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"value": "11900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27730": {
"value": "150200000",
"decimals": -5,
"dimensions": {
"concept": "VOW:CashFlowsFromUsedInIncreaseDecreaseInBankOverdraftsClassifiedAsCashEquivalentsAndTradeFinanceOverdrafts",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27734": {
"value": "64100000",
"decimals": -5,
"dimensions": {
"concept": "VOW:CashFlowsFromUsedInIncreaseDecreaseInBankOverdraftsClassifiedAsCashEquivalentsAndTradeFinanceOverdrafts",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27744": {
"value": "376700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27748": {
"value": "47900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27764": {
"value": "115200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27768": {
"value": "114600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27783": {
"value": "14600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27787": {
"value": "-99700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27807": {
"value": "400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27811": {
"value": "1100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27829": {
"value": "42500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27833": {
"value": "141100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27849": {
"value": "57500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27853": {
"value": "42500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27859": {
"value": "50700000",
"decimals": -5,
"dimensions": {
"concept": "VOW:UnrestrictedCashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27863": {
"value": "37000000",
"decimals": -5,
"dimensions": {
"concept": "VOW:UnrestrictedCashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27873": {
"value": "6800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RestrictedCashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27877": {
"value": "5500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RestrictedCashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27895": {
"value": "57500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f27899": {
"value": "42500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"s7_notes__6__13": {
"value": "NOTE 01 GENERAL INFORMATIONVow ASA, which is the parent company of the Vow group (the group), is a limited liability company incorporated and domiciled in Norway, with its head office at Lysaker Torg 12, NO-1366 Lysaker.The group delivers advanced technologies for processing waste and purifying wastewater in cruise, aquaculture and landbased industries. Owners operating the group\u00b4s systems have the solution to convert all waste and wastewater into clean energy and purified water which meets the highest international discharge standards.C. H. Evensen Industriovner AS (C. H. Evensen) was acquired 30 March 2022. C. H. Evensen is a supplier of technology and solutions for high-temperature industrial processes for industries to lower emissions and improve operational efficiencies, which makes it an excellent match with Vow\u2019s pyrolysis-based circular carbon and CO2 neutral energy solutions. The financial results of C. H. Evensen have been included in the Vow group accounts from 1 April 2022 and are reported as part of the industrial solutions segment.The acquisition of ETIA in 2019 broaden the group\u2019s technology portfolio and products for landbased industries. This includes patented solutions for pyrolysis process for converting biomass, plastics and waste into energy and useful products. Valuable residuals and nutrients from the processes can be recovered for reuse. The group provides life cycle services in terms of parts, consumables, and operational assistance to the installed base worldwide.The financial statements were approved by the company\u2019s board on 29 April 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__11": {
"value": "Vow ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__5": {
"value": "Vow ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__7": {
"value": "limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__10": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__8": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__6": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__9": {
"value": "Lysaker Torg 12, NO-1366 Lysaker",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__12": {
"value": "The group delivers advanced technologies for processing waste and purifying wastewater in cruise, aquaculture and landbased industries.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__14": {
"value": "The financial statements were approved by the company\u2019s board on 29 April 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__15-1": {
"value": "NOTE 02 SUMMARY OF MATERIAL ACCOUNTING POLICIESThe accounting policies considered material in the preparation of these consolidated financial statements are set out below.2.1 Basis for preparationThe consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union (EU) and in accordance with the additional requirements following the Norwegian Accounting Act.The financial statements have been prepared on a historical cost basis, except for derivative financial instruments.2.2 Basis of consolidationSubsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through its power to direct the activitiesof the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet, respectively. If the group loses control over a subsidiary, it derecognises the assets, liabilities and non-controlling interest, and reclassify to profit or loss, or transfers directly to retained earnings as appropriate, the amounts recognised in other comprehensive income in relation to the subsidiary.The group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests, and any consideration paid or received, is recognised in a separate reserve within equity attributable to owners.2.3 Business combinationThe acquisition method of accounting is used to account for business combinations.The consideration comprises: fair value of the assets transferred, liabilities incurred to the former owners of acquired business, equity interests issued by the group, fair value of any assets or liability resulting from a contingent consideration arrangement and fair value of any pre-existing equity interest in the subsidiary.Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interests proportionate share of the acquired entity\u2019s net identifiable assets.Acquisition related costs are expensed as incurred.The excess of the sum of consideration transferred, amount of any non-controlling interest in the acquired entity and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets required, is recorded as goodwill. If, after reassessment, the group\u2019s interest in the net fair value of the acquired entity\u2019s identifiable assets, liabilities and contingent liabilities exceeds the total consideration of the business combination, the excess is recognised in the income statement immediately. Where settlement of any part of cash consideration is deferred, the future amounts payable are discounted to their present value as the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which similar borrowing could be obtained from an independent financier under comparable terms and conditions.Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, which changes in fair value recognised in profit or loss.2.4 Foreign currencyFunctional currency, presentation currency and consolidation: The group\u2019s presentation currency is Norwegian kroner (NOK). This is also the Parent company\u2019s functional currency. Financial positions for subsidiaries with a different functional currency, are converted to NOK at the rate applicable at the balance sheet date. Average exchange rates for each quarter are applied in translating the income statements. Exchange differences are recognised in other comprehensive income.Transactions in foreign currencyForeign currency transactions are translated into the functional currency using the exchange rates at the transaction date. Monetary balances in foreign currencies are translated into the functional currency at the exchange rates on the date of the balance sheet. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised under financial items in the income statement.2.5 Intangible assetsIntangible assets acquired separately that have a finite useful life, are carried at cost less accumulated amortisation and any impairment charges. Amortisation is calculated on a straightline basis over the assets` expected useful life and adjusted for any impairment charges.Internally generated intangible assetsExpenditures on research activities, undertaken with the prospects of gaining new technical knowledge and understanding, are recognised in profit or loss as incurred.The group is constantly working with activities to optimise our portfolio of systems and technology. Development projects involve a plan or design to produce new or substantially improved products and processes. The cost related to the projects will be capitalised if the criteria for capitalisation is met. If costs for development shall be capitalised, the group must demonstrate, amongst others, that the technical feasibility is available, that the group has the intention to complete the asset and its ability to sell it. Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses. The intangible assets are amortised from the time it is available for use.At each year end, the group assess whether there is any indication that the asset may be impaired. If there is any indication of impairment, an impairment test is performed, and the assets or the cash generating unit\u2019s recoverable amount is calculated. When the recoverable amount is less than the carrying amount, an impairment loss is recognised in the income statement.The company has in the period 2013 to 2022 received refundable tax credits (\u201cSkattefunn\u201d). This is recognised in the financial statement as a reduction of book value in the intangible assets and as a current receivable.GoodwillGoodwill does not generate cash flows independently of other assets or groups of assets and is allocated to the cash generating units expected to benefit from the synergies of the combination that gave rise to the goodwill. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets.An impairment is recognised if the recoverable amount (the higher of fair value, less cost to sell, and value in use) of the cash-generating unit is less than the carrying amount of the cash-generating unit.2.6 Trade receivables and other current receivablesTrade receivables and other current receivables are initially recognised at their transaction price (as defined in IFRS 15). The receivables are subsequently measured at amortised cost using the effective interest method, if the amortisation effect is material, less provision for impairment. Other current receivables include prepayments and receivables from any related parties.2.7 Cash and cash equivalentsCash and the equivalents include cash on hand, deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts and trade finance facilities are shown within borrowings in current liabilities in the balance sheet.2.8 TaxesIncome tax expense for the period comprises current tax expense and deferred tax expense.Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity.Deferred tax assets and liabilities are calculated on the basis of existing temporary differences between the carrying amounts of assets and liabilities in the financial statement and their tax basis, together with tax losses carried forward at the balance sheet date. Deferred tax assets and liabilities are calculated based on the tax rates and tax legislation that are expected to apply when the assets are realised or the liabilities are settled, based on the tax rates and tax legislation that have been enacted or substantially enacted on the balance sheet date.Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that is no longer probable that the deferred tax asset can be utilised. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity.The companies included in the consolidated financial statement are subject to income tax in the countries where they are domiciled.2.9 Revenue recognitionThe accounting policies for the group\u00b4s revenue from contracts with customers are explained in note 5.2.10 Earnings per shareThe calculation of basic earnings per share is based on the profit attributable to ordinary shares using the weighted average number of ordinary shares outstanding during the year after deduction of the average number of treasury shares held over the period.The calculation of diluted earnings per share is consistent with the calculation of the basic earnings per share, but gives at the same time effect to all dilutive potential ordinary shares that were outstanding during the period, by adjusting the profit/loss and the weighted average number of shares outstanding for the effects of all dilutive potential shares, i.e.: \u25cfThe profit/loss for the period attributable to ordinary shares is adjusted for changes in profit/loss that would result from the conversion of the dilutive potential ordinary shares. \u25cfThe weighted average number of ordinary shares is increased by the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary.2.11 ReservesExchange differences relating to the translation of the net assets of the group's foreign operations from their functional currency to the group's presentation currency is recognised directly in other comprehensive income and presented as \u201ctranslation differences\u201d in the statement of financial position and statement of changes in equity.2.12 LeasesThe group leases various offices, equipment and cars. Rental contracts are typically made for fixed periods of two to nine years but may have extension options.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u25cfFixed payments (including in-substance fixed payments), less any lease incentives receivable \u25cfvariable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date \u25cfamounts expected to be payable by the group under residual value guarantees \u25cfthe exercise price of a purchase option if the group is reasonably certain to exercise that option, and \u25cfpayments of penalties for terminating the lease, if the lease term reflects the group exercising that option.Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.The group determines the incremental borrowing rate based on the group\u2019s recent third-party financing in connection with the group\u2019s operations, together with an assessment of the nature of the asset. The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period.Right-of-use assets are measured at cost comprising the following: \u25cfThe amount of the initial measurement of lease liability \u25cfany lease payments made at or before the commencement date less any lease incentives received \u25cfany initial direct costs \u25cfrestoration costs.Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life.Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss.Extension and termination optionsExtension and termination options are included in several property and equipment leases across the group. These are used to maximise operational flexibility in terms of managing the assets used in the group\u2019s operations.2.13 Investment in associatesThe group has investments in an associate. Associates are entities over which the group has significant influence, but not control or joint control over the financial and operating management. The considerations made in determining whether the group has significant influence over an entity are similar to those necessary to determine control over subsidiaries. Associates are accounted for using the equity method from the date when significant influence is achieved until such influence ceases.Investments in associates are initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the group\u2019s share of net assets of the associate since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is nottested for impairment individually.The statement of profit or loss reflects the group\u2019s share of the results of operations of the associate. Unrealised gains and losses resulting from transactions between the group and the associate are eliminated to the extent of the interest in the associate. If there are indication of that the investment in the associate is impaired, the group will perform an impairment test of the carrying amount of the investment. Any impairment losses are recognised as share of profit of an associate in the statement of profit or loss. Upon loss of significant influence over the associate, and as such the equity method ceases, the group measures and recognises any retained investment at its fair value.The group deliver systems to be capitalised in associated company VGM. The related margin in Vow for such deliveries will not be recognised on delivery for the share owned by the group. Instead, it will be accrued and recognised proportionally over the useful life period of the asset in the associated company.2.14 Events after the balance sheet dateThe financial statements are adjusted to reflect events after the balance sheet date that provides evidence of conditions that existed at the date of the balance sheet (adjusting events). The financial statements are not adjusted to reflect events after the balance sheet date that are indicative of conditions that arose after the date of the balance sheet (non-adjusting events). Non-adjusting events are disclosed if significant.2.15 Changes in accounting policy and disclosuresThe group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting policiesIn February 2021 the International Accounting Standards Board issued Disclosure of Accounting Policies which amended IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements. The amendments require companies to disclose their material accounting policy information rather than their significant accounting policies. The amendment was effective for annual periods beginning on or after 1 January 2023. The group has performed a detailed analysis of its consolidated financial statements and present in Note 2 what is considered the material accounting principles.NOTE 05 SEGMENTS AND REVENUEThe group has identified three reportable operating segments as of December 31, 2023; Maritime Solutions (former: Projects Cruise), Industrial Solutions (former: Landbased) and Aftersales. The group's management uses the operating profit for each segment for assessments of the segment\u00b4s performance and for allocating resources. All transactions between operating segments are based on market terms.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__17": {
"value": "2.1 Basis for preparationThe consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union (EU) and in accordance with the additional requirements following the Norwegian Accounting Act.The financial statements have been prepared on a historical cost basis, except for derivative financial instruments.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__16": {
"value": "2.1 Basis for preparationThe consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union (EU) and in accordance with the additional requirements following the Norwegian Accounting Act.The financial statements have been prepared on a historical cost basis, except for derivative financial instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__18": {
"value": "2.2 Basis of consolidationSubsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through its power to direct the activitiesof the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet, respectively. If the group loses control over a subsidiary, it derecognises the assets, liabilities and non-controlling interest, and reclassify to profit or loss, or transfers directly to retained earnings as appropriate, the amounts recognised in other comprehensive income in relation to the subsidiary.The group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests, and any consideration paid or received, is recognised in a separate reserve within equity attributable to owners.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__20": {
"value": "2.3 Business combinationThe acquisition method of accounting is used to account for business combinations.The consideration comprises: fair value of the assets transferred, liabilities incurred to the former owners of acquired business, equity interests issued by the group, fair value of any assets or liability resulting from a contingent consideration arrangement and fair value of any pre-existing equity interest in the subsidiary.Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interests proportionate share of the acquired entity\u2019s net identifiable assets.Acquisition related costs are expensed as incurred.The excess of the sum of consideration transferred, amount of any non-controlling interest in the acquired entity and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets required, is recorded as goodwill. If, after reassessment, the group\u2019s interest in the net fair value of the acquired entity\u2019s identifiable assets, liabilities and contingent liabilities exceeds the total consideration of the business combination, the excess is recognised in the income statement immediately. Where settlement of any part of cash consideration is deferred, the future amounts payable are discounted to their present value as the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which similar borrowing could be obtained from an independent financier under comparable terms and conditions.Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, which changes in fair value recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__19": {
"value": "2.3 Business combinationThe acquisition method of accounting is used to account for business combinations.The consideration comprises: fair value of the assets transferred, liabilities incurred to the former owners of acquired business, equity interests issued by the group, fair value of any assets or liability resulting from a contingent consideration arrangement and fair value of any pre-existing equity interest in the subsidiary.Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interests proportionate share of the acquired entity\u2019s net identifiable assets.Acquisition related costs are expensed as incurred.The excess of the sum of consideration transferred, amount of any non-controlling interest in the acquired entity and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets required, is recorded as goodwill. If, after reassessment, the group\u2019s interest in the net fair value of the acquired entity\u2019s identifiable assets, liabilities and contingent liabilities exceeds the total consideration of the business combination, the excess is recognised in the income statement immediately. Where settlement of any part of cash consideration is deferred, the future amounts payable are discounted to their present value as the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which similar borrowing could be obtained from an independent financier under comparable terms and conditions.Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, which changes in fair value recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__21": {
"value": "2.4 Foreign currencyFunctional currency, presentation currency and consolidation: The group\u2019s presentation currency is Norwegian kroner (NOK). This is also the Parent company\u2019s functional currency. Financial positions for subsidiaries with a different functional currency, are converted to NOK at the rate applicable at the balance sheet date. Average exchange rates for each quarter are applied in translating the income statements. Exchange differences are recognised in other comprehensive income.Transactions in foreign currencyForeign currency transactions are translated into the functional currency using the exchange rates at the transaction date. Monetary balances in foreign currencies are translated into the functional currency at the exchange rates on the date of the balance sheet. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised under financial items in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__22": {
"value": "Functional currency, presentation currency and consolidation: The group\u2019s presentation currency is Norwegian kroner (NOK). This is also the Parent company\u2019s functional currency. Financial positions for subsidiaries with a different functional currency, are converted to NOK at the rate applicable at the balance sheet date. Average exchange rates for each quarter are applied in translating the income statements. Exchange differences are recognised in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__23": {
"value": "2.5 Intangible assetsIntangible assets acquired separately that have a finite useful life, are carried at cost less accumulated amortisation and any impairment charges. Amortisation is calculated on a straightline basis over the assets` expected useful life and adjusted for any impairment charges.Internally generated intangible assetsExpenditures on research activities, undertaken with the prospects of gaining new technical knowledge and understanding, are recognised in profit or loss as incurred.The group is constantly working with activities to optimise our portfolio of systems and technology. Development projects involve a plan or design to produce new or substantially improved products and processes. The cost related to the projects will be capitalised if the criteria for capitalisation is met. If costs for development shall be capitalised, the group must demonstrate, amongst others, that the technical feasibility is available, that the group has the intention to complete the asset and its ability to sell it. Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment losses. The intangible assets are amortised from the time it is available for use.At each year end, the group assess whether there is any indication that the asset may be impaired. If there is any indication of impairment, an impairment test is performed, and the assets or the cash generating unit\u2019s recoverable amount is calculated. When the recoverable amount is less than the carrying amount, an impairment loss is recognised in the income statement.The company has in the period 2013 to 2022 received refundable tax credits (\u201cSkattefunn\u201d). This is recognised in the financial statement as a reduction of book value in the intangible assets and as a current receivable.GoodwillGoodwill does not generate cash flows independently of other assets or groups of assets and is allocated to the cash generating units expected to benefit from the synergies of the combination that gave rise to the goodwill. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets.An impairment is recognised if the recoverable amount (the higher of fair value, less cost to sell, and value in use) of the cash-generating unit is less than the carrying amount of the cash-generating unit.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__24": {
"value": "GoodwillGoodwill does not generate cash flows independently of other assets or groups of assets and is allocated to the cash generating units expected to benefit from the synergies of the combination that gave rise to the goodwill. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets.An impairment is recognised if the recoverable amount (the higher of fair value, less cost to sell, and value in use) of the cash-generating unit is less than the carrying amount of the cash-generating unit.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__25": {
"value": "2.6 Trade receivables and other current receivablesTrade receivables and other current receivables are initially recognised at their transaction price (as defined in IFRS 15). The receivables are subsequently measured at amortised cost using the effective interest method, if the amortisation effect is material, less provision for impairment. Other current receivables include prepayments and receivables from any related parties.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__26": {
"value": "2.7 Cash and cash equivalentsCash and the equivalents include cash on hand, deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts and trade finance facilities are shown within borrowings in current liabilities in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__28": {
"value": "2.8 TaxesIncome tax expense for the period comprises current tax expense and deferred tax expense.Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity.Deferred tax assets and liabilities are calculated on the basis of existing temporary differences between the carrying amounts of assets and liabilities in the financial statement and their tax basis, together with tax losses carried forward at the balance sheet date. Deferred tax assets and liabilities are calculated based on the tax rates and tax legislation that are expected to apply when the assets are realised or the liabilities are settled, based on the tax rates and tax legislation that have been enacted or substantially enacted on the balance sheet date.Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that is no longer probable that the deferred tax asset can be utilised. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity.The companies included in the consolidated financial statement are subject to income tax in the countries where they are domiciled.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__27": {
"value": "2.8 TaxesIncome tax expense for the period comprises current tax expense and deferred tax expense.Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity.Deferred tax assets and liabilities are calculated on the basis of existing temporary differences between the carrying amounts of assets and liabilities in the financial statement and their tax basis, together with tax losses carried forward at the balance sheet date. Deferred tax assets and liabilities are calculated based on the tax rates and tax legislation that are expected to apply when the assets are realised or the liabilities are settled, based on the tax rates and tax legislation that have been enacted or substantially enacted on the balance sheet date.Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that is no longer probable that the deferred tax asset can be utilised. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity.The companies included in the consolidated financial statement are subject to income tax in the countries where they are domiciled.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__29-1": {
"value": "2.9 Revenue recognitionThe accounting policies for the group\u00b4s revenue from contracts with customers are explained in note 5.NOTE 05 SEGMENTS AND REVENUEThe group has identified three reportable operating segments as of December 31, 2023; Maritime Solutions (former: Projects Cruise), Industrial Solutions (former: Landbased) and Aftersales. The group's management uses the operating profit for each segment for assessments of the segment\u00b4s performance and for allocating resources. All transactions between operating segments are based on market terms.Maritime SolutionsProducts under the maritime solution segment are systems delivered from Vow ASA through its subsidiary Scanship AS where we provide advanced systems with technologies for processing waste and purifying wastewater for cruise ships and aquaculture. Production of Scanship systems is outsourced to subcontractors as the main activities in the subsidiary are R&D, engineering, sales and marketing, project management and service.Industrial SolutionsSales within the industrial solutions segment are systems and solutions provided by the group through its subsidiary ETIA and through the Norwegian operations. The Segment designs and provides plants for processing biomass, food products, and industry residues, which are widespread in the sectors of environment, agro-food and energy.Aftersales segmentRevenue in the after sales segment are sales of spare parts, consumables and services towards shipowners. The long-term revenue base within aftersales is increasing with the increasing number of cruise ships with the groups systems installed.REVENUE FROM CONTRACTS WITH CUSTOMERSMaritime Solutions segment - products and servicesNewbuilding cruiseThe group delivers clean ship systems to shipyards for newbuild constructions which includes advanced wastewater purification, waste management and food waste processing. RetrofitRetrofit are deliveries of the groups advanced systems to shipowners for ships that are in operations. Industrial Solutions segment - products and servicesBiogreenBiogreen is a patented pyrolysis process for converting biomass, plastics and waste into energy and useful products. The valorisation of waste is done with conversion into high value products such as biofuel, biochar and with conversion of plastics to electricity.SafesterilSafesteril is a patented sterilisation process for food and pharmaceutical ingredients.RoboticsThe group, through the ETIA subsidiary Ascodero, provided industrial robotics solutions including robotic systems for waste recycling processes. Ascodero was sold at year end 2023.Revenue from sales under Maritime Solutions and Industrial Solutions segments are construction contracts that typically contain the following elements: Design and engineering, production and delivery, commissioning. Based on evaluation done by management, these elements are not considered as to be accounted for separately but as one performance obligation. The construction typically consists of a design-phase (2-6 months), a procurement-phase (2-6months), an installation phase (1-2 months) and a commission phase (1-2 months). The construction process for newbuilding cruise vessels at the shipyards will normally be performed in phases over a 3-year period, meaning that our projects also will have a 3-year time span in total. For retrofit cruise projects the projects are normally completed within 9-12 months after the contract signing.The sales in new building cruise to shipyards often include a series of contract for systems to be delivered for separate vessels. In these cases, assessments are made on if the contracts should be accounted for as a single contract, with a combined measure of progress. Contracts may also include options for additional deliveries, the transaction price for the optional deliveries tends to be similar with the price for the firm deliveries. Hence, no adjustments are made for the transaction price. In determining the transaction price there may be are certain variable elements in the customer contracts related to time of delivery and specification of products that are assessed. These contractual elements have, based on historic prior deliveries, been considered as highly unlikely to occur or have effect on the consideration and have not affected the transaction price. The payment terms for newbuilding cruise contracts are normally between 5-10 per cent at contract signing, 80-90 per cent at delivery of the equipment and 5-10 per cent at commissioning/compliance. In certain projects there could be a payment term of between 1-5 per cent to be paid after two years when the warranty period expires. The financing components in contracts that this represents are not considered as significant. The assessments done by management on the variable elements in the consideration leads to that the transaction price is determined by the price set in the contracts. The payment terms for retrofit cruise contracts has a higher share of payments at the time of contract signing, normally around 40 per cent. This is also the case for the industrial projects through ETIA, which also normally has a 40 per cent payment term at contract signing.Revenue from sales under maritime and industrial segments are construction contracts that are recognised over time, as the deliveries are without alternative use, and the group has an enforceable right to payment for performance completed to date. Revenue is recognised in accordance with percentage of completion where incurred costs to date is used as the input method. The use of incurred cost is considered by management to be the most useful measure of completion on the construction contracts.Aftersales segment \u2013 products and servicesSpare partsAll new installations come with an extensive list of recommended spare parts and critical spares where the group through our head office supply spares and consumables both to new and existing installations. ChemicalsThe group offer chemicals in our product lines which have been developed over years to ensure optimal process performance and cost-efficient operations of the systems delivered. Products are delivered direct to vessels sailing world-wide. Today the group provides chemicals to most of the groups systems in the cruise industry.Work ordersWork orders are typically service - and maintenance performed by the service department in the group subsidiary Scanship Americas Inc based in the US. The group offers tailor-made service and maintenance programs to ensure the reliability and efficiency of the systems. Revenue from the sale of goods (chemicals and spare parts) is recognised at a point in time which is at delivery to the customer.Revenue reported as work orders is recognised in accordance with percentage of completion where incurred costs to date is used as the input method \u2013 following the principles as described for construction contracts.Payment for spare parts and consumables are typically due within 30 days, work orders between 30 and 60 days.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__30": {
"value": "2.10 Earnings per shareThe calculation of basic earnings per share is based on the profit attributable to ordinary shares using the weighted average number of ordinary shares outstanding during the year after deduction of the average number of treasury shares held over the period.The calculation of diluted earnings per share is consistent with the calculation of the basic earnings per share, but gives at the same time effect to all dilutive potential ordinary shares that were outstanding during the period, by adjusting the profit/loss and the weighted average number of shares outstanding for the effects of all dilutive potential shares, i.e.: \u25cfThe profit/loss for the period attributable to ordinary shares is adjusted for changes in profit/loss that would result from the conversion of the dilutive potential ordinary shares. \u25cfThe weighted average number of ordinary shares is increased by the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__31-1": {
"value": "2.11 ReservesExchange differences relating to the translation of the net assets of the group's foreign operations from their functional currency to the group's presentation currency is recognised directly in other comprehensive income and presented as \u201ctranslation differences\u201d in the statement of financial position and statement of changes in equity.f) Foreign exchange rate riskThe group is exposed to foreign exchange rate risk related to the value of NOK relative to other currencies, both through ownership of foreign companies (see note 17) and through sales in different currencies than the nominal currency (NOK). Mitigation of exchange rate risk in cash flows nominated in other currencies than NOK is done through derivative instruments against specific construction contracts from time to time, where the net exposure of revenue/purchase are secured.Exchange rate risk related to the specific group company is assessed as low as the margin remains independent of currency fluctuations. See also note 2.4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__32": {
"value": "2.12 LeasesThe group leases various offices, equipment and cars. Rental contracts are typically made for fixed periods of two to nine years but may have extension options.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u25cfFixed payments (including in-substance fixed payments), less any lease incentives receivable \u25cfvariable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date \u25cfamounts expected to be payable by the group under residual value guarantees \u25cfthe exercise price of a purchase option if the group is reasonably certain to exercise that option, and \u25cfpayments of penalties for terminating the lease, if the lease term reflects the group exercising that option.Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.The group determines the incremental borrowing rate based on the group\u2019s recent third-party financing in connection with the group\u2019s operations, together with an assessment of the nature of the asset. The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period.Right-of-use assets are measured at cost comprising the following: \u25cfThe amount of the initial measurement of lease liability \u25cfany lease payments made at or before the commencement date less any lease incentives received \u25cfany initial direct costs \u25cfrestoration costs.Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life.Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss.Extension and termination optionsExtension and termination options are included in several property and equipment leases across the group. These are used to maximise operational flexibility in terms of managing the assets used in the group\u2019s operations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__33": {
"value": "2.13 Investment in associatesThe group has investments in an associate. Associates are entities over which the group has significant influence, but not control or joint control over the financial and operating management. The considerations made in determining whether the group has significant influence over an entity are similar to those necessary to determine control over subsidiaries. Associates are accounted for using the equity method from the date when significant influence is achieved until such influence ceases.Investments in associates are initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the group\u2019s share of net assets of the associate since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is nottested for impairment individually.The statement of profit or loss reflects the group\u2019s share of the results of operations of the associate. Unrealised gains and losses resulting from transactions between the group and the associate are eliminated to the extent of the interest in the associate. If there are indication of that the investment in the associate is impaired, the group will perform an impairment test of the carrying amount of the investment. Any impairment losses are recognised as share of profit of an associate in the statement of profit or loss. Upon loss of significant influence over the associate, and as such the equity method ceases, the group measures and recognises any retained investment at its fair value.The group deliver systems to be capitalised in associated company VGM. The related margin in Vow for such deliveries will not be recognised on delivery for the share owned by the group. Instead, it will be accrued and recognised proportionally over the useful life period of the asset in the associated company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__34-1": {
"value": "2.14 Events after the balance sheet dateThe financial statements are adjusted to reflect events after the balance sheet date that provides evidence of conditions that existed at the date of the balance sheet (adjusting events). The financial statements are not adjusted to reflect events after the balance sheet date that are indicative of conditions that arose after the date of the balance sheet (non-adjusting events). Non-adjusting events are disclosed if significant.NOTE 26 EVENTS AFTER THE REPORTING PERIODVow subsidiary Scanship secured EUR 19.3 million cruise order and option and EUR 2.1 million change order In February, Vow ASA subsidiary Scanship AS was awarded a contract with a major European shipyard to deliver technology on what will be one of the world's largest cruise ships under construction. The contract covers equipment delivery in 2024 for a first ship and was first mentioned by Vow as an option in 2019. According to the new contract, the customer may order similar equipment for delivery to yet another ship in 2025. The total combined value of the firm order and the option for delivery to a second ship is EUR 19.3 million.Further, in April, Scanship secured EUR 2.1 million change order to two existing contracts in the company's backlog towards the same customer. The change order was related to existing contracts in the company's order backlog. With this change order, the total scope of the largest contract now amounts to EUR 10.4 million, ranking it as the largest single technology supply contract ever awarded to Scanship for a cruise ship under construction.Vow subsidiary C.H. Evensen awarded orders for a combined value of NOK 45 millionIn January and February, Vow ASA subsidiary C.H. Evensen was awarded contracts for a combined value of NOK 45 million with major European and Norwegian customers, of which several recurring. Amended loan agreement In August 2023, Vow secured NOK 620 million long-term financing with DNB. The facilities have been amended during February 2024 with updated covenants and repayment schedule. Please see note 13 for details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__35": {
"value": "NOTE 03 CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONSThe preparation of the financial statements in accordance with IFRS Accounting Standards requires management to make judgements, use estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses.The estimates and associated assumptions are based on historical experience and various other factors that are considered reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis.Estimates and assumptions which represent a significant risk of resulting in material adjustments to the carrying amounts of assets and liabilities are presented below.Revenue recognition for contracts under the cost-to-cost method (IFRS 15)Revenue is recognised based on estimated progress for each contract. Several estimates are made to calculate the stage of completion. These estimates have a direct influence over the amount of revenue that has been recognised. The uncertainty is highest related to these factors:Project \u2013 sales: \u25cfTotal estimated costs \u25cfPercentage of completion estimatesProjects are reviewed periodically to reduce the risk of material deviations in the estimates between periods. See note 5 for accounting policies for revenue from customers and contracts in progress.Intangible assetsAt year end the group assesses whether there is any indication that the asset may be impaired. The assessment is performed for each individual asset. To estimate the recoverable amount,the group prepare a discounted cash flow analysis for each intangible asset which is either under development or in use. The cash flow analysis contains the expected increase in revenue and expected cost to develop the asset. This cash flow is discounted, and the discounted value is compared with the booked value.The uncertainty is highest related to the following estimates: \u25cfExpected increase in revenue \u25cfExpected total cost to complete the development of the intangible asset \u25cfExpected date of completion of the intangible assetAt 31 December 2023, an impairment expense of NOK 0.7 million (NOK 0.6 million) was recognised related to intangible assets.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__36": {
"value": "NOTE 04 BUSINESS COMBINATIONSales of AscoderoIn December 2023 the group sold its subsidiary Ascodero, a specialised robotics company owned by Vow's French subsidiary ETIA. It is the expectation of both Vow and the buyer, that Ascodero's unique potential for growth can be more easily realised under the new ownership. With this transaction, Vow frees up management capacity and financial and other resources which will be directed towards its core markets in industrial decarbonisation and the circular economy.Ascodero has for the main part operated as a self-contained entity within the Vow group. For the first nine months of 2023 Ascodero constituted approximately three per cent of group revenue.Acquisition of C. H. Evensen Industriovner ASFor the outcome of the settlement of the convertible loan related to previous year's acquisition of C. H. Evensen Industriovner AS, please see note 14.",
"dimensions": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s7_notes__6__40": {
"value": "NOTE 05 SEGMENTS AND REVENUEThe group has identified three reportable operating segments as of December 31, 2023; Maritime Solutions (former: Projects Cruise), Industrial Solutions (former: Landbased) and Aftersales. The group's management uses the operating profit for each segment for assessments of the segment\u00b4s performance and for allocating resources. All transactions between operating segments are based on market terms.Maritime SolutionsProducts under the maritime solution segment are systems delivered from Vow ASA through its subsidiary Scanship AS where we provide advanced systems with technologies for processing waste and purifying wastewater for cruise ships and aquaculture. Production of Scanship systems is outsourced to subcontractors as the main activities in the subsidiary are R&D, engineering, sales and marketing, project management and service.Industrial SolutionsSales within the industrial solutions segment are systems and solutions provided by the group through its subsidiary ETIA and through the Norwegian operations. The Segment designs and provides plants for processing biomass, food products, and industry residues, which are widespread in the sectors of environment, agro-food and energy.Aftersales segmentRevenue in the after sales segment are sales of spare parts, consumables and services towards shipowners. The long-term revenue base within aftersales is increasing with the increasing number of cruise ships with the groups systems installed.Financial information operating segments: 2023 Maritime Industrial (Amounts in NOK million)SolutionsSolutions Aftersales Admin. TotalRevenue 375.5 364.5 178.5 (0.0) 918.5Total revenue 375.5 364.5 178.5 (0.0) 918.5Cost of sales (309.9) (227.7) (122.7) - (660.2)Employee expenses (37.9) (108.7) (24.3) (13.5) (184.2)Other operating expenses (15.9) (40.8) (9.3) (31.5) (97.4)EBITDA before non-recurring items 11.8 (12.5) 22.2 (45.0) (23.4)EBITDA before non-recurring items margin 3.1% (3.4%) 12.5% (2.6%) 1)Non-recurring items(14.6) (13.0) - (3.7) (31.3)EBITDA (2.8) (25.6) 22.2 (48.7) (54.7)Depreciation and amortisation (22.6) (25.7) (3.6) (51.9)Impairment (0.3) - - (0.3)Operating profit (25.7) (51.2) 18.7 (48.7) (106.9)2022 Maritime Industrial (Amounts in NOK million)SolutionsSolutions Aftersales Admin. TotalRevenue 358.6 304.3 119.9 - 782.8Total revenue 358.6 304.3 119.9 - 782.8Cost of sales (235.8) (175.0) (76.4) - (487.2)Employee expenses (37.0) (58.5) (24.3) (6.7) (126.6)Other operating expenses (8.8) (33.2) (5.2) (29.6) (76.8)EBITDA before non-recurring items 76.9 37.7 14.0 (36.4) 92.2EBITDA before non-recurring items margin 21.4% 12.4% 11.7% 11.8% 1)Non-recurring items - (4.5) - (2.2) (6.7)EBITDA 76.9 33.2 14.0 (38.6) 85.5Depreciation and amortisation (19.2) (10.9) (1.4) - (31.5)Impairment (0.1) - (0.6) - (0.7)Operating profit 57.6 22.3 12.1 (38.6) 53.31) The group has incurred costs of a non-recurring nature of NOK 31.3 million in 2023. NOK 22.3 million of these costs are related to contract accruals with a non-recurring nature, of which NOK 10.7 million is related to projects in the maritime segment and NOK 11.6 million is related to projects in the industrial segment. Of the remaining NOK 9 million, NOK 5.2 million are non-recurring project costs in the industrial and maritime segment, and NOK 3.8 million are non-recurring costs mainly related to the sale of Ascodero Productique S.A.S and implementation of a new ERP system. In 2022 the group incurred costs of NOK 6.7 million primarily related to the acquisition of C. H. Evensen.REVENUE FROM CONTRACTS WITH CUSTOMERSMaritime Solutions segment - products and servicesNewbuilding cruiseThe group delivers clean ship systems to shipyards for newbuild constructions which includes advanced wastewater purification, waste management and food waste processing. RetrofitRetrofit are deliveries of the groups advanced systems to shipowners for ships that are in operations. Industrial Solutions segment - products and servicesBiogreenBiogreen is a patented pyrolysis process for converting biomass, plastics and waste into energy and useful products. The valorisation of waste is done with conversion into high value products such as biofuel, biochar and with conversion of plastics to electricity.SafesterilSafesteril is a patented sterilisation process for food and pharmaceutical ingredients.RoboticsThe group, through the ETIA subsidiary Ascodero, provided industrial robotics solutions including robotic systems for waste recycling processes. Ascodero was sold at year end 2023.Revenue from sales under Maritime Solutions and Industrial Solutions segments are construction contracts that typically contain the following elements: Design and engineering, production and delivery, commissioning. Based on evaluation done by management, these elements are not considered as to be accounted for separately but as one performance obligation. The construction typically consists of a design-phase (2-6 months), a procurement-phase (2-6months), an installation phase (1-2 months) and a commission phase (1-2 months). The construction process for newbuilding cruise vessels at the shipyards will normally be performed in phases over a 3-year period, meaning that our projects also will have a 3-year time span in total. For retrofit cruise projects the projects are normally completed within 9-12 months after the contract signing.The sales in new building cruise to shipyards often include a series of contract for systems to be delivered for separate vessels. In these cases, assessments are made on if the contracts should be accounted for as a single contract, with a combined measure of progress. Contracts may also include options for additional deliveries, the transaction price for the optional deliveries tends to be similar with the price for the firm deliveries. Hence, no adjustments are made for the transaction price. In determining the transaction price there may be are certain variable elements in the customer contracts related to time of delivery and specification of products that are assessed. These contractual elements have, based on historic prior deliveries, been considered as highly unlikely to occur or have effect on the consideration and have not affected the transaction price. The payment terms for newbuilding cruise contracts are normally between 5-10 per cent at contract signing, 80-90 per cent at delivery of the equipment and 5-10 per cent at commissioning/compliance. In certain projects there could be a payment term of between 1-5 per cent to be paid after two years when the warranty period expires. The financing components in contracts that this represents are not considered as significant. The assessments done by management on the variable elements in the consideration leads to that the transaction price is determined by the price set in the contracts. The payment terms for retrofit cruise contracts has a higher share of payments at the time of contract signing, normally around 40 per cent. This is also the case for the industrial projects through ETIA, which also normally has a 40 per cent payment term at contract signing.Revenue from sales under maritime and industrial segments are construction contracts that are recognised over time, as the deliveries are without alternative use, and the group has an enforceable right to payment for performance completed to date. Revenue is recognised in accordance with percentage of completion where incurred costs to date is used as the input method. The use of incurred cost is considered by management to be the most useful measure of completion on the construction contracts.Aftersales segment \u2013 products and servicesSpare partsAll new installations come with an extensive list of recommended spare parts and critical spares where the group through our head office supply spares and consumables both to new and existing installations. ChemicalsThe group offer chemicals in our product lines which have been developed over years to ensure optimal process performance and cost-efficient operations of the systems delivered. Products are delivered direct to vessels sailing world-wide. Today the group provides chemicals to most of the groups systems in the cruise industry.Work ordersWork orders are typically service - and maintenance performed by the service department in the group subsidiary Scanship Americas Inc based in the US. The group offers tailor-made service and maintenance programs to ensure the reliability and efficiency of the systems. Revenue from the sale of goods (chemicals and spare parts) is recognised at a point in time which is at delivery to the customer.Revenue reported as work orders is recognised in accordance with percentage of completion where incurred costs to date is used as the input method \u2013 following the principles as described for construction contracts.Payment for spare parts and consumables are typically due within 30 days, work orders between 30 and 60 days.Disaggregation of revenue from contracts with customers2023Maritime Industrial (Amounts in NOK million)SolutionsSolutions Aftersales TotalMajor product groupsNewbuilding cruise 339.6 - - 339.6Retrofit 35.8 - - 35.8Heat treatment processes, furnaces (C.H. Evensen) - 94.1 - 94.1Biogreen - 209.2 - 209.2Safesteril - 31.4 - 31.4Robotics - 29.8 - 29.8Spareparts - - 94.9 94.9Chemicals - - 72.9 72.9Work orders - - 10.7 10.7Total revenue 375.5 364.5 178.5 918.51)Primary geographical marketsNorway - 120.5 13.0 133.6Europe 332.6 119.0 41.1 492.8Outside of Europe 42.8 125.1 124.3 292.2Total revenue 375.5 364.6 178.5 918.5Timing of revenue recognitionServices and goods transferred over time 375.5 364.5 10.7 750.7Goods transferred at a point of time - - 167.8 167.8Total revenue 375.5 364.5 178.5 918.51) Based on customer location.2023Maritime Industrial (Amounts in NOK million)SolutionsSolutions Aftersales TotalMajor product groupsNewbuilding cruise 322.2 - - 322.2Retrofit 36.3 - - 36.3Heat treatment processes, furnaces (C.H. Evensen) - 46.0 - 46.0Biogreen - 196.1 - 196.1Safesteril - 35.8 - 35.8Robotics - 26.5 - 26.5Spareparts - - 56.9 56.9Chemicals - - 47.1 47.1Work orders - - 15.8 15.8Total revenue 358.6 304.3 119.9 782.81)Primary geographical marketsNorway 0.4 185.9 8.1 194.3Europe 282.3 78.9 26.7 387.9Outside of Europe 75.9 39.6 85.0 200.5Total revenue 358.6 304.3 119.9 782.8Timing of revenue recognitionServices and goods transferred over time 358.6 304.3 15.8 678.7Goods transferred at a point of time - - 104.1 104.1Total revenue 358.6 304.3 119.9 782.81) Based on customer location.The group had three customers in 2023 and two customers in 2022 where the revenue individually was more than 10 per cent of group revenues. Revenue share of total group revenuesIn NOK million In per cent2023 2022 2023 2022Company 1 126.2 213.7 13.7% 27.3%Company 2 98.1 105.8 10.7% 13.5%Company 2 98.0 - 10.7% -Aftersales and Industrial Solutions segment does not have any customers where the revenue level exceeds 10 per cent of the group's revenue.Aggregated amount of the transaction price allocated to the performance obligation that are partially or fully unsatisfied is NOK 1 034 million at year end 2023.This is consistent with the order backlog of NOK 1 034 million. The backlog will be recognised as revenue of the next six years, where the most significant revenue recognition will occur over the next three years. Assets related to contracts with customers(Amounts in NOK million) 2023 2022Trade receivables 241.0 192.1Contract assets 270.3 339.2Contract accruals 171.0 141.0Contract assets consist of recognised revenue less payment received from customers.",
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"s7_notes__6__38": {
"value": "NOTE 05 SEGMENTS AND REVENUEThe group has identified three reportable operating segments as of December 31, 2023; Maritime Solutions (former: Projects Cruise), Industrial Solutions (former: Landbased) and Aftersales. The group's management uses the operating profit for each segment for assessments of the segment\u00b4s performance and for allocating resources. All transactions between operating segments are based on market terms.",
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"s7_notes__6__37": {
"value": "NOTE 05 SEGMENTS AND REVENUEThe group has identified three reportable operating segments as of December 31, 2023; Maritime Solutions (former: Projects Cruise), Industrial Solutions (former: Landbased) and Aftersales. The group's management uses the operating profit for each segment for assessments of the segment\u00b4s performance and for allocating resources. All transactions between operating segments are based on market terms.Maritime SolutionsProducts under the maritime solution segment are systems delivered from Vow ASA through its subsidiary Scanship AS where we provide advanced systems with technologies for processing waste and purifying wastewater for cruise ships and aquaculture. Production of Scanship systems is outsourced to subcontractors as the main activities in the subsidiary are R&D, engineering, sales and marketing, project management and service.Industrial SolutionsSales within the industrial solutions segment are systems and solutions provided by the group through its subsidiary ETIA and through the Norwegian operations. The Segment designs and provides plants for processing biomass, food products, and industry residues, which are widespread in the sectors of environment, agro-food and energy.Aftersales segmentRevenue in the after sales segment are sales of spare parts, consumables and services towards shipowners. The long-term revenue base within aftersales is increasing with the increasing number of cruise ships with the groups systems installed.Financial information operating segments: 2023 Maritime Industrial (Amounts in NOK million)SolutionsSolutions Aftersales Admin. TotalRevenue 375.5 364.5 178.5 (0.0) 918.5Total revenue 375.5 364.5 178.5 (0.0) 918.5Cost of sales (309.9) (227.7) (122.7) - (660.2)Employee expenses (37.9) (108.7) (24.3) (13.5) (184.2)Other operating expenses (15.9) (40.8) (9.3) (31.5) (97.4)EBITDA before non-recurring items 11.8 (12.5) 22.2 (45.0) (23.4)EBITDA before non-recurring items margin 3.1% (3.4%) 12.5% (2.6%) 1)Non-recurring items(14.6) (13.0) - (3.7) (31.3)EBITDA (2.8) (25.6) 22.2 (48.7) (54.7)Depreciation and amortisation (22.6) (25.7) (3.6) (51.9)Impairment (0.3) - - (0.3)Operating profit (25.7) (51.2) 18.7 (48.7) (106.9)2022 Maritime Industrial (Amounts in NOK million)SolutionsSolutions Aftersales Admin. TotalRevenue 358.6 304.3 119.9 - 782.8Total revenue 358.6 304.3 119.9 - 782.8Cost of sales (235.8) (175.0) (76.4) - (487.2)Employee expenses (37.0) (58.5) (24.3) (6.7) (126.6)Other operating expenses (8.8) (33.2) (5.2) (29.6) (76.8)EBITDA before non-recurring items 76.9 37.7 14.0 (36.4) 92.2EBITDA before non-recurring items margin 21.4% 12.4% 11.7% 11.8% 1)Non-recurring items - (4.5) - (2.2) (6.7)EBITDA 76.9 33.2 14.0 (38.6) 85.5Depreciation and amortisation (19.2) (10.9) (1.4) - (31.5)Impairment (0.1) - (0.6) - (0.7)Operating profit 57.6 22.3 12.1 (38.6) 53.31) The group has incurred costs of a non-recurring nature of NOK 31.3 million in 2023. NOK 22.3 million of these costs are related to contract accruals with a non-recurring nature, of which NOK 10.7 million is related to projects in the maritime segment and NOK 11.6 million is related to projects in the industrial segment. Of the remaining NOK 9 million, NOK 5.2 million are non-recurring project costs in the industrial and maritime segment, and NOK 3.8 million are non-recurring costs mainly related to the sale of Ascodero Productique S.A.S and implementation of a new ERP system. In 2022 the group incurred costs of NOK 6.7 million primarily related to the acquisition of C. H. Evensen.REVENUE FROM CONTRACTS WITH CUSTOMERSMaritime Solutions segment - products and servicesNewbuilding cruiseThe group delivers clean ship systems to shipyards for newbuild constructions which includes advanced wastewater purification, waste management and food waste processing. RetrofitRetrofit are deliveries of the groups advanced systems to shipowners for ships that are in operations. Industrial Solutions segment - products and servicesBiogreenBiogreen is a patented pyrolysis process for converting biomass, plastics and waste into energy and useful products. The valorisation of waste is done with conversion into high value products such as biofuel, biochar and with conversion of plastics to electricity.SafesterilSafesteril is a patented sterilisation process for food and pharmaceutical ingredients.RoboticsThe group, through the ETIA subsidiary Ascodero, provided industrial robotics solutions including robotic systems for waste recycling processes. Ascodero was sold at year end 2023.Revenue from sales under Maritime Solutions and Industrial Solutions segments are construction contracts that typically contain the following elements: Design and engineering, production and delivery, commissioning. Based on evaluation done by management, these elements are not considered as to be accounted for separately but as one performance obligation. The construction typically consists of a design-phase (2-6 months), a procurement-phase (2-6months), an installation phase (1-2 months) and a commission phase (1-2 months). The construction process for newbuilding cruise vessels at the shipyards will normally be performed in phases over a 3-year period, meaning that our projects also will have a 3-year time span in total. For retrofit cruise projects the projects are normally completed within 9-12 months after the contract signing.The sales in new building cruise to shipyards often include a series of contract for systems to be delivered for separate vessels. In these cases, assessments are made on if the contracts should be accounted for as a single contract, with a combined measure of progress. Contracts may also include options for additional deliveries, the transaction price for the optional deliveries tends to be similar with the price for the firm deliveries. Hence, no adjustments are made for the transaction price. In determining the transaction price there may be are certain variable elements in the customer contracts related to time of delivery and specification of products that are assessed. These contractual elements have, based on historic prior deliveries, been considered as highly unlikely to occur or have effect on the consideration and have not affected the transaction price. The payment terms for newbuilding cruise contracts are normally between 5-10 per cent at contract signing, 80-90 per cent at delivery of the equipment and 5-10 per cent at commissioning/compliance. In certain projects there could be a payment term of between 1-5 per cent to be paid after two years when the warranty period expires. The financing components in contracts that this represents are not considered as significant. The assessments done by management on the variable elements in the consideration leads to that the transaction price is determined by the price set in the contracts. The payment terms for retrofit cruise contracts has a higher share of payments at the time of contract signing, normally around 40 per cent. This is also the case for the industrial projects through ETIA, which also normally has a 40 per cent payment term at contract signing.Revenue from sales under maritime and industrial segments are construction contracts that are recognised over time, as the deliveries are without alternative use, and the group has an enforceable right to payment for performance completed to date. Revenue is recognised in accordance with percentage of completion where incurred costs to date is used as the input method. The use of incurred cost is considered by management to be the most useful measure of completion on the construction contracts.Aftersales segment \u2013 products and servicesSpare partsAll new installations come with an extensive list of recommended spare parts and critical spares where the group through our head office supply spares and consumables both to new and existing installations. ChemicalsThe group offer chemicals in our product lines which have been developed over years to ensure optimal process performance and cost-efficient operations of the systems delivered. Products are delivered direct to vessels sailing world-wide. Today the group provides chemicals to most of the groups systems in the cruise industry.Work ordersWork orders are typically service - and maintenance performed by the service department in the group subsidiary Scanship Americas Inc based in the US. The group offers tailor-made service and maintenance programs to ensure the reliability and efficiency of the systems. Revenue from the sale of goods (chemicals and spare parts) is recognised at a point in time which is at delivery to the customer.Revenue reported as work orders is recognised in accordance with percentage of completion where incurred costs to date is used as the input method \u2013 following the principles as described for construction contracts.Payment for spare parts and consumables are typically due within 30 days, work orders between 30 and 60 days.Disaggregation of revenue from contracts with customers2023Maritime Industrial (Amounts in NOK million)SolutionsSolutions Aftersales TotalMajor product groupsNewbuilding cruise 339.6 - - 339.6Retrofit 35.8 - - 35.8Heat treatment processes, furnaces (C.H. Evensen) - 94.1 - 94.1Biogreen - 209.2 - 209.2Safesteril - 31.4 - 31.4Robotics - 29.8 - 29.8Spareparts - - 94.9 94.9Chemicals - - 72.9 72.9Work orders - - 10.7 10.7Total revenue 375.5 364.5 178.5 918.51)Primary geographical marketsNorway - 120.5 13.0 133.6Europe 332.6 119.0 41.1 492.8Outside of Europe 42.8 125.1 124.3 292.2Total revenue 375.5 364.6 178.5 918.5Timing of revenue recognitionServices and goods transferred over time 375.5 364.5 10.7 750.7Goods transferred at a point of time - - 167.8 167.8Total revenue 375.5 364.5 178.5 918.51) Based on customer location.2023Maritime Industrial (Amounts in NOK million)SolutionsSolutions Aftersales TotalMajor product groupsNewbuilding cruise 322.2 - - 322.2Retrofit 36.3 - - 36.3Heat treatment processes, furnaces (C.H. Evensen) - 46.0 - 46.0Biogreen - 196.1 - 196.1Safesteril - 35.8 - 35.8Robotics - 26.5 - 26.5Spareparts - - 56.9 56.9Chemicals - - 47.1 47.1Work orders - - 15.8 15.8Total revenue 358.6 304.3 119.9 782.81)Primary geographical marketsNorway 0.4 185.9 8.1 194.3Europe 282.3 78.9 26.7 387.9Outside of Europe 75.9 39.6 85.0 200.5Total revenue 358.6 304.3 119.9 782.8Timing of revenue recognitionServices and goods transferred over time 358.6 304.3 15.8 678.7Goods transferred at a point of time - - 104.1 104.1Total revenue 358.6 304.3 119.9 782.81) Based on customer location.The group had three customers in 2023 and two customers in 2022 where the revenue individually was more than 10 per cent of group revenues. Revenue share of total group revenuesIn NOK million In per cent2023 2022 2023 2022Company 1 126.2 213.7 13.7% 27.3%Company 2 98.1 105.8 10.7% 13.5%Company 2 98.0 - 10.7% -Aftersales and Industrial Solutions segment does not have any customers where the revenue level exceeds 10 per cent of the group's revenue.Aggregated amount of the transaction price allocated to the performance obligation that are partially or fully unsatisfied is NOK 1 034 million at year end 2023.This is consistent with the order backlog of NOK 1 034 million. The backlog will be recognised as revenue of the next six years, where the most significant revenue recognition will occur over the next three years. Assets related to contracts with customers(Amounts in NOK million) 2023 2022Trade receivables 241.0 192.1Contract assets 270.3 339.2Contract accruals 171.0 141.0Contract assets consist of recognised revenue less payment received from customers.",
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"entity": "scheme:5967007LIEEXZXGUAO90",
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},
"s7_notes__6__44-1": {
"value": "NOTE 06 EMPLOYEE EXPENSE, REMUNERATION TO MANAGEMENT AND BOARD OF DIRECTORS AND SHARE OPTION PLAN(Amounts in NOK million) 2023 2022Salaries 188.3 142.7Social security tax 26.0 19.7Pension costs 10.7 7.3Other benefits 9.3 5.9Option program 0.7 1.7Total employee expenses 235.0 177.4Employee expenses recognised within cost of goods sold (31.2) (31.2)Employee expenses capitalised as R&D (19.5) (19.5)Total costs recognised as employee expenses 184.2 126.6Full time equivalents 269.2 230.9Remuneration to management and board of directors in 20231)(Amounts in NOK million) Title Salaries Pension OtherOptions TotalManagementHenrik Badin Chief executive officer 2.9 0.1 0.0 - 3.0Tina T\u00f8nnessen Chief financial officer (from 01.05.2023) 1.0 0.1 0.0 - 1.1Jonny Hansen Chief operating officer 2.2 0.1 0.4 - 2.6Per Carlsson Chief technical officer (from 01.03.2023) 1.2 0.1 0.0 0.1 1.4Malena Morsbach Chief of staff (from 01.03.2023) 1.0 0.1 0.0 - 1.1Erik Magelssen Chief financial officer (until 30.04.2023) 0.8 0.0 0.1 - 0.9Henning Mohn Chief regulatory officer (until 28.02.2023) 0.2 0.0 0.0 - 0.3Asgeir Wien Chief development officer (until 28.02.2023) 0.3 0.0 0.0 - 0.3Bj\u00f8rn Abraham Bache Chief commercial officer (until 24.03.2023) 0.4 0.0 0.1 - 0.5Board of directorsNarve Reiten Chair 0.5 - - - 0.5Susanne L. R. Schneider Director 0.3 - - - 0.3B\u00e5rd Brath Inger\u00f8 Director 0.3 - - - 0.3Hanne Refsholt Director 0.3 - - - 0.3Total 11.4 0.4 0.6 0.1 12.41) Includes company car if applicable, insurances, electronic communication etc. Management and board of directors have no agreements covering severance payment or bonus.No loans have been granted or guarantees pledged to management or board of directors.The management team is included in a share-based option plan.Remuneration to management and board of directors in 20221)(Amounts in NOK million) Title Salaries Pension OtherOptions TotalManagementHenrik Badin Chief executive officer 2.7 0.1 0.2 0.0 2.9Erik Magelssen Chief financial officer 1.8 0.1 0.2 0.0 2.1Henning Mohn Chief technology officer 1.5 0.1 0.0 0.0 1.6Asgeir Wien Chief development officer 1.7 0.1 0.2 0.0 1.9Bj\u00f8rn Abraham Bache Chief commercial officer 1.6 0.1 0.2 0.0 1.9Jonny Hansen Chief operating officer 1.9 0.1 0.3 0.0 2.3Board of directorsNarve Reiten Chair 0.4 - - - 0.4Susanne L. R. Schneider Director 0.2 - - - 0.2B\u00e5rd Brath Inger\u00f8 Director 0.3 - - - 0.3Hanne Refsholt Director 0.3 - - - 0.3Total 12.3 0.4 1.1 0.2 14.01) Includes company car if applicable, insurances, electronic communication etc. Management and board of directors have no agreements covering severance payment or bonus.No loans have been granted or guarantees pledged to management or board of directors.The management team is included in a share-based option plan.PensionThe companies in the group domiciled in Norway are required to have an occupational pension scheme in accordance with the Norwegian law of mandatory occupational pension (lov om obligatorisk tjenestepensjon). The group's pension scheme fulfills the requirements of that law.The group's pension scheme covers all employees which are subject to these requirements. The scheme is based on a contribution plan.The group has no other pension arrangements in place.(Amounts in NOK million) 2023 2022Service cost 10.1 6.9Social security tax 0.6 0.4Net pension costs 10.7 7.3Share option planThe group has a share option plan covering certain employees in senior positions. As of 31 December 2023, six employees in the group were included in the option programme, and due to the demerger of Vow Green Metals AS, additional two employees within Vow Green Metals AS have options with Vow ASA. The option vests yearly over three years.In relation to the option programme, a total of 1 470 000 options were granted in 2019, a total of 450 000 options were granted in 2021, and a total of 140 000 options were granted in 2022. 360 001 options from this programme were exercised in 2020, 380 000 options were exercised in 2021, and 201 001 options were exercised in 2022. No options were granted in 2023.Method of settlement:Options that have been exercised shall, in the discretion of the company, be settled by either:(i) the issuance by the company of new shares to the option holder(ii) the sale by the company of treasury shares to the option holder; or(iii) the transfer to the option holder of a NOK amount for each exercised option equal to the market price of the shares in the company less the exercise price.The method of settlement is at the discretion of the company. The share option plan is therefor accounted for as an equity settlement.Vesting requirements:The options granted shall vest with 1/3 on the first anniversary of the grant date, 1/3 on the second anniversary of the grant date and 1/3 on the third anniversary of the grant date. Options held by an option holder do only vest if the option holder at the vesting date is employed by a company in the group and the employment is not in a notice period. The option programme has a term of three years plus a limited exercise period. Any option not exercised on or prior to the expiry date, shall terminate without any compensation being payable to the option holder. Overview of outstanding options:2023 2022Outstanding options 1 January 590 000 1 166 666 Options granted - 140 000 Options forfeited - (66 667)Options exercised - (201 001)Options expired (173 333) (448 998)Outstanding options 31 December 416 667 590 000 Of which are exercisable 416 667 590 000 Equity transaction During 2020, 360 001 of the outstanding options were exercised. The transactions was settled by issuing 360 001 newshares, by a capital increase of NOK 36 000, at the exercise price of NOK 17.90. Following the issuance of new shares, the issued share capital of Vow ASA was 10 925 987. Consisting of 109 259 870 shares, each with a par value of NOK 0.10.During 2021, 380 000 of the outstanding options were exercised. The transactions was settled by issuing 380 000 newshares, by a capital increase of NOK 35 530, at the exercise price of NOK 16.74. Following the issuance of new shares, the issued share capital of Vow ASA was NOK 10 718 827. Consisting of 114 639 870 shares, each with a par value of NOK 0.0935.During 2022, 201 001 of the outstanding options were exercised. The transactions was settled by issuing 201 001 newshares, by a capital increase of NOK 18 794, at the exercise price of NOK 16.74. Following the issuance of new shares, the issued share capital of Vow ASA was NOK 10 737 621. Consisting of 114 840 871 shares, each with a par value of NOK 0.0935.During 2023, none of the outstanding options were exercised.The outstanding options are subject to the following conditions:Average Number of Expiry datestrike priceshare options30.06.2024 33.79 276 667 30.06.2024 21.00 140 000 Total 416 667 The fair value of the options has been calculated using Black & Scholes option-pricing model.The calculations are based on the following assumptions:Share price on the grant dateThe share price is set to the stock exchange price on the grant date.The strike price per optionThe strike price is the share price on the grant date.VolatilityIt is assumed that historic volatility of comparable shares is an indication of future volatility. The expected volatility is therefore stipulated to be the same as the historic volatility, which equals a volatility of 40.0 per cent. The term of the option276 666 granted options in 2021 expires 30 June 2024.140 000 granted options in 2022 expires 30 June 2024.DividendThe estimated dividend per share is NOK 0 per annum.Risk-free interest rateThe risk-free interest rate is set equal to a weighted average calculation of interest rate on government bonds during the term of the option, and is set at 2.31 per cent at year-end 2023.NOTE 07 OTHER OPERATING EXPENSES, REMUNERATION TO AUDITOR AND COSTS FOR DEMERGER, LISTING AND STRATEGIC PROCESSESOther operating expenses include:(Amounts in NOK million) 2023 2022Travel expenses 14.7 9.4Lease expenses 19.4 8.9Consultants and other fees, expenses 55.0 49.7Other office expenses 8.2 11.8Insurance fees 5.2 3.8Total 102.5 83.5Remuneration to auditor is allocated as specified below:(Amounts in NOK million) 2023 2022Statutory audits 2.7 2.3Other assurance services 0.2 0.4Total excl. VAT 2.9 2.6NOTE 19 TAXSpecification of income tax: (Amounts in NOK million) 2023 2022Income tax payable 0.7 (3.0)Change in deferred tax (6.7) 10.9Total income tax expenses (6.0) 7.9Specification of temporary differences and deferred tax:(Amounts in NOK million) 31 Dec 2023 31 Dec 2022Property, plant and equipment (13.8) (14.0)Intangibles 28.9 32.2Construction contracts 515.7 551.9Deferred income (34.4) (16.8)Other items 0.3 (0.3)Receivables - (0.3)Leasing (2.0) (1.4)Tax loss carryforward (501.1) (401.8)Total temporary differences (6.4) 149.5Not recognised tax loss carry forward 138.6 21.5Total basis for deferred tax 132.2 171.0Net deferred tax liability (22%) 29.1 37.6Reconciliation of effective tax rate:(Amounts in NOK million) 2023 2022Profit before income tax (158.2) 22.3Expected income tax assessed at the tax rate for the parent company (22%) (34.8) 4.9Adjusted for tax effect of the following items:Permanent differences 4.0 5.5Unrecognised deferred tax assets 25.8 2.9Tax refund from previous years - (3.0)Deferred tax from business combination (0.2) (2.3)Currency translation effects (0.7) (0.1)Total income tax expenses (6.0) 7.9NOTE 21 INTANGIBLE ASSETSThe group has several different ongoing development projects developing waste to energy-, waste- and waste water solutions, in order to strengthen the competitiveness and meet the new and stricter requirements and new industry standards.A significant part of the product development cost consists of working hours performed by Vow's own employees. 2023:(Amounts in NOK million) Software R&D Technology GoodwillCost:At 1 January 2023 21.9 313.3 45.0 179.3Additions 5.2 98.8 - - Disposals from sale of assets - (7.9) - -Disposals from business combination - - (1.1) (17.7)Impairment - - - - Translation difference - 6.2 1.7 10.0At 31 December 2023 27.1 410.4 45.6 171.6Amortisation and impairment:At 1 January 2023 (1.6) (34.5) (11.3) - Amortisation (6.1) (9.4) (3.5) - Impairment - (0.3) - - At 31 December 2023 (7.7) (44.2) (14.7) 0.0Carrying amount at 31 December 2023 19.4 366.2 30.9 171.6Useful life 7 years 3-20 years 10 yearsDepreciation method Linear Linear Linear2022:(Amounts in NOK million) Software R&D Technology GoodwillCost:At 1 January 2022 7.8 223.6 34.1 1 37.8Additions 14.1 85.1 0.0 - Additions from business combination - 0.2 9.8 34.2Impairment - 0.0 - - Translation difference - 4.3 1.2 7.2At 31 December 2022 21.9 313.3 45.0 179.3Amortisation and impairment:At 1 January 2022 0.0 (25.1) (7.8) - Amortisation (1.6) (8.8) (3.5) - Impairment - (0.7) - - At 31 December 2022 (1.6) (34.5) (11.3) - Carrying amount at 31 December 2022 20.3 278.8 33.7 179.3Useful life 7 years 3-20 years 10 yearsDepreciation method Linear Linear LinearAdditions consist of internally developed intangible assets and purchase of goods and services related to the internally developed intangibly assets. As of 31 December 2023, NOK 157.0 million of carrying amount are still under development, while NOK 151.2 million is related to finalised projects which are subject to amortisation. Funding from \"Skattefunn\" has reduced the total cost with NOK 9.2 million, while funding from \"Innovasjon Norge\" and EU have both reduced the total cost with NOK 12.4 million (NOK 21.6 million combined).Goodwill and intangible assets with indefinite useful livesGoodwill of 171.6 million acquired through business combination is included in the Industrial Solutions CGU for impairment testing purposes. Industrial Solutions is also an operating segment.The group performs a test for impairment in January each year. Each quarter the group assesses whether there are any indications of impairment. The relationship between the group market capitalisation and its book value is among the factors considered when reviewing for indicators of impairment. In 2023 the market capitalisation of the group exceeded the book value of its equity. The recoverable amount of the CGUs as at 31 December 2023 has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering five years. The projected cash flows have been updated to reflect the current development of demand for products and services provided by the CGU.The pre-tax discount rate applied to cash flow projections is 14.2 per cent (2022: 20.0 per cent) and cash flows beyond the five-year period are extrapolated using an exit multiple of 10x (2022: 10x). It was concluded that the value in use exceeds the carrying amount and management did not identify an impairment for this CGU.One project has been recorded for impairment in 2023, and one was impaired in 2022.Key assumptions used in value in use calculations and sensitivity to changes in assumptionsThe calculation of value in use for both electronic and fire prevention equipment units is most sensitive to the following assumptions: \u25cfUnit sales, sales price, and gross margin \u25cfDiscount rates \u25cfGrowth rates used to extrapolate cash flows beyond the forecast periodClimate-related matters \u2013 The group constantly monitors the latest government legislation in relation to matters related to climate. No such legislation has currently been passed that will have a negative impact on the group. The group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumptionsshould a change be required.Unit sales, sales price, and gross margin \u2013 Both unit sales, sales price, and gross margin are affected by demand and market circumstances. The combination of managements\u2019 in-depth knowledge of the current development in these factors and calculated average values achieved over preceding periods are used as the basis for the value in use calculation.The gross margins for the Industrial Solutions CGU applied in the forecast model do not exceed 40 per cent. Decreased demand can lead to a decline in the gross margin.Discount rates \u2212 The discount rate is derived from the group's internal rate of return (IRR) and corresponds to WACC. The discount rate represents the current market assessment of the risks identified, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on specific circumstances of the group and its operating segments.The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment-specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future tax flows in order to reflect a pre-tax discount rate.Growth estimate \u2013 The growth rate is based on industry knowledge and external and internal factors. Management expects strong growth but recognises that the speed of technological change and the possibility of new entrants can have an impact on growth rate assumptions.A sensitivity analysis has been performed to determine if a reasonable change in key assumptions would cause the carrying amount to exceed the recoverable amount. The group has not identified the need for impairment, as the recoverable amount exceeds the carrying amount by significant margins. With an increased discount rate by 5.8 percentage points from 14.2 per cent to 20 per cent, a reduction in the EBITDA margin of 12-14 percentage points and a decrease of 10 per cent in revenues, the recoverable amount still exceeds the carrying amount with a significant margin.",
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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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"s7_notes__6__45": {
"value": "SHARE OPTION PLAN(Amounts in NOK million) 2023 2022Salaries 188.3 142.7Social security tax 26.0 19.7Pension costs 10.7 7.3Other benefits 9.3 5.9Option program 0.7 1.7Total employee expenses 235.0 177.4Employee expenses recognised within cost of goods sold (31.2) (31.2)Employee expenses capitalised as R&D (19.5) (19.5)Total costs recognised as employee expenses 184.2 126.6Full time equivalents 269.2 230.9Remuneration to management and board of directors in 20231)(Amounts in NOK million) Title Salaries Pension OtherOptions TotalManagementHenrik Badin Chief executive officer 2.9 0.1 0.0 - 3.0Tina T\u00f8nnessen Chief financial officer (from 01.05.2023) 1.0 0.1 0.0 - 1.1Jonny Hansen Chief operating officer 2.2 0.1 0.4 - 2.6Per Carlsson Chief technical officer (from 01.03.2023) 1.2 0.1 0.0 0.1 1.4Malena Morsbach Chief of staff (from 01.03.2023) 1.0 0.1 0.0 - 1.1Erik Magelssen Chief financial officer (until 30.04.2023) 0.8 0.0 0.1 - 0.9Henning Mohn Chief regulatory officer (until 28.02.2023) 0.2 0.0 0.0 - 0.3Asgeir Wien Chief development officer (until 28.02.2023) 0.3 0.0 0.0 - 0.3Bj\u00f8rn Abraham Bache Chief commercial officer (until 24.03.2023) 0.4 0.0 0.1 - 0.5Board of directorsNarve Reiten Chair 0.5 - - - 0.5Susanne L. R. Schneider Director 0.3 - - - 0.3B\u00e5rd Brath Inger\u00f8 Director 0.3 - - - 0.3Hanne Refsholt Director 0.3 - - - 0.3Total 11.4 0.4 0.6 0.1 12.41) Includes company car if applicable, insurances, electronic communication etc. Management and board of directors have no agreements covering severance payment or bonus.No loans have been granted or guarantees pledged to management or board of directors.The management team is included in a share-based option plan.Remuneration to management and board of directors in 20221)(Amounts in NOK million) Title Salaries Pension OtherOptions TotalManagementHenrik Badin Chief executive officer 2.7 0.1 0.2 0.0 2.9Erik Magelssen Chief financial officer 1.8 0.1 0.2 0.0 2.1Henning Mohn Chief technology officer 1.5 0.1 0.0 0.0 1.6Asgeir Wien Chief development officer 1.7 0.1 0.2 0.0 1.9Bj\u00f8rn Abraham Bache Chief commercial officer 1.6 0.1 0.2 0.0 1.9Jonny Hansen Chief operating officer 1.9 0.1 0.3 0.0 2.3Board of directorsNarve Reiten Chair 0.4 - - - 0.4Susanne L. R. Schneider Director 0.2 - - - 0.2B\u00e5rd Brath Inger\u00f8 Director 0.3 - - - 0.3Hanne Refsholt Director 0.3 - - - 0.3Total 12.3 0.4 1.1 0.2 14.01) Includes company car if applicable, insurances, electronic communication etc. Management and board of directors have no agreements covering severance payment or bonus.No loans have been granted or guarantees pledged to management or board of directors.The management team is included in a share-based option plan.PensionThe companies in the group domiciled in Norway are required to have an occupational pension scheme in accordance with the Norwegian law of mandatory occupational pension (lov om obligatorisk tjenestepensjon). The group's pension scheme fulfills the requirements of that law.The group's pension scheme covers all employees which are subject to these requirements. The scheme is based on a contribution plan.The group has no other pension arrangements in place.(Amounts in NOK million) 2023 2022Service cost 10.1 6.9Social security tax 0.6 0.4Net pension costs 10.7 7.3Share option planThe group has a share option plan covering certain employees in senior positions. As of 31 December 2023, six employees in the group were included in the option programme, and due to the demerger of Vow Green Metals AS, additional two employees within Vow Green Metals AS have options with Vow ASA. The option vests yearly over three years.In relation to the option programme, a total of 1 470 000 options were granted in 2019, a total of 450 000 options were granted in 2021, and a total of 140 000 options were granted in 2022. 360 001 options from this programme were exercised in 2020, 380 000 options were exercised in 2021, and 201 001 options were exercised in 2022. No options were granted in 2023.Method of settlement:Options that have been exercised shall, in the discretion of the company, be settled by either:(i) the issuance by the company of new shares to the option holder(ii) the sale by the company of treasury shares to the option holder; or(iii) the transfer to the option holder of a NOK amount for each exercised option equal to the market price of the shares in the company less the exercise price.The method of settlement is at the discretion of the company. The share option plan is therefor accounted for as an equity settlement.Vesting requirements:The options granted shall vest with 1/3 on the first anniversary of the grant date, 1/3 on the second anniversary of the grant date and 1/3 on the third anniversary of the grant date. Options held by an option holder do only vest if the option holder at the vesting date is employed by a company in the group and the employment is not in a notice period. The option programme has a term of three years plus a limited exercise period. Any option not exercised on or prior to the expiry date, shall terminate without any compensation being payable to the option holder. Overview of outstanding options:2023 2022Outstanding options 1 January 590 000 1 166 666 Options granted - 140 000 Options forfeited - (66 667)Options exercised - (201 001)Options expired (173 333) (448 998)Outstanding options 31 December 416 667 590 000 Of which are exercisable 416 667 590 000 Equity transaction During 2020, 360 001 of the outstanding options were exercised. The transactions was settled by issuing 360 001 newshares, by a capital increase of NOK 36 000, at the exercise price of NOK 17.90. Following the issuance of new shares, the issued share capital of Vow ASA was 10 925 987. Consisting of 109 259 870 shares, each with a par value of NOK 0.10.During 2021, 380 000 of the outstanding options were exercised. The transactions was settled by issuing 380 000 newshares, by a capital increase of NOK 35 530, at the exercise price of NOK 16.74. Following the issuance of new shares, the issued share capital of Vow ASA was NOK 10 718 827. Consisting of 114 639 870 shares, each with a par value of NOK 0.0935.During 2022, 201 001 of the outstanding options were exercised. The transactions was settled by issuing 201 001 newshares, by a capital increase of NOK 18 794, at the exercise price of NOK 16.74. Following the issuance of new shares, the issued share capital of Vow ASA was NOK 10 737 621. Consisting of 114 840 871 shares, each with a par value of NOK 0.0935.During 2023, none of the outstanding options were exercised.The outstanding options are subject to the following conditions:Average Number of Expiry datestrike priceshare options30.06.2024 33.79 276 667 30.06.2024 21.00 140 000 Total 416 667 The fair value of the options has been calculated using Black & Scholes option-pricing model.The calculations are based on the following assumptions:Share price on the grant dateThe share price is set to the stock exchange price on the grant date.The strike price per optionThe strike price is the share price on the grant date.VolatilityIt is assumed that historic volatility of comparable shares is an indication of future volatility. The expected volatility is therefore stipulated to be the same as the historic volatility, which equals a volatility of 40.0 per cent. The term of the option276 666 granted options in 2021 expires 30 June 2024.140 000 granted options in 2022 expires 30 June 2024.DividendThe estimated dividend per share is NOK 0 per annum.Risk-free interest rateThe risk-free interest rate is set equal to a weighted average calculation of interest rate on government bonds during the term of the option, and is set at 2.31 per cent at year-end 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__43": {
"value": "PensionThe companies in the group domiciled in Norway are required to have an occupational pension scheme in accordance with the Norwegian law of mandatory occupational pension (lov om obligatorisk tjenestepensjon). The group's pension scheme fulfills the requirements of that law.The group's pension scheme covers all employees which are subject to these requirements. The scheme is based on a contribution plan.The group has no other pension arrangements in place.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__47": {
"value": "NOTE 07 OTHER OPERATING EXPENSES, REMUNERATION TO AUDITOR AND COSTS FOR DEMERGER, LISTING AND STRATEGIC PROCESSESOther operating expenses include:(Amounts in NOK million) 2023 2022Travel expenses 14.7 9.4Lease expenses 19.4 8.9Consultants and other fees, expenses 55.0 49.7Other office expenses 8.2 11.8Insurance fees 5.2 3.8Total 102.5 83.5Remuneration to auditor is allocated as specified below:(Amounts in NOK million) 2023 2022Statutory audits 2.7 2.3Other assurance services 0.2 0.4Total excl. VAT 2.9 2.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__46": {
"value": "NOTE 07 OTHER OPERATING EXPENSES, REMUNERATION TO AUDITOR AND COSTS FOR DEMERGER, LISTING AND STRATEGIC PROCESSESOther operating expenses include:(Amounts in NOK million) 2023 2022Travel expenses 14.7 9.4Lease expenses 19.4 8.9Consultants and other fees, expenses 55.0 49.7Other office expenses 8.2 11.8Insurance fees 5.2 3.8Total 102.5 83.5Remuneration to auditor is allocated as specified below:(Amounts in NOK million) 2023 2022Statutory audits 2.7 2.3Other assurance services 0.2 0.4Total excl. VAT 2.9 2.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__49": {
"value": "Remuneration to auditor is allocated as specified below:(Amounts in NOK million) 2023 2022Statutory audits 2.7 2.3Other assurance services 0.2 0.4Total excl. VAT 2.9 2.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s7_notes__6__50": {
"value": "NOTE 08 INVENTORIESInventories include:(Amounts in NOK million) 31 Dec 2023 31 Dec 20221)Cost of goods (at cost)36.1 54.6Total inventories at cost 36.1 54.61) Inventory is used both for input in construction contracts (raw materials) and for Aftersales.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__51-1": {
"value": "NOTE 09 TRADE RECEIVABLES(Amounts in NOK million) 31 Dec 2023 31 Dec 2022Gross trade receivables 242.9 194.7Allowance for doubtful debts (2.0) (2.6)Net trade receivables 241.0 192.1Trade receivables are non-interest bearing and generally on 30-60 day terms.In 2023 the group had impairment of NOK 3.4 million. The impairment is mainly related to two customers in France which has gone through legal liquidations. The group has close on-go-ing contact with and good knowledge of the customers. The trade receivables are reviewed regularly and evaluated for pos-sible impairment. As of 31 December, the aging analysis of trade receivables is as follows:Neither past Past due but not impaireddue nor (Amounts in NOK million) Totalimpaired<30 days 30-60 days 61-90 days > 90 days31 December 2023 241.0 80.6 15.6 51.2 29.0 64.731 December 2022 192.1 106.4 18.6 13.3 (4.2) 58.0There are few disputes on the total amounts past due 60 days, hence the allowance for doubtful debts.The group has a credit risk insurance agreement (\"kredittforsikring\") related to trade receivables, that reduces the ultimate credit risk, with both Tryg Garanti and Allianz Trade.NOTE 10 OTHER RECEIVABLES AND PREPAYMENTSOther receivables include:(Amounts in NOK million) 31 Dec 2023 31 Dec 2022VAT receivable 17.2 24.6Prepaid expenses and other items 90.7 45.1Receivables \"Skattefunn\"/tax benefits 0.4 15.9 1)Subsidies2.0 2.4Other items 10.1 13.5Total 120.4 101.51) Subsidies mainly relate to a R&D specific project, plastics-to-olefins, delivered by the subsidiary ETIA Ecotechnologies S.A.S in partnership with Repsol and other industry partners. The project aims to demonstrate a novel plastics recycling process based on high-temperature ETIA Spirajoule pyrolysis technology. The project receives funding from the European Union's Horizon Europe Reasearch and Innovation Programme.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__52": {
"value": "NOTE 10 OTHER RECEIVABLES AND PREPAYMENTSOther receivables include:(Amounts in NOK million) 31 Dec 2023 31 Dec 2022VAT receivable 17.2 24.6Prepaid expenses and other items 90.7 45.1Receivables \"Skattefunn\"/tax benefits 0.4 15.9 1)Subsidies2.0 2.4Other items 10.1 13.5Total 120.4 101.51) Subsidies mainly relate to a R&D specific project, plastics-to-olefins, delivered by the subsidiary ETIA Ecotechnologies S.A.S in partnership with Repsol and other industry partners. The project aims to demonstrate a novel plastics recycling process based on high-temperature ETIA Spirajoule pyrolysis technology. The project receives funding from the European Union's Horizon Europe Reasearch and Innovation Programme.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__54": {
"value": "NOTE 11 CASH AND CASH EQUIVALENTS(Amounts in NOK million) 31 Dec 2023 31 Dec 2022Bank deposits 57.5 42.5Total cash and cash equivalents 57.5 42.5Of this:Restricted cash for withheld taxes from employees salaries 6.8 5.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s7_notes__6__56": {
"value": "NOTE 12 SHARE CAPITAL AND SHAREHOLDER INFORMATION31 Dec 2023 31 Dec 2022Number of outstanding shares at 1 January 114 840 871 114 639 870 Number of outstanding shares at 31 December 114 840 871 114 840 871 Nominal value NOK per share at 31 December 0.0935 0.0935Share capital NOK at 31 December 10 737 621 10 737 621 Vow ASA has one class of shares with equal rights of all shares.DividendThe group did not pay out dividend in 2023.Largest shareholders of Vow ASA > 1%: 31 December 2023Name Number % Share 1)Inger\u00f8 Reiten Investment Company AS 31 145 000 27.1% 3)Daler Inn Limited 10 000 000 8.7% 4)Exproco Limited 9 960 000 8.7% 2)Badin Invest Limited 9 900 000 8.6%Clearstream Banking S.A. 5 591 256 4.9% 5)Trethom AS 3 546 122 3.1%Fondsavanse AS 3 000 000 2.6%BNP Paribas 1 735 111 1.5%State Street Bank and Trust Comp 1 331 642 1.2%Avanza Bank AB 1 138 253 1.0%Total 77 347 384 67.4%1) Inger\u00f8 Reiten Investment Company AS is owned by the chairman of the board Narve Reiten (61.0%), and board member B\u00e5rd Brath Inger\u00f8 (33.8%). 2) Henrik Badin owns shares privately and through his holding company Badin Invest Limited.3) Asgeir Wien owns shares through his holding company Daler Inn Limited.4) Jonny Hansen owns shares privately and through his holding company Exproco Limited.5) Eigel Ingvar Thom has full ownership of Trethom AS, and holds a total ownership, direct and indirect, of 4.6% of the shares. Number of shares owned by group management and board of directors:Name Number of shares in % Share 1)Inger\u00f8 Reiten Investment Company AS 31 145 000 27.12% 2)Henrik Badin (CEO) 9 973 333 8.68% 3)Jonny Hansen (COO) 10 040 000 8.74%Susanne Lene Rangnes Schneider (board director) 40 000 0.03%Egil Haugsdal (board director) 38 000 0.03%Total 51 236 333 44.6%1) Inger\u00f8 Reiten Investment Company AS is owned by the chairman of the board Narve Reiten (61.0%), and board member B\u00e5rd Brath Inger\u00f8 (33.8%). 2) Henrik Badin owns shares privately and through his holding company Badin Invest Limited. 3) Jonny Hansen owns shares privately and through his holding company Exproco Limited.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__55": {
"value": "NOTE 12 SHARE CAPITAL AND SHAREHOLDER INFORMATION31 Dec 2023 31 Dec 2022Number of outstanding shares at 1 January 114 840 871 114 639 870 Number of outstanding shares at 31 December 114 840 871 114 840 871 Nominal value NOK per share at 31 December 0.0935 0.0935Share capital NOK at 31 December 10 737 621 10 737 621 Vow ASA has one class of shares with equal rights of all shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__57": {
"value": "NOTE 13 BORROWINGLong-term borrowing(Amounts in NOK million) 31 Dec 2023 31 Dec 2022Other long-term interest-bearing debt 340.1 186.2Conditional loans related to R&D (ETIA) 5.7 6.8Balance 31 December 345.8 192.9Short-term borrowing(Amounts in NOK million) 31 Dec 2023 31 Dec 2022Other short term interest-bearing debt 81.8 191.0Convertible loan - 28.5Balance 31 December 81.8 219.5In August 2023, Vow secured NOK 620 million long-term financing with DNB. The debt package consists of a NOK 380 million term loan, a NOK 160 million overdraft facility and a NOK 80 million trade finance facility. The facilities have been amended during February 2024 with updated covenants and repayment schedule.Vow ASA has loans with DNB with a total balance of NOK 380 million. The NOK 380 million term loan with DNB is drawn up as per 31 December 2023, in addition Scanship AS has loan with Innovasjon Norge with a balance of NOK 12.6 million. The group has NOK 81.8 million classified as short-term borrowing as of 31 December 2023.Bank overdraft / trade finance facility: (Amounts in NOK million) 31 Dec 2023 31 Dec 2022Bank overdraft facility 132.8 26.1Trade finance facility 78.8 35.3Balance 31 December 211.6 61.4Scanship AS has a bank overdraft facility with a limit of NOK 160 million, as well as a trade finance facility with limit of NOK 80 million, in total NOK 240 million. The interest rate for the bank overdraft facility is currently NIBOR 1M + 2.2% p.a.C.H. Evensen has drawn NOK 17.2 million of its bank overdraft facility with a limit of NOK 25 million.CovenantsVow ASA has the following covenants for loans, bank overdraft and trade finance facility in DNB ASA: \u25cfDebt Service Coverage Ratio (DSCR) to be > 1.3x as of Q4 2024. (Measured half-yearly at group level based on last-twelve-months rolling basis). \u25cfMinimum equity ratio of 20 per cent of total assets for the period Q4 2023 up to Q4 2024, and minimum equity ratio of 25 per cent of total assets as of Q4 2024. \u25cfNIBD/EBITDA ratio not to exceed 2.5x as of Q4 2024 (Measured quarterly at group level based on last-twelve-months rolling basis). \u25cfThe group has minimum quarterly EBITDA measurements, for the quarterly periods Q1, Q2 and Q3 2024. \u25cfAny additional loans raised in the group to be approved by DNB ASA.The Vow group is not in breach with the covenants as of 31 December 2023.MortgagesBook value of assets securing the bank loan and overdraft facility:(Amounts in NOK million) 31 Dec 2023 31 Dec 2022Property, plant and equipment 40.5 43.9Inventory 36.1 54.6Trade receivables 241.0 192.1Total value of assets pledged 317.6 290.6Reconciliation of liabilities from financing activitiesBank overdraft and Leasing (Amounts in NOK million) Borrowingstrade finance facilityliabilities TotalAt 1 January 2023 384.0 61.4 37.5 482.8Proceeds from borrowings 395.1 - - 395.1Repayment of borrowings (351.7) - - (351.7)Payment of lease liabilities - - (13.0) (13.0)Net use of bank overdraft and trade finance facility - 150.2 - 150.2Total 427.4 211.6 24.4 663.4Non-cash changesNew leasing contracts - - 57.8 57.8Effect of exchange differences 0.2 - 0.6 0.8Total non-cash changes 0.2 - 58.3 58.6At 31 December 2023 427.6 211.6 82.7 721.9Bank overdraft and Leasing (Amounts in NOK million) Borrowingstrade finance facilityliabilities TotalAt 1 January 2022 280.3 2.1 25.1 307.5Proceeds from borrowings 149.2 - - 149.2Repayment of borrowings (47.9) - - (47.9)Payment of lease liabilities - - (11.9) (11.9)Net use of bank overdraft and trade finance facility - 59.3 - 59.3Total 381.5 61.4 13.3 456.2Non-cash changesBusiness combination - - 23.5 23.5Effect of exchange differences 2.4 - 0.7 3.1Total non-cash changes 2.4 - 24.2 26.6At 31 December 2022 384.0 61.4 37.5 482.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__58": {
"value": "NOTE 14 CONVERTIBLE LOANA part of the settlement of the purchase price for C. H. Evensen in 2022 was a Vendor Note of NOK 25 million to the Seller to be settled 14 months after the closing date. The Vendor note was interest free and included a right for the Seller to demand settlement in Vow shares listed on the Oslo Stock Exchange for NOK 25 per share. The Vendor note was valued at NOK 28.3m as a convertible loan. The right to demand settlement in Vow shares was not exercised and the vendor note was paid in full thon May 30 2023. This gave a net impact of NOK 3,3 million.Furthermore, the parties agreed that a possible additional price/ reduction up to NOK 10 million was triggered depending on how the seller managed to meet given criteria in the ongoing building process of a Biocarbon reactor, referred to as \u201cThe Large Solution\u201d. The additional price was to be settled by the purchaser in cash or in Vow shares within 14 months after closing date. In case of settlement in shares, each Vow share wouls represent a price equal to VWAP per Vow share calculated based on the last five days before share subscription. The possible additional price was valued to NOK ~210k by discounting management\u2019s expected outcome to present value. The parties agreed that the outcome of the large solution would not be measurable, and that this elemet no longer applies. This gave an net impact of NOK 0,2 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__61": {
"value": "NOTE 15 OTHER CURRENT LIABILITIES(Amounts in NOK million) 31 Dec 2023 31 Dec 2022Public duties payable 15.0 12.5Prepayments from customers 11.3 12.7Accrued holiday pay and remuneration 19.6 16.4 1)Short term loan \u2013 related parties (ETIA)0.1 0.3Other payables and accruals for incurred costs 14.9 3.1Total 60.9 44.91) See note 17.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__60": {
"value": "NOTE 15 OTHER CURRENT LIABILITIES(Amounts in NOK million) 31 Dec 2023 31 Dec 2022Public duties payable 15.0 12.5Prepayments from customers 11.3 12.7Accrued holiday pay and remuneration 19.6 16.4 1)Short term loan \u2013 related parties (ETIA)0.1 0.3Other payables and accruals for incurred costs 14.9 3.1Total 60.9 44.91) See note 17.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__59": {
"value": "NOTE 15 OTHER CURRENT LIABILITIES(Amounts in NOK million) 31 Dec 2023 31 Dec 2022Public duties payable 15.0 12.5Prepayments from customers 11.3 12.7Accrued holiday pay and remuneration 19.6 16.4 1)Short term loan \u2013 related parties (ETIA)0.1 0.3Other payables and accruals for incurred costs 14.9 3.1Total 60.9 44.91) See note 17.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__62": {
"value": "NOTE 16 EARNINGS PER SHAREBasic EPS is calculated by dividing the profit for the year attributable to the ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.Diluted EPS is calculated by dividing the profit attributable to the ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on exercise of the share options into ordinary shares, plus the weighted average number of treasury shares.The following table reflects the income and share data used in the basic and diluted EPS computations:2023 2022Profit for the year (NOK million) (152.3) 14.4 1)Weighted average number of shares outstanding 113 840 871 113 922 961 Effects of dilution from:Share options 1 904 651 1 844 850 Treasury shares 1 000 000 1 000 000 Convertible loan - 1 000 000 1)Weighted average number of shares adjusted for the effectof dilution 116 745 522 117 767 811 Earnings per share (NOK per share):- Basic (1.34) 0.13- Diluted (1.32) 0.121) The weighted average number of shares takes into account the weighted average effect of changes in treasury shares during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__63": {
"value": "NOTE 17 TRANSACTIONS WITH RELATED PARTIESThe Consolidated Financial Statement is prepared for Vow ASA as the ultimate parent. Vow ASA is the owner, direct or indirect, of 100 per cent of the shares in Scanship AS, Scanship Americas Inc., Scanship Poland Sp z o.o., Vow Industries AS, ETIA Ecotechnologies S.A.S, C. H. Evensen Industriovner AS, Vow US Inc. and Vow-US Inc. In addition, Scanship AS has 50.1 per cent ownership in Vow Automation AS. See section (c) for total overview.(a) Purchases:(Amounts in NOK million) 2023 2022By Purchase of services from Description of services 1)ETIA Ecotechnologies S.A.S SCFI S.A.SManagement/consultancy 1.9 2.5 2)ETIA Ecotechnologies S.A.S LSI S.A.SProperty rental/lease 1.4 1.2 3)Vow ASA Reiten & Co ASConsultancy 1.6 - 4)Scanship AS Advokatfirmaet Skagast\u00f8l DALegal services 1.5 -Total 6.5 3.71) SCFI S.A.S is wholly owned by Mr Philippe Sajet, co-founder of ETIA Ecotechnologies S.A.S. 2) LSI S.A.S is equally owned by Mr Olivier Lepez, co-founder of ETIA Ecotechnologies S.A.S and Mr Philippe Sajet. 3) Reiten & Co AS is wholly owned by Inger\u00f8 Reiten Investment Company AS, with a shareholding of 27.1% in Vow ASA. The consultancy service purchased is related to the sale of Ascodero, see note 4.4) Legal services purchased from Advokatfirmaet Skagast\u00f8l DA are provided by Susanne L. R. Schneider, Director of the board. See note 6. Ms. Schneider was employed by Kvale Advokatfirma DA until end of January 2023. The fees for legal services delivered during this period is included.Transactions from LCFI S.A.S and SCFI S.A.S relates to work performed by co-founder and CEO of ETIA group Olivier Lepez and co-founder and CTO Philippe Sajet. The transactions are based on a fixed rate according to agreements, and allocated to \"Salary expenses\" in the P&L. LSI S.A.S is the owner of the office and warehouse facilities ETIA Ecotechnologies rents, and is recognised as an item under IFRS 16. See further information regarding IFRS 16 in note 24 Leases. (b) Sales:(Amounts in NOK million) 2023 2022By Sale to Description 1)ETIA Ecotechnologies S.A.S LCFI S.A.SManagement/consultancy - 0.1ETIA Ecotechnologies S.A.S SCFI S.A.S Management/consultancy - 0.1 2)Scanship AS Vow Green Metals ASConsultancy service 1.1 0.4 2)Scanship AS Vow Green Metals ASProcess equipment 12.5 36.9 3)Scanship AS VGM Operat\u00f8r ASProcess equipment 18.4 - Total 32.1 37.61) LCFI S.A.S is wholly owned by Mr Olivier Lepez, co-founder of ETIA Ecotechnologies S.A.S.2) Vow Green Metals AS is an associate to Vow ASA with a shareholding of 30.4% in the company.3) VGM Operat\u00f8r AS is a wholly owned subsidiary of Vow Green Metals AS. The company was registered 01.03.2023 and will lease and operate buildings and related infrastructure at Vow Green Metals AS' biocarbon production facility.The group have entered into a contract with Vow Green Metals AS for delivery of process equipment for the Follum project. According to which the group will deliver process equipment and engineering support to Vow Green Metals\u2019 biocarbon plant at Follum in Norway. Gross margin from process equipment delivery is eliminated proportionally to the group shareholding in the company. The elimination is included as share of net profit from associated company under financial items. See note 18 for more information. The group also delivers consultancy service to Vow Green Metals AS. The servises comprise accounting, IT and administration services. (c) Balance with related parties:(Amounts in NOK million) 31 Dec 2023 31 Dec 2022Receivable inScanship AS Vow Green Metals AS 1.2 0.5Scanship AS VGM Operat\u00f8r AS 18.4 - Vow ASA Vow Green Metals AS 0.0 1.0Total receivables from related parties 19.7 1.5Liabilities inETIA Ecotechnologies S.A.S LSI S.A.S - 0.1ETIA Ecotechnologies S.A.S SCFI S.A.S 0.1 0.1Total liabilities to related parties 0.1 0.3Liabilities toward related parties are not interest bearing. (d) Overview of subsidiaries:The following subsidaries are included in the consolidated financial statements:Date of acquisition/ Country of % equity and CompanyIncorporationincorporationvoting shareScanship Americas Inc. 01.12.2008 USA 100%Scanship AS 01.03.2007 Norway 100%Scanship Poland Sp z o.o. 12.08.2014 Poland 100%ETIA Ecotechnologies S.A.S 15.10.2019 France 100%Biogreen Africa S.A.S 15.10.2019 France 57%Vow Industries AS 07.11.2019 Norway 100%C. H. Evensen Industriovner AS 30.03.2022 Norway 100%Vow Automation AS 15.07.2022 Norway 50.1%Vow-US Inc. 01.01.2022 USA 100%Vow US Inc. 10.04.2022 USA 100%Remuneration to management and board of directors: See note 6.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__64": {
"value": "(d) Overview of subsidiaries:The following subsidaries are included in the consolidated financial statements:Date of acquisition/ Country of % equity and CompanyIncorporationincorporationvoting shareScanship Americas Inc. 01.12.2008 USA 100%Scanship AS 01.03.2007 Norway 100%Scanship Poland Sp z o.o. 12.08.2014 Poland 100%ETIA Ecotechnologies S.A.S 15.10.2019 France 100%Biogreen Africa S.A.S 15.10.2019 France 57%Vow Industries AS 07.11.2019 Norway 100%C. H. Evensen Industriovner AS 30.03.2022 Norway 100%Vow Automation AS 15.07.2022 Norway 50.1%Vow-US Inc. 01.01.2022 USA 100%Vow US Inc. 10.04.2022 USA 100%Remuneration to management and board of directors: See note 6.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__66": {
"value": "NOTE 18 INVESTMENT IN ASSOCIATE COMPANYThe concept, design and business plan for developing a plant producing biocarbon using pyrolysis technology was demerged from Vow ASA into Vow Green Metals (VGM) in 2021. Shares in VGM was distributed to the shareholders of Vow ASA. The transaction was considered as distribution of assets other than cash as dividends to its owners (IFRIC 17). Fair value of VGM at the point of demerger was NOK 492 million and carrying value set at NOK 150 million, giving a fair value gain of the consideration shares distributed to the shareholders in Vow ASA at NOK 341.6 million. The gain of NOK 341.6 million was recorded as income under financial items in 2021.Following the demerger on 9 July 2021, Vow ASA holds 30.4 per cent of the shares in VGM and recognises it as an associate company which is accounted for using the equity method in the consolidated financial statements. The investment was recognised at fair value at inception and are subsequently adjusted for share of profits and potential dividends from VGM. The group\u2019s share of profit or loss from the associate company is included in profit or loss under financial items. The following table illustrates the summarised financial information of the group\u2019s investment in Vow Green Metals:(Amounts in NOK million) 2023 2022Current assets 46.4 43.6Non-current assets 136.8 88.1Current liabilities (32.6) (5.6)Non-current liabilities (50.6) (0.2)Equity 100.0 125.9Group\u2019s share in equity \u2013 30.4% 30.4 38.2Goodwill 68.9 82.2Group\u2019s carrying amount of the investment 99.3 120.5(Amounts in NOK million) 2023 2022Administrative expenses (23.9) (17.4)Depreciation and amortisation (0.8) (0.3)Finance income 0.0 0.3Finance costs (1.3) (0.0)Profit before tax (26.0) (17. 4)Income tax expense - - Profit for the year (26.0) (17.4)Total comprehensive income for the year (26.0) (17.4)Group\u2019s share of profit for the year, incl. eliminated internal gain effects (21.2) (22.1)VGM was listed on Oslo Stock Exchange 12 July 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__65": {
"value": "NOTE 18 INVESTMENT IN ASSOCIATE COMPANYThe concept, design and business plan for developing a plant producing biocarbon using pyrolysis technology was demerged from Vow ASA into Vow Green Metals (VGM) in 2021. Shares in VGM was distributed to the shareholders of Vow ASA. The transaction was considered as distribution of assets other than cash as dividends to its owners (IFRIC 17). Fair value of VGM at the point of demerger was NOK 492 million and carrying value set at NOK 150 million, giving a fair value gain of the consideration shares distributed to the shareholders in Vow ASA at NOK 341.6 million. The gain of NOK 341.6 million was recorded as income under financial items in 2021.Following the demerger on 9 July 2021, Vow ASA holds 30.4 per cent of the shares in VGM and recognises it as an associate company which is accounted for using the equity method in the consolidated financial statements. The investment was recognised at fair value at inception and are subsequently adjusted for share of profits and potential dividends from VGM. The group\u2019s share of profit or loss from the associate company is included in profit or loss under financial items. The following table illustrates the summarised financial information of the group\u2019s investment in Vow Green Metals:(Amounts in NOK million) 2023 2022Current assets 46.4 43.6Non-current assets 136.8 88.1Current liabilities (32.6) (5.6)Non-current liabilities (50.6) (0.2)Equity 100.0 125.9Group\u2019s share in equity \u2013 30.4% 30.4 38.2Goodwill 68.9 82.2Group\u2019s carrying amount of the investment 99.3 120.5(Amounts in NOK million) 2023 2022Administrative expenses (23.9) (17.4)Depreciation and amortisation (0.8) (0.3)Finance income 0.0 0.3Finance costs (1.3) (0.0)Profit before tax (26.0) (17. 4)Income tax expense - - Profit for the year (26.0) (17.4)Total comprehensive income for the year (26.0) (17.4)Group\u2019s share of profit for the year, incl. eliminated internal gain effects (21.2) (22.1)VGM was listed on Oslo Stock Exchange 12 July 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__68": {
"value": "NOTE 19 TAXSpecification of income tax: (Amounts in NOK million) 2023 2022Income tax payable 0.7 (3.0)Change in deferred tax (6.7) 10.9Total income tax expenses (6.0) 7.9Specification of temporary differences and deferred tax:(Amounts in NOK million) 31 Dec 2023 31 Dec 2022Property, plant and equipment (13.8) (14.0)Intangibles 28.9 32.2Construction contracts 515.7 551.9Deferred income (34.4) (16.8)Other items 0.3 (0.3)Receivables - (0.3)Leasing (2.0) (1.4)Tax loss carryforward (501.1) (401.8)Total temporary differences (6.4) 149.5Not recognised tax loss carry forward 138.6 21.5Total basis for deferred tax 132.2 171.0Net deferred tax liability (22%) 29.1 37.6Reconciliation of effective tax rate:(Amounts in NOK million) 2023 2022Profit before income tax (158.2) 22.3Expected income tax assessed at the tax rate for the parent company (22%) (34.8) 4.9Adjusted for tax effect of the following items:Permanent differences 4.0 5.5Unrecognised deferred tax assets 25.8 2.9Tax refund from previous years - (3.0)Deferred tax from business combination (0.2) (2.3)Currency translation effects (0.7) (0.1)Total income tax expenses (6.0) 7.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__67": {
"value": "NOTE 19 TAXSpecification of income tax: (Amounts in NOK million) 2023 2022Income tax payable 0.7 (3.0)Change in deferred tax (6.7) 10.9Total income tax expenses (6.0) 7.9Specification of temporary differences and deferred tax:(Amounts in NOK million) 31 Dec 2023 31 Dec 2022Property, plant and equipment (13.8) (14.0)Intangibles 28.9 32.2Construction contracts 515.7 551.9Deferred income (34.4) (16.8)Other items 0.3 (0.3)Receivables - (0.3)Leasing (2.0) (1.4)Tax loss carryforward (501.1) (401.8)Total temporary differences (6.4) 149.5Not recognised tax loss carry forward 138.6 21.5Total basis for deferred tax 132.2 171.0Net deferred tax liability (22%) 29.1 37.6Reconciliation of effective tax rate:(Amounts in NOK million) 2023 2022Profit before income tax (158.2) 22.3Expected income tax assessed at the tax rate for the parent company (22%) (34.8) 4.9Adjusted for tax effect of the following items:Permanent differences 4.0 5.5Unrecognised deferred tax assets 25.8 2.9Tax refund from previous years - (3.0)Deferred tax from business combination (0.2) (2.3)Currency translation effects (0.7) (0.1)Total income tax expenses (6.0) 7.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__70": {
"value": "NOTE 20 PROPERTY, PLANT AND EQUIPMENT2023: Office, furniture (Amounts in NOK million)and equipment Cost:At 1 January 2023 79.0Additions 16.2Disposals from business combination (5.5)Disposals (0.1)Translation difference 1.6At 31 December 2023 91.2Depreciation and impairment:At 1 January 2023 (35.1)Depreciation this year (15.6)At 31 December 2023 (50.6)Carrying amount at 31 December 2023 40.5Useful life 3-10 yearsDepreciation method Linear2022 Office, furniture (Amounts in NOK million)and equipment Cost:At 1 January 2022 43.3Additions 18.0Additions from business combination 16.9Disposals - Translation difference 0.8At 31 December 2022 79.0Depreciation and impairment:At 1 January 2022 (21.0)Additions (9.5)Depreciation this year (4.6)At 31 December 2022 (35.1)Carrying amount at 31 December 2022 43.9Useful life 3-10 yearsDepreciation method Linear",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__73": {
"value": "NOTE 21 INTANGIBLE ASSETSThe group has several different ongoing development projects developing waste to energy-, waste- and waste water solutions, in order to strengthen the competitiveness and meet the new and stricter requirements and new industry standards.A significant part of the product development cost consists of working hours performed by Vow's own employees. 2023:(Amounts in NOK million) Software R&D Technology GoodwillCost:At 1 January 2023 21.9 313.3 45.0 179.3Additions 5.2 98.8 - - Disposals from sale of assets - (7.9) - -Disposals from business combination - - (1.1) (17.7)Impairment - - - - Translation difference - 6.2 1.7 10.0At 31 December 2023 27.1 410.4 45.6 171.6Amortisation and impairment:At 1 January 2023 (1.6) (34.5) (11.3) - Amortisation (6.1) (9.4) (3.5) - Impairment - (0.3) - - At 31 December 2023 (7.7) (44.2) (14.7) 0.0Carrying amount at 31 December 2023 19.4 366.2 30.9 171.6Useful life 7 years 3-20 years 10 yearsDepreciation method Linear Linear Linear2022:(Amounts in NOK million) Software R&D Technology GoodwillCost:At 1 January 2022 7.8 223.6 34.1 1 37.8Additions 14.1 85.1 0.0 - Additions from business combination - 0.2 9.8 34.2Impairment - 0.0 - - Translation difference - 4.3 1.2 7.2At 31 December 2022 21.9 313.3 45.0 179.3Amortisation and impairment:At 1 January 2022 0.0 (25.1) (7.8) - Amortisation (1.6) (8.8) (3.5) - Impairment - (0.7) - - At 31 December 2022 (1.6) (34.5) (11.3) - Carrying amount at 31 December 2022 20.3 278.8 33.7 179.3Useful life 7 years 3-20 years 10 yearsDepreciation method Linear Linear LinearAdditions consist of internally developed intangible assets and purchase of goods and services related to the internally developed intangibly assets. As of 31 December 2023, NOK 157.0 million of carrying amount are still under development, while NOK 151.2 million is related to finalised projects which are subject to amortisation. Funding from \"Skattefunn\" has reduced the total cost with NOK 9.2 million, while funding from \"Innovasjon Norge\" and EU have both reduced the total cost with NOK 12.4 million (NOK 21.6 million combined).Goodwill and intangible assets with indefinite useful livesGoodwill of 171.6 million acquired through business combination is included in the Industrial Solutions CGU for impairment testing purposes. Industrial Solutions is also an operating segment.The group performs a test for impairment in January each year. Each quarter the group assesses whether there are any indications of impairment. The relationship between the group market capitalisation and its book value is among the factors considered when reviewing for indicators of impairment. In 2023 the market capitalisation of the group exceeded the book value of its equity. The recoverable amount of the CGUs as at 31 December 2023 has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering five years. The projected cash flows have been updated to reflect the current development of demand for products and services provided by the CGU.The pre-tax discount rate applied to cash flow projections is 14.2 per cent (2022: 20.0 per cent) and cash flows beyond the five-year period are extrapolated using an exit multiple of 10x (2022: 10x). It was concluded that the value in use exceeds the carrying amount and management did not identify an impairment for this CGU.One project has been recorded for impairment in 2023, and one was impaired in 2022.Key assumptions used in value in use calculations and sensitivity to changes in assumptionsThe calculation of value in use for both electronic and fire prevention equipment units is most sensitive to the following assumptions: \u25cfUnit sales, sales price, and gross margin \u25cfDiscount rates \u25cfGrowth rates used to extrapolate cash flows beyond the forecast periodClimate-related matters \u2013 The group constantly monitors the latest government legislation in relation to matters related to climate. No such legislation has currently been passed that will have a negative impact on the group. The group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumptionsshould a change be required.Unit sales, sales price, and gross margin \u2013 Both unit sales, sales price, and gross margin are affected by demand and market circumstances. The combination of managements\u2019 in-depth knowledge of the current development in these factors and calculated average values achieved over preceding periods are used as the basis for the value in use calculation.The gross margins for the Industrial Solutions CGU applied in the forecast model do not exceed 40 per cent. Decreased demand can lead to a decline in the gross margin.Discount rates \u2212 The discount rate is derived from the group's internal rate of return (IRR) and corresponds to WACC. The discount rate represents the current market assessment of the risks identified, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on specific circumstances of the group and its operating segments.The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment-specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future tax flows in order to reflect a pre-tax discount rate.Growth estimate \u2013 The growth rate is based on industry knowledge and external and internal factors. Management expects strong growth but recognises that the speed of technological change and the possibility of new entrants can have an impact on growth rate assumptions.A sensitivity analysis has been performed to determine if a reasonable change in key assumptions would cause the carrying amount to exceed the recoverable amount. The group has not identified the need for impairment, as the recoverable amount exceeds the carrying amount by significant margins. With an increased discount rate by 5.8 percentage points from 14.2 per cent to 20 per cent, a reduction in the EBITDA margin of 12-14 percentage points and a decrease of 10 per cent in revenues, the recoverable amount still exceeds the carrying amount with a significant margin.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__72": {
"value": "NOTE 21 INTANGIBLE ASSETSThe group has several different ongoing development projects developing waste to energy-, waste- and waste water solutions, in order to strengthen the competitiveness and meet the new and stricter requirements and new industry standards.A significant part of the product development cost consists of working hours performed by Vow's own employees. 2023:(Amounts in NOK million) Software R&D Technology GoodwillCost:At 1 January 2023 21.9 313.3 45.0 179.3Additions 5.2 98.8 - - Disposals from sale of assets - (7.9) - -Disposals from business combination - - (1.1) (17.7)Impairment - - - - Translation difference - 6.2 1.7 10.0At 31 December 2023 27.1 410.4 45.6 171.6Amortisation and impairment:At 1 January 2023 (1.6) (34.5) (11.3) - Amortisation (6.1) (9.4) (3.5) - Impairment - (0.3) - - At 31 December 2023 (7.7) (44.2) (14.7) 0.0Carrying amount at 31 December 2023 19.4 366.2 30.9 171.6Useful life 7 years 3-20 years 10 yearsDepreciation method Linear Linear Linear2022:(Amounts in NOK million) Software R&D Technology GoodwillCost:At 1 January 2022 7.8 223.6 34.1 1 37.8Additions 14.1 85.1 0.0 - Additions from business combination - 0.2 9.8 34.2Impairment - 0.0 - - Translation difference - 4.3 1.2 7.2At 31 December 2022 21.9 313.3 45.0 179.3Amortisation and impairment:At 1 January 2022 0.0 (25.1) (7.8) - Amortisation (1.6) (8.8) (3.5) - Impairment - (0.7) - - At 31 December 2022 (1.6) (34.5) (11.3) - Carrying amount at 31 December 2022 20.3 278.8 33.7 179.3Useful life 7 years 3-20 years 10 yearsDepreciation method Linear Linear LinearAdditions consist of internally developed intangible assets and purchase of goods and services related to the internally developed intangibly assets. As of 31 December 2023, NOK 157.0 million of carrying amount are still under development, while NOK 151.2 million is related to finalised projects which are subject to amortisation. Funding from \"Skattefunn\" has reduced the total cost with NOK 9.2 million, while funding from \"Innovasjon Norge\" and EU have both reduced the total cost with NOK 12.4 million (NOK 21.6 million combined).Goodwill and intangible assets with indefinite useful livesGoodwill of 171.6 million acquired through business combination is included in the Industrial Solutions CGU for impairment testing purposes. Industrial Solutions is also an operating segment.The group performs a test for impairment in January each year. Each quarter the group assesses whether there are any indications of impairment. The relationship between the group market capitalisation and its book value is among the factors considered when reviewing for indicators of impairment. In 2023 the market capitalisation of the group exceeded the book value of its equity. The recoverable amount of the CGUs as at 31 December 2023 has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering five years. The projected cash flows have been updated to reflect the current development of demand for products and services provided by the CGU.The pre-tax discount rate applied to cash flow projections is 14.2 per cent (2022: 20.0 per cent) and cash flows beyond the five-year period are extrapolated using an exit multiple of 10x (2022: 10x). It was concluded that the value in use exceeds the carrying amount and management did not identify an impairment for this CGU.One project has been recorded for impairment in 2023, and one was impaired in 2022.Key assumptions used in value in use calculations and sensitivity to changes in assumptionsThe calculation of value in use for both electronic and fire prevention equipment units is most sensitive to the following assumptions: \u25cfUnit sales, sales price, and gross margin \u25cfDiscount rates \u25cfGrowth rates used to extrapolate cash flows beyond the forecast periodClimate-related matters \u2013 The group constantly monitors the latest government legislation in relation to matters related to climate. No such legislation has currently been passed that will have a negative impact on the group. The group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumptionsshould a change be required.Unit sales, sales price, and gross margin \u2013 Both unit sales, sales price, and gross margin are affected by demand and market circumstances. The combination of managements\u2019 in-depth knowledge of the current development in these factors and calculated average values achieved over preceding periods are used as the basis for the value in use calculation.The gross margins for the Industrial Solutions CGU applied in the forecast model do not exceed 40 per cent. Decreased demand can lead to a decline in the gross margin.Discount rates \u2212 The discount rate is derived from the group's internal rate of return (IRR) and corresponds to WACC. The discount rate represents the current market assessment of the risks identified, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on specific circumstances of the group and its operating segments.The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment-specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future tax flows in order to reflect a pre-tax discount rate.Growth estimate \u2013 The growth rate is based on industry knowledge and external and internal factors. Management expects strong growth but recognises that the speed of technological change and the possibility of new entrants can have an impact on growth rate assumptions.A sensitivity analysis has been performed to determine if a reasonable change in key assumptions would cause the carrying amount to exceed the recoverable amount. The group has not identified the need for impairment, as the recoverable amount exceeds the carrying amount by significant margins. With an increased discount rate by 5.8 percentage points from 14.2 per cent to 20 per cent, a reduction in the EBITDA margin of 12-14 percentage points and a decrease of 10 per cent in revenues, the recoverable amount still exceeds the carrying amount with a significant margin.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__71": {
"value": "NOTE 21 INTANGIBLE ASSETSThe group has several different ongoing development projects developing waste to energy-, waste- and waste water solutions, in order to strengthen the competitiveness and meet the new and stricter requirements and new industry standards.A significant part of the product development cost consists of working hours performed by Vow's own employees. 2023:(Amounts in NOK million) Software R&D Technology GoodwillCost:At 1 January 2023 21.9 313.3 45.0 179.3Additions 5.2 98.8 - - Disposals from sale of assets - (7.9) - -Disposals from business combination - - (1.1) (17.7)Impairment - - - - Translation difference - 6.2 1.7 10.0At 31 December 2023 27.1 410.4 45.6 171.6Amortisation and impairment:At 1 January 2023 (1.6) (34.5) (11.3) - Amortisation (6.1) (9.4) (3.5) - Impairment - (0.3) - - At 31 December 2023 (7.7) (44.2) (14.7) 0.0Carrying amount at 31 December 2023 19.4 366.2 30.9 171.6Useful life 7 years 3-20 years 10 yearsDepreciation method Linear Linear Linear2022:(Amounts in NOK million) Software R&D Technology GoodwillCost:At 1 January 2022 7.8 223.6 34.1 1 37.8Additions 14.1 85.1 0.0 - Additions from business combination - 0.2 9.8 34.2Impairment - 0.0 - - Translation difference - 4.3 1.2 7.2At 31 December 2022 21.9 313.3 45.0 179.3Amortisation and impairment:At 1 January 2022 0.0 (25.1) (7.8) - Amortisation (1.6) (8.8) (3.5) - Impairment - (0.7) - - At 31 December 2022 (1.6) (34.5) (11.3) - Carrying amount at 31 December 2022 20.3 278.8 33.7 179.3Useful life 7 years 3-20 years 10 yearsDepreciation method Linear Linear LinearAdditions consist of internally developed intangible assets and purchase of goods and services related to the internally developed intangibly assets. As of 31 December 2023, NOK 157.0 million of carrying amount are still under development, while NOK 151.2 million is related to finalised projects which are subject to amortisation. Funding from \"Skattefunn\" has reduced the total cost with NOK 9.2 million, while funding from \"Innovasjon Norge\" and EU have both reduced the total cost with NOK 12.4 million (NOK 21.6 million combined).Goodwill and intangible assets with indefinite useful livesGoodwill of 171.6 million acquired through business combination is included in the Industrial Solutions CGU for impairment testing purposes. Industrial Solutions is also an operating segment.The group performs a test for impairment in January each year. Each quarter the group assesses whether there are any indications of impairment. The relationship between the group market capitalisation and its book value is among the factors considered when reviewing for indicators of impairment. In 2023 the market capitalisation of the group exceeded the book value of its equity. The recoverable amount of the CGUs as at 31 December 2023 has been determined based on a value in use calculation using cash flow projections from financial budgets approved by senior management covering five years. The projected cash flows have been updated to reflect the current development of demand for products and services provided by the CGU.The pre-tax discount rate applied to cash flow projections is 14.2 per cent (2022: 20.0 per cent) and cash flows beyond the five-year period are extrapolated using an exit multiple of 10x (2022: 10x). It was concluded that the value in use exceeds the carrying amount and management did not identify an impairment for this CGU.One project has been recorded for impairment in 2023, and one was impaired in 2022.Key assumptions used in value in use calculations and sensitivity to changes in assumptionsThe calculation of value in use for both electronic and fire prevention equipment units is most sensitive to the following assumptions: \u25cfUnit sales, sales price, and gross margin \u25cfDiscount rates \u25cfGrowth rates used to extrapolate cash flows beyond the forecast periodClimate-related matters \u2013 The group constantly monitors the latest government legislation in relation to matters related to climate. No such legislation has currently been passed that will have a negative impact on the group. The group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumptionsshould a change be required.Unit sales, sales price, and gross margin \u2013 Both unit sales, sales price, and gross margin are affected by demand and market circumstances. The combination of managements\u2019 in-depth knowledge of the current development in these factors and calculated average values achieved over preceding periods are used as the basis for the value in use calculation.The gross margins for the Industrial Solutions CGU applied in the forecast model do not exceed 40 per cent. Decreased demand can lead to a decline in the gross margin.Discount rates \u2212 The discount rate is derived from the group's internal rate of return (IRR) and corresponds to WACC. The discount rate represents the current market assessment of the risks identified, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on specific circumstances of the group and its operating segments.The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment-specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future tax flows in order to reflect a pre-tax discount rate.Growth estimate \u2013 The growth rate is based on industry knowledge and external and internal factors. Management expects strong growth but recognises that the speed of technological change and the possibility of new entrants can have an impact on growth rate assumptions.A sensitivity analysis has been performed to determine if a reasonable change in key assumptions would cause the carrying amount to exceed the recoverable amount. The group has not identified the need for impairment, as the recoverable amount exceeds the carrying amount by significant margins. With an increased discount rate by 5.8 percentage points from 14.2 per cent to 20 per cent, a reduction in the EBITDA margin of 12-14 percentage points and a decrease of 10 per cent in revenues, the recoverable amount still exceeds the carrying amount with a significant margin.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__80": {
"value": "NOTE 22 FINANCE INCOME AND COSTSFinance income:(Amounts in NOK million) 2023 2022Interest income 3.0 0.2Foreign exchange gain 75.9 25.0 3)Gain on FX derivatives- - Total finance income 78.9 25.2Finance costsInterest expense 41.7 16.6Foreign exchange loss 54.8 16.5 2)Interest expense - leasing 3.8 1.0Loss on FX derivatives - 0.0Other financial cost 0.7 0.1 1)Loss from sale of subsidiary8.0 - 4)Share of net profit from associated company21.2 22.1Total finance costs 130.2 56.3Net financial items (51.3) (31.1)1) Loss from sale of subsidiary - sale of Ascodero, se further information in note 4. 2) Interest expense - leasing, see further information in note 24 Leases. 3) The forward currency contracts are mark-to-market, based on an external valuation provided by the contractual counterpart. The contracts are valued using option pricing techniques, which employ the use of various inputs including foreign exchange spot and forward rates, the time to maturity and volatility.The group uses forward currency contracts to reduce the currency exposure on sales in EUR and USD. See note 23 for discussion of currency risk. The group does not apply hedge accounting for its derivative contracts, hence the contracts are measured at fair value through profit and loss. The group did not have currency forward contracts as of 31.12.23. 4) Share of net profit from associate, see further information in note 17 Transactions with related parties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__79": {
"value": "NOTE 22 FINANCE INCOME AND COSTSFinance income:(Amounts in NOK million) 2023 2022Interest income 3.0 0.2Foreign exchange gain 75.9 25.0 3)Gain on FX derivatives- - Total finance income 78.9 25.2Finance costsInterest expense 41.7 16.6Foreign exchange loss 54.8 16.5 2)Interest expense - leasing 3.8 1.0Loss on FX derivatives - 0.0Other financial cost 0.7 0.1 1)Loss from sale of subsidiary8.0 - 4)Share of net profit from associated company21.2 22.1Total finance costs 130.2 56.3Net financial items (51.3) (31.1)1) Loss from sale of subsidiary - sale of Ascodero, se further information in note 4. 2) Interest expense - leasing, see further information in note 24 Leases. 3) The forward currency contracts are mark-to-market, based on an external valuation provided by the contractual counterpart. The contracts are valued using option pricing techniques, which employ the use of various inputs including foreign exchange spot and forward rates, the time to maturity and volatility.The group uses forward currency contracts to reduce the currency exposure on sales in EUR and USD. See note 23 for discussion of currency risk. The group does not apply hedge accounting for its derivative contracts, hence the contracts are measured at fair value through profit and loss. The group did not have currency forward contracts as of 31.12.23. 4) Share of net profit from associate, see further information in note 17 Transactions with related parties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__78": {
"value": "NOTE 22 FINANCE INCOME AND COSTSFinance income:(Amounts in NOK million) 2023 2022Interest income 3.0 0.2Foreign exchange gain 75.9 25.0 3)Gain on FX derivatives- - Total finance income 78.9 25.2Finance costsInterest expense 41.7 16.6Foreign exchange loss 54.8 16.5 2)Interest expense - leasing 3.8 1.0Loss on FX derivatives - 0.0Other financial cost 0.7 0.1 1)Loss from sale of subsidiary8.0 - 4)Share of net profit from associated company21.2 22.1Total finance costs 130.2 56.3Net financial items (51.3) (31.1)1) Loss from sale of subsidiary - sale of Ascodero, se further information in note 4. 2) Interest expense - leasing, see further information in note 24 Leases. 3) The forward currency contracts are mark-to-market, based on an external valuation provided by the contractual counterpart. The contracts are valued using option pricing techniques, which employ the use of various inputs including foreign exchange spot and forward rates, the time to maturity and volatility.The group uses forward currency contracts to reduce the currency exposure on sales in EUR and USD. See note 23 for discussion of currency risk. The group does not apply hedge accounting for its derivative contracts, hence the contracts are measured at fair value through profit and loss. The group did not have currency forward contracts as of 31.12.23. 4) Share of net profit from associate, see further information in note 17 Transactions with related parties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__77": {
"value": "NOTE 22 FINANCE INCOME AND COSTSFinance income:(Amounts in NOK million) 2023 2022Interest income 3.0 0.2Foreign exchange gain 75.9 25.0 3)Gain on FX derivatives- - Total finance income 78.9 25.2Finance costsInterest expense 41.7 16.6Foreign exchange loss 54.8 16.5 2)Interest expense - leasing 3.8 1.0Loss on FX derivatives - 0.0Other financial cost 0.7 0.1 1)Loss from sale of subsidiary8.0 - 4)Share of net profit from associated company21.2 22.1Total finance costs 130.2 56.3Net financial items (51.3) (31.1)1) Loss from sale of subsidiary - sale of Ascodero, se further information in note 4. 2) Interest expense - leasing, see further information in note 24 Leases. 3) The forward currency contracts are mark-to-market, based on an external valuation provided by the contractual counterpart. The contracts are valued using option pricing techniques, which employ the use of various inputs including foreign exchange spot and forward rates, the time to maturity and volatility.The group uses forward currency contracts to reduce the currency exposure on sales in EUR and USD. See note 23 for discussion of currency risk. The group does not apply hedge accounting for its derivative contracts, hence the contracts are measured at fair value through profit and loss. The group did not have currency forward contracts as of 31.12.23. 4) Share of net profit from associate, see further information in note 17 Transactions with related parties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__76": {
"value": "NOTE 22 FINANCE INCOME AND COSTSFinance income:(Amounts in NOK million) 2023 2022Interest income 3.0 0.2Foreign exchange gain 75.9 25.0 3)Gain on FX derivatives- - Total finance income 78.9 25.2Finance costsInterest expense 41.7 16.6Foreign exchange loss 54.8 16.5 2)Interest expense - leasing 3.8 1.0Loss on FX derivatives - 0.0Other financial cost 0.7 0.1 1)Loss from sale of subsidiary8.0 - 4)Share of net profit from associated company21.2 22.1Total finance costs 130.2 56.3Net financial items (51.3) (31.1)1) Loss from sale of subsidiary - sale of Ascodero, se further information in note 4. 2) Interest expense - leasing, see further information in note 24 Leases. 3) The forward currency contracts are mark-to-market, based on an external valuation provided by the contractual counterpart. The contracts are valued using option pricing techniques, which employ the use of various inputs including foreign exchange spot and forward rates, the time to maturity and volatility.The group uses forward currency contracts to reduce the currency exposure on sales in EUR and USD. See note 23 for discussion of currency risk. The group does not apply hedge accounting for its derivative contracts, hence the contracts are measured at fair value through profit and loss. The group did not have currency forward contracts as of 31.12.23. 4) Share of net profit from associate, see further information in note 17 Transactions with related parties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__75": {
"value": "NOTE 22 FINANCE INCOME AND COSTSFinance income:(Amounts in NOK million) 2023 2022Interest income 3.0 0.2Foreign exchange gain 75.9 25.0 3)Gain on FX derivatives- - Total finance income 78.9 25.2Finance costsInterest expense 41.7 16.6Foreign exchange loss 54.8 16.5 2)Interest expense - leasing 3.8 1.0Loss on FX derivatives - 0.0Other financial cost 0.7 0.1 1)Loss from sale of subsidiary8.0 - 4)Share of net profit from associated company21.2 22.1Total finance costs 130.2 56.3Net financial items (51.3) (31.1)1) Loss from sale of subsidiary - sale of Ascodero, se further information in note 4. 2) Interest expense - leasing, see further information in note 24 Leases. 3) The forward currency contracts are mark-to-market, based on an external valuation provided by the contractual counterpart. The contracts are valued using option pricing techniques, which employ the use of various inputs including foreign exchange spot and forward rates, the time to maturity and volatility.The group uses forward currency contracts to reduce the currency exposure on sales in EUR and USD. See note 23 for discussion of currency risk. The group does not apply hedge accounting for its derivative contracts, hence the contracts are measured at fair value through profit and loss. The group did not have currency forward contracts as of 31.12.23. 4) Share of net profit from associate, see further information in note 17 Transactions with related parties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__82": {
"value": "NOTE 23 FINANCIAL INSTRUMENTS(a) Categories of financial instruments(Amounts in NOK million) Category 31 Dec 2023 31 Dec 2022Financial assets:Trade receivables Fair Value through profit and loss 241.0 192.1 1)Other receivablesFair Value through profit and loss 120.4 101.5Cash and cash equivalents Fair Value through profit and loss 57.5 42.5Total financial assets 418.9 336.1Financial liabilities:Long term borrowings Financial liabilities measured at amortised cost 345.8 192.9Non-current lease liabilities Financial liabilities measured at amortised cost 68.1 25.3Current borrowings Financial liabilities measured at amortised cost 81.8 191.0Convertible loans Fair value through profit and loss - 28.5Trade creditors Financial liabilities measured at amortised cost 155.9 177.8Bank overdraft facility Financial liabilities measured at amortised cost 132.8 26.1Trade finance facility Financial liabilities measured at amortised cost 78.8 35.3Current lease liabilities Financial liabilities measured at amortised cost 14.6 12.2 2)Other current liabilitiesFinancial liabilities measured at amortised cost 60.9 44.9Total financial liabilities 938.6 734.0All amounts in the table are booked values. 1) VAT receivable and prepaid expenses are excluded since they are not defined as financial instruments.2) See note 15.b) Fair value of financial instrumentsThe carrying amount of trade receivables, other receivables and cash and cash equivalents are approximately equal to fair value since these instruments have a short term maturity. Similarly, the carrying amount of trade creditors and other current liabilities are approximately equal to fair value since the effect of discounting is not significant. Fair value of the bank overdraft facility and Trade credit facility with DNB ASA is equal to the book value since a floating interest is agreed.(c) Financial riskThe most significant financial risks which affect the group are listed below. The management performs a continuous evaluation of these risks and determines policies related to how these risks are to be handled within the group. d) Credit riskCarrying amounts of financial assets presented above represents the maximum credit exposure. The group is mainly exposed to credit risk related to trade receivables. The customers are basically large cruise ship owners and shipyards in Europe with satisfactory credit history. The credit risk is mainly related to newbuilding contracts where a few yards are counterpart. This is increasing the credit risk. However, due to nature of newbuilding financing the management considers the overall risk of loss on receivables to be relatively low. The group has not provided any guarantees for third parties\u2019 liabilities. The group has credit risk insurance agreements (\"kredittforsikring\") on its trade receivables with two different Nordic insurance companies, Tryg Garanti and Allianz Trade. These agreements covers the potential losses incurred by Scanship AS on its trade receivables, subject to certain restrictions, and reduces the ultimate credit risk for the group substantially. In addtion, the group entered into a NOK 80.0 million trade finance facility during 2023. The insurance agreement and trade finance facility is an additional risk mitigating factor. See note 9 for information about the aging analysis of trade receivables.e) Liquidity riskLiquidity risk is the risk of being unable to pay financial liabilities as they fall due. The liquidity risk for the group is primarily related to the timing of the payment on its trade receivables from the shipyards in Europe on the Newbuild projects. Certain of the shipyards exercises longer payment terms than other shipyards. Scanship has a close and on-going contact with all its shipyard customers, and have had so for many years. Managing this relationship is one of the key factors for Scanship in the daily management of its liquidity risk. Historically, Scanship has had very limited losses on its accounts receivable. So even though the payments from the shipyards in certain periods have been delayed beyond the agreed credit term, they have historically always paid their liabilities. Scanship also has a certain flexibility in its own supplier base, whereby longer payment terms sometimes are agreed with suppliers in periods were the payments are delayed from the customers. Management of the liquidity risk is a prioritised task by Scanship management.The group also has relatively higher liquidity risk on Newbuild projects as the group receives payments late in the projects, as compared to Retrofit projects, where the group receives payments after meeting certain milestones. Although the milestones are setup to enable a positive net cashflow on the projects, a delay in the retrofit projects will naturally also increase the liquidity risk. 31 December 2023:(Amounts in NOK million) 0-6 months 6-12 months 1-5 yearsPayments on long term borrowings - - 345.8Current borrowings 40.9 40.9 - Trade creditors 155.9 - - Bank overdraft facility - 132.8 - Trade finance facility 78.8 - - 1)Leases7.3 7.3 68.1Other current liabilities 60.9 - - Total 343.8 181.0 413.91) See note 24.31 December 2022:(Amounts in NOK million) 0-6 months 6-12 months 1-5 yearsPayments on long term borrowings - - 192.9Current borrowings 95.5 95.5 - Trade creditors 177.8 - - Bank overdraft facility - 26.1 - Trade finance facility 35.3 - - 1)Leases6.1 6.1 25.3Other current liabilities 44.9 - - Total 359.6 127.7 218.21) See note 24.f) Foreign exchange rate riskThe group is exposed to foreign exchange rate risk related to the value of NOK relative to other currencies, both through ownership of foreign companies (see note 17) and through sales in different currencies than the nominal currency (NOK). Mitigation of exchange rate risk in cash flows nominated in other currencies than NOK is done through derivative instruments against specific construction contracts from time to time, where the net exposure of revenue/purchase are secured.Exchange rate risk related to the specific group company is assessed as low as the margin remains independent of currency fluctuations. See also note 2.4.g) Interest rate riskThe interest rate on the long term bank loan, overdraft and trade credit facilities are floating. Hence, the group has an exposure to interest rate fluctuations. The group does not have any interest rate derivatives.Capital managementFor the purpose of the group\u2019s capital management, capital includes issued capital, convertible preference shares, sharepremium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the group\u2019scapital management is to maximise the shareholder value.The group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__81": {
"value": "NOTE 23 FINANCIAL INSTRUMENTS(a) Categories of financial instruments(Amounts in NOK million) Category 31 Dec 2023 31 Dec 2022Financial assets:Trade receivables Fair Value through profit and loss 241.0 192.1 1)Other receivablesFair Value through profit and loss 120.4 101.5Cash and cash equivalents Fair Value through profit and loss 57.5 42.5Total financial assets 418.9 336.1Financial liabilities:Long term borrowings Financial liabilities measured at amortised cost 345.8 192.9Non-current lease liabilities Financial liabilities measured at amortised cost 68.1 25.3Current borrowings Financial liabilities measured at amortised cost 81.8 191.0Convertible loans Fair value through profit and loss - 28.5Trade creditors Financial liabilities measured at amortised cost 155.9 177.8Bank overdraft facility Financial liabilities measured at amortised cost 132.8 26.1Trade finance facility Financial liabilities measured at amortised cost 78.8 35.3Current lease liabilities Financial liabilities measured at amortised cost 14.6 12.2 2)Other current liabilitiesFinancial liabilities measured at amortised cost 60.9 44.9Total financial liabilities 938.6 734.0All amounts in the table are booked values. 1) VAT receivable and prepaid expenses are excluded since they are not defined as financial instruments.2) See note 15.b) Fair value of financial instrumentsThe carrying amount of trade receivables, other receivables and cash and cash equivalents are approximately equal to fair value since these instruments have a short term maturity. Similarly, the carrying amount of trade creditors and other current liabilities are approximately equal to fair value since the effect of discounting is not significant. Fair value of the bank overdraft facility and Trade credit facility with DNB ASA is equal to the book value since a floating interest is agreed.(c) Financial riskThe most significant financial risks which affect the group are listed below. The management performs a continuous evaluation of these risks and determines policies related to how these risks are to be handled within the group. d) Credit riskCarrying amounts of financial assets presented above represents the maximum credit exposure. The group is mainly exposed to credit risk related to trade receivables. The customers are basically large cruise ship owners and shipyards in Europe with satisfactory credit history. The credit risk is mainly related to newbuilding contracts where a few yards are counterpart. This is increasing the credit risk. However, due to nature of newbuilding financing the management considers the overall risk of loss on receivables to be relatively low. The group has not provided any guarantees for third parties\u2019 liabilities. The group has credit risk insurance agreements (\"kredittforsikring\") on its trade receivables with two different Nordic insurance companies, Tryg Garanti and Allianz Trade. These agreements covers the potential losses incurred by Scanship AS on its trade receivables, subject to certain restrictions, and reduces the ultimate credit risk for the group substantially. In addtion, the group entered into a NOK 80.0 million trade finance facility during 2023. The insurance agreement and trade finance facility is an additional risk mitigating factor. See note 9 for information about the aging analysis of trade receivables.e) Liquidity riskLiquidity risk is the risk of being unable to pay financial liabilities as they fall due. The liquidity risk for the group is primarily related to the timing of the payment on its trade receivables from the shipyards in Europe on the Newbuild projects. Certain of the shipyards exercises longer payment terms than other shipyards. Scanship has a close and on-going contact with all its shipyard customers, and have had so for many years. Managing this relationship is one of the key factors for Scanship in the daily management of its liquidity risk. Historically, Scanship has had very limited losses on its accounts receivable. So even though the payments from the shipyards in certain periods have been delayed beyond the agreed credit term, they have historically always paid their liabilities. Scanship also has a certain flexibility in its own supplier base, whereby longer payment terms sometimes are agreed with suppliers in periods were the payments are delayed from the customers. Management of the liquidity risk is a prioritised task by Scanship management.The group also has relatively higher liquidity risk on Newbuild projects as the group receives payments late in the projects, as compared to Retrofit projects, where the group receives payments after meeting certain milestones. Although the milestones are setup to enable a positive net cashflow on the projects, a delay in the retrofit projects will naturally also increase the liquidity risk. 31 December 2023:(Amounts in NOK million) 0-6 months 6-12 months 1-5 yearsPayments on long term borrowings - - 345.8Current borrowings 40.9 40.9 - Trade creditors 155.9 - - Bank overdraft facility - 132.8 - Trade finance facility 78.8 - - 1)Leases7.3 7.3 68.1Other current liabilities 60.9 - - Total 343.8 181.0 413.91) See note 24.31 December 2022:(Amounts in NOK million) 0-6 months 6-12 months 1-5 yearsPayments on long term borrowings - - 192.9Current borrowings 95.5 95.5 - Trade creditors 177.8 - - Bank overdraft facility - 26.1 - Trade finance facility 35.3 - - 1)Leases6.1 6.1 25.3Other current liabilities 44.9 - - Total 359.6 127.7 218.21) See note 24.f) Foreign exchange rate riskThe group is exposed to foreign exchange rate risk related to the value of NOK relative to other currencies, both through ownership of foreign companies (see note 17) and through sales in different currencies than the nominal currency (NOK). Mitigation of exchange rate risk in cash flows nominated in other currencies than NOK is done through derivative instruments against specific construction contracts from time to time, where the net exposure of revenue/purchase are secured.Exchange rate risk related to the specific group company is assessed as low as the margin remains independent of currency fluctuations. See also note 2.4.g) Interest rate riskThe interest rate on the long term bank loan, overdraft and trade credit facilities are floating. Hence, the group has an exposure to interest rate fluctuations. The group does not have any interest rate derivatives.Capital managementFor the purpose of the group\u2019s capital management, capital includes issued capital, convertible preference shares, sharepremium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the group\u2019scapital management is to maximise the shareholder value.The group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__83-1": {
"value": "(c) Financial riskThe most significant financial risks which affect the group are listed below. The management performs a continuous evaluation of these risks and determines policies related to how these risks are to be handled within the group.d) Credit riskCarrying amounts of financial assets presented above represents the maximum credit exposure. The group is mainly exposed to credit risk related to trade receivables. The customers are basically large cruise ship owners and shipyards in Europe with satisfactory credit history. The credit risk is mainly related to newbuilding contracts where a few yards are counterpart. This is increasing the credit risk. However, due to nature of newbuilding financing the management considers the overall risk of loss on receivables to be relatively low. The group has not provided any guarantees for third parties\u2019 liabilities. The group has credit risk insurance agreements (\"kredittforsikring\") on its trade receivables with two different Nordic insurance companies, Tryg Garanti and Allianz Trade. These agreements covers the potential losses incurred by Scanship AS on its trade receivables, subject to certain restrictions, and reduces the ultimate credit risk for the group substantially. In addtion, the group entered into a NOK 80.0 million trade finance facility during 2023. The insurance agreement and trade finance facility is an additional risk mitigating factor. See note 9 for information about the aging analysis of trade receivables.e) Liquidity riskLiquidity risk is the risk of being unable to pay financial liabilities as they fall due. The liquidity risk for the group is primarily related to the timing of the payment on its trade receivables from the shipyards in Europe on the Newbuild projects. Certain of the shipyards exercises longer payment terms than other shipyards. Scanship has a close and on-going contact with all its shipyard customers, and have had so for many years. Managing this relationship is one of the key factors for Scanship in the daily management of its liquidity risk. Historically, Scanship has had very limited losses on its accounts receivable. So even though the payments from the shipyards in certain periods have been delayed beyond the agreed credit term, they have historically always paid their liabilities. Scanship also has a certain flexibility in its own supplier base, whereby longer payment terms sometimes are agreed with suppliers in periods were the payments are delayed from the customers. Management of the liquidity risk is a prioritised task by Scanship management.The group also has relatively higher liquidity risk on Newbuild projects as the group receives payments late in the projects, as compared to Retrofit projects, where the group receives payments after meeting certain milestones. Although the milestones are setup to enable a positive net cashflow on the projects, a delay in the retrofit projects will naturally also increase the liquidity risk. 31 December 2023:(Amounts in NOK million) 0-6 months 6-12 months 1-5 yearsPayments on long term borrowings - - 345.8Current borrowings 40.9 40.9 - Trade creditors 155.9 - - Bank overdraft facility - 132.8 - Trade finance facility 78.8 - - 1)Leases7.3 7.3 68.1Other current liabilities 60.9 - - Total 343.8 181.0 413.91) See note 24.31 December 2022:(Amounts in NOK million) 0-6 months 6-12 months 1-5 yearsPayments on long term borrowings - - 192.9Current borrowings 95.5 95.5 - Trade creditors 177.8 - - Bank overdraft facility - 26.1 - Trade finance facility 35.3 - - 1)Leases6.1 6.1 25.3Other current liabilities 44.9 - - Total 359.6 127.7 218.21) See note 24.f) Foreign exchange rate riskThe group is exposed to foreign exchange rate risk related to the value of NOK relative to other currencies, both through ownership of foreign companies (see note 17) and through sales in different currencies than the nominal currency (NOK). Mitigation of exchange rate risk in cash flows nominated in other currencies than NOK is done through derivative instruments against specific construction contracts from time to time, where the net exposure of revenue/purchase are secured.Exchange rate risk related to the specific group company is assessed as low as the margin remains independent of currency fluctuations. See also note 2.4.g) Interest rate riskThe interest rate on the long term bank loan, overdraft and trade credit facilities are floating. Hence, the group has an exposure to interest rate fluctuations. The group does not have any interest rate derivatives.Capital managementFor the purpose of the group\u2019s capital management, capital includes issued capital, convertible preference shares, sharepremium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the group\u2019scapital management is to maximise the shareholder value.The group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__84": {
"value": "d) Credit riskCarrying amounts of financial assets presented above represents the maximum credit exposure. The group is mainly exposed to credit risk related to trade receivables. The customers are basically large cruise ship owners and shipyards in Europe with satisfactory credit history. The credit risk is mainly related to newbuilding contracts where a few yards are counterpart. This is increasing the credit risk. However, due to nature of newbuilding financing the management considers the overall risk of loss on receivables to be relatively low. The group has not provided any guarantees for third parties\u2019 liabilities. The group has credit risk insurance agreements (\"kredittforsikring\") on its trade receivables with two different Nordic insurance companies, Tryg Garanti and Allianz Trade. These agreements covers the potential losses incurred by Scanship AS on its trade receivables, subject to certain restrictions, and reduces the ultimate credit risk for the group substantially. In addtion, the group entered into a NOK 80.0 million trade finance facility during 2023. The insurance agreement and trade finance facility is an additional risk mitigating factor. See note 9 for information about the aging analysis of trade receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__86": {
"value": "e) Liquidity riskLiquidity risk is the risk of being unable to pay financial liabilities as they fall due. The liquidity risk for the group is primarily related to the timing of the payment on its trade receivables from the shipyards in Europe on the Newbuild projects. Certain of the shipyards exercises longer payment terms than other shipyards. Scanship has a close and on-going contact with all its shipyard customers, and have had so for many years. Managing this relationship is one of the key factors for Scanship in the daily management of its liquidity risk. Historically, Scanship has had very limited losses on its accounts receivable. So even though the payments from the shipyards in certain periods have been delayed beyond the agreed credit term, they have historically always paid their liabilities. Scanship also has a certain flexibility in its own supplier base, whereby longer payment terms sometimes are agreed with suppliers in periods were the payments are delayed from the customers. Management of the liquidity risk is a prioritised task by Scanship management.The group also has relatively higher liquidity risk on Newbuild projects as the group receives payments late in the projects, as compared to Retrofit projects, where the group receives payments after meeting certain milestones. Although the milestones are setup to enable a positive net cashflow on the projects, a delay in the retrofit projects will naturally also increase the liquidity risk. 31 December 2023:(Amounts in NOK million) 0-6 months 6-12 months 1-5 yearsPayments on long term borrowings - - 345.8Current borrowings 40.9 40.9 - Trade creditors 155.9 - - Bank overdraft facility - 132.8 - Trade finance facility 78.8 - - 1)Leases7.3 7.3 68.1Other current liabilities 60.9 - - Total 343.8 181.0 413.91) See note 24.31 December 2022:(Amounts in NOK million) 0-6 months 6-12 months 1-5 yearsPayments on long term borrowings - - 192.9Current borrowings 95.5 95.5 - Trade creditors 177.8 - - Bank overdraft facility - 26.1 - Trade finance facility 35.3 - - 1)Leases6.1 6.1 25.3Other current liabilities 44.9 - - Total 359.6 127.7 218.21) See note 24.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__88-1": {
"value": "f) Foreign exchange rate riskThe group is exposed to foreign exchange rate risk related to the value of NOK relative to other currencies, both through ownership of foreign companies (see note 17) and through sales in different currencies than the nominal currency (NOK). Mitigation of exchange rate risk in cash flows nominated in other currencies than NOK is done through derivative instruments against specific construction contracts from time to time, where the net exposure of revenue/purchase are secured.Exchange rate risk related to the specific group company is assessed as low as the margin remains independent of currency fluctuations. See also note 2.4.g) Interest rate riskThe interest rate on the long term bank loan, overdraft and trade credit facilities are floating. Hence, the group has an exposure to interest rate fluctuations. The group does not have any interest rate derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__93": {
"value": "Capital managementFor the purpose of the group\u2019s capital management, capital includes issued capital, convertible preference shares, sharepremium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the group\u2019scapital management is to maximise the shareholder value.The group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__95": {
"value": "NOTE 24 LEASESRight of use assets 2023: (Amounts in NOK million) Properties Equipment Cars TotalAt 1 January 2023 27.5 6.5 2.1 36.1Additions 50.4 10.7 0.4 61.5Depreciation (12.7) (3.8) (0.9) (17.4)Effect of currency exchange differences 0.5 0.1 - 0.6Carrying amount at 31 December 2023 65.7 13.5 1.5 80.7Right of use assets 2022: (Amounts in NOK million) Properties Equipment Cars TotalAt 1 January 2022 18.4 3.6 2.9 24.9Additions 17.2 6.2 0.0 23.4Depreciation (8.9) (3.3) (0.8) (13.1)Effect of currency exchange differences 0.8 0.0 - 0.8Carrying amount at 31 December 2022 27.5 6.5 2.1 36.1Set out below are the carrying amounts of lease liabilities and the movements during the period: (Amounts in NOK million) 31 Dec 2023 31 Dec 2022As at 1 January 37.5 25.1Additions 57.8 23.5Accretion of interest 3.8 1.0Payments (16.9) (12.8)Currency effects 0.6 0.7As at 31 December 82.7 37.5Current lease liabilities 14.6 12.2Non-current lease liabilities 68.1 25.3Total 82.7 37.5Lease liabilities are discounted with an interest rate of 4.5 per cent. Maturity analysis \u2013 contractual undiscounted cash flows(Amounts in NOK million)2024 14.62025 10.52026 10.0After 2026 47.6Other effects in the statement of profit and loss (Amounts in NOK million) 2023 2022Interest expense 3.8 0.6Expense relating to short-term leases 1.3 0.6Expense relating to low value leases 0.5 0.1Leases with a lease term less than 12 months are accounted for as short-term leases. Low-value assets are not capitalised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__96": {
"value": "NOTE 25 CONTINGENT LIABILITIESContingent liabilities:The group has not received any claims nor is it involved in any legal or financial disputes in 2023.Guarantees:For late delivieres the customers can give Vow penalties according to contract.All customer contracts for system deliveries include 1-2 years limited guarantee against product failure.There are no separate and other guarantees issued at December 31, 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGUAO90",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}