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"s9_notes__6__16": {
"value": "NOTE 1 GENERAL INFORMATION AND BASIS FOR THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS Multiconsult group (\u201cMulticonsult\u201d or \u201cthe group\u201d) comprises Multiconsult 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 is 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 de-scribed in note 5 Segments. These consolidated financial state-ments were approved by the board of directors on 13 March 2024 for adoption by the Annual General Meeting on 11 April 2024. The group prepares the consolidated financial statements in accordance with IFRS\u00ae Accounting Standards as adopted by the EU 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__15": {
"value": "NOTE 1 GENERAL INFORMATION AND BASIS FOR THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS Multiconsult group (\u201cMulticonsult\u201d or \u201cthe group\u201d) comprises Multiconsult 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 is 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 de-scribed in note 5 Segments. These consolidated financial state-ments were approved by the board of directors on 13 March 2024 for adoption by the Annual General Meeting on 11 April 2024. The group prepares the consolidated financial statements in accordance with IFRS\u00ae Accounting Standards as adopted by the EU 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__14": {
"value": "NOTE 1 GENERAL INFORMATION AND BASIS FOR THE PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS Multiconsult group (\u201cMulticonsult\u201d or \u201cthe group\u201d) comprises Multiconsult 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 is 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 de-scribed in note 5 Segments. These consolidated financial state-ments were approved by the board of directors on 13 March 2024 for adoption by the Annual General Meeting on 11 April 2024. The group prepares the consolidated financial statements in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and the Norwegian Accounting Act. References to \"IFRS\" in these financial statements mean IFRS as adopted by the EU.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__5": {
"value": "Multiconsult",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__7": {
"value": "Multiconsult ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__6": {
"value": "Multiconsult ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__8": {
"value": "public limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__10": {
"value": "Nedre Sk\u00f8yen vei 2, 0276 Oslo",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__9": {
"value": "Nedre Sk\u00f8yen vei 2, 0276 Oslo",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__13": {
"value": "The group is among the leading suppliers of consultancy and design services in Norway and the Nordic region.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__12": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__11": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__18": {
"value": "NOTE 2 A MATERIAL ACCOUNTING POLICY INFORMATION Basis of preparation The consolidated financial statements have been prepared based on the historical cost basis, except for derivatives and pension assets that are measured at fair value, and pension li-abilities 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 percent-ages presented may not add up to the total.Standards, interpretations and amendments implemented in 2023Several limited scope amendments and interpretations effec-tive from 1 January 2023 had no material impact on the group. This include but is not limited to amendments to IFRS 17, IFRS 9, IAS 1 and IFRS Practice Statement 2 \u2013 Disclosures of Accounting policies, IAS 8 and IAS 12. Consolidation principles, investments accounted for in ac-cordance 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 ex-posed 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. Non-controlling interest refers to acquisitions in which less than 100 per cent of the subsidiary acquired. The consolidated financial statements have been prepared us-ing uniform accounting policies. All material transactions and balances between group entities have been eliminated.Shares in subsidiaries are eliminated in the consolidated finan-cial 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 acquisition, and any excess consideration is clas-sified as goodwill. Acquisition-related costs are recognised in profit or loss as incurred. Non-controlling interest in the ac-quiree is measured at fair value or at an amount corresponding to the proportional share of the non-controlling interest of the identifiable net assets of the acquiree. The allocation of profit (loss) for the financial period to non-con-trolling interests is presented in the statement of comprehen-sive income. Non-controlling interests\u2019 share of shareholders\u2019 equity is reported as a separate figure under shareholders\u2019 eq-uity on the balance sheet.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 par-ticipant is responsible for and has rights to the fee from its part of the deliverables (agreements related to project collabora-tion). The individual parties utilise their resources using em-ployees 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 ex-penses, 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 differences in the group's accounting for activities in arrangements without limit-ed 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 func-tional 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 reporting period, are recognised in profit or loss as financial items. For companies with a functional currency other than Norwe-gian 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 comprehensive 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 four business areas. See also note 6 for revenue from contracts with clients and contract balances. Revenue is measured based on the consideration specified in a contract with a client. Revenue is recognised when a client 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 ren-dering 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. Con-tracts 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 client 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 client 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 client should terminate a contract for other reasons than failure by Multi-consult to deliver under the contract. Consequently, Multiconsult has determined that the client 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 subcon-tractors, the group believes this method provides a faithful de-piction of the transfer of the services. The total scope is eval-uated 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 cumulative revenue recognised will not occur. There are often discussions with the client in relation to the number of hours that can be charged to the client, consequently this is regarded as variable consideration. The company has established pro-cesses for ongoing evaluations and estimation of how much revenue can be recognised for each contract, primarily based on expected value, and on 31 December 2023 and 31 Decem-ber 2022 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 predomi-nantly costs for own personnel and sub-contractors. As only a minor share of the group's projects are with fixed price or with a cap, provisions for onerous contracts are limited.Invoices are issued according to contractual terms and are usu-ally 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 pre-sented 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 re-sponsibility 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 re-alised 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. Liabilities 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 reporting 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 obliga-tions and assets for reimbursement are classified as non-cur-rent. 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 expenditure is added to the carrying value of the asset or is recognised 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 relat-ed 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 depreci-ated on a straight-line basis. The cost of acquisition of property, plant and equipment is depreciated to their expected residual value, which in general is estimated to be nil. The estimated useful lives, residual values and depreciation methods are re-viewed at the end of each reporting period and changed if nec-essary. When the carrying amount of an item of property, 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 recog-nised 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 backlog arising upon a business combination is amortised over its estimated useful life. When the carrying amount of an intangible asset is higher than its es-timated recoverable amount, the carrying amount is reduced to the recoverable amount and recognised as impairment in the statement of income.Brand arising upon a business combination is not amortised. Brands are reviewed for impairment on an annual basis, or more frequently if there are indications of impairment.GoodwillGoodwill arising upon a business combination is not amor-tised. Goodwill does not generate cash flows that are inde-pendent 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-generat-ing 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 re-versed 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 independ-ent of cash inflows from other assets or groups of assets. In order to identify 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 goodwill has been allocated repre-sent 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 be-comes 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 acquisition 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 appropri-ate, 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 assetsIFRS 9 contains three principal classification categories for fi-nancial 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 as-set is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addi-tion of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equiv-alents, trade and other receivables and work in progress (con-tract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as measured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is re-duced by impairment 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 accordance 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 asset carried at amortised cost are credit impaired. A finan-cial 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 following observable data: significant financial dif-ficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receiv-able 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 disappearance of an ac-tive market for a security because of financial difficulties. 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 expec-tations of recovering a financial asset in its entirety or a portion thereof. Receivables are written off if the client goes bankrupt, collection by a debt collector has been unsuccessful for a pe-riod and in other concrete cases. The group expects no signif-icant 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 amor-tised cost comprise largely trade payable, other current liabili-ties and interest-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequent-ly measured at amortised cost through using the effective inter-est 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. Deriva-tives 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. Deriva-tives 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 contract and recognised as a derivative if the economic char-acteristics and the economic risks of the embedded derivative are closely related to the economic characteristics and the eco-nomic 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 sep-arated 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. Re-stricted funds are classified as non-current when the restriction is more than 12 months and is presented as non-current finan-cial asset in the balance sheet.Provision for obligations Provisions for obligations such as restructuring, onerous con-tracts, 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 re-quired to settle the obligation, and the amount can be meas-ured reliably. Provisions are measured at management's best estimate of the expenditure 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 recog-nised if the company is covered for losses incurred through an insurance company and it is virtually certain that the company will receive compensation. 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 contribu-tions 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 in-curred. LINK Arkitektur 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 in-dividual unfunded agreement in Multiconsult Norge AS and a funded plan in LINK Arkitektur AS. Pension obligations for de-fined benefit plans are estimated on an annual basis by inde-pendent actuaries. See note 12.Income taxAssets and liabilities related to current tax payable are meas-ured at the amount expected to be received from or paid to the taxation authorities. Deferred tax assets and liabilities are calculated based on the liability method, including all tempo-rary differences between the carrying amounts and tax bases of assets and liabilities in the consolidated financial statements, including losses carried forward. Deferred tax assets and liabil-ities are not recognised if the temporary difference arises from the initial recognition of goodwill. For investments in subsidiar-ies, associated companies or joint ventures, deferred tax liabili-ties are not recognised for taxable 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 as-sets are only recognised for such investments if it is probable that the temporary difference will reverse in the foreseeable fu-ture 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 prob-able that the tax assets will be utilised. Tax rates that are en-acted or substantially enacted at the end of the reporting period and undiscounted 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 regulations and when it is considered probable that the treat-ment will be accepted by the taxation authorities. The group provides for uncertain 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 report-ed 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 under-lying assets, when new, are individually of low value, i.e. office furniture, water dispensers, coffee machines, IT equipment for use by the individual 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 represent-ative 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 evaluations 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 lia-bility comprise:\u2022 Fixed lease payments (including in-substance fixed pay-ments), 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 commence-ment date;\u2022 The amount expected to be payable by the lessee under re-sidual value guarantees;\u2022 The exercise price of purchase options, if the lessee is rea-sonably 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 payments.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 corre-sponding 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 as-sessment 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 remeas-ured by discounting the revised lease payments using an un-changed 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 li-ability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a re-vised 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 con-tracts 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 exceeds 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 im-pairment 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, togeth-er with both periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option, and pe-riods 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 exten-sion 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 extend/not exercise the option to terminate the contract. Me-dium 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 the group will contin-ue business in the relevant area. For longer terms, 5-8 years, it is evaluated if there are obvious economic incentives to renew or other statements that indicates renewal. If there are no such, the group normally is not able to conclude that it is reasona-bly certain that will be renewed/extended. For longer periods, above 8 years, the group will normally not be able to conclude that it is 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 ex-pect 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 pay-ments 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 borrow-ing 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 calculation 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.DividendsDividends to the company's shareholders are classified as a lia-bility when the dividends proposed have been approved by the Annual General Meeting.Employee Ownership ProgrammeMulticonsult ASA has two employee ownership programmes for employees of the group. Through the share purchase plan, the company offers employees of the group shares in Multicon-sult ASA with a discount of 20 per cent. Shares purchased by the employees 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. Through the share ownership plan, the company offers employees of the group to receive a defined number of complimentary shares in Multiconsult ASA. The value of these shares is recognised as employee benefit expense and constitute a taxable benefit for the employee. See more details in note 9.New and revised IFRS Accounting Standards in issue but not yet effectiveAt the date of authorisation of these financial statements, the group has not applied the following new and revised IFRS Ac-counting Standards that have been issued but are not yet ef-fective. The directors do not expect that the adoption of the Standards listed below will have a material impact on the fi-nancial statements of the group in future periods, except if in-dicated below. The amendments to IFRS 16 Leases add to re-quirements explaining how a company accounts for a sale and leaseback after the date of the transaction. A sale and leaseback is a transaction for which a company sells an asset and leases that same asset back for a period of time from the new owner. IFRS 16 includes requirements on how to account for a sale and leaseback at the date the transaction takes place. However, IFRS 16 had not specified how to measure the transaction when reporting after that date. These amendments will not change the accounting for leases other than those arising in a sale and leaseback transaction. Amendments to IAS 1 Non-current Lia-bilities with Covenants and amendments to IAS 1 Classification of Liabilities as Current or Non-current are effective for annual reporting periods beginning on or after 1 January 2024, with early adoption permitted. The amendments to IAS 1 specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, the amendments require a company to disclose information about these covenants in the notes to the financial statements. A number of limited scope amendments and interpretations have been issued effective from 1 January 2024, including:\u2022 Amendments to IFRS 10 and IAS 28 (Sale or Contribution of Assets between an Investor and its Associate or Joint Ven-ture)\u2022 Amendments to IAS 7 and IFRS 7 (Supplier Finance Arrange-ments)These amendments and interpretations have been assessed to have no material impact on the group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__17-1": {
"value": "NOTE 2 A MATERIAL ACCOUNTING POLICY INFORMATION Basis of preparation The consolidated financial statements have been prepared based on the historical cost basis, except for derivatives and pension assets that are measured at fair value, and pension li-abilities 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 percent-ages presented may not add up to the total.Standards, interpretations and amendments implemented in 2023Several limited scope amendments and interpretations effec-tive from 1 January 2023 had no material impact on the group. This include but is not limited to amendments to IFRS 17, IFRS 9, IAS 1 and IFRS Practice Statement 2 \u2013 Disclosures of Accounting policies, IAS 8 and IAS 12. Consolidation principles, investments accounted for in ac-cordance 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 ex-posed 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. Non-controlling interest refers to acquisitions in which less than 100 per cent of the subsidiary acquired. The consolidated financial statements have been prepared us-ing uniform accounting policies. All material transactions and balances between group entities have been eliminated.Shares in subsidiaries are eliminated in the consolidated finan-cial 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 acquisition, and any excess consideration is clas-sified as goodwill. Acquisition-related costs are recognised in profit or loss as incurred. Non-controlling interest in the ac-quiree is measured at fair value or at an amount corresponding to the proportional share of the non-controlling interest of the identifiable net assets of the acquiree. The allocation of profit (loss) for the financial period to non-con-trolling interests is presented in the statement of comprehen-sive income. Non-controlling interests\u2019 share of shareholders\u2019 equity is reported as a separate figure under shareholders\u2019 eq-uity on the balance sheet.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 par-ticipant is responsible for and has rights to the fee from its part of the deliverables (agreements related to project collabora-tion). The individual parties utilise their resources using em-ployees 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 ex-penses, 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 differences in the group's accounting for activities in arrangements without limit-ed 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 func-tional 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 reporting period, are recognised in profit or loss as financial items. For companies with a functional currency other than Norwe-gian 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 comprehensive 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 four business areas. See also note 6 for revenue from contracts with clients and contract balances. Revenue is measured based on the consideration specified in a contract with a client. Revenue is recognised when a client 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 ren-dering 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. Con-tracts 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 client 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 client 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 client should terminate a contract for other reasons than failure by Multi-consult to deliver under the contract. Consequently, Multiconsult has determined that the client 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 subcon-tractors, the group believes this method provides a faithful de-piction of the transfer of the services. The total scope is eval-uated 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 cumulative revenue recognised will not occur. There are often discussions with the client in relation to the number of hours that can be charged to the client, consequently this is regarded as variable consideration. The company has established pro-cesses for ongoing evaluations and estimation of how much revenue can be recognised for each contract, primarily based on expected value, and on 31 December 2023 and 31 Decem-ber 2022 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 predomi-nantly costs for own personnel and sub-contractors. As only a minor share of the group's projects are with fixed price or with a cap, provisions for onerous contracts are limited.Invoices are issued according to contractual terms and are usu-ally 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 pre-sented 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 re-sponsibility 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 re-alised 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. Liabilities 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 reporting 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 obliga-tions and assets for reimbursement are classified as non-cur-rent. 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 expenditure is added to the carrying value of the asset or is recognised 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 relat-ed 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 depreci-ated on a straight-line basis. The cost of acquisition of property, plant and equipment is depreciated to their expected residual value, which in general is estimated to be nil. The estimated useful lives, residual values and depreciation methods are re-viewed at the end of each reporting period and changed if nec-essary. When the carrying amount of an item of property, 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 recog-nised 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 backlog arising upon a business combination is amortised over its estimated useful life. When the carrying amount of an intangible asset is higher than its es-timated recoverable amount, the carrying amount is reduced to the recoverable amount and recognised as impairment in the statement of income.Brand arising upon a business combination is not amortised. Brands are reviewed for impairment on an annual basis, or more frequently if there are indications of impairment.GoodwillGoodwill arising upon a business combination is not amor-tised. Goodwill does not generate cash flows that are inde-pendent 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-generat-ing 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 re-versed 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 independ-ent of cash inflows from other assets or groups of assets. In order to identify 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 goodwill has been allocated repre-sent 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 be-comes 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 acquisition 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 appropri-ate, 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 assetsIFRS 9 contains three principal classification categories for fi-nancial 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 as-set is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addi-tion of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equiv-alents, trade and other receivables and work in progress (con-tract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as measured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is re-duced by impairment 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 accordance 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 asset carried at amortised cost are credit impaired. A finan-cial 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 following observable data: significant financial dif-ficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receiv-able 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 disappearance of an ac-tive market for a security because of financial difficulties. 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 expec-tations of recovering a financial asset in its entirety or a portion thereof. Receivables are written off if the client goes bankrupt, collection by a debt collector has been unsuccessful for a pe-riod and in other concrete cases. The group expects no signif-icant 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 amor-tised cost comprise largely trade payable, other current liabili-ties and interest-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequent-ly measured at amortised cost through using the effective inter-est 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. Deriva-tives 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. Deriva-tives 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 contract and recognised as a derivative if the economic char-acteristics and the economic risks of the embedded derivative are closely related to the economic characteristics and the eco-nomic 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 sep-arated 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. Re-stricted funds are classified as non-current when the restriction is more than 12 months and is presented as non-current finan-cial asset in the balance sheet.Provision for obligations Provisions for obligations such as restructuring, onerous con-tracts, 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 re-quired to settle the obligation, and the amount can be meas-ured reliably. Provisions are measured at management's best estimate of the expenditure 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 recog-nised if the company is covered for losses incurred through an insurance company and it is virtually certain that the company will receive compensation. 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 contribu-tions 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 in-curred. LINK Arkitektur 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 in-dividual unfunded agreement in Multiconsult Norge AS and a funded plan in LINK Arkitektur AS. Pension obligations for de-fined benefit plans are estimated on an annual basis by inde-pendent actuaries. See note 12.Income taxAssets and liabilities related to current tax payable are meas-ured at the amount expected to be received from or paid to the taxation authorities. Deferred tax assets and liabilities are calculated based on the liability method, including all tempo-rary differences between the carrying amounts and tax bases of assets and liabilities in the consolidated financial statements, including losses carried forward. Deferred tax assets and liabil-ities are not recognised if the temporary difference arises from the initial recognition of goodwill. For investments in subsidiar-ies, associated companies or joint ventures, deferred tax liabili-ties are not recognised for taxable 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 as-sets are only recognised for such investments if it is probable that the temporary difference will reverse in the foreseeable fu-ture 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 prob-able that the tax assets will be utilised. Tax rates that are en-acted or substantially enacted at the end of the reporting period and undiscounted 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 regulations and when it is considered probable that the treat-ment will be accepted by the taxation authorities. The group provides for uncertain 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 report-ed 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 under-lying assets, when new, are individually of low value, i.e. office furniture, water dispensers, coffee machines, IT equipment for use by the individual 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 represent-ative 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 evaluations 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 lia-bility comprise:\u2022 Fixed lease payments (including in-substance fixed pay-ments), 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 commence-ment date;\u2022 The amount expected to be payable by the lessee under re-sidual value guarantees;\u2022 The exercise price of purchase options, if the lessee is rea-sonably 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 payments.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 corre-sponding 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 as-sessment 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 remeas-ured by discounting the revised lease payments using an un-changed 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 li-ability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a re-vised 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 con-tracts 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 exceeds 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 im-pairment 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, togeth-er with both periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option, and pe-riods 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 exten-sion 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 extend/not exercise the option to terminate the contract. Me-dium 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 the group will contin-ue business in the relevant area. For longer terms, 5-8 years, it is evaluated if there are obvious economic incentives to renew or other statements that indicates renewal. If there are no such, the group normally is not able to conclude that it is reasona-bly certain that will be renewed/extended. For longer periods, above 8 years, the group will normally not be able to conclude that it is 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 ex-pect 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 pay-ments 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 borrow-ing 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 calculation 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.DividendsDividends to the company's shareholders are classified as a lia-bility when the dividends proposed have been approved by the Annual General Meeting.Employee Ownership ProgrammeMulticonsult ASA has two employee ownership programmes for employees of the group. Through the share purchase plan, the company offers employees of the group shares in Multicon-sult ASA with a discount of 20 per cent. Shares purchased by the employees 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. Through the share ownership plan, the company offers employees of the group to receive a defined number of complimentary shares in Multiconsult ASA. The value of these shares is recognised as employee benefit expense and constitute a taxable benefit for the employee. See more details in note 9.New and revised IFRS Accounting Standards in issue but not yet effectiveAt the date of authorisation of these financial statements, the group has not applied the following new and revised IFRS Ac-counting Standards that have been issued but are not yet ef-fective. The directors do not expect that the adoption of the Standards listed below will have a material impact on the fi-nancial statements of the group in future periods, except if in-dicated below. The amendments to IFRS 16 Leases add to re-quirements explaining how a company accounts for a sale and leaseback after the date of the transaction. A sale and leaseback is a transaction for which a company sells an asset and leases that same asset back for a period of time from the new owner. IFRS 16 includes requirements on how to account for a sale and leaseback at the date the transaction takes place. However, IFRS 16 had not specified how to measure the transaction when reporting after that date. These amendments will not change the accounting for leases other than those arising in a sale and leaseback transaction. Amendments to IAS 1 Non-current Lia-bilities with Covenants and amendments to IAS 1 Classification of Liabilities as Current or Non-current are effective for annual reporting periods beginning on or after 1 January 2024, with early adoption permitted. The amendments to IAS 1 specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, the amendments require a company to disclose information about these covenants in the notes to the financial statements. A number of limited scope amendments and interpretations have been issued effective from 1 January 2024, including:\u2022 Amendments to IFRS 10 and IAS 28 (Sale or Contribution of Assets between an Investor and its Associate or Joint Ven-ture)\u2022 Amendments to IAS 7 and IFRS 7 (Supplier Finance Arrange-ments)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 ESTIMATES The preparation of financial statements in accordance with IFRS requires that management makes assessments, estimates and assumptions that impact reported amounts for revenues, ex-penses, assets and liabilities and presentation of contingent liabilities at the end of the reporting period.Judgements that management have made as part of the appli-cation 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 im-pairment on an annual basis, whilst intangible assets will nor-mally 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 signifi-cant. Refer to note 7 for more information. Some expenses in-curred 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 prin-ciple, 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 ad-justments to recognised revenues as appropriate. The main uncertainty relating to the assessment of contract revenue is associated with work efficiency, change orders, claims, damag-es and incentives. Even though the company has considerable experience in project management and measurement, 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 consequence of the deliverable may be discovered and result in a claim against the company. There may be potential defects or damages that have not been reported as a claim to the group, and that the group therefore is not aware of. Fur-thermore, the time horizon from reporting a case until final set-tlement 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 insur-ance 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 in-surance cover for project liability up to a certain level and sub-ject to certain conditions. 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 18 million.The company makes period reviews together with the insur-ance 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 indi-cators exist and on an annual basis when it includes goodwill. The estimated recoverable amounts are affected by assump-tions 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 good-will for further disclosure.Income tax and indirect taxThe company conducts activities both within and outside Nor-way. There is a risk that the tax authorities may make assess-ments that differ from the group with regard to the amount of income tax and indirect tax payable. The group provides for income tax and indirect taxes based on the best estimate of the amounts payable for obligations that are probable, assum-ing that the group and the tax authorities have access to the same information. The group is not familiar with any signifi-cant 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 evaluat-ed 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 Multi consult, it is espe-cially through the clients that the group face this type of risk. Nature-related transitional risks result from a misalignment be-tween 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, however, 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 2023 climate-related effect have not had any material im-pact on the financial statements for the group. In the section Sustainability and Corporate responsibility we have gone in to more details related to what possibilities and threats climate change can have for the company in the future. The group will finalize its double materiality analysis in accordance with the CSRD in 2024. The results from this analysis will enhance the understanding and efficient management of any material finan-cial impacts which may arise. 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 Sus-tainability and Corporate responsibility section in this report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__19": {
"value": "Basis of preparation The consolidated financial statements have been prepared based on the historical cost basis, except for derivatives and pension assets that are measured at fair value, and pension li-abilities 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 percent-ages presented may not add up to the total.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__24": {
"value": "Consolidation principles, investments accounted for in ac-cordance 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 ex-posed 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. Non-controlling interest refers to acquisitions in which less than 100 per cent of the subsidiary acquired. The consolidated financial statements have been prepared us-ing uniform accounting policies. All material transactions and balances between group entities have been eliminated.Shares in subsidiaries are eliminated in the consolidated finan-cial 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 acquisition, and any excess consideration is clas-sified as goodwill. Acquisition-related costs are recognised in profit or loss as incurred. Non-controlling interest in the ac-quiree is measured at fair value or at an amount corresponding to the proportional share of the non-controlling interest of the identifiable net assets of the acquiree. The allocation of profit (loss) for the financial period to non-con-trolling interests is presented in the statement of comprehen-sive income. Non-controlling interests\u2019 share of shareholders\u2019 equity is reported as a separate figure under shareholders\u2019 eq-uity on the balance sheet.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 par-ticipant is responsible for and has rights to the fee from its part of the deliverables (agreements related to project collabora-tion). The individual parties utilise their resources using em-ployees 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 ex-penses, 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 differences in the group's accounting for activities in arrangements without limit-ed liability, whether within the scope of IFRS 11 or not.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__23": {
"value": "Consolidation principles, investments accounted for in ac-cordance 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 ex-posed 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. Non-controlling interest refers to acquisitions in which less than 100 per cent of the subsidiary acquired. The consolidated financial statements have been prepared us-ing uniform accounting policies. All material transactions and balances between group entities have been eliminated.Shares in subsidiaries are eliminated in the consolidated finan-cial 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 acquisition, and any excess consideration is clas-sified as goodwill. Acquisition-related costs are recognised in profit or loss as incurred. Non-controlling interest in the ac-quiree is measured at fair value or at an amount corresponding to the proportional share of the non-controlling interest of the identifiable net assets of the acquiree. The allocation of profit (loss) for the financial period to non-con-trolling interests is presented in the statement of comprehen-sive income. Non-controlling interests\u2019 share of shareholders\u2019 equity is reported as a separate figure under shareholders\u2019 eq-uity on the balance sheet.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 par-ticipant is responsible for and has rights to the fee from its part of the deliverables (agreements related to project collabora-tion). The individual parties utilise their resources using em-ployees 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 ex-penses, 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 differences in the group's accounting for activities in arrangements without limit-ed liability, whether within the scope of IFRS 11 or not.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__22": {
"value": "Consolidation principles, investments accounted for in ac-cordance 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 ex-posed 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. Non-controlling interest refers to acquisitions in which less than 100 per cent of the subsidiary acquired. The consolidated financial statements have been prepared us-ing uniform accounting policies. All material transactions and balances between group entities have been eliminated.Shares in subsidiaries are eliminated in the consolidated finan-cial 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 acquisition, and any excess consideration is clas-sified as goodwill. Acquisition-related costs are recognised in profit or loss as incurred. Non-controlling interest in the ac-quiree is measured at fair value or at an amount corresponding to the proportional share of the non-controlling interest of the identifiable net assets of the acquiree. The allocation of profit (loss) for the financial period to non-con-trolling interests is presented in the statement of comprehen-sive income. Non-controlling interests\u2019 share of shareholders\u2019 equity is reported as a separate figure under shareholders\u2019 eq-uity on the balance sheet.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 par-ticipant is responsible for and has rights to the fee from its part of the deliverables (agreements related to project collabora-tion). The individual parties utilise their resources using em-ployees 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 ex-penses, 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 differences in the group's accounting for activities in arrangements without limit-ed liability, whether within the scope of IFRS 11 or not.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__21": {
"value": "Consolidation principles, investments accounted for in ac-cordance 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 ex-posed 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. Non-controlling interest refers to acquisitions in which less than 100 per cent of the subsidiary acquired. The consolidated financial statements have been prepared us-ing uniform accounting policies. All material transactions and balances between group entities have been eliminated.Shares in subsidiaries are eliminated in the consolidated finan-cial 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 acquisition, and any excess consideration is clas-sified as goodwill. Acquisition-related costs are recognised in profit or loss as incurred. Non-controlling interest in the ac-quiree is measured at fair value or at an amount corresponding to the proportional share of the non-controlling interest of the identifiable net assets of the acquiree. The allocation of profit (loss) for the financial period to non-con-trolling interests is presented in the statement of comprehen-sive income. Non-controlling interests\u2019 share of shareholders\u2019 equity is reported as a separate figure under shareholders\u2019 eq-uity on the balance sheet.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 par-ticipant is responsible for and has rights to the fee from its part of the deliverables (agreements related to project collabora-tion). The individual parties utilise their resources using em-ployees 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 ex-penses, 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 differences in the group's accounting for activities in arrangements without limit-ed liability, whether within the scope of IFRS 11 or not.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__20": {
"value": "Consolidation principles, investments accounted for in ac-cordance 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 ex-posed 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. Non-controlling interest refers to acquisitions in which less than 100 per cent of the subsidiary acquired. The consolidated financial statements have been prepared us-ing uniform accounting policies. All material transactions and balances between group entities have been eliminated.Shares in subsidiaries are eliminated in the consolidated finan-cial 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 acquisition, and any excess consideration is clas-sified as goodwill. Acquisition-related costs are recognised in profit or loss as incurred. Non-controlling interest in the ac-quiree is measured at fair value or at an amount corresponding to the proportional share of the non-controlling interest of the identifiable net assets of the acquiree. The allocation of profit (loss) for the financial period to non-con-trolling interests is presented in the statement of comprehen-sive income. Non-controlling interests\u2019 share of shareholders\u2019 equity is reported as a separate figure under shareholders\u2019 eq-uity on the balance sheet.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 par-ticipant is responsible for and has rights to the fee from its part of the deliverables (agreements related to project collabora-tion). The individual parties utilise their resources using em-ployees 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 ex-penses, 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 differences in the group's accounting for activities in arrangements without limit-ed liability, whether within the scope of IFRS 11 or not.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__26": {
"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 func-tional 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 reporting period, are recognised in profit or loss as financial items. For companies with a functional currency other than Norwe-gian 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 comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__25": {
"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 func-tional 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 reporting period, are recognised in profit or loss as financial items. For companies with a functional currency other than Norwe-gian 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 comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__27": {
"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 four business areas. See also note 6 for revenue from contracts with clients and contract balances. Revenue is measured based on the consideration specified in a contract with a client. Revenue is recognised when a client 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 ren-dering 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. Con-tracts 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 client 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 client 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 client should terminate a contract for other reasons than failure by Multi-consult to deliver under the contract. Consequently, Multiconsult has determined that the client 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 subcon-tractors, the group believes this method provides a faithful de-piction of the transfer of the services. The total scope is eval-uated 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 cumulative revenue recognised will not occur. There are often discussions with the client in relation to the number of hours that can be charged to the client, consequently this is regarded as variable consideration. The company has established pro-cesses for ongoing evaluations and estimation of how much revenue can be recognised for each contract, primarily based on expected value, and on 31 December 2023 and 31 Decem-ber 2022 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 predomi-nantly costs for own personnel and sub-contractors. As only a minor share of the group's projects are with fixed price or with a cap, provisions for onerous contracts are limited.Invoices are issued according to contractual terms and are usu-ally 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 pre-sented 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 re-sponsibility 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__29": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__28": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__30": {
"value": "Classification of current and non-current itemsAn asset is classified as current when it is expected to be re-alised 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. Liabilities 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 reporting 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 obliga-tions and assets for reimbursement are classified as non-cur-rent. Derivatives are classified as current.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__33-1": {
"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 expenditure is added to the carrying value of the asset or is recognised 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 relat-ed 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 depreci-ated on a straight-line basis. The cost of acquisition of property, plant and equipment is depreciated to their expected residual value, which in general is estimated to be nil. The estimated useful lives, residual values and depreciation methods are re-viewed at the end of each reporting period and changed if nec-essary. When the carrying amount of an item of property, 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 recog-nised 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 backlog arising upon a business combination is amortised over its estimated useful life. When the carrying amount of an intangible asset is higher than its es-timated recoverable amount, the carrying amount is reduced to the recoverable amount and recognised as impairment in the statement of income.Brand arising upon a business combination is not amortised. Brands are reviewed for impairment on an annual basis, or more frequently if there are indications of impairment.GoodwillGoodwill arising upon a business combination is not amor-tised. Goodwill does not generate cash flows that are inde-pendent 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-generat-ing 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 re-versed 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 be-comes 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 acquisition 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 appropri-ate, 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 assetsIFRS 9 contains three principal classification categories for fi-nancial 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 as-set is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addi-tion of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equiv-alents, trade and other receivables and work in progress (con-tract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as measured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is re-duced by impairment 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 accordance 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 asset carried at amortised cost are credit impaired. A finan-cial 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 following observable data: significant financial dif-ficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receiv-able 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 disappearance of an ac-tive market for a security because of financial difficulties. 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 expec-tations of recovering a financial asset in its entirety or a portion thereof. Receivables are written off if the client goes bankrupt, collection by a debt collector has been unsuccessful for a pe-riod and in other concrete cases. The group expects no signif-icant 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 amor-tised cost comprise largely trade payable, other current liabili-ties and interest-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequent-ly measured at amortised cost through using the effective inter-est 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. Deriva-tives 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. Deriva-tives 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 contract and recognised as a derivative if the economic char-acteristics and the economic risks of the embedded derivative are closely related to the economic characteristics and the eco-nomic 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 sep-arated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__32": {
"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 expenditure is added to the carrying value of the asset or is recognised 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 relat-ed 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 depreci-ated on a straight-line basis. The cost of acquisition of property, plant and equipment is depreciated to their expected residual value, which in general is estimated to be nil. The estimated useful lives, residual values and depreciation methods are re-viewed at the end of each reporting period and changed if nec-essary. When the carrying amount of an item of property, 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 recog-nised 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__31": {
"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 expenditure is added to the carrying value of the asset or is recognised 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 relat-ed 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 depreci-ated on a straight-line basis. The cost of acquisition of property, plant and equipment is depreciated to their expected residual value, which in general is estimated to be nil. The estimated useful lives, residual values and depreciation methods are re-viewed at the end of each reporting period and changed if nec-essary. When the carrying amount of an item of property, 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 recog-nised 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__35": {
"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 backlog arising upon a business combination is amortised over its estimated useful life. When the carrying amount of an intangible asset is higher than its es-timated recoverable amount, the carrying amount is reduced to the recoverable amount and recognised as impairment in the statement of income.Brand arising upon a business combination is not amortised. Brands are reviewed for impairment on an annual basis, or more frequently if there are indications of impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__34-1": {
"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 backlog arising upon a business combination is amortised over its estimated useful life. When the carrying amount of an intangible asset is higher than its es-timated recoverable amount, the carrying amount is reduced to the recoverable amount and recognised as impairment in the statement of income.Brand arising upon a business combination is not amortised. Brands are reviewed for impairment on an annual basis, or more frequently if there are indications of impairment.GoodwillGoodwill arising upon a business combination is not amor-tised. Goodwill does not generate cash flows that are inde-pendent 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-generat-ing 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 re-versed 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__38": {
"value": "GoodwillGoodwill arising upon a business combination is not amor-tised. Goodwill does not generate cash flows that are inde-pendent 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-generat-ing 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 re-versed 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__47": {
"value": "Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group be-comes 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 acquisition 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 appropri-ate, 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 assetsIFRS 9 contains three principal classification categories for fi-nancial 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 as-set is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addi-tion of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equiv-alents, trade and other receivables and work in progress (con-tract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as measured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is re-duced by impairment 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 accordance 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 asset carried at amortised cost are credit impaired. A finan-cial 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 following observable data: significant financial dif-ficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receiv-able 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 disappearance of an ac-tive market for a security because of financial difficulties. 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 expec-tations of recovering a financial asset in its entirety or a portion thereof. Receivables are written off if the client goes bankrupt, collection by a debt collector has been unsuccessful for a pe-riod and in other concrete cases. The group expects no signif-icant 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 amor-tised cost comprise largely trade payable, other current liabili-ties and interest-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequent-ly measured at amortised cost through using the effective inter-est 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. Deriva-tives 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. Deriva-tives 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 contract and recognised as a derivative if the economic char-acteristics and the economic risks of the embedded derivative are closely related to the economic characteristics and the eco-nomic 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 sep-arated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__45": {
"value": "Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group be-comes 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 acquisition 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 appropri-ate, 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 assetsIFRS 9 contains three principal classification categories for fi-nancial 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 as-set is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addi-tion of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equiv-alents, trade and other receivables and work in progress (con-tract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as measured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is re-duced by impairment 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 accordance 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 asset carried at amortised cost are credit impaired. A finan-cial 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 following observable data: significant financial dif-ficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receiv-able 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 disappearance of an ac-tive market for a security because of financial difficulties. 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 expec-tations of recovering a financial asset in its entirety or a portion thereof. Receivables are written off if the client goes bankrupt, collection by a debt collector has been unsuccessful for a pe-riod and in other concrete cases. The group expects no signif-icant 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 amor-tised cost comprise largely trade payable, other current liabili-ties and interest-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequent-ly measured at amortised cost through using the effective inter-est 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. Deriva-tives 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. Deriva-tives 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 contract and recognised as a derivative if the economic char-acteristics and the economic risks of the embedded derivative are closely related to the economic characteristics and the eco-nomic 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 sep-arated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__44": {
"value": "Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group be-comes 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 acquisition 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 appropri-ate, 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 assetsIFRS 9 contains three principal classification categories for fi-nancial 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 as-set is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addi-tion of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equiv-alents, trade and other receivables and work in progress (con-tract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as measured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is re-duced by impairment 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 accordance 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 asset carried at amortised cost are credit impaired. A finan-cial 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 following observable data: significant financial dif-ficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receiv-able 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 disappearance of an ac-tive market for a security because of financial difficulties. 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 expec-tations of recovering a financial asset in its entirety or a portion thereof. Receivables are written off if the client goes bankrupt, collection by a debt collector has been unsuccessful for a pe-riod and in other concrete cases. The group expects no signif-icant 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 amor-tised cost comprise largely trade payable, other current liabili-ties and interest-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequent-ly measured at amortised cost through using the effective inter-est 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. Deriva-tives 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. Deriva-tives 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 contract and recognised as a derivative if the economic char-acteristics and the economic risks of the embedded derivative are closely related to the economic characteristics and the eco-nomic 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 sep-arated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__43": {
"value": "Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group be-comes 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 acquisition 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 appropri-ate, 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 assetsIFRS 9 contains three principal classification categories for fi-nancial 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 as-set is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addi-tion of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equiv-alents, trade and other receivables and work in progress (con-tract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as measured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is re-duced by impairment 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 accordance 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 asset carried at amortised cost are credit impaired. A finan-cial 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 following observable data: significant financial dif-ficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receiv-able 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 disappearance of an ac-tive market for a security because of financial difficulties. 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 expec-tations of recovering a financial asset in its entirety or a portion thereof. Receivables are written off if the client goes bankrupt, collection by a debt collector has been unsuccessful for a pe-riod and in other concrete cases. The group expects no signif-icant 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 amor-tised cost comprise largely trade payable, other current liabili-ties and interest-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequent-ly measured at amortised cost through using the effective inter-est 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. Deriva-tives 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. Deriva-tives 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 contract and recognised as a derivative if the economic char-acteristics and the economic risks of the embedded derivative are closely related to the economic characteristics and the eco-nomic 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 sep-arated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__42": {
"value": "Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group be-comes 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 acquisition 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 appropri-ate, 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 assetsIFRS 9 contains three principal classification categories for fi-nancial 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 as-set is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addi-tion of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equiv-alents, trade and other receivables and work in progress (con-tract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as measured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is re-duced by impairment 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 accordance 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 asset carried at amortised cost are credit impaired. A finan-cial 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 following observable data: significant financial dif-ficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receiv-able 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 disappearance of an ac-tive market for a security because of financial difficulties. 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 expec-tations of recovering a financial asset in its entirety or a portion thereof. Receivables are written off if the client goes bankrupt, collection by a debt collector has been unsuccessful for a pe-riod and in other concrete cases. The group expects no signif-icant 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 amor-tised cost comprise largely trade payable, other current liabili-ties and interest-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequent-ly measured at amortised cost through using the effective inter-est 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. Deriva-tives 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. Deriva-tives 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 contract and recognised as a derivative if the economic char-acteristics and the economic risks of the embedded derivative are closely related to the economic characteristics and the eco-nomic 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 sep-arated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__41": {
"value": "Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group be-comes 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 acquisition 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 appropri-ate, 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 assetsIFRS 9 contains three principal classification categories for fi-nancial 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 as-set is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addi-tion of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equiv-alents, trade and other receivables and work in progress (con-tract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as measured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is re-duced by impairment 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 accordance 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 asset carried at amortised cost are credit impaired. A finan-cial 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 following observable data: significant financial dif-ficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receiv-able 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 disappearance of an ac-tive market for a security because of financial difficulties. 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 expec-tations of recovering a financial asset in its entirety or a portion thereof. Receivables are written off if the client goes bankrupt, collection by a debt collector has been unsuccessful for a pe-riod and in other concrete cases. The group expects no signif-icant 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 amor-tised cost comprise largely trade payable, other current liabili-ties and interest-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequent-ly measured at amortised cost through using the effective inter-est 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. Deriva-tives 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. Deriva-tives 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 contract and recognised as a derivative if the economic char-acteristics and the economic risks of the embedded derivative are closely related to the economic characteristics and the eco-nomic 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 sep-arated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__40": {
"value": "Financial assets and liabilities Financial assets and financial liabilities are recognised in the group\u2019s statement of financial position when the group be-comes 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 acquisition 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 appropri-ate, 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 assetsIFRS 9 contains three principal classification categories for fi-nancial 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 as-set is managed and its contractual cash flow characteristics. All financial assets are recognised initially at fair value, with addi-tion of transaction costs for assets not at FVTPL.The group's financial assets are primarily cash and cash equiv-alents, trade and other receivables and work in progress (con-tract assets). Based on the nature of these assets and how they are managed, the group has evaluated that these qualify for classification as measured at amortised cost.These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is re-duced by impairment 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 accordance 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 asset carried at amortised cost are credit impaired. A finan-cial 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 following observable data: significant financial dif-ficulty of the debtor, a breach of contract such as a default or being more than 60 days past due, the restructuring of a receiv-able 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 disappearance of an ac-tive market for a security because of financial difficulties. 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 expec-tations of recovering a financial asset in its entirety or a portion thereof. Receivables are written off if the client goes bankrupt, collection by a debt collector has been unsuccessful for a pe-riod and in other concrete cases. The group expects no signif-icant 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 amor-tised cost comprise largely trade payable, other current liabili-ties and interest-bearing liabilities. These obligations are initially recognised at fair value less transaction costs, and subsequent-ly measured at amortised cost through using the effective inter-est 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. Deriva-tives 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. Deriva-tives 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 contract and recognised as a derivative if the economic char-acteristics and the economic risks of the embedded derivative are closely related to the economic characteristics and the eco-nomic 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 sep-arated a currency derivative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__48": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__49": {
"value": "Restricted cashRestricted cash is cash with restrictions above 3 months. Re-stricted funds are classified as non-current when the restriction is more than 12 months and is presented as non-current finan-cial asset in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__50": {
"value": "Provision for obligations Provisions for obligations such as restructuring, onerous con-tracts, 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 re-quired to settle the obligation, and the amount can be meas-ured reliably. Provisions are measured at management's best estimate of the expenditure 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 recog-nised if the company is covered for losses incurred through an insurance company and it is virtually certain that the company will receive compensation. A reimbursement asset reduces the net cost recognised in the statement of income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__51": {
"value": "PensionsThe group has primarily defined contribution pension plans.For defined contributions plans, the group pays contribu-tions 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 in-curred. LINK Arkitektur 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 in-dividual unfunded agreement in Multiconsult Norge AS and a funded plan in LINK Arkitektur AS. Pension obligations for de-fined benefit plans are estimated on an annual basis by inde-pendent actuaries. See note 12.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__53": {
"value": "Income taxAssets and liabilities related to current tax payable are meas-ured at the amount expected to be received from or paid to the taxation authorities. Deferred tax assets and liabilities are calculated based on the liability method, including all tempo-rary differences between the carrying amounts and tax bases of assets and liabilities in the consolidated financial statements, including losses carried forward. Deferred tax assets and liabil-ities are not recognised if the temporary difference arises from the initial recognition of goodwill. For investments in subsidiar-ies, associated companies or joint ventures, deferred tax liabili-ties are not recognised for taxable 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 as-sets are only recognised for such investments if it is probable that the temporary difference will reverse in the foreseeable fu-ture 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 prob-able that the tax assets will be utilised. Tax rates that are en-acted or substantially enacted at the end of the reporting period and undiscounted 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 regulations and when it is considered probable that the treat-ment will be accepted by the taxation authorities. The group provides for uncertain 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__52": {
"value": "Income taxAssets and liabilities related to current tax payable are meas-ured at the amount expected to be received from or paid to the taxation authorities. Deferred tax assets and liabilities are calculated based on the liability method, including all tempo-rary differences between the carrying amounts and tax bases of assets and liabilities in the consolidated financial statements, including losses carried forward. Deferred tax assets and liabil-ities are not recognised if the temporary difference arises from the initial recognition of goodwill. For investments in subsidiar-ies, associated companies or joint ventures, deferred tax liabili-ties are not recognised for taxable 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 as-sets are only recognised for such investments if it is probable that the temporary difference will reverse in the foreseeable fu-ture 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 prob-able that the tax assets will be utilised. Tax rates that are en-acted or substantially enacted at the end of the reporting period and undiscounted 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 regulations and when it is considered probable that the treat-ment will be accepted by the taxation authorities. The group provides for uncertain 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__54": {
"value": "Statement of cash flowsThe statement of cash flows has been prepared in accordance with the indirect method. Interest received and paid are report-ed 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__55": {
"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 under-lying assets, when new, are individually of low value, i.e. office furniture, water dispensers, coffee machines, IT equipment for use by the individual 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 represent-ative 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 evaluations 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 lia-bility comprise:\u2022 Fixed lease payments (including in-substance fixed pay-ments), 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 commence-ment date;\u2022 The amount expected to be payable by the lessee under re-sidual value guarantees;\u2022 The exercise price of purchase options, if the lessee is rea-sonably 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 payments.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 corre-sponding 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 as-sessment 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 remeas-ured by discounting the revised lease payments using an un-changed 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 li-ability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a re-vised 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 con-tracts 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 exceeds 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 im-pairment 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, togeth-er with both periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option, and pe-riods 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 exten-sion 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 extend/not exercise the option to terminate the contract. Me-dium 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 the group will contin-ue business in the relevant area. For longer terms, 5-8 years, it is evaluated if there are obvious economic incentives to renew or other statements that indicates renewal. If there are no such, the group normally is not able to conclude that it is reasona-bly certain that will be renewed/extended. For longer periods, above 8 years, the group will normally not be able to conclude that it is 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 ex-pect 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 pay-ments 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 borrow-ing 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 calculation 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__56": {
"value": "DividendsDividends to the company's shareholders are classified as a lia-bility when the dividends proposed have been approved by the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__57": {
"value": "Employee Ownership ProgrammeMulticonsult ASA has two employee ownership programmes for employees of the group. Through the share purchase plan, the company offers employees of the group shares in Multicon-sult ASA with a discount of 20 per cent. Shares purchased by the employees 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. Through the share ownership plan, the company offers employees of the group to receive a defined number of complimentary shares in Multiconsult ASA. The value of these shares is recognised as employee benefit expense and constitute a taxable benefit for the employee. See more details in note 9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__61": {
"value": "NOTE 2 B SIGNIFICANT JUDGEMENTS IN THE APPLICATION OF GROUP ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES The preparation of financial statements in accordance with IFRS requires that management makes assessments, estimates and assumptions that impact reported amounts for revenues, ex-penses, assets and liabilities and presentation of contingent liabilities at the end of the reporting period.Judgements that management have made as part of the appli-cation 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 im-pairment on an annual basis, whilst intangible assets will nor-mally 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 signifi-cant. Refer to note 7 for more information. Some expenses in-curred 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 prin-ciple, 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 ad-justments to recognised revenues as appropriate. The main uncertainty relating to the assessment of contract revenue is associated with work efficiency, change orders, claims, damag-es and incentives. Even though the company has considerable experience in project management and measurement, 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 consequence of the deliverable may be discovered and result in a claim against the company. There may be potential defects or damages that have not been reported as a claim to the group, and that the group therefore is not aware of. Fur-thermore, the time horizon from reporting a case until final set-tlement 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 insur-ance 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 in-surance cover for project liability up to a certain level and sub-ject to certain conditions. 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 18 million.The company makes period reviews together with the insur-ance 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 indi-cators exist and on an annual basis when it includes goodwill. The estimated recoverable amounts are affected by assump-tions 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 good-will for further disclosure.Income tax and indirect taxThe company conducts activities both within and outside Nor-way. There is a risk that the tax authorities may make assess-ments that differ from the group with regard to the amount of income tax and indirect tax payable. The group provides for income tax and indirect taxes based on the best estimate of the amounts payable for obligations that are probable, assum-ing that the group and the tax authorities have access to the same information. The group is not familiar with any signifi-cant 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 evaluat-ed 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 Multi consult, it is espe-cially through the clients that the group face this type of risk. Nature-related transitional risks result from a misalignment be-tween 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, however, 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 2023 climate-related effect have not had any material im-pact on the financial statements for the group. In the section Sustainability and Corporate responsibility we have gone in to more details related to what possibilities and threats climate change can have for the company in the future. The group will finalize its double materiality analysis in accordance with the CSRD in 2024. The results from this analysis will enhance the understanding and efficient management of any material finan-cial impacts which may arise. 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 Sus-tainability and Corporate responsibility section in this report.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__60": {
"value": "NOTE 2 B SIGNIFICANT JUDGEMENTS IN THE APPLICATION OF GROUP ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES The preparation of financial statements in accordance with IFRS requires that management makes assessments, estimates and assumptions that impact reported amounts for revenues, ex-penses, assets and liabilities and presentation of contingent liabilities at the end of the reporting period.Judgements that management have made as part of the appli-cation 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 im-pairment on an annual basis, whilst intangible assets will nor-mally 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 signifi-cant. Refer to note 7 for more information. Some expenses in-curred 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 prin-ciple, 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 ad-justments to recognised revenues as appropriate. The main uncertainty relating to the assessment of contract revenue is associated with work efficiency, change orders, claims, damag-es and incentives. Even though the company has considerable experience in project management and measurement, 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 consequence of the deliverable may be discovered and result in a claim against the company. There may be potential defects or damages that have not been reported as a claim to the group, and that the group therefore is not aware of. Fur-thermore, the time horizon from reporting a case until final set-tlement 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 insur-ance 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 in-surance cover for project liability up to a certain level and sub-ject to certain conditions. 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 18 million.The company makes period reviews together with the insur-ance 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 indi-cators exist and on an annual basis when it includes goodwill. The estimated recoverable amounts are affected by assump-tions 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 good-will for further disclosure.Income tax and indirect taxThe company conducts activities both within and outside Nor-way. There is a risk that the tax authorities may make assess-ments that differ from the group with regard to the amount of income tax and indirect tax payable. The group provides for income tax and indirect taxes based on the best estimate of the amounts payable for obligations that are probable, assum-ing that the group and the tax authorities have access to the same information. The group is not familiar with any signifi-cant 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 evaluat-ed 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 Multi consult, it is espe-cially through the clients that the group face this type of risk. Nature-related transitional risks result from a misalignment be-tween 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, however, 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 2023 climate-related effect have not had any material im-pact on the financial statements for the group. In the section Sustainability and Corporate responsibility we have gone in to more details related to what possibilities and threats climate change can have for the company in the future. The group will finalize its double materiality analysis in accordance with the CSRD in 2024. The results from this analysis will enhance the understanding and efficient management of any material finan-cial impacts which may arise. 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 Sus-tainability and Corporate responsibility section in this report.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__59": {
"value": "NOTE 2 B SIGNIFICANT JUDGEMENTS IN THE APPLICATION OF GROUP ACCOUNTING POLICIES AND ACCOUNTING ESTIMATES The preparation of financial statements in accordance with IFRS requires that management makes assessments, estimates and assumptions that impact reported amounts for revenues, ex-penses, assets and liabilities and presentation of contingent liabilities at the end of the reporting period.Judgements that management have made as part of the appli-cation 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 im-pairment on an annual basis, whilst intangible assets will nor-mally 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 signifi-cant. Refer to note 7 for more information. Some expenses in-curred 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 prin-ciple, 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 ad-justments to recognised revenues as appropriate. The main uncertainty relating to the assessment of contract revenue is associated with work efficiency, change orders, claims, damag-es and incentives. Even though the company has considerable experience in project management and measurement, 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 consequence of the deliverable may be discovered and result in a claim against the company. There may be potential defects or damages that have not been reported as a claim to the group, and that the group therefore is not aware of. Fur-thermore, the time horizon from reporting a case until final set-tlement 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 insur-ance 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 in-surance cover for project liability up to a certain level and sub-ject to certain conditions. 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 18 million.The company makes period reviews together with the insur-ance 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 indi-cators exist and on an annual basis when it includes goodwill. The estimated recoverable amounts are affected by assump-tions 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 good-will for further disclosure.Income tax and indirect taxThe company conducts activities both within and outside Nor-way. There is a risk that the tax authorities may make assess-ments that differ from the group with regard to the amount of income tax and indirect tax payable. The group provides for income tax and indirect taxes based on the best estimate of the amounts payable for obligations that are probable, assum-ing that the group and the tax authorities have access to the same information. The group is not familiar with any signifi-cant 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 evaluat-ed 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 Multi consult, it is espe-cially through the clients that the group face this type of risk. Nature-related transitional risks result from a misalignment be-tween 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, however, 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 2023 climate-related effect have not had any material im-pact on the financial statements for the group. In the section Sustainability and Corporate responsibility we have gone in to more details related to what possibilities and threats climate change can have for the company in the future. The group will finalize its double materiality analysis in accordance with the CSRD in 2024. The results from this analysis will enhance the understanding and efficient management of any material finan-cial impacts which may arise. 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 Sus-tainability and Corporate responsibility section in this report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__62": {
"value": "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 im-pairment on an annual basis, whilst intangible assets will nor-mally be amortised, allocating the cost of acquisition to profit or loss on a systematic basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__63": {
"value": "ProvisionsThe group performs a large number of projects which vary in size. When performing a project, defects or damage that arise as a consequence of the deliverable may be discovered and result in a claim against the company. There may be potential defects or damages that have not been reported as a claim to the group, and that the group therefore is not aware of. Fur-thermore, the time horizon from reporting a case until final set-tlement 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 insur-ance 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 in-surance cover for project liability up to a certain level and sub-ject to certain conditions. 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 18 million.The company makes period reviews together with the insur-ance 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__64": {
"value": "NOTE 3 FINANCIAL RISK MANAGEMENT The 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 operational risk factors. Operational risk relates mainly to larger projects, which is continuously reviewed by the executive management.a) Credit riskCredit risk is the risk that clients are not able to settle their pay-ment obligations. Credit risk is considered to be a part of busi-ness risk and is reviewed as part of ongoing operations. A major part of the group's activities was conducted in the subsidiary Multiconsult Norge AS (77.4 per cent of operating revenues in 2023), with the sub-group LINK Arkitektur as the second largest (5.5 per cent of operating revenues in 2023). The companies in the group have established procedures for credit assessment of clients as well as suppliers. The risk that clients 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 clients are Norwegian, thus creating a geographical concentration of risk. Of the group's revenues in 2023 and 2022, approximately half relates to public sector clients and approximately 83.2 per cent relates to clients 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 clients. The group's five larg-est individual clients comprised approximately 19.3 per cent of the group\u2019s operating revenues in 2023 (20.3 per cent in 2022). The ten largest individual clients comprised approximately 30.2 per cent of the group\u2019s operating revenues in 2023 (30.3 per cent in 2022). The group's ten largest individual clients in rela-tion to trade receivables and work in progress on 31 December 2023 comprised approximately 29.8 per cent and 58.4 per cent, respectively.The group's maximum credit exposure comprises the carrying amount of receivables, work in progress, and cash and cash equivalents 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 receivable 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 focus on those more than 60 days overdue. Generally, clients 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 revenues (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 bankruptcies etc. at clients and represents actual credit losses. In December 2023, in relation to the Sotra Link project, the client put in place a bank guarantee in favour of Multiconsult Norge AS as security for unpaid remuneration for performed work including late pay-ment interest.MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2023Maturities of receivables that have not been impairedCarrying 30-60 60-90 Amounts in NOK thousandamount Not due 0-30 daysdaysdays >90 daysTrade receivables 981 412 613 551 165 259 31 858 15 935 154 809 Work in progress 259 207 259 207 - - - - 1)Other current receivables57 687 57 687 - - - - 2)Other non-current receivables3 178 3 178 - - - -Allowance for losses on receivables (4 625) - (7) (469) (234) (3 914)Total trade and other receivables 1 296 859 933 623 165 252 31 389 15 701 150 8941) Other current receivables do not include prepayments and restricted cash, which are not considered financial assets.2) Other non-current receivables do not include net pension assets and reimbursement assets.MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2022Maturities of receivables that have not been impairedCarrying 30-60 60-90 Amounts in NOK thousandamount Not due 0-30 daysdaysdays >90 daysTrade receivables 603 875 435 919 77 883 17 693 6 331 66 050Work in progress 304 328 304 328 - - - -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 receivables 952 747 792 375 77 883 17 693 5 701 59 0951) 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.CHANGES IN ALLOWANCES FOR LOSSES ON RECEIVABLES DURING THE YEARAmounts in NOK thousand 2023 2022Opening balance allowance for losses on receivables 7 585 7 549Change in allowances for losses on trade receivable during the year (2 960) 36Closing balance allowance for losses on receivables 4 625 7 585Realised losses in the event of bankruptcy etc. - -Loss on receivables in other operating expenses in the 965 2 676statement of profit or lossb) Liquidity riskLiquidity risk is the risk of being unable to settle financial obliga-tions at maturity. Liquidity risk arises if there is no correspond-ence between the cash flows from the business and the financial obligations. Managing liquidity risk is performed through devel-opment of liquidity management strategies, which are operation-alised through liquidity budgets and are continuously reviewed. The group\u2019s liquidity risk exposure is limited, but with significant short-term and seasonal variation. The highest level of net work-ing capital is normally during the third quarter. Liquidity is man-aged closely through budgets 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 2023 and 2022 were positive. The operations in Multiconsult are exposed to normal fluctua-tions that affect the cash flows during the year. The majority of payments relate to employees and sub-contractors.The loan portfolio consists of an overdraft loan facility and re-volving 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 entities Multiconsult Norge AS, LINK Arkitektur AS, LINK Arkitektur AB, LINK Arkitek-tur A/S, Iterio AB and Multiconsult UK Limited, where Multi-consult ASA is the owner of the cash pool\u2019s top account and the debtor of the facility. In addition, Multiconsult ASA has a com-mitted revolving credit facility of NOK 500 million. The revolving credit facility includes an accordion option of NOK 300 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 in-terest-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, re-ported quarterly. Covenant ratios are calculated excluding IFRS 16 effects, and the EBITDA includes \u201ccarve-out\u201d for certain lim-ited one-off costs. Multiconsult ASA is in compliance with its financial covenants on 31 December 2023. 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.Change in interest-bearing liabilities in the balance sheet from 2023 to 2022 corresponds to the proceeds and instalments re-ported in the statement of cash flow. Repayment of loan of NOK 31.5 million has no cash effect in the cash flow statement for 2023.Amounts in NOK thousand 31.12.2023 31.12.2022Non-current and current interest-bearing liabilities 450 000 31 510Total interest-bearing liabilities 450 000 31 510The existing loan agreement, overdraft facility and guarantee agreement contain negative pledge in relation to new loan agreements and cross default clauses, and limitations in enter-ing into new loan agreements without the consent of the lender. See section \"capital management\" below. MATURITY INTEREST-BEARING LIABILITIES 31 DECEMBER 2023MaturityAmounts in NOK thousand Carrying amount 1 year 2 years > 2 years Total paymentsInterest-bearing liabilities 450 000 - - 450 000 450 000Interest on interest-bearing liabilities 21 490 21 490 - 42 980Total interest-bearing liabilities incl. 450 000 21 490 21 490 450 000 492 980interestMATURITY INTEREST-BEARING LIABILITIES 31 DECEMBER 2022MaturityAmounts in NOK thousand Carrying amount 1 year 2 years > 2 years Total paymentsInterest-bearing liabilities 31 510 31 510 - - 31 510Interest on interest-bearing liabilities - 430 - - 430Total interest-bearing liabilities 31 510 31 940 - - 31 940incl. interestFor 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 con-tracts. The group had no forward currency contracts on 31 De-cember 2023 and 2022. The group has, to a limited degree, bank accounts, trade receivables and trade payables in foreign currency. When entering into contracts in foreign 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 translation risk related to foreign subsidiaries and associated companies, primarily to the following currencies - mentioned here by ISO currency code: PLN, DKK, SEK, EUR and GBP. Cur-rency risk arising from equity in foreign entities is not hedged, and currency changes affect the group's equity through oth-er comprehensive income. Subsidiaries 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 in-significant as of 31 December 2023 and 2022.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 interest on bank accounts and on liabilities. Due to the limited amount of net interest-bearing liabilities on 31 December 2023 and 2022, a change in interest rates of half a percentage point would result in insignificant change in annual net interest ex-pense. However, based on the average net interest-bearing lia-bilities reported quarterly, there would be an increase in interest expenses of approximately NOK 1.1 million for the financial year 2023.Multiconsult ASA has no interest rate swap that exposes it to fair value interest rate risk on 31 December 2023. e) Categories of financial instrumentsThe group has the following categories of financial instruments:31 DECEMBER 2023Fair value through profit Amortised Estimated Level in the fair Amounts in NOK thousandor losscost Totalfair valuevalue hierarchyASSETSShares and equity interests 4 649 - 4 649 4 649 3Other non-current receivables - 3 178 3 178 3 178 N/ANon-current financial assets, - 26 887 26 887 26 887 N/Arestricted fundsTrade receivables and other - 1 300 619 1 300 619 1 300 619 N/A1)current receivables Cash and cash equivalents - 278 088 278 088 278 088 N/ATotal assets 4 649 1 608 772 1 613 421 1 613 421 Estimated fair value 4 649 1 608 772 1 613 421 1 613 421 Fair value through profit Amortised Estimated Level in the fair Amounts in NOK thousandor losscost Totalfair valuevalue hierarchyLIABILITIESInterest-bearing liabilities - 450 000 450 000 450 000 N/A(excluding lease liabilities)2)Other non-current obligations - 45 122 45 122 45 122 N/ATrade payables and other - 1 131 942 1 131 942 1 131 942 N/A3)current liabilities Total liabilities - 1 627 064 1 627 064 1 627 064Estimated fair value - 1 627 064 1 627 064 1 627 0641) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimbursement assets.2) Other non-current obligations include a put option over NCI of NOK 36.0 million.3) 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 2022Fair value through Amortised Estimated Level in the fair Amounts in NOK thousandprofit or losscost Totalfair valuevalue hierarchyASSETSShares and equity interests 3 601 - 3 601 3 601 3Other non-current receivables - 4 036 4 036 4 036 N/ANon-current financial assets, - 22 661 22 661 22 661 N/Arestricted fundsTrade 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 assets 3 601 1 089 967 1 093 568 1 093 568 Estimated fair value 3 601 1 089 967 1 093 568 1 093 568 Fair value through profit Amortised Estimated Level in the fair Amounts in NOK thousandor losscost Totalfair valuevalue hierarchyLIABILITIESInterest-bearing liabilities - 31 510 31 510 31 510 N/A(excluding lease liabilities)Trade payables and other - 933 657 933 657 933 657 N/A2)current 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.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 iden-tical 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 receiva-bles, 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, cur-rency exchange rates and currency spreads as of the reporting date.f) Capital managementThe group has followed up its capital structure by securing ad-equate free liquidity in the form of cash, bank placements and bank overdraft, to be able to continuously service its obligations without significant loan financing, have adequate equity and to have available liquidity. Multiconsult have set financial targets as follows: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 EBITA margin \u2013 measured on an annual basis, exclusive extraordinary items.\u2022 Revenue growth: Ambition of CAGR 8-10 per cent revenue growth over the cycle (2022-2026), including M&ADividend policy: The dividend policy is based on an ambition to distribute at least 50 per cent of the group\u2019s net profit annually. When de-ciding 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, financ-ing requirements and appropriate financial flexibility.The board proposes a dividend of NOK 8.00 per share as ordi-nary dividend for 2023 to be declared at the 2024 annual gen-eral meeting.The board\u2019s proposal for dividend is based on the good financial results for 2023, and a strong balance sheet that provides the company with adequate financial flexibility. The level of divi-dend is according to the dividend policy of the company.Calculated covenants based on amounts adjusted for IFRS 16 effects and \"carve-out\":31.12.2023 31.12 20221)Covenant net interest-bearing liabilities/EBITDA 0.38 (0.19)1)Covenant Equity ratio 36.5% 45.1%1) See section APM",
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},
"s9_notes__6__67-1": {
"value": "a) Credit riskCredit risk is the risk that clients are not able to settle their pay-ment obligations. Credit risk is considered to be a part of busi-ness risk and is reviewed as part of ongoing operations. A major part of the group's activities was conducted in the subsidiary Multiconsult Norge AS (77.4 per cent of operating revenues in 2023), with the sub-group LINK Arkitektur as the second largest (5.5 per cent of operating revenues in 2023). The companies in the group have established procedures for credit assessment of clients as well as suppliers. The risk that clients 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 clients are Norwegian, thus creating a geographical concentration of risk. Of the group's revenues in 2023 and 2022, approximately half relates to public sector clients and approximately 83.2 per cent relates to clients 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 clients. The group's five larg-est individual clients comprised approximately 19.3 per cent of the group\u2019s operating revenues in 2023 (20.3 per cent in 2022). The ten largest individual clients comprised approximately 30.2 per cent of the group\u2019s operating revenues in 2023 (30.3 per cent in 2022). The group's ten largest individual clients in rela-tion to trade receivables and work in progress on 31 December 2023 comprised approximately 29.8 per cent and 58.4 per cent, respectively.The group's maximum credit exposure comprises the carrying amount of receivables, work in progress, and cash and cash equivalents 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 receivable 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 focus on those more than 60 days overdue. Generally, clients 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 revenues (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 bankruptcies etc. at clients and represents actual credit losses. In December 2023, in relation to the Sotra Link project, the client put in place a bank guarantee in favour of Multiconsult Norge AS as security for unpaid remuneration for performed work including late pay-ment interest.MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2023Maturities of receivables that have not been impairedCarrying 30-60 60-90 Amounts in NOK thousandamount Not due 0-30 daysdaysdays >90 daysTrade receivables 981 412 613 551 165 259 31 858 15 935 154 809 Work in progress 259 207 259 207 - - - - 1)Other current receivables57 687 57 687 - - - - 2)Other non-current receivables3 178 3 178 - - - -Allowance for losses on receivables (4 625) - (7) (469) (234) (3 914)Total trade and other receivables 1 296 859 933 623 165 252 31 389 15 701 150 8941) Other current receivables do not include prepayments and restricted cash, which are not considered financial assets.2) Other non-current receivables do not include net pension assets and reimbursement assets.MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2022Maturities of receivables that have not been impairedCarrying 30-60 60-90 Amounts in NOK thousandamount Not due 0-30 daysdaysdays >90 daysTrade receivables 603 875 435 919 77 883 17 693 6 331 66 050Work in progress 304 328 304 328 - - - -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 receivables 952 747 792 375 77 883 17 693 5 701 59 0951) 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.CHANGES IN ALLOWANCES FOR LOSSES ON RECEIVABLES DURING THE YEARAmounts in NOK thousand 2023 2022Opening balance allowance for losses on receivables 7 585 7 549Change in allowances for losses on trade receivable during the year (2 960) 36Closing balance allowance for losses on receivables 4 625 7 585Realised losses in the event of bankruptcy etc. - -Loss on receivables in other operating expenses in the 965 2 676statement of profit or losse) Categories of financial instrumentsThe group has the following categories of financial instruments:31 DECEMBER 2023Fair value through profit Amortised Estimated Level in the fair Amounts in NOK thousandor losscost Totalfair valuevalue hierarchyASSETSShares and equity interests 4 649 - 4 649 4 649 3Other non-current receivables - 3 178 3 178 3 178 N/ANon-current financial assets, - 26 887 26 887 26 887 N/Arestricted fundsTrade receivables and other - 1 300 619 1 300 619 1 300 619 N/A1)current receivables Cash and cash equivalents - 278 088 278 088 278 088 N/ATotal assets 4 649 1 608 772 1 613 421 1 613 421 Estimated fair value 4 649 1 608 772 1 613 421 1 613 421 Fair value through profit Amortised Estimated Level in the fair Amounts in NOK thousandor losscost Totalfair valuevalue hierarchyLIABILITIESInterest-bearing liabilities - 450 000 450 000 450 000 N/A(excluding lease liabilities)2)Other non-current obligations - 45 122 45 122 45 122 N/ATrade payables and other - 1 131 942 1 131 942 1 131 942 N/A3)current liabilities Total liabilities - 1 627 064 1 627 064 1 627 064Estimated fair value - 1 627 064 1 627 064 1 627 0641) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimbursement assets.2) Other non-current obligations include a put option over NCI of NOK 36.0 million.3) 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 2022Fair value through Amortised Estimated Level in the fair Amounts in NOK thousandprofit or losscost Totalfair valuevalue hierarchyASSETSShares and equity interests 3 601 - 3 601 3 601 3Other non-current receivables - 4 036 4 036 4 036 N/ANon-current financial assets, - 22 661 22 661 22 661 N/Arestricted fundsTrade 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 assets 3 601 1 089 967 1 093 568 1 093 568 Estimated fair value 3 601 1 089 967 1 093 568 1 093 568 Fair value through profit Amortised Estimated Level in the fair Amounts in NOK thousandor losscost Totalfair valuevalue hierarchyLIABILITIESInterest-bearing liabilities - 31 510 31 510 31 510 N/A(excluding lease liabilities)Trade payables and other - 933 657 933 657 933 657 N/A2)current 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.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 iden-tical 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 receiva-bles, 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, cur-rency exchange rates and currency spreads as of the reporting date.NOTE 6 REVENUES FROM CONTRACTS WITH CLIENTS AND CONTRACT BALANCES All revenues for the group in 2023 are from contracts with clients. Revenue is generated by delivering consulting services. The group provides a range of services, including multi disciplinary consulting and design, project engineering and management, verification, inspection, supervision and architecture \u2013 both in Norway and abroad.DISAGGREGATION FOR REVENUES FROM CONTRACTS WITH CLIENTS2023Region Region NotAmounts in NOK thousandOsloNorway Architecture Internationalallocated TotalExternal revenues 2 241 846 2 172 280 700 695 499 600 11 838 5 626 259Revenues per business areaBuildings & Properties 692 924 841 138 680 623 - 4 060 2 218 746Energy & Industry 646 347 584 531 20 072 - 3 397 1 254 347Mobility & Transportation 629 004 529 339 - 439 057 3 051 1 600 452Water & Environment 273 571 217 271 - 60 544 1 330 552 715Total 2 241 846 2 172 280 700 695 499 600 11 838 5 626 2591)Revenues per geography Norway 2 138 826 2 160 828 384 030 - 11 796 4 695 480Sweden 489 4 611 212 121 173 533 - 390 754Denmark 142 404 98 283 - - 98 829Poland 215 - - 325 552 - 325 768All other countries 102 173 6 437 6 260 516 42 115 428Total 2 241 846 2 172 280 700 695 499 600 11 838 5 626 2592022Region Region NotAmounts in NOK thousandOsloNorway Architecture Internationalallocated TotalExternal revenues 1 920 531 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 & Environment 223 685 203 361 - 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 865Sweden 1 559 1 775 163 940 149 086 - 316 360Denmark 372 359 111 726 - - 112 456Poland - - - 253 138 - 253 138All other countries 89 725 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 client\u2019s locationCONTRACT BALANCESAmounts in NOK thousand Note 31.12.2023 31.12.2022Trade receivables 3, 13 976 787 596 291Work in progress (contract assets) 3, 13 259 207 304 328Prepaid revenues (contract liabilities) 168 458 146 860The increase in trade receivables is driven by revenue growth, both organic and from M&A. The increase must be seen in con-nection with reduced work in progress and is impacted by the timing of invoicing. In addition, the maturities of unpaid trade receivables have increased slightly as per 31 December 2023, compared to 31 December 2022, see more information in note 3.Work 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 signifi-cant financing component if the group expects, at contract in-ception, that the period between transfer of the service and when the client pays for that service will be one year or less. Approximately 24.0 per cent of the prepaid revenues relates to contracts in Multiconsult Norge AS, approximately 2.6 per cent to contracts in LINK Arkitektur AS and approximately 0.8 per cent to contracts in Iterio AB. Approximately 72.6 per cent of the prepaid revenues relates to contracts in Multiconsult Pols-ka. Multiconsult Polska has been able to negotiate some long-term contracts 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 ex-pense and offsetting increase in revenues. Multiconsult estimates that prepaid revenues of NOK 65 577 thousand on 31 December 2022 has been recognised as reve-nue during 2023.Order backlogRemaining Performance obligation is revenue expected to be recognised in the future related to performance obligations that are unfulfilled (or partially fulfilled) on 31 December 2023. Op-tions 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 includes the sum of all hours of work that have been sold but not yet delivered to clients. When a contract is signed with a client, the full contractual amount is registered in the ERP system. As work progresses and hours are fulfilled, the recorded amount is adjusted accordingly to reflect the work done and the remaining order backlog. The order backlog is also adjusted if there are amendments to the contract (i.e., a change order or variation order from the client).The order backlog on 31 December 2023 is estimated to NOK 4 883 million. The timing of the recognition of revenue is un-certain, as it depends on the actual progress in many different projects which involves a number of parties. The group has es-timated that it may recognise approximately 48 per cent of the order backlog as revenue during 2024 and the remaining 52 per cent in the subsequent years.No consideration from contracts with clients is excluded from the amounts presented in the table above.NOTE 13 RECEIVABLES, WORK IN PROGRESS AND PREPAID EXPENSES Amounts in NOK thousand 31.12.2023 31.12.2022Trade receivables 981 412 603 875Allowance for credit losses on receivables (see note 3) (4 625) (7 585)Total trade receivables 976 787 596 291Work in progress 259 207 304 328Prepaid expenses 115 268 69 288Other 64 692 48 093Total other current receivables and prepaid expenses 179 960 117 381Total receivables and prepaid expenses 1 415 954 1 018 000",
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"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__66-1": {
"value": "a) Credit riskCredit risk is the risk that clients are not able to settle their pay-ment obligations. Credit risk is considered to be a part of busi-ness risk and is reviewed as part of ongoing operations. A major part of the group's activities was conducted in the subsidiary Multiconsult Norge AS (77.4 per cent of operating revenues in 2023), with the sub-group LINK Arkitektur as the second largest (5.5 per cent of operating revenues in 2023). The companies in the group have established procedures for credit assessment of clients as well as suppliers. The risk that clients 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 clients are Norwegian, thus creating a geographical concentration of risk. Of the group's revenues in 2023 and 2022, approximately half relates to public sector clients and approximately 83.2 per cent relates to clients 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 clients. The group's five larg-est individual clients comprised approximately 19.3 per cent of the group\u2019s operating revenues in 2023 (20.3 per cent in 2022). The ten largest individual clients comprised approximately 30.2 per cent of the group\u2019s operating revenues in 2023 (30.3 per cent in 2022). The group's ten largest individual clients in rela-tion to trade receivables and work in progress on 31 December 2023 comprised approximately 29.8 per cent and 58.4 per cent, respectively.The group's maximum credit exposure comprises the carrying amount of receivables, work in progress, and cash and cash equivalents 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 receivable 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 focus on those more than 60 days overdue. Generally, clients 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 revenues (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 bankruptcies etc. at clients and represents actual credit losses. In December 2023, in relation to the Sotra Link project, the client put in place a bank guarantee in favour of Multiconsult Norge AS as security for unpaid remuneration for performed work including late pay-ment interest.MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2023Maturities of receivables that have not been impairedCarrying 30-60 60-90 Amounts in NOK thousandamount Not due 0-30 daysdaysdays >90 daysTrade receivables 981 412 613 551 165 259 31 858 15 935 154 809 Work in progress 259 207 259 207 - - - - 1)Other current receivables57 687 57 687 - - - - 2)Other non-current receivables3 178 3 178 - - - -Allowance for losses on receivables (4 625) - (7) (469) (234) (3 914)Total trade and other receivables 1 296 859 933 623 165 252 31 389 15 701 150 8941) Other current receivables do not include prepayments and restricted cash, which are not considered financial assets.2) Other non-current receivables do not include net pension assets and reimbursement assets.MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2022Maturities of receivables that have not been impairedCarrying 30-60 60-90 Amounts in NOK thousandamount Not due 0-30 daysdaysdays >90 daysTrade receivables 603 875 435 919 77 883 17 693 6 331 66 050Work in progress 304 328 304 328 - - - -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 receivables 952 747 792 375 77 883 17 693 5 701 59 0951) 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.CHANGES IN ALLOWANCES FOR LOSSES ON RECEIVABLES DURING THE YEARAmounts in NOK thousand 2023 2022Opening balance allowance for losses on receivables 7 585 7 549Change in allowances for losses on trade receivable during the year (2 960) 36Closing balance allowance for losses on receivables 4 625 7 585Realised losses in the event of bankruptcy etc. - -Loss on receivables in other operating expenses in the 965 2 676statement of profit or lossNOTE 13 RECEIVABLES, WORK IN PROGRESS AND PREPAID EXPENSES Amounts in NOK thousand 31.12.2023 31.12.2022Trade receivables 981 412 603 875Allowance for credit losses on receivables (see note 3) (4 625) (7 585)Total trade receivables 976 787 596 291Work in progress 259 207 304 328Prepaid expenses 115 268 69 288Other 64 692 48 093Total other current receivables and prepaid expenses 179 960 117 381Total receivables and prepaid expenses 1 415 954 1 018 000",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__65": {
"value": "a) Credit riskCredit risk is the risk that clients are not able to settle their pay-ment obligations. Credit risk is considered to be a part of busi-ness risk and is reviewed as part of ongoing operations. A major part of the group's activities was conducted in the subsidiary Multiconsult Norge AS (77.4 per cent of operating revenues in 2023), with the sub-group LINK Arkitektur as the second largest (5.5 per cent of operating revenues in 2023). The companies in the group have established procedures for credit assessment of clients as well as suppliers. The risk that clients 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 clients are Norwegian, thus creating a geographical concentration of risk. Of the group's revenues in 2023 and 2022, approximately half relates to public sector clients and approximately 83.2 per cent relates to clients 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 clients. The group's five larg-est individual clients comprised approximately 19.3 per cent of the group\u2019s operating revenues in 2023 (20.3 per cent in 2022). The ten largest individual clients comprised approximately 30.2 per cent of the group\u2019s operating revenues in 2023 (30.3 per cent in 2022). The group's ten largest individual clients in rela-tion to trade receivables and work in progress on 31 December 2023 comprised approximately 29.8 per cent and 58.4 per cent, respectively.The group's maximum credit exposure comprises the carrying amount of receivables, work in progress, and cash and cash equivalents 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 receivable 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 focus on those more than 60 days overdue. Generally, clients 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 revenues (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 bankruptcies etc. at clients and represents actual credit losses. In December 2023, in relation to the Sotra Link project, the client put in place a bank guarantee in favour of Multiconsult Norge AS as security for unpaid remuneration for performed work including late pay-ment interest.MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2023Maturities of receivables that have not been impairedCarrying 30-60 60-90 Amounts in NOK thousandamount Not due 0-30 daysdaysdays >90 daysTrade receivables 981 412 613 551 165 259 31 858 15 935 154 809 Work in progress 259 207 259 207 - - - - 1)Other current receivables57 687 57 687 - - - - 2)Other non-current receivables3 178 3 178 - - - -Allowance for losses on receivables (4 625) - (7) (469) (234) (3 914)Total trade and other receivables 1 296 859 933 623 165 252 31 389 15 701 150 8941) Other current receivables do not include prepayments and restricted cash, which are not considered financial assets.2) Other non-current receivables do not include net pension assets and reimbursement assets.MATURITIES OF TRADE RECEIVABLES, ACCRUED REVENUES AND OTHER RECEIVABLES 31 DECEMBER 2022Maturities of receivables that have not been impairedCarrying 30-60 60-90 Amounts in NOK thousandamount Not due 0-30 daysdaysdays >90 daysTrade receivables 603 875 435 919 77 883 17 693 6 331 66 050Work in progress 304 328 304 328 - - - -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 receivables 952 747 792 375 77 883 17 693 5 701 59 0951) 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.CHANGES IN ALLOWANCES FOR LOSSES ON RECEIVABLES DURING THE YEARAmounts in NOK thousand 2023 2022Opening balance allowance for losses on receivables 7 585 7 549Change in allowances for losses on trade receivable during the year (2 960) 36Closing balance allowance for losses on receivables 4 625 7 585Realised losses in the event of bankruptcy etc. - -Loss on receivables in other operating expenses in the 965 2 676statement of profit or loss",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__69": {
"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 correspond-ence between the cash flows from the business and the financial obligations. Managing liquidity risk is performed through devel-opment of liquidity management strategies, which are operation-alised through liquidity budgets and are continuously reviewed. The group\u2019s liquidity risk exposure is limited, but with significant short-term and seasonal variation. The highest level of net work-ing capital is normally during the third quarter. Liquidity is man-aged closely through budgets 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 2023 and 2022 were positive. The operations in Multiconsult are exposed to normal fluctua-tions that affect the cash flows during the year. The majority of payments relate to employees and sub-contractors.The loan portfolio consists of an overdraft loan facility and re-volving 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 entities Multiconsult Norge AS, LINK Arkitektur AS, LINK Arkitektur AB, LINK Arkitek-tur A/S, Iterio AB and Multiconsult UK Limited, where Multi-consult ASA is the owner of the cash pool\u2019s top account and the debtor of the facility. In addition, Multiconsult ASA has a com-mitted revolving credit facility of NOK 500 million. The revolving credit facility includes an accordion option of NOK 300 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 in-terest-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, re-ported quarterly. Covenant ratios are calculated excluding IFRS 16 effects, and the EBITDA includes \u201ccarve-out\u201d for certain lim-ited one-off costs. Multiconsult ASA is in compliance with its financial covenants on 31 December 2023. 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.Change in interest-bearing liabilities in the balance sheet from 2023 to 2022 corresponds to the proceeds and instalments re-ported in the statement of cash flow. Repayment of loan of NOK 31.5 million has no cash effect in the cash flow statement for 2023.Amounts in NOK thousand 31.12.2023 31.12.2022Non-current and current interest-bearing liabilities 450 000 31 510Total interest-bearing liabilities 450 000 31 510The existing loan agreement, overdraft facility and guarantee agreement contain negative pledge in relation to new loan agreements and cross default clauses, and limitations in enter-ing into new loan agreements without the consent of the lender. See section \"capital management\" below. MATURITY INTEREST-BEARING LIABILITIES 31 DECEMBER 2023MaturityAmounts in NOK thousand Carrying amount 1 year 2 years > 2 years Total paymentsInterest-bearing liabilities 450 000 - - 450 000 450 000Interest on interest-bearing liabilities 21 490 21 490 - 42 980Total interest-bearing liabilities incl. 450 000 21 490 21 490 450 000 492 980interestMATURITY INTEREST-BEARING LIABILITIES 31 DECEMBER 2022MaturityAmounts in NOK thousand Carrying amount 1 year 2 years > 2 years Total paymentsInterest-bearing liabilities 31 510 31 510 - - 31 510Interest on interest-bearing liabilities - 430 - - 430Total interest-bearing liabilities 31 510 31 940 - - 31 940incl. interestFor 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:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__68": {
"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 correspond-ence between the cash flows from the business and the financial obligations. Managing liquidity risk is performed through devel-opment of liquidity management strategies, which are operation-alised through liquidity budgets and are continuously reviewed. The group\u2019s liquidity risk exposure is limited, but with significant short-term and seasonal variation. The highest level of net work-ing capital is normally during the third quarter. Liquidity is man-aged closely through budgets 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 2023 and 2022 were positive. The operations in Multiconsult are exposed to normal fluctua-tions that affect the cash flows during the year. The majority of payments relate to employees and sub-contractors.The loan portfolio consists of an overdraft loan facility and re-volving 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 entities Multiconsult Norge AS, LINK Arkitektur AS, LINK Arkitektur AB, LINK Arkitek-tur A/S, Iterio AB and Multiconsult UK Limited, where Multi-consult ASA is the owner of the cash pool\u2019s top account and the debtor of the facility. In addition, Multiconsult ASA has a com-mitted revolving credit facility of NOK 500 million. The revolving credit facility includes an accordion option of NOK 300 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 in-terest-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, re-ported quarterly. Covenant ratios are calculated excluding IFRS 16 effects, and the EBITDA includes \u201ccarve-out\u201d for certain lim-ited one-off costs. Multiconsult ASA is in compliance with its financial covenants on 31 December 2023. 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.Change in interest-bearing liabilities in the balance sheet from 2023 to 2022 corresponds to the proceeds and instalments re-ported in the statement of cash flow. Repayment of loan of NOK 31.5 million has no cash effect in the cash flow statement for 2023.Amounts in NOK thousand 31.12.2023 31.12.2022Non-current and current interest-bearing liabilities 450 000 31 510Total interest-bearing liabilities 450 000 31 510The existing loan agreement, overdraft facility and guarantee agreement contain negative pledge in relation to new loan agreements and cross default clauses, and limitations in enter-ing into new loan agreements without the consent of the lender. See section \"capital management\" below. MATURITY INTEREST-BEARING LIABILITIES 31 DECEMBER 2023MaturityAmounts in NOK thousand Carrying amount 1 year 2 years > 2 years Total paymentsInterest-bearing liabilities 450 000 - - 450 000 450 000Interest on interest-bearing liabilities 21 490 21 490 - 42 980Total interest-bearing liabilities incl. 450 000 21 490 21 490 450 000 492 980interestMATURITY INTEREST-BEARING LIABILITIES 31 DECEMBER 2022MaturityAmounts in NOK thousand Carrying amount 1 year 2 years > 2 years Total paymentsInterest-bearing liabilities 31 510 31 510 - - 31 510Interest on interest-bearing liabilities - 430 - - 430Total interest-bearing liabilities 31 510 31 940 - - 31 940incl. interestFor 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__70": {
"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 interest on bank accounts and on liabilities. Due to the limited amount of net interest-bearing liabilities on 31 December 2023 and 2022, a change in interest rates of half a percentage point would result in insignificant change in annual net interest ex-pense. However, based on the average net interest-bearing lia-bilities reported quarterly, there would be an increase in interest expenses of approximately NOK 1.1 million for the financial year 2023.Multiconsult ASA has no interest rate swap that exposes it to fair value interest rate risk on 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__73": {
"value": "e) Categories of financial instrumentsThe group has the following categories of financial instruments:31 DECEMBER 2023Fair value through profit Amortised Estimated Level in the fair Amounts in NOK thousandor losscost Totalfair valuevalue hierarchyASSETSShares and equity interests 4 649 - 4 649 4 649 3Other non-current receivables - 3 178 3 178 3 178 N/ANon-current financial assets, - 26 887 26 887 26 887 N/Arestricted fundsTrade receivables and other - 1 300 619 1 300 619 1 300 619 N/A1)current receivables Cash and cash equivalents - 278 088 278 088 278 088 N/ATotal assets 4 649 1 608 772 1 613 421 1 613 421 Estimated fair value 4 649 1 608 772 1 613 421 1 613 421 Fair value through profit Amortised Estimated Level in the fair Amounts in NOK thousandor losscost Totalfair valuevalue hierarchyLIABILITIESInterest-bearing liabilities - 450 000 450 000 450 000 N/A(excluding lease liabilities)2)Other non-current obligations - 45 122 45 122 45 122 N/ATrade payables and other - 1 131 942 1 131 942 1 131 942 N/A3)current liabilities Total liabilities - 1 627 064 1 627 064 1 627 064Estimated fair value - 1 627 064 1 627 064 1 627 0641) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimbursement assets.2) Other non-current obligations include a put option over NCI of NOK 36.0 million.3) 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 2022Fair value through Amortised Estimated Level in the fair Amounts in NOK thousandprofit or losscost Totalfair valuevalue hierarchyASSETSShares and equity interests 3 601 - 3 601 3 601 3Other non-current receivables - 4 036 4 036 4 036 N/ANon-current financial assets, - 22 661 22 661 22 661 N/Arestricted fundsTrade 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 assets 3 601 1 089 967 1 093 568 1 093 568 Estimated fair value 3 601 1 089 967 1 093 568 1 093 568 Fair value through profit Amortised Estimated Level in the fair Amounts in NOK thousandor losscost Totalfair valuevalue hierarchyLIABILITIESInterest-bearing liabilities - 31 510 31 510 31 510 N/A(excluding lease liabilities)Trade payables and other - 933 657 933 657 933 657 N/A2)current 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.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 iden-tical 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 receiva-bles, 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, cur-rency exchange rates and currency spreads as of the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__72": {
"value": "e) Categories of financial instrumentsThe group has the following categories of financial instruments:31 DECEMBER 2023Fair value through profit Amortised Estimated Level in the fair Amounts in NOK thousandor losscost Totalfair valuevalue hierarchyASSETSShares and equity interests 4 649 - 4 649 4 649 3Other non-current receivables - 3 178 3 178 3 178 N/ANon-current financial assets, - 26 887 26 887 26 887 N/Arestricted fundsTrade receivables and other - 1 300 619 1 300 619 1 300 619 N/A1)current receivables Cash and cash equivalents - 278 088 278 088 278 088 N/ATotal assets 4 649 1 608 772 1 613 421 1 613 421 Estimated fair value 4 649 1 608 772 1 613 421 1 613 421 Fair value through profit Amortised Estimated Level in the fair Amounts in NOK thousandor losscost Totalfair valuevalue hierarchyLIABILITIESInterest-bearing liabilities - 450 000 450 000 450 000 N/A(excluding lease liabilities)2)Other non-current obligations - 45 122 45 122 45 122 N/ATrade payables and other - 1 131 942 1 131 942 1 131 942 N/A3)current liabilities Total liabilities - 1 627 064 1 627 064 1 627 064Estimated fair value - 1 627 064 1 627 064 1 627 0641) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimbursement assets.2) Other non-current obligations include a put option over NCI of NOK 36.0 million.3) 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 2022Fair value through Amortised Estimated Level in the fair Amounts in NOK thousandprofit or losscost Totalfair valuevalue hierarchyASSETSShares and equity interests 3 601 - 3 601 3 601 3Other non-current receivables - 4 036 4 036 4 036 N/ANon-current financial assets, - 22 661 22 661 22 661 N/Arestricted fundsTrade 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 assets 3 601 1 089 967 1 093 568 1 093 568 Estimated fair value 3 601 1 089 967 1 093 568 1 093 568 Fair value through profit Amortised Estimated Level in the fair Amounts in NOK thousandor losscost Totalfair valuevalue hierarchyLIABILITIESInterest-bearing liabilities - 31 510 31 510 31 510 N/A(excluding lease liabilities)Trade payables and other - 933 657 933 657 933 657 N/A2)current 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.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 iden-tical 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 receiva-bles, 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, cur-rency exchange rates and currency spreads as of the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__71": {
"value": "e) Categories of financial instrumentsThe group has the following categories of financial instruments:31 DECEMBER 2023Fair value through profit Amortised Estimated Level in the fair Amounts in NOK thousandor losscost Totalfair valuevalue hierarchyASSETSShares and equity interests 4 649 - 4 649 4 649 3Other non-current receivables - 3 178 3 178 3 178 N/ANon-current financial assets, - 26 887 26 887 26 887 N/Arestricted fundsTrade receivables and other - 1 300 619 1 300 619 1 300 619 N/A1)current receivables Cash and cash equivalents - 278 088 278 088 278 088 N/ATotal assets 4 649 1 608 772 1 613 421 1 613 421 Estimated fair value 4 649 1 608 772 1 613 421 1 613 421 Fair value through profit Amortised Estimated Level in the fair Amounts in NOK thousandor losscost Totalfair valuevalue hierarchyLIABILITIESInterest-bearing liabilities - 450 000 450 000 450 000 N/A(excluding lease liabilities)2)Other non-current obligations - 45 122 45 122 45 122 N/ATrade payables and other - 1 131 942 1 131 942 1 131 942 N/A3)current liabilities Total liabilities - 1 627 064 1 627 064 1 627 064Estimated fair value - 1 627 064 1 627 064 1 627 0641) Prepayments are excluded since this analysis is only required for financial instruments. It also excludes net pension assets and reimbursement assets.2) Other non-current obligations include a put option over NCI of NOK 36.0 million.3) 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 2022Fair value through Amortised Estimated Level in the fair Amounts in NOK thousandprofit or losscost Totalfair valuevalue hierarchyASSETSShares and equity interests 3 601 - 3 601 3 601 3Other non-current receivables - 4 036 4 036 4 036 N/ANon-current financial assets, - 22 661 22 661 22 661 N/Arestricted fundsTrade 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 assets 3 601 1 089 967 1 093 568 1 093 568 Estimated fair value 3 601 1 089 967 1 093 568 1 093 568 Fair value through profit Amortised Estimated Level in the fair Amounts in NOK thousandor losscost Totalfair valuevalue hierarchyLIABILITIESInterest-bearing liabilities - 31 510 31 510 31 510 N/A(excluding lease liabilities)Trade payables and other - 933 657 933 657 933 657 N/A2)current 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.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 iden-tical 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 receiva-bles, 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, cur-rency exchange rates and currency spreads as of the reporting date.",
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"value": "f) Capital managementThe group has followed up its capital structure by securing ad-equate free liquidity in the form of cash, bank placements and bank overdraft, to be able to continuously service its obligations without significant loan financing, have adequate equity and to have available liquidity. Multiconsult have set financial targets as follows: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 EBITA margin \u2013 measured on an annual basis, exclusive extraordinary items.\u2022 Revenue growth: Ambition of CAGR 8-10 per cent revenue growth over the cycle (2022-2026), including M&ADividend policy: The dividend policy is based on an ambition to distribute at least 50 per cent of the group\u2019s net profit annually. When de-ciding 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, financ-ing requirements and appropriate financial flexibility.The board proposes a dividend of NOK 8.00 per share as ordi-nary dividend for 2023 to be declared at the 2024 annual gen-eral meeting.The board\u2019s proposal for dividend is based on the good financial results for 2023, and a strong balance sheet that provides the company with adequate financial flexibility. The level of divi-dend is according to the dividend policy of the company.Calculated covenants based on amounts adjusted for IFRS 16 effects and \"carve-out\":31.12.2023 31.12 20221)Covenant net interest-bearing liabilities/EBITDA 0.38 (0.19)1)Covenant Equity ratio 36.5% 45.1%1) See section APM",
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"value": "NOTE 4 BUSINESS COMBINATIONS Business combinations in 2023:Acquisition of HelmOn 6 December 2023, Multiconsult announced that its Swedish subsidiary Iterio AB had acquired 100 percent of the shares in Helm Connect AB, Helm Project Management AB and Helm Pro-jektinsikt AB, and to strengthen its competence and presence in Sweden. Helm is a consultancy company providing services in project and construction management, alongside expertise in coordinating technical infrastructure within urban areas. The company has 17 employees and is based in Stockholm, Sweden. Closing date for the transaction was on 8 December 2023, and as a practical approach 31 December 2023 is used as closing date. The total purchase price was set to NOK 22.1 million, after adjustment for the value of net debt and normalised working capital at the transaction date. A contingent consideration, esti-mated to an amount of NOK 9.1 million at acquisition date, may be paid to the seller as an earn-out payment based on defined levels of consolidated EBIT from annual account for 2024-2025. Full payment was considered most likely, and consequently the maximum earn-out was recognised.Preliminary Purchase Price Allocation The preliminary purchase price allocation identified the follow-ing assets and liabilities at the acquisition date:Assets:Amounts in NOK thousandIntangible assets 2 127 Property, plant and equipment 142Trade receivables 6 097 Other current receivables and prepaid cost2 872Cash and cash equivalents 6 405 Total identifiable assets 17 643Liabilities:Amounts in NOK thousandDeferred tax 438 Trade payables 2 769Other current liabilities 5 836Total identifiable liabilities 9 043 Net identifiable assets 8 600Goodwill:Amounts in NOK thousandTotal consideration 31 197 Net identified assets (8 600)Goodwill 22 597Total net assets 31 197 Consideration:Amounts in NOK thousandSettled with cash 22 080 Earn-out settlement 9 117Total consideration 31 197Adjustments:Amounts in NOK thousandCash in purchased entities (6 405)Net adjustments (6 405)Net cash paid (15 675)Earn-out settlement (9 117)The purchase price allocation is preliminary because the finan-cial statements of the Helm companies for 2023 have not been approved by the board and adopted by the general meeting. The preliminary purchase price allocation is based on compa-ny accounts considered to correspond with fair value, adjusted for differences between IFRS standards and Swedish account-ing rules. As part of the purchase price allocation an intangi-ble asset related to the order backlog of NOK 2.1 million was identified. The fair value of the acquired trade receivables was identified to NOK 6.1 million. The acquisition generated an ex-cess value of NOK 22.6 million allocated to goodwill. Goodwill is related to the competence of the staff and to synergy effects.Incremental external transaction-related costs of NOK 1.5 million were expensed as part of other operating expenses.Acquisition of A-labOn 5 June, Multiconsult announced that it had entered into an agree-ment to purchase 70 per cent of the shares in the architectural firm A-Lab AS, with an option to acquire the remaining shares.A-lab is an internationally oriented architectural firm with 132 architects and experts mainly located in Oslo. A-lab specialises in urban planning, residential projects as well as complex renovation and conversion projects delivering innovate solutions to commercial buildings across Norway and abroad. The revenue of A-lab during 2022 was NOK 179.7 million and NOK 19.6 million in EBIT, and a net profit (after tax) of NOK 15 million. The settlement was made on the 28 June 2023. Settlement was based on an enterprise value (EV) of NOK 145.0 million on a cash and debt-free basis based on normalised working capital. The total purchase price was NOK 105.7 million after adjustments for work-ing capital and net cash. The purchase of the shares was settled in a combination of NOK 84.6 million in cash (80 per cent) and NOK 21.1 million in Multiconsult shares (20 per cent). The trans-action was based on a locked-box acquisition model where the locked-box date (reference date) was set to 31 December 2022. Consequently, Multiconsult in addition to the purchase price paid total consideration of NOK 2.6 million as locked-box compensation for the period 1 Jan 2023 to 28 June 2023 (the closing date). A-lab's competent employees combined with the existing com-petence environments, will contribute to Multiconsult taking new strategic winning positions. Multiconsult and A-lab have a long history of successful collaboration projects over the years. With A-lab, Multiconsult will expand its value proposition by extending coverage across the entire value chain and offering comprehensive, end-to-end integrated engineering and archi-tecture services to meet the diverse needs of our clients.As part of the settlement in shares, Multiconsult, in accordance with the amendments approved at Multiconsult ASA\u2019s annual general meeting on 13 April 2023, issued to the shareholders of the acquired company 140 452 shares on 28 June 2023, at a share price of NOK 150.5322, representing approximately 0.51 per cent of the shares in Multiconsult ASA and an increase of share capital of NOK 70 226. The share capital increase and new shares were registered in the Norwegian Registry of Busi-ness Enterprises together with amended Company Articles of Association on 3 July 2023. The amended Articles of Associa-tion are available on Multiconsult website at https://www.multi-consult-ir.com/articles-of-association. Following the consider-ation in connection with settlement of new shares in relation to the acquisition of A-Lab AS on 28 June 2023, the new shares issued was adopted by the company on the 28 June 2023, reg-istered with the Norwegian Register of Business Enterprises on 3 July 2023. After this the new share capital was NOK 13 837 455 divided into 27 674 911 shares, each with a nominal value of NOK 0.50. Preliminary Purchase Price AllocationThe preliminary purchase price allocation identified the follow-ing assets and liabilities at the acquisition date:Assets:Amounts in NOK thousandIntangible assets 15 800 Property, plant and equipment 2 520 Right-of-use assets 61 948Non-current receivables and shares 2 620Trade receivables 31 089 Work in progress 7 670Other current receivables and prepaid cost 9 576Cash and cash equivalents 19 782 Total identifiable assets151 005 Liabilities:Amounts in NOK thousandDeferred tax 3 015 Provisions 240Non-current lease liabilities 52 835Trade payables 3 858Current lease liabilities 9 112Other current liabilities 29 989Total identifiable liabilities 99 049 Net identifiable assets 51 955 Non-controlling interests 46 954Goodwill:Amounts in NOK thousandTotal consideration 105 719 Locked-box interest 2 560Net identified assets (51 955)Non-controlling interests 46 954Goodwill 103 277Total net assets 155 233 Consideration:Amounts in NOK thousandSettled with Multiconsult shares 21 143Settled with cash 84 576Total consideration 105 719Adjustments:Amounts in NOK thousandLocked-box interest 2 560Cash in purchased entities (19 782)Net adjustments (17 222)Net cash paid (67 354)This preliminary purchase price allocation was based on compa-ny accounts considered to correspond with fair value adjusted for calculated IFRS 16 right-of-use assets and lease liabilities. Because changes may occur within the first year it is considered preliminary. As part of the preliminary purchase price allocation, intangible as-sets related to the order backlog of NOK 6.6 million and the brand of NOK 9.2 million were identified. The fair value of the acquired trade receivables was identified to NOK 31.1 million. Additionally, an estimated value of NOK 46.4 million was assigned to a gross put obligation for the remaining 30 per cent minority ownership in A-Lab AS. The offset of this obligation is other equity in the statement of financial position. The minority of 30 per cent ownership in A-Lab AS amounted to NOK 46.4 million and was calculated as the non-con-trolling owner\u2019s share of fair value at the time of acquisition. As a result of the yearend remeasurement of the gross put option obliga-tion to redemption amount of NOK 36.0 million, a financial income of NOK 10.4 million was recognised in the statement of profit and loss.The acquisition generated an excess value of NOK 103.3 million, which was allocated to goodwill. The goodwill was related to the competence of the staff and was not expected to be tax-deducti-ble. Goodwill was recognised on a 100 per cent basis.Incremental external transaction-related costs of NOK 2.6 million were expensed as part of other operating expenses.Other acquisitions On 24 November 2023, Multiconsult ASA announced its agreement to acquire 100 percent of the shares in T-2 Prosjekt Vest AS and strengthen its competence and presence in the Bergen region. T-2 Prosjekt Vest AS is a project management consultancy com-pany, involved in construction projects towards public clients, with a strong and good geographic market position in western Norway. Closing date for the transaction was 6 December 2023. The total purchase price was set to NOK 5.8 million, after adjustment for the value of net debt and normalised working capital at the transaction date. NOK 4.8 million was allocated to goodwill related to the com-petence of the staff. Net cash paid was NOK 5.1 million. On 2 November 2023, Multiconsult ASA announced its agreement to acquire 100 percent of the shares in Planteknikk AS and strength-en its competence and presence in the county of \u00d8stfold, Norway. Planteknikk AS is a consulting engineering company specialising in HVAC with a solid reputation in eastern Norway. Closing date for the transaction was 16 November 2023. The total purchase price was set to NOK 8.7 million, including interest based on a locked-box acquisition model and with adjustment for the value of net debt and normalised working capital at the transaction date. NOK 3.1 million was allocated to goodwill related to the competence of the staff. Net cash paid was NOK 4.6 million. Pro-forma impact of the acquisition on the result of the group Since the date of acquisition and included in the consolidated state-ment of total comprehensive income for the reporting period, the acquirees net operating revenue amounted to NOK 76.1 million and loss amounted to NOK 5.1 million.If the businesses acquired in 2023 had been effective on 1 January 2023, the net operating revenue for the group for the annual report-ing period 2023 would have been NOK 4 942.7 million, and profit for the group for the annual reporting period 2023 would have been NOK 326.5 million. The group considers these pro-forma numbers to represent an approximate measure of the performance of the combined group.Business 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 by way of an earn-out payment based on the annual accounts of 2023 was part of the share purchase agreement.In connection with the closing of the transaction Multiconsult is-sued 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. The purchase price was adjusted with the net cash and net working capital position on the reference date and consequently a purchase price adjustment of NOK 0.8 million was settled during first quarter of 2023.The share capital increase of NOK 51 968.00 was filed and amend-ments to the articles of association of Multiconsult ASA was reg-istered with the Norwegian Register of Business Enterprises im-mediately 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 purchase price allocation identified the following assets and liabilities at the acquisition date:Assets:Amounts in NOK thousandSoftware 221 Deferred tax asset 112 Intangible assets 1 770 Property, plant and equipment 186 Right-of-use assets 10 439 Trade receivables 8 937 Work in progress 300Other current receivables and prepaid cost789 Cash and cash equivalents 19 822 Total identifiable assets42 546 Liabilities:Amounts in NOK thousandDeferred tax 389 Non-current lease liabilities 8 909 Trade payables 1 151 Provision 200Current lease liabilities 1 530 Other current liabilities 12 474 Total identifiable liabilities 24 654 Net identifiable assets 17 922 Goodwill:Amounts in NOK thousandTotal consideration 83 500 Net identified assets (17 922)Goodwill 66 356Total net assets 84 278 Consideration:Amounts in NOK thousandSettled with Multiconsult shares 14 000 Settled with cash 56 278 Earn-out settlement 14 000Total consideration 84 278 Adjustments:Amounts in NOK thousandCash in purchased entities (18 185)Net adjustments (18 185)Net cash paid (38 093)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 alloca-tion an intangible asset related to the order backlog of NOK 1.8 million was identified. In 2023 the purchase price allocation has been adjusted due to an additional consideration of NOK 0.8 million, settling for final working capital. The acquisition generated an excess value of NOK 66.4 million allocated to goodwill. The goodwill is related to the competence of the staff. As a result of the conditions in the earn-out agree-ment in this business combination not being met, the total pro-vision of NOK 14 million was reversed and reflected as financial income in the statement of profit and loss for 2023. 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 construc-tion 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 adjustment 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 com-petence of the staff. Net cash paid was NOK 10.1 million.",
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"value": "NOTE 5 SEGMENTS Multiconsult is organised in four reporting segments, Region Oslo, Region Norway, Architecture and International. From the second quarter of 2023, and due to the acquisition of A-lab, the segment Architecture was introduced, which incor-porates the financial statements from A-lab and LINK Arkitektur. 1. Region Oslo: This segment offers services in four business areas and comprises the Oslo region, including the Lille-hammer office and Large Projects in Norway and the sub-sidiary Multiconsult UK.2. Region Norway: This segment offers services in four busi-ness areas and comprises all offices outside the Region Oslo, with presence in all larger cities and several other locations in Norway.3. Architecture: This segment comprises the architecture firms LINK Arkitektur and A-lab with offices in Norway, Sweden, Denmark and Portugal and offers services in the two business areas: Buildings & Properties and Energy & Industry.4. International: This segment comprises the subsidiaries Multi consult Polska in Poland and Iterio AB with subsidiaries in Sweden and offers services mainly in the business area Mobility & Transportation.Not allocated in 2023 consists of administrative staff and shared services, of which the majority is allocated to the busi-ness 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 seg-ments. 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 seg-ments 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 report-ed in a segment based on where the employee is based.The group also reports operating revenues divided by four busi-ness areas:1. Buildings & Properties2. Energy & Industry3. Mobility & Transportation4. Water & EnvironmentBuildings & Properties covers the traditional construction mar-ket, including housing, public and private buildings as well as real-estate management. Multiconsult and LINK Arkitektur pro-vides 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 indus-trial facilities and installations, which in addition to traditional industrial developments, includes onshore aqua-culture facili-ties, hydropower and dams as well as wind and solar power generation. The portfolio also covers electrical grid distribution and transmission. The business area is heavily involved in de-sign and engineering of onshore processing plants within ener-gy 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 solu-tions. 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 within environmental issues to give our clients the best advice on how to achieve sustainable solutions and how to meet increasing environmental demands. Water & Environment focus on assisting our clients 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 emis-sions, flood and mud slide protection, blue-green structures and water and drainage systems including water treatment. It also gives advice on most air, water and soil pollution issues.2023Region Region Archi- Inter-NotElimina-Amounts in NOK thousandOsloNorwaytecturenationalallocatedtions TotalNet operating revenues 1 873 592 1 960 035 672 397 314 519 (7 836) (10 228) 4 802 479Operating expenses 1 604 914 1 758 922 631 804 269 690 (108 876) (10 228) 4 146 225EBITDA 268 678 201 113 40 593 44 830 101 041 - 656 2551)Depreciation 19 063 35 494 29 270 19 624 133 305 - 236 757EBITA 249 615 165 619 11 323 25 205 (32 265) - 419 498Full-time equivalents (FTE) 1 089 1 213 503 433 150 - 3 3881) Excluding amortisation intangible assets from acquisitions 2022Region Region Archi- Inter- NotElimina-Amounts in NOK thousandOsloNorwaytecturenationalallocatedtions TotalNet operating revenues 1 649 238 1 742 921 556 695 257 121 (8 410) (8 339) 4 189 226Operating expenses 1 414 283 1 521 372 532 644 218 201 (99 090) (8 339) 3 579 072EBITDA 234 954 221 549 24 051 38 920 90 680 - 610 1541)Depreciation 10 999 27 556 22 670 15 584 124 876 (21) 201 663EBITA 223 956 193 993 1 381 23 336 (34 196) 21 408 491Full-time equivalents (FTE) 1 034 1091 447 419 143 - 3 1341) Excluding amortisation intangible assets from acquisitions REVENUES PER BUSINESS AREAAmounts in NOK thousand 2023 2022Buildings & Properties 2 218 746 2 032 493Energy & Industry 1 254 347 958 992Mobility & Transportation 1 600 452 1 391 042Water & Environment 552 715 485 634Total 5 626 259 4 868 160REVENUES PER GEOGRAPHY The table below shows revenues distributed by geography, based on the client's location:Amounts in NOK thousand 2023 2022Norway 4 695 480 4 086 865Abroad 930 779 781 295Total 5 626 259 4 868 160Client location is based on the invoice address. No client contributed 10 per cent or more of revenues in 2023 or 2022.",
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"s9_notes__6__79": {
"value": "NOTE 6 REVENUES FROM CONTRACTS WITH CLIENTS AND CONTRACT BALANCES All revenues for the group in 2023 are from contracts with clients. Revenue is generated by delivering consulting services. The group provides a range of services, including multi disciplinary consulting and design, project engineering and management, verification, inspection, supervision and architecture \u2013 both in Norway and abroad.DISAGGREGATION FOR REVENUES FROM CONTRACTS WITH CLIENTS2023Region Region NotAmounts in NOK thousandOsloNorway Architecture Internationalallocated TotalExternal revenues 2 241 846 2 172 280 700 695 499 600 11 838 5 626 259Revenues per business areaBuildings & Properties 692 924 841 138 680 623 - 4 060 2 218 746Energy & Industry 646 347 584 531 20 072 - 3 397 1 254 347Mobility & Transportation 629 004 529 339 - 439 057 3 051 1 600 452Water & Environment 273 571 217 271 - 60 544 1 330 552 715Total 2 241 846 2 172 280 700 695 499 600 11 838 5 626 2591)Revenues per geography Norway 2 138 826 2 160 828 384 030 - 11 796 4 695 480Sweden 489 4 611 212 121 173 533 - 390 754Denmark 142 404 98 283 - - 98 829Poland 215 - - 325 552 - 325 768All other countries 102 173 6 437 6 260 516 42 115 428Total 2 241 846 2 172 280 700 695 499 600 11 838 5 626 2592022Region Region NotAmounts in NOK thousandOsloNorway Architecture Internationalallocated TotalExternal revenues 1 920 531 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 & Environment 223 685 203 361 - 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 865Sweden 1 559 1 775 163 940 149 086 - 316 360Denmark 372 359 111 726 - - 112 456Poland - - - 253 138 - 253 138All other countries 89 725 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 client\u2019s locationCONTRACT BALANCESAmounts in NOK thousand Note 31.12.2023 31.12.2022Trade receivables 3, 13 976 787 596 291Work in progress (contract assets) 3, 13 259 207 304 328Prepaid revenues (contract liabilities) 168 458 146 860The increase in trade receivables is driven by revenue growth, both organic and from M&A. The increase must be seen in con-nection with reduced work in progress and is impacted by the timing of invoicing. In addition, the maturities of unpaid trade receivables have increased slightly as per 31 December 2023, compared to 31 December 2022, see more information in note 3.Work 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 signifi-cant financing component if the group expects, at contract in-ception, that the period between transfer of the service and when the client pays for that service will be one year or less. Approximately 24.0 per cent of the prepaid revenues relates to contracts in Multiconsult Norge AS, approximately 2.6 per cent to contracts in LINK Arkitektur AS and approximately 0.8 per cent to contracts in Iterio AB. Approximately 72.6 per cent of the prepaid revenues relates to contracts in Multiconsult Pols-ka. Multiconsult Polska has been able to negotiate some long-term contracts 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 ex-pense and offsetting increase in revenues. Multiconsult estimates that prepaid revenues of NOK 65 577 thousand on 31 December 2022 has been recognised as reve-nue during 2023.Order backlogRemaining Performance obligation is revenue expected to be recognised in the future related to performance obligations that are unfulfilled (or partially fulfilled) on 31 December 2023. Op-tions 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 includes the sum of all hours of work that have been sold but not yet delivered to clients. When a contract is signed with a client, the full contractual amount is registered in the ERP system. As work progresses and hours are fulfilled, the recorded amount is adjusted accordingly to reflect the work done and the remaining order backlog. The order backlog is also adjusted if there are amendments to the contract (i.e., a change order or variation order from the client).The order backlog on 31 December 2023 is estimated to NOK 4 883 million. The timing of the recognition of revenue is un-certain, as it depends on the actual progress in many different projects which involves a number of parties. The group has es-timated that it may recognise approximately 48 per cent of the order backlog as revenue during 2024 and the remaining 52 per cent in the subsequent years.No consideration from contracts with clients is excluded from the amounts presented in the table above.",
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"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__78": {
"value": "NOTE 6 REVENUES FROM CONTRACTS WITH CLIENTS AND CONTRACT BALANCES All revenues for the group in 2023 are from contracts with clients. Revenue is generated by delivering consulting services. The group provides a range of services, including multi disciplinary consulting and design, project engineering and management, verification, inspection, supervision and architecture \u2013 both in Norway and abroad.DISAGGREGATION FOR REVENUES FROM CONTRACTS WITH CLIENTS2023Region Region NotAmounts in NOK thousandOsloNorway Architecture Internationalallocated TotalExternal revenues 2 241 846 2 172 280 700 695 499 600 11 838 5 626 259Revenues per business areaBuildings & Properties 692 924 841 138 680 623 - 4 060 2 218 746Energy & Industry 646 347 584 531 20 072 - 3 397 1 254 347Mobility & Transportation 629 004 529 339 - 439 057 3 051 1 600 452Water & Environment 273 571 217 271 - 60 544 1 330 552 715Total 2 241 846 2 172 280 700 695 499 600 11 838 5 626 2591)Revenues per geography Norway 2 138 826 2 160 828 384 030 - 11 796 4 695 480Sweden 489 4 611 212 121 173 533 - 390 754Denmark 142 404 98 283 - - 98 829Poland 215 - - 325 552 - 325 768All other countries 102 173 6 437 6 260 516 42 115 428Total 2 241 846 2 172 280 700 695 499 600 11 838 5 626 2592022Region Region NotAmounts in NOK thousandOsloNorway Architecture Internationalallocated TotalExternal revenues 1 920 531 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 & Environment 223 685 203 361 - 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 865Sweden 1 559 1 775 163 940 149 086 - 316 360Denmark 372 359 111 726 - - 112 456Poland - - - 253 138 - 253 138All other countries 89 725 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 client\u2019s locationCONTRACT BALANCESAmounts in NOK thousand Note 31.12.2023 31.12.2022Trade receivables 3, 13 976 787 596 291Work in progress (contract assets) 3, 13 259 207 304 328Prepaid revenues (contract liabilities) 168 458 146 860The increase in trade receivables is driven by revenue growth, both organic and from M&A. The increase must be seen in con-nection with reduced work in progress and is impacted by the timing of invoicing. In addition, the maturities of unpaid trade receivables have increased slightly as per 31 December 2023, compared to 31 December 2022, see more information in note 3.Work 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 signifi-cant financing component if the group expects, at contract in-ception, that the period between transfer of the service and when the client pays for that service will be one year or less. Approximately 24.0 per cent of the prepaid revenues relates to contracts in Multiconsult Norge AS, approximately 2.6 per cent to contracts in LINK Arkitektur AS and approximately 0.8 per cent to contracts in Iterio AB. Approximately 72.6 per cent of the prepaid revenues relates to contracts in Multiconsult Pols-ka. Multiconsult Polska has been able to negotiate some long-term contracts 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 ex-pense and offsetting increase in revenues. Multiconsult estimates that prepaid revenues of NOK 65 577 thousand on 31 December 2022 has been recognised as reve-nue during 2023.Order backlogRemaining Performance obligation is revenue expected to be recognised in the future related to performance obligations that are unfulfilled (or partially fulfilled) on 31 December 2023. Op-tions 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 includes the sum of all hours of work that have been sold but not yet delivered to clients. When a contract is signed with a client, the full contractual amount is registered in the ERP system. As work progresses and hours are fulfilled, the recorded amount is adjusted accordingly to reflect the work done and the remaining order backlog. The order backlog is also adjusted if there are amendments to the contract (i.e., a change order or variation order from the client).The order backlog on 31 December 2023 is estimated to NOK 4 883 million. The timing of the recognition of revenue is un-certain, as it depends on the actual progress in many different projects which involves a number of parties. The group has es-timated that it may recognise approximately 48 per cent of the order backlog as revenue during 2024 and the remaining 52 per cent in the subsequent years.No consideration from contracts with clients is excluded from the amounts presented in the table above.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__81": {
"value": "NOTE 7 RESEARCH AND DEVELOPMENT Multiconsult Norge AS and LINK Arkitektur AS performs a num-ber of research and development activities. Based on the defi-nition in IFRS, the company has divided the activities into the following categories: 1. Projects with external funding. 2. Projects with collaborating partners (example SINTEF, SkatteFUNN, PhD arrangements). 3. Activities related to methodology development, process etc. that the company uses to deliver to clients (product and pro-cess development), including these activities in group net-works.Total expenditures for these activities were NOK 7.7 million in 2023 (NOK 10.7 million in 2022), of which NOK 0 million was invoiced to clients in 2023 (NOK 0 million in 2022). In the in-come statement, these expenditures have been reduced by government grants (SkatteFUNN) of NOK 1.8 million in 2023 (NOK 1.6 million in 2022). None of these expenditures have been capitalised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__84": {
"value": "NOTE 8 OTHER OPERATING EXPENSES Amounts in NOK thousand 2023 2022Office expenses 116 241 97 109Consultants 61 542 50 446Technical equipment 20 182 19 111IT and communication 197 328 176 148Travel and meeting 38 461 31 799Sales and marketing 25 654 23 242Losses on receivables (965) 2 676Gain on sale of fixed assets (1 918) (207)1)Other 136 096 127 766Total other operating expenses 592 621 528 0901) Other operating expenses include internal project costs, social activities, courses and training.AuditorFees paid to Deloitte AS and its affiliated companies, as well as fees paid to other auditors in subsidiaries:2023 2022Amounts in NOK thousand Deloitte Other Deloitte OtherStatutory audit services 4 030 697 3 391 280Tax advisory services 190 - 78 -Other assurance services 741 - 125 -Other non-audit services - - 57 -Total 4 960 697 3 652 280The amounts above are excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__83": {
"value": "NOTE 8 OTHER OPERATING EXPENSES Amounts in NOK thousand 2023 2022Office expenses 116 241 97 109Consultants 61 542 50 446Technical equipment 20 182 19 111IT and communication 197 328 176 148Travel and meeting 38 461 31 799Sales and marketing 25 654 23 242Losses on receivables (965) 2 676Gain on sale of fixed assets (1 918) (207)1)Other 136 096 127 766Total other operating expenses 592 621 528 0901) Other operating expenses include internal project costs, social activities, courses and training.AuditorFees paid to Deloitte AS and its affiliated companies, as well as fees paid to other auditors in subsidiaries:2023 2022Amounts in NOK thousand Deloitte Other Deloitte OtherStatutory audit services 4 030 697 3 391 280Tax advisory services 190 - 78 -Other assurance services 741 - 125 -Other non-audit services - - 57 -Total 4 960 697 3 652 280The amounts above are excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__82": {
"value": "NOTE 8 OTHER OPERATING EXPENSES Amounts in NOK thousand 2023 2022Office expenses 116 241 97 109Consultants 61 542 50 446Technical equipment 20 182 19 111IT and communication 197 328 176 148Travel and meeting 38 461 31 799Sales and marketing 25 654 23 242Losses on receivables (965) 2 676Gain on sale of fixed assets (1 918) (207)1)Other 136 096 127 766Total other operating expenses 592 621 528 0901) Other operating expenses include internal project costs, social activities, courses and training.AuditorFees paid to Deloitte AS and its affiliated companies, as well as fees paid to other auditors in subsidiaries:2023 2022Amounts in NOK thousand Deloitte Other Deloitte OtherStatutory audit services 4 030 697 3 391 280Tax advisory services 190 - 78 -Other assurance services 741 - 125 -Other non-audit services - - 57 -Total 4 960 697 3 652 280The amounts above are excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__6__88": {
"value": "NOTE 9 EMPLOYEE BENEFIT EXPENSES, NUMBER OF EMPLOYEES, REMUNERATION, LOANS TO EMPLOYEES ETC. EMPLOYEE BENEFIT EXPENSESAmounts in NOK thousand 2023 2022Salaries, vacation pay, bonus etc. 2 814 134 2 442 873Social security tax 460 020 361 197Pension expenses (see note 12) 202 263 200 064Other employee benefit expenses 77 187 46 847Total employee benefit expenses 3 553 604 3 050 982 1)Number of full time employees during the year3 388 3 134Number of employees on 31 December 3 749 3 3531) 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.Employee ownership programme and loans to employeesMulticonsult ASA has an employee ownership programme. This programme consists of two parts: (i) Share purchase plan and (ii) Share ownership plan. The share purchase plan offers em-ployees to buy shares in Multiconsult ASA at a discount of 20 per cent. Shares purchased by the employees through the plan are subject to a two-year lock-in period. The share ownership plan offered employees a defined number of complimentary shares in Multiconsult ASA. Moving forward, newly hired em-ployees will be offered a defined number of complimentary shares through the share ownership plan. The value of these shares is recognised as employee benefit expense and consti-tute a taxable benefit for the employee.The 2023 share purchase plan took place in November. In total Multiconsult sold 683 918 shares to its employees, which were purchased in the market. The sale was based on a price of NOK 99.48 per share, a 20 per cent discount of the volume-weighted average share price of NOK 124.35 per share traded on Oslo B\u00f8rs in the period 1. November to 7. November 2023. The total sales price reduced with the discount was NOK 68 037 thou-sand, of which NOK 22 717 thousand was paid in cash and the remaining NOK 45 320 thousand as loans granted to the em-ployees, maximum 3/5 G (NOK 71 172) per employee. The 2023 share ownership plan to current employees took place in November. In total Multiconsult gave 119 360 shares to its employees, which were purchased in the market, see also note 3.The outstanding balance of loans per 31 December 2023 was NOK 42 099 thousand including loans to the executive man-agement related to their variable performance-based bo-nus scheme. Repayment of loans takes place over 12 months through deduction in salary.In the 2022 programme the employees purchased 420 258 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 2022 was NOK 22 537 thousand, including 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 OWNERSHIP PROGRAMME2023 2022Share Share Share Share Amounts in NOK thousandpurchase planownership planpurchase planownership planEmployee benefit expenses 5 278 14 843 2 106 -Recognised directly to equity 12 461 - 9 394 -1)(before tax) Total discount 17 739 14 843 11 500 -1) 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 is no unamortised employee benefit expense related to the shares sold. 1. Remuneration for leading personsThe group\u2019s executive remuneration policy (Remuneration poli-cy on determination of salary and other remuneration for lead-ing persons) can be found on the group\u2019s website www.mul-ticonsult-ir.com. The principles described in the remuneration policy are the same principles that were applied during 2023. 2. Overview of remuneration earned by the executive man-agement and board of directorsThe remuneration report for salary and other remuneration for leading persons 2023 \u2013 which can be found on the group\u2019s web-site \u2013 contains an overview of total remuneration earned by the executive management team and board of directors in 2023 and 2022. 3. Remuneration to the executive management The table below show the total remuneration to the executive management earned in 2023 and 2022. For more information see remuneration report for salary and other remuneration for leading persons. REMUNERATION TO THE EXECUTIVE MANAGEMENT 2023 AND 2022Proportion Variable Total of fixed and Amounts remuner-Pension remunera-variable re-4)in NOKFixed remunerationation expensetionmuneration On 31 DecemberBase Salary Other Year1)2)3)5)paid benefits Shares Loans salary 2023 19 223 294 22 966 822 549 136 4 256 497 1 451 020 29 223 476 85%/15% 143 246 758 7212022 20 466 920 23 286 335 309 306 6 281 571 1 491 916 31 369 129 80%/20% 109 448 635 4371) 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 plan for all employees and incentive programme for executive management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__6__87": {
"value": "NOTE 9 EMPLOYEE BENEFIT EXPENSES, NUMBER OF EMPLOYEES, REMUNERATION, LOANS TO EMPLOYEES ETC. EMPLOYEE BENEFIT EXPENSESAmounts in NOK thousand 2023 2022Salaries, vacation pay, bonus etc. 2 814 134 2 442 873Social security tax 460 020 361 197Pension expenses (see note 12) 202 263 200 064Other employee benefit expenses 77 187 46 847Total employee benefit expenses 3 553 604 3 050 982 1)Number of full time employees during the year3 388 3 134Number of employees on 31 December 3 749 3 3531) 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.Employee ownership programme and loans to employeesMulticonsult ASA has an employee ownership programme. This programme consists of two parts: (i) Share purchase plan and (ii) Share ownership plan. The share purchase plan offers em-ployees to buy shares in Multiconsult ASA at a discount of 20 per cent. Shares purchased by the employees through the plan are subject to a two-year lock-in period. The share ownership plan offered employees a defined number of complimentary shares in Multiconsult ASA. Moving forward, newly hired em-ployees will be offered a defined number of complimentary shares through the share ownership plan. The value of these shares is recognised as employee benefit expense and consti-tute a taxable benefit for the employee.The 2023 share purchase plan took place in November. In total Multiconsult sold 683 918 shares to its employees, which were purchased in the market. The sale was based on a price of NOK 99.48 per share, a 20 per cent discount of the volume-weighted average share price of NOK 124.35 per share traded on Oslo B\u00f8rs in the period 1. November to 7. November 2023. The total sales price reduced with the discount was NOK 68 037 thou-sand, of which NOK 22 717 thousand was paid in cash and the remaining NOK 45 320 thousand as loans granted to the em-ployees, maximum 3/5 G (NOK 71 172) per employee. The 2023 share ownership plan to current employees took place in November. In total Multiconsult gave 119 360 shares to its employees, which were purchased in the market, see also note 3.The outstanding balance of loans per 31 December 2023 was NOK 42 099 thousand including loans to the executive man-agement related to their variable performance-based bo-nus scheme. Repayment of loans takes place over 12 months through deduction in salary.In the 2022 programme the employees purchased 420 258 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 2022 was NOK 22 537 thousand, including 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 OWNERSHIP PROGRAMME2023 2022Share Share Share Share Amounts in NOK thousandpurchase planownership planpurchase planownership planEmployee benefit expenses 5 278 14 843 2 106 -Recognised directly to equity 12 461 - 9 394 -1)(before tax) Total discount 17 739 14 843 11 500 -1) 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 is no unamortised employee benefit expense related to the shares sold. 1. Remuneration for leading personsThe group\u2019s executive remuneration policy (Remuneration poli-cy on determination of salary and other remuneration for lead-ing persons) can be found on the group\u2019s website www.mul-ticonsult-ir.com. The principles described in the remuneration policy are the same principles that were applied during 2023. 2. Overview of remuneration earned by the executive man-agement and board of directorsThe remuneration report for salary and other remuneration for leading persons 2023 \u2013 which can be found on the group\u2019s web-site \u2013 contains an overview of total remuneration earned by the executive management team and board of directors in 2023 and 2022. 3. Remuneration to the executive management The table below show the total remuneration to the executive management earned in 2023 and 2022. For more information see remuneration report for salary and other remuneration for leading persons. REMUNERATION TO THE EXECUTIVE MANAGEMENT 2023 AND 2022Proportion Variable Total of fixed and Amounts remuner-Pension remunera-variable re-4)in NOKFixed remunerationation expensetionmuneration On 31 DecemberBase Salary Other Year1)2)3)5)paid benefits Shares Loans salary 2023 19 223 294 22 966 822 549 136 4 256 497 1 451 020 29 223 476 85%/15% 143 246 758 7212022 20 466 920 23 286 335 309 306 6 281 571 1 491 916 31 369 129 80%/20% 109 448 635 4371) 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 plan for all employees and incentive programme for executive management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__6__86": {
"value": "NOTE 9 EMPLOYEE BENEFIT EXPENSES, NUMBER OF EMPLOYEES, REMUNERATION, LOANS TO EMPLOYEES ETC. EMPLOYEE BENEFIT EXPENSESAmounts in NOK thousand 2023 2022Salaries, vacation pay, bonus etc. 2 814 134 2 442 873Social security tax 460 020 361 197Pension expenses (see note 12) 202 263 200 064Other employee benefit expenses 77 187 46 847Total employee benefit expenses 3 553 604 3 050 982 1)Number of full time employees during the year3 388 3 134Number of employees on 31 December 3 749 3 3531) 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.Employee ownership programme and loans to employeesMulticonsult ASA has an employee ownership programme. This programme consists of two parts: (i) Share purchase plan and (ii) Share ownership plan. The share purchase plan offers em-ployees to buy shares in Multiconsult ASA at a discount of 20 per cent. Shares purchased by the employees through the plan are subject to a two-year lock-in period. The share ownership plan offered employees a defined number of complimentary shares in Multiconsult ASA. Moving forward, newly hired em-ployees will be offered a defined number of complimentary shares through the share ownership plan. The value of these shares is recognised as employee benefit expense and consti-tute a taxable benefit for the employee.The 2023 share purchase plan took place in November. In total Multiconsult sold 683 918 shares to its employees, which were purchased in the market. The sale was based on a price of NOK 99.48 per share, a 20 per cent discount of the volume-weighted average share price of NOK 124.35 per share traded on Oslo B\u00f8rs in the period 1. November to 7. November 2023. The total sales price reduced with the discount was NOK 68 037 thou-sand, of which NOK 22 717 thousand was paid in cash and the remaining NOK 45 320 thousand as loans granted to the em-ployees, maximum 3/5 G (NOK 71 172) per employee. The 2023 share ownership plan to current employees took place in November. In total Multiconsult gave 119 360 shares to its employees, which were purchased in the market, see also note 3.The outstanding balance of loans per 31 December 2023 was NOK 42 099 thousand including loans to the executive man-agement related to their variable performance-based bo-nus scheme. Repayment of loans takes place over 12 months through deduction in salary.In the 2022 programme the employees purchased 420 258 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 2022 was NOK 22 537 thousand, including 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 OWNERSHIP PROGRAMME2023 2022Share Share Share Share Amounts in NOK thousandpurchase planownership planpurchase planownership planEmployee benefit expenses 5 278 14 843 2 106 -Recognised directly to equity 12 461 - 9 394 -1)(before tax) Total discount 17 739 14 843 11 500 -1) 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 is no unamortised employee benefit expense related to the shares sold. 1. Remuneration for leading personsThe group\u2019s executive remuneration policy (Remuneration poli-cy on determination of salary and other remuneration for lead-ing persons) can be found on the group\u2019s website www.mul-ticonsult-ir.com. The principles described in the remuneration policy are the same principles that were applied during 2023. 2. Overview of remuneration earned by the executive man-agement and board of directorsThe remuneration report for salary and other remuneration for leading persons 2023 \u2013 which can be found on the group\u2019s web-site \u2013 contains an overview of total remuneration earned by the executive management team and board of directors in 2023 and 2022. 3. Remuneration to the executive management The table below show the total remuneration to the executive management earned in 2023 and 2022. For more information see remuneration report for salary and other remuneration for leading persons. REMUNERATION TO THE EXECUTIVE MANAGEMENT 2023 AND 2022Proportion Variable Total of fixed and Amounts remuner-Pension remunera-variable re-4)in NOKFixed remunerationation expensetionmuneration On 31 DecemberBase Salary Other Year1)2)3)5)paid benefits Shares Loans salary 2023 19 223 294 22 966 822 549 136 4 256 497 1 451 020 29 223 476 85%/15% 143 246 758 7212022 20 466 920 23 286 335 309 306 6 281 571 1 491 916 31 369 129 80%/20% 109 448 635 4371) 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 plan for all employees and incentive programme for executive management.",
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"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__6__85-1": {
"value": "NOTE 9 EMPLOYEE BENEFIT EXPENSES, NUMBER OF EMPLOYEES, REMUNERATION, LOANS TO EMPLOYEES ETC. EMPLOYEE BENEFIT EXPENSESAmounts in NOK thousand 2023 2022Salaries, vacation pay, bonus etc. 2 814 134 2 442 873Social security tax 460 020 361 197Pension expenses (see note 12) 202 263 200 064Other employee benefit expenses 77 187 46 847Total employee benefit expenses 3 553 604 3 050 982 1)Number of full time employees during the year3 388 3 134Number of employees on 31 December 3 749 3 3531) 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.Employee ownership programme and loans to employeesMulticonsult ASA has an employee ownership programme. This programme consists of two parts: (i) Share purchase plan and (ii) Share ownership plan. The share purchase plan offers em-ployees to buy shares in Multiconsult ASA at a discount of 20 per cent. Shares purchased by the employees through the plan are subject to a two-year lock-in period. The share ownership plan offered employees a defined number of complimentary shares in Multiconsult ASA. Moving forward, newly hired em-ployees will be offered a defined number of complimentary shares through the share ownership plan. The value of these shares is recognised as employee benefit expense and consti-tute a taxable benefit for the employee.The 2023 share purchase plan took place in November. In total Multiconsult sold 683 918 shares to its employees, which were purchased in the market. The sale was based on a price of NOK 99.48 per share, a 20 per cent discount of the volume-weighted average share price of NOK 124.35 per share traded on Oslo B\u00f8rs in the period 1. November to 7. November 2023. The total sales price reduced with the discount was NOK 68 037 thou-sand, of which NOK 22 717 thousand was paid in cash and the remaining NOK 45 320 thousand as loans granted to the em-ployees, maximum 3/5 G (NOK 71 172) per employee. The 2023 share ownership plan to current employees took place in November. In total Multiconsult gave 119 360 shares to its employees, which were purchased in the market, see also note 3.The outstanding balance of loans per 31 December 2023 was NOK 42 099 thousand including loans to the executive man-agement related to their variable performance-based bo-nus scheme. Repayment of loans takes place over 12 months through deduction in salary.In the 2022 programme the employees purchased 420 258 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 2022 was NOK 22 537 thousand, including 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 OWNERSHIP PROGRAMME2023 2022Share Share Share Share Amounts in NOK thousandpurchase planownership planpurchase planownership planEmployee benefit expenses 5 278 14 843 2 106 -Recognised directly to equity 12 461 - 9 394 -1)(before tax) Total discount 17 739 14 843 11 500 -1) 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 is no unamortised employee benefit expense related to the shares sold. 1. Remuneration for leading personsThe group\u2019s executive remuneration policy (Remuneration poli-cy on determination of salary and other remuneration for lead-ing persons) can be found on the group\u2019s website www.mul-ticonsult-ir.com. The principles described in the remuneration policy are the same principles that were applied during 2023. 2. Overview of remuneration earned by the executive man-agement and board of directorsThe remuneration report for salary and other remuneration for leading persons 2023 \u2013 which can be found on the group\u2019s web-site \u2013 contains an overview of total remuneration earned by the executive management team and board of directors in 2023 and 2022. 3. Remuneration to the executive management The table below show the total remuneration to the executive management earned in 2023 and 2022. For more information see remuneration report for salary and other remuneration for leading persons. REMUNERATION TO THE EXECUTIVE MANAGEMENT 2023 AND 2022Proportion Variable Total of fixed and Amounts remuner-Pension remunera-variable re-4)in NOKFixed remunerationation expensetionmuneration On 31 DecemberBase Salary Other Year1)2)3)5)paid benefits Shares Loans salary 2023 19 223 294 22 966 822 549 136 4 256 497 1 451 020 29 223 476 85%/15% 143 246 758 7212022 20 466 920 23 286 335 309 306 6 281 571 1 491 916 31 369 129 80%/20% 109 448 635 4371) 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 plan for all employees and incentive programme for executive management.NOTE 12 PENSIONS The 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 2 671 active members in the Multiconsult ASA and Multiconsult Norge AS defined contribution plan at the end of 2023 (2022: 2 370). For the period before 30 June 2022 annual contributions to the plan were 5.55% for contribution basis be-tween 1 G 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 118 620 per 31 December 2023.In addition, Multiconsult Norge AS has individual defined ben-efit plans that are unfunded, with recognised liabilities of NOK 5 085 thousand at the end of 2023 (2022: NOK 5 473 thousand).LINK Arkitektur AS has a defined benefit plan that is closed and includes 1 retiree per 31 December 2023. Other plans in LINK Arkitektur group are plans accounted for as contribution plans, with 490 active members on 31 December 2023 (2022: 495). This includes a multiemployer plan in LINK Arkitektur AB (ITP 2 plan) which is a defined benefit plan.For 58 employees (2022: 63) in LINK Arkitektur AB the de-fined 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 re-port its proportional share of the plan's obligations, plan assets and costs, and it is therefore reported as a defined contribution plan. The expected contribution to the plan (premium) in 2023 is NOK 3 305 thousand. The premium paid and expensed in 2023 was NOK 3 288 thousand (2022: NOK 4 912 thousand). The premium is calculated individually and is dependent on factors including salary, previously earned pension, and expected re-maining service period. The group's share of the total contri-butions to the plan amounted to 0.021 per cent in 2023 (2022: 0.023 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 as-sumptions, 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 2023, the collective funding ratio was 175 per cent (2022: 185 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 thousand 2023 2022Pension expenses retirement defined benefit plan 120 31Recognised as financial expenses 131 97Pension expenses defined contribution plan 202 011 199 936Pension expenses in employee benefit expenses (note 9) 202 263 200 064Effect of remeasurement of net defined benefit obligations 850 (32)FINANCIAL STATUS DEFINED BENEFIT PLANSAmounts in NOK thousand31.12.2023 31.12.2022Calculated pension obligations (incl. social security tax) (20 952) (21 268)Pension assets (at market value) 16 324 16 623Pension obligations (4 628) (4 645)Of which included in Other non-current financial assets and shares - 924Of which pension obligations in the financial statements (4 628) (5 570)Due to the immaterial amounts, no further disclosure is provided for the net defined benefit obligations.",
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"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s9_notes__6__95": {
"value": "NOTE 10 FINANCIAL ITEMS Amounts in NOK thousand 2023 2022Other interest income 8 780 6 194Foreign currency gain 28 405 23 914Other financial income 31 171 3 200Financial income 68 356 33 308Other interest expenses 22 671 11 890Foreign currency loss 29 583 17 332Other financial expenses 4 873 4 361Financial expenses IFRS 16 36 497 31 067Financial expenses 93 624 64 650Net financial items (25 268) (31 342)Other financial income in 2023 includes NOK 14.0 million due to reversal of earn-out provision made in a business combination from 2022, and NOK 10.4 million due to subsequent measure-ment of a gross put option obligation, see note 4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__94": {
"value": "NOTE 10 FINANCIAL ITEMS Amounts in NOK thousand 2023 2022Other interest income 8 780 6 194Foreign currency gain 28 405 23 914Other financial income 31 171 3 200Financial income 68 356 33 308Other interest expenses 22 671 11 890Foreign currency loss 29 583 17 332Other financial expenses 4 873 4 361Financial expenses IFRS 16 36 497 31 067Financial expenses 93 624 64 650Net financial items (25 268) (31 342)Other financial income in 2023 includes NOK 14.0 million due to reversal of earn-out provision made in a business combination from 2022, and NOK 10.4 million due to subsequent measure-ment of a gross put option obligation, see note 4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__93": {
"value": "NOTE 10 FINANCIAL ITEMS Amounts in NOK thousand 2023 2022Other interest income 8 780 6 194Foreign currency gain 28 405 23 914Other financial income 31 171 3 200Financial income 68 356 33 308Other interest expenses 22 671 11 890Foreign currency loss 29 583 17 332Other financial expenses 4 873 4 361Financial expenses IFRS 16 36 497 31 067Financial expenses 93 624 64 650Net financial items (25 268) (31 342)Other financial income in 2023 includes NOK 14.0 million due to reversal of earn-out provision made in a business combination from 2022, and NOK 10.4 million due to subsequent measure-ment of a gross put option obligation, see note 4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__92": {
"value": "NOTE 10 FINANCIAL ITEMS Amounts in NOK thousand 2023 2022Other interest income 8 780 6 194Foreign currency gain 28 405 23 914Other financial income 31 171 3 200Financial income 68 356 33 308Other interest expenses 22 671 11 890Foreign currency loss 29 583 17 332Other financial expenses 4 873 4 361Financial expenses IFRS 16 36 497 31 067Financial expenses 93 624 64 650Net financial items (25 268) (31 342)Other financial income in 2023 includes NOK 14.0 million due to reversal of earn-out provision made in a business combination from 2022, and NOK 10.4 million due to subsequent measure-ment of a gross put option obligation, see note 4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__91": {
"value": "NOTE 10 FINANCIAL ITEMS Amounts in NOK thousand 2023 2022Other interest income 8 780 6 194Foreign currency gain 28 405 23 914Other financial income 31 171 3 200Financial income 68 356 33 308Other interest expenses 22 671 11 890Foreign currency loss 29 583 17 332Other financial expenses 4 873 4 361Financial expenses IFRS 16 36 497 31 067Financial expenses 93 624 64 650Net financial items (25 268) (31 342)Other financial income in 2023 includes NOK 14.0 million due to reversal of earn-out provision made in a business combination from 2022, and NOK 10.4 million due to subsequent measure-ment of a gross put option obligation, see note 4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__90": {
"value": "NOTE 10 FINANCIAL ITEMS Amounts in NOK thousand 2023 2022Other interest income 8 780 6 194Foreign currency gain 28 405 23 914Other financial income 31 171 3 200Financial income 68 356 33 308Other interest expenses 22 671 11 890Foreign currency loss 29 583 17 332Other financial expenses 4 873 4 361Financial expenses IFRS 16 36 497 31 067Financial expenses 93 624 64 650Net financial items (25 268) (31 342)Other financial income in 2023 includes NOK 14.0 million due to reversal of earn-out provision made in a business combination from 2022, and NOK 10.4 million due to subsequent measure-ment of a gross put option obligation, see note 4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s9_notes__6__89": {
"value": "NOTE 10 FINANCIAL ITEMS Amounts in NOK thousand 2023 2022Other interest income 8 780 6 194Foreign currency gain 28 405 23 914Other financial income 31 171 3 200Financial income 68 356 33 308Other interest expenses 22 671 11 890Foreign currency loss 29 583 17 332Other financial expenses 4 873 4 361Financial expenses IFRS 16 36 497 31 067Financial expenses 93 624 64 650Net financial items (25 268) (31 342)Other financial income in 2023 includes NOK 14.0 million due to reversal of earn-out provision made in a business combination from 2022, and NOK 10.4 million due to subsequent measure-ment of a gross put option obligation, see note 4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s9_notes__6__98": {
"value": "NOTE 11 TAXES INCOME TAXESThe income tax expense for the year was as follows:Amounts in NOK thousand 2023 2022Income taxes payable 106 414 98 578 Net withholding tax after tax credit - -Regulation of previous years' taxes (165) 136 Change in deferred taxes (27 899) (11 725) Effect of change in tax rate - - Other items 557 (2 961)Income tax expenses 78 907 84 028RECONCILIATION FROM NOMINAL TO ACTUAL TAX RATEAmounts in NOK thousand (except percentages) 2023 2022Profit before income taxes 395 504 387 043Expected income tax based on nominal tax rate in Norway (22%/22%) 87 011 85 150Tax effect of the following items:Non-deductible expenses 2 990 2 611Non-taxable income (12 438) (317)Share of profit from associated companies (494) 164Not recognised/reversal of previously not recognised deferred tax assets (1 071) (531)Effect of change in tax rate - -Regulation of previous years' taxes (165) 136Net withholding tax after tax credit - -Other items (including currency and effect of deviation foreign vs. Norwegian tax rate) 3 074 (3 183)Income tax expenses 78 907 84 028Effective tax rate 20.0% 21.7%Deferred tax in the balance sheet:Amounts in NOK thousand 31.12.2023 31.12.2022Deferred tax asset 53 319 38 441Deferred tax 11 739 12 158Net deferred tax asset in the balance sheet 41 579 26 283Specification of the tax effect of temporary differences:31.12.2023 31.12.2022Amounts in NOK thousandNon-current assets (137 960) (135 471)Current assets (20 341) (22 537)Liabilities and provisions 187 963 176 8551)Taxable losses carried forward 24 427 21 072Deferred tax assets not recognised in the balance sheet (12 509) (13 636)Net deferred tax asset in the balance sheet 41 579 26 2831) Group companies have recognised deferred tax assets related to tax losses that are expected to be utilised by receiving taxable group con-tributions from other group companies. The amount on 31 December 2023 is estimated to NOK 17 811 thousand (NOK 8 013 thousand on 31 December 2022). This will be done in the tax declarations for 2023 (2022) but is subject to the regulation for dividend and is consequently not recognised in the IFRS financial statements for 2023 (2022). 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 2024 (2023). 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 thousand 31.12.2023 31.12.2022Deferred tax assets 1 January 26 283 20 780Deferred taxes arising from acquisitions (3 721) (434)Deferred tax assets 1 January reduced due to group contributions (8 013) (5 599)Changes in deferred taxes recognised in the statement of income 27 899 11 725Effects of changes in tax rate in the statement of income - -Deferred taxes included in other comprehensive income (related to pensions) 187 (7)Currency and regulation of previous years taxes (1 055) (183)Deferred tax assets in the balance sheet (net) on 31 December 41 579 26 283Due to losses and/or the exemption method, there are no significant temporary differences resulting in deferred taxes on retained earnings in subsidiaries, associated companies or joint ventures.RECONCILIATION OF INCOME TAXES PAYABLE IN THE BALANCE SHEETAmounts in NOK thousand 31.12.2023 31.12.20221)Expensed income taxes payable (106 414) (98 578)Prepaid taxes 11 368 8 192Tax payable/receivable from previous year (2 025) 963Income tax from acquisitions 925 (2 818)Income tax on share purchase plan recognised in equity 2 649 2 024SkatteFUNN (government R&D tax incentive scheme in Norway) 1 797 1 605Currency effects 393 (416)1)Income tax payable recognised in the balance sheet (91 307) (89 028)1) The group has recognised tax payable related to the profits in subsidiaries for 2023, of which it is expected that NOK 17 811 thousand (NOK 8 013 thousand in 2022), will not be payable after taxable group contribution to other group companies have been determined by the general meetings in 2024 (2023).REMEASUREMENT OF PENSIONS (DEFINED BENEFIT OBLIGATION) AND RELATED TAX EFFECTAmounts in NOK thousand Gross Taxes Net31 December 2021 (270 465) 67 575 (202 891)Change 2022 32 (7) 2531 December 2022 (270 433) 67 568 (202 866)Change 2023 (850) 187 (663)31 December 2023 (271 284) 67 755 (203 530)Income tax benefits on the employee share purchase plan has been recognised in equity with NOK 2 068 thousand in 2022 and NOK 2 649 thousand in 2023, in total NOK 15 265 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__97": {
"value": "NOTE 11 TAXES INCOME TAXESThe income tax expense for the year was as follows:Amounts in NOK thousand 2023 2022Income taxes payable 106 414 98 578 Net withholding tax after tax credit - -Regulation of previous years' taxes (165) 136 Change in deferred taxes (27 899) (11 725) Effect of change in tax rate - - Other items 557 (2 961)Income tax expenses 78 907 84 028RECONCILIATION FROM NOMINAL TO ACTUAL TAX RATEAmounts in NOK thousand (except percentages) 2023 2022Profit before income taxes 395 504 387 043Expected income tax based on nominal tax rate in Norway (22%/22%) 87 011 85 150Tax effect of the following items:Non-deductible expenses 2 990 2 611Non-taxable income (12 438) (317)Share of profit from associated companies (494) 164Not recognised/reversal of previously not recognised deferred tax assets (1 071) (531)Effect of change in tax rate - -Regulation of previous years' taxes (165) 136Net withholding tax after tax credit - -Other items (including currency and effect of deviation foreign vs. Norwegian tax rate) 3 074 (3 183)Income tax expenses 78 907 84 028Effective tax rate 20.0% 21.7%Deferred tax in the balance sheet:Amounts in NOK thousand 31.12.2023 31.12.2022Deferred tax asset 53 319 38 441Deferred tax 11 739 12 158Net deferred tax asset in the balance sheet 41 579 26 283Specification of the tax effect of temporary differences:31.12.2023 31.12.2022Amounts in NOK thousandNon-current assets (137 960) (135 471)Current assets (20 341) (22 537)Liabilities and provisions 187 963 176 8551)Taxable losses carried forward 24 427 21 072Deferred tax assets not recognised in the balance sheet (12 509) (13 636)Net deferred tax asset in the balance sheet 41 579 26 2831) Group companies have recognised deferred tax assets related to tax losses that are expected to be utilised by receiving taxable group con-tributions from other group companies. The amount on 31 December 2023 is estimated to NOK 17 811 thousand (NOK 8 013 thousand on 31 December 2022). This will be done in the tax declarations for 2023 (2022) but is subject to the regulation for dividend and is consequently not recognised in the IFRS financial statements for 2023 (2022). 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 2024 (2023). 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 thousand 31.12.2023 31.12.2022Deferred tax assets 1 January 26 283 20 780Deferred taxes arising from acquisitions (3 721) (434)Deferred tax assets 1 January reduced due to group contributions (8 013) (5 599)Changes in deferred taxes recognised in the statement of income 27 899 11 725Effects of changes in tax rate in the statement of income - -Deferred taxes included in other comprehensive income (related to pensions) 187 (7)Currency and regulation of previous years taxes (1 055) (183)Deferred tax assets in the balance sheet (net) on 31 December 41 579 26 283Due to losses and/or the exemption method, there are no significant temporary differences resulting in deferred taxes on retained earnings in subsidiaries, associated companies or joint ventures.RECONCILIATION OF INCOME TAXES PAYABLE IN THE BALANCE SHEETAmounts in NOK thousand 31.12.2023 31.12.20221)Expensed income taxes payable (106 414) (98 578)Prepaid taxes 11 368 8 192Tax payable/receivable from previous year (2 025) 963Income tax from acquisitions 925 (2 818)Income tax on share purchase plan recognised in equity 2 649 2 024SkatteFUNN (government R&D tax incentive scheme in Norway) 1 797 1 605Currency effects 393 (416)1)Income tax payable recognised in the balance sheet (91 307) (89 028)1) The group has recognised tax payable related to the profits in subsidiaries for 2023, of which it is expected that NOK 17 811 thousand (NOK 8 013 thousand in 2022), will not be payable after taxable group contribution to other group companies have been determined by the general meetings in 2024 (2023).REMEASUREMENT OF PENSIONS (DEFINED BENEFIT OBLIGATION) AND RELATED TAX EFFECTAmounts in NOK thousand Gross Taxes Net31 December 2021 (270 465) 67 575 (202 891)Change 2022 32 (7) 2531 December 2022 (270 433) 67 568 (202 866)Change 2023 (850) 187 (663)31 December 2023 (271 284) 67 755 (203 530)Income tax benefits on the employee share purchase plan has been recognised in equity with NOK 2 068 thousand in 2022 and NOK 2 649 thousand in 2023, in total NOK 15 265 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__96": {
"value": "NOTE 11 TAXES INCOME TAXESThe income tax expense for the year was as follows:Amounts in NOK thousand 2023 2022Income taxes payable 106 414 98 578 Net withholding tax after tax credit - -Regulation of previous years' taxes (165) 136 Change in deferred taxes (27 899) (11 725) Effect of change in tax rate - - Other items 557 (2 961)Income tax expenses 78 907 84 028RECONCILIATION FROM NOMINAL TO ACTUAL TAX RATEAmounts in NOK thousand (except percentages) 2023 2022Profit before income taxes 395 504 387 043Expected income tax based on nominal tax rate in Norway (22%/22%) 87 011 85 150Tax effect of the following items:Non-deductible expenses 2 990 2 611Non-taxable income (12 438) (317)Share of profit from associated companies (494) 164Not recognised/reversal of previously not recognised deferred tax assets (1 071) (531)Effect of change in tax rate - -Regulation of previous years' taxes (165) 136Net withholding tax after tax credit - -Other items (including currency and effect of deviation foreign vs. Norwegian tax rate) 3 074 (3 183)Income tax expenses 78 907 84 028Effective tax rate 20.0% 21.7%Deferred tax in the balance sheet:Amounts in NOK thousand 31.12.2023 31.12.2022Deferred tax asset 53 319 38 441Deferred tax 11 739 12 158Net deferred tax asset in the balance sheet 41 579 26 283Specification of the tax effect of temporary differences:31.12.2023 31.12.2022Amounts in NOK thousandNon-current assets (137 960) (135 471)Current assets (20 341) (22 537)Liabilities and provisions 187 963 176 8551)Taxable losses carried forward 24 427 21 072Deferred tax assets not recognised in the balance sheet (12 509) (13 636)Net deferred tax asset in the balance sheet 41 579 26 2831) Group companies have recognised deferred tax assets related to tax losses that are expected to be utilised by receiving taxable group con-tributions from other group companies. The amount on 31 December 2023 is estimated to NOK 17 811 thousand (NOK 8 013 thousand on 31 December 2022). This will be done in the tax declarations for 2023 (2022) but is subject to the regulation for dividend and is consequently not recognised in the IFRS financial statements for 2023 (2022). 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 2024 (2023). 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 thousand 31.12.2023 31.12.2022Deferred tax assets 1 January 26 283 20 780Deferred taxes arising from acquisitions (3 721) (434)Deferred tax assets 1 January reduced due to group contributions (8 013) (5 599)Changes in deferred taxes recognised in the statement of income 27 899 11 725Effects of changes in tax rate in the statement of income - -Deferred taxes included in other comprehensive income (related to pensions) 187 (7)Currency and regulation of previous years taxes (1 055) (183)Deferred tax assets in the balance sheet (net) on 31 December 41 579 26 283Due to losses and/or the exemption method, there are no significant temporary differences resulting in deferred taxes on retained earnings in subsidiaries, associated companies or joint ventures.RECONCILIATION OF INCOME TAXES PAYABLE IN THE BALANCE SHEETAmounts in NOK thousand 31.12.2023 31.12.20221)Expensed income taxes payable (106 414) (98 578)Prepaid taxes 11 368 8 192Tax payable/receivable from previous year (2 025) 963Income tax from acquisitions 925 (2 818)Income tax on share purchase plan recognised in equity 2 649 2 024SkatteFUNN (government R&D tax incentive scheme in Norway) 1 797 1 605Currency effects 393 (416)1)Income tax payable recognised in the balance sheet (91 307) (89 028)1) The group has recognised tax payable related to the profits in subsidiaries for 2023, of which it is expected that NOK 17 811 thousand (NOK 8 013 thousand in 2022), will not be payable after taxable group contribution to other group companies have been determined by the general meetings in 2024 (2023).REMEASUREMENT OF PENSIONS (DEFINED BENEFIT OBLIGATION) AND RELATED TAX EFFECTAmounts in NOK thousand Gross Taxes Net31 December 2021 (270 465) 67 575 (202 891)Change 2022 32 (7) 2531 December 2022 (270 433) 67 568 (202 866)Change 2023 (850) 187 (663)31 December 2023 (271 284) 67 755 (203 530)Income tax benefits on the employee share purchase plan has been recognised in equity with NOK 2 068 thousand in 2022 and NOK 2 649 thousand in 2023, in total NOK 15 265 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__100": {
"value": "NOTE 13 RECEIVABLES, WORK IN PROGRESS AND PREPAID EXPENSES Amounts in NOK thousand 31.12.2023 31.12.2022Trade receivables 981 412 603 875Allowance for credit losses on receivables (see note 3) (4 625) (7 585)Total trade receivables 976 787 596 291Work in progress 259 207 304 328Prepaid expenses 115 268 69 288Other 64 692 48 093Total other current receivables and prepaid expenses 179 960 117 381Total receivables and prepaid expenses 1 415 954 1 018 000",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__6__106-1": {
"value": "NOTE 14 INTANGIBLE ASSETS AND GOODWILL Own developed Other Total intangible intangible intangibleAmounts in NOK thousand Softwareassets Brandassets assets GoodwillAcquisition cost 1 January 2022 103 672 - - 9 100 112 772 928 994Addition from business combinations221--2 4802 70175 949Additions 1 3904 533--5 923-Disposals1 557---1 557-Currency translation differences241---2411 362Acquisition cost 31 December 2022 103 968 4 533 - 11 580 120 081 1 006 305Addition from business combinations--9 2009 95019 150134 525Additions 2 833 3 166--5 999-Disposals26---26-Currency translation differences1 070---1 0706 262Acquisition cost 31 December 2023 107 845 7 699 9 200 21 530 146 274 1 147 092Accumulated amortisation 85 939- 1 647 87 586 82 3351 January 2022-Amortisation for the year4 236--5 3669 601-Disposals1 557---1 557-Currency translation differences204---204135Accumulated amortisation 31 December 2022 88 822 - - 7 012 95 834 82 470Amortisation for the year4 429--11 33015 759-Disposals26---26-Currency translation differences962---962208Accumulated amortisation 31 December 2023 94 187 - - 18 342 112 529 82 678Carrying amount 1 January 2022 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 2022 15 146 4 533 - 4 568 24 247 923 835Additions from business combination--9 2009 95019 150134 525Additions2 8333 166--5 999-Disposals------Amortisation for the year4 429--11 33015 759-Currency translation differences107---1076 054Carrying amount 31 December 2023 13 658 7 699 9 200 3 188 33 745 1 064 414Software includes standard software and licenses that are am-ortised 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 in-tangible assets relate to order backlog from the acquisition of A-Lab AS, Planteknikk AS, T-2 Prosjekt Vest AS, Helm Connect AB and Helm Project Management AB in 2023, Smidt & Inge-brigtsen AS and Roar J\u00f8rgensen AS in 2022, Erichsen & Horgen AS and Nordland Teknikk AS in 2021. The order backlog is am-ortised 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 fi-nancial 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 2023 and 2022 are disclosed in the table below. The carrying amounts of these cash generating units include property, plant and equipment, in-tangible 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 2023, and with the headroom for each CGU it would not change any con-clusions if working capital could be allocated.GOODWILL SPECIFIED PER CASH GENERATING UNITAmounts in NOK thousand 31.12.2023 31.12.2022 Belongs to segmentLINK Arkitektur 155 078 151 810 ArchitectureRegion Oslo 434 428 434 429 Region OsloBusiness unit Transportation 27 600 27 600 Region OsloRegion Norway 92 683 89 577 Region NorwayBusiness unit North 40 817 40 817 Region NorwayBusiness unit West 54 520 49 753 Region NorwayBusiness unit Middle 14 108 14 108 Region NorwayBusiness unit \u00d8stfold 9 098 9 098 Region NorwayIterio 42 853 39 988 InternationalMC Polska 978 978 InternationalRoar J\u00f8rgensen 66 355 65 577 Region NorwayA-Lab 103 277 - ArchitectureHelm 22 597 - InternationalTotal 1 064 414 923 835The 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 2023 are based on board approved budget for 2024 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 2025 \u2013 2028 is based on a moderate estimated growth in revenue and cost, in line with strategy, profitability targets and expected market outlook. 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 mar-gin is reasonable and according to the strategy, and in line with the realised results in 2023. 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 depreci-ation 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 em-ployees, 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 deliver 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, espe-cially employee expenses, thereby achieving the expected EBIT margin. The discount rate in the analysis is set to 8.5 per cent (2022: 8.2 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 (VIU) calculation, which is most sensitive to changes, is operating revenues. How-ever, 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, Iterio and Business unit Transportation the operating revenues must decrease by more than 10 per cent before an impairment occur. For LINK Arkitektur and A-Lab the operating revenue must de-crease by 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 goodwill, 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 assump-tions would not give rise to impairment on 31 December 2023.NOTE 15 PROPERTY, PLANT AND EQUIPMENT Buildings Other machines, Total property, and other plant, fixtures Leasehold plant and Amounts in NOK thousandreal estateand fittingsimprovementsequipmentAcquisition cost 1 January 2022 9 090 445 384 75 352 529 827Additions from business combinations - 186 - 186Additions - 41 430 692 42 122Disposals 621 29 640 4 975 35 236Transfer between asset classes (6 464) 6 464 - -Currency translation differences 10 (899) 46 (842)Acquisition cost 31 December 2022 2 015 462 924 71 116 536 056Additions from business combinations 25 2 691 66 2 782Additions 1 119 74 350 21 593 97 061Disposals - 3 925 - 3 925Currency translation differences 279 4 807 69 5 155Acquisition cost 31 December 2023 3 437 540 847 92 844 637 128Acc. depreciation 1 January 2022 6 446 347 355 65 724 419 524Depreciation for the year 143 42 877 2 939 45 958Disposals 612 27 989 4 862 33 472Transfer between classes (4 712) 4 712 - -Currency translation differences 2 (724) 31 (691)Acc. depreciation 31 December 2022 1 257 366 231 63 831 431 319Depreciation for the year 169 50 395 4 944 55 508Impairment - 4 647 253 4 900Disposals - 4 741 - 4 741Currency translation differences 197 3 525 23 3 745Acc. depreciation 31 December 2023 1 623 420 057 69 051 490 731Carrying amount 1 January 2022 2 644 98 030 9 628 110 303Additions from business combination - 186 - 186Additions - 41 430 692 42 122Disposals - 1 651 113 1 764Depreciation for the year 143 42 877 2 939 45 958Transfer between classes (1 752) 1 752 - -Currency translation differences 9 (175) 16 (151)Carrying amount 31 December 2022 759 96 693 7 285 104 737Additions from business combination 25 2 691 66 2 782Additions 1 119 74 350 21 593 97 0611)Disposals - (815) - (815)Depreciation for the year 169 50 395 4 944 55 508Impairment - 4 647 253 4 900Currency translation differences 82 1 282 46 1 409Carrying amount 31 December 2023 1 814 120 790 23 794 146 39810-50 years 3 -8 yearsSame as equiva-Useful lifelent assets, max leasing periodDepreciation plan Straight line Straight-line1) Finance lease is not reclassified to RoU in 2023NOTE 18 LEASES Multiconsult 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 thousand Asset LiabilitiesBalance 1 January 2022 766 870 829 808Additions 92 128 92 128Reassessments (9 673) (9 673)Depreciation (150 545) N/AImpairment - N/AInterest expense N/A 30 608Lease payments (interest and instalments) N/A (180 357)Terminations (24 445) (27 069)Currency (964) (1 648)Balance 31 December 2022 673 371 733 929Additions 183 655 183 655Reassessments 45 815 45 815Depreciation (163 963) N/AImpairment (8 045) N/AInterest expense N/A 37 846Lease payments (interest and instalments) N/A (198 096)Terminations (6 306) (6 489)Currency 4 873 3 046Balance 31 December 2023 729 400 799 707Depreciation charge for right-of-use assets (previously operating lease), is split by class of underlying asset as follows:Amounts in NOK thousand 2023 2022Property 159 310 148 346Cars 4 654 2 200Total 163 963 150 545Based on impairment indicators the group has performed an assessment of recoverable amount of the group\u2019s property right-of-use (ROU) assets. The indicators identified is related to a change in the use of the right-of-use assets. Recovera-ble amount was estimated to be NOK 8 million lower than book value. Therefore, the group has recognised an impairment loss of NOK 8 million in 2023. The impairment loss is recognised in segment Not allocated.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 31.12.2023 31.12.2022Property 712 809 661 819Cars 16 591 11 552Total 729 400 673 371SHORT-TERM LEASES AND LOW-VALUE ASSET LEASE EXPENSESThe 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 2023 2022Short-term leases 15 728 14 959Low value asset 10 173 6 720Total 25 901 21 679UNDISCOUNTED LEASE LIABILITIES AND MATURITY OF CASH OUTFLOWS 31 December 2023Amounts in NOK thousand Office premises Cars TotalDue within 1 year 192 404 8 033 200 437Due more than 1 year, but within 5 years 557 086 12 007 569 094Due more than 5 years 153 531 - 153 531Total undiscounted lease liabilities 903 021 20 040 923 06131 December 2022Amounts in NOK thousand Office premises Cars TotalDue within 1 year 175 682 3 415 179 097Due more than 1 year, but within 5 years 537 574 5 248 542 822Due more than 5 years 128 880 - 128 880Total undiscounted lease litabilities 842 136 8 662 850 798The group has renewal options for several contracts that are not recognised, as per the principles described in note 2A. The group estimates that the lease cash outflows due more than one year, but within five years would have been NOK 84 million higher, and cash outflows due more than five and less than ten years would have been NOK 308 million higher, had these re-newal options been recognised. Total cash outflows for leases amounts to NOK 224.0 million in 2023 and NOK 202.0 million in 2022. 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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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__6__105": {
"value": "NOTE 14 INTANGIBLE ASSETS AND GOODWILL Own developed Other Total intangible intangible intangibleAmounts in NOK thousand Softwareassets Brandassets assets GoodwillAcquisition cost 1 January 2022 103 672 - - 9 100 112 772 928 994Addition from business combinations221--2 4802 70175 949Additions 1 3904 533--5 923-Disposals1 557---1 557-Currency translation differences241---2411 362Acquisition cost 31 December 2022 103 968 4 533 - 11 580 120 081 1 006 305Addition from business combinations--9 2009 95019 150134 525Additions 2 833 3 166--5 999-Disposals26---26-Currency translation differences1 070---1 0706 262Acquisition cost 31 December 2023 107 845 7 699 9 200 21 530 146 274 1 147 092Accumulated amortisation 85 939- 1 647 87 586 82 3351 January 2022-Amortisation for the year4 236--5 3669 601-Disposals1 557---1 557-Currency translation differences204---204135Accumulated amortisation 31 December 2022 88 822 - - 7 012 95 834 82 470Amortisation for the year4 429--11 33015 759-Disposals26---26-Currency translation differences962---962208Accumulated amortisation 31 December 2023 94 187 - - 18 342 112 529 82 678Carrying amount 1 January 2022 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 2022 15 146 4 533 - 4 568 24 247 923 835Additions from business combination--9 2009 95019 150134 525Additions2 8333 166--5 999-Disposals------Amortisation for the year4 429--11 33015 759-Currency translation differences107---1076 054Carrying amount 31 December 2023 13 658 7 699 9 200 3 188 33 745 1 064 414Software includes standard software and licenses that are am-ortised 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 in-tangible assets relate to order backlog from the acquisition of A-Lab AS, Planteknikk AS, T-2 Prosjekt Vest AS, Helm Connect AB and Helm Project Management AB in 2023, Smidt & Inge-brigtsen AS and Roar J\u00f8rgensen AS in 2022, Erichsen & Horgen AS and Nordland Teknikk AS in 2021. The order backlog is am-ortised 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 fi-nancial 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 2023 and 2022 are disclosed in the table below. The carrying amounts of these cash generating units include property, plant and equipment, in-tangible 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 2023, and with the headroom for each CGU it would not change any con-clusions if working capital could be allocated.GOODWILL SPECIFIED PER CASH GENERATING UNITAmounts in NOK thousand 31.12.2023 31.12.2022 Belongs to segmentLINK Arkitektur 155 078 151 810 ArchitectureRegion Oslo 434 428 434 429 Region OsloBusiness unit Transportation 27 600 27 600 Region OsloRegion Norway 92 683 89 577 Region NorwayBusiness unit North 40 817 40 817 Region NorwayBusiness unit West 54 520 49 753 Region NorwayBusiness unit Middle 14 108 14 108 Region NorwayBusiness unit \u00d8stfold 9 098 9 098 Region NorwayIterio 42 853 39 988 InternationalMC Polska 978 978 InternationalRoar J\u00f8rgensen 66 355 65 577 Region NorwayA-Lab 103 277 - ArchitectureHelm 22 597 - InternationalTotal 1 064 414 923 835The 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 2023 are based on board approved budget for 2024 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 2025 \u2013 2028 is based on a moderate estimated growth in revenue and cost, in line with strategy, profitability targets and expected market outlook. 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 mar-gin is reasonable and according to the strategy, and in line with the realised results in 2023. 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 depreci-ation 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 em-ployees, 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 deliver 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, espe-cially employee expenses, thereby achieving the expected EBIT margin. The discount rate in the analysis is set to 8.5 per cent (2022: 8.2 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 (VIU) calculation, which is most sensitive to changes, is operating revenues. How-ever, 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, Iterio and Business unit Transportation the operating revenues must decrease by more than 10 per cent before an impairment occur. For LINK Arkitektur and A-Lab the operating revenue must de-crease by 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 goodwill, 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 assump-tions would not give rise to impairment on 31 December 2023.",
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"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__104": {
"value": "NOTE 14 INTANGIBLE ASSETS AND GOODWILL Own developed Other Total intangible intangible intangibleAmounts in NOK thousand Softwareassets Brandassets assets GoodwillAcquisition cost 1 January 2022 103 672 - - 9 100 112 772 928 994Addition from business combinations221--2 4802 70175 949Additions 1 3904 533--5 923-Disposals1 557---1 557-Currency translation differences241---2411 362Acquisition cost 31 December 2022 103 968 4 533 - 11 580 120 081 1 006 305Addition from business combinations--9 2009 95019 150134 525Additions 2 833 3 166--5 999-Disposals26---26-Currency translation differences1 070---1 0706 262Acquisition cost 31 December 2023 107 845 7 699 9 200 21 530 146 274 1 147 092Accumulated amortisation 85 939- 1 647 87 586 82 3351 January 2022-Amortisation for the year4 236--5 3669 601-Disposals1 557---1 557-Currency translation differences204---204135Accumulated amortisation 31 December 2022 88 822 - - 7 012 95 834 82 470Amortisation for the year4 429--11 33015 759-Disposals26---26-Currency translation differences962---962208Accumulated amortisation 31 December 2023 94 187 - - 18 342 112 529 82 678Carrying amount 1 January 2022 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 2022 15 146 4 533 - 4 568 24 247 923 835Additions from business combination--9 2009 95019 150134 525Additions2 8333 166--5 999-Disposals------Amortisation for the year4 429--11 33015 759-Currency translation differences107---1076 054Carrying amount 31 December 2023 13 658 7 699 9 200 3 188 33 745 1 064 414Software includes standard software and licenses that are am-ortised 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 in-tangible assets relate to order backlog from the acquisition of A-Lab AS, Planteknikk AS, T-2 Prosjekt Vest AS, Helm Connect AB and Helm Project Management AB in 2023, Smidt & Inge-brigtsen AS and Roar J\u00f8rgensen AS in 2022, Erichsen & Horgen AS and Nordland Teknikk AS in 2021. The order backlog is am-ortised 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 fi-nancial 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 2023 and 2022 are disclosed in the table below. The carrying amounts of these cash generating units include property, plant and equipment, in-tangible 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 2023, and with the headroom for each CGU it would not change any con-clusions if working capital could be allocated.GOODWILL SPECIFIED PER CASH GENERATING UNITAmounts in NOK thousand 31.12.2023 31.12.2022 Belongs to segmentLINK Arkitektur 155 078 151 810 ArchitectureRegion Oslo 434 428 434 429 Region OsloBusiness unit Transportation 27 600 27 600 Region OsloRegion Norway 92 683 89 577 Region NorwayBusiness unit North 40 817 40 817 Region NorwayBusiness unit West 54 520 49 753 Region NorwayBusiness unit Middle 14 108 14 108 Region NorwayBusiness unit \u00d8stfold 9 098 9 098 Region NorwayIterio 42 853 39 988 InternationalMC Polska 978 978 InternationalRoar J\u00f8rgensen 66 355 65 577 Region NorwayA-Lab 103 277 - ArchitectureHelm 22 597 - InternationalTotal 1 064 414 923 835The 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 2023 are based on board approved budget for 2024 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 2025 \u2013 2028 is based on a moderate estimated growth in revenue and cost, in line with strategy, profitability targets and expected market outlook. 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 mar-gin is reasonable and according to the strategy, and in line with the realised results in 2023. 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 depreci-ation 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 em-ployees, 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 deliver 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, espe-cially employee expenses, thereby achieving the expected EBIT margin. The discount rate in the analysis is set to 8.5 per cent (2022: 8.2 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 (VIU) calculation, which is most sensitive to changes, is operating revenues. How-ever, 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, Iterio and Business unit Transportation the operating revenues must decrease by more than 10 per cent before an impairment occur. For LINK Arkitektur and A-Lab the operating revenue must de-crease by 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 goodwill, 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 assump-tions would not give rise to impairment on 31 December 2023.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__6__103": {
"value": "NOTE 14 INTANGIBLE ASSETS AND GOODWILL Own developed Other Total intangible intangible intangibleAmounts in NOK thousand Softwareassets Brandassets assets GoodwillAcquisition cost 1 January 2022 103 672 - - 9 100 112 772 928 994Addition from business combinations221--2 4802 70175 949Additions 1 3904 533--5 923-Disposals1 557---1 557-Currency translation differences241---2411 362Acquisition cost 31 December 2022 103 968 4 533 - 11 580 120 081 1 006 305Addition from business combinations--9 2009 95019 150134 525Additions 2 833 3 166--5 999-Disposals26---26-Currency translation differences1 070---1 0706 262Acquisition cost 31 December 2023 107 845 7 699 9 200 21 530 146 274 1 147 092Accumulated amortisation 85 939- 1 647 87 586 82 3351 January 2022-Amortisation for the year4 236--5 3669 601-Disposals1 557---1 557-Currency translation differences204---204135Accumulated amortisation 31 December 2022 88 822 - - 7 012 95 834 82 470Amortisation for the year4 429--11 33015 759-Disposals26---26-Currency translation differences962---962208Accumulated amortisation 31 December 2023 94 187 - - 18 342 112 529 82 678Carrying amount 1 January 2022 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 2022 15 146 4 533 - 4 568 24 247 923 835Additions from business combination--9 2009 95019 150134 525Additions2 8333 166--5 999-Disposals------Amortisation for the year4 429--11 33015 759-Currency translation differences107---1076 054Carrying amount 31 December 2023 13 658 7 699 9 200 3 188 33 745 1 064 414Software includes standard software and licenses that are am-ortised 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 in-tangible assets relate to order backlog from the acquisition of A-Lab AS, Planteknikk AS, T-2 Prosjekt Vest AS, Helm Connect AB and Helm Project Management AB in 2023, Smidt & Inge-brigtsen AS and Roar J\u00f8rgensen AS in 2022, Erichsen & Horgen AS and Nordland Teknikk AS in 2021. The order backlog is am-ortised 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 fi-nancial 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 2023 and 2022 are disclosed in the table below. The carrying amounts of these cash generating units include property, plant and equipment, in-tangible 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 2023, and with the headroom for each CGU it would not change any con-clusions if working capital could be allocated.GOODWILL SPECIFIED PER CASH GENERATING UNITAmounts in NOK thousand 31.12.2023 31.12.2022 Belongs to segmentLINK Arkitektur 155 078 151 810 ArchitectureRegion Oslo 434 428 434 429 Region OsloBusiness unit Transportation 27 600 27 600 Region OsloRegion Norway 92 683 89 577 Region NorwayBusiness unit North 40 817 40 817 Region NorwayBusiness unit West 54 520 49 753 Region NorwayBusiness unit Middle 14 108 14 108 Region NorwayBusiness unit \u00d8stfold 9 098 9 098 Region NorwayIterio 42 853 39 988 InternationalMC Polska 978 978 InternationalRoar J\u00f8rgensen 66 355 65 577 Region NorwayA-Lab 103 277 - ArchitectureHelm 22 597 - InternationalTotal 1 064 414 923 835The 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 2023 are based on board approved budget for 2024 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 2025 \u2013 2028 is based on a moderate estimated growth in revenue and cost, in line with strategy, profitability targets and expected market outlook. 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 mar-gin is reasonable and according to the strategy, and in line with the realised results in 2023. 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 depreci-ation 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 em-ployees, 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 deliver 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, espe-cially employee expenses, thereby achieving the expected EBIT margin. The discount rate in the analysis is set to 8.5 per cent (2022: 8.2 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 (VIU) calculation, which is most sensitive to changes, is operating revenues. How-ever, 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, Iterio and Business unit Transportation the operating revenues must decrease by more than 10 per cent before an impairment occur. For LINK Arkitektur and A-Lab the operating revenue must de-crease by 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 goodwill, 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 assump-tions would not give rise to impairment on 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__107": {
"value": "NOTE 15 PROPERTY, PLANT AND EQUIPMENT Buildings Other machines, Total property, and other plant, fixtures Leasehold plant and Amounts in NOK thousandreal estateand fittingsimprovementsequipmentAcquisition cost 1 January 2022 9 090 445 384 75 352 529 827Additions from business combinations - 186 - 186Additions - 41 430 692 42 122Disposals 621 29 640 4 975 35 236Transfer between asset classes (6 464) 6 464 - -Currency translation differences 10 (899) 46 (842)Acquisition cost 31 December 2022 2 015 462 924 71 116 536 056Additions from business combinations 25 2 691 66 2 782Additions 1 119 74 350 21 593 97 061Disposals - 3 925 - 3 925Currency translation differences 279 4 807 69 5 155Acquisition cost 31 December 2023 3 437 540 847 92 844 637 128Acc. depreciation 1 January 2022 6 446 347 355 65 724 419 524Depreciation for the year 143 42 877 2 939 45 958Disposals 612 27 989 4 862 33 472Transfer between classes (4 712) 4 712 - -Currency translation differences 2 (724) 31 (691)Acc. depreciation 31 December 2022 1 257 366 231 63 831 431 319Depreciation for the year 169 50 395 4 944 55 508Impairment - 4 647 253 4 900Disposals - 4 741 - 4 741Currency translation differences 197 3 525 23 3 745Acc. depreciation 31 December 2023 1 623 420 057 69 051 490 731Carrying amount 1 January 2022 2 644 98 030 9 628 110 303Additions from business combination - 186 - 186Additions - 41 430 692 42 122Disposals - 1 651 113 1 764Depreciation for the year 143 42 877 2 939 45 958Transfer between classes (1 752) 1 752 - -Currency translation differences 9 (175) 16 (151)Carrying amount 31 December 2022 759 96 693 7 285 104 737Additions from business combination 25 2 691 66 2 782Additions 1 119 74 350 21 593 97 0611)Disposals - (815) - (815)Depreciation for the year 169 50 395 4 944 55 508Impairment - 4 647 253 4 900Currency translation differences 82 1 282 46 1 409Carrying amount 31 December 2023 1 814 120 790 23 794 146 39810-50 years 3 -8 yearsSame as equiva-Useful lifelent assets, max leasing periodDepreciation plan Straight line Straight-line1) Finance lease is not reclassified to RoU in 2023",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__110": {
"value": "NOTE 16 CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED FUNDS Cash and cash equivalents consist primarily of bank depositsAmounts in NOK thousand 31.12.2023 31.12.2022Cash and bank deposits, excluding restricted cash 278 088 114 559Restricted cash 7 004 -Non-current financial assets, restricted funds 26 887 22 661Total cash and cash equivalents and restricted cash 311 979 137 220Restricted funds on 31 December 2023 and 2022 relates mainly to Multiconsult Polska.Restricted funds in Multiconsult Polska are bank balances of NOK 24.0 million on 31 December 2023 (NOK 20.8 million on 31 December 2022) as security for parts of the bank guaran-tees issued to clients, see note 21. These bank guarantees have terms from 2023 to 2031. Restricted cash consists of bank bal-ances of NOK 7.0 million (NOK 1.6 million on 31 December 2022) regarding employee withholding taxes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__109": {
"value": "NOTE 16 CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED FUNDS Cash and cash equivalents consist primarily of bank depositsAmounts in NOK thousand 31.12.2023 31.12.2022Cash and bank deposits, excluding restricted cash 278 088 114 559Restricted cash 7 004 -Non-current financial assets, restricted funds 26 887 22 661Total cash and cash equivalents and restricted cash 311 979 137 220Restricted funds on 31 December 2023 and 2022 relates mainly to Multiconsult Polska.Restricted funds in Multiconsult Polska are bank balances of NOK 24.0 million on 31 December 2023 (NOK 20.8 million on 31 December 2022) as security for parts of the bank guaran-tees issued to clients, see note 21. These bank guarantees have terms from 2023 to 2031. Restricted cash consists of bank bal-ances of NOK 7.0 million (NOK 1.6 million on 31 December 2022) regarding employee withholding taxes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__114-1": {
"value": "NOTE 17 ASSOCIATED COMPANIES AND JOINT ARRANGEMENTS Consorcio Norplan Amounts in NOK thousand FPSSAM SpA Tanzania JV Indigo Jacobs TotalOpening balance 1 January 2022 1 743 230 5 282 3 045 - 10 302Share of profit for the year (23) (98) 15 381 - - 15 260Currency effect - - - 159 - 159Closing balance 31 December 2022 1 719 133 20 664 3 204 - 25 722Share of profit for the year (843) (7) 13 571 - (115) 12 606Currency effect - - (1 552) 213 - (1 339)Closing balance 31 December 2023 876 125 32 683 3 417 (115) 36 989None of the joint ventures and associated companies are deemed significant for the group, whether separately or com-bined. Consequently, no further details are provided.Project partnership - joint arrangementsThe group has for some projects entered into partnership agreements. Some of these have been assessed as joint oper-ations. Participants work together to deliver a project in coop-eration through a common project group. There are no assets in these project groups. Each participant is responsible for deliv-ering 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 par-ticipant uses its own assets, and obligations in the operation are limited to parts of the fee that may be held back to cov-er common costs (for example insurance premiums and trav-el expenses). One of the parties is typically appointed project manager with specific responsibilities 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 pro-jects that are organised in this manner that are considered joint operations are T\u00f8nsberg hospital, Fornebubanen, E39 Stord-Os Bj\u00f8rnafjorden, Forsvarsbygg frame agreement, Daugava HPP, Nye Rikshospitalet and Lilletorget, all in Norway. The group is the project manager, and there is no fixed participating share in these operations. None of these are considered material for the group. In 2023 these projects contributed revenues of NOK 420 million (NOK 279 million in 2022).NOTE 23 RELATED PARTIES The 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 2023 for in-formation on remuneration for key management personnel and information on share ownership. There were no other transac-tions with key management personnel in 2023 and 2022.Stiftelsen Multiconsult had an ownership share of 21.9 per cent on 31 December 2023 (21.0 per cent on 31 December 2022). The company's assessment is that Stiftelsen Multiconsult has significant influence. Multiconsult has recognised revenues from sales to Stiftelsen Multiconsult of NOK 3 545 thousand in 2023 (NOK 3 199 thousand in 2022) and had receivables of NOK 168 thousand on 31 December 2023 (NOK 220 thousand on 31 December 2022). The company and its subsidiaries are also considered related parties. Transactions and balances are eliminated in the consol-idated 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 2023 2022Revenues 16 651 20 013Expenses 8 153 2 365Receivables 746 -Liabilities - -Guarantees provided - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__113": {
"value": "NOTE 17 ASSOCIATED COMPANIES AND JOINT ARRANGEMENTS Consorcio Norplan Amounts in NOK thousand FPSSAM SpA Tanzania JV Indigo Jacobs TotalOpening balance 1 January 2022 1 743 230 5 282 3 045 - 10 302Share of profit for the year (23) (98) 15 381 - - 15 260Currency effect - - - 159 - 159Closing balance 31 December 2022 1 719 133 20 664 3 204 - 25 722Share of profit for the year (843) (7) 13 571 - (115) 12 606Currency effect - - (1 552) 213 - (1 339)Closing balance 31 December 2023 876 125 32 683 3 417 (115) 36 989None of the joint ventures and associated companies are deemed significant for the group, whether separately or com-bined. Consequently, no further details are provided.Project partnership - joint arrangementsThe group has for some projects entered into partnership agreements. Some of these have been assessed as joint oper-ations. Participants work together to deliver a project in coop-eration through a common project group. There are no assets in these project groups. Each participant is responsible for deliv-ering 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 par-ticipant uses its own assets, and obligations in the operation are limited to parts of the fee that may be held back to cov-er common costs (for example insurance premiums and trav-el expenses). One of the parties is typically appointed project manager with specific responsibilities 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 pro-jects that are organised in this manner that are considered joint operations are T\u00f8nsberg hospital, Fornebubanen, E39 Stord-Os Bj\u00f8rnafjorden, Forsvarsbygg frame agreement, Daugava HPP, Nye Rikshospitalet and Lilletorget, all in Norway. The group is the project manager, and there is no fixed participating share in these operations. None of these are considered material for the group. In 2023 these projects contributed revenues of NOK 420 million (NOK 279 million in 2022).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__112-1": {
"value": "NOTE 17 ASSOCIATED COMPANIES AND JOINT ARRANGEMENTS Consorcio Norplan Amounts in NOK thousand FPSSAM SpA Tanzania JV Indigo Jacobs TotalOpening balance 1 January 2022 1 743 230 5 282 3 045 - 10 302Share of profit for the year (23) (98) 15 381 - - 15 260Currency effect - - - 159 - 159Closing balance 31 December 2022 1 719 133 20 664 3 204 - 25 722Share of profit for the year (843) (7) 13 571 - (115) 12 606Currency effect - - (1 552) 213 - (1 339)Closing balance 31 December 2023 876 125 32 683 3 417 (115) 36 989None of the joint ventures and associated companies are deemed significant for the group, whether separately or com-bined. Consequently, no further details are provided.Project partnership - joint arrangementsThe group has for some projects entered into partnership agreements. Some of these have been assessed as joint oper-ations. Participants work together to deliver a project in coop-eration through a common project group. There are no assets in these project groups. Each participant is responsible for deliv-ering 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 par-ticipant uses its own assets, and obligations in the operation are limited to parts of the fee that may be held back to cov-er common costs (for example insurance premiums and trav-el expenses). One of the parties is typically appointed project manager with specific responsibilities 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 pro-jects that are organised in this manner that are considered joint operations are T\u00f8nsberg hospital, Fornebubanen, E39 Stord-Os Bj\u00f8rnafjorden, Forsvarsbygg frame agreement, Daugava HPP, Nye Rikshospitalet and Lilletorget, all in Norway. The group is the project manager, and there is no fixed participating share in these operations. None of these are considered material for the group. In 2023 these projects contributed revenues of NOK 420 million (NOK 279 million in 2022).NOTE 23 RELATED PARTIES The 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 2023 for in-formation on remuneration for key management personnel and information on share ownership. There were no other transac-tions with key management personnel in 2023 and 2022.Stiftelsen Multiconsult had an ownership share of 21.9 per cent on 31 December 2023 (21.0 per cent on 31 December 2022). The company's assessment is that Stiftelsen Multiconsult has significant influence. Multiconsult has recognised revenues from sales to Stiftelsen Multiconsult of NOK 3 545 thousand in 2023 (NOK 3 199 thousand in 2022) and had receivables of NOK 168 thousand on 31 December 2023 (NOK 220 thousand on 31 December 2022). The company and its subsidiaries are also considered related parties. Transactions and balances are eliminated in the consol-idated 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 2023 2022Revenues 16 651 20 013Expenses 8 153 2 365Receivables 746 -Liabilities - -Guarantees provided - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__111": {
"value": "NOTE 17 ASSOCIATED COMPANIES AND JOINT ARRANGEMENTS Consorcio Norplan Amounts in NOK thousand FPSSAM SpA Tanzania JV Indigo Jacobs TotalOpening balance 1 January 2022 1 743 230 5 282 3 045 - 10 302Share of profit for the year (23) (98) 15 381 - - 15 260Currency effect - - - 159 - 159Closing balance 31 December 2022 1 719 133 20 664 3 204 - 25 722Share of profit for the year (843) (7) 13 571 - (115) 12 606Currency effect - - (1 552) 213 - (1 339)Closing balance 31 December 2023 876 125 32 683 3 417 (115) 36 989None of the joint ventures and associated companies are deemed significant for the group, whether separately or com-bined. Consequently, no further details are provided.Project partnership - joint arrangementsThe group has for some projects entered into partnership agreements. Some of these have been assessed as joint oper-ations. Participants work together to deliver a project in coop-eration through a common project group. There are no assets in these project groups. Each participant is responsible for deliv-ering 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 par-ticipant uses its own assets, and obligations in the operation are limited to parts of the fee that may be held back to cov-er common costs (for example insurance premiums and trav-el expenses). One of the parties is typically appointed project manager with specific responsibilities 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 pro-jects that are organised in this manner that are considered joint operations are T\u00f8nsberg hospital, Fornebubanen, E39 Stord-Os Bj\u00f8rnafjorden, Forsvarsbygg frame agreement, Daugava HPP, Nye Rikshospitalet and Lilletorget, all in Norway. The group is the project manager, and there is no fixed participating share in these operations. None of these are considered material for the group. In 2023 these projects contributed revenues of NOK 420 million (NOK 279 million in 2022).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__115": {
"value": "NOTE 18 LEASES Multiconsult 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 thousand Asset LiabilitiesBalance 1 January 2022 766 870 829 808Additions 92 128 92 128Reassessments (9 673) (9 673)Depreciation (150 545) N/AImpairment - N/AInterest expense N/A 30 608Lease payments (interest and instalments) N/A (180 357)Terminations (24 445) (27 069)Currency (964) (1 648)Balance 31 December 2022 673 371 733 929Additions 183 655 183 655Reassessments 45 815 45 815Depreciation (163 963) N/AImpairment (8 045) N/AInterest expense N/A 37 846Lease payments (interest and instalments) N/A (198 096)Terminations (6 306) (6 489)Currency 4 873 3 046Balance 31 December 2023 729 400 799 707Depreciation charge for right-of-use assets (previously operating lease), is split by class of underlying asset as follows:Amounts in NOK thousand 2023 2022Property 159 310 148 346Cars 4 654 2 200Total 163 963 150 545Based on impairment indicators the group has performed an assessment of recoverable amount of the group\u2019s property right-of-use (ROU) assets. The indicators identified is related to a change in the use of the right-of-use assets. Recovera-ble amount was estimated to be NOK 8 million lower than book value. Therefore, the group has recognised an impairment loss of NOK 8 million in 2023. The impairment loss is recognised in segment Not allocated.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 31.12.2023 31.12.2022Property 712 809 661 819Cars 16 591 11 552Total 729 400 673 371SHORT-TERM LEASES AND LOW-VALUE ASSET LEASE EXPENSESThe 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 2023 2022Short-term leases 15 728 14 959Low value asset 10 173 6 720Total 25 901 21 679UNDISCOUNTED LEASE LIABILITIES AND MATURITY OF CASH OUTFLOWS 31 December 2023Amounts in NOK thousand Office premises Cars TotalDue within 1 year 192 404 8 033 200 437Due more than 1 year, but within 5 years 557 086 12 007 569 094Due more than 5 years 153 531 - 153 531Total undiscounted lease liabilities 903 021 20 040 923 06131 December 2022Amounts in NOK thousand Office premises Cars TotalDue within 1 year 175 682 3 415 179 097Due more than 1 year, but within 5 years 537 574 5 248 542 822Due more than 5 years 128 880 - 128 880Total undiscounted lease litabilities 842 136 8 662 850 798The group has renewal options for several contracts that are not recognised, as per the principles described in note 2A. The group estimates that the lease cash outflows due more than one year, but within five years would have been NOK 84 million higher, and cash outflows due more than five and less than ten years would have been NOK 308 million higher, had these re-newal options been recognised. Total cash outflows for leases amounts to NOK 224.0 million in 2023 and NOK 202.0 million in 2022. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__119": {
"value": "NOTE 19 OTHER CURRENT LIABILITIES Amounts in NOK thousand 31.12.2023 31.12.2022Salaries payable, holiday pay, bonus etc. 391 478 352 264Other accrued expenses 18 459 17 191Other 11 607 21 121Total other current liabilities 421 544 390 576",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__118": {
"value": "NOTE 19 OTHER CURRENT LIABILITIES Amounts in NOK thousand 31.12.2023 31.12.2022Salaries payable, holiday pay, bonus etc. 391 478 352 264Other accrued expenses 18 459 17 191Other 11 607 21 121Total other current liabilities 421 544 390 576",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__117": {
"value": "NOTE 19 OTHER CURRENT LIABILITIES Amounts in NOK thousand 31.12.2023 31.12.2022Salaries payable, holiday pay, bonus etc. 391 478 352 264Other accrued expenses 18 459 17 191Other 11 607 21 121Total other current liabilities 421 544 390 576",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__123": {
"value": "NOTE 20 PROVISIONS, DISPUTES AND CONTINGENT LIABILITIES The group completes a significant number of assignments dur-ing a year. Normally, the group enters into agreements with the clients limiting its responsibilities. During the execution of an assignment, defects or damages as a result of the deliveries may be identified 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 compa-ny related to recognised provisions are presented as a separate asset.PROJECT RESPONSIBILITYAmounts in NOK thousand 31.12.2023 31.12.2022Gross provisions 96 795 64 895Assets for reimbursement of provisions 86 951 56 845Net provisions 9 844 8 050The reimbursement from the insurance company is directly linked to the cases and the actual additions, settlements and reversals are estimated and incurred simultaneously. Conse-quently, the table below present changes in the provisions net of the assets for reimbursement. Amounts in NOK thousand Project responsibilityNet provisions 1 January 2022 6 410Additions7 350Reversals(4 210)Utilised(1 500)Net provisions 31 December 2022 8 050Additions5 244Reversals(2 350)Utilised(1 100)Net provisions 31 December 2023 9 844The date for settlement of project responsibility cases is often outside the group's control and it is not possible to make a reli-able estimate of settlement dates. The processes are extensive with negotiations 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 consid-erably. The provision related to a claim is calculated on the ba-sis of the expected compensation, own risk deductibles and the claimed amount. As a consequence of the inherent uncertainty in both amount and timing of the settlement, the provision and reimbursement are not discounted.The company's insurance coverage for project responsibilities is primarily based on a collective agreement for engineering con-sultants. 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 18 mil-lion, which is the standard limitation of liability in Multiconsult\u2019s contracts. Uninsured liability is by agreement normally limited to 60 G about NOK 7.1 million, with exceptions and higher agreed limitations for such liability 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 cov-erage is insufficient to cover the risk. In some projects special provisions regarding liability apply or limitations of liability do not apply. This increases Multiconsult\u2019s possible liability and risk. In cases of gross negligence or wilful misconduct limita-tions on liability as a main rule do not apply, and insurance cov-erage 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 cir-cumstances increase risk. In the latter cases Multi consult\u2019s pro-portional 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 finan-cial performance of the group. The company performs a thorough review of each claim. Pro-ject responsibility cases therefore lead to both recognised pro-visions 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 2023 is related to several pro-jects, but there is no significant provision related to any single project.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__122": {
"value": "NOTE 20 PROVISIONS, DISPUTES AND CONTINGENT LIABILITIES The group completes a significant number of assignments dur-ing a year. Normally, the group enters into agreements with the clients limiting its responsibilities. During the execution of an assignment, defects or damages as a result of the deliveries may be identified 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 compa-ny related to recognised provisions are presented as a separate asset.PROJECT RESPONSIBILITYAmounts in NOK thousand 31.12.2023 31.12.2022Gross provisions 96 795 64 895Assets for reimbursement of provisions 86 951 56 845Net provisions 9 844 8 050The reimbursement from the insurance company is directly linked to the cases and the actual additions, settlements and reversals are estimated and incurred simultaneously. Conse-quently, the table below present changes in the provisions net of the assets for reimbursement. Amounts in NOK thousand Project responsibilityNet provisions 1 January 2022 6 410Additions7 350Reversals(4 210)Utilised(1 500)Net provisions 31 December 2022 8 050Additions5 244Reversals(2 350)Utilised(1 100)Net provisions 31 December 2023 9 844The date for settlement of project responsibility cases is often outside the group's control and it is not possible to make a reli-able estimate of settlement dates. The processes are extensive with negotiations 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 consid-erably. The provision related to a claim is calculated on the ba-sis of the expected compensation, own risk deductibles and the claimed amount. As a consequence of the inherent uncertainty in both amount and timing of the settlement, the provision and reimbursement are not discounted.The company's insurance coverage for project responsibilities is primarily based on a collective agreement for engineering con-sultants. 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 18 mil-lion, which is the standard limitation of liability in Multiconsult\u2019s contracts. Uninsured liability is by agreement normally limited to 60 G about NOK 7.1 million, with exceptions and higher agreed limitations for such liability 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 cov-erage is insufficient to cover the risk. In some projects special provisions regarding liability apply or limitations of liability do not apply. This increases Multiconsult\u2019s possible liability and risk. In cases of gross negligence or wilful misconduct limita-tions on liability as a main rule do not apply, and insurance cov-erage 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 cir-cumstances increase risk. In the latter cases Multi consult\u2019s pro-portional 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 finan-cial performance of the group. The company performs a thorough review of each claim. Pro-ject responsibility cases therefore lead to both recognised pro-visions 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 2023 is related to several pro-jects, but there is no significant provision related to any single project.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__121": {
"value": "NOTE 20 PROVISIONS, DISPUTES AND CONTINGENT LIABILITIES The group completes a significant number of assignments dur-ing a year. Normally, the group enters into agreements with the clients limiting its responsibilities. During the execution of an assignment, defects or damages as a result of the deliveries may be identified 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 compa-ny related to recognised provisions are presented as a separate asset.PROJECT RESPONSIBILITYAmounts in NOK thousand 31.12.2023 31.12.2022Gross provisions 96 795 64 895Assets for reimbursement of provisions 86 951 56 845Net provisions 9 844 8 050The reimbursement from the insurance company is directly linked to the cases and the actual additions, settlements and reversals are estimated and incurred simultaneously. Conse-quently, the table below present changes in the provisions net of the assets for reimbursement. Amounts in NOK thousand Project responsibilityNet provisions 1 January 2022 6 410Additions7 350Reversals(4 210)Utilised(1 500)Net provisions 31 December 2022 8 050Additions5 244Reversals(2 350)Utilised(1 100)Net provisions 31 December 2023 9 844The date for settlement of project responsibility cases is often outside the group's control and it is not possible to make a reli-able estimate of settlement dates. The processes are extensive with negotiations 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 consid-erably. The provision related to a claim is calculated on the ba-sis of the expected compensation, own risk deductibles and the claimed amount. As a consequence of the inherent uncertainty in both amount and timing of the settlement, the provision and reimbursement are not discounted.The company's insurance coverage for project responsibilities is primarily based on a collective agreement for engineering con-sultants. 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 18 mil-lion, which is the standard limitation of liability in Multiconsult\u2019s contracts. Uninsured liability is by agreement normally limited to 60 G about NOK 7.1 million, with exceptions and higher agreed limitations for such liability 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 cov-erage is insufficient to cover the risk. In some projects special provisions regarding liability apply or limitations of liability do not apply. This increases Multiconsult\u2019s possible liability and risk. In cases of gross negligence or wilful misconduct limita-tions on liability as a main rule do not apply, and insurance cov-erage 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 cir-cumstances increase risk. In the latter cases Multi consult\u2019s pro-portional 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 finan-cial performance of the group. The company performs a thorough review of each claim. Pro-ject responsibility cases therefore lead to both recognised pro-visions 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 2023 is related to several pro-jects, but there is no significant provision related to any single project.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__120": {
"value": "NOTE 20 PROVISIONS, DISPUTES AND CONTINGENT LIABILITIES The group completes a significant number of assignments dur-ing a year. Normally, the group enters into agreements with the clients limiting its responsibilities. During the execution of an assignment, defects or damages as a result of the deliveries may be identified 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 compa-ny related to recognised provisions are presented as a separate asset.PROJECT RESPONSIBILITYAmounts in NOK thousand 31.12.2023 31.12.2022Gross provisions 96 795 64 895Assets for reimbursement of provisions 86 951 56 845Net provisions 9 844 8 050The reimbursement from the insurance company is directly linked to the cases and the actual additions, settlements and reversals are estimated and incurred simultaneously. Conse-quently, the table below present changes in the provisions net of the assets for reimbursement. Amounts in NOK thousand Project responsibilityNet provisions 1 January 2022 6 410Additions7 350Reversals(4 210)Utilised(1 500)Net provisions 31 December 2022 8 050Additions5 244Reversals(2 350)Utilised(1 100)Net provisions 31 December 2023 9 844The date for settlement of project responsibility cases is often outside the group's control and it is not possible to make a reli-able estimate of settlement dates. The processes are extensive with negotiations 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 consid-erably. The provision related to a claim is calculated on the ba-sis of the expected compensation, own risk deductibles and the claimed amount. As a consequence of the inherent uncertainty in both amount and timing of the settlement, the provision and reimbursement are not discounted.The company's insurance coverage for project responsibilities is primarily based on a collective agreement for engineering con-sultants. 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 18 mil-lion, which is the standard limitation of liability in Multiconsult\u2019s contracts. Uninsured liability is by agreement normally limited to 60 G about NOK 7.1 million, with exceptions and higher agreed limitations for such liability 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 cov-erage is insufficient to cover the risk. In some projects special provisions regarding liability apply or limitations of liability do not apply. This increases Multiconsult\u2019s possible liability and risk. In cases of gross negligence or wilful misconduct limita-tions on liability as a main rule do not apply, and insurance cov-erage 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 cir-cumstances increase risk. In the latter cases Multi consult\u2019s pro-portional 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 finan-cial performance of the group. The company performs a thorough review of each claim. Pro-ject responsibility cases therefore lead to both recognised pro-visions 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 2023 is related to several pro-jects, but there is no significant provision related to any single project.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__124": {
"value": "NOTE 21 GUARANTEES, PLEDGES AND SECURITIES PROVIDED GUARANTEE OBLIGATIONS NOT RECOGNISED IN THE BALANCE SHEETAmounts in NOK thousand 31.12.2023 31.12.2022Bank guarantee - guarantees towards clients 184 765 146 343Bank guarantee - guarantees for other obligations 43 614 51 138Guarantee - employee tax deductions 173 000 146 500Parent company guarantees - for subsidiaries 26 839 17 978Total guarantees 428 219 361 958Bank guarantees towards clients are related to assignments where the client demands security for contract responsibilities. Other bank guarantees are primarily guaranteeing for rent of premises.At the end of 2023, LINK Arkitektur AS, Multiconsult Norge AS and Multiconsult ASA holds guarantees for employee tax de-ductions for a total of NOK 173.0 million.Parent company guarantees on 31 December 2023 relates to rent of premises of NOK 26.8 million towards subsidiaries.The parent company's bank facility agreements with the lender includes 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 Multi-consult ASA\u2019s liabilities towards the lender. Multiconsult ASA and Multiconsult Norge AS have both pledged trade receiva-bles, inventory and property, plant and equipment. The carry-ing value of the pledged assets in Multiconsult Norge AS on 31 December 2023 is NOK 700.5 million for trade receivables, NOK 0 for inventory and NOK 127.3 million for property, plant and equipment. For Multiconsult ASA the carrying values on 31 December 2023 is NOK 100.4 million for trade receivables and NOK 0 for inventory and property, plant and equipment.On 31 December 2023, Multiconsult ASA had a guarantee facil-ity of NOK 120.0 million, of which NOK 82.5 million was drawn (2022: NOK 77.9 million). Multiconsult ASA or any fully owned subsidiary (under surety from Multiconsult ASA) may draw un-der the guarantee facility. The guarantee facility is renewed an-nually 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 168.4 million, under which PLN 54.8 million, NOK 141.9 million was drawn towards clients and PLN 0.5 million, NOK 1.2 million was drawn towards other obligations on 31 December 2023. 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 24.0 million on 31 December 2023, included in non-current financial assets in the balance sheet, see note 16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__126": {
"value": "NOTE 22 SHAREHOLDER INFORMATION The following table shows shareholders owning 1 per cent or more of Multiconsult ASA shares on 31 December 2023:Number of shares Ownership shareStiftelsen Multiconsult 6 052 559 21.9%Verdipapirfond Odin Norge 2 621 242 9.5%Vevlen G\u00e5rd AS 1 600 000 5.8%Stenshagen Invest AS 1 130 519 4.1%The Bank of New York Mellon SA/NV 1 077 729 3.9%Verdipapirfondet Holberg Norge 944 177 3.4%Pareto Aksje Norge Verdipapirfond 873 276 3.2%VJ Invest AS 757 474 2.7%Morgan Stanley & Co. Int. Plc. 494 271 1.8%Varner Equities AS 458 697 1.7%Skandinaviska Enskilda Banken AB 336 426 1.2%Mustad Industrier AS 300 000 1.1%Other 11 028 541 39.9%Total number of shares 27 674 911 100% Total number of shares are 27 674 911 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 2023 was 35 573 (2022: 28 013 shares). During 2023 and 2022, the company purchased own shares that were sold in the employee ownership programme, see note 9. The Annual General Meeting held on 13 April 2023 authorised the board of directors pursuant to \u00a710-14 (1) of the Public Lim-ited Liability Companies Act to increase the company's share capital by up to NOK 1 376 722 in one or more share issues. The authority may only be used to issue shares as consideration in connection with acquisitions, to finance acquisitions or to issue shares in connection with incentive schemes for the employ-ees of the Multiconsult 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 situations, ref. \u00a76-17 (2) of the Securities Trading Act. The Annual General Meeting held on 13 April 2023 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 nomi-nal value of up to 1 376 722. 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 500. The board of directors deter-mines 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 2024, but in no event later than 30 June 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__125": {
"value": "NOTE 22 SHAREHOLDER INFORMATION The following table shows shareholders owning 1 per cent or more of Multiconsult ASA shares on 31 December 2023:Number of shares Ownership shareStiftelsen Multiconsult 6 052 559 21.9%Verdipapirfond Odin Norge 2 621 242 9.5%Vevlen G\u00e5rd AS 1 600 000 5.8%Stenshagen Invest AS 1 130 519 4.1%The Bank of New York Mellon SA/NV 1 077 729 3.9%Verdipapirfondet Holberg Norge 944 177 3.4%Pareto Aksje Norge Verdipapirfond 873 276 3.2%VJ Invest AS 757 474 2.7%Morgan Stanley & Co. Int. Plc. 494 271 1.8%Varner Equities AS 458 697 1.7%Skandinaviska Enskilda Banken AB 336 426 1.2%Mustad Industrier AS 300 000 1.1%Other 11 028 541 39.9%Total number of shares 27 674 911 100% Total number of shares are 27 674 911 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 2023 was 35 573 (2022: 28 013 shares). During 2023 and 2022, the company purchased own shares that were sold in the employee ownership programme, see note 9. The Annual General Meeting held on 13 April 2023 authorised the board of directors pursuant to \u00a710-14 (1) of the Public Lim-ited Liability Companies Act to increase the company's share capital by up to NOK 1 376 722 in one or more share issues. The authority may only be used to issue shares as consideration in connection with acquisitions, to finance acquisitions or to issue shares in connection with incentive schemes for the employ-ees of the Multiconsult 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 situations, ref. \u00a76-17 (2) of the Securities Trading Act. The Annual General Meeting held on 13 April 2023 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 nomi-nal value of up to 1 376 722. 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 500. The board of directors deter-mines 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 2024, but in no event later than 30 June 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__127": {
"value": "NOTE 23 RELATED PARTIES The 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 2023 for in-formation on remuneration for key management personnel and information on share ownership. There were no other transac-tions with key management personnel in 2023 and 2022.Stiftelsen Multiconsult had an ownership share of 21.9 per cent on 31 December 2023 (21.0 per cent on 31 December 2022). The company's assessment is that Stiftelsen Multiconsult has significant influence. Multiconsult has recognised revenues from sales to Stiftelsen Multiconsult of NOK 3 545 thousand in 2023 (NOK 3 199 thousand in 2022) and had receivables of NOK 168 thousand on 31 December 2023 (NOK 220 thousand on 31 December 2022). The company and its subsidiaries are also considered related parties. Transactions and balances are eliminated in the consol-idated 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 2023 2022Revenues 16 651 20 013Expenses 8 153 2 365Receivables 746 -Liabilities - -Guarantees provided - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__131": {
"value": "NOTE 24 EARNINGS PER SHARE AND DIVIDENDS In 2023 and 2022, 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. 2023 2022Profit after tax attributable to owners of Multiconsult ASA (NOK thousand) 318 118 303 015Weighted average number of shares (excl. treasury shares) 27 509 248 27 390 212Earnings per share 11.56 11.06DIVIDENDSDividends paid to owners of Multiconsult ASA (NOK thousand) 247 288 164 383Dividends per share 9.00 6.001)Dividends proposed after 31 December 2023 (NOK thousand) 221 3991)Dividends proposed after 31 December 2023 (per share) 8.001) Dividends to be adopted by the Annual General Meeting 11 April 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__130": {
"value": "NOTE 24 EARNINGS PER SHARE AND DIVIDENDS In 2023 and 2022, 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. 2023 2022Profit after tax attributable to owners of Multiconsult ASA (NOK thousand) 318 118 303 015Weighted average number of shares (excl. treasury shares) 27 509 248 27 390 212Earnings per share 11.56 11.06DIVIDENDSDividends paid to owners of Multiconsult ASA (NOK thousand) 247 288 164 383Dividends per share 9.00 6.001)Dividends proposed after 31 December 2023 (NOK thousand) 221 3991)Dividends proposed after 31 December 2023 (per share) 8.001) Dividends to be adopted by the Annual General Meeting 11 April 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__132": {
"value": "NOTE 25 EVENTS AFTER THE REPORTING PERIOD After the reporting period ended on 31 December 2023 and upto the date these consolidated financial statements have been approved for issue, the following events have been identifiedthat require disclosure. Acquisition of VA-Resurs ABOn 16 January 2024, Multiconsult announced that its Swedishsubsidiary Iterio AB had acquired 100 percent of the shares inVA-resurs AB and to strengthen its competence and presencein Sweden. VA-Resurs is a consultancy company that providesservices in project and construction management. The compa-ny has extensive experience in designing, coordinating, inves-tigating, and managing projects within water, stormwater andwastewater. The company consists of 11 competent profes-sionals based in Stockholm. Due to the timing of the acquisitiondate of the business combination, to accessible financial andnon-financial information at the time of preparation of the con-solidated annual accounts for 2023 and at the time the financial statements were authorised for issue (14 March 2024) the initialaccounting for the business combination was incomplete.Consequently, no further disclosure regarding the acquisition is made in the consolidated annual accounts of 2023.No further events have been identified that require disclosure.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG9GO07",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}