarantees;\u2022 The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and\u2022 Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.Currently the group have no leases that contains variable lease pay-ments.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.The group remeasures the lease liability (and makes a correspond-ing adjustment to the related right-of-use asset) whenever:\u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.\u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).\u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.Several of the groups lease contracts for office premises are subject to an annual indexation regulation, a few of the contracts are subject to a quarterly index regulation. The most common index regulation is based on country specific CPI. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.The group applies IAS 36 Impairment of Assets to determine whether a right-of-use asset is impaired and to account for any impairment loss identified. An asset is impaired when the carrying amount ex-ceeds its recoverable amount. Recoverable amount is determined when there is any indication that an asset may be impaired. All right-of-use assets are assessed for impairment indicators at the end of each reporting period. Lease termThe lease term is defined as the non-cancellable period for which a lessee has the right to use an underlying asset, together with both periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option, and periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option.The group has several contracts containing options for extension of various length.If the lease period is medium long, the group has evaluated that it is reasonably certain that the group will exercise an option to ex-tend/not exercise the option to terminate the contract. Medium long term is regarded to be 4-5 years. This is relevant when there are no other facts and evaluations suggesting the opposite, for example if it is uncertainty if we will continue business in the relevant area. For longer terms, 5-8 years, we evaluate if there are obvious economic incentives to renew or other statements that indicates renewal. If there are no such, we normally are not able to conclude that it is reasonably certain that we will renew/extend. For longer periods, above 8 years, we will normally not be able to conclude that we are reasonably certain to extend.For some contracts there is a long non-cancellable period for the main contract, and a renewal option for a smaller contract (e.g. parking), and in absence of other information the group expect that the options will be utilised up to the same lease term as the main contract.Interest rateUpon initial measurement of the lease liability, the lease payments are discounted using the interest rate implicit in the lease. For many of the lease contracts entered into by the group, this rate cannot be readily determined, and the group\u2019s incremental borrowing rate is used.The group has created a model for the incremental borrowing rate. The model includes the Risk-Free Rate and a country risk for the country where the contract originates. Further, the model considers a government bond for 0-3 years, 3-5 years and 5-10 years, where the duration reflect the contract terms. Lending cost and financial spread is also included in the model. The model is tailored to the asset classes, which for the group is property and cars. The calcula-tion of the incremental borrowing rate is updated annually.ImpairmentThe group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy.The group as lessorThe group has not entered into any lease agreements as a lessor.Dividends Dividends to the company's shareholders are classified as a liability when the dividends proposed have been approved by the Annual General Meeting.Employee share purchase ProgrammeMulticonsult ASA has a share purchase programme for employ-ees of the group. Through the share purchase programme, the company offers employees of the group shares in Multiconsult ASA with a discount of 20 per cent. Shares purchased by the em-ployees through the programme are subject to a two-year lock-in period. Based on independent party calculations according to an option-pricing model (\u201cBlack Scholes\u201d), a part of the discount is recognised as employee benefit expense in the statement of income and a part directly to equity. The main part of the discount can be related to reduction in value due to the lock-in period and a loss on an equity transaction. See more details in note 9.Standards and interpretation not yet effectiveThe new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the group\u2019s financial statements are disclosed below. The group intends to adopt these new and amended standards and interpretations, if applicable, when they become adopted by EU.IFRS 17 Insurance ContractsIFRS 17 Insurance Contracts is a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. The standard is effec-tive for reporting periods beginning on or after 1 January 2023. This standard is not applicable to the group.Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are appli-cable for annual periods beginning on or after 1 January 2023 with earlier application permitted. The group will assess the impact of the amendments to determine the impact they will have on the group\u2019s accounting policy disclosures.OtherA number of limited scope amendments and interpretations have been issued effective from 1 January 2023, including amendments to IAS 8 and IAS 12. Initial application of IFRS 9 \u2013 Comparative Infor-mation has been issued and is effective from 1 January 2023. These amendments and interpretations have been assessed to have no material impact on the group. NOTE 2 B SIGNIFICANT JUDGEMENTS IN THE APPLICATION OF GROUP ACCOUNTING POLICIES AND ACCOUNTING ESTIMATESThe preparation of financial statements in accordance with IFRS requires that management makes assessments, estimates and assumptions that impact reported amounts for revenues, expenses, assets and liabilities and presentation of contingent liabilities at the end of the reporting period.Judgements that management have made as part of the application of the entity's accounting policies and that have the most significant impact on the amounts recognised in the financial statements are as follows:Business combinationsThe company assess on a continuous basis opportunities for strategic acquisitions of businesses within the consultant and advisory market. Goodwill is not amortised and is tested for impairment on an annual basis, whilst intangible assets will normally be amortised, allocating the cost of acquisition to profit or loss on a systematic basis.Development costsThe company carries out a range of research and development activities and projects, none of which are individually significant. Refer to note 7 for more information. Some expenses incurred in the development phase of an intangible asset shall be recognised in the balance sheet if specific criteria in IAS 38 have been satisfied. Costs that do not satisfy these criteria are recognised as expenses in the statement of income as incurred and may not be recognised in the balance sheet at a later date. Regarding sensitivity linked to macro-economic conditions see section for Macro-economic development in Director\u2019s report. Sources of estimation uncertainty with a significant risk of a material adjustment to the carrying amount in the following period:Revenue The majority of the projects are charged on hourly basis. In principle, all worked hours shall be paid according to the agreed rate in the contract. Revenue is recognised when the services are rendered. The company makes continuous assessment of the probability that hours worked will be paid and makes adjustments to recognised rev-enues as appropriate. The main uncertainty relating to the assess-ment of contract revenue is associated with work efficiency, change orders, claims, damages and incentives. Even though the company has considerable experience in project management and measure-ment, there is an inherent risk associated with all these estimates.ProvisionsThe group performs a large number of projects which vary in size. When performing a project, defects or damage that arise as a con-sequence of the deliverable may be discovered and result in a claim against the company. There may be potential defects or damag-es that have not been reported as a claim to the group, and that the group therefore is not aware of. Furthermore, the time horizon from reporting a case until final settlement may be several years. The size of the settlements may vary considerably. The company performs a thorough review of each claim. Project responsibility cases will give rise to both recognised provisions for liabilities and contingent liabilities that are not recognised as the company has assessed that it is not probable (under 50 per cent probability) that the company will be required to pay compensation. Multiconsult has insurance policies and routines for following up project risk. When a business segment is represented out of Multiconsult Norge AS it will have customary insurance cover for project liability up to a certain level and subject to certain conditions. Business segments represented through other subsidiaries have local insurance cover for project liability up to a certain level and subject to certain con-ditions. Insurance cover for project liability in Multiconsult Norge AS is mainly based on collective policies for engineering consultancies. This insurance takes the form of standard policies for engineering projects, with an excess of NOK 300 000 per claim and normally with a maximum cover of up to 150 times the Norwegian national insurance base rate (G) \u2013 about NOK 17 million.The company makes period reviews together with the insurance company. Expected reimbursement from the insurance company related to recognised provisions is recognised if it is virtually certain that the company will receive compensation.The actual outcomes may differ materially from the estimates used. Refer to note 20 Provisions, disputes and contingent liabilities.ImpairmentCash-generating units are reviewed for impairment when indicators exist and on an annual basis when it includes goodwill. The estimat-ed recoverable amounts are affected by assumptions in connection with the estimation of future cash flows, as well as the discount rate for the estimation of the present value of the cash flows. Refer to note 14 Intangible assets and goodwill for further disclosure.Income tax and indirect taxThe company conducts activities both within and outside Norway. There is a risk that the tax authorities may make assessments that differ from the group with regard to the amount of income tax and indirect tax payable. The group provides for income tax and indi-rect taxes based on the best estimate of the amounts payable for obligations that are probable, assuming that the group and the tax authorities have access to the same information. The group is not familiar with any significant disagreements upon issue of these consolidated financial statements.Climate- and nature-related risksNature-related risks provides both downsides and upsides for Multiconsult. The risks are addressed in line with other treats and opportunities. Transition risk and physical risk is evaluated separately. Nature-related physical risk is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. For Multiconsult, it is especially through the clients that the group face this type of risk. Nature-related transi-tional risks result from a misalignment between an organisation\u2019s or investor\u2019s strategy and management and the changing regulatory, policy or societal landscape in which it operates. Both Multiconsult and clients face this type of risks.Climate-related physical risks are risks resulting from climate change can be event driven (acute) or longer-term shifts (chronic) in climate patterns. Physical climate-related risk for Multiconsult is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. The clients, howev-er, can be highly exposed to physical risks, and it is important that Multiconsult have relevant competence to service our clients in order to treat such risks. The transitional climate-related risk with highest impact is linked to market. The market risk for Multiconsult is considered low for short-, medium- and long term. However, this requires that Multiconsult is up to date on the clients\u2019 climate-related risks and has knowledge about the policy and legal changes that are coming. In 2022 climate-related effects have not had any material impact on the financial statements for the group. Going forward the group will have focus on understanding and assess how climate-related risks may affect the financial statements. For more information, see reporting according to Task Force on Climate-Related Financial Disclosure, TCFD, and Taskforce on Nature-Related Financial Disclosure, TNFD in the section Sustaina-bility and Corporate responsibility section in this report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-18-3": {
"value": "Foreign currenciesThe financial statements of the individual companies in the group are measured in the currency which is predominantly used in the economic environment in which the company operates (functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional currency and the presentation currency of the parent company.Transactions in foreign currencies are translated into the functio-nal currency at the exchange rates prevailing at the dates of the transactions. Currency gains and losses arising on the payment of such transactions and on translation of monetary items in foreign currencies at the exchange rates prevailing at the end of the repor-ting period, are recognised in profit or loss as financial items. For companies with a functional currency other than Norwegian kroner, income and expense items are translated based on the average exchange rates, and assets and liabilities are translated using the exchange rates prevailing at the end of the reporting period. Exchange differences are recognised in other comprehen-sive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-18-4": {
"value": "Foreign currenciesThe financial statements of the individual companies in the group are measured in the currency which is predominantly used in the economic environment in which the company operates (functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional currency and the presentation currency of the parent company.Transactions in foreign currencies are translated into the functio-nal currency at the exchange rates prevailing at the dates of the transactions. Currency gains and losses arising on the payment of such transactions and on translation of monetary items in foreign currencies at the exchange rates prevailing at the end of the repor-ting period, are recognised in profit or loss as financial items. For companies with a functional currency other than Norwegian kroner, income and expense items are translated based on the average exchange rates, and assets and liabilities are translated using the exchange rates prevailing at the end of the reporting period. Exchange differences are recognised in other comprehen-sive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-3": {
"value": "Cash and cash equivalentsCash and cash equivalents include cash, bank deposits and other cash equivalents with a maturity of less than three months at the date of acquisition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-3": {
"value": "Restricted cashRestricted cash is cash with restrictions above 3 months. Restrict-ed funds is classified as non-current when the restriction is more than 12 months and is presented as non-current financial asset in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-3": {
"value": "Provision for obligations Provisions for obligations such as restructuring, onerous contracts, project liabilities and legal claims are recognised when the group, as a result of a past event, has an existing legal or constructive obligation, it is probable that the group will be required to settle the obligation, and the amount can be measured reliably. Provi-sions are measured at management's best estimate of the expend-iture required to settle the obligation at the reporting date. The estimate is made based on the actual circumstances related to each individual item.Provisions for project liabilities are measured at the expected cost to settle the obligation. A reimbursement asset is recognised if the company is covered for losses incurred through an insurance com-pany and it is virtually certain that the company will receive com-pensation. A reimbursement asset reduces the net cost recognised in the statement of income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-3": {
"value": "PensionsThe group has primarily defined contribution pension plans.For defined contributions plans, the group pays contributions to private, administered insurance plans for pensions on a statutory, contractual or voluntary basis. The group has no additional obligations after the contributions have been paid. Contributions to defined contribution plans are expensed as incurred. LINK Arkitek-tur AB participate in a defined benefit multi-employer plan that is accounted for as a defined contribution plan. The group has no early retirement plans.Remaining defined benefit pension plans are primarily an individual unfunded agreement in Multiconsult Norge AS and a funded plan in LINK Arkitektur AS. Pension obligations for defined benefit plans are estimated on an annual basis by independent actuaries. See note 12.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "Income taxAssets and liabilities related to current tax payable are measured at the amount expected to be received from or paid to the taxa-tion authorities. Deferred tax assets and liabilities are calculated based on the liability method, including all temporary differences between the carrying amounts and tax bases of assets and liabili-ties in the consolidated financial statements, including losses car-ried forward. Deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. For investments in subsidiaries, associated companies or joint ventures, deferred tax liabilities are not recognised for taxa-ble temporary differences when the group is able to control the timing of reversal of temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. Similarly, deferred tax assets are only recognised for such invest-ments if it is probable that the temporary difference will reverse in the foreseeable future and that sufficient taxable income will be available to allow the asset to be recovered.Deferred tax assets are recognised to the extent that it is proba-ble that the tax assets will be utilised. Tax rates that are enacted or substantially enacted at the end of the reporting period and un-discounted amounts are used. Deferred tax assets and liabilities are recognised net when there is a legal right to offset payable tax assets and liabilities, and the group is able to and intends to settle payable income tax net.The group considers expenses as tax deductible and income as not taxable based on interpretation of applicable legislation and regu-lations and when it is considered probable that the treatment will be accepted by the taxation authorities. The group provides for uncer-tain and contested tax positions based on the expected payment.The income tax expense for a period consists of income tax payable and deferred tax. Income tax is recognised in profit or loss, except for when it relates to items that are recognised in equity, either directly or through other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-4": {
"value": "Income taxAssets and liabilities related to current tax payable are measured at the amount expected to be received from or paid to the taxa-tion authorities. Deferred tax assets and liabilities are calculated based on the liability method, including all temporary differences between the carrying amounts and tax bases of assets and liabili-ties in the consolidated financial statements, including losses car-ried forward. Deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. For investments in subsidiaries, associated companies or joint ventures, deferred tax liabilities are not recognised for taxa-ble temporary differences when the group is able to control the timing of reversal of temporary differences and it is probable that the temporary difference will not reverse in the foreseeable future. Similarly, deferred tax assets are only recognised for such invest-ments if it is probable that the temporary difference will reverse in the foreseeable future and that sufficient taxable income will be available to allow the asset to be recovered.Deferred tax assets are recognised to the extent that it is proba-ble that the tax assets will be utilised. Tax rates that are enacted or substantially enacted at the end of the reporting period and un-discounted amounts are used. Deferred tax assets and liabilities are recognised net when there is a legal right to offset payable tax assets and liabilities, and the group is able to and intends to settle payable income tax net.The group considers expenses as tax deductible and income as not taxable based on interpretation of applicable legislation and regu-lations and when it is considered probable that the treatment will be accepted by the taxation authorities. The group provides for uncer-tain and contested tax positions based on the expected payment.The income tax expense for a period consists of income tax payable and deferred tax. Income tax is recognised in profit or loss, except for when it relates to items that are recognised in equity, either directly or through other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-3": {
"value": "Property, plant and equipmentProperty, plant and equipment are recognised at cost less accu-mulated depreciation. Cost of acquisition includes costs directly attributable to the acquisition of the fixed asset. Subsequent ex-penditure is added to the carrying value of the asset or is recog-nised separately when it is probable that future economic benefits related to the expenditure will flow to the group, and the cost can be measured reliably. The carrying amount related to replace parts is expensed. Other repair and maintenance costs are recognised in profit or loss in the period during which the cost is incurred. Property, plant and equipment are depreciated on a straight-line basis. The cost of acquisition of property, plant and equipment is depreciat-ed to their expected residual value, which in general is estimated to be nil. The estimated useful lives, residual values and deprecia-tion methods are reviewed at the end of each reporting period and changed if necessary. When the carrying amount of an item of prop-erty, plant and equipment is higher than its estimated recoverable amount (the higher of fair value less costs to sell and value in use), the carrying amount is reduced to the recoverable amount and rec-ognised as impairment in the statement of income. Gains and losses on disposal of property, plant and equipment are recognised in the income statement as the difference between the sales price and the carrying amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-4": {
"value": "Property, plant and equipmentProperty, plant and equipment are recognised at cost less accu-mulated depreciation. Cost of acquisition includes costs directly attributable to the acquisition of the fixed asset. Subsequent ex-penditure is added to the carrying value of the asset or is recog-nised separately when it is probable that future economic benefits related to the expenditure will flow to the group, and the cost can be measured reliably. The carrying amount related to replace parts is expensed. Other repair and maintenance costs are recognised in profit or loss in the period during which the cost is incurred. Property, plant and equipment are depreciated on a straight-line basis. The cost of acquisition of property, plant and equipment is depreciat-ed to their expected residual value, which in general is estimated to be nil. The estimated useful lives, residual values and deprecia-tion methods are reviewed at the end of each reporting period and changed if necessary. When the carrying amount of an item of prop-erty, plant and equipment is higher than its estimated recoverable amount (the higher of fair value less costs to sell and value in use), the carrying amount is reduced to the recoverable amount and rec-ognised as impairment in the statement of income. Gains and losses on disposal of property, plant and equipment are recognised in the income statement as the difference between the sales price and the carrying amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-5": {
"value": "Property, plant and equipmentProperty, plant and equipment are recognised at cost less accu-mulated depreciation. Cost of acquisition includes costs directly attributable to the acquisition of the fixed asset. Subsequent ex-penditure is added to the carrying value of the asset or is recog-nised separately when it is probable that future economic benefits related to the expenditure will flow to the group, and the cost can be measured reliably. The carrying amount related to replace parts is expensed. Other repair and maintenance costs are recognised in profit or loss in the period during which the cost is incurred. Property, plant and equipment are depreciated on a straight-line basis. The cost of acquisition of property, plant and equipment is depreciat-ed to their expected residual value, which in general is estimated to be nil. The estimated useful lives, residual values and deprecia-tion methods are reviewed at the end of each reporting period and changed if necessary. When the carrying amount of an item of prop-erty, plant and equipment is higher than its estimated recoverable amount (the higher of fair value less costs to sell and value in use), the carrying amount is reduced to the recoverable amount and rec-ognised as impairment in the statement of income. Gains and losses on disposal of property, plant and equipment are recognised in the income statement as the difference between the sales price and the carrying amount.Intangible assetsIntangible assets consist mainly of standard software, licenses and ERP system. A minor part of intangible assets consists of internally generated cost incurred in the development phase of software, as they meet the specific criteria for recognition in the balance sheet, as defined in IAS 38. Intangible assets are recognised at cost of acquisition less amortisation. Intangible assets are amortised on a straight-line basis to an estimated residual value of nil. Order back-log arising upon a business combination is amortised over its esti-mated useful life. When the carrying amount of an intangible asset is higher than its estimated recoverable amount, the carrying amount is reduced to the recoverable amount and recognised as impairment in the statement of income.GoodwillGoodwill arising upon a business combination is not amortised. Goodwill does not generate cash flows that are independent of other assets or groups of assets, and is allocated to the cash- generating units that are expected to benefit from the synergies of the combination that gave rise to goodwill. Cash-generating units to which goodwill has been allocated are reviewed for impairment on an annual basis, or more frequently if there are indications of impairment. If the recoverable amount of the cash-generating unit is less than its carrying value, the impairment loss is allocated first to reduce the carrying value of goodwill and then to the other assets in the cash-generating unit pro rata based on the carrying amount of each asset in the unit. The carrying value of individual assets is not reduced below nil. An impairment loss recognised for goodwill is not reversed in subsequent periods if the recoverable amount of the cash-generating unit increases. Any impairment is recognised as part of impairment in the statement of income.Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group becomes a party to the contractual provisions of the instrument.Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acqui-sition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.Financial assets IFRS 9 contains three principal classification categories for finan-cial assets: measured at amortised cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addition of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equivalents, trade and other receivables and work in progress (contract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as meas-ured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by im-pairment losses.Financial assets at fair value through profit or loss consist of derivatives when the fair value is positive.Impairment of financial assetsThe group recognises loss allowances at an amount equal to lifetime Expected Credit losses (ECL) on receivables and work in progress. ECLs are probability-weighted estimates of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accord-ance with the contract and the cash flows that the group expects to receive). ECLs are discounted at the effective interest rate of the financial assets.The group assesses at each reporting date whether financial as-set carried at amortised cost are credit impaired. A financial asset is credit impaired if one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence of credit impairment includes the follow-ing observable data: significant financial difficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receivable by the group on terms that the group would not consider otherwise, or it is probable that the debtor will enter bankruptcy or other financial reorganisation, or the disap-pearance of an active market for a security because of financial dif-ficulties. See note 3 for a description of recognition of ECLs.Loss allowances are deducted from the gross carrying amount of the financial asset. The gross carrying amount of a financial asset is written off when the group has not reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Re-ceivables are written off if the customer goes bankrupt, collection by a debt collector has been unsuccessful for a period and in other concrete cases. The group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities.Financial liabilitiesThe group has financial liabilities measured at amortised cost and fair value through profit or loss. Financial liabilities at amortised cost comprise largely trade payable, other current liabilities and inter-est-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequently measured at amortised cost through using the effective interest method.Financial liabilities at fair value through profit or loss consist of derivatives. The company can use foreign currency forward contracts and interest rate swaps in order to hedge future cash flows. The company does not use hedge accounting. Derivatives are measured at fair value. Gains and losses arising as a result of changes in fair value are recognised in the statement of income as financial income and financial expenses. Derivatives are recognised on a gross basis as liabilities when the fair value is negative, as long as the group does not have a legal right to and intention of settling the contracts on a net basis.Embedded derivativesAn embedded derivative shall not be separated from the host con-tract and recognised as a derivative if the economic characteris-tics and the economic risks of the embedded derivative are close-ly related to the economic characteristics and the economic risk of the host contract. The company has certain cross border sales contracts in a currency that is not the functional currency of either of the parties to the contract. The company has determined that the currency used in the relevant contracts is a currency frequently used in contracts related to acquisition or disposal of non-financial assets in the economic environment in which the transaction takes place, and has therefore not separated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-4": {
"value": "Intangible assetsIntangible assets consist mainly of standard software, licenses and ERP system. A minor part of intangible assets consists of internally generated cost incurred in the development phase of software, as they meet the specific criteria for recognition in the balance sheet, as defined in IAS 38. Intangible assets are recognised at cost of acquisition less amortisation. Intangible assets are amortised on a straight-line basis to an estimated residual value of nil. Order back-log arising upon a business combination is amortised over its esti-mated useful life. When the carrying amount of an intangible asset is higher than its estimated recoverable amount, the carrying amount is reduced to the recoverable amount and recognised as impairment in the statement of income.GoodwillGoodwill arising upon a business combination is not amortised. Goodwill does not generate cash flows that are independent of other assets or groups of assets, and is allocated to the cash- generating units that are expected to benefit from the synergies of the combination that gave rise to goodwill. Cash-generating units to which goodwill has been allocated are reviewed for impairment on an annual basis, or more frequently if there are indications of impairment. If the recoverable amount of the cash-generating unit is less than its carrying value, the impairment loss is allocated first to reduce the carrying value of goodwill and then to the other assets in the cash-generating unit pro rata based on the carrying amount of each asset in the unit. The carrying value of individual assets is not reduced below nil. An impairment loss recognised for goodwill is not reversed in subsequent periods if the recoverable amount of the cash-generating unit increases. Any impairment is recognised as part of impairment in the statement of income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-5": {
"value": "Intangible assetsIntangible assets consist mainly of standard software, licenses and ERP system. A minor part of intangible assets consists of internally generated cost incurred in the development phase of software, as they meet the specific criteria for recognition in the balance sheet, as defined in IAS 38. Intangible assets are recognised at cost of acquisition less amortisation. Intangible assets are amortised on a straight-line basis to an estimated residual value of nil. Order back-log arising upon a business combination is amortised over its esti-mated useful life. When the carrying amount of an intangible asset is higher than its estimated recoverable amount, the carrying amount is reduced to the recoverable amount and recognised as impairment in the statement of income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-26-5": {
"value": "GoodwillGoodwill arising upon a business combination is not amortised. Goodwill does not generate cash flows that are independent of other assets or groups of assets, and is allocated to the cash- generating units that are expected to benefit from the synergies of the combination that gave rise to goodwill. Cash-generating units to which goodwill has been allocated are reviewed for impairment on an annual basis, or more frequently if there are indications of impairment. If the recoverable amount of the cash-generating unit is less than its carrying value, the impairment loss is allocated first to reduce the carrying value of goodwill and then to the other assets in the cash-generating unit pro rata based on the carrying amount of each asset in the unit. The carrying value of individual assets is not reduced below nil. An impairment loss recognised for goodwill is not reversed in subsequent periods if the recoverable amount of the cash-generating unit increases. Any impairment is recognised as part of impairment in the statement of income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-4": {
"value": "Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group becomes a party to the contractual provisions of the instrument.Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acqui-sition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.Financial assets IFRS 9 contains three principal classification categories for finan-cial assets: measured at amortised cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addition of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equivalents, trade and other receivables and work in progress (contract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as meas-ured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by im-pairment losses.Financial assets at fair value through profit or loss consist of derivatives when the fair value is positive.Impairment of financial assetsThe group recognises loss allowances at an amount equal to lifetime Expected Credit losses (ECL) on receivables and work in progress. ECLs are probability-weighted estimates of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accord-ance with the contract and the cash flows that the group expects to receive). ECLs are discounted at the effective interest rate of the financial assets.The group assesses at each reporting date whether financial as-set carried at amortised cost are credit impaired. A financial asset is credit impaired if one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence of credit impairment includes the follow-ing observable data: significant financial difficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receivable by the group on terms that the group would not consider otherwise, or it is probable that the debtor will enter bankruptcy or other financial reorganisation, or the disap-pearance of an active market for a security because of financial dif-ficulties. See note 3 for a description of recognition of ECLs.Loss allowances are deducted from the gross carrying amount of the financial asset. The gross carrying amount of a financial asset is written off when the group has not reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Re-ceivables are written off if the customer goes bankrupt, collection by a debt collector has been unsuccessful for a period and in other concrete cases. The group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities.Financial liabilitiesThe group has financial liabilities measured at amortised cost and fair value through profit or loss. Financial liabilities at amortised cost comprise largely trade payable, other current liabilities and inter-est-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequently measured at amortised cost through using the effective interest method.Financial liabilities at fair value through profit or loss consist of derivatives. The company can use foreign currency forward contracts and interest rate swaps in order to hedge future cash flows. The company does not use hedge accounting. Derivatives are measured at fair value. Gains and losses arising as a result of changes in fair value are recognised in the statement of income as financial income and financial expenses. Derivatives are recognised on a gross basis as liabilities when the fair value is negative, as long as the group does not have a legal right to and intention of settling the contracts on a net basis.Embedded derivativesAn embedded derivative shall not be separated from the host con-tract and recognised as a derivative if the economic characteris-tics and the economic risks of the embedded derivative are close-ly related to the economic characteristics and the economic risk of the host contract. The company has certain cross border sales contracts in a currency that is not the functional currency of either of the parties to the contract. The company has determined that the currency used in the relevant contracts is a currency frequently used in contracts related to acquisition or disposal of non-financial assets in the economic environment in which the transaction takes place, and has therefore not separated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-5": {
"value": "Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group becomes a party to the contractual provisions of the instrument.Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acqui-sition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.Financial assets IFRS 9 contains three principal classification categories for finan-cial assets: measured at amortised cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addition of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equivalents, trade and other receivables and work in progress (contract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as meas-ured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by im-pairment losses.Financial assets at fair value through profit or loss consist of derivatives when the fair value is positive.Impairment of financial assetsThe group recognises loss allowances at an amount equal to lifetime Expected Credit losses (ECL) on receivables and work in progress. ECLs are probability-weighted estimates of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accord-ance with the contract and the cash flows that the group expects to receive). ECLs are discounted at the effective interest rate of the financial assets.The group assesses at each reporting date whether financial as-set carried at amortised cost are credit impaired. A financial asset is credit impaired if one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence of credit impairment includes the follow-ing observable data: significant financial difficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receivable by the group on terms that the group would not consider otherwise, or it is probable that the debtor will enter bankruptcy or other financial reorganisation, or the disap-pearance of an active market for a security because of financial dif-ficulties. See note 3 for a description of recognition of ECLs.Loss allowances are deducted from the gross carrying amount of the financial asset. The gross carrying amount of a financial asset is written off when the group has not reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Re-ceivables are written off if the customer goes bankrupt, collection by a debt collector has been unsuccessful for a period and in other concrete cases. The group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities.Financial liabilitiesThe group has financial liabilities measured at amortised cost and fair value through profit or loss. Financial liabilities at amortised cost comprise largely trade payable, other current liabilities and inter-est-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequently measured at amortised cost through using the effective interest method.Financial liabilities at fair value through profit or loss consist of derivatives. The company can use foreign currency forward contracts and interest rate swaps in order to hedge future cash flows. The company does not use hedge accounting. Derivatives are measured at fair value. Gains and losses arising as a result of changes in fair value are recognised in the statement of income as financial income and financial expenses. Derivatives are recognised on a gross basis as liabilities when the fair value is negative, as long as the group does not have a legal right to and intention of settling the contracts on a net basis.Embedded derivativesAn embedded derivative shall not be separated from the host con-tract and recognised as a derivative if the economic characteris-tics and the economic risks of the embedded derivative are close-ly related to the economic characteristics and the economic risk of the host contract. The company has certain cross border sales contracts in a currency that is not the functional currency of either of the parties to the contract. The company has determined that the currency used in the relevant contracts is a currency frequently used in contracts related to acquisition or disposal of non-financial assets in the economic environment in which the transaction takes place, and has therefore not separated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-6": {
"value": "Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group becomes a party to the contractual provisions of the instrument.Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acqui-sition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.Financial assets IFRS 9 contains three principal classification categories for finan-cial assets: measured at amortised cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addition of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equivalents, trade and other receivables and work in progress (contract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as meas-ured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by im-pairment losses.Financial assets at fair value through profit or loss consist of derivatives when the fair value is positive.Impairment of financial assetsThe group recognises loss allowances at an amount equal to lifetime Expected Credit losses (ECL) on receivables and work in progress. ECLs are probability-weighted estimates of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accord-ance with the contract and the cash flows that the group expects to receive). ECLs are discounted at the effective interest rate of the financial assets.The group assesses at each reporting date whether financial as-set carried at amortised cost are credit impaired. A financial asset is credit impaired if one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence of credit impairment includes the follow-ing observable data: significant financial difficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receivable by the group on terms that the group would not consider otherwise, or it is probable that the debtor will enter bankruptcy or other financial reorganisation, or the disap-pearance of an active market for a security because of financial dif-ficulties. See note 3 for a description of recognition of ECLs.Loss allowances are deducted from the gross carrying amount of the financial asset. The gross carrying amount of a financial asset is written off when the group has not reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Re-ceivables are written off if the customer goes bankrupt, collection by a debt collector has been unsuccessful for a period and in other concrete cases. The group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities.Financial liabilitiesThe group has financial liabilities measured at amortised cost and fair value through profit or loss. Financial liabilities at amortised cost comprise largely trade payable, other current liabilities and inter-est-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequently measured at amortised cost through using the effective interest method.Financial liabilities at fair value through profit or loss consist of derivatives. The company can use foreign currency forward contracts and interest rate swaps in order to hedge future cash flows. The company does not use hedge accounting. Derivatives are measured at fair value. Gains and losses arising as a result of changes in fair value are recognised in the statement of income as financial income and financial expenses. Derivatives are recognised on a gross basis as liabilities when the fair value is negative, as long as the group does not have a legal right to and intention of settling the contracts on a net basis.Embedded derivativesAn embedded derivative shall not be separated from the host con-tract and recognised as a derivative if the economic characteris-tics and the economic risks of the embedded derivative are close-ly related to the economic characteristics and the economic risk of the host contract. The company has certain cross border sales contracts in a currency that is not the functional currency of either of the parties to the contract. The company has determined that the currency used in the relevant contracts is a currency frequently used in contracts related to acquisition or disposal of non-financial assets in the economic environment in which the transaction takes place, and has therefore not separated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-7": {
"value": "Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group becomes a party to the contractual provisions of the instrument.Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acqui-sition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.Financial assets IFRS 9 contains three principal classification categories for finan-cial assets: measured at amortised cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addition of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equivalents, trade and other receivables and work in progress (contract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as meas-ured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by im-pairment losses.Financial assets at fair value through profit or loss consist of derivatives when the fair value is positive.Impairment of financial assetsThe group recognises loss allowances at an amount equal to lifetime Expected Credit losses (ECL) on receivables and work in progress. ECLs are probability-weighted estimates of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accord-ance with the contract and the cash flows that the group expects to receive). ECLs are discounted at the effective interest rate of the financial assets.The group assesses at each reporting date whether financial as-set carried at amortised cost are credit impaired. A financial asset is credit impaired if one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence of credit impairment includes the follow-ing observable data: significant financial difficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receivable by the group on terms that the group would not consider otherwise, or it is probable that the debtor will enter bankruptcy or other financial reorganisation, or the disap-pearance of an active market for a security because of financial dif-ficulties. See note 3 for a description of recognition of ECLs.Loss allowances are deducted from the gross carrying amount of the financial asset. The gross carrying amount of a financial asset is written off when the group has not reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Re-ceivables are written off if the customer goes bankrupt, collection by a debt collector has been unsuccessful for a period and in other concrete cases. The group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities.Financial liabilitiesThe group has financial liabilities measured at amortised cost and fair value through profit or loss. Financial liabilities at amortised cost comprise largely trade payable, other current liabilities and inter-est-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequently measured at amortised cost through using the effective interest method.Financial liabilities at fair value through profit or loss consist of derivatives. The company can use foreign currency forward contracts and interest rate swaps in order to hedge future cash flows. The company does not use hedge accounting. Derivatives are measured at fair value. Gains and losses arising as a result of changes in fair value are recognised in the statement of income as financial income and financial expenses. Derivatives are recognised on a gross basis as liabilities when the fair value is negative, as long as the group does not have a legal right to and intention of settling the contracts on a net basis.Embedded derivativesAn embedded derivative shall not be separated from the host con-tract and recognised as a derivative if the economic characteris-tics and the economic risks of the embedded derivative are close-ly related to the economic characteristics and the economic risk of the host contract. The company has certain cross border sales contracts in a currency that is not the functional currency of either of the parties to the contract. The company has determined that the currency used in the relevant contracts is a currency frequently used in contracts related to acquisition or disposal of non-financial assets in the economic environment in which the transaction takes place, and has therefore not separated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-8": {
"value": "Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group becomes a party to the contractual provisions of the instrument.Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acqui-sition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.Financial assets IFRS 9 contains three principal classification categories for finan-cial assets: measured at amortised cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addition of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equivalents, trade and other receivables and work in progress (contract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as meas-ured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by im-pairment losses.Financial assets at fair value through profit or loss consist of derivatives when the fair value is positive.Impairment of financial assetsThe group recognises loss allowances at an amount equal to lifetime Expected Credit losses (ECL) on receivables and work in progress. ECLs are probability-weighted estimates of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accord-ance with the contract and the cash flows that the group expects to receive). ECLs are discounted at the effective interest rate of the financial assets.The group assesses at each reporting date whether financial as-set carried at amortised cost are credit impaired. A financial asset is credit impaired if one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence of credit impairment includes the follow-ing observable data: significant financial difficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receivable by the group on terms that the group would not consider otherwise, or it is probable that the debtor will enter bankruptcy or other financial reorganisation, or the disap-pearance of an active market for a security because of financial dif-ficulties. See note 3 for a description of recognition of ECLs.Loss allowances are deducted from the gross carrying amount of the financial asset. The gross carrying amount of a financial asset is written off when the group has not reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Re-ceivables are written off if the customer goes bankrupt, collection by a debt collector has been unsuccessful for a period and in other concrete cases. The group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities.Financial liabilitiesThe group has financial liabilities measured at amortised cost and fair value through profit or loss. Financial liabilities at amortised cost comprise largely trade payable, other current liabilities and inter-est-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequently measured at amortised cost through using the effective interest method.Financial liabilities at fair value through profit or loss consist of derivatives. The company can use foreign currency forward contracts and interest rate swaps in order to hedge future cash flows. The company does not use hedge accounting. Derivatives are measured at fair value. Gains and losses arising as a result of changes in fair value are recognised in the statement of income as financial income and financial expenses. Derivatives are recognised on a gross basis as liabilities when the fair value is negative, as long as the group does not have a legal right to and intention of settling the contracts on a net basis.Embedded derivativesAn embedded derivative shall not be separated from the host con-tract and recognised as a derivative if the economic characteris-tics and the economic risks of the embedded derivative are close-ly related to the economic characteristics and the economic risk of the host contract. The company has certain cross border sales contracts in a currency that is not the functional currency of either of the parties to the contract. The company has determined that the currency used in the relevant contracts is a currency frequently used in contracts related to acquisition or disposal of non-financial assets in the economic environment in which the transaction takes place, and has therefore not separated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-9": {
"value": "Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group becomes a party to the contractual provisions of the instrument.Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acqui-sition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.Financial assets IFRS 9 contains three principal classification categories for finan-cial assets: measured at amortised cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addition of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equivalents, trade and other receivables and work in progress (contract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as meas-ured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by im-pairment losses.Financial assets at fair value through profit or loss consist of derivatives when the fair value is positive.Impairment of financial assetsThe group recognises loss allowances at an amount equal to lifetime Expected Credit losses (ECL) on receivables and work in progress. ECLs are probability-weighted estimates of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accord-ance with the contract and the cash flows that the group expects to receive). ECLs are discounted at the effective interest rate of the financial assets.The group assesses at each reporting date whether financial as-set carried at amortised cost are credit impaired. A financial asset is credit impaired if one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence of credit impairment includes the follow-ing observable data: significant financial difficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receivable by the group on terms that the group would not consider otherwise, or it is probable that the debtor will enter bankruptcy or other financial reorganisation, or the disap-pearance of an active market for a security because of financial dif-ficulties. See note 3 for a description of recognition of ECLs.Loss allowances are deducted from the gross carrying amount of the financial asset. The gross carrying amount of a financial asset is written off when the group has not reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Re-ceivables are written off if the customer goes bankrupt, collection by a debt collector has been unsuccessful for a period and in other concrete cases. The group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities.Financial liabilitiesThe group has financial liabilities measured at amortised cost and fair value through profit or loss. Financial liabilities at amortised cost comprise largely trade payable, other current liabilities and inter-est-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequently measured at amortised cost through using the effective interest method.Financial liabilities at fair value through profit or loss consist of derivatives. The company can use foreign currency forward contracts and interest rate swaps in order to hedge future cash flows. The company does not use hedge accounting. Derivatives are measured at fair value. Gains and losses arising as a result of changes in fair value are recognised in the statement of income as financial income and financial expenses. Derivatives are recognised on a gross basis as liabilities when the fair value is negative, as long as the group does not have a legal right to and intention of settling the contracts on a net basis.Embedded derivativesAn embedded derivative shall not be separated from the host con-tract and recognised as a derivative if the economic characteris-tics and the economic risks of the embedded derivative are close-ly related to the economic characteristics and the economic risk of the host contract. The company has certain cross border sales contracts in a currency that is not the functional currency of either of the parties to the contract. The company has determined that the currency used in the relevant contracts is a currency frequently used in contracts related to acquisition or disposal of non-financial assets in the economic environment in which the transaction takes place, and has therefore not separated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-10": {
"value": "Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group becomes a party to the contractual provisions of the instrument.Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acqui-sition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.Financial assets IFRS 9 contains three principal classification categories for finan-cial assets: measured at amortised cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addition of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equivalents, trade and other receivables and work in progress (contract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as meas-ured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by im-pairment losses.Financial assets at fair value through profit or loss consist of derivatives when the fair value is positive.Impairment of financial assetsThe group recognises loss allowances at an amount equal to lifetime Expected Credit losses (ECL) on receivables and work in progress. ECLs are probability-weighted estimates of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accord-ance with the contract and the cash flows that the group expects to receive). ECLs are discounted at the effective interest rate of the financial assets.The group assesses at each reporting date whether financial as-set carried at amortised cost are credit impaired. A financial asset is credit impaired if one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence of credit impairment includes the follow-ing observable data: significant financial difficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receivable by the group on terms that the group would not consider otherwise, or it is probable that the debtor will enter bankruptcy or other financial reorganisation, or the disap-pearance of an active market for a security because of financial dif-ficulties. See note 3 for a description of recognition of ECLs.Loss allowances are deducted from the gross carrying amount of the financial asset. The gross carrying amount of a financial asset is written off when the group has not reasonable expectations of recovering a financial asset in its entirety or a portion thereof. Re-ceivables are written off if the customer goes bankrupt, collection by a debt collector has been unsuccessful for a period and in other concrete cases. The group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities.Financial liabilitiesThe group has financial liabilities measured at amortised cost and fair value through profit or loss. Financial liabilities at amortised cost comprise largely trade payable, other current liabilities and inter-est-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequently measured at amortised cost through using the effective interest method.Financial liabilities at fair value through profit or loss consist of derivatives. The company can use foreign currency forward contracts and interest rate swaps in order to hedge future cash flows. The company does not use hedge accounting. Derivatives are measured at fair value. Gains and losses arising as a result of changes in fair value are recognised in the statement of income as financial income and financial expenses. Derivatives are recognised on a gross basis as liabilities when the fair value is negative, as long as the group does not have a legal right to and intention of settling the contracts on a net basis.Embedded derivativesAn embedded derivative shall not be separated from the host con-tract and recognised as a derivative if the economic characteris-tics and the economic risks of the embedded derivative are close-ly related to the economic characteristics and the economic risk of the host contract. The company has certain cross border sales contracts in a currency that is not the functional currency of either of the parties to the contract. The company has determined that the currency used in the relevant contracts is a currency frequently used in contracts related to acquisition or disposal of non-financial assets in the economic environment in which the transaction takes place, and has therefore not separated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-43-3": {
"value": "Dividends Dividends to the company's shareholders are classified as a liability when the dividends proposed have been approved by the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-3": {
"value": "Employee share purchase ProgrammeMulticonsult ASA has a share purchase programme for employ-ees of the group. Through the share purchase programme, the company offers employees of the group shares in Multiconsult ASA with a discount of 20 per cent. Shares purchased by the em-ployees through the programme are subject to a two-year lock-in period. Based on independent party calculations according to an option-pricing model (\u201cBlack Scholes\u201d), a part of the discount is recognised as employee benefit expense in the statement of income and a part directly to equity. The main part of the discount can be related to reduction in value due to the lock-in period and a loss on an equity transaction. See more details in note 9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-3": {
"value": "Statement of cash flowsThe statement of cash flows has been prepared in accordance with the indirect method. Interest received and paid are reported as part of financing activities. Dividends paid are presented as part of-financing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-3": {
"value": "Lease agreementsThe group as lesseeMulticonsult has two classes of assets that have been reported as right-of-use assets: buildings (primarily office premises) and cars.Recognition exemptionsThe group applies the practical expedients to not recognise right- -of-use assets and liabilities for leases with lease periods of one year or less and where the underlying assets are of low value. Low value has been defined on the basis that the underlying assets, when new, are individually of low value, i.e. office furniture, water dispensers, coffee machines, IT equipment for use by the individ-ual employees, printers and copy machines etc. For these leases, the group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Identifying a leaseThe group assesses whether a contract is or contains a lease, at inception of the contract. For the group there are no difficult evalu-ations to determine if contracts contain leases. Only lease payments are included in the calculation of the lease liability. Several of the agreements for lease of office premises contain renewal options, and the group makes concrete evaluations of each contract to determine the lease term. Recognition and measurement of right-of-use assets and lease liabilitiesThe group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, with the exemptions as mentioned above. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using an incremental borrowing rate.Lease payments included in the measurement of the lease liability comprise:\u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable;\u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;\u2022 The amount expected to be payable by the lessee under residual value guarantees;\u2022 The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and\u2022 Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.Currently the group have no leases that contains variable lease pay-ments.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.The group remeasures the lease liability (and makes a correspond-ing adjustment to the related right-of-use asset) whenever:\u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.\u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).\u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.Several of the groups lease contracts for office premises are subject to an annual indexation regulation, a few of the contracts are subject to a quarterly index regulation. The most common index regulation is based on country specific CPI. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.The group applies IAS 36 Impairment of Assets to determine whether a right-of-use asset is impaired and to account for any impairment loss identified. An asset is impaired when the carrying amount ex-ceeds its recoverable amount. Recoverable amount is determined when there is any indication that an asset may be impaired. All right-of-use assets are assessed for impairment indicators at the end of each reporting period. Lease termThe lease term is defined as the non-cancellable period for which a lessee has the right to use an underlying asset, together with both periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option, and periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option.The group has several contracts containing options for extension of various length.If the lease period is medium long, the group has evaluated that it is reasonably certain that the group will exercise an option to ex-tend/not exercise the option to terminate the contract. Medium long term is regarded to be 4-5 years. This is relevant when there are no other facts and evaluations suggesting the opposite, for example if it is uncertainty if we will continue business in the relevant area. For longer terms, 5-8 years, we evaluate if there are obvious economic incentives to renew or other statements that indicates renewal. If there are no such, we normally are not able to conclude that it is reasonably certain that we will renew/extend. For longer periods, above 8 years, we will normally not be able to conclude that we are reasonably certain to extend.For some contracts there is a long non-cancellable period for the main contract, and a renewal option for a smaller contract (e.g. parking), and in absence of other information the group expect that the options will be utilised up to the same lease term as the main contract.Interest rateUpon initial measurement of the lease liability, the lease payments are discounted using the interest rate implicit in the lease. For many of the lease contracts entered into by the group, this rate cannot be readily determined, and the group\u2019s incremental borrowing rate is used.The group has created a model for the incremental borrowing rate. The model includes the Risk-Free Rate and a country risk for the country where the contract originates. Further, the model considers a government bond for 0-3 years, 3-5 years and 5-10 years, where the duration reflect the contract terms. Lending cost and financial spread is also included in the model. The model is tailored to the asset classes, which for the group is property and cars. The calcula-tion of the incremental borrowing rate is updated annually.ImpairmentThe group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the \u2018Property, Plant and Equipment\u2019 policy.The group as lessorThe group has not entered into any lease agreements as a lessor.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-2": {
"value": "NOTE 2 B SIGNIFICANT JUDGEMENTS IN THE APPLICATION OF GROUP ACCOUNTING POLICIES AND ACCOUNTING ESTIMATESThe preparation of financial statements in accordance with IFRS requires that management makes assessments, estimates and assumptions that impact reported amounts for revenues, expenses, assets and liabilities and presentation of contingent liabilities at the end of the reporting period.Judgements that management have made as part of the application of the entity's accounting policies and that have the most significant impact on the amounts recognised in the financial statements are as follows:Business combinationsThe company assess on a continuous basis opportunities for strategic acquisitions of businesses within the consultant and advisory market. Goodwill is not amortised and is tested for impairment on an annual basis, whilst intangible assets will normally be amortised, allocating the cost of acquisition to profit or loss on a systematic basis.Development costsThe company carries out a range of research and development activities and projects, none of which are individually significant. Refer to note 7 for more information. Some expenses incurred in the development phase of an intangible asset shall be recognised in the balance sheet if specific criteria in IAS 38 have been satisfied. Costs that do not satisfy these criteria are recognised as expenses in the statement of income as incurred and may not be recognised in the balance sheet at a later date. Regarding sensitivity linked to macro-economic conditions see section for Macro-economic development in Director\u2019s report. Sources of estimation uncertainty with a significant risk of a material adjustment to the carrying amount in the following period:Revenue The majority of the projects are charged on hourly basis. In principle, all worked hours shall be paid according to the agreed rate in the contract. Revenue is recognised when the services are rendered. The company makes continuous assessment of the probability that hours worked will be paid and makes adjustments to recognised rev-enues as appropriate. The main uncertainty relating to the assess-ment of contract revenue is associated with work efficiency, change orders, claims, damages and incentives. Even though the company has considerable experience in project management and measure-ment, there is an inherent risk associated with all these estimates.ProvisionsThe group performs a large number of projects which vary in size. When performing a project, defects or damage that arise as a con-sequence of the deliverable may be discovered and result in a claim against the company. There may be potential defects or damag-es that have not been reported as a claim to the group, and that the group therefore is not aware of. Furthermore, the time horizon from reporting a case until final settlement may be several years. The size of the settlements may vary considerably. The company performs a thorough review of each claim. Project responsibility cases will give rise to both recognised provisions for liabilities and contingent liabilities that are not recognised as the company has assessed that it is not probable (under 50 per cent probability) that the company will be required to pay compensation. Multiconsult has insurance policies and routines for following up project risk. When a business segment is represented out of Multiconsult Norge AS it will have customary insurance cover for project liability up to a certain level and subject to certain conditions. Business segments represented through other subsidiaries have local insurance cover for project liability up to a certain level and subject to certain con-ditions. Insurance cover for project liability in Multiconsult Norge AS is mainly based on collective policies for engineering consultancies. This insurance takes the form of standard policies for engineering projects, with an excess of NOK 300 000 per claim and normally with a maximum cover of up to 150 times the Norwegian national insurance base rate (G) \u2013 about NOK 17 million.The company makes period reviews together with the insurance company. Expected reimbursement from the insurance company related to recognised provisions is recognised if it is virtually certain that the company will receive compensation.The actual outcomes may differ materially from the estimates used. Refer to note 20 Provisions, disputes and contingent liabilities.ImpairmentCash-generating units are reviewed for impairment when indicators exist and on an annual basis when it includes goodwill. The estimat-ed recoverable amounts are affected by assumptions in connection with the estimation of future cash flows, as well as the discount rate for the estimation of the present value of the cash flows. Refer to note 14 Intangible assets and goodwill for further disclosure.Income tax and indirect taxThe company conducts activities both within and outside Norway. There is a risk that the tax authorities may make assessments that differ from the group with regard to the amount of income tax and indirect tax payable. The group provides for income tax and indi-rect taxes based on the best estimate of the amounts payable for obligations that are probable, assuming that the group and the tax authorities have access to the same information. The group is not familiar with any significant disagreements upon issue of these consolidated financial statements.Climate- and nature-related risksNature-related risks provides both downsides and upsides for Multiconsult. The risks are addressed in line with other treats and opportunities. Transition risk and physical risk is evaluated separately. Nature-related physical risk is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. For Multiconsult, it is especially through the clients that the group face this type of risk. Nature-related transi-tional risks result from a misalignment between an organisation\u2019s or investor\u2019s strategy and management and the changing regulatory, policy or societal landscape in which it operates. Both Multiconsult and clients face this type of risks.Climate-related physical risks are risks resulting from climate change can be event driven (acute) or longer-term shifts (chronic) in climate patterns. Physical climate-related risk for Multiconsult is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. The clients, howev-er, can be highly exposed to physical risks, and it is important that Multiconsult have relevant competence to service our clients in order to treat such risks. The transitional climate-related risk with highest impact is linked to market. The market risk for Multiconsult is considered low for short-, medium- and long term. However, this requires that Multiconsult is up to date on the clients\u2019 climate-related risks and has knowledge about the policy and legal changes that are coming. In 2022 climate-related effects have not had any material impact on the financial statements for the group. Going forward the group will have focus on understanding and assess how climate-related risks may affect the financial statements. For more information, see reporting according to Task Force on Climate-Related Financial Disclosure, TCFD, and Taskforce on Nature-Related Financial Disclosure, TNFD in the section Sustaina-bility and Corporate responsibility section in this report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-3": {
"value": "NOTE 2 B SIGNIFICANT JUDGEMENTS IN THE APPLICATION OF GROUP ACCOUNTING POLICIES AND ACCOUNTING ESTIMATESThe preparation of financial statements in accordance with IFRS requires that management makes assessments, estimates and assumptions that impact reported amounts for revenues, expenses, assets and liabilities and presentation of contingent liabilities at the end of the reporting period.Judgements that management have made as part of the application of the entity's accounting policies and that have the most significant impact on the amounts recognised in the financial statements are as follows:Business combinationsThe company assess on a continuous basis opportunities for strategic acquisitions of businesses within the consultant and advisory market. Goodwill is not amortised and is tested for impairment on an annual basis, whilst intangible assets will normally be amortised, allocating the cost of acquisition to profit or loss on a systematic basis.Development costsThe company carries out a range of research and development activities and projects, none of which are individually significant. Refer to note 7 for more information. Some expenses incurred in the development phase of an intangible asset shall be recognised in the balance sheet if specific criteria in IAS 38 have been satisfied. Costs that do not satisfy these criteria are recognised as expenses in the statement of income as incurred and may not be recognised in the balance sheet at a later date. Regarding sensitivity linked to macro-economic conditions see section for Macro-economic development in Director\u2019s report. Sources of estimation uncertainty with a significant risk of a material adjustment to the carrying amount in the following period:Revenue The majority of the projects are charged on hourly basis. In principle, all worked hours shall be paid according to the agreed rate in the contract. Revenue is recognised when the services are rendered. The company makes continuous assessment of the probability that hours worked will be paid and makes adjustments to recognised rev-enues as appropriate. The main uncertainty relating to the assess-ment of contract revenue is associated with work efficiency, change orders, claims, damages and incentives. Even though the company has considerable experience in project management and measure-ment, there is an inherent risk associated with all these estimates.ProvisionsThe group performs a large number of projects which vary in size. When performing a project, defects or damage that arise as a con-sequence of the deliverable may be discovered and result in a claim against the company. There may be potential defects or damag-es that have not been reported as a claim to the group, and that the group therefore is not aware of. Furthermore, the time horizon from reporting a case until final settlement may be several years. The size of the settlements may vary considerably. The company performs a thorough review of each claim. Project responsibility cases will give rise to both recognised provisions for liabilities and contingent liabilities that are not recognised as the company has assessed that it is not probable (under 50 per cent probability) that the company will be required to pay compensation. Multiconsult has insurance policies and routines for following up project risk. When a business segment is represented out of Multiconsult Norge AS it will have customary insurance cover for project liability up to a certain level and subject to certain conditions. Business segments represented through other subsidiaries have local insurance cover for project liability up to a certain level and subject to certain con-ditions. Insurance cover for project liability in Multiconsult Norge AS is mainly based on collective policies for engineering consultancies. This insurance takes the form of standard policies for engineering projects, with an excess of NOK 300 000 per claim and normally with a maximum cover of up to 150 times the Norwegian national insurance base rate (G) \u2013 about NOK 17 million.The company makes period reviews together with the insurance company. Expected reimbursement from the insurance company related to recognised provisions is recognised if it is virtually certain that the company will receive compensation.The actual outcomes may differ materially from the estimates used. Refer to note 20 Provisions, disputes and contingent liabilities.ImpairmentCash-generating units are reviewed for impairment when indicators exist and on an annual basis when it includes goodwill. The estimat-ed recoverable amounts are affected by assumptions in connection with the estimation of future cash flows, as well as the discount rate for the estimation of the present value of the cash flows. Refer to note 14 Intangible assets and goodwill for further disclosure.Income tax and indirect taxThe company conducts activities both within and outside Norway. There is a risk that the tax authorities may make assessments that differ from the group with regard to the amount of income tax and indirect tax payable. The group provides for income tax and indi-rect taxes based on the best estimate of the amounts payable for obligations that are probable, assuming that the group and the tax authorities have access to the same information. The group is not familiar with any significant disagreements upon issue of these consolidated financial statements.Climate- and nature-related risksNature-related risks provides both downsides and upsides for Multiconsult. The risks are addressed in line with other treats and opportunities. Transition risk and physical risk is evaluated separately. Nature-related physical risk is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. For Multiconsult, it is especially through the clients that the group face this type of risk. Nature-related transi-tional risks result from a misalignment between an organisation\u2019s or investor\u2019s strategy and management and the changing regulatory, policy or societal landscape in which it operates. Both Multiconsult and clients face this type of risks.Climate-related physical risks are risks resulting from climate change can be event driven (acute) or longer-term shifts (chronic) in climate patterns. Physical climate-related risk for Multiconsult is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. The clients, howev-er, can be highly exposed to physical risks, and it is important that Multiconsult have relevant competence to service our clients in order to treat such risks. The transitional climate-related risk with highest impact is linked to market. The market risk for Multiconsult is considered low for short-, medium- and long term. However, this requires that Multiconsult is up to date on the clients\u2019 climate-related risks and has knowledge about the policy and legal changes that are coming. In 2022 climate-related effects have not had any material impact on the financial statements for the group. Going forward the group will have focus on understanding and assess how climate-related risks may affect the financial statements. For more information, see reporting according to Task Force on Climate-Related Financial Disclosure, TCFD, and Taskforce on Nature-Related Financial Disclosure, TNFD in the section Sustaina-bility and Corporate responsibility section in this report.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-5": {
"value": "NOTE 2 B SIGNIFICANT JUDGEMENTS IN THE APPLICATION OF GROUP ACCOUNTING POLICIES AND ACCOUNTING ESTIMATESThe preparation of financial statements in accordance with IFRS requires that management makes assessments, estimates and assumptions that impact reported amounts for revenues, expenses, assets and liabilities and presentation of contingent liabilities at the end of the reporting period.Judgements that management have made as part of the application of the entity's accounting policies and that have the most significant impact on the amounts recognised in the financial statements are as follows:Business combinationsThe company assess on a continuous basis opportunities for strategic acquisitions of businesses within the consultant and advisory market. Goodwill is not amortised and is tested for impairment on an annual basis, whilst intangible assets will normally be amortised, allocating the cost of acquisition to profit or loss on a systematic basis.Development costsThe company carries out a range of research and development activities and projects, none of which are individually significant. Refer to note 7 for more information. Some expenses incurred in the development phase of an intangible asset shall be recognised in the balance sheet if specific criteria in IAS 38 have been satisfied. Costs that do not satisfy these criteria are recognised as expenses in the statement of income as incurred and may not be recognised in the balance sheet at a later date. Regarding sensitivity linked to macro-economic conditions see section for Macro-economic development in Director\u2019s report. Sources of estimation uncertainty with a significant risk of a material adjustment to the carrying amount in the following period:Revenue The majority of the projects are charged on hourly basis. In principle, all worked hours shall be paid according to the agreed rate in the contract. Revenue is recognised when the services are rendered. The company makes continuous assessment of the probability that hours worked will be paid and makes adjustments to recognised rev-enues as appropriate. The main uncertainty relating to the assess-ment of contract revenue is associated with work efficiency, change orders, claims, damages and incentives. Even though the company has considerable experience in project management and measure-ment, there is an inherent risk associated with all these estimates.ProvisionsThe group performs a large number of projects which vary in size. When performing a project, defects or damage that arise as a con-sequence of the deliverable may be discovered and result in a claim against the company. There may be potential defects or damag-es that have not been reported as a claim to the group, and that the group therefore is not aware of. Furthermore, the time horizon from reporting a case until final settlement may be several years. The size of the settlements may vary considerably. The company performs a thorough review of each claim. Project responsibility cases will give rise to both recognised provisions for liabilities and contingent liabilities that are not recognised as the company has assessed that it is not probable (under 50 per cent probability) that the company will be required to pay compensation. Multiconsult has insurance policies and routines for following up project risk. When a business segment is represented out of Multiconsult Norge AS it will have customary insurance cover for project liability up to a certain level and subject to certain conditions. Business segments represented through other subsidiaries have local insurance cover for project liability up to a certain level and subject to certain con-ditions. Insurance cover for project liability in Multiconsult Norge AS is mainly based on collective policies for engineering consultancies. This insurance takes the form of standard policies for engineering projects, with an excess of NOK 300 000 per claim and normally with a maximum cover of up to 150 times the Norwegian national insurance base rate (G) \u2013 about NOK 17 million.The company makes period reviews together with the insurance company. Expected reimbursement from the insurance company related to recognised provisions is recognised if it is virtually certain that the company will receive compensation.The actual outcomes may differ materially from the estimates used. Refer to note 20 Provisions, disputes and contingent liabilities.ImpairmentCash-generating units are reviewed for impairment when indicators exist and on an annual basis when it includes goodwill. The estimat-ed recoverable amounts are affected by assumptions in connection with the estimation of future cash flows, as well as the discount rate for the estimation of the present value of the cash flows. Refer to note 14 Intangible assets and goodwill for further disclosure.Income tax and indirect taxThe company conducts activities both within and outside Norway. There is a risk that the tax authorities may make assessments that differ from the group with regard to the amount of income tax and indirect tax payable. The group provides for income tax and indi-rect taxes based on the best estimate of the amounts payable for obligations that are probable, assuming that the group and the tax authorities have access to the same information. The group is not familiar with any significant disagreements upon issue of these consolidated financial statements.Climate- and nature-related risksNature-related risks provides both downsides and upsides for Multiconsult. The risks are addressed in line with other treats and opportunities. Transition risk and physical risk is evaluated separately. Nature-related physical risk is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. For Multiconsult, it is especially through the clients that the group face this type of risk. Nature-related transi-tional risks result from a misalignment between an organisation\u2019s or investor\u2019s strategy and management and the changing regulatory, policy or societal landscape in which it operates. Both Multiconsult and clients face this type of risks.Climate-related physical risks are risks resulting from climate change can be event driven (acute) or longer-term shifts (chronic) in climate patterns. Physical climate-related risk for Multiconsult is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. The clients, howev-er, can be highly exposed to physical risks, and it is important that Multiconsult have relevant competence to service our clients in order to treat such risks. The transitional climate-related risk with highest impact is linked to market. The market risk for Multiconsult is considered low for short-, medium- and long term. However, this requires that Multiconsult is up to date on the clients\u2019 climate-related risks and has knowledge about the policy and legal changes that are coming. In 2022 climate-related effects have not had any material impact on the financial statements for the group. Going forward the group will have focus on understanding and assess how climate-related risks may affect the financial statements. For more information, see reporting according to Task Force on Climate-Related Financial Disclosure, TCFD, and Taskforce on Nature-Related Financial Disclosure, TNFD in the section Sustaina-bility and Corporate responsibility section in this report.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-6": {
"value": "NOTE 2 B SIGNIFICANT JUDGEMENTS IN THE APPLICATION OF GROUP ACCOUNTING POLICIES AND ACCOUNTING ESTIMATESThe preparation of financial statements in accordance with IFRS requires that management makes assessments, estimates and assumptions that impact reported amounts for revenues, expenses, assets and liabilities and presentation of contingent liabilities at the end of the reporting period.Judgements that management have made as part of the application of the entity's accounting policies and that have the most significant impact on the amounts recognised in the financial statements are as follows:Business combinationsThe company assess on a continuous basis opportunities for strategic acquisitions of businesses within the consultant and advisory market. Goodwill is not amortised and is tested for impairment on an annual basis, whilst intangible assets will normally be amortised, allocating the cost of acquisition to profit or loss on a systematic basis.Development costsThe company carries out a range of research and development activities and projects, none of which are individually significant. Refer to note 7 for more information. Some expenses incurred in the development phase of an intangible asset shall be recognised in the balance sheet if specific criteria in IAS 38 have been satisfied. Costs that do not satisfy these criteria are recognised as expenses in the statement of income as incurred and may not be recognised in the balance sheet at a later date. Regarding sensitivity linked to macro-economic conditions see section for Macro-economic development in Director\u2019s report. Sources of estimation uncertainty with a significant risk of a material adjustment to the carrying amount in the following period:Revenue The majority of the projects are charged on hourly basis. In principle, all worked hours shall be paid according to the agreed rate in the contract. Revenue is recognised when the services are rendered. The company makes continuous assessment of the probability that hours worked will be paid and makes adjustments to recognised rev-enues as appropriate. The main uncertainty relating to the assess-ment of contract revenue is associated with work efficiency, change orders, claims, damages and incentives. Even though the company has considerable experience in project management and measure-ment, there is an inherent risk associated with all these estimates.ProvisionsThe group performs a large number of projects which vary in size. When performing a project, defects or damage that arise as a con-sequence of the deliverable may be discovered and result in a claim against the company. There may be potential defects or damag-es that have not been reported as a claim to the group, and that the group therefore is not aware of. Furthermore, the time horizon from reporting a case until final settlement may be several years. The size of the settlements may vary considerably. The company performs a thorough review of each claim. Project responsibility cases will give rise to both recognised provisions for liabilities and contingent liabilities that are not recognised as the company has assessed that it is not probable (under 50 per cent probability) that the company will be required to pay compensation. Multiconsult has insurance policies and routines for following up project risk. When a business segment is represented out of Multiconsult Norge AS it will have customary insurance cover for project liability up to a certain level and subject to certain conditions. Business segments represented through other subsidiaries have local insurance cover for project liability up to a certain level and subject to certain con-ditions. Insurance cover for project liability in Multiconsult Norge AS is mainly based on collective policies for engineering consultancies. This insurance takes the form of standard policies for engineering projects, with an excess of NOK 300 000 per claim and normally with a maximum cover of up to 150 times the Norwegian national insurance base rate (G) \u2013 about NOK 17 million.The company makes period reviews together with the insurance company. Expected reimbursement from the insurance company related to recognised provisions is recognised if it is virtually certain that the company will receive compensation.The actual outcomes may differ materially from the estimates used. Refer to note 20 Provisions, disputes and contingent liabilities.ImpairmentCash-generating units are reviewed for impairment when indicators exist and on an annual basis when it includes goodwill. The estimat-ed recoverable amounts are affected by assumptions in connection with the estimation of future cash flows, as well as the discount rate for the estimation of the present value of the cash flows. Refer to note 14 Intangible assets and goodwill for further disclosure.Income tax and indirect taxThe company conducts activities both within and outside Norway. There is a risk that the tax authorities may make assessments that differ from the group with regard to the amount of income tax and indirect tax payable. The group provides for income tax and indi-rect taxes based on the best estimate of the amounts payable for obligations that are probable, assuming that the group and the tax authorities have access to the same information. The group is not familiar with any significant disagreements upon issue of these consolidated financial statements.Climate- and nature-related risksNature-related risks provides both downsides and upsides for Multiconsult. The risks are addressed in line with other treats and opportunities. Transition risk and physical risk is evaluated separately. Nature-related physical risk is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. For Multiconsult, it is especially through the clients that the group face this type of risk. Nature-related transi-tional risks result from a misalignment between an organisation\u2019s or investor\u2019s strategy and management and the changing regulatory, policy or societal landscape in which it operates. Both Multiconsult and clients face this type of risks.Climate-related physical risks are risks resulting from climate change can be event driven (acute) or longer-term shifts (chronic) in climate patterns. Physical climate-related risk for Multiconsult is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. The clients, howev-er, can be highly exposed to physical risks, and it is important that Multiconsult have relevant competence to service our clients in order to treat such risks. The transitional climate-related risk with highest impact is linked to market. The market risk for Multiconsult is considered low for short-, medium- and long term. However, this requires that Multiconsult is up to date on the clients\u2019 climate-related risks and has knowledge about the policy and legal changes that are coming. In 2022 climate-related effects have not had any material impact on the financial statements for the group. Going forward the group will have focus on understanding and assess how climate-related risks may affect the financial statements. For more information, see reporting according to Task Force on Climate-Related Financial Disclosure, TCFD, and Taskforce on Nature-Related Financial Disclosure, TNFD in the section Sustaina-bility and Corporate responsibility section in this report.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-7": {
"value": "NOTE 2 B SIGNIFICANT JUDGEMENTS IN THE APPLICATION OF GROUP ACCOUNTING POLICIES AND ACCOUNTING ESTIMATESThe preparation of financial statements in accordance with IFRS requires that management makes assessments, estimates and assumptions that impact reported amounts for revenues, expenses, assets and liabilities and presentation of contingent liabilities at the end of the reporting period.Judgements that management have made as part of the application of the entity's accounting policies and that have the most significant impact on the amounts recognised in the financial statements are as follows:Business combinationsThe company assess on a continuous basis opportunities for strategic acquisitions of businesses within the consultant and advisory market. Goodwill is not amortised and is tested for impairment on an annual basis, whilst intangible assets will normally be amortised, allocating the cost of acquisition to profit or loss on a systematic basis.Development costsThe company carries out a range of research and development activities and projects, none of which are individually significant. Refer to note 7 for more information. Some expenses incurred in the development phase of an intangible asset shall be recognised in the balance sheet if specific criteria in IAS 38 have been satisfied. Costs that do not satisfy these criteria are recognised as expenses in the statement of income as incurred and may not be recognised in the balance sheet at a later date. Regarding sensitivity linked to macro-economic conditions see section for Macro-economic development in Director\u2019s report. Sources of estimation uncertainty with a significant risk of a material adjustment to the carrying amount in the following period:Revenue The majority of the projects are charged on hourly basis. In principle, all worked hours shall be paid according to the agreed rate in the contract. Revenue is recognised when the services are rendered. The company makes continuous assessment of the probability that hours worked will be paid and makes adjustments to recognised rev-enues as appropriate. The main uncertainty relating to the assess-ment of contract revenue is associated with work efficiency, change orders, claims, damages and incentives. Even though the company has considerable experience in project management and measure-ment, there is an inherent risk associated with all these estimates.ProvisionsThe group performs a large number of projects which vary in size. When performing a project, defects or damage that arise as a con-sequence of the deliverable may be discovered and result in a claim against the company. There may be potential defects or damag-es that have not been reported as a claim to the group, and that the group therefore is not aware of. Furthermore, the time horizon from reporting a case until final settlement may be several years. The size of the settlements may vary considerably. The company performs a thorough review of each claim. Project responsibility cases will give rise to both recognised provisions for liabilities and contingent liabilities that are not recognised as the company has assessed that it is not probable (under 50 per cent probability) that the company will be required to pay compensation. Multiconsult has insurance policies and routines for following up project risk. When a business segment is represented out of Multiconsult Norge AS it will have customary insurance cover for project liability up to a certain level and subject to certain conditions. Business segments represented through other subsidiaries have local insurance cover for project liability up to a certain level and subject to certain con-ditions. Insurance cover for project liability in Multiconsult Norge AS is mainly based on collective policies for engineering consultancies. This insurance takes the form of standard policies for engineering projects, with an excess of NOK 300 000 per claim and normally with a maximum cover of up to 150 times the Norwegian national insurance base rate (G) \u2013 about NOK 17 million.The company makes period reviews together with the insurance company. Expected reimbursement from the insurance company related to recognised provisions is recognised if it is virtually certain that the company will receive compensation.The actual outcomes may differ materially from the estimates used. Refer to note 20 Provisions, disputes and contingent liabilities.ImpairmentCash-generating units are reviewed for impairment when indicators exist and on an annual basis when it includes goodwill. The estimat-ed recoverable amounts are affected by assumptions in connection with the estimation of future cash flows, as well as the discount rate for the estimation of the present value of the cash flows. Refer to note 14 Intangible assets and goodwill for further disclosure.Income tax and indirect taxThe company conducts activities both within and outside Norway. There is a risk that the tax authorities may make assessments that differ from the group with regard to the amount of income tax and indirect tax payable. The group provides for income tax and indi-rect taxes based on the best estimate of the amounts payable for obligations that are probable, assuming that the group and the tax authorities have access to the same information. The group is not familiar with any significant disagreements upon issue of these consolidated financial statements.Climate- and nature-related risksNature-related risks provides both downsides and upsides for Multiconsult. The risks are addressed in line with other treats and opportunities. Transition risk and physical risk is evaluated separately. Nature-related physical risk is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. For Multiconsult, it is especially through the clients that the group face this type of risk. Nature-related transi-tional risks result from a misalignment between an organisation\u2019s or investor\u2019s strategy and management and the changing regulatory, policy or societal landscape in which it operates. Both Multiconsult and clients face this type of risks.Climate-related physical risks are risks resulting from climate change can be event driven (acute) or longer-term shifts (chronic) in climate patterns. Physical climate-related risk for Multiconsult is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. The clients, howev-er, can be highly exposed to physical risks, and it is important that Multiconsult have relevant competence to service our clients in order to treat such risks. The transitional climate-related risk with highest impact is linked to market. The market risk for Multiconsult is considered low for short-, medium- and long term. However, this requires that Multiconsult is up to date on the clients\u2019 climate-related risks and has knowledge about the policy and legal changes that are coming. In 2022 climate-related effects have not had any material impact on the financial statements for the group. Going forward the group will have focus on understanding and assess how climate-related risks may affect the financial statements. For more information, see reporting according to Task Force on Climate-Related Financial Disclosure, TCFD, and Taskforce on Nature-Related Financial Disclosure, TNFD in the section Sustaina-bility and Corporate responsibility section in this report.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-8": {
"value": "NOTE 2 B SIGNIFICANT JUDGEMENTS IN THE APPLICATION OF GROUP ACCOUNTING POLICIES AND ACCOUNTING ESTIMATESThe preparation of financial statements in accordance with IFRS requires that management makes assessments, estimates and assumptions that impact reported amounts for revenues, expenses, assets and liabilities and presentation of contingent liabilities at the end of the reporting period.Judgements that management have made as part of the application of the entity's accounting policies and that have the most significant impact on the amounts recognised in the financial statements are as follows:Business combinationsThe company assess on a continuous basis opportunities for strategic acquisitions of businesses within the consultant and advisory market. Goodwill is not amortised and is tested for impairment on an annual basis, whilst intangible assets will normally be amortised, allocating the cost of acquisition to profit or loss on a systematic basis.Development costsThe company carries out a range of research and development activities and projects, none of which are individually significant. Refer to note 7 for more information. Some expenses incurred in the development phase of an intangible asset shall be recognised in the balance sheet if specific criteria in IAS 38 have been satisfied. Costs that do not satisfy these criteria are recognised as expenses in the statement of income as incurred and may not be recognised in the balance sheet at a later date. Regarding sensitivity linked to macro-economic conditions see section for Macro-economic development in Director\u2019s report. Sources of estimation uncertainty with a significant risk of a material adjustment to the carrying amount in the following period:Revenue The majority of the projects are charged on hourly basis. In principle, all worked hours shall be paid according to the agreed rate in the contract. Revenue is recognised when the services are rendered. The company makes continuous assessment of the probability that hours worked will be paid and makes adjustments to recognised rev-enues as appropriate. The main uncertainty relating to the assess-ment of contract revenue is associated with work efficiency, change orders, claims, damages and incentives. Even though the company has considerable experience in project management and measure-ment, there is an inherent risk associated with all these estimates.ProvisionsThe group performs a large number of projects which vary in size. When performing a project, defects or damage that arise as a con-sequence of the deliverable may be discovered and result in a claim against the company. There may be potential defects or damag-es that have not been reported as a claim to the group, and that the group therefore is not aware of. Furthermore, the time horizon from reporting a case until final settlement may be several years. The size of the settlements may vary considerably. The company performs a thorough review of each claim. Project responsibility cases will give rise to both recognised provisions for liabilities and contingent liabilities that are not recognised as the company has assessed that it is not probable (under 50 per cent probability) that the company will be required to pay compensation. Multiconsult has insurance policies and routines for following up project risk. When a business segment is represented out of Multiconsult Norge AS it will have customary insurance cover for project liability up to a certain level and subject to certain conditions. Business segments represented through other subsidiaries have local insurance cover for project liability up to a certain level and subject to certain con-ditions. Insurance cover for project liability in Multiconsult Norge AS is mainly based on collective policies for engineering consultancies. This insurance takes the form of standard policies for engineering projects, with an excess of NOK 300 000 per claim and normally with a maximum cover of up to 150 times the Norwegian national insurance base rate (G) \u2013 about NOK 17 million.The company makes period reviews together with the insurance company. Expected reimbursement from the insurance company related to recognised provisions is recognised if it is virtually certain that the company will receive compensation.The actual outcomes may differ materially from the estimates used. Refer to note 20 Provisions, disputes and contingent liabilities.ImpairmentCash-generating units are reviewed for impairment when indicators exist and on an annual basis when it includes goodwill. The estimat-ed recoverable amounts are affected by assumptions in connection with the estimation of future cash flows, as well as the discount rate for the estimation of the present value of the cash flows. Refer to note 14 Intangible assets and goodwill for further disclosure.Income tax and indirect taxThe company conducts activities both within and outside Norway. There is a risk that the tax authorities may make assessments that differ from the group with regard to the amount of income tax and indirect tax payable. The group provides for income tax and indi-rect taxes based on the best estimate of the amounts payable for obligations that are probable, assuming that the group and the tax authorities have access to the same information. The group is not familiar with any significant disagreements upon issue of these consolidated financial statements.Climate- and nature-related risksNature-related risks provides both downsides and upsides for Multiconsult. The risks are addressed in line with other treats and opportunities. Transition risk and physical risk is evaluated separately. Nature-related physical risk is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. For Multiconsult, it is especially through the clients that the group face this type of risk. Nature-related transi-tional risks result from a misalignment between an organisation\u2019s or investor\u2019s strategy and management and the changing regulatory, policy or societal landscape in which it operates. Both Multiconsult and clients face this type of risks.Climate-related physical risks are risks resulting from climate change can be event driven (acute) or longer-term shifts (chronic) in climate patterns. Physical climate-related risk for Multiconsult is evaluated to be low, as the group does not own substantial assets vulnerable to acute or chronic physical risk. The clients, howev-er, can be highly exposed to physical risks, and it is important that Multiconsult have relevant competence to service our clients in order to treat such risks. The transitional climate-related risk with highest impact is linked to market. The market risk for Multiconsult is considered low for short-, medium- and long term. However, this requires that Multiconsult is up to date on the clients\u2019 climate-related risks and has knowledge about the policy and legal changes that are coming. In 2022 climate-related effects have not had any material impact on the financial statements for the group. Going forward the group will have focus on understanding and assess how climate-related risks may affect the financial statements. For more information, see reporting according to Task Force on Climate-Related Financial Disclosure, TCFD, and Taskforce on Nature-Related Financial Disclosure, TNFD in the section Sustaina-bility and Corporate responsibility section in this report.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-3": {
"value": "b) Liquidity riskLiquidity risk is the risk of being unable to settle financial obliga-tions at maturity. Liquidity risk arises if there is no correspondence between the cash flows from the business and the financial obliga-tions. Managing liquidity risk is performed through development of liquidity management strategies, which are operationalised through liquidity budgets and are continuously reviewed. The group\u2019s liquid-ity risk exposure is limited, but with significant short-term and sea-sonal variation. The highest level of net working capital is normally during the third quarter. Liquidity is managed closely through bud-gets and regular short- and long-term forecasting. Historically, the group has had sufficient liquidity and has annually paid dividends to the owners. The group's cash flows from operating activities in 2022 and 2021 were positive. The operations in Multiconsult are exposed to normal fluctuations that affect the cash flows during the year. The majority of payments relate to employees and sub-contractors.In December 2022 Multiconsult ASA renewed its loan portfolio and guarantee facility with Nordea bank. The loan portfolio consists of an overdraft loan facility and revolving credit facility. The overdraft loan facility of NOK 320.0 million is part of a cash pool. The cash pool is a multi-currency and multi-account system for the legal en-tities Multiconsult Norge AS, LINK Arkitektur AS, LINK Arkitektur AB, LINK Arkitektur A/S, Iterio AB and Multiconsult UK Limited, where Multiconsult ASA is the owner of the cash pool\u2019s top account and the debtor of the facility. In addition, Multiconsult ASA renewed the re-volving credit facility of NOK 300 million. The revolving credit facility includes an accordion option of NOK 500 million. Loan portfolio with Nordea bank is a 3-year (+ 3 month) facility until March 2026. The loan agreements include a covenant requiring that net inter-est-bearing liabilities (excluding restricted cash) of the group shall not exceed 3.0 times last twelve months EBITDA, and a covenant requiring an equity ratio of at least 25 per cent, reported quarter-ly. Covenant ratios are calculated excluding IFRS 16 effects, and the EBITDA includes \u201ccarve-out\u201d for certain limited one-off costs. Multiconsult ASA is in compliance with its financial covenants on 31 December 2022. The guarantee facility of NOK 120.0 million is renewed annually however individual guarantees under the guarantee facility can run for up to 5 years.As part of completing the 2022 share buyback programme Multi-consult ASA entered into a share loan agreement with its largest shareholder Stiftelsen Multiconsult. The deal was entered into on 5 December 2022 for a loan of 230 000 Multiconsult shares in con-nection with the implementation of the 2022 employee share pur-chase programme. Multiconsult will deliver the full amount of shares back to Stiftelsen Multiconsult no later than six months from the date of agreement. In consideration for the share loan, Multicon-sult shall pay to Stiftelsen Multiconsult an amount corresponding to 2.76 per cent p.a. based on 230 000 shares at a value of NOK 137.0 per share. The loan of NOK 31.5 million is presented as current inter-est-bearing liability in the statement of financial position.Change in interest-bearing liabilities in the balance sheet from 2022 to 2021 corresponds to the proceeds and instalments report-ed in the statement of cash flow. The loan of NOK 31.5 million has no cash effect in the cash flow statement for 2022. Amounts in NOK thousand 31.12.2022 31.12.2021Multiconsult ASA31 510 180 000Total interest-bearing liabilities31 510 180 000The existing loan agreement, overdraft facility and guarantee agreement contain negative pledge in relation to new loan agree-ments and cross default clauses, and limitations in entering into new loan agreements without the consent of the lender. See section \"capital management\" below. MATURITY INTEREST-BEARING LIABILITIES 31 DECEMBER 2022MaturityAmounts in NOK thousand Carrying amount 1 year 2 years > 2 years Total paymentsInterest-bearing liabilities31 510 31 510 - - 31 510Interest on interest-bearing liabilities430 - - 430Total interest-bearing liabilities incl. 31 510 31 940 - - 31 940interestMATURITY INTEREST-BEARING LIABILITIES 31 DECEMBER 2021MaturityAmounts in NOK thousand Carrying amount 1 year 2 years > 2 years Total paymentsInterest-bearing liabilities180 000 - 180 000 - 180 0001)Interest on interest-bearing liabilities 4 500 1 125 - 5 625Total interest-bearing liabilities incl. 180 000 4 500 181 125 - 185 625interestFor information on maturities of lease liabilities, see note 18 Leases.There are no significant restrictions on the company's ability to access or use the group's assets or to settle the group's liabilities, see however restricted cash in note 16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-4": {
"value": "b) Liquidity riskLiquidity risk is the risk of being unable to settle financial obliga-tions at maturity. Liquidity risk arises if there is no correspondence between the cash flows from the business and the financial obliga-tions. Managing liquidity risk is performed through development of liquidity management strategies, which are operationalised through liquidity budgets and are continuously reviewed. The group\u2019s liquid-ity risk exposure is limited, but with significant short-term and sea-sonal variation. The highest level of net working capital is normally during the third quarter. Liquidity is managed closely through bud-gets and regular short- and long-term forecasting. Historically, the group has had sufficient liquidity and has annually paid dividends to the owners. The group's cash flows from operating activities in 2022 and 2021 were positive. The operations in Multiconsult are exposed to normal fluctuations that affect the cash flows during the year. The majority of payments relate to employees and sub-contractors.In December 2022 Multiconsult ASA renewed its loan portfolio and guarantee facility with Nordea bank. The loan portfolio consists of an overdraft loan facility and revolving credit facility. The overdraft loan facility of NOK 320.0 million is part of a cash pool. The cash pool is a multi-currency and multi-account system for the legal en-tities Multiconsult Norge AS, LINK Arkitektur AS, LINK Arkitektur AB, LINK Arkitektur A/S, Iterio AB and Multiconsult UK Limited, where Multiconsult ASA is the owner of the cash pool\u2019s top account and the debtor of the facility. In addition, Multiconsult ASA renewed the re-volving credit facility of NOK 300 million. The revolving credit facility includes an accordion option of NOK 500 million. Loan portfolio with Nordea bank is a 3-year (+ 3 month) facility until March 2026. The loan agreements include a covenant requiring that net inter-est-bearing liabilities (excluding restricted cash) of the group shall not exceed 3.0 times last twelve months EBITDA, and a covenant requiring an equity ratio of at least 25 per cent, reported quarter-ly. Covenant ratios are calculated excluding IFRS 16 effects, and the EBITDA includes \u201ccarve-out\u201d for certain limited one-off costs. Multiconsult ASA is in compliance with its financial covenants on 31 December 2022. The guarantee facility of NOK 120.0 million is renewed annually however individual guarantees under the guarantee facility can run for up to 5 years.As part of completing the 2022 share buyback programme Multi-consult ASA entered into a share loan agreement with its largest shareholder Stiftelsen Multiconsult. The deal was entered into on 5 December 2022 for a loan of 230 000 Multiconsult shares in con-nection with the implementation of the 2022 employee share pur-chase programme. Multiconsult will deliver the full amount of shares back to Stiftelsen Multiconsult no later than six months from the date of agreement. In consideration for the share loan, Multicon-sult shall pay to Stiftelsen Multiconsult an amount corresponding to 2.76 per cent p.a. based on 230 000 shares at a value of NOK 137.0 per share. The loan of NOK 31.5 million is presented as current inter-est-bearing liability in the statement of financial position.Change in interest-bearing liabilities in the balance sheet from 2022 to 2021 corresponds to the proceeds and instalments report-ed in the statement of cash flow. The loan of NOK 31.5 million has no cash effect in the cash flow statement for 2022. Amounts in NOK thousand 31.12.2022 31.12.2021Multiconsult ASA31 510 180 000Total interest-bearing liabilities31 510 180 000The existing loan agreement, overdraft facility and guarantee agreement contain negative pledge in relation to new loan agree-ments and cross default clauses, and limitations in entering into new loan agreements without the consent of the lender. See section \"capital management\" below. MATURITY INTEREST-BEARING LIABILITIES 31 DECEMBER 2022MaturityAmounts in NOK thousand Carrying amount 1 year 2 years > 2 years Total paymentsInterest-bearing liabilities31 510 31 510 - - 31 510Interest on interest-bearing liabilities430 - - 430Total interest-bearing liabilities incl. 31 510 31 940 - - 31 940interestMATURITY INTEREST-BEARING LIABILITIES 31 DECEMBER 2021MaturityAmounts in NOK thousand Carrying amount 1 year 2 years > 2 years Total paymentsInterest-bearing liabilities180 000 - 180 000 - 180 0001)Interest on interest-bearing liabilities 4 500 1 125 - 5 625Total interest-bearing liabilities incl. 180 000 4 500 181 125 - 185 625interestFor information on maturities of lease liabilities, see note 18 Leases.There are no significant restrictions on the company's ability to access or use the group's assets or to settle the group's liabilities, see however restricted cash in note 16.",
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"pp-value-51-2": {
"value": "NOTE 3 FINANCIAL RISK MANAGEMENTThe group's exposure to financial risk is primarily related to credit risk, liquidity risk, currency risk and interest rate risk. Risk management in the group aims to support value creation in the group and to secure a continuing solid financial platform through visibility and strategic management of both financial and opera-tional risk factors. Operational risk relates mainly to larger projects, which is continuously reviewed by the executive management.1) Other current receivables do not include prepayments, which are not considered financial assets.2) Other non-current receivables do not include net pension assets and reimbursement assets.b) Liquidity riskLiquidity risk is the risk of being unable to settle financial obliga-tions at maturity. Liquidity risk arises if there is no correspondence between the cash flows from the business and the financial obliga-tions. Managing liquidity risk is performed through development of liquidity management strategies, which are operationalised through liquidity budgets and are continuously reviewed. The group\u2019s liquid-ity risk exposure is limited, but with significant short-term and sea-sonal variation. The highest level of net working capital is normally during the third quarter. Liquidity is managed closely through bud-gets and regular short- and long-term forecasting. Historically, the group has had sufficient liquidity and has annually paid dividends to the owners. The group's cash flows from operating activities in 2022 and 2021 were positive. The operations in Multiconsult are exposed to normal fluctuations that affect the cash flows during the year. The majority of payments relate to employees and sub-contractors.In December 2022 Multiconsult ASA renewed its loan portfolio and guarantee facility with Nordea bank. The loan portfolio consists of an overdraft loan facility and revolving credit facility. The overdraft loan facility of NOK 320.0 million is part of a cash pool. The cash pool is a multi-currency and multi-account system for the legal en-tities Multiconsult Norge AS, LINK Arkitektur AS, LINK Arkitektur AB, LINK Arkitektur A/S, Iterio AB and Multiconsult UK Limited, where Multiconsult ASA is the owner of the cash pool\u2019s top account and the debtor of the facility. In addition, Multiconsult ASA renewed the re-volving credit facility of NOK 300 million. The revolving credit facility includes an accordion option of NOK 500 million. Loan portfolio with Nordea bank is a 3-year (+ 3 month) facility until March 2026. The loan agreements include a covenant requiring that net inter-est-bearing liabilities (excluding restricted cash) of the group shall not exceed 3.0 times last twelve months EBITDA, and a covenant requiring an equity ratio of at least 25 per cent, reported quarter-ly. Covenant ratios are calculated excluding IFRS 16 effects, and the EBITDA includes \u201ccarve-out\u201d for certain limited one-off costs. Multiconsult ASA is in compliance with its financial covenants on 31 December 2022. The guarantee facility of NOK 120.0 million is renewed annually however individual guarantees under the guarantee facility can run for up to 5 years.As part of completing the 2022 share buyback programme Multi-consult ASA entered into a share loan agreement with its largest shareholder Stiftelsen Multiconsult. The deal was entered into on 5 December 2022 for a loan of 230 000 Multiconsult shares in con-a) Credit riskCredit risk is the risk that customers are not able to settle their pay-ment obligations. Credit risk is considered to be a part of business risk and is reviewed as part of ongoing operations. A major part of the group's activities are conducted in the subsidiary Multiconsult Norge AS (78.7 per cent of operating revenues in 2022), with the sub-group LINK Arkitektur as the second largest (6.5 per cent of operat-ing revenues in 2022). The companies in the group have established procedures for credit assessment of customers as well as suppliers. The risk that customers do not have the financial ability to settle their obligations is considered to be low. Historically, only minor credit losses on receivables have been realised. The group's clients are to a large extent public sector or well-established companies.The largest proportion of the group's customers are Norwegian, thus creating a geographical concentration of risk. Of the group's reve-nues in 2022 and 2021, approximately half relates to public sector customers and approximately 84.0 per cent relates to customers in Norway. Multiconsult Norge AS has some large contracts that, to a certain extent, lead to a concentration of risk within a small number of large customers. The group's five largest individual customers comprised approximately 20.3 per cent of the group\u2019s operating revenues in 2022 (16.0 per cent in 2021). The ten largest individu-al customers comprised approximately 30.3 per cent of the group\u2019s operating revenues in 2022 (22.7 per cent in 2021). The group's ten largest individual customers in relation to trade receivables and work in progress on 31 December 2022 comprised approximately 16.7 per cent and 39.9 per cent, respectively.The group's maximum credit exposure comprises the carrying amount of receivables, work in progress, and cash and cash equiv-alents and restricted cash. General payment terms are 30 days. Non-current receivables comprise limited amounts and have no fixed maturity date. The group assesses that the risk for trade re-ceivable and work in progress not being realised primarily relates to disputes regarding consideration. Individual assessments are made of trade receivables over a certain size, with a particular fo-cus on those more than 60 days overdue. Generally, customers are invoiced continuously for hours worked on the assignments. The assessment of whether revenue has been earned is, in some cases, also performed after the hours have been invoiced, with a reduction of revenues and work in progress or recognition of prepaid reve-nues (contract liability). To the degree that reduction to revenues has been realised in the form of a credit note, revenues has been reduced, instead of recognising the adjustment as a realised loss. Realised losses in the table below are therefore related to bankrupt-cies etc. at customers and represents actual credit losses.MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2022Maturities of receivables that have not been impairedCarrying 0-30 30-60 60-90 Amounts in NOK thousandNot due>90 daysamountdaysdaysdaysTrade receivables603 875 435 919 77 883 17 693 6 331 66 050Work in progress304 328 304 328 - - - -1)Other current receivables 48 093 48 093 - - - -2)Other non-current receivables 4 036 4 036 - - - -Allowance for losses on receivables(7 585) - - - (630) (6 955)Total trade and other receivables952 747 792 375 77 883 17 693 5 701 59 095MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2021Maturities of receivables that have not been impairedCarrying 0-30 30-60 60-90 Amounts in NOK thousandNot due>90 daysamountdaysdaysdaysTrade receivables738 430 597 567 69 107 13 094 6 622 52 039Work in progress225 021 225 021 - - - - 1)Other current receivables32 643 32 643 - - - - 2)Other non-current receivables6 405 6 405 - - - -Allowance for losses on receivables(7 549) - - - - (7 549)Total trade and other receivables994 950 861 636 69 107 13 094 6 622 44 4901) Other current receivables do not include prepayments, which are not considered financial assets.2) Other non-current receivables do not include net pension and reimbursement assets.CHANGES IN ALLOWANCES FOR LOSSES ON RECEIVABLES DURING THE YEARAmounts in NOK thousand 2022 2021Opening balance allowance for losses on receivables7 549 8 769Change in allowances for losses on trade receivable during the year36 (1 220)Closing balance allowance for losses on receivables 7 585 7 549Realised losses in the event of bankruptcy etc.- 2 005Loss on receivables in the statement of income 2 676 785nection with the implementation of the 2022 employee share pur-chase programme. Multiconsult will deliver the full amount of shares back to Stiftelsen Multiconsult no later than six months from the date of agreement. In consideration for the share loan, Multicon-sult shall pay to Stiftelsen Multiconsult an amount corresponding to 2.76 per cent p.a. based on 230 000 shares at a value of NOK 137.0 per share. The loan of NOK 31.5 million is presented as current inter-est-bearing liability in the statement of financial position.Change in interest-bearing liabilities in the balance sheet from 2022 to 2021 corresponds to the proceeds and instalments report-ed in the statement of cash flow. The loan of NOK 31.5 million has no cash effect in the cash flow statement for 2022. Amounts in NOK thousand 31.12.2022 31.12.2021Multiconsult ASA31 510 180 000Total interest-bearing liabilities31 510 180 000The existing loan agreement, overdraft facility and guarantee agreement contain negative pledge in relation to new loan agree-ments and cross default clauses, and limitations in entering into new loan agreements without the consent of the lender. See section \"capital management\" below. MATURITY INTEREST-BEARING LIABILITIES 31 DECEMBER 2022MaturityAmounts in NOK thousand Carrying amount 1 year 2 years > 2 years Total paymentsInterest-bearing liabilities31 510 31 510 - - 31 510Interest on interest-bearing liabilities430 - - 430Total interest-bearing liabilities incl. 31 510 31 940 - - 31 940interestMATURITY INTEREST-BEARING LIABILITIES 31 DECEMBER 2021MaturityAmounts in NOK thousand Carrying amount 1 year 2 years > 2 years Total paymentsInterest-bearing liabilities180 000 - 180 000 - 180 0001)Interest on interest-bearing liabilities 4 500 1 125 - 5 625Total interest-bearing liabilities incl. 180 000 4 500 181 125 - 185 625interestFor information on maturities of lease liabilities, see note 18 Leases.There are no significant restrictions on the company's ability to access or use the group's assets or to settle the group's liabilities, see however restricted cash in note 16.c) Currency riskSeveral business units carry out a small number of projects in other currencies than their domestic currency. The currency risk relates to the delivery of services where revenue is in a foreign currency. Several ongoing foreign assignments have agreed rates in currencies other than the functional currency of the business unit, mainly EUR and USD. When a significant currency risk arises, the risk is assessed separately, and the risk can be mitigated through the use of forward currency contracts. The group had no forward currency contracts on 31 December 2022 and 2021. The group has, to a limited degree, bank accounts, trade receivables and trade payables in foreign currency. When entering into contracts in for-eign currency the company evaluates currency risks and the need to secure these risks. The subsidiaries hold monetary items primarily in their functional currency. Changes in currency rates between NOK and foreign currencies will influence the group's statement of income and equity.For accounting purposes, the group is exposed to currency transla-tion risk related to foreign subsidiaries and associated companies, primarily to the following currencies - mentioned here by ISO currency code: PLN, DKK, SEK and GBP. Currency risk arising from equity in foreign entities is not hedged, and currency changes affect the group's equity through other comprehensive income. Subsidi-aries that conduct services abroad may be subject to currency risk that may influence their statement of income and equity. The effect on monetary items from a reasonably possible change in currency rates compared to the separate group entities' functional currency would be insignificant as of 31 December 2022 and 2021.d) Interest rate riskThe group's operating revenues and cash flows from operating activities are to a limited degree directly affected by interest rate changes. The group's interest rate risk is related to variable inter-est on bank accounts and on liabilities. Due to the limited amount of net interest-bearing liabilities on 31 December 2022 and 2021, a change in interest rates of half a percentage point would result in insignificant change in annual net interest expense (excluding effect on fair value of interest rate swaps). Multiconsult ASA has no interest rate swap that exposes it to fair value interest rate risk on 31 December 2022. On 31 December 2021, NOK 64.5 million was swapped from variable 3-month interest (NIBOR equivalent) to fixed interest of 1.565 per cent p.a. for three years. On 31 December 2021 the fair value was a liability of NOK 385 thousand. The interest rate swap was due in October 2022 and no new interest rate swap is agreed after this. The company will secure about, on average, 50 per cent of the assumed net interest-bearing liabilities over time. e) Categories of financial instrumentsThe group has the following categories of financial instruments:31 DECEMBER 2022Amortised Estimated Level in the fair FVTPLcost Totalfair valuevalue hierarchyAmounts in NOK thousandASSETSShares and equity interests3 601 - 3 601 3 601 3Other non-current receivables- 4 036 4 036 4 036 N/ANon-current financial assets, restricted funds- 22 661 22 661 22 661 N/ATrade receivables and other - 948 711 948 711 948 711 N/A 1)current receivablesCash and cash equivalents- 114 559 114 559 114 559 N/ATotal assets3 601 1 089 967 1 093 568 1 093 568 Estimated fair value3 601 1 089 967 1 093 568 1 093 568 Estimated Level in the fair FVTPL Amortised cost Totalfair valuevalue hierarchyAmounts in NOK thousandLIABILITIESInterest-bearing liabilities (excluding - 31 510 31 510 31 510 N/Alease liabilities)Trade payables and other current - 933 657 933 657 933 657 N/A2)liabilities Total liabilities- 965 167 965 167 965 167Estimated fair value- 965 167 965 167 965 1671) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimburse-ment assets.2) Prepaid revenues and income taxes payable are excluded from trade payables and other liabilities, since this analysis is only required for financial instruments. It also excludes provisions, net pension liabilities and lease liabilities.31 DECEMBER 2021Amortised Estimated Level in the fair FVTPLcost Totalfair valuevalue hierarchyAmounts in NOK thousandASSETSShares and equity interests1 731 - 1 731 1 731 3Other non-current receivables- 6 405 6 405 6 405 N/ANon-current financial assets, restricted funds- 15 316 15 316 15 316 N/ATrade receivables and other current receiva-- 988 545 988 545 988 545 N/A1)bles Cash and cash equivalents- 156 165 156 165 156 165 N/ATotal assets1 731 1 166 430 1 168 162 1 168 162 Estimated fair value1 731 1 166 430 1 168 162 1 168 162 Estimated Level in the fair FVTPL Amortised cost Totalfair valuevalue hierarchyAmounts in NOK thousandLIABILITIESDerivatives385 - 385 385 2Interest-bearing liabilities (excluding - 180 000 180 000 180 000 N/Alease liabilities)Trade payables and other current - 916 482 916 482 916 482 N/A2)liabilities Total liabilities385 1 096 482 1 096 867 1 096 867Estimated fair value385 1 096 482 1 096 867 1 096 8671) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimburse-ment assets.2) Prepaid revenues and income taxes payable are excluded from trade payables and other liabilities, since this analysis is only required for financial instruments. It also excludes provisions, net pension liabilities and lease liabilities.Fair value estimates and the fair value hierarchyThe group measures fair value based on the following hierarchy that reflects the input used in measuring fair value:Level 1: Quoted prices (unadjusted) in active markets for identical financial instruments.Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).Level 3: Inputs for assets or liabilities that are not based on observable marked data (unobservable inputs). The net carrying amounts of trade receivables, other receivables, cash and cash equivalents, interest-bearing liabilities and trade payable are deemed to approximate fair value. Shares and equity interests that are not listed, have a low value and it is assumed that the carrying amounts approximate fair value. Fair value of derivatives is calculated based on the present value of future cash flows, calculated using interest rate curves, currency exchange rates and currency spreads as of the reporting date.f) Capital managementThe group has followed up its capital structure by securing adequate free liquidity in the form of cash, bank placements and bank overdraft, to be able to continuously service its obligations with-out significant loan financing, have adequate equity and to have available liquidity. Multiconsult have set financial targets as follows:\u2022 Gearing: The maximum gearing (NIBD/EBITDA) shall be 2.5x. The company shall aim to have a gearing of 1.0x - 2.0x in normal circumstances. In special circumstances (such as acquisitions) gearing may go up to 3.0x for a period not exceeding 18 months. Gearing is measured excluding IFRS 16 effects.\u2022 Equity: Equity ratio above 25 per cent. Equity ratio shall be measured excluding IFRS 16 effects.\u2022 Profitability: 10 per cent EBIT margin \u2013 measured on an annual basis, exclusive extraordinary items.Dividend policy: The dividend policy is based on an ambition to distribute at least 50 per cent of the group\u2019s net profit annually. When deciding the annual dividend level, the board of directors will take into consideration the various aspects of the financing strategy, such as expected cash flows, capital expenditure plans, financing requirements and appropriate financial flexibility.The board proposes a dividend of NOK 9.00 per share as ordinary dividend for 2022 to be declared at the 2023 annual general meeting.The board\u2019s proposal for dividend is based on the good financial results for 2022, and a strong balance sheet that provides the company with adequate financial flexibility. The level of dividend is according to the dividend policy of the company.Calculated covenants based on amounts adjusted for IFRS 16 effects and \"carve-out\":31.12.2022 31.12 2021Covenant net interest-bearing liabilities/EBITDA*(0.19) 0.06Covenant Equity ratio*45.1% 40.3%* See section APM",
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"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-52-3": {
"value": "1) Other current receivables do not include prepayments, which are not considered financial assets.2) Other non-current receivables do not include net pension assets and reimbursement assets.a) Credit riskCredit risk is the risk that customers are not able to settle their pay-ment obligations. Credit risk is considered to be a part of business risk and is reviewed as part of ongoing operations. A major part of the group's activities are conducted in the subsidiary Multiconsult Norge AS (78.7 per cent of operating revenues in 2022), with the sub-group LINK Arkitektur as the second largest (6.5 per cent of operat-ing revenues in 2022). The companies in the group have established procedures for credit assessment of customers as well as suppliers. The risk that customers do not have the financial ability to settle their obligations is considered to be low. Historically, only minor credit losses on receivables have been realised. The group's clients are to a large extent public sector or well-established companies.The largest proportion of the group's customers are Norwegian, thus creating a geographical concentration of risk. Of the group's reve-nues in 2022 and 2021, approximately half relates to public sector customers and approximately 84.0 per cent relates to customers in Norway. Multiconsult Norge AS has some large contracts that, to a certain extent, lead to a concentration of risk within a small number of large customers. The group's five largest individual customers comprised approximately 20.3 per cent of the group\u2019s operating revenues in 2022 (16.0 per cent in 2021). The ten largest individu-al customers comprised approximately 30.3 per cent of the group\u2019s operating revenues in 2022 (22.7 per cent in 2021). The group's ten largest individual customers in relation to trade receivables and work in progress on 31 December 2022 comprised approximately 16.7 per cent and 39.9 per cent, respectively.The group's maximum credit exposure comprises the carrying amount of receivables, work in progress, and cash and cash equiv-alents and restricted cash. General payment terms are 30 days. Non-current receivables comprise limited amounts and have no fixed maturity date. The group assesses that the risk for trade re-ceivable and work in progress not being realised primarily relates to disputes regarding consideration. Individual assessments are made of trade receivables over a certain size, with a particular fo-cus on those more than 60 days overdue. Generally, customers are invoiced continuously for hours worked on the assignments. The assessment of whether revenue has been earned is, in some cases, also performed after the hours have been invoiced, with a reduction of revenues and work in progress or recognition of prepaid reve-nues (contract liability). To the degree that reduction to revenues has been realised in the form of a credit note, revenues has been reduced, instead of recognising the adjustment as a realised loss. Realised losses in the table below are therefore related to bankrupt-cies etc. at customers and represents actual credit losses.MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2022Maturities of receivables that have not been impairedCarrying 0-30 30-60 60-90 Amounts in NOK thousandNot due>90 daysamountdaysdaysdaysTrade receivables603 875 435 919 77 883 17 693 6 331 66 050Work in progress304 328 304 328 - - - -1)Other current receivables 48 093 48 093 - - - -2)Other non-current receivables 4 036 4 036 - - - -Allowance for losses on receivables(7 585) - - - (630) (6 955)Total trade and other receivables952 747 792 375 77 883 17 693 5 701 59 095MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2021Maturities of receivables that have not been impairedCarrying 0-30 30-60 60-90 Amounts in NOK thousandNot due>90 daysamountdaysdaysdaysTrade receivables738 430 597 567 69 107 13 094 6 622 52 039Work in progress225 021 225 021 - - - - 1)Other current receivables32 643 32 643 - - - - 2)Other non-current receivables6 405 6 405 - - - -Allowance for losses on receivables(7 549) - - - - (7 549)Total trade and other receivables994 950 861 636 69 107 13 094 6 622 44 4901) Other current receivables do not include prepayments, which are not considered financial assets.2) Other non-current receivables do not include net pension and reimbursement assets.CHANGES IN ALLOWANCES FOR LOSSES ON RECEIVABLES DURING THE YEARAmounts in NOK thousand 2022 2021Opening balance allowance for losses on receivables7 549 8 769Change in allowances for losses on trade receivable during the year36 (1 220)Closing balance allowance for losses on receivables 7 585 7 549Realised losses in the event of bankruptcy etc.- 2 005Loss on receivables in the statement of income 2 676 785",
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"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
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"pp-value-52-4": {
"value": "1) Other current receivables do not include prepayments, which are not considered financial assets.2) Other non-current receivables do not include net pension assets and reimbursement assets.a) Credit riskCredit risk is the risk that customers are not able to settle their pay-ment obligations. Credit risk is considered to be a part of business risk and is reviewed as part of ongoing operations. A major part of the group's activities are conducted in the subsidiary Multiconsult Norge AS (78.7 per cent of operating revenues in 2022), with the sub-group LINK Arkitektur as the second largest (6.5 per cent of operat-ing revenues in 2022). The companies in the group have established procedures for credit assessment of customers as well as suppliers. The risk that customers do not have the financial ability to settle their obligations is considered to be low. Historically, only minor credit losses on receivables have been realised. The group's clients are to a large extent public sector or well-established companies.The largest proportion of the group's customers are Norwegian, thus creating a geographical concentration of risk. Of the group's reve-nues in 2022 and 2021, approximately half relates to public sector customers and approximately 84.0 per cent relates to customers in Norway. Multiconsult Norge AS has some large contracts that, to a certain extent, lead to a concentration of risk within a small number of large customers. The group's five largest individual customers comprised approximately 20.3 per cent of the group\u2019s operating revenues in 2022 (16.0 per cent in 2021). The ten largest individu-al customers comprised approximately 30.3 per cent of the group\u2019s operating revenues in 2022 (22.7 per cent in 2021). The group's ten largest individual customers in relation to trade receivables and work in progress on 31 December 2022 comprised approximately 16.7 per cent and 39.9 per cent, respectively.The group's maximum credit exposure comprises the carrying amount of receivables, work in progress, and cash and cash equiv-alents and restricted cash. General payment terms are 30 days. Non-current receivables comprise limited amounts and have no fixed maturity date. The group assesses that the risk for trade re-ceivable and work in progress not being realised primarily relates to disputes regarding consideration. Individual assessments are made of trade receivables over a certain size, with a particular fo-cus on those more than 60 days overdue. Generally, customers are invoiced continuously for hours worked on the assignments. The assessment of whether revenue has been earned is, in some cases, also performed after the hours have been invoiced, with a reduction of revenues and work in progress or recognition of prepaid reve-nues (contract liability). To the degree that reduction to revenues has been realised in the form of a credit note, revenues has been reduced, instead of recognising the adjustment as a realised loss. Realised losses in the table below are therefore related to bankrupt-cies etc. at customers and represents actual credit losses.MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2022Maturities of receivables that have not been impairedCarrying 0-30 30-60 60-90 Amounts in NOK thousandNot due>90 daysamountdaysdaysdaysTrade receivables603 875 435 919 77 883 17 693 6 331 66 050Work in progress304 328 304 328 - - - -1)Other current receivables 48 093 48 093 - - - -2)Other non-current receivables 4 036 4 036 - - - -Allowance for losses on receivables(7 585) - - - (630) (6 955)Total trade and other receivables952 747 792 375 77 883 17 693 5 701 59 095MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2021Maturities of receivables that have not been impairedCarrying 0-30 30-60 60-90 Amounts in NOK thousandNot due>90 daysamountdaysdaysdaysTrade receivables738 430 597 567 69 107 13 094 6 622 52 039Work in progress225 021 225 021 - - - - 1)Other current receivables32 643 32 643 - - - - 2)Other non-current receivables6 405 6 405 - - - -Allowance for losses on receivables(7 549) - - - - (7 549)Total trade and other receivables994 950 861 636 69 107 13 094 6 622 44 4901) Other current receivables do not include prepayments, which are not considered financial assets.2) Other non-current receivables do not include net pension and reimbursement assets.CHANGES IN ALLOWANCES FOR LOSSES ON RECEIVABLES DURING THE YEARAmounts in NOK thousand 2022 2021Opening balance allowance for losses on receivables7 549 8 769Change in allowances for losses on trade receivable during the year36 (1 220)Closing balance allowance for losses on receivables 7 585 7 549Realised losses in the event of bankruptcy etc.- 2 005Loss on receivables in the statement of income 2 676 785NOTE 13 RECEIVABLES, WORK IN PROGRESS AND PREPAID EXPENSESAmounts in NOK thousand31.12.2022 31.12.2021Trade receivables603 875 738 430Allowance for credit losses on receivables (see note 3)(7 585) (7 549)Total trade receivables596 291 730 881Work in progress304 328 225 021Prepaid expenses69 288 53 797Other48 093 32 643Total other current receivables and prepaid expenses117 381 86 439Total receivables and prepaid expenses1 018 000 1 042 341",
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"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-5": {
"value": "1) Other current receivables do not include prepayments, which are not considered financial assets.2) Other non-current receivables do not include net pension assets and reimbursement assets.a) Credit riskCredit risk is the risk that customers are not able to settle their pay-ment obligations. Credit risk is considered to be a part of business risk and is reviewed as part of ongoing operations. A major part of the group's activities are conducted in the subsidiary Multiconsult Norge AS (78.7 per cent of operating revenues in 2022), with the sub-group LINK Arkitektur as the second largest (6.5 per cent of operat-ing revenues in 2022). The companies in the group have established procedures for credit assessment of customers as well as suppliers. The risk that customers do not have the financial ability to settle their obligations is considered to be low. Historically, only minor credit losses on receivables have been realised. The group's clients are to a large extent public sector or well-established companies.The largest proportion of the group's customers are Norwegian, thus creating a geographical concentration of risk. Of the group's reve-nues in 2022 and 2021, approximately half relates to public sector customers and approximately 84.0 per cent relates to customers in Norway. Multiconsult Norge AS has some large contracts that, to a certain extent, lead to a concentration of risk within a small number of large customers. The group's five largest individual customers comprised approximately 20.3 per cent of the group\u2019s operating revenues in 2022 (16.0 per cent in 2021). The ten largest individu-al customers comprised approximately 30.3 per cent of the group\u2019s operating revenues in 2022 (22.7 per cent in 2021). The group's ten largest individual customers in relation to trade receivables and work in progress on 31 December 2022 comprised approximately 16.7 per cent and 39.9 per cent, respectively.The group's maximum credit exposure comprises the carrying amount of receivables, work in progress, and cash and cash equiv-alents and restricted cash. General payment terms are 30 days. Non-current receivables comprise limited amounts and have no fixed maturity date. The group assesses that the risk for trade re-ceivable and work in progress not being realised primarily relates to disputes regarding consideration. Individual assessments are made of trade receivables over a certain size, with a particular fo-cus on those more than 60 days overdue. Generally, customers are invoiced continuously for hours worked on the assignments. The assessment of whether revenue has been earned is, in some cases, also performed after the hours have been invoiced, with a reduction of revenues and work in progress or recognition of prepaid reve-nues (contract liability). To the degree that reduction to revenues has been realised in the form of a credit note, revenues has been reduced, instead of recognising the adjustment as a realised loss. Realised losses in the table below are therefore related to bankrupt-cies etc. at customers and represents actual credit losses.MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2022Maturities of receivables that have not been impairedCarrying 0-30 30-60 60-90 Amounts in NOK thousandNot due>90 daysamountdaysdaysdaysTrade receivables603 875 435 919 77 883 17 693 6 331 66 050Work in progress304 328 304 328 - - - -1)Other current receivables 48 093 48 093 - - - -2)Other non-current receivables 4 036 4 036 - - - -Allowance for losses on receivables(7 585) - - - (630) (6 955)Total trade and other receivables952 747 792 375 77 883 17 693 5 701 59 095MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2021Maturities of receivables that have not been impairedCarrying 0-30 30-60 60-90 Amounts in NOK thousandNot due>90 daysamountdaysdaysdaysTrade receivables738 430 597 567 69 107 13 094 6 622 52 039Work in progress225 021 225 021 - - - - 1)Other current receivables32 643 32 643 - - - - 2)Other non-current receivables6 405 6 405 - - - -Allowance for losses on receivables(7 549) - - - - (7 549)Total trade and other receivables994 950 861 636 69 107 13 094 6 622 44 4901) Other current receivables do not include prepayments, which are not considered financial assets.2) Other non-current receivables do not include net pension and reimbursement assets.CHANGES IN ALLOWANCES FOR LOSSES ON RECEIVABLES DURING THE YEARAmounts in NOK thousand 2022 2021Opening balance allowance for losses on receivables7 549 8 769Change in allowances for losses on trade receivable during the year36 (1 220)Closing balance allowance for losses on receivables 7 585 7 549Realised losses in the event of bankruptcy etc.- 2 005Loss on receivables in the statement of income 2 676 785e) Categories of financial instrumentsThe group has the following categories of financial instruments:31 DECEMBER 2022Amortised Estimated Level in the fair FVTPLcost Totalfair valuevalue hierarchyAmounts in NOK thousandASSETSShares and equity interests3 601 - 3 601 3 601 3Other non-current receivables- 4 036 4 036 4 036 N/ANon-current financial assets, restricted funds- 22 661 22 661 22 661 N/ATrade receivables and other - 948 711 948 711 948 711 N/A 1)current receivablesCash and cash equivalents- 114 559 114 559 114 559 N/ATotal assets3 601 1 089 967 1 093 568 1 093 568 Estimated fair value3 601 1 089 967 1 093 568 1 093 568 Estimated Level in the fair FVTPL Amortised cost Totalfair valuevalue hierarchyAmounts in NOK thousandLIABILITIESInterest-bearing liabilities (excluding - 31 510 31 510 31 510 N/Alease liabilities)Trade payables and other current - 933 657 933 657 933 657 N/A2)liabilities Total liabilities- 965 167 965 167 965 167Estimated fair value- 965 167 965 167 965 1671) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimburse-ment assets.2) Prepaid revenues and income taxes payable are excluded from trade payables and other liabilities, since this analysis is only required for financial instruments. It also excludes provisions, net pension liabilities and lease liabilities.31 DECEMBER 2021Amortised Estimated Level in the fair FVTPLcost Totalfair valuevalue hierarchyAmounts in NOK thousandASSETSShares and equity interests1 731 - 1 731 1 731 3Other non-current receivables- 6 405 6 405 6 405 N/ANon-current financial assets, restricted funds- 15 316 15 316 15 316 N/ATrade receivables and other current receiva-- 988 545 988 545 988 545 N/A1)bles Cash and cash equivalents- 156 165 156 165 156 165 N/ATotal assets1 731 1 166 430 1 168 162 1 168 162 Estimated fair value1 731 1 166 430 1 168 162 1 168 162 Estimated Level in the fair FVTPL Amortised cost Totalfair valuevalue hierarchyAmounts in NOK thousandLIABILITIESDerivatives385 - 385 385 2Interest-bearing liabilities (excluding - 180 000 180 000 180 000 N/Alease liabilities)Trade payables and other current - 916 482 916 482 916 482 N/A2)liabilities Total liabilities385 1 096 482 1 096 867 1 096 867Estimated fair value385 1 096 482 1 096 867 1 096 8671) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimburse-ment assets.2) Prepaid revenues and income taxes payable are excluded from trade payables and other liabilities, since this analysis is only required for financial instruments. It also excludes provisions, net pension liabilities and lease liabilities.Fair value estimates and the fair value hierarchyThe group measures fair value based on the following hierarchy that reflects the input used in measuring fair value:Level 1: Quoted prices (unadjusted) in active markets for identical financial instruments.Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).Level 3: Inputs for assets or liabilities that are not based on observable marked data (unobservable inputs). The net carrying amounts of trade receivables, other receivables, cash and cash equivalents, interest-bearing liabilities and trade payable are deemed to approximate fair value. Shares and equity interests that are not listed, have a low value and it is assumed that the carrying amounts approximate fair value. Fair value of derivatives is calculated based on the present value of future cash flows, calculated using interest rate curves, currency exchange rates and currency spreads as of the reporting date.NOTE 6 REVENUE FROM CONTRACTS WITH CUSTOMERS AND CONTRACT BALANCESAll revenues for the group in 2022 are from contracts with customers. Revenue is generated by delivering consulting services. The group provides a range of services, including multidisciplinary consulting and design, project engineering and management, verification, inspection, supervision and architecture \u2013 both in Norway and abroad.DISAGGREGATION FOR REVENUES FROM CONTRACTS WITH CUSTOMERSAmounts in NOK thousandRegion Region LINK Inter-Not 2022Oslo NorwayArkitekturnational allocated Total External revenues1 920 531 1 912 491 620 210 402 863 12 066 4 868 160Revenues per business areaBuildings & Properties 628 709 780 663 606 598 12 070 4 452 2 032 493Energy & Industry 456 670 485 949 13 612 (179) 2 940 958 992Mobility & Transportation 611 467 442 518 - 333 723 3 335 1 391 042Water & Environment223 685 203 361 - 57 248 1 339 485 634Total 1 920 531 1 912 491 620 210 402 863 12 066 4 868 1601)Revenues per geography Norway 1 828 874 1 901 380 344 545 - 12 066 4 086 865Sweden1 559 1 775 163 940 149 086 - 316 360Denmark372 359 111 726 - - 112 456Poland- - - 253 138 - 253 138All other countries89 725 8 977 - 639 - 99 342Total 1 920 531 1 912 491 620 210 402 863 12 066 4 868 1601) Revenues distributed by geography is based on the customer\u2019s location.Amounts in NOK thousandRegion Region LINK Inter-Not 2021Oslo NorwayArkitekturnational allocated Total External revenues1 603 214 1 632 613 642 997 374 845 30 997 4 284 666Revenues per business areaBuildings & Properties 480 533 668 601 619 920 - 13 754 1 782 808Energy & Industry 389 738 413 799 23 077 13 750 7 736 848 101Mobility & Transportation 477 767 363 849 - 311 034 4 220 1 156 870Water & Environment255 176 186 363 - 50 061 5 286 496 886Total 1 603 214 1 632 613 642 997 374 845 30 997 4 284 6661)Revenues per geography Norway 1 505 092 1 575 555 378 985 - 30 997 3 490 628Sweden3 531 12 208 182 052 149 231 - 347 022Denmark150 90 81 895 - - 82 135Poland19 5 1 225 614 - 225 639All other countries94 422 44 756 64 - - 139 242Total 1 603 214 1 632 613 642 997 374 845 30 997 4 284 6661) Revenues distributed by geography is based on the customer\u2019s location.CONTRACT BALANCESAmounts in NOK thousand Note 31.12.2022 31.12.2021Trade receivables3, 13 596 291 730 881Work in progress (contract assets)3, 13 304 328 225 021Prepaid revenues (contract liabilities)146 860 141 749Work in progress relate to the group's right to consideration for work completed but not billed at the reporting date. Work in progress is transferred to receivables when the group issues an invoice. The group has used the practical expedient not to adjust the promised amount of consideration for the effects of a significant financing component if the group expects, at contract inception, that the period between transfer of the service and when the customer pays for that service will be one year or less. Approxi-mately 31.2 per cent of the prepaid revenues relates to contracts in Multiconsult Norge AS, and approximately 3.3 per cent to con-tracts in LINK Arkitektur AS. Approximately 65.4 per cent of the prepaid revenues relates to contracts in Multiconsult Polska. Mul-ticonsult Polska has been able to negotiate some long-term con-tracts with prepayments. Multiconsult\u2019s opinion is that the rationale behind the prepayments is not providing financing of the group and has consequently not recognised interest expense and offsetting increase in revenues. Multiconsult estimates that prepaid revenues of NOK 71 928 thousand on 31 December 2021 has been recognised as revenue during 2022.Order backlog (unaudited)Order backlog is revenue expected to be recognised in the future related to performance obligations that are unfulfilled (or partial-ly fulfilled) on 31 December 2022. Options and call-offs on frame agreements are not included in the order backlog before signed and thereby committed. Contracts for an agreed service delivery may include an agreed scope, with fixed price per hour but where the number of hours are not fixed. Multiconsult regards this as variable consideration and has included the expected number of hours in the order backlog.The order backlog on 31 December 2022 is estimated to NOK 3 608 million. The timing of the recognition of revenue is uncertain, as it depends on the actual progress in many different projects which involves a number of parties. The group has estimated that it may recognise approximately 69 per cent of the order backlog as revenue during 2023, 18 per cent in 2024 and the remaining 13 per cent in the subsequent years.No consideration from contracts with customers is excluded from the amounts presented in the table above.NOTE 13 RECEIVABLES, WORK IN PROGRESS AND PREPAID EXPENSESAmounts in NOK thousand31.12.2022 31.12.2021Trade receivables603 875 738 430Allowance for credit losses on receivables (see note 3)(7 585) (7 549)Total trade receivables596 291 730 881Work in progress304 328 225 021Prepaid expenses69 288 53 797Other48 093 32 643Total other current receivables and prepaid expenses117 381 86 439Total receivables and prepaid expenses1 018 000 1 042 341",
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"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-69-3": {
"value": "d) Interest rate riskThe group's operating revenues and cash flows from operating activities are to a limited degree directly affected by interest rate changes. The group's interest rate risk is related to variable inter-est on bank accounts and on liabilities. Due to the limited amount of net interest-bearing liabilities on 31 December 2022 and 2021, a change in interest rates of half a percentage point would result in insignificant change in annual net interest expense (excluding effect on fair value of interest rate swaps). Multiconsult ASA has no interest rate swap that exposes it to fair value interest rate risk on 31 December 2022. On 31 December 2021, NOK 64.5 million was swapped from variable 3-month interest (NIBOR equivalent) to fixed interest of 1.565 per cent p.a. for three years. On 31 December 2021 the fair value was a liability of NOK 385 thousand. The interest rate swap was due in October 2022 and no new interest rate swap is agreed after this. The company will secure about, on average, 50 per cent of the assumed net interest-bearing liabilities over time. ",
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"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-70-4": {
"value": "e) Categories of financial instrumentsThe group has the following categories of financial instruments:31 DECEMBER 2022Amortised Estimated Level in the fair FVTPLcost Totalfair valuevalue hierarchyAmounts in NOK thousandASSETSShares and equity interests3 601 - 3 601 3 601 3Other non-current receivables- 4 036 4 036 4 036 N/ANon-current financial assets, restricted funds- 22 661 22 661 22 661 N/ATrade receivables and other - 948 711 948 711 948 711 N/A 1)current receivablesCash and cash equivalents- 114 559 114 559 114 559 N/ATotal assets3 601 1 089 967 1 093 568 1 093 568 Estimated fair value3 601 1 089 967 1 093 568 1 093 568 Estimated Level in the fair FVTPL Amortised cost Totalfair valuevalue hierarchyAmounts in NOK thousandLIABILITIESInterest-bearing liabilities (excluding - 31 510 31 510 31 510 N/Alease liabilities)Trade payables and other current - 933 657 933 657 933 657 N/A2)liabilities Total liabilities- 965 167 965 167 965 167Estimated fair value- 965 167 965 167 965 1671) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimburse-ment assets.2) Prepaid revenues and income taxes payable are excluded from trade payables and other liabilities, since this analysis is only required for financial instruments. It also excludes provisions, net pension liabilities and lease liabilities.31 DECEMBER 2021Amortised Estimated Level in the fair FVTPLcost Totalfair valuevalue hierarchyAmounts in NOK thousandASSETSShares and equity interests1 731 - 1 731 1 731 3Other non-current receivables- 6 405 6 405 6 405 N/ANon-current financial assets, restricted funds- 15 316 15 316 15 316 N/ATrade receivables and other current receiva-- 988 545 988 545 988 545 N/A1)bles Cash and cash equivalents- 156 165 156 165 156 165 N/ATotal assets1 731 1 166 430 1 168 162 1 168 162 Estimated fair value1 731 1 166 430 1 168 162 1 168 162 Estimated Level in the fair FVTPL Amortised cost Totalfair valuevalue hierarchyAmounts in NOK thousandLIABILITIESDerivatives385 - 385 385 2Interest-bearing liabilities (excluding - 180 000 180 000 180 000 N/Alease liabilities)Trade payables and other current - 916 482 916 482 916 482 N/A2)liabilities Total liabilities385 1 096 482 1 096 867 1 096 867Estimated fair value385 1 096 482 1 096 867 1 096 8671) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimburse-ment assets.2) Prepaid revenues and income taxes payable are excluded from trade payables and other liabilities, since this analysis is only required for financial instruments. It also excludes provisions, net pension liabilities and lease liabilities.Fair value estimates and the fair value hierarchyThe group measures fair value based on the following hierarchy that reflects the input used in measuring fair value:Level 1: Quoted prices (unadjusted) in active markets for identical financial instruments.Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).Level 3: Inputs for assets or liabilities that are not based on observable marked data (unobservable inputs). The net carrying amounts of trade receivables, other receivables, cash and cash equivalents, interest-bearing liabilities and trade payable are deemed to approximate fair value. Shares and equity interests that are not listed, have a low value and it is assumed that the carrying amounts approximate fair value. Fair value of derivatives is calculated based on the present value of future cash flows, calculated using interest rate curves, currency exchange rates and currency spreads as of the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-5": {
"value": "e) Categories of financial instrumentsThe group has the following categories of financial instruments:31 DECEMBER 2022Amortised Estimated Level in the fair FVTPLcost Totalfair valuevalue hierarchyAmounts in NOK thousandASSETSShares and equity interests3 601 - 3 601 3 601 3Other non-current receivables- 4 036 4 036 4 036 N/ANon-current financial assets, restricted funds- 22 661 22 661 22 661 N/ATrade receivables and other - 948 711 948 711 948 711 N/A 1)current receivablesCash and cash equivalents- 114 559 114 559 114 559 N/ATotal assets3 601 1 089 967 1 093 568 1 093 568 Estimated fair value3 601 1 089 967 1 093 568 1 093 568 Estimated Level in the fair FVTPL Amortised cost Totalfair valuevalue hierarchyAmounts in NOK thousandLIABILITIESInterest-bearing liabilities (excluding - 31 510 31 510 31 510 N/Alease liabilities)Trade payables and other current - 933 657 933 657 933 657 N/A2)liabilities Total liabilities- 965 167 965 167 965 167Estimated fair value- 965 167 965 167 965 1671) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimburse-ment assets.2) Prepaid revenues and income taxes payable are excluded from trade payables and other liabilities, since this analysis is only required for financial instruments. It also excludes provisions, net pension liabilities and lease liabilities.31 DECEMBER 2021Amortised Estimated Level in the fair FVTPLcost Totalfair valuevalue hierarchyAmounts in NOK thousandASSETSShares and equity interests1 731 - 1 731 1 731 3Other non-current receivables- 6 405 6 405 6 405 N/ANon-current financial assets, restricted funds- 15 316 15 316 15 316 N/ATrade receivables and other current receiva-- 988 545 988 545 988 545 N/A1)bles Cash and cash equivalents- 156 165 156 165 156 165 N/ATotal assets1 731 1 166 430 1 168 162 1 168 162 Estimated fair value1 731 1 166 430 1 168 162 1 168 162 Estimated Level in the fair FVTPL Amortised cost Totalfair valuevalue hierarchyAmounts in NOK thousandLIABILITIESDerivatives385 - 385 385 2Interest-bearing liabilities (excluding - 180 000 180 000 180 000 N/Alease liabilities)Trade payables and other current - 916 482 916 482 916 482 N/A2)liabilities Total liabilities385 1 096 482 1 096 867 1 096 867Estimated fair value385 1 096 482 1 096 867 1 096 8671) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimburse-ment assets.2) Prepaid revenues and income taxes payable are excluded from trade payables and other liabilities, since this analysis is only required for financial instruments. It also excludes provisions, net pension liabilities and lease liabilities.Fair value estimates and the fair value hierarchyThe group measures fair value based on the following hierarchy that reflects the input used in measuring fair value:Level 1: Quoted prices (unadjusted) in active markets for identical financial instruments.Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).Level 3: Inputs for assets or liabilities that are not based on observable marked data (unobservable inputs). The net carrying amounts of trade receivables, other receivables, cash and cash equivalents, interest-bearing liabilities and trade payable are deemed to approximate fair value. Shares and equity interests that are not listed, have a low value and it is assumed that the carrying amounts approximate fair value. Fair value of derivatives is calculated based on the present value of future cash flows, calculated using interest rate curves, currency exchange rates and currency spreads as of the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-70-6": {
"value": "e) Categories of financial instrumentsThe group has the following categories of financial instruments:31 DECEMBER 2022Amortised Estimated Level in the fair FVTPLcost Totalfair valuevalue hierarchyAmounts in NOK thousandASSETSShares and equity interests3 601 - 3 601 3 601 3Other non-current receivables- 4 036 4 036 4 036 N/ANon-current financial assets, restricted funds- 22 661 22 661 22 661 N/ATrade receivables and other - 948 711 948 711 948 711 N/A 1)current receivablesCash and cash equivalents- 114 559 114 559 114 559 N/ATotal assets3 601 1 089 967 1 093 568 1 093 568 Estimated fair value3 601 1 089 967 1 093 568 1 093 568 Estimated Level in the fair FVTPL Amortised cost Totalfair valuevalue hierarchyAmounts in NOK thousandLIABILITIESInterest-bearing liabilities (excluding - 31 510 31 510 31 510 N/Alease liabilities)Trade payables and other current - 933 657 933 657 933 657 N/A2)liabilities Total liabilities- 965 167 965 167 965 167Estimated fair value- 965 167 965 167 965 1671) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimburse-ment assets.2) Prepaid revenues and income taxes payable are excluded from trade payables and other liabilities, since this analysis is only required for financial instruments. It also excludes provisions, net pension liabilities and lease liabilities.31 DECEMBER 2021Amortised Estimated Level in the fair FVTPLcost Totalfair valuevalue hierarchyAmounts in NOK thousandASSETSShares and equity interests1 731 - 1 731 1 731 3Other non-current receivables- 6 405 6 405 6 405 N/ANon-current financial assets, restricted funds- 15 316 15 316 15 316 N/ATrade receivables and other current receiva-- 988 545 988 545 988 545 N/A1)bles Cash and cash equivalents- 156 165 156 165 156 165 N/ATotal assets1 731 1 166 430 1 168 162 1 168 162 Estimated fair value1 731 1 166 430 1 168 162 1 168 162 Estimated Level in the fair FVTPL Amortised cost Totalfair valuevalue hierarchyAmounts in NOK thousandLIABILITIESDerivatives385 - 385 385 2Interest-bearing liabilities (excluding - 180 000 180 000 180 000 N/Alease liabilities)Trade payables and other current - 916 482 916 482 916 482 N/A2)liabilities Total liabilities385 1 096 482 1 096 867 1 096 867Estimated fair value385 1 096 482 1 096 867 1 096 8671) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimburse-ment assets.2) Prepaid revenues and income taxes payable are excluded from trade payables and other liabilities, since this analysis is only required for financial instruments. It also excludes provisions, net pension liabilities and lease liabilities.Fair value estimates and the fair value hierarchyThe group measures fair value based on the following hierarchy that reflects the input used in measuring fair value:Level 1: Quoted prices (unadjusted) in active markets for identical financial instruments.Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices).Level 3: Inputs for assets or liabilities that are not based on observable marked data (unobservable inputs). The net carrying amounts of trade receivables, other receivables, cash and cash equivalents, interest-bearing liabilities and trade payable are deemed to approximate fair value. Shares and equity interests that are not listed, have a low value and it is assumed that the carrying amounts approximate fair value. Fair value of derivatives is calculated based on the present value of future cash flows, calculated using interest rate curves, currency exchange rates and currency spreads as of the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-78-3": {
"value": "f) Capital managementThe group has followed up its capital structure by securing adequate free liquidity in the form of cash, bank placements and bank overdraft, to be able to continuously service its obligations with-out significant loan financing, have adequate equity and to have available liquidity. Multiconsult have set financial targets as follows:\u2022 Gearing: The maximum gearing (NIBD/EBITDA) shall be 2.5x. The company shall aim to have a gearing of 1.0x - 2.0x in normal circumstances. In special circumstances (such as acquisitions) gearing may go up to 3.0x for a period not exceeding 18 months. Gearing is measured excluding IFRS 16 effects.\u2022 Equity: Equity ratio above 25 per cent. Equity ratio shall be measured excluding IFRS 16 effects.\u2022 Profitability: 10 per cent EBIT margin \u2013 measured on an annual basis, exclusive extraordinary items.Dividend policy: The dividend policy is based on an ambition to distribute at least 50 per cent of the group\u2019s net profit annually. When deciding the annual dividend level, the board of directors will take into consideration the various aspects of the financing strategy, such as expected cash flows, capital expenditure plans, financing requirements and appropriate financial flexibility.The board proposes a dividend of NOK 9.00 per share as ordinary dividend for 2022 to be declared at the 2023 annual general meeting.The board\u2019s proposal for dividend is based on the good financial results for 2022, and a strong balance sheet that provides the company with adequate financial flexibility. The level of dividend is according to the dividend policy of the company.Calculated covenants based on amounts adjusted for IFRS 16 effects and \"carve-out\":31.12.2022 31.12 2021Covenant net interest-bearing liabilities/EBITDA*(0.19) 0.06Covenant Equity ratio*45.1% 40.3%* See section APM",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-81-2": {
"value": "NOTE 4 BUSINESS COMBINATIONSBUSINESS COMBINATIONS IN 2022:Acquisition of Roar J\u00f8rgensen ASOn 30 November 2022, Multiconsult announced that it had entered into an agreement to purchase 100 per cent of the shares of Roar J\u00f8rgensen AS. The acquisition will strengthen our capacity, compe-tence and our presence in a new location in H\u00f8nefoss. The purchase price was settled in a combination of cash and Multiconsult shares (20 per cent of the enterprise value (EV)). An additional considera-tion may be paid to the sellers by way of an earn-out payment based on the annual accounts of 2023.In connection with the closing of the transaction Multiconsult issued 103 936 new shares to the shareholders of Roar J\u00f8rgensen AS at a share price of NOK 134.6971. The share price was based on the volume weighted average share price of Multiconsult during the five consecutive trading days prior to closing. The new shares were issued pursuant to an authority given to the board of directors by the annual general meeting on 7 April 2022. The cash portion of the purchase price was settled by using existing cash balances. The transaction was based on a completion accounts model where the closing accounts date (reference date) was set to 31 December 2022. Consequently, the purchase price will be adjusted accordingly with the net cash and net working capital position on the reference date. The purchase price adjustment will be settled during second quarter of 2023.The share capital increase of NOK 51 968.00 was filed and amendments to the articles of association of Multiconsult ASA was registered with the Norwegian Register of Business Enterpris-es immediately following closing. After the registration, the share capital of Multiconsult was NOK 13 767 229.50 divided into 27 534 459 shares, each with a nominal value of NOK 0.50. The newly issued shares represent approximately 0.38 per cent of the share capital of Multiconsult.The initial, preliminary purchase price allocation identified the following assets and liabilities at the acquisition date:Preliminary Purchase Price AllocationThe initial, preliminary purchase price allocation identified the following assets and liabilities at the acquisition date:Assets:Amounts in NOK thousandSoftware221 Deferred tax asset81 Intangible assets1 770 Property, plant and equipment186 Right-of-use assets10 439 Trade receivables8 937 Work in progress300Other current receivables and prepaid cost789 Cash and cash equivalents19 822 Total identifiable assets42 546 Liabilities:Amounts in NOK thousandDeferred tax liability389 Non-current lease liabilities8 909 Trade payables1 151 Provision200Current lease liabilities1 530 Other current liabilities12 443 Total identifiable liabilities24 623 Net identifiable assets17 923Goodwill:Amounts in NOK thousandTotal consideration83 500 Net identified assets(17 923)Goodwill65 577Total net assets and liabilities83 500Consideration:Amounts in NOK thousandSettled with Multiconsult shares14 000 Settled with cash55 500 Earn-out settlement14 000Total consideration 83 500 Adjustments:Amounts in NOK thousandCash in purchased entities (18 185)Net adjustments(18 185)Net cash paid (37 315)Earn-out settlement(14 000)This purchase price allocation was based on company accounts adjusted for calculated IFRS 16 right-of-use assets and lease liabilities. The carrying value corresponds to fair value in the purchase price allocation. As part of the purchase price allocation an intangible asset related to the order backlog of NOK 1.8 million was identified. The acquisition generated an excess value of NOK 65.6 million allocated to goodwill. The goodwill is related to the competence of the staff. Incremental external transaction related cost of NOK 1.3 million was expensed as part of other operating expenses. Other acquisition:On 19 January 2022 Multiconsult ASA announced its agreement to acquire 100 per cent of the shares in Smidt & Ingebrigtsen AS and strengthen its competence and presence in Bergen. Smidt & Ingebrigtsen AS is a consulting engineering company with a solid market position both in the public and private construction and civil market in western Norway. Closing date for the transaction was on 1 February 2022. The total purchase price was set to NOK 12.2 million, after adjust-ment for the value of net debt and normalised working capital at the transaction date. NOK 10.4 million was allocated to goodwill related to the competence of the staff. Net cash paid was NOK 10.1 million. The purchase price allocation is preliminary due to the fact that the financial statement of Roar J\u00f8rgensen AS have not been approved by the board and adopted by the general meeting.Pro-forma impact of the acquisition on the result of the groupIf the business combination of Roar J\u00f8rgensen AS and Smidt & Inge-brigtsen AS had been effective on 1 January 2022, the net operating revenue for the group would have been NOK 4 249 million for 2022 (NOK 3 862 million for 2021). EBIT would have been NOK 416 million for 2022 (NOK 362 million for 2021). The group considers these pro-forma numbers to represent a measure of the performance of the combined group and to provide a reference point for comparison in future periods. BUSINESS COMBINATIONS IN 2021:On 8 July 2021, Multiconsult acquired 100 per cent of the shares in Erichsen & Horgen AS. The acquired company is a leading Norwegian engineering consultancy with a strong market position within build-ings construction, HVAC, WWT, energy, environment and sustain-ability. Erichsen & Horgen AS, including its subsidiary Malnes og Endresen AS, has about 235 employees with headquarter in Oslo, the company also has offices in Trondheim, Skien, Drammen and Lillehammer. The total purchase price for the acquisition of Erichsen & Horgen AS was NOK 421.8 million after adjustments for working capital and net cash was settled in a combination of NOK 337.5 million in cash (80 per cent) and NOK 84.4 million in Multiconsult shares (20 per cent) on 16 August 2021. Purchase Price AllocationThe purchase price allocation identified the following assets and liabilities at the acquisition date:Assets:Amounts in NOK thousandIntangible assets8 900Property, plant and equipment4 030 Right-of-use assets39 863 Non-current receivables and shares431 Trade receivables42 438 Work in progress475 Other current receivables and prepaid cost5 867 Cash and cash equivalents38 377 Total identifiable assets140 381Liabilities:Amounts in NOK thousandDeferred tax1 748Provisions360Non-current lease liabilities30 441 Trade payables6 484 Current lease liabilities9 422 Other current liabilities53 087Total identifiable liabilities101 542Net identifiable assets38 839Goodwill:Amounts in NOK thousandTotal consideration421 831 Locked-box interest9 120 Net identified assets (38 839)Goodwill392 112 Total net assets and liabilities430 951 Consideration:Amounts in NOK thousandSettled with Multiconsult shares84 366 Settled with cash337 465 Total consideration421 831 Adjustments:Amounts in NOK thousandLocked-box interest9 120 Cash in purchased entities (38 377)Net adjustments (29 257)Net cash paid (308 208)This purchase price allocation is based on company accounts adjusted for calculated IFRS 16 right-of-use assets and lease liabilities. As part of the purchase price allocation an intangible asset related to the order backlog of NOK 8.9 million was identi-fied. The acquisition generated an excess value of NOK 392.1 million allocated to goodwill. The goodwill is related to the competence of the staff and synergy effects. The final purchase price allocation corresponds with the initial purchase price allocation.Incremental external transaction related cost of NOK 2.6 million was expensed as part of other operating expenses. Other acquisitionsOn 1 October 2021, Multiconsult ASA acquired 100 per cent of the shares in Nordland Teknikk AS. Nordland Teknikk AS is a consulting engineering company with a core of construction engineers, with a long history and solid presence in the county of Nordland, Norway.Closing date for the transaction was on 1 November. The total purchase price was set to NOK 7.4 million, after adjustment for the value of net debt and normalised working capital at the transaction date. NOK 4.9 million was allocated to goodwill related to the competence of the staff and synergy effects. Net cash paid was NOK 6.0 million. The final purchase price allocation corresponds with the initial purchase price allocation.",
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"value": "NOTE 5 SEGMENTSThe group\u2019s business has previously been presented as five reporting segments, Region Oslo, Region Norway, Energy, LINK Arkitektur and International. In fourth quarter 2022, segment Energy was incorporated into Region Oslo and Region Norway to streamline the organisation and optimise utilisation of total capabilites within energy and industry. Multiconsult is now divided into four reporting segments, Region Oslo, Region Norway, LINK Arkitektur and International. To ensure comparability between periods, the previously reported figures in 2021 for the segment Energy has been transferred to the segments Region Oslo and Region Norway in line with the new organisational structure. 1. Region Oslo: This segment offers services in four business areas and comprises the Oslo region, including the Lillehammer office, Large Projects in Norway and the subsidiary Multiconsult UK.2. Region Norway: This segment offers services in four business areas and comprises all offices outside the Region Oslo, with presence in all larger cities and several other locations in Norway.3. LINK Arkitektur: This segment comprises LINK Arkitektur with offices in Norway, Sweden and Denmark and offers services in the business area Buildings & Properties and Energy & Industry. 4. International: This segment comprises the subsidiaries Multicon-sult Polska and Iterio AB in Sweden and offers services mainly in the business area Mobility & Transportation.Not allocated in 2022 consists of administrative staff and shared services, of which the majority is allocated to the business segments. Remaining unallocated costs are considered as shareholder costs. In addition, some of the administrative staff participated in external projects which generated some external revenue and project costs. Expenses for administrative services, rent, depreciation etc. are allocated to the segments. The majority of the allocation of expenses are not reported as intercompany revenue and expenses. Assets are not reported internally divided by segments. The information in the segment reporting is the same as the executive management uses to allocate resources and evaluate performance. The accounting policies for the segments are the same as the policies for the group.The Segments correspond with the internal reporting to the group's chief operating decision maker, the CEO. Projects are staffed across segments. Revenues and expenses are reported in a segment based on where the employee is based.The group also reports operating revenues divided by four business areas:1. Buildings & Properties2. Energy & Industry3. Mobility & Transportation4. Water & EnvironmentBuildings & Properties covers the traditional construction market, including housing, public and private buildings as well as real-estate management. Multiconsult and LINK Arkitektur provides services in all phases of the lifetime of a building, from early planning stages through the construction phase, operation and modernization phases as well as demolition and renewal of a building. Our focus is to provide innovative and sustainable solutions in line with our clients\u2019 strategies and goals. Energy & Industry includes planning and construction of industrial facilities and installations, which in addition to traditional industrial developments, includes onshore aqua-culture facilities, hydropower and dams as well as wind and solar power generation. The portfolio also covers electrical grid distribution and trans-mission. The business area is heavily involved in design and engi-neering of onshore processing plants within energy production and energy transformation. Multiconsult provides services in all of the project phases, from feasibility and location studies, through concept design, FEED and execution phase. Much emphasis is put on supporting our clients in transforming their business to meet society\u2019s demand for sustainable solutions. Mobility & Transportation delivers engineering and advisory services for safe and forward-looking transportation systems. The business area covers both road and rail, airport and harbour facilities and channel transportation systems. This business area also comprises a highly competent bridge construction department. In all our work in this segment, Multiconsult utilizes our broad experience with-in environmental issues to give our customers the best advice on how to achieve sustainable solutions and how to meet increasing environmental demands. Water & Environment focus on assisting our customers in finding good solutions and design in a world where more extreme weather will put infrastructure and our environment to an increasingly harder test. This business area covers advisory within all phases of a project related to greenhouse gas emissions, flood and mud slide protection, blue-green structures and water and drainage systems including water treatment. We also give advice on most air, water and soil pollution issues.Amounts in NOK thousandRegion Region LINK Inter-Not Elimina-2022OsloNorwayarkitekturnationalallocatedtions TotalNet operating revenues1 649 238 1 742 921 556 695 257 121 (8 410) (8 339) 4 189 226Operating expenses1 414 283 1 521 372 532 644 218 201 (99 090) (8 339) 3 579 072EBITDA234 954 221 549 24 051 38 920 90 680 - 610 154Depreciation and amortisation10 999 27 556 22 670 15 584 124 876 (21) 201 663EBITA223 956 193 993 1 381 23 336 (34 196) 21 408 491Number of employees1 060 1 218 484 444 147 - 3 353Amounts in NOK thousandRegion Region LINK Inter-Not Elimina-2021OsloNorwayarkitekturnationalallocatedtions TotalNet operating revenues1 433 211 1 563 439 564 454 243 261 6 979 (7 608) 3 803 736Operating expenses1 268 305 1 292 215 524 044 203 929 (12 999) (14 602) 3 260 892EBITDA164 906 271 225 40 410 39 333 19 977 6 994 542 845Depreciation and amortisation16 676 89 105 21 657 15 589 43 755 5 552 192 334EBITA148 230 182 120 18 753 23 743 (23 777) 1 442 350 511Number of employees1 081 1 144 469 374 133 - 3 200Amounts in NOK thousand 2022 2021REVENUES PER BUSINESS AREABuildings & Properties 2 032 493 1 782 808Energy & Industry 958 992 848 101Mobility & Transportation1 391 042 1 156 870Water & Environment 485 634 496 886Total 4 868 160 4 284 666Amounts in NOK thousand 2022 2021REVENUES PER GEOGRAPHYThe table below shows revenues distributed by geography, based on the customer's location:Norway4 086 865 3 490 628Abroad781 295 794 037Total4 868 160 4 284 666Customer location is based on the invoice address. No customer contributed 10 per cent or more of revenues in 2022 or 2021. ",
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"value": "NOTE 6 REVENUE FROM CONTRACTS WITH CUSTOMERS AND CONTRACT BALANCESAll revenues for the group in 2022 are from contracts with customers. Revenue is generated by delivering consulting services. The group provides a range of services, including multidisciplinary consulting and design, project engineering and management, verification, inspection, supervision and architecture \u2013 both in Norway and abroad.DISAGGREGATION FOR REVENUES FROM CONTRACTS WITH CUSTOMERSAmounts in NOK thousandRegion Region LINK Inter-Not 2022Oslo NorwayArkitekturnational allocated Total External revenues1 920 531 1 912 491 620 210 402 863 12 066 4 868 160Revenues per business areaBuildings & Properties 628 709 780 663 606 598 12 070 4 452 2 032 493Energy & Industry 456 670 485 949 13 612 (179) 2 940 958 992Mobility & Transportation 611 467 442 518 - 333 723 3 335 1 391 042Water & Environment223 685 203 361 - 57 248 1 339 485 634Total 1 920 531 1 912 491 620 210 402 863 12 066 4 868 1601)Revenues per geography Norway 1 828 874 1 901 380 344 545 - 12 066 4 086 865Sweden1 559 1 775 163 940 149 086 - 316 360Denmark372 359 111 726 - - 112 456Poland- - - 253 138 - 253 138All other countries89 725 8 977 - 639 - 99 342Total 1 920 531 1 912 491 620 210 402 863 12 066 4 868 1601) Revenues distributed by geography is based on the customer\u2019s location.Amounts in NOK thousandRegion Region LINK Inter-Not 2021Oslo NorwayArkitekturnational allocated Total External revenues1 603 214 1 632 613 642 997 374 845 30 997 4 284 666Revenues per business areaBuildings & Properties 480 533 668 601 619 920 - 13 754 1 782 808Energy & Industry 389 738 413 799 23 077 13 750 7 736 848 101Mobility & Transportation 477 767 363 849 - 311 034 4 220 1 156 870Water & Environment255 176 186 363 - 50 061 5 286 496 886Total 1 603 214 1 632 613 642 997 374 845 30 997 4 284 6661)Revenues per geography Norway 1 505 092 1 575 555 378 985 - 30 997 3 490 628Sweden3 531 12 208 182 052 149 231 - 347 022Denmark150 90 81 895 - - 82 135Poland19 5 1 225 614 - 225 639All other countries94 422 44 756 64 - - 139 242Total 1 603 214 1 632 613 642 997 374 845 30 997 4 284 6661) Revenues distributed by geography is based on the customer\u2019s location.CONTRACT BALANCESAmounts in NOK thousand Note 31.12.2022 31.12.2021Trade receivables3, 13 596 291 730 881Work in progress (contract assets)3, 13 304 328 225 021Prepaid revenues (contract liabilities)146 860 141 749Work in progress relate to the group's right to consideration for work completed but not billed at the reporting date. Work in progress is transferred to receivables when the group issues an invoice. The group has used the practical expedient not to adjust the promised amount of consideration for the effects of a significant financing component if the group expects, at contract inception, that the period between transfer of the service and when the customer pays for that service will be one year or less. Approxi-mately 31.2 per cent of the prepaid revenues relates to contracts in Multiconsult Norge AS, and approximately 3.3 per cent to con-tracts in LINK Arkitektur AS. Approximately 65.4 per cent of the prepaid revenues relates to contracts in Multiconsult Polska. Mul-ticonsult Polska has been able to negotiate some long-term con-tracts with prepayments. Multiconsult\u2019s opinion is that the rationale behind the prepayments is not providing financing of the group and has consequently not recognised interest expense and offsetting increase in revenues. Multiconsult estimates that prepaid revenues of NOK 71 928 thousand on 31 December 2021 has been recognised as revenue during 2022.Order backlog (unaudited)Order backlog is revenue expected to be recognised in the future related to performance obligations that are unfulfilled (or partial-ly fulfilled) on 31 December 2022. Options and call-offs on frame agreements are not included in the order backlog before signed and thereby committed. Contracts for an agreed service delivery may include an agreed scope, with fixed price per hour but where the number of hours are not fixed. Multiconsult regards this as variable consideration and has included the expected number of hours in the order backlog.The order backlog on 31 December 2022 is estimated to NOK 3 608 million. The timing of the recognition of revenue is uncertain, as it depends on the actual progress in many different projects which involves a number of parties. The group has estimated that it may recognise approximately 69 per cent of the order backlog as revenue during 2023, 18 per cent in 2024 and the remaining 13 per cent in the subsequent years.No consideration from contracts with customers is excluded from the amounts presented in the table above.",
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"value": "NOTE 6 REVENUE FROM CONTRACTS WITH CUSTOMERS AND CONTRACT BALANCESAll revenues for the group in 2022 are from contracts with customers. Revenue is generated by delivering consulting services. The group provides a range of services, including multidisciplinary consulting and design, project engineering and management, verification, inspection, supervision and architecture \u2013 both in Norway and abroad.DISAGGREGATION FOR REVENUES FROM CONTRACTS WITH CUSTOMERSAmounts in NOK thousandRegion Region LINK Inter-Not 2022Oslo NorwayArkitekturnational allocated Total External revenues1 920 531 1 912 491 620 210 402 863 12 066 4 868 160Revenues per business areaBuildings & Properties 628 709 780 663 606 598 12 070 4 452 2 032 493Energy & Industry 456 670 485 949 13 612 (179) 2 940 958 992Mobility & Transportation 611 467 442 518 - 333 723 3 335 1 391 042Water & Environment223 685 203 361 - 57 248 1 339 485 634Total 1 920 531 1 912 491 620 210 402 863 12 066 4 868 1601)Revenues per geography Norway 1 828 874 1 901 380 344 545 - 12 066 4 086 865Sweden1 559 1 775 163 940 149 086 - 316 360Denmark372 359 111 726 - - 112 456Poland- - - 253 138 - 253 138All other countries89 725 8 977 - 639 - 99 342Total 1 920 531 1 912 491 620 210 402 863 12 066 4 868 1601) Revenues distributed by geography is based on the customer\u2019s location.Amounts in NOK thousandRegion Region LINK Inter-Not 2021Oslo NorwayArkitekturnational allocated Total External revenues1 603 214 1 632 613 642 997 374 845 30 997 4 284 666Revenues per business areaBuildings & Properties 480 533 668 601 619 920 - 13 754 1 782 808Energy & Industry 389 738 413 799 23 077 13 750 7 736 848 101Mobility & Transportation 477 767 363 849 - 311 034 4 220 1 156 870Water & Environment255 176 186 363 - 50 061 5 286 496 886Total 1 603 214 1 632 613 642 997 374 845 30 997 4 284 6661)Revenues per geography Norway 1 505 092 1 575 555 378 985 - 30 997 3 490 628Sweden3 531 12 208 182 052 149 231 - 347 022Denmark150 90 81 895 - - 82 135Poland19 5 1 225 614 - 225 639All other countries94 422 44 756 64 - - 139 242Total 1 603 214 1 632 613 642 997 374 845 30 997 4 284 6661) Revenues distributed by geography is based on the customer\u2019s location.CONTRACT BALANCESAmounts in NOK thousand Note 31.12.2022 31.12.2021Trade receivables3, 13 596 291 730 881Work in progress (contract assets)3, 13 304 328 225 021Prepaid revenues (contract liabilities)146 860 141 749Work in progress relate to the group's right to consideration for work completed but not billed at the reporting date. Work in progress is transferred to receivables when the group issues an invoice. The group has used the practical expedient not to adjust the promised amount of consideration for the effects of a significant financing component if the group expects, at contract inception, that the period between transfer of the service and when the customer pays for that service will be one year or less. Approxi-mately 31.2 per cent of the prepaid revenues relates to contracts in Multiconsult Norge AS, and approximately 3.3 per cent to con-tracts in LINK Arkitektur AS. Approximately 65.4 per cent of the prepaid revenues relates to contracts in Multiconsult Polska. Mul-ticonsult Polska has been able to negotiate some long-term con-tracts with prepayments. Multiconsult\u2019s opinion is that the rationale behind the prepayments is not providing financing of the group and has consequently not recognised interest expense and offsetting increase in revenues. Multiconsult estimates that prepaid revenues of NOK 71 928 thousand on 31 December 2021 has been recognised as revenue during 2022.Order backlog (unaudited)Order backlog is revenue expected to be recognised in the future related to performance obligations that are unfulfilled (or partial-ly fulfilled) on 31 December 2022. Options and call-offs on frame agreements are not included in the order backlog before signed and thereby committed. Contracts for an agreed service delivery may include an agreed scope, with fixed price per hour but where the number of hours are not fixed. Multiconsult regards this as variable consideration and has included the expected number of hours in the order backlog.The order backlog on 31 December 2022 is estimated to NOK 3 608 million. The timing of the recognition of revenue is uncertain, as it depends on the actual progress in many different projects which involves a number of parties. The group has estimated that it may recognise approximately 69 per cent of the order backlog as revenue during 2023, 18 per cent in 2024 and the remaining 13 per cent in the subsequent years.No consideration from contracts with customers is excluded from the amounts presented in the table above.",
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"value": "NOTE 7 RESEARCH AND DEVELOPMENTMulticonsult Norge AS and LINK Arkitektur AS performs a number of research and development activities. Based on the definition in IFRS, the company has divided the activities into the following categories: 1. Projects with external funding. 2. Projects with collaborating partners (example SINTEF, Skatte-FUNN, PhD arrangements). 3. Activities related to methodology development, process etc. that the company uses to deliver to customers (product and process development), including these activities in group networks.Total expenditures for these activities were NOK 10.7 million in 2022 (NOK 7.6 million in 2021), of which NOK 0 million was invoiced to customers in 2022 (NOK 0 million in 2021). In the income state-ment, these expenditures have been reduced by government grants (SkatteFUNN) of NOK 1.6 million in 2022 (NOK 2.0 million in 2021). None of these expenditures have been capitalised. ",
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"value": "NOTE 9 EMPLOYEE BENEFIT EXPENSES, NUMBER OF EMPLOYEES, REMUNERATION, LOANS TO EMPLOYEES ETC.Amounts in NOK thousand 2022 2021EMPLOYEE BENEFIT EXPENSESSalaries, vacation pay, bonus etc.2 442 873 2 256 722Social security tax361 197 331 459Pension expenses (see note 12)200 064 186 534Other employee benefit expenses46 847 36 695Total employee benefit expenses3 050 982 2 811 409 1)Number of full time employees during the year3 134 2 978Number of employees on 31 December3 353 3 2001) Number of full-time employees is calculated as the total number of working hours (including overtime and paid sick leave) divided on normal working hours per full time employee for the period.SHARE PURCHASE PROGRAMME AND LOANS TO EMPLOYEESMulticonsult ASA has a share purchase programme (SPP) available to all group employees. The SPP offers employees to buy shares in Multiconsult ASA at a discount of 20 per cent. Shares purchased by the employees through the programme are subject to a two-year lock-in period. The 2022 programme took place in November. In total Multicon-sult sold 420 258 shares to its employees, of which was 213 000 shares was purchased in the market and 230 000 shares was borrowed from Stiftelsen Multiconsult, see also note 3. The sale was based on a price of NOK 101.75 per share, a 20 per cent discount of the volume-weighted average share price of NOK 127.19 per share traded on Oslo B\u00f8rs in the period 19 September 2022 to 6 December 2022. The total sales price reduced with the discount was NOK 42 761 thousand, of which NOK 18 615 thousand was paid in cash and the remaining NOK 24 147 thousand as loans granted to the employees, maximum 3/5 G (NOK 66 886) per employee. The outstanding balance of loans per 31 December 2022 was NOK 22 537 thousand including loans to the executive manage-ment related to their variable performance-based bonus scheme. Repayment of loans takes place over 12 months through deduction in salary.In the 2021 programme the employees purchased 370 716 shares. The total sales price was NOK 45 943 thousand, of which NOK 21 529 thousand was paid in cash and the remaining NOK 24 413 thousand as loans granted to the employees. The outstanding balance of loans per 31 December 2021 was NOK 22 912 thousand, includ-ing loans to the executive management related to their variable performance-based bonus scheme. The discount is partially recognised as an expense and partially recognised directly in equity. See accounting policies for further description.DISCOUNT, EMPLOYEE SHARE PURCHASE PROGRAMMEAmounts in NOK thousand 2022 2021Employee benefit expenses2 106 (410)1)Recognised directly to equity (before tax) 9 394 11 895Total discount11 500 11 4851) The discount (before tax) recognised directly to equity may deviate from the total amount (before tax) recognised in the statement of equity if the payments to acquire own shares deviates from the market price for the shares used as basis for calculation of the discount.There are no unamortised employee benefit expense related to the shares sold. 1. Remuneration for leading personsThe group\u2019s executive remuneration policy (Remuneration policy on determination of salary and other remuneration for leading persons) can be found on the group\u2019s website www.multiconsult-ir.com.The principles described in the remuneration policy are the same principles that were applied during 2022. 2. Overview of remuneration earned by the executive management and board of directorsThe remuneration report for salary and other remuneration for leading persons 2022 \u2013 which can be found on the group\u2019s website \u2013 contains an overview of total remuneration earned by the exec-utive management team and board of directors in 2022 and 2021. 3. Remuneration to the executive management The table below show the total remuneration to the executive management earned in 2022 and 2021. For more information see remuneration report for salary and other remuneration for leading persons. REMUNERATION TO THE EXECUTIVE MANAGEMENT 2022 AND 2021Amounts in NOKFixed remuneration On 31 DecemberVariable Total Base Salary Other remuner-Pension remunera-1)2)3)4)5)6)Yearsalary paid benefits ation expensetion Shares Loans 202220 466 920 23 286 335 309 306 6 281 571 1 491 916 31 369 129 109 448 635 437202121 175 192 23 597 698 422 157 7 615 451 1 491 625 33 126 930 236 945 862 5131) Annual base salary per 31 December.2) Salary is amount paid during the year presented, including holiday pay, car allowance and compensation for entering into new pension plan. 3) Other benefit includes all other cash and non-cash benefit received during the year and includes taxable parts of; insurance premiums; discount on shares purchased; company car; housing allowance; per diem allowance; and telecommunication. Salary paid for previous positions within Multiconsult is included where relevant.4) Variable remuneration is an amount earned in the year presented (excluding holiday pay), and normally paid the subsequent year. Relevant bonus as part of executive management.5) Shares owned by the members of the executive management as of 31 December, with close associates.6) Short-term loans for purchase of shares through the share purchase programme for all employees and incentive programme for executive management.NOTE 12 PENSIONSThe parent company and its subsidiaries in Norway have estab-lished pension plans that comply with the requirements in the Act on Mandatory Company Pensions. The group's subsidiaries both in Norway and abroad have defined contribution plans, except for a defined benefit plan in LINK Arkitektur AS and Multiconsult Norge AS, and a multiemployer plan in LINK Arkitektur AB.There were 2 370 active members in the Multiconsult ASA and Multiconsult Norge AS defined contribution plan at the end of 2022 (2021: 2 182). For the period before 30 June 2022 annual contributions to the plan were 5.55% for contribution basis between 1G and 7.1G, and 18% of the contribution basis between 7.1G and 12G. Starting from 1 July 2022 annual contributions to the plan are 5.0% for contribution basis between 0G and 7.1G, and 18% of the contribution basis between 7.1G and 12G. G is a base amount annually approved by the Norwegian parliament and was NOK 111 477 per 31 December 2022.In addition, Multiconsult Norge AS has individual defined benefit plans that are unfunded, with recognised liabilities of NOK 5 473 thousand at the end of 2022 (2021: NOK 6 129 thousand).LINK Arkitektur AS has a defined benefit plan that is closed and includes 9 retirees per 31 December 2022. Other plans in LINK Arkitektur group are plans accounted for as contribution plans, with 612 active members on 31 December 2022 (2021: 551). This includes a multiemployer plan in LINK Arkitektur AB (ITP 2 plan) which is a defined benefit plan.For 63 employees (2021: 69) in LINK Arkitektur AB the defined benefit pension commitments for retirement and family pensions are secured in the ITP 2 plan through insurance with Alecta. The group has not access to information in order to report its proportional share of the plan's obligations, plan assets and costs, and it is therefore reported as a defined contribution plan. The ex-pected contribution to the plan (premium) in 2023 is NOK 3 578 thousand. The premium paid and expensed in 2022 was NOK 4 912 thousand (2021: NOK 7 481 thousand). The premium is calculated individually and is dependent on factors including salary, previously earned pension, and expected remaining service period. The group's share of the total contributions to the plan amounted to 0.023 per cent in 2022 (2021: 0.022 per cent). The collective funding ratio is the market value of Alecta's assets as a percentage of insurance commitments calculated according to Alecta's actuarial methods and assumptions, which are not consistent with IAS 19. The collec-tive funding ratio is normally allowed to vary between 125 and 155 per cent. If Alecta's collective funding ratio is below 125 per cent or exceeds 155 per cent, action should be taken for consolidation level returning to the normal range. At low funding ratio, measures can be to raise the agreed price for new and existing contracts. At high funding ratio a measure may be to reduce premiums. At the end of 2022, the collective funding ratio was 185 per cent (2021: 169 per cent).Social security tax is calculated based on the pension plan's net financing and included in the gross pension obligations. Pension expenses include related social security tax.PENSION EXPENSESAmounts in NOK thousand2022 2021Pension expenses retirement defined benefit plan31 (123)Recognised as financial expenses97 98Pension expenses defined contribution plan 199 936 186 560Pension expenses in employee benefit expenses (note 9)200 064 186 534Effect of remeasurement of net defined benefit obligations(32) (147)FINANCIAL STATUS DEFINED BENEFIT PLANSAmounts in NOK thousand31.12.2022 31.12.2021Calculated pension obligations (incl. social security tax)(21 268) (21 929)Pension assets (at market value) 16 623 16 525Pension obligations (4 645) (5 403)Of which included in Other non-current financial assets and shares924 -Of which pension obligations in the financial statements(5 570) (5 403)Due to the immaterial amounts, no further disclosure is provided for the net defined benefit obligations.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-111-3": {
"value": "NOTE 9 EMPLOYEE BENEFIT EXPENSES, NUMBER OF EMPLOYEES, REMUNERATION, LOANS TO EMPLOYEES ETC.Amounts in NOK thousand 2022 2021EMPLOYEE BENEFIT EXPENSESSalaries, vacation pay, bonus etc.2 442 873 2 256 722Social security tax361 197 331 459Pension expenses (see note 12)200 064 186 534Other employee benefit expenses46 847 36 695Total employee benefit expenses3 050 982 2 811 409 1)Number of full time employees during the year3 134 2 978Number of employees on 31 December3 353 3 2001) Number of full-time employees is calculated as the total number of working hours (including overtime and paid sick leave) divided on normal working hours per full time employee for the period.SHARE PURCHASE PROGRAMME AND LOANS TO EMPLOYEESMulticonsult ASA has a share purchase programme (SPP) available to all group employees. The SPP offers employees to buy shares in Multiconsult ASA at a discount of 20 per cent. Shares purchased by the employees through the programme are subject to a two-year lock-in period. The 2022 programme took place in November. In total Multicon-sult sold 420 258 shares to its employees, of which was 213 000 shares was purchased in the market and 230 000 shares was borrowed from Stiftelsen Multiconsult, see also note 3. The sale was based on a price of NOK 101.75 per share, a 20 per cent discount of the volume-weighted average share price of NOK 127.19 per share traded on Oslo B\u00f8rs in the period 19 September 2022 to 6 December 2022. The total sales price reduced with the discount was NOK 42 761 thousand, of which NOK 18 615 thousand was paid in cash and the remaining NOK 24 147 thousand as loans granted to the employees, maximum 3/5 G (NOK 66 886) per employee. The outstanding balance of loans per 31 December 2022 was NOK 22 537 thousand including loans to the executive manage-ment related to their variable performance-based bonus scheme. Repayment of loans takes place over 12 months through deduction in salary.In the 2021 programme the employees purchased 370 716 shares. The total sales price was NOK 45 943 thousand, of which NOK 21 529 thousand was paid in cash and the remaining NOK 24 413 thousand as loans granted to the employees. The outstanding balance of loans per 31 December 2021 was NOK 22 912 thousand, includ-ing loans to the executive management related to their variable performance-based bonus scheme. The discount is partially recognised as an expense and partially recognised directly in equity. See accounting policies for further description.DISCOUNT, EMPLOYEE SHARE PURCHASE PROGRAMMEAmounts in NOK thousand 2022 2021Employee benefit expenses2 106 (410)1)Recognised directly to equity (before tax) 9 394 11 895Total discount11 500 11 4851) The discount (before tax) recognised directly to equity may deviate from the total amount (before tax) recognised in the statement of equity if the payments to acquire own shares deviates from the market price for the shares used as basis for calculation of the discount.There are no unamortised employee benefit expense related to the shares sold. 1. Remuneration for leading personsThe group\u2019s executive remuneration policy (Remuneration policy on determination of salary and other remuneration for leading persons) can be found on the group\u2019s website www.multiconsult-ir.com.The principles described in the remuneration policy are the same principles that were applied during 2022. 2. Overview of remuneration earned by the executive management and board of directorsThe remuneration report for salary and other remuneration for leading persons 2022 \u2013 which can be found on the group\u2019s website \u2013 contains an overview of total remuneration earned by the exec-utive management team and board of directors in 2022 and 2021. 3. Remuneration to the executive management The table below show the total remuneration to the executive management earned in 2022 and 2021. For more information see remuneration report for salary and other remuneration for leading persons. REMUNERATION TO THE EXECUTIVE MANAGEMENT 2022 AND 2021Amounts in NOKFixed remuneration On 31 DecemberVariable Total Base Salary Other remuner-Pension remunera-1)2)3)4)5)6)Yearsalary paid benefits ation expensetion Shares Loans 202220 466 920 23 286 335 309 306 6 281 571 1 491 916 31 369 129 109 448 635 437202121 175 192 23 597 698 422 157 7 615 451 1 491 625 33 126 930 236 945 862 5131) Annual base salary per 31 December.2) Salary is amount paid during the year presented, including holiday pay, car allowance and compensation for entering into new pension plan. 3) Other benefit includes all other cash and non-cash benefit received during the year and includes taxable parts of; insurance premiums; discount on shares purchased; company car; housing allowance; per diem allowance; and telecommunication. Salary paid for previous positions within Multiconsult is included where relevant.4) Variable remuneration is an amount earned in the year presented (excluding holiday pay), and normally paid the subsequent year. Relevant bonus as part of executive management.5) Shares owned by the members of the executive management as of 31 December, with close associates.6) Short-term loans for purchase of shares through the share purchase programme for all employees and incentive programme for executive management.",
"dimensions": {
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"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-111-4": {
"value": "NOTE 9 EMPLOYEE BENEFIT EXPENSES, NUMBER OF EMPLOYEES, REMUNERATION, LOANS TO EMPLOYEES ETC.Amounts in NOK thousand 2022 2021EMPLOYEE BENEFIT EXPENSESSalaries, vacation pay, bonus etc.2 442 873 2 256 722Social security tax361 197 331 459Pension expenses (see note 12)200 064 186 534Other employee benefit expenses46 847 36 695Total employee benefit expenses3 050 982 2 811 409 1)Number of full time employees during the year3 134 2 978Number of employees on 31 December3 353 3 2001) Number of full-time employees is calculated as the total number of working hours (including overtime and paid sick leave) divided on normal working hours per full time employee for the period.SHARE PURCHASE PROGRAMME AND LOANS TO EMPLOYEESMulticonsult ASA has a share purchase programme (SPP) available to all group employees. The SPP offers employees to buy shares in Multiconsult ASA at a discount of 20 per cent. Shares purchased by the employees through the programme are subject to a two-year lock-in period. The 2022 programme took place in November. In total Multicon-sult sold 420 258 shares to its employees, of which was 213 000 shares was purchased in the market and 230 000 shares was borrowed from Stiftelsen Multiconsult, see also note 3. The sale was based on a price of NOK 101.75 per share, a 20 per cent discount of the volume-weighted average share price of NOK 127.19 per share traded on Oslo B\u00f8rs in the period 19 September 2022 to 6 December 2022. The total sales price reduced with the discount was NOK 42 761 thousand, of which NOK 18 615 thousand was paid in cash and the remaining NOK 24 147 thousand as loans granted to the employees, maximum 3/5 G (NOK 66 886) per employee. The outstanding balance of loans per 31 December 2022 was NOK 22 537 thousand including loans to the executive manage-ment related to their variable performance-based bonus scheme. Repayment of loans takes place over 12 months through deduction in salary.In the 2021 programme the employees purchased 370 716 shares. The total sales price was NOK 45 943 thousand, of which NOK 21 529 thousand was paid in cash and the remaining NOK 24 413 thousand as loans granted to the employees. The outstanding balance of loans per 31 December 2021 was NOK 22 912 thousand, includ-ing loans to the executive management related to their variable performance-based bonus scheme. The discount is partially recognised as an expense and partially recognised directly in equity. See accounting policies for further description.DISCOUNT, EMPLOYEE SHARE PURCHASE PROGRAMMEAmounts in NOK thousand 2022 2021Employee benefit expenses2 106 (410)1)Recognised directly to equity (before tax) 9 394 11 895Total discount11 500 11 4851) The discount (before tax) recognised directly to equity may deviate from the total amount (before tax) recognised in the statement of equity if the payments to acquire own shares deviates from the market price for the shares used as basis for calculation of the discount.There are no unamortised employee benefit expense related to the shares sold. 1. Remuneration for leading personsThe group\u2019s executive remuneration policy (Remuneration policy on determination of salary and other remuneration for leading persons) can be found on the group\u2019s website www.multiconsult-ir.com.The principles described in the remuneration policy are the same principles that were applied during 2022. 2. Overview of remuneration earned by the executive management and board of directorsThe remuneration report for salary and other remuneration for leading persons 2022 \u2013 which can be found on the group\u2019s website \u2013 contains an overview of total remuneration earned by the exec-utive management team and board of directors in 2022 and 2021. 3. Remuneration to the executive management The table below show the total remuneration to the executive management earned in 2022 and 2021. For more information see remuneration report for salary and other remuneration for leading persons. REMUNERATION TO THE EXECUTIVE MANAGEMENT 2022 AND 2021Amounts in NOKFixed remuneration On 31 DecemberVariable Total Base Salary Other remuner-Pension remunera-1)2)3)4)5)6)Yearsalary paid benefits ation expensetion Shares Loans 202220 466 920 23 286 335 309 306 6 281 571 1 491 916 31 369 129 109 448 635 437202121 175 192 23 597 698 422 157 7 615 451 1 491 625 33 126 930 236 945 862 5131) Annual base salary per 31 December.2) Salary is amount paid during the year presented, including holiday pay, car allowance and compensation for entering into new pension plan. 3) Other benefit includes all other cash and non-cash benefit received during the year and includes taxable parts of; insurance premiums; discount on shares purchased; company car; housing allowance; per diem allowance; and telecommunication. Salary paid for previous positions within Multiconsult is included where relevant.4) Variable remuneration is an amount earned in the year presented (excluding holiday pay), and normally paid the subsequent year. Relevant bonus as part of executive management.5) Shares owned by the members of the executive management as of 31 December, with close associates.6) Short-term loans for purchase of shares through the share purchase programme for all employees and incentive programme for executive management.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-111-5": {
"value": "NOTE 9 EMPLOYEE BENEFIT EXPENSES, NUMBER OF EMPLOYEES, REMUNERATION, LOANS TO EMPLOYEES ETC.Amounts in NOK thousand 2022 2021EMPLOYEE BENEFIT EXPENSESSalaries, vacation pay, bonus etc.2 442 873 2 256 722Social security tax361 197 331 459Pension expenses (see note 12)200 064 186 534Other employee benefit expenses46 847 36 695Total employee benefit expenses3 050 982 2 811 409 1)Number of full time employees during the year3 134 2 978Number of employees on 31 December3 353 3 2001) Number of full-time employees is calculated as the total number of working hours (including overtime and paid sick leave) divided on normal working hours per full time employee for the period.SHARE PURCHASE PROGRAMME AND LOANS TO EMPLOYEESMulticonsult ASA has a share purchase programme (SPP) available to all group employees. The SPP offers employees to buy shares in Multiconsult ASA at a discount of 20 per cent. Shares purchased by the employees through the programme are subject to a two-year lock-in period. The 2022 programme took place in November. In total Multicon-sult sold 420 258 shares to its employees, of which was 213 000 shares was purchased in the market and 230 000 shares was borrowed from Stiftelsen Multiconsult, see also note 3. The sale was based on a price of NOK 101.75 per share, a 20 per cent discount of the volume-weighted average share price of NOK 127.19 per share traded on Oslo B\u00f8rs in the period 19 September 2022 to 6 December 2022. The total sales price reduced with the discount was NOK 42 761 thousand, of which NOK 18 615 thousand was paid in cash and the remaining NOK 24 147 thousand as loans granted to the employees, maximum 3/5 G (NOK 66 886) per employee. The outstanding balance of loans per 31 December 2022 was NOK 22 537 thousand including loans to the executive manage-ment related to their variable performance-based bonus scheme. Repayment of loans takes place over 12 months through deduction in salary.In the 2021 programme the employees purchased 370 716 shares. The total sales price was NOK 45 943 thousand, of which NOK 21 529 thousand was paid in cash and the remaining NOK 24 413 thousand as loans granted to the employees. The outstanding balance of loans per 31 December 2021 was NOK 22 912 thousand, includ-ing loans to the executive management related to their variable performance-based bonus scheme. The discount is partially recognised as an expense and partially recognised directly in equity. See accounting policies for further description.DISCOUNT, EMPLOYEE SHARE PURCHASE PROGRAMMEAmounts in NOK thousand 2022 2021Employee benefit expenses2 106 (410)1)Recognised directly to equity (before tax) 9 394 11 895Total discount11 500 11 4851) The discount (before tax) recognised directly to equity may deviate from the total amount (before tax) recognised in the statement of equity if the payments to acquire own shares deviates from the market price for the shares used as basis for calculation of the discount.There are no unamortised employee benefit expense related to the shares sold. 1. Remuneration for leading personsThe group\u2019s executive remuneration policy (Remuneration policy on determination of salary and other remuneration for leading persons) can be found on the group\u2019s website www.multiconsult-ir.com.The principles described in the remuneration policy are the same principles that were applied during 2022. 2. Overview of remuneration earned by the executive management and board of directorsThe remuneration report for salary and other remuneration for leading persons 2022 \u2013 which can be found on the group\u2019s website \u2013 contains an overview of total remuneration earned by the exec-utive management team and board of directors in 2022 and 2021. 3. Remuneration to the executive management The table below show the total remuneration to the executive management earned in 2022 and 2021. For more information see remuneration report for salary and other remuneration for leading persons. REMUNERATION TO THE EXECUTIVE MANAGEMENT 2022 AND 2021Amounts in NOKFixed remuneration On 31 DecemberVariable Total Base Salary Other remuner-Pension remunera-1)2)3)4)5)6)Yearsalary paid benefits ation expensetion Shares Loans 202220 466 920 23 286 335 309 306 6 281 571 1 491 916 31 369 129 109 448 635 437202121 175 192 23 597 698 422 157 7 615 451 1 491 625 33 126 930 236 945 862 5131) Annual base salary per 31 December.2) Salary is amount paid during the year presented, including holiday pay, car allowance and compensation for entering into new pension plan. 3) Other benefit includes all other cash and non-cash benefit received during the year and includes taxable parts of; insurance premiums; discount on shares purchased; company car; housing allowance; per diem allowance; and telecommunication. Salary paid for previous positions within Multiconsult is included where relevant.4) Variable remuneration is an amount earned in the year presented (excluding holiday pay), and normally paid the subsequent year. Relevant bonus as part of executive management.5) Shares owned by the members of the executive management as of 31 December, with close associates.6) Short-term loans for purchase of shares through the share purchase programme for all employees and incentive programme for executive management.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-107-2": {
"value": "NOTE 8 OTHER OPERATING EXPENSESAmounts in NOK thousand 2022 2021Office expenses97 109 77 106Consultants50 446 45 640Technical equipment19 111 21 231IT and communication176 148 167 749Travel and meeting 31 799 21 250Sales and marketing23 242 15 220Losses on receivables2 676 785Gain on sale of fixed assets(207) (756)Other 127 766 101 259Total other operating expenses528 090 449 482AUDITORFees paid to Deloitte AS and affiliated companies, as well as other auditors in subsidiaries:2022 2021Amounts in NOK thousand Deloitte Other Deloitte OtherStatutory audit services3 391 280 3 102 426Tax advisory services78 - 32 -Other assurance services125 - 98 165Other non-audit services57 - 14 8Total3 652 280 3 247 599The amounts above are excluding VAT. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-107-3": {
"value": "NOTE 8 OTHER OPERATING EXPENSESAmounts in NOK thousand 2022 2021Office expenses97 109 77 106Consultants50 446 45 640Technical equipment19 111 21 231IT and communication176 148 167 749Travel and meeting 31 799 21 250Sales and marketing23 242 15 220Losses on receivables2 676 785Gain on sale of fixed assets(207) (756)Other 127 766 101 259Total other operating expenses528 090 449 482AUDITORFees paid to Deloitte AS and affiliated companies, as well as other auditors in subsidiaries:2022 2021Amounts in NOK thousand Deloitte Other Deloitte OtherStatutory audit services3 391 280 3 102 426Tax advisory services78 - 32 -Other assurance services125 - 98 165Other non-audit services57 - 14 8Total3 652 280 3 247 599The amounts above are excluding VAT. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-107-4": {
"value": "NOTE 8 OTHER OPERATING EXPENSESAmounts in NOK thousand 2022 2021Office expenses97 109 77 106Consultants50 446 45 640Technical equipment19 111 21 231IT and communication176 148 167 749Travel and meeting 31 799 21 250Sales and marketing23 242 15 220Losses on receivables2 676 785Gain on sale of fixed assets(207) (756)Other 127 766 101 259Total other operating expenses528 090 449 482AUDITORFees paid to Deloitte AS and affiliated companies, as well as other auditors in subsidiaries:2022 2021Amounts in NOK thousand Deloitte Other Deloitte OtherStatutory audit services3 391 280 3 102 426Tax advisory services78 - 32 -Other assurance services125 - 98 165Other non-audit services57 - 14 8Total3 652 280 3 247 599The amounts above are excluding VAT. ",
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"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-119-2": {
"value": "NOTE 10 FINANCIAL ITEMSAmounts in NOK thousand 2022 2021Other interest income6 194 1 489Foreign currency gain23 914 15 532Other financial income3 200 3 411Financial income33 308 20 432Other interest expenses11 890 4 228Foreign currency loss17 332 16 433Other financial expenses4 361 5 612Financial expenses IFRS 1631 067 32 062Financial expenses64 650 58 335Net financial items(31 342) (37 903)Other financial income in 2022 includes NOK 393 thousand gain on changes in fair value of derivatives and other financial expenses in 2022 includes NOK 8 thousand loss on changes in fair value of derivatives. Other financial income in 2021 includes NOK 1 204 thousand gain on changes in fair value of derivatives. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-119-3": {
"value": "NOTE 10 FINANCIAL ITEMSAmounts in NOK thousand 2022 2021Other interest income6 194 1 489Foreign currency gain23 914 15 532Other financial income3 200 3 411Financial income33 308 20 432Other interest expenses11 890 4 228Foreign currency loss17 332 16 433Other financial expenses4 361 5 612Financial expenses IFRS 1631 067 32 062Financial expenses64 650 58 335Net financial items(31 342) (37 903)Other financial income in 2022 includes NOK 393 thousand gain on changes in fair value of derivatives and other financial expenses in 2022 includes NOK 8 thousand loss on changes in fair value of derivatives. Other financial income in 2021 includes NOK 1 204 thousand gain on changes in fair value of derivatives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-119-4": {
"value": "NOTE 10 FINANCIAL ITEMSAmounts in NOK thousand 2022 2021Other interest income6 194 1 489Foreign currency gain23 914 15 532Other financial income3 200 3 411Financial income33 308 20 432Other interest expenses11 890 4 228Foreign currency loss17 332 16 433Other financial expenses4 361 5 612Financial expenses IFRS 1631 067 32 062Financial expenses64 650 58 335Net financial items(31 342) (37 903)Other financial income in 2022 includes NOK 393 thousand gain on changes in fair value of derivatives and other financial expenses in 2022 includes NOK 8 thousand loss on changes in fair value of derivatives. Other financial income in 2021 includes NOK 1 204 thousand gain on changes in fair value of derivatives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-119-5": {
"value": "NOTE 10 FINANCIAL ITEMSAmounts in NOK thousand 2022 2021Other interest income6 194 1 489Foreign currency gain23 914 15 532Other financial income3 200 3 411Financial income33 308 20 432Other interest expenses11 890 4 228Foreign currency loss17 332 16 433Other financial expenses4 361 5 612Financial expenses IFRS 1631 067 32 062Financial expenses64 650 58 335Net financial items(31 342) (37 903)Other financial income in 2022 includes NOK 393 thousand gain on changes in fair value of derivatives and other financial expenses in 2022 includes NOK 8 thousand loss on changes in fair value of derivatives. Other financial income in 2021 includes NOK 1 204 thousand gain on changes in fair value of derivatives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-119-6": {
"value": "NOTE 10 FINANCIAL ITEMSAmounts in NOK thousand 2022 2021Other interest income6 194 1 489Foreign currency gain23 914 15 532Other financial income3 200 3 411Financial income33 308 20 432Other interest expenses11 890 4 228Foreign currency loss17 332 16 433Other financial expenses4 361 5 612Financial expenses IFRS 1631 067 32 062Financial expenses64 650 58 335Net financial items(31 342) (37 903)Other financial income in 2022 includes NOK 393 thousand gain on changes in fair value of derivatives and other financial expenses in 2022 includes NOK 8 thousand loss on changes in fair value of derivatives. Other financial income in 2021 includes NOK 1 204 thousand gain on changes in fair value of derivatives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-119-7": {
"value": "NOTE 10 FINANCIAL ITEMSAmounts in NOK thousand 2022 2021Other interest income6 194 1 489Foreign currency gain23 914 15 532Other financial income3 200 3 411Financial income33 308 20 432Other interest expenses11 890 4 228Foreign currency loss17 332 16 433Other financial expenses4 361 5 612Financial expenses IFRS 1631 067 32 062Financial expenses64 650 58 335Net financial items(31 342) (37 903)Other financial income in 2022 includes NOK 393 thousand gain on changes in fair value of derivatives and other financial expenses in 2022 includes NOK 8 thousand loss on changes in fair value of derivatives. Other financial income in 2021 includes NOK 1 204 thousand gain on changes in fair value of derivatives. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-119-8": {
"value": "NOTE 10 FINANCIAL ITEMSAmounts in NOK thousand 2022 2021Other interest income6 194 1 489Foreign currency gain23 914 15 532Other financial income3 200 3 411Financial income33 308 20 432Other interest expenses11 890 4 228Foreign currency loss17 332 16 433Other financial expenses4 361 5 612Financial expenses IFRS 1631 067 32 062Financial expenses64 650 58 335Net financial items(31 342) (37 903)Other financial income in 2022 includes NOK 393 thousand gain on changes in fair value of derivatives and other financial expenses in 2022 includes NOK 8 thousand loss on changes in fair value of derivatives. Other financial income in 2021 includes NOK 1 204 thousand gain on changes in fair value of derivatives. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-121-2": {
"value": "NOTE 11 TAXESINCOME TAXESThe income tax expense for the year was as follows:Amounts in NOK thousand2022 2021Income taxes payable98 578 81 173 Net withholding tax after tax credit - 848 Regulation of previous years' taxes136 1 470 Change in deferred taxes(11 725) (6 900) Effect of change in tax rate- - Other items(2 961) (91)Income tax expenses84 028 76 500RECONCILIATION FROM NOMINAL TO ACTUAL TAX RATEAmounts in NOK thousand (except percentages)2022 2021Profit before income taxes387 043 311 166Expected income tax based on nominal tax rate in Norway (22%/22%)85 150 68 456Tax effect of the following items:Non-deductible expenses2 611 2 404Non-taxable income(317) (570)Share of profit from associated companies164 97Not recognised/reversal of previously not recognised deferred tax assets (531) 3 849Effect of change in tax rate- -Regulation of previous years' taxes136 1 470Net withholding tax after tax credit - 848 Other items (including currency and effect of deviation foreign vs. Norwegian tax rate)(3 183) (55)Income tax expenses84 028 76 500Effective tax rate21.7% 24.6%DEFERRED TAX IN THE BALANCE SHEETAmounts in NOK thousand31.12.2022 31.12.2021Deferred tax asset38 441 33 351Deferred tax12 158 12 571Net deferred tax asset in the balance sheet26 283 20 780SPECIFICATION OF THE TAX EFFECT OF TEMPORARY DIFFERENCESAmounts in NOK thousand31.12.2022 31.12.2021Non-current assets(135 471) (164 096)Current assets(22 537) (24 186)Liabilities and provisions176 855 202 9421)Taxable losses carried forward 21 072 18 972Deferred tax assets not recognised in the balance sheet(13 636) (12 852)Net deferred tax asset in the balance sheet26 283 20 7801) Group companies have recognised deferred tax assets related to tax losses that are expected to be utilised by receiving taxable group contributions from other group companies. The amount on 31 December 2022 is estimated to NOK 8 013 thousand (NOK 5 599 thousand on 31 December 2021). This will be done in the tax declarations for 2022 (2021) but is subject to the regulation for dividend and is conse-quently not recognised in the IFRS financial statements for 2022 (2021). This also has an opposite effect on tax payable, and it is expected that the same amounts as deferred tax assets will not be payable after taxable group contribution has been determined by the general meetings in 2023 (2022). The group has recognised net deferred tax assets in Norway and in Poland. Realisation of the remaining deferred tax asset requires future profit.Temporary differences related to IFRS 16 lease liabilities and right-of-use assets are presented as liabilities and provisions and non- current assets accordingly, in the table above. RECONCILIATION OF DEFERRED TAX ASSETS IN THE BALANCE SHEETAmounts in NOK thousand31.12.2022 31.12.2021Deferred tax assets 1 January20 780 22 511Deferred taxes arising from acquisitions(434) (1 781)Deferred tax assets 1 January reduced due to group contributions(5 599) (7 040)Changes in deferred taxes recognised in the statement of income 11 725 6 900Effects of changes in tax rate in the statement of income- -Deferred taxes included in other comprehensive income (related to pensions)(7) (32)Currency and regulation of previous years taxes(183) 222Deferred tax assets in the balance sheet (net) on 31 December26 283 20 780Due to losses and/or the exemption method, there are no significant temporary differences resulting in deferred taxes on retained ear-nings in subsidiaries, associated companies or joint ventures.RECONCILIATION OF INCOME TAXES PAYABLE IN THE BALANCE SHEETAmounts in NOK thousand31.12.2022 31.12.20211)Expensed income taxes payable (98 578) (81 173)Prepaid taxes8 192 7 793Tax payable/receivable from previous year963 818Income tax from acquisitions(2 818) (3 252)Income tax on employee share programme recognised in equity2 024 2 557SkatteFUNN (government R&D tax incentive scheme in Norway)1 605 2 007Currency effects(416) (450)1)Income tax payable recognised in the balance sheet (89 028) (71 699)1) The group has recognised tax payable related to the profits in subsidiaries for 2022, of which it is expected that NOK 8 013 thousand (NOK 5 599 thousand in 2021), will not be payable after taxable group contribution to other group companies have been determined by the general meetings in 2023 (2022).REMEASUREMENT OF PENSIONS (DEFINED BENEFIT OBLIGATION) AND RELATED TAX EFFECTGross Taxes NetAmounts in NOK thousand31 December 2020(270 612) 67 607 (203 005)Change 2021147 (32) 11431 December 2021(270 465) 67 575 (202 891)Change 202232 (7) 2531 December 2022(270 433) 67 568 (202 866)Income tax benefits on the employee share purchase programme has been recognised in equity with NOK 2 557 thousand in 2021 and NOK 2 068 thousand in 2022, in total NOK 12 616 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-121-3": {
"value": "NOTE 11 TAXESINCOME TAXESThe income tax expense for the year was as follows:Amounts in NOK thousand2022 2021Income taxes payable98 578 81 173 Net withholding tax after tax credit - 848 Regulation of previous years' taxes136 1 470 Change in deferred taxes(11 725) (6 900) Effect of change in tax rate- - Other items(2 961) (91)Income tax expenses84 028 76 500RECONCILIATION FROM NOMINAL TO ACTUAL TAX RATEAmounts in NOK thousand (except percentages)2022 2021Profit before income taxes387 043 311 166Expected income tax based on nominal tax rate in Norway (22%/22%)85 150 68 456Tax effect of the following items:Non-deductible expenses2 611 2 404Non-taxable income(317) (570)Share of profit from associated companies164 97Not recognised/reversal of previously not recognised deferred tax assets (531) 3 849Effect of change in tax rate- -Regulation of previous years' taxes136 1 470Net withholding tax after tax credit - 848 Other items (including currency and effect of deviation foreign vs. Norwegian tax rate)(3 183) (55)Income tax expenses84 028 76 500Effective tax rate21.7% 24.6%DEFERRED TAX IN THE BALANCE SHEETAmounts in NOK thousand31.12.2022 31.12.2021Deferred tax asset38 441 33 351Deferred tax12 158 12 571Net deferred tax asset in the balance sheet26 283 20 780SPECIFICATION OF THE TAX EFFECT OF TEMPORARY DIFFERENCESAmounts in NOK thousand31.12.2022 31.12.2021Non-current assets(135 471) (164 096)Current assets(22 537) (24 186)Liabilities and provisions176 855 202 9421)Taxable losses carried forward 21 072 18 972Deferred tax assets not recognised in the balance sheet(13 636) (12 852)Net deferred tax asset in the balance sheet26 283 20 7801) Group companies have recognised deferred tax assets related to tax losses that are expected to be utilised by receiving taxable group contributions from other group companies. The amount on 31 December 2022 is estimated to NOK 8 013 thousand (NOK 5 599 thousand on 31 December 2021). This will be done in the tax declarations for 2022 (2021) but is subject to the regulation for dividend and is conse-quently not recognised in the IFRS financial statements for 2022 (2021). This also has an opposite effect on tax payable, and it is expected that the same amounts as deferred tax assets will not be payable after taxable group contribution has been determined by the general meetings in 2023 (2022). The group has recognised net deferred tax assets in Norway and in Poland. Realisation of the remaining deferred tax asset requires future profit.Temporary differences related to IFRS 16 lease liabilities and right-of-use assets are presented as liabilities and provisions and non- current assets accordingly, in the table above. RECONCILIATION OF DEFERRED TAX ASSETS IN THE BALANCE SHEETAmounts in NOK thousand31.12.2022 31.12.2021Deferred tax assets 1 January20 780 22 511Deferred taxes arising from acquisitions(434) (1 781)Deferred tax assets 1 January reduced due to group contributions(5 599) (7 040)Changes in deferred taxes recognised in the statement of income 11 725 6 900Effects of changes in tax rate in the statement of income- -Deferred taxes included in other comprehensive income (related to pensions)(7) (32)Currency and regulation of previous years taxes(183) 222Deferred tax assets in the balance sheet (net) on 31 December26 283 20 780Due to losses and/or the exemption method, there are no significant temporary differences resulting in deferred taxes on retained ear-nings in subsidiaries, associated companies or joint ventures.RECONCILIATION OF INCOME TAXES PAYABLE IN THE BALANCE SHEETAmounts in NOK thousand31.12.2022 31.12.20211)Expensed income taxes payable (98 578) (81 173)Prepaid taxes8 192 7 793Tax payable/receivable from previous year963 818Income tax from acquisitions(2 818) (3 252)Income tax on employee share programme recognised in equity2 024 2 557SkatteFUNN (government R&D tax incentive scheme in Norway)1 605 2 007Currency effects(416) (450)1)Income tax payable recognised in the balance sheet (89 028) (71 699)1) The group has recognised tax payable related to the profits in subsidiaries for 2022, of which it is expected that NOK 8 013 thousand (NOK 5 599 thousand in 2021), will not be payable after taxable group contribution to other group companies have been determined by the general meetings in 2023 (2022).REMEASUREMENT OF PENSIONS (DEFINED BENEFIT OBLIGATION) AND RELATED TAX EFFECTGross Taxes NetAmounts in NOK thousand31 December 2020(270 612) 67 607 (203 005)Change 2021147 (32) 11431 December 2021(270 465) 67 575 (202 891)Change 202232 (7) 2531 December 2022(270 433) 67 568 (202 866)Income tax benefits on the employee share purchase programme has been recognised in equity with NOK 2 557 thousand in 2021 and NOK 2 068 thousand in 2022, in total NOK 12 616 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-121-4": {
"value": "NOTE 11 TAXESINCOME TAXESThe income tax expense for the year was as follows:Amounts in NOK thousand2022 2021Income taxes payable98 578 81 173 Net withholding tax after tax credit - 848 Regulation of previous years' taxes136 1 470 Change in deferred taxes(11 725) (6 900) Effect of change in tax rate- - Other items(2 961) (91)Income tax expenses84 028 76 500RECONCILIATION FROM NOMINAL TO ACTUAL TAX RATEAmounts in NOK thousand (except percentages)2022 2021Profit before income taxes387 043 311 166Expected income tax based on nominal tax rate in Norway (22%/22%)85 150 68 456Tax effect of the following items:Non-deductible expenses2 611 2 404Non-taxable income(317) (570)Share of profit from associated companies164 97Not recognised/reversal of previously not recognised deferred tax assets (531) 3 849Effect of change in tax rate- -Regulation of previous years' taxes136 1 470Net withholding tax after tax credit - 848 Other items (including currency and effect of deviation foreign vs. Norwegian tax rate)(3 183) (55)Income tax expenses84 028 76 500Effective tax rate21.7% 24.6%DEFERRED TAX IN THE BALANCE SHEETAmounts in NOK thousand31.12.2022 31.12.2021Deferred tax asset38 441 33 351Deferred tax12 158 12 571Net deferred tax asset in the balance sheet26 283 20 780SPECIFICATION OF THE TAX EFFECT OF TEMPORARY DIFFERENCESAmounts in NOK thousand31.12.2022 31.12.2021Non-current assets(135 471) (164 096)Current assets(22 537) (24 186)Liabilities and provisions176 855 202 9421)Taxable losses carried forward 21 072 18 972Deferred tax assets not recognised in the balance sheet(13 636) (12 852)Net deferred tax asset in the balance sheet26 283 20 7801) Group companies have recognised deferred tax assets related to tax losses that are expected to be utilised by receiving taxable group contributions from other group companies. The amount on 31 December 2022 is estimated to NOK 8 013 thousand (NOK 5 599 thousand on 31 December 2021). This will be done in the tax declarations for 2022 (2021) but is subject to the regulation for dividend and is conse-quently not recognised in the IFRS financial statements for 2022 (2021). This also has an opposite effect on tax payable, and it is expected that the same amounts as deferred tax assets will not be payable after taxable group contribution has been determined by the general meetings in 2023 (2022). The group has recognised net deferred tax assets in Norway and in Poland. Realisation of the remaining deferred tax asset requires future profit.Temporary differences related to IFRS 16 lease liabilities and right-of-use assets are presented as liabilities and provisions and non- current assets accordingly, in the table above. RECONCILIATION OF DEFERRED TAX ASSETS IN THE BALANCE SHEETAmounts in NOK thousand31.12.2022 31.12.2021Deferred tax assets 1 January20 780 22 511Deferred taxes arising from acquisitions(434) (1 781)Deferred tax assets 1 January reduced due to group contributions(5 599) (7 040)Changes in deferred taxes recognised in the statement of income 11 725 6 900Effects of changes in tax rate in the statement of income- -Deferred taxes included in other comprehensive income (related to pensions)(7) (32)Currency and regulation of previous years taxes(183) 222Deferred tax assets in the balance sheet (net) on 31 December26 283 20 780Due to losses and/or the exemption method, there are no significant temporary differences resulting in deferred taxes on retained ear-nings in subsidiaries, associated companies or joint ventures.RECONCILIATION OF INCOME TAXES PAYABLE IN THE BALANCE SHEETAmounts in NOK thousand31.12.2022 31.12.20211)Expensed income taxes payable (98 578) (81 173)Prepaid taxes8 192 7 793Tax payable/receivable from previous year963 818Income tax from acquisitions(2 818) (3 252)Income tax on employee share programme recognised in equity2 024 2 557SkatteFUNN (government R&D tax incentive scheme in Norway)1 605 2 007Currency effects(416) (450)1)Income tax payable recognised in the balance sheet (89 028) (71 699)1) The group has recognised tax payable related to the profits in subsidiaries for 2022, of which it is expected that NOK 8 013 thousand (NOK 5 599 thousand in 2021), will not be payable after taxable group contribution to other group companies have been determined by the general meetings in 2023 (2022).REMEASUREMENT OF PENSIONS (DEFINED BENEFIT OBLIGATION) AND RELATED TAX EFFECTGross Taxes NetAmounts in NOK thousand31 December 2020(270 612) 67 607 (203 005)Change 2021147 (32) 11431 December 2021(270 465) 67 575 (202 891)Change 202232 (7) 2531 December 2022(270 433) 67 568 (202 866)Income tax benefits on the employee share purchase programme has been recognised in equity with NOK 2 557 thousand in 2021 and NOK 2 068 thousand in 2022, in total NOK 12 616 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-131-4": {
"value": "NOTE 13 RECEIVABLES, WORK IN PROGRESS AND PREPAID EXPENSESAmounts in NOK thousand31.12.2022 31.12.2021Trade receivables603 875 738 430Allowance for credit losses on receivables (see note 3)(7 585) (7 549)Total trade receivables596 291 730 881Work in progress304 328 225 021Prepaid expenses69 288 53 797Other48 093 32 643Total other current receivables and prepaid expenses117 381 86 439Total receivables and prepaid expenses1 018 000 1 042 341",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-133-2": {
"value": "NOTE 14 INTANGIBLE ASSETS AND GOODWILLOwn developed Other Total intangible intangible intangibleAmounts in NOK thousand Softwareassetsassets assets GoodwillAcquisition cost 1 January 2021103 161--103 161538 546Addition from business combinations--9 1009 100397 054Additions 2 218--2 218-Disposals1 380--1 380-Currency translation differences(327)--(327) (6 606)Acquisition cost 31 December 2021103 672 - 9 100 112 772 928 994Additions from business combination221-2 4802 70175 949Additions1 390 4 533-5 923-Disposals1 557--1 557-Currency translation differences241--241 1 362Acquisition cost 31 December 2022103 968 4 533 11 580 120 081 1 006 305Accumulated amortisation 1 January 202182 249--82 24983 855Amortisation for the year5 362-1 6477 009-Disposals1 380--1 380-Currency translation differences(292)--(292)(1 520)Accumulated amortisation 31 December 202185 939 - 1 647 87 586 82 335Amortisation for the year4 236-5 3669 601-Disposals1 557--1 557-Currency translation differences204--204135Accumulated amortisation 31 December 202288 822 - 7 012 95 834 82 470Carrying amount 1 January 202120 913--20 913454 692Additions from business combination --9 1009 100397 054Additions2 218--2 218-Disposals-----Amortisation for the year5 362-1 6477 009-Currency translation differences(35)--(35)(5 087)Carrying amount 31 December 2021 17 733 - 7 453 25 187 846 659Additions from business combination221-2 4802 70175 949Additions1 3904 533-5 923-Disposals-----Amortisation for the year4 236-5 3669 601-Currency translation differences37--371 227Carrying amount 31 December 202215 146 4 533 4 568 24 247 923 835Software includes standard software and licenses that are amor-tised on a straight-line basis over three years. In 2017 a new ERP system has been capitalised, which is amortised straight-line over its estimated useful life of ten years. Own developed intangible asset relates to multiMap 2.0, a digital tool, for which depreciation will begin when asset is ready for use. Other intangible assets relate to order backlog from the acquisition of Smidt & Ingebrigtsen AS and Roar J\u00f8rgensen AS in 2022, Erichsen & Horgen AS and Nordland Teknikk AS in 2021. The order backlog is amortised on a straight-line basis over its estimated lifetime, in the range 1-2 years.Impairment testsThe group performs an assessment for impairment of goodwill at year end, or more often if there are indicators of impairment. The impairment test is based on identified cash generating units (CGUs) in the group. CGUs are changed if businesses are integrated or there are other organisational changes. CGUs are normally on a lower level than the segment classification and follows regions or separate companies, given that separate financial information is available. However, the largest parts of goodwill are allocated to the segments LINK Arkitektur and Region Oslo, as shown in the table below. CGUs identified to assess the value of the group's goodwill in 2022 and 2021 are disclosed in the table below. The carrying amounts of these cash generating units include property, plant and equipment, intan-gible assets, and allocated goodwill. Working capital cannot be split or reasonably allocated to the CGUs and is not included. Total net working capital was positive at year-end 2022, and with the head-room for each CGU it would not change any conclusions if working capital could be allocated.GOODWILL SPECIFIED PER CASH GENERATING UNIT:Amounts in NOK thousand 31.12.2022 31.12.2021 Belongs to segmentLINK Arkitektur151 810 149 447LINK ArkitekturRegion Oslo 434 429 434 429Region OsloBusiness unit Transportation27 600 27 600Region OsloRegion Norway 89 577 89 577Region NorwayBusiness unit North40 817 40 817Region NorwayBusiness unit West49 753 39 381Region NorwayBusiness unit Mid14 108 14 108Region NorwayBusiness unit \u00d8stfold9 098 9 098Region NorwayIterio39 988 41 224InternationalMC Polska978 978InternationalRoar J\u00f8rgensen AS65 577 NARegion NorwayTotal923 835 846 659The recoverable amount is estimated value in use, based on discounted future cash flows. Future cash flows included in the impairment tests at the end of 2022 are based on board approved budget for 2023 and the company's strategy plan for the subsequent four years. IFRS 16 is included in both the DCF model and in the WACC. The growth in the forecast period of 2024 \u2013 2027 is based on a moderate estimated growth in revenue and cost, in line with strategy, profitability targets and expected market out-look. The ambitions are profitability above peer-group average and strengthened operations and value creation, the assumed growth in cash flow and profitability is reflected in the budget and strategy plan period. The revenues in the budget show a moderate organic growth. The EBIT margin is reasonable and according to the strat-egy, and in line with the realised results in 2022. After the forecast period a terminal value has been calculated, using a moderate growth in cash flow of 1.0 per cent, unchanged from the assumption used in the previous year impairment test.Reinvestments in property, plant and equipment have been set below depreciation for the first five years and equal to depreciation in the terminal year for the purposes of the analysis. The business is not investment heavy, and the basis for maintaining the capacity for future cash flows is mainly investment in employees, which is reflected in the annual forecasted cash flows from operations. Therefore, EBIT is used as an estimate of cash flows in the terminal period. A calculated income tax has been included to be consistent with use of a post-tax discount rate.The key assumptions are determined to be the units' ability to de-liver as expected in ongoing contracts, win new contracts, and/or obtain extensions of existing contracts, and to obtain the assumed billing ratios. Furthermore, that the prices achieved in the contracts at least compensate for increased costs, especially employee expenses, thereby achieving the expected EBIT margin. The discount rate in the analysis is set to 8.2 per cent (2021: 7.3 per cent) after tax based on a calculation of the weighted average cost of capital (WACC). The same discount rate has been used for all cash generating units since the asset beta has been deemed the same in all CGUs and segments that the group operates. The main reason for the increase in WACC is a slightly increase in cost of equity and also a slightly increase in cost of debt mainly due to an increase in risk free rate and credit risk rate. The key assumptions used in the value in use calculation which is most sensitive to changes is operating revenue. However, in such a situation the company will bring the cost down to be in a normal steady business. For the CGUs Region Oslo, Region Norway, Business unit North, Business unit West, and Business unit Transportation the operating revenues must decrease by more than 10 per cent before an impairment occur. For Iterio the revenue needs to decrease more than 10 per cent and LINK Arkitektur more than 5 per cent to indicate impairment. In the sensitivity analysis for WACC, EBITDA and EBIT the headroom is good and a material change in assumptions must occur before an impairment will take place.The impairment tests have not resulted in any impairment for good-will, property, plant and equipment or intangible assets related to any of the cash generating units. Management has evaluated that a reasonably possible change in key assumptions would not give rise to impairment on 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-133-3": {
"value": "NOTE 14 INTANGIBLE ASSETS AND GOODWILLOwn developed Other Total intangible intangible intangibleAmounts in NOK thousand Softwareassetsassets assets GoodwillAcquisition cost 1 January 2021103 161--103 161538 546Addition from business combinations--9 1009 100397 054Additions 2 218--2 218-Disposals1 380--1 380-Currency translation differences(327)--(327) (6 606)Acquisition cost 31 December 2021103 672 - 9 100 112 772 928 994Additions from business combination221-2 4802 70175 949Additions1 390 4 533-5 923-Disposals1 557--1 557-Currency translation differences241--241 1 362Acquisition cost 31 December 2022103 968 4 533 11 580 120 081 1 006 305Accumulated amortisation 1 January 202182 249--82 24983 855Amortisation for the year5 362-1 6477 009-Disposals1 380--1 380-Currency translation differences(292)--(292)(1 520)Accumulated amortisation 31 December 202185 939 - 1 647 87 586 82 335Amortisation for the year4 236-5 3669 601-Disposals1 557--1 557-Currency translation differences204--204135Accumulated amortisation 31 December 202288 822 - 7 012 95 834 82 470Carrying amount 1 January 202120 913--20 913454 692Additions from business combination --9 1009 100397 054Additions2 218--2 218-Disposals-----Amortisation for the year5 362-1 6477 009-Currency translation differences(35)--(35)(5 087)Carrying amount 31 December 2021 17 733 - 7 453 25 187 846 659Additions from business combination221-2 4802 70175 949Additions1 3904 533-5 923-Disposals-----Amortisation for the year4 236-5 3669 601-Currency translation differences37--371 227Carrying amount 31 December 202215 146 4 533 4 568 24 247 923 835Software includes standard software and licenses that are amor-tised on a straight-line basis over three years. In 2017 a new ERP system has been capitalised, which is amortised straight-line over its estimated useful life of ten years. Own developed intangible asset relates to multiMap 2.0, a digital tool, for which depreciation will begin when asset is ready for use. Other intangible assets relate to order backlog from the acquisition of Smidt & Ingebrigtsen AS and Roar J\u00f8rgensen AS in 2022, Erichsen & Horgen AS and Nordland Teknikk AS in 2021. The order backlog is amortised on a straight-line basis over its estimated lifetime, in the range 1-2 years.Impairment testsThe group performs an assessment for impairment of goodwill at year end, or more often if there are indicators of impairment. The impairment test is based on identified cash generating units (CGUs) in the group. CGUs are changed if businesses are integrated or there are other organisational changes. CGUs are normally on a lower level than the segment classification and follows regions or separate companies, given that separate financial information is available. However, the largest parts of goodwill are allocated to the segments LINK Arkitektur and Region Oslo, as shown in the table below. CGUs identified to assess the value of the group's goodwill in 2022 and 2021 are disclosed in the table below. The carrying amounts of these cash generating units include property, plant and equipment, intan-gible assets, and allocated goodwill. Working capital cannot be split or reasonably allocated to the CGUs and is not included. Total net working capital was positive at year-end 2022, and with the head-room for each CGU it would not change any conclusions if working capital could be allocated.GOODWILL SPECIFIED PER CASH GENERATING UNIT:Amounts in NOK thousand 31.12.2022 31.12.2021 Belongs to segmentLINK Arkitektur151 810 149 447LINK ArkitekturRegion Oslo 434 429 434 429Region OsloBusiness unit Transportation27 600 27 600Region OsloRegion Norway 89 577 89 577Region NorwayBusiness unit North40 817 40 817Region NorwayBusiness unit West49 753 39 381Region NorwayBusiness unit Mid14 108 14 108Region NorwayBusiness unit \u00d8stfold9 098 9 098Region NorwayIterio39 988 41 224InternationalMC Polska978 978InternationalRoar J\u00f8rgensen AS65 577 NARegion NorwayTotal923 835 846 659The recoverable amount is estimated value in use, based on discounted future cash flows. Future cash flows included in the impairment tests at the end of 2022 are based on board approved budget for 2023 and the company's strategy plan for the subsequent four years. IFRS 16 is included in both the DCF model and in the WACC. The growth in the forecast period of 2024 \u2013 2027 is based on a moderate estimated growth in revenue and cost, in line with strategy, profitability targets and expected market out-look. The ambitions are profitability above peer-group average and strengthened operations and value creation, the assumed growth in cash flow and profitability is reflected in the budget and strategy plan period. The revenues in the budget show a moderate organic growth. The EBIT margin is reasonable and according to the strat-egy, and in line with the realised results in 2022. After the forecast period a terminal value has been calculated, using a moderate growth in cash flow of 1.0 per cent, unchanged from the assumption used in the previous year impairment test.Reinvestments in property, plant and equipment have been set below depreciation for the first five years and equal to depreciation in the terminal year for the purposes of the analysis. The business is not investment heavy, and the basis for maintaining the capacity for future cash flows is mainly investment in employees, which is reflected in the annual forecasted cash flows from operations. Therefore, EBIT is used as an estimate of cash flows in the terminal period. A calculated income tax has been included to be consistent with use of a post-tax discount rate.The key assumptions are determined to be the units' ability to de-liver as expected in ongoing contracts, win new contracts, and/or obtain extensions of existing contracts, and to obtain the assumed billing ratios. Furthermore, that the prices achieved in the contracts at least compensate for increased costs, especially employee expenses, thereby achieving the expected EBIT margin. The discount rate in the analysis is set to 8.2 per cent (2021: 7.3 per cent) after tax based on a calculation of the weighted average cost of capital (WACC). The same discount rate has been used for all cash generating units since the asset beta has been deemed the same in all CGUs and segments that the group operates. The main reason for the increase in WACC is a slightly increase in cost of equity and also a slightly increase in cost of debt mainly due to an increase in risk free rate and credit risk rate. The key assumptions used in the value in use calculation which is most sensitive to changes is operating revenue. However, in such a situation the company will bring the cost down to be in a normal steady business. For the CGUs Region Oslo, Region Norway, Business unit North, Business unit West, and Business unit Transportation the operating revenues must decrease by more than 10 per cent before an impairment occur. For Iterio the revenue needs to decrease more than 10 per cent and LINK Arkitektur more than 5 per cent to indicate impairment. In the sensitivity analysis for WACC, EBITDA and EBIT the headroom is good and a material change in assumptions must occur before an impairment will take place.The impairment tests have not resulted in any impairment for good-will, property, plant and equipment or intangible assets related to any of the cash generating units. Management has evaluated that a reasonably possible change in key assumptions would not give rise to impairment on 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-133-4": {
"value": "NOTE 14 INTANGIBLE ASSETS AND GOODWILLOwn developed Other Total intangible intangible intangibleAmounts in NOK thousand Softwareassetsassets assets GoodwillAcquisition cost 1 January 2021103 161--103 161538 546Addition from business combinations--9 1009 100397 054Additions 2 218--2 218-Disposals1 380--1 380-Currency translation differences(327)--(327) (6 606)Acquisition cost 31 December 2021103 672 - 9 100 112 772 928 994Additions from business combination221-2 4802 70175 949Additions1 390 4 533-5 923-Disposals1 557--1 557-Currency translation differences241--241 1 362Acquisition cost 31 December 2022103 968 4 533 11 580 120 081 1 006 305Accumulated amortisation 1 January 202182 249--82 24983 855Amortisation for the year5 362-1 6477 009-Disposals1 380--1 380-Currency translation differences(292)--(292)(1 520)Accumulated amortisation 31 December 202185 939 - 1 647 87 586 82 335Amortisation for the year4 236-5 3669 601-Disposals1 557--1 557-Currency translation differences204--204135Accumulated amortisation 31 December 202288 822 - 7 012 95 834 82 470Carrying amount 1 January 202120 913--20 913454 692Additions from business combination --9 1009 100397 054Additions2 218--2 218-Disposals-----Amortisation for the year5 362-1 6477 009-Currency translation differences(35)--(35)(5 087)Carrying amount 31 December 2021 17 733 - 7 453 25 187 846 659Additions from business combination221-2 4802 70175 949Additions1 3904 533-5 923-Disposals-----Amortisation for the year4 236-5 3669 601-Currency translation differences37--371 227Carrying amount 31 December 202215 146 4 533 4 568 24 247 923 835Software includes standard software and licenses that are amor-tised on a straight-line basis over three years. In 2017 a new ERP system has been capitalised, which is amortised straight-line over its estimated useful life of ten years. Own developed intangible asset relates to multiMap 2.0, a digital tool, for which depreciation will begin when asset is ready for use. Other intangible assets relate to order backlog from the acquisition of Smidt & Ingebrigtsen AS and Roar J\u00f8rgensen AS in 2022, Erichsen & Horgen AS and Nordland Teknikk AS in 2021. The order backlog is amortised on a straight-line basis over its estimated lifetime, in the range 1-2 years.Impairment testsThe group performs an assessment for impairment of goodwill at year end, or more often if there are indicators of impairment. The impairment test is based on identified cash generating units (CGUs) in the group. CGUs are changed if businesses are integrated or there are other organisational changes. CGUs are normally on a lower level than the segment classification and follows regions or separate companies, given that separate financial information is available. However, the largest parts of goodwill are allocated to the segments LINK Arkitektur and Region Oslo, as shown in the table below. CGUs identified to assess the value of the group's goodwill in 2022 and 2021 are disclosed in the table below. The carrying amounts of these cash generating units include property, plant and equipment, intan-gible assets, and allocated goodwill. Working capital cannot be split or reasonably allocated to the CGUs and is not included. Total net working capital was positive at year-end 2022, and with the head-room for each CGU it would not change any conclusions if working capital could be allocated.GOODWILL SPECIFIED PER CASH GENERATING UNIT:Amounts in NOK thousand 31.12.2022 31.12.2021 Belongs to segmentLINK Arkitektur151 810 149 447LINK ArkitekturRegion Oslo 434 429 434 429Region OsloBusiness unit Transportation27 600 27 600Region OsloRegion Norway 89 577 89 577Region NorwayBusiness unit North40 817 40 817Region NorwayBusiness unit West49 753 39 381Region NorwayBusiness unit Mid14 108 14 108Region NorwayBusiness unit \u00d8stfold9 098 9 098Region NorwayIterio39 988 41 224InternationalMC Polska978 978InternationalRoar J\u00f8rgensen AS65 577 NARegion NorwayTotal923 835 846 659The recoverable amount is estimated value in use, based on discounted future cash flows. Future cash flows included in the impairment tests at the end of 2022 are based on board approved budget for 2023 and the company's strategy plan for the subsequent four years. IFRS 16 is included in both the DCF model and in the WACC. The growth in the forecast period of 2024 \u2013 2027 is based on a moderate estimated growth in revenue and cost, in line with strategy, profitability targets and expected market out-look. The ambitions are profitability above peer-group average and strengthened operations and value creation, the assumed growth in cash flow and profitability is reflected in the budget and strategy plan period. The revenues in the budget show a moderate organic growth. The EBIT margin is reasonable and according to the strat-egy, and in line with the realised results in 2022. After the forecast period a terminal value has been calculated, using a moderate growth in cash flow of 1.0 per cent, unchanged from the assumption used in the previous year impairment test.Reinvestments in property, plant and equipment have been set below depreciation for the first five years and equal to depreciation in the terminal year for the purposes of the analysis. The business is not investment heavy, and the basis for maintaining the capacity for future cash flows is mainly investment in employees, which is reflected in the annual forecasted cash flows from operations. Therefore, EBIT is used as an estimate of cash flows in the terminal period. A calculated income tax has been included to be consistent with use of a post-tax discount rate.The key assumptions are determined to be the units' ability to de-liver as expected in ongoing contracts, win new contracts, and/or obtain extensions of existing contracts, and to obtain the assumed billing ratios. Furthermore, that the prices achieved in the contracts at least compensate for increased costs, especially employee expenses, thereby achieving the expected EBIT margin. The discount rate in the analysis is set to 8.2 per cent (2021: 7.3 per cent) after tax based on a calculation of the weighted average cost of capital (WACC). The same discount rate has been used for all cash generating units since the asset beta has been deemed the same in all CGUs and segments that the group operates. The main reason for the increase in WACC is a slightly increase in cost of equity and also a slightly increase in cost of debt mainly due to an increase in risk free rate and credit risk rate. The key assumptions used in the value in use calculation which is most sensitive to changes is operating revenue. However, in such a situation the company will bring the cost down to be in a normal steady business. For the CGUs Region Oslo, Region Norway, Business unit North, Business unit West, and Business unit Transportation the operating revenues must decrease by more than 10 per cent before an impairment occur. For Iterio the revenue needs to decrease more than 10 per cent and LINK Arkitektur more than 5 per cent to indicate impairment. In the sensitivity analysis for WACC, EBITDA and EBIT the headroom is good and a material change in assumptions must occur before an impairment will take place.The impairment tests have not resulted in any impairment for good-will, property, plant and equipment or intangible assets related to any of the cash generating units. Management has evaluated that a reasonably possible change in key assumptions would not give rise to impairment on 31 December 2022.",
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"pp-value-133-5": {
"value": "NOTE 14 INTANGIBLE ASSETS AND GOODWILLOwn developed Other Total intangible intangible intangibleAmounts in NOK thousand Softwareassetsassets assets GoodwillAcquisition cost 1 January 2021103 161--103 161538 546Addition from business combinations--9 1009 100397 054Additions 2 218--2 218-Disposals1 380--1 380-Currency translation differences(327)--(327) (6 606)Acquisition cost 31 December 2021103 672 - 9 100 112 772 928 994Additions from business combination221-2 4802 70175 949Additions1 390 4 533-5 923-Disposals1 557--1 557-Currency translation differences241--241 1 362Acquisition cost 31 December 2022103 968 4 533 11 580 120 081 1 006 305Accumulated amortisation 1 January 202182 249--82 24983 855Amortisation for the year5 362-1 6477 009-Disposals1 380--1 380-Currency translation differences(292)--(292)(1 520)Accumulated amortisation 31 December 202185 939 - 1 647 87 586 82 335Amortisation for the year4 236-5 3669 601-Disposals1 557--1 557-Currency translation differences204--204135Accumulated amortisation 31 December 202288 822 - 7 012 95 834 82 470Carrying amount 1 January 202120 913--20 913454 692Additions from business combination --9 1009 100397 054Additions2 218--2 218-Disposals-----Amortisation for the year5 362-1 6477 009-Currency translation differences(35)--(35)(5 087)Carrying amount 31 December 2021 17 733 - 7 453 25 187 846 659Additions from business combination221-2 4802 70175 949Additions1 3904 533-5 923-Disposals-----Amortisation for the year4 236-5 3669 601-Currency translation differences37--371 227Carrying amount 31 December 202215 146 4 533 4 568 24 247 923 835Software includes standard software and licenses that are amor-tised on a straight-line basis over three years. In 2017 a new ERP system has been capitalised, which is amortised straight-line over its estimated useful life of ten years. Own developed intangible asset relates to multiMap 2.0, a digital tool, for which depreciation will begin when asset is ready for use. Other intangible assets relate to order backlog from the acquisition of Smidt & Ingebrigtsen AS and Roar J\u00f8rgensen AS in 2022, Erichsen & Horgen AS and Nordland Teknikk AS in 2021. The order backlog is amortised on a straight-line basis over its estimated lifetime, in the range 1-2 years.Impairment testsThe group performs an assessment for impairment of goodwill at year end, or more often if there are indicators of impairment. The impairment test is based on identified cash generating units (CGUs) in the group. CGUs are changed if businesses are integrated or there are other organisational changes. CGUs are normally on a lower level than the segment classification and follows regions or separate companies, given that separate financial information is available. However, the largest parts of goodwill are allocated to the segments LINK Arkitektur and Region Oslo, as shown in the table below. CGUs identified to assess the value of the group's goodwill in 2022 and 2021 are disclosed in the table below. The carrying amounts of these cash generating units include property, plant and equipment, intan-gible assets, and allocated goodwill. Working capital cannot be split or reasonably allocated to the CGUs and is not included. Total net working capital was positive at year-end 2022, and with the head-room for each CGU it would not change any conclusions if working capital could be allocated.GOODWILL SPECIFIED PER CASH GENERATING UNIT:Amounts in NOK thousand 31.12.2022 31.12.2021 Belongs to segmentLINK Arkitektur151 810 149 447LINK ArkitekturRegion Oslo 434 429 434 429Region OsloBusiness unit Transportation27 600 27 600Region OsloRegion Norway 89 577 89 577Region NorwayBusiness unit North40 817 40 817Region NorwayBusiness unit West49 753 39 381Region NorwayBusiness unit Mid14 108 14 108Region NorwayBusiness unit \u00d8stfold9 098 9 098Region NorwayIterio39 988 41 224InternationalMC Polska978 978InternationalRoar J\u00f8rgensen AS65 577 NARegion NorwayTotal923 835 846 659The recoverable amount is estimated value in use, based on discounted future cash flows. Future cash flows included in the impairment tests at the end of 2022 are based on board approved budget for 2023 and the company's strategy plan for the subsequent four years. IFRS 16 is included in both the DCF model and in the WACC. The growth in the forecast period of 2024 \u2013 2027 is based on a moderate estimated growth in revenue and cost, in line with strategy, profitability targets and expected market out-look. The ambitions are profitability above peer-group average and strengthened operations and value creation, the assumed growth in cash flow and profitability is reflected in the budget and strategy plan period. The revenues in the budget show a moderate organic growth. The EBIT margin is reasonable and according to the strat-egy, and in line with the realised results in 2022. After the forecast period a terminal value has been calculated, using a moderate growth in cash flow of 1.0 per cent, unchanged from the assumption used in the previous year impairment test.Reinvestments in property, plant and equipment have been set below depreciation for the first five years and equal to depreciation in the terminal year for the purposes of the analysis. The business is not investment heavy, and the basis for maintaining the capacity for future cash flows is mainly investment in employees, which is reflected in the annual forecasted cash flows from operations. Therefore, EBIT is used as an estimate of cash flows in the terminal period. A calculated income tax has been included to be consistent with use of a post-tax discount rate.The key assumptions are determined to be the units' ability to de-liver as expected in ongoing contracts, win new contracts, and/or obtain extensions of existing contracts, and to obtain the assumed billing ratios. Furthermore, that the prices achieved in the contracts at least compensate for increased costs, especially employee expenses, thereby achieving the expected EBIT margin. The discount rate in the analysis is set to 8.2 per cent (2021: 7.3 per cent) after tax based on a calculation of the weighted average cost of capital (WACC). The same discount rate has been used for all cash generating units since the asset beta has been deemed the same in all CGUs and segments that the group operates. The main reason for the increase in WACC is a slightly increase in cost of equity and also a slightly increase in cost of debt mainly due to an increase in risk free rate and credit risk rate. The key assumptions used in the value in use calculation which is most sensitive to changes is operating revenue. However, in such a situation the company will bring the cost down to be in a normal steady business. For the CGUs Region Oslo, Region Norway, Business unit North, Business unit West, and Business unit Transportation the operating revenues must decrease by more than 10 per cent before an impairment occur. For Iterio the revenue needs to decrease more than 10 per cent and LINK Arkitektur more than 5 per cent to indicate impairment. In the sensitivity analysis for WACC, EBITDA and EBIT the headroom is good and a material change in assumptions must occur before an impairment will take place.The impairment tests have not resulted in any impairment for good-will, property, plant and equipment or intangible assets related to any of the cash generating units. Management has evaluated that a reasonably possible change in key assumptions would not give rise to impairment on 31 December 2022.NOTE 15 PROPERTY, PLANT AND EQUIPMENTBuildings and Other machines, Total property, other real plant, fixtures and Leasehold plant and Amounts in NOK thousandestatefittingsimprovementsequipmentAcquisition cost 1 January 20219 044 425 303 72 433 506 780Additions from business combinations- 2 173 1 948 4 120Additions1 088 42 784 1 229 45 101Disposals503 22 277 105 22 885Currency translation differences(539) (2 599) (152) (3 290)Acquisition cost 31 December 20219 090 445 384 75 352 529 827Additions from business combinations- 186 - 186Additions- 41 430 692 42 122Disposals621 29 640 4 975 35 236Transfer between asset classes(6 464) 6 464 - -Currency translation differences10 (899) 46 (842)Acquisition cost 31 December 20222 015 462 924 71 116 536 056Acc. depreciation 1 January 20216 414 333 705 63 022 403 140Depreciation for the year899 37 484 2 880 41 263Disposals503 21 877 52 22 431Currency translation differences(365) (1 957) (126) (2 447)Acc. depreciation 31 December 20216 446 347 355 65 724 419 524Depreciation for the year143 42 877 2 939 45 958Disposals612 27 989 4 862 33 472Transfer between classes(4 712) 4 712 - -Currency translation differences2 (724) 31 (691)Acc. depreciation 31 December 20221 257 366 231 63 831 431 319Carrying amount 1 January 20212 630 91 598 9 411 103 640Additions from business combination- 2 173 1 948 4 120Additions1 088 42 784 1 229 45 101Disposals- 400 53 453Depreciation for the year899 37 484 2 880 41 263Currency translation differences(176) (643) (25) (844)Carrying amount 31 December 20212 644 98 030 9 628 110 303Additions from business combination- 186 - 186Additions- 41 430 692 42 122Disposals- 1 651 113 1 764Depreciation for the year143 42 877 2 939 45 958Transfer between classes(1 752) 1 752 - -Currency translation differences9 (175) 16 (151)Carrying amount 31 December 2022759 96 693 7 285 104 737Same as Useful life 10 - 50 years 3 - 8 yearsequivalent assets, Depreciation plan Straight-line Straight-linemax leasing periodNOTE 18 LEASESMulticonsult has two classes of assets that has been reported as right-of-use assets: buildings (primarily office premises) and cars. RIGHT-OF-USE ASSETS AND LEASE LIABILITIESAmounts in NOK thousandAsset LiabilitiesBalance 1 January 2021806 081 864 533Additions123 405 123 405Reassessments(16 776) (16 776)Depreciation(144 846) N/AImpairment- N/AInterest expenseN/A 32 062Lease payments (interest and instalments)N/A (172 596)Terminations(226) (234)Currency(767) (587)Balance 31 December 2021766 870 829 808Additions92 128 92 128Reassessments(9 673) (9 673)Depreciation(150 545) N/AImpairment- N/AInterest expenseN/A 30 608Lease payments (interest and instalments)N/A (180 357)Terminations(24 445) (27 069)Currency(964) (1 648)Balance 31 December 2022673 371 733 929Depreciation charge for right-of-use assets (previously operating lease), is split by class of underlying asset as follows:Amounts in NOK thousand 2022 2021Property148 346 142 618Cars2 200 2 228Total150 545 144 846The group has not identified any impairment indicators in 2022, and no impairment is recognised in 2022.The carrying amount of right-of-use assets at the end of the reporting period by class of underlying asset is as follows:Amounts in NOK thousand 31.12.2022 31.12.2021Property661 819 757 749Cars11 552 9 120Total673 371 766 870SHORT-TERM LEASES AND LOW-VALUE ASSET LEASE EXPENSEThe expenses related to short-term leases (less than 12 months) and low-value assets are summarised in the table below. For these leases the practical expedients in IFRS 16 have been applied, and the lease payments associated with those leases are recognised as an expense and classified as other operating expenses.Amounts in NOK thousand 2022 2021Short-term leases14 959 13 708Low value asset6 720 6 164Total21 679 19 871UNDISCOUNTED LEASE LIABILITIES AND MATURITY OF CASH OUTFLOWS31 December 2022Property, plant Amounts in NOK thousandOffice premisesand equipment TotalDue within 1 year175 682 3 415 179 097Due more than 1 year, but within 5 years537 574 5 248 542 822Due more than 5 years128 880 - 128 880Total undiscounted lease liabilities842 136 8 662 850 79831 December 2021Property, plant Amounts in NOK thousandOffice premisesand equipment TotalDue within 1 year166 438 2 111 168 549Due more than 1 year, but within 5 years548 062 4 308 552 371Due more than 5 years205 856 - 205 856Total undiscounted lease liabilities920 356 6 419 926 775The group has renewal options for several contracts that are not recognised, as per the principles described in note 2A. For material contracts we estimate that the lease cash outflows due more than one year, but within five years would have been NOK 11 million hig-her, and cash outflows due more than five and less than ten years would have been NOK 137 million higher, had these renewal options been recognised. Total cash outflows for leases amounts to NOK 202.0 million in 2022 and NOK 192.5 million in 2021. The group has not entered into any new material lease agree-ments not yet recognised in the consolidated statement of financial position. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-140-2": {
"value": "NOTE 16 CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED FUNDSCash and cash equivalents consist primarily of bank deposits.Amounts in NOK thousand 31.12.2022 31.12.2021Cash and bank deposits, excluding restricted cash114 559 156 165Restricted cash- -Non-current financial assets, restricted funds 22 661 15 316Total cash and cash equivalents and restricted cash137 220 171 481Restricted funds on 31 December 2022 and 2021 relates mainly to Multiconsult Polska.Restricted funds in Multiconsult Polska are bank balances of NOK 20.8 million on 31 December 2022 (NOK 14.7 million on 31 December 2021) as security for parts of the bank guarantees issued to customers, see note 21. These bank guarantees have terms from 2023 to 2030. Restricted funds in Roar J\u00f8rgensen AS are bank balances of NOK 1.6 million on 31 December 2022 regarding employee withholding taxes. ",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-140-3": {
"value": "NOTE 16 CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED FUNDSCash and cash equivalents consist primarily of bank deposits.Amounts in NOK thousand 31.12.2022 31.12.2021Cash and bank deposits, excluding restricted cash114 559 156 165Restricted cash- -Non-current financial assets, restricted funds 22 661 15 316Total cash and cash equivalents and restricted cash137 220 171 481Restricted funds on 31 December 2022 and 2021 relates mainly to Multiconsult Polska.Restricted funds in Multiconsult Polska are bank balances of NOK 20.8 million on 31 December 2022 (NOK 14.7 million on 31 December 2021) as security for parts of the bank guarantees issued to customers, see note 21. These bank guarantees have terms from 2023 to 2030. Restricted funds in Roar J\u00f8rgensen AS are bank balances of NOK 1.6 million on 31 December 2022 regarding employee withholding taxes. ",
"dimensions": {
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"pp-value-142-2": {
"value": "NOTE 17 ASSOCIATED COMPANIES AND JOINT ARRANGEMENTSConsorcio Norplan Amounts in NOK thousandFPSSAM SpA Tanzania JV Indigo TotalOpening balance 1 January 20211 739 258 5 054 3 174 10 227Share of profit for the year4 (28) 228 - 204Currency effect- - - (129) (129)Closing balance 31 December 20211 743 230 5 282 3 045 10 302Share of profit for the year(23) (98) 15 381 - 15 260Currency effect- - - 159 159Closing balance 31 December 20221 719 133 20 664 3 204 25 722None of the joint ventures and associated companies are deemed significant for the group, whether separately or combined. Conse-quently, no further details are provided.Project partnership - joint operationsThe group has for some projects entered into partnership agree-ments. Some of these have been assessed as joint operations. Participants work together to deliver a project in cooperation through a common project group. There are no assets in these project groups. Each participant is responsible for delivering the services that it has agreed to deliver, as well as being responsible for its own expenses and having a right to agreed revenues from the services the participant performs. Each participant uses its own assets, and obligations in the operation are limited to parts of the fee that may be held back to cover common costs (for exam-ple insurance premiums and travel expenses). One of the parties is typically appointed project manager with specific responsibili-ties in the project group. The participants have when it is relevant agreed that they are jointly and separately liable for the project deliverables. The main projects that are organised in this manner that are considered joint operations are T\u00f8nsberg hospital, Forne-bubanen, E39 Stord-Os Bj\u00f8rnafjorden, Forsvarsbygg frameagree-ment, Daugava HPP, Nye Rikshospitalet, Lilletorget, all in Norway. The group is the project manager, and there is no fixed participating share in these operations. In 2022 these projects contributed reve-nues of NOK 535 million (NOK 265 million in 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-142-3": {
"value": "NOTE 17 ASSOCIATED COMPANIES AND JOINT ARRANGEMENTSConsorcio Norplan Amounts in NOK thousandFPSSAM SpA Tanzania JV Indigo TotalOpening balance 1 January 20211 739 258 5 054 3 174 10 227Share of profit for the year4 (28) 228 - 204Currency effect- - - (129) (129)Closing balance 31 December 20211 743 230 5 282 3 045 10 302Share of profit for the year(23) (98) 15 381 - 15 260Currency effect- - - 159 159Closing balance 31 December 20221 719 133 20 664 3 204 25 722None of the joint ventures and associated companies are deemed significant for the group, whether separately or combined. Conse-quently, no further details are provided.Project partnership - joint operationsThe group has for some projects entered into partnership agree-ments. Some of these have been assessed as joint operations. Participants work together to deliver a project in cooperation through a common project group. There are no assets in these project groups. Each participant is responsible for delivering the services that it has agreed to deliver, as well as being responsible for its own expenses and having a right to agreed revenues from the services the participant performs. Each participant uses its own assets, and obligations in the operation are limited to parts of the fee that may be held back to cover common costs (for exam-ple insurance premiums and travel expenses). One of the parties is typically appointed project manager with specific responsibili-ties in the project group. The participants have when it is relevant agreed that they are jointly and separately liable for the project deliverables. The main projects that are organised in this manner that are considered joint operations are T\u00f8nsberg hospital, Forne-bubanen, E39 Stord-Os Bj\u00f8rnafjorden, Forsvarsbygg frameagree-ment, Daugava HPP, Nye Rikshospitalet, Lilletorget, all in Norway. The group is the project manager, and there is no fixed participating share in these operations. In 2022 these projects contributed reve-nues of NOK 535 million (NOK 265 million in 2021). NOTE 23 RELATED PARTIESThe group's related parties are:Key management personnel, close members of the family of a person and entities that are controlled or jointly controlled by any of these. Key management personnel are defined as the board of directors and the executive management. See note 9 Employee benefit expenses and the remuneration report for salary and other remuneration for leading persons 2022 for information on remuneration for key management personnel and information on share ownership. There were no other transactions with key management personnel in 2022 and 2021.Stiftelsen Multiconsult had an ownership share of 21.0 per cent on 31 December 2022 (21.9 per cent on 31 December 2021). The company's assessment is that Stiftelsen Multiconsult has signifi-cant influence. Multiconsult has recognised revenues from sales to Stiftelsen Multiconsult of NOK 3 199 thousand in 2022 (NOK 5 096 thousand in 2021) and had receivables of NOK 220 thousand on 31 December 2022 (NOK 269 thousand on 31 December 2021). The company and its subsidiaries are also considered related parties. Transactions and balances are eliminated in the consolidated financial statements and are not disclosed in this note for the group. Refer also to note 17 for the parent company.Refer to note 17 Associated companies and joint arrangements for more information on these related parties. TRANSACTIONS AND BALANCES WITH JOINT VENTURES AND ASSOCIATED COMPANIESAmounts in NOK thousand 2022 2021Revenues20 013 28 335Expenses2 365 145Receivables- 3 988Liabilities- -Guarantees provided- -",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-142-4": {
"value": "NOTE 17 ASSOCIATED COMPANIES AND JOINT ARRANGEMENTSConsorcio Norplan Amounts in NOK thousandFPSSAM SpA Tanzania JV Indigo TotalOpening balance 1 January 20211 739 258 5 054 3 174 10 227Share of profit for the year4 (28) 228 - 204Currency effect- - - (129) (129)Closing balance 31 December 20211 743 230 5 282 3 045 10 302Share of profit for the year(23) (98) 15 381 - 15 260Currency effect- - - 159 159Closing balance 31 December 20221 719 133 20 664 3 204 25 722None of the joint ventures and associated companies are deemed significant for the group, whether separately or combined. Conse-quently, no further details are provided.Project partnership - joint operationsThe group has for some projects entered into partnership agree-ments. Some of these have been assessed as joint operations. Participants work together to deliver a project in cooperation through a common project group. There are no assets in these project groups. Each participant is responsible for delivering the services that it has agreed to deliver, as well as being responsible for its own expenses and having a right to agreed revenues from the services the participant performs. Each participant uses its own assets, and obligations in the operation are limited to parts of the fee that may be held back to cover common costs (for exam-ple insurance premiums and travel expenses). One of the parties is typically appointed project manager with specific responsibili-ties in the project group. The participants have when it is relevant agreed that they are jointly and separately liable for the project deliverables. The main projects that are organised in this manner that are considered joint operations are T\u00f8nsberg hospital, Forne-bubanen, E39 Stord-Os Bj\u00f8rnafjorden, Forsvarsbygg frameagree-ment, Daugava HPP, Nye Rikshospitalet, Lilletorget, all in Norway. The group is the project manager, and there is no fixed participating share in these operations. In 2022 these projects contributed reve-nues of NOK 535 million (NOK 265 million in 2021). ",
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"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-142-5": {
"value": "NOTE 17 ASSOCIATED COMPANIES AND JOINT ARRANGEMENTSConsorcio Norplan Amounts in NOK thousandFPSSAM SpA Tanzania JV Indigo TotalOpening balance 1 January 20211 739 258 5 054 3 174 10 227Share of profit for the year4 (28) 228 - 204Currency effect- - - (129) (129)Closing balance 31 December 20211 743 230 5 282 3 045 10 302Share of profit for the year(23) (98) 15 381 - 15 260Currency effect- - - 159 159Closing balance 31 December 20221 719 133 20 664 3 204 25 722None of the joint ventures and associated companies are deemed significant for the group, whether separately or combined. Conse-quently, no further details are provided.Project partnership - joint operationsThe group has for some projects entered into partnership agree-ments. Some of these have been assessed as joint operations. Participants work together to deliver a project in cooperation through a common project group. There are no assets in these project groups. Each participant is responsible for delivering the services that it has agreed to deliver, as well as being responsible for its own expenses and having a right to agreed revenues from the services the participant performs. Each participant uses its own assets, and obligations in the operation are limited to parts of the fee that may be held back to cover common costs (for exam-ple insurance premiums and travel expenses). One of the parties is typically appointed project manager with specific responsibili-ties in the project group. The participants have when it is relevant agreed that they are jointly and separately liable for the project deliverables. The main projects that are organised in this manner that are considered joint operations are T\u00f8nsberg hospital, Forne-bubanen, E39 Stord-Os Bj\u00f8rnafjorden, Forsvarsbygg frameagree-ment, Daugava HPP, Nye Rikshospitalet, Lilletorget, all in Norway. The group is the project manager, and there is no fixed participating share in these operations. In 2022 these projects contributed reve-nues of NOK 535 million (NOK 265 million in 2021). NOTE 23 RELATED PARTIESThe group's related parties are:Key management personnel, close members of the family of a person and entities that are controlled or jointly controlled by any of these. Key management personnel are defined as the board of directors and the executive management. See note 9 Employee benefit expenses and the remuneration report for salary and other remuneration for leading persons 2022 for information on remuneration for key management personnel and information on share ownership. There were no other transactions with key management personnel in 2022 and 2021.Stiftelsen Multiconsult had an ownership share of 21.0 per cent on 31 December 2022 (21.9 per cent on 31 December 2021). The company's assessment is that Stiftelsen Multiconsult has signifi-cant influence. Multiconsult has recognised revenues from sales to Stiftelsen Multiconsult of NOK 3 199 thousand in 2022 (NOK 5 096 thousand in 2021) and had receivables of NOK 220 thousand on 31 December 2022 (NOK 269 thousand on 31 December 2021). The company and its subsidiaries are also considered related parties. Transactions and balances are eliminated in the consolidated financial statements and are not disclosed in this note for the group. Refer also to note 17 for the parent company.Refer to note 17 Associated companies and joint arrangements for more information on these related parties. TRANSACTIONS AND BALANCES WITH JOINT VENTURES AND ASSOCIATED COMPANIESAmounts in NOK thousand 2022 2021Revenues20 013 28 335Expenses2 365 145Receivables- 3 988Liabilities- -Guarantees provided- -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-3": {
"value": "NOTE 15 PROPERTY, PLANT AND EQUIPMENTBuildings and Other machines, Total property, other real plant, fixtures and Leasehold plant and Amounts in NOK thousandestatefittingsimprovementsequipmentAcquisition cost 1 January 20219 044 425 303 72 433 506 780Additions from business combinations- 2 173 1 948 4 120Additions1 088 42 784 1 229 45 101Disposals503 22 277 105 22 885Currency translation differences(539) (2 599) (152) (3 290)Acquisition cost 31 December 20219 090 445 384 75 352 529 827Additions from business combinations- 186 - 186Additions- 41 430 692 42 122Disposals621 29 640 4 975 35 236Transfer between asset classes(6 464) 6 464 - -Currency translation differences10 (899) 46 (842)Acquisition cost 31 December 20222 015 462 924 71 116 536 056Acc. depreciation 1 January 20216 414 333 705 63 022 403 140Depreciation for the year899 37 484 2 880 41 263Disposals503 21 877 52 22 431Currency translation differences(365) (1 957) (126) (2 447)Acc. depreciation 31 December 20216 446 347 355 65 724 419 524Depreciation for the year143 42 877 2 939 45 958Disposals612 27 989 4 862 33 472Transfer between classes(4 712) 4 712 - -Currency translation differences2 (724) 31 (691)Acc. depreciation 31 December 20221 257 366 231 63 831 431 319Carrying amount 1 January 20212 630 91 598 9 411 103 640Additions from business combination- 2 173 1 948 4 120Additions1 088 42 784 1 229 45 101Disposals- 400 53 453Depreciation for the year899 37 484 2 880 41 263Currency translation differences(176) (643) (25) (844)Carrying amount 31 December 20212 644 98 030 9 628 110 303Additions from business combination- 186 - 186Additions- 41 430 692 42 122Disposals- 1 651 113 1 764Depreciation for the year143 42 877 2 939 45 958Transfer between classes(1 752) 1 752 - -Currency translation differences9 (175) 16 (151)Carrying amount 31 December 2022759 96 693 7 285 104 737Same as Useful life 10 - 50 years 3 - 8 yearsequivalent assets, Depreciation plan Straight-line Straight-linemax leasing period",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-148-3": {
"value": "NOTE 18 LEASESMulticonsult has two classes of assets that has been reported as right-of-use assets: buildings (primarily office premises) and cars. RIGHT-OF-USE ASSETS AND LEASE LIABILITIESAmounts in NOK thousandAsset LiabilitiesBalance 1 January 2021806 081 864 533Additions123 405 123 405Reassessments(16 776) (16 776)Depreciation(144 846) N/AImpairment- N/AInterest expenseN/A 32 062Lease payments (interest and instalments)N/A (172 596)Terminations(226) (234)Currency(767) (587)Balance 31 December 2021766 870 829 808Additions92 128 92 128Reassessments(9 673) (9 673)Depreciation(150 545) N/AImpairment- N/AInterest expenseN/A 30 608Lease payments (interest and instalments)N/A (180 357)Terminations(24 445) (27 069)Currency(964) (1 648)Balance 31 December 2022673 371 733 929Depreciation charge for right-of-use assets (previously operating lease), is split by class of underlying asset as follows:Amounts in NOK thousand 2022 2021Property148 346 142 618Cars2 200 2 228Total150 545 144 846The group has not identified any impairment indicators in 2022, and no impairment is recognised in 2022.The carrying amount of right-of-use assets at the end of the reporting period by class of underlying asset is as follows:Amounts in NOK thousand 31.12.2022 31.12.2021Property661 819 757 749Cars11 552 9 120Total673 371 766 870SHORT-TERM LEASES AND LOW-VALUE ASSET LEASE EXPENSEThe expenses related to short-term leases (less than 12 months) and low-value assets are summarised in the table below. For these leases the practical expedients in IFRS 16 have been applied, and the lease payments associated with those leases are recognised as an expense and classified as other operating expenses.Amounts in NOK thousand 2022 2021Short-term leases14 959 13 708Low value asset6 720 6 164Total21 679 19 871UNDISCOUNTED LEASE LIABILITIES AND MATURITY OF CASH OUTFLOWS31 December 2022Property, plant Amounts in NOK thousandOffice premisesand equipment TotalDue within 1 year175 682 3 415 179 097Due more than 1 year, but within 5 years537 574 5 248 542 822Due more than 5 years128 880 - 128 880Total undiscounted lease liabilities842 136 8 662 850 79831 December 2021Property, plant Amounts in NOK thousandOffice premisesand equipment TotalDue within 1 year166 438 2 111 168 549Due more than 1 year, but within 5 years548 062 4 308 552 371Due more than 5 years205 856 - 205 856Total undiscounted lease liabilities920 356 6 419 926 775The group has renewal options for several contracts that are not recognised, as per the principles described in note 2A. For material contracts we estimate that the lease cash outflows due more than one year, but within five years would have been NOK 11 million hig-her, and cash outflows due more than five and less than ten years would have been NOK 137 million higher, had these renewal options been recognised. Total cash outflows for leases amounts to NOK 202.0 million in 2022 and NOK 192.5 million in 2021. The group has not entered into any new material lease agree-ments not yet recognised in the consolidated statement of financial position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-156-2": {
"value": "NOTE 21 GUARANTEES, PLEDGES AND SECURITIES PROVIDEDGUARANTEE OBLIGATIONS NOT RECOGNISED IN THE BALANCE SHEETAmounts in NOK thousand 31.12.2022 31.12.2021Bank guarantee - guarantees towards customers146 343 122 956Bank guarantee - guarantees for other obligations51 138 46 765Guarantee - employee tax deductions146 500 134 600Parent company guarantees - for subsidiaries17 978 17 351Total guarantees 361 958 321 672Bank guarantees towards customers are related to assignments where the customer demands security for contract responsi bilities. Other bank guarantees are primarily guaranteeing for rent of premises.At the end of 2022, LINK Arkitektur AS, Multiconsult Norge AS and Multiconsult ASA holds guarantees for employee tax deductions for a total of NOK 146.5 million.Parent company guarantees on 31 December 2022 relates to rent of premises of NOK 18.0 million towards subsidiaries.The parent company's bank facility agreements with the lender in-cludes a negative pledge clause in relation to new borrowings of the group. Multiconsult ASA has provided a surety of NOK 5 million for LINK Arkitektur AS\u2019 liabilities towards the lender. Multiconsult Norge AS has provided a surety of NOK 800 million for Multiconsult ASA\u2019s liabilities towards the lender. Multiconsult ASA and Multiconsult Norge AS have both pledged trade receivables, inventory and prop-erty, plant and equipment. The carrying value of the pledged assets in Multiconsult Norge AS on 31 December 2022 is NOK 392.6 million for trade receivables, NOK 0 for inventory and NOK 86.5 million for property, plant and equipment. For Multiconsult ASA the carrying values on 31 December 2022 is NOK 53.1 million for trade receiv-ables and NOK 0 for inventory and property, plant and equipment.On 31 December 2022, Multiconsult ASA had a guarantee facility of NOK 120.0 million, of which NOK 77.9 million was drawn (2021: NOK 59.2 million). Multiconsult ASA or any fully owned subsidiary (under surety from Multiconsult ASA) may draw under the guarantee facility. The guarantee facility is renewed annually but guarantees included in the limit may have a term of up to five years.Multiconsult Polska holds a bank guarantee facility of PLN 65 million, NOK 146.0 million, under which PLN 45.0 million, NOK 101.1 million was drawn on 31 December 2022. A cash deposit is required for employee tax deductions, VAT account and issued guarantees in Poland, and these deposits are held on bank accounts in the name of Multiconsult Polska. This is restricted cash and amounted to a total of PLN 9.3 million, NOK 20.8 million on 31 December 2022, included in non-current financial assets in the balance sheet, see note 16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-154-2": {
"value": "NOTE 19 OTHER CURRENT LIABILITIESAmounts in NOK thousand 31.12.2022 31.12.2021Salaries payable, holiday pay, bonus etc.352 264 349 382Other accrued expenses17 191 18 353Other21 121 8 358Total other current liabilities390 576 376 093",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-154-3": {
"value": "NOTE 19 OTHER CURRENT LIABILITIESAmounts in NOK thousand 31.12.2022 31.12.2021Salaries payable, holiday pay, bonus etc.352 264 349 382Other accrued expenses17 191 18 353Other21 121 8 358Total other current liabilities390 576 376 093",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-154-4": {
"value": "NOTE 19 OTHER CURRENT LIABILITIESAmounts in NOK thousand 31.12.2022 31.12.2021Salaries payable, holiday pay, bonus etc.352 264 349 382Other accrued expenses17 191 18 353Other21 121 8 358Total other current liabilities390 576 376 093",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-2": {
"value": "NOTE 20 PROVISIONS, DISPUTES AND CONTINGENT LIABILITIESThe group completes a significant number of assignments during a year. Normally, the group enters into agreements with the custom-ers limiting its responsibilities. During the execution of an assign-ment, defects or damages as a result of the deliveries may be iden-tified that could lead to claims being made towards the group. When it is probable (over 50 per cent) that a claim will result in outflow of economic resources from the group, a provision for the estimated liability is recognised. The provisions are presented as liabilities in the balance sheet, while the expected reimbursements from the insurance company related to recognised provisions are presented as a separate asset.PROJECT RESPONSIBILITYAmounts in NOK thousand 31.12.2022 31.12.2021Gross provisions64 895 24 712Assets for reimbursement of provisions56 845 18 302Net provisions8 050 6 410The reimbursement from the insurance company is directly linked to the cases and the actual additions, settlements and reversals are es-timated and incurred simultaneously. Consequently, the table below present changes in the provisions net of the assets for reimbursement. Project Amounts in NOK thousandresponsibilityNet provisions 1 January 20218 050Additions2 710Reversals(1 750)Utilised(2 600)Net provisions 31 December 20216 410Additions7 350Reversals(4 210)Utilised(1 500)Net provisions 31 December 20228 050The date for settlement of project responsibility cases is often out-side the group's control and it is not possible to make a reliable es-timate of settlement dates. The processes are extensive with nego-tiations with many parties and often results in long legal processes.The time-period from reporting a case to final settlement can take several years. The size of the settlement can vary considerably. The provision related to a claim is calculated on the basis of the expect-ed compensation, own risk deductibles and the claimed amount. As a consequence of the inherent uncertainty in both amount and tim-ing of the settlement, the provision is not discounted.The company's insurance coverage for project responsibilities is primarily based on a collective agreement for engineering consultants. This insurance takes the form of standard policies for engineering projects, with an excess of NOK 300 000 per claim and normally with a maximum coverage of up to 150 times the Norwegian national insurance base rate (G) \u2013 about NOK 17 million, which is the standard limitation of liability in Multiconsult\u2019s contracts. Uninsured liability is by agreement normally limited to 60 G about NOK 6.7 million, with exceptions and higher agreed limitations for such li-ability in some larger projects. There may however be significant project- and other operational risks where limitations of liability do not apply, that are not covered by the mentioned insurances and/or where the insurance coverage is insufficient to cover the risk. In some projects special provisions regarding liability apply or limita-tions of liability do not apply. This increases Multiconsult\u2019s possible liability and risk. In cases of gross negligence or wilful misconduct limitations on liability as a main rule do not apply, and insurance coverage may be reduced. Furthermore, Multiconsult has entered into multiple project partnerships with joint and several liability or joint and proportional liability that may in under particular circum-stances increase risk. In the latter cases Multiconsult\u2019s proportional liability is normally based on the share of the turnover in the project group. The mentioned risks may, in some adverse circumstances, have a significant negative impact on the financial performance of the group.The company performs a thorough review of each claim. Project responsibility cases therefore lead to both recognised provisions and contingent liabilities where no provision has been recognised because the group has assessed the probability of an outflow of economic resources from the group to be below 50 per cent.The provision on 31 December 2022 is related to several projects, but there is no significant provision related to any single project.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-3": {
"value": "NOTE 20 PROVISIONS, DISPUTES AND CONTINGENT LIABILITIESThe group completes a significant number of assignments during a year. Normally, the group enters into agreements with the custom-ers limiting its responsibilities. During the execution of an assign-ment, defects or damages as a result of the deliveries may be iden-tified that could lead to claims being made towards the group. When it is probable (over 50 per cent) that a claim will result in outflow of economic resources from the group, a provision for the estimated liability is recognised. The provisions are presented as liabilities in the balance sheet, while the expected reimbursements from the insurance company related to recognised provisions are presented as a separate asset.PROJECT RESPONSIBILITYAmounts in NOK thousand 31.12.2022 31.12.2021Gross provisions64 895 24 712Assets for reimbursement of provisions56 845 18 302Net provisions8 050 6 410The reimbursement from the insurance company is directly linked to the cases and the actual additions, settlements and reversals are es-timated and incurred simultaneously. Consequently, the table below present changes in the provisions net of the assets for reimbursement. Project Amounts in NOK thousandresponsibilityNet provisions 1 January 20218 050Additions2 710Reversals(1 750)Utilised(2 600)Net provisions 31 December 20216 410Additions7 350Reversals(4 210)Utilised(1 500)Net provisions 31 December 20228 050The date for settlement of project responsibility cases is often out-side the group's control and it is not possible to make a reliable es-timate of settlement dates. The processes are extensive with nego-tiations with many parties and often results in long legal processes.The time-period from reporting a case to final settlement can take several years. The size of the settlement can vary considerably. The provision related to a claim is calculated on the basis of the expect-ed compensation, own risk deductibles and the claimed amount. As a consequence of the inherent uncertainty in both amount and tim-ing of the settlement, the provision is not discounted.The company's insurance coverage for project responsibilities is primarily based on a collective agreement for engineering consultants. This insurance takes the form of standard policies for engineering projects, with an excess of NOK 300 000 per claim and normally with a maximum coverage of up to 150 times the Norwegian national insurance base rate (G) \u2013 about NOK 17 million, which is the standard limitation of liability in Multiconsult\u2019s contracts. Uninsured liability is by agreement normally limited to 60 G about NOK 6.7 million, with exceptions and higher agreed limitations for such li-ability in some larger projects. There may however be significant project- and other operational risks where limitations of liability do not apply, that are not covered by the mentioned insurances and/or where the insurance coverage is insufficient to cover the risk. In some projects special provisions regarding liability apply or limita-tions of liability do not apply. This increases Multiconsult\u2019s possible liability and risk. In cases of gross negligence or wilful misconduct limitations on liability as a main rule do not apply, and insurance coverage may be reduced. Furthermore, Multiconsult has entered into multiple project partnerships with joint and several liability or joint and proportional liability that may in under particular circum-stances increase risk. In the latter cases Multiconsult\u2019s proportional liability is normally based on the share of the turnover in the project group. The mentioned risks may, in some adverse circumstances, have a significant negative impact on the financial performance of the group.The company performs a thorough review of each claim. Project responsibility cases therefore lead to both recognised provisions and contingent liabilities where no provision has been recognised because the group has assessed the probability of an outflow of economic resources from the group to be below 50 per cent.The provision on 31 December 2022 is related to several projects, but there is no significant provision related to any single project.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-4": {
"value": "NOTE 20 PROVISIONS, DISPUTES AND CONTINGENT LIABILITIESThe group completes a significant number of assignments during a year. Normally, the group enters into agreements with the custom-ers limiting its responsibilities. During the execution of an assign-ment, defects or damages as a result of the deliveries may be iden-tified that could lead to claims being made towards the group. When it is probable (over 50 per cent) that a claim will result in outflow of economic resources from the group, a provision for the estimated liability is recognised. The provisions are presented as liabilities in the balance sheet, while the expected reimbursements from the insurance company related to recognised provisions are presented as a separate asset.PROJECT RESPONSIBILITYAmounts in NOK thousand 31.12.2022 31.12.2021Gross provisions64 895 24 712Assets for reimbursement of provisions56 845 18 302Net provisions8 050 6 410The reimbursement from the insurance company is directly linked to the cases and the actual additions, settlements and reversals are es-timated and incurred simultaneously. Consequently, the table below present changes in the provisions net of the assets for reimbursement. Project Amounts in NOK thousandresponsibilityNet provisions 1 January 20218 050Additions2 710Reversals(1 750)Utilised(2 600)Net provisions 31 December 20216 410Additions7 350Reversals(4 210)Utilised(1 500)Net provisions 31 December 20228 050The date for settlement of project responsibility cases is often out-side the group's control and it is not possible to make a reliable es-timate of settlement dates. The processes are extensive with nego-tiations with many parties and often results in long legal processes.The time-period from reporting a case to final settlement can take several years. The size of the settlement can vary considerably. The provision related to a claim is calculated on the basis of the expect-ed compensation, own risk deductibles and the claimed amount. As a consequence of the inherent uncertainty in both amount and tim-ing of the settlement, the provision is not discounted.The company's insurance coverage for project responsibilities is primarily based on a collective agreement for engineering consultants. This insurance takes the form of standard policies for engineering projects, with an excess of NOK 300 000 per claim and normally with a maximum coverage of up to 150 times the Norwegian national insurance base rate (G) \u2013 about NOK 17 million, which is the standard limitation of liability in Multiconsult\u2019s contracts. Uninsured liability is by agreement normally limited to 60 G about NOK 6.7 million, with exceptions and higher agreed limitations for such li-ability in some larger projects. There may however be significant project- and other operational risks where limitations of liability do not apply, that are not covered by the mentioned insurances and/or where the insurance coverage is insufficient to cover the risk. In some projects special provisions regarding liability apply or limita-tions of liability do not apply. This increases Multiconsult\u2019s possible liability and risk. In cases of gross negligence or wilful misconduct limitations on liability as a main rule do not apply, and insurance coverage may be reduced. Furthermore, Multiconsult has entered into multiple project partnerships with joint and several liability or joint and proportional liability that may in under particular circum-stances increase risk. In the latter cases Multiconsult\u2019s proportional liability is normally based on the share of the turnover in the project group. The mentioned risks may, in some adverse circumstances, have a significant negative impact on the financial performance of the group.The company performs a thorough review of each claim. Project responsibility cases therefore lead to both recognised provisions and contingent liabilities where no provision has been recognised because the group has assessed the probability of an outflow of economic resources from the group to be below 50 per cent.The provision on 31 December 2022 is related to several projects, but there is no significant provision related to any single project.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-5": {
"value": "NOTE 20 PROVISIONS, DISPUTES AND CONTINGENT LIABILITIESThe group completes a significant number of assignments during a year. Normally, the group enters into agreements with the custom-ers limiting its responsibilities. During the execution of an assign-ment, defects or damages as a result of the deliveries may be iden-tified that could lead to claims being made towards the group. When it is probable (over 50 per cent) that a claim will result in outflow of economic resources from the group, a provision for the estimated liability is recognised. The provisions are presented as liabilities in the balance sheet, while the expected reimbursements from the insurance company related to recognised provisions are presented as a separate asset.PROJECT RESPONSIBILITYAmounts in NOK thousand 31.12.2022 31.12.2021Gross provisions64 895 24 712Assets for reimbursement of provisions56 845 18 302Net provisions8 050 6 410The reimbursement from the insurance company is directly linked to the cases and the actual additions, settlements and reversals are es-timated and incurred simultaneously. Consequently, the table below present changes in the provisions net of the assets for reimbursement. Project Amounts in NOK thousandresponsibilityNet provisions 1 January 20218 050Additions2 710Reversals(1 750)Utilised(2 600)Net provisions 31 December 20216 410Additions7 350Reversals(4 210)Utilised(1 500)Net provisions 31 December 20228 050The date for settlement of project responsibility cases is often out-side the group's control and it is not possible to make a reliable es-timate of settlement dates. The processes are extensive with nego-tiations with many parties and often results in long legal processes.The time-period from reporting a case to final settlement can take several years. The size of the settlement can vary considerably. The provision related to a claim is calculated on the basis of the expect-ed compensation, own risk deductibles and the claimed amount. As a consequence of the inherent uncertainty in both amount and tim-ing of the settlement, the provision is not discounted.The company's insurance coverage for project responsibilities is primarily based on a collective agreement for engineering consultants. This insurance takes the form of standard policies for engineering projects, with an excess of NOK 300 000 per claim and normally with a maximum coverage of up to 150 times the Norwegian national insurance base rate (G) \u2013 about NOK 17 million, which is the standard limitation of liability in Multiconsult\u2019s contracts. Uninsured liability is by agreement normally limited to 60 G about NOK 6.7 million, with exceptions and higher agreed limitations for such li-ability in some larger projects. There may however be significant project- and other operational risks where limitations of liability do not apply, that are not covered by the mentioned insurances and/or where the insurance coverage is insufficient to cover the risk. In some projects special provisions regarding liability apply or limita-tions of liability do not apply. This increases Multiconsult\u2019s possible liability and risk. In cases of gross negligence or wilful misconduct limitations on liability as a main rule do not apply, and insurance coverage may be reduced. Furthermore, Multiconsult has entered into multiple project partnerships with joint and several liability or joint and proportional liability that may in under particular circum-stances increase risk. In the latter cases Multiconsult\u2019s proportional liability is normally based on the share of the turnover in the project group. The mentioned risks may, in some adverse circumstances, have a significant negative impact on the financial performance of the group.The company performs a thorough review of each claim. Project responsibility cases therefore lead to both recognised provisions and contingent liabilities where no provision has been recognised because the group has assessed the probability of an outflow of economic resources from the group to be below 50 per cent.The provision on 31 December 2022 is related to several projects, but there is no significant provision related to any single project.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-174-4": {
"value": "NOTE 23 RELATED PARTIESThe group's related parties are:Key management personnel, close members of the family of a person and entities that are controlled or jointly controlled by any of these. Key management personnel are defined as the board of directors and the executive management. See note 9 Employee benefit expenses and the remuneration report for salary and other remuneration for leading persons 2022 for information on remuneration for key management personnel and information on share ownership. There were no other transactions with key management personnel in 2022 and 2021.Stiftelsen Multiconsult had an ownership share of 21.0 per cent on 31 December 2022 (21.9 per cent on 31 December 2021). The company's assessment is that Stiftelsen Multiconsult has signifi-cant influence. Multiconsult has recognised revenues from sales to Stiftelsen Multiconsult of NOK 3 199 thousand in 2022 (NOK 5 096 thousand in 2021) and had receivables of NOK 220 thousand on 31 December 2022 (NOK 269 thousand on 31 December 2021). The company and its subsidiaries are also considered related parties. Transactions and balances are eliminated in the consolidated financial statements and are not disclosed in this note for the group. Refer also to note 17 for the parent company.Refer to note 17 Associated companies and joint arrangements for more information on these related parties. TRANSACTIONS AND BALANCES WITH JOINT VENTURES AND ASSOCIATED COMPANIESAmounts in NOK thousand 2022 2021Revenues20 013 28 335Expenses2 365 145Receivables- 3 988Liabilities- -Guarantees provided- -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-170-2": {
"value": "NOTE 22 SHAREHOLDER INFORMATIONThe following table shows shareholders owning 1 per cent or more of Multiconsult ASA shares on 31 December 2022:Number of shares Ownership shareStiftelsen Multiconsult5 769 559 21.0%Verdipapirfond Odin Norge2 621 242 9.5%Vevlen G\u00e5rd AS1 550 000 5.6%Stenshagen Invest AS1 130 519 4.1%The Bank of New York Mellon SA/NV1 091 011 4.0%VJ Invest AS856 164 3.1%Verdipapirfondet Holberg Norge849 999 3.1%Pareto Aksje Norge Verdipapirfond660 535 2.4%Varner Equities AS506 388 1.8%Morgan Stanley & Co. Int. Plc.431 242 1.6%AAT Invest AS350 000 1.3%Skandinaviska Enskilda Banken AB288 555 1.0%Other11 429 245 41.5%Total number of shares27 534 459 100% Total number of shares are 27 534 459 with par value per share of NOK 0.50. All shares that are part of the parent company's share capital belong to the same share class with the same rights. The company\u2019s articles of association set forth that no shareholder, including such shareholder\u2019s close associates, may vote for more than 25 per cent of the shares at the general meeting.The number of treasury shares (own shares) at the end of 2022 was 28 013 (2021: 33 336 shares). During 2022 and 2021, the company purchased own shares that were sold in the employee share purchase programme, see note 9. The Annual General Meeting held on 7 April 2022 authorised the board of directors pursuant to \u00a710-14 (1) of the Public Limited Liability Companies Act to increase the company's share capital by up to NOK 1 371 526 in one or more share issues. The author-ity may only be used to issue shares as consideration in connec-tion with acquisitions, to finance acquisitions or to issue shares in connection with incentive schemes for the employees of the Mul-ticonsult group. The shareholders' pre-emptive rights under \u00a710-4 of the Public Limited Liability Companies Act may be set aside. The authority covers capital increases against contributions in cash and contributions other than in cash. The authority covers the right to incur special obligations for the Company, ref. \u00a710-2 of the Public Limited Liability Companies Act. The authority covers resolutions on mergers in accordance with \u00a713-5 of the Public Limited Liability Companies Act. The authority may also be used in take-over situa-tions, ref. \u00a76-17 (2) of the Securities Trading Act. The Annual General Meeting held on 7 April 2022 authorised the board of directors pursuant to \u00a79-4 of the Public Limited Liability Companies Act to acquire shares in the company (\"own shares\") on behalf of the company with an aggregate nominal value of up to 1 371 526. If the company disposes of own shares, this amount shall be increased by an amount equal to the nominal value of the shares disposed of. When acquiring own shares, the consideration per share may not be less than NOK 5 and not exceed NOK 350. The board of directors determines the methods by which own shares can be acquired or disposed of.Both authorities described above shall remain in force until the Annual General Meeting in 2023, but in no event later than 30 June 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-170-3": {
"value": "NOTE 22 SHAREHOLDER INFORMATIONThe following table shows shareholders owning 1 per cent or more of Multiconsult ASA shares on 31 December 2022:Number of shares Ownership shareStiftelsen Multiconsult5 769 559 21.0%Verdipapirfond Odin Norge2 621 242 9.5%Vevlen G\u00e5rd AS1 550 000 5.6%Stenshagen Invest AS1 130 519 4.1%The Bank of New York Mellon SA/NV1 091 011 4.0%VJ Invest AS856 164 3.1%Verdipapirfondet Holberg Norge849 999 3.1%Pareto Aksje Norge Verdipapirfond660 535 2.4%Varner Equities AS506 388 1.8%Morgan Stanley & Co. Int. Plc.431 242 1.6%AAT Invest AS350 000 1.3%Skandinaviska Enskilda Banken AB288 555 1.0%Other11 429 245 41.5%Total number of shares27 534 459 100% Total number of shares are 27 534 459 with par value per share of NOK 0.50. All shares that are part of the parent company's share capital belong to the same share class with the same rights. The company\u2019s articles of association set forth that no shareholder, including such shareholder\u2019s close associates, may vote for more than 25 per cent of the shares at the general meeting.The number of treasury shares (own shares) at the end of 2022 was 28 013 (2021: 33 336 shares). During 2022 and 2021, the company purchased own shares that were sold in the employee share purchase programme, see note 9. The Annual General Meeting held on 7 April 2022 authorised the board of directors pursuant to \u00a710-14 (1) of the Public Limited Liability Companies Act to increase the company's share capital by up to NOK 1 371 526 in one or more share issues. The author-ity may only be used to issue shares as consideration in connec-tion with acquisitions, to finance acquisitions or to issue shares in connection with incentive schemes for the employees of the Mul-ticonsult group. The shareholders' pre-emptive rights under \u00a710-4 of the Public Limited Liability Companies Act may be set aside. The authority covers capital increases against contributions in cash and contributions other than in cash. The authority covers the right to incur special obligations for the Company, ref. \u00a710-2 of the Public Limited Liability Companies Act. The authority covers resolutions on mergers in accordance with \u00a713-5 of the Public Limited Liability Companies Act. The authority may also be used in take-over situa-tions, ref. \u00a76-17 (2) of the Securities Trading Act. The Annual General Meeting held on 7 April 2022 authorised the board of directors pursuant to \u00a79-4 of the Public Limited Liability Companies Act to acquire shares in the company (\"own shares\") on behalf of the company with an aggregate nominal value of up to 1 371 526. If the company disposes of own shares, this amount shall be increased by an amount equal to the nominal value of the shares disposed of. When acquiring own shares, the consideration per share may not be less than NOK 5 and not exceed NOK 350. The board of directors determines the methods by which own shares can be acquired or disposed of.Both authorities described above shall remain in force until the Annual General Meeting in 2023, but in no event later than 30 June 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-178-2": {
"value": "NOTE 24 EARNINGS PER SHARE AND DIVIDENDSIn 2022 and 2021, there were no potential dilutive effects on earnings that are attributable to owners of Multiconsult ASA or on the number of shares. Basic and diluted earnings per share are therefore the same. 2022 2021Profit after tax attributable to owners of Multiconsult ASA (NOK thousand)303 015 234 666Weighted average number of shares (excl. treasury shares)27 390 212 27 080 810Earnings per share11.06 8.67DIVIDENDSDividends paid to owners of Multiconsult ASA (NOK thousand)164 383 215 437Dividends per share6.00 8.001)Dividends proposed after 31 December 2022 (NOK thousand) 247 8101)Dividends proposed after 31 December 2022 (per share) 9.001) Dividends to be adopted by the Annual General Meeting 13 April 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-178-3": {
"value": "NOTE 24 EARNINGS PER SHARE AND DIVIDENDSIn 2022 and 2021, there were no potential dilutive effects on earnings that are attributable to owners of Multiconsult ASA or on the number of shares. Basic and diluted earnings per share are therefore the same. 2022 2021Profit after tax attributable to owners of Multiconsult ASA (NOK thousand)303 015 234 666Weighted average number of shares (excl. treasury shares)27 390 212 27 080 810Earnings per share11.06 8.67DIVIDENDSDividends paid to owners of Multiconsult ASA (NOK thousand)164 383 215 437Dividends per share6.00 8.001)Dividends proposed after 31 December 2022 (NOK thousand) 247 8101)Dividends proposed after 31 December 2022 (per share) 9.001) Dividends to be adopted by the Annual General Meeting 13 April 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-180-2": {
"value": "NOTE 25 EVENTS AFTER THE REPORTING PERIODAfter the reporting period ended on 31 December 2022 and up to the date these consolidated financial statements have been approved for issue, no events have been identified that require disclosure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-182-1": {
"value": "Nedre Sk\u00f8yen vei 20276 Oslo",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}