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"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9237": { "value": "512000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9240": { "value": "800000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9242": { "value": "837000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9245": { "value": "-33000000", "decimals": -6, "dimensions": { "concept": "borregaard:ChangeInInterestBearingReceivablesOtherLiabilities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9247": { "value": "-78000000", "decimals": -6, "dimensions": { "concept": "borregaard:ChangeInInterestBearingReceivablesOtherLiabilities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9251": { "value": "10000000", "decimals": -6, "dimensions": { "concept": "borregaard:ChangeInNetInterestBearingLiabilities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9253": { "value": "-403000000", "decimals": -6, "dimensions": { "concept": "borregaard:ChangeInNetInterestBearingLiabilities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9256": { "value": "-415000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9258": { "value": "-202000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9262": { "value": "319000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9264": { "value": "78000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9267": { "value": "111000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9269": { "value": "5000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9272": { "value": "319000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9274": { "value": "78000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9277": { "value": "-1000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9279": { "value": "28000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9283": { "value": "429000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9285": { "value": "111000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9286": { "value": "
* INVESTMENTS BY CATEGORY Amounts in NOK million Note 2023 2022 Replacement investments 17, 18 550359Expansion investments 1 including investments in associate companies and bio-based start-ups 6, 17, 18 288105Total 838464
The cash \ufb02ow statement has been prepared according to the indirect method and re\ufb02ects cash \ufb02ows from operating, investing and \ufb01nancing activities and explains changes in \u201cCash and cash equivalents\u201c in the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9296": { "value": "-550000000", "decimals": -6, "dimensions": { "concept": "borregaard:VariationOfReplacementInvestments", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9298": { "value": "-359000000", "decimals": -6, "dimensions": { "concept": "borregaard:VariationOfReplacementInvestments", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9305": { "value": "-288000000", "decimals": -6, "dimensions": { "concept": "borregaard:VariationOfExpansionInvestments", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9307": { "value": "-105000000", "decimals": -6, "dimensions": { "concept": "borregaard:VariationOfExpansionInvestments", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9310": { "value": "-838000000", "decimals": -6, "dimensions": { "concept": "borregaard:VariationOfInvestmentsPropertyPlantAndEquipmentAndIntangibleAssets", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9312": { "value": "-464000000", "decimals": -6, "dimensions": { "concept": "borregaard:VariationOfInvestmentsPropertyPlantAndEquipmentAndIntangibleAssets", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9314": { "value": "
The cash \ufb02ow statement has been prepared according to the indirect method and re\ufb02ects cash \ufb02ows from operating, investing and \ufb01nancing activities and explains changes in \u201cCash and cash equivalents\u201c in the reporting period.
The consolidated
\ufb01nancial statements contain certain items that are crucial to understand the \ufb01nancial results for 2023. The most important principles are described below. Borregaard is exposed to currency risk for most of its sales, primarily in USD and EUR. A substantial part of this exposure, de\ufb01ned as estimated net cash \ufb02ow in USD or EUR, is routinely hedged on a rolling basis with a nine-month time horizon. Subject to certain criteria being met, the hedging horizon may be extended to three years in order to secure competitive margins. On the revenue side, most of Borregaard\u2019s business segments are exposed to price risk in international markets. The accounting policies regarding hedging are described in Note 29 and information regarding currency risks is provided in Note 28. Other income and expenses 1 (OIE) are presented as part of operating pro\ufb01t in the Income Statement but are presented after EBITDA 1 in the segment information in Note 7, which are reported according to management reporting. See Note 13 for details and speci\ufb01cations. The accounting policies for business areas are described in segment information for the various business areas in Note 7. Borregaard has business areas as operating segments. The operating segments correspond to the way in which the business areas report \ufb01gures to the Group Executive Management (key decision maker). The segments are BioSolutions, BioMaterials and Fine Chemicals.
NOTE 02 BASIS FOR PREPARATION
Borregaard ASA was incorporated as a public limited liability company on 22 August 2012.
The Borregaard Group includes subsidiaries, a joint venture and an associate company directly and indirectly owned by Borregaard ASA. The consolidated \ufb01nancial statements are primarily based on the historical cost principle.
Interest income is recognised in the income statement when earned, while any dividends are recognised on the date they are approved for payment. Interest income and dividends are presented under \u201c\ufb01nancial income\u201d.
The Group has at all times various contracts for the sale and purchase of goods and services in connection with the production. These contracts are regarded as part of Borregaard\u2019s ordinary operating activities and are therefore not speci\ufb01ed or indicated in any other way. The contracts are deemed to be strictly sale or purchase contracts with no embedded
derivatives. The company also enters into
currency derivatives contracts. Hedging instruments which satisfy the criteria for hedge accounting, are reported at fair value in the statement of \ufb01nancial position and changes in fair value are recognised in comprehensive income. Derivatives which do not satisfy the
criteria for hedge accounting, are recognised at fair value through pro\ufb01t and loss.
Assets that no longer justify their value are written down to the recoverable amount, which is the higher of value in use and fair value minus selling costs.
The accrual accounting principle and the going concern assumption are underlying assumptions for preparing the combined \ufb01nancial statements. An asset is classi\ufb01ed as current when: it is part of a normal operating cycle, it is held primarily for trading purposes, it expects to realise within twelve months or it consists of unrestricted cash or cash equivalents. A liability is classi\ufb01ed as current when: it is part of a normal operating cycle, it is held primarily for trading purposes, is due to be settled within twelve months or it does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. Other items are non-current. A dividend does not become a liability until it has been formally approved by the General Meeting. The amortisation of intangible assets and other
income and expenses 1 are presented on separate lines, broken down by segment.
All amounts are in NOK million unless otherwise stated. The functional currency of the parent company (Borregaard ASA) is NOK and the Group\u2019s reporting currency is NOK. Currency exchange rates as of 31 December are used in the balance sheet, whereas average currency exchange rates are used in the pro\ufb01t and loss.
Consolidation principles The consolidated \ufb01nancial statements show the overall \ufb01nancial results and the overall \ufb01nancial position when the parent company Borregaard ASA and its controlling interests are presented as a single economic entity. All the companies have applied consistent principles and all internal matters between the companies have been eliminated.
Interests in companies in which the Group alone has control (subsidiaries) have been fully consolidated, line by line, in the consolidated \ufb01nancial statements from the date the Group had control. These entities will be fully consolidated until the date such control ends. An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. If the Group controls a subsidiary, the noncontrolling interests\u2019 share of pro\ufb01t or loss after tax and their share of equity are presented on separate lines.
Interests in companies in which the Group together with others has joint control or has an ownership between 20- 50% (joint ventures and associate companies, see Note 6) are consolidated based on the equity method. The pro\ufb01t or loss from the joint venture is part of operating pro\ufb01t while pro\ufb01t or loss from associate companies is part of \ufb01nancial items.
Business combinations are accounted for using the acquisition method. In connection with the acquisition of a subsidiary, the establishment of a joint venture or any acquisitions of signi\ufb01cant in\ufb02uence in associates, a purchase price allocation is carried out. The acquisition is reported in the \ufb01nancial statements from the date the Group has control. The date of control is normally the date on which the acquisition agreement takes effect and has been approved by all relevant authorities. Assets and liabilities are measured at fair value at the time of acquisition. If there are non-controlling interests in the acquired company, these will be measured at their share of identi\ufb01ed assets and liabilities. Goodwill allocated to non-controlling interests is considered separately in each acquisition. Goodwill is determined as the excess of the purchase price and the amount recognised as non-controlling interest over the fair value of identi\ufb01ed assets and liabilities assumed.
Other matters
Contingent liabilities and contingent assets. A contingent liability or asset is a possible obligation or a possible asset whose existence is uncertain and will be con\ufb01rmed by the occurrence or non-occurrence of a future event, such as the outcome of legal proceedings or the \ufb01nal settlement of an insurance claim. Liabilities are recognised in the \ufb01nancial statements if there is a more than 50% probability that the liability has arisen; if the probability is lower, the matter is disclosed in notes to the \ufb01nancial statements unless the probability of payment is remote. An asset will only be recognised in the statement of \ufb01nancial position if it is virtually certain (95%) that the Group will realise the asset. The disclosure requirement applies to other contingent assets.
NOTE 05 IMPAIRMENT ASSESSMENTS Goodwill and intangible assets with an inde\ufb01nite useful life must be tested annually for impairment to assess whether the values are recoverable. Borregaard carries out this test prior to preparing and presenting its \ufb01nancial statements for the 3 rd quarter. If there are indications of impairments, the assets are tested immediately. A new impairment test is carried out in the 4 th quarter, when necessary, for instance if the underlying assumptions have changed. Borregaard has substantial non-current assets in the form of tangible (property, plant and equipment) and some minor intangible assets. An explanation of the details of and changes in these assets is presented separately in Note 17 and 18. Estimate uncertainty, in some cases considerable, attaches to both property, plant and equipment and intangible assets. Both valuation and estimated useful lifetime are based on future information that is always subject to a great degree of uncertainty. Borregaard routinely monitors assets and if there are indications that the value of an asset is no longer recoverable, an impairment test will be carried out to determine whether the asset can still justify its carrying value. If new estimates conclude that the value is no longer recoverable, the asset is written down to the recoverable amount, i.e. the greater of the net sales value and the value in use (discounted cash \ufb02ow). Cash \ufb02ows relating to the assets are identi\ufb01ed (see table below) and discounted. Future cash \ufb02ow is based on speci\ufb01ed assumptions and the plans adopted by the entity. If the discounted value of future cash \ufb02ows is lower than the capitalised value of the unit\u2019s capital employed, the assets are written down to the recoverable amount. If the discounted value is higher than the capital employed, this means that the value of the intangible asset or goodwill is recoverable. Borregaard\u2019s goodwill is related to the prior acquisition of Borregaard Czech and no impairment charges are identi\ufb01ed: GOODWILL Amounts in NOK million 2023 2022 Borregaard Czech S. R. O 37 34 Total goodwill 37 34
Estimate assumptions and cash-generating units A cash-generating unit (CGU) is the lowest level at which independent cash \ufb02ows can be measured. Based on the forecasts, expectations and assumptions that were applied, Borregaard Czech\u2019s capitalised value of goodwill at 31 December 2023 and the fair value exceeds the book value. Calculations of future cash \ufb02ows are based on a number of assumptions regarding both economic trends and the estimated useful life. Borregaard is affected by \ufb02uctuating markets and estimates made in weak markets can differ substantially from estimates made in stronger markets.
The discount rate applied is based on the Group\u2019s cost of capital, which has been estimated to be 10% before tax, based on a weighted average of required rates of return for the Group\u2019s equity and debt (WACC). The required rate of return on the Group\u2019s equity is estimated by using the capital asset pricing model (CAPM). The required rate of return on debt is estimated on the basis of a long-term risk-free interest rate to which is added a credit margin derived from Borregaard\u2019s marginal long-term borrowing rate. The discount rate is adjusted for country risk, the level of in\ufb02ation and operational risk, depending on the particular value being calculated. Future cash \ufb02ows are estimated on the basis of the budget for next year and the following two forecast years. As from year four a terminal value is calculated. Cash \ufb02ow estimates are sensitive to changes in sales revenues, raw material and energy prices and the coherent ability to maintain margin assumptions. The sensitivity of the estimates, even when there is a reasonable possibility of a change in assumptions, did not give grounds for impairment charges.
Borregaard has business areas as operating segments. The operating segments correspond to the way in which the business areas report \ufb01gures to the Group Executive Management (chief operating decision maker).
NOTE 08 REVENUES AND GEOGRAPHICAL BREAKDOWN Revenue is recognised to depict the transfer of promised goods or services to customers in an amount that re\ufb02ects the consideration to which the entity expects to be entitled in exchange for those goods or services. IFRS 15 applies to all revenue contracts and provides a model for the recognition and measurement of sales of some non-\ufb01nancial assets (e.g. disposals of property, plant and equipment). For contracts with customers, sale of Borregaard\u2019s products is generally expected to be the only performance obligation. The Group\u2019s revenue recognition occurs at a point in time when control of the asset is transferred to the customer, generally on delivery of the goods. Borregaard also have some contracts that include volume rebates to some customers. The Group currently recognises rebates based on the most likely amount method which is also in line with IFRS 15. Borregaard has operations in several countries and below is a summary showing the geographical breakdown of non-current operating assets, investments, number of man-years based on the geographical location of the operation. Sales revenues are based on the location of the customers. See Note 22 for customers' payment terms. Non-current operating assets Investments Number of man-years 2 Sales revenues Amounts in NOK million 2023 2022 2023 2022 2023 2022 2023 2022 Norway 4,193 3,846 764 424 815 795 279 319 Rest of Europe 108 82 13 5 88 91 3,097 2,876 Asia 10 12 1 3 53 48 1,698 1,591 America 961 857 59 32 169 171 1,893 1,931 Rest of the world - - - - 2 2 57 59 Total 5,272 4,798 838 464 1,127 1,107 7,024 6,776 SALES REVENUES PER PRODUCT GROUP Amounts in NOK million 2023 2022 BioSolutions 3,849 3,946 BioMaterials 2,395 2,205 Fine Chemicals 780 625 Eliminations - - Total revenues 7,024 6,776 Operating revenues consist of sales revenues and other revenues such as commissions, revenues from waste received for incineration etc.
Borregaard has a policy to use de\ufb01ned contribution pension plans. However, there are some de\ufb01ned bene\ufb01t pension plans, primarily in the USA and Norway. De\ufb01ned contribution plans In the de\ufb01ned contribution pension plans, the company is responsible for making an agreed contribution to the employee\u2019s pension assets. The future pension will be determined by the amount of the contributions and the return on the pension savings. Once the contributions have been paid, there are no further payment obligations attached to the de\ufb01ned contribution pension. As a result, there is no liability recorded in the statement of \ufb01nancial position. The pension costs related to de\ufb01ned contribution plans will be equal to the contributions to employees\u2019 pension savings in each reporting period. Contribution plans also comprise pension plans that are common to several companies and where the pension premium is determined independently of the demographic pro\ufb01le in the individual companies (multi-employer plans). The company is obligated to follow the Act on Mandatory company pensions in Norway and the company meets the requirements. De\ufb01ned bene\ufb01t plans De\ufb01ned bene\ufb01t plans are measured at the present value of accrued future pension bene\ufb01ts at the end of the reporting period. Pension plan assets are measured at their fair value. Changes in accounting estimates for de\ufb01ned bene\ufb01t plans are recognised in other comprehensive income and the net interest costs for the period is calculated by using the discount rate for the liability at the beginning of the period on the net liability. As such, the net interest cost consists of interest on the liability and the return on the plan assets, whereas both have been calculated by using the discount rate. Changes in net pension liabilities as a result of payments of premiums and pension payments have been taken into consideration. The difference between the actual return and the accounted return is recognised continuously through other comprehensive income. The current service cost and net interest income/ costs are recognised immediately. The \ufb01nancial part of the pension cost is recognised as part of \ufb01nancial items, the other part is recognised in the salary and personnel cost in the income statement. Changes in value, both in assets and liabilities, are recognised through other comprehensive income. Gains or losses on the curtailment or settlement of a de\ufb01ned bene\ufb01t plan are recognised through pro\ufb01t and loss when the curtailment or settlement occurs. A curtailment occurs when the Group decides to make a material reduction in the number of employees covered by a plan or amends the terms of a de\ufb01ned bene\ufb01t plan such that a considerable part of the current employees\u2019 future earnings will no longer qualify for bene\ufb01ts or will qualify only for reduced bene\ufb01ts. The introduction of a new de\ufb01ned bene\ufb01t plan or an improvement to the current de\ufb01ned bene\ufb01t plan will lead to changes in the pension liabilities. These will be charged to expenses in a straight line during the period until the effect of the change has been accrued. The introduction of new plans or changes to existing plans which take place with retroactive effect so that the employees immediately accrue a paid-up policy (or a change in a paid-up policy) are recognised in the statement of comprehensive income immediately. Gains or losses linked to curtailments or terminations of pension plans are recognised through pro\ufb01t and loss when they arise. Borregaard has pension plans that are classi\ufb01ed as funded bene\ufb01t plans and unfunded bene\ufb01t plans. Expected contributions for the next year, 2024, to the de\ufb01ned bene\ufb01t plan obligation is NOK 3 million. The largest part of the bene\ufb01t plans are in the USA and Norway.
IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model. The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost re\ufb02ects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include \ufb01xed payments (including in substance \ufb01xed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual
value guarantees, if any. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to re\ufb02ect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modi\ufb01cation, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Discount rates used: Machinery, vehicles and equipment: Incremental borrowing rate. Buildings: Implicit interest rate if available The incremental borrowing rate is based on interbank interest rate (NIBOR, EURIBOR or LIBOR) plus margin plus country risk mark-up. The Group\u2019s lease of buildings have lease terms that vary from 1 to 25 years and several agreements involve a right of renewal which may be exercised during the last period of the lease terms. The Group assesses at the commencement whether it is reasonably certain to exercise the renewal right. Group\u2019s lease liabilities are included in interest-bearing liabilities. See Note 27. The standard includes two recognition exemptions for lessees \u2013 leases of \u2019low-value\u2019 assets (e.g. personal computers) and short-term leases (i.e. leases with a lease term of 12 months or less) that Borregaard has adopted. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.
Interest income and interest costs on loans and receivables are calculated using the effective interest method. Commitment fees and costs related to borrowings are reported as part of interest costs. The \ufb01nancial element of pension costs is included in other \ufb01nance costs and is disclosed in Note 10. Borrowing costs related to assets under construction are recognised in the statement of \ufb01nancial position together with the asset. Foreign currency gains or losses arising from operational assets and liabilities, and the hedging of such, are reported as operating revenues or operating costs. Other foreign currency gains or losses are reported as foreign exchange gain and foreign exchange loss. The foreign currency gains or losses related to net investments in subsidiaries are disclosed in Note 29.
Income tax expense consists of the total of current taxes and changes in deferred tax. Current taxes are recognised in the \ufb01nancial statements at the amount that is expected to be paid to the tax authorities based on taxable income reported for entities included in the combined \ufb01nancial statements. Current taxes and changes in deferred tax are taken to other comprehensive income to the extent that they relate to items that are included in other comprehensive income.
Deferred tax in the statement of \ufb01nancial position have been calculated at the nominal tax rate based on temporary differences between accounting and tax basis of assets and liabilities on the statement of \ufb01nancial position date. Deferred tax liability relating to goodwill has not been recognised in the statement of \ufb01nancial position. Deferred tax assets are continuously assessed and are only recognised in the statement of \ufb01nancial position to the extent it is probable that future taxable pro\ufb01t will be large enough for the asset to be usefully applied. Deferred tax liability and deferred tax assets are offset as far as this is possible under taxation legislation and regulations.
Earnings per share are calculated on the basis of pro\ufb01t for the year after non-controlling interests. As a result of the Borregaard Group\u2019s option programme (see Note 9), outstanding shares may be diluted when options are exercised. In order to take into account this future increase in the number of shares outstanding, diluted earnings per share are calculated in addition to basic earnings per share. In this calculation, the average number of shares outstanding is adjusted to take into account the estimated dilutive effect of the option programme.
Capitalised expenditure on internally generated or specially adapted computer programmes is presented as intangible assets. The reinvestment need of specially adapted computer programmes is similar to that of other tangible assets, and the amortisation of intangible assets are presented together with Borregaard\u2019s other depreciation. Research and development (R&D) expenditure is the expenses incurred by Borregaard in conducting research and development, including studies of existing or new products and production processes in order to secure future earnings. Expenditure on research is always expensed as incurred, while expenditure on development is recognised in the statement of \ufb01nancial position if the underlying economic factors are identi\ufb01able and represent probable future economic bene\ufb01ts of which Borregaard has control. Borregaard has a large number of projects in process at all times, but the number of projects that end in capitalisation is limited. This is due to the considerable uncertainty throughout the decision-making process and the fact that only a small percentage of all projects culminate in commercial products. Furthermore, the portion of the total project expenses that qualify for recognition in the statement of \ufb01nancial position are relatively small, as it is only from the time the decision to develop the product is made it can be capitalised, and that decision-making point comes at a late stage of the process. The fair value of intangible assets acquired by the company through business combinations is capitalised. Intangible assets with inde\ufb01nite life will not be amortised while other intangible assets will be amortised over their useful life.
Goodwill is initially measured at cost, being the excess of the aggregate of the transferred and the amount recognised for non-controlling interest over the net identi\ufb01ed asset acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in income statement. Amortisable intangible assets are amortised on a straight-line basis at the following rates: Development 20% and other intangible assets 10-15%. Development consists mainly of internal resources being involved in development projects.
IT consists mainly of external costs.
Emission rights Government granted and purchased CO 2 emission allowances expected to be used towards Borregaard\u2019s own emissions are recognised as intangible assets at nominal value (cost). In case there are actual CO 2 emissions exceeding the level covered by emission rights, those are recognised as a liability. Sale of government granted CO 2 emission rights are recognised at the time of sale at the transaction price. As of 31 December 2023, Borregaard owns 664,700 CO 2 emission rights (690,066 as of 31 December 2022). However, Borregaard has an obligation to deliver 120,107 emission rights in 2024 for emissions in 2023. As of 31 December 2022 the obligation was 143,042 emission rights.
Property, plant and equipment are tangible assets intended for production, delivery of goods or administrative purposes and have a lasting useful life. They are recognised in the statement of \ufb01nancial position at cost minus any accumulated depreciation and impairment. Annual major maintenance stops are capitalised as part of property, plant and equipment and depreciated over a period of 12 months. All other
maintenance and repairs are expensed under operating expenses as and when the maintenance is carried out, while expenditure on replacements or improvements is added to the cost price
of the assets. Borrowing costs related to the
construction of the Group\u2019s own property, plant and equipment are capitalised as part of the cost of the asset.
Property, plant and equipment are depreciated on a straight-line basis over the useful life, at the following rates: buildings 2-5%, machinery, \ufb01xtures and \ufb01ttings mainly 4-20%, vehicles 15- 25% and IT equipment 15-33%. The period of depreciation is reviewed each year and if there are changes in useful life, depreciation is adjusted. If there is any indication that an asset may be impaired, the asset will be written down to the recoverable amount if the recoverable amount is lower than the carrying value. The residual value is also calculated and if it is higher than the carrying value, depreciation is stopped. This applies in particular to buildings. The Group is committed to ful\ufb01l contracts amounting to NOK 68 million which is not recorded in the statement of \ufb01nancial position as of 31 December 2023 (NOK 42 million as of 31 December 2022).
Loans, as well as trade receivables, are held to collect contractual cash \ufb02ows and are expected to give rise to cash \ufb02ows solely representing payments of principal and interest. The Group analysed the contractual cash \ufb02ow characteristics of those instruments and concluded that they meet the criteria for amortised cost measurement under IFRS 9. The Group applied the simpli\ufb01ed approach and record lifetime expected losses on all trade receivables. The Group has considered that due to the historical low level of credit losses, the loss allowance will not be materially different from the current level. Transactions in foreign currencies are recognised at the exchange rate on the date of the transaction, while monetary items in foreign currencies are presented at the exchange rate on the balance sheet date, and any gain/ loss is reported in the income statement as \ufb01nancial items. Revenues and expenses in subsidiaries with a functional currency different from the Group\u2019s presentation currency are translated monthly at the average exchange rate for the month and accumulated. Statement of \ufb01nancial position items in subsidiaries with a different functional currency are translated at the exchange rate on the balance sheet date. Translation differences are reported in comprehensive income.
The Group uses the following hierarchy for determining and disclosing the fair value of \ufb01nancial instruments, by valuation technique: Level 1: Quoted market prices in an active market (that are unadjusted) for identical assets and liabilities. Level 2: Valuation techniques (for which the lowest level input that is signi\ufb01cant to the fair value measurement is directly or indirectly observable). Level 3: Valuation techniques (for which the lowest level input that is signi\ufb01cant to the fair value measurement is unobservable).
The foreign exchange element in currency forward contracts is measured at observable market prices using the foreign exchange rate set by Norges Bank, Norway\u2019s central bank. Different maturity dates add an interest rate element resulting in an estimated fair value of the currency forward contracts. There were no transfers from one level to another in the measurement hierarchy in 2022 and 2023. Borregaard has no items de\ufb01ned as level 1. A description of how the derivatives are measured is provided in Note 29.
Receivables are initially recognised at fair value which is generally the original invoice amount. For trade receivables see Note 22. The interest rate element is disregarded if it is insigni\ufb01cant, which is the case for the majority of receivables.
Inventories are measured at the lower of cost and net realisable value. Purchased goods are measured at purchase cost according to the FIFO principle, while internally manufactured \ufb01nished goods and work in progress are measured at production cost. Deductions are made for obsolescence. Net realisable value is the estimated selling price minus selling costs.
Receivables are initially recognised at fair value which is generally the original invoice amount. For trade receivables the Group applies a simpli\ufb01ed approach in calculating expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment.
Cash and cash equivalents are held for the purpose of meeting short-term \ufb02uctuations in liquidity rather than for investment purposes. Cash and cash equivalents consist of cash, bank deposits and current deposits with a maturity of three months or less. Company policy is to channel excess liquidity in wholly owned subsidiaries to Borregaard\u2019s cash pools (with DNB and Handelsbanken) or placed as deposits with Borregaard AS. In some countries, however, there are legal or technical impediments on participation in Borregaard\u2019s cash pools or making deposits with Borregaard AS.
Loans and receivables are carried at amortised cost. Thus, changes in fair value resulting from changes in interest rates during the interest rate period are not reported in the income statement. Borrowing costs related to the long-term funding are capitalised over the period of the loan facilities.
Derivatives are measured at fair value on the balance sheet date and reported as receivables or liabilities. Changes in fair value are reported in the income statement in cases where the derivative is not part of a hedge relationship that satis\ufb01es the criteria for hedge accounting. Embedded derivatives in contracts are identi\ufb01ed and measured separately. Purchases and sales of derivatives are recognised at trade date. The Group applies IFRS 9 on its \ufb01nancial instruments.
Hedge accounting The Group\u2019s existing hedge relationships designated in effective hedging relationships qualify for hedge accounting under IFRS 9. The Group uses the following criteria for classifying a derivative or another \ufb01nancial instrument as a hedging instrument: (1) the hedging instrument is expected to be highly effective in offsetting the changes in fair value or the cash \ufb02ow of an identi\ufb01ed object, (2) the hedging effectiveness can be measured reliably, (3) satisfactory documentation is established before entering into the hedging instrument, showing among other things that the hedging relationship is effective, (4) for cash \ufb02ow hedges, that the future transaction is considered to be highly probable, and the hedging relationship is evaluated regularly and is considered to be effective.
Government grants are recognised in the \ufb01nancial statements when there is a reasonable assurance that the requirements of the grants will be complied with and that the grants will be received. Grants related to income are presented as reduction of expenses they are intended to compensate for. Government grants that relate to assets are recognised as a reduction in the acquisition cost of the asset. The grant reduces the depreciation of the asset.
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The cash \ufb02ow statement has been prepared according to the indirect method and re\ufb02ects cash \ufb02ows from operating, investing and \ufb01nancing activities and explains changes in \u201cCash and cash equivalents\u201c in the reporting period.
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} }, "f9752": { "value": "4894000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f9893": { "value": "
NOTE 01 GENERAL INFORMATION
The consolidated \ufb01nancial statements for Borregaard ASA (Borregaard/Group), including notes, for the year 2023, were endorsed by the Board of Directors (the Board) of Borregaard ASA
on 15 March 2024. Borregaard ASA is a public limited company and its of\ufb01ces are located in Hjalmar Wessels vei 6, 1721 Sarpsborg, Norway. Borregaard develops, produces and markets specialised biochemicals and biomaterials to a wide range of customers in global niches. Borregaard\u2019s business model is linked to its advanced biore\ufb01nery that utilises the different components in the biomass to produce high value-added products that to a large extent can substitute petrochemical alternatives. Borregaard is an international company with production units and sales of\ufb01ces in the world\u2019s most important industrial markets. The \ufb01nancial statements for 2023 have been prepared and presented in full compliance with IFRS\u00ae Accounting Standards (IFRS Accounting Standards) as adopted by the EU. The valuation and recognition of the items in the \ufb01nancial statements have been carried out in accordance with current IFRS standards. The consolidated
\ufb01nancial statements contain certain items that are crucial to understand the \ufb01nancial results for 2023. The most important principles are described below. Borregaard is exposed to currency risk for most of its sales, primarily in USD and EUR. A substantial part of this exposure, de\ufb01ned as estimated net cash \ufb02ow in USD or EUR, is routinely hedged on a rolling basis with a nine-month time horizon. Subject to certain criteria being met, the hedging horizon may be extended to three years in order to secure competitive margins. On the revenue side, most of Borregaard\u2019s business segments are exposed to price risk in international markets. The accounting policies regarding hedging are described in Note 29 and information regarding currency risks is provided in Note 28. Other income and expenses 1 (OIE) are presented as part of operating pro\ufb01t in the Income Statement but are presented after EBITDA 1 in the segment information in Note 7, which are reported according to management reporting. See Note 13 for details and speci\ufb01cations. The accounting policies for business areas are described in segment information for the various business areas in Note 7. Borregaard has business areas as operating segments. The operating segments correspond to the way in which the business areas report \ufb01gures to the Group Executive Management (key decision maker). The segments are BioSolutions, BioMaterials and Fine Chemicals.
Borregaard ASA was incorporated as a public limited liability company on 22 August 2012.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9896": { "value": "
The consolidated \ufb01nancial statements for Borregaard ASA (Borregaard/Group), including notes, for the year 2023, were endorsed by the Board of Directors (the Board) of Borregaard ASA
on 15 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9900": { "value": "Borregaard ASA (Borregaard/Group)", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9905": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9909": { "value": "Hjalmar Wessels vei 6, 1721 Sarpsborg", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9910": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9911": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9912": { "value": "Borregaard develops, produces and markets specialised biochemicals and biomaterials to a wide range of customers in global niches. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9924": { "value": "The \ufb01nancial statements for 2023 have been prepared and presented in full compliance with IFRS\u00ae Accounting Standards (IFRS Accounting Standards) as adopted by the EU. The valuation and recognition of the items in the \ufb01nancial statements have been carried out in accordance with current IFRS standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9973": { "value": "
NOTE 02 BASIS FOR PREPARATION
Borregaard ASA was incorporated as a public limited liability company on 22 August 2012.
The Borregaard Group includes subsidiaries, a joint venture and an associate company directly and indirectly owned by Borregaard ASA. The consolidated \ufb01nancial statements are primarily based on the historical cost principle.
Interest income is recognised in the income statement when earned, while any dividends are recognised on the date they are approved for payment. Interest income and dividends are presented under \u201c\ufb01nancial income\u201d.
The Group has at all times various contracts for the sale and purchase of goods and services in connection with the production. These contracts are regarded as part of Borregaard\u2019s ordinary operating activities and are therefore not speci\ufb01ed or indicated in any other way. The contracts are deemed to be strictly sale or purchase contracts with no embedded
derivatives. The company also enters into
currency derivatives contracts. Hedging instruments which satisfy the criteria for hedge accounting, are reported at fair value in the statement of \ufb01nancial position and changes in fair value are recognised in comprehensive income. Derivatives which do not satisfy the
criteria for hedge accounting, are recognised at fair value through pro\ufb01t and loss.
Assets that no longer justify their value are written down to the recoverable amount, which is the higher of value in use and fair value minus selling costs.
The accrual accounting principle and the going concern assumption are underlying assumptions for preparing the combined \ufb01nancial statements. An asset is classi\ufb01ed as current when: it is part of a normal operating cycle, it is held primarily for trading purposes, it expects to realise within twelve months or it consists of unrestricted cash or cash equivalents. A liability is classi\ufb01ed as current when: it is part of a normal operating cycle, it is held primarily for trading purposes, is due to be settled within twelve months or it does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. Other items are non-current. A dividend does not become a liability until it has been formally approved by the General Meeting. The amortisation of intangible assets and other
income and expenses 1 are presented on separate lines, broken down by segment.
All amounts are in NOK million unless otherwise stated. The functional currency of the parent company (Borregaard ASA) is NOK and the Group\u2019s reporting currency is NOK. Currency exchange rates as of 31 December are used in the balance sheet, whereas average currency exchange rates are used in the pro\ufb01t and loss.
Consolidation principles The consolidated \ufb01nancial statements show the overall \ufb01nancial results and the overall \ufb01nancial position when the parent company Borregaard ASA and its controlling interests are presented as a single economic entity. All the companies have applied consistent principles and all internal matters between the companies have been eliminated.
Interests in companies in which the Group alone has control (subsidiaries) have been fully consolidated, line by line, in the consolidated \ufb01nancial statements from the date the Group had control. These entities will be fully consolidated until the date such control ends. An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. If the Group controls a subsidiary, the noncontrolling interests\u2019 share of pro\ufb01t or loss after tax and their share of equity are presented on separate lines.
Interests in companies in which the Group together with others has joint control or has an ownership between 20- 50% (joint ventures and associate companies, see Note 6) are consolidated based on the equity method. The pro\ufb01t or loss from the joint venture is part of operating pro\ufb01t while pro\ufb01t or loss from associate companies is part of \ufb01nancial items.
Business combinations are accounted for using the acquisition method. In connection with the acquisition of a subsidiary, the establishment of a joint venture or any acquisitions of signi\ufb01cant in\ufb02uence in associates, a purchase price allocation is carried out. The acquisition is reported in the \ufb01nancial statements from the date the Group has control. The date of control is normally the date on which the acquisition agreement takes effect and has been approved by all relevant authorities. Assets and liabilities are measured at fair value at the time of acquisition. If there are non-controlling interests in the acquired company, these will be measured at their share of identi\ufb01ed assets and liabilities. Goodwill allocated to non-controlling interests is considered separately in each acquisition. Goodwill is determined as the excess of the purchase price and the amount recognised as non-controlling interest over the fair value of identi\ufb01ed assets and liabilities assumed.
Other matters
Contingent liabilities and contingent assets. A contingent liability or asset is a possible obligation or a possible asset whose existence is uncertain and will be con\ufb01rmed by the occurrence or non-occurrence of a future event, such as the outcome of legal proceedings or the \ufb01nal settlement of an insurance claim. Liabilities are recognised in the \ufb01nancial statements if there is a more than 50% probability that the liability has arisen; if the probability is lower, the matter is disclosed in notes to the \ufb01nancial statements unless the probability of payment is remote. An asset will only be recognised in the statement of \ufb01nancial position if it is virtually certain (95%) that the Group will realise the asset. The disclosure requirement applies to other contingent assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9980": { "value": "
The Borregaard Group includes subsidiaries, a joint venture and an associate company directly and indirectly owned by Borregaard ASA. The consolidated \ufb01nancial statements are primarily based on the historical cost principle.
Consolidation principles The consolidated \ufb01nancial statements show the overall \ufb01nancial results and the overall \ufb01nancial position when the parent company Borregaard ASA and its controlling interests are presented as a single economic entity. All the companies have applied consistent principles and all internal matters between the companies have been eliminated.
Interests in companies in which the Group alone has control (subsidiaries) have been fully consolidated, line by line, in the consolidated \ufb01nancial statements from the date the Group had control. These entities will be fully consolidated until the date such control ends. An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. If the Group controls a subsidiary, the noncontrolling interests\u2019 share of pro\ufb01t or loss after tax and their share of equity are presented on separate lines.
Interests in companies in which the Group together with others has joint control or has an ownership between 20- 50% (joint ventures and associate companies, see Note 6) are consolidated based on the equity method. The pro\ufb01t or loss from the joint venture is part of operating pro\ufb01t while pro\ufb01t or loss from associate companies is part of \ufb01nancial items.
Business combinations are accounted for using the acquisition method. In connection with the acquisition of a subsidiary, the establishment of a joint venture or any acquisitions of signi\ufb01cant in\ufb02uence in associates, a purchase price allocation is carried out. The acquisition is reported in the \ufb01nancial statements from the date the Group has control. The date of control is normally the date on which the acquisition agreement takes effect and has been approved by all relevant authorities. Assets and liabilities are measured at fair value at the time of acquisition. If there are non-controlling interests in the acquired company, these will be measured at their share of identi\ufb01ed assets and liabilities. Goodwill allocated to non-controlling interests is considered separately in each acquisition. Goodwill is determined as the excess of the purchase price and the amount recognised as non-controlling interest over the fair value of identi\ufb01ed assets and liabilities assumed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9987": { "value": "
Interest income is recognised in the income statement when earned, while any dividends are recognised on the date they are approved for payment. Interest income and dividends are presented under \u201c\ufb01nancial income\u201d.
NOTE 14 NET FINANCIAL ITEMS
Interest income and interest costs on loans and receivables are calculated using the effective interest method. Commitment fees and costs related to borrowings are reported as part of interest costs. The \ufb01nancial element of pension costs is included in other \ufb01nance costs and is disclosed in Note 10. Borrowing costs related to assets under construction are recognised in the statement of \ufb01nancial position together with the asset. Foreign currency gains or losses arising from operational assets and liabilities, and the hedging of such, are reported as operating revenues or operating costs. Other foreign currency gains or losses are reported as foreign exchange gain and foreign exchange loss. The foreign currency gains or losses related to net investments in subsidiaries are disclosed in Note 29.
There are no major differences between recognised interest income and in\ufb02ow of interests. There are no major differences between recognised interest expense and out\ufb02ow of interests. FINANCE INCOME AND FINANCE COSTS Amounts in NOK million 2023 2022 Interest income 30 12 Foreign exchange gain 374 326 Other \ufb01nance income 5 7 Total \ufb01nance income 409 345 Interest costs -171 -88 Foreign exchange loss -389 -320 Other \ufb01nance costs -7 -2 Total \ufb01nance costs -567 -410 Share of pro\ufb01t/loss from associate -9 -3 Net \ufb01nancial items -167 -68
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9988": { "value": "
Interest income is recognised in the income statement when earned, while any dividends are recognised on the date they are approved for payment. Interest income and dividends are presented under \u201c\ufb01nancial income\u201d.
Interest income and interest costs on loans and receivables are calculated using the effective interest method. Commitment fees and costs related to borrowings are reported as part of interest costs. The \ufb01nancial element of pension costs is included in other \ufb01nance costs and is disclosed in Note 10. Borrowing costs related to assets under construction are recognised in the statement of \ufb01nancial position together with the asset. Foreign currency gains or losses arising from operational assets and liabilities, and the hedging of such, are reported as operating revenues or operating costs. Other foreign currency gains or losses are reported as foreign exchange gain and foreign exchange loss. The foreign currency gains or losses related to net investments in subsidiaries are disclosed in Note 29.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9995": { "value": "
The Group has at all times various contracts for the sale and purchase of goods and services in connection with the production. These contracts are regarded as part of Borregaard\u2019s ordinary operating activities and are therefore not speci\ufb01ed or indicated in any other way. The contracts are deemed to be strictly sale or purchase contracts with no embedded
derivatives.
NOTE 08 REVENUES AND GEOGRAPHICAL BREAKDOWN Revenue is recognised to depict the transfer of promised goods or services to customers in an amount that re\ufb02ects the consideration to which the entity expects to be entitled in exchange for those goods or services. IFRS 15 applies to all revenue contracts and provides a model for the recognition and measurement of sales of some non-\ufb01nancial assets (e.g. disposals of property, plant and equipment). For contracts with customers, sale of Borregaard\u2019s products is generally expected to be the only performance obligation. The Group\u2019s revenue recognition occurs at a point in time when control of the asset is transferred to the customer, generally on delivery of the goods. Borregaard also have some contracts that include volume rebates to some customers. The Group currently recognises rebates based on the most likely amount method which is also in line with IFRS 15. Borregaard has operations in several countries and below is a summary showing the geographical breakdown of non-current operating assets, investments, number of man-years based on the geographical location of the operation. Sales revenues are based on the location of the customers. See Note 22 for customers' payment terms. Non-current operating assets Investments Number of man-years 2 Sales revenues Amounts in NOK million 2023 2022 2023 2022 2023 2022 2023 2022 Norway 4,193 3,846 764 424 815 795 279 319 Rest of Europe 108 82 13 5 88 91 3,097 2,876 Asia 10 12 1 3 53 48 1,698 1,591 America 961 857 59 32 169 171 1,893 1,931 Rest of the world - - - - 2 2 57 59 Total 5,272 4,798 838 464 1,127 1,107 7,024 6,776 SALES REVENUES PER PRODUCT GROUP Amounts in NOK million 2023 2022 BioSolutions 3,849 3,946 BioMaterials 2,395 2,205 Fine Chemicals 780 625 Eliminations - - Total revenues 7,024 6,776 Operating revenues consist of sales revenues and other revenues such as commissions, revenues from waste received for incineration etc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9996": { "value": "
The Group has at all times various contracts for the sale and purchase of goods and services in connection with the production. These contracts are regarded as part of Borregaard\u2019s ordinary operating activities and are therefore not speci\ufb01ed or indicated in any other way. The contracts are deemed to be strictly sale or purchase contracts with no embedded
derivatives.
NOTE 08 REVENUES AND GEOGRAPHICAL BREAKDOWN Revenue is recognised to depict the transfer of promised goods or services to customers in an amount that re\ufb02ects the consideration to which the entity expects to be entitled in exchange for those goods or services. IFRS 15 applies to all revenue contracts and provides a model for the recognition and measurement of sales of some non-\ufb01nancial assets (e.g. disposals of property, plant and equipment). For contracts with customers, sale of Borregaard\u2019s products is generally expected to be the only performance obligation. The Group\u2019s revenue recognition occurs at a point in time when control of the asset is transferred to the customer, generally on delivery of the goods. Borregaard also have some contracts that include volume rebates to some customers. The Group currently recognises rebates based on the most likely amount method which is also in line with IFRS 15. Borregaard has operations in several countries and below is a summary showing the geographical breakdown of non-current operating assets, investments, number of man-years based on the geographical location of the operation. Sales revenues are based on the location of the customers. See Note 22 for customers' payment terms. Non-current operating assets Investments Number of man-years 2 Sales revenues Amounts in NOK million 2023 2022 2023 2022 2023 2022 2023 2022 Norway 4,193 3,846 764 424 815 795 279 319 Rest of Europe 108 82 13 5 88 91 3,097 2,876 Asia 10 12 1 3 53 48 1,698 1,591 America 961 857 59 32 169 171 1,893 1,931 Rest of the world - - - - 2 2 57 59 Total 5,272 4,798 838 464 1,127 1,107 7,024 6,776 SALES REVENUES PER PRODUCT GROUP Amounts in NOK million 2023 2022 BioSolutions 3,849 3,946 BioMaterials 2,395 2,205 Fine Chemicals 780 625 Eliminations - - Total revenues 7,024 6,776 Operating revenues consist of sales revenues and other revenues such as commissions, revenues from waste received for incineration etc.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10009": { "value": " The company also enters into
currency derivatives contracts. Hedging instruments which satisfy the criteria for hedge accounting, are reported at fair value in the statement of \ufb01nancial position and changes in fair value are recognised in comprehensive income. Derivatives which do not satisfy the
criteria for hedge accounting, are recognised at fair value through pro\ufb01t and loss.
NOTE 19 OVERVIEW OF FINANCIAL INSTRUMENTS
Loans, as well as trade receivables, are held to collect contractual cash \ufb02ows and are expected to give rise to cash \ufb02ows solely representing payments of principal and interest. The Group analysed the contractual cash \ufb02ow characteristics of those instruments and concluded that they meet the criteria for amortised cost measurement under IFRS 9. The Group applied the simpli\ufb01ed approach and record lifetime expected losses on all trade receivables. The Group has considered that due to the historical low level of credit losses, the loss allowance will not be materially different from the current level. Transactions in foreign currencies are recognised at the exchange rate on the date of the transaction, while monetary items in foreign currencies are presented at the exchange rate on the balance sheet date, and any gain/ loss is reported in the income statement as \ufb01nancial items. Revenues and expenses in subsidiaries with a functional currency different from the Group\u2019s presentation currency are translated monthly at the average exchange rate for the month and accumulated. Statement of \ufb01nancial position items in subsidiaries with a different functional currency are translated at the exchange rate on the balance sheet date. Translation differences are reported in comprehensive income.
The Group uses the following hierarchy for determining and disclosing the fair value of \ufb01nancial instruments, by valuation technique: Level 1: Quoted market prices in an active market (that are unadjusted) for identical assets and liabilities. Level 2: Valuation techniques (for which the lowest level input that is signi\ufb01cant to the fair value measurement is directly or indirectly observable). Level 3: Valuation techniques (for which the lowest level input that is signi\ufb01cant to the fair value measurement is unobservable).
The foreign exchange element in currency forward contracts is measured at observable market prices using the foreign exchange rate set by Norges Bank, Norway\u2019s central bank. Different maturity dates add an interest rate element resulting in an estimated fair value of the currency forward contracts. There were no transfers from one level to another in the measurement hierarchy in 2022 and 2023. Borregaard has no items de\ufb01ned as level 1. A description of how the derivatives are measured is provided in Note 29.
OVERVIEW OF FINANCIAL INSTRUMENTS 2023 Amounts in NOK million Note Measure- ment level Financial instruments at fair value through pro\ufb01t and loss Financial instruments at fair value - hedging instruments Financial liabilities measured at amortised cost Deposits and receivables measured at amortised cost Total Of this interest- bearing Fair value Non-current assets Non-current \ufb01nancial receivables 20 2 - - - 184 184 2 184 Share investments 20 1 - - - 28 28 - 28 Non-current derivatives 20, 29 2 - 93 - - 93 - 93 Total - 93 - 212 305 2 305 Current assets Accounts receivable 22 - - - 877 877 - 877 Other current receivables 22 - - - 33 33 - 33 Current derivatives 22, 29 2 4 27 - - 31 - 31 Cash and cash equivalents 23 - - - 469 469 469 469 Total 4 27 - 1,379 1,410 469 1,410 Non-current liabilities Non-current \ufb01nancial liabilities 12, 27 2,3 - - 2,018 - 2,018 2,016 2,018 Non-current derivatives 24, 29 2 - 176 - - 176 - 176 Total - 176 2,018 - 2,194 2,016 2,194 Current liabilities Current \ufb01nancial liabilities 12, 27 2 - - 246 - 246 246 246 Accounts payable 25 - - 560 - 560 - 560 Other current liabilities 25 - - 9 - 9 - 9 Current derivatives 25, 29 2 3 252 - - 255 - 255 Total 3 252 815 - 1,070 246 1,070 Total \ufb01nancial instruments 1 -308 -2,833 1,591 -1,549 -1,791 -1,549 Total measurement level 1 - - - 28 28 - 28 Total measurement level 2, assets 4 120 - 184 308 2 308 Total measurement level 2, liabilities -3 -428 -1,764 - -2,195 -1,762 -2,195 Total measurement level 3 - - -500 - -500 -500 -500
OVERVIEW OF FINANCIAL INSTRUMENTS 2022 Amounts in NOK million Note Measure- ment level Financial instruments at fair value through pro\ufb01t and loss Financial instruments at fair value - hedging instruments Financial liabilities measured at amortised cost Deposits and receivables measured at amortised cost Total Of this interest- bearing Fair value Non-current assets Non-current \ufb01nancial receivables 20 2 - - - 193 193 2 193 Share investments 20 1 - - - 11 11 - 11 Non-current derivatives 20, 29 2 - 46 - - 46 - 46 Total - 46 - 204 250 2 250 Current assets Accounts receivable 22 - - - 988 988 - 988 Other current receivables 22 - - - 37 37 - 37 Current derivatives 22, 29 2 - 49 - - 49 - 49 Cash and cash equivalents 23 - - - 234 234 234 234 Total - 49 - 1,259 1,308 234 1,308 Non-current liabilities Non-current \ufb01nancial liabilities 12, 27 2 - - 1,372 - 1,372 1,370 1,372 Non-current derivatives 24, 29 2 - 144 - - 144 - 144 Total - 144 1,372 - 1,516 1,370 1,516 Current liabilities Current \ufb01nancial liabilities 12, 27 2,3 - - 702 - 702 702 702 Accounts payable 25 - - 497 - 497 - 497 Other current liabilities 25 - - 6 - 6 - 6 Current derivatives 25, 29 2 2 100 - - 102 - 102 Total 2 100 1,205 - 1,307 702 1,307 Total \ufb01nancial instruments -2 -149 -2,577 1,452 -1,276 -1,836 -1,276 Total measurement level 1 - - - 11 11 - 11 Total measurement level 2, assets - 95 - 193 288 2 288 Total measurement level 2, liabilities -2 -244 -1,674 - -1,920 -1,672 -1,920 Total measurement level 3 - - -400 - -400 -400 -400 For current assets and liabilities, fair value is estimated close or equal to book value. The bond is determined as measurement level 3. The fair value of the bond is deemed to equal book value. The bond carries \ufb02oating interest terms and the issuer\u2019s credit quality is not considered to have changed since the bond was issued in June 2023.
CHANGE IN PROVISIONS FOR BAD DEBT: Amounts in NOK million 2023 2022 Provisions for bad debts 1 January 9 8 Bad debts recognised as expense (- income) 2 3 Realised losses - -1 Translation effects - -1 Provisions for bad debts 31 December 11 9
NOTE 27 FUNDING AND INTEREST-BEARING LIABILITIES
Loans and receivables are carried at amortised cost. Thus, changes in fair value resulting from changes in interest rates during the interest rate period are not reported in the income statement. Borrowing costs related to the long-term funding are capitalised over the period of the loan facilities.
Funding Borregaard's main sources of \ufb01nancing are proceeds from its USD 50 million term loan and EUR 40 million term loan (remaining balance EUR 2.7 million on 31 December 2023) with the Nordic Investment Bank, its green bond issue of NOK 500 million, and its long-term revolving credit facilities totalling NOK 1,500 million from three Scandinavian banks. In June 2017, LignoTech Florida entered into a USD 60 million loan agreement. The loan has a remaining balance of USD 56.8 million on 31 December 2023. To meet short term liquidity needs, an overdraft facility of USD 15 million was established. For liquidity and cash management purposes two multicurrency overdraft facilities totalling NOK 225 million are in place.
Book value Fair value Amounts in NOK million 2023 2022 2023 2022 Non-current interest-bearing liabilities Bank loans/bond 1,548 1,043 1,548 1,043 Other interest-bearing liabilities 468 327 468 327 Total non-current interest-bearing liabilities 2,016 1,370 2,016 1,370 Current interest-bearing liabilities Bank loans/overdraft/commercial paper/bond 151 658 151 658 Other interest-bearing liabilities 95 44 95 44 Total current interest-bearing liabilities 246 702 246 702 Total interest-bearing liabilities 2,262 2,072 2,262 2,072 Interest-bearing receivables Non-current interest-bearing receivables 2 2 2 2 Cash and cash equivalents 469 234 469 234 Total interest-bearing receivables 471 236 471 236 Net interest-bearing debt 1 1,791 1,836 1,791 1,836 RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES 1 January 2023 Cash \ufb02ows Additions/ transfer leases Foreign exchange movement Fair value changes 31 December 2023 Long-term borrowings 1,370 463 170 13 - 2,016 Short-term borrowings excluding overdraft 579 -473 101 -1 - 206 Other instruments - Change in net interest-bearing liablities -10 Overdraft 123 -87 - 4 - 40 Total liabilities from \ufb01nancing activities 2,072 -107 271 16 - 2,262 RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES 1 January 2022 Cash \ufb02ows Additions/ transfer leases Foreign exchange movement Fair value changes 31 December 2022 Long-term borrowings 1,320 -21 3 68 - 1,370 Short-term borrowings excluding overdraft 105 424 52 -2 - 579 Other instruments - Change in net interest-bearing liablities 403 Overdraft 119 -10 - 14 - 123 Total liabilities from \ufb01nancing activities 1,544 796 55 80 - 2,072 There were no drawings under the Bank Facilities Agreements as of 31 December 2023. Drawings originating from the bond issue, the term loans with Nordic Investment Bank, and the term loan related to LignoTech Florida amounted to NOK 1,616 million as of 31 December 2023. The maturity pro\ufb01les of the Group\u2019s interest-bearing liabilities are shown in the table below. MATURITY PROFILE INTEREST-BEARING LIABILITIES AND UNUTILISED CREDIT FACILITIES Gross interest-bearing liabilities Unutilised credit facilities Amounts in NOK million 2023 2022 2023 2022 Maturity < 1 year 246 702 338 250 Maturity 1-3 years 404 245 500 500 Maturity 3-5 years 1,059 519 1,000 1,000 Maturity 5-7 years 193 181 - - Maturity > 7 years 360 425 - - Total 2,262 2,072 1,838 1,750
NOTE 28 FINANCIAL RISK (I) ORGANISATION OF FINANCIAL RISK MANAGEMENT Borregaard operates internationally and is exposed to \ufb01nancial risks like currency risk, interest rate risk, commodity price risk, climate and nature risks, liquidity risk and credit risk. Borregaard uses derivatives and other \ufb01nancial instruments to reduce these risks in accordance with the Group\u2019s \ufb01nance policy. Responsibility for managing \ufb01nancial risk in Borregaard is divided between business areas, which manage risk related to business processes and corporate functions, which manages risk related to centralised activities like funding, interest rate management, cash management, currency risk management and credit management policy. Borregaard\u2019s CFO and the Group\u2019s Treasury Department are responsible for managing centralised \ufb01nancial risk elements. Financial risks This section describes the most important risk factors within the Group and the management of these risks. In this context, \ufb01nancial risk is de\ufb01ned as risk related to \ufb01nancial instruments. These may either be hedging instruments for underlying risk or viewed as inherently a source of risk. Borregaard is exposed to currency risk for most of its sales, primarily in USD and EUR. A substantial part of this exposure, de\ufb01ned as estimated net cash \ufb02ow in USD or EUR, is routinely hedged on a rolling basis with a nine- month time horizon. In order to secure medium- term competitiveness, the hedging horizon may gradually be extended to three years for a EUR/NOK hedging rate in the range of 10.00.- 10.50 and gradually to three years for USD/NOK hedging rates in the 9.00-9.50 range. For USD/ NOK exposure, hedging levels may be reduced for hedging rates below 6.00. On the revenue side, all of Borregaard\u2019s business segments are exposed to price risk in international markets. Borregaard is also exposed to price risk on wood, energy (heat energy and electric power) and other strategic raw materials. In 2011, Borregaard entered into a long-term hydroelectric power contract with Eidsiva Vannkraft AS for delivery of a total of 6.1 billion kilowatt hours (6.1 TWh) to be supplied in the period 2013-2024. In 2018, Borregaard and Eidsiva Vannkraft AS entered into a new long term supply contract for electric power for a total of 2.8 TWh to be supplied to the Sarpsborg site in the period 2020 to 2029. The new contract replaces the existing contract between the parties for the period 2020 to 2024, with a gradual reduction of annual deliveries from about 420 GWh in 2020 to about 130 GWh in 2029. The agreement between Eidsiva and Borregaard secures power deliveries for Borregaard\u2019s plants in Sarpsborg from January 2013 until December 2029. In 2019, Borregaard and E-CO Energi entered into a long-term contract for hydroelectric power for a total of 1.66 TWh to be supplied to the Sarpsborg site in the period 2022 to 2033, with annual deliveries increasing from 88 GWh to 175 GWh. In 2019, Borregaard also entered into a new long-term contract with Statkraft for delivery of renewable electric power to the Sarpsborg site. A total of 1.75 TWh will be supplied in the period 2020 to 2029, with annual deliveries of 175 GWh. In 2023, Borregaard entered into a new long-term contract with \u00c5 Energi for annual delivery of 88 GWh in renewable electric power to the Sarpsborg site for the period 2024 to 2033. This is energy to be used by Borregaard solely for production purposes. It means that the energy supply from these contracts is part of the \"own-use\" exemption in IFRS 9 and not treated as a derivative. Borregaard also has a hedging strategy which enables hedging of part of its future expected power consumption. The purpose of this hedging is to reduce the risk from volatility in the power prices. (II) CATEGORIES OF FINANCIAL RISKS FOR THE BORREGAARD GROUP
Currency risk As NOK is the presentation currency for the Group, Borregaard is exposed to currency translation risk for net investments in foreign operations. Borregaard hedges this category of risk using currency forward contracts and loans for USD and EUR. Transaction risk is hedged against each entity\u2019s functional currency. Borregaard applies hedge accounting for most hedges of future transactions, either cash \ufb02ow hedges or fair value hedges of \ufb01rm commitments. The different types of hedges are described in Note 29. The Group\u2019s aggregated outstanding currency hedges of future transactions on the balance sheet date are shown in the following table.
FOREIGN EXCHANGE CONTRACTS LINKED TO HEDGING OF FUTURE REVENUES AND COSTS 2023 Amounts in million Purchase currency Amount Sale currency Amount Maturity USD 2 NOK 19 2024 NOK 1,557 USD 168 2024 NOK 1,572 USD 158 2025 NOK 1,094 USD 106 2026 EUR 1 USD 1 2024 EUR 5 NOK 53 2024 EUR 2 NOK 18 2025 NOK 1,314 EUR 124 2024 NOK 1,365 EUR 125 2025 NOK 973 EUR 83 2026 SEK 48 NOK 48 2024 2022 Amounts in million Purchase currency Amount Sale currency Amount Maturity USD 3 NOK 33 2023 NOK 1,331 USD 144 2023 NOK 1,275 USD 141 2024 NOK 893 USD 93 2025 EUR 2 USD 2 2023 EUR 2 NOK 18 2023 NOK 1,513 EUR 141 2023 NOK 1,287 EUR 122 2024 NOK 913 EUR 86 2025 SEK 48 NOK 46 2023
Interest rate risk Borregaard\u2019s interest rate risk is mainly related to the Group\u2019s interest-bearing liabilities and assets. This risk is managed at parent level. Borregaard shall primarily follow a \ufb02oating rate strategy, but may consider \ufb01xed rates for a maximum of 50% of its debt, using appropriate derivatives.
Liquidity risk Liquidity risk is the risk that Borregaard is not able to meet its payment obligations. This risk is managed centrally, but in close concert with affected subsidiaries. Borregaard AS initiates measures deemed necessary to maintain a strong liquidity. Cash \ufb02ow from operations, which among other factors is affected by changes in working capital, is managed operationally at Group level, and is relatively stable. Borregaard monitors liquidity \ufb02ows, short and long-term, through reporting and selected forecasting routines. Due to the aforementioned measures, the Group has limited liquidity risk. The following table shows the maturity pro\ufb01le for the Group\u2019s contractual \ufb01nancial liabilities, including liabilities which are not recognised in the \ufb01nancial position. The amounts represent undiscounted future cash \ufb02ows and may therefore deviate from recognised \ufb01gures. The table also includes derivatives recognised as assets on the balance sheet date, as derivatives may include both positive and negative cash \ufb02ows, and the fair value \ufb02uctuates over time. Forward prices are used to determine the future settlement amounts for electric power and currency derivatives. MATURITY PROFILE FINANCIAL LIABILITIES 2023 Amounts in NOK million Book Value Contractual cash \ufb02ows < 1 year 1-3 years 3-5 years 5-7 years > 7 years Interest-bearing liabilities excluding lease liabilities 1,699 1,699 151 241 990 156 161 Lease liabilities 563 757 127 210 101 63 256 Interest payable bank loans & bonds 9 430 108 192 98 26 6 Accounts payable 560 560 560 - - - - Gross settled derivatives * 307 - - - - - - In\ufb02ow - -9,226 -4,194 -5,025 -2 -2 -3 Out\ufb02ow - 9,533 4,423 5,086 16 8 - Total 3,138 3,753 1,175 704 1,203 251 420 MATURITY PROFILE FINANCIAL LIABILITIES 2022 Amounts in NOK million Book Value Contractual cash \ufb02ows < 1 year 1-3 years 3-5 years 5-7 years > 7 years Interest-bearing liabilities excluding lease liabilities 1,701 1,701 658 186 482 152 223 Lease liabilities 371 547 63 93 67 26 298 Interest payable bank loans & bonds 6 333 81 126 78 33 15 Accounts payable 497 497 497 - - - - Gross settled derivatives * 151 - - - - - - In\ufb02ow - -7,564 -3,609 -3,955 - - - Out\ufb02ow - 7,715 3,664 4,038 7 6 - Total 2,726 3,229 1,354 488 634 217 536
The \ufb01nancial liabilities are serviced by cash \ufb02ow from operations, liquid, and interest-bearing assets, and, when necessary, drawings on unutilised credit facilities.
Credit risk The management of credit risk related to accounts receivable and other operating receivables is handled as part of the business risk but based on guidelines set by Borregaard AS and continuously monitored by the operating entities. There is no signi\ufb01cant concentration of credit risk in respect of single counterparts. A credit management policy is in place. Credit losses are historically modest due to a stable and \ufb01nancially healthy customer base as well as stringent monitoring of trade receivables. See Note 22. For sales to countries or customers associated with high political or commercial risk, trade \ufb01nance products are widely used to reduce credit risk. With these risk mitigation measures in place, the current credit risk is considered to be acceptable. See Note 8 for geographical breakdown of sales revenues. Borregaard considers its credit risk related to other \ufb01nancial instruments to be low. Firstly, only relationship banks act as counterparts for \ufb01nancial hedge transactions. Secondly, bank accounts are mainly held with relationship banks. For deposits of liquidity with other counterparts in countries where relationship banks are not present, Borregaard has requirements relating to the bank\u2019s credit rating. Maximum credit risk The maximum credit exposure for the Group related to \ufb01nancial instruments corresponds to total gross receivables. In the hypothetical and highly unlikely event that no receivables are redeemed, this amounts to: Amounts in NOK million 2023 2022 Cash and cash equivalents 469 234 Accounts receivable 877 988 Other current receivables 33 37 Non-current receivables 184 193 Derivatives 124 95 Total 1,687 1,547 Commodity price risk The Group is exposed to price risks in respect of a number of raw materials, of which electric power, lique\ufb01ed natural gas and wood are the most substantial. However, prices of sold products are also affected by raw material prices, and it is generally Borregaard\u2019s policy to reduce the price risk through commercial contracts.
Climate risk and nature risks Climate and nature risk assessments comply with IFRS S2 and TNFD standards. In the table below, climate and nature risks and opportunities as described from page 30 and in the Climate and Nature Risk Report, are included with current exposure, current price level/cost and future expected exposure.
CLIMATE AND NATURE RISKS CURRENT EXPOSURE CURRENT PRICE LEVEL & COST FUTURE (2030) EXPOSURE Current and emerging carbon pricing mechanism EU ETS: 120,107 t CO 2 in 2023 CO 2 tax for waste incineration: 37,970 t CO 2 emission rights owned 664,700. Scope 3 emissions 354,303 for 2023. EU ETS 85 EUR/t CO 2 , free allowances covers the demand. CO 2 tax 238 NOK/t CO 2 . EU ETS: Remaining exposure in 2030 20,000 t CO 2 /year, future EUA price and no free allowances (unlike today). Expect free allowances to cover CO 2 emissions to 2030. Plan to reduce CO 2 emissions will reduce future need for emission rights. Emissions from transportation within EU-ETS. CBAM*: Main raw materials locally sourced. Increased energy prices Total energy 1,781 GWh, heat energy is 1,235 GWh (from LNG, light oil, biofuel, biogas, waste and electricity), wheras 546 GWh is power supply. Long-term power supply contracts. Energy is 12% of total cost in 2023, NOK 610 million. Increased electric power supply from the grid (35 MW), but maintained \ufb02exibility for variable load in strained periods. Reuced dependency for auxillary fuel. Total energy at the same level as today, energy ef\ufb01ciency is offset by volume increase. The share of electricity for power supply will increase and energy for heat will decrease. Long-term power supply contracts. Availability of forest raw material 1 million fm 3 , 99% certi\ufb01ed wood PEFC/FSC standard. Wood 12% of total cost in 2023, NOK 630 million. Sourced volume of wood will increase with 5-10% to 1.05 - 1.10 million m3 due to debottlenecking. Future price level will be based on availability. Availability can be reduced due to stricter certi\ufb01cation schemes for PEFC/FSC and changes in forest regulations. Physical acute (change in weather conditions) Supply chain/Operations - Challenging river conditions (Rhine and Glomma). Operations: Hurricanes in Florida. Operations: Investigation and measures to reduce risk related to ground conditions due to heavy precipitation, risk of landslide. Supply chain alternatives - cost below NOK 10 million. NAT/CAT Insurance in place. Payout related to ground conditions was NOK 15 million in 2023. More challenging river conditions (Glomma and Rhine) can increase supply chain cost. Increased risk of hurricanes and possible downtime cost for the operations. Increased precipitation may impact ground conditions (may lead to higher expenditure related to buildings and infrastructure). Changes in weather conditions may impact growth rate, forest health and harvesting conditions may increase the wood cost. NAT/CAT cost is expectede to increase. Physical chronic (sea level rise) Current exposure low, the risk is not likely to have consequence before 2030. N/A Sea level rise in Florida could have an effect after 2030, but relevant climate scenarios was considered when the plant was build.
CLIMATE OPPORTUNITIES CURRENT EXPOSURE CURRENT PRICE LEVEL & COST FUTURE (2030) EXPOSURE Resource ef\ufb01ciency (high utilisation of raw materials/energy) 94% utilisation of wood. Energy conservation program: 21.5 GJ/TAD cellulose in 2023. Average electricity spot price (Oslo region) at 724 NOK/ MWh in 2023. Utilise bark from wood debarking at the wood yard for energy 75 GWh/year. 100% material or energy recovery of waste streams that was land\ufb01lled in 2023. Increased energy ef\ufb01ciency allows for higher production without increasing energy consumption. Heat recovery solutions reduces demand for new renewable energy capacity. Renewable energy (reduced GHG exposure) Total energy 1,722 GWh, 1,050 GWh from renewable sources. CO 2 emissions from energy is the major emissions source - technology are available to invest in more renewable energy solutions to acheive our scienced based emisson targets. Flexibility for variable load (LNG, electricity and light oil). Energy is 12% of total cost in 2023, NOK 610 million. Investments of NOK 650-850 million in 2023-2025 to reduce emissions by 83,000 t CO 2 (scope 1 and 2). The \ufb01rst investment (NOK 230 million) will be \ufb01nalised in 2024. The investment will reduce CO 2 emissions and increase energy \ufb02exibility, enabling a potential cost reduction (see page 35). Maintained \ufb02exibility for variable load in strained periods for renewable energy, results in reduced energy cost. Spraydriers at the site in Norway independed of fossil energy. Product and services (Products that replaces fossil based) About 52% (NOK 3.7 million) of Borregaard\u2019s sales revenues in 2023 came from biobased products with lower climate/environmental footprint compared with fossil-based products. Sales revenue for biobased products. Increased value of biobased products. Changes in EU chemical and environmental regulations may favour our products. Capital markets 81% of long-term \ufb01nancing (including Revolving Credit Facilities) at the end of 2023 had a sustainability linked margin or were issued in accordance with Borregaard\u2019s Green Financing Framework (\u201cgreen \ufb01nancing\u201d). There were indications that the margin on the green bond issued in 2023 got a slight discount compared to a traditional bond issue. However, it is dif\ufb01cult to quantify the exact effect. 100% \u201cgreen \ufb01nancing\u201d ambition in 2030. Expect the margin discount on \u201cgreen \ufb01nancing\u201d to increase towards 2030, which will mean lower interest expenses. Resilience 800 different products in numerous applications, reduced exposure to cyclical markets. Markets that will grow or decline due to climate changes are identi\ufb01ed. Average price: BioSolution products NOK 11,753 per mtds. BioMaterials products NOK 16,527 per mt. Upgrading the product portfolios in both BioSolutions and Speciality Cellulose. Innovation portfolio and sustainability offering new opportunities. Maintained/increased \ufb02exibility in sourcing, especially within energy and basic chemicals.
Sensitivity analysis The \ufb01nancial instruments of the Borregaard Group are exposed to different types of market risk which can affect the income statement or equity. Financial instruments, in particular derivatives, are applied as means of hedging both \ufb01nancial and operational exposure. In the table below, Borregaard presents a partial analysis of the sensitivity of \ufb01nancial instruments, where the isolated effect of each type of risk on the income statement and on equity is estimated. This is done on the basis of a selected reasonably possible change in market prices/rates on the statement of \ufb01nancial position as of 31 December. According to IFRS, the analysis covers only \ufb01nancial instruments and is not meant to give a complete overview of the Group\u2019s market risk, for instance: \u2022 For currency hedges of contracts entered into, changes in fair value of the hedging instrument will affect the income statement, while changes in the fair value of the underlying hedged contract offset by the hedging instrument will not be shown, as it is not a \ufb01nancial instrument. \u2022 If one of the parameters changes, the analysis will not take account of any correlation with other parameters. \u2022 Financial instruments denominated in the entities\u2019 functional currencies do not constitute any currency risk and are therefore not included in this analysis. Nor is the currency exposure on translation of such \ufb01nancial instruments to the presentation currency of the Group included, for the same reason. \u2022 No sensitivity analysis is performed for the power hedges as the exposure is considered immaterial. Generally, the effect on the income statement and equity of \ufb01nancial instruments in the table below is expected to offset the effects of the hedged items where \ufb01nancial instruments are part of a hedging relationship. SENSITIVITY FINANCIAL INSTRUMENTS 2023 ACCOUNTING EFFECTS ON Income statement of Equity of Amounts in NOK million Increase Decrease Increase Decrease Financial instruments in hedging relationships Interest rate risk (excluding leasing): 100 bp paral- lel shift in interest curves all currencies -16 16 - - Currency risk: 10% change in FX-rate USD/NOK - - -339 339 Currency risk: 10% change in FX-rate EUR/NOK - - -290 290 Currency risk: 10% change in FX-rate SEK/NOK - - 4 -4 SENSITIVITY FINANCIAL INSTRUMENTS 2022 ACCOUNTING EFFECTS ON Income statement of Equity of Amounts in NOK million Increase Decrease Increase Decrease Financial instruments in hedging relationships Interest rate risk (excluding leasing): 100 bp paral- lel shift in interest curves all currencies -12 12 - - Currency risk: 10% change in FX-rate USD/NOK - - -286 286 Currency risk: 10% change in FX-rate EUR/NOK - - -286 -286 Currency risk: 10% change in FX-rate SEK/NOK - - 4 -4 Accounting effects of changes in market risk are classi\ufb01ed to income statement and equity according to where the effect of the changes in fair value will be recognised initially. Effects recognised in the income statement will also affect equity beyond the \ufb01gures presented in the table.
NOTE 29 DERIVATIVES AND HEDGING
Derivatives are measured at fair value on the balance sheet date and reported as receivables or liabilities. Changes in fair value are reported in the income statement in cases where the derivative is not part of a hedge relationship that satis\ufb01es the criteria for hedge accounting. Embedded derivatives in contracts are identi\ufb01ed and measured separately. Purchases and sales of derivatives are recognised at trade date. The Group applies IFRS 9 on its \ufb01nancial instruments.
Hedge accounting The Group\u2019s existing hedge relationships designated in effective hedging relationships qualify for hedge accounting under IFRS 9. The Group uses the following criteria for classifying a derivative or another \ufb01nancial instrument as a hedging instrument: (1) the hedging instrument is expected to be highly effective in offsetting the changes in fair value or the cash \ufb02ow of an identi\ufb01ed object, (2) the hedging effectiveness can be measured reliably, (3) satisfactory documentation is established before entering into the hedging instrument, showing among other things that the hedging relationship is effective, (4) for cash \ufb02ow hedges, that the future transaction is considered to be highly probable, and the hedging relationship is evaluated regularly and is considered to be effective.
The following table shows the fair value of all outstanding derivative \ufb01nancial instruments grouped according to treatment in the \ufb01nancial statements: DERIVATIVES AND HEDGING 2023 2022 Amounts in NOK million Assets Liabilities Assets Liabilities Cash \ufb02ow hedges Currency forwards, currency swaps 105 378 94 219 Interest swaps - - 1 - Embedded derivative 9 50 - 25 Hedges of net investments Currency forwards, currency swaps 6 - - - Other derivatives - Fair value changes recognised in income statement Currency forwards, currency swaps, options 4 3 - 2 Total derivatives 124 431 95 246 Calculation of fair value \u2022 Currency forwards and currency swaps are measured at fair value using the observed forward exchange rate for contracts with a corresponding term to maturity at the balance sheet date. \u2022 The fair value of currency options is calculated using Garman-Kohlhagen\u2019s version of the Black Scholes Option pricing method, and the variables are based on observed indicative market prices at the balance sheet date. These derivative \ufb01nancial instruments are designated in hedge relationships as follows: Cash \ufb02ow hedges The effective part of changes in the fair value of a hedging instrument is recognised in comprehensive income and reclassi\ufb01ed to the income statement when the hedged transaction affects pro\ufb01t or loss and is presented on the same line as the hedged transaction. The ineffective part of the hedging instrument is reported in the income statement. When a hedging instrument is sold, exercised or terminated, the accumulated gains and losses at this point will remain in hedging reserve of equity and will be recognised in the income statement when the hedged transaction affects pro\ufb01t or loss. The group has established a hedge ratio of
1:1 for the hedging relationship as the underlying risk of foreign exchange are identical to the hedged components. If the hedged transaction is no longer expected to occur, the accumulated unrealised gain or loss recognised in the hedging reserve of equity will be recognised in the income statement immediately. Embedded EUR derivatives in power contracts are designed as hedging instruments to hedge currency \ufb02uctuations of highly probable future sales. In 2023, a loss of NOK 7.8 million (2022: loss of NOK 0.4 million) was recorded in the income statement as a result of hedging inef\ufb01ciency. All expected cash \ufb02ows which have been hedged during 2023 still qualify for hedge accounting. Hedges of net investments in foreign currencies Currency risk on foreign net investments is hedged with currency forward contracts and currency loans. Realised and unrealised effects of the effective part of the hedging instrument are recognised through comprehensive income. Effects from ineffective parts of the hedging instrument are recognised through pro\ufb01t and loss. The group has established a hedge ratio of 1:1 for the hedging relationship as the underlying risk of foreign exchange are identical to the hedged components. DEVELOPMENT IN THE EQUITY HEDGING RESERVE Amounts in NOK million 2023 2022 Opening balance hedging reserve before tax -410 5 Reclassi\ufb01ed to P/L - operating revenues (-gain/+loss) 50 -72 Reclassi\ufb01ed to P/L - operating costs (-gain/+loss) 3 -3 Reclassi\ufb01ed to P/L - net \ufb01nancial income (-gain/+loss) -1 4 Reclassi\ufb01ed to Balance sheet (-gain/+loss) - - Fair value change cash \ufb02ow hedges -216 -254 Change in gain/(loss) on hedges of net investments in subsidiaries -32 -90 Closing balance hedging reserve before tax -607 -410 Deferred tax and tax payable hedging reserve 141 98 Closing balance hedging reserve after tax -466 -312 A negative hedging reserve means a negative recognition in the income statement in the future. In 2023, the impact of hedging activities on the operating pro\ufb01t was NOK -268 million (NOK -50 million). Hedging gains from cash \ufb02ow hedges recognised in the equity hedging reserve as of 31 December 2023 are expected to be recycled to the income statement as follows (before tax): 2024: NOK -232 million After 2024: NOK -82 million Fair value hedges Gains and losses on derivatives designated as hedging instruments in fair value hedges are reported in the income statement and are offset by changes in the value of the hedged item. There have not been any signi\ufb01cant fair value hedges in the period 2023-2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10010": { "value": " The company also enters into
currency derivatives contracts. Hedging instruments which satisfy the criteria for hedge accounting, are reported at fair value in the statement of \ufb01nancial position and changes in fair value are recognised in comprehensive income. Derivatives which do not satisfy the
criteria for hedge accounting, are recognised at fair value through pro\ufb01t and loss.
NOTE 29 DERIVATIVES AND HEDGING
Derivatives are measured at fair value on the balance sheet date and reported as receivables or liabilities. Changes in fair value are reported in the income statement in cases where the derivative is not part of a hedge relationship that satis\ufb01es the criteria for hedge accounting. Embedded derivatives in contracts are identi\ufb01ed and measured separately. Purchases and sales of derivatives are recognised at trade date. The Group applies IFRS 9 on its \ufb01nancial instruments.
Hedge accounting The Group\u2019s existing hedge relationships designated in effective hedging relationships qualify for hedge accounting under IFRS 9. The Group uses the following criteria for classifying a derivative or another \ufb01nancial instrument as a hedging instrument: (1) the hedging instrument is expected to be highly effective in offsetting the changes in fair value or the cash \ufb02ow of an identi\ufb01ed object, (2) the hedging effectiveness can be measured reliably, (3) satisfactory documentation is established before entering into the hedging instrument, showing among other things that the hedging relationship is effective, (4) for cash \ufb02ow hedges, that the future transaction is considered to be highly probable, and the hedging relationship is evaluated regularly and is considered to be effective.
The following table shows the fair value of all outstanding derivative \ufb01nancial instruments grouped according to treatment in the \ufb01nancial statements: DERIVATIVES AND HEDGING 2023 2022 Amounts in NOK million Assets Liabilities Assets Liabilities Cash \ufb02ow hedges Currency forwards, currency swaps 105 378 94 219 Interest swaps - - 1 - Embedded derivative 9 50 - 25 Hedges of net investments Currency forwards, currency swaps 6 - - - Other derivatives - Fair value changes recognised in income statement Currency forwards, currency swaps, options 4 3 - 2 Total derivatives 124 431 95 246 Calculation of fair value \u2022 Currency forwards and currency swaps are measured at fair value using the observed forward exchange rate for contracts with a corresponding term to maturity at the balance sheet date. \u2022 The fair value of currency options is calculated using Garman-Kohlhagen\u2019s version of the Black Scholes Option pricing method, and the variables are based on observed indicative market prices at the balance sheet date. These derivative \ufb01nancial instruments are designated in hedge relationships as follows: Cash \ufb02ow hedges The effective part of changes in the fair value of a hedging instrument is recognised in comprehensive income and reclassi\ufb01ed to the income statement when the hedged transaction affects pro\ufb01t or loss and is presented on the same line as the hedged transaction. The ineffective part of the hedging instrument is reported in the income statement. When a hedging instrument is sold, exercised or terminated, the accumulated gains and losses at this point will remain in hedging reserve of equity and will be recognised in the income statement when the hedged transaction affects pro\ufb01t or loss. The group has established a hedge ratio of
1:1 for the hedging relationship as the underlying risk of foreign exchange are identical to the hedged components. If the hedged transaction is no longer expected to occur, the accumulated unrealised gain or loss recognised in the hedging reserve of equity will be recognised in the income statement immediately. Embedded EUR derivatives in power contracts are designed as hedging instruments to hedge currency \ufb02uctuations of highly probable future sales. In 2023, a loss of NOK 7.8 million (2022: loss of NOK 0.4 million) was recorded in the income statement as a result of hedging inef\ufb01ciency. All expected cash \ufb02ows which have been hedged during 2023 still qualify for hedge accounting. Hedges of net investments in foreign currencies Currency risk on foreign net investments is hedged with currency forward contracts and currency loans. Realised and unrealised effects of the effective part of the hedging instrument are recognised through comprehensive income. Effects from ineffective parts of the hedging instrument are recognised through pro\ufb01t and loss. The group has established a hedge ratio of 1:1 for the hedging relationship as the underlying risk of foreign exchange are identical to the hedged components. DEVELOPMENT IN THE EQUITY HEDGING RESERVE Amounts in NOK million 2023 2022 Opening balance hedging reserve before tax -410 5 Reclassi\ufb01ed to P/L - operating revenues (-gain/+loss) 50 -72 Reclassi\ufb01ed to P/L - operating costs (-gain/+loss) 3 -3 Reclassi\ufb01ed to P/L - net \ufb01nancial income (-gain/+loss) -1 4 Reclassi\ufb01ed to Balance sheet (-gain/+loss) - - Fair value change cash \ufb02ow hedges -216 -254 Change in gain/(loss) on hedges of net investments in subsidiaries -32 -90 Closing balance hedging reserve before tax -607 -410 Deferred tax and tax payable hedging reserve 141 98 Closing balance hedging reserve after tax -466 -312 A negative hedging reserve means a negative recognition in the income statement in the future. In 2023, the impact of hedging activities on the operating pro\ufb01t was NOK -268 million (NOK -50 million). Hedging gains from cash \ufb02ow hedges recognised in the equity hedging reserve as of 31 December 2023 are expected to be recycled to the income statement as follows (before tax): 2024: NOK -232 million After 2024: NOK -82 million Fair value hedges Gains and losses on derivatives designated as hedging instruments in fair value hedges are reported in the income statement and are offset by changes in the value of the hedged item. There have not been any signi\ufb01cant fair value hedges in the period 2023-2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10011": { "value": " The company also enters into
currency derivatives contracts. Hedging instruments which satisfy the criteria for hedge accounting, are reported at fair value in the statement of \ufb01nancial position and changes in fair value are recognised in comprehensive income. Derivatives which do not satisfy the
criteria for hedge accounting, are recognised at fair value through pro\ufb01t and loss.
Loans, as well as trade receivables, are held to collect contractual cash \ufb02ows and are expected to give rise to cash \ufb02ows solely representing payments of principal and interest. The Group analysed the contractual cash \ufb02ow characteristics of those instruments and concluded that they meet the criteria for amortised cost measurement under IFRS 9. The Group applied the simpli\ufb01ed approach and record lifetime expected losses on all trade receivables. The Group has considered that due to the historical low level of credit losses, the loss allowance will not be materially different from the current level. Transactions in foreign currencies are recognised at the exchange rate on the date of the transaction, while monetary items in foreign currencies are presented at the exchange rate on the balance sheet date, and any gain/ loss is reported in the income statement as \ufb01nancial items. Revenues and expenses in subsidiaries with a functional currency different from the Group\u2019s presentation currency are translated monthly at the average exchange rate for the month and accumulated. Statement of \ufb01nancial position items in subsidiaries with a different functional currency are translated at the exchange rate on the balance sheet date. Translation differences are reported in comprehensive income.
Loans and receivables are carried at amortised cost. Thus, changes in fair value resulting from changes in interest rates during the interest rate period are not reported in the income statement. Borrowing costs related to the long-term funding are capitalised over the period of the loan facilities.
Derivatives are measured at fair value on the balance sheet date and reported as receivables or liabilities. Changes in fair value are reported in the income statement in cases where the derivative is not part of a hedge relationship that satis\ufb01es the criteria for hedge accounting. Embedded derivatives in contracts are identi\ufb01ed and measured separately. Purchases and sales of derivatives are recognised at trade date. The Group applies IFRS 9 on its \ufb01nancial instruments.
Hedge accounting The Group\u2019s existing hedge relationships designated in effective hedging relationships qualify for hedge accounting under IFRS 9. The Group uses the following criteria for classifying a derivative or another \ufb01nancial instrument as a hedging instrument: (1) the hedging instrument is expected to be highly effective in offsetting the changes in fair value or the cash \ufb02ow of an identi\ufb01ed object, (2) the hedging effectiveness can be measured reliably, (3) satisfactory documentation is established before entering into the hedging instrument, showing among other things that the hedging relationship is effective, (4) for cash \ufb02ow hedges, that the future transaction is considered to be highly probable, and the hedging relationship is evaluated regularly and is considered to be effective.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10012": { "value": " The company also enters into
currency derivatives contracts. Hedging instruments which satisfy the criteria for hedge accounting, are reported at fair value in the statement of \ufb01nancial position and changes in fair value are recognised in comprehensive income. Derivatives which do not satisfy the
criteria for hedge accounting, are recognised at fair value through pro\ufb01t and loss.
Derivatives are measured at fair value on the balance sheet date and reported as receivables or liabilities. Changes in fair value are reported in the income statement in cases where the derivative is not part of a hedge relationship that satis\ufb01es the criteria for hedge accounting. Embedded derivatives in contracts are identi\ufb01ed and measured separately. Purchases and sales of derivatives are recognised at trade date. The Group applies IFRS 9 on its \ufb01nancial instruments.
Hedge accounting The Group\u2019s existing hedge relationships designated in effective hedging relationships qualify for hedge accounting under IFRS 9. The Group uses the following criteria for classifying a derivative or another \ufb01nancial instrument as a hedging instrument: (1) the hedging instrument is expected to be highly effective in offsetting the changes in fair value or the cash \ufb02ow of an identi\ufb01ed object, (2) the hedging effectiveness can be measured reliably, (3) satisfactory documentation is established before entering into the hedging instrument, showing among other things that the hedging relationship is effective, (4) for cash \ufb02ow hedges, that the future transaction is considered to be highly probable, and the hedging relationship is evaluated regularly and is considered to be effective.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10013": { "value": " The company also enters into
currency derivatives contracts. Hedging instruments which satisfy the criteria for hedge accounting, are reported at fair value in the statement of \ufb01nancial position and changes in fair value are recognised in comprehensive income. Derivatives which do not satisfy the
criteria for hedge accounting, are recognised at fair value through pro\ufb01t and loss.
Derivatives are measured at fair value on the balance sheet date and reported as receivables or liabilities. Changes in fair value are reported in the income statement in cases where the derivative is not part of a hedge relationship that satis\ufb01es the criteria for hedge accounting. Embedded derivatives in contracts are identi\ufb01ed and measured separately. Purchases and sales of derivatives are recognised at trade date. The Group applies IFRS 9 on its \ufb01nancial instruments.
Hedge accounting The Group\u2019s existing hedge relationships designated in effective hedging relationships qualify for hedge accounting under IFRS 9. The Group uses the following criteria for classifying a derivative or another \ufb01nancial instrument as a hedging instrument: (1) the hedging instrument is expected to be highly effective in offsetting the changes in fair value or the cash \ufb02ow of an identi\ufb01ed object, (2) the hedging effectiveness can be measured reliably, (3) satisfactory documentation is established before entering into the hedging instrument, showing among other things that the hedging relationship is effective, (4) for cash \ufb02ow hedges, that the future transaction is considered to be highly probable, and the hedging relationship is evaluated regularly and is considered to be effective.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10014": { "value": " The company also enters into
currency derivatives contracts. Hedging instruments which satisfy the criteria for hedge accounting, are reported at fair value in the statement of \ufb01nancial position and changes in fair value are recognised in comprehensive income. Derivatives which do not satisfy the
criteria for hedge accounting, are recognised at fair value through pro\ufb01t and loss.
Hedge accounting The Group\u2019s existing hedge relationships designated in effective hedging relationships qualify for hedge accounting under IFRS 9. The Group uses the following criteria for classifying a derivative or another \ufb01nancial instrument as a hedging instrument: (1) the hedging instrument is expected to be highly effective in offsetting the changes in fair value or the cash \ufb02ow of an identi\ufb01ed object, (2) the hedging effectiveness can be measured reliably, (3) satisfactory documentation is established before entering into the hedging instrument, showing among other things that the hedging relationship is effective, (4) for cash \ufb02ow hedges, that the future transaction is considered to be highly probable, and the hedging relationship is evaluated regularly and is considered to be effective.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10033": { "value": "
Assets that no longer justify their value are written down to the recoverable amount, which is the higher of value in use and fair value minus selling costs.
NOTE 05 IMPAIRMENT ASSESSMENTS Goodwill and intangible assets with an inde\ufb01nite useful life must be tested annually for impairment to assess whether the values are recoverable. Borregaard carries out this test prior to preparing and presenting its \ufb01nancial statements for the 3 rd quarter. If there are indications of impairments, the assets are tested immediately. A new impairment test is carried out in the 4 th quarter, when necessary, for instance if the underlying assumptions have changed. Borregaard has substantial non-current assets in the form of tangible (property, plant and equipment) and some minor intangible assets. An explanation of the details of and changes in these assets is presented separately in Note 17 and 18. Estimate uncertainty, in some cases considerable, attaches to both property, plant and equipment and intangible assets. Both valuation and estimated useful lifetime are based on future information that is always subject to a great degree of uncertainty. Borregaard routinely monitors assets and if there are indications that the value of an asset is no longer recoverable, an impairment test will be carried out to determine whether the asset can still justify its carrying value. If new estimates conclude that the value is no longer recoverable, the asset is written down to the recoverable amount, i.e. the greater of the net sales value and the value in use (discounted cash \ufb02ow). Cash \ufb02ows relating to the assets are identi\ufb01ed (see table below) and discounted. Future cash \ufb02ow is based on speci\ufb01ed assumptions and the plans adopted by the entity. If the discounted value of future cash \ufb02ows is lower than the capitalised value of the unit\u2019s capital employed, the assets are written down to the recoverable amount. If the discounted value is higher than the capital employed, this means that the value of the intangible asset or goodwill is recoverable. Borregaard\u2019s goodwill is related to the prior acquisition of Borregaard Czech and no impairment charges are identi\ufb01ed: GOODWILL Amounts in NOK million 2023 2022 Borregaard Czech S. R. O 37 34 Total goodwill 37 34
Estimate assumptions and cash-generating units A cash-generating unit (CGU) is the lowest level at which independent cash \ufb02ows can be measured. Based on the forecasts, expectations and assumptions that were applied, Borregaard Czech\u2019s capitalised value of goodwill at 31 December 2023 and the fair value exceeds the book value. Calculations of future cash \ufb02ows are based on a number of assumptions regarding both economic trends and the estimated useful life. Borregaard is affected by \ufb02uctuating markets and estimates made in weak markets can differ substantially from estimates made in stronger markets.
The discount rate applied is based on the Group\u2019s cost of capital, which has been estimated to be 10% before tax, based on a weighted average of required rates of return for the Group\u2019s equity and debt (WACC). The required rate of return on the Group\u2019s equity is estimated by using the capital asset pricing model (CAPM). The required rate of return on debt is estimated on the basis of a long-term risk-free interest rate to which is added a credit margin derived from Borregaard\u2019s marginal long-term borrowing rate. The discount rate is adjusted for country risk, the level of in\ufb02ation and operational risk, depending on the particular value being calculated. Future cash \ufb02ows are estimated on the basis of the budget for next year and the following two forecast years. As from year four a terminal value is calculated. Cash \ufb02ow estimates are sensitive to changes in sales revenues, raw material and energy prices and the coherent ability to maintain margin assumptions. The sensitivity of the estimates, even when there is a reasonable possibility of a change in assumptions, did not give grounds for impairment charges.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10079": { "value": "
All amounts are in NOK million unless otherwise stated. The functional currency of the parent company (Borregaard ASA) is NOK and the Group\u2019s reporting currency is NOK. Currency exchange rates as of 31 December are used in the balance sheet, whereas average currency exchange rates are used in the pro\ufb01t and loss.
The foreign exchange element in currency forward contracts is measured at observable market prices using the foreign exchange rate set by Norges Bank, Norway\u2019s central bank. Different maturity dates add an interest rate element resulting in an estimated fair value of the currency forward contracts. There were no transfers from one level to another in the measurement hierarchy in 2022 and 2023. Borregaard has no items de\ufb01ned as level 1. A description of how the derivatives are measured is provided in Note 29.
FOREIGN EXCHANGE CONTRACTS LINKED TO HEDGING OF FUTURE REVENUES AND COSTS 2023 Amounts in million Purchase currency Amount Sale currency Amount Maturity USD 2 NOK 19 2024 NOK 1,557 USD 168 2024 NOK 1,572 USD 158 2025 NOK 1,094 USD 106 2026 EUR 1 USD 1 2024 EUR 5 NOK 53 2024 EUR 2 NOK 18 2025 NOK 1,314 EUR 124 2024 NOK 1,365 EUR 125 2025 NOK 973 EUR 83 2026 SEK 48 NOK 48 2024 2022 Amounts in million Purchase currency Amount Sale currency Amount Maturity USD 3 NOK 33 2023 NOK 1,331 USD 144 2023 NOK 1,275 USD 141 2024 NOK 893 USD 93 2025 EUR 2 USD 2 2023 EUR 2 NOK 18 2023 NOK 1,513 EUR 141 2023 NOK 1,287 EUR 122 2024 NOK 913 EUR 86 2025 SEK 48 NOK 46 2023
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10080": { "value": "
All amounts are in NOK million unless otherwise stated. The functional currency of the parent company (Borregaard ASA) is NOK and the Group\u2019s reporting currency is NOK. Currency exchange rates as of 31 December are used in the balance sheet, whereas average currency exchange rates are used in the pro\ufb01t and loss.
The foreign exchange element in currency forward contracts is measured at observable market prices using the foreign exchange rate set by Norges Bank, Norway\u2019s central bank. Different maturity dates add an interest rate element resulting in an estimated fair value of the currency forward contracts. There were no transfers from one level to another in the measurement hierarchy in 2022 and 2023. Borregaard has no items de\ufb01ned as level 1. A description of how the derivatives are measured is provided in Note 29.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10100": { "value": "
Interests in companies in which the Group alone has control (subsidiaries) have been fully consolidated, line by line, in the consolidated \ufb01nancial statements from the date the Group had control. These entities will be fully consolidated until the date such control ends. An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. If the Group controls a subsidiary, the noncontrolling interests\u2019 share of pro\ufb01t or loss after tax and their share of equity are presented on separate lines.
Interests in companies in which the Group together with others has joint control or has an ownership between 20- 50% (joint ventures and associate companies, see Note 6) are consolidated based on the equity method. The pro\ufb01t or loss from the joint venture is part of operating pro\ufb01t while pro\ufb01t or loss from associate companies is part of \ufb01nancial items.
NOTE 06 JOINT VENTURE AND ASSOCIATE COMPANIES
The Group has a 50% interest in Umkomaas Lignin Ltd (LignoTech South Africa). The Group\u2019s interest in the joint venture is accounted for using the equity method in the consolidated \ufb01nancial statements. In October 2020, the owners of LignoTech South Africa, Borregaard and the Sappi Group announced the decision to permanently close the lignin production facility and to terminate the co-operation agreement. The closure was a consequence of Sappi\u2019s decision to convert their calcium sulphite pulp line, which is the source of lignin raw material, to magnesium technology. After the conversion, the spent liquor from the pulping process is burnt, and the energy and chemicals are recovered. Final settlements and liquidation will be set in 2024 with limited pro\ufb01t and loss effects. See Note 13 \u201cOther income and expenses\u201d for further details. As of 31 December 2023, total assets were NOK 1 million (NOK 6 million) in LignoTech South Africa and total liabilities were NOK 0 million (NOK 0 million). Borregaard's carrying amount of the investment is 50%. 2023 2022 Share in joint venture 1 January 3 30 Share of pro\ufb01t after tax 4 13 Dividend/repayment of capital -7 -44 Currency translation effect - 4 Share in joint venture 31 December - 3
Associate companies Alginor ASA is a Norwegian marine biotech company based in the Haugesund region of Southwestern Norway. The company is developing a fully integrated and sustainable value chain based on harvesting and biore\ufb01ning of the brown kelp Laminaria hyperborea \u2013 a renewable marine resource growing in abundance along the Norwegian coastline. Alginor will target global markets for pharmaceutical and nutraceutical applications. In 2021, Borregaard invested NOK 145 million in Alginor ASA and held 25% of the shares as of 31 December 2022. Borregaard\u2019s share of Alginor\u2019s result after tax is recognised as part of \"Financial items\". In April 2023 Alginor executed an additional direct equity issue exclusively to Borregaard. This equity issue brought Borregaard\u2019s ownership in Alginor up to 35% on a fully diluted basis and another NOK 124 million in equity to Alginor. Purchase price allocation Alginor The difference between the purchase price of the shares in Alginor ASA and Borregaard\u2019s share of the booked equity at the time of the acquisition is allocated to intangible assets as it relates to development of the technology to be used in Alginor\u2019s business. The purchase price, including acquisition costs, of 35% of the shares on a fully diluted basis is NOK 269 million of which NOK 87 million is allocated as intangible assets. BORREGAARD'S SHARE OF ALGINOR ASA Amounts in NOK million 2023 2022 Operating revenues - - Pro\ufb01t before taxes -26 -12 Pro\ufb01t/loss for the year before dividend -26 -12 Borregaard's share of pro\ufb01t -9 -3 Non-current assets 362 301 Current assets 181 97 Non-current liabilities -52 -5 Current liabilities -10 -8 Equity 481 385 Borregaard's share of equity 168 96 Goodwill - - Other intangible assets 87 44 Borregaard's carrying amount of the investment 255 140
At the end of 2023, Borregaard invested NOK 34 million for a 12% ownership share in Kaffe Bueno ApS. Kaffe Bueno produces ingredients for a wide range of products in everything from agriculture to cosmetics and foodstuffs based on biore\ufb01ning of by-products from coffee production. Used coffee grounds, timber and algae do not only have cellulose in common. As sustainable raw materials for valuable products, they all represent excellent resource utilisation in a circular economy perspective. Borregaard has been granted warrants to subscribe for additional shares in Kaffe Bueno by 31 January 2026. If exercised in full, these warrants will bring Borregaard\u2019s ownership share up to 34%. Borregaard has a representative in Kaffe Bueno's board of directors. The investments are accounted for using the equity method. Purchase price allocation Kaffe Bueno The difference between the purchase price of the shares in Kaffe Bueno ApS and Borregaard\u2019s share of the booked equity at the time of the acquisition will be allocated to intangible assets as it relates to development of the technology to be used in Kaffe Bueno's business. The purchase price, including acquisition costs, of 12% of the shares is NOK 34 million. The purchase price allocation is not yet \ufb01nalised.
As of 31 December 2023, Borregaard has share investments of NOK 28 million in bio-based start-ups (Lignovations and Oceanium) and other companies. These investments are a result of Borregaard\u2019s business development strategy and complement the existing business portfolio. Amounts in NOK million 2023 2022 Share investments 28 11 Non interest-bearing derivatives (Note 19) 93 46 Receivables interest-bearing (Note 19) 2 2 Receivables non interest-bearing (Note 19) 182 191 Total \ufb01nancial assets 305 250 Pension plan assets (Note 10) 131 - Total other assets 436 250
NOTE 31 NON-CONTROLLING INTERESTS As of 31 December 2023, non-controlling interests consist of LignoTech Ib\u00e9rica SA and LignoTech Florida LLC. Borregaard owns 60% of LignoTech Ib\u00e9rica located in Spain and 55% of LignoTech Florida located in USA. In 2020, LignoTech Ib\u00e9rica lost its local lignin source when Sniace's cellulose business went bankrupt and had to close. Production at the lignin plant was discontinued and liquidation is expected to be set in 2024. The entities are fully consolidated into the Borregaard Group\u2019s \ufb01nancial statements and minority interests are recognised. As of 31 December 2023, current assets were NOK 149 million (NOK 144 million) in LignoTech Florida and non-current assets amounted to NOK 825 million (NOK 830 million). Current liabilities were NOK 230 million (NOK 274 million) and non- current liabilities amounted to NOK 694 million (NOK 613 million). LignoTech Florida had a loss for the year of NOK -42 million in 2023 (NOK -104 million). Amounts in NOK million 2023 2022 Changes in non-controlling interests: Non-controlling interests 1 January 51 84 Non-controlling interests\u2019 share of pro\ufb01t/loss -14 -41 Translation differences, etc. 2 8 Non-controlling interests 31 December 39 51
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10101": { "value": "
Interests in companies in which the Group alone has control (subsidiaries) have been fully consolidated, line by line, in the consolidated \ufb01nancial statements from the date the Group had control. These entities will be fully consolidated until the date such control ends. An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. If the Group controls a subsidiary, the noncontrolling interests\u2019 share of pro\ufb01t or loss after tax and their share of equity are presented on separate lines.
NOTE 31 NON-CONTROLLING INTERESTS As of 31 December 2023, non-controlling interests consist of LignoTech Ib\u00e9rica SA and LignoTech Florida LLC. Borregaard owns 60% of LignoTech Ib\u00e9rica located in Spain and 55% of LignoTech Florida located in USA. In 2020, LignoTech Ib\u00e9rica lost its local lignin source when Sniace's cellulose business went bankrupt and had to close. Production at the lignin plant was discontinued and liquidation is expected to be set in 2024. The entities are fully consolidated into the Borregaard Group\u2019s \ufb01nancial statements and minority interests are recognised. As of 31 December 2023, current assets were NOK 149 million (NOK 144 million) in LignoTech Florida and non-current assets amounted to NOK 825 million (NOK 830 million). Current liabilities were NOK 230 million (NOK 274 million) and non- current liabilities amounted to NOK 694 million (NOK 613 million). LignoTech Florida had a loss for the year of NOK -42 million in 2023 (NOK -104 million). Amounts in NOK million 2023 2022 Changes in non-controlling interests: Non-controlling interests 1 January 51 84 Non-controlling interests\u2019 share of pro\ufb01t/loss -14 -41 Translation differences, etc. 2 8 Non-controlling interests 31 December 39 51
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10102": { "value": "
Interests in companies in which the Group alone has control (subsidiaries) have been fully consolidated, line by line, in the consolidated \ufb01nancial statements from the date the Group had control. These entities will be fully consolidated until the date such control ends. An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. If the Group controls a subsidiary, the noncontrolling interests\u2019 share of pro\ufb01t or loss after tax and their share of equity are presented on separate lines.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10119": { "value": "
Interests in companies in which the Group together with others has joint control or has an ownership between 20- 50% (joint ventures and associate companies, see Note 6) are consolidated based on the equity method. The pro\ufb01t or loss from the joint venture is part of operating pro\ufb01t while pro\ufb01t or loss from associate companies is part of \ufb01nancial items.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10120": { "value": "
Interests in companies in which the Group together with others has joint control or has an ownership between 20- 50% (joint ventures and associate companies, see Note 6) are consolidated based on the equity method. The pro\ufb01t or loss from the joint venture is part of operating pro\ufb01t while pro\ufb01t or loss from associate companies is part of \ufb01nancial items.
NOTE 06 JOINT VENTURE AND ASSOCIATE COMPANIES
The Group has a 50% interest in Umkomaas Lignin Ltd (LignoTech South Africa). The Group\u2019s interest in the joint venture is accounted for using the equity method in the consolidated \ufb01nancial statements. In October 2020, the owners of LignoTech South Africa, Borregaard and the Sappi Group announced the decision to permanently close the lignin production facility and to terminate the co-operation agreement. The closure was a consequence of Sappi\u2019s decision to convert their calcium sulphite pulp line, which is the source of lignin raw material, to magnesium technology. After the conversion, the spent liquor from the pulping process is burnt, and the energy and chemicals are recovered. Final settlements and liquidation will be set in 2024 with limited pro\ufb01t and loss effects. See Note 13 \u201cOther income and expenses\u201d for further details. As of 31 December 2023, total assets were NOK 1 million (NOK 6 million) in LignoTech South Africa and total liabilities were NOK 0 million (NOK 0 million). Borregaard's carrying amount of the investment is 50%. 2023 2022 Share in joint venture 1 January 3 30 Share of pro\ufb01t after tax 4 13 Dividend/repayment of capital -7 -44 Currency translation effect - 4 Share in joint venture 31 December - 3
Associate companies Alginor ASA is a Norwegian marine biotech company based in the Haugesund region of Southwestern Norway. The company is developing a fully integrated and sustainable value chain based on harvesting and biore\ufb01ning of the brown kelp Laminaria hyperborea \u2013 a renewable marine resource growing in abundance along the Norwegian coastline. Alginor will target global markets for pharmaceutical and nutraceutical applications. In 2021, Borregaard invested NOK 145 million in Alginor ASA and held 25% of the shares as of 31 December 2022. Borregaard\u2019s share of Alginor\u2019s result after tax is recognised as part of \"Financial items\". In April 2023 Alginor executed an additional direct equity issue exclusively to Borregaard. This equity issue brought Borregaard\u2019s ownership in Alginor up to 35% on a fully diluted basis and another NOK 124 million in equity to Alginor. Purchase price allocation Alginor The difference between the purchase price of the shares in Alginor ASA and Borregaard\u2019s share of the booked equity at the time of the acquisition is allocated to intangible assets as it relates to development of the technology to be used in Alginor\u2019s business. The purchase price, including acquisition costs, of 35% of the shares on a fully diluted basis is NOK 269 million of which NOK 87 million is allocated as intangible assets. BORREGAARD'S SHARE OF ALGINOR ASA Amounts in NOK million 2023 2022 Operating revenues - - Pro\ufb01t before taxes -26 -12 Pro\ufb01t/loss for the year before dividend -26 -12 Borregaard's share of pro\ufb01t -9 -3 Non-current assets 362 301 Current assets 181 97 Non-current liabilities -52 -5 Current liabilities -10 -8 Equity 481 385 Borregaard's share of equity 168 96 Goodwill - - Other intangible assets 87 44 Borregaard's carrying amount of the investment 255 140
At the end of 2023, Borregaard invested NOK 34 million for a 12% ownership share in Kaffe Bueno ApS. Kaffe Bueno produces ingredients for a wide range of products in everything from agriculture to cosmetics and foodstuffs based on biore\ufb01ning of by-products from coffee production. Used coffee grounds, timber and algae do not only have cellulose in common. As sustainable raw materials for valuable products, they all represent excellent resource utilisation in a circular economy perspective. Borregaard has been granted warrants to subscribe for additional shares in Kaffe Bueno by 31 January 2026. If exercised in full, these warrants will bring Borregaard\u2019s ownership share up to 34%. Borregaard has a representative in Kaffe Bueno's board of directors. The investments are accounted for using the equity method. Purchase price allocation Kaffe Bueno The difference between the purchase price of the shares in Kaffe Bueno ApS and Borregaard\u2019s share of the booked equity at the time of the acquisition will be allocated to intangible assets as it relates to development of the technology to be used in Kaffe Bueno's business. The purchase price, including acquisition costs, of 12% of the shares is NOK 34 million. The purchase price allocation is not yet \ufb01nalised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10121": { "value": "
Interests in companies in which the Group together with others has joint control or has an ownership between 20- 50% (joint ventures and associate companies, see Note 6) are consolidated based on the equity method. The pro\ufb01t or loss from the joint venture is part of operating pro\ufb01t while pro\ufb01t or loss from associate companies is part of \ufb01nancial items.
Associate companies Alginor ASA is a Norwegian marine biotech company based in the Haugesund region of Southwestern Norway. The company is developing a fully integrated and sustainable value chain based on harvesting and biore\ufb01ning of the brown kelp Laminaria hyperborea \u2013 a renewable marine resource growing in abundance along the Norwegian coastline. Alginor will target global markets for pharmaceutical and nutraceutical applications. In 2021, Borregaard invested NOK 145 million in Alginor ASA and held 25% of the shares as of 31 December 2022. Borregaard\u2019s share of Alginor\u2019s result after tax is recognised as part of \"Financial items\". In April 2023 Alginor executed an additional direct equity issue exclusively to Borregaard. This equity issue brought Borregaard\u2019s ownership in Alginor up to 35% on a fully diluted basis and another NOK 124 million in equity to Alginor. Purchase price allocation Alginor The difference between the purchase price of the shares in Alginor ASA and Borregaard\u2019s share of the booked equity at the time of the acquisition is allocated to intangible assets as it relates to development of the technology to be used in Alginor\u2019s business. The purchase price, including acquisition costs, of 35% of the shares on a fully diluted basis is NOK 269 million of which NOK 87 million is allocated as intangible assets. BORREGAARD'S SHARE OF ALGINOR ASA Amounts in NOK million 2023 2022 Operating revenues - - Pro\ufb01t before taxes -26 -12 Pro\ufb01t/loss for the year before dividend -26 -12 Borregaard's share of pro\ufb01t -9 -3 Non-current assets 362 301 Current assets 181 97 Non-current liabilities -52 -5 Current liabilities -10 -8 Equity 481 385 Borregaard's share of equity 168 96 Goodwill - - Other intangible assets 87 44 Borregaard's carrying amount of the investment 255 140
At the end of 2023, Borregaard invested NOK 34 million for a 12% ownership share in Kaffe Bueno ApS. Kaffe Bueno produces ingredients for a wide range of products in everything from agriculture to cosmetics and foodstuffs based on biore\ufb01ning of by-products from coffee production. Used coffee grounds, timber and algae do not only have cellulose in common. As sustainable raw materials for valuable products, they all represent excellent resource utilisation in a circular economy perspective. Borregaard has been granted warrants to subscribe for additional shares in Kaffe Bueno by 31 January 2026. If exercised in full, these warrants will bring Borregaard\u2019s ownership share up to 34%. Borregaard has a representative in Kaffe Bueno's board of directors. The investments are accounted for using the equity method. Purchase price allocation Kaffe Bueno The difference between the purchase price of the shares in Kaffe Bueno ApS and Borregaard\u2019s share of the booked equity at the time of the acquisition will be allocated to intangible assets as it relates to development of the technology to be used in Kaffe Bueno's business. The purchase price, including acquisition costs, of 12% of the shares is NOK 34 million. The purchase price allocation is not yet \ufb01nalised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10122": { "value": "
Interests in companies in which the Group together with others has joint control or has an ownership between 20- 50% (joint ventures and associate companies, see Note 6) are consolidated based on the equity method. The pro\ufb01t or loss from the joint venture is part of operating pro\ufb01t while pro\ufb01t or loss from associate companies is part of \ufb01nancial items.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10123": { "value": "
Interests in companies in which the Group together with others has joint control or has an ownership between 20- 50% (joint ventures and associate companies, see Note 6) are consolidated based on the equity method. The pro\ufb01t or loss from the joint venture is part of operating pro\ufb01t while pro\ufb01t or loss from associate companies is part of \ufb01nancial items.
The Group has a 50% interest in Umkomaas Lignin Ltd (LignoTech South Africa). The Group\u2019s interest in the joint venture is accounted for using the equity method in the consolidated \ufb01nancial statements. In October 2020, the owners of LignoTech South Africa, Borregaard and the Sappi Group announced the decision to permanently close the lignin production facility and to terminate the co-operation agreement. The closure was a consequence of Sappi\u2019s decision to convert their calcium sulphite pulp line, which is the source of lignin raw material, to magnesium technology. After the conversion, the spent liquor from the pulping process is burnt, and the energy and chemicals are recovered. Final settlements and liquidation will be set in 2024 with limited pro\ufb01t and loss effects. See Note 13 \u201cOther income and expenses\u201d for further details. As of 31 December 2023, total assets were NOK 1 million (NOK 6 million) in LignoTech South Africa and total liabilities were NOK 0 million (NOK 0 million). Borregaard's carrying amount of the investment is 50%. 2023 2022 Share in joint venture 1 January 3 30 Share of pro\ufb01t after tax 4 13 Dividend/repayment of capital -7 -44 Currency translation effect - 4 Share in joint venture 31 December - 3
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10124": { "value": "
Interests in companies in which the Group together with others has joint control or has an ownership between 20- 50% (joint ventures and associate companies, see Note 6) are consolidated based on the equity method. The pro\ufb01t or loss from the joint venture is part of operating pro\ufb01t while pro\ufb01t or loss from associate companies is part of \ufb01nancial items.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10135": { "value": "
Business combinations are accounted for using the acquisition method. In connection with the acquisition of a subsidiary, the establishment of a joint venture or any acquisitions of signi\ufb01cant in\ufb02uence in associates, a purchase price allocation is carried out. The acquisition is reported in the \ufb01nancial statements from the date the Group has control. The date of control is normally the date on which the acquisition agreement takes effect and has been approved by all relevant authorities. Assets and liabilities are measured at fair value at the time of acquisition. If there are non-controlling interests in the acquired company, these will be measured at their share of identi\ufb01ed assets and liabilities. Goodwill allocated to non-controlling interests is considered separately in each acquisition. Goodwill is determined as the excess of the purchase price and the amount recognised as non-controlling interest over the fair value of identi\ufb01ed assets and liabilities assumed.
Goodwill is initially measured at cost, being the excess of the aggregate of the transferred and the amount recognised for non-controlling interest over the net identi\ufb01ed asset acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in income statement. Amortisable intangible assets are amortised on a straight-line basis at the following rates: Development 20% and other intangible assets 10-15%. Development consists mainly of internal resources being involved in development projects.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10136": { "value": "
Business combinations are accounted for using the acquisition method. In connection with the acquisition of a subsidiary, the establishment of a joint venture or any acquisitions of signi\ufb01cant in\ufb02uence in associates, a purchase price allocation is carried out. The acquisition is reported in the \ufb01nancial statements from the date the Group has control. The date of control is normally the date on which the acquisition agreement takes effect and has been approved by all relevant authorities. Assets and liabilities are measured at fair value at the time of acquisition. If there are non-controlling interests in the acquired company, these will be measured at their share of identi\ufb01ed assets and liabilities. Goodwill allocated to non-controlling interests is considered separately in each acquisition. Goodwill is determined as the excess of the purchase price and the amount recognised as non-controlling interest over the fair value of identi\ufb01ed assets and liabilities assumed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10137": { "value": "
Business combinations are accounted for using the acquisition method. In connection with the acquisition of a subsidiary, the establishment of a joint venture or any acquisitions of signi\ufb01cant in\ufb02uence in associates, a purchase price allocation is carried out. The acquisition is reported in the \ufb01nancial statements from the date the Group has control. The date of control is normally the date on which the acquisition agreement takes effect and has been approved by all relevant authorities. Assets and liabilities are measured at fair value at the time of acquisition. If there are non-controlling interests in the acquired company, these will be measured at their share of identi\ufb01ed assets and liabilities. Goodwill allocated to non-controlling interests is considered separately in each acquisition. Goodwill is determined as the excess of the purchase price and the amount recognised as non-controlling interest over the fair value of identi\ufb01ed assets and liabilities assumed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10138": { "value": "
Business combinations are accounted for using the acquisition method. In connection with the acquisition of a subsidiary, the establishment of a joint venture or any acquisitions of signi\ufb01cant in\ufb02uence in associates, a purchase price allocation is carried out. The acquisition is reported in the \ufb01nancial statements from the date the Group has control. The date of control is normally the date on which the acquisition agreement takes effect and has been approved by all relevant authorities. Assets and liabilities are measured at fair value at the time of acquisition. If there are non-controlling interests in the acquired company, these will be measured at their share of identi\ufb01ed assets and liabilities. Goodwill allocated to non-controlling interests is considered separately in each acquisition. Goodwill is determined as the excess of the purchase price and the amount recognised as non-controlling interest over the fair value of identi\ufb01ed assets and liabilities assumed.
NOTE 17 INTANGIBLE ASSETS
Capitalised expenditure on internally generated or specially adapted computer programmes is presented as intangible assets. The reinvestment need of specially adapted computer programmes is similar to that of other tangible assets, and the amortisation of intangible assets are presented together with Borregaard\u2019s other depreciation. Research and development (R&D) expenditure is the expenses incurred by Borregaard in conducting research and development, including studies of existing or new products and production processes in order to secure future earnings. Expenditure on research is always expensed as incurred, while expenditure on development is recognised in the statement of \ufb01nancial position if the underlying economic factors are identi\ufb01able and represent probable future economic bene\ufb01ts of which Borregaard has control. Borregaard has a large number of projects in process at all times, but the number of projects that end in capitalisation is limited. This is due to the considerable uncertainty throughout the decision-making process and the fact that only a small percentage of all projects culminate in commercial products. Furthermore, the portion of the total project expenses that qualify for recognition in the statement of \ufb01nancial position are relatively small, as it is only from the time the decision to develop the product is made it can be capitalised, and that decision-making point comes at a late stage of the process. The fair value of intangible assets acquired by the company through business combinations is capitalised. Intangible assets with inde\ufb01nite life will not be amortised while other intangible assets will be amortised over their useful life.
Goodwill is initially measured at cost, being the excess of the aggregate of the transferred and the amount recognised for non-controlling interest over the net identi\ufb01ed asset acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in income statement. Amortisable intangible assets are amortised on a straight-line basis at the following rates: Development 20% and other intangible assets 10-15%. Development consists mainly of internal resources being involved in development projects.
IT consists mainly of external costs.
Emission rights Government granted and purchased CO 2 emission allowances expected to be used towards Borregaard\u2019s own emissions are recognised as intangible assets at nominal value (cost). In case there are actual CO 2 emissions exceeding the level covered by emission rights, those are recognised as a liability. Sale of government granted CO 2 emission rights are recognised at the time of sale at the transaction price. As of 31 December 2023, Borregaard owns 664,700 CO 2 emission rights (690,066 as of 31 December 2022). However, Borregaard has an obligation to deliver 120,107 emission rights in 2024 for emissions in 2023. As of 31 December 2022 the obligation was 143,042 emission rights.
Amounts in NOK million Development and other intangible assets IT Goodwill Total Book value 1 January 2023 22 26 34 82 Additions 2 14 - 16 Depreciation/Amortisation -9 -8 - -17 Impairment - - - - Currency translations - - 3 3 Book value 31 December 2023 15 32 37 84 Initial cost 31 December 2023 174 189 55 418 Accumulated amortisation and impairment -159 -157 -18 -334 Book value 31 December 2023 15 32 37 84 Book value 1 January 2022 26 31 32 89 Additions 2 2 - 4 Depreciation/Amortisation -8 -7 - -15 Impairment - - - - Currency translations 2 - 2 4 Book value 31 December 2022 22 26 34 82 Initial cost 31 December 2022 172 175 55 402 Accumulated amortisation and impairment -150 -149 -21 -320 Book value 31 December 2022 22 26 34 82 In addition, Borregaard expensed NOK 99 million in research costs in 2023 (NOK 97 million). The amounts include grants and other cost deductions. See Note 34.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10139": { "value": "
Business combinations are accounted for using the acquisition method. In connection with the acquisition of a subsidiary, the establishment of a joint venture or any acquisitions of signi\ufb01cant in\ufb02uence in associates, a purchase price allocation is carried out. The acquisition is reported in the \ufb01nancial statements from the date the Group has control. The date of control is normally the date on which the acquisition agreement takes effect and has been approved by all relevant authorities. Assets and liabilities are measured at fair value at the time of acquisition. If there are non-controlling interests in the acquired company, these will be measured at their share of identi\ufb01ed assets and liabilities. Goodwill allocated to non-controlling interests is considered separately in each acquisition. Goodwill is determined as the excess of the purchase price and the amount recognised as non-controlling interest over the fair value of identi\ufb01ed assets and liabilities assumed.
Capitalised expenditure on internally generated or specially adapted computer programmes is presented as intangible assets. The reinvestment need of specially adapted computer programmes is similar to that of other tangible assets, and the amortisation of intangible assets are presented together with Borregaard\u2019s other depreciation. Research and development (R&D) expenditure is the expenses incurred by Borregaard in conducting research and development, including studies of existing or new products and production processes in order to secure future earnings. Expenditure on research is always expensed as incurred, while expenditure on development is recognised in the statement of \ufb01nancial position if the underlying economic factors are identi\ufb01able and represent probable future economic bene\ufb01ts of which Borregaard has control. Borregaard has a large number of projects in process at all times, but the number of projects that end in capitalisation is limited. This is due to the considerable uncertainty throughout the decision-making process and the fact that only a small percentage of all projects culminate in commercial products. Furthermore, the portion of the total project expenses that qualify for recognition in the statement of \ufb01nancial position are relatively small, as it is only from the time the decision to develop the product is made it can be capitalised, and that decision-making point comes at a late stage of the process. The fair value of intangible assets acquired by the company through business combinations is capitalised. Intangible assets with inde\ufb01nite life will not be amortised while other intangible assets will be amortised over their useful life.
Goodwill is initially measured at cost, being the excess of the aggregate of the transferred and the amount recognised for non-controlling interest over the net identi\ufb01ed asset acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in income statement. Amortisable intangible assets are amortised on a straight-line basis at the following rates: Development 20% and other intangible assets 10-15%. Development consists mainly of internal resources being involved in development projects.
IT consists mainly of external costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10140": { "value": "
Business combinations are accounted for using the acquisition method. In connection with the acquisition of a subsidiary, the establishment of a joint venture or any acquisitions of signi\ufb01cant in\ufb02uence in associates, a purchase price allocation is carried out. The acquisition is reported in the \ufb01nancial statements from the date the Group has control. The date of control is normally the date on which the acquisition agreement takes effect and has been approved by all relevant authorities. Assets and liabilities are measured at fair value at the time of acquisition. If there are non-controlling interests in the acquired company, these will be measured at their share of identi\ufb01ed assets and liabilities. Goodwill allocated to non-controlling interests is considered separately in each acquisition. Goodwill is determined as the excess of the purchase price and the amount recognised as non-controlling interest over the fair value of identi\ufb01ed assets and liabilities assumed.
NOTE 17 INTANGIBLE ASSETS
Capitalised expenditure on internally generated or specially adapted computer programmes is presented as intangible assets. The reinvestment need of specially adapted computer programmes is similar to that of other tangible assets, and the amortisation of intangible assets are presented together with Borregaard\u2019s other depreciation. Research and development (R&D) expenditure is the expenses incurred by Borregaard in conducting research and development, including studies of existing or new products and production processes in order to secure future earnings. Expenditure on research is always expensed as incurred, while expenditure on development is recognised in the statement of \ufb01nancial position if the underlying economic factors are identi\ufb01able and represent probable future economic bene\ufb01ts of which Borregaard has control. Borregaard has a large number of projects in process at all times, but the number of projects that end in capitalisation is limited. This is due to the considerable uncertainty throughout the decision-making process and the fact that only a small percentage of all projects culminate in commercial products. Furthermore, the portion of the total project expenses that qualify for recognition in the statement of \ufb01nancial position are relatively small, as it is only from the time the decision to develop the product is made it can be capitalised, and that decision-making point comes at a late stage of the process. The fair value of intangible assets acquired by the company through business combinations is capitalised. Intangible assets with inde\ufb01nite life will not be amortised while other intangible assets will be amortised over their useful life.
Goodwill is initially measured at cost, being the excess of the aggregate of the transferred and the amount recognised for non-controlling interest over the net identi\ufb01ed asset acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in income statement. Amortisable intangible assets are amortised on a straight-line basis at the following rates: Development 20% and other intangible assets 10-15%. Development consists mainly of internal resources being involved in development projects.
IT consists mainly of external costs.
Emission rights Government granted and purchased CO 2 emission allowances expected to be used towards Borregaard\u2019s own emissions are recognised as intangible assets at nominal value (cost). In case there are actual CO 2 emissions exceeding the level covered by emission rights, those are recognised as a liability. Sale of government granted CO 2 emission rights are recognised at the time of sale at the transaction price. As of 31 December 2023, Borregaard owns 664,700 CO 2 emission rights (690,066 as of 31 December 2022). However, Borregaard has an obligation to deliver 120,107 emission rights in 2024 for emissions in 2023. As of 31 December 2022 the obligation was 143,042 emission rights.
Amounts in NOK million Development and other intangible assets IT Goodwill Total Book value 1 January 2023 22 26 34 82 Additions 2 14 - 16 Depreciation/Amortisation -9 -8 - -17 Impairment - - - - Currency translations - - 3 3 Book value 31 December 2023 15 32 37 84 Initial cost 31 December 2023 174 189 55 418 Accumulated amortisation and impairment -159 -157 -18 -334 Book value 31 December 2023 15 32 37 84 Book value 1 January 2022 26 31 32 89 Additions 2 2 - 4 Depreciation/Amortisation -8 -7 - -15 Impairment - - - - Currency translations 2 - 2 4 Book value 31 December 2022 22 26 34 82 Initial cost 31 December 2022 172 175 55 402 Accumulated amortisation and impairment -150 -149 -21 -320 Book value 31 December 2022 22 26 34 82 In addition, Borregaard expensed NOK 99 million in research costs in 2023 (NOK 97 million). The amounts include grants and other cost deductions. See Note 34.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10141": { "value": "
Business combinations are accounted for using the acquisition method. In connection with the acquisition of a subsidiary, the establishment of a joint venture or any acquisitions of signi\ufb01cant in\ufb02uence in associates, a purchase price allocation is carried out. The acquisition is reported in the \ufb01nancial statements from the date the Group has control. The date of control is normally the date on which the acquisition agreement takes effect and has been approved by all relevant authorities. Assets and liabilities are measured at fair value at the time of acquisition. If there are non-controlling interests in the acquired company, these will be measured at their share of identi\ufb01ed assets and liabilities. Goodwill allocated to non-controlling interests is considered separately in each acquisition. Goodwill is determined as the excess of the purchase price and the amount recognised as non-controlling interest over the fair value of identi\ufb01ed assets and liabilities assumed.
Goodwill is initially measured at cost, being the excess of the aggregate of the transferred and the amount recognised for non-controlling interest over the net identi\ufb01ed asset acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in income statement. Amortisable intangible assets are amortised on a straight-line basis at the following rates: Development 20% and other intangible assets 10-15%. Development consists mainly of internal resources being involved in development projects.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10165": { "value": "
Contingent liabilities and contingent assets. A contingent liability or asset is a possible obligation or a possible asset whose existence is uncertain and will be con\ufb01rmed by the occurrence or non-occurrence of a future event, such as the outcome of legal proceedings or the \ufb01nal settlement of an insurance claim. Liabilities are recognised in the \ufb01nancial statements if there is a more than 50% probability that the liability has arisen; if the probability is lower, the matter is disclosed in notes to the \ufb01nancial statements unless the probability of payment is remote. An asset will only be recognised in the statement of \ufb01nancial position if it is virtually certain (95%) that the Group will realise the asset. The disclosure requirement applies to other contingent assets.
NOTE 24 PROVISIONS AND OTHER NON-CURRENT LIABILITIES Provisions are recognised in the \ufb01nancial statements in the case of onerous contracts or when restructuring measures have been adopted. Future operating losses will not be part of the provisions. In the case of restructuring provisions, there must be a detailed plan that identi\ufb01es which parts of the business are to be restructured. The location and number of employees affected, and a valid expectation must have been created among those concerned that the restructuring will be carried out. In addition, it must be possible to provide a reliable estimate of the amount of the liability. It is a condition that the restructuring materially changes the size of the business or the way in which it is operated. The provision is calculated on the basis of the best estimate of expenses. If the effect is material, anticipated future cash \ufb02ows will be discounted using a current pre-tax interest rate that re\ufb02ects the risks speci\ufb01c to the provision. Amounts in NOK million 2023 2022 Pension liabilities (Note 10) 92 14 Derivatives (Note 19) 176 144 Other non-current liabilities 3 1 Total provisions and other non-current liabilities 271 159
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10166": { "value": "
Contingent liabilities and contingent assets. A contingent liability or asset is a possible obligation or a possible asset whose existence is uncertain and will be con\ufb01rmed by the occurrence or non-occurrence of a future event, such as the outcome of legal proceedings or the \ufb01nal settlement of an insurance claim. Liabilities are recognised in the \ufb01nancial statements if there is a more than 50% probability that the liability has arisen; if the probability is lower, the matter is disclosed in notes to the \ufb01nancial statements unless the probability of payment is remote. An asset will only be recognised in the statement of \ufb01nancial position if it is virtually certain (95%) that the Group will realise the asset. The disclosure requirement applies to other contingent assets.
NOTE 24 PROVISIONS AND OTHER NON-CURRENT LIABILITIES Provisions are recognised in the \ufb01nancial statements in the case of onerous contracts or when restructuring measures have been adopted. Future operating losses will not be part of the provisions. In the case of restructuring provisions, there must be a detailed plan that identi\ufb01es which parts of the business are to be restructured. The location and number of employees affected, and a valid expectation must have been created among those concerned that the restructuring will be carried out. In addition, it must be possible to provide a reliable estimate of the amount of the liability. It is a condition that the restructuring materially changes the size of the business or the way in which it is operated. The provision is calculated on the basis of the best estimate of expenses. If the effect is material, anticipated future cash \ufb02ows will be discounted using a current pre-tax interest rate that re\ufb02ects the risks speci\ufb01c to the provision. Amounts in NOK million 2023 2022 Pension liabilities (Note 10) 92 14 Derivatives (Note 19) 176 144 Other non-current liabilities 3 1 Total provisions and other non-current liabilities 271 159
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10167": { "value": "
Contingent liabilities and contingent assets. A contingent liability or asset is a possible obligation or a possible asset whose existence is uncertain and will be con\ufb01rmed by the occurrence or non-occurrence of a future event, such as the outcome of legal proceedings or the \ufb01nal settlement of an insurance claim. Liabilities are recognised in the \ufb01nancial statements if there is a more than 50% probability that the liability has arisen; if the probability is lower, the matter is disclosed in notes to the \ufb01nancial statements unless the probability of payment is remote. An asset will only be recognised in the statement of \ufb01nancial position if it is virtually certain (95%) that the Group will realise the asset. The disclosure requirement applies to other contingent assets.
NOTE 32 PLEDGES AND GUARANTEES In 2017, LignoTech Florida LLC (55% owned by Borregaard) entered into a USD 60 million loan agreement as well as a USD 15 million overdraft facility. The owners will guarantee the loan and the overdraft facility on a pro rata basis until relevant \ufb01nancial conditions are met. As of 31 December 2023, USD 56.8 million of the facility was drawn. See Note 26 and 31.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10168": { "value": "
Contingent liabilities and contingent assets. A contingent liability or asset is a possible obligation or a possible asset whose existence is uncertain and will be con\ufb01rmed by the occurrence or non-occurrence of a future event, such as the outcome of legal proceedings or the \ufb01nal settlement of an insurance claim. Liabilities are recognised in the \ufb01nancial statements if there is a more than 50% probability that the liability has arisen; if the probability is lower, the matter is disclosed in notes to the \ufb01nancial statements unless the probability of payment is remote. An asset will only be recognised in the statement of \ufb01nancial position if it is virtually certain (95%) that the Group will realise the asset. The disclosure requirement applies to other contingent assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10169": { "value": "
Contingent liabilities and contingent assets. A contingent liability or asset is a possible obligation or a possible asset whose existence is uncertain and will be con\ufb01rmed by the occurrence or non-occurrence of a future event, such as the outcome of legal proceedings or the \ufb01nal settlement of an insurance claim. Liabilities are recognised in the \ufb01nancial statements if there is a more than 50% probability that the liability has arisen; if the probability is lower, the matter is disclosed in notes to the \ufb01nancial statements unless the probability of payment is remote. An asset will only be recognised in the statement of \ufb01nancial position if it is virtually certain (95%) that the Group will realise the asset. The disclosure requirement applies to other contingent assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10187": { "value": "NOTE 03 NEW ACCOUNTING STANDARDS The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018signi\ufb01cant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments have had a minor impact on Borregaard's disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s \ufb01nancial statements. The consolidated \ufb01nancial statements will be affected by IFRS amendments in the future. Many IFRS projects are \ufb01nalised, but some of them have either not been \ufb01nally adopted or not been endorsed by the EU. It is highly likely that many of these projects will be adopted. The Group\u2019s intention is to adopt the relevant new and amended standards and interpretations when they become effective and approved by EU. Amendments and interpretations that apply for the \ufb01rst time in 2023, do not have an impact on the consolidated \ufb01nancial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10188": { "value": "NOTE 03 NEW ACCOUNTING STANDARDS The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018signi\ufb01cant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments have had a minor impact on Borregaard's disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s \ufb01nancial statements. The consolidated \ufb01nancial statements will be affected by IFRS amendments in the future. Many IFRS projects are \ufb01nalised, but some of them have either not been \ufb01nally adopted or not been endorsed by the EU. It is highly likely that many of these projects will be adopted. The Group\u2019s intention is to adopt the relevant new and amended standards and interpretations when they become effective and approved by EU. Amendments and interpretations that apply for the \ufb01rst time in 2023, do not have an impact on the consolidated \ufb01nancial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10235": { "value": "
NOTE 04 USE OF ESTIMATES The management has made use of estimates and assumptions in preparing the \ufb01nancial statements. This applies to assets, liabilities, revenues, expenses and supplementary information related to contingent liabilities. Areas where estimates have considerable signi\ufb01cance are, for example: Amounts in NOK million Note Estimate/assumptions Carrying value 31 December 2023 Carrying value 31 December 2022 Property, plant and equipment 18 Recoverable amount and estimation of correct remaining useful life 4,661 4,371 Right-of-use assets 12 Leases and discount rates used 527 345 Pension liabilities (net) 10 Economic and demographic assumptions 38 -14 Environmental provisions 13, 35 Accrual related to ground conditions at the site in Norway -22 -20 Property, plant and equipment are largely based on a directly paid cost price and depreciated over estimated useful life. In the case of several of Borregaard\u2019s tangible assets, changes in assumptions may lead to substantial changes in value. Other estimates and assumptions are reported in various notes and any information that is not logically included in other notes is presented in Note 37 \"Other matters and subsequent events\".
Estimate assumptions and cash-generating units A cash-generating unit (CGU) is the lowest level at which independent cash \ufb02ows can be measured. Based on the forecasts, expectations and assumptions that were applied, Borregaard Czech\u2019s capitalised value of goodwill at 31 December 2023 and the fair value exceeds the book value. Calculations of future cash \ufb02ows are based on a number of assumptions regarding both economic trends and the estimated useful life. Borregaard is affected by \ufb02uctuating markets and estimates made in weak markets can differ substantially from estimates made in stronger markets.
The discount rate applied is based on the Group\u2019s cost of capital, which has been estimated to be 10% before tax, based on a weighted average of required rates of return for the Group\u2019s equity and debt (WACC). The required rate of return on the Group\u2019s equity is estimated by using the capital asset pricing model (CAPM). The required rate of return on debt is estimated on the basis of a long-term risk-free interest rate to which is added a credit margin derived from Borregaard\u2019s marginal long-term borrowing rate. The discount rate is adjusted for country risk, the level of in\ufb02ation and operational risk, depending on the particular value being calculated. Future cash \ufb02ows are estimated on the basis of the budget for next year and the following two forecast years. As from year four a terminal value is calculated. Cash \ufb02ow estimates are sensitive to changes in sales revenues, raw material and energy prices and the coherent ability to maintain margin assumptions. The sensitivity of the estimates, even when there is a reasonable possibility of a change in assumptions, did not give grounds for impairment charges.
Assumptions de\ufb01ned bene\ufb01t plans Borregaard uses the covered bonds interest rate on the Norwegian bene\ufb01t plans. The discount rate is \ufb01xed at the rate on high quality corporate bonds with the same lifetime as the pension liabilities (AA-rated corporate bonds). As a rule, parameters such as wage growth, growth in G (future social security wage base) and in\ufb02ation are set in accordance with recommendations on the various countries. The mortality estimate is based on up-to-date mortality tables for the various countries. Norway: K2013, USA: Pri-2012 collar base tables from 2012 projected forward using MP-2021. ASSUMPTIONS DEFINED BENEFIT PLANS NORWAY USA 2023 2022 2023 2022 Discount rate 3.9 % 3.6 % 5.1 % 5.4 % Rate of return on assets NA NA 5,1 % 5.4 % Future salary adjustment 3.25 % 3.25 % 4,0 % 4.0 % G-multiplier*/Future social security wage base 3.25 % 3.25 % 3.5 % 3.5 % Turnover 1.5 % 2.0 % 2.5 % 2.5 % Expected average remaining vesting period 10.7 10.5 - - * 1G is NOK 118.620 as of 31 December 2023
Sensitivity analysis The \ufb01nancial instruments of the Borregaard Group are exposed to different types of market risk which can affect the income statement or equity. Financial instruments, in particular derivatives, are applied as means of hedging both \ufb01nancial and operational exposure. In the table below, Borregaard presents a partial analysis of the sensitivity of \ufb01nancial instruments, where the isolated effect of each type of risk on the income statement and on equity is estimated. This is done on the basis of a selected reasonably possible change in market prices/rates on the statement of \ufb01nancial position as of 31 December. According to IFRS, the analysis covers only \ufb01nancial instruments and is not meant to give a complete overview of the Group\u2019s market risk, for instance: \u2022 For currency hedges of contracts entered into, changes in fair value of the hedging instrument will affect the income statement, while changes in the fair value of the underlying hedged contract offset by the hedging instrument will not be shown, as it is not a \ufb01nancial instrument. \u2022 If one of the parameters changes, the analysis will not take account of any correlation with other parameters. \u2022 Financial instruments denominated in the entities\u2019 functional currencies do not constitute any currency risk and are therefore not included in this analysis. Nor is the currency exposure on translation of such \ufb01nancial instruments to the presentation currency of the Group included, for the same reason. \u2022 No sensitivity analysis is performed for the power hedges as the exposure is considered immaterial. Generally, the effect on the income statement and equity of \ufb01nancial instruments in the table below is expected to offset the effects of the hedged items where \ufb01nancial instruments are part of a hedging relationship. SENSITIVITY FINANCIAL INSTRUMENTS 2023 ACCOUNTING EFFECTS ON Income statement of Equity of Amounts in NOK million Increase Decrease Increase Decrease Financial instruments in hedging relationships Interest rate risk (excluding leasing): 100 bp paral- lel shift in interest curves all currencies -16 16 - - Currency risk: 10% change in FX-rate USD/NOK - - -339 339 Currency risk: 10% change in FX-rate EUR/NOK - - -290 290 Currency risk: 10% change in FX-rate SEK/NOK - - 4 -4 SENSITIVITY FINANCIAL INSTRUMENTS 2022 ACCOUNTING EFFECTS ON Income statement of Equity of Amounts in NOK million Increase Decrease Increase Decrease Financial instruments in hedging relationships Interest rate risk (excluding leasing): 100 bp paral- lel shift in interest curves all currencies -12 12 - - Currency risk: 10% change in FX-rate USD/NOK - - -286 286 Currency risk: 10% change in FX-rate EUR/NOK - - -286 -286 Currency risk: 10% change in FX-rate SEK/NOK - - 4 -4 Accounting effects of changes in market risk are classi\ufb01ed to income statement and equity according to where the effect of the changes in fair value will be recognised initially. Effects recognised in the income statement will also affect equity beyond the \ufb01gures presented in the table.
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NOTE 05 IMPAIRMENT ASSESSMENTS Goodwill and intangible assets with an inde\ufb01nite useful life must be tested annually for impairment to assess whether the values are recoverable. Borregaard carries out this test prior to preparing and presenting its \ufb01nancial statements for the 3 rd quarter. If there are indications of impairments, the assets are tested immediately. A new impairment test is carried out in the 4 th quarter, when necessary, for instance if the underlying assumptions have changed. Borregaard has substantial non-current assets in the form of tangible (property, plant and equipment) and some minor intangible assets. An explanation of the details of and changes in these assets is presented separately in Note 17 and 18. Estimate uncertainty, in some cases considerable, attaches to both property, plant and equipment and intangible assets. Both valuation and estimated useful lifetime are based on future information that is always subject to a great degree of uncertainty. Borregaard routinely monitors assets and if there are indications that the value of an asset is no longer recoverable, an impairment test will be carried out to determine whether the asset can still justify its carrying value. If new estimates conclude that the value is no longer recoverable, the asset is written down to the recoverable amount, i.e. the greater of the net sales value and the value in use (discounted cash \ufb02ow). Cash \ufb02ows relating to the assets are identi\ufb01ed (see table below) and discounted. Future cash \ufb02ow is based on speci\ufb01ed assumptions and the plans adopted by the entity. If the discounted value of future cash \ufb02ows is lower than the capitalised value of the unit\u2019s capital employed, the assets are written down to the recoverable amount. If the discounted value is higher than the capital employed, this means that the value of the intangible asset or goodwill is recoverable. Borregaard\u2019s goodwill is related to the prior acquisition of Borregaard Czech and no impairment charges are identi\ufb01ed: GOODWILL Amounts in NOK million 2023 2022 Borregaard Czech S. R. O 37 34 Total goodwill 37 34
Estimate assumptions and cash-generating units A cash-generating unit (CGU) is the lowest level at which independent cash \ufb02ows can be measured. Based on the forecasts, expectations and assumptions that were applied, Borregaard Czech\u2019s capitalised value of goodwill at 31 December 2023 and the fair value exceeds the book value. Calculations of future cash \ufb02ows are based on a number of assumptions regarding both economic trends and the estimated useful life. Borregaard is affected by \ufb02uctuating markets and estimates made in weak markets can differ substantially from estimates made in stronger markets.
The discount rate applied is based on the Group\u2019s cost of capital, which has been estimated to be 10% before tax, based on a weighted average of required rates of return for the Group\u2019s equity and debt (WACC). The required rate of return on the Group\u2019s equity is estimated by using the capital asset pricing model (CAPM). The required rate of return on debt is estimated on the basis of a long-term risk-free interest rate to which is added a credit margin derived from Borregaard\u2019s marginal long-term borrowing rate. The discount rate is adjusted for country risk, the level of in\ufb02ation and operational risk, depending on the particular value being calculated. Future cash \ufb02ows are estimated on the basis of the budget for next year and the following two forecast years. As from year four a terminal value is calculated. Cash \ufb02ow estimates are sensitive to changes in sales revenues, raw material and energy prices and the coherent ability to maintain margin assumptions. The sensitivity of the estimates, even when there is a reasonable possibility of a change in assumptions, did not give grounds for impairment charges.
NOTE 17 INTANGIBLE ASSETS
Capitalised expenditure on internally generated or specially adapted computer programmes is presented as intangible assets. The reinvestment need of specially adapted computer programmes is similar to that of other tangible assets, and the amortisation of intangible assets are presented together with Borregaard\u2019s other depreciation. Research and development (R&D) expenditure is the expenses incurred by Borregaard in conducting research and development, including studies of existing or new products and production processes in order to secure future earnings. Expenditure on research is always expensed as incurred, while expenditure on development is recognised in the statement of \ufb01nancial position if the underlying economic factors are identi\ufb01able and represent probable future economic bene\ufb01ts of which Borregaard has control. Borregaard has a large number of projects in process at all times, but the number of projects that end in capitalisation is limited. This is due to the considerable uncertainty throughout the decision-making process and the fact that only a small percentage of all projects culminate in commercial products. Furthermore, the portion of the total project expenses that qualify for recognition in the statement of \ufb01nancial position are relatively small, as it is only from the time the decision to develop the product is made it can be capitalised, and that decision-making point comes at a late stage of the process. The fair value of intangible assets acquired by the company through business combinations is capitalised. Intangible assets with inde\ufb01nite life will not be amortised while other intangible assets will be amortised over their useful life.
Goodwill is initially measured at cost, being the excess of the aggregate of the transferred and the amount recognised for non-controlling interest over the net identi\ufb01ed asset acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in income statement. Amortisable intangible assets are amortised on a straight-line basis at the following rates: Development 20% and other intangible assets 10-15%. Development consists mainly of internal resources being involved in development projects.
IT consists mainly of external costs.
Emission rights Government granted and purchased CO 2 emission allowances expected to be used towards Borregaard\u2019s own emissions are recognised as intangible assets at nominal value (cost). In case there are actual CO 2 emissions exceeding the level covered by emission rights, those are recognised as a liability. Sale of government granted CO 2 emission rights are recognised at the time of sale at the transaction price. As of 31 December 2023, Borregaard owns 664,700 CO 2 emission rights (690,066 as of 31 December 2022). However, Borregaard has an obligation to deliver 120,107 emission rights in 2024 for emissions in 2023. As of 31 December 2022 the obligation was 143,042 emission rights.
Amounts in NOK million Development and other intangible assets IT Goodwill Total Book value 1 January 2023 22 26 34 82 Additions 2 14 - 16 Depreciation/Amortisation -9 -8 - -17 Impairment - - - - Currency translations - - 3 3 Book value 31 December 2023 15 32 37 84 Initial cost 31 December 2023 174 189 55 418 Accumulated amortisation and impairment -159 -157 -18 -334 Book value 31 December 2023 15 32 37 84 Book value 1 January 2022 26 31 32 89 Additions 2 2 - 4 Depreciation/Amortisation -8 -7 - -15 Impairment - - - - Currency translations 2 - 2 4 Book value 31 December 2022 22 26 34 82 Initial cost 31 December 2022 172 175 55 402 Accumulated amortisation and impairment -150 -149 -21 -320 Book value 31 December 2022 22 26 34 82 In addition, Borregaard expensed NOK 99 million in research costs in 2023 (NOK 97 million). The amounts include grants and other cost deductions. See Note 34.
NOTE 18 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are tangible assets intended for production, delivery of goods or administrative purposes and have a lasting useful life. They are recognised in the statement of \ufb01nancial position at cost minus any accumulated depreciation and impairment. Annual major maintenance stops are capitalised as part of property, plant and equipment and depreciated over a period of 12 months. All other
maintenance and repairs are expensed under operating expenses as and when the maintenance is carried out, while expenditure on replacements or improvements is added to the cost price
of the assets. Borrowing costs related to the
construction of the Group\u2019s own property, plant and equipment are capitalised as part of the cost of the asset.
Property, plant and equipment are depreciated on a straight-line basis over the useful life, at the following rates: buildings 2-5%, machinery, \ufb01xtures and \ufb01ttings mainly 4-20%, vehicles 15- 25% and IT equipment 15-33%. The period of depreciation is reviewed each year and if there are changes in useful life, depreciation is adjusted. If there is any indication that an asset may be impaired, the asset will be written down to the recoverable amount if the recoverable amount is lower than the carrying value. The residual value is also calculated and if it is higher than the carrying value, depreciation is stopped. This applies in particular to buildings. The Group is committed to ful\ufb01l contracts amounting to NOK 68 million which is not recorded in the statement of \ufb01nancial position as of 31 December 2023 (NOK 42 million as of 31 December 2022).
Amounts in NOK million Land, buildings and other property Machinery and plants Assets under constructions Fixtures, \ufb01ttings, vehicles, EDP, etc. Total Book value 1 January 2023 1,567 2,448 322 34 4,371 Additions 81 182 385 3 651 Disposals - - - - - Transferred assets under construction 50 62 -112 - - Impairment - - - - - Depreciation -99 -279 - -11 -389 Currency translation 6 21 1 28 Book value 31 December 2023 1,605 2,434 596 26 4,661 Initial cost 31 December 2023 2,996 7,738 596 232 11,562 Accumulated depreciation and impairment -1,391 -5,304 - -206 -6,901 Book value 31 December 2023 1,605 2,434 596 26 4,661 Book value 1 January 2022 1,488 2,269 398 36 4,191 Additions 59 142 254 4 459 Disposals - - - -1 -1 Transferred assets under construction 92 233 -331 6 - Impairment - - - - - Depreciation -93 -262 - -12 -367 Currency translation 21 66 1 1 89 Book value 31 December 2022 1,567 2,448 322 34 4,371 Initial cost 31 December 2022 2,846 7,440 322 232 10,840 Accumulated depreciation and impairment -1,279 -4,992 - -198 -6,469 Book value 31 December 2022 1,567 2,448 322 34 4,371
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10287": { "value": "
NOTE 05 IMPAIRMENT ASSESSMENTS Goodwill and intangible assets with an inde\ufb01nite useful life must be tested annually for impairment to assess whether the values are recoverable. Borregaard carries out this test prior to preparing and presenting its \ufb01nancial statements for the 3 rd quarter. If there are indications of impairments, the assets are tested immediately. A new impairment test is carried out in the 4 th quarter, when necessary, for instance if the underlying assumptions have changed. Borregaard has substantial non-current assets in the form of tangible (property, plant and equipment) and some minor intangible assets. An explanation of the details of and changes in these assets is presented separately in Note 17 and 18. Estimate uncertainty, in some cases considerable, attaches to both property, plant and equipment and intangible assets. Both valuation and estimated useful lifetime are based on future information that is always subject to a great degree of uncertainty. Borregaard routinely monitors assets and if there are indications that the value of an asset is no longer recoverable, an impairment test will be carried out to determine whether the asset can still justify its carrying value. If new estimates conclude that the value is no longer recoverable, the asset is written down to the recoverable amount, i.e. the greater of the net sales value and the value in use (discounted cash \ufb02ow). Cash \ufb02ows relating to the assets are identi\ufb01ed (see table below) and discounted. Future cash \ufb02ow is based on speci\ufb01ed assumptions and the plans adopted by the entity. If the discounted value of future cash \ufb02ows is lower than the capitalised value of the unit\u2019s capital employed, the assets are written down to the recoverable amount. If the discounted value is higher than the capital employed, this means that the value of the intangible asset or goodwill is recoverable. Borregaard\u2019s goodwill is related to the prior acquisition of Borregaard Czech and no impairment charges are identi\ufb01ed: GOODWILL Amounts in NOK million 2023 2022 Borregaard Czech S. R. O 37 34 Total goodwill 37 34
Estimate assumptions and cash-generating units A cash-generating unit (CGU) is the lowest level at which independent cash \ufb02ows can be measured. Based on the forecasts, expectations and assumptions that were applied, Borregaard Czech\u2019s capitalised value of goodwill at 31 December 2023 and the fair value exceeds the book value. Calculations of future cash \ufb02ows are based on a number of assumptions regarding both economic trends and the estimated useful life. Borregaard is affected by \ufb02uctuating markets and estimates made in weak markets can differ substantially from estimates made in stronger markets.
The discount rate applied is based on the Group\u2019s cost of capital, which has been estimated to be 10% before tax, based on a weighted average of required rates of return for the Group\u2019s equity and debt (WACC). The required rate of return on the Group\u2019s equity is estimated by using the capital asset pricing model (CAPM). The required rate of return on debt is estimated on the basis of a long-term risk-free interest rate to which is added a credit margin derived from Borregaard\u2019s marginal long-term borrowing rate. The discount rate is adjusted for country risk, the level of in\ufb02ation and operational risk, depending on the particular value being calculated. Future cash \ufb02ows are estimated on the basis of the budget for next year and the following two forecast years. As from year four a terminal value is calculated. Cash \ufb02ow estimates are sensitive to changes in sales revenues, raw material and energy prices and the coherent ability to maintain margin assumptions. The sensitivity of the estimates, even when there is a reasonable possibility of a change in assumptions, did not give grounds for impairment charges.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10580": { "value": "
NOTE 07 SEGMENTS
Borregaard has business areas as operating segments. The operating segments correspond to the way in which the business areas report \ufb01gures to the Group Executive Management (chief operating decision maker).
BioSolutions develops, produces and sells biopolymers and biovanillin from lignin. All lignin-based products, including biovanillin, are organised under one management in BioSolutions. BioMaterials develops, produces and sells speciality cellulose mainly for use as a raw material in the production of cellulose ethers, cellulose acetate and other speciality products. BioMaterials also includes cellulose \ufb01brils for industrial applications, which are in the market introduction phase. BioMaterials consist of products utilising wood \ufb01bres as the main raw material. Fine Chemicals include \ufb01ne chemical intermediates mainly used for contrast agents and advanced bioethanol mainly for biofuel. Corporate overhead and certain other costs are allocated to the three business segments. Segment performance is primarily measured based on EBITDA 1 . The arm\u2019s length principle is applied to pricing of transactions between the various segments and companies. Borregaard AS provides services to the companies in the Group and charges them for these services. Figures for the geographical distribution of non- current operating assets, investments in property, plant and equipment, sales revenues and the number of man-years are also presented. See Note 8. The Group applies the same principles for the presentation of segment information as for the rest of its consolidated \ufb01nancial statements, and the operating pro\ufb01t/loss in the segment information is identical to the information presented in the income statement for the Group. There is therefore no need for further reconciliation of these income statement items. Borregaard has a central \ufb01nance function, and the \ufb01nancing of the various segments does not necessarily re\ufb02ect the real \ufb01nancial strength of the individual segments. Financial items are therefore presented only for the Group as a whole. The segment information tables show the key \ufb01gures in which management monitors the business, such as total operating revenue, operating expenses, EBITDA 1 , depreciation, amortisation and impairment of intangible assets, other income and expenses 1 and operating pro\ufb01t for each business area. It does not disclose internal sales between the various segments as it is considered immaterial. The following table shows the revenues generated by BioSolutions, BioMaterials and Fine Chemicals. Operating revenues consist of sales revenues (Note 8) and other revenues such as commissions, revenues from waste received for incineration etc. The segment information also includes cash \ufb02ow from operating activities, replacement investments, expansion investments 1 and working capital for each area.
SEGMENTS 2023 Amounts in NOK million Bio- Solutions Bio- Materials Fine Chemicals Eliminations Borregaard Group Income statement Total operating revenues 3,944 2,439 786 -37 7,132 Operating expenses -3,029 -1,905 -454 37 -5,351 EBITDA 1 915 534 332 - 1,781 Depreciation -243 -200 -42 - -485 Amortisation and impairment intangible assets -5 - - - -5 Other income and expenses 1 - - - - - Operating pro\ufb01t 667 334 290 - 1,291 Net \ufb01nancial items - - - - -167 Pro\ufb01t before tax - - - - 1,124 Cash \ufb02ow Cash \ufb02ow from operating activities 770 427 366 - 1,563 Replacement investments -261 -234 -55 - -550 Expansion investments 1 -198 -81 -9 - -288 Capital structure Working capital at year-end 961 374 176 - 1,511 Capital employed 1 at year-end - - - - 7,142 Return on capital employed 1 - - - - 18.3 % SEGMENTS 2022 Amounts in NOK million Bio- Solutions Bio- Materials Fine Chemicals Eliminations Borregaard Group Income statement Total operating revenues 4,050 2,250 632 -51 6,881 Operating expenses -3,064 -1,823 -402 51 -5,238 EBITDA 1 986 427 230 - 1,643 Depreciation -212 -195 -37 - -444 Amortisation and impairment intangible assets -5 - - - -5 Other income and expenses 1 6 -12 -2 - -8 Operating pro\ufb01t 775 220 191 - 1,186 Net \ufb01nancial items - - - - -68 Pro\ufb01t before tax - - - - 1,118 Cash \ufb02ow Cash \ufb02ow from operating activities 639 6 90 - 735 Replacement investments -123 -206 -30 - -359 Expansion investments 1 -92 -10 -3 - -105 Capital structure Working capital at year-end 1,020 407 226 - 1,653 Capital employed 1 at year-end - - - - 6,802 Return on capital employed 1 - - - - 18.1 %
RECONCILIATION CAPITAL EMPLOYED 1 Amounts in NOK million 2023 2022 Capital employed 1 at year-end 7,142 6,802 Other non-current assets 443 204 Cash and cash equivalents 469 234 Net deferred tax -130 -132 Interest-bearing liabilities -2,262 -2,072 Income tax payable -198 -217 Accumulated write-down and amortisation of goodwill and intangible assets -197 -187 Other (derivatives, accruals, etc.) -373 -187 Equity 4,894 4,445 RECONCILIATION WORKING CAPITAL Amounts in NOK million 2023 2022 Receivables 1,201 1,387 Inventories 1,447 1,299 Other liabilities -1,361 -1,085 Derivatives, etc. not included in above items 224 52 Working capital 1,511 1,653
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NOTE 07 SEGMENTS
Borregaard has business areas as operating segments. The operating segments correspond to the way in which the business areas report \ufb01gures to the Group Executive Management (chief operating decision maker).
BioSolutions develops, produces and sells biopolymers and biovanillin from lignin. All lignin-based products, including biovanillin, are organised under one management in BioSolutions. BioMaterials develops, produces and sells speciality cellulose mainly for use as a raw material in the production of cellulose ethers, cellulose acetate and other speciality products. BioMaterials also includes cellulose \ufb01brils for industrial applications, which are in the market introduction phase. BioMaterials consist of products utilising wood \ufb01bres as the main raw material. Fine Chemicals include \ufb01ne chemical intermediates mainly used for contrast agents and advanced bioethanol mainly for biofuel. Corporate overhead and certain other costs are allocated to the three business segments. Segment performance is primarily measured based on EBITDA 1 . The arm\u2019s length principle is applied to pricing of transactions between the various segments and companies. Borregaard AS provides services to the companies in the Group and charges them for these services. Figures for the geographical distribution of non- current operating assets, investments in property, plant and equipment, sales revenues and the number of man-years are also presented. See Note 8. The Group applies the same principles for the presentation of segment information as for the rest of its consolidated \ufb01nancial statements, and the operating pro\ufb01t/loss in the segment information is identical to the information presented in the income statement for the Group. There is therefore no need for further reconciliation of these income statement items. Borregaard has a central \ufb01nance function, and the \ufb01nancing of the various segments does not necessarily re\ufb02ect the real \ufb01nancial strength of the individual segments. Financial items are therefore presented only for the Group as a whole. The segment information tables show the key \ufb01gures in which management monitors the business, such as total operating revenue, operating expenses, EBITDA 1 , depreciation, amortisation and impairment of intangible assets, other income and expenses 1 and operating pro\ufb01t for each business area. It does not disclose internal sales between the various segments as it is considered immaterial. The following table shows the revenues generated by BioSolutions, BioMaterials and Fine Chemicals. Operating revenues consist of sales revenues (Note 8) and other revenues such as commissions, revenues from waste received for incineration etc. The segment information also includes cash \ufb02ow from operating activities, replacement investments, expansion investments 1 and working capital for each area.
SEGMENTS 2023 Amounts in NOK million Bio- Solutions Bio- Materials Fine Chemicals Eliminations Borregaard Group Income statement Total operating revenues 3,944 2,439 786 -37 7,132 Operating expenses -3,029 -1,905 -454 37 -5,351 EBITDA 1 915 534 332 - 1,781 Depreciation -243 -200 -42 - -485 Amortisation and impairment intangible assets -5 - - - -5 Other income and expenses 1 - - - - - Operating pro\ufb01t 667 334 290 - 1,291 Net \ufb01nancial items - - - - -167 Pro\ufb01t before tax - - - - 1,124 Cash \ufb02ow Cash \ufb02ow from operating activities 770 427 366 - 1,563 Replacement investments -261 -234 -55 - -550 Expansion investments 1 -198 -81 -9 - -288 Capital structure Working capital at year-end 961 374 176 - 1,511 Capital employed 1 at year-end - - - - 7,142 Return on capital employed 1 - - - - 18.3 % SEGMENTS 2022 Amounts in NOK million Bio- Solutions Bio- Materials Fine Chemicals Eliminations Borregaard Group Income statement Total operating revenues 4,050 2,250 632 -51 6,881 Operating expenses -3,064 -1,823 -402 51 -5,238 EBITDA 1 986 427 230 - 1,643 Depreciation -212 -195 -37 - -444 Amortisation and impairment intangible assets -5 - - - -5 Other income and expenses 1 6 -12 -2 - -8 Operating pro\ufb01t 775 220 191 - 1,186 Net \ufb01nancial items - - - - -68 Pro\ufb01t before tax - - - - 1,118 Cash \ufb02ow Cash \ufb02ow from operating activities 639 6 90 - 735 Replacement investments -123 -206 -30 - -359 Expansion investments 1 -92 -10 -3 - -105 Capital structure Working capital at year-end 1,020 407 226 - 1,653 Capital employed 1 at year-end - - - - 6,802 Return on capital employed 1 - - - - 18.1 %
RECONCILIATION CAPITAL EMPLOYED 1 Amounts in NOK million 2023 2022 Capital employed 1 at year-end 7,142 6,802 Other non-current assets 443 204 Cash and cash equivalents 469 234 Net deferred tax -130 -132 Interest-bearing liabilities -2,262 -2,072 Income tax payable -198 -217 Accumulated write-down and amortisation of goodwill and intangible assets -197 -187 Other (derivatives, accruals, etc.) -373 -187 Equity 4,894 4,445 RECONCILIATION WORKING CAPITAL Amounts in NOK million 2023 2022 Receivables 1,201 1,387 Inventories 1,447 1,299 Other liabilities -1,361 -1,085 Derivatives, etc. not included in above items 224 52 Working capital 1,511 1,653
NOTE 08 REVENUES AND GEOGRAPHICAL BREAKDOWN Revenue is recognised to depict the transfer of promised goods or services to customers in an amount that re\ufb02ects the consideration to which the entity expects to be entitled in exchange for those goods or services. IFRS 15 applies to all revenue contracts and provides a model for the recognition and measurement of sales of some non-\ufb01nancial assets (e.g. disposals of property, plant and equipment). For contracts with customers, sale of Borregaard\u2019s products is generally expected to be the only performance obligation. The Group\u2019s revenue recognition occurs at a point in time when control of the asset is transferred to the customer, generally on delivery of the goods. Borregaard also have some contracts that include volume rebates to some customers. The Group currently recognises rebates based on the most likely amount method which is also in line with IFRS 15. Borregaard has operations in several countries and below is a summary showing the geographical breakdown of non-current operating assets, investments, number of man-years based on the geographical location of the operation. Sales revenues are based on the location of the customers. See Note 22 for customers' payment terms. Non-current operating assets Investments Number of man-years 2 Sales revenues Amounts in NOK million 2023 2022 2023 2022 2023 2022 2023 2022 Norway 4,193 3,846 764 424 815 795 279 319 Rest of Europe 108 82 13 5 88 91 3,097 2,876 Asia 10 12 1 3 53 48 1,698 1,591 America 961 857 59 32 169 171 1,893 1,931 Rest of the world - - - - 2 2 57 59 Total 5,272 4,798 838 464 1,127 1,107 7,024 6,776 SALES REVENUES PER PRODUCT GROUP Amounts in NOK million 2023 2022 BioSolutions 3,849 3,946 BioMaterials 2,395 2,205 Fine Chemicals 780 625 Eliminations - - Total revenues 7,024 6,776 Operating revenues consist of sales revenues and other revenues such as commissions, revenues from waste received for incineration etc.
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Borregaard has business areas as operating segments. The operating segments correspond to the way in which the business areas report \ufb01gures to the Group Executive Management (chief operating decision maker).
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NOTE 08 REVENUES AND GEOGRAPHICAL BREAKDOWN Revenue is recognised to depict the transfer of promised goods or services to customers in an amount that re\ufb02ects the consideration to which the entity expects to be entitled in exchange for those goods or services. IFRS 15 applies to all revenue contracts and provides a model for the recognition and measurement of sales of some non-\ufb01nancial assets (e.g. disposals of property, plant and equipment). For contracts with customers, sale of Borregaard\u2019s products is generally expected to be the only performance obligation. The Group\u2019s revenue recognition occurs at a point in time when control of the asset is transferred to the customer, generally on delivery of the goods. Borregaard also have some contracts that include volume rebates to some customers. The Group currently recognises rebates based on the most likely amount method which is also in line with IFRS 15. Borregaard has operations in several countries and below is a summary showing the geographical breakdown of non-current operating assets, investments, number of man-years based on the geographical location of the operation. Sales revenues are based on the location of the customers. See Note 22 for customers' payment terms. Non-current operating assets Investments Number of man-years 2 Sales revenues Amounts in NOK million 2023 2022 2023 2022 2023 2022 2023 2022 Norway 4,193 3,846 764 424 815 795 279 319 Rest of Europe 108 82 13 5 88 91 3,097 2,876 Asia 10 12 1 3 53 48 1,698 1,591 America 961 857 59 32 169 171 1,893 1,931 Rest of the world - - - - 2 2 57 59 Total 5,272 4,798 838 464 1,127 1,107 7,024 6,776 SALES REVENUES PER PRODUCT GROUP Amounts in NOK million 2023 2022 BioSolutions 3,849 3,946 BioMaterials 2,395 2,205 Fine Chemicals 780 625 Eliminations - - Total revenues 7,024 6,776 Operating revenues consist of sales revenues and other revenues such as commissions, revenues from waste received for incineration etc.
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NOTE 09 PAYROLL EXPENSES AND REMUNERATION Amounts in NOK million 2023 2022 Wages -1,066 -957 Share-based payments (options and discounted shares) -17 -17 Employer\u2019s national insurance contribution -138 -115 Pension costs (Note 10) -79 -78 Remuneration to Board Members -4 -3 Payroll expenses -1,304 -1,170 Average number of man-years 1,107 1,082
REMUNERATION OF THE EXECUTIVE MANAGEMENT CEO Other members of the Group Executive Managment Total Amounts in NOK thousand 2023 2022 2023 2022 2023 2022 Base salary 4,115 3,949 17,273 16,545 21,388 20,494 Bonus 1,820 1,955 7,039 7,400 8,859 9,355 Pension cost 1,357 832 2,474 2,411 3,831 3,243 Bene\ufb01ts in kind 271 266 1,740 1,702 2,011 1,968 Total * 7,563 7,002 28,526 28,058 36,089 35,060 Remuneration is actual paid remuneration in the respective years and includes vacation pay on salary earned the previous year. Bonuses however are accrued bonuses in the respective years to be paid out the following year. * There are 9 persons in the Group Executive Management including the CEO. Remuneration guidelines and report \u2013 2023 Borregaard\u2019s remuneration guidelines for employees in managerial positions cover base salary, pension, annual bonus and long-term incentives (LTI). The remuneration guidelines and a more detailed description of executive management remuneration are found in the separate report \"Remuneration report 2023\" found at Sustainability documentation - Borregaard.
ISSUED AND OUTSTANDING SHARE OPTIONS AS OF 31 DECEMBER 2023: Year issued Number of share options issued Exercised/ forfeited share options Number of outstanding share options Strike price* Expire date Number of employees** 2019 400,000 353,450 46,550 67.05 6 Feb 2024 27 2020 400,000 53,100 346,900 91.35 13 Feb 2025 28 2021 249,000 - 249,000 172.45 16 Feb 2026 31 2022 200,000 - 200,000 220.50 17 Feb 2027 31 2023 250,000 - 250,000 190.75 1 Mar 2028 35 1,499,000 406,550 1,092,450 * The strike price has been adjusted for dividends. Strike prices were set at 10% above the share price at the issue date. ** Including Group Executive Management. The common practice is equity settlement for the share-based option programmes. Share-based related costs for 2023 for the Group Executive Management was NOK 6 million in total for all programs. 20,500 share options issued in 2018, 280,450 share options issued in 2019 and 53,100 share options issued in 2020 have been exercised in 2023. Changes in outstanding share options for Borregaard\u2019s employees are shown in the table below: 2023 2022 Number of share options No. WAEP* No. WAEP* Outstanding at the beginning of the year 1,196,500 125.93 1,236,274 103.66 Exercised during the year -354,050 - -239,774 - Granted during the year 250,000 190.75 200,000 223.75 Forfeited during the year - - - - Outstanding at year-end ** 1,092,450 155.19 1,196,500 125.93 Exercisable options at year-end** 393,450 - 347,500 - * Weighted average exercise price adjusted for dividend. Amounts in NOK. ** Expiry dates are 6 February 2024 for 46,550 options, 13 February 2025 for 346,900 options, 16 February 2026, for 249,000 options, 17 February 2027 for 200,000 options and 1 March 2028 for 250,000 options.
Borregaard has used the Black-Scholes model when estimating the value of the options. The volatility is calculated on the basis of the average volatility the past years for Borregaard and Borregaard peers. See Note 37 for share options issued in 2024. Assumptions 2023 2022 Expected dividend-yield (%) - - Expected volatility (%) 28.2 28.0 Historical volatility (%) 28.0 28.0 Risk-free return (%) 3.5 2.1 Expected life of option (years) 5.0 5.0 Weighted average share price (NOK) 177.04 202.00 SHARE OPTIONS AND SHARES HELD BY GROUP EXECUTIVE MANAGEMENT AND RELATED PARTIES AS OF 31 DECEMBER Issued 2019 Strike NOK 67.05* Issued 2020 Strike NOK 91.35* Issued 2021 Strike NOK 172.45* Issued 2022 Strike NOK 220.50* Issued 2023 Strike NOK 190.75* Shares No. of share options No. of share options No. of share options No. of share options No. of share options No. of shares** 2023 2022 2023 2022 2023 2022 2023 2022 2023 2023 2022 CEO - 60,000 60,000 60,000 40,000 40,000 30,000 30,000 40,000 164,810 164,312 Other members of the Group Executive Management 16,550 105,000 144,900 150,000 77,000 77,000 60,000 60,000 77,000 310,252 306,266 Total 16,550 165,000 204,900 210,000 117,000 117,000 90,000 90,000 117,000 475,062 470,578 * The strike price has been adjusted for dividends. ** Total share ownership including related parties. Discounted shares for employees The Group has a programme that gives employees, including the members of the Group Executive Management, the opportunity to buy a limited number of shares at a discount in relation to the market price. In 2023, Borregaard sold a total of 169,213 shares to employees. The share price was NOK 132.46 per share including a 25% discount. Costs in 2023, including administration costs, related to the programme in 2023 amounted to approximately NOK 8 million. Special agreements with the President and CEO and other members of the Group Executive Management If the President and CEO, Per A. S\u00f8rlie, by mutual agreement and in the best interest of the company, terminates the employment contract, the employee will receive pay for up to 6 months after the period of notice. 75% of any income from another permanent post during the 6-month period will be deducted. The President and CEO is included in the company\u2019s ordinary pension schemes up to the retirement age of 68 years. In addition, the employee has a pension agreement which consists of 60% of annual pay in addition to full pension contribution in the 2-year period from 65 to 67 years with no deduction for income from other permanent post. The other members of the Group Executive Management have a six-months period of notice and no severance pay agreement. There are no loans to the members of the Group Executive Management. There are no other special agreements with the Group Executive Management team. Remuneration of the Board of Directors In the General Meeting in April 2023 it was determined that The Board of Directors is remunerated at annual rates for the period up to the next General Meeting in 2024: Board of Directors Board chair NOK 646,700 per year Board member, shareholder-elected NOK 365,100 per year Board member, employee-elected NOK 314,000 per year Observer, employee-elected NOK 105,000 per year Deputy for observer NOK 8,100 per meeting Audit and Sustainability Committee Committee chair NOK 104,300 per year Member NOK 68,900 per year Compensation Committee Committee chair NOK 61,600 per year Member NOK 48,000 per year According to a resolution at the General Meeting in 2018, shareholder-elected Board members are required to use 20% of their annual remuneration to acquire shares in the Company, until the share value reaches an amount equivalent to one year\u2019s remuneration. For actual allowance to board members, see the \"Remuneration report 2023\" on Borregaard's website. Remuneration of the Nomination Committee The chair of the Nomination Committee receives NOK 68,900 per year and an additional NOK 11,000 per meeting exceeding 4 meetings. Other members receive NOK 48,500 per year and an additional NOK 9,000 per meeting exceeding 4 meetings.
For shares held by the Board of Directors, see Note 4 in the Financial Statement of Borregaard ASA.
NOTE 10 PENSIONS
Borregaard has a policy to use de\ufb01ned contribution pension plans. However, there are some de\ufb01ned bene\ufb01t pension plans, primarily in the USA and Norway. De\ufb01ned contribution plans In the de\ufb01ned contribution pension plans, the company is responsible for making an agreed contribution to the employee\u2019s pension assets. The future pension will be determined by the amount of the contributions and the return on the pension savings. Once the contributions have been paid, there are no further payment obligations attached to the de\ufb01ned contribution pension. As a result, there is no liability recorded in the statement of \ufb01nancial position. The pension costs related to de\ufb01ned contribution plans will be equal to the contributions to employees\u2019 pension savings in each reporting period. Contribution plans also comprise pension plans that are common to several companies and where the pension premium is determined independently of the demographic pro\ufb01le in the individual companies (multi-employer plans). The company is obligated to follow the Act on Mandatory company pensions in Norway and the company meets the requirements. De\ufb01ned bene\ufb01t plans De\ufb01ned bene\ufb01t plans are measured at the present value of accrued future pension bene\ufb01ts at the end of the reporting period. Pension plan assets are measured at their fair value. Changes in accounting estimates for de\ufb01ned bene\ufb01t plans are recognised in other comprehensive income and the net interest costs for the period is calculated by using the discount rate for the liability at the beginning of the period on the net liability. As such, the net interest cost consists of interest on the liability and the return on the plan assets, whereas both have been calculated by using the discount rate. Changes in net pension liabilities as a result of payments of premiums and pension payments have been taken into consideration. The difference between the actual return and the accounted return is recognised continuously through other comprehensive income. The current service cost and net interest income/ costs are recognised immediately. The \ufb01nancial part of the pension cost is recognised as part of \ufb01nancial items, the other part is recognised in the salary and personnel cost in the income statement. Changes in value, both in assets and liabilities, are recognised through other comprehensive income. Gains or losses on the curtailment or settlement of a de\ufb01ned bene\ufb01t plan are recognised through pro\ufb01t and loss when the curtailment or settlement occurs. A curtailment occurs when the Group decides to make a material reduction in the number of employees covered by a plan or amends the terms of a de\ufb01ned bene\ufb01t plan such that a considerable part of the current employees\u2019 future earnings will no longer qualify for bene\ufb01ts or will qualify only for reduced bene\ufb01ts. The introduction of a new de\ufb01ned bene\ufb01t plan or an improvement to the current de\ufb01ned bene\ufb01t plan will lead to changes in the pension liabilities. These will be charged to expenses in a straight line during the period until the effect of the change has been accrued. The introduction of new plans or changes to existing plans which take place with retroactive effect so that the employees immediately accrue a paid-up policy (or a change in a paid-up policy) are recognised in the statement of comprehensive income immediately. Gains or losses linked to curtailments or terminations of pension plans are recognised through pro\ufb01t and loss when they arise. Borregaard has pension plans that are classi\ufb01ed as funded bene\ufb01t plans and unfunded bene\ufb01t plans. Expected contributions for the next year, 2024, to the de\ufb01ned bene\ufb01t plan obligation is NOK 3 million. The largest part of the bene\ufb01t plans are in the USA and Norway.
USA The pension plans in the USA contain three different plans; two de\ufb01ned bene\ufb01t plans for salaried and hourly employees and one supplemental post-retirement plan. In 2016, the de\ufb01ned bene\ufb01t plans were closed for new employees and replaced with a contribution plan. Norway The net pension liabilities consist of unfunded pension plans and disability pension scheme for key personnel and liabilities related to contribution-based plans for employees who earn more than twelve times the Norwegian National Insurance Scheme\u2019s basic amount (12G). The
pension plan for employees in Norway who earn more than 12G is a contribution-based plan. The sum of the accrued contributions and the return on the plan assets are presented as a pension liability in the company\u2019s statement of \ufb01nancial position. The pension plan is therefore presented as a de\ufb01ned bene\ufb01t plan. The early retirement scheme, AFP, is recognised as a multiemployer de\ufb01ned contribution plan. This may change if there are suf\ufb01cient reliable, consistent data to be able to recognise it as a de\ufb01ned bene\ufb01t plan. In 2023, the premium for the early retirement scheme is 2.6% of total payments of wages between 1 and 7.1 times the average basic amount (G). All employees in Norway younger than 62 years are included, 884 employees in 2023, and the cost in 2023 was NOK 14 million. Pension plan assets The pension plans with pension plan assets are located in the USA. Pension plan assets are mainly invested in bonds and shares. The estimated return will vary depending on the composition of the various classes of assets. The breakdown of pension plan assets is presented below.
Assumptions de\ufb01ned bene\ufb01t plans Borregaard uses the covered bonds interest rate on the Norwegian bene\ufb01t plans. The discount rate is \ufb01xed at the rate on high quality corporate bonds with the same lifetime as the pension liabilities (AA-rated corporate bonds). As a rule, parameters such as wage growth, growth in G (future social security wage base) and in\ufb02ation are set in accordance with recommendations on the various countries. The mortality estimate is based on up-to-date mortality tables for the various countries. Norway: K2013, USA: Pri-2012 collar base tables from 2012 projected forward using MP-2021. ASSUMPTIONS DEFINED BENEFIT PLANS NORWAY USA 2023 2022 2023 2022 Discount rate 3.9 % 3.6 % 5.1 % 5.4 % Rate of return on assets NA NA 5,1 % 5.4 % Future salary adjustment 3.25 % 3.25 % 4,0 % 4.0 % G-multiplier*/Future social security wage base 3.25 % 3.25 % 3.5 % 3.5 % Turnover 1.5 % 2.0 % 2.5 % 2.5 % Expected average remaining vesting period 10.7 10.5 - - * 1G is NOK 118.620 as of 31 December 2023
BREAKDOWN OF NET PENSION COSTS Amounts in NOK million 2023 2022 Contribution plans -70 -66 Current service cost -9 -12 Net pension costs (incl. national insurance contributions) -79 -78 BREAKDOWN OF PENSION LIABILITIES AND PENSION PLAN ASSETS AS OF 31 DECEMBER, IN PAST FIVE YEARS Amounts in NOK million 2023 2022 2021 2020 2019 Present value of funded pension obligations -319 -333 -457 -487 -435 Pension plan assets (fair value) 450 409 523 478 435 Net funded pension assets/-liabilities 131 76 66 -9 - Present value of unfunded pension liabilities -92 -90 -95 -81 -79 Capitalised net pension assets/-liabilities 39 -14 -29 -90 -79 CHANGES IN THE PRESENT VALUE OF PENSION OBLIGATIONS DURING THE YEAR Amounts in NOK million 2023 2022 Pension obligations 1 January -423 -552 Current service cost (incl. national insurance contributions) -9 -12 Interest on pension obligations -28 -9 Actuarial gains and losses 29 96 Bene\ufb01ts paid during the year 31 111 Currency translations -11 -57 Pension obligations 31 December -411 -423
CHANGES IN PENSION PLAN ASSETS DURING THE YEAR Amounts in NOK million 2023 2022 Pension plan assets (fair value) 1 January 409 523 Expected return on pension plan assets 23 16 Contributions and bene\ufb01ts paid during the year -28 -98 Actuarial gains and losses 34 -94 Currency translations 12 62 Pension plan assets (fair value) 31 December 450 409 BREAKDOWN OF PENSION PLAN ASSETS (FAIR VALUE) As of 31 December 2023 2022 Cash and cash equivalents and money market investments 1 % 2 % Bonds 32 % 32 % Shares 67 % 66 % Total pension plan assets 100 % 100 % Sensitivity The above pension cost and pension liabilities related to de\ufb01ned bene\ufb01t schemes, are based on the assumptions outlined above. The actuarial calculations are sensitive to any changes in the assumptions. A 1% increase in wage adjustment would imply a 0.3% increase in pension liability and a 4% increase in pension cost (de\ufb01ned bene\ufb01t schemes). A 1% increase in discount rate would imply an 11% decrease in pension liability and 1% decrease in pension cost while a 1% reduction in discount rate would imply a 13% increase in pension liability and a 1% increase in pension cost.
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REMUNERATION OF THE EXECUTIVE MANAGEMENT CEO Other members of the Group Executive Managment Total Amounts in NOK thousand 2023 2022 2023 2022 2023 2022 Base salary 4,115 3,949 17,273 16,545 21,388 20,494 Bonus 1,820 1,955 7,039 7,400 8,859 9,355 Pension cost 1,357 832 2,474 2,411 3,831 3,243 Bene\ufb01ts in kind 271 266 1,740 1,702 2,011 1,968 Total * 7,563 7,002 28,526 28,058 36,089 35,060 Remuneration is actual paid remuneration in the respective years and includes vacation pay on salary earned the previous year. Bonuses however are accrued bonuses in the respective years to be paid out the following year. * There are 9 persons in the Group Executive Management including the CEO. Remuneration guidelines and report \u2013 2023 Borregaard\u2019s remuneration guidelines for employees in managerial positions cover base salary, pension, annual bonus and long-term incentives (LTI). The remuneration guidelines and a more detailed description of executive management remuneration are found in the separate report \"Remuneration report 2023\" found at Sustainability documentation - Borregaard.
Borregaard has used the Black-Scholes model when estimating the value of the options. The volatility is calculated on the basis of the average volatility the past years for Borregaard and Borregaard peers. See Note 37 for share options issued in 2024. Assumptions 2023 2022 Expected dividend-yield (%) - - Expected volatility (%) 28.2 28.0 Historical volatility (%) 28.0 28.0 Risk-free return (%) 3.5 2.1 Expected life of option (years) 5.0 5.0 Weighted average share price (NOK) 177.04 202.00 SHARE OPTIONS AND SHARES HELD BY GROUP EXECUTIVE MANAGEMENT AND RELATED PARTIES AS OF 31 DECEMBER Issued 2019 Strike NOK 67.05* Issued 2020 Strike NOK 91.35* Issued 2021 Strike NOK 172.45* Issued 2022 Strike NOK 220.50* Issued 2023 Strike NOK 190.75* Shares No. of share options No. of share options No. of share options No. of share options No. of share options No. of shares** 2023 2022 2023 2022 2023 2022 2023 2022 2023 2023 2022 CEO - 60,000 60,000 60,000 40,000 40,000 30,000 30,000 40,000 164,810 164,312 Other members of the Group Executive Management 16,550 105,000 144,900 150,000 77,000 77,000 60,000 60,000 77,000 310,252 306,266 Total 16,550 165,000 204,900 210,000 117,000 117,000 90,000 90,000 117,000 475,062 470,578 * The strike price has been adjusted for dividends. ** Total share ownership including related parties. Discounted shares for employees The Group has a programme that gives employees, including the members of the Group Executive Management, the opportunity to buy a limited number of shares at a discount in relation to the market price. In 2023, Borregaard sold a total of 169,213 shares to employees. The share price was NOK 132.46 per share including a 25% discount. Costs in 2023, including administration costs, related to the programme in 2023 amounted to approximately NOK 8 million. Special agreements with the President and CEO and other members of the Group Executive Management If the President and CEO, Per A. S\u00f8rlie, by mutual agreement and in the best interest of the company, terminates the employment contract, the employee will receive pay for up to 6 months after the period of notice. 75% of any income from another permanent post during the 6-month period will be deducted. The President and CEO is included in the company\u2019s ordinary pension schemes up to the retirement age of 68 years. In addition, the employee has a pension agreement which consists of 60% of annual pay in addition to full pension contribution in the 2-year period from 65 to 67 years with no deduction for income from other permanent post. The other members of the Group Executive Management have a six-months period of notice and no severance pay agreement. There are no loans to the members of the Group Executive Management. There are no other special agreements with the Group Executive Management team. Remuneration of the Board of Directors In the General Meeting in April 2023 it was determined that The Board of Directors is remunerated at annual rates for the period up to the next General Meeting in 2024: Board of Directors Board chair NOK 646,700 per year Board member, shareholder-elected NOK 365,100 per year Board member, employee-elected NOK 314,000 per year Observer, employee-elected NOK 105,000 per year Deputy for observer NOK 8,100 per meeting Audit and Sustainability Committee Committee chair NOK 104,300 per year Member NOK 68,900 per year Compensation Committee Committee chair NOK 61,600 per year Member NOK 48,000 per year According to a resolution at the General Meeting in 2018, shareholder-elected Board members are required to use 20% of their annual remuneration to acquire shares in the Company, until the share value reaches an amount equivalent to one year\u2019s remuneration. For actual allowance to board members, see the \"Remuneration report 2023\" on Borregaard's website. Remuneration of the Nomination Committee The chair of the Nomination Committee receives NOK 68,900 per year and an additional NOK 11,000 per meeting exceeding 4 meetings. Other members receive NOK 48,500 per year and an additional NOK 9,000 per meeting exceeding 4 meetings.
For shares held by the Board of Directors, see Note 4 in the Financial Statement of Borregaard ASA.
NOTE 33 RELATED PARTIES Activity within the Group is reported in the segment information disclosed in Note 7. Borregaard has one joint venture, Umkomaas Lignin (proprietary) Limited trading as LignoTech South Africa (50%). This company is jointly owned with Sappi Southern Africa Ltd. The equity method is used for consolidation according to IFRS 11 for joint arrangements (see also Note 6). In 2020, the operation at LignoTech South Africa was mothballed and later the decision to permanently close the operation was taken. There have been no internal transactions in 2023 and \ufb01nal liquidation will be set in 2024. Internal trading within the Group is carried out in accordance with special agreements on an arm\u2019s length basis, and joint expenses in Borregaard are distributed among the Group companies in accordance with distribution formulas, depending on the various types of expense. For further information on intercompany transactions, see Note 7 \u201cSegments\u201d. The members of the Group Executive Management of Borregaard hold a total of 545,450 stock options in the Company. Further information regarding the Group Executive Management is disclosed in Note 9. Other transactions with related parties are part of ordinary business operations.
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REMUNERATION OF THE EXECUTIVE MANAGEMENT CEO Other members of the Group Executive Managment Total Amounts in NOK thousand 2023 2022 2023 2022 2023 2022 Base salary 4,115 3,949 17,273 16,545 21,388 20,494 Bonus 1,820 1,955 7,039 7,400 8,859 9,355 Pension cost 1,357 832 2,474 2,411 3,831 3,243 Bene\ufb01ts in kind 271 266 1,740 1,702 2,011 1,968 Total * 7,563 7,002 28,526 28,058 36,089 35,060 Remuneration is actual paid remuneration in the respective years and includes vacation pay on salary earned the previous year. Bonuses however are accrued bonuses in the respective years to be paid out the following year. * There are 9 persons in the Group Executive Management including the CEO. Remuneration guidelines and report \u2013 2023 Borregaard\u2019s remuneration guidelines for employees in managerial positions cover base salary, pension, annual bonus and long-term incentives (LTI). The remuneration guidelines and a more detailed description of executive management remuneration are found in the separate report \"Remuneration report 2023\" found at Sustainability documentation - Borregaard.
Borregaard has used the Black-Scholes model when estimating the value of the options. The volatility is calculated on the basis of the average volatility the past years for Borregaard and Borregaard peers. See Note 37 for share options issued in 2024. Assumptions 2023 2022 Expected dividend-yield (%) - - Expected volatility (%) 28.2 28.0 Historical volatility (%) 28.0 28.0 Risk-free return (%) 3.5 2.1 Expected life of option (years) 5.0 5.0 Weighted average share price (NOK) 177.04 202.00 SHARE OPTIONS AND SHARES HELD BY GROUP EXECUTIVE MANAGEMENT AND RELATED PARTIES AS OF 31 DECEMBER Issued 2019 Strike NOK 67.05* Issued 2020 Strike NOK 91.35* Issued 2021 Strike NOK 172.45* Issued 2022 Strike NOK 220.50* Issued 2023 Strike NOK 190.75* Shares No. of share options No. of share options No. of share options No. of share options No. of share options No. of shares** 2023 2022 2023 2022 2023 2022 2023 2022 2023 2023 2022 CEO - 60,000 60,000 60,000 40,000 40,000 30,000 30,000 40,000 164,810 164,312 Other members of the Group Executive Management 16,550 105,000 144,900 150,000 77,000 77,000 60,000 60,000 77,000 310,252 306,266 Total 16,550 165,000 204,900 210,000 117,000 117,000 90,000 90,000 117,000 475,062 470,578 * The strike price has been adjusted for dividends. ** Total share ownership including related parties. Discounted shares for employees The Group has a programme that gives employees, including the members of the Group Executive Management, the opportunity to buy a limited number of shares at a discount in relation to the market price. In 2023, Borregaard sold a total of 169,213 shares to employees. The share price was NOK 132.46 per share including a 25% discount. Costs in 2023, including administration costs, related to the programme in 2023 amounted to approximately NOK 8 million. Special agreements with the President and CEO and other members of the Group Executive Management If the President and CEO, Per A. S\u00f8rlie, by mutual agreement and in the best interest of the company, terminates the employment contract, the employee will receive pay for up to 6 months after the period of notice. 75% of any income from another permanent post during the 6-month period will be deducted. The President and CEO is included in the company\u2019s ordinary pension schemes up to the retirement age of 68 years. In addition, the employee has a pension agreement which consists of 60% of annual pay in addition to full pension contribution in the 2-year period from 65 to 67 years with no deduction for income from other permanent post. The other members of the Group Executive Management have a six-months period of notice and no severance pay agreement. There are no loans to the members of the Group Executive Management. There are no other special agreements with the Group Executive Management team. Remuneration of the Board of Directors In the General Meeting in April 2023 it was determined that The Board of Directors is remunerated at annual rates for the period up to the next General Meeting in 2024: Board of Directors Board chair NOK 646,700 per year Board member, shareholder-elected NOK 365,100 per year Board member, employee-elected NOK 314,000 per year Observer, employee-elected NOK 105,000 per year Deputy for observer NOK 8,100 per meeting Audit and Sustainability Committee Committee chair NOK 104,300 per year Member NOK 68,900 per year Compensation Committee Committee chair NOK 61,600 per year Member NOK 48,000 per year According to a resolution at the General Meeting in 2018, shareholder-elected Board members are required to use 20% of their annual remuneration to acquire shares in the Company, until the share value reaches an amount equivalent to one year\u2019s remuneration. For actual allowance to board members, see the \"Remuneration report 2023\" on Borregaard's website. Remuneration of the Nomination Committee The chair of the Nomination Committee receives NOK 68,900 per year and an additional NOK 11,000 per meeting exceeding 4 meetings. Other members receive NOK 48,500 per year and an additional NOK 9,000 per meeting exceeding 4 meetings.
For shares held by the Board of Directors, see Note 4 in the Financial Statement of Borregaard ASA.
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ISSUED AND OUTSTANDING SHARE OPTIONS AS OF 31 DECEMBER 2023: Year issued Number of share options issued Exercised/ forfeited share options Number of outstanding share options Strike price* Expire date Number of employees** 2019 400,000 353,450 46,550 67.05 6 Feb 2024 27 2020 400,000 53,100 346,900 91.35 13 Feb 2025 28 2021 249,000 - 249,000 172.45 16 Feb 2026 31 2022 200,000 - 200,000 220.50 17 Feb 2027 31 2023 250,000 - 250,000 190.75 1 Mar 2028 35 1,499,000 406,550 1,092,450 * The strike price has been adjusted for dividends. Strike prices were set at 10% above the share price at the issue date. ** Including Group Executive Management. The common practice is equity settlement for the share-based option programmes. Share-based related costs for 2023 for the Group Executive Management was NOK 6 million in total for all programs. 20,500 share options issued in 2018, 280,450 share options issued in 2019 and 53,100 share options issued in 2020 have been exercised in 2023. Changes in outstanding share options for Borregaard\u2019s employees are shown in the table below: 2023 2022 Number of share options No. WAEP* No. WAEP* Outstanding at the beginning of the year 1,196,500 125.93 1,236,274 103.66 Exercised during the year -354,050 - -239,774 - Granted during the year 250,000 190.75 200,000 223.75 Forfeited during the year - - - - Outstanding at year-end ** 1,092,450 155.19 1,196,500 125.93 Exercisable options at year-end** 393,450 - 347,500 - * Weighted average exercise price adjusted for dividend. Amounts in NOK. ** Expiry dates are 6 February 2024 for 46,550 options, 13 February 2025 for 346,900 options, 16 February 2026, for 249,000 options, 17 February 2027 for 200,000 options and 1 March 2028 for 250,000 options.
Borregaard has used the Black-Scholes model when estimating the value of the options. The volatility is calculated on the basis of the average volatility the past years for Borregaard and Borregaard peers. See Note 37 for share options issued in 2024. Assumptions 2023 2022 Expected dividend-yield (%) - - Expected volatility (%) 28.2 28.0 Historical volatility (%) 28.0 28.0 Risk-free return (%) 3.5 2.1 Expected life of option (years) 5.0 5.0 Weighted average share price (NOK) 177.04 202.00 SHARE OPTIONS AND SHARES HELD BY GROUP EXECUTIVE MANAGEMENT AND RELATED PARTIES AS OF 31 DECEMBER Issued 2019 Strike NOK 67.05* Issued 2020 Strike NOK 91.35* Issued 2021 Strike NOK 172.45* Issued 2022 Strike NOK 220.50* Issued 2023 Strike NOK 190.75* Shares No. of share options No. of share options No. of share options No. of share options No. of share options No. of shares** 2023 2022 2023 2022 2023 2022 2023 2022 2023 2023 2022 CEO - 60,000 60,000 60,000 40,000 40,000 30,000 30,000 40,000 164,810 164,312 Other members of the Group Executive Management 16,550 105,000 144,900 150,000 77,000 77,000 60,000 60,000 77,000 310,252 306,266 Total 16,550 165,000 204,900 210,000 117,000 117,000 90,000 90,000 117,000 475,062 470,578 * The strike price has been adjusted for dividends. ** Total share ownership including related parties. Discounted shares for employees The Group has a programme that gives employees, including the members of the Group Executive Management, the opportunity to buy a limited number of shares at a discount in relation to the market price. In 2023, Borregaard sold a total of 169,213 shares to employees. The share price was NOK 132.46 per share including a 25% discount. Costs in 2023, including administration costs, related to the programme in 2023 amounted to approximately NOK 8 million. Special agreements with the President and CEO and other members of the Group Executive Management If the President and CEO, Per A. S\u00f8rlie, by mutual agreement and in the best interest of the company, terminates the employment contract, the employee will receive pay for up to 6 months after the period of notice. 75% of any income from another permanent post during the 6-month period will be deducted. The President and CEO is included in the company\u2019s ordinary pension schemes up to the retirement age of 68 years. In addition, the employee has a pension agreement which consists of 60% of annual pay in addition to full pension contribution in the 2-year period from 65 to 67 years with no deduction for income from other permanent post. The other members of the Group Executive Management have a six-months period of notice and no severance pay agreement. There are no loans to the members of the Group Executive Management. There are no other special agreements with the Group Executive Management team. Remuneration of the Board of Directors In the General Meeting in April 2023 it was determined that The Board of Directors is remunerated at annual rates for the period up to the next General Meeting in 2024: Board of Directors Board chair NOK 646,700 per year Board member, shareholder-elected NOK 365,100 per year Board member, employee-elected NOK 314,000 per year Observer, employee-elected NOK 105,000 per year Deputy for observer NOK 8,100 per meeting Audit and Sustainability Committee Committee chair NOK 104,300 per year Member NOK 68,900 per year Compensation Committee Committee chair NOK 61,600 per year Member NOK 48,000 per year According to a resolution at the General Meeting in 2018, shareholder-elected Board members are required to use 20% of their annual remuneration to acquire shares in the Company, until the share value reaches an amount equivalent to one year\u2019s remuneration. For actual allowance to board members, see the \"Remuneration report 2023\" on Borregaard's website. Remuneration of the Nomination Committee The chair of the Nomination Committee receives NOK 68,900 per year and an additional NOK 11,000 per meeting exceeding 4 meetings. Other members receive NOK 48,500 per year and an additional NOK 9,000 per meeting exceeding 4 meetings.
For shares held by the Board of Directors, see Note 4 in the Financial Statement of Borregaard ASA.
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Borregaard has a policy to use de\ufb01ned contribution pension plans. However, there are some de\ufb01ned bene\ufb01t pension plans, primarily in the USA and Norway. De\ufb01ned contribution plans In the de\ufb01ned contribution pension plans, the company is responsible for making an agreed contribution to the employee\u2019s pension assets. The future pension will be determined by the amount of the contributions and the return on the pension savings. Once the contributions have been paid, there are no further payment obligations attached to the de\ufb01ned contribution pension. As a result, there is no liability recorded in the statement of \ufb01nancial position. The pension costs related to de\ufb01ned contribution plans will be equal to the contributions to employees\u2019 pension savings in each reporting period. Contribution plans also comprise pension plans that are common to several companies and where the pension premium is determined independently of the demographic pro\ufb01le in the individual companies (multi-employer plans). The company is obligated to follow the Act on Mandatory company pensions in Norway and the company meets the requirements. De\ufb01ned bene\ufb01t plans De\ufb01ned bene\ufb01t plans are measured at the present value of accrued future pension bene\ufb01ts at the end of the reporting period. Pension plan assets are measured at their fair value. Changes in accounting estimates for de\ufb01ned bene\ufb01t plans are recognised in other comprehensive income and the net interest costs for the period is calculated by using the discount rate for the liability at the beginning of the period on the net liability. As such, the net interest cost consists of interest on the liability and the return on the plan assets, whereas both have been calculated by using the discount rate. Changes in net pension liabilities as a result of payments of premiums and pension payments have been taken into consideration. The difference between the actual return and the accounted return is recognised continuously through other comprehensive income. The current service cost and net interest income/ costs are recognised immediately. The \ufb01nancial part of the pension cost is recognised as part of \ufb01nancial items, the other part is recognised in the salary and personnel cost in the income statement. Changes in value, both in assets and liabilities, are recognised through other comprehensive income. Gains or losses on the curtailment or settlement of a de\ufb01ned bene\ufb01t plan are recognised through pro\ufb01t and loss when the curtailment or settlement occurs. A curtailment occurs when the Group decides to make a material reduction in the number of employees covered by a plan or amends the terms of a de\ufb01ned bene\ufb01t plan such that a considerable part of the current employees\u2019 future earnings will no longer qualify for bene\ufb01ts or will qualify only for reduced bene\ufb01ts. The introduction of a new de\ufb01ned bene\ufb01t plan or an improvement to the current de\ufb01ned bene\ufb01t plan will lead to changes in the pension liabilities. These will be charged to expenses in a straight line during the period until the effect of the change has been accrued. The introduction of new plans or changes to existing plans which take place with retroactive effect so that the employees immediately accrue a paid-up policy (or a change in a paid-up policy) are recognised in the statement of comprehensive income immediately. Gains or losses linked to curtailments or terminations of pension plans are recognised through pro\ufb01t and loss when they arise. Borregaard has pension plans that are classi\ufb01ed as funded bene\ufb01t plans and unfunded bene\ufb01t plans. Expected contributions for the next year, 2024, to the de\ufb01ned bene\ufb01t plan obligation is NOK 3 million. The largest part of the bene\ufb01t plans are in the USA and Norway.
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NOTE 11 OTHER OPERATING EXPENSES The Borregaard Group has chosen to present its income statement based on the nature of the item of income or expense. Operating expenses have been broken down into the following main items: Cost of materials, payroll expenses, depreciation, amortisation and other operating expenses. Thus, other operating expenses comprises all operating expenses that are not related to cost of materials, employee payrolls and capital costs in the form of depreciation. The most important items have been grouped into the following main items. Amounts in NOK million 2023 2022 External distribution costs -628 -651 Maintenance, repair and equipment costs -356 -313 Consultants, legal advisors, temporary staff, etc. -176 -150 Rental/leasing (Note 12) -55 -34 Other -287 -292 Total other operating expenses -1,502 -1,440
NOTE 13 OTHER INCOME AND EXPENSES 1 Other income and expenses 1 largely consist of material positive and negative non-recurring items, restructuring costs and any substantial write-downs of both tangible and intangible assets. The main purpose of this line is to present material non-recurring items and items substantially relating to other periods separately to ensure that the changes in and comparability of the lines presented in EBITDA 1 , depreciation and amortisation are more relevant to the company. Amounts in NOK million 2023 2022 Sale of assets in the closed lignin operation in South Africa. Realised value higher than provision made in 2020 - 12 Accrual related to ground conditions at the site in Norway - -20 Total other income and expenses 1 - -8
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NOTE 11 OTHER OPERATING EXPENSES The Borregaard Group has chosen to present its income statement based on the nature of the item of income or expense. Operating expenses have been broken down into the following main items: Cost of materials, payroll expenses, depreciation, amortisation and other operating expenses. Thus, other operating expenses comprises all operating expenses that are not related to cost of materials, employee payrolls and capital costs in the form of depreciation. The most important items have been grouped into the following main items. Amounts in NOK million 2023 2022 External distribution costs -628 -651 Maintenance, repair and equipment costs -356 -313 Consultants, legal advisors, temporary staff, etc. -176 -150 Rental/leasing (Note 12) -55 -34 Other -287 -292 Total other operating expenses -1,502 -1,440
NOTE 13 OTHER INCOME AND EXPENSES 1 Other income and expenses 1 largely consist of material positive and negative non-recurring items, restructuring costs and any substantial write-downs of both tangible and intangible assets. The main purpose of this line is to present material non-recurring items and items substantially relating to other periods separately to ensure that the changes in and comparability of the lines presented in EBITDA 1 , depreciation and amortisation are more relevant to the company. Amounts in NOK million 2023 2022 Sale of assets in the closed lignin operation in South Africa. Realised value higher than provision made in 2020 - 12 Accrual related to ground conditions at the site in Norway - -20 Total other income and expenses 1 - -8
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NOTE 12 LEASES
IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model. The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost re\ufb02ects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include \ufb01xed payments (including in substance \ufb01xed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual
value guarantees, if any. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to re\ufb02ect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modi\ufb01cation, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Discount rates used: Machinery, vehicles and equipment: Incremental borrowing rate. Buildings: Implicit interest rate if available The incremental borrowing rate is based on interbank interest rate (NIBOR, EURIBOR or LIBOR) plus margin plus country risk mark-up. The Group\u2019s lease of buildings have lease terms that vary from 1 to 25 years and several agreements involve a right of renewal which may be exercised during the last period of the lease terms. The Group assesses at the commencement whether it is reasonably certain to exercise the renewal right. Group\u2019s lease liabilities are included in interest-bearing liabilities. See Note 27. The standard includes two recognition exemptions for lessees \u2013 leases of \u2019low-value\u2019 assets (e.g. personal computers) and short-term leases (i.e. leases with a lease term of 12 months or less) that Borregaard has adopted. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.
Right-of-use assets The Group leases several assets such as of\ufb01ces and other facilities, machinery and equipment and vehicles. The Group\u2019s right-of-use assets are categorised and presented in the following table: RIGHT-OF-USE ASSETS Amounts in NOK million Land, buildings and other property Machinery and plants Fixtures, \ufb01ttings, vehicles etc. Other assets Total Balance at 1 January 2022 282 - 58 11 351 Depreciations -27 - -32 -5 -64 Additions 14 - 29 2 45 Adjustments to existing contracts and terminations 10 - -1 1 10 Effects of movements in exchange rates 2 - 1 0 3 Balance at 31 December 2022 281 - 55 9 345 Depreciations -43 - -26 -15 -84 Additions 147 - 26 77 250 Adjustments to existing contracts and terminations 18 1 - 2 21 Effects of movements in exchange rates -2 - 1 -4 -5 Balance at 31 December 2023 401 1 56 69 527 LEASE LIABILITIES Amounts in NOK million 2023 2022 Balance at 01 January 371 371 Additions 250 45 Adjustments to existing contracts and terminations 21 10 Accretion of interests 29 21 Payments -102 -81 Currency translations -6 5 Balance at 31 December 563 371
LEASE LIABILITIES CONT. Amounts in NOK million 2023 2022 Maturity analysis - contractual undiscounted cash \ufb02ows Less than one year 127 64 One to two years 116 51 Two to three years 94 42 Three to four years 62 36 Four to \ufb01ve years 39 31 More than \ufb01ve years 319 324 Total undiscounted lease liabilities at 31 December 757 548 Lease liabilities included in the statement of \ufb01nancial position at 31 December 563 371 Current 95 44 Non-current 468 327 AMOUNTS RECOGNISED IN PROFIT OR LOSS Amounts in NOK million 2023 2022 Interest on lease liabilities -29 -21 Depreciation of right-of-use assets -84 -64 Gains (+) and losses (-) due to terminations, purchases, impairments, and other changes - - Variable lease payments not included in the measurement of lease liabilities -6 -1 Expenses relating to short-term leases -48 -31 Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets -1 -2 Total amount recognised in pro\ufb01t or loss -168 -119 AMOUNTS RECOGNISED IN THE STATEMENT OF CASH FLOW Figures in NOK 2023 2022 Total cash out\ufb02ow for leases 157 115 The Group is committed to ful\ufb01l future cash out\ufb02ows relating to leases amounting to NOK 39 million which is not recorded in the \ufb01nancial position as of 31 December 2023. Extension options Borregaard has lease contracts that include extension options. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. Set out below are the discounted liability effects related to extension options: Amounts in NOK million 2023 Options to extend not yet recognised, discounted liability effect 101 Recognised options to extend, discounted liability effect 48
NOTE 17 INTANGIBLE ASSETS
Capitalised expenditure on internally generated or specially adapted computer programmes is presented as intangible assets. The reinvestment need of specially adapted computer programmes is similar to that of other tangible assets, and the amortisation of intangible assets are presented together with Borregaard\u2019s other depreciation. Research and development (R&D) expenditure is the expenses incurred by Borregaard in conducting research and development, including studies of existing or new products and production processes in order to secure future earnings. Expenditure on research is always expensed as incurred, while expenditure on development is recognised in the statement of \ufb01nancial position if the underlying economic factors are identi\ufb01able and represent probable future economic bene\ufb01ts of which Borregaard has control. Borregaard has a large number of projects in process at all times, but the number of projects that end in capitalisation is limited. This is due to the considerable uncertainty throughout the decision-making process and the fact that only a small percentage of all projects culminate in commercial products. Furthermore, the portion of the total project expenses that qualify for recognition in the statement of \ufb01nancial position are relatively small, as it is only from the time the decision to develop the product is made it can be capitalised, and that decision-making point comes at a late stage of the process. The fair value of intangible assets acquired by the company through business combinations is capitalised. Intangible assets with inde\ufb01nite life will not be amortised while other intangible assets will be amortised over their useful life.
Goodwill is initially measured at cost, being the excess of the aggregate of the transferred and the amount recognised for non-controlling interest over the net identi\ufb01ed asset acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in income statement. Amortisable intangible assets are amortised on a straight-line basis at the following rates: Development 20% and other intangible assets 10-15%. Development consists mainly of internal resources being involved in development projects.
IT consists mainly of external costs.
Emission rights Government granted and purchased CO 2 emission allowances expected to be used towards Borregaard\u2019s own emissions are recognised as intangible assets at nominal value (cost). In case there are actual CO 2 emissions exceeding the level covered by emission rights, those are recognised as a liability. Sale of government granted CO 2 emission rights are recognised at the time of sale at the transaction price. As of 31 December 2023, Borregaard owns 664,700 CO 2 emission rights (690,066 as of 31 December 2022). However, Borregaard has an obligation to deliver 120,107 emission rights in 2024 for emissions in 2023. As of 31 December 2022 the obligation was 143,042 emission rights.
Amounts in NOK million Development and other intangible assets IT Goodwill Total Book value 1 January 2023 22 26 34 82 Additions 2 14 - 16 Depreciation/Amortisation -9 -8 - -17 Impairment - - - - Currency translations - - 3 3 Book value 31 December 2023 15 32 37 84 Initial cost 31 December 2023 174 189 55 418 Accumulated amortisation and impairment -159 -157 -18 -334 Book value 31 December 2023 15 32 37 84 Book value 1 January 2022 26 31 32 89 Additions 2 2 - 4 Depreciation/Amortisation -8 -7 - -15 Impairment - - - - Currency translations 2 - 2 4 Book value 31 December 2022 22 26 34 82 Initial cost 31 December 2022 172 175 55 402 Accumulated amortisation and impairment -150 -149 -21 -320 Book value 31 December 2022 22 26 34 82 In addition, Borregaard expensed NOK 99 million in research costs in 2023 (NOK 97 million). The amounts include grants and other cost deductions. See Note 34.
NOTE 18 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are tangible assets intended for production, delivery of goods or administrative purposes and have a lasting useful life. They are recognised in the statement of \ufb01nancial position at cost minus any accumulated depreciation and impairment. Annual major maintenance stops are capitalised as part of property, plant and equipment and depreciated over a period of 12 months. All other
maintenance and repairs are expensed under operating expenses as and when the maintenance is carried out, while expenditure on replacements or improvements is added to the cost price
of the assets. Borrowing costs related to the
construction of the Group\u2019s own property, plant and equipment are capitalised as part of the cost of the asset.
Property, plant and equipment are depreciated on a straight-line basis over the useful life, at the following rates: buildings 2-5%, machinery, \ufb01xtures and \ufb01ttings mainly 4-20%, vehicles 15- 25% and IT equipment 15-33%. The period of depreciation is reviewed each year and if there are changes in useful life, depreciation is adjusted. If there is any indication that an asset may be impaired, the asset will be written down to the recoverable amount if the recoverable amount is lower than the carrying value. The residual value is also calculated and if it is higher than the carrying value, depreciation is stopped. This applies in particular to buildings. The Group is committed to ful\ufb01l contracts amounting to NOK 68 million which is not recorded in the statement of \ufb01nancial position as of 31 December 2023 (NOK 42 million as of 31 December 2022).
Amounts in NOK million Land, buildings and other property Machinery and plants Assets under constructions Fixtures, \ufb01ttings, vehicles, EDP, etc. Total Book value 1 January 2023 1,567 2,448 322 34 4,371 Additions 81 182 385 3 651 Disposals - - - - - Transferred assets under construction 50 62 -112 - - Impairment - - - - - Depreciation -99 -279 - -11 -389 Currency translation 6 21 1 28 Book value 31 December 2023 1,605 2,434 596 26 4,661 Initial cost 31 December 2023 2,996 7,738 596 232 11,562 Accumulated depreciation and impairment -1,391 -5,304 - -206 -6,901 Book value 31 December 2023 1,605 2,434 596 26 4,661 Book value 1 January 2022 1,488 2,269 398 36 4,191 Additions 59 142 254 4 459 Disposals - - - -1 -1 Transferred assets under construction 92 233 -331 6 - Impairment - - - - - Depreciation -93 -262 - -12 -367 Currency translation 21 66 1 1 89 Book value 31 December 2022 1,567 2,448 322 34 4,371 Initial cost 31 December 2022 2,846 7,440 322 232 10,840 Accumulated depreciation and impairment -1,279 -4,992 - -198 -6,469 Book value 31 December 2022 1,567 2,448 322 34 4,371
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11955": { "value": "
NOTE 12 LEASES
IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model. The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost re\ufb02ects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include \ufb01xed payments (including in substance \ufb01xed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual
value guarantees, if any. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to re\ufb02ect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modi\ufb01cation, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Discount rates used: Machinery, vehicles and equipment: Incremental borrowing rate. Buildings: Implicit interest rate if available The incremental borrowing rate is based on interbank interest rate (NIBOR, EURIBOR or LIBOR) plus margin plus country risk mark-up. The Group\u2019s lease of buildings have lease terms that vary from 1 to 25 years and several agreements involve a right of renewal which may be exercised during the last period of the lease terms. The Group assesses at the commencement whether it is reasonably certain to exercise the renewal right. Group\u2019s lease liabilities are included in interest-bearing liabilities. See Note 27. The standard includes two recognition exemptions for lessees \u2013 leases of \u2019low-value\u2019 assets (e.g. personal computers) and short-term leases (i.e. leases with a lease term of 12 months or less) that Borregaard has adopted. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.
Right-of-use assets The Group leases several assets such as of\ufb01ces and other facilities, machinery and equipment and vehicles. The Group\u2019s right-of-use assets are categorised and presented in the following table: RIGHT-OF-USE ASSETS Amounts in NOK million Land, buildings and other property Machinery and plants Fixtures, \ufb01ttings, vehicles etc. Other assets Total Balance at 1 January 2022 282 - 58 11 351 Depreciations -27 - -32 -5 -64 Additions 14 - 29 2 45 Adjustments to existing contracts and terminations 10 - -1 1 10 Effects of movements in exchange rates 2 - 1 0 3 Balance at 31 December 2022 281 - 55 9 345 Depreciations -43 - -26 -15 -84 Additions 147 - 26 77 250 Adjustments to existing contracts and terminations 18 1 - 2 21 Effects of movements in exchange rates -2 - 1 -4 -5 Balance at 31 December 2023 401 1 56 69 527 LEASE LIABILITIES Amounts in NOK million 2023 2022 Balance at 01 January 371 371 Additions 250 45 Adjustments to existing contracts and terminations 21 10 Accretion of interests 29 21 Payments -102 -81 Currency translations -6 5 Balance at 31 December 563 371
LEASE LIABILITIES CONT. Amounts in NOK million 2023 2022 Maturity analysis - contractual undiscounted cash \ufb02ows Less than one year 127 64 One to two years 116 51 Two to three years 94 42 Three to four years 62 36 Four to \ufb01ve years 39 31 More than \ufb01ve years 319 324 Total undiscounted lease liabilities at 31 December 757 548 Lease liabilities included in the statement of \ufb01nancial position at 31 December 563 371 Current 95 44 Non-current 468 327 AMOUNTS RECOGNISED IN PROFIT OR LOSS Amounts in NOK million 2023 2022 Interest on lease liabilities -29 -21 Depreciation of right-of-use assets -84 -64 Gains (+) and losses (-) due to terminations, purchases, impairments, and other changes - - Variable lease payments not included in the measurement of lease liabilities -6 -1 Expenses relating to short-term leases -48 -31 Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets -1 -2 Total amount recognised in pro\ufb01t or loss -168 -119 AMOUNTS RECOGNISED IN THE STATEMENT OF CASH FLOW Figures in NOK 2023 2022 Total cash out\ufb02ow for leases 157 115 The Group is committed to ful\ufb01l future cash out\ufb02ows relating to leases amounting to NOK 39 million which is not recorded in the \ufb01nancial position as of 31 December 2023. Extension options Borregaard has lease contracts that include extension options. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. Set out below are the discounted liability effects related to extension options: Amounts in NOK million 2023 Options to extend not yet recognised, discounted liability effect 101 Recognised options to extend, discounted liability effect 48
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11959": { "value": "
IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model. The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost re\ufb02ects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include \ufb01xed payments (including in substance \ufb01xed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual
value guarantees, if any. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to re\ufb02ect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modi\ufb01cation, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Discount rates used: Machinery, vehicles and equipment: Incremental borrowing rate. Buildings: Implicit interest rate if available The incremental borrowing rate is based on interbank interest rate (NIBOR, EURIBOR or LIBOR) plus margin plus country risk mark-up. The Group\u2019s lease of buildings have lease terms that vary from 1 to 25 years and several agreements involve a right of renewal which may be exercised during the last period of the lease terms. The Group assesses at the commencement whether it is reasonably certain to exercise the renewal right. Group\u2019s lease liabilities are included in interest-bearing liabilities. See Note 27. The standard includes two recognition exemptions for lessees \u2013 leases of \u2019low-value\u2019 assets (e.g. personal computers) and short-term leases (i.e. leases with a lease term of 12 months or less) that Borregaard has adopted. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12277": { "value": "
NOTE 13 OTHER INCOME AND EXPENSES 1 Other income and expenses 1 largely consist of material positive and negative non-recurring items, restructuring costs and any substantial write-downs of both tangible and intangible assets. The main purpose of this line is to present material non-recurring items and items substantially relating to other periods separately to ensure that the changes in and comparability of the lines presented in EBITDA 1 , depreciation and amortisation are more relevant to the company. Amounts in NOK million 2023 2022 Sale of assets in the closed lignin operation in South Africa. Realised value higher than provision made in 2020 - 12 Accrual related to ground conditions at the site in Norway - -20 Total other income and expenses 1 - -8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12322": { "value": "
NOTE 14 NET FINANCIAL ITEMS
Interest income and interest costs on loans and receivables are calculated using the effective interest method. Commitment fees and costs related to borrowings are reported as part of interest costs. The \ufb01nancial element of pension costs is included in other \ufb01nance costs and is disclosed in Note 10. Borrowing costs related to assets under construction are recognised in the statement of \ufb01nancial position together with the asset. Foreign currency gains or losses arising from operational assets and liabilities, and the hedging of such, are reported as operating revenues or operating costs. Other foreign currency gains or losses are reported as foreign exchange gain and foreign exchange loss. The foreign currency gains or losses related to net investments in subsidiaries are disclosed in Note 29.
There are no major differences between recognised interest income and in\ufb02ow of interests. There are no major differences between recognised interest expense and out\ufb02ow of interests. FINANCE INCOME AND FINANCE COSTS Amounts in NOK million 2023 2022 Interest income 30 12 Foreign exchange gain 374 326 Other \ufb01nance income 5 7 Total \ufb01nance income 409 345 Interest costs -171 -88 Foreign exchange loss -389 -320 Other \ufb01nance costs -7 -2 Total \ufb01nance costs -567 -410 Share of pro\ufb01t/loss from associate -9 -3 Net \ufb01nancial items -167 -68
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12323": { "value": "
NOTE 14 NET FINANCIAL ITEMS
Interest income and interest costs on loans and receivables are calculated using the effective interest method. Commitment fees and costs related to borrowings are reported as part of interest costs. The \ufb01nancial element of pension costs is included in other \ufb01nance costs and is disclosed in Note 10. Borrowing costs related to assets under construction are recognised in the statement of \ufb01nancial position together with the asset. Foreign currency gains or losses arising from operational assets and liabilities, and the hedging of such, are reported as operating revenues or operating costs. Other foreign currency gains or losses are reported as foreign exchange gain and foreign exchange loss. The foreign currency gains or losses related to net investments in subsidiaries are disclosed in Note 29.
There are no major differences between recognised interest income and in\ufb02ow of interests. There are no major differences between recognised interest expense and out\ufb02ow of interests. FINANCE INCOME AND FINANCE COSTS Amounts in NOK million 2023 2022 Interest income 30 12 Foreign exchange gain 374 326 Other \ufb01nance income 5 7 Total \ufb01nance income 409 345 Interest costs -171 -88 Foreign exchange loss -389 -320 Other \ufb01nance costs -7 -2 Total \ufb01nance costs -567 -410 Share of pro\ufb01t/loss from associate -9 -3 Net \ufb01nancial items -167 -68
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12324": { "value": "
NOTE 14 NET FINANCIAL ITEMS
Interest income and interest costs on loans and receivables are calculated using the effective interest method. Commitment fees and costs related to borrowings are reported as part of interest costs. The \ufb01nancial element of pension costs is included in other \ufb01nance costs and is disclosed in Note 10. Borrowing costs related to assets under construction are recognised in the statement of \ufb01nancial position together with the asset. Foreign currency gains or losses arising from operational assets and liabilities, and the hedging of such, are reported as operating revenues or operating costs. Other foreign currency gains or losses are reported as foreign exchange gain and foreign exchange loss. The foreign currency gains or losses related to net investments in subsidiaries are disclosed in Note 29.
There are no major differences between recognised interest income and in\ufb02ow of interests. There are no major differences between recognised interest expense and out\ufb02ow of interests. FINANCE INCOME AND FINANCE COSTS Amounts in NOK million 2023 2022 Interest income 30 12 Foreign exchange gain 374 326 Other \ufb01nance income 5 7 Total \ufb01nance income 409 345 Interest costs -171 -88 Foreign exchange loss -389 -320 Other \ufb01nance costs -7 -2 Total \ufb01nance costs -567 -410 Share of pro\ufb01t/loss from associate -9 -3 Net \ufb01nancial items -167 -68
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12325": { "value": "
NOTE 14 NET FINANCIAL ITEMS
Interest income and interest costs on loans and receivables are calculated using the effective interest method. Commitment fees and costs related to borrowings are reported as part of interest costs. The \ufb01nancial element of pension costs is included in other \ufb01nance costs and is disclosed in Note 10. Borrowing costs related to assets under construction are recognised in the statement of \ufb01nancial position together with the asset. Foreign currency gains or losses arising from operational assets and liabilities, and the hedging of such, are reported as operating revenues or operating costs. Other foreign currency gains or losses are reported as foreign exchange gain and foreign exchange loss. The foreign currency gains or losses related to net investments in subsidiaries are disclosed in Note 29.
There are no major differences between recognised interest income and in\ufb02ow of interests. There are no major differences between recognised interest expense and out\ufb02ow of interests. FINANCE INCOME AND FINANCE COSTS Amounts in NOK million 2023 2022 Interest income 30 12 Foreign exchange gain 374 326 Other \ufb01nance income 5 7 Total \ufb01nance income 409 345 Interest costs -171 -88 Foreign exchange loss -389 -320 Other \ufb01nance costs -7 -2 Total \ufb01nance costs -567 -410 Share of pro\ufb01t/loss from associate -9 -3 Net \ufb01nancial items -167 -68
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12326": { "value": "
NOTE 14 NET FINANCIAL ITEMS
Interest income and interest costs on loans and receivables are calculated using the effective interest method. Commitment fees and costs related to borrowings are reported as part of interest costs. The \ufb01nancial element of pension costs is included in other \ufb01nance costs and is disclosed in Note 10. Borrowing costs related to assets under construction are recognised in the statement of \ufb01nancial position together with the asset. Foreign currency gains or losses arising from operational assets and liabilities, and the hedging of such, are reported as operating revenues or operating costs. Other foreign currency gains or losses are reported as foreign exchange gain and foreign exchange loss. The foreign currency gains or losses related to net investments in subsidiaries are disclosed in Note 29.
There are no major differences between recognised interest income and in\ufb02ow of interests. There are no major differences between recognised interest expense and out\ufb02ow of interests. FINANCE INCOME AND FINANCE COSTS Amounts in NOK million 2023 2022 Interest income 30 12 Foreign exchange gain 374 326 Other \ufb01nance income 5 7 Total \ufb01nance income 409 345 Interest costs -171 -88 Foreign exchange loss -389 -320 Other \ufb01nance costs -7 -2 Total \ufb01nance costs -567 -410 Share of pro\ufb01t/loss from associate -9 -3 Net \ufb01nancial items -167 -68
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12331": { "value": "
Interest income and interest costs on loans and receivables are calculated using the effective interest method. Commitment fees and costs related to borrowings are reported as part of interest costs. The \ufb01nancial element of pension costs is included in other \ufb01nance costs and is disclosed in Note 10. Borrowing costs related to assets under construction are recognised in the statement of \ufb01nancial position together with the asset. Foreign currency gains or losses arising from operational assets and liabilities, and the hedging of such, are reported as operating revenues or operating costs. Other foreign currency gains or losses are reported as foreign exchange gain and foreign exchange loss. The foreign currency gains or losses related to net investments in subsidiaries are disclosed in Note 29.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12332": { "value": "
Interest income and interest costs on loans and receivables are calculated using the effective interest method. Commitment fees and costs related to borrowings are reported as part of interest costs. The \ufb01nancial element of pension costs is included in other \ufb01nance costs and is disclosed in Note 10. Borrowing costs related to assets under construction are recognised in the statement of \ufb01nancial position together with the asset. Foreign currency gains or losses arising from operational assets and liabilities, and the hedging of such, are reported as operating revenues or operating costs. Other foreign currency gains or losses are reported as foreign exchange gain and foreign exchange loss. The foreign currency gains or losses related to net investments in subsidiaries are disclosed in Note 29.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12389": { "value": "
NOTE 15 TAXES
Income tax expense consists of the total of current taxes and changes in deferred tax. Current taxes are recognised in the \ufb01nancial statements at the amount that is expected to be paid to the tax authorities based on taxable income reported for entities included in the combined \ufb01nancial statements. Current taxes and changes in deferred tax are taken to other comprehensive income to the extent that they relate to items that are included in other comprehensive income.
Deferred tax in the statement of \ufb01nancial position have been calculated at the nominal tax rate based on temporary differences between accounting and tax basis of assets and liabilities on the statement of \ufb01nancial position date. Deferred tax liability relating to goodwill has not been recognised in the statement of \ufb01nancial position. Deferred tax assets are continuously assessed and are only recognised in the statement of \ufb01nancial position to the extent it is probable that future taxable pro\ufb01t will be large enough for the asset to be usefully applied. Deferred tax liability and deferred tax assets are offset as far as this is possible under taxation legislation and regulations.
TAX EXPENSE Amounts in NOK million 2023 2022 Pro\ufb01t before tax 1,124 1,118 Current tax expense -254 -260 Change in deferred tax -14 -7 Total tax expense -268 -267 Tax as % of Pro\ufb01t/loss before taxes 23.8 % 23.9 % Reconciliation of the group\u2019s tax rate In the following table, reported taxes are reconciled with the tax charge based on the Norwegian tax rate of 22%. The main tax components are speci\ufb01ed. Amounts in NOK million 2023 2022 22% of pro\ufb01t before taxes (tax rate in Norway) -247 -246 Foreign operations with other tax rates than 22% -7 -6 Joint venture -1 2 Permanent differences -12 -16 Other current taxes -1 -1 Correction previous years - 1 Other deferred taxes - -1 The Group's total tax expense -268 -267 In addition to the compilation of the tax rates in the various countries in which Borregaard operates and has taxable income, the income tax rate for the Group is also impacted by the following: LignoTech Florida is a limited liability company (LLC) which is taxed on the owners\u2019 hand. Pro\ufb01t before tax is 100% consolidated in the Borregaard Group, whereas the tax expense is calculated based on Borregaard\u2019s 55% ownership. Consequently, pro\ufb01t attributable to non-controlling interests for LignoTech Florida (45%) is calculated on pro\ufb01t before tax. Share of pro\ufb01t after tax from the joint venture and associated companies is accounted for as part of pro\ufb01t before tax. The net loss from the joint venture and associated companies does not decrease the tax expense and thus increases the Group's tax rate.
There are carry forward tax losses in the Group which will not be recognised as deferred tax assets, and hence increase the Group\u2019s tax rate. Deferred tax liabilities Deferred tax liability consists of the Group\u2019s tax liabilities that are payable in the future. The table below lists deferred tax assets and liabilities relating to the timing differences between tax accounting and \ufb01nancial accounting. The table below shows the composition of the Group\u2019s deferred tax. Amounts in NOK million 2023 2022 Deferred tax on tax increasing/(reducing) differences Hedging taken to comprehensive income -68 -33 Intangible assets and Property, plant and equipment 226 215 Net pension liabilities 15 1 Gain and loss tax deferral 1 1 Other non-current items -7 -5 Total non-current items 167 179 Current receivables -3 -2 Inventories 75 55 Provisions -8 -12 Other current items -98 -75 Total current items -34 -34 Losses/tax credits carried forward -37 -44 Net deferred tax 96 101 Deferred tax assets, not recognised 33 31 Net deferred tax, recognised 129 132 Change in deferred tax 3 58 Change in deferred tax taken to comprehensive income -19 -73 Acquisitions/sale of companies, translation effects, etc. 2 8 Change in deferred tax income statement -14 -7 NET DEFERRED TAX PRESENTED IN STATEMENT OF FINANCIAL POSITION Amounts in NOK million 2023 2022 Deferred tax 130 136 Deferred tax assets 1 4 Net deferred tax 129 132 LOSSES CARRIED FORWARD BY EXPIRY DATE Amounts in NOK million 2023 2022 Without expiry date 139 171 Total tax losses carried forward 139 171 TAX REDUCING TIMING DIFFERENCES WITH CORRESPONDING DEFERRED TAX ASSETS 2023 Amounts in NOK million Tax reducing timing differences Recognised deferred tax assets Unrecognised deferred tax assets Total deferred tax assets Losses/tax credits carried forward by country Spain 131 - 33 33 USA 8 4 - 4 Total 139 4 33 37 Other tax reducing timing differences 828 168 - 168 Total tax reducing timing differences 967 172 33 205 Netted deferred tax -833 -171 - -171 Net tax reducing timing differences 134 1 33 34 Deferred tax assets are only capitalised to the extent that it is probable that there will be suf\ufb01cient future taxable pro\ufb01t for the tax asset to be used, either because the unit recently reported a pro\ufb01t or because assets with excess value have been identi\ufb01ed. If future pro\ufb01ts are not likely to be suf\ufb01cient to absorb the tax reducing timing differences, deferred tax assets are not recognised.
TAX PAYMENTS PER COUNTRY Amounts in NOK million Tax paid Norway -201 United Kingdom -4 Germany -6 Spain -1 Austria 1 Czech Republic -8 USA -35 Brazil -10 India -1 South Africa 2 Other countries -2 Total tax paid -265 Borregaard will always seek to meet the tax laws requirements in the countries where we have commercial activity. The company will not enter into arrangements which could be considered arti\ufb01cial, or which have tax avoidance as their sole or main objective. Borregaard uses the OECD guidelines for internal pricing, which is an important factor in ensuring that pro\ufb01ts and taxes are distributed fairly among different countries. Pilar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. However, this legislation does not apply to the Group as its consolidated revenue does not exceed EUR 750 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12392": { "value": "NOTE 15 TAXES
Deferred tax in the statement of \ufb01nancial position have been calculated at the nominal tax rate based on temporary differences between accounting and tax basis of assets and liabilities on the statement of \ufb01nancial position date. Deferred tax liability relating to goodwill has not been recognised in the statement of \ufb01nancial position. Deferred tax assets are continuously assessed and are only recognised in the statement of \ufb01nancial position to the extent it is probable that future taxable pro\ufb01t will be large enough for the asset to be usefully applied. Deferred tax liability and deferred tax assets are offset as far as this is possible under taxation legislation and regulations.
TAX EXPENSE Amounts in NOK million 2023 2022 Pro\ufb01t before tax 1,124 1,118 Current tax expense -254 -260 Change in deferred tax -14 -7 Total tax expense -268 -267 Tax as % of Pro\ufb01t/loss before taxes 23.8 % 23.9 % Reconciliation of the group\u2019s tax rate In the following table, reported taxes are reconciled with the tax charge based on the Norwegian tax rate of 22%. The main tax components are speci\ufb01ed. Amounts in NOK million 2023 2022 22% of pro\ufb01t before taxes (tax rate in Norway) -247 -246 Foreign operations with other tax rates than 22% -7 -6 Joint venture -1 2 Permanent differences -12 -16 Other current taxes -1 -1 Correction previous years - 1 Other deferred taxes - -1 The Group's total tax expense -268 -267 In addition to the compilation of the tax rates in the various countries in which Borregaard operates and has taxable income, the income tax rate for the Group is also impacted by the following: LignoTech Florida is a limited liability company (LLC) which is taxed on the owners\u2019 hand. Pro\ufb01t before tax is 100% consolidated in the Borregaard Group, whereas the tax expense is calculated based on Borregaard\u2019s 55% ownership. Consequently, pro\ufb01t attributable to non-controlling interests for LignoTech Florida (45%) is calculated on pro\ufb01t before tax. Share of pro\ufb01t after tax from the joint venture and associated companies is accounted for as part of pro\ufb01t before tax. The net loss from the joint venture and associated companies does not decrease the tax expense and thus increases the Group's tax rate.
There are carry forward tax losses in the Group which will not be recognised as deferred tax assets, and hence increase the Group\u2019s tax rate. Deferred tax liabilities Deferred tax liability consists of the Group\u2019s tax liabilities that are payable in the future. The table below lists deferred tax assets and liabilities relating to the timing differences between tax accounting and \ufb01nancial accounting. The table below shows the composition of the Group\u2019s deferred tax. Amounts in NOK million 2023 2022 Deferred tax on tax increasing/(reducing) differences Hedging taken to comprehensive income -68 -33 Intangible assets and Property, plant and equipment 226 215 Net pension liabilities 15 1 Gain and loss tax deferral 1 1 Other non-current items -7 -5 Total non-current items 167 179 Current receivables -3 -2 Inventories 75 55 Provisions -8 -12 Other current items -98 -75 Total current items -34 -34 Losses/tax credits carried forward -37 -44 Net deferred tax 96 101 Deferred tax assets, not recognised 33 31 Net deferred tax, recognised 129 132 Change in deferred tax 3 58 Change in deferred tax taken to comprehensive income -19 -73 Acquisitions/sale of companies, translation effects, etc. 2 8 Change in deferred tax income statement -14 -7 NET DEFERRED TAX PRESENTED IN STATEMENT OF FINANCIAL POSITION Amounts in NOK million 2023 2022 Deferred tax 130 136 Deferred tax assets 1 4 Net deferred tax 129 132 LOSSES CARRIED FORWARD BY EXPIRY DATE Amounts in NOK million 2023 2022 Without expiry date 139 171 Total tax losses carried forward 139 171 TAX REDUCING TIMING DIFFERENCES WITH CORRESPONDING DEFERRED TAX ASSETS 2023 Amounts in NOK million Tax reducing timing differences Recognised deferred tax assets Unrecognised deferred tax assets Total deferred tax assets Losses/tax credits carried forward by country Spain 131 - 33 33 USA 8 4 - 4 Total 139 4 33 37 Other tax reducing timing differences 828 168 - 168 Total tax reducing timing differences 967 172 33 205 Netted deferred tax -833 -171 - -171 Net tax reducing timing differences 134 1 33 34 Deferred tax assets are only capitalised to the extent that it is probable that there will be suf\ufb01cient future taxable pro\ufb01t for the tax asset to be used, either because the unit recently reported a pro\ufb01t or because assets with excess value have been identi\ufb01ed. If future pro\ufb01ts are not likely to be suf\ufb01cient to absorb the tax reducing timing differences, deferred tax assets are not recognised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12394": { "value": "
Income tax expense consists of the total of current taxes and changes in deferred tax. Current taxes are recognised in the \ufb01nancial statements at the amount that is expected to be paid to the tax authorities based on taxable income reported for entities included in the combined \ufb01nancial statements. Current taxes and changes in deferred tax are taken to other comprehensive income to the extent that they relate to items that are included in other comprehensive income.
Deferred tax in the statement of \ufb01nancial position have been calculated at the nominal tax rate based on temporary differences between accounting and tax basis of assets and liabilities on the statement of \ufb01nancial position date. Deferred tax liability relating to goodwill has not been recognised in the statement of \ufb01nancial position. Deferred tax assets are continuously assessed and are only recognised in the statement of \ufb01nancial position to the extent it is probable that future taxable pro\ufb01t will be large enough for the asset to be usefully applied. Deferred tax liability and deferred tax assets are offset as far as this is possible under taxation legislation and regulations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12410": { "value": "
Deferred tax in the statement of \ufb01nancial position have been calculated at the nominal tax rate based on temporary differences between accounting and tax basis of assets and liabilities on the statement of \ufb01nancial position date. Deferred tax liability relating to goodwill has not been recognised in the statement of \ufb01nancial position. Deferred tax assets are continuously assessed and are only recognised in the statement of \ufb01nancial position to the extent it is probable that future taxable pro\ufb01t will be large enough for the asset to be usefully applied. Deferred tax liability and deferred tax assets are offset as far as this is possible under taxation legislation and regulations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12724": { "value": "NOTE 16 EARNINGS PER SHARE (EPS) AND DIVIDEND
Earnings per share are calculated on the basis of pro\ufb01t for the year after non-controlling interests. As a result of the Borregaard Group\u2019s option programme (see Note 9), outstanding shares may be diluted when options are exercised. In order to take into account this future increase in the number of shares outstanding, diluted earnings per share are calculated in addition to basic earnings per share. In this calculation, the average number of shares outstanding is adjusted to take into account the estimated dilutive effect of the option programme.
Amounts in NOK million 2023 2022 Pro\ufb01t/loss for the year after non- controlling interests for continuing operations 870 892 Pro\ufb01t/loss/gains discontinued operations - - Pro\ufb01t/loss for the year after non-controlling interests 870 892 Amounts in million shares Weighted average number of shares outstanding 99.71 99.71 Estimated dilution effect option programme 0.21 0.24 Weighted average number of shares outstanding diluted 99.92 99.95
The share capital consists of 100 million shares including 436,860 treasury shares as of 31 December 2023. As of 31 December 2023, there are 99,753,495 diluted shares. There were 99,752,815 diluted shares as of 31 December 2022.
Amounts in NOK 2023 2022 Earnings per share 8.73 8.95 Earnings per diluted share 8.71 8.92 Ordinary dividend per share 3.75* 3.25 Extraordinary dividend per share - - * Proposal to the General Meeting
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12728": { "value": "
Earnings per share are calculated on the basis of pro\ufb01t for the year after non-controlling interests. As a result of the Borregaard Group\u2019s option programme (see Note 9), outstanding shares may be diluted when options are exercised. In order to take into account this future increase in the number of shares outstanding, diluted earnings per share are calculated in addition to basic earnings per share. In this calculation, the average number of shares outstanding is adjusted to take into account the estimated dilutive effect of the option programme.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12742": { "value": "
Amounts in NOK million 2023 2022 Pro\ufb01t/loss for the year after non- controlling interests for continuing operations 870 892 Pro\ufb01t/loss/gains discontinued operations - - Pro\ufb01t/loss for the year after non-controlling interests 870 892 Amounts in million shares Weighted average number of shares outstanding 99.71 99.71 Estimated dilution effect option programme 0.21 0.24 Weighted average number of shares outstanding diluted 99.92 99.95
Amounts in NOK 2023 2022 Earnings per share 8.73 8.95 Earnings per diluted share 8.71 8.92 Ordinary dividend per share 3.75* 3.25 Extraordinary dividend per share - - * Proposal to the General Meeting
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12792": { "value": "3.75", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f12793": { "value": "3.75", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f12813": { "value": "
NOTE 17 INTANGIBLE ASSETS
Capitalised expenditure on internally generated or specially adapted computer programmes is presented as intangible assets. The reinvestment need of specially adapted computer programmes is similar to that of other tangible assets, and the amortisation of intangible assets are presented together with Borregaard\u2019s other depreciation. Research and development (R&D) expenditure is the expenses incurred by Borregaard in conducting research and development, including studies of existing or new products and production processes in order to secure future earnings. Expenditure on research is always expensed as incurred, while expenditure on development is recognised in the statement of \ufb01nancial position if the underlying economic factors are identi\ufb01able and represent probable future economic bene\ufb01ts of which Borregaard has control. Borregaard has a large number of projects in process at all times, but the number of projects that end in capitalisation is limited. This is due to the considerable uncertainty throughout the decision-making process and the fact that only a small percentage of all projects culminate in commercial products. Furthermore, the portion of the total project expenses that qualify for recognition in the statement of \ufb01nancial position are relatively small, as it is only from the time the decision to develop the product is made it can be capitalised, and that decision-making point comes at a late stage of the process. The fair value of intangible assets acquired by the company through business combinations is capitalised. Intangible assets with inde\ufb01nite life will not be amortised while other intangible assets will be amortised over their useful life.
Goodwill is initially measured at cost, being the excess of the aggregate of the transferred and the amount recognised for non-controlling interest over the net identi\ufb01ed asset acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in income statement. Amortisable intangible assets are amortised on a straight-line basis at the following rates: Development 20% and other intangible assets 10-15%. Development consists mainly of internal resources being involved in development projects.
IT consists mainly of external costs.
Emission rights Government granted and purchased CO 2 emission allowances expected to be used towards Borregaard\u2019s own emissions are recognised as intangible assets at nominal value (cost). In case there are actual CO 2 emissions exceeding the level covered by emission rights, those are recognised as a liability. Sale of government granted CO 2 emission rights are recognised at the time of sale at the transaction price. As of 31 December 2023, Borregaard owns 664,700 CO 2 emission rights (690,066 as of 31 December 2022). However, Borregaard has an obligation to deliver 120,107 emission rights in 2024 for emissions in 2023. As of 31 December 2022 the obligation was 143,042 emission rights.
Amounts in NOK million Development and other intangible assets IT Goodwill Total Book value 1 January 2023 22 26 34 82 Additions 2 14 - 16 Depreciation/Amortisation -9 -8 - -17 Impairment - - - - Currency translations - - 3 3 Book value 31 December 2023 15 32 37 84 Initial cost 31 December 2023 174 189 55 418 Accumulated amortisation and impairment -159 -157 -18 -334 Book value 31 December 2023 15 32 37 84 Book value 1 January 2022 26 31 32 89 Additions 2 2 - 4 Depreciation/Amortisation -8 -7 - -15 Impairment - - - - Currency translations 2 - 2 4 Book value 31 December 2022 22 26 34 82 Initial cost 31 December 2022 172 175 55 402 Accumulated amortisation and impairment -150 -149 -21 -320 Book value 31 December 2022 22 26 34 82 In addition, Borregaard expensed NOK 99 million in research costs in 2023 (NOK 97 million). The amounts include grants and other cost deductions. See Note 34.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12815": { "value": "
NOTE 17 INTANGIBLE ASSETS
Capitalised expenditure on internally generated or specially adapted computer programmes is presented as intangible assets. The reinvestment need of specially adapted computer programmes is similar to that of other tangible assets, and the amortisation of intangible assets are presented together with Borregaard\u2019s other depreciation. Research and development (R&D) expenditure is the expenses incurred by Borregaard in conducting research and development, including studies of existing or new products and production processes in order to secure future earnings. Expenditure on research is always expensed as incurred, while expenditure on development is recognised in the statement of \ufb01nancial position if the underlying economic factors are identi\ufb01able and represent probable future economic bene\ufb01ts of which Borregaard has control. Borregaard has a large number of projects in process at all times, but the number of projects that end in capitalisation is limited. This is due to the considerable uncertainty throughout the decision-making process and the fact that only a small percentage of all projects culminate in commercial products. Furthermore, the portion of the total project expenses that qualify for recognition in the statement of \ufb01nancial position are relatively small, as it is only from the time the decision to develop the product is made it can be capitalised, and that decision-making point comes at a late stage of the process. The fair value of intangible assets acquired by the company through business combinations is capitalised. Intangible assets with inde\ufb01nite life will not be amortised while other intangible assets will be amortised over their useful life.
Goodwill is initially measured at cost, being the excess of the aggregate of the transferred and the amount recognised for non-controlling interest over the net identi\ufb01ed asset acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in income statement. Amortisable intangible assets are amortised on a straight-line basis at the following rates: Development 20% and other intangible assets 10-15%. Development consists mainly of internal resources being involved in development projects.
IT consists mainly of external costs.
Emission rights Government granted and purchased CO 2 emission allowances expected to be used towards Borregaard\u2019s own emissions are recognised as intangible assets at nominal value (cost). In case there are actual CO 2 emissions exceeding the level covered by emission rights, those are recognised as a liability. Sale of government granted CO 2 emission rights are recognised at the time of sale at the transaction price. As of 31 December 2023, Borregaard owns 664,700 CO 2 emission rights (690,066 as of 31 December 2022). However, Borregaard has an obligation to deliver 120,107 emission rights in 2024 for emissions in 2023. As of 31 December 2022 the obligation was 143,042 emission rights.
Amounts in NOK million Development and other intangible assets IT Goodwill Total Book value 1 January 2023 22 26 34 82 Additions 2 14 - 16 Depreciation/Amortisation -9 -8 - -17 Impairment - - - - Currency translations - - 3 3 Book value 31 December 2023 15 32 37 84 Initial cost 31 December 2023 174 189 55 418 Accumulated amortisation and impairment -159 -157 -18 -334 Book value 31 December 2023 15 32 37 84 Book value 1 January 2022 26 31 32 89 Additions 2 2 - 4 Depreciation/Amortisation -8 -7 - -15 Impairment - - - - Currency translations 2 - 2 4 Book value 31 December 2022 22 26 34 82 Initial cost 31 December 2022 172 175 55 402 Accumulated amortisation and impairment -150 -149 -21 -320 Book value 31 December 2022 22 26 34 82 In addition, Borregaard expensed NOK 99 million in research costs in 2023 (NOK 97 million). The amounts include grants and other cost deductions. See Note 34.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12820": { "value": "
Capitalised expenditure on internally generated or specially adapted computer programmes is presented as intangible assets. The reinvestment need of specially adapted computer programmes is similar to that of other tangible assets, and the amortisation of intangible assets are presented together with Borregaard\u2019s other depreciation. Research and development (R&D) expenditure is the expenses incurred by Borregaard in conducting research and development, including studies of existing or new products and production processes in order to secure future earnings. Expenditure on research is always expensed as incurred, while expenditure on development is recognised in the statement of \ufb01nancial position if the underlying economic factors are identi\ufb01able and represent probable future economic bene\ufb01ts of which Borregaard has control. Borregaard has a large number of projects in process at all times, but the number of projects that end in capitalisation is limited. This is due to the considerable uncertainty throughout the decision-making process and the fact that only a small percentage of all projects culminate in commercial products. Furthermore, the portion of the total project expenses that qualify for recognition in the statement of \ufb01nancial position are relatively small, as it is only from the time the decision to develop the product is made it can be capitalised, and that decision-making point comes at a late stage of the process. The fair value of intangible assets acquired by the company through business combinations is capitalised. Intangible assets with inde\ufb01nite life will not be amortised while other intangible assets will be amortised over their useful life.
Goodwill is initially measured at cost, being the excess of the aggregate of the transferred and the amount recognised for non-controlling interest over the net identi\ufb01ed asset acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in income statement. Amortisable intangible assets are amortised on a straight-line basis at the following rates: Development 20% and other intangible assets 10-15%. Development consists mainly of internal resources being involved in development projects.
IT consists mainly of external costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12829": { "value": "Research and development (R&D) expenditure is the expenses incurred by Borregaard in conducting research and development, including studies of existing or new products and production processes in order to secure future earnings. Expenditure on research is always expensed as incurred, while expenditure on development is recognised in the statement of \ufb01nancial position if the underlying economic factors are identi\ufb01able and represent probable future economic bene\ufb01ts of which Borregaard has control. Borregaard has a large number of projects in process at all times, but the number of projects that end in capitalisation is limited. This is due to the considerable uncertainty throughout the decision-making process and the fact that only a small percentage of all projects culminate in commercial products. Furthermore, the portion of the total project expenses that qualify for recognition in the statement of \ufb01nancial position are relatively small, as it is only from the time the decision to develop the product is made it can be capitalised, and that decision-making point comes at a late stage of the process. The fair value of intangible assets acquired by the company through business combinations is capitalised. Intangible assets with inde\ufb01nite life will not be amortised while other intangible assets will be amortised over their useful life. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12875": { "value": "
Emission rights Government granted and purchased CO 2 emission allowances expected to be used towards Borregaard\u2019s own emissions are recognised as intangible assets at nominal value (cost). In case there are actual CO 2 emissions exceeding the level covered by emission rights, those are recognised as a liability. Sale of government granted CO 2 emission rights are recognised at the time of sale at the transaction price. As of 31 December 2023, Borregaard owns 664,700 CO 2 emission rights (690,066 as of 31 December 2022). However, Borregaard has an obligation to deliver 120,107 emission rights in 2024 for emissions in 2023. As of 31 December 2022 the obligation was 143,042 emission rights.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13013": { "value": "
NOTE 18 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are tangible assets intended for production, delivery of goods or administrative purposes and have a lasting useful life. They are recognised in the statement of \ufb01nancial position at cost minus any accumulated depreciation and impairment. Annual major maintenance stops are capitalised as part of property, plant and equipment and depreciated over a period of 12 months. All other
maintenance and repairs are expensed under operating expenses as and when the maintenance is carried out, while expenditure on replacements or improvements is added to the cost price
of the assets. Borrowing costs related to the
construction of the Group\u2019s own property, plant and equipment are capitalised as part of the cost of the asset.
Property, plant and equipment are depreciated on a straight-line basis over the useful life, at the following rates: buildings 2-5%, machinery, \ufb01xtures and \ufb01ttings mainly 4-20%, vehicles 15- 25% and IT equipment 15-33%. The period of depreciation is reviewed each year and if there are changes in useful life, depreciation is adjusted. If there is any indication that an asset may be impaired, the asset will be written down to the recoverable amount if the recoverable amount is lower than the carrying value. The residual value is also calculated and if it is higher than the carrying value, depreciation is stopped. This applies in particular to buildings. The Group is committed to ful\ufb01l contracts amounting to NOK 68 million which is not recorded in the statement of \ufb01nancial position as of 31 December 2023 (NOK 42 million as of 31 December 2022).
Amounts in NOK million Land, buildings and other property Machinery and plants Assets under constructions Fixtures, \ufb01ttings, vehicles, EDP, etc. Total Book value 1 January 2023 1,567 2,448 322 34 4,371 Additions 81 182 385 3 651 Disposals - - - - - Transferred assets under construction 50 62 -112 - - Impairment - - - - - Depreciation -99 -279 - -11 -389 Currency translation 6 21 1 28 Book value 31 December 2023 1,605 2,434 596 26 4,661 Initial cost 31 December 2023 2,996 7,738 596 232 11,562 Accumulated depreciation and impairment -1,391 -5,304 - -206 -6,901 Book value 31 December 2023 1,605 2,434 596 26 4,661 Book value 1 January 2022 1,488 2,269 398 36 4,191 Additions 59 142 254 4 459 Disposals - - - -1 -1 Transferred assets under construction 92 233 -331 6 - Impairment - - - - - Depreciation -93 -262 - -12 -367 Currency translation 21 66 1 1 89 Book value 31 December 2022 1,567 2,448 322 34 4,371 Initial cost 31 December 2022 2,846 7,440 322 232 10,840 Accumulated depreciation and impairment -1,279 -4,992 - -198 -6,469 Book value 31 December 2022 1,567 2,448 322 34 4,371
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13017": { "value": "
Property, plant and equipment are tangible assets intended for production, delivery of goods or administrative purposes and have a lasting useful life. They are recognised in the statement of \ufb01nancial position at cost minus any accumulated depreciation and impairment. Annual major maintenance stops are capitalised as part of property, plant and equipment and depreciated over a period of 12 months. All other
maintenance and repairs are expensed under operating expenses as and when the maintenance is carried out, while expenditure on replacements or improvements is added to the cost price
of the assets. Borrowing costs related to the
construction of the Group\u2019s own property, plant and equipment are capitalised as part of the cost of the asset.
Property, plant and equipment are depreciated on a straight-line basis over the useful life, at the following rates: buildings 2-5%, machinery, \ufb01xtures and \ufb01ttings mainly 4-20%, vehicles 15- 25% and IT equipment 15-33%. The period of depreciation is reviewed each year and if there are changes in useful life, depreciation is adjusted. If there is any indication that an asset may be impaired, the asset will be written down to the recoverable amount if the recoverable amount is lower than the carrying value. The residual value is also calculated and if it is higher than the carrying value, depreciation is stopped. This applies in particular to buildings. The Group is committed to ful\ufb01l contracts amounting to NOK 68 million which is not recorded in the statement of \ufb01nancial position as of 31 December 2023 (NOK 42 million as of 31 December 2022).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13028": { "value": "All other
maintenance and repairs are expensed under operating expenses as and when the maintenance is carried out, while expenditure on replacements or improvements is added to the cost price
of the assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13037": { "value": " Borrowing costs related to the
construction of the Group\u2019s own property, plant and equipment are capitalised as part of the cost of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13038": { "value": " Borrowing costs related to the
construction of the Group\u2019s own property, plant and equipment are capitalised as part of the cost of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13045": { "value": "Property, plant and equipment are depreciated on a straight-line basis over the useful life, at the following rates: buildings 2-5%, machinery, \ufb01xtures and \ufb01ttings mainly 4-20%, vehicles 15- 25% and IT equipment 15-33%. The period of depreciation is reviewed each year and if there are changes in useful life, depreciation is adjusted. If there is any indication that an asset may be impaired, the asset will be written down to the recoverable amount if the recoverable amount is lower than the carrying value. The residual value is also calculated and if it is higher than the carrying value, depreciation is stopped. This applies in particular to buildings. The Group is committed to ful\ufb01l contracts amounting to NOK 68 million which is not recorded in the statement of \ufb01nancial position as of 31 December 2023 (NOK 42 million as of 31 December 2022). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13223": { "value": "
Loans, as well as trade receivables, are held to collect contractual cash \ufb02ows and are expected to give rise to cash \ufb02ows solely representing payments of principal and interest. The Group analysed the contractual cash \ufb02ow characteristics of those instruments and concluded that they meet the criteria for amortised cost measurement under IFRS 9. The Group applied the simpli\ufb01ed approach and record lifetime expected losses on all trade receivables. The Group has considered that due to the historical low level of credit losses, the loss allowance will not be materially different from the current level. Transactions in foreign currencies are recognised at the exchange rate on the date of the transaction, while monetary items in foreign currencies are presented at the exchange rate on the balance sheet date, and any gain/ loss is reported in the income statement as \ufb01nancial items. Revenues and expenses in subsidiaries with a functional currency different from the Group\u2019s presentation currency are translated monthly at the average exchange rate for the month and accumulated. Statement of \ufb01nancial position items in subsidiaries with a different functional currency are translated at the exchange rate on the balance sheet date. Translation differences are reported in comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13224": { "value": "
Loans, as well as trade receivables, are held to collect contractual cash \ufb02ows and are expected to give rise to cash \ufb02ows solely representing payments of principal and interest. The Group analysed the contractual cash \ufb02ow characteristics of those instruments and concluded that they meet the criteria for amortised cost measurement under IFRS 9. The Group applied the simpli\ufb01ed approach and record lifetime expected losses on all trade receivables. The Group has considered that due to the historical low level of credit losses, the loss allowance will not be materially different from the current level. Transactions in foreign currencies are recognised at the exchange rate on the date of the transaction, while monetary items in foreign currencies are presented at the exchange rate on the balance sheet date, and any gain/ loss is reported in the income statement as \ufb01nancial items. Revenues and expenses in subsidiaries with a functional currency different from the Group\u2019s presentation currency are translated monthly at the average exchange rate for the month and accumulated. Statement of \ufb01nancial position items in subsidiaries with a different functional currency are translated at the exchange rate on the balance sheet date. Translation differences are reported in comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13254": { "value": "
The Group uses the following hierarchy for determining and disclosing the fair value of \ufb01nancial instruments, by valuation technique: Level 1: Quoted market prices in an active market (that are unadjusted) for identical assets and liabilities. Level 2: Valuation techniques (for which the lowest level input that is signi\ufb01cant to the fair value measurement is directly or indirectly observable). Level 3: Valuation techniques (for which the lowest level input that is signi\ufb01cant to the fair value measurement is unobservable).
OVERVIEW OF FINANCIAL INSTRUMENTS 2023 Amounts in NOK million Note Measure- ment level Financial instruments at fair value through pro\ufb01t and loss Financial instruments at fair value - hedging instruments Financial liabilities measured at amortised cost Deposits and receivables measured at amortised cost Total Of this interest- bearing Fair value Non-current assets Non-current \ufb01nancial receivables 20 2 - - - 184 184 2 184 Share investments 20 1 - - - 28 28 - 28 Non-current derivatives 20, 29 2 - 93 - - 93 - 93 Total - 93 - 212 305 2 305 Current assets Accounts receivable 22 - - - 877 877 - 877 Other current receivables 22 - - - 33 33 - 33 Current derivatives 22, 29 2 4 27 - - 31 - 31 Cash and cash equivalents 23 - - - 469 469 469 469 Total 4 27 - 1,379 1,410 469 1,410 Non-current liabilities Non-current \ufb01nancial liabilities 12, 27 2,3 - - 2,018 - 2,018 2,016 2,018 Non-current derivatives 24, 29 2 - 176 - - 176 - 176 Total - 176 2,018 - 2,194 2,016 2,194 Current liabilities Current \ufb01nancial liabilities 12, 27 2 - - 246 - 246 246 246 Accounts payable 25 - - 560 - 560 - 560 Other current liabilities 25 - - 9 - 9 - 9 Current derivatives 25, 29 2 3 252 - - 255 - 255 Total 3 252 815 - 1,070 246 1,070 Total \ufb01nancial instruments 1 -308 -2,833 1,591 -1,549 -1,791 -1,549 Total measurement level 1 - - - 28 28 - 28 Total measurement level 2, assets 4 120 - 184 308 2 308 Total measurement level 2, liabilities -3 -428 -1,764 - -2,195 -1,762 -2,195 Total measurement level 3 - - -500 - -500 -500 -500
OVERVIEW OF FINANCIAL INSTRUMENTS 2022 Amounts in NOK million Note Measure- ment level Financial instruments at fair value through pro\ufb01t and loss Financial instruments at fair value - hedging instruments Financial liabilities measured at amortised cost Deposits and receivables measured at amortised cost Total Of this interest- bearing Fair value Non-current assets Non-current \ufb01nancial receivables 20 2 - - - 193 193 2 193 Share investments 20 1 - - - 11 11 - 11 Non-current derivatives 20, 29 2 - 46 - - 46 - 46 Total - 46 - 204 250 2 250 Current assets Accounts receivable 22 - - - 988 988 - 988 Other current receivables 22 - - - 37 37 - 37 Current derivatives 22, 29 2 - 49 - - 49 - 49 Cash and cash equivalents 23 - - - 234 234 234 234 Total - 49 - 1,259 1,308 234 1,308 Non-current liabilities Non-current \ufb01nancial liabilities 12, 27 2 - - 1,372 - 1,372 1,370 1,372 Non-current derivatives 24, 29 2 - 144 - - 144 - 144 Total - 144 1,372 - 1,516 1,370 1,516 Current liabilities Current \ufb01nancial liabilities 12, 27 2,3 - - 702 - 702 702 702 Accounts payable 25 - - 497 - 497 - 497 Other current liabilities 25 - - 6 - 6 - 6 Current derivatives 25, 29 2 2 100 - - 102 - 102 Total 2 100 1,205 - 1,307 702 1,307 Total \ufb01nancial instruments -2 -149 -2,577 1,452 -1,276 -1,836 -1,276 Total measurement level 1 - - - 11 11 - 11 Total measurement level 2, assets - 95 - 193 288 2 288 Total measurement level 2, liabilities -2 -244 -1,674 - -1,920 -1,672 -1,920 Total measurement level 3 - - -400 - -400 -400 -400 For current assets and liabilities, fair value is estimated close or equal to book value. The bond is determined as measurement level 3. The fair value of the bond is deemed to equal book value. The bond carries \ufb02oating interest terms and the issuer\u2019s credit quality is not considered to have changed since the bond was issued in June 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13256": { "value": "
The Group uses the following hierarchy for determining and disclosing the fair value of \ufb01nancial instruments, by valuation technique: Level 1: Quoted market prices in an active market (that are unadjusted) for identical assets and liabilities. Level 2: Valuation techniques (for which the lowest level input that is signi\ufb01cant to the fair value measurement is directly or indirectly observable). Level 3: Valuation techniques (for which the lowest level input that is signi\ufb01cant to the fair value measurement is unobservable).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13291": { "value": "
OVERVIEW OF FINANCIAL INSTRUMENTS 2023 Amounts in NOK million Note Measure- ment level Financial instruments at fair value through pro\ufb01t and loss Financial instruments at fair value - hedging instruments Financial liabilities measured at amortised cost Deposits and receivables measured at amortised cost Total Of this interest- bearing Fair value Non-current assets Non-current \ufb01nancial receivables 20 2 - - - 184 184 2 184 Share investments 20 1 - - - 28 28 - 28 Non-current derivatives 20, 29 2 - 93 - - 93 - 93 Total - 93 - 212 305 2 305 Current assets Accounts receivable 22 - - - 877 877 - 877 Other current receivables 22 - - - 33 33 - 33 Current derivatives 22, 29 2 4 27 - - 31 - 31 Cash and cash equivalents 23 - - - 469 469 469 469 Total 4 27 - 1,379 1,410 469 1,410 Non-current liabilities Non-current \ufb01nancial liabilities 12, 27 2,3 - - 2,018 - 2,018 2,016 2,018 Non-current derivatives 24, 29 2 - 176 - - 176 - 176 Total - 176 2,018 - 2,194 2,016 2,194 Current liabilities Current \ufb01nancial liabilities 12, 27 2 - - 246 - 246 246 246 Accounts payable 25 - - 560 - 560 - 560 Other current liabilities 25 - - 9 - 9 - 9 Current derivatives 25, 29 2 3 252 - - 255 - 255 Total 3 252 815 - 1,070 246 1,070 Total \ufb01nancial instruments 1 -308 -2,833 1,591 -1,549 -1,791 -1,549 Total measurement level 1 - - - 28 28 - 28 Total measurement level 2, assets 4 120 - 184 308 2 308 Total measurement level 2, liabilities -3 -428 -1,764 - -2,195 -1,762 -2,195 Total measurement level 3 - - -500 - -500 -500 -500
OVERVIEW OF FINANCIAL INSTRUMENTS 2022 Amounts in NOK million Note Measure- ment level Financial instruments at fair value through pro\ufb01t and loss Financial instruments at fair value - hedging instruments Financial liabilities measured at amortised cost Deposits and receivables measured at amortised cost Total Of this interest- bearing Fair value Non-current assets Non-current \ufb01nancial receivables 20 2 - - - 193 193 2 193 Share investments 20 1 - - - 11 11 - 11 Non-current derivatives 20, 29 2 - 46 - - 46 - 46 Total - 46 - 204 250 2 250 Current assets Accounts receivable 22 - - - 988 988 - 988 Other current receivables 22 - - - 37 37 - 37 Current derivatives 22, 29 2 - 49 - - 49 - 49 Cash and cash equivalents 23 - - - 234 234 234 234 Total - 49 - 1,259 1,308 234 1,308 Non-current liabilities Non-current \ufb01nancial liabilities 12, 27 2 - - 1,372 - 1,372 1,370 1,372 Non-current derivatives 24, 29 2 - 144 - - 144 - 144 Total - 144 1,372 - 1,516 1,370 1,516 Current liabilities Current \ufb01nancial liabilities 12, 27 2,3 - - 702 - 702 702 702 Accounts payable 25 - - 497 - 497 - 497 Other current liabilities 25 - - 6 - 6 - 6 Current derivatives 25, 29 2 2 100 - - 102 - 102 Total 2 100 1,205 - 1,307 702 1,307 Total \ufb01nancial instruments -2 -149 -2,577 1,452 -1,276 -1,836 -1,276 Total measurement level 1 - - - 11 11 - 11 Total measurement level 2, assets - 95 - 193 288 2 288 Total measurement level 2, liabilities -2 -244 -1,674 - -1,920 -1,672 -1,920 Total measurement level 3 - - -400 - -400 -400 -400 For current assets and liabilities, fair value is estimated close or equal to book value. The bond is determined as measurement level 3. The fair value of the bond is deemed to equal book value. The bond carries \ufb02oating interest terms and the issuer\u2019s credit quality is not considered to have changed since the bond was issued in June 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13779": { "value": "NOTE 20 OTHER ASSETS (NON-CURRENT)
Receivables are initially recognised at fair value which is generally the original invoice amount. For trade receivables see Note 22. The interest rate element is disregarded if it is insigni\ufb01cant, which is the case for the majority of receivables.
As of 31 December 2023, Borregaard has share investments of NOK 28 million in bio-based start-ups (Lignovations and Oceanium) and other companies. These investments are a result of Borregaard\u2019s business development strategy and complement the existing business portfolio. Amounts in NOK million 2023 2022 Share investments 28 11 Non interest-bearing derivatives (Note 19) 93 46 Receivables interest-bearing (Note 19) 2 2 Receivables non interest-bearing (Note 19) 182 191 Total \ufb01nancial assets 305 250 Pension plan assets (Note 10) 131 - Total other assets 436 250
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13780": { "value": "NOTE 20 OTHER ASSETS (NON-CURRENT)
Receivables are initially recognised at fair value which is generally the original invoice amount. For trade receivables see Note 22. The interest rate element is disregarded if it is insigni\ufb01cant, which is the case for the majority of receivables.
As of 31 December 2023, Borregaard has share investments of NOK 28 million in bio-based start-ups (Lignovations and Oceanium) and other companies. These investments are a result of Borregaard\u2019s business development strategy and complement the existing business portfolio. Amounts in NOK million 2023 2022 Share investments 28 11 Non interest-bearing derivatives (Note 19) 93 46 Receivables interest-bearing (Note 19) 2 2 Receivables non interest-bearing (Note 19) 182 191 Total \ufb01nancial assets 305 250 Pension plan assets (Note 10) 131 - Total other assets 436 250
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13782": { "value": "
Receivables are initially recognised at fair value which is generally the original invoice amount. For trade receivables see Note 22. The interest rate element is disregarded if it is insigni\ufb01cant, which is the case for the majority of receivables.
NOTE 22 RECEIVABLES (CURRENT)
Receivables are initially recognised at fair value which is generally the original invoice amount. For trade receivables the Group applies a simpli\ufb01ed approach in calculating expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment.
Current receivables are both operating receivables and interest-bearing receivables. Operating receivables are broken down into trade receivables, accrued advance payments to suppliers and other current receivables. Trade receivables are non interest-bearing and are generally on terms of 30 to 90 days. Amounts in NOK million 2023 2022 Accounts receivable (Note 19) 877 988 Non interest-bearing derivatives (Note 19) 31 49 Other current receivables (Note 19) 33 37 Total \ufb01nancial receivables 941 1,074 Advance payment to suppliers/ earned income 227 287 Tax receivables 33 26 Total current receivables 1,201 1,387
CHANGE IN PROVISIONS FOR BAD DEBT: Amounts in NOK million 2023 2022 Provisions for bad debts 1 January 9 8 Bad debts recognised as expense (- income) 2 3 Realised losses - -1 Translation effects - -1 Provisions for bad debts 31 December 11 9
ACCOUNTS RECEIVABLE HAVE THE FOLLOWING DUE DATES: Amounts in NOK million 2023 2022 Accounts receivable not due 752 886 Overdue receivables 1-30 days 105 97 Overdue receivables 31-60 days 15 10 Overdue receivables 61-90 days 4 3 Overdue receivables over 90 days 12 1 Accounts receivable carrying amount 31 December 888 997
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13784": { "value": "
Receivables are initially recognised at fair value which is generally the original invoice amount. For trade receivables see Note 22. The interest rate element is disregarded if it is insigni\ufb01cant, which is the case for the majority of receivables.
Receivables are initially recognised at fair value which is generally the original invoice amount. For trade receivables the Group applies a simpli\ufb01ed approach in calculating expected credit losses. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13792": { "value": "
As of 31 December 2023, Borregaard has share investments of NOK 28 million in bio-based start-ups (Lignovations and Oceanium) and other companies. These investments are a result of Borregaard\u2019s business development strategy and complement the existing business portfolio. Amounts in NOK million 2023 2022 Share investments 28 11 Non interest-bearing derivatives (Note 19) 93 46 Receivables interest-bearing (Note 19) 2 2 Receivables non interest-bearing (Note 19) 182 191 Total \ufb01nancial assets 305 250 Pension plan assets (Note 10) 131 - Total other assets 436 250
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13827": { "value": "
NOTE 21 INVENTORIES AND COST OF MATERIALS
Inventories are measured at the lower of cost and net realisable value. Purchased goods are measured at purchase cost according to the FIFO principle, while internally manufactured \ufb01nished goods and work in progress are measured at production cost. Deductions are made for obsolescence. Net realisable value is the estimated selling price minus selling costs.
Amounts in NOK million 2023 2022 Raw materials 184 186 Work in progress 98 63 Finished goods and merchandise 1,165 1,050 Total inventories 1,447 1,299
As of 31 December 2023, there is a total write- down of inventories of NOK 14 million (NOK 14 million) related to inventories measured at net realisable value total NOK 201 million (NOK 160 million). There are no reversed write-downs from earlier years. Amounts in NOK million 2023 2022 Wood costs (Note 28) -630 -482 Energy costs (Note 28) -610 -855 Other materials -1,455 -1,761 Change in work in progress and \ufb01nished goods 150 470 Cost of materials -2,545 -2,628
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13831": { "value": "
Inventories are measured at the lower of cost and net realisable value. Purchased goods are measured at purchase cost according to the FIFO principle, while internally manufactured \ufb01nished goods and work in progress are measured at production cost. Deductions are made for obsolescence. Net realisable value is the estimated selling price minus selling costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13946": { "value": "
CHANGE IN PROVISIONS FOR BAD DEBT: Amounts in NOK million 2023 2022 Provisions for bad debts 1 January 9 8 Bad debts recognised as expense (- income) 2 3 Realised losses - -1 Translation effects - -1 Provisions for bad debts 31 December 11 9
Credit risk The management of credit risk related to accounts receivable and other operating receivables is handled as part of the business risk but based on guidelines set by Borregaard AS and continuously monitored by the operating entities. There is no signi\ufb01cant concentration of credit risk in respect of single counterparts. A credit management policy is in place. Credit losses are historically modest due to a stable and \ufb01nancially healthy customer base as well as stringent monitoring of trade receivables. See Note 22. For sales to countries or customers associated with high political or commercial risk, trade \ufb01nance products are widely used to reduce credit risk. With these risk mitigation measures in place, the current credit risk is considered to be acceptable. See Note 8 for geographical breakdown of sales revenues. Borregaard considers its credit risk related to other \ufb01nancial instruments to be low. Firstly, only relationship banks act as counterparts for \ufb01nancial hedge transactions. Secondly, bank accounts are mainly held with relationship banks. For deposits of liquidity with other counterparts in countries where relationship banks are not present, Borregaard has requirements relating to the bank\u2019s credit rating. Maximum credit risk The maximum credit exposure for the Group related to \ufb01nancial instruments corresponds to total gross receivables. In the hypothetical and highly unlikely event that no receivables are redeemed, this amounts to: Amounts in NOK million 2023 2022 Cash and cash equivalents 469 234 Accounts receivable 877 988 Other current receivables 33 37 Non-current receivables 184 193 Derivatives 124 95 Total 1,687 1,547 Commodity price risk The Group is exposed to price risks in respect of a number of raw materials, of which electric power, lique\ufb01ed natural gas and wood are the most substantial. However, prices of sold products are also affected by raw material prices, and it is generally Borregaard\u2019s policy to reduce the price risk through commercial contracts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13947": { "value": "
CHANGE IN PROVISIONS FOR BAD DEBT: Amounts in NOK million 2023 2022 Provisions for bad debts 1 January 9 8 Bad debts recognised as expense (- income) 2 3 Realised losses - -1 Translation effects - -1 Provisions for bad debts 31 December 11 9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13993": { "value": "NOTE 23 CASH AND CASH EQUIVALENTS
Cash and cash equivalents are held for the purpose of meeting short-term \ufb02uctuations in liquidity rather than for investment purposes. Cash and cash equivalents consist of cash, bank deposits and current deposits with a maturity of three months or less. Company policy is to channel excess liquidity in wholly owned subsidiaries to Borregaard\u2019s cash pools (with DNB and Handelsbanken) or placed as deposits with Borregaard AS. In some countries, however, there are legal or technical impediments on participation in Borregaard\u2019s cash pools or making deposits with Borregaard AS.
Amounts in NOK million 2023 2022 Cash and cash equivalents 469 234 Bank overdraft -40 -123 Net cash and cash equivalents 429 111 Bank deposits of NOK 5 million related to tax deductions from employees are restricted as of 31 December 2023. Borregaard has a bank guarantee for the majority of the tax deductions. As of 31 December 2023, the liability related to tax deductions was NOK 34 million (NOK 31 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13994": { "value": "NOTE 23 CASH AND CASH EQUIVALENTS
Cash and cash equivalents are held for the purpose of meeting short-term \ufb02uctuations in liquidity rather than for investment purposes. Cash and cash equivalents consist of cash, bank deposits and current deposits with a maturity of three months or less. Company policy is to channel excess liquidity in wholly owned subsidiaries to Borregaard\u2019s cash pools (with DNB and Handelsbanken) or placed as deposits with Borregaard AS. In some countries, however, there are legal or technical impediments on participation in Borregaard\u2019s cash pools or making deposits with Borregaard AS.
Amounts in NOK million 2023 2022 Cash and cash equivalents 469 234 Bank overdraft -40 -123 Net cash and cash equivalents 429 111 Bank deposits of NOK 5 million related to tax deductions from employees are restricted as of 31 December 2023. Borregaard has a bank guarantee for the majority of the tax deductions. As of 31 December 2023, the liability related to tax deductions was NOK 34 million (NOK 31 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13997": { "value": "
Cash and cash equivalents are held for the purpose of meeting short-term \ufb02uctuations in liquidity rather than for investment purposes. Cash and cash equivalents consist of cash, bank deposits and current deposits with a maturity of three months or less. Company policy is to channel excess liquidity in wholly owned subsidiaries to Borregaard\u2019s cash pools (with DNB and Handelsbanken) or placed as deposits with Borregaard AS. In some countries, however, there are legal or technical impediments on participation in Borregaard\u2019s cash pools or making deposits with Borregaard AS.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13998": { "value": "
Cash and cash equivalents are held for the purpose of meeting short-term \ufb02uctuations in liquidity rather than for investment purposes. Cash and cash equivalents consist of cash, bank deposits and current deposits with a maturity of three months or less. Company policy is to channel excess liquidity in wholly owned subsidiaries to Borregaard\u2019s cash pools (with DNB and Handelsbanken) or placed as deposits with Borregaard AS. In some countries, however, there are legal or technical impediments on participation in Borregaard\u2019s cash pools or making deposits with Borregaard AS.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14087": { "value": "NOTE 25 OTHER LIABILITIES (CURRENT) Current liabilities are operating liabilities (trade accounts payable, unpaid public taxes/charges, prepaid revenues, other accruals, etc.) and \ufb01nancial liabilities (payable interest). All these items are interest-free borrowings. Dividend does not become a liability before it has been approved by the General Meeting. Amounts in NOK million 2023 2022 Accounts payable (Note 19) 560 497 Derivatives (Note 19) 255 102 Other current liabilities (Note 19) 9 6 Total \ufb01nancial liabilities non interest-bearing 824 605 Value-added tax, employee taxes, etc. 78 75 Accruals 458 405 Total other liabilities 1,360 1,085 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14088": { "value": "NOTE 25 OTHER LIABILITIES (CURRENT) Current liabilities are operating liabilities (trade accounts payable, unpaid public taxes/charges, prepaid revenues, other accruals, etc.) and \ufb01nancial liabilities (payable interest). All these items are interest-free borrowings. Dividend does not become a liability before it has been approved by the General Meeting. Amounts in NOK million 2023 2022 Accounts payable (Note 19) 560 497 Derivatives (Note 19) 255 102 Other current liabilities (Note 19) 9 6 Total \ufb01nancial liabilities non interest-bearing 824 605 Value-added tax, employee taxes, etc. 78 75 Accruals 458 405 Total other liabilities 1,360 1,085 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14123": { "value": "
NOTE 26 CAPITAL MANAGEMENT Borregaard\u2019s \ufb01nancial policy shall ensure short- term and long-term \ufb01nancial \ufb02exibility for the Group. Borregaard aims to maintain key \ufb01nancial ratios corresponding to an investment grade rated company in order to ensure access to debt capital on favourable terms and conditions. Borregaard shall manage \ufb01nancial risks, primarily related to currency \ufb02uctuations in a prudent manner and in accordance with established guidelines. Borregaard shall develop and maintain relationships with a core group of banks, based on long-term \ufb01nancing commitments. In 2023, Borregaard ASA was assigned a \ufb01rst- time issuer rating of A-/Stable from Scope Ratings GmbH. The same rating was assigned to the company\u2019s senior unsecured debt. Long-term funding In June 2023, Borregaard issued a \ufb01ve-year NOK 500 million green bond in the Norwegian bond market. A green \ufb01nancing framework, structured in accordance with the 2021 ICMA Green Bond Principles, as well as the 2023 LMA, APLMA and LSTA Green Loan Principles, was established in conjunction with the green bond issue. On 24 March 2022, Borregaard entered into a USD 50 million sustainability linked term loan with the Nordic Investment Bank (NIB). The loan has a tenor of ten years with a grace period of four years. In July 2020, Borregaard replaced the existing long-term revolving credit facilities with sustainability linked revolving credit facilities. The total amount of the Bank Facilities Agreements is NOK 1,500 million, with equal portions of NOK 500 million being provided by each of the three banks (Handelsbanken, DNB and SEB). The facilities mature in 2025 and 2027. The term loan and credit facilities are linked to Borregaard's sustainability targets and the margins can be adjusted based on the progress on three parameters: Borregaard's 2030 target of reducing greenhouse gas emissions (scope 1 and 2) as approved by the Science Based Targets initiative in 2019, reduction of the Group's total recordable injuries and \ufb01nally, keeping emissions of organic compounds to the Glomma river below certain levels. All outstanding loans and all other sums due and outstanding must be repaid in full on the termination date speci\ufb01ed for each tranche under the Bank Facilities Agreements. Borregaard also has a term loan from the Nordic Investment Bank maturing in 2024. This term loan was originally EUR 40 million and the remaining balance was EUR 3 million on 31 December 2023. The Bank Facilities Agreements and the term loan agreements with NIB, granted to Borregaard ASA and Borregaard AS on a joint and several basis, are unsecured (negative pledge), but
contain a \ufb01nancial covenant and some limitations on new indebtedness beside change of control and cross-default provisions. The \ufb01nancial covenant is as follows: Leverage ratio 1 : the ratio of Net Interest-Bearing Debt 1 to Consolidated EBITDA 1 including other income and expenses 1 , shall not exceed 3.50:1 during the life of the agreements. Borregaard\u2019s policy for long-term funding is for debt to have an average maturity of at least 2.5 years, with a maturity pro\ufb01le spread over several years. Re\ufb01nancing risk shall be actively managed and the re\ufb01nancing process for maturing loans shall preferably commence at least one year ahead of scheduled maturity. Borregaard shall seek to diversify its long-term funding sources, supplementing bank loans with debt capital markets and other sources, subject to availability and conditions. The company may utilise commercial paper markets and/or short-term bank loans as sources of liquidity, provided that such loans can be substituted by undrawn long- term committed loan facilities. Partially owned companies including the joint venture or companies whose domestic legislation prevents them from entering into loan agreements with Borregaard AS, will need either to be \ufb01nanced on equal (pro rata) terms by the partners or will have to establish independent funding. In June 2017, LignoTech Florida LLC entered into a USD 60 million loan agreement with SEB. The loan facility is guaranteed 70% by The Norwegian Export Credit Guarantee Agency and has a tenor of 8.5 years from commercial completion of the plant. As of 31 December 2023, the remaining balance of the loan was USD 56.8 million. Furthermore, an overdraft facility of USD 15 million was established to meet short term liquidity needs. The owners of LignoTech Florida (see Note 31) will guarantee the loan and the overdraft facility on a pro rata basis until certain \ufb01nancial conditions are met. As an industrial group, Borregaard is not subject to any external capital requirements. Liquidity and cash management At 31 December 2023, Borregaard had a multi- currency overdraft facility of NOK 125 million linked to its international cash pool with DNB, a NOK 100 million overdraft limit linked to its cash pool (Group account system) with Handelsbanken and an intra-day facility of NOK 75 million with Nordea related to salary payments. Group liquidity shall be managed in cash pools, with Borregaard AS as owner of top accounts and legal counterpart to relevant banks. Group companies shall participate in cash pools to the extent possible, with allocated internal credit lines. Group companies which are prevented from participating in cash pools, shall enter into deposit and/or loan agreements with Borregaard AS and shall aim at keeping locally held cash balances at a near-zero level. Excess liquidity shall primarily be used to repay debt. Alternatively, excess liquidity can be placed with relationship banks or other well-rated banks. Partially owned companies including the joint venture or companies whose domestic legislation prevents them from entering into deposit and/ or loan agreements with Borregaard AS, shall invest surplus cash in low-risk deposits and/or pay dividend.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14281": { "value": "
NOTE 27 FUNDING AND INTEREST-BEARING LIABILITIES
Loans and receivables are carried at amortised cost. Thus, changes in fair value resulting from changes in interest rates during the interest rate period are not reported in the income statement. Borrowing costs related to the long-term funding are capitalised over the period of the loan facilities.
Funding Borregaard's main sources of \ufb01nancing are proceeds from its USD 50 million term loan and EUR 40 million term loan (remaining balance EUR 2.7 million on 31 December 2023) with the Nordic Investment Bank, its green bond issue of NOK 500 million, and its long-term revolving credit facilities totalling NOK 1,500 million from three Scandinavian banks. In June 2017, LignoTech Florida entered into a USD 60 million loan agreement. The loan has a remaining balance of USD 56.8 million on 31 December 2023. To meet short term liquidity needs, an overdraft facility of USD 15 million was established. For liquidity and cash management purposes two multicurrency overdraft facilities totalling NOK 225 million are in place.
Book value Fair value Amounts in NOK million 2023 2022 2023 2022 Non-current interest-bearing liabilities Bank loans/bond 1,548 1,043 1,548 1,043 Other interest-bearing liabilities 468 327 468 327 Total non-current interest-bearing liabilities 2,016 1,370 2,016 1,370 Current interest-bearing liabilities Bank loans/overdraft/commercial paper/bond 151 658 151 658 Other interest-bearing liabilities 95 44 95 44 Total current interest-bearing liabilities 246 702 246 702 Total interest-bearing liabilities 2,262 2,072 2,262 2,072 Interest-bearing receivables Non-current interest-bearing receivables 2 2 2 2 Cash and cash equivalents 469 234 469 234 Total interest-bearing receivables 471 236 471 236 Net interest-bearing debt 1 1,791 1,836 1,791 1,836 RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES 1 January 2023 Cash \ufb02ows Additions/ transfer leases Foreign exchange movement Fair value changes 31 December 2023 Long-term borrowings 1,370 463 170 13 - 2,016 Short-term borrowings excluding overdraft 579 -473 101 -1 - 206 Other instruments - Change in net interest-bearing liablities -10 Overdraft 123 -87 - 4 - 40 Total liabilities from \ufb01nancing activities 2,072 -107 271 16 - 2,262 RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES 1 January 2022 Cash \ufb02ows Additions/ transfer leases Foreign exchange movement Fair value changes 31 December 2022 Long-term borrowings 1,320 -21 3 68 - 1,370 Short-term borrowings excluding overdraft 105 424 52 -2 - 579 Other instruments - Change in net interest-bearing liablities 403 Overdraft 119 -10 - 14 - 123 Total liabilities from \ufb01nancing activities 1,544 796 55 80 - 2,072 There were no drawings under the Bank Facilities Agreements as of 31 December 2023. Drawings originating from the bond issue, the term loans with Nordic Investment Bank, and the term loan related to LignoTech Florida amounted to NOK 1,616 million as of 31 December 2023. The maturity pro\ufb01les of the Group\u2019s interest-bearing liabilities are shown in the table below. MATURITY PROFILE INTEREST-BEARING LIABILITIES AND UNUTILISED CREDIT FACILITIES Gross interest-bearing liabilities Unutilised credit facilities Amounts in NOK million 2023 2022 2023 2022 Maturity < 1 year 246 702 338 250 Maturity 1-3 years 404 245 500 500 Maturity 3-5 years 1,059 519 1,000 1,000 Maturity 5-7 years 193 181 - - Maturity > 7 years 360 425 - - Total 2,262 2,072 1,838 1,750
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14287": { "value": "
Loans and receivables are carried at amortised cost. Thus, changes in fair value resulting from changes in interest rates during the interest rate period are not reported in the income statement. Borrowing costs related to the long-term funding are capitalised over the period of the loan facilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14288": { "value": "
Loans and receivables are carried at amortised cost. Thus, changes in fair value resulting from changes in interest rates during the interest rate period are not reported in the income statement. Borrowing costs related to the long-term funding are capitalised over the period of the loan facilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f14550": { "value": "
NOTE 28 FINANCIAL RISK (I) ORGANISATION OF FINANCIAL RISK MANAGEMENT Borregaard operates internationally and is exposed to \ufb01nancial risks like currency risk, interest rate risk, commodity price risk, climate and nature risks, liquidity risk and credit risk. Borregaard uses derivatives and other \ufb01nancial instruments to reduce these risks in accordance with the Group\u2019s \ufb01nance policy. Responsibility for managing \ufb01nancial risk in Borregaard is divided between business areas, which manage risk related to business processes and corporate functions, which manages risk related to centralised activities like funding, interest rate management, cash management, currency risk management and credit management policy. Borregaard\u2019s CFO and the Group\u2019s Treasury Department are responsible for managing centralised \ufb01nancial risk elements. Financial risks This section describes the most important risk factors within the Group and the management of these risks. In this context, \ufb01nancial risk is de\ufb01ned as risk related to \ufb01nancial instruments. These may either be hedging instruments for underlying risk or viewed as inherently a source of risk. Borregaard is exposed to currency risk for most of its sales, primarily in USD and EUR. A substantial part of this exposure, de\ufb01ned as estimated net cash \ufb02ow in USD or EUR, is routinely hedged on a rolling basis with a nine- month time horizon. In order to secure medium- term competitiveness, the hedging horizon may gradually be extended to three years for a EUR/NOK hedging rate in the range of 10.00.- 10.50 and gradually to three years for USD/NOK hedging rates in the 9.00-9.50 range. For USD/ NOK exposure, hedging levels may be reduced for hedging rates below 6.00. On the revenue side, all of Borregaard\u2019s business segments are exposed to price risk in international markets. Borregaard is also exposed to price risk on wood, energy (heat energy and electric power) and other strategic raw materials. In 2011, Borregaard entered into a long-term hydroelectric power contract with Eidsiva Vannkraft AS for delivery of a total of 6.1 billion kilowatt hours (6.1 TWh) to be supplied in the period 2013-2024. In 2018, Borregaard and Eidsiva Vannkraft AS entered into a new long term supply contract for electric power for a total of 2.8 TWh to be supplied to the Sarpsborg site in the period 2020 to 2029. The new contract replaces the existing contract between the parties for the period 2020 to 2024, with a gradual reduction of annual deliveries from about 420 GWh in 2020 to about 130 GWh in 2029. The agreement between Eidsiva and Borregaard secures power deliveries for Borregaard\u2019s plants in Sarpsborg from January 2013 until December 2029. In 2019, Borregaard and E-CO Energi entered into a long-term contract for hydroelectric power for a total of 1.66 TWh to be supplied to the Sarpsborg site in the period 2022 to 2033, with annual deliveries increasing from 88 GWh to 175 GWh. In 2019, Borregaard also entered into a new long-term contract with Statkraft for delivery of renewable electric power to the Sarpsborg site. A total of 1.75 TWh will be supplied in the period 2020 to 2029, with annual deliveries of 175 GWh. In 2023, Borregaard entered into a new long-term contract with \u00c5 Energi for annual delivery of 88 GWh in renewable electric power to the Sarpsborg site for the period 2024 to 2033. This is energy to be used by Borregaard solely for production purposes. It means that the energy supply from these contracts is part of the \"own-use\" exemption in IFRS 9 and not treated as a derivative. Borregaard also has a hedging strategy which enables hedging of part of its future expected power consumption. The purpose of this hedging is to reduce the risk from volatility in the power prices. (II) CATEGORIES OF FINANCIAL RISKS FOR THE BORREGAARD GROUP
Currency risk As NOK is the presentation currency for the Group, Borregaard is exposed to currency translation risk for net investments in foreign operations. Borregaard hedges this category of risk using currency forward contracts and loans for USD and EUR. Transaction risk is hedged against each entity\u2019s functional currency. Borregaard applies hedge accounting for most hedges of future transactions, either cash \ufb02ow hedges or fair value hedges of \ufb01rm commitments. The different types of hedges are described in Note 29. The Group\u2019s aggregated outstanding currency hedges of future transactions on the balance sheet date are shown in the following table.
FOREIGN EXCHANGE CONTRACTS LINKED TO HEDGING OF FUTURE REVENUES AND COSTS 2023 Amounts in million Purchase currency Amount Sale currency Amount Maturity USD 2 NOK 19 2024 NOK 1,557 USD 168 2024 NOK 1,572 USD 158 2025 NOK 1,094 USD 106 2026 EUR 1 USD 1 2024 EUR 5 NOK 53 2024 EUR 2 NOK 18 2025 NOK 1,314 EUR 124 2024 NOK 1,365 EUR 125 2025 NOK 973 EUR 83 2026 SEK 48 NOK 48 2024 2022 Amounts in million Purchase currency Amount Sale currency Amount Maturity USD 3 NOK 33 2023 NOK 1,331 USD 144 2023 NOK 1,275 USD 141 2024 NOK 893 USD 93 2025 EUR 2 USD 2 2023 EUR 2 NOK 18 2023 NOK 1,513 EUR 141 2023 NOK 1,287 EUR 122 2024 NOK 913 EUR 86 2025 SEK 48 NOK 46 2023
Interest rate risk Borregaard\u2019s interest rate risk is mainly related to the Group\u2019s interest-bearing liabilities and assets. This risk is managed at parent level. Borregaard shall primarily follow a \ufb02oating rate strategy, but may consider \ufb01xed rates for a maximum of 50% of its debt, using appropriate derivatives.
Liquidity risk Liquidity risk is the risk that Borregaard is not able to meet its payment obligations. This risk is managed centrally, but in close concert with affected subsidiaries. Borregaard AS initiates measures deemed necessary to maintain a strong liquidity. Cash \ufb02ow from operations, which among other factors is affected by changes in working capital, is managed operationally at Group level, and is relatively stable. Borregaard monitors liquidity \ufb02ows, short and long-term, through reporting and selected forecasting routines. Due to the aforementioned measures, the Group has limited liquidity risk. The following table shows the maturity pro\ufb01le for the Group\u2019s contractual \ufb01nancial liabilities, including liabilities which are not recognised in the \ufb01nancial position. The amounts represent undiscounted future cash \ufb02ows and may therefore deviate from recognised \ufb01gures. The table also includes derivatives recognised as assets on the balance sheet date, as derivatives may include both positive and negative cash \ufb02ows, and the fair value \ufb02uctuates over time. Forward prices are used to determine the future settlement amounts for electric power and currency derivatives. MATURITY PROFILE FINANCIAL LIABILITIES 2023 Amounts in NOK million Book Value Contractual cash \ufb02ows < 1 year 1-3 years 3-5 years 5-7 years > 7 years Interest-bearing liabilities excluding lease liabilities 1,699 1,699 151 241 990 156 161 Lease liabilities 563 757 127 210 101 63 256 Interest payable bank loans & bonds 9 430 108 192 98 26 6 Accounts payable 560 560 560 - - - - Gross settled derivatives * 307 - - - - - - In\ufb02ow - -9,226 -4,194 -5,025 -2 -2 -3 Out\ufb02ow - 9,533 4,423 5,086 16 8 - Total 3,138 3,753 1,175 704 1,203 251 420 MATURITY PROFILE FINANCIAL LIABILITIES 2022 Amounts in NOK million Book Value Contractual cash \ufb02ows < 1 year 1-3 years 3-5 years 5-7 years > 7 years Interest-bearing liabilities excluding lease liabilities 1,701 1,701 658 186 482 152 223 Lease liabilities 371 547 63 93 67 26 298 Interest payable bank loans & bonds 6 333 81 126 78 33 15 Accounts payable 497 497 497 - - - - Gross settled derivatives * 151 - - - - - - In\ufb02ow - -7,564 -3,609 -3,955 - - - Out\ufb02ow - 7,715 3,664 4,038 7 6 - Total 2,726 3,229 1,354 488 634 217 536
The \ufb01nancial liabilities are serviced by cash \ufb02ow from operations, liquid, and interest-bearing assets, and, when necessary, drawings on unutilised credit facilities.
Credit risk The management of credit risk related to accounts receivable and other operating receivables is handled as part of the business risk but based on guidelines set by Borregaard AS and continuously monitored by the operating entities. There is no signi\ufb01cant concentration of credit risk in respect of single counterparts. A credit management policy is in place. Credit losses are historically modest due to a stable and \ufb01nancially healthy customer base as well as stringent monitoring of trade receivables. See Note 22. For sales to countries or customers associated with high political or commercial risk, trade \ufb01nance products are widely used to reduce credit risk. With these risk mitigation measures in place, the current credit risk is considered to be acceptable. See Note 8 for geographical breakdown of sales revenues. Borregaard considers its credit risk related to other \ufb01nancial instruments to be low. Firstly, only relationship banks act as counterparts for \ufb01nancial hedge transactions. Secondly, bank accounts are mainly held with relationship banks. For deposits of liquidity with other counterparts in countries where relationship banks are not present, Borregaard has requirements relating to the bank\u2019s credit rating. Maximum credit risk The maximum credit exposure for the Group related to \ufb01nancial instruments corresponds to total gross receivables. In the hypothetical and highly unlikely event that no receivables are redeemed, this amounts to: Amounts in NOK million 2023 2022 Cash and cash equivalents 469 234 Accounts receivable 877 988 Other current receivables 33 37 Non-current receivables 184 193 Derivatives 124 95 Total 1,687 1,547 Commodity price risk The Group is exposed to price risks in respect of a number of raw materials, of which electric power, lique\ufb01ed natural gas and wood are the most substantial. However, prices of sold products are also affected by raw material prices, and it is generally Borregaard\u2019s policy to reduce the price risk through commercial contracts.
Climate risk and nature risks Climate and nature risk assessments comply with IFRS S2 and TNFD standards. In the table below, climate and nature risks and opportunities as described from page 30 and in the Climate and Nature Risk Report, are included with current exposure, current price level/cost and future expected exposure.
CLIMATE AND NATURE RISKS CURRENT EXPOSURE CURRENT PRICE LEVEL & COST FUTURE (2030) EXPOSURE Current and emerging carbon pricing mechanism EU ETS: 120,107 t CO 2 in 2023 CO 2 tax for waste incineration: 37,970 t CO 2 emission rights owned 664,700. Scope 3 emissions 354,303 for 2023. EU ETS 85 EUR/t CO 2 , free allowances covers the demand. CO 2 tax 238 NOK/t CO 2 . EU ETS: Remaining exposure in 2030 20,000 t CO 2 /year, future EUA price and no free allowances (unlike today). Expect free allowances to cover CO 2 emissions to 2030. Plan to reduce CO 2 emissions will reduce future need for emission rights. Emissions from transportation within EU-ETS. CBAM*: Main raw materials locally sourced. Increased energy prices Total energy 1,781 GWh, heat energy is 1,235 GWh (from LNG, light oil, biofuel, biogas, waste and electricity), wheras 546 GWh is power supply. Long-term power supply contracts. Energy is 12% of total cost in 2023, NOK 610 million. Increased electric power supply from the grid (35 MW), but maintained \ufb02exibility for variable load in strained periods. Reuced dependency for auxillary fuel. Total energy at the same level as today, energy ef\ufb01ciency is offset by volume increase. The share of electricity for power supply will increase and energy for heat will decrease. Long-term power supply contracts. Availability of forest raw material 1 million fm 3 , 99% certi\ufb01ed wood PEFC/FSC standard. Wood 12% of total cost in 2023, NOK 630 million. Sourced volume of wood will increase with 5-10% to 1.05 - 1.10 million m3 due to debottlenecking. Future price level will be based on availability. Availability can be reduced due to stricter certi\ufb01cation schemes for PEFC/FSC and changes in forest regulations. Physical acute (change in weather conditions) Supply chain/Operations - Challenging river conditions (Rhine and Glomma). Operations: Hurricanes in Florida. Operations: Investigation and measures to reduce risk related to ground conditions due to heavy precipitation, risk of landslide. Supply chain alternatives - cost below NOK 10 million. NAT/CAT Insurance in place. Payout related to ground conditions was NOK 15 million in 2023. More challenging river conditions (Glomma and Rhine) can increase supply chain cost. Increased risk of hurricanes and possible downtime cost for the operations. Increased precipitation may impact ground conditions (may lead to higher expenditure related to buildings and infrastructure). Changes in weather conditions may impact growth rate, forest health and harvesting conditions may increase the wood cost. NAT/CAT cost is expectede to increase. Physical chronic (sea level rise) Current exposure low, the risk is not likely to have consequence before 2030. N/A Sea level rise in Florida could have an effect after 2030, but relevant climate scenarios was considered when the plant was build.
CLIMATE OPPORTUNITIES CURRENT EXPOSURE CURRENT PRICE LEVEL & COST FUTURE (2030) EXPOSURE Resource ef\ufb01ciency (high utilisation of raw materials/energy) 94% utilisation of wood. Energy conservation program: 21.5 GJ/TAD cellulose in 2023. Average electricity spot price (Oslo region) at 724 NOK/ MWh in 2023. Utilise bark from wood debarking at the wood yard for energy 75 GWh/year. 100% material or energy recovery of waste streams that was land\ufb01lled in 2023. Increased energy ef\ufb01ciency allows for higher production without increasing energy consumption. Heat recovery solutions reduces demand for new renewable energy capacity. Renewable energy (reduced GHG exposure) Total energy 1,722 GWh, 1,050 GWh from renewable sources. CO 2 emissions from energy is the major emissions source - technology are available to invest in more renewable energy solutions to acheive our scienced based emisson targets. Flexibility for variable load (LNG, electricity and light oil). Energy is 12% of total cost in 2023, NOK 610 million. Investments of NOK 650-850 million in 2023-2025 to reduce emissions by 83,000 t CO 2 (scope 1 and 2). The \ufb01rst investment (NOK 230 million) will be \ufb01nalised in 2024. The investment will reduce CO 2 emissions and increase energy \ufb02exibility, enabling a potential cost reduction (see page 35). Maintained \ufb02exibility for variable load in strained periods for renewable energy, results in reduced energy cost. Spraydriers at the site in Norway independed of fossil energy. Product and services (Products that replaces fossil based) About 52% (NOK 3.7 million) of Borregaard\u2019s sales revenues in 2023 came from biobased products with lower climate/environmental footprint compared with fossil-based products. Sales revenue for biobased products. Increased value of biobased products. Changes in EU chemical and environmental regulations may favour our products. Capital markets 81% of long-term \ufb01nancing (including Revolving Credit Facilities) at the end of 2023 had a sustainability linked margin or were issued in accordance with Borregaard\u2019s Green Financing Framework (\u201cgreen \ufb01nancing\u201d). There were indications that the margin on the green bond issued in 2023 got a slight discount compared to a traditional bond issue. However, it is dif\ufb01cult to quantify the exact effect. 100% \u201cgreen \ufb01nancing\u201d ambition in 2030. Expect the margin discount on \u201cgreen \ufb01nancing\u201d to increase towards 2030, which will mean lower interest expenses. Resilience 800 different products in numerous applications, reduced exposure to cyclical markets. Markets that will grow or decline due to climate changes are identi\ufb01ed. Average price: BioSolution products NOK 11,753 per mtds. BioMaterials products NOK 16,527 per mt. Upgrading the product portfolios in both BioSolutions and Speciality Cellulose. Innovation portfolio and sustainability offering new opportunities. Maintained/increased \ufb02exibility in sourcing, especially within energy and basic chemicals.
Sensitivity analysis The \ufb01nancial instruments of the Borregaard Group are exposed to different types of market risk which can affect the income statement or equity. Financial instruments, in particular derivatives, are applied as means of hedging both \ufb01nancial and operational exposure. In the table below, Borregaard presents a partial analysis of the sensitivity of \ufb01nancial instruments, where the isolated effect of each type of risk on the income statement and on equity is estimated. This is done on the basis of a selected reasonably possible change in market prices/rates on the statement of \ufb01nancial position as of 31 December. According to IFRS, the analysis covers only \ufb01nancial instruments and is not meant to give a complete overview of the Group\u2019s market risk, for instance: \u2022 For currency hedges of contracts entered into, changes in fair value of the hedging instrument will affect the income statement, while changes in the fair value of the underlying hedged contract offset by the hedging instrument will not be shown, as it is not a \ufb01nancial instrument. \u2022 If one of the parameters changes, the analysis will not take account of any correlation with other parameters. \u2022 Financial instruments denominated in the entities\u2019 functional currencies do not constitute any currency risk and are therefore not included in this analysis. Nor is the currency exposure on translation of such \ufb01nancial instruments to the presentation currency of the Group included, for the same reason. \u2022 No sensitivity analysis is performed for the power hedges as the exposure is considered immaterial. Generally, the effect on the income statement and equity of \ufb01nancial instruments in the table below is expected to offset the effects of the hedged items where \ufb01nancial instruments are part of a hedging relationship. SENSITIVITY FINANCIAL INSTRUMENTS 2023 ACCOUNTING EFFECTS ON Income statement of Equity of Amounts in NOK million Increase Decrease Increase Decrease Financial instruments in hedging relationships Interest rate risk (excluding leasing): 100 bp paral- lel shift in interest curves all currencies -16 16 - - Currency risk: 10% change in FX-rate USD/NOK - - -339 339 Currency risk: 10% change in FX-rate EUR/NOK - - -290 290 Currency risk: 10% change in FX-rate SEK/NOK - - 4 -4 SENSITIVITY FINANCIAL INSTRUMENTS 2022 ACCOUNTING EFFECTS ON Income statement of Equity of Amounts in NOK million Increase Decrease Increase Decrease Financial instruments in hedging relationships Interest rate risk (excluding leasing): 100 bp paral- lel shift in interest curves all currencies -12 12 - - Currency risk: 10% change in FX-rate USD/NOK - - -286 286 Currency risk: 10% change in FX-rate EUR/NOK - - -286 -286 Currency risk: 10% change in FX-rate SEK/NOK - - 4 -4 Accounting effects of changes in market risk are classi\ufb01ed to income statement and equity according to where the effect of the changes in fair value will be recognised initially. Effects recognised in the income statement will also affect equity beyond the \ufb01gures presented in the table.
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Currency risk As NOK is the presentation currency for the Group, Borregaard is exposed to currency translation risk for net investments in foreign operations. Borregaard hedges this category of risk using currency forward contracts and loans for USD and EUR. Transaction risk is hedged against each entity\u2019s functional currency. Borregaard applies hedge accounting for most hedges of future transactions, either cash \ufb02ow hedges or fair value hedges of \ufb01rm commitments. The different types of hedges are described in Note 29. The Group\u2019s aggregated outstanding currency hedges of future transactions on the balance sheet date are shown in the following table.
FOREIGN EXCHANGE CONTRACTS LINKED TO HEDGING OF FUTURE REVENUES AND COSTS 2023 Amounts in million Purchase currency Amount Sale currency Amount Maturity USD 2 NOK 19 2024 NOK 1,557 USD 168 2024 NOK 1,572 USD 158 2025 NOK 1,094 USD 106 2026 EUR 1 USD 1 2024 EUR 5 NOK 53 2024 EUR 2 NOK 18 2025 NOK 1,314 EUR 124 2024 NOK 1,365 EUR 125 2025 NOK 973 EUR 83 2026 SEK 48 NOK 48 2024 2022 Amounts in million Purchase currency Amount Sale currency Amount Maturity USD 3 NOK 33 2023 NOK 1,331 USD 144 2023 NOK 1,275 USD 141 2024 NOK 893 USD 93 2025 EUR 2 USD 2 2023 EUR 2 NOK 18 2023 NOK 1,513 EUR 141 2023 NOK 1,287 EUR 122 2024 NOK 913 EUR 86 2025 SEK 48 NOK 46 2023
Interest rate risk Borregaard\u2019s interest rate risk is mainly related to the Group\u2019s interest-bearing liabilities and assets. This risk is managed at parent level. Borregaard shall primarily follow a \ufb02oating rate strategy, but may consider \ufb01xed rates for a maximum of 50% of its debt, using appropriate derivatives.
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Liquidity risk Liquidity risk is the risk that Borregaard is not able to meet its payment obligations. This risk is managed centrally, but in close concert with affected subsidiaries. Borregaard AS initiates measures deemed necessary to maintain a strong liquidity. Cash \ufb02ow from operations, which among other factors is affected by changes in working capital, is managed operationally at Group level, and is relatively stable. Borregaard monitors liquidity \ufb02ows, short and long-term, through reporting and selected forecasting routines. Due to the aforementioned measures, the Group has limited liquidity risk. The following table shows the maturity pro\ufb01le for the Group\u2019s contractual \ufb01nancial liabilities, including liabilities which are not recognised in the \ufb01nancial position. The amounts represent undiscounted future cash \ufb02ows and may therefore deviate from recognised \ufb01gures. The table also includes derivatives recognised as assets on the balance sheet date, as derivatives may include both positive and negative cash \ufb02ows, and the fair value \ufb02uctuates over time. Forward prices are used to determine the future settlement amounts for electric power and currency derivatives. MATURITY PROFILE FINANCIAL LIABILITIES 2023 Amounts in NOK million Book Value Contractual cash \ufb02ows < 1 year 1-3 years 3-5 years 5-7 years > 7 years Interest-bearing liabilities excluding lease liabilities 1,699 1,699 151 241 990 156 161 Lease liabilities 563 757 127 210 101 63 256 Interest payable bank loans & bonds 9 430 108 192 98 26 6 Accounts payable 560 560 560 - - - - Gross settled derivatives * 307 - - - - - - In\ufb02ow - -9,226 -4,194 -5,025 -2 -2 -3 Out\ufb02ow - 9,533 4,423 5,086 16 8 - Total 3,138 3,753 1,175 704 1,203 251 420 MATURITY PROFILE FINANCIAL LIABILITIES 2022 Amounts in NOK million Book Value Contractual cash \ufb02ows < 1 year 1-3 years 3-5 years 5-7 years > 7 years Interest-bearing liabilities excluding lease liabilities 1,701 1,701 658 186 482 152 223 Lease liabilities 371 547 63 93 67 26 298 Interest payable bank loans & bonds 6 333 81 126 78 33 15 Accounts payable 497 497 497 - - - - Gross settled derivatives * 151 - - - - - - In\ufb02ow - -7,564 -3,609 -3,955 - - - Out\ufb02ow - 7,715 3,664 4,038 7 6 - Total 2,726 3,229 1,354 488 634 217 536
The \ufb01nancial liabilities are serviced by cash \ufb02ow from operations, liquid, and interest-bearing assets, and, when necessary, drawings on unutilised credit facilities.
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NOTE 30 EQUITY AND SHARE CAPITAL
Borregaard ASA was established on 22 August 2012 with a share capital of NOK 1 million. As part of establishing the Borregaard Group, capital transactions to increase share capital and share premium fund was made. Share capital, share premium fund, other paid-in equity and retained earnings are presented from the establishment of the Borregaard Group in October 2012. Date/year Number of shares Nominal value (NOK) Share capital (NOK million) 31 December 2023 100,000,000 1 100 31 December 2022 100,000,000 1 100
THE 20 LARGEST SHAREHOLDERS AS OF 31 DECEMBER 2023* CONT. Shareholder Number of shares % of capital 1 FOLKETRYGDFONDET 10,683,256 10.68 % 2 THE GOLDMAN SACHS GROUP, INC 7,334,513 7.33 % 3 ERIK MUST A/S 7,252,755 7.25 % 4 IMPAX ASSET MGT 5,897,287 5.90 % 5 NORDEA BANK ABP 4,884,038 4.88 % 6 ABERDEEN STANDARD INVESTMENTS (STANDARD LIFE) 3,908,340 3.91 % 7 THE VANGUARD GROUP, INC 3,711,336 3.71 % 8 PARETO ASSET MGT 3,556,456 3.56 % 9 ODIN FUND MGT 3,453,454 3.45 % 10 STOREBRAND INVESTMENTS 3,143,049 3.14 % 11 KLP KAPITALFORVALTNING 2,431,914 2.43 % 12 ARCTIC ASSET MGT 2,298,366 2.30 % 13 BLACKROCK INC 2,116,144 2.12 % 14 SCHRODER INVESTMENT MGT 1,998,564 2.00 % 15 ALFRED BERG 1,879,415 1.88 % 16 SVENSKA HANDELSBANKEN GROUP 1,749,615 1.75 % 17 DNB ASSET MGT 1,703,981 1.70 % 18 JUPITER ASSET MGT 1,482,219 1.48 % 19 BARINGS 1,244,225 1.24 % 20 DIMENSIONAL FUND ADVISORS 1,216,093 1.22 % Total shares 71,945,020, 71.95 % * The list of top 20 shareholders is based on information from Orient Capital Ltd in their capacity as shareholder analysis provider. In preparing this report, Orient Capital has used data sourced from third parties. None of the third parties have been involved in the preparation of this report and do not accept any liability for its contents. The information disclosed is factual information only and is not \ufb01nancial product advice. Neither Borregaard, Orient Capital or any third party supplier of data accepts any responsibility for any investment decision or action taken or not taken.
TREASURY SHARES OWNED BY BORREGAARD ASA Nominal value (NOK) Number of shares Fair value (NOK million) 1 January 2022 414 862 414 862 92 Exercise of share options in 2022 -239,774 -239,774 Shares to employees -162,810 -162,810 Purchase/Buy-back of treasury shares 422,275 422,275 31 December 2022 434,553 434,553 66 Exercise of share options in 2023 -354,050 -354,050 Shares to employees -169,213 -169,213 Purchase/Buy-back of treasury shares 525,570 525,570 31 December 2023 436,860 436,860 75
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Borregaard ASA was established on 22 August 2012 with a share capital of NOK 1 million. As part of establishing the Borregaard Group, capital transactions to increase share capital and share premium fund was made. Share capital, share premium fund, other paid-in equity and retained earnings are presented from the establishment of the Borregaard Group in October 2012. Date/year Number of shares Nominal value (NOK) Share capital (NOK million) 31 December 2023 100,000,000 1 100 31 December 2022 100,000,000 1 100
THE 20 LARGEST SHAREHOLDERS AS OF 31 DECEMBER 2023* CONT. Shareholder Number of shares % of capital 1 FOLKETRYGDFONDET 10,683,256 10.68 % 2 THE GOLDMAN SACHS GROUP, INC 7,334,513 7.33 % 3 ERIK MUST A/S 7,252,755 7.25 % 4 IMPAX ASSET MGT 5,897,287 5.90 % 5 NORDEA BANK ABP 4,884,038 4.88 % 6 ABERDEEN STANDARD INVESTMENTS (STANDARD LIFE) 3,908,340 3.91 % 7 THE VANGUARD GROUP, INC 3,711,336 3.71 % 8 PARETO ASSET MGT 3,556,456 3.56 % 9 ODIN FUND MGT 3,453,454 3.45 % 10 STOREBRAND INVESTMENTS 3,143,049 3.14 % 11 KLP KAPITALFORVALTNING 2,431,914 2.43 % 12 ARCTIC ASSET MGT 2,298,366 2.30 % 13 BLACKROCK INC 2,116,144 2.12 % 14 SCHRODER INVESTMENT MGT 1,998,564 2.00 % 15 ALFRED BERG 1,879,415 1.88 % 16 SVENSKA HANDELSBANKEN GROUP 1,749,615 1.75 % 17 DNB ASSET MGT 1,703,981 1.70 % 18 JUPITER ASSET MGT 1,482,219 1.48 % 19 BARINGS 1,244,225 1.24 % 20 DIMENSIONAL FUND ADVISORS 1,216,093 1.22 % Total shares 71,945,020, 71.95 % * The list of top 20 shareholders is based on information from Orient Capital Ltd in their capacity as shareholder analysis provider. In preparing this report, Orient Capital has used data sourced from third parties. None of the third parties have been involved in the preparation of this report and do not accept any liability for its contents. The information disclosed is factual information only and is not \ufb01nancial product advice. Neither Borregaard, Orient Capital or any third party supplier of data accepts any responsibility for any investment decision or action taken or not taken.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15758": { "value": "TREASURY SHARES OWNED BY BORREGAARD ASA Nominal value (NOK) Number of shares Fair value (NOK million) 1 January 2022 414 862 414 862 92 Exercise of share options in 2022 -239,774 -239,774 Shares to employees -162,810 -162,810 Purchase/Buy-back of treasury shares 422,275 422,275 31 December 2022 434,553 434,553 66 Exercise of share options in 2023 -354,050 -354,050 Shares to employees -169,213 -169,213 Purchase/Buy-back of treasury shares 525,570 525,570 31 December 2023 436,860 436,860 75 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15812": { "value": "
NOTE 31 NON-CONTROLLING INTERESTS As of 31 December 2023, non-controlling interests consist of LignoTech Ib\u00e9rica SA and LignoTech Florida LLC. Borregaard owns 60% of LignoTech Ib\u00e9rica located in Spain and 55% of LignoTech Florida located in USA. In 2020, LignoTech Ib\u00e9rica lost its local lignin source when Sniace's cellulose business went bankrupt and had to close. Production at the lignin plant was discontinued and liquidation is expected to be set in 2024. The entities are fully consolidated into the Borregaard Group\u2019s \ufb01nancial statements and minority interests are recognised. As of 31 December 2023, current assets were NOK 149 million (NOK 144 million) in LignoTech Florida and non-current assets amounted to NOK 825 million (NOK 830 million). Current liabilities were NOK 230 million (NOK 274 million) and non- current liabilities amounted to NOK 694 million (NOK 613 million). LignoTech Florida had a loss for the year of NOK -42 million in 2023 (NOK -104 million). Amounts in NOK million 2023 2022 Changes in non-controlling interests: Non-controlling interests 1 January 51 84 Non-controlling interests\u2019 share of pro\ufb01t/loss -14 -41 Translation differences, etc. 2 8 Non-controlling interests 31 December 39 51
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NOTE 32 PLEDGES AND GUARANTEES In 2017, LignoTech Florida LLC (55% owned by Borregaard) entered into a USD 60 million loan agreement as well as a USD 15 million overdraft facility. The owners will guarantee the loan and the overdraft facility on a pro rata basis until relevant \ufb01nancial conditions are met. As of 31 December 2023, USD 56.8 million of the facility was drawn. See Note 26 and 31.
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NOTE 34 GOVERNMENT GRANTS
Government grants are recognised in the \ufb01nancial statements when there is a reasonable assurance that the requirements of the grants will be complied with and that the grants will be received. Grants related to income are presented as reduction of expenses they are intended to compensate for. Government grants that relate to assets are recognised as a reduction in the acquisition cost of the asset. The grant reduces the depreciation of the asset.
Borregaard recognised NOK 108 million in government grants in 2023 (NOK 106 million) 3 . Of this amount, NOK 103 million was recognised as reduced expenses (NOK 91 million), while NOK 5 million was recognised as a reduction of the acquisition cost of the asset concerned (NOK 15 million). The grants are provided by the Norwegian government and the US government mainly for research and development projects, environmental investments and CO 2 compensation. The current regulation on CO 2 compensation for industrial enterprises for the period 1 January 2021 to 31 December 2030 was approved during
the 4 th quarter of 2022 and proposed changed as part of the Norwegian National Budget for 2024. Based on the approved and proposed changes in the regulation, Borregaard has recognised the CO 2 compensation for 2023 in the \ufb01nancial statement. Of the recognised government grants of NOK 108 million (NOK 106 million), NOK 73 million was related to CO 2 compensation (NOK 62 million).
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Government grants are recognised in the \ufb01nancial statements when there is a reasonable assurance that the requirements of the grants will be complied with and that the grants will be received. Grants related to income are presented as reduction of expenses they are intended to compensate for. Government grants that relate to assets are recognised as a reduction in the acquisition cost of the asset. The grant reduces the depreciation of the asset.
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NOTE 35 ENVIRONMENT, HEALTH AND SAFETY MATTERS A provision is recognised when the Group has a present obligation (legal or constructive) following a past event, it is probable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash \ufb02ows estimated to settle the present obligation, its carrying amount is the present value of the cash \ufb02ows. Environment, Health and Safety issues (EHS): Sulphur dioxide (SO 2 ) is one of the most important chemicals used in the productions processes at Borregaard. There are several EHS regulations to secure safe operations, a safe working environment and low emissions to the environment. The use of SO 2 has been regulated for many years, but the authorities both in the EU and in Norway have enhanced the regulations during the last years and new demands are coming. Borregaard decided to introduce new technology to substantially reduce the amount of SO 2 stored at the plant in Sarpsborg in order to further improve safety. The majority of the installation was done in 2020 and \ufb01nalised in 2022. Technology for recovering and scrubbing of emissions will be installed in different process areas during the next years, as well as measures to reduce the exposure to SO 2 in the working environment. In 2023, there were four hourly exceedances of local air quality, compared to six in 2022. The exceedances were mainly a result of the commissioning of a new plant for production of SO 2 . The new plant is expected to give an improvement in local air quality. Reductions in COD ef\ufb02uents: Borregaard has submitted a long-term plan for reduction of COD to water to the Norwegian Environmental Authorities. The plan includes several measures including recipe and process optimisation and technical installations such as spill collection and evaporation. The goal is to reduce COD emissions to below 47 tonnes per day in 2026. The plan has delivered higher reductions than expected, and the result for 2023 was 46 tonnes per day, representing a 15% reduction compared to 2022. Chlor-alkali plant: From 1949 to 1997, Borregaard used mercury-based technology for chlor-alkali production at the site in Sarpsborg. This process led to pollution of the soil in the area surrounding the plant. In 1994, a ground water barrier was built and a water monitoring programme was established. The concentration of mercury in ground water wells and in the sewage system is continuously monitored in close co-operation with the authorities to secure stable and acceptable mercury levels. Although the levels increased in 2023, the mercury levels are well below the permitted level. Borregaard has initiated a study to investigate how to improve emission barriers further. Ground conditions: In 2022, a provision of NOK 20 million was made related to ground conditions at the site in Norway. Implementation of the measures started in 2023 and will be fully implemented in 2024. An additional accrual of NOK 7 million was made in 2023 related to the work.
ENVIRONMENTAL ACCRUALS Amounts in NOK million Chlor-alkali plant Opsund land\ufb01ll Former waste disposal Ground conditions Total Initial accrual 60 30 16 0 106 Additional accrual prior to 2022 0 0 3 0 3 Utilised prior to 2022 -60 -30 -19 0 -109 Accrual 1 January 2022 - - - - - Accrual related to matters identi\ufb01ed in 2022 - - - 20 20 Utilisation in 2022 of initial accrual - - - - - Accrual 31 December 2022 - - - 20 20 Accrual related to matters identi\ufb01ed in 2023 - - - 7 7 Utilisation in 2023 of initial accrual - - - -5 -5 Accrual 31 December 2023 - - - 22 22 Borregaard\u2019s site in Norway has several areas that are de\ufb01ned as polluted by the Norwegian Environment Agency, due to former operations. Borregaard\u2019s future costs for environmental remediation depends on a number of uncertain factors, such as changes in regulations or approval from authorities for the extent of actions. Monitoring of contaminated areas will continue to con\ufb01rm that implemented measures are suf\ufb01cient. Conditions which could require future expenditures may be determined to exist for various sites, including Borregaard\u2019s major production facilities and warehouses. NOTE 36 UNCERTAINTY IN GLOBAL ECONOMY War and con\ufb02icts in Ukraine and the Middle East as well as uncertainty in the global economy may impact Borregaard\u2019s markets and costs. Borregaard will continue to closely monitor markets and costs development and implement relevant measures if required. See Note 28 for \ufb01nancial risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16153": { "value": "NOTE 37 OTHER MATTERS AND SUBSEQUENT EVENTS Shares to employees: As part of the employee share programme, Borregaard has sold a total of 165,248 shares to employees in February 2024. The share price was NOK 129.18 per share including a 25% discount. Costs in 2024, including administration costs, related to the employee share programme amount to approximately NOK 8 million. For more details, see noti\ufb01cations to the Oslo Stock Exchange on 5, 12 and 29 February 2024. Share options issued: In February 2024, 371,000 share options at a strike price of NOK 199.10 were granted under the long-term incentive programme. The options will expire after \ufb01ve years, the vesting period is three years and the options may be exercised during the last two years. For more details, see noti\ufb01cation to the Oslo Stock Exchange on 27 February 2024. There have been no events after the balance sheet date that would have had a material impact on the \ufb01nancial statements, or the assessments carried out. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGYXC05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }