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"pp-value-8-1": {
"value": "adjusting,marine, offshore and renewables consultancy services to the energy, shipping and insurance industries globally.",
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"value": "62 officeslocated across 5 continents in 38 countries.",
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"value": "2.1 Statement of ComplianceThe consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS\u00ae) as approved by the European Union, interpretations issued by the IFRS\u00ae Interpretations Committee (IFRS\u00ae IC) applicable to companies reporting under IFRS\u00ae and the additional requirements of the Norwegian Accounting Act as of 31 December 2023. The financial statements comply with IFRS\u00ae as issued by the International Accounting Standards Board (IASB) and were approved for issue by the Company's Board of Directors on 24 April 2024.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "2.4 Basis of consolidationThe consolidated financial statements include the accounts of the Company and its subsidiaries as listed in note 25.ControlThe Company controls an entity when it has power over the entity, is exposed to, or has rights to, variable returns from its involvement with the entity, and has the ability to use its power to vary its returns. The Company reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. All relevant facts and circumstances are considered in assessing whether the Company\u2019s voting and share rights in an investee are sufficient to give it power. Non-controlling interestNon-controlling interests in subsidiaries are identified separately from the Company\u2019s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisitions, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity.2.1 Statement of ComplianceThe consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS\u00ae) as approved by the European Union, interpretations issued by the IFRS\u00ae Interpretations Committee (IFRS\u00ae IC) applicable to companies reporting under IFRS\u00ae and the additional requirements of the Norwegian Accounting Act as of 31 December 2023. The financial statements comply with IFRS\u00ae as issued by the International Accounting Standards Board (IASB) and were approved for issue by the Company's Board of Directors on 24 April 2024.2.2 Basis of measurement The consolidated financial statements have been prepared on the historical cost basis unless stated otherwise. Income and expenses are accounted for on an accrual basis.Reference is made to the material accounting policies as included in the relevant notes for more detailed information on the measurement basis. These policies have been applied consistently by the Group.Fair valueFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group considers the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS\u00ae 2, leasing transactions that are within the scope of IFRS\u00ae 16, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 or value-in-use in IAS 36. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorised within the fair value hierarchy, described as follows:\u2022 Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.\u2022 Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.\u2022 Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.2.3 Going concernThe financial statements of the Group and the Company have been prepared on a going concern basis. In reaching this conclusion, Management has reviewed detailed budgets, which reflect, where applicable, the current economic conditions, with regard to the level of demand for the Group\u2019s services and trading forecasts for at least the next twelve months.2.5 Foreign currenciesFunctional and presentation currencyThese consolidated financial statements are presented in US Dollars (USD). All amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated.Foreign currency transactionsIn preparing the financial statements of each subsidiary, transactions in currencies other than the subsidiary\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in OCI and reclassified from equity to profit or loss on repayment of the monetary items.Foreign operationsThe assets and liabilities of the Group\u2019s foreign operations, including goodwill and fair value adjustments arising on acquisitions, are translated into USD using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in OCI and accumulated in a foreign currency translation reserve as part of shareholders\u2019 equity.Consolidation processConsolidation of a subsidiary begins when control over the subsidiary is obtained and ceases when control over the subsidiary is lost. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss and other comprehensive income or loss ('OCI') from the date the Company gains control until the date when the Company ceases to control the subsidiary.When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the accounting policies of the Group. All intra-group assets and liabilities, equity, income and expenses, including any unrealised income and expenses, relating to transactions between members of the Group are eliminated in full upon consolidation. Profit or loss and each component of OCI are attributed to the shareholders of the Company and to the non-controlling interests. Total comprehensive income or loss of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.2.6 New and amended standardsIn the current period, the Group has mandatorily adopted several amendments to IFRS\u00ae issued by the IASB that are effective for the current accounting period.The following standards and amendments were applied for the first time in 2023, resulting in changes to the accounting policies and the notes where applicable:\u2022 IFRS\u00ae 17 Insurance contracts\u2022 Amendments to IFRS\u00ae 17 Insurance contracts: Initial application of IFRS\u00ae 17 and IFRS\u00ae 9\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS\u00ae Practice Statements 2 disclosure accounting policies\u2022 Amendments to IAS 8 Definition of accounting estimates\u2022 Amendments to IAS 12 Income Taxes: Deferred tax related to assets and liabilities arising from a single transaction\u2022 Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar Two Model RulesThe above mentioned amendments do not have a material impact on the disclosures in the notes or on the amounts reported in these consolidated financial statements.New and amended standards and interpretations not yet effectiveCertain new accounting standards and interpretations have been issued but are not yet effective for the year ended 31 December 2023 and have not been early adopted:\u2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of liabilities as current or non-current and non-current liabilities with covenants\u2022 Amendments to IFRS\u00ae 16 Leases: Lease liability in a sale and leaseback\u2022 Amendments to IAS 7 Statement of Cashflows and IFRS\u00ae 7 Financial Instruments Disclosures: Supplier finance arrangements\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of exchangeabilityNone of the accounting standards issued but not yet effective are expected to have a material impact on these consolidated financial statements.Note 3. Significant accounting estimates and judgementsMaterial accounting policies are provided in the respective note throughout the consolidated financial statements. In applying the Group\u2019s accounting policies, which are described in more detail in the notes to the financial statements, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.3.1 Critical judgements in applying the Group's accounting policiesThe following are the critical judgments, apart from those involving estimations (which are presented below separately), that Management has made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements.Control over subsidiariesNote 25 describes that certain subsidiaries in UAE, Qatar, Thailand and Malaysia are subsidiaries of the Group even though the Group has only a 49% ownership interest. The remaining ownership interests are held by local sponsors in accordance with statutory regulations of those countries.The Directors of the Company assessed whether the Group has control over those subsidiaries based on whether the Group has the practical ability to direct the relevant activities of subsidiaries unilaterally. In making their judgement, the directors considered the Group\u2019s absolute size of holding in those subsidiaries and the relative size of and dispersion of the shareholdings owned by the other shareholders.Through trust agreements with the respective local sponsors, the Group controls 100% of the financial and ownership rights of those entities. The Group has ownership over all the assets of the entity, with all dividends, proceeds of sale etc. belonging solely to the Group. After assessment, the directors concluded that the Group has full power of the investee, is fully exposed to variable returns from its involvement with the investee and could use its power over the investee to affect the amount of the investor's returns, those entities have been fully consolidated in the consolidated financial statements of the Group, and the 51% owned by the local sponsors have not been treated as a non-controlling interest.3.2 Key sources of estimation uncertaintyThe key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.Income taxesThe Group is subject to income tax in several jurisdictions and significant judgement is required in determining the provision for income taxes. During the ordinary course of business, there are transactions and calculations for which the ultimate tax determination is uncertain. As a result, the Group recognizes tax liabilities based on estimates of whether additional taxes and interest will be due. The company believes that its accruals for tax liabilities are adequate for all open audit years based on its assessment of many factors including experience and interpretations of tax law. This requires the application of judgment as to the ultimate outcome, which can change over time depending on facts and circumstances. Judgments mainly relate to transfer pricing, including inter-company financing and expenditure deductible for tax purposes.To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact income tax expense in the period in which such determination is made.Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and level of future taxable profits together with future tax planning strategies.Impairment of non-financial assetsAn impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value-in-use. The fair value less costs of disposal calculation is based on available data from binding sales transactions in an arm\u2019s length transaction of similar assets or observable market prices less incremental costs for disposing the asset. The value-in-use for calculation is based on a discounted cash flow model. The cash flows are derived from the forecast for the next three years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the cash-generating unit being tested.The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash inflows and the growth rate used for extrapolation purposes.Further details of the key assumptions applied in the impairment assessment of goodwill are given in note 13 to the consolidated financial statements.Employee compensation plansThe Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based payment transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in note 16 to the consolidated financial statements.Note 4. Revenue from contracts with customersRendering of servicesRevenue from providing services is recognised in the accounting period in which the services are rendered. For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided, because the Group has an enforceable right to receive payment for time performance completed to date. Completion is determined based on the actual labour hours spent relative to the total expected labour hours.Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on expected cost plus margin.Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management.In the case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the services rendered exceed the payment, a contract asset is recognised. If the payments exceed the services rendered, a contract liability is recognised.The group derives revenue from contracts with customers for the consultancy services over time provided to the energy, shipping and insurance industries and includes reimbursement of expenses and related services. This is consistent with the revenue information that is disclosed for each reportable segment under IFRS\u00ae 8 (note 5). It excludes dividends, interest income and intra-group transactions.Amounts in USD thousands 2023 2022Revenue from contracts with customersConsultancy services 240,967 159,239 Reimbursement of expenses 8,709 7,721 Other 1,557 937 Total revenue from contracts with customers 251,233 167,897 Assets and liabilities related to contracts with customersThe Group has recognised the following assets and liabilities related to contracts with customers.Amounts in USD thousands 2023 2022Contract assetsContract assets related to contracts with customers 22,238 13,537 Loss allowance (53) (143) Total contract assets 22,185 13,394 Contract liabilitiesContract liabilities related to contracts with customers 1,978 1,535 The contract assets primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date. The Group also recognised a loss allowance for contract assets in accordance with IFRS\u00ae 9 (refer to note 23 for further information). The contract assets are transferred to trade receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer. The contract liabilities primarily relate to the advance consideration received from customers, for which revenue is recognised over time. The vast majority of the Group\u2019s consulting service contracts are billed based on the time incurred. As permitted under IFRS\u00ae 15, the transaction price allocated to unsatisfied contracts is not disclosed, for which the practical expedient applies. Whilst the Group incurs costs that are necessary to facilitate a sale, those costs would have been incurred even if the customer decided not to execute the contract and therefore have not been capitalised. Impairment of financial assetsThe Group assesses at each reporting date whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment.Evidence of impairment may include indications that the debtor or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments; the probability that they will enter into bankruptcy or other financial reorganization, and observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or general changes in the economic conditions that correlate with defaults. The Group measures the loss allowance on amounts due from customer at an amount equal to lifetime expected credit losses (ECL). When measuring ECL, the group uses reasonable and supportable forward-looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other. Further details of the key assumptions applied in the impairment assessment are given in note 23 to the consolidated financial statements.Note 5. Segment informationAs of 1st July 2023, the Group is managed by four distinct business lines under the brands ABL (\u201cThe Energy and Marine Consultants\u201d), OWC (\u201cThe Renewable Energy Consultants\u201d), Longitude (\u201cThe Engineering Consultants\u201d) and AGR (\u201cThe Energy and Software Consultants\u201d). The internal restructuring was carried out to simplify the group structure and to improve clarity around service offerings, with each segment containing services of a similar nature, provided to customers of a similar nature. These business lines will also form the basis for the four reportable segments of the Group. The internal management reports provided by management to the Group's Board of Directors, which is the Group\u2019s Chief Operating Decision Maker (\"CODM\"), is in accordance with this structure. No operating segments have been aggregated to form the above four reporting segments.Management has considered the organisational structure, service offerings of each business unit and performance of certain activities in determining the reportable segments as described above. The main measures of performance for each segment are revenue, operating profit and working capital metrics (trade debtor and unbilled revenue days outstanding).The AGR segment includes the AGR business acquired in Q2 2023, as well as certain Add Energy entities acquired in Q3 2022, which now form part of the AGR segment. Financials for the AGR segment prior to Q2 2023 relates solely to these Add Energy entities. Eliminations reflects the eliminations of intra-segment revenue to the extent that these arise between the segments. The segmental information, as provided to the CODM on a monthly basis, is as follows: Amounts in USD thousands ABL AGR OWC Longitude Eliminations Total/ CorporateYear ended 31 December 2023Segmental revenue 138,786 66,224 41,615 12,385 (7,777) 251,233 Operating profit 31,896 3,119 4,200 3,014 (25,699) 16,530 Finance income 423 Finance expenses (1,666) Net foreign exchange loss (2,842) Profit before income tax 12,445 Income tax expenses (3,768) Profit after tax 8,677Amounts in USD thousands ABL AGR OWC Longitude Eliminations Total/ CorporateYear ended 31 December 2022Segmental revenue 125,357 6,469 30,739 11,191 (5,859) 167,897 Operating profit 24,908 (845) 4,362 2,530 (18,439) 12,514 Gain on disposal of subsidiaries 1,889 Finance income 169 Finance expenses (1,411) Net foreign exchange loss (2,507) Profit before income tax 10,654 Income tax expenses (4,401) Profit after tax 6,253 The following segment asset information is provided to the Board of Directors for reportable segments:Amounts in USD thousands ABL AGR OWC Longitude Eliminations Total/ CorporateYear ended 31 December 2023Trade receivables 28,290 11,749 5,904 1,532 - 47,475 Contract assets 11,402 6,028 3,645 1,110 - 22,185 Cash and cash equivalents 15,291 7,129 4,240 912 585 28,157 Amounts in USD thousands ABL AGR OWC Longitude Eliminations Total/ CorporateYear ended 31 December 2022Trade receivables 24,903 3,455 3,192 894 - 32,444 Contract assets 9,718 487 1,931 1,258 - 13,394 Cash 19,485 1,710 4,626 803 4,350 30,974 Information about other segment assets and liabilities is not reported to or used by the CODM and, accordingly, no measures of other segment assets and liabilities are reported.Note 6. Staff CostsEmployee Benefits Pension obligationsThe Group currently operates both defined contribution and defined benefit plans. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as an employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. The Group's pension obligations primarily relate to defined contribution plans. The Group meets the Norwegian requirements for mandatory occupational pension (\"obligatorisk tjenestepensjon\"). Refer to note 18 for further information regarding other employee's end of service benefits.Other employees\u2019 benefit obligationsLiabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. These liabilities are presented as a current liability and included in trade and other payables.In some countries, the Group also has liabilities for end of service benefits that are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period, using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. The provision relating to end of service benefits is disclosed as a non-current liability.Bonus plansThe Group recognizes a liability and an expense for bonuses based on a formula that takes into consideration the profit attributable to the Company\u2019s shareholders after certain adjustments. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation.Share-based paymentsShare-based compensation benefits are provided to employees via the employee option plan. Information relating to these schemes is set out in note 16. Employee optionsThe fair value of options granted under the employee option plan is recognized as an employee benefits expense, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:\u2022 including any market performance conditions (e.g., the entity\u2019s share price)\u2022 excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period), and\u2022 including the impact of any non-vesting conditions (e.g., the requirement for employees to save or hold shares for a specific period). The total expense is recognized over the vesting period, which is the period over which all the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. Amounts in USD thousands 2023 2022Staff CostsSalaries and wages 96,628 62,995Payroll and social security costs 11,844 7,616Employee's end of service and pension benefits 4,791 2,322Share-based payments 1,439 1,397Other personnel costs 10,671 13,796Total staff costs 125,373 88,126Average number of employees 1,089 797Note 7. Other operating expensesAmounts in USD thousands 2023 2022Subcontractor costs 72,202 37,765Office lease and maintenance expenses 2,603 1,963Insurance costs 3,372 2,637Cost of recharged expenses 7,267 6,781Transaction costs related to acquisitions 720 357Expenses relating to short-term or low value leases 1,541 1,412General and administrative expenses 16,324 13,000Total other operating expenses 104,029 63,9151Remuneration to auditorsAudit fees 1,094 1,020Other assurance services 114 48Other services 158 278Total renumeration to auditors 1,366 1,3471 All fees are exclusive of VATNote 8. Business combinationsThe acquisition method of accounting is used to account for all business combinations in accordance with IFRS\u00ae 3, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 fair values of the assets transferred\u2022 liabilities incurred to the former owners of the acquired business\u2022 equity interests issued by the Group\u2022 fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 fair value of any pre-existing equity interest in the subsidiary.Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets.Acquisition-related costs are expensed as incurred.The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase.Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognized in profit or loss.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized as of that date.The measurement period ends as soon as the Group receives the necessary information about the facts and circumstances that existed as of the acquisition date or learns that the information is not obtainable. However, the measurement period cannot exceed one year from the acquisition date.Business combinations during 2023AGROn 18 April 2023, the Group acquired 100 percent of the shares in the multi-disciplinary engineering consultancy and software company AGR AS (\u201cAGR\u201d). The acquisition will bolster the Group\u2019s offering within well and reservoir consultancy, enhances the Group\u2019s position supporting operators\u2019 digitalisation and decarbonisation plans, and expand its opex-driven offshore energy exposure. The purchase price consideration amounted to USD 29.0 million consisting of USD 0.5 million in cash on completion and the issue of 18,166,667 ordinary ABL Group shares (the \u201cAGR Consideration Shares\u201d), representing 14.8% of outstanding shares post-issue, issued at NOK 16.4 per share, being the closing share price on the date of completion. The provisional purchase price allocation is based on Management's best estimation of the fair value of the identifiable assets acquired and liabilities assumed. Management considers that the assumptions used in the provisional purchase price allocation are appropriate as at 31 December 2023. The measurement period will end no later than 18 April 2024. Goodwill recorded in connection with the AGR acquisition represents future economic benefits specific to the Group arising from assets that do not qualify for separate recognition as intangible assets.The fair value of acquired trade receivables on acquisition is USD 8.6 million. The gross contractual amount for trade receivables due is USD 8.8 million, with a loss allowance of USD 0.2 million. USD 0.5 million of acquisition costs were incurred in the AGR acquisition and were included in other operating expenses in the consolidated income statement. If control had been obtained on 1 January 2023, the combined revenue and profit for the year of the Group and the acquired business would have amounted to USD 270.7 million and USD 9.9 million respectively.Delta Wind PartnersOn 23 August 2023, the Group acquired 100 percent of the shares in the Denmark-based offshore wind consultancy DWP Group ApS and its subsidiary Delta Wind Partners ApS. The acquisition expands OWC\u2019s technical offering in wind turbines and in consultancy at the installation and O&M phases of an offshore wind project. It also provides an opportunity to further grow DWP\u2019s unique approach to WTG optimisation both globally and in the floating offshore wind market. The purchase price consideration amounted to USD 1.7 million consisting of USD 1.1 million (DKK 7.4 million) in cash on completion and the issue of 413,838 ordinary ABL Group shares (the \u201cDWP Consideration Shares\u201d), representing 0.3% of outstanding shares post-issue, issued at NOK 16.5 per share, being the closing share price on the date of completion. The DWP Consideration Shares are subject to a lock-up agreement and certain restrictions for 3-5 years.The provisional purchase price allocation is based on Management's best estimation of the fair value of the identifiable assets acquired and liabilities assumed.Management considers that the assumptions used in the provisional purchase price allocation are appropriate as at 31 December 2023. The measurement period will end no later than 23 August 2024. Goodwill recorded in connection with the DWP acquisition represents future economic benefits specific to the Group arising from assets that do not qualify for separate recognition as intangible assets.USD 0.2 million of acquisition costs were incurred in the DWP acquisition. These costs have been included in other operating expenses in the consolidated income statement. If control had been obtained on 1 January 2023, the combined revenue and profit for the year of the Group and the acquired business would have amounted to USD 252.8 million and USD 8.8 million respectively.Details of the purchase consideration, provisional net assets and goodwill acquired are as follows:Amounts in USD thousands AGR DWPProvisional fair value of net assets acquiredProperty, plant an equipment 246 33 Intangible assets - proprietary software 2,478 - Intangible assets - customer relations 10,020 - Right-of-use assets 1,157 - Financial assets (deposits) - 12 Deferred tax assets 3,595 2 Trade and other receivables 9,352 399 Contract assets 5,143 72 Cash and cash equivalents 3,593 8 Trade and other payables (15,581) (228) Income tax payable - (105) Deferred tax liabilities (2,410) - Long-term liabilities (1,602) - Net identifiable assets acquired 15,991 193 Non-controlling interests (255) - Goodwill 13,229 1,535 Net assets acquired 28,965 1,728 Amounts in USD thousands Purchase considerationCash consideration 509 1,086 Consideration shares 28,456 642 Total purchase consideration 28,965 1,728 Amounts in USD thousands Net cash flow on acquisition of subsidiariesCash acquired 3,593 8 Cash paid (509) (1,086) Net cash flow - investing activities 3,084 (1,078) Note 10. TaxesThe income tax expense or credit for the period is the tax payable on the current period's taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, based on amounts expected to be paid to the tax authorities.Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is neither accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled.Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.Investment allowances and similar tax incentivesCompanies within the Group may be entitled to claim special tax deductions for investments in qualifying assets or in relation to qualifying expenditure (e.g. the Research and Development Tax Incentive regime or other investment allowances). The Group accounts for such allowances as tax credits, which means that the allowance reduces income tax payable and current tax expense. A deferred tax asset is recognized for unclaimed tax credits that are carried forward as deferred tax assets.Note 9. Financial itemsInterest incomeInterest income is recognized using the effective interest rate method.Amounts in USD thousands 2023 2022Finance incomeInterest income 167 100 Other finance income 256 69 Total finance income 423 169 Finance expensesInterest on obligations under finance leases 404 297 Interest expenses 888 1,077 Other finance expenses 374 37 Total finance expenses 1,666 1,411 Foreign exchange lossNet foreign exchange loss 2,842 2,507 Net foreign exchange loss includes foreign currency loss related to bank accounts in the Company and its subsidiaries, which have bank accounts in currencies other than their functional currencies. Long-term loans to subsidiaries have been assessed to be a part of the net investments in the subsidiaries. In compliance with IAS 21, the unrealised currency effects related to these loans have been recognised in foreign currency translation reserve in the consolidated statement of comprehensive income.Amounts in USD thousands 2023 2022Income tax expenses on ordinary pre-tax profitIncome tax charge 2,447 2,572 Withholding taxes 1,388 1,359 Deferred tax (credit) / charge (68) 470 Total income tax expenses on ordinary pre-tax profit 3,767 4,401 Income tax expenses on other comprehensive income elements (793) (729) Total income tax on other comprehensive income (793) (729) Deferred tax assetsDeferred tax on temporary differences 5,308 1,744 Total deferred tax assets 5,308 1,744 Movement in deferred tax assetsAt 1 January 1,744 1,708 Income statement charge (33) (122) Increase as a result of a business combination (see note 8) 3,593 159 Exchange differences 4 - At 31 December 5,308 1,744 Deferred tax liabilitiesDeferred tax on temporary differences 4,687 2,516 Total deferred tax liabilities 4,687 2,516 Movement in the deferred tax liabilitiesAt 1 January 2,516 1,259 Income statement (credit) / charge (240) 1,259 Increase as a result of a business combination (see note 8) 2,410 - Exchange differences - (2) At 31 December 4,686 2,516 Amounts in USD thousands 2023 2022Reconciliation of the effective tax rate:Profit before income tax 12,445 10,654 Income tax using the Group's domestic tax rate of 22% (2022: 22%) 2,738 2,344 Effect of non-deductible expenses or non-taxable income 86 2 Effect of tax incentives and exempt income (48) - Effect of tax rates in other countries (548) (600) Deferred tax assets not recognised 66 594 Withholding taxes 1,388 1,359 Utilisation or recognition of previously unrecognised tax losses - (79) Income tax related to prior years 86 781 Income tax expense recognised in profit or loss 3,768 4,401 The Group has recognized deferred tax assets in respect of carry forward losses of its various subsidiaries as at 31 December 2023 and 2022. Management\u2019s projections of future taxable income and tax optimization strategies support the assumption that it is probable that sufficient taxable income will be available to utilise these deferred tax assets.Deferred tax assets on the tax losses relating to certain subsidiaries have not been recognized by the Group, due to uncertainty of its recoverability. The use of these tax losses is subject to the certain provisions of the tax legislation of the respective countries in which the companies operate. The deferred tax assets not recognised of USD 66,000 at 31 December 2023 (31 December 2022: USD 594,000) stated above is mainly related to tax losses carried forward.Deferred taxes on unrealised foreign exchange gain or loss relating to long-term loans considered as net investment in subsidiaries are recognised in other comprehensive income and presented within equity in the foreign currency translation reserve. Other than these, the change in deferred tax assets and liabilities is primarily recorded in the consolidated income statement.Deferred tax asset and deferred tax liabilities are presented separately due to different tax regimes. Note 12. Property, plant and equipmentProperty, plant and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the asset. Depreciation is calculated using the straight-line method to allocate the asset's cost to their residual values over their estimated useful lives as follows:Fixtures and office equipment: 2\u20135 yearsVehicles: 5 yearsThe estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.An item of property, plant and equipment is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated income statement when the asset is derecognized.Right-of-use assetsThe Group assesses, at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Rental contracts, typically for office premises, are often entered into for fixed periods of 6 months to several years and may have extension options.A right-of-use asset and a lease liability are recognised at the lease commencement date.The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received, and any initial direct costs. It is subsequently measured at cost less accumulated depreciation and impairment losses. The useful life for a right-of-use asset is equal to the corresponding lease term. If there is evidence that the remaining useful life of the underlying asset is lower than the lease term, then the useful life is used.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.The Group applies the short-term lease recognition exemption to its short-term leases. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease terms.The Group applies a single discount rate to a portfolio of leases with reasonably similar characteristics. Many leases contain extension and termination options which are included in the lease terms if the Group is reasonably certain that they will be exercised.Note 11. Earnings per shareBasic earnings per shareBasic earnings per share is calculated by dividing the profit attributable to owners of the Parent Company, excluding any costs of servicing equity other than ordinary shares by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares.Diluted earnings per shareDiluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.Amounts in USD thousands 2023 2022Earnings for the calculation of basic and diluted earnings per share Profit attributable to shareholders of the Parent Company 8,677 6,253Number of sharesWeighted average number of ordinary shares for the calculation of basic earnings per share 117,702 99,850Effect of dilutive potential ordinary shares 7,716 8,097Weighted average number of ordinary shares for the calculation of diluted earnings per share 125,418 107,947Earnings per share (USD): basic 0.07 0.06Earnings per share (USD): diluted 0.07 0.06The following instruments could potentially dilute basic earnings per share in the future. Number of instruments (in thousands) 2023 2022Employee share options (note 16) 10,023 10,805Conditional warrants 1,000 1,000Consideration shares 664 664Total number of options and warrants 11,687 12,469Dilutive effect of the above instrumentsEmployee share options (note 16) 6,063 6,444Conditional warrants 993 993Consideration shares 660 660Dilutive number of options and warrants 7,716 8,097Note 13. Goodwill and intangible assetsGoodwillGoodwill is measured as described in note 8. Goodwill is not amortised but is reviewed for impairment at least annually, or more frequently when there is an indication that goodwill may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash generating units (\"CGU's\") expected to benefit from the synergies of the combination. If the recoverable amount of the CGU is less than the carrying amount of the CGU, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to that CGU and then to the other assets of the unit pro-rata, on the basis of the carrying amount of each asset in that CGU. An impairment loss recognised for goodwill is not reversed in a subsequent period.Customer relationsThe customer contracts were acquired as part of a business combination. They are recognized at their fair value at the date of acquisition and are subsequently amortized on a straight-line based on the timing of projected cash flows of the contracts over their estimated useful lives of 5\u201315 years.Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentCost at 1 January 2022 9,935 2,830 88 12,853 Additions 4,130 1,742 - 5,872 Acquired through business combinations 729 120 - 849 Disposals (2,893) (131) - (3,024) Write- off/ transfers - 221 - 221 Exchange differences 46 275 - 321 Cost at 31 December 2022 11,947 5,058 88 17,093 Accumulated depreciation at 1 January 2022 6,306 1,728 54 8,087 Charge for the year 1,790 1,104 18 2,912 Disposals (3,609) (87) - (3,696) Write-off/ transfers - 277 - 277 Exchange differences (444) (55) 7 (492) Accumulated depreciation at 31 December 2022 4,043 2,967 78 7,088 Carrying amount at 31 December 2022 7,904 2,091 10 10,005 Cost at 1 January 2023 11,947 5,058 88 17,093 Additions 98 968 - 1,066 Acquired through business combinations 1,157 279 - 1,436 Disposals (106) (303) (5) (414) Exchange differences 666 234 8 908 Cost at 31 December 2023 13,762 6,236 91 20,089 Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentAccumulated depreciation at 1 January 2023 4,045 2,967 78 7,088 Charge for the year 2,390 944 7 3,341 Disposals (106) (301) (22) (429) Exchange differences (715) 166 25 (525) Accumulated depreciation at 31 December 2023 5,614 3,776 88 9,476 Carrying value at 31 December 2023 8,149 2,460 3 10,613 See note 17 for further information on the lease liabilities relating to the above right-of-use assets.Goodwill Customer PatentsInternally Totalrelationsgenerated Amounts in USD thousandssoftwareCost at 1 January 2022 29,806 3,561 - - 33,367Acquired through business combinations - 714 1,386 337 2,438 Additions - - - 121 121 Effect of movements in exchange rates (588) - - 44 (544) Cost at 31 December 2022 29,218 4,275 1,386 502 35,382Accumulated amortisation and impairment 5,546 356 - - 5,902at 1 January 2022Charge for the year - 384 46 66 495Effect of movements in exchange rates (405) - - 7 (398)Acumulated amortisation and impairment 5,141 740 46 72 5,999at 31 December 2022Carrying value at 31 December 2022 24,077 3,536 1,340 430 29,382Cost at 1 January 2023 29,218 4,275 1,386 502 35,382 Acquired through business combinations 14,764 6,736 3,284 2,478 27,262 Additions - - - 1,454 1,454 Effect of movements in exchange rates 290 126 66 48 529 Cost at 31 December 2023 44,272 11,137 4,736 4,483 64,627 Accumulated amortisation and impairment 5,141 740 46 72 5,999 at 1 January 2023Charge for the year - 1,087 92 782 1,961 Effect of movements in exchange rates (154) (6) - - (160) Acumulated amortisation and impairment 4,987 1,820 139 854 7,800 at 31 December 2023Carrying value at 31 December 2023 39,284 9,317 4,597 3,629 56,828 Useful life Tested for 5 \u2013 15 years 15 years 5 \u2013 10 yearsimpairmentAll goodwill is allocated to CGUs. These CGUs represent the lowest level within the Group at which goodwill is monitored for internal management purposes. Goodwill denominated in foreign currencies is revalued at the reporting date. The allocation of goodwill to cash-generating units is as follows:Amounts in USD thousands 2023 2022Cash Generating UnitsABL 19,972 19,878AGR 13,467 - OWC 4,246 2,600 Longitude 1,599 1,599Total goodwill 39,284 24,077 Goodwill arising from the acquisitions is attributable to workforce of the acquired businesses (refer note 8). Goodwill is tested for impairment at least annually, or when there are indications of impairment. Determining whether goodwill is impaired requires an estimation of the value-in-use of the CGUs to which goodwill has been allocated. The value-in-use calculations requires the directors to estimate the future cash flows expected to arise from the CGU and a suitable discount rate in order to calculated present value. Where the actual future cash flows are less than expected, an impairment loss may arise.The Group has completed an annual assessment of impairment indicators and performed an impairment test on assets and CGUs. The following assumptions were used:Cash flow projections and assumptions:A three year forecast of discounted cash flows plus a terminal value was used to determine net present value of each CGU. Discounted cash flows were calculated before tax.Estimated future cash flows for the different CGUs are estimated based on budgets and long-term estimates. The estimated cash flows for year 2024 are based on budget. The estimated cash flows in the years 2025-2026 are based on current 3-year forecasts for each CGU. The projected cash flows are based on the expected development in the total overall market, the CGUs performance and that the Group over time will reach a margin level in line with what other businesses within the industry historically have achieved.Cash flows have been used over a period of three years as management believes this reflects a reasonable time horizon for management to monitor the trends in the business. After three years a terminal growth rate has been set to 1.5% for the Oil & Gas and Maritime businesses and 1.7% for the Renewable businesses. This is somewhat below OECD market forecasts for growth in energy demand and markets until 2040. While Oil & Gas activities are not assumed to have infinite lives, the Group's core competence is applicable across multiple energy markets, and it is assumed that in the long term Oil & Gas clients will be replaced by customers with similar demands from energy transition activities and other industries. The estimated terminal long-term growth is mainly dependent on overall market growth for demand for the Group's services and the CGUs ability to recruit the right personnel and its ability to create revenue growth through then proper utilization of human resources.Note 14. Trade and other receivablesTrade receivables are amounts receivable from customers for billing in the ordinary course of business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment losses. The Group measures the loss allowance for trade receivables based on the expected credit loss model using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors and general economic conditions of the industry in which the debtors operate. The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g., when the debtor has been placed under liquidation or has entered bankruptcy proceedings. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate.The carrying amount of the asset is reduced using an allowance account and the amount of the loss is recognized in the consolidated income statement within other operating expenses. When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against other operating expenses in the consolidated income statement.Amounts in USD thousands 2023 2022Trade receivables 48,087 33,280 Loss allowance (612) (836) Total trade receivables 47,475 32,444 Prepayments 4,465 3,427 Deposits 1,675 1,122 Other receivables 3,777 4,409 Total trade and other receivables 57,392 41,400 Trade receivables are generally due for settlement within 30 to 90 days and are therefore all classified as current, terms associated with the settlement vary across the Group. Trade receivables are generally due for settlement within 30 to 90 days and are therefore all classified as current, terms associated with the settlement vary across the Group. The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in note 23.Discount rate:The weighted average cost of capital (\"WACC\") is determined based on a target capital structure of 80% equity (2022: 80%), where cost of equity is determined using a capital asset pricing model. The WACC is based on the post-tax cost of equity and cost of debt using CGU-specific inputs where possible for key inputs including risk-free interest rate, the beta factor, country risk premium, market risk premium, additional risk premium, and country specific tax rates.Key inputs in determining the WACC:\u2022 Risk free interest rate: 10-year government yield\u2022 Asset beta: Based on a selected peer group consisting of companies with statistical data for the last 5 years: 0.94 (2022: 1.04)\u2022 Capital structure: Equity ratio of 80%The cash flows were discounted using WACC of 9.0% to 11.1%.Impairment test results and conclusion:Overall the test performed indicated the value-in-use exceeds the carrying amounts for all CGUs. As a result of the above, no impairment has been recorded during the year. Sensitivity to impairment:Sensitivity calculations are done for all CGUs that are tested for impairment. To test the sensitivity of the results of the impairment review, the calculations have been re-performed using the following assumptions:\u2022 An increase in discount rate of 2.0% points\u2022 A reduction in the EBITDA margin of 3.0% points in the terminal year \u2022 A reduction in terminal growth rate to 0.5% pointsThe results indicated that a combined change in all the three assumptions in the sensitivity analysis would result in a value-in-use that exceeds the carrying amounts for all CGUs. Note 15. Cash and cash equivalentsFor the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash at banks and on hand and short-term deposits with original maturity of three months or less, which are subject to an insignificant risk of changes in value.Amounts in USD thousands 2023 2022Non restricted cash 28,048 30,815Restricted cash 109 159Total cash and cash equivalents 28,157 30,974Cash at banks earns interest at floating rates based on daily bank deposit rates. Cash and cash equivalents largely comprise bank balances denominated in US Dollars, Norwegian Krone, British Pound, and other currencies for the purpose of settling current liabilities. Restricted cash is cash held in the bank accounts of certain entities where there is a requirement to hold a certain amount of cash to cover future obligations and are therefore not available for general use by the other entities within the Group.Note 16. EquityEquity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.Where any Group company purchases the Company\u2019s equity instruments (treasury shares), for example as the result of a share buy-back or a share-based payment plan, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the owners of the Company as treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the owners of the Company.Dividends Provision is made for any dividend declared, being appropriately authorized and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period. Number of shares Amounts in USD thousands(thousands) Share capital Share premium Total At 1 January 2022 96,923 1,323 64,912 66,235 Cash-settled capital increase (net of transaction costs) 5,265 53 1,694 1,746 Shares isssued as consideration for business combination 2,582 26 2,680 2,706 Dividends paid - - (5,936) (5,936) At 31 December 2022 104,770 1,402 63,349 64,751 At 1 January 2023 104,770 1,402 63,349 64,751 Shares isssued as consideration for business combination (see note 8) 18,580 178 28,833 29,011 Dividends paid - - (8,073) (8,073)At 31 December 2023 123,350 1,580 84,109 85,689 Each ordinary share has a par value of NOK 0.10 per share. They entitle the holder to participate in dividends, and to share in the proceeds of winding up the Company in proportion to the number of shares held. On a show of hands every holder of ordinary shares present at a meeting, in person or by proxy, is entitled to one vote, and on a poll each share is entitled to one vote.The Company does not have a limited amount of authorized capital.In 2023, 18,580,505 ordinary shares (2022: 7,847,279 ordinary shares) were issued. The Company incurred USD 43,000 (2022: USD 24,000) in transaction costs that were directly attributable to the issuance of shares.Share-based compensation reserve The share-based compensation reserve arises on the grant of share options to employees under the employee share option plans. Employee share option planShare options to staff for shares issued under the Group's share options scheme are set out below:2023 2022 Number of share Weighted average Number of share Weighted average In thousands of optionsoptions exercise price NOKoptions exercise price NOKAt 1 January 10,805 6.17 17,765 4.80 Granted during the year - - 1,000 12.64 Exercised during the year - - (5,265) 3.37 Adjusted during the year - - 90 3.57 Forfeited during the year (782) 6.80 (2,785) 4.44 At 31 December 10,023 6.12 10,805 6.17 Share options outstanding at the end of the year have the following expiry dates and exercise prices:Grant date Expiry date Exercise price NOK 2023 202220/12/19 11/3/25 3.09 630 6304/5/21 14/9/24 5.26 8,545 9,17522/12/22 11/4/26 12.03 848 1,000Options outstanding at year end (thousands) 10,023 10,805Weighted average remaining contractual life (years) of options outstanding at end of 0.81 2.06periodDuring the year the Board of Directors extended the expiry date of the options granted on 20 December 2019 to 11 March 2025. The Group recognised total share-based payment expenses of USD 1.4 million in 2023 (2022: USD 1.4 million). Note 17. BorrowingsBorrowings are carried at fair value when the disbursement of the loan takes place, less transaction costs. In subsequent periods, borrowings are stated at amortized cost calculated using the effective interest rate. The difference between the disbursed loan amount (net of transaction costs) and the redemption value is recognized over the term of the loan. Fees related to the creation of drawing rights are recorded in anticipation of borrowing taking place if it is likely that the loan will be drawn up. The fee is then recognized as part of the cost of the loan. If it is not likely that all or part of the loan will be drawn up, the fee is capitalized as prepaid cash services and charged over the period the right applies to.For the current borrowings, the fair values are the same as their carrying amounts, since the interest payable on those borrowings is either close to current market rates or the borrowings are of a short-term nature. The Group incurred total interest costs of USD 0.9 million (2022: USD 0.7 million) on the current loans. These costs have been included in finance expenses in the income statement. The Group's current term loan facility of USD 10.0 million originally lapsed in December 2023. Additionally the existing revolving credit facility of USD 5.0 million was rolled over and extended for another year in July 2023. In January 2024 the Group entered into a new financing facility, details of which are disclosed in note 27.Amounts in USD thousands 2023 2022Bank loansCurrent 10,946 13,337 Reconciliation of change in carrying amount of borrowings throughout the year: Amounts in USD thousands 2023 2022Carrying amount at 1 January 13,337 11,661 Change in capitalized fees and expenses 202 111 Draw down of borrowings 5,000 5,000 Repayment of borrowings (7,592) (3,435) Carrying amount at 31 December 10,946 13,337 Amounts in USD thousands 2023 2022Net debtCash and cash equivalents 28,157 30,974 Borrowings - current (10,946) (13,337) Lease liabilities - current (1,818) (1,869) Lease liabilities - non-current (6,801) (6,922) Net interest bearing debt 8,592 8,846 Note 18. ProvisionsProvisions for legal claims, service warranties and make good obligations are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognized for future operating losses.Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.Provision for employees\u2019 end of service benefitsIn accordance with the provisions of IAS 19, management has carried out an exercise to assess the present value of its obligations at 31 December 2023 and 2022, using the projected unit credit method, in respect of employees\u2019 end of service benefits payable under the Labour Laws of the countries in which the Group operates. Under this method, an assessment has been made of an employee\u2019s expected service life with the Group and the expected basic salary at the date of leaving the service. The obligation for end of service benefits is not funded. Refer to note 6 for further information regarding pension schemes.Amounts in USD thousands 2023 2022Provision for employees\u2019 end of service benefitsNon-current 3,540 3,058 Amounts in USD thousands 2023 2022Reconciliation of change in the provsions during the yearAt 1 January 3,058 2,714 Provisions made during the year 769 571 Payments made during the year (287) (227) At 31 December 3,540 3,058 Net debt reconciliationBorrowings Lease Sub total Cash Totalliabilitiesand cash Amounts in USD thousandsequivalentsNet debt as at 1 January 2022 (11,661) (3,830) (15,491) 19,815 4,324 Cash flow from financing activitiesNet change in cash and cash equivalents - - - 11,982 11,982 Principal elements of lease payments - 1,765 1,765 - 1,765 Repayment of borrowings 3,333 - 3,333 - 3,333 Proceeds from loans and borrowings (5,000) - (5,000) - (5,000) Interest received (presented as investing cash flows) - - - (81) (81) Interest payments (presented as operating cash flows) 1,115 - 1,115 - 1,115 Non-cash movementsNew leases - (6,727) (6,727) - (6,727) Interest expense (1,077) - (1,077) 100 (977) Foreign exchange adjustments - - - (823) (823) Other changes (46) - (46) (19) (65) Net debt as at 31 December 2022 (13,337) (8,792) (22,128) 30,974 8,846 Net debt as at 1 January 2023 (13,337) (8,792) (22,128) 30,974 8,846 Cash flow from financing activitiesNet change in cash and cash equivalents - - - (2,693) (2,693)Principal elements of lease payments - 2,808 2,808 - 2,808Repayment of borrowings 7,391 - 7,391 - 7,391 Proceeds from loans and borrowings (5,000) - (5,000) - (5,000) Interest received (presented as investing cash flows) - - - (167) (167) Interest payments (presented as operating cash flows) 887 - 887 - 887 Non-cash movementsNew leases - (2,635) (2,635) - (2,635) Interest expense (888) - (888) 167 (721) Foreign exchange adjustments - - - (124) (124) Other changes 1 - 1 - 1 Net debt as at 31 December 2023 (10,946) (8,619) (19,564) 28,157 8,592 Defined benefit pensionA member of the Group operates a defined benefit scheme with a life insurance provider. As of 31 December 2023 the defined benefit plan covered 7 (31 December 2022: 7) active members and 2 retired members (31 December 2022: 2). The scheme is closed to new entrants.The pension funds are placed in a portfolio of investments by the insurance provider which manages all transactions related to the pension scheme. The estimated return of the pension fund is based on market prices at the reporting date and projected development the period in which the pension scheme is valid.The calculation of pension liabilities is based on assumptions in line with the actuarial valuation conducted at the reporting date. Actuarial gains and losses are presented as part of other comprehensive income.Note 19. Trade and other payablesThese amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.Amounts in USD thousands 2023 2022Trade payables 12,577 5,651Accrued employee benefits 10,186 6,424Taxation and social security contributions 10,654 4,852Other accrued expenses and payables 11,413 8,964Total trade payables 44,830 25,890Trade payables are non-interest bearing. Note 20. Fair values of financial assets and financial liabilitiesFinancial assets The Group classifies its financial assets at amortized cost or fair value based on the entity\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. The Group applies the IFRS\u00ae 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.Carrying amount and Fair valueAmounts in USD thousands Valuation model2023 2022Financial assetsTrade and other receivables Amortised cost 55,717 37,973Contract assets Amortised cost 22,185 13,394Cash and cash equivalents Amortised cost 28,157 30,974Total financial assets 106,059 82,341Financial liabilitiesTrade and other payables Amortised cost 44,830 25,890Contract liabilities Amortised cost 1,978 1,535Bank borrowings Amortised cost 10,946 13,337Total financial liabilities 57,754 40,761The financial assets principally consist of cash and cash equivalents and trade and other receivables arising directly from operations. The financial liabilities principally consist of a trade and other payables and bank borrowings arising directly from operations.The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:\u2022 Cash and bank deposits, trade and other current receivables, trade and other current payables and bank borrowings approximate their carrying amounts due to the short-term maturities of these instruments.Note 21. Related partyRelated party relationships are those involving control, joint control or significant influence. Related parties are in a position to enter into transactions with the Company that would not be undertaken between unrelated parties. There have been no significant transactions with related parties in 2023.Compensation to Board of DirectorsAmounts in USD thousands 2023 2022Glen R\u00f8dland, Chairman 61 56 Yvonne Litsheim Sandvold 26 21 Synne Syrrist 28 26 Rune Eng 24 21 David Wells 24 - Total 163 124 Compensation to Executive Management2023Amounts in USD thousands Salary Bonus Pension Other Total Reuben Segal, Chief Executive Officer 359 18 30 128 535 Bader Diab, Chief Operating Officer 326 18 13 35 392 Stuart Jackson, Chief Financial Officer 317 363 19 110 809 RV Ahilan, Chief Energy Transition Officer 230 12 12 6 260 Svein Staalen, General Counsel 197 10 18 3 228 Katherine Philips, Chief Transformation Officer 86 - 9 - 95 Total 1,515 421 101 282 2,319 2022Amounts in USD thousands Salary Bonus Pension Other Total Reuben Segal, Chief Executive Officer 299 4 - 158 461 Bader Diab, Chief Operating Officer 310 5 12 126 453 Dean Zuzic, Chief Financial Officer 246 7 23 1 277 RV Ahilan, Chief Energy Transition Officer 215 3 - 11 229 Svein Staalen, General Counsel 206 6 22 3 237 Will Cleverly, Chief Executive Officer OWC 173 2 18 20 213 Total 1,448 27 75 319 1,870 According to the Norwegian Public Limited Companies Act (the \u201cAct\") section 6-16a, the Board of Directors have prepared a statement on the establishment of wages and other remuneration for the Managing Director and other senior employees (note 22).At 31 December 2023 there are no loan or prepayments to Board of Directors, Executive Management or any other related parties.There are no additional options issued, except for the options mentioned in note 16.Shares and options owned by members of the Board of Directors and Executive Management at 31 December 2023Name Number of options Number of shares Board of DirectorsGlen R\u00f8dland, Chairman 1 - 14,890,351 2Rune Eng - 198,407 3 - - Paal E. Johnsen Hege Marie Norheim - -Yvonne Litsheim Sandvold - -Synne Syrrist - -4 135,000 David Wells 1,073,051 Executive Management5 - 1,933,003Reuben Segal, Chief Executive Officer Bader Diab, Chief Operating Officer - 1,652,695 Stuart Jackson, Chief Financial Officer - -RV Ahilan, Chief Energy Transition Officer 260,000 737,705 Svein Staalen, General Counsel 135,000 202,864 Katherine Philips, Chief Transformation Officer 40,000 - Total 570,000 20,688,076 1 The shares are held through Gross Management AS.2 The shares are held through Eng Invest AS. 3 Paal E. Johnsen is chairperson of RGA Energy Holdings AS, which held 4.9% of the Company\u2019s issued share capital at 31 December 2023 (see note 26).4 The shares are held through Banque Pictet & Cie SA5 The shares are held through Saxo Bank AS on behalf of AnAm Marine Note 23. Financial instrumentsThe Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign exchange and interest rate risk), liquidity risk and credit risk. These risks are evaluated by management on an ongoing basis to assess and manage critical exposures. The Group\u2019s liquidity and market risks are managed as part of the Group\u2019s treasury activities. Treasury operations are conducted within a framework of established policies and procedures.Market risk \u2013 foreign exchange riskForeign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign currency rates. The Group's exposure to the risk of changes in foreign exchange rates relates primarily to the Group's operating activities (when revenue or expense is denominated in a different currency from the Group's presentational currency), the Group's net investments in foreign subsidiaries, and the Group's foreign currency denominated cash deposits. The operating revenue, and thus the trade receivables, of the Group is primarily denominated in USD, while operating expenses are generally denominated in the functional currency of the Group's entities. The bank accounts in currencies other than the functional currencies will expose the Group to foreign currency risk. Changes in the USD exchange rate would have had the following effect on the profit and loss of the Group:Amount in USD thousands +5% changes in rates -5% changes in rates 2023 423 (423)2022 221 (221)Interest rate riskThe Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s cash and cash equivalents and the bank borrowings. Both risks are considered to have limited effect on the Group\u2019s financial statements. Liquidity riskLiquidity risk is the potential loss arising from the Group's inability to meet its contractual obligations when due. Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities. The Group monitors its risk to a shortage of funds using cash flow forecasts. The Group is in a build-up phase and currently the strategy is to fund the growth of the business through existing cash reserves and from shareholder\u2019s equity. The Group had cash and cash equivalents of USD 28.2 million at 31 December 2023 (2022: USD 31.0 million). Based on the current cash position, the Group assesses the liquidity risk to be low.Note 22. Statement regarding the determination of salary and other remuneration to executive managementIn this statement, executive management means CEO, CFO, COO and other executives who are employed at the same level in the organisation.The Group\u2019s salary policy for executive management \u2013 main principles for 2023Due to the international scope of its business, the Group has to compete on the international market when it comes to salaries for executive management. In order to reach the ambition of becoming one of the leading participants within its line of consultancy business, the Group is dependent on offering salaries making the Group able to recruit and keep skilled managers. In order to ensure the best possible leadership the Group must offer a satisfactory salary, which is internationally competitive. A remuneration report will be made available on www.abl-group.com.Salaries and other remunerationIt is the Group\u2019s policy that management remuneration shall primarily take the form of a fixed monthly salary, reflecting the level of the position and experience of the person concerned. In principle pension plans, where offered, shall be on the same level for management as is generally agreed for other employees. The Group has a bonus plan in place for its employees and a long-term incentive plan (the \u201cLTIP\u201d) for certain employees aimed to align the interests of those employees with those of the Group's shareholders. Under the LTIP, participating employees are granted options which give the holder the right to acquire an equivalent number of shares in the Company. The options are granted without consideration . The grant of options is subject to authorization as granted by the shareholders to issue new shares in connection with the Group\u2019s employee incentive program. Specific conditions and limits with regards to the bonus and the LTIP are regulated by the overall allocation parameters approved by the Board. During 2023, the Group has initiated work to replace the existing bonus plan and LTIP with new short-term and long-term employee incentive schemes. Termination payment agreements, where provided, will be seen in connection with confidentiality clauses and non-compete clauses in the employment contract of each employee, in such a way that they basically compensate for limitations in the employee\u2019s opportunities to seek new employment. When agreements extend beyond such limitations, other income shall normally be deducted from payments made under termination payment agreements.Deviations from the above described principles may be permitted in special circumstances, for example, in relation to employment in international competition. The table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments: Carrying Contractual Less than Between Over Amounts in USD thousandsamount cash flow 1 year 1 to 5 years5 years 31 December 2023Trade and other payables 44,830 44,830 44,830 - -Bank borrowings 10,946 10,946 10,946 - -Lease liabilities 8,619 10,169 3,084 5,884 1,201 31 December 2022Trade and other payables 25,890 25,890 25,890 - -Bank borrowings 13,337 13,538 13,538 - -Lease liabilities 8,792 10,233 2,605 7,629 -Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables and contract assets) and from its financing activities, including deposits with banks. Credit risk is managed on a Group basis.Credit risk with respect to trade receivables and contract assets is limited by the large base and geographic diversity of the customer base. Customer credit risk is managed by each subsidiary in the Group, subject to established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed on an individual basis, considering its financial position, trading history with the Group and existence of previous financial difficulties and outstanding customer receivables are regularly monitored. The requirement for an impairment is analyzed at each reporting date on an individual basis for major customers. The Group applies the IFRS\u00ae 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due with reference to past default experience of the debtor, an analysis of the debtor\u2019s current financial position and general current and forecast economic conditions of the industry in which the debtors operate. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.An impairment analyses is performed at each reporting date using a provision matrix to measure expected credit losses. The expected loss rates are based on the days past due for grouping of various customer segments and the corresponding historical credit losses experienced. The historical loss rates are adjusted to reflect current and forward looking information including the default risk associated with the industry and country in which customers operate affecting the ability of the customers to settle the receivables.Specific debts are provided for where recovery is deemed uncertain, which will be assessed on a case-by-case basis whenever debts are older than the due date, but always when debts are older than usual for the industry in which each business in the Group operates.The ageing profile of trade receivables and contract assets balance as at 31 December 2023 and 2022 is as follows:Amounts in USD thousands 2023 2022Trade receivablesUp to 3 months 40,043 25,1133 to 6 months 4,716 2,9036 to 12 months 1,867 2,807Over 12 months 849 1,621Total 47,475 32,444Contract assets 22,185 13,394Total 69,660 45,838As at 31 December 2023 and 2022 the lifetime expected loss provision for trade receivables and contract assets is as follows:Amounts in Up to 3 3 to 6 6 to 12 Over 12 Total trade Contract USD thousandsmonthsmonthsmonthsmonthsreceivablesassets Total31 December 2023Gross amount 40,243 4,797 1,948 1,098 48,087 22,238 70,325Expected loss rate 0.5 % 1.7 % 4.2 % 22.7 % - 0.2 % 0.9 %Loss allowance 201 81 82 249 612 53 66531 December 2022Gross amount 25,249 2,956 2,935 2,140 33,280 13,537 46,817Expected loss rate 0.5 % 1.8 % 4.4 % 24.2 % - 1.1 % 2.1 %Loss allowance 136 53 128 519 836 143 979Reconciliation of loss allowance in respect of trade receivables and contract assets during the year Trade receivables Contract assetsAmounts in USD thousands2023 2022 2023 2022At 1 January 836 1,107 143 139 Net remeasurement of loss allowance 210 628 14 4 Write-back for the year (435) (899) (67) - At 31 December 612 836 90 143 The credit risk on deposits with banks is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. At the end of the reporting period, there were no significant concentrations of credit risk. The maximum exposure to credit risk at the reporting date is the carrying value of cash deposits with banks of USD 28.2 million (2022: USD 31.0 million).Capital managementThe Group\u2019s objectives when managing capital are to:\u2022 safeguard the ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and \u2022 maintain an optimal capital structure to reduce the cost of capital.The Group manages its capital structure so as to maintain investor and market confidence and to provide returns to shareholders that will support the future development of the business. In order to maintain or adjust the capital structure if required in response to changes in economic conditions, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group considers its capital as consisting of ordinary shares and retained earnings.The Board monitors underlying business performance to determine the ongoing use of capital, namely executive and staff incentive schemes (and whether to fund this through cash or share incentives), acquisition appraisals ahead of potential business combinations, investment in property, plant and equipment, and the level of dividends.Note 25. List of subsidiariesThe Group\u2019s principal subsidiaries at 31 December 2023 are set out below providing marine, offshore and renewables consultancy services to the energy, shipping and insurance industries. Unless otherwise indicated, all shareholdings owned directly or indirectly by the Company represent 100% of the issued share capital of the subsidiary and the share capital is comprised of ordinary shares. All entities primarily operate in their country of incorporation.Name of entity Place of business/country of Ownership interest Voting powerincorporation2023 2022 2023 2022A B L Marine Services LLC United Arab Emirates (Abu Dhabi) 49% 49% 49% 49%A B L Marine Services LLC 2United Arab Emirates (Dubai) 49% 100% 49% 100%ABL (Australasia) Pty Ltd Australia 100% 100% 100% 100%ABL Aberdeen Limited United Kingdom 100% 100% 100% 100%ABL Adjusting Limited United Kingdom 100% 100% 100% 100%ABL Consultants (Thailand) Co Ltd Thailand 49% 51% 49% 51%ABL Consultants Malaysia Sdn Bhd Malaysia 49% 51% 49% 51%ABL Energy & Marine Consultants (Canada) Canada 100% 100% 100% 100%LtdABL Energy & Marine Consultants Brasil Ltda Brazil 100% 100% 100% 100%ABL Energy & Marine Consultants India India 100% 100% 100% 100%Private LimitedABL Energy & Marine Consultants Pte Ltd Singapore 100% 100% 100% 100%ABL Energy & Marine Consultants RO SRL Romania 100% 100% - - ABL Energy & Marine Consultants South South Africa 100% 100% 100% 100%Africa (Pty) LtdABL Group Holding Limited 1United Kingdom 100% 100% 100% 100%ABL Group Korea Ltd Republic of Korea 100% 100% 100% 100%ABL HK Limited Hong Kong 100% 100% 100% 100%ABL London Limited United Kingdom 100% 100% 100% 100%ABL Marine Services Co Limited Saudi Arabia 60% 60% 60% 60%ABL Marine Services LLC 2Qatar 49% 100% 49% 100%ABL Norway AS Norway 100% 100% 100% 100%ABL Shanghai Co Ltd China 100% 100% 100% 100%ABL Technical Services Holdings Limited 1United Kingdom 100% 100% 100% 100%ABL Technical Services Pte Ltd St. Kitts and Nevis 100% 100% 100% 100%ABL Teknik Servis Denizcilik Limited Sirketi Turkey 100% 100% 100% 100%ABL Treasury AS 1Norway 100% 100% - - Note 24. ContingenciesBank guarantees As at 31 December 2023, the Group had issued bank guarantees amounting to USD 1.3 million (31 December 2022: USD 1.3 million) and had outstanding letters of credit issued amounting to USD 2.8 million (31 December 2022: USD 0.7 million).Name of entity Place of business/country of Ownership interest Voting powerincorporation2023 2022 2023 2022ABL USA Inc. United States 100% 100% 100% 100%ABL Vietnam Company Ltd Vietnam 100% 100% 100% 100%Add Energy & Partners LLC Oman 50% 50% 50% 50%Add Energy Asia Pte Ltd Singapore 100% 100% 100% 100%Add Energy Australasia Pty Ltd Australia 100% 100% 100% 100%Add Energy Canada Ltd Canada 100% 100% 100% 100%Add Energy Group AS 1Norway 100% 100% 100% 100%Add Energy LLC United States 100% 100% 100% 100%Add Energy North America Holding AS Norway 100% 100% 100% 100%Add Energy North America Holding LLC United States 100% 100% 100% 100%Add Energy Offshore LLC United States 100% 100% 100% 100%Add Energy Scotland Ltd United Kingdom (Scotland) 100% 100% 100% 100%Add IPS Pty Ltd Australia 100% 100% 100% 100%Add ISRM Pty Ltd Australia 100% 100% 100% 100%Add Latent Limited United Kingdom (Scotland) 100% 100% 100% 100%Add Lucid Pty Ltd Australia 100% 100% 100% 100%Add Wellflow AS Norway 100% 100% 100% 100%AGR (Australia) Pty Ltd Australia 100% 100% - - AGR AS 1Norway 100% 100% - - AGR Consultancy Services AS Norway 100% 100% - - AGR Consultancy Solutions Ltd United Kingdom (Scotland) 100% 100% - - AGR Energy Services AS Norway 100% 100% - - AGR Group Americas Inc United States 100% 100% - - AGR Mexico Well Management S de Rl de CV Mexico 100% 100% - - AGR Software AS Norway 91% 91% - - Aqualis Offshore UK Limited United Kingdom 100% 100% 100% 100%Delta Wind Partners ApS Denmark 100% 100% - - DWP Group ApS 1Denmark 100% 100% - - East Point Geo Ltd. 1United Kingdom 100% 100% 100% 100%Innosea Limited United Kingdom (Scotland) 100% 100% 100% 100%Innosea SAS France 100% 100% 100% 100%John LeBourhis & Associates United States 100% 100% 100% 100%LOC (Egypt) For Consultancy Service SAE Egypt 60% 60% 60% 60%Name of entity Place of business/country of Ownership interest Voting powerincorporation2023 2022 2023 2022LOC (Germany) GmbH Germany 100% 100% 100% 100%LOC (Kazakhstan) LLP Kazakhstan 100% 100% 100% 100%LOC (Laem Chabang) Co Ltd Thailand 100% 100% 100% 100%LOC (Netherlands) BV Netherlands 100% 100% 100% 100%LOC Senegal SAS Senegal 100% 100% 100% 100%LOC (Tianjin) Co Ltd China 100% 100% 100% 100%LOC (Tianjin) Risk Technology Service Co Ltd China 100% 100% 100% 100%LOC Group Limited United Kingdom 100% 100% 100% 100%LOC JLA Inc United States 100% 100% 100% 100%London Offshore Consultants (France) SARL France 100% 100% 100% 100%London Offshore Consultants (Guernsey) Guernsey 100% 100% 100% 100%LimitedLondon Offshore Consultants (Holdings) United Kingdom 100% 100% - - LimitedLondon Offshore Consultants (India) Pvt Ltd India 100% 100% 100% 100%London Offshore Consultants (Korea) Limited Republic of Korea 100% 100% 100% 100%London Offshore Consultants (Malaysia) Malaysia 49% 49% 49% 49%Sdn Bhd 2London Offshore Consultants (Mexico) SA Mexico 100% 100% 100% 100%de CVLondon Offshore Consultants (Nigeria) Nigeria 100% 100% 100% 100%LimitedLondon Offshore Consultants Brasil Ltda. Brazil 100% 100% 100% 100%London Offshore Consultants Limited United Kingdom 100% 100% 100% 100%London Offshore Consultants Pte Ltd Singapore 100% 100% 100% 100%London Offshore Consultants WLL 2United Arab Emirates 49% 49% 49% 49%Longitude Consultancy Holdings Limited United Kingdom 100% 100% 100% 100%Longitude Consultants Inc United States 100% 100% 100% 100%Longitude Consulting Engineers Ltd United Kingdom 100% 100% 100% 100%Longitude Engineering de Mexico SA de CV Mexico 100% 100% 100% 100%Longitude Engineering Pte Ltd Singapore 100% 100% 100% 100%Lucid Unit Trust Australia 100% 100% 100% 100%Neptune Bidco Limited United Kingdom 100% 100% 100% 100%Neptune Midco 1 Limited 1United Kingdom 100% 100% 100% 100%Neptune Midco 2 Limited United Kingdom 100% 100% 100% 100%Name of entity Place of business/country of Ownership interest Voting powerincorporation2023 2022 2023 2022Offshore Wind Consultants Ireland Limited Ireland 100% 100% 100% 100%Offshore Wind Consultants Limited 1United Kingdom 100% 100% 100% 100%Offshore Wind Consultants sp. z.o.o. Poland 100% 100% 100% 100%Offshore Wind Consultants Taiwan Co Ltd Taiwan 100% 100% 100% 100%Oracle Services Pty Ltd Australia 100% 100% 100% 100%OWC (Aqualis) GmbH Germany 100% 100% 100% 100%OWC Japan Ltd Tokyo Japan 100% 100% 100% 100%PT ABL Offshore Indonesia Indonesia 100% 100% 100% 100%SpotOn Well Management Ltd United Kingdom (Scotland) 100% 100% - - Total Service Partner AS Norway 33% 33% 33% 33%Transitory Pty Ltd Australia 100% 100% 100% 100%1 Investments held directly by ABL Group ASA.2 The remaining legal ownership in each case is registered in the name of local sponsors in accordance with statutory regulations of those countries, who have assigned all the economic benefits attached to their shareholdings to the Group entity. The Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity via management agreements and, accordingly, these entities are consolidated as wholly owned subsidiaries in these consolidated financial statements (note 3). Gross Management AS14,890,35112.1 %Holmen Spesialfond10,450,0008.5 %DNB Bank ASA7,637,8356.2 %Bj\u00f8rn Stray6,217,7435.0 %RGA Energy Holdings AS6,055,5564.9 %Nordea Bank ABP6,055,5554.9 %Melesio Invest AS4,811,0163.9 %Sober AS3,500,0002.8 %Saxo Bank AS3,364,9212.7 %Hausta Investor AS3,200,0002.6 %KRB Capital AS2,539,0652.1 %Valorem AS2,360,0001.9 %MP Pensjon PK2,251,1281.8 %Trapesa AS2,192,5291.8 %Catilina Invest AS1,685,3391.4 %Badreddin Diab1,652,6951.3 %Amphytron Invest AS1,600,3391.3 %Ginko AS1,428,4801.2 %Carucel Finance AS1,300,0001.1 %Carnegie Investment Bank AB1,280,8831.0 %Note 26. Shareholder informationThe list of top 20 shareholders below is based on the shareholder register as per 31 December 2023. Actual shareholding may deviate due to the use of nominee accounts.Note 27. Events after the reporting dateNew information on the Group's positions at the reporting date is considered in the annual financial statements. Events after the reporting date that do not affect the Group's position at that date, but which will affect the Group's position in the future are stated if significant. Subsequent to the reporting date the following material events have occurred:New financingThe Group entered into an agreement for a new borrowing facility with a financial institution in January 2024. The previous loan facility which originally lapsed in December 2023 was extended for one month to arrange for a smooth transition to the new facility.The new facility consists of two parts, (i) a revolving credit facility of USD 30 million and (ii) an accordion facility of USD 20 million. The facility terminates three years from the date of the agreement with a one plus one year extension option. The agreement has the following covenants:\u2022 Interest cover not less than 4.00:1\u2022 Leverage not to exceed 2.50:1Financial covenants will be measured on a quarterly basis.The interest on the above facility is the relevant LIBOR for USD loans or similar rates for other loan currencies (SOFR, SONIA, ESTR, NIBOR - 1, 3 or 6 months at the borrower's discretion) plus a margin based on a ratchet of between 250 and 310 basis points dependent on the prevailing adjusted leverage ranging from less than 1.00:1 to greater than 2.00:1Debt issuance costs of USD1.1 million were incurred in the completion of the new facility. These costs have been capitalised and are being amortised over the term of the facility agreement.Exercise of share options and warrantsOn 14 December 2023 a total number of 9,175,000 employee share options vested. Following an exercise window that closed on 8 January 2024, a total of 4,127,500 options were exercised on that date resulting in an increase the share capital of the parent company of NOK 412,750. On 22 January 2024, Bridgepoint Advisers II Limited exercised its last remaining tranche consisting of 1,000,000 warrants issued following the acquisition of the LOC Group. Following the above option and warrant exercises there were 128,477,867 ordinary shares in issue.",
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"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
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"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-1-2": {
"value": "2.4 Basis of consolidationThe consolidated financial statements include the accounts of the Company and its subsidiaries as listed in note 25.ControlThe Company controls an entity when it has power over the entity, is exposed to, or has rights to, variable returns from its involvement with the entity, and has the ability to use its power to vary its returns. The Company reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. All relevant facts and circumstances are considered in assessing whether the Company\u2019s voting and share rights in an investee are sufficient to give it power. Non-controlling interestNon-controlling interests in subsidiaries are identified separately from the Company\u2019s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisitions, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity.Consolidation processConsolidation of a subsidiary begins when control over the subsidiary is obtained and ceases when control over the subsidiary is lost. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss and other comprehensive income or loss ('OCI') from the date the Company gains control until the date when the Company ceases to control the subsidiary.When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the accounting policies of the Group. All intra-group assets and liabilities, equity, income and expenses, including any unrealised income and expenses, relating to transactions between members of the Group are eliminated in full upon consolidation. Profit or loss and each component of OCI are attributed to the shareholders of the Company and to the non-controlling interests. Total comprehensive income or loss of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.",
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"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-1-3": {
"value": "2.4 Basis of consolidationThe consolidated financial statements include the accounts of the Company and its subsidiaries as listed in note 25.ControlThe Company controls an entity when it has power over the entity, is exposed to, or has rights to, variable returns from its involvement with the entity, and has the ability to use its power to vary its returns. The Company reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. All relevant facts and circumstances are considered in assessing whether the Company\u2019s voting and share rights in an investee are sufficient to give it power. Non-controlling interestNon-controlling interests in subsidiaries are identified separately from the Company\u2019s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisitions, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity.2.1 Statement of ComplianceThe consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS\u00ae) as approved by the European Union, interpretations issued by the IFRS\u00ae Interpretations Committee (IFRS\u00ae IC) applicable to companies reporting under IFRS\u00ae and the additional requirements of the Norwegian Accounting Act as of 31 December 2023. The financial statements comply with IFRS\u00ae as issued by the International Accounting Standards Board (IASB) and were approved for issue by the Company's Board of Directors on 24 April 2024.2.2 Basis of measurement The consolidated financial statements have been prepared on the historical cost basis unless stated otherwise. Income and expenses are accounted for on an accrual basis.Reference is made to the material accounting policies as included in the relevant notes for more detailed information on the measurement basis. These policies have been applied consistently by the Group.Fair valueFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group considers the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date.Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS\u00ae 2, leasing transactions that are within the scope of IFRS\u00ae 16, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 or value-in-use in IAS 36. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorised within the fair value hierarchy, described as follows:\u2022 Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities.\u2022 Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.\u2022 Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.2.3 Going concernThe financial statements of the Group and the Company have been prepared on a going concern basis. In reaching this conclusion, Management has reviewed detailed budgets, which reflect, where applicable, the current economic conditions, with regard to the level of demand for the Group\u2019s services and trading forecasts for at least the next twelve months.2.5 Foreign currenciesFunctional and presentation currencyThese consolidated financial statements are presented in US Dollars (USD). All amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated.Foreign currency transactionsIn preparing the financial statements of each subsidiary, transactions in currencies other than the subsidiary\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in OCI and reclassified from equity to profit or loss on repayment of the monetary items.Foreign operationsThe assets and liabilities of the Group\u2019s foreign operations, including goodwill and fair value adjustments arising on acquisitions, are translated into USD using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in OCI and accumulated in a foreign currency translation reserve as part of shareholders\u2019 equity.Consolidation processConsolidation of a subsidiary begins when control over the subsidiary is obtained and ceases when control over the subsidiary is lost. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss and other comprehensive income or loss ('OCI') from the date the Company gains control until the date when the Company ceases to control the subsidiary.When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the accounting policies of the Group. All intra-group assets and liabilities, equity, income and expenses, including any unrealised income and expenses, relating to transactions between members of the Group are eliminated in full upon consolidation. Profit or loss and each component of OCI are attributed to the shareholders of the Company and to the non-controlling interests. Total comprehensive income or loss of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.2.6 New and amended standardsIn the current period, the Group has mandatorily adopted several amendments to IFRS\u00ae issued by the IASB that are effective for the current accounting period.The following standards and amendments were applied for the first time in 2023, resulting in changes to the accounting policies and the notes where applicable:\u2022 IFRS\u00ae 17 Insurance contracts\u2022 Amendments to IFRS\u00ae 17 Insurance contracts: Initial application of IFRS\u00ae 17 and IFRS\u00ae 9\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS\u00ae Practice Statements 2 disclosure accounting policies\u2022 Amendments to IAS 8 Definition of accounting estimates\u2022 Amendments to IAS 12 Income Taxes: Deferred tax related to assets and liabilities arising from a single transaction\u2022 Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar Two Model RulesThe above mentioned amendments do not have a material impact on the disclosures in the notes or on the amounts reported in these consolidated financial statements.New and amended standards and interpretations not yet effectiveCertain new accounting standards and interpretations have been issued but are not yet effective for the year ended 31 December 2023 and have not been early adopted:\u2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of liabilities as current or non-current and non-current liabilities with covenants\u2022 Amendments to IFRS\u00ae 16 Leases: Lease liability in a sale and leaseback\u2022 Amendments to IAS 7 Statement of Cashflows and IFRS\u00ae 7 Financial Instruments Disclosures: Supplier finance arrangements\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of exchangeabilityNone of the accounting standards issued but not yet effective are expected to have a material impact on these consolidated financial statements.Note 4. Revenue from contracts with customersRendering of servicesRevenue from providing services is recognised in the accounting period in which the services are rendered. For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided, because the Group has an enforceable right to receive payment for time performance completed to date. Completion is determined based on the actual labour hours spent relative to the total expected labour hours.Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on expected cost plus margin.Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management.In the case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the services rendered exceed the payment, a contract asset is recognised. If the payments exceed the services rendered, a contract liability is recognised.The group derives revenue from contracts with customers for the consultancy services over time provided to the energy, shipping and insurance industries and includes reimbursement of expenses and related services. This is consistent with the revenue information that is disclosed for each reportable segment under IFRS\u00ae 8 (note 5). It excludes dividends, interest income and intra-group transactions.Amounts in USD thousands 2023 2022Revenue from contracts with customersConsultancy services 240,967 159,239 Reimbursement of expenses 8,709 7,721 Other 1,557 937 Total revenue from contracts with customers 251,233 167,897 Assets and liabilities related to contracts with customersThe Group has recognised the following assets and liabilities related to contracts with customers.Amounts in USD thousands 2023 2022Contract assetsContract assets related to contracts with customers 22,238 13,537 Loss allowance (53) (143) Total contract assets 22,185 13,394 Contract liabilitiesContract liabilities related to contracts with customers 1,978 1,535 The contract assets primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date. The Group also recognised a loss allowance for contract assets in accordance with IFRS\u00ae 9 (refer to note 23 for further information). The contract assets are transferred to trade receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer. The contract liabilities primarily relate to the advance consideration received from customers, for which revenue is recognised over time. The vast majority of the Group\u2019s consulting service contracts are billed based on the time incurred. As permitted under IFRS\u00ae 15, the transaction price allocated to unsatisfied contracts is not disclosed, for which the practical expedient applies. Whilst the Group incurs costs that are necessary to facilitate a sale, those costs would have been incurred even if the customer decided not to execute the contract and therefore have not been capitalised. Note 5. Segment informationAs of 1st July 2023, the Group is managed by four distinct business lines under the brands ABL (\u201cThe Energy and Marine Consultants\u201d), OWC (\u201cThe Renewable Energy Consultants\u201d), Longitude (\u201cThe Engineering Consultants\u201d) and AGR (\u201cThe Energy and Software Consultants\u201d). The internal restructuring was carried out to simplify the group structure and to improve clarity around service offerings, with each segment containing services of a similar nature, provided to customers of a similar nature. These business lines will also form the basis for the four reportable segments of the Group. The internal management reports provided by management to the Group's Board of Directors, which is the Group\u2019s Chief Operating Decision Maker (\"CODM\"), is in accordance with this structure. No operating segments have been aggregated to form the above four reporting segments.Management has considered the organisational structure, service offerings of each business unit and performance of certain activities in determining the reportable segments as described above. The main measures of performance for each segment are revenue, operating profit and working capital metrics (trade debtor and unbilled revenue days outstanding).The AGR segment includes the AGR business acquired in Q2 2023, as well as certain Add Energy entities acquired in Q3 2022, which now form part of the AGR segment. Financials for the AGR segment prior to Q2 2023 relates solely to these Add Energy entities. Eliminations reflects the eliminations of intra-segment revenue to the extent that these arise between the segments. The segmental information, as provided to the CODM on a monthly basis, is as follows: Amounts in USD thousands ABL AGR OWC Longitude Eliminations Total/ CorporateYear ended 31 December 2023Segmental revenue 138,786 66,224 41,615 12,385 (7,777) 251,233 Operating profit 31,896 3,119 4,200 3,014 (25,699) 16,530 Finance income 423 Finance expenses (1,666) Net foreign exchange loss (2,842) Profit before income tax 12,445 Income tax expenses (3,768) Profit after tax 8,677Amounts in USD thousands ABL AGR OWC Longitude Eliminations Total/ CorporateYear ended 31 December 2022Segmental revenue 125,357 6,469 30,739 11,191 (5,859) 167,897 Operating profit 24,908 (845) 4,362 2,530 (18,439) 12,514 Gain on disposal of subsidiaries 1,889 Finance income 169 Finance expenses (1,411) Net foreign exchange loss (2,507) Profit before income tax 10,654 Income tax expenses (4,401) Profit after tax 6,253 The following segment asset information is provided to the Board of Directors for reportable segments:Amounts in USD thousands ABL AGR OWC Longitude Eliminations Total/ CorporateYear ended 31 December 2023Trade receivables 28,290 11,749 5,904 1,532 - 47,475 Contract assets 11,402 6,028 3,645 1,110 - 22,185 Cash and cash equivalents 15,291 7,129 4,240 912 585 28,157 Amounts in USD thousands ABL AGR OWC Longitude Eliminations Total/ CorporateYear ended 31 December 2022Trade receivables 24,903 3,455 3,192 894 - 32,444 Contract assets 9,718 487 1,931 1,258 - 13,394 Cash 19,485 1,710 4,626 803 4,350 30,974 Information about other segment assets and liabilities is not reported to or used by the CODM and, accordingly, no measures of other segment assets and liabilities are reported.Note 6. Staff CostsEmployee Benefits Pension obligationsThe Group currently operates both defined contribution and defined benefit plans. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as an employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. The Group's pension obligations primarily relate to defined contribution plans. The Group meets the Norwegian requirements for mandatory occupational pension (\"obligatorisk tjenestepensjon\"). Refer to note 18 for further information regarding other employee's end of service benefits.Other employees\u2019 benefit obligationsLiabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. These liabilities are presented as a current liability and included in trade and other payables.In some countries, the Group also has liabilities for end of service benefits that are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period, using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. The provision relating to end of service benefits is disclosed as a non-current liability.Bonus plansThe Group recognizes a liability and an expense for bonuses based on a formula that takes into consideration the profit attributable to the Company\u2019s shareholders after certain adjustments. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation.Share-based paymentsShare-based compensation benefits are provided to employees via the employee option plan. Information relating to these schemes is set out in note 16. Employee optionsThe fair value of options granted under the employee option plan is recognized as an employee benefits expense, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:\u2022 including any market performance conditions (e.g., the entity\u2019s share price)\u2022 excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period), and\u2022 including the impact of any non-vesting conditions (e.g., the requirement for employees to save or hold shares for a specific period). The total expense is recognized over the vesting period, which is the period over which all the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. Amounts in USD thousands 2023 2022Staff CostsSalaries and wages 96,628 62,995Payroll and social security costs 11,844 7,616Employee's end of service and pension benefits 4,791 2,322Share-based payments 1,439 1,397Other personnel costs 10,671 13,796Total staff costs 125,373 88,126Average number of employees 1,089 797Note 8. Business combinationsThe acquisition method of accounting is used to account for all business combinations in accordance with IFRS\u00ae 3, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 fair values of the assets transferred\u2022 liabilities incurred to the former owners of the acquired business\u2022 equity interests issued by the Group\u2022 fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 fair value of any pre-existing equity interest in the subsidiary.Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets.Acquisition-related costs are expensed as incurred.The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase.Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognized in profit or loss.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized as of that date.The measurement period ends as soon as the Group receives the necessary information about the facts and circumstances that existed as of the acquisition date or learns that the information is not obtainable. However, the measurement period cannot exceed one year from the acquisition date.Business combinations during 2023AGROn 18 April 2023, the Group acquired 100 percent of the shares in the multi-disciplinary engineering consultancy and software company AGR AS (\u201cAGR\u201d). The acquisition will bolster the Group\u2019s offering within well and reservoir consultancy, enhances the Group\u2019s position supporting operators\u2019 digitalisation and decarbonisation plans, and expand its opex-driven offshore energy exposure. The purchase price consideration amounted to USD 29.0 million consisting of USD 0.5 million in cash on completion and the issue of 18,166,667 ordinary ABL Group shares (the \u201cAGR Consideration Shares\u201d), representing 14.8% of outstanding shares post-issue, issued at NOK 16.4 per share, being the closing share price on the date of completion. The provisional purchase price allocation is based on Management's best estimation of the fair value of the identifiable assets acquired and liabilities assumed. Management considers that the assumptions used in the provisional purchase price allocation are appropriate as at 31 December 2023. The measurement period will end no later than 18 April 2024. Goodwill recorded in connection with the AGR acquisition represents future economic benefits specific to the Group arising from assets that do not qualify for separate recognition as intangible assets.The fair value of acquired trade receivables on acquisition is USD 8.6 million. The gross contractual amount for trade receivables due is USD 8.8 million, with a loss allowance of USD 0.2 million. USD 0.5 million of acquisition costs were incurred in the AGR acquisition and were included in other operating expenses in the consolidated income statement. If control had been obtained on 1 January 2023, the combined revenue and profit for the year of the Group and the acquired business would have amounted to USD 270.7 million and USD 9.9 million respectively.Delta Wind PartnersOn 23 August 2023, the Group acquired 100 percent of the shares in the Denmark-based offshore wind consultancy DWP Group ApS and its subsidiary Delta Wind Partners ApS. The acquisition expands OWC\u2019s technical offering in wind turbines and in consultancy at the installation and O&M phases of an offshore wind project. It also provides an opportunity to further grow DWP\u2019s unique approach to WTG optimisation both globally and in the floating offshore wind market. The purchase price consideration amounted to USD 1.7 million consisting of USD 1.1 million (DKK 7.4 million) in cash on completion and the issue of 413,838 ordinary ABL Group shares (the \u201cDWP Consideration Shares\u201d), representing 0.3% of outstanding shares post-issue, issued at NOK 16.5 per share, being the closing share price on the date of completion. The DWP Consideration Shares are subject to a lock-up agreement and certain restrictions for 3-5 years.The provisional purchase price allocation is based on Management's best estimation of the fair value of the identifiable assets acquired and liabilities assumed.Management considers that the assumptions used in the provisional purchase price allocation are appropriate as at 31 December 2023. The measurement period will end no later than 23 August 2024. Goodwill recorded in connection with the DWP acquisition represents future economic benefits specific to the Group arising from assets that do not qualify for separate recognition as intangible assets.USD 0.2 million of acquisition costs were incurred in the DWP acquisition. These costs have been included in other operating expenses in the consolidated income statement. If control had been obtained on 1 January 2023, the combined revenue and profit for the year of the Group and the acquired business would have amounted to USD 252.8 million and USD 8.8 million respectively.Details of the purchase consideration, provisional net assets and goodwill acquired are as follows:Amounts in USD thousands AGR DWPProvisional fair value of net assets acquiredProperty, plant an equipment 246 33 Intangible assets - proprietary software 2,478 - Intangible assets - customer relations 10,020 - Right-of-use assets 1,157 - Financial assets (deposits) - 12 Deferred tax assets 3,595 2 Trade and other receivables 9,352 399 Contract assets 5,143 72 Cash and cash equivalents 3,593 8 Trade and other payables (15,581) (228) Income tax payable - (105) Deferred tax liabilities (2,410) - Long-term liabilities (1,602) - Net identifiable assets acquired 15,991 193 Non-controlling interests (255) - Goodwill 13,229 1,535 Net assets acquired 28,965 1,728 Amounts in USD thousands Purchase considerationCash consideration 509 1,086 Consideration shares 28,456 642 Total purchase consideration 28,965 1,728 Amounts in USD thousands Net cash flow on acquisition of subsidiariesCash acquired 3,593 8 Cash paid (509) (1,086) Net cash flow - investing activities 3,084 (1,078) Note 10. TaxesThe income tax expense or credit for the period is the tax payable on the current period's taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, based on amounts expected to be paid to the tax authorities.Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is neither accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled.Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.Investment allowances and similar tax incentivesCompanies within the Group may be entitled to claim special tax deductions for investments in qualifying assets or in relation to qualifying expenditure (e.g. the Research and Development Tax Incentive regime or other investment allowances). The Group accounts for such allowances as tax credits, which means that the allowance reduces income tax payable and current tax expense. A deferred tax asset is recognized for unclaimed tax credits that are carried forward as deferred tax assets.Amounts in USD thousands 2023 2022Income tax expenses on ordinary pre-tax profitIncome tax charge 2,447 2,572 Withholding taxes 1,388 1,359 Deferred tax (credit) / charge (68) 470 Total income tax expenses on ordinary pre-tax profit 3,767 4,401 Income tax expenses on other comprehensive income elements (793) (729) Total income tax on other comprehensive income (793) (729) Deferred tax assetsDeferred tax on temporary differences 5,308 1,744 Total deferred tax assets 5,308 1,744 Movement in deferred tax assetsAt 1 January 1,744 1,708 Income statement charge (33) (122) Increase as a result of a business combination (see note 8) 3,593 159 Exchange differences 4 - At 31 December 5,308 1,744 Deferred tax liabilitiesDeferred tax on temporary differences 4,687 2,516 Total deferred tax liabilities 4,687 2,516 Movement in the deferred tax liabilitiesAt 1 January 2,516 1,259 Income statement (credit) / charge (240) 1,259 Increase as a result of a business combination (see note 8) 2,410 - Exchange differences - (2) At 31 December 4,686 2,516 Amounts in USD thousands 2023 2022Reconciliation of the effective tax rate:Profit before income tax 12,445 10,654 Income tax using the Group's domestic tax rate of 22% (2022: 22%) 2,738 2,344 Effect of non-deductible expenses or non-taxable income 86 2 Effect of tax incentives and exempt income (48) - Effect of tax rates in other countries (548) (600) Deferred tax assets not recognised 66 594 Withholding taxes 1,388 1,359 Utilisation or recognition of previously unrecognised tax losses - (79) Income tax related to prior years 86 781 Income tax expense recognised in profit or loss 3,768 4,401 The Group has recognized deferred tax assets in respect of carry forward losses of its various subsidiaries as at 31 December 2023 and 2022. Management\u2019s projections of future taxable income and tax optimization strategies support the assumption that it is probable that sufficient taxable income will be available to utilise these deferred tax assets.Deferred tax assets on the tax losses relating to certain subsidiaries have not been recognized by the Group, due to uncertainty of its recoverability. The use of these tax losses is subject to the certain provisions of the tax legislation of the respective countries in which the companies operate. The deferred tax assets not recognised of USD 66,000 at 31 December 2023 (31 December 2022: USD 594,000) stated above is mainly related to tax losses carried forward.Deferred taxes on unrealised foreign exchange gain or loss relating to long-term loans considered as net investment in subsidiaries are recognised in other comprehensive income and presented within equity in the foreign currency translation reserve. Other than these, the change in deferred tax assets and liabilities is primarily recorded in the consolidated income statement.Deferred tax asset and deferred tax liabilities are presented separately due to different tax regimes. Note 12. Property, plant and equipmentProperty, plant and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the asset. Depreciation is calculated using the straight-line method to allocate the asset's cost to their residual values over their estimated useful lives as follows:Fixtures and office equipment: 2\u20135 yearsVehicles: 5 yearsThe estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.An item of property, plant and equipment is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated income statement when the asset is derecognized.Right-of-use assetsThe Group assesses, at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Rental contracts, typically for office premises, are often entered into for fixed periods of 6 months to several years and may have extension options.A right-of-use asset and a lease liability are recognised at the lease commencement date.The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received, and any initial direct costs. It is subsequently measured at cost less accumulated depreciation and impairment losses. The useful life for a right-of-use asset is equal to the corresponding lease term. If there is evidence that the remaining useful life of the underlying asset is lower than the lease term, then the useful life is used.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.The Group applies the short-term lease recognition exemption to its short-term leases. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease terms.The Group applies a single discount rate to a portfolio of leases with reasonably similar characteristics. Many leases contain extension and termination options which are included in the lease terms if the Group is reasonably certain that they will be exercised.Note 11. Earnings per shareBasic earnings per shareBasic earnings per share is calculated by dividing the profit attributable to owners of the Parent Company, excluding any costs of servicing equity other than ordinary shares by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares.Diluted earnings per shareDiluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.Amounts in USD thousands 2023 2022Earnings for the calculation of basic and diluted earnings per share Profit attributable to shareholders of the Parent Company 8,677 6,253Number of sharesWeighted average number of ordinary shares for the calculation of basic earnings per share 117,702 99,850Effect of dilutive potential ordinary shares 7,716 8,097Weighted average number of ordinary shares for the calculation of diluted earnings per share 125,418 107,947Earnings per share (USD): basic 0.07 0.06Earnings per share (USD): diluted 0.07 0.06The following instruments could potentially dilute basic earnings per share in the future. Number of instruments (in thousands) 2023 2022Employee share options (note 16) 10,023 10,805Conditional warrants 1,000 1,000Consideration shares 664 664Total number of options and warrants 11,687 12,469Dilutive effect of the above instrumentsEmployee share options (note 16) 6,063 6,444Conditional warrants 993 993Consideration shares 660 660Dilutive number of options and warrants 7,716 8,097Note 13. Goodwill and intangible assetsGoodwillGoodwill is measured as described in note 8. Goodwill is not amortised but is reviewed for impairment at least annually, or more frequently when there is an indication that goodwill may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash generating units (\"CGU's\") expected to benefit from the synergies of the combination. If the recoverable amount of the CGU is less than the carrying amount of the CGU, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to that CGU and then to the other assets of the unit pro-rata, on the basis of the carrying amount of each asset in that CGU. An impairment loss recognised for goodwill is not reversed in a subsequent period.Customer relationsThe customer contracts were acquired as part of a business combination. They are recognized at their fair value at the date of acquisition and are subsequently amortized on a straight-line based on the timing of projected cash flows of the contracts over their estimated useful lives of 5\u201315 years.Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentCost at 1 January 2022 9,935 2,830 88 12,853 Additions 4,130 1,742 - 5,872 Acquired through business combinations 729 120 - 849 Disposals (2,893) (131) - (3,024) Write- off/ transfers - 221 - 221 Exchange differences 46 275 - 321 Cost at 31 December 2022 11,947 5,058 88 17,093 Accumulated depreciation at 1 January 2022 6,306 1,728 54 8,087 Charge for the year 1,790 1,104 18 2,912 Disposals (3,609) (87) - (3,696) Write-off/ transfers - 277 - 277 Exchange differences (444) (55) 7 (492) Accumulated depreciation at 31 December 2022 4,043 2,967 78 7,088 Carrying amount at 31 December 2022 7,904 2,091 10 10,005 Cost at 1 January 2023 11,947 5,058 88 17,093 Additions 98 968 - 1,066 Acquired through business combinations 1,157 279 - 1,436 Disposals (106) (303) (5) (414) Exchange differences 666 234 8 908 Cost at 31 December 2023 13,762 6,236 91 20,089 Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentAccumulated depreciation at 1 January 2023 4,045 2,967 78 7,088 Charge for the year 2,390 944 7 3,341 Disposals (106) (301) (22) (429) Exchange differences (715) 166 25 (525) Accumulated depreciation at 31 December 2023 5,614 3,776 88 9,476 Carrying value at 31 December 2023 8,149 2,460 3 10,613 See note 17 for further information on the lease liabilities relating to the above right-of-use assets.Goodwill Customer PatentsInternally Totalrelationsgenerated Amounts in USD thousandssoftwareCost at 1 January 2022 29,806 3,561 - - 33,367Acquired through business combinations - 714 1,386 337 2,438 Additions - - - 121 121 Effect of movements in exchange rates (588) - - 44 (544) Cost at 31 December 2022 29,218 4,275 1,386 502 35,382Accumulated amortisation and impairment 5,546 356 - - 5,902at 1 January 2022Charge for the year - 384 46 66 495Effect of movements in exchange rates (405) - - 7 (398)Acumulated amortisation and impairment 5,141 740 46 72 5,999at 31 December 2022Carrying value at 31 December 2022 24,077 3,536 1,340 430 29,382Cost at 1 January 2023 29,218 4,275 1,386 502 35,382 Acquired through business combinations 14,764 6,736 3,284 2,478 27,262 Additions - - - 1,454 1,454 Effect of movements in exchange rates 290 126 66 48 529 Cost at 31 December 2023 44,272 11,137 4,736 4,483 64,627 Accumulated amortisation and impairment 5,141 740 46 72 5,999 at 1 January 2023Charge for the year - 1,087 92 782 1,961 Effect of movements in exchange rates (154) (6) - - (160) Acumulated amortisation and impairment 4,987 1,820 139 854 7,800 at 31 December 2023Carrying value at 31 December 2023 39,284 9,317 4,597 3,629 56,828 Useful life Tested for 5 \u2013 15 years 15 years 5 \u2013 10 yearsimpairmentAll goodwill is allocated to CGUs. These CGUs represent the lowest level within the Group at which goodwill is monitored for internal management purposes. Goodwill denominated in foreign currencies is revalued at the reporting date. The allocation of goodwill to cash-generating units is as follows:Amounts in USD thousands 2023 2022Cash Generating UnitsABL 19,972 19,878AGR 13,467 - OWC 4,246 2,600 Longitude 1,599 1,599Total goodwill 39,284 24,077 Goodwill arising from the acquisitions is attributable to workforce of the acquired businesses (refer note 8). Goodwill is tested for impairment at least annually, or when there are indications of impairment. Determining whether goodwill is impaired requires an estimation of the value-in-use of the CGUs to which goodwill has been allocated. The value-in-use calculations requires the directors to estimate the future cash flows expected to arise from the CGU and a suitable discount rate in order to calculated present value. Where the actual future cash flows are less than expected, an impairment loss may arise.The Group has completed an annual assessment of impairment indicators and performed an impairment test on assets and CGUs. The following assumptions were used:Cash flow projections and assumptions:A three year forecast of discounted cash flows plus a terminal value was used to determine net present value of each CGU. Discounted cash flows were calculated before tax.Estimated future cash flows for the different CGUs are estimated based on budgets and long-term estimates. The estimated cash flows for year 2024 are based on budget. The estimated cash flows in the years 2025-2026 are based on current 3-year forecasts for each CGU. The projected cash flows are based on the expected development in the total overall market, the CGUs performance and that the Group over time will reach a margin level in line with what other businesses within the industry historically have achieved.Cash flows have been used over a period of three years as management believes this reflects a reasonable time horizon for management to monitor the trends in the business. After three years a terminal growth rate has been set to 1.5% for the Oil & Gas and Maritime businesses and 1.7% for the Renewable businesses. This is somewhat below OECD market forecasts for growth in energy demand and markets until 2040. While Oil & Gas activities are not assumed to have infinite lives, the Group's core competence is applicable across multiple energy markets, and it is assumed that in the long term Oil & Gas clients will be replaced by customers with similar demands from energy transition activities and other industries. The estimated terminal long-term growth is mainly dependent on overall market growth for demand for the Group's services and the CGUs ability to recruit the right personnel and its ability to create revenue growth through then proper utilization of human resources.Note 14. Trade and other receivablesTrade receivables are amounts receivable from customers for billing in the ordinary course of business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment losses. The Group measures the loss allowance for trade receivables based on the expected credit loss model using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors and general economic conditions of the industry in which the debtors operate. The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g., when the debtor has been placed under liquidation or has entered bankruptcy proceedings. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate.The carrying amount of the asset is reduced using an allowance account and the amount of the loss is recognized in the consolidated income statement within other operating expenses. When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against other operating expenses in the consolidated income statement.Amounts in USD thousands 2023 2022Trade receivables 48,087 33,280 Loss allowance (612) (836) Total trade receivables 47,475 32,444 Prepayments 4,465 3,427 Deposits 1,675 1,122 Other receivables 3,777 4,409 Total trade and other receivables 57,392 41,400 Trade receivables are generally due for settlement within 30 to 90 days and are therefore all classified as current, terms associated with the settlement vary across the Group. Trade receivables are generally due for settlement within 30 to 90 days and are therefore all classified as current, terms associated with the settlement vary across the Group. The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in note 23.Discount rate:The weighted average cost of capital (\"WACC\") is determined based on a target capital structure of 80% equity (2022: 80%), where cost of equity is determined using a capital asset pricing model. The WACC is based on the post-tax cost of equity and cost of debt using CGU-specific inputs where possible for key inputs including risk-free interest rate, the beta factor, country risk premium, market risk premium, additional risk premium, and country specific tax rates.Key inputs in determining the WACC:\u2022 Risk free interest rate: 10-year government yield\u2022 Asset beta: Based on a selected peer group consisting of companies with statistical data for the last 5 years: 0.94 (2022: 1.04)\u2022 Capital structure: Equity ratio of 80%The cash flows were discounted using WACC of 9.0% to 11.1%.Impairment test results and conclusion:Overall the test performed indicated the value-in-use exceeds the carrying amounts for all CGUs. As a result of the above, no impairment has been recorded during the year. Sensitivity to impairment:Sensitivity calculations are done for all CGUs that are tested for impairment. To test the sensitivity of the results of the impairment review, the calculations have been re-performed using the following assumptions:\u2022 An increase in discount rate of 2.0% points\u2022 A reduction in the EBITDA margin of 3.0% points in the terminal year \u2022 A reduction in terminal growth rate to 0.5% pointsThe results indicated that a combined change in all the three assumptions in the sensitivity analysis would result in a value-in-use that exceeds the carrying amounts for all CGUs. Note 15. Cash and cash equivalentsFor the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash at banks and on hand and short-term deposits with original maturity of three months or less, which are subject to an insignificant risk of changes in value.Amounts in USD thousands 2023 2022Non restricted cash 28,048 30,815Restricted cash 109 159Total cash and cash equivalents 28,157 30,974Cash at banks earns interest at floating rates based on daily bank deposit rates. Cash and cash equivalents largely comprise bank balances denominated in US Dollars, Norwegian Krone, British Pound, and other currencies for the purpose of settling current liabilities. Restricted cash is cash held in the bank accounts of certain entities where there is a requirement to hold a certain amount of cash to cover future obligations and are therefore not available for general use by the other entities within the Group.Note 16. EquityEquity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.Where any Group company purchases the Company\u2019s equity instruments (treasury shares), for example as the result of a share buy-back or a share-based payment plan, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the owners of the Company as treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the owners of the Company.Dividends Provision is made for any dividend declared, being appropriately authorized and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period. Number of shares Amounts in USD thousands(thousands) Share capital Share premium Total At 1 January 2022 96,923 1,323 64,912 66,235 Cash-settled capital increase (net of transaction costs) 5,265 53 1,694 1,746 Shares isssued as consideration for business combination 2,582 26 2,680 2,706 Dividends paid - - (5,936) (5,936) At 31 December 2022 104,770 1,402 63,349 64,751 At 1 January 2023 104,770 1,402 63,349 64,751 Shares isssued as consideration for business combination (see note 8) 18,580 178 28,833 29,011 Dividends paid - - (8,073) (8,073)At 31 December 2023 123,350 1,580 84,109 85,689 Each ordinary share has a par value of NOK 0.10 per share. They entitle the holder to participate in dividends, and to share in the proceeds of winding up the Company in proportion to the number of shares held. On a show of hands every holder of ordinary shares present at a meeting, in person or by proxy, is entitled to one vote, and on a poll each share is entitled to one vote.The Company does not have a limited amount of authorized capital.In 2023, 18,580,505 ordinary shares (2022: 7,847,279 ordinary shares) were issued. The Company incurred USD 43,000 (2022: USD 24,000) in transaction costs that were directly attributable to the issuance of shares.Share-based compensation reserve The share-based compensation reserve arises on the grant of share options to employees under the employee share option plans. Employee share option planShare options to staff for shares issued under the Group's share options scheme are set out below:2023 2022 Number of share Weighted average Number of share Weighted average In thousands of optionsoptions exercise price NOKoptions exercise price NOKAt 1 January 10,805 6.17 17,765 4.80 Granted during the year - - 1,000 12.64 Exercised during the year - - (5,265) 3.37 Adjusted during the year - - 90 3.57 Forfeited during the year (782) 6.80 (2,785) 4.44 At 31 December 10,023 6.12 10,805 6.17 Share options outstanding at the end of the year have the following expiry dates and exercise prices:Grant date Expiry date Exercise price NOK 2023 202220/12/19 11/3/25 3.09 630 6304/5/21 14/9/24 5.26 8,545 9,17522/12/22 11/4/26 12.03 848 1,000Options outstanding at year end (thousands) 10,023 10,805Weighted average remaining contractual life (years) of options outstanding at end of 0.81 2.06periodDuring the year the Board of Directors extended the expiry date of the options granted on 20 December 2019 to 11 March 2025. The Group recognised total share-based payment expenses of USD 1.4 million in 2023 (2022: USD 1.4 million). Note 18. ProvisionsProvisions for legal claims, service warranties and make good obligations are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognized for future operating losses.Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.Provision for employees\u2019 end of service benefitsIn accordance with the provisions of IAS 19, management has carried out an exercise to assess the present value of its obligations at 31 December 2023 and 2022, using the projected unit credit method, in respect of employees\u2019 end of service benefits payable under the Labour Laws of the countries in which the Group operates. Under this method, an assessment has been made of an employee\u2019s expected service life with the Group and the expected basic salary at the date of leaving the service. The obligation for end of service benefits is not funded. Refer to note 6 for further information regarding pension schemes.Amounts in USD thousands 2023 2022Provision for employees\u2019 end of service benefitsNon-current 3,540 3,058 Amounts in USD thousands 2023 2022Reconciliation of change in the provsions during the yearAt 1 January 3,058 2,714 Provisions made during the year 769 571 Payments made during the year (287) (227) At 31 December 3,540 3,058 Note 19. Trade and other payablesThese amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.Amounts in USD thousands 2023 2022Trade payables 12,577 5,651Accrued employee benefits 10,186 6,424Taxation and social security contributions 10,654 4,852Other accrued expenses and payables 11,413 8,964Total trade payables 44,830 25,890Trade payables are non-interest bearing. Note 20. Fair values of financial assets and financial liabilitiesFinancial assets The Group classifies its financial assets at amortized cost or fair value based on the entity\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. The Group applies the IFRS\u00ae 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.Carrying amount and Fair valueAmounts in USD thousands Valuation model2023 2022Financial assetsTrade and other receivables Amortised cost 55,717 37,973Contract assets Amortised cost 22,185 13,394Cash and cash equivalents Amortised cost 28,157 30,974Total financial assets 106,059 82,341Financial liabilitiesTrade and other payables Amortised cost 44,830 25,890Contract liabilities Amortised cost 1,978 1,535Bank borrowings Amortised cost 10,946 13,337Total financial liabilities 57,754 40,761The financial assets principally consist of cash and cash equivalents and trade and other receivables arising directly from operations. The financial liabilities principally consist of a trade and other payables and bank borrowings arising directly from operations.The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:\u2022 Cash and bank deposits, trade and other current receivables, trade and other current payables and bank borrowings approximate their carrying amounts due to the short-term maturities of these instruments.Note 27. Events after the reporting dateNew information on the Group's positions at the reporting date is considered in the annual financial statements. Events after the reporting date that do not affect the Group's position at that date, but which will affect the Group's position in the future are stated if significant. Subsequent to the reporting date the following material events have occurred:New financingThe Group entered into an agreement for a new borrowing facility with a financial institution in January 2024. The previous loan facility which originally lapsed in December 2023 was extended for one month to arrange for a smooth transition to the new facility.The new facility consists of two parts, (i) a revolving credit facility of USD 30 million and (ii) an accordion facility of USD 20 million. The facility terminates three years from the date of the agreement with a one plus one year extension option. The agreement has the following covenants:\u2022 Interest cover not less than 4.00:1\u2022 Leverage not to exceed 2.50:1Financial covenants will be measured on a quarterly basis.The interest on the above facility is the relevant LIBOR for USD loans or similar rates for other loan currencies (SOFR, SONIA, ESTR, NIBOR - 1, 3 or 6 months at the borrower's discretion) plus a margin based on a ratchet of between 250 and 310 basis points dependent on the prevailing adjusted leverage ranging from less than 1.00:1 to greater than 2.00:1Debt issuance costs of USD1.1 million were incurred in the completion of the new facility. These costs have been capitalised and are being amortised over the term of the facility agreement.Exercise of share options and warrantsOn 14 December 2023 a total number of 9,175,000 employee share options vested. Following an exercise window that closed on 8 January 2024, a total of 4,127,500 options were exercised on that date resulting in an increase the share capital of the parent company of NOK 412,750. On 22 January 2024, Bridgepoint Advisers II Limited exercised its last remaining tranche consisting of 1,000,000 warrants issued following the acquisition of the LOC Group. Following the above option and warrant exercises there were 128,477,867 ordinary shares in issue.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-13-3": {
"value": "2.5 Foreign currenciesFunctional and presentation currencyThese consolidated financial statements are presented in US Dollars (USD). All amounts disclosed in the financial statements and notes have been rounded off to the nearest thousand currency units unless otherwise stated.Foreign currency transactionsIn preparing the financial statements of each subsidiary, transactions in currencies other than the subsidiary\u2019s functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.Exchange differences on monetary items are recognised in profit or loss in the period in which they arise except for exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in OCI and reclassified from equity to profit or loss on repayment of the monetary items.Foreign operationsThe assets and liabilities of the Group\u2019s foreign operations, including goodwill and fair value adjustments arising on acquisitions, are translated into USD using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in OCI and accumulated in a foreign currency translation reserve as part of shareholders\u2019 equity.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-16-2": {
"value": "Note 3. Significant accounting estimates and judgementsMaterial accounting policies are provided in the respective note throughout the consolidated financial statements. In applying the Group\u2019s accounting policies, which are described in more detail in the notes to the financial statements, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.3.1 Critical judgements in applying the Group's accounting policiesThe following are the critical judgments, apart from those involving estimations (which are presented below separately), that Management has made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements.Control over subsidiariesNote 25 describes that certain subsidiaries in UAE, Qatar, Thailand and Malaysia are subsidiaries of the Group even though the Group has only a 49% ownership interest. The remaining ownership interests are held by local sponsors in accordance with statutory regulations of those countries.The Directors of the Company assessed whether the Group has control over those subsidiaries based on whether the Group has the practical ability to direct the relevant activities of subsidiaries unilaterally. In making their judgement, the directors considered the Group\u2019s absolute size of holding in those subsidiaries and the relative size of and dispersion of the shareholdings owned by the other shareholders.Through trust agreements with the respective local sponsors, the Group controls 100% of the financial and ownership rights of those entities. The Group has ownership over all the assets of the entity, with all dividends, proceeds of sale etc. belonging solely to the Group. After assessment, the directors concluded that the Group has full power of the investee, is fully exposed to variable returns from its involvement with the investee and could use its power over the investee to affect the amount of the investor's returns, those entities have been fully consolidated in the consolidated financial statements of the Group, and the 51% owned by the local sponsors have not been treated as a non-controlling interest.3.2 Key sources of estimation uncertaintyThe key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.Income taxesThe Group is subject to income tax in several jurisdictions and significant judgement is required in determining the provision for income taxes. During the ordinary course of business, there are transactions and calculations for which the ultimate tax determination is uncertain. As a result, the Group recognizes tax liabilities based on estimates of whether additional taxes and interest will be due. The company believes that its accruals for tax liabilities are adequate for all open audit years based on its assessment of many factors including experience and interpretations of tax law. This requires the application of judgment as to the ultimate outcome, which can change over time depending on facts and circumstances. Judgments mainly relate to transfer pricing, including inter-company financing and expenditure deductible for tax purposes.To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact income tax expense in the period in which such determination is made.Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and level of future taxable profits together with future tax planning strategies.Impairment of non-financial assetsAn impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value-in-use. The fair value less costs of disposal calculation is based on available data from binding sales transactions in an arm\u2019s length transaction of similar assets or observable market prices less incremental costs for disposing the asset. The value-in-use for calculation is based on a discounted cash flow model. The cash flows are derived from the forecast for the next three years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the cash-generating unit being tested.The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash inflows and the growth rate used for extrapolation purposes.Further details of the key assumptions applied in the impairment assessment of goodwill are given in note 13 to the consolidated financial statements.Employee compensation plansThe Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based payment transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in note 16 to the consolidated financial statements.Impairment of financial assetsThe Group assesses at each reporting date whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment.Evidence of impairment may include indications that the debtor or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments; the probability that they will enter into bankruptcy or other financial reorganization, and observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or general changes in the economic conditions that correlate with defaults. The Group measures the loss allowance on amounts due from customer at an amount equal to lifetime expected credit losses (ECL). When measuring ECL, the group uses reasonable and supportable forward-looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other. Further details of the key assumptions applied in the impairment assessment are given in note 23 to the consolidated financial statements.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-20-2": {
"value": "Note 4. Revenue from contracts with customersRendering of servicesRevenue from providing services is recognised in the accounting period in which the services are rendered. For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided, because the Group has an enforceable right to receive payment for time performance completed to date. Completion is determined based on the actual labour hours spent relative to the total expected labour hours.Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on expected cost plus margin.Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management.In the case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the services rendered exceed the payment, a contract asset is recognised. If the payments exceed the services rendered, a contract liability is recognised.The group derives revenue from contracts with customers for the consultancy services over time provided to the energy, shipping and insurance industries and includes reimbursement of expenses and related services. This is consistent with the revenue information that is disclosed for each reportable segment under IFRS\u00ae 8 (note 5). It excludes dividends, interest income and intra-group transactions.Amounts in USD thousands 2023 2022Revenue from contracts with customersConsultancy services 240,967 159,239 Reimbursement of expenses 8,709 7,721 Other 1,557 937 Total revenue from contracts with customers 251,233 167,897 Assets and liabilities related to contracts with customersThe Group has recognised the following assets and liabilities related to contracts with customers.Amounts in USD thousands 2023 2022Contract assetsContract assets related to contracts with customers 22,238 13,537 Loss allowance (53) (143) Total contract assets 22,185 13,394 Contract liabilitiesContract liabilities related to contracts with customers 1,978 1,535 The contract assets primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date. The Group also recognised a loss allowance for contract assets in accordance with IFRS\u00ae 9 (refer to note 23 for further information). The contract assets are transferred to trade receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer. The contract liabilities primarily relate to the advance consideration received from customers, for which revenue is recognised over time. The vast majority of the Group\u2019s consulting service contracts are billed based on the time incurred. As permitted under IFRS\u00ae 15, the transaction price allocated to unsatisfied contracts is not disclosed, for which the practical expedient applies. Whilst the Group incurs costs that are necessary to facilitate a sale, those costs would have been incurred even if the customer decided not to execute the contract and therefore have not been capitalised. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-20-3": {
"value": "Note 4. Revenue from contracts with customersRendering of servicesRevenue from providing services is recognised in the accounting period in which the services are rendered. For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided, because the Group has an enforceable right to receive payment for time performance completed to date. Completion is determined based on the actual labour hours spent relative to the total expected labour hours.Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on expected cost plus margin.Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management.In the case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the services rendered exceed the payment, a contract asset is recognised. If the payments exceed the services rendered, a contract liability is recognised.The group derives revenue from contracts with customers for the consultancy services over time provided to the energy, shipping and insurance industries and includes reimbursement of expenses and related services. This is consistent with the revenue information that is disclosed for each reportable segment under IFRS\u00ae 8 (note 5). It excludes dividends, interest income and intra-group transactions.Amounts in USD thousands 2023 2022Revenue from contracts with customersConsultancy services 240,967 159,239 Reimbursement of expenses 8,709 7,721 Other 1,557 937 Total revenue from contracts with customers 251,233 167,897 Assets and liabilities related to contracts with customersThe Group has recognised the following assets and liabilities related to contracts with customers.Amounts in USD thousands 2023 2022Contract assetsContract assets related to contracts with customers 22,238 13,537 Loss allowance (53) (143) Total contract assets 22,185 13,394 Contract liabilitiesContract liabilities related to contracts with customers 1,978 1,535 The contract assets primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date. The Group also recognised a loss allowance for contract assets in accordance with IFRS\u00ae 9 (refer to note 23 for further information). The contract assets are transferred to trade receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer. The contract liabilities primarily relate to the advance consideration received from customers, for which revenue is recognised over time. The vast majority of the Group\u2019s consulting service contracts are billed based on the time incurred. As permitted under IFRS\u00ae 15, the transaction price allocated to unsatisfied contracts is not disclosed, for which the practical expedient applies. Whilst the Group incurs costs that are necessary to facilitate a sale, those costs would have been incurred even if the customer decided not to execute the contract and therefore have not been capitalised. ",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Note 4. Revenue from contracts with customersRendering of servicesRevenue from providing services is recognised in the accounting period in which the services are rendered. For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided, because the Group has an enforceable right to receive payment for time performance completed to date. Completion is determined based on the actual labour hours spent relative to the total expected labour hours.Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on expected cost plus margin.Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management.In the case of fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the services rendered exceed the payment, a contract asset is recognised. If the payments exceed the services rendered, a contract liability is recognised.The group derives revenue from contracts with customers for the consultancy services over time provided to the energy, shipping and insurance industries and includes reimbursement of expenses and related services. This is consistent with the revenue information that is disclosed for each reportable segment under IFRS\u00ae 8 (note 5). It excludes dividends, interest income and intra-group transactions.Amounts in USD thousands 2023 2022Revenue from contracts with customersConsultancy services 240,967 159,239 Reimbursement of expenses 8,709 7,721 Other 1,557 937 Total revenue from contracts with customers 251,233 167,897 Assets and liabilities related to contracts with customersThe Group has recognised the following assets and liabilities related to contracts with customers.Amounts in USD thousands 2023 2022Contract assetsContract assets related to contracts with customers 22,238 13,537 Loss allowance (53) (143) Total contract assets 22,185 13,394 Contract liabilitiesContract liabilities related to contracts with customers 1,978 1,535 The contract assets primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date. The Group also recognised a loss allowance for contract assets in accordance with IFRS\u00ae 9 (refer to note 23 for further information). The contract assets are transferred to trade receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer. The contract liabilities primarily relate to the advance consideration received from customers, for which revenue is recognised over time. The vast majority of the Group\u2019s consulting service contracts are billed based on the time incurred. As permitted under IFRS\u00ae 15, the transaction price allocated to unsatisfied contracts is not disclosed, for which the practical expedient applies. Whilst the Group incurs costs that are necessary to facilitate a sale, those costs would have been incurred even if the customer decided not to execute the contract and therefore have not been capitalised. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-26-3": {
"value": "Note 5. Segment informationAs of 1st July 2023, the Group is managed by four distinct business lines under the brands ABL (\u201cThe Energy and Marine Consultants\u201d), OWC (\u201cThe Renewable Energy Consultants\u201d), Longitude (\u201cThe Engineering Consultants\u201d) and AGR (\u201cThe Energy and Software Consultants\u201d). The internal restructuring was carried out to simplify the group structure and to improve clarity around service offerings, with each segment containing services of a similar nature, provided to customers of a similar nature. These business lines will also form the basis for the four reportable segments of the Group. The internal management reports provided by management to the Group's Board of Directors, which is the Group\u2019s Chief Operating Decision Maker (\"CODM\"), is in accordance with this structure. No operating segments have been aggregated to form the above four reporting segments.Management has considered the organisational structure, service offerings of each business unit and performance of certain activities in determining the reportable segments as described above. The main measures of performance for each segment are revenue, operating profit and working capital metrics (trade debtor and unbilled revenue days outstanding).The AGR segment includes the AGR business acquired in Q2 2023, as well as certain Add Energy entities acquired in Q3 2022, which now form part of the AGR segment. Financials for the AGR segment prior to Q2 2023 relates solely to these Add Energy entities. Eliminations reflects the eliminations of intra-segment revenue to the extent that these arise between the segments. The segmental information, as provided to the CODM on a monthly basis, is as follows: Amounts in USD thousands ABL AGR OWC Longitude Eliminations Total/ CorporateYear ended 31 December 2023Segmental revenue 138,786 66,224 41,615 12,385 (7,777) 251,233 Operating profit 31,896 3,119 4,200 3,014 (25,699) 16,530 Finance income 423 Finance expenses (1,666) Net foreign exchange loss (2,842) Profit before income tax 12,445 Income tax expenses (3,768) Profit after tax 8,677Amounts in USD thousands ABL AGR OWC Longitude Eliminations Total/ CorporateYear ended 31 December 2022Segmental revenue 125,357 6,469 30,739 11,191 (5,859) 167,897 Operating profit 24,908 (845) 4,362 2,530 (18,439) 12,514 Gain on disposal of subsidiaries 1,889 Finance income 169 Finance expenses (1,411) Net foreign exchange loss (2,507) Profit before income tax 10,654 Income tax expenses (4,401) Profit after tax 6,253 The following segment asset information is provided to the Board of Directors for reportable segments:Amounts in USD thousands ABL AGR OWC Longitude Eliminations Total/ CorporateYear ended 31 December 2023Trade receivables 28,290 11,749 5,904 1,532 - 47,475 Contract assets 11,402 6,028 3,645 1,110 - 22,185 Cash and cash equivalents 15,291 7,129 4,240 912 585 28,157 Amounts in USD thousands ABL AGR OWC Longitude Eliminations Total/ CorporateYear ended 31 December 2022Trade receivables 24,903 3,455 3,192 894 - 32,444 Contract assets 9,718 487 1,931 1,258 - 13,394 Cash 19,485 1,710 4,626 803 4,350 30,974 Information about other segment assets and liabilities is not reported to or used by the CODM and, accordingly, no measures of other segment assets and liabilities are reported.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-29-2": {
"value": "Note 6. Staff CostsEmployee Benefits Pension obligationsThe Group currently operates both defined contribution and defined benefit plans. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as an employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. The Group's pension obligations primarily relate to defined contribution plans. The Group meets the Norwegian requirements for mandatory occupational pension (\"obligatorisk tjenestepensjon\"). Refer to note 18 for further information regarding other employee's end of service benefits.Other employees\u2019 benefit obligationsLiabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. These liabilities are presented as a current liability and included in trade and other payables.In some countries, the Group also has liabilities for end of service benefits that are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period, using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. The provision relating to end of service benefits is disclosed as a non-current liability.Bonus plansThe Group recognizes a liability and an expense for bonuses based on a formula that takes into consideration the profit attributable to the Company\u2019s shareholders after certain adjustments. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation.Share-based paymentsShare-based compensation benefits are provided to employees via the employee option plan. Information relating to these schemes is set out in note 16. Employee optionsThe fair value of options granted under the employee option plan is recognized as an employee benefits expense, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:\u2022 including any market performance conditions (e.g., the entity\u2019s share price)\u2022 excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period), and\u2022 including the impact of any non-vesting conditions (e.g., the requirement for employees to save or hold shares for a specific period). The total expense is recognized over the vesting period, which is the period over which all the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. Amounts in USD thousands 2023 2022Staff CostsSalaries and wages 96,628 62,995Payroll and social security costs 11,844 7,616Employee's end of service and pension benefits 4,791 2,322Share-based payments 1,439 1,397Other personnel costs 10,671 13,796Total staff costs 125,373 88,126Average number of employees 1,089 797",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-29-3": {
"value": "Note 6. Staff CostsEmployee Benefits Pension obligationsThe Group currently operates both defined contribution and defined benefit plans. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as an employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. The Group's pension obligations primarily relate to defined contribution plans. The Group meets the Norwegian requirements for mandatory occupational pension (\"obligatorisk tjenestepensjon\"). Refer to note 18 for further information regarding other employee's end of service benefits.Other employees\u2019 benefit obligationsLiabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. These liabilities are presented as a current liability and included in trade and other payables.In some countries, the Group also has liabilities for end of service benefits that are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period, using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. The provision relating to end of service benefits is disclosed as a non-current liability.Bonus plansThe Group recognizes a liability and an expense for bonuses based on a formula that takes into consideration the profit attributable to the Company\u2019s shareholders after certain adjustments. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation.Share-based paymentsShare-based compensation benefits are provided to employees via the employee option plan. Information relating to these schemes is set out in note 16. Employee optionsThe fair value of options granted under the employee option plan is recognized as an employee benefits expense, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:\u2022 including any market performance conditions (e.g., the entity\u2019s share price)\u2022 excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period), and\u2022 including the impact of any non-vesting conditions (e.g., the requirement for employees to save or hold shares for a specific period). The total expense is recognized over the vesting period, which is the period over which all the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. Amounts in USD thousands 2023 2022Staff CostsSalaries and wages 96,628 62,995Payroll and social security costs 11,844 7,616Employee's end of service and pension benefits 4,791 2,322Share-based payments 1,439 1,397Other personnel costs 10,671 13,796Total staff costs 125,373 88,126Average number of employees 1,089 797",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-29-5": {
"value": "Note 6. Staff CostsEmployee Benefits Pension obligationsThe Group currently operates both defined contribution and defined benefit plans. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as an employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. The Group's pension obligations primarily relate to defined contribution plans. The Group meets the Norwegian requirements for mandatory occupational pension (\"obligatorisk tjenestepensjon\"). Refer to note 18 for further information regarding other employee's end of service benefits.Other employees\u2019 benefit obligationsLiabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. These liabilities are presented as a current liability and included in trade and other payables.In some countries, the Group also has liabilities for end of service benefits that are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period, using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. The provision relating to end of service benefits is disclosed as a non-current liability.Bonus plansThe Group recognizes a liability and an expense for bonuses based on a formula that takes into consideration the profit attributable to the Company\u2019s shareholders after certain adjustments. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation.Share-based paymentsShare-based compensation benefits are provided to employees via the employee option plan. Information relating to these schemes is set out in note 16. Employee optionsThe fair value of options granted under the employee option plan is recognized as an employee benefits expense, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:\u2022 including any market performance conditions (e.g., the entity\u2019s share price)\u2022 excluding the impact of any service and non-market performance vesting conditions (e.g. profitability, sales growth targets and remaining an employee of the entity over a specified time period), and\u2022 including the impact of any non-vesting conditions (e.g., the requirement for employees to save or hold shares for a specific period). The total expense is recognized over the vesting period, which is the period over which all the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. Amounts in USD thousands 2023 2022Staff CostsSalaries and wages 96,628 62,995Payroll and social security costs 11,844 7,616Employee's end of service and pension benefits 4,791 2,322Share-based payments 1,439 1,397Other personnel costs 10,671 13,796Total staff costs 125,373 88,126Average number of employees 1,089 797",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-32-2": {
"value": "Note 7. Other operating expensesAmounts in USD thousands 2023 2022Subcontractor costs 72,202 37,765Office lease and maintenance expenses 2,603 1,963Insurance costs 3,372 2,637Cost of recharged expenses 7,267 6,781Transaction costs related to acquisitions 720 357Expenses relating to short-term or low value leases 1,541 1,412General and administrative expenses 16,324 13,000Total other operating expenses 104,029 63,9151Remuneration to auditorsAudit fees 1,094 1,020Other assurance services 114 48Other services 158 278Total renumeration to auditors 1,366 1,3471 All fees are exclusive of VATNote 12. Property, plant and equipmentProperty, plant and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the asset. Depreciation is calculated using the straight-line method to allocate the asset's cost to their residual values over their estimated useful lives as follows:Fixtures and office equipment: 2\u20135 yearsVehicles: 5 yearsThe estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.An item of property, plant and equipment is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated income statement when the asset is derecognized.Right-of-use assetsThe Group assesses, at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Rental contracts, typically for office premises, are often entered into for fixed periods of 6 months to several years and may have extension options.A right-of-use asset and a lease liability are recognised at the lease commencement date.The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received, and any initial direct costs. It is subsequently measured at cost less accumulated depreciation and impairment losses. The useful life for a right-of-use asset is equal to the corresponding lease term. If there is evidence that the remaining useful life of the underlying asset is lower than the lease term, then the useful life is used.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.The Group applies the short-term lease recognition exemption to its short-term leases. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease terms.The Group applies a single discount rate to a portfolio of leases with reasonably similar characteristics. Many leases contain extension and termination options which are included in the lease terms if the Group is reasonably certain that they will be exercised.Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentCost at 1 January 2022 9,935 2,830 88 12,853 Additions 4,130 1,742 - 5,872 Acquired through business combinations 729 120 - 849 Disposals (2,893) (131) - (3,024) Write- off/ transfers - 221 - 221 Exchange differences 46 275 - 321 Cost at 31 December 2022 11,947 5,058 88 17,093 Accumulated depreciation at 1 January 2022 6,306 1,728 54 8,087 Charge for the year 1,790 1,104 18 2,912 Disposals (3,609) (87) - (3,696) Write-off/ transfers - 277 - 277 Exchange differences (444) (55) 7 (492) Accumulated depreciation at 31 December 2022 4,043 2,967 78 7,088 Carrying amount at 31 December 2022 7,904 2,091 10 10,005 Cost at 1 January 2023 11,947 5,058 88 17,093 Additions 98 968 - 1,066 Acquired through business combinations 1,157 279 - 1,436 Disposals (106) (303) (5) (414) Exchange differences 666 234 8 908 Cost at 31 December 2023 13,762 6,236 91 20,089 Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentAccumulated depreciation at 1 January 2023 4,045 2,967 78 7,088 Charge for the year 2,390 944 7 3,341 Disposals (106) (301) (22) (429) Exchange differences (715) 166 25 (525) Accumulated depreciation at 31 December 2023 5,614 3,776 88 9,476 Carrying value at 31 December 2023 8,149 2,460 3 10,613 See note 17 for further information on the lease liabilities relating to the above right-of-use assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-32-3": {
"value": "Note 7. Other operating expensesAmounts in USD thousands 2023 2022Subcontractor costs 72,202 37,765Office lease and maintenance expenses 2,603 1,963Insurance costs 3,372 2,637Cost of recharged expenses 7,267 6,781Transaction costs related to acquisitions 720 357Expenses relating to short-term or low value leases 1,541 1,412General and administrative expenses 16,324 13,000Total other operating expenses 104,029 63,9151Remuneration to auditorsAudit fees 1,094 1,020Other assurance services 114 48Other services 158 278Total renumeration to auditors 1,366 1,3471 All fees are exclusive of VAT",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-32-4": {
"value": "Note 7. Other operating expensesAmounts in USD thousands 2023 2022Subcontractor costs 72,202 37,765Office lease and maintenance expenses 2,603 1,963Insurance costs 3,372 2,637Cost of recharged expenses 7,267 6,781Transaction costs related to acquisitions 720 357Expenses relating to short-term or low value leases 1,541 1,412General and administrative expenses 16,324 13,000Total other operating expenses 104,029 63,9151Remuneration to auditorsAudit fees 1,094 1,020Other assurance services 114 48Other services 158 278Total renumeration to auditors 1,366 1,3471 All fees are exclusive of VAT",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-32-5": {
"value": "Note 7. Other operating expensesAmounts in USD thousands 2023 2022Subcontractor costs 72,202 37,765Office lease and maintenance expenses 2,603 1,963Insurance costs 3,372 2,637Cost of recharged expenses 7,267 6,781Transaction costs related to acquisitions 720 357Expenses relating to short-term or low value leases 1,541 1,412General and administrative expenses 16,324 13,000Total other operating expenses 104,029 63,9151Remuneration to auditorsAudit fees 1,094 1,020Other assurance services 114 48Other services 158 278Total renumeration to auditors 1,366 1,3471 All fees are exclusive of VAT",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-33-2": {
"value": "Note 8. Business combinationsThe acquisition method of accounting is used to account for all business combinations in accordance with IFRS\u00ae 3, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 fair values of the assets transferred\u2022 liabilities incurred to the former owners of the acquired business\u2022 equity interests issued by the Group\u2022 fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 fair value of any pre-existing equity interest in the subsidiary.Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets.Acquisition-related costs are expensed as incurred.The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase.Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognized in profit or loss.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized as of that date.The measurement period ends as soon as the Group receives the necessary information about the facts and circumstances that existed as of the acquisition date or learns that the information is not obtainable. However, the measurement period cannot exceed one year from the acquisition date.Business combinations during 2023AGROn 18 April 2023, the Group acquired 100 percent of the shares in the multi-disciplinary engineering consultancy and software company AGR AS (\u201cAGR\u201d). The acquisition will bolster the Group\u2019s offering within well and reservoir consultancy, enhances the Group\u2019s position supporting operators\u2019 digitalisation and decarbonisation plans, and expand its opex-driven offshore energy exposure. The purchase price consideration amounted to USD 29.0 million consisting of USD 0.5 million in cash on completion and the issue of 18,166,667 ordinary ABL Group shares (the \u201cAGR Consideration Shares\u201d), representing 14.8% of outstanding shares post-issue, issued at NOK 16.4 per share, being the closing share price on the date of completion. The provisional purchase price allocation is based on Management's best estimation of the fair value of the identifiable assets acquired and liabilities assumed. Management considers that the assumptions used in the provisional purchase price allocation are appropriate as at 31 December 2023. The measurement period will end no later than 18 April 2024. Goodwill recorded in connection with the AGR acquisition represents future economic benefits specific to the Group arising from assets that do not qualify for separate recognition as intangible assets.The fair value of acquired trade receivables on acquisition is USD 8.6 million. The gross contractual amount for trade receivables due is USD 8.8 million, with a loss allowance of USD 0.2 million. USD 0.5 million of acquisition costs were incurred in the AGR acquisition and were included in other operating expenses in the consolidated income statement. If control had been obtained on 1 January 2023, the combined revenue and profit for the year of the Group and the acquired business would have amounted to USD 270.7 million and USD 9.9 million respectively.Delta Wind PartnersOn 23 August 2023, the Group acquired 100 percent of the shares in the Denmark-based offshore wind consultancy DWP Group ApS and its subsidiary Delta Wind Partners ApS. The acquisition expands OWC\u2019s technical offering in wind turbines and in consultancy at the installation and O&M phases of an offshore wind project. It also provides an opportunity to further grow DWP\u2019s unique approach to WTG optimisation both globally and in the floating offshore wind market. The purchase price consideration amounted to USD 1.7 million consisting of USD 1.1 million (DKK 7.4 million) in cash on completion and the issue of 413,838 ordinary ABL Group shares (the \u201cDWP Consideration Shares\u201d), representing 0.3% of outstanding shares post-issue, issued at NOK 16.5 per share, being the closing share price on the date of completion. The DWP Consideration Shares are subject to a lock-up agreement and certain restrictions for 3-5 years.The provisional purchase price allocation is based on Management's best estimation of the fair value of the identifiable assets acquired and liabilities assumed.Management considers that the assumptions used in the provisional purchase price allocation are appropriate as at 31 December 2023. The measurement period will end no later than 23 August 2024. Goodwill recorded in connection with the DWP acquisition represents future economic benefits specific to the Group arising from assets that do not qualify for separate recognition as intangible assets.USD 0.2 million of acquisition costs were incurred in the DWP acquisition. These costs have been included in other operating expenses in the consolidated income statement. If control had been obtained on 1 January 2023, the combined revenue and profit for the year of the Group and the acquired business would have amounted to USD 252.8 million and USD 8.8 million respectively.Details of the purchase consideration, provisional net assets and goodwill acquired are as follows:Amounts in USD thousands AGR DWPProvisional fair value of net assets acquiredProperty, plant an equipment 246 33 Intangible assets - proprietary software 2,478 - Intangible assets - customer relations 10,020 - Right-of-use assets 1,157 - Financial assets (deposits) - 12 Deferred tax assets 3,595 2 Trade and other receivables 9,352 399 Contract assets 5,143 72 Cash and cash equivalents 3,593 8 Trade and other payables (15,581) (228) Income tax payable - (105) Deferred tax liabilities (2,410) - Long-term liabilities (1,602) - Net identifiable assets acquired 15,991 193 Non-controlling interests (255) - Goodwill 13,229 1,535 Net assets acquired 28,965 1,728 Amounts in USD thousands Purchase considerationCash consideration 509 1,086 Consideration shares 28,456 642 Total purchase consideration 28,965 1,728 Amounts in USD thousands Net cash flow on acquisition of subsidiariesCash acquired 3,593 8 Cash paid (509) (1,086) Net cash flow - investing activities 3,084 (1,078) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-33-4": {
"value": "Note 8. Business combinationsThe acquisition method of accounting is used to account for all business combinations in accordance with IFRS\u00ae 3, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 fair values of the assets transferred\u2022 liabilities incurred to the former owners of the acquired business\u2022 equity interests issued by the Group\u2022 fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 fair value of any pre-existing equity interest in the subsidiary.Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets.Acquisition-related costs are expensed as incurred.The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase.Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognized in profit or loss.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized as of that date.The measurement period ends as soon as the Group receives the necessary information about the facts and circumstances that existed as of the acquisition date or learns that the information is not obtainable. However, the measurement period cannot exceed one year from the acquisition date.Business combinations during 2023AGROn 18 April 2023, the Group acquired 100 percent of the shares in the multi-disciplinary engineering consultancy and software company AGR AS (\u201cAGR\u201d). The acquisition will bolster the Group\u2019s offering within well and reservoir consultancy, enhances the Group\u2019s position supporting operators\u2019 digitalisation and decarbonisation plans, and expand its opex-driven offshore energy exposure. The purchase price consideration amounted to USD 29.0 million consisting of USD 0.5 million in cash on completion and the issue of 18,166,667 ordinary ABL Group shares (the \u201cAGR Consideration Shares\u201d), representing 14.8% of outstanding shares post-issue, issued at NOK 16.4 per share, being the closing share price on the date of completion. The provisional purchase price allocation is based on Management's best estimation of the fair value of the identifiable assets acquired and liabilities assumed. Management considers that the assumptions used in the provisional purchase price allocation are appropriate as at 31 December 2023. The measurement period will end no later than 18 April 2024. Goodwill recorded in connection with the AGR acquisition represents future economic benefits specific to the Group arising from assets that do not qualify for separate recognition as intangible assets.The fair value of acquired trade receivables on acquisition is USD 8.6 million. The gross contractual amount for trade receivables due is USD 8.8 million, with a loss allowance of USD 0.2 million. USD 0.5 million of acquisition costs were incurred in the AGR acquisition and were included in other operating expenses in the consolidated income statement. If control had been obtained on 1 January 2023, the combined revenue and profit for the year of the Group and the acquired business would have amounted to USD 270.7 million and USD 9.9 million respectively.Delta Wind PartnersOn 23 August 2023, the Group acquired 100 percent of the shares in the Denmark-based offshore wind consultancy DWP Group ApS and its subsidiary Delta Wind Partners ApS. The acquisition expands OWC\u2019s technical offering in wind turbines and in consultancy at the installation and O&M phases of an offshore wind project. It also provides an opportunity to further grow DWP\u2019s unique approach to WTG optimisation both globally and in the floating offshore wind market. The purchase price consideration amounted to USD 1.7 million consisting of USD 1.1 million (DKK 7.4 million) in cash on completion and the issue of 413,838 ordinary ABL Group shares (the \u201cDWP Consideration Shares\u201d), representing 0.3% of outstanding shares post-issue, issued at NOK 16.5 per share, being the closing share price on the date of completion. The DWP Consideration Shares are subject to a lock-up agreement and certain restrictions for 3-5 years.The provisional purchase price allocation is based on Management's best estimation of the fair value of the identifiable assets acquired and liabilities assumed.Management considers that the assumptions used in the provisional purchase price allocation are appropriate as at 31 December 2023. The measurement period will end no later than 23 August 2024. Goodwill recorded in connection with the DWP acquisition represents future economic benefits specific to the Group arising from assets that do not qualify for separate recognition as intangible assets.USD 0.2 million of acquisition costs were incurred in the DWP acquisition. These costs have been included in other operating expenses in the consolidated income statement. If control had been obtained on 1 January 2023, the combined revenue and profit for the year of the Group and the acquired business would have amounted to USD 252.8 million and USD 8.8 million respectively.Details of the purchase consideration, provisional net assets and goodwill acquired are as follows:",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-33-5": {
"value": "Note 8. Business combinationsThe acquisition method of accounting is used to account for all business combinations in accordance with IFRS\u00ae 3, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 fair values of the assets transferred\u2022 liabilities incurred to the former owners of the acquired business\u2022 equity interests issued by the Group\u2022 fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 fair value of any pre-existing equity interest in the subsidiary.Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets.Acquisition-related costs are expensed as incurred.The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase.Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognized in profit or loss.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized as of that date.The measurement period ends as soon as the Group receives the necessary information about the facts and circumstances that existed as of the acquisition date or learns that the information is not obtainable. However, the measurement period cannot exceed one year from the acquisition date.Business combinations during 2023AGROn 18 April 2023, the Group acquired 100 percent of the shares in the multi-disciplinary engineering consultancy and software company AGR AS (\u201cAGR\u201d). The acquisition will bolster the Group\u2019s offering within well and reservoir consultancy, enhances the Group\u2019s position supporting operators\u2019 digitalisation and decarbonisation plans, and expand its opex-driven offshore energy exposure. The purchase price consideration amounted to USD 29.0 million consisting of USD 0.5 million in cash on completion and the issue of 18,166,667 ordinary ABL Group shares (the \u201cAGR Consideration Shares\u201d), representing 14.8% of outstanding shares post-issue, issued at NOK 16.4 per share, being the closing share price on the date of completion. The provisional purchase price allocation is based on Management's best estimation of the fair value of the identifiable assets acquired and liabilities assumed. Management considers that the assumptions used in the provisional purchase price allocation are appropriate as at 31 December 2023. The measurement period will end no later than 18 April 2024. Goodwill recorded in connection with the AGR acquisition represents future economic benefits specific to the Group arising from assets that do not qualify for separate recognition as intangible assets.The fair value of acquired trade receivables on acquisition is USD 8.6 million. The gross contractual amount for trade receivables due is USD 8.8 million, with a loss allowance of USD 0.2 million. USD 0.5 million of acquisition costs were incurred in the AGR acquisition and were included in other operating expenses in the consolidated income statement. If control had been obtained on 1 January 2023, the combined revenue and profit for the year of the Group and the acquired business would have amounted to USD 270.7 million and USD 9.9 million respectively.Delta Wind PartnersOn 23 August 2023, the Group acquired 100 percent of the shares in the Denmark-based offshore wind consultancy DWP Group ApS and its subsidiary Delta Wind Partners ApS. The acquisition expands OWC\u2019s technical offering in wind turbines and in consultancy at the installation and O&M phases of an offshore wind project. It also provides an opportunity to further grow DWP\u2019s unique approach to WTG optimisation both globally and in the floating offshore wind market. The purchase price consideration amounted to USD 1.7 million consisting of USD 1.1 million (DKK 7.4 million) in cash on completion and the issue of 413,838 ordinary ABL Group shares (the \u201cDWP Consideration Shares\u201d), representing 0.3% of outstanding shares post-issue, issued at NOK 16.5 per share, being the closing share price on the date of completion. The DWP Consideration Shares are subject to a lock-up agreement and certain restrictions for 3-5 years.The provisional purchase price allocation is based on Management's best estimation of the fair value of the identifiable assets acquired and liabilities assumed.Management considers that the assumptions used in the provisional purchase price allocation are appropriate as at 31 December 2023. The measurement period will end no later than 23 August 2024. Goodwill recorded in connection with the DWP acquisition represents future economic benefits specific to the Group arising from assets that do not qualify for separate recognition as intangible assets.USD 0.2 million of acquisition costs were incurred in the DWP acquisition. These costs have been included in other operating expenses in the consolidated income statement. If control had been obtained on 1 January 2023, the combined revenue and profit for the year of the Group and the acquired business would have amounted to USD 252.8 million and USD 8.8 million respectively.Details of the purchase consideration, provisional net assets and goodwill acquired are as follows:",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-42-2": {
"value": "Note 9. Financial itemsInterest incomeInterest income is recognized using the effective interest rate method.Amounts in USD thousands 2023 2022Finance incomeInterest income 167 100 Other finance income 256 69 Total finance income 423 169 Finance expensesInterest on obligations under finance leases 404 297 Interest expenses 888 1,077 Other finance expenses 374 37 Total finance expenses 1,666 1,411 Foreign exchange lossNet foreign exchange loss 2,842 2,507 Net foreign exchange loss includes foreign currency loss related to bank accounts in the Company and its subsidiaries, which have bank accounts in currencies other than their functional currencies. Long-term loans to subsidiaries have been assessed to be a part of the net investments in the subsidiaries. In compliance with IAS 21, the unrealised currency effects related to these loans have been recognised in foreign currency translation reserve in the consolidated statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"pp-value-42-3": {
"value": "Note 9. Financial itemsInterest incomeInterest income is recognized using the effective interest rate method.Amounts in USD thousands 2023 2022Finance incomeInterest income 167 100 Other finance income 256 69 Total finance income 423 169 Finance expensesInterest on obligations under finance leases 404 297 Interest expenses 888 1,077 Other finance expenses 374 37 Total finance expenses 1,666 1,411 Foreign exchange lossNet foreign exchange loss 2,842 2,507 Net foreign exchange loss includes foreign currency loss related to bank accounts in the Company and its subsidiaries, which have bank accounts in currencies other than their functional currencies. Long-term loans to subsidiaries have been assessed to be a part of the net investments in the subsidiaries. In compliance with IAS 21, the unrealised currency effects related to these loans have been recognised in foreign currency translation reserve in the consolidated statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-42-4": {
"value": "Note 9. Financial itemsInterest incomeInterest income is recognized using the effective interest rate method.Amounts in USD thousands 2023 2022Finance incomeInterest income 167 100 Other finance income 256 69 Total finance income 423 169 Finance expensesInterest on obligations under finance leases 404 297 Interest expenses 888 1,077 Other finance expenses 374 37 Total finance expenses 1,666 1,411 Foreign exchange lossNet foreign exchange loss 2,842 2,507 Net foreign exchange loss includes foreign currency loss related to bank accounts in the Company and its subsidiaries, which have bank accounts in currencies other than their functional currencies. Long-term loans to subsidiaries have been assessed to be a part of the net investments in the subsidiaries. In compliance with IAS 21, the unrealised currency effects related to these loans have been recognised in foreign currency translation reserve in the consolidated statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-42-5": {
"value": "Note 9. Financial itemsInterest incomeInterest income is recognized using the effective interest rate method.Amounts in USD thousands 2023 2022Finance incomeInterest income 167 100 Other finance income 256 69 Total finance income 423 169 Finance expensesInterest on obligations under finance leases 404 297 Interest expenses 888 1,077 Other finance expenses 374 37 Total finance expenses 1,666 1,411 Foreign exchange lossNet foreign exchange loss 2,842 2,507 Net foreign exchange loss includes foreign currency loss related to bank accounts in the Company and its subsidiaries, which have bank accounts in currencies other than their functional currencies. Long-term loans to subsidiaries have been assessed to be a part of the net investments in the subsidiaries. In compliance with IAS 21, the unrealised currency effects related to these loans have been recognised in foreign currency translation reserve in the consolidated statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-42-6": {
"value": "Note 9. Financial itemsInterest incomeInterest income is recognized using the effective interest rate method.Amounts in USD thousands 2023 2022Finance incomeInterest income 167 100 Other finance income 256 69 Total finance income 423 169 Finance expensesInterest on obligations under finance leases 404 297 Interest expenses 888 1,077 Other finance expenses 374 37 Total finance expenses 1,666 1,411 Foreign exchange lossNet foreign exchange loss 2,842 2,507 Net foreign exchange loss includes foreign currency loss related to bank accounts in the Company and its subsidiaries, which have bank accounts in currencies other than their functional currencies. Long-term loans to subsidiaries have been assessed to be a part of the net investments in the subsidiaries. In compliance with IAS 21, the unrealised currency effects related to these loans have been recognised in foreign currency translation reserve in the consolidated statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-42-7": {
"value": "Note 9. Financial itemsInterest incomeInterest income is recognized using the effective interest rate method.Amounts in USD thousands 2023 2022Finance incomeInterest income 167 100 Other finance income 256 69 Total finance income 423 169 Finance expensesInterest on obligations under finance leases 404 297 Interest expenses 888 1,077 Other finance expenses 374 37 Total finance expenses 1,666 1,411 Foreign exchange lossNet foreign exchange loss 2,842 2,507 Net foreign exchange loss includes foreign currency loss related to bank accounts in the Company and its subsidiaries, which have bank accounts in currencies other than their functional currencies. Long-term loans to subsidiaries have been assessed to be a part of the net investments in the subsidiaries. In compliance with IAS 21, the unrealised currency effects related to these loans have been recognised in foreign currency translation reserve in the consolidated statement of comprehensive income.Note 13. Goodwill and intangible assetsGoodwillGoodwill is measured as described in note 8. Goodwill is not amortised but is reviewed for impairment at least annually, or more frequently when there is an indication that goodwill may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash generating units (\"CGU's\") expected to benefit from the synergies of the combination. If the recoverable amount of the CGU is less than the carrying amount of the CGU, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to that CGU and then to the other assets of the unit pro-rata, on the basis of the carrying amount of each asset in that CGU. An impairment loss recognised for goodwill is not reversed in a subsequent period.Customer relationsThe customer contracts were acquired as part of a business combination. They are recognized at their fair value at the date of acquisition and are subsequently amortized on a straight-line based on the timing of projected cash flows of the contracts over their estimated useful lives of 5\u201315 years.Goodwill Customer PatentsInternally Totalrelationsgenerated Amounts in USD thousandssoftwareCost at 1 January 2022 29,806 3,561 - - 33,367Acquired through business combinations - 714 1,386 337 2,438 Additions - - - 121 121 Effect of movements in exchange rates (588) - - 44 (544) Cost at 31 December 2022 29,218 4,275 1,386 502 35,382Accumulated amortisation and impairment 5,546 356 - - 5,902at 1 January 2022Charge for the year - 384 46 66 495Effect of movements in exchange rates (405) - - 7 (398)Acumulated amortisation and impairment 5,141 740 46 72 5,999at 31 December 2022Carrying value at 31 December 2022 24,077 3,536 1,340 430 29,382Cost at 1 January 2023 29,218 4,275 1,386 502 35,382 Acquired through business combinations 14,764 6,736 3,284 2,478 27,262 Additions - - - 1,454 1,454 Effect of movements in exchange rates 290 126 66 48 529 Cost at 31 December 2023 44,272 11,137 4,736 4,483 64,627 Accumulated amortisation and impairment 5,141 740 46 72 5,999 at 1 January 2023Charge for the year - 1,087 92 782 1,961 Effect of movements in exchange rates (154) (6) - - (160) Acumulated amortisation and impairment 4,987 1,820 139 854 7,800 at 31 December 2023Carrying value at 31 December 2023 39,284 9,317 4,597 3,629 56,828 Useful life Tested for 5 \u2013 15 years 15 years 5 \u2013 10 yearsimpairmentAll goodwill is allocated to CGUs. These CGUs represent the lowest level within the Group at which goodwill is monitored for internal management purposes. Goodwill denominated in foreign currencies is revalued at the reporting date. The allocation of goodwill to cash-generating units is as follows:Amounts in USD thousands 2023 2022Cash Generating UnitsABL 19,972 19,878AGR 13,467 - OWC 4,246 2,600 Longitude 1,599 1,599Total goodwill 39,284 24,077 Goodwill arising from the acquisitions is attributable to workforce of the acquired businesses (refer note 8). Goodwill is tested for impairment at least annually, or when there are indications of impairment. Determining whether goodwill is impaired requires an estimation of the value-in-use of the CGUs to which goodwill has been allocated. The value-in-use calculations requires the directors to estimate the future cash flows expected to arise from the CGU and a suitable discount rate in order to calculated present value. Where the actual future cash flows are less than expected, an impairment loss may arise.The Group has completed an annual assessment of impairment indicators and performed an impairment test on assets and CGUs. The following assumptions were used:Cash flow projections and assumptions:A three year forecast of discounted cash flows plus a terminal value was used to determine net present value of each CGU. Discounted cash flows were calculated before tax.Estimated future cash flows for the different CGUs are estimated based on budgets and long-term estimates. The estimated cash flows for year 2024 are based on budget. The estimated cash flows in the years 2025-2026 are based on current 3-year forecasts for each CGU. The projected cash flows are based on the expected development in the total overall market, the CGUs performance and that the Group over time will reach a margin level in line with what other businesses within the industry historically have achieved.Cash flows have been used over a period of three years as management believes this reflects a reasonable time horizon for management to monitor the trends in the business. After three years a terminal growth rate has been set to 1.5% for the Oil & Gas and Maritime businesses and 1.7% for the Renewable businesses. This is somewhat below OECD market forecasts for growth in energy demand and markets until 2040. While Oil & Gas activities are not assumed to have infinite lives, the Group's core competence is applicable across multiple energy markets, and it is assumed that in the long term Oil & Gas clients will be replaced by customers with similar demands from energy transition activities and other industries. The estimated terminal long-term growth is mainly dependent on overall market growth for demand for the Group's services and the CGUs ability to recruit the right personnel and its ability to create revenue growth through then proper utilization of human resources.Discount rate:The weighted average cost of capital (\"WACC\") is determined based on a target capital structure of 80% equity (2022: 80%), where cost of equity is determined using a capital asset pricing model. The WACC is based on the post-tax cost of equity and cost of debt using CGU-specific inputs where possible for key inputs including risk-free interest rate, the beta factor, country risk premium, market risk premium, additional risk premium, and country specific tax rates.Key inputs in determining the WACC:\u2022 Risk free interest rate: 10-year government yield\u2022 Asset beta: Based on a selected peer group consisting of companies with statistical data for the last 5 years: 0.94 (2022: 1.04)\u2022 Capital structure: Equity ratio of 80%The cash flows were discounted using WACC of 9.0% to 11.1%.Impairment test results and conclusion:Overall the test performed indicated the value-in-use exceeds the carrying amounts for all CGUs. As a result of the above, no impairment has been recorded during the year. Sensitivity to impairment:Sensitivity calculations are done for all CGUs that are tested for impairment. To test the sensitivity of the results of the impairment review, the calculations have been re-performed using the following assumptions:\u2022 An increase in discount rate of 2.0% points\u2022 A reduction in the EBITDA margin of 3.0% points in the terminal year \u2022 A reduction in terminal growth rate to 0.5% pointsThe results indicated that a combined change in all the three assumptions in the sensitivity analysis would result in a value-in-use that exceeds the carrying amounts for all CGUs. ",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-41-2": {
"value": "Note 10. TaxesThe income tax expense or credit for the period is the tax payable on the current period's taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, based on amounts expected to be paid to the tax authorities.Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is neither accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled.Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.Investment allowances and similar tax incentivesCompanies within the Group may be entitled to claim special tax deductions for investments in qualifying assets or in relation to qualifying expenditure (e.g. the Research and Development Tax Incentive regime or other investment allowances). The Group accounts for such allowances as tax credits, which means that the allowance reduces income tax payable and current tax expense. A deferred tax asset is recognized for unclaimed tax credits that are carried forward as deferred tax assets.Amounts in USD thousands 2023 2022Income tax expenses on ordinary pre-tax profitIncome tax charge 2,447 2,572 Withholding taxes 1,388 1,359 Deferred tax (credit) / charge (68) 470 Total income tax expenses on ordinary pre-tax profit 3,767 4,401 Income tax expenses on other comprehensive income elements (793) (729) Total income tax on other comprehensive income (793) (729) Deferred tax assetsDeferred tax on temporary differences 5,308 1,744 Total deferred tax assets 5,308 1,744 Movement in deferred tax assetsAt 1 January 1,744 1,708 Income statement charge (33) (122) Increase as a result of a business combination (see note 8) 3,593 159 Exchange differences 4 - At 31 December 5,308 1,744 Deferred tax liabilitiesDeferred tax on temporary differences 4,687 2,516 Total deferred tax liabilities 4,687 2,516 Movement in the deferred tax liabilitiesAt 1 January 2,516 1,259 Income statement (credit) / charge (240) 1,259 Increase as a result of a business combination (see note 8) 2,410 - Exchange differences - (2) At 31 December 4,686 2,516 Amounts in USD thousands 2023 2022Reconciliation of the effective tax rate:Profit before income tax 12,445 10,654 Income tax using the Group's domestic tax rate of 22% (2022: 22%) 2,738 2,344 Effect of non-deductible expenses or non-taxable income 86 2 Effect of tax incentives and exempt income (48) - Effect of tax rates in other countries (548) (600) Deferred tax assets not recognised 66 594 Withholding taxes 1,388 1,359 Utilisation or recognition of previously unrecognised tax losses - (79) Income tax related to prior years 86 781 Income tax expense recognised in profit or loss 3,768 4,401 The Group has recognized deferred tax assets in respect of carry forward losses of its various subsidiaries as at 31 December 2023 and 2022. Management\u2019s projections of future taxable income and tax optimization strategies support the assumption that it is probable that sufficient taxable income will be available to utilise these deferred tax assets.Deferred tax assets on the tax losses relating to certain subsidiaries have not been recognized by the Group, due to uncertainty of its recoverability. The use of these tax losses is subject to the certain provisions of the tax legislation of the respective countries in which the companies operate. The deferred tax assets not recognised of USD 66,000 at 31 December 2023 (31 December 2022: USD 594,000) stated above is mainly related to tax losses carried forward.Deferred taxes on unrealised foreign exchange gain or loss relating to long-term loans considered as net investment in subsidiaries are recognised in other comprehensive income and presented within equity in the foreign currency translation reserve. Other than these, the change in deferred tax assets and liabilities is primarily recorded in the consolidated income statement.Deferred tax asset and deferred tax liabilities are presented separately due to different tax regimes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-41-3": {
"value": "Note 10. TaxesThe income tax expense or credit for the period is the tax payable on the current period's taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, based on amounts expected to be paid to the tax authorities.Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is neither accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled.Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.Investment allowances and similar tax incentivesCompanies within the Group may be entitled to claim special tax deductions for investments in qualifying assets or in relation to qualifying expenditure (e.g. the Research and Development Tax Incentive regime or other investment allowances). The Group accounts for such allowances as tax credits, which means that the allowance reduces income tax payable and current tax expense. A deferred tax asset is recognized for unclaimed tax credits that are carried forward as deferred tax assets.Amounts in USD thousands 2023 2022Income tax expenses on ordinary pre-tax profitIncome tax charge 2,447 2,572 Withholding taxes 1,388 1,359 Deferred tax (credit) / charge (68) 470 Total income tax expenses on ordinary pre-tax profit 3,767 4,401 Income tax expenses on other comprehensive income elements (793) (729) Total income tax on other comprehensive income (793) (729) Deferred tax assetsDeferred tax on temporary differences 5,308 1,744 Total deferred tax assets 5,308 1,744 Movement in deferred tax assetsAt 1 January 1,744 1,708 Income statement charge (33) (122) Increase as a result of a business combination (see note 8) 3,593 159 Exchange differences 4 - At 31 December 5,308 1,744 Deferred tax liabilitiesDeferred tax on temporary differences 4,687 2,516 Total deferred tax liabilities 4,687 2,516 Movement in the deferred tax liabilitiesAt 1 January 2,516 1,259 Income statement (credit) / charge (240) 1,259 Increase as a result of a business combination (see note 8) 2,410 - Exchange differences - (2) At 31 December 4,686 2,516 Amounts in USD thousands 2023 2022Reconciliation of the effective tax rate:Profit before income tax 12,445 10,654 Income tax using the Group's domestic tax rate of 22% (2022: 22%) 2,738 2,344 Effect of non-deductible expenses or non-taxable income 86 2 Effect of tax incentives and exempt income (48) - Effect of tax rates in other countries (548) (600) Deferred tax assets not recognised 66 594 Withholding taxes 1,388 1,359 Utilisation or recognition of previously unrecognised tax losses - (79) Income tax related to prior years 86 781 Income tax expense recognised in profit or loss 3,768 4,401 The Group has recognized deferred tax assets in respect of carry forward losses of its various subsidiaries as at 31 December 2023 and 2022. Management\u2019s projections of future taxable income and tax optimization strategies support the assumption that it is probable that sufficient taxable income will be available to utilise these deferred tax assets.Deferred tax assets on the tax losses relating to certain subsidiaries have not been recognized by the Group, due to uncertainty of its recoverability. The use of these tax losses is subject to the certain provisions of the tax legislation of the respective countries in which the companies operate. The deferred tax assets not recognised of USD 66,000 at 31 December 2023 (31 December 2022: USD 594,000) stated above is mainly related to tax losses carried forward.Deferred taxes on unrealised foreign exchange gain or loss relating to long-term loans considered as net investment in subsidiaries are recognised in other comprehensive income and presented within equity in the foreign currency translation reserve. Other than these, the change in deferred tax assets and liabilities is primarily recorded in the consolidated income statement.Deferred tax asset and deferred tax liabilities are presented separately due to different tax regimes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"pp-value-41-5": {
"value": "Note 10. TaxesThe income tax expense or credit for the period is the tax payable on the current period's taxable income, based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, based on amounts expected to be paid to the tax authorities.Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is neither accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled.Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses.Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.Investment allowances and similar tax incentivesCompanies within the Group may be entitled to claim special tax deductions for investments in qualifying assets or in relation to qualifying expenditure (e.g. the Research and Development Tax Incentive regime or other investment allowances). The Group accounts for such allowances as tax credits, which means that the allowance reduces income tax payable and current tax expense. A deferred tax asset is recognized for unclaimed tax credits that are carried forward as deferred tax assets.Amounts in USD thousands 2023 2022Income tax expenses on ordinary pre-tax profitIncome tax charge 2,447 2,572 Withholding taxes 1,388 1,359 Deferred tax (credit) / charge (68) 470 Total income tax expenses on ordinary pre-tax profit 3,767 4,401 Income tax expenses on other comprehensive income elements (793) (729) Total income tax on other comprehensive income (793) (729) Deferred tax assetsDeferred tax on temporary differences 5,308 1,744 Total deferred tax assets 5,308 1,744 Movement in deferred tax assetsAt 1 January 1,744 1,708 Income statement charge (33) (122) Increase as a result of a business combination (see note 8) 3,593 159 Exchange differences 4 - At 31 December 5,308 1,744 Deferred tax liabilitiesDeferred tax on temporary differences 4,687 2,516 Total deferred tax liabilities 4,687 2,516 Movement in the deferred tax liabilitiesAt 1 January 2,516 1,259 Income statement (credit) / charge (240) 1,259 Increase as a result of a business combination (see note 8) 2,410 - Exchange differences - (2) At 31 December 4,686 2,516 Amounts in USD thousands 2023 2022Reconciliation of the effective tax rate:Profit before income tax 12,445 10,654 Income tax using the Group's domestic tax rate of 22% (2022: 22%) 2,738 2,344 Effect of non-deductible expenses or non-taxable income 86 2 Effect of tax incentives and exempt income (48) - Effect of tax rates in other countries (548) (600) Deferred tax assets not recognised 66 594 Withholding taxes 1,388 1,359 Utilisation or recognition of previously unrecognised tax losses - (79) Income tax related to prior years 86 781 Income tax expense recognised in profit or loss 3,768 4,401 The Group has recognized deferred tax assets in respect of carry forward losses of its various subsidiaries as at 31 December 2023 and 2022. Management\u2019s projections of future taxable income and tax optimization strategies support the assumption that it is probable that sufficient taxable income will be available to utilise these deferred tax assets.Deferred tax assets on the tax losses relating to certain subsidiaries have not been recognized by the Group, due to uncertainty of its recoverability. The use of these tax losses is subject to the certain provisions of the tax legislation of the respective countries in which the companies operate. The deferred tax assets not recognised of USD 66,000 at 31 December 2023 (31 December 2022: USD 594,000) stated above is mainly related to tax losses carried forward.Deferred taxes on unrealised foreign exchange gain or loss relating to long-term loans considered as net investment in subsidiaries are recognised in other comprehensive income and presented within equity in the foreign currency translation reserve. Other than these, the change in deferred tax assets and liabilities is primarily recorded in the consolidated income statement.Deferred tax asset and deferred tax liabilities are presented separately due to different tax regimes. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-49-2": {
"value": "Note 11. Earnings per shareBasic earnings per shareBasic earnings per share is calculated by dividing the profit attributable to owners of the Parent Company, excluding any costs of servicing equity other than ordinary shares by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares.Diluted earnings per shareDiluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.Amounts in USD thousands 2023 2022Earnings for the calculation of basic and diluted earnings per share Profit attributable to shareholders of the Parent Company 8,677 6,253Number of sharesWeighted average number of ordinary shares for the calculation of basic earnings per share 117,702 99,850Effect of dilutive potential ordinary shares 7,716 8,097Weighted average number of ordinary shares for the calculation of diluted earnings per share 125,418 107,947Earnings per share (USD): basic 0.07 0.06Earnings per share (USD): diluted 0.07 0.06The following instruments could potentially dilute basic earnings per share in the future. Number of instruments (in thousands) 2023 2022Employee share options (note 16) 10,023 10,805Conditional warrants 1,000 1,000Consideration shares 664 664Total number of options and warrants 11,687 12,469Dilutive effect of the above instrumentsEmployee share options (note 16) 6,063 6,444Conditional warrants 993 993Consideration shares 660 660Dilutive number of options and warrants 7,716 8,097",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-49-4": {
"value": "Note 11. Earnings per shareBasic earnings per shareBasic earnings per share is calculated by dividing the profit attributable to owners of the Parent Company, excluding any costs of servicing equity other than ordinary shares by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares.Diluted earnings per shareDiluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.Amounts in USD thousands 2023 2022Earnings for the calculation of basic and diluted earnings per share Profit attributable to shareholders of the Parent Company 8,677 6,253Number of sharesWeighted average number of ordinary shares for the calculation of basic earnings per share 117,702 99,850Effect of dilutive potential ordinary shares 7,716 8,097Weighted average number of ordinary shares for the calculation of diluted earnings per share 125,418 107,947Earnings per share (USD): basic 0.07 0.06Earnings per share (USD): diluted 0.07 0.06The following instruments could potentially dilute basic earnings per share in the future. Number of instruments (in thousands) 2023 2022Employee share options (note 16) 10,023 10,805Conditional warrants 1,000 1,000Consideration shares 664 664Total number of options and warrants 11,687 12,469Dilutive effect of the above instrumentsEmployee share options (note 16) 6,063 6,444Conditional warrants 993 993Consideration shares 660 660Dilutive number of options and warrants 7,716 8,097",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-3": {
"value": "Note 12. Property, plant and equipmentProperty, plant and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the asset. Depreciation is calculated using the straight-line method to allocate the asset's cost to their residual values over their estimated useful lives as follows:Fixtures and office equipment: 2\u20135 yearsVehicles: 5 yearsThe estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.An item of property, plant and equipment is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated income statement when the asset is derecognized.Right-of-use assetsThe Group assesses, at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Rental contracts, typically for office premises, are often entered into for fixed periods of 6 months to several years and may have extension options.A right-of-use asset and a lease liability are recognised at the lease commencement date.The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received, and any initial direct costs. It is subsequently measured at cost less accumulated depreciation and impairment losses. The useful life for a right-of-use asset is equal to the corresponding lease term. If there is evidence that the remaining useful life of the underlying asset is lower than the lease term, then the useful life is used.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.The Group applies the short-term lease recognition exemption to its short-term leases. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease terms.The Group applies a single discount rate to a portfolio of leases with reasonably similar characteristics. Many leases contain extension and termination options which are included in the lease terms if the Group is reasonably certain that they will be exercised.Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentCost at 1 January 2022 9,935 2,830 88 12,853 Additions 4,130 1,742 - 5,872 Acquired through business combinations 729 120 - 849 Disposals (2,893) (131) - (3,024) Write- off/ transfers - 221 - 221 Exchange differences 46 275 - 321 Cost at 31 December 2022 11,947 5,058 88 17,093 Accumulated depreciation at 1 January 2022 6,306 1,728 54 8,087 Charge for the year 1,790 1,104 18 2,912 Disposals (3,609) (87) - (3,696) Write-off/ transfers - 277 - 277 Exchange differences (444) (55) 7 (492) Accumulated depreciation at 31 December 2022 4,043 2,967 78 7,088 Carrying amount at 31 December 2022 7,904 2,091 10 10,005 Cost at 1 January 2023 11,947 5,058 88 17,093 Additions 98 968 - 1,066 Acquired through business combinations 1,157 279 - 1,436 Disposals (106) (303) (5) (414) Exchange differences 666 234 8 908 Cost at 31 December 2023 13,762 6,236 91 20,089 Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentAccumulated depreciation at 1 January 2023 4,045 2,967 78 7,088 Charge for the year 2,390 944 7 3,341 Disposals (106) (301) (22) (429) Exchange differences (715) 166 25 (525) Accumulated depreciation at 31 December 2023 5,614 3,776 88 9,476 Carrying value at 31 December 2023 8,149 2,460 3 10,613 See note 17 for further information on the lease liabilities relating to the above right-of-use assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-4": {
"value": "Note 12. Property, plant and equipmentProperty, plant and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the asset. Depreciation is calculated using the straight-line method to allocate the asset's cost to their residual values over their estimated useful lives as follows:Fixtures and office equipment: 2\u20135 yearsVehicles: 5 yearsThe estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.An item of property, plant and equipment is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated income statement when the asset is derecognized.Right-of-use assetsThe Group assesses, at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Rental contracts, typically for office premises, are often entered into for fixed periods of 6 months to several years and may have extension options.A right-of-use asset and a lease liability are recognised at the lease commencement date.The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received, and any initial direct costs. It is subsequently measured at cost less accumulated depreciation and impairment losses. The useful life for a right-of-use asset is equal to the corresponding lease term. If there is evidence that the remaining useful life of the underlying asset is lower than the lease term, then the useful life is used.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.The Group applies the short-term lease recognition exemption to its short-term leases. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease terms.The Group applies a single discount rate to a portfolio of leases with reasonably similar characteristics. Many leases contain extension and termination options which are included in the lease terms if the Group is reasonably certain that they will be exercised.Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentCost at 1 January 2022 9,935 2,830 88 12,853 Additions 4,130 1,742 - 5,872 Acquired through business combinations 729 120 - 849 Disposals (2,893) (131) - (3,024) Write- off/ transfers - 221 - 221 Exchange differences 46 275 - 321 Cost at 31 December 2022 11,947 5,058 88 17,093 Accumulated depreciation at 1 January 2022 6,306 1,728 54 8,087 Charge for the year 1,790 1,104 18 2,912 Disposals (3,609) (87) - (3,696) Write-off/ transfers - 277 - 277 Exchange differences (444) (55) 7 (492) Accumulated depreciation at 31 December 2022 4,043 2,967 78 7,088 Carrying amount at 31 December 2022 7,904 2,091 10 10,005 Cost at 1 January 2023 11,947 5,058 88 17,093 Additions 98 968 - 1,066 Acquired through business combinations 1,157 279 - 1,436 Disposals (106) (303) (5) (414) Exchange differences 666 234 8 908 Cost at 31 December 2023 13,762 6,236 91 20,089 Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentAccumulated depreciation at 1 January 2023 4,045 2,967 78 7,088 Charge for the year 2,390 944 7 3,341 Disposals (106) (301) (22) (429) Exchange differences (715) 166 25 (525) Accumulated depreciation at 31 December 2023 5,614 3,776 88 9,476 Carrying value at 31 December 2023 8,149 2,460 3 10,613 See note 17 for further information on the lease liabilities relating to the above right-of-use assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-5": {
"value": "Note 12. Property, plant and equipmentProperty, plant and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the asset. Depreciation is calculated using the straight-line method to allocate the asset's cost to their residual values over their estimated useful lives as follows:Fixtures and office equipment: 2\u20135 yearsVehicles: 5 yearsThe estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.An item of property, plant and equipment is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated income statement when the asset is derecognized.Right-of-use assetsThe Group assesses, at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Rental contracts, typically for office premises, are often entered into for fixed periods of 6 months to several years and may have extension options.A right-of-use asset and a lease liability are recognised at the lease commencement date.The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received, and any initial direct costs. It is subsequently measured at cost less accumulated depreciation and impairment losses. The useful life for a right-of-use asset is equal to the corresponding lease term. If there is evidence that the remaining useful life of the underlying asset is lower than the lease term, then the useful life is used.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.The Group applies the short-term lease recognition exemption to its short-term leases. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease terms.The Group applies a single discount rate to a portfolio of leases with reasonably similar characteristics. Many leases contain extension and termination options which are included in the lease terms if the Group is reasonably certain that they will be exercised.Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentCost at 1 January 2022 9,935 2,830 88 12,853 Additions 4,130 1,742 - 5,872 Acquired through business combinations 729 120 - 849 Disposals (2,893) (131) - (3,024) Write- off/ transfers - 221 - 221 Exchange differences 46 275 - 321 Cost at 31 December 2022 11,947 5,058 88 17,093 Accumulated depreciation at 1 January 2022 6,306 1,728 54 8,087 Charge for the year 1,790 1,104 18 2,912 Disposals (3,609) (87) - (3,696) Write-off/ transfers - 277 - 277 Exchange differences (444) (55) 7 (492) Accumulated depreciation at 31 December 2022 4,043 2,967 78 7,088 Carrying amount at 31 December 2022 7,904 2,091 10 10,005 Cost at 1 January 2023 11,947 5,058 88 17,093 Additions 98 968 - 1,066 Acquired through business combinations 1,157 279 - 1,436 Disposals (106) (303) (5) (414) Exchange differences 666 234 8 908 Cost at 31 December 2023 13,762 6,236 91 20,089 Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentAccumulated depreciation at 1 January 2023 4,045 2,967 78 7,088 Charge for the year 2,390 944 7 3,341 Disposals (106) (301) (22) (429) Exchange differences (715) 166 25 (525) Accumulated depreciation at 31 December 2023 5,614 3,776 88 9,476 Carrying value at 31 December 2023 8,149 2,460 3 10,613 See note 17 for further information on the lease liabilities relating to the above right-of-use assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-7": {
"value": "Note 12. Property, plant and equipmentProperty, plant and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the asset. Depreciation is calculated using the straight-line method to allocate the asset's cost to their residual values over their estimated useful lives as follows:Fixtures and office equipment: 2\u20135 yearsVehicles: 5 yearsThe estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.An item of property, plant and equipment is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated income statement when the asset is derecognized.Right-of-use assetsThe Group assesses, at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Rental contracts, typically for office premises, are often entered into for fixed periods of 6 months to several years and may have extension options.A right-of-use asset and a lease liability are recognised at the lease commencement date.The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received, and any initial direct costs. It is subsequently measured at cost less accumulated depreciation and impairment losses. The useful life for a right-of-use asset is equal to the corresponding lease term. If there is evidence that the remaining useful life of the underlying asset is lower than the lease term, then the useful life is used.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.The Group applies the short-term lease recognition exemption to its short-term leases. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease terms.The Group applies a single discount rate to a portfolio of leases with reasonably similar characteristics. Many leases contain extension and termination options which are included in the lease terms if the Group is reasonably certain that they will be exercised.Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentCost at 1 January 2022 9,935 2,830 88 12,853 Additions 4,130 1,742 - 5,872 Acquired through business combinations 729 120 - 849 Disposals (2,893) (131) - (3,024) Write- off/ transfers - 221 - 221 Exchange differences 46 275 - 321 Cost at 31 December 2022 11,947 5,058 88 17,093 Accumulated depreciation at 1 January 2022 6,306 1,728 54 8,087 Charge for the year 1,790 1,104 18 2,912 Disposals (3,609) (87) - (3,696) Write-off/ transfers - 277 - 277 Exchange differences (444) (55) 7 (492) Accumulated depreciation at 31 December 2022 4,043 2,967 78 7,088 Carrying amount at 31 December 2022 7,904 2,091 10 10,005 Cost at 1 January 2023 11,947 5,058 88 17,093 Additions 98 968 - 1,066 Acquired through business combinations 1,157 279 - 1,436 Disposals (106) (303) (5) (414) Exchange differences 666 234 8 908 Cost at 31 December 2023 13,762 6,236 91 20,089 Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentAccumulated depreciation at 1 January 2023 4,045 2,967 78 7,088 Charge for the year 2,390 944 7 3,341 Disposals (106) (301) (22) (429) Exchange differences (715) 166 25 (525) Accumulated depreciation at 31 December 2023 5,614 3,776 88 9,476 Carrying value at 31 December 2023 8,149 2,460 3 10,613 See note 17 for further information on the lease liabilities relating to the above right-of-use assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-8": {
"value": "Note 12. Property, plant and equipmentProperty, plant and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the asset. Depreciation is calculated using the straight-line method to allocate the asset's cost to their residual values over their estimated useful lives as follows:Fixtures and office equipment: 2\u20135 yearsVehicles: 5 yearsThe estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.An item of property, plant and equipment is derecognized upon disposal (i.e., at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated income statement when the asset is derecognized.Right-of-use assetsThe Group assesses, at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Rental contracts, typically for office premises, are often entered into for fixed periods of 6 months to several years and may have extension options.A right-of-use asset and a lease liability are recognised at the lease commencement date.The right-of-use asset comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received, and any initial direct costs. It is subsequently measured at cost less accumulated depreciation and impairment losses. The useful life for a right-of-use asset is equal to the corresponding lease term. If there is evidence that the remaining useful life of the underlying asset is lower than the lease term, then the useful life is used.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the interest rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.The Group applies the short-term lease recognition exemption to its short-term leases. Lease payments on short-term leases and leases of low-value assets are recognised as expenses on a straight-line basis over the lease terms.The Group applies a single discount rate to a portfolio of leases with reasonably similar characteristics. Many leases contain extension and termination options which are included in the lease terms if the Group is reasonably certain that they will be exercised.Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentCost at 1 January 2022 9,935 2,830 88 12,853 Additions 4,130 1,742 - 5,872 Acquired through business combinations 729 120 - 849 Disposals (2,893) (131) - (3,024) Write- off/ transfers - 221 - 221 Exchange differences 46 275 - 321 Cost at 31 December 2022 11,947 5,058 88 17,093 Accumulated depreciation at 1 January 2022 6,306 1,728 54 8,087 Charge for the year 1,790 1,104 18 2,912 Disposals (3,609) (87) - (3,696) Write-off/ transfers - 277 - 277 Exchange differences (444) (55) 7 (492) Accumulated depreciation at 31 December 2022 4,043 2,967 78 7,088 Carrying amount at 31 December 2022 7,904 2,091 10 10,005 Cost at 1 January 2023 11,947 5,058 88 17,093 Additions 98 968 - 1,066 Acquired through business combinations 1,157 279 - 1,436 Disposals (106) (303) (5) (414) Exchange differences 666 234 8 908 Cost at 31 December 2023 13,762 6,236 91 20,089 Right-of-use Fixtures Vehicles Totalofficesand office Amounts in USD thousandsequipmentAccumulated depreciation at 1 January 2023 4,045 2,967 78 7,088 Charge for the year 2,390 944 7 3,341 Disposals (106) (301) (22) (429) Exchange differences (715) 166 25 (525) Accumulated depreciation at 31 December 2023 5,614 3,776 88 9,476 Carrying value at 31 December 2023 8,149 2,460 3 10,613 See note 17 for further information on the lease liabilities relating to the above right-of-use assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-52-3": {
"value": "Note 13. Goodwill and intangible assetsGoodwillGoodwill is measured as described in note 8. Goodwill is not amortised but is reviewed for impairment at least annually, or more frequently when there is an indication that goodwill may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash generating units (\"CGU's\") expected to benefit from the synergies of the combination. If the recoverable amount of the CGU is less than the carrying amount of the CGU, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to that CGU and then to the other assets of the unit pro-rata, on the basis of the carrying amount of each asset in that CGU. An impairment loss recognised for goodwill is not reversed in a subsequent period.Customer relationsThe customer contracts were acquired as part of a business combination. They are recognized at their fair value at the date of acquisition and are subsequently amortized on a straight-line based on the timing of projected cash flows of the contracts over their estimated useful lives of 5\u201315 years.Goodwill Customer PatentsInternally Totalrelationsgenerated Amounts in USD thousandssoftwareCost at 1 January 2022 29,806 3,561 - - 33,367Acquired through business combinations - 714 1,386 337 2,438 Additions - - - 121 121 Effect of movements in exchange rates (588) - - 44 (544) Cost at 31 December 2022 29,218 4,275 1,386 502 35,382Accumulated amortisation and impairment 5,546 356 - - 5,902at 1 January 2022Charge for the year - 384 46 66 495Effect of movements in exchange rates (405) - - 7 (398)Acumulated amortisation and impairment 5,141 740 46 72 5,999at 31 December 2022Carrying value at 31 December 2022 24,077 3,536 1,340 430 29,382Cost at 1 January 2023 29,218 4,275 1,386 502 35,382 Acquired through business combinations 14,764 6,736 3,284 2,478 27,262 Additions - - - 1,454 1,454 Effect of movements in exchange rates 290 126 66 48 529 Cost at 31 December 2023 44,272 11,137 4,736 4,483 64,627 Accumulated amortisation and impairment 5,141 740 46 72 5,999 at 1 January 2023Charge for the year - 1,087 92 782 1,961 Effect of movements in exchange rates (154) (6) - - (160) Acumulated amortisation and impairment 4,987 1,820 139 854 7,800 at 31 December 2023Carrying value at 31 December 2023 39,284 9,317 4,597 3,629 56,828 Useful life Tested for 5 \u2013 15 years 15 years 5 \u2013 10 yearsimpairmentAll goodwill is allocated to CGUs. These CGUs represent the lowest level within the Group at which goodwill is monitored for internal management purposes. Goodwill denominated in foreign currencies is revalued at the reporting date. The allocation of goodwill to cash-generating units is as follows:Amounts in USD thousands 2023 2022Cash Generating UnitsABL 19,972 19,878AGR 13,467 - OWC 4,246 2,600 Longitude 1,599 1,599Total goodwill 39,284 24,077 Goodwill arising from the acquisitions is attributable to workforce of the acquired businesses (refer note 8). Goodwill is tested for impairment at least annually, or when there are indications of impairment. Determining whether goodwill is impaired requires an estimation of the value-in-use of the CGUs to which goodwill has been allocated. The value-in-use calculations requires the directors to estimate the future cash flows expected to arise from the CGU and a suitable discount rate in order to calculated present value. Where the actual future cash flows are less than expected, an impairment loss may arise.The Group has completed an annual assessment of impairment indicators and performed an impairment test on assets and CGUs. The following assumptions were used:Cash flow projections and assumptions:A three year forecast of discounted cash flows plus a terminal value was used to determine net present value of each CGU. Discounted cash flows were calculated before tax.Estimated future cash flows for the different CGUs are estimated based on budgets and long-term estimates. The estimated cash flows for year 2024 are based on budget. The estimated cash flows in the years 2025-2026 are based on current 3-year forecasts for each CGU. The projected cash flows are based on the expected development in the total overall market, the CGUs performance and that the Group over time will reach a margin level in line with what other businesses within the industry historically have achieved.Cash flows have been used over a period of three years as management believes this reflects a reasonable time horizon for management to monitor the trends in the business. After three years a terminal growth rate has been set to 1.5% for the Oil & Gas and Maritime businesses and 1.7% for the Renewable businesses. This is somewhat below OECD market forecasts for growth in energy demand and markets until 2040. While Oil & Gas activities are not assumed to have infinite lives, the Group's core competence is applicable across multiple energy markets, and it is assumed that in the long term Oil & Gas clients will be replaced by customers with similar demands from energy transition activities and other industries. The estimated terminal long-term growth is mainly dependent on overall market growth for demand for the Group's services and the CGUs ability to recruit the right personnel and its ability to create revenue growth through then proper utilization of human resources.Discount rate:The weighted average cost of capital (\"WACC\") is determined based on a target capital structure of 80% equity (2022: 80%), where cost of equity is determined using a capital asset pricing model. The WACC is based on the post-tax cost of equity and cost of debt using CGU-specific inputs where possible for key inputs including risk-free interest rate, the beta factor, country risk premium, market risk premium, additional risk premium, and country specific tax rates.Key inputs in determining the WACC:\u2022 Risk free interest rate: 10-year government yield\u2022 Asset beta: Based on a selected peer group consisting of companies with statistical data for the last 5 years: 0.94 (2022: 1.04)\u2022 Capital structure: Equity ratio of 80%The cash flows were discounted using WACC of 9.0% to 11.1%.Impairment test results and conclusion:Overall the test performed indicated the value-in-use exceeds the carrying amounts for all CGUs. As a result of the above, no impairment has been recorded during the year. Sensitivity to impairment:Sensitivity calculations are done for all CGUs that are tested for impairment. To test the sensitivity of the results of the impairment review, the calculations have been re-performed using the following assumptions:\u2022 An increase in discount rate of 2.0% points\u2022 A reduction in the EBITDA margin of 3.0% points in the terminal year \u2022 A reduction in terminal growth rate to 0.5% pointsThe results indicated that a combined change in all the three assumptions in the sensitivity analysis would result in a value-in-use that exceeds the carrying amounts for all CGUs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-52-4": {
"value": "Note 13. Goodwill and intangible assetsGoodwillGoodwill is measured as described in note 8. Goodwill is not amortised but is reviewed for impairment at least annually, or more frequently when there is an indication that goodwill may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash generating units (\"CGU's\") expected to benefit from the synergies of the combination. If the recoverable amount of the CGU is less than the carrying amount of the CGU, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to that CGU and then to the other assets of the unit pro-rata, on the basis of the carrying amount of each asset in that CGU. An impairment loss recognised for goodwill is not reversed in a subsequent period.Customer relationsThe customer contracts were acquired as part of a business combination. They are recognized at their fair value at the date of acquisition and are subsequently amortized on a straight-line based on the timing of projected cash flows of the contracts over their estimated useful lives of 5\u201315 years.Goodwill Customer PatentsInternally Totalrelationsgenerated Amounts in USD thousandssoftwareCost at 1 January 2022 29,806 3,561 - - 33,367Acquired through business combinations - 714 1,386 337 2,438 Additions - - - 121 121 Effect of movements in exchange rates (588) - - 44 (544) Cost at 31 December 2022 29,218 4,275 1,386 502 35,382Accumulated amortisation and impairment 5,546 356 - - 5,902at 1 January 2022Charge for the year - 384 46 66 495Effect of movements in exchange rates (405) - - 7 (398)Acumulated amortisation and impairment 5,141 740 46 72 5,999at 31 December 2022Carrying value at 31 December 2022 24,077 3,536 1,340 430 29,382Cost at 1 January 2023 29,218 4,275 1,386 502 35,382 Acquired through business combinations 14,764 6,736 3,284 2,478 27,262 Additions - - - 1,454 1,454 Effect of movements in exchange rates 290 126 66 48 529 Cost at 31 December 2023 44,272 11,137 4,736 4,483 64,627 Accumulated amortisation and impairment 5,141 740 46 72 5,999 at 1 January 2023Charge for the year - 1,087 92 782 1,961 Effect of movements in exchange rates (154) (6) - - (160) Acumulated amortisation and impairment 4,987 1,820 139 854 7,800 at 31 December 2023Carrying value at 31 December 2023 39,284 9,317 4,597 3,629 56,828 Useful life Tested for 5 \u2013 15 years 15 years 5 \u2013 10 yearsimpairmentAll goodwill is allocated to CGUs. These CGUs represent the lowest level within the Group at which goodwill is monitored for internal management purposes. Goodwill denominated in foreign currencies is revalued at the reporting date. The allocation of goodwill to cash-generating units is as follows:Amounts in USD thousands 2023 2022Cash Generating UnitsABL 19,972 19,878AGR 13,467 - OWC 4,246 2,600 Longitude 1,599 1,599Total goodwill 39,284 24,077 Goodwill arising from the acquisitions is attributable to workforce of the acquired businesses (refer note 8). Goodwill is tested for impairment at least annually, or when there are indications of impairment. Determining whether goodwill is impaired requires an estimation of the value-in-use of the CGUs to which goodwill has been allocated. The value-in-use calculations requires the directors to estimate the future cash flows expected to arise from the CGU and a suitable discount rate in order to calculated present value. Where the actual future cash flows are less than expected, an impairment loss may arise.The Group has completed an annual assessment of impairment indicators and performed an impairment test on assets and CGUs. The following assumptions were used:Cash flow projections and assumptions:A three year forecast of discounted cash flows plus a terminal value was used to determine net present value of each CGU. Discounted cash flows were calculated before tax.Estimated future cash flows for the different CGUs are estimated based on budgets and long-term estimates. The estimated cash flows for year 2024 are based on budget. The estimated cash flows in the years 2025-2026 are based on current 3-year forecasts for each CGU. The projected cash flows are based on the expected development in the total overall market, the CGUs performance and that the Group over time will reach a margin level in line with what other businesses within the industry historically have achieved.Cash flows have been used over a period of three years as management believes this reflects a reasonable time horizon for management to monitor the trends in the business. After three years a terminal growth rate has been set to 1.5% for the Oil & Gas and Maritime businesses and 1.7% for the Renewable businesses. This is somewhat below OECD market forecasts for growth in energy demand and markets until 2040. While Oil & Gas activities are not assumed to have infinite lives, the Group's core competence is applicable across multiple energy markets, and it is assumed that in the long term Oil & Gas clients will be replaced by customers with similar demands from energy transition activities and other industries. The estimated terminal long-term growth is mainly dependent on overall market growth for demand for the Group's services and the CGUs ability to recruit the right personnel and its ability to create revenue growth through then proper utilization of human resources.Discount rate:The weighted average cost of capital (\"WACC\") is determined based on a target capital structure of 80% equity (2022: 80%), where cost of equity is determined using a capital asset pricing model. The WACC is based on the post-tax cost of equity and cost of debt using CGU-specific inputs where possible for key inputs including risk-free interest rate, the beta factor, country risk premium, market risk premium, additional risk premium, and country specific tax rates.Key inputs in determining the WACC:\u2022 Risk free interest rate: 10-year government yield\u2022 Asset beta: Based on a selected peer group consisting of companies with statistical data for the last 5 years: 0.94 (2022: 1.04)\u2022 Capital structure: Equity ratio of 80%The cash flows were discounted using WACC of 9.0% to 11.1%.Impairment test results and conclusion:Overall the test performed indicated the value-in-use exceeds the carrying amounts for all CGUs. As a result of the above, no impairment has been recorded during the year. Sensitivity to impairment:Sensitivity calculations are done for all CGUs that are tested for impairment. To test the sensitivity of the results of the impairment review, the calculations have been re-performed using the following assumptions:\u2022 An increase in discount rate of 2.0% points\u2022 A reduction in the EBITDA margin of 3.0% points in the terminal year \u2022 A reduction in terminal growth rate to 0.5% pointsThe results indicated that a combined change in all the three assumptions in the sensitivity analysis would result in a value-in-use that exceeds the carrying amounts for all CGUs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-52-5": {
"value": "Note 13. Goodwill and intangible assetsGoodwillGoodwill is measured as described in note 8. Goodwill is not amortised but is reviewed for impairment at least annually, or more frequently when there is an indication that goodwill may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash generating units (\"CGU's\") expected to benefit from the synergies of the combination. If the recoverable amount of the CGU is less than the carrying amount of the CGU, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to that CGU and then to the other assets of the unit pro-rata, on the basis of the carrying amount of each asset in that CGU. An impairment loss recognised for goodwill is not reversed in a subsequent period.Customer relationsThe customer contracts were acquired as part of a business combination. They are recognized at their fair value at the date of acquisition and are subsequently amortized on a straight-line based on the timing of projected cash flows of the contracts over their estimated useful lives of 5\u201315 years.Goodwill Customer PatentsInternally Totalrelationsgenerated Amounts in USD thousandssoftwareCost at 1 January 2022 29,806 3,561 - - 33,367Acquired through business combinations - 714 1,386 337 2,438 Additions - - - 121 121 Effect of movements in exchange rates (588) - - 44 (544) Cost at 31 December 2022 29,218 4,275 1,386 502 35,382Accumulated amortisation and impairment 5,546 356 - - 5,902at 1 January 2022Charge for the year - 384 46 66 495Effect of movements in exchange rates (405) - - 7 (398)Acumulated amortisation and impairment 5,141 740 46 72 5,999at 31 December 2022Carrying value at 31 December 2022 24,077 3,536 1,340 430 29,382Cost at 1 January 2023 29,218 4,275 1,386 502 35,382 Acquired through business combinations 14,764 6,736 3,284 2,478 27,262 Additions - - - 1,454 1,454 Effect of movements in exchange rates 290 126 66 48 529 Cost at 31 December 2023 44,272 11,137 4,736 4,483 64,627 Accumulated amortisation and impairment 5,141 740 46 72 5,999 at 1 January 2023Charge for the year - 1,087 92 782 1,961 Effect of movements in exchange rates (154) (6) - - (160) Acumulated amortisation and impairment 4,987 1,820 139 854 7,800 at 31 December 2023Carrying value at 31 December 2023 39,284 9,317 4,597 3,629 56,828 Useful life Tested for 5 \u2013 15 years 15 years 5 \u2013 10 yearsimpairmentAll goodwill is allocated to CGUs. These CGUs represent the lowest level within the Group at which goodwill is monitored for internal management purposes. Goodwill denominated in foreign currencies is revalued at the reporting date. The allocation of goodwill to cash-generating units is as follows:Amounts in USD thousands 2023 2022Cash Generating UnitsABL 19,972 19,878AGR 13,467 - OWC 4,246 2,600 Longitude 1,599 1,599Total goodwill 39,284 24,077 Goodwill arising from the acquisitions is attributable to workforce of the acquired businesses (refer note 8). Goodwill is tested for impairment at least annually, or when there are indications of impairment. Determining whether goodwill is impaired requires an estimation of the value-in-use of the CGUs to which goodwill has been allocated. The value-in-use calculations requires the directors to estimate the future cash flows expected to arise from the CGU and a suitable discount rate in order to calculated present value. Where the actual future cash flows are less than expected, an impairment loss may arise.The Group has completed an annual assessment of impairment indicators and performed an impairment test on assets and CGUs. The following assumptions were used:Cash flow projections and assumptions:A three year forecast of discounted cash flows plus a terminal value was used to determine net present value of each CGU. Discounted cash flows were calculated before tax.Estimated future cash flows for the different CGUs are estimated based on budgets and long-term estimates. The estimated cash flows for year 2024 are based on budget. The estimated cash flows in the years 2025-2026 are based on current 3-year forecasts for each CGU. The projected cash flows are based on the expected development in the total overall market, the CGUs performance and that the Group over time will reach a margin level in line with what other businesses within the industry historically have achieved.Cash flows have been used over a period of three years as management believes this reflects a reasonable time horizon for management to monitor the trends in the business. After three years a terminal growth rate has been set to 1.5% for the Oil & Gas and Maritime businesses and 1.7% for the Renewable businesses. This is somewhat below OECD market forecasts for growth in energy demand and markets until 2040. While Oil & Gas activities are not assumed to have infinite lives, the Group's core competence is applicable across multiple energy markets, and it is assumed that in the long term Oil & Gas clients will be replaced by customers with similar demands from energy transition activities and other industries. The estimated terminal long-term growth is mainly dependent on overall market growth for demand for the Group's services and the CGUs ability to recruit the right personnel and its ability to create revenue growth through then proper utilization of human resources.Discount rate:The weighted average cost of capital (\"WACC\") is determined based on a target capital structure of 80% equity (2022: 80%), where cost of equity is determined using a capital asset pricing model. The WACC is based on the post-tax cost of equity and cost of debt using CGU-specific inputs where possible for key inputs including risk-free interest rate, the beta factor, country risk premium, market risk premium, additional risk premium, and country specific tax rates.Key inputs in determining the WACC:\u2022 Risk free interest rate: 10-year government yield\u2022 Asset beta: Based on a selected peer group consisting of companies with statistical data for the last 5 years: 0.94 (2022: 1.04)\u2022 Capital structure: Equity ratio of 80%The cash flows were discounted using WACC of 9.0% to 11.1%.Impairment test results and conclusion:Overall the test performed indicated the value-in-use exceeds the carrying amounts for all CGUs. As a result of the above, no impairment has been recorded during the year. Sensitivity to impairment:Sensitivity calculations are done for all CGUs that are tested for impairment. To test the sensitivity of the results of the impairment review, the calculations have been re-performed using the following assumptions:\u2022 An increase in discount rate of 2.0% points\u2022 A reduction in the EBITDA margin of 3.0% points in the terminal year \u2022 A reduction in terminal growth rate to 0.5% pointsThe results indicated that a combined change in all the three assumptions in the sensitivity analysis would result in a value-in-use that exceeds the carrying amounts for all CGUs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-60-2": {
"value": "Note 14. Trade and other receivablesTrade receivables are amounts receivable from customers for billing in the ordinary course of business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment losses. The Group measures the loss allowance for trade receivables based on the expected credit loss model using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors and general economic conditions of the industry in which the debtors operate. The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g., when the debtor has been placed under liquidation or has entered bankruptcy proceedings. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate.The carrying amount of the asset is reduced using an allowance account and the amount of the loss is recognized in the consolidated income statement within other operating expenses. When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against other operating expenses in the consolidated income statement.Amounts in USD thousands 2023 2022Trade receivables 48,087 33,280 Loss allowance (612) (836) Total trade receivables 47,475 32,444 Prepayments 4,465 3,427 Deposits 1,675 1,122 Other receivables 3,777 4,409 Total trade and other receivables 57,392 41,400 Trade receivables are generally due for settlement within 30 to 90 days and are therefore all classified as current, terms associated with the settlement vary across the Group. Trade receivables are generally due for settlement within 30 to 90 days and are therefore all classified as current, terms associated with the settlement vary across the Group. The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-60-4": {
"value": "Note 14. Trade and other receivablesTrade receivables are amounts receivable from customers for billing in the ordinary course of business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment losses. The Group measures the loss allowance for trade receivables based on the expected credit loss model using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors and general economic conditions of the industry in which the debtors operate. The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g., when the debtor has been placed under liquidation or has entered bankruptcy proceedings. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate.The carrying amount of the asset is reduced using an allowance account and the amount of the loss is recognized in the consolidated income statement within other operating expenses. When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against other operating expenses in the consolidated income statement.Amounts in USD thousands 2023 2022Trade receivables 48,087 33,280 Loss allowance (612) (836) Total trade receivables 47,475 32,444 Prepayments 4,465 3,427 Deposits 1,675 1,122 Other receivables 3,777 4,409 Total trade and other receivables 57,392 41,400 Trade receivables are generally due for settlement within 30 to 90 days and are therefore all classified as current, terms associated with the settlement vary across the Group. Trade receivables are generally due for settlement within 30 to 90 days and are therefore all classified as current, terms associated with the settlement vary across the Group. The Group holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in note 23.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-64-2": {
"value": "Note 15. Cash and cash equivalentsFor the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash at banks and on hand and short-term deposits with original maturity of three months or less, which are subject to an insignificant risk of changes in value.Amounts in USD thousands 2023 2022Non restricted cash 28,048 30,815Restricted cash 109 159Total cash and cash equivalents 28,157 30,974Cash at banks earns interest at floating rates based on daily bank deposit rates. Cash and cash equivalents largely comprise bank balances denominated in US Dollars, Norwegian Krone, British Pound, and other currencies for the purpose of settling current liabilities. Restricted cash is cash held in the bank accounts of certain entities where there is a requirement to hold a certain amount of cash to cover future obligations and are therefore not available for general use by the other entities within the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-64-4": {
"value": "Note 15. Cash and cash equivalentsFor the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash at banks and on hand and short-term deposits with original maturity of three months or less, which are subject to an insignificant risk of changes in value.Amounts in USD thousands 2023 2022Non restricted cash 28,048 30,815Restricted cash 109 159Total cash and cash equivalents 28,157 30,974Cash at banks earns interest at floating rates based on daily bank deposit rates. Cash and cash equivalents largely comprise bank balances denominated in US Dollars, Norwegian Krone, British Pound, and other currencies for the purpose of settling current liabilities. Restricted cash is cash held in the bank accounts of certain entities where there is a requirement to hold a certain amount of cash to cover future obligations and are therefore not available for general use by the other entities within the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-65-2": {
"value": "Note 16. EquityEquity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.Where any Group company purchases the Company\u2019s equity instruments (treasury shares), for example as the result of a share buy-back or a share-based payment plan, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the owners of the Company as treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the owners of the Company.Dividends Provision is made for any dividend declared, being appropriately authorized and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period. Number of shares Amounts in USD thousands(thousands) Share capital Share premium Total At 1 January 2022 96,923 1,323 64,912 66,235 Cash-settled capital increase (net of transaction costs) 5,265 53 1,694 1,746 Shares isssued as consideration for business combination 2,582 26 2,680 2,706 Dividends paid - - (5,936) (5,936) At 31 December 2022 104,770 1,402 63,349 64,751 At 1 January 2023 104,770 1,402 63,349 64,751 Shares isssued as consideration for business combination (see note 8) 18,580 178 28,833 29,011 Dividends paid - - (8,073) (8,073)At 31 December 2023 123,350 1,580 84,109 85,689 Each ordinary share has a par value of NOK 0.10 per share. They entitle the holder to participate in dividends, and to share in the proceeds of winding up the Company in proportion to the number of shares held. On a show of hands every holder of ordinary shares present at a meeting, in person or by proxy, is entitled to one vote, and on a poll each share is entitled to one vote.The Company does not have a limited amount of authorized capital.In 2023, 18,580,505 ordinary shares (2022: 7,847,279 ordinary shares) were issued. The Company incurred USD 43,000 (2022: USD 24,000) in transaction costs that were directly attributable to the issuance of shares.Share-based compensation reserve The share-based compensation reserve arises on the grant of share options to employees under the employee share option plans. Employee share option planShare options to staff for shares issued under the Group's share options scheme are set out below:2023 2022 Number of share Weighted average Number of share Weighted average In thousands of optionsoptions exercise price NOKoptions exercise price NOKAt 1 January 10,805 6.17 17,765 4.80 Granted during the year - - 1,000 12.64 Exercised during the year - - (5,265) 3.37 Adjusted during the year - - 90 3.57 Forfeited during the year (782) 6.80 (2,785) 4.44 At 31 December 10,023 6.12 10,805 6.17 Share options outstanding at the end of the year have the following expiry dates and exercise prices:Grant date Expiry date Exercise price NOK 2023 202220/12/19 11/3/25 3.09 630 6304/5/21 14/9/24 5.26 8,545 9,17522/12/22 11/4/26 12.03 848 1,000Options outstanding at year end (thousands) 10,023 10,805Weighted average remaining contractual life (years) of options outstanding at end of 0.81 2.06periodDuring the year the Board of Directors extended the expiry date of the options granted on 20 December 2019 to 11 March 2025. The Group recognised total share-based payment expenses of USD 1.4 million in 2023 (2022: USD 1.4 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-65-3": {
"value": "Note 16. EquityEquity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.Where any Group company purchases the Company\u2019s equity instruments (treasury shares), for example as the result of a share buy-back or a share-based payment plan, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the owners of the Company as treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the owners of the Company.Dividends Provision is made for any dividend declared, being appropriately authorized and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period. Number of shares Amounts in USD thousands(thousands) Share capital Share premium Total At 1 January 2022 96,923 1,323 64,912 66,235 Cash-settled capital increase (net of transaction costs) 5,265 53 1,694 1,746 Shares isssued as consideration for business combination 2,582 26 2,680 2,706 Dividends paid - - (5,936) (5,936) At 31 December 2022 104,770 1,402 63,349 64,751 At 1 January 2023 104,770 1,402 63,349 64,751 Shares isssued as consideration for business combination (see note 8) 18,580 178 28,833 29,011 Dividends paid - - (8,073) (8,073)At 31 December 2023 123,350 1,580 84,109 85,689 Each ordinary share has a par value of NOK 0.10 per share. They entitle the holder to participate in dividends, and to share in the proceeds of winding up the Company in proportion to the number of shares held. On a show of hands every holder of ordinary shares present at a meeting, in person or by proxy, is entitled to one vote, and on a poll each share is entitled to one vote.The Company does not have a limited amount of authorized capital.In 2023, 18,580,505 ordinary shares (2022: 7,847,279 ordinary shares) were issued. The Company incurred USD 43,000 (2022: USD 24,000) in transaction costs that were directly attributable to the issuance of shares.Share-based compensation reserve The share-based compensation reserve arises on the grant of share options to employees under the employee share option plans. Employee share option planShare options to staff for shares issued under the Group's share options scheme are set out below:2023 2022 Number of share Weighted average Number of share Weighted average In thousands of optionsoptions exercise price NOKoptions exercise price NOKAt 1 January 10,805 6.17 17,765 4.80 Granted during the year - - 1,000 12.64 Exercised during the year - - (5,265) 3.37 Adjusted during the year - - 90 3.57 Forfeited during the year (782) 6.80 (2,785) 4.44 At 31 December 10,023 6.12 10,805 6.17 Share options outstanding at the end of the year have the following expiry dates and exercise prices:Grant date Expiry date Exercise price NOK 2023 202220/12/19 11/3/25 3.09 630 6304/5/21 14/9/24 5.26 8,545 9,17522/12/22 11/4/26 12.03 848 1,000Options outstanding at year end (thousands) 10,023 10,805Weighted average remaining contractual life (years) of options outstanding at end of 0.81 2.06periodDuring the year the Board of Directors extended the expiry date of the options granted on 20 December 2019 to 11 March 2025. The Group recognised total share-based payment expenses of USD 1.4 million in 2023 (2022: USD 1.4 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-65-4": {
"value": "Note 16. EquityEquity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.Where any Group company purchases the Company\u2019s equity instruments (treasury shares), for example as the result of a share buy-back or a share-based payment plan, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the owners of the Company as treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the owners of the Company.Dividends Provision is made for any dividend declared, being appropriately authorized and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period. Number of shares Amounts in USD thousands(thousands) Share capital Share premium Total At 1 January 2022 96,923 1,323 64,912 66,235 Cash-settled capital increase (net of transaction costs) 5,265 53 1,694 1,746 Shares isssued as consideration for business combination 2,582 26 2,680 2,706 Dividends paid - - (5,936) (5,936) At 31 December 2022 104,770 1,402 63,349 64,751 At 1 January 2023 104,770 1,402 63,349 64,751 Shares isssued as consideration for business combination (see note 8) 18,580 178 28,833 29,011 Dividends paid - - (8,073) (8,073)At 31 December 2023 123,350 1,580 84,109 85,689 Each ordinary share has a par value of NOK 0.10 per share. They entitle the holder to participate in dividends, and to share in the proceeds of winding up the Company in proportion to the number of shares held. On a show of hands every holder of ordinary shares present at a meeting, in person or by proxy, is entitled to one vote, and on a poll each share is entitled to one vote.The Company does not have a limited amount of authorized capital.In 2023, 18,580,505 ordinary shares (2022: 7,847,279 ordinary shares) were issued. The Company incurred USD 43,000 (2022: USD 24,000) in transaction costs that were directly attributable to the issuance of shares.Share-based compensation reserve The share-based compensation reserve arises on the grant of share options to employees under the employee share option plans. Employee share option planShare options to staff for shares issued under the Group's share options scheme are set out below:2023 2022 Number of share Weighted average Number of share Weighted average In thousands of optionsoptions exercise price NOKoptions exercise price NOKAt 1 January 10,805 6.17 17,765 4.80 Granted during the year - - 1,000 12.64 Exercised during the year - - (5,265) 3.37 Adjusted during the year - - 90 3.57 Forfeited during the year (782) 6.80 (2,785) 4.44 At 31 December 10,023 6.12 10,805 6.17 Share options outstanding at the end of the year have the following expiry dates and exercise prices:Grant date Expiry date Exercise price NOK 2023 202220/12/19 11/3/25 3.09 630 6304/5/21 14/9/24 5.26 8,545 9,17522/12/22 11/4/26 12.03 848 1,000Options outstanding at year end (thousands) 10,023 10,805Weighted average remaining contractual life (years) of options outstanding at end of 0.81 2.06periodDuring the year the Board of Directors extended the expiry date of the options granted on 20 December 2019 to 11 March 2025. The Group recognised total share-based payment expenses of USD 1.4 million in 2023 (2022: USD 1.4 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-65-6": {
"value": "Note 16. EquityEquity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.Where any Group company purchases the Company\u2019s equity instruments (treasury shares), for example as the result of a share buy-back or a share-based payment plan, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the owners of the Company as treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the owners of the Company.Dividends Provision is made for any dividend declared, being appropriately authorized and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period. Number of shares Amounts in USD thousands(thousands) Share capital Share premium Total At 1 January 2022 96,923 1,323 64,912 66,235 Cash-settled capital increase (net of transaction costs) 5,265 53 1,694 1,746 Shares isssued as consideration for business combination 2,582 26 2,680 2,706 Dividends paid - - (5,936) (5,936) At 31 December 2022 104,770 1,402 63,349 64,751 At 1 January 2023 104,770 1,402 63,349 64,751 Shares isssued as consideration for business combination (see note 8) 18,580 178 28,833 29,011 Dividends paid - - (8,073) (8,073)At 31 December 2023 123,350 1,580 84,109 85,689 Each ordinary share has a par value of NOK 0.10 per share. They entitle the holder to participate in dividends, and to share in the proceeds of winding up the Company in proportion to the number of shares held. On a show of hands every holder of ordinary shares present at a meeting, in person or by proxy, is entitled to one vote, and on a poll each share is entitled to one vote.The Company does not have a limited amount of authorized capital.In 2023, 18,580,505 ordinary shares (2022: 7,847,279 ordinary shares) were issued. The Company incurred USD 43,000 (2022: USD 24,000) in transaction costs that were directly attributable to the issuance of shares.Share-based compensation reserve The share-based compensation reserve arises on the grant of share options to employees under the employee share option plans. Employee share option planShare options to staff for shares issued under the Group's share options scheme are set out below:2023 2022 Number of share Weighted average Number of share Weighted average In thousands of optionsoptions exercise price NOKoptions exercise price NOKAt 1 January 10,805 6.17 17,765 4.80 Granted during the year - - 1,000 12.64 Exercised during the year - - (5,265) 3.37 Adjusted during the year - - 90 3.57 Forfeited during the year (782) 6.80 (2,785) 4.44 At 31 December 10,023 6.12 10,805 6.17 Share options outstanding at the end of the year have the following expiry dates and exercise prices:Grant date Expiry date Exercise price NOK 2023 202220/12/19 11/3/25 3.09 630 6304/5/21 14/9/24 5.26 8,545 9,17522/12/22 11/4/26 12.03 848 1,000Options outstanding at year end (thousands) 10,023 10,805Weighted average remaining contractual life (years) of options outstanding at end of 0.81 2.06periodDuring the year the Board of Directors extended the expiry date of the options granted on 20 December 2019 to 11 March 2025. The Group recognised total share-based payment expenses of USD 1.4 million in 2023 (2022: USD 1.4 million). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-73-2": {
"value": "Note 17. BorrowingsBorrowings are carried at fair value when the disbursement of the loan takes place, less transaction costs. In subsequent periods, borrowings are stated at amortized cost calculated using the effective interest rate. The difference between the disbursed loan amount (net of transaction costs) and the redemption value is recognized over the term of the loan. Fees related to the creation of drawing rights are recorded in anticipation of borrowing taking place if it is likely that the loan will be drawn up. The fee is then recognized as part of the cost of the loan. If it is not likely that all or part of the loan will be drawn up, the fee is capitalized as prepaid cash services and charged over the period the right applies to.For the current borrowings, the fair values are the same as their carrying amounts, since the interest payable on those borrowings is either close to current market rates or the borrowings are of a short-term nature. The Group incurred total interest costs of USD 0.9 million (2022: USD 0.7 million) on the current loans. These costs have been included in finance expenses in the income statement. The Group's current term loan facility of USD 10.0 million originally lapsed in December 2023. Additionally the existing revolving credit facility of USD 5.0 million was rolled over and extended for another year in July 2023. In January 2024 the Group entered into a new financing facility, details of which are disclosed in note 27.Amounts in USD thousands 2023 2022Bank loansCurrent 10,946 13,337 Reconciliation of change in carrying amount of borrowings throughout the year: Amounts in USD thousands 2023 2022Carrying amount at 1 January 13,337 11,661 Change in capitalized fees and expenses 202 111 Draw down of borrowings 5,000 5,000 Repayment of borrowings (7,592) (3,435) Carrying amount at 31 December 10,946 13,337 Amounts in USD thousands 2023 2022Net debtCash and cash equivalents 28,157 30,974 Borrowings - current (10,946) (13,337) Lease liabilities - current (1,818) (1,869) Lease liabilities - non-current (6,801) (6,922) Net interest bearing debt 8,592 8,846 Net debt reconciliationBorrowings Lease Sub total Cash Totalliabilitiesand cash Amounts in USD thousandsequivalentsNet debt as at 1 January 2022 (11,661) (3,830) (15,491) 19,815 4,324 Cash flow from financing activitiesNet change in cash and cash equivalents - - - 11,982 11,982 Principal elements of lease payments - 1,765 1,765 - 1,765 Repayment of borrowings 3,333 - 3,333 - 3,333 Proceeds from loans and borrowings (5,000) - (5,000) - (5,000) Interest received (presented as investing cash flows) - - - (81) (81) Interest payments (presented as operating cash flows) 1,115 - 1,115 - 1,115 Non-cash movementsNew leases - (6,727) (6,727) - (6,727) Interest expense (1,077) - (1,077) 100 (977) Foreign exchange adjustments - - - (823) (823) Other changes (46) - (46) (19) (65) Net debt as at 31 December 2022 (13,337) (8,792) (22,128) 30,974 8,846 Net debt as at 1 January 2023 (13,337) (8,792) (22,128) 30,974 8,846 Cash flow from financing activitiesNet change in cash and cash equivalents - - - (2,693) (2,693)Principal elements of lease payments - 2,808 2,808 - 2,808Repayment of borrowings 7,391 - 7,391 - 7,391 Proceeds from loans and borrowings (5,000) - (5,000) - (5,000) Interest received (presented as investing cash flows) - - - (167) (167) Interest payments (presented as operating cash flows) 887 - 887 - 887 Non-cash movementsNew leases - (2,635) (2,635) - (2,635) Interest expense (888) - (888) 167 (721) Foreign exchange adjustments - - - (124) (124) Other changes 1 - 1 - 1 Net debt as at 31 December 2023 (10,946) (8,619) (19,564) 28,157 8,592 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-73-3": {
"value": "Note 17. BorrowingsBorrowings are carried at fair value when the disbursement of the loan takes place, less transaction costs. In subsequent periods, borrowings are stated at amortized cost calculated using the effective interest rate. The difference between the disbursed loan amount (net of transaction costs) and the redemption value is recognized over the term of the loan. Fees related to the creation of drawing rights are recorded in anticipation of borrowing taking place if it is likely that the loan will be drawn up. The fee is then recognized as part of the cost of the loan. If it is not likely that all or part of the loan will be drawn up, the fee is capitalized as prepaid cash services and charged over the period the right applies to.For the current borrowings, the fair values are the same as their carrying amounts, since the interest payable on those borrowings is either close to current market rates or the borrowings are of a short-term nature. The Group incurred total interest costs of USD 0.9 million (2022: USD 0.7 million) on the current loans. These costs have been included in finance expenses in the income statement. The Group's current term loan facility of USD 10.0 million originally lapsed in December 2023. Additionally the existing revolving credit facility of USD 5.0 million was rolled over and extended for another year in July 2023. In January 2024 the Group entered into a new financing facility, details of which are disclosed in note 27.Amounts in USD thousands 2023 2022Bank loansCurrent 10,946 13,337 Reconciliation of change in carrying amount of borrowings throughout the year: Amounts in USD thousands 2023 2022Carrying amount at 1 January 13,337 11,661 Change in capitalized fees and expenses 202 111 Draw down of borrowings 5,000 5,000 Repayment of borrowings (7,592) (3,435) Carrying amount at 31 December 10,946 13,337 Amounts in USD thousands 2023 2022Net debtCash and cash equivalents 28,157 30,974 Borrowings - current (10,946) (13,337) Lease liabilities - current (1,818) (1,869) Lease liabilities - non-current (6,801) (6,922) Net interest bearing debt 8,592 8,846 Net debt reconciliationBorrowings Lease Sub total Cash Totalliabilitiesand cash Amounts in USD thousandsequivalentsNet debt as at 1 January 2022 (11,661) (3,830) (15,491) 19,815 4,324 Cash flow from financing activitiesNet change in cash and cash equivalents - - - 11,982 11,982 Principal elements of lease payments - 1,765 1,765 - 1,765 Repayment of borrowings 3,333 - 3,333 - 3,333 Proceeds from loans and borrowings (5,000) - (5,000) - (5,000) Interest received (presented as investing cash flows) - - - (81) (81) Interest payments (presented as operating cash flows) 1,115 - 1,115 - 1,115 Non-cash movementsNew leases - (6,727) (6,727) - (6,727) Interest expense (1,077) - (1,077) 100 (977) Foreign exchange adjustments - - - (823) (823) Other changes (46) - (46) (19) (65) Net debt as at 31 December 2022 (13,337) (8,792) (22,128) 30,974 8,846 Net debt as at 1 January 2023 (13,337) (8,792) (22,128) 30,974 8,846 Cash flow from financing activitiesNet change in cash and cash equivalents - - - (2,693) (2,693)Principal elements of lease payments - 2,808 2,808 - 2,808Repayment of borrowings 7,391 - 7,391 - 7,391 Proceeds from loans and borrowings (5,000) - (5,000) - (5,000) Interest received (presented as investing cash flows) - - - (167) (167) Interest payments (presented as operating cash flows) 887 - 887 - 887 Non-cash movementsNew leases - (2,635) (2,635) - (2,635) Interest expense (888) - (888) 167 (721) Foreign exchange adjustments - - - (124) (124) Other changes 1 - 1 - 1 Net debt as at 31 December 2023 (10,946) (8,619) (19,564) 28,157 8,592 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-73-4": {
"value": "Note 17. BorrowingsBorrowings are carried at fair value when the disbursement of the loan takes place, less transaction costs. In subsequent periods, borrowings are stated at amortized cost calculated using the effective interest rate. The difference between the disbursed loan amount (net of transaction costs) and the redemption value is recognized over the term of the loan. Fees related to the creation of drawing rights are recorded in anticipation of borrowing taking place if it is likely that the loan will be drawn up. The fee is then recognized as part of the cost of the loan. If it is not likely that all or part of the loan will be drawn up, the fee is capitalized as prepaid cash services and charged over the period the right applies to.For the current borrowings, the fair values are the same as their carrying amounts, since the interest payable on those borrowings is either close to current market rates or the borrowings are of a short-term nature. The Group incurred total interest costs of USD 0.9 million (2022: USD 0.7 million) on the current loans. These costs have been included in finance expenses in the income statement. The Group's current term loan facility of USD 10.0 million originally lapsed in December 2023. Additionally the existing revolving credit facility of USD 5.0 million was rolled over and extended for another year in July 2023. In January 2024 the Group entered into a new financing facility, details of which are disclosed in note 27.Amounts in USD thousands 2023 2022Bank loansCurrent 10,946 13,337 Reconciliation of change in carrying amount of borrowings throughout the year: Amounts in USD thousands 2023 2022Carrying amount at 1 January 13,337 11,661 Change in capitalized fees and expenses 202 111 Draw down of borrowings 5,000 5,000 Repayment of borrowings (7,592) (3,435) Carrying amount at 31 December 10,946 13,337 Amounts in USD thousands 2023 2022Net debtCash and cash equivalents 28,157 30,974 Borrowings - current (10,946) (13,337) Lease liabilities - current (1,818) (1,869) Lease liabilities - non-current (6,801) (6,922) Net interest bearing debt 8,592 8,846 Net debt reconciliationBorrowings Lease Sub total Cash Totalliabilitiesand cash Amounts in USD thousandsequivalentsNet debt as at 1 January 2022 (11,661) (3,830) (15,491) 19,815 4,324 Cash flow from financing activitiesNet change in cash and cash equivalents - - - 11,982 11,982 Principal elements of lease payments - 1,765 1,765 - 1,765 Repayment of borrowings 3,333 - 3,333 - 3,333 Proceeds from loans and borrowings (5,000) - (5,000) - (5,000) Interest received (presented as investing cash flows) - - - (81) (81) Interest payments (presented as operating cash flows) 1,115 - 1,115 - 1,115 Non-cash movementsNew leases - (6,727) (6,727) - (6,727) Interest expense (1,077) - (1,077) 100 (977) Foreign exchange adjustments - - - (823) (823) Other changes (46) - (46) (19) (65) Net debt as at 31 December 2022 (13,337) (8,792) (22,128) 30,974 8,846 Net debt as at 1 January 2023 (13,337) (8,792) (22,128) 30,974 8,846 Cash flow from financing activitiesNet change in cash and cash equivalents - - - (2,693) (2,693)Principal elements of lease payments - 2,808 2,808 - 2,808Repayment of borrowings 7,391 - 7,391 - 7,391 Proceeds from loans and borrowings (5,000) - (5,000) - (5,000) Interest received (presented as investing cash flows) - - - (167) (167) Interest payments (presented as operating cash flows) 887 - 887 - 887 Non-cash movementsNew leases - (2,635) (2,635) - (2,635) Interest expense (888) - (888) 167 (721) Foreign exchange adjustments - - - (124) (124) Other changes 1 - 1 - 1 Net debt as at 31 December 2023 (10,946) (8,619) (19,564) 28,157 8,592 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-73-5": {
"value": "Note 17. BorrowingsBorrowings are carried at fair value when the disbursement of the loan takes place, less transaction costs. In subsequent periods, borrowings are stated at amortized cost calculated using the effective interest rate. The difference between the disbursed loan amount (net of transaction costs) and the redemption value is recognized over the term of the loan. Fees related to the creation of drawing rights are recorded in anticipation of borrowing taking place if it is likely that the loan will be drawn up. The fee is then recognized as part of the cost of the loan. If it is not likely that all or part of the loan will be drawn up, the fee is capitalized as prepaid cash services and charged over the period the right applies to.For the current borrowings, the fair values are the same as their carrying amounts, since the interest payable on those borrowings is either close to current market rates or the borrowings are of a short-term nature. The Group incurred total interest costs of USD 0.9 million (2022: USD 0.7 million) on the current loans. These costs have been included in finance expenses in the income statement. The Group's current term loan facility of USD 10.0 million originally lapsed in December 2023. Additionally the existing revolving credit facility of USD 5.0 million was rolled over and extended for another year in July 2023. In January 2024 the Group entered into a new financing facility, details of which are disclosed in note 27.Amounts in USD thousands 2023 2022Bank loansCurrent 10,946 13,337 Reconciliation of change in carrying amount of borrowings throughout the year: Amounts in USD thousands 2023 2022Carrying amount at 1 January 13,337 11,661 Change in capitalized fees and expenses 202 111 Draw down of borrowings 5,000 5,000 Repayment of borrowings (7,592) (3,435) Carrying amount at 31 December 10,946 13,337 Amounts in USD thousands 2023 2022Net debtCash and cash equivalents 28,157 30,974 Borrowings - current (10,946) (13,337) Lease liabilities - current (1,818) (1,869) Lease liabilities - non-current (6,801) (6,922) Net interest bearing debt 8,592 8,846 Net debt reconciliationBorrowings Lease Sub total Cash Totalliabilitiesand cash Amounts in USD thousandsequivalentsNet debt as at 1 January 2022 (11,661) (3,830) (15,491) 19,815 4,324 Cash flow from financing activitiesNet change in cash and cash equivalents - - - 11,982 11,982 Principal elements of lease payments - 1,765 1,765 - 1,765 Repayment of borrowings 3,333 - 3,333 - 3,333 Proceeds from loans and borrowings (5,000) - (5,000) - (5,000) Interest received (presented as investing cash flows) - - - (81) (81) Interest payments (presented as operating cash flows) 1,115 - 1,115 - 1,115 Non-cash movementsNew leases - (6,727) (6,727) - (6,727) Interest expense (1,077) - (1,077) 100 (977) Foreign exchange adjustments - - - (823) (823) Other changes (46) - (46) (19) (65) Net debt as at 31 December 2022 (13,337) (8,792) (22,128) 30,974 8,846 Net debt as at 1 January 2023 (13,337) (8,792) (22,128) 30,974 8,846 Cash flow from financing activitiesNet change in cash and cash equivalents - - - (2,693) (2,693)Principal elements of lease payments - 2,808 2,808 - 2,808Repayment of borrowings 7,391 - 7,391 - 7,391 Proceeds from loans and borrowings (5,000) - (5,000) - (5,000) Interest received (presented as investing cash flows) - - - (167) (167) Interest payments (presented as operating cash flows) 887 - 887 - 887 Non-cash movementsNew leases - (2,635) (2,635) - (2,635) Interest expense (888) - (888) 167 (721) Foreign exchange adjustments - - - (124) (124) Other changes 1 - 1 - 1 Net debt as at 31 December 2023 (10,946) (8,619) (19,564) 28,157 8,592 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-77-2": {
"value": "Note 18. ProvisionsProvisions for legal claims, service warranties and make good obligations are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognized for future operating losses.Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.Provision for employees\u2019 end of service benefitsIn accordance with the provisions of IAS 19, management has carried out an exercise to assess the present value of its obligations at 31 December 2023 and 2022, using the projected unit credit method, in respect of employees\u2019 end of service benefits payable under the Labour Laws of the countries in which the Group operates. Under this method, an assessment has been made of an employee\u2019s expected service life with the Group and the expected basic salary at the date of leaving the service. The obligation for end of service benefits is not funded. Refer to note 6 for further information regarding pension schemes.Amounts in USD thousands 2023 2022Provision for employees\u2019 end of service benefitsNon-current 3,540 3,058 Amounts in USD thousands 2023 2022Reconciliation of change in the provsions during the yearAt 1 January 3,058 2,714 Provisions made during the year 769 571 Payments made during the year (287) (227) At 31 December 3,540 3,058 Defined benefit pensionA member of the Group operates a defined benefit scheme with a life insurance provider. As of 31 December 2023 the defined benefit plan covered 7 (31 December 2022: 7) active members and 2 retired members (31 December 2022: 2). The scheme is closed to new entrants.The pension funds are placed in a portfolio of investments by the insurance provider which manages all transactions related to the pension scheme. The estimated return of the pension fund is based on market prices at the reporting date and projected development the period in which the pension scheme is valid.The calculation of pension liabilities is based on assumptions in line with the actuarial valuation conducted at the reporting date. Actuarial gains and losses are presented as part of other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-77-4": {
"value": "Note 18. ProvisionsProvisions for legal claims, service warranties and make good obligations are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognized for future operating losses.Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.Provision for employees\u2019 end of service benefitsIn accordance with the provisions of IAS 19, management has carried out an exercise to assess the present value of its obligations at 31 December 2023 and 2022, using the projected unit credit method, in respect of employees\u2019 end of service benefits payable under the Labour Laws of the countries in which the Group operates. Under this method, an assessment has been made of an employee\u2019s expected service life with the Group and the expected basic salary at the date of leaving the service. The obligation for end of service benefits is not funded. Refer to note 6 for further information regarding pension schemes.Amounts in USD thousands 2023 2022Provision for employees\u2019 end of service benefitsNon-current 3,540 3,058 Amounts in USD thousands 2023 2022Reconciliation of change in the provsions during the yearAt 1 January 3,058 2,714 Provisions made during the year 769 571 Payments made during the year (287) (227) At 31 December 3,540 3,058 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-82-2": {
"value": "Note 19. Trade and other payablesThese amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.Amounts in USD thousands 2023 2022Trade payables 12,577 5,651Accrued employee benefits 10,186 6,424Taxation and social security contributions 10,654 4,852Other accrued expenses and payables 11,413 8,964Total trade payables 44,830 25,890Trade payables are non-interest bearing. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-82-3": {
"value": "Note 19. Trade and other payablesThese amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.Amounts in USD thousands 2023 2022Trade payables 12,577 5,651Accrued employee benefits 10,186 6,424Taxation and social security contributions 10,654 4,852Other accrued expenses and payables 11,413 8,964Total trade payables 44,830 25,890Trade payables are non-interest bearing. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-82-4": {
"value": "Note 19. Trade and other payablesThese amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.Amounts in USD thousands 2023 2022Trade payables 12,577 5,651Accrued employee benefits 10,186 6,424Taxation and social security contributions 10,654 4,852Other accrued expenses and payables 11,413 8,964Total trade payables 44,830 25,890Trade payables are non-interest bearing. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-82-6": {
"value": "Note 19. Trade and other payablesThese amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and subsequently measured at amortized cost using the effective interest method.Amounts in USD thousands 2023 2022Trade payables 12,577 5,651Accrued employee benefits 10,186 6,424Taxation and social security contributions 10,654 4,852Other accrued expenses and payables 11,413 8,964Total trade payables 44,830 25,890Trade payables are non-interest bearing. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-83-2": {
"value": "Note 20. Fair values of financial assets and financial liabilitiesFinancial assets The Group classifies its financial assets at amortized cost or fair value based on the entity\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. The Group applies the IFRS\u00ae 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.Carrying amount and Fair valueAmounts in USD thousands Valuation model2023 2022Financial assetsTrade and other receivables Amortised cost 55,717 37,973Contract assets Amortised cost 22,185 13,394Cash and cash equivalents Amortised cost 28,157 30,974Total financial assets 106,059 82,341Financial liabilitiesTrade and other payables Amortised cost 44,830 25,890Contract liabilities Amortised cost 1,978 1,535Bank borrowings Amortised cost 10,946 13,337Total financial liabilities 57,754 40,761The financial assets principally consist of cash and cash equivalents and trade and other receivables arising directly from operations. The financial liabilities principally consist of a trade and other payables and bank borrowings arising directly from operations.The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:\u2022 Cash and bank deposits, trade and other current receivables, trade and other current payables and bank borrowings approximate their carrying amounts due to the short-term maturities of these instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-83-4": {
"value": "Note 20. Fair values of financial assets and financial liabilitiesFinancial assets The Group classifies its financial assets at amortized cost or fair value based on the entity\u2019s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. The Group applies the IFRS\u00ae 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.Carrying amount and Fair valueAmounts in USD thousands Valuation model2023 2022Financial assetsTrade and other receivables Amortised cost 55,717 37,973Contract assets Amortised cost 22,185 13,394Cash and cash equivalents Amortised cost 28,157 30,974Total financial assets 106,059 82,341Financial liabilitiesTrade and other payables Amortised cost 44,830 25,890Contract liabilities Amortised cost 1,978 1,535Bank borrowings Amortised cost 10,946 13,337Total financial liabilities 57,754 40,761The financial assets principally consist of cash and cash equivalents and trade and other receivables arising directly from operations. The financial liabilities principally consist of a trade and other payables and bank borrowings arising directly from operations.The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:\u2022 Cash and bank deposits, trade and other current receivables, trade and other current payables and bank borrowings approximate their carrying amounts due to the short-term maturities of these instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-88-2": {
"value": "Note 21. Related partyRelated party relationships are those involving control, joint control or significant influence. Related parties are in a position to enter into transactions with the Company that would not be undertaken between unrelated parties. There have been no significant transactions with related parties in 2023.Compensation to Board of DirectorsAmounts in USD thousands 2023 2022Glen R\u00f8dland, Chairman 61 56 Yvonne Litsheim Sandvold 26 21 Synne Syrrist 28 26 Rune Eng 24 21 David Wells 24 - Total 163 124 Compensation to Executive Management2023Amounts in USD thousands Salary Bonus Pension Other Total Reuben Segal, Chief Executive Officer 359 18 30 128 535 Bader Diab, Chief Operating Officer 326 18 13 35 392 Stuart Jackson, Chief Financial Officer 317 363 19 110 809 RV Ahilan, Chief Energy Transition Officer 230 12 12 6 260 Svein Staalen, General Counsel 197 10 18 3 228 Katherine Philips, Chief Transformation Officer 86 - 9 - 95 Total 1,515 421 101 282 2,319 2022Amounts in USD thousands Salary Bonus Pension Other Total Reuben Segal, Chief Executive Officer 299 4 - 158 461 Bader Diab, Chief Operating Officer 310 5 12 126 453 Dean Zuzic, Chief Financial Officer 246 7 23 1 277 RV Ahilan, Chief Energy Transition Officer 215 3 - 11 229 Svein Staalen, General Counsel 206 6 22 3 237 Will Cleverly, Chief Executive Officer OWC 173 2 18 20 213 Total 1,448 27 75 319 1,870 According to the Norwegian Public Limited Companies Act (the \u201cAct\") section 6-16a, the Board of Directors have prepared a statement on the establishment of wages and other remuneration for the Managing Director and other senior employees (note 22).At 31 December 2023 there are no loan or prepayments to Board of Directors, Executive Management or any other related parties.There are no additional options issued, except for the options mentioned in note 16.Shares and options owned by members of the Board of Directors and Executive Management at 31 December 2023Name Number of options Number of shares Board of DirectorsGlen R\u00f8dland, Chairman 1 - 14,890,351 2Rune Eng - 198,407 3 - - Paal E. Johnsen Hege Marie Norheim - -Yvonne Litsheim Sandvold - -Synne Syrrist - -4 135,000 David Wells 1,073,051 Executive Management5 - 1,933,003Reuben Segal, Chief Executive Officer Bader Diab, Chief Operating Officer - 1,652,695 Stuart Jackson, Chief Financial Officer - -RV Ahilan, Chief Energy Transition Officer 260,000 737,705 Svein Staalen, General Counsel 135,000 202,864 Katherine Philips, Chief Transformation Officer 40,000 - Total 570,000 20,688,076 1 The shares are held through Gross Management AS.2 The shares are held through Eng Invest AS. 3 Paal E. Johnsen is chairperson of RGA Energy Holdings AS, which held 4.9% of the Company\u2019s issued share capital at 31 December 2023 (see note 26).4 The shares are held through Banque Pictet & Cie SA5 The shares are held through Saxo Bank AS on behalf of AnAm Marine ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-88-3": {
"value": "Note 21. Related partyRelated party relationships are those involving control, joint control or significant influence. Related parties are in a position to enter into transactions with the Company that would not be undertaken between unrelated parties. There have been no significant transactions with related parties in 2023.Compensation to Board of DirectorsAmounts in USD thousands 2023 2022Glen R\u00f8dland, Chairman 61 56 Yvonne Litsheim Sandvold 26 21 Synne Syrrist 28 26 Rune Eng 24 21 David Wells 24 - Total 163 124 Compensation to Executive Management2023Amounts in USD thousands Salary Bonus Pension Other Total Reuben Segal, Chief Executive Officer 359 18 30 128 535 Bader Diab, Chief Operating Officer 326 18 13 35 392 Stuart Jackson, Chief Financial Officer 317 363 19 110 809 RV Ahilan, Chief Energy Transition Officer 230 12 12 6 260 Svein Staalen, General Counsel 197 10 18 3 228 Katherine Philips, Chief Transformation Officer 86 - 9 - 95 Total 1,515 421 101 282 2,319 2022Amounts in USD thousands Salary Bonus Pension Other Total Reuben Segal, Chief Executive Officer 299 4 - 158 461 Bader Diab, Chief Operating Officer 310 5 12 126 453 Dean Zuzic, Chief Financial Officer 246 7 23 1 277 RV Ahilan, Chief Energy Transition Officer 215 3 - 11 229 Svein Staalen, General Counsel 206 6 22 3 237 Will Cleverly, Chief Executive Officer OWC 173 2 18 20 213 Total 1,448 27 75 319 1,870 According to the Norwegian Public Limited Companies Act (the \u201cAct\") section 6-16a, the Board of Directors have prepared a statement on the establishment of wages and other remuneration for the Managing Director and other senior employees (note 22).At 31 December 2023 there are no loan or prepayments to Board of Directors, Executive Management or any other related parties.There are no additional options issued, except for the options mentioned in note 16.Shares and options owned by members of the Board of Directors and Executive Management at 31 December 2023Name Number of options Number of shares Board of DirectorsGlen R\u00f8dland, Chairman 1 - 14,890,351 2Rune Eng - 198,407 3 - - Paal E. Johnsen Hege Marie Norheim - -Yvonne Litsheim Sandvold - -Synne Syrrist - -4 135,000 David Wells 1,073,051 Executive Management5 - 1,933,003Reuben Segal, Chief Executive Officer Bader Diab, Chief Operating Officer - 1,652,695 Stuart Jackson, Chief Financial Officer - -RV Ahilan, Chief Energy Transition Officer 260,000 737,705 Svein Staalen, General Counsel 135,000 202,864 Katherine Philips, Chief Transformation Officer 40,000 - Total 570,000 20,688,076 1 The shares are held through Gross Management AS.2 The shares are held through Eng Invest AS. 3 Paal E. Johnsen is chairperson of RGA Energy Holdings AS, which held 4.9% of the Company\u2019s issued share capital at 31 December 2023 (see note 26).4 The shares are held through Banque Pictet & Cie SA5 The shares are held through Saxo Bank AS on behalf of AnAm Marine Note 22. Statement regarding the determination of salary and other remuneration to executive managementIn this statement, executive management means CEO, CFO, COO and other executives who are employed at the same level in the organisation.The Group\u2019s salary policy for executive management \u2013 main principles for 2023Due to the international scope of its business, the Group has to compete on the international market when it comes to salaries for executive management. In order to reach the ambition of becoming one of the leading participants within its line of consultancy business, the Group is dependent on offering salaries making the Group able to recruit and keep skilled managers. In order to ensure the best possible leadership the Group must offer a satisfactory salary, which is internationally competitive. A remuneration report will be made available on www.abl-group.com.Salaries and other remunerationIt is the Group\u2019s policy that management remuneration shall primarily take the form of a fixed monthly salary, reflecting the level of the position and experience of the person concerned. In principle pension plans, where offered, shall be on the same level for management as is generally agreed for other employees. The Group has a bonus plan in place for its employees and a long-term incentive plan (the \u201cLTIP\u201d) for certain employees aimed to align the interests of those employees with those of the Group's shareholders. Under the LTIP, participating employees are granted options which give the holder the right to acquire an equivalent number of shares in the Company. The options are granted without consideration . The grant of options is subject to authorization as granted by the shareholders to issue new shares in connection with the Group\u2019s employee incentive program. Specific conditions and limits with regards to the bonus and the LTIP are regulated by the overall allocation parameters approved by the Board. During 2023, the Group has initiated work to replace the existing bonus plan and LTIP with new short-term and long-term employee incentive schemes. Termination payment agreements, where provided, will be seen in connection with confidentiality clauses and non-compete clauses in the employment contract of each employee, in such a way that they basically compensate for limitations in the employee\u2019s opportunities to seek new employment. When agreements extend beyond such limitations, other income shall normally be deducted from payments made under termination payment agreements.Deviations from the above described principles may be permitted in special circumstances, for example, in relation to employment in international competition. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-92-2": {
"value": "Note 23. Financial instrumentsThe Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign exchange and interest rate risk), liquidity risk and credit risk. These risks are evaluated by management on an ongoing basis to assess and manage critical exposures. The Group\u2019s liquidity and market risks are managed as part of the Group\u2019s treasury activities. Treasury operations are conducted within a framework of established policies and procedures.Market risk \u2013 foreign exchange riskForeign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign currency rates. The Group's exposure to the risk of changes in foreign exchange rates relates primarily to the Group's operating activities (when revenue or expense is denominated in a different currency from the Group's presentational currency), the Group's net investments in foreign subsidiaries, and the Group's foreign currency denominated cash deposits. The operating revenue, and thus the trade receivables, of the Group is primarily denominated in USD, while operating expenses are generally denominated in the functional currency of the Group's entities. The bank accounts in currencies other than the functional currencies will expose the Group to foreign currency risk. Changes in the USD exchange rate would have had the following effect on the profit and loss of the Group:Amount in USD thousands +5% changes in rates -5% changes in rates 2023 423 (423)2022 221 (221)Interest rate riskThe Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s cash and cash equivalents and the bank borrowings. Both risks are considered to have limited effect on the Group\u2019s financial statements. Liquidity riskLiquidity risk is the potential loss arising from the Group's inability to meet its contractual obligations when due. Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities. The Group monitors its risk to a shortage of funds using cash flow forecasts. The Group is in a build-up phase and currently the strategy is to fund the growth of the business through existing cash reserves and from shareholder\u2019s equity. The Group had cash and cash equivalents of USD 28.2 million at 31 December 2023 (2022: USD 31.0 million). Based on the current cash position, the Group assesses the liquidity risk to be low.The table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments: Carrying Contractual Less than Between Over Amounts in USD thousandsamount cash flow 1 year 1 to 5 years5 years 31 December 2023Trade and other payables 44,830 44,830 44,830 - -Bank borrowings 10,946 10,946 10,946 - -Lease liabilities 8,619 10,169 3,084 5,884 1,201 31 December 2022Trade and other payables 25,890 25,890 25,890 - -Bank borrowings 13,337 13,538 13,538 - -Lease liabilities 8,792 10,233 2,605 7,629 -Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables and contract assets) and from its financing activities, including deposits with banks. Credit risk is managed on a Group basis.Credit risk with respect to trade receivables and contract assets is limited by the large base and geographic diversity of the customer base. Customer credit risk is managed by each subsidiary in the Group, subject to established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed on an individual basis, considering its financial position, trading history with the Group and existence of previous financial difficulties and outstanding customer receivables are regularly monitored. The requirement for an impairment is analyzed at each reporting date on an individual basis for major customers. The Group applies the IFRS\u00ae 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due with reference to past default experience of the debtor, an analysis of the debtor\u2019s current financial position and general current and forecast economic conditions of the industry in which the debtors operate. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.An impairment analyses is performed at each reporting date using a provision matrix to measure expected credit losses. The expected loss rates are based on the days past due for grouping of various customer segments and the corresponding historical credit losses experienced. The historical loss rates are adjusted to reflect current and forward looking information including the default risk associated with the industry and country in which customers operate affecting the ability of the customers to settle the receivables.Specific debts are provided for where recovery is deemed uncertain, which will be assessed on a case-by-case basis whenever debts are older than the due date, but always when debts are older than usual for the industry in which each business in the Group operates.The ageing profile of trade receivables and contract assets balance as at 31 December 2023 and 2022 is as follows:Amounts in USD thousands 2023 2022Trade receivablesUp to 3 months 40,043 25,1133 to 6 months 4,716 2,9036 to 12 months 1,867 2,807Over 12 months 849 1,621Total 47,475 32,444Contract assets 22,185 13,394Total 69,660 45,838As at 31 December 2023 and 2022 the lifetime expected loss provision for trade receivables and contract assets is as follows:Amounts in Up to 3 3 to 6 6 to 12 Over 12 Total trade Contract USD thousandsmonthsmonthsmonthsmonthsreceivablesassets Total31 December 2023Gross amount 40,243 4,797 1,948 1,098 48,087 22,238 70,325Expected loss rate 0.5 % 1.7 % 4.2 % 22.7 % - 0.2 % 0.9 %Loss allowance 201 81 82 249 612 53 66531 December 2022Gross amount 25,249 2,956 2,935 2,140 33,280 13,537 46,817Expected loss rate 0.5 % 1.8 % 4.4 % 24.2 % - 1.1 % 2.1 %Loss allowance 136 53 128 519 836 143 979Reconciliation of loss allowance in respect of trade receivables and contract assets during the year Trade receivables Contract assetsAmounts in USD thousands2023 2022 2023 2022At 1 January 836 1,107 143 139 Net remeasurement of loss allowance 210 628 14 4 Write-back for the year (435) (899) (67) - At 31 December 612 836 90 143 The credit risk on deposits with banks is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. At the end of the reporting period, there were no significant concentrations of credit risk. The maximum exposure to credit risk at the reporting date is the carrying value of cash deposits with banks of USD 28.2 million (2022: USD 31.0 million).Capital managementThe Group\u2019s objectives when managing capital are to:\u2022 safeguard the ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and \u2022 maintain an optimal capital structure to reduce the cost of capital.The Group manages its capital structure so as to maintain investor and market confidence and to provide returns to shareholders that will support the future development of the business. In order to maintain or adjust the capital structure if required in response to changes in economic conditions, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group considers its capital as consisting of ordinary shares and retained earnings.The Board monitors underlying business performance to determine the ongoing use of capital, namely executive and staff incentive schemes (and whether to fund this through cash or share incentives), acquisition appraisals ahead of potential business combinations, investment in property, plant and equipment, and the level of dividends.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-92-3": {
"value": "Note 23. Financial instrumentsThe Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign exchange and interest rate risk), liquidity risk and credit risk. These risks are evaluated by management on an ongoing basis to assess and manage critical exposures. The Group\u2019s liquidity and market risks are managed as part of the Group\u2019s treasury activities. Treasury operations are conducted within a framework of established policies and procedures.Market risk \u2013 foreign exchange riskForeign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign currency rates. The Group's exposure to the risk of changes in foreign exchange rates relates primarily to the Group's operating activities (when revenue or expense is denominated in a different currency from the Group's presentational currency), the Group's net investments in foreign subsidiaries, and the Group's foreign currency denominated cash deposits. The operating revenue, and thus the trade receivables, of the Group is primarily denominated in USD, while operating expenses are generally denominated in the functional currency of the Group's entities. The bank accounts in currencies other than the functional currencies will expose the Group to foreign currency risk. Changes in the USD exchange rate would have had the following effect on the profit and loss of the Group:Amount in USD thousands +5% changes in rates -5% changes in rates 2023 423 (423)2022 221 (221)Interest rate riskThe Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s cash and cash equivalents and the bank borrowings. Both risks are considered to have limited effect on the Group\u2019s financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-92-4": {
"value": "Note 23. Financial instrumentsThe Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign exchange and interest rate risk), liquidity risk and credit risk. These risks are evaluated by management on an ongoing basis to assess and manage critical exposures. The Group\u2019s liquidity and market risks are managed as part of the Group\u2019s treasury activities. Treasury operations are conducted within a framework of established policies and procedures.Market risk \u2013 foreign exchange riskForeign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign currency rates. The Group's exposure to the risk of changes in foreign exchange rates relates primarily to the Group's operating activities (when revenue or expense is denominated in a different currency from the Group's presentational currency), the Group's net investments in foreign subsidiaries, and the Group's foreign currency denominated cash deposits. The operating revenue, and thus the trade receivables, of the Group is primarily denominated in USD, while operating expenses are generally denominated in the functional currency of the Group's entities. The bank accounts in currencies other than the functional currencies will expose the Group to foreign currency risk. Changes in the USD exchange rate would have had the following effect on the profit and loss of the Group:Amount in USD thousands +5% changes in rates -5% changes in rates 2023 423 (423)2022 221 (221)Interest rate riskThe Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s cash and cash equivalents and the bank borrowings. Both risks are considered to have limited effect on the Group\u2019s financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-93-3": {
"value": "Liquidity riskLiquidity risk is the potential loss arising from the Group's inability to meet its contractual obligations when due. Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities. The Group monitors its risk to a shortage of funds using cash flow forecasts. The Group is in a build-up phase and currently the strategy is to fund the growth of the business through existing cash reserves and from shareholder\u2019s equity. The Group had cash and cash equivalents of USD 28.2 million at 31 December 2023 (2022: USD 31.0 million). Based on the current cash position, the Group assesses the liquidity risk to be low.The table below summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments: Carrying Contractual Less than Between Over Amounts in USD thousandsamount cash flow 1 year 1 to 5 years5 years 31 December 2023Trade and other payables 44,830 44,830 44,830 - -Bank borrowings 10,946 10,946 10,946 - -Lease liabilities 8,619 10,169 3,084 5,884 1,201 31 December 2022Trade and other payables 25,890 25,890 25,890 - -Bank borrowings 13,337 13,538 13,538 - -Lease liabilities 8,792 10,233 2,605 7,629 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-99-3": {
"value": "Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables and contract assets) and from its financing activities, including deposits with banks. Credit risk is managed on a Group basis.Credit risk with respect to trade receivables and contract assets is limited by the large base and geographic diversity of the customer base. Customer credit risk is managed by each subsidiary in the Group, subject to established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed on an individual basis, considering its financial position, trading history with the Group and existence of previous financial difficulties and outstanding customer receivables are regularly monitored. The requirement for an impairment is analyzed at each reporting date on an individual basis for major customers. The Group applies the IFRS\u00ae 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due with reference to past default experience of the debtor, an analysis of the debtor\u2019s current financial position and general current and forecast economic conditions of the industry in which the debtors operate. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.An impairment analyses is performed at each reporting date using a provision matrix to measure expected credit losses. The expected loss rates are based on the days past due for grouping of various customer segments and the corresponding historical credit losses experienced. The historical loss rates are adjusted to reflect current and forward looking information including the default risk associated with the industry and country in which customers operate affecting the ability of the customers to settle the receivables.Specific debts are provided for where recovery is deemed uncertain, which will be assessed on a case-by-case basis whenever debts are older than the due date, but always when debts are older than usual for the industry in which each business in the Group operates.The ageing profile of trade receivables and contract assets balance as at 31 December 2023 and 2022 is as follows:Amounts in USD thousands 2023 2022Trade receivablesUp to 3 months 40,043 25,1133 to 6 months 4,716 2,9036 to 12 months 1,867 2,807Over 12 months 849 1,621Total 47,475 32,444Contract assets 22,185 13,394Total 69,660 45,838As at 31 December 2023 and 2022 the lifetime expected loss provision for trade receivables and contract assets is as follows:Amounts in Up to 3 3 to 6 6 to 12 Over 12 Total trade Contract USD thousandsmonthsmonthsmonthsmonthsreceivablesassets Total31 December 2023Gross amount 40,243 4,797 1,948 1,098 48,087 22,238 70,325Expected loss rate 0.5 % 1.7 % 4.2 % 22.7 % - 0.2 % 0.9 %Loss allowance 201 81 82 249 612 53 66531 December 2022Gross amount 25,249 2,956 2,935 2,140 33,280 13,537 46,817Expected loss rate 0.5 % 1.8 % 4.4 % 24.2 % - 1.1 % 2.1 %Loss allowance 136 53 128 519 836 143 979Reconciliation of loss allowance in respect of trade receivables and contract assets during the year Trade receivables Contract assetsAmounts in USD thousands2023 2022 2023 2022At 1 January 836 1,107 143 139 Net remeasurement of loss allowance 210 628 14 4 Write-back for the year (435) (899) (67) - At 31 December 612 836 90 143 The credit risk on deposits with banks is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. At the end of the reporting period, there were no significant concentrations of credit risk. The maximum exposure to credit risk at the reporting date is the carrying value of cash deposits with banks of USD 28.2 million (2022: USD 31.0 million).",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-104-3": {
"value": "Capital managementThe Group\u2019s objectives when managing capital are to:\u2022 safeguard the ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and \u2022 maintain an optimal capital structure to reduce the cost of capital.The Group manages its capital structure so as to maintain investor and market confidence and to provide returns to shareholders that will support the future development of the business. In order to maintain or adjust the capital structure if required in response to changes in economic conditions, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group considers its capital as consisting of ordinary shares and retained earnings.The Board monitors underlying business performance to determine the ongoing use of capital, namely executive and staff incentive schemes (and whether to fund this through cash or share incentives), acquisition appraisals ahead of potential business combinations, investment in property, plant and equipment, and the level of dividends.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-106-2": {
"value": "Note 24. ContingenciesBank guarantees As at 31 December 2023, the Group had issued bank guarantees amounting to USD 1.3 million (31 December 2022: USD 1.3 million) and had outstanding letters of credit issued amounting to USD 2.8 million (31 December 2022: USD 0.7 million).",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"pp-value-105-2": {
"value": "Note 25. List of subsidiariesThe Group\u2019s principal subsidiaries at 31 December 2023 are set out below providing marine, offshore and renewables consultancy services to the energy, shipping and insurance industries. Unless otherwise indicated, all shareholdings owned directly or indirectly by the Company represent 100% of the issued share capital of the subsidiary and the share capital is comprised of ordinary shares. All entities primarily operate in their country of incorporation.Name of entity Place of business/country of Ownership interest Voting powerincorporation2023 2022 2023 2022A B L Marine Services LLC United Arab Emirates (Abu Dhabi) 49% 49% 49% 49%A B L Marine Services LLC 2United Arab Emirates (Dubai) 49% 100% 49% 100%ABL (Australasia) Pty Ltd Australia 100% 100% 100% 100%ABL Aberdeen Limited United Kingdom 100% 100% 100% 100%ABL Adjusting Limited United Kingdom 100% 100% 100% 100%ABL Consultants (Thailand) Co Ltd Thailand 49% 51% 49% 51%ABL Consultants Malaysia Sdn Bhd Malaysia 49% 51% 49% 51%ABL Energy & Marine Consultants (Canada) Canada 100% 100% 100% 100%LtdABL Energy & Marine Consultants Brasil Ltda Brazil 100% 100% 100% 100%ABL Energy & Marine Consultants India India 100% 100% 100% 100%Private LimitedABL Energy & Marine Consultants Pte Ltd Singapore 100% 100% 100% 100%ABL Energy & Marine Consultants RO SRL Romania 100% 100% - - ABL Energy & Marine Consultants South South Africa 100% 100% 100% 100%Africa (Pty) LtdABL Group Holding Limited 1United Kingdom 100% 100% 100% 100%ABL Group Korea Ltd Republic of Korea 100% 100% 100% 100%ABL HK Limited Hong Kong 100% 100% 100% 100%ABL London Limited United Kingdom 100% 100% 100% 100%ABL Marine Services Co Limited Saudi Arabia 60% 60% 60% 60%ABL Marine Services LLC 2Qatar 49% 100% 49% 100%ABL Norway AS Norway 100% 100% 100% 100%ABL Shanghai Co Ltd China 100% 100% 100% 100%ABL Technical Services Holdings Limited 1United Kingdom 100% 100% 100% 100%ABL Technical Services Pte Ltd St. Kitts and Nevis 100% 100% 100% 100%ABL Teknik Servis Denizcilik Limited Sirketi Turkey 100% 100% 100% 100%ABL Treasury AS 1Norway 100% 100% - - Name of entity Place of business/country of Ownership interest Voting powerincorporation2023 2022 2023 2022ABL USA Inc. United States 100% 100% 100% 100%ABL Vietnam Company Ltd Vietnam 100% 100% 100% 100%Add Energy & Partners LLC Oman 50% 50% 50% 50%Add Energy Asia Pte Ltd Singapore 100% 100% 100% 100%Add Energy Australasia Pty Ltd Australia 100% 100% 100% 100%Add Energy Canada Ltd Canada 100% 100% 100% 100%Add Energy Group AS 1Norway 100% 100% 100% 100%Add Energy LLC United States 100% 100% 100% 100%Add Energy North America Holding AS Norway 100% 100% 100% 100%Add Energy North America Holding LLC United States 100% 100% 100% 100%Add Energy Offshore LLC United States 100% 100% 100% 100%Add Energy Scotland Ltd United Kingdom (Scotland) 100% 100% 100% 100%Add IPS Pty Ltd Australia 100% 100% 100% 100%Add ISRM Pty Ltd Australia 100% 100% 100% 100%Add Latent Limited United Kingdom (Scotland) 100% 100% 100% 100%Add Lucid Pty Ltd Australia 100% 100% 100% 100%Add Wellflow AS Norway 100% 100% 100% 100%AGR (Australia) Pty Ltd Australia 100% 100% - - AGR AS 1Norway 100% 100% - - AGR Consultancy Services AS Norway 100% 100% - - AGR Consultancy Solutions Ltd United Kingdom (Scotland) 100% 100% - - AGR Energy Services AS Norway 100% 100% - - AGR Group Americas Inc United States 100% 100% - - AGR Mexico Well Management S de Rl de CV Mexico 100% 100% - - AGR Software AS Norway 91% 91% - - Aqualis Offshore UK Limited United Kingdom 100% 100% 100% 100%Delta Wind Partners ApS Denmark 100% 100% - - DWP Group ApS 1Denmark 100% 100% - - East Point Geo Ltd. 1United Kingdom 100% 100% 100% 100%Innosea Limited United Kingdom (Scotland) 100% 100% 100% 100%Innosea SAS France 100% 100% 100% 100%John LeBourhis & Associates United States 100% 100% 100% 100%LOC (Egypt) For Consultancy Service SAE Egypt 60% 60% 60% 60%Name of entity Place of business/country of Ownership interest Voting powerincorporation2023 2022 2023 2022LOC (Germany) GmbH Germany 100% 100% 100% 100%LOC (Kazakhstan) LLP Kazakhstan 100% 100% 100% 100%LOC (Laem Chabang) Co Ltd Thailand 100% 100% 100% 100%LOC (Netherlands) BV Netherlands 100% 100% 100% 100%LOC Senegal SAS Senegal 100% 100% 100% 100%LOC (Tianjin) Co Ltd China 100% 100% 100% 100%LOC (Tianjin) Risk Technology Service Co Ltd China 100% 100% 100% 100%LOC Group Limited United Kingdom 100% 100% 100% 100%LOC JLA Inc United States 100% 100% 100% 100%London Offshore Consultants (France) SARL France 100% 100% 100% 100%London Offshore Consultants (Guernsey) Guernsey 100% 100% 100% 100%LimitedLondon Offshore Consultants (Holdings) United Kingdom 100% 100% - - LimitedLondon Offshore Consultants (India) Pvt Ltd India 100% 100% 100% 100%London Offshore Consultants (Korea) Limited Republic of Korea 100% 100% 100% 100%London Offshore Consultants (Malaysia) Malaysia 49% 49% 49% 49%Sdn Bhd 2London Offshore Consultants (Mexico) SA Mexico 100% 100% 100% 100%de CVLondon Offshore Consultants (Nigeria) Nigeria 100% 100% 100% 100%LimitedLondon Offshore Consultants Brasil Ltda. Brazil 100% 100% 100% 100%London Offshore Consultants Limited United Kingdom 100% 100% 100% 100%London Offshore Consultants Pte Ltd Singapore 100% 100% 100% 100%London Offshore Consultants WLL 2United Arab Emirates 49% 49% 49% 49%Longitude Consultancy Holdings Limited United Kingdom 100% 100% 100% 100%Longitude Consultants Inc United States 100% 100% 100% 100%Longitude Consulting Engineers Ltd United Kingdom 100% 100% 100% 100%Longitude Engineering de Mexico SA de CV Mexico 100% 100% 100% 100%Longitude Engineering Pte Ltd Singapore 100% 100% 100% 100%Lucid Unit Trust Australia 100% 100% 100% 100%Neptune Bidco Limited United Kingdom 100% 100% 100% 100%Neptune Midco 1 Limited 1United Kingdom 100% 100% 100% 100%Neptune Midco 2 Limited United Kingdom 100% 100% 100% 100%Name of entity Place of business/country of Ownership interest Voting powerincorporation2023 2022 2023 2022Offshore Wind Consultants Ireland Limited Ireland 100% 100% 100% 100%Offshore Wind Consultants Limited 1United Kingdom 100% 100% 100% 100%Offshore Wind Consultants sp. z.o.o. Poland 100% 100% 100% 100%Offshore Wind Consultants Taiwan Co Ltd Taiwan 100% 100% 100% 100%Oracle Services Pty Ltd Australia 100% 100% 100% 100%OWC (Aqualis) GmbH Germany 100% 100% 100% 100%OWC Japan Ltd Tokyo Japan 100% 100% 100% 100%PT ABL Offshore Indonesia Indonesia 100% 100% 100% 100%SpotOn Well Management Ltd United Kingdom (Scotland) 100% 100% - - Total Service Partner AS Norway 33% 33% 33% 33%Transitory Pty Ltd Australia 100% 100% 100% 100%1 Investments held directly by ABL Group ASA.2 The remaining legal ownership in each case is registered in the name of local sponsors in accordance with statutory regulations of those countries, who have assigned all the economic benefits attached to their shareholdings to the Group entity. The Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity via management agreements and, accordingly, these entities are consolidated as wholly owned subsidiaries in these consolidated financial statements (note 3). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"pp-value-105-3": {
"value": "Note 25. List of subsidiariesThe Group\u2019s principal subsidiaries at 31 December 2023 are set out below providing marine, offshore and renewables consultancy services to the energy, shipping and insurance industries. Unless otherwise indicated, all shareholdings owned directly or indirectly by the Company represent 100% of the issued share capital of the subsidiary and the share capital is comprised of ordinary shares. All entities primarily operate in their country of incorporation.Name of entity Place of business/country of Ownership interest Voting powerincorporation2023 2022 2023 2022A B L Marine Services LLC United Arab Emirates (Abu Dhabi) 49% 49% 49% 49%A B L Marine Services LLC 2United Arab Emirates (Dubai) 49% 100% 49% 100%ABL (Australasia) Pty Ltd Australia 100% 100% 100% 100%ABL Aberdeen Limited United Kingdom 100% 100% 100% 100%ABL Adjusting Limited United Kingdom 100% 100% 100% 100%ABL Consultants (Thailand) Co Ltd Thailand 49% 51% 49% 51%ABL Consultants Malaysia Sdn Bhd Malaysia 49% 51% 49% 51%ABL Energy & Marine Consultants (Canada) Canada 100% 100% 100% 100%LtdABL Energy & Marine Consultants Brasil Ltda Brazil 100% 100% 100% 100%ABL Energy & Marine Consultants India India 100% 100% 100% 100%Private LimitedABL Energy & Marine Consultants Pte Ltd Singapore 100% 100% 100% 100%ABL Energy & Marine Consultants RO SRL Romania 100% 100% - - ABL Energy & Marine Consultants South South Africa 100% 100% 100% 100%Africa (Pty) LtdABL Group Holding Limited 1United Kingdom 100% 100% 100% 100%ABL Group Korea Ltd Republic of Korea 100% 100% 100% 100%ABL HK Limited Hong Kong 100% 100% 100% 100%ABL London Limited United Kingdom 100% 100% 100% 100%ABL Marine Services Co Limited Saudi Arabia 60% 60% 60% 60%ABL Marine Services LLC 2Qatar 49% 100% 49% 100%ABL Norway AS Norway 100% 100% 100% 100%ABL Shanghai Co Ltd China 100% 100% 100% 100%ABL Technical Services Holdings Limited 1United Kingdom 100% 100% 100% 100%ABL Technical Services Pte Ltd St. Kitts and Nevis 100% 100% 100% 100%ABL Teknik Servis Denizcilik Limited Sirketi Turkey 100% 100% 100% 100%ABL Treasury AS 1Norway 100% 100% - - Name of entity Place of business/country of Ownership interest Voting powerincorporation2023 2022 2023 2022ABL USA Inc. United States 100% 100% 100% 100%ABL Vietnam Company Ltd Vietnam 100% 100% 100% 100%Add Energy & Partners LLC Oman 50% 50% 50% 50%Add Energy Asia Pte Ltd Singapore 100% 100% 100% 100%Add Energy Australasia Pty Ltd Australia 100% 100% 100% 100%Add Energy Canada Ltd Canada 100% 100% 100% 100%Add Energy Group AS 1Norway 100% 100% 100% 100%Add Energy LLC United States 100% 100% 100% 100%Add Energy North America Holding AS Norway 100% 100% 100% 100%Add Energy North America Holding LLC United States 100% 100% 100% 100%Add Energy Offshore LLC United States 100% 100% 100% 100%Add Energy Scotland Ltd United Kingdom (Scotland) 100% 100% 100% 100%Add IPS Pty Ltd Australia 100% 100% 100% 100%Add ISRM Pty Ltd Australia 100% 100% 100% 100%Add Latent Limited United Kingdom (Scotland) 100% 100% 100% 100%Add Lucid Pty Ltd Australia 100% 100% 100% 100%Add Wellflow AS Norway 100% 100% 100% 100%AGR (Australia) Pty Ltd Australia 100% 100% - - AGR AS 1Norway 100% 100% - - AGR Consultancy Services AS Norway 100% 100% - - AGR Consultancy Solutions Ltd United Kingdom (Scotland) 100% 100% - - AGR Energy Services AS Norway 100% 100% - - AGR Group Americas Inc United States 100% 100% - - AGR Mexico Well Management S de Rl de CV Mexico 100% 100% - - AGR Software AS Norway 91% 91% - - Aqualis Offshore UK Limited United Kingdom 100% 100% 100% 100%Delta Wind Partners ApS Denmark 100% 100% - - DWP Group ApS 1Denmark 100% 100% - - East Point Geo Ltd. 1United Kingdom 100% 100% 100% 100%Innosea Limited United Kingdom (Scotland) 100% 100% 100% 100%Innosea SAS France 100% 100% 100% 100%John LeBourhis & Associates United States 100% 100% 100% 100%LOC (Egypt) For Consultancy Service SAE Egypt 60% 60% 60% 60%Name of entity Place of business/country of Ownership interest Voting powerincorporation2023 2022 2023 2022LOC (Germany) GmbH Germany 100% 100% 100% 100%LOC (Kazakhstan) LLP Kazakhstan 100% 100% 100% 100%LOC (Laem Chabang) Co Ltd Thailand 100% 100% 100% 100%LOC (Netherlands) BV Netherlands 100% 100% 100% 100%LOC Senegal SAS Senegal 100% 100% 100% 100%LOC (Tianjin) Co Ltd China 100% 100% 100% 100%LOC (Tianjin) Risk Technology Service Co Ltd China 100% 100% 100% 100%LOC Group Limited United Kingdom 100% 100% 100% 100%LOC JLA Inc United States 100% 100% 100% 100%London Offshore Consultants (France) SARL France 100% 100% 100% 100%London Offshore Consultants (Guernsey) Guernsey 100% 100% 100% 100%LimitedLondon Offshore Consultants (Holdings) United Kingdom 100% 100% - - LimitedLondon Offshore Consultants (India) Pvt Ltd India 100% 100% 100% 100%London Offshore Consultants (Korea) Limited Republic of Korea 100% 100% 100% 100%London Offshore Consultants (Malaysia) Malaysia 49% 49% 49% 49%Sdn Bhd 2London Offshore Consultants (Mexico) SA Mexico 100% 100% 100% 100%de CVLondon Offshore Consultants (Nigeria) Nigeria 100% 100% 100% 100%LimitedLondon Offshore Consultants Brasil Ltda. Brazil 100% 100% 100% 100%London Offshore Consultants Limited United Kingdom 100% 100% 100% 100%London Offshore Consultants Pte Ltd Singapore 100% 100% 100% 100%London Offshore Consultants WLL 2United Arab Emirates 49% 49% 49% 49%Longitude Consultancy Holdings Limited United Kingdom 100% 100% 100% 100%Longitude Consultants Inc United States 100% 100% 100% 100%Longitude Consulting Engineers Ltd United Kingdom 100% 100% 100% 100%Longitude Engineering de Mexico SA de CV Mexico 100% 100% 100% 100%Longitude Engineering Pte Ltd Singapore 100% 100% 100% 100%Lucid Unit Trust Australia 100% 100% 100% 100%Neptune Bidco Limited United Kingdom 100% 100% 100% 100%Neptune Midco 1 Limited 1United Kingdom 100% 100% 100% 100%Neptune Midco 2 Limited United Kingdom 100% 100% 100% 100%Name of entity Place of business/country of Ownership interest Voting powerincorporation2023 2022 2023 2022Offshore Wind Consultants Ireland Limited Ireland 100% 100% 100% 100%Offshore Wind Consultants Limited 1United Kingdom 100% 100% 100% 100%Offshore Wind Consultants sp. z.o.o. Poland 100% 100% 100% 100%Offshore Wind Consultants Taiwan Co Ltd Taiwan 100% 100% 100% 100%Oracle Services Pty Ltd Australia 100% 100% 100% 100%OWC (Aqualis) GmbH Germany 100% 100% 100% 100%OWC Japan Ltd Tokyo Japan 100% 100% 100% 100%PT ABL Offshore Indonesia Indonesia 100% 100% 100% 100%SpotOn Well Management Ltd United Kingdom (Scotland) 100% 100% - - Total Service Partner AS Norway 33% 33% 33% 33%Transitory Pty Ltd Australia 100% 100% 100% 100%1 Investments held directly by ABL Group ASA.2 The remaining legal ownership in each case is registered in the name of local sponsors in accordance with statutory regulations of those countries, who have assigned all the economic benefits attached to their shareholdings to the Group entity. The Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity via management agreements and, accordingly, these entities are consolidated as wholly owned subsidiaries in these consolidated financial statements (note 3). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH86O96",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-114-2": {
"value": "Gross Management AS14,890,35112.1 %Holmen Spesialfond10,450,0008.5 %DNB Bank ASA7,637,8356.2 %Bj\u00f8rn Stray6,217,7435.0 %RGA Energy Holdings AS6,055,5564.9 %Nordea Bank ABP6,055,5554.9 %Melesio Invest AS4,811,0163.9 %Sober AS3,500,0002.8 %Saxo Bank AS3,364,9212.7 %Hausta Investor AS3,200,0002.6 %KRB Capital AS2,539,0652.1 %Valorem AS2,360,0001.9 %MP Pensjon PK2,251,1281.8 %Trapesa AS2,192,5291.8 %Catilina Invest AS1,685,3391.4 %Badreddin Diab1,652,6951.3 %Amphytron Invest AS1,600,3391.3 %Ginko AS1,428,4801.2 %Carucel Finance AS1,300,0001.1 %Carnegie Investment Bank AB1,280,8831.0 %Note 26. Shareholder informationThe list of top 20 shareholders below is based on the shareholder register as per 31 December 2023. Actual shareholding may deviate due to the use of nominee accounts.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-175-2": {
"value": "Note 27. Events after the reporting dateNew information on the Group's positions at the reporting date is considered in the annual financial statements. Events after the reporting date that do not affect the Group's position at that date, but which will affect the Group's position in the future are stated if significant. Subsequent to the reporting date the following material events have occurred:New financingThe Group entered into an agreement for a new borrowing facility with a financial institution in January 2024. The previous loan facility which originally lapsed in December 2023 was extended for one month to arrange for a smooth transition to the new facility.The new facility consists of two parts, (i) a revolving credit facility of USD 30 million and (ii) an accordion facility of USD 20 million. The facility terminates three years from the date of the agreement with a one plus one year extension option. The agreement has the following covenants:\u2022 Interest cover not less than 4.00:1\u2022 Leverage not to exceed 2.50:1Financial covenants will be measured on a quarterly basis.The interest on the above facility is the relevant LIBOR for USD loans or similar rates for other loan currencies (SOFR, SONIA, ESTR, NIBOR - 1, 3 or 6 months at the borrower's discretion) plus a margin based on a ratchet of between 250 and 310 basis points dependent on the prevailing adjusted leverage ranging from less than 1.00:1 to greater than 2.00:1Debt issuance costs of USD1.1 million were incurred in the completion of the new facility. These costs have been capitalised and are being amortised over the term of the facility agreement.Exercise of share options and warrantsOn 14 December 2023 a total number of 9,175,000 employee share options vested. Following an exercise window that closed on 8 January 2024, a total of 4,127,500 options were exercised on that date resulting in an increase the share capital of the parent company of NOK 412,750. On 22 January 2024, Bridgepoint Advisers II Limited exercised its last remaining tranche consisting of 1,000,000 warrants issued following the acquisition of the LOC Group. Following the above option and warrant exercises there were 128,477,867 ordinary shares in issue.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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}