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"s7_notes__6__8": {
"value": "Eqva ASA",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
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"s7_notes__6__7": {
"value": "Eqva ASA",
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"s7_notes__6__6": {
"value": "Eqva ASA",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__9": {
"value": "public limited company",
"dimensions": {
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"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__11": {
"value": "Norway",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__10": {
"value": "Norway",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s7_notes__6__13": {
"value": "Fosnav\u00e5g, Her\u00f8y.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__12": {
"value": "Fosnav\u00e5g, Her\u00f8y.",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__16": {
"value": "Eqva ASA is a knowledge-based active owner of industrial service companies that contribute to the green transition in maritime, power intensive and renewable industries.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"s7_notes__6__17": {
"value": "Both the acquisition and the change of name are parts of the transformation to a fully integrated service company, which contributes to green transition in maritime, power intensive and renewable industries.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__18-1": {
"value": "The new group structure is operationally organized in 3 segments (reporting structure):\u2022 Maritime services consists of Havyard Leirvik - a multi-service yard facility which provides services to both maritime sector, aquaculture and land-based industry. The yard have both infrastructure and skilled personnel able to carry out complex projects for clients.\u2022 Products, solutions & renewables which include BKS and Fossberg Kraft. BKS provides service- and maintenance assignments to the land-based and maritime industry, while Fossberg Kraft is specialized in the establishment and operation of small-scale hydropower plants.\u2022 Other in which the parent company is the main entity \u2013 the segment also includes companies without regular operations and elimination of intra-group transactions.4. SEGMENT INFORMATIONThe new group structure in Eqva is organized in 3 reporting segments:\u2022 Maritime services consists of Havyard Leirvik - a multi-service yard facility which provides services to both maritime sector, aquaculture and land-based industry. The yard have both infrastructure and skilled personnel able to carry out complex projects for clients.\u2022 Products, solutions & renewables which include BKS and Fossberg Kraft. BKS provides service- and maintenance assignments to the land-based and maritime industry, while Fossberg Kraft is specialized in the establishment and operation of small-scale hydropower plants.\u2022 Other in which the parent company is the main entity \u2013 the segment also includes companies without regular operations and elimination of intra-group transactions. See note 9 for a specification of each segment at company level.The group divides the customers into geographical areas based on the customers' nationalities. The areas are Norway and Others.The Group's customer base consists of a wide range of companies. The Group's three largest customers in 2022 compose 40 % of total Group revenue. Sales to customers that account for more than 10% of total sales revenues is presented below:Customer Segment Revenue2022 20211. Norled ASMaritime Services97 2826 2822. Fjord 1 ASMaritime Services52 69464 746The 2021 numbers have been recalculated retrospectively to be aligned with the new segment-/ reporting structure. For more segment details see note 1.Transfer prices between operating segments are basis in a manner similar to transactions with third parties.The accounting principles for segment reporting correspond to those used by the group, with the exception of discontinued operations which are treated in the same way as continuing operations in segment reporting.2022(NOK million)Maritime services Products, solutions & Other / Eqva ASArenewablesEliminationOperating revenues, External 235,2 219,5 4,2 458,9Operating revenues, Internal 0,0 0,0 0,0 0,0Operating income 235,2 219,5 4,2 458,9EBITDA 12,9 9,3 -31,5 -9,3Depreciation 2,8 6,9 0,1 9,9Operating profit/(loss) (EBIT) 10,1 2,3 -31,6 -19,2Net financial items -1,3 0,6 -16,2 -17,0Share of profit/(loss) from0,0 0,0 0,7 0,7associateProfit/(Loss) before tax 8,7 2,9 - 4 7, 2 -35,5Income tax expense -0,4 0,0 -15,4 -15,8Profit/(Loss) 9,1 2,9 -31,7 -19,6(NOK million)Maritime services Products, solutions & Other / Eqva ASArenewablesEliminationTotal assets 161,8 315,5 235,1 712,4Equity 39,6 53,7 218,8 312,1Liabilities 122,3 261,7 16,2 400,2Addition PP&E and intangibles* 0,5 2,5 0,3 3,2Geographical areas Norway Other TotalOperating revenues 4 5 9, 0 0,0 4 59,0Non-current assets 0,0 0,0 0,0\"Other\" contains parent company items and elimination of intra-group transactions.*Property, plant and equipment and intangible assets2021(NOK million) Maritime services Products, solutions & Other /Eqva ASArenewables EliminationOperating revenues, External 87 9,0 0,0 31,2 910,2Operating revenues, Internal 0,0 0,0 0,0 0,0Operating income 87 9,0 0,0 31,2 910,2 EBITDA 41,9 0,0 15,0 56,9Depreciation 3,1 0,0 2,4 5,4Operating profit/(loss) (EBIT) 38,9 0,0 12,6 51,5Net financial items 119,0 0,0 - 7 7, 6 41,4Share of profit/(loss) from0,0 0,0 -1,1 -1,1associateProfit/(Loss) before tax 157,8 0,0 -66,1 91,7Income tax expense -1,8 0,0 0,8 -1,0Profit/(Loss) 159,6 0,0 -66,9 92,7Total assets 263,0 0,0 2 2 7, 2 490,2Equity 36,7 0,0 261,1 2 9 7, 8Liabilities 226,3 0,0 -33,9 192,4Addition PP&E and intangibles* 0,5 0,0 9,0 9,5Geographical areas Norway Other TotalOperating revenues 578,3 331,9 910,2Non-current assets 0,0 0,0 0,0\"Other\" contains parent company items and elimination of intra-group transactions.*Property, plant and equipment and intangible assetsDiscontinued operations Hav Group ASA(MNOK) 2021Operating revenues, External 920,7Operating revenues, Internal 0,0Operating income 920,7EBITDA 123,6Depreciation 26,3Operating profit/(loss) (EBIT) 9 7, 3Net financial items 185,6Share of profit/(loss) from associate 0,0Profit/(Loss) before tax discontinued operation 282,9Income tax expense -4,1Profit from discontinued operation 2 8 7, 0*Total assets 0Equity 0Liabilities 0Addition PP&E and intangibles 0Reconciliation to Group profit before tax 2022 2021Segment result for the period 0 92,7Profit/loss discontinued operations 0 2 8 7, 0Profit/loss before tax 0 37 9, 7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__14": {
"value": "The Board of Directors confirm that the prerequisites for continued operations as a going concern have been met. This assumption is based on the preparations of the accounts, forecast and budgets for 2022 and the Group\u2019s long-term forecast.",
"dimensions": {
"concept": "ifrs-full:ExplanationWhyFinancialStatementsNotPreparedOnGoingConcernBasis",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__5": {
"value": "ACCOUNTS FOR 2022 ARE PRESENTED IN ENGLISH.1. GENERAL INFORMATION Eqva ASA is a public limited company based in Norway, and its head office is in Fosnav\u00e5g, Her\u00f8y.Eqva ASA is a knowledge-based active owner of industrial service companies that contribute to the green transition in maritime, power intensive and renewable industries. Eqva takes responsibility for developing technological and commercial solutions, which provide unique advantages for our customers within land based- and maritime industry. The group has a well-diversified product and market portfolio, and further growth will be established through a combination of company-based development, utilization of synergies between the companies in the group and value-creating M&A activities.In June 2022, Havyard Group ASA (now Eqva ASA) acquired all shares in HG Group AS and BKS Holding AS including subsidiaries. Havyard Group ASA changed name to Eqva ASA during the autumn 2022. Both the acquisition and the change of name are parts of the transformation to a fully integrated service company, which contributes to green transition in maritime, power intensive and renewable industries.The new group structure is operationally organized in 3 segments (reporting structure):\u2022 Maritime services consists of Havyard Leirvik - a multi-service yard facility which provides services to both maritime sector, aquaculture and land-based industry. The yard have both infrastructure and skilled personnel able to carry out complex projects for clients.\u2022 Products, solutions & renewables which include BKS and Fossberg Kraft. BKS provides service- and maintenance assignments to the land-based and maritime industry, while Fossberg Kraft is specialized in the establishment and operation of small-scale hydropower plants.\u2022 Other in which the parent company is the main entity \u2013 the segment also includes companies without regular operations and elimination of intra-group transactions. The Eqva group include a total of 420 FTEs as of December 31, 2022.The Board of Directors confirm that the prerequisites for continued operations as a going concern have been met. This assumption is based on the preparations of the accounts, forecast and budgets for 2022 and the Group\u2019s long-term forecast. 2. SIGNIFICANT ACCOUNTING POLICIES2.1 Basis of preparationThe consolidated financial statements of Eqva ASA and its subsidiaries (the \"Group\") are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The consolidated financial statements have been prepared on a historical cost basis except for certain financial assets and liabilities (including derivative instruments) that are measured at fair value. The consolidated financial statements are presented in NOK 1,000. Figures in all notes to the financial statements are also presented in NOK 1,000 unless otherwise specified. The consolidated accounts were approved by the Board of Directors on 30 March 2023.New standards and changes applicable for the financial year 2022 (those considered relevant)Property, plant and equipment - Revenue before intended use - Amendments to IAS 16The amendments to IAS 16 Property, plant and equipment prohibit an entity from deducting sales revenue from goods produced while the fixed asset is being prepared for its intended use from the acquisition cost of a fixed asset. It also emphasizes that an entity \"tests whether the asset is functioning properly\" as long as it assesses the asset's technical and physical performance. The financial performance is not relevant for this assessment. Units must disclose separately the revenues and costs associated with the goods produced that are not the result of the units' normal activities.Loss contracts - Cost of fulfilling a contract - Amendments to IAS 37The amendment to IAS 37 emphasizes that the direct costs of delivering under a contract include both incremental costs of fulfilling the contract and allocation of other costs directly related to fulfilling the contract. Before a loss provision is made for a loss contract, any write-down of impairment of assets used to deliver under the contract must be carried out.Upcoming changes and new standards (those considered relevant)The following standards and interpretations have been issued, for which the Group has chosen not to implement early.Classification of debt as short-term or long-term -Amendments to IAS 1A limited amendment was made to IAS 1 Presentation of Financial Statements, which specifies that debt should be classified as current or long-term based on the rights that exist at the end of the reporting period. The classification is unaffected by the expectations of the unit or the events after the balance sheet date (for example, breach of loan terms). The amendments also specify what IAS 1 means when it refers to the 'settlement' of a liability. It is also emphasized that breaches of loan conditions at the end of the period implies that the debt must be classified as short-term debt even if reporting is done at a later point in time. The changes may affect the classification of liabilities, especially for entities that previously assessed management's intentions to determine the classification, as well as for some debt items that can be converted to equity.The amendment must be applied retrospectively in accordance with the main rule in IAS 8 Accounting policies, changes in accounting estimates and errors.Definition of Accounting Estimates \u2013 Amendments to IAS 8 The amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors clarifies how companies should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important, because changes in accounting estimates are applied prospectively to future transactions and other future events, whereas changes in accounting policies are generally applied retrospectively to past transactions and other past events as well as the current period. The Group will adopt the changes to IAS 1 and IAS 8 starting 1 January 2024.2.2 Basis of consolidationThe consolidated financial statements include Eqva ASA and companies in which Eqva ASA has a controlling influence. Controlling interest is normally achieved when the Group has control over the enterprise and can use it to influence the return, is exposed to or has variable return rights, and the Group is able to exercise effective control over the company. Note 9 shows an overview of subsidiaries. Internal transactions and intercompany balances, including internal profits and unrealized gains and losses, are eliminated. Similarly, unrealized losses are eliminated, but only to the extent that there are no indications of impairment of the asset sold internally.A change in ownership interest in a subsidiary, without loss of control, is accounted for as an equity transaction. 2.3 Investments in associatesAn associated company is an entity in which the group has significant influence. Significant influence normally exists when the Group has 20 % to 50 % of the voting rights unless other terms and conditions affect the Group\u2019s influence. The investments in associates are accounted for using the equity method. Such investments are initially recognized at cost. Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.Under the equity method, the interest in the investment is based on the Group\u2019s proportional share of the associate\u2019s equity, including any excess value and goodwill. The Group recognizes its share of net income, including depreciation and amortization of excess values and any impairment losses, in Share of profit/(loss) of associates. Unrealized gains and losses resulting from transactions between Eqva ASA, and the associate are eliminated to the extent of the interest in the associate.The financial statements of the associates are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the group.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss.2.4 Foreign currencyThe Group's consolidated financial statements are presented in NOK, which is also the parent company's functional currency. Transactions in foreign currency are initially recorded by the Group entities' functional currency at the exchange rate at the time of the transaction. Monetary items in foreign currency are translated to functional currency using the exchange rate at the balance sheet date. Non-monetary items that are measured at the historic exchange rate in foreign currency are translated using the exchange rates at the date of the initial transactions.2.5 SegmentsSegments are identified based on the organization and reporting structure used by management including top decision maker. Operating segments are components of a business that are evaluated regularly by the chief operating decision-maker for the purpose of assessing performance and allocating (to assess performance and allocate) resources. The Group\u2019s chief operating decision-maker is the CEO.The group has 3 reportable segments after a change in the reporting structure in 2022:1. Maritime Services, 2. Products, solutions & renewables 3. OtherCosts not directly attributable to the segments Maritime Services or Products, solutions & renewables, are related to the segment \"Other\", ref Note 4 Segment information. The group divides the customers into geographical areas based on the customers' nationalities. The areas are Norway and the other.2.6 Related partiesParties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Transactions with related parties are disclosed in note 27.2.7 Revenue recognitionThe Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The Group's operating revenues are related to the following income streams:\u2022 Conversion of vessels (or other large, fixed price projects)\u2022 Service - and maintenance assignments to land based \u2013 and maritime industry.\u2022 Hydro power Plants \u2013 development, sale and operationConversion of vessels (e.g hybridization/electrification or other large, fixed price projects)Conversion contracts are based on industry standards. An example of a contract can be hybridization/electrification of ferries.The contracts define the transaction price but include clauses that may result in an adjustment of the transaction price as a result of delayed delivery or deviation from agreed specifications. The maximum transaction price adjustment is defined in the contracts, and normally constitutes a small part of the transaction price. As the adjustment clauses are rarely triggered and can only lead to limited transaction price adjustments, the contract price is used as the transaction price, unless one has specific information that the adjustment clauses are triggered.A signed sales contract should be in place before purchase, construction and other startup cost apply. There are not started significant project works without a signed contract in place. The customer can only terminate the contract because of a breach by Eqva. The rationale for using the method of recognition of revenue over time, and not at the time of delivery, is based on the assumption that we are adding value to an asset controlled by the customer.The Group uses accrued costs against expected total costs as measure of progress. Relevant costs in the assessment are costs that are directly related to the individual project and costs that can be attributed to the contract's activity in general and can be allocated to the contract. This includes labor costs (including construction supervision), the cost of materials used in the construction and equipment acquired, depreciation of equipment used on the contract, and if relevant the cost of design and technical assistance directly related to the contract. For a production that is performed by subcontractors, a concrete assessment is made in relation to when one takes over control of what subcontractors\u2019 manufacture. Depending on the facts and contract terms, this can be both as the subcontractor produces or when there is a physical delivery from the subcontractor.The same costs as described above are included in the assessment of whether one has an onerous contract and associated measurement of estimated losses. Costs of errors in production or abnormal shrinkage of material are treated as period costs and do not generate progress. As there are normally greater uncertainty in measuring the outcome of the contract in the early stages of production, revenue recognition is normally limited to accrued costs until the percentage of completion reaches 20%. If the uncertainty in a project is so large that it is not possible to estimate the potential outcome, no revenue is recognized until the uncertainty is reduced. Accrued costs in this phase is presented as inventory if criteria for recognition as inventory is met. If the costs do not qualify as inventory, it is recognized as operating expenses.Change orders usually arises as a result of minor modifications to the vessel under conversion and will therefore normally not be considered as a separate contract obligation, neither when considered in combination with remaining construction of the ship. Change orders are therefore normally accounted for as a change of existing contract where transaction price and progress are updated when the change order is approved by both parties. Payment terms for conversion contracts vary somewhat depending on the ship type. Service - and maintenance assignments to land based \u2013 and maritime industryContracts for Service - and maintenance assignments to land based \u2013 and/or maritime industry usually have a variable payment facility where customers can pay for the number of hours and use of materials with a supplement. Larger projects may be based on fixed price. The contracts normally have a duration from a few weeks up to some months. For variable-fee contracts, the amount that one has the right to invoice on the balance sheet date is recognized as income. For fixed-price contracts, a measure of progress like that for Conversion assignments \u2013 ref above - is used.Power plants Power plants under development are usually organized in separate legal entities (SPVs) The ownership of the SPV will be transferred to the buyer when the project is completed, and the SPV will be consolidated as a subsidiary during the construction phase. Development and construction of power plants are output of the ordinary activities of the company, and the buyer is considered to be a customer. Management has therefore concluded that the transaction should be accounted within the scope of IFRS 15 once a firm contract is signed. The customer can only terminate the contract in if the Group fails to deliver as promised in the contract. Eqva has an enforceable right to payment, and the asset under construction is without alternative use because of contractual limitations, and revenues are therefore recognized over time. The Group use cost incurred against expected total construction cost as measure of progress. The contracts include standard LD penalties for late delivery, but these are capped at a moderate level. When the shares in the SPV are transferred at completion, the share price is determined based on the agreed price of the power plant, adjusted for any net debt and working capital items in the SPV. Services related to operations and maintenance of power plants owned by a third party are normally based on contracts with a fixed fee for a defined period. Revenues are recognized in each accounting period. If a power plant starts power production before delivered to a client, these revenues are presented as sales revenues. Costs related to the power production are presented as operational costs.2.8 TaxesTax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity, respectively.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s 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 recognized, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not 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 nor loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.2.9 Property, plant and equipmentProperty, plant and equipment is stated in the balance sheet at cost, net of accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the item of property, plant and equipment. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:\u2022 Buildings 10-40 years\u2022 Machinery 3-10 years\u2022 Operating equipment 3- 10 yearsWhen significant parts of property and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. All other repair and maintenance costs are recognized in profit and loss as incurred. An item of property and equipment and any significant part initially recognized is derecognized upon disposal 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 income statement when the asset is derecognized. The residual values, useful lives, and methods of depreciation of property and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.2.10 Impairment of property, plant and equipmentAssessment of indications that assets may be impaired is made at the end of each reporting period. If indications exist, recoverable amount of the asset is estimated. If carrying value exceeds the estimated recoverable amount, the asset is written down to its recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. The write-down may be reversed by up to an amount corresponding to the write-down, if the book value is lower than the recoverable amount.Assets are considered as part of a Cash Generating Unit (CGU). Impairment is done at CGU-level if the impairment test does not justify the carrying amount of the CGU including goodwill. 2.11 Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets,excluding capitalized development costs, are not capitalized and expenditure is reflected in profit and loss in the period in which the expenditure is incurred.The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The amortization expense on intangible assets with finite lives is recognized in the income statement as the expense category that is consistent with the function of the intangible assets.Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. Research and development costs (R&D)Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale\u2022 Its intention to complete and its ability to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during development.Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit. Amortization is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. The main part of the research and development costs that are recognized as an intangible asset are related to the development of new ship designs and fish handling equipment.2.12 GoodwillExcess value resulting from acquisition of an enterprise that cannot be allocated to identifiable assets or liabilities on the date of acquisition is classified as goodwill in the balance sheet. Goodwill is calculated on a 100 % ownership. In regards of investments in associated companies, goodwill is included in the cost price of the investments.Goodwill is not depreciated, but is subject to a yearly impairment test. The purpose of the impairment test is to evaluate whether the booked value of the goodwill can be justified based on predictions of future earnings. The goodwill is assessed at each closing of accounts. An assessment is made whether the discounted cash flow relating to goodwill exceeds the value of the goodwill recognized in the accounts. If the discounted cash flow is lower than the recognized value, goodwill will be written down to the higher of value in use and fair value less cost to sell. Goodwill is allocated to cash generating units (CGUs) for the purpose of impairment testing. The CGUs used in the goodwill assessment are described in note 11.2.13 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period to get ready for its intended use or sale are capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. 2.14 InventoriesInventories of purchased goods are valued at the lower of acquisition cost and net realizable value. Net realizable value is the estimated sales price in the ordinary course of business, less estimated costs of completion and estimated costs to sell. The acquisition cost is assigned using the FIFO method and includes expenses incurred on acquisition of the goods and the cost of bringing the goods to their present state and location. Finished goods and work in progress are valued at full cost.2.15 Treasury sharesOwn equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in retained earnings. Voting rights related to treasury shares are nullified for the Group and no dividends are allocated to them.2.16 Contract assets and liabilitiesRecognized revenue within the scope of IFRS 15 are presented as a contract asset in the balance sheet if the right to payment is conditional of future performance (usually to complete the project). If the right to payment is unconditional, the recognized amount is presented as accounts receivable. Advance payments received are presented as a reduction of the contract asset on a contract level. If advance payments received are higher than recognized revenue for a specific contract, the net is presented as a contract liability in the balance sheet. Credit loss of contract assets are like those for accounts receivable.2.17 Financial Instruments.Investing in sharesInvestments in shares are measured at fair value through profit or loss, except for shares in associated companies.ReceivablesThe Group maintains its accounts receivable and other receivables in a business model where the purpose is to recover contractual cash flows, so that these are measured at amortized cost. Receivables are classified as current assets. Receivables include \"accounts receivable and other receivables\", as well as cash and cash equivalents in the balance sheet. Financial assets are derecognized when the right to receive cash flows from the investment ceases.LoanDebts are measured at amortized cost. Loans are recognized at fair value when the loan is disbursed, less transaction costs. In subsequent periods, loans are recognized at amortized cost calculated using the effective interest rate. The difference between the loan amount paid out (less transaction costs) and the redemption value is thus recognized in the income statement over the term of the loan. Effective interest is recognized in the income statement unless it is recognized in the balance sheet on the purchase/ manufacture of a fixed asset or other qualifying asset. Loans are classified as current liabilities unless there is an unconditional right to defer payment of the debt for more than 12 months from the balance sheet date. First-year repayments on long-term debt are presented as short-term debt.Accounts payableTrade payables are recognized at fair value on initial recognition. Accounts payable are classified as short-term. Due to the short maturity, the face value of the debt is considered to reflect fair value. Normally, fair value will equal transaction price. In agreements that reduce the value of outstanding debt, the value of the debt is reduced and recorded as income. Upon subsequent calculation of the value of the agreement, changes are entered as an adjustment of the debt with a counter-item in the income statement.2.18 ProvisionsProvisions are recognised when there is a present obligation (legal or constructive) because of a past event, it is probable that a future outflow of economic resources will be required to settle the obligation and a reliable estimate can be made of the amount.Provisions usually relates to warranties. Provisions for warranty-related costs are recognized when the product is sold, or service provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually. The normal warranty period is 12-24 months from delivery of projects. Key sub-suppliers have warranty responsibilities for their deliveries into projects. \u2013Eqva`s warranty obligations are related to the works carried out of Eqva in the projects.2.19 Cash flow statementsThe cash flow statements are based on the indirect method. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.2.20 Government grantsGovernment grants are recognized when it is reasonably certain that the company will meet the conditions stipulated for the grants and that the grants will be received. Operating grants are recognized systematically during the grant period. Grants are deducted from the cost which the grant is meant to cover. Investment grants are capitalized and recognized systematically over the asset\u2019s useful life. Investment grants are recognized as a deduction of the asset\u2019s carrying amount.2.21 Discontinued operationsDiscontinued operations are part of the Group sold or classified as held for sale and represent a significant part of one of the Group's operations or geographical areas. The results of the divested business are presented separately in the income statement.Note 3 - SIGNIFICANT JUDGEMENTS AND ESTIMATESThe preparation of the Group's consolidated financial statements requires management to make judgments and estimates. These estimates are based on the actual underlying business, its present and forecast profitability over time, and expectations about external factors. Uncertainty about these estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.The following judgements and estimates have the most significant risk of resulting in a material adjustment in the next financial statements:3.1 Revenue recognitionTo determine how the Group's customer contracts should be recognized as income, the management has made several critical assessments. The Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The contracts define the transaction price but include clauses that may result in an adjustment of the transaction price as a result of delayed delivery or deviation from agreed specifications. The maximum transaction price adjustment is defined in the contracts, and normally constitutes a small part of the transaction price. As the adjustment clauses are rarely triggered and can only lead to limited transaction price adjustments, the contract price is used as the transaction price, unless one has specific information that the adjustment clauses are triggered.3.2 Degree of completion and provision for loss contractsA part of Eqva's business consists of executing projects where revenues are recognized over time. Revenue recognition is based on estimates and assessments made at the discretion of management.Revenue recognition and cost estimates depend upon variables such as steel prices, labor costs and availability, estimated number of manhours, and other production inputs. The Group must also evaluate and estimate the outcome of variation orders, contract claims and requests from customers to modify contractual terms which can involve complex negotiations with customers. 3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five 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 CGU 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. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.3.4 Power plantsFor power plants under construction, these are organized in separate companies where incurred costs are entered on the balance sheet as operating assets/facilities under construction. In the group accounts, revenues in these projects are recognized based on estimates of progress, revenues and costs for the assets under construction. 3.5 Evaluation of acquiring part in transactionSubsequent to the acquisition of BKS and Fossberg Kraft, an evaluation has been done to identify the acquiring part in the transaction. Key factors considered in the evaluation were ownership structure of the new group, board of directors and group management structure. Based on an overall assessment, Eqva ASA (prev. Havyard Group ASA) was identified as the acquirer from an accounting perspective.4. SEGMENT INFORMATIONThe new group structure in Eqva is organized in 3 reporting segments:\u2022 Maritime services consists of Havyard Leirvik - a multi-service yard facility which provides services to both maritime sector, aquaculture and land-based industry. The yard have both infrastructure and skilled personnel able to carry out complex projects for clients.\u2022 Products, solutions & renewables which include BKS and Fossberg Kraft. BKS provides service- and maintenance assignments to the land-based and maritime industry, while Fossberg Kraft is specialized in the establishment and operation of small-scale hydropower plants.\u2022 Other in which the parent company is the main entity \u2013 the segment also includes companies without regular operations and elimination of intra-group transactions. See note 9 for a specification of each segment at company level.The group divides the customers into geographical areas based on the customers' nationalities. The areas are Norway and Others.The Group's customer base consists of a wide range of companies. The Group's three largest customers in 2022 compose 40 % of total Group revenue. Sales to customers that account for more than 10% of total sales revenues is presented below:Customer Segment Revenue2022 20211. Norled ASMaritime Services97 2826 2822. Fjord 1 ASMaritime Services52 69464 746The 2021 numbers have been recalculated retrospectively to be aligned with the new segment-/ reporting structure. For more segment details see note 1.Transfer prices between operating segments are basis in a manner similar to transactions with third parties.The accounting principles for segment reporting correspond to those used by the group, with the exception of discontinued operations which are treated in the same way as continuing operations in segment reporting.2022(NOK million)Maritime services Products, solutions & Other / Eqva ASArenewablesEliminationOperating revenues, External 235,2 219,5 4,2 458,9Operating revenues, Internal 0,0 0,0 0,0 0,0Operating income 235,2 219,5 4,2 458,9EBITDA 12,9 9,3 -31,5 -9,3Depreciation 2,8 6,9 0,1 9,9Operating profit/(loss) (EBIT) 10,1 2,3 -31,6 -19,2Net financial items -1,3 0,6 -16,2 -17,0Share of profit/(loss) from0,0 0,0 0,7 0,7associateProfit/(Loss) before tax 8,7 2,9 - 4 7, 2 -35,5Income tax expense -0,4 0,0 -15,4 -15,8Profit/(Loss) 9,1 2,9 -31,7 -19,6(NOK million)Maritime services Products, solutions & Other / Eqva ASArenewablesEliminationTotal assets 161,8 315,5 235,1 712,4Equity 39,6 53,7 218,8 312,1Liabilities 122,3 261,7 16,2 400,2Addition PP&E and intangibles* 0,5 2,5 0,3 3,2Geographical areas Norway Other TotalOperating revenues 4 5 9, 0 0,0 4 59,0Non-current assets 0,0 0,0 0,0\"Other\" contains parent company items and elimination of intra-group transactions.*Property, plant and equipment and intangible assets2021(NOK million) Maritime services Products, solutions & Other /Eqva ASArenewables EliminationOperating revenues, External 87 9,0 0,0 31,2 910,2Operating revenues, Internal 0,0 0,0 0,0 0,0Operating income 87 9,0 0,0 31,2 910,2 EBITDA 41,9 0,0 15,0 56,9Depreciation 3,1 0,0 2,4 5,4Operating profit/(loss) (EBIT) 38,9 0,0 12,6 51,5Net financial items 119,0 0,0 - 7 7, 6 41,4Share of profit/(loss) from0,0 0,0 -1,1 -1,1associateProfit/(Loss) before tax 157,8 0,0 -66,1 91,7Income tax expense -1,8 0,0 0,8 -1,0Profit/(Loss) 159,6 0,0 -66,9 92,7Total assets 263,0 0,0 2 2 7, 2 490,2Equity 36,7 0,0 261,1 2 9 7, 8Liabilities 226,3 0,0 -33,9 192,4Addition PP&E and intangibles* 0,5 0,0 9,0 9,5Geographical areas Norway Other TotalOperating revenues 578,3 331,9 910,2Non-current assets 0,0 0,0 0,0\"Other\" contains parent company items and elimination of intra-group transactions.*Property, plant and equipment and intangible assetsDiscontinued operations Hav Group ASA(MNOK) 2021Operating revenues, External 920,7Operating revenues, Internal 0,0Operating income 920,7EBITDA 123,6Depreciation 26,3Operating profit/(loss) (EBIT) 9 7, 3Net financial items 185,6Share of profit/(loss) from associate 0,0Profit/(Loss) before tax discontinued operation 282,9Income tax expense -4,1Profit from discontinued operation 2 8 7, 0*Total assets 0Equity 0Liabilities 0Addition PP&E and intangibles 0Reconciliation to Group profit before tax 2022 2021Segment result for the period 0 92,7Profit/loss discontinued operations 0 2 8 7, 0Profit/loss before tax 0 37 9, 75. SALARY, FEES, NUMBER OF EMPLOYEES ETC. (NOK 1,000)Payroll expenses 2022 2021Wages 142 854 129 468Employer's part of social security costs 17 385 16 964Pension, contribution plans 7 653 12 286Other benefits 4 468 5 857Total salaries and social expenses 172 360 164 574FTEs at year end 420 266The Group has a defined contribution plan covering all employees. The Group's pension scheme satisfies the requirements of the Act on Compulsory Occupational Pensions. Pension costs for the Group's defined contribution plans are expensed on a continuous basis with earnings for the employees. The Group's duty is limited to the payment of agreed contribution and where the actuarial risk and investment risk fall on the individual employee.Incentive programs established in EqvaThe Group has established a incentiv arrangement (bonus) which applies to leaders and key personnel in the Group. The payments depends on, among others, group performance (e.g reported EBITDA measured against budgeted EBITDA). The payments are expensed as salaries. There has been no payments in 2022.The Group has also established a new share purchase program where all employees can participate. Employees can buy shares for up to NOK 20,000 with a discount of 20 %. The share discount are expensed as salaries.The share purchase program is conducted annually. The third Group program established is the shareoption program which applies to Board of directors, leaders and key personnel in the Group. The participants receive 40 000 or 100 000 options, dependent of level in the group, with a vesting period of 3 years. The program has effect from 1 January 2023. Remuneration to key management personnel and the Board of Directors:Erik H\u00f8yvikEirik S\u00e6vareid,CEOCFO(NOK 1,000) 2022 2021 2022 2021Salary 2 183 1 917 750 0Pension 95 90 52 0Other remuneration 146 138 6 0Total remuneration 2 424 2 145 809 0 Frank-Levi Kvalsund Tidl. SVP HR/QHSE (NOK 1,000) 2022 2021Salary 780 1 350Pension 33 92Other remuneration 58 159Total remuneration 870 1 601Eirik S\u00e6vareid replaced Vegard Fiksdal as CFO in May 2022. Earlier in the year, Vegard Fiksdal replaced P\u00e5l Aurv\u00e5g as CFO. Frank-Levi Kvalsund, SVP HR, finished in Havyard/ Eqva per April 2022. The position was not replaced.Key management does not have bonus agreements or any share-based payment outside arrangements listed above. Refers to the statement of remuneration of executive personell.No loans or guarantees to the Group CEO or any member of the bord per 31/12/22. Eqva ASA parent company: NOK 2 066 666 in board fees have been paid to external board members in 2022 (NOK 1 380 000 in 2021). Remuneration board members agreed 2022: Chariman NOK 800 000, board member NOK 350 000, employee representative NOK 220 000, member nomination committee NOK 0, member compensation committee NOK 50 000 and audit committee NOK 50 000. The group has established a board of director insurance. 6. OTHER OPERATING EXPENSES (NOK 1,000)Other operating expenses 2022 2021Rent expenses* 7 033 1 109Office and administration expenses 16 278 17 950Plant, tools and equipment (including IT) 14 337 15 101Travel and employee expenses 10 480 7 137Hired consultants** 19 141 9 240Marketing and communication 1 462 344Other operating expenses*** -1 513 880Total 67 219 51 761*Rent expenses short term/insignificant amounts (not classified under IFRS15)**Fees to auditor are included here***The negative figure is due to release of provisions - mainly related to warranty obligations.Fees to the auditor consists of the following services: 2022 2021Statutory audit 2 707 3 250Tax advice 0 235Other assistance 1 768 610Total 4 475 4 095Auditor's fees are stated excluding VAT. 7. INCOME TAX The parent company Eqva ASA is resident in Norway, where the corporate tax rate is 22 %, while some parts of the group are taxed in other jurisdictions and other tax regimes.The major componenents of income tax expense/ (income) for the year are:(NOK 1,000) 2022 2021Consolidated income statementCurrent income tax:Taxes payable 1 360 0Changes in deferred tax -17 156 -957Income tax expense/(income) reported in the income statement -15 796 -957Reconciliation of actual tax cost against expected tax cost in accordance with the ordinary Norwegian income tax rate of 22%. (NOK 1,000) 2022 2021Profit before tax -35 441 91 711Tax expense 22%/ 22% -7 797 20 176Recognized tax expense -15 796 -957Difference between expected and recognised tax expense -7 999 -21 134Difference is related to:Income from investment in related parties 0 248Results in associates (22%/ 22%) 1 387 0Prior year adjustments 0 0Addition deferred tax from aquisition -16 425 0Loss on sale shares 1 434 0Impairment financial assets 2 066 0Other permanent differences -10 467 2 955Tax payable from previous year 0 0Effect from public debt settlement 0 12 057Deferred tax asset not recognized 14 007 -36 392Total -7 999 -21 134Deferred tax relates to the following temporary differences: 2022 2021(NOK 1,000)Non-current assets -29 246 -20 600Customer contracts 11 780 1 117Leasing 1 683 2 550Current assets -4 267 -150Accruals and provisions -7 879 -25 304Gain/(loss) account for deferral 12 544 -2 443Cut off interest to related parties carried forward -2 019 -19 629Tax loss carried forward -321 502 -207 456Total temporary differences -338 905 -271 915Net deferred tax lability / deferred tax asset (-) -74 559 -59 821Deferred tax asset not recognised 74 559 60 552Deferred tax liability in the balance sheet 0 731Deferred income tax and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets are not recognised for companies with a recent history of reported losses in accordance with IAS 12.8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2022 2021Interest income 898 690Agio income 598 0Effect from public debt setlement 0 54 803Profit from share sale 2 636 0Other financial income 6 2 105Total financial income 4 138 57 597Interest expenses 11 214 3 315Agio loss 352 1 746Impairment of other financial assets 9 389 0Loss from share sale -639 10 054Other financial expenses 729 1 129Total financial expenses 21 045 16 245Share of profit/loss of associate* 668 -1 128Net financial items -16 239 40 225*Share of profit/loss of associate in 2022 consists of portion from Havila Charisma IS (ref. note 9) -the balance is from the ownership in HAV Group ASA until reduction of ownership in June 2022.9. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTS2022Eqva ASA has the following owner-Ownership Business office Segment Currency Share Total ship in subsidiaries as of 31/12/2022share/capital equity voting share(1,000)(NOK 1,000)Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 6 820Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 -1 822Havyard Leirvik Holding AS 100 % Fosnav\u00e5g Other NOK 2 539 2 459Havyard Leirvik AS 100 % Leirvik i Sogn Maritime Services NOK 2 509 30 230Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 3 727Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 10 512BKS Industri AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 72 29 059BKS Power & Automation AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 203HG Group AS 100 % Valen i Kvinnherad Other NOK 684 176 702Handeland Industri AS 100 % Valen i Kvinnherad Other NOK 375 12 931BKS Holding AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 5 211Fossberg Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 1 002 24 490Fossberg Kraft Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -18 993Havyard Eiendom Holding AS 100 % Sunde i Kvinnherrad Maritime Services NOK 50 50BKS Eiendom AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 150 3 004Havyard Leirvik Eiendom AS 100 % Leirvik i Sogn Maritime Services NOK 1 311 9 326Zenit Eiendom AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 30Zenit Engineering AS 82 % Sunde i Kvinnherrad Products, solutions & renewables NOK 300 5 175Kv\u00e6vebekken 2 AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 80 -242Skjeggfoss Kraftverk AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -120BKS VVS AS 67 % Straume i \u00d8ygarden Products, solutions & renewables NOK 100 3 871Marine Support AS 70 % Storeb\u00f8 i Austevoll Products, solutions & renewables NOK 300 10 069In June 2022 Havyard Group ASA, later changed name to Eqva ASA, aquried Fossberg Kraft and BKS. The settlement of 285 MNOK was based on a combination of share issues, sellers credit and cash repayment. See note 13 for information regarding the share issue. See also note 10.The parent company changed name from Havyard Group ASA to Eqva ASA in November 2022.Havyard Eiendom Holding AS was established during the autum 2022. The company is the parent company of BKS Eiendom AS, Zenit Eiendom AS og Havyard Leirvik Eiend om AS (all companies owned 100%). The establishment of the internal property group was based on demerger/sales transactions from respectively Havyard Leirvik AS (HLE), Zenit Engeneering AS og BKS Holding AS. After the transactions HLE, Zenit and BKS carry out only operational core activities.The ownership in HAV Group ASA was reduced from 33.3% to 4.7% in June 2022 by distributing dividend shares (10,000,000 shares) to the owners of Havyard Group AS (now Eqva ASA). The distribution is recognized at fair value in accordance with IFRIC 17. Eqva has 1.5 million shares left in HAV group ASA after dividend and ownership is 4.4 %.Eqva had a 50% ownership in HPR Spzoo. The company suffered from missing orders and declining liquidities during the autum 2022. In December 2022 the company was filed for bankruptcy, the fileing included both the Norwegian branch and the Polish registerd company. Eqvas accounted losse where limited.Investments in associates as of 31/12/2022 Ownership share/ Business office Currency Share of result Voting share(1,000)Havila Charisma IS 50 % Fosnav\u00e5g NOK -6 305EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2022 29 792Share of profit/(loss) -6 305Investments 0Additions through aquistiion 2 007Other adjustments 50Carrying value of investment 31/12/2022 25 544Aggregate financial information of associates according to owner share Operating revenue 50 061Profit/(loss) -12 610Total Comprehensive Income -12 610Total assets 162 860Equity 45 060Liabilities 117 800The accounting for associates has been according to the equity method.2021Havyard Group ASA has the following Ownership Business office Segment Currency Share capital ownership in subsidiaries as of 31/12/2021share/(1,000) voting shareHavyard Ship Technology AS 100 % Leirvik Shipbuilding Technology NOK 60 102Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000Havyard Leirvik Holding AS* 100 % Fosnav\u00e5g Shipbuilding Technology NOK 2 539Havyard Leirvik AS* 100 % Leirvik Shipbuilding Technology NOK 2 509Havyard Production sp.z.o.o** 100 % Gdansk Shipbuilding Technology PLN 500Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g OtherNOK 143In connection with the establishment of HAV Group ASA in Q1 2021 - Norwegian Greetech AS, Norwegian Electric Systems AS, HAV Design AS, HAV Hydrogen AS and their foreign subsidiaries were transferred from Havyard Group ASA to HAV Group ASA. The investment in HAV Group ASA is listed under Associates below.Norwegian Production SP Z. o.o har been liquidated in 2021. *New HST Holding AS and New Havyard Ship Technology AS, changed names to Havyard Leirvik Holding AS and Havyard Leirvik AS in 2021.** Regarding Havyard Production sp.z.o.o. see note 28 for subsequent events after balance sheet date.Investments in associates as of 31/12/2021 Ownership share/ Business office Currency Share of result (1,000)Voting shareHavila Charisma IS 50 % Fosnav\u00e5g NOK -1 128HAV Group ASA 33 % Fosnav\u00e5g NOK Not relevant before 2022Investment in associates (NOK 1,000) (NOK 1,000)- balance sheet amountHavila Charisma IS HAV Group ASAValue of investment 1/1/2021 30 920 0Share of profit/(loss) -1 128 0Investments 0 164 393Carrying value of investment 31/12/2021 29 792 164 393Aggregate financial information of associates Havila Charisma IS HAV Group ASAaccording to owner share Operating revenue 49 419 922 387Profit/(loss) -2 255 97 016Total Comprehensive Income -2 255 97 016*Total assets 165 771 0Equity 57 984 0Liabilities 107 786 0The accounting for associates has been according to the equity method.* The balance numbers for HAV Group will be obtained in connection with the annual accounts 2022.10. BUSINESS COMBINATIONS AND OTHER CHANGES IN THE GROUPAquisition of BKS company structure and Fossberg Kraft On 29 June 2022, Havyard Group ASA (now Eqva ASA) acquired 100% of the shares and voting rights in HG Group AS and BKS Holding AS including subsidiaries. The main business in the aquisition targets is re-lated to delivery of technical services to industrial clients (BKS) and development of small hydropower plants (Fossberg Kraft). A Purchase prize allocation (PPA) has been prepared in accordance with IFRS 3 where identifiable assets and liabilities are assessed at fair value at the time of takeover. The difference between the group's acquisition cost and the fair value of net assets is allocated to goodwill.The companies were aquired for 215 MNOK, where 175 MNOK was settled in shares in Eqva (issue of 47 206 166 new shares), 15 MNOK was was settled in cash and 25 MNOK as seller credit. The number of sharer increased from 24 781 150 to 71 987 316.The companies were aquired as a part of Eqva`s strategy to develop to-wards an integrated supplier of products and services to both maritime sector and land-based industries.Goodwill is related to the aquired companies documented ability to deliver growth combined with positive financial results.PPA allocation (amounts in mNOK) Equity targets at time of aquisition -76,4PPA-adjustments 291,4Transaction value 215,0The assets and liabilities recognised as a result of the aquisition are as follows : Fair value (mNOK)Cash 8,6Trade receivables 101,5Inventories 6,2Other short-term receivables 13,0Land and buildings 102,6Plant and equipment 25,3Investments 11,4Deferred tax asset 0,9Intangible assets - trademarks 0,0Intangible assets - customer contracts 32,0Deferred tax liabilities -17,3Trade payables -54,1Bank debt -177,6Other long-term liabilities -3,0Other short term liabilities -81,1Net identifiable assets acquired -31,6Minority interests -1,6Goodwill 248,3Net assets acquired 215,0Pro-forma accounts 2022 Aquisition targetsEqva ASA 2022* Pro-forma st1 half 2022accunts 2022**Operating income 191,0 4 5 9, 0 650,0Materials and consumables 49, 5 228,8 278,2Payroll expenses 105,4 172,4 2 7 7, 8Other operating expenses 28,9 67,2 96,1EBITDA 7, 2 -9,3 -2,1*consolidated group accounts**as if the transaction was done 01 January 2022 i.e. including full-year effect of aquired companiesChange in ownership in HAV Group ASAThe ownership in HAV Group ASA was reduced from 33,3 % per 1 January 2022 to 4,4% per 31 December 2022. This due to distribution of dividend shares (10 000 000 shares) in June 2022, and sale of shares to the market (110 105 shares) during the Autumn 2022. Per 31 December 2022, Eqva has 1 548 542 shares remaining in HAV Group ASA.In the 2022 accounts, Eqva booked a profit (share of profit associates) at 7,1MNOK from the owhershipt position in HAV Group ASA. The dividend of 10 000 000 shares in June 2022 led to a loss of 6,1 MNOK booked as financial expenses.11. INTANGIBLE ASSETS 2022(NOK 1,000)Licenses, patents and R&D Customer contracts Goodwill TotalAcquisition cost as of 1/1 0 0 0 0Additions during the year 1 425 32 000 248 260 281 685Disposals during the year 0 0 0Acquisition cost as of 31/12 1 425 32 000 248 260 281 685Accumulated impairment as of 1/1 0 0 0 0Impairment for the year 150 1 067 0 1 217Disposals during the year 0 0 0Accumulated impairment as of 31/12 150 1 067 0 1 217Accumulated impairment as of 1/1 0 0 0 0Impairment for the year 0 0 0 0Disposals during the year 0 0 0 0Accumulated impairment as of 31/12 0 0 0 0Book value as of 31/12 1 275 30 933 248 260 280 468Depreciation rate 5-7 years 15 years* Impairment testing Depreciation plan Linear *Depreciation rate for customer relationships is set based on the aquired companies` history of long-term relationships with key customers.2021(NOK 1,000)Licenses, patents and R&D Customer contracts Goodwill TotalAcquisition cost as of 1/1 189 330 0 94 694 284 024Additions during the year 11 062 0 0 11 062Disposals during the year 200 392 0 94 694 295 086Acquisition cost as of 31/12 0 0 0 0Accumulated impairment as of 1/1 100 178 0 0 100 178Impairment for the year 16 007 0 0 16 007Disposals during the year 116 185 0 0 116 185Accumulated impairment as of 31/12 0 0 0 0Accumulated impairment as of 1/1 0 0 46 263 46 263Disposals during the year 0 0 46 263 46 263Book value as of 31/12 0 0 0 0Depreciation rate 5-7 years Impairment testing Depreciation plan LinearAllocation of goodwill 2022Products, solutions & renewables 248 260Total goodwill 248 2602022Goodwill Goodwill is monitored as tested for impairment at the level of operating segments. The entire goodwill relates to the aquisition of BKS and Fossberg Kraft in late June 2022 Bacause of the short period from the aquisition date to the end of the reporting period, management has not performed a full impairment test. Instead, management has evaluated whether any unfavouable changes have occured, and whether the assumptions in the business plan that was the basis for the transaction is stilll valid. Management has concluded that there has not been any changes that could reasonably lead to an impairment of the recognised goodwill. 2021Goodwill Goodwill is allocated to the Group's cash generating units (CGUs) identified according to the business segment. ImpairmentThe Group has carried out an impairment-test of goodwill and intangible assets by the requirements of IAS 36.The recoverable amount of a CGU is determined based on value-in-use calculations. These calculations use cash flow projections based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using estimated growth rates . The growth rate does not exceed the long-term average growth rate for the business in which the CGU operates.Goodwill is not amortised, but an annual assessment is made to evaluate whether the value can be justified in relation to future earnings. The goodwill are assessed at each closing of accounts. An asessment is made whether the discounted cash flow relating to goodwill exceeds the value of the goodwill recognized in the accounts. If the discounted cash flow is lower than the recognized value, goodwill will be written down to the net realisable value.The Goodwill from the Norwegian Electric Systems AS aquisition in 2015, related to the HAV Group ASA segment, has been written down from 45 MNOK to 0 in 2021.12. PROPERTY, PLANT AND EQUIPMENT 2022(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 258 555 50 251 53 630 362 436Additions from aquisition 106 435 6 116 15 368 127 919Additions during the year 144 2 218 842 3 204Disposals during the year 6 152 4 990 861 12 002Acquisition cost as of 31/12 358 981 53 595 68 980 481 557Accumulated depreciation as of 1/1 248 608 45 758 51 953 346 320Depreciation for the year 2 210 3 220 877 6 307Accumulated depreciation as of 31/12 250 818 48 978 52 831 352 627Book value as of 31/12 108 164 4 617 16 149 128 927Useful life 10-40 years3-10 years 3-10 years 2021(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 296 433 63 121 74 53 1 434 084Additions during the year 8 970 2 822 11 792Disposals during the year 46 848 12 870 23 723 83 441Acquisition cost as of 31/12 258 555 50 251 53 630 362 436Accumulated depreciation as of 1/1 275 968 43 741 65 539 385 247Depreciation for the year 2 089 2 021 2 387 6 497Disposals during the year 29 448 4 15 972 45 424Accumulated depreciation as of 31/12 248 608 45 758 51 953 346 320Book value as of 31/12 9 946 4 493 1 677 16 116Useful life 10-40 years3-10 years 3-10 years Disposals during the year in note 12 with discontinuing operations 2021.Other operating equipment mainly relates to office equipment.DepreciationThe Group has identified three classes of property, plant and equipment; land and buildings, machinery and operating equipment and are depreciated by the linear method over expected useful life.13. LEASESAmounts recognised in the balance sheet.The balance sheet shows the following amounts relating to leases:(NOK 1,000) 2022 2021Right of use assetsProperty 1 021 41Equipment 7 827 291Cars 2 086 0Sum 10 933 332Additions, right-of-use assets in the period 12 937 0Disposals of right-of-use assets in the period 0 38 442Disposals non-discounted liabilities in the period 0 0Amounts recognised in the statement of profit or loss.The statement of profit or loss shows the following amounts relating to leases: 2022 2021Depreciation charge of right-of-use assetsProperties 310 148Equipment 866 100Cars 1 160 111Total 2 335 359Interest expense 229 389Expenses relating to short-term leases 7 033 1 109Expenses relating to leases of low-value 0 73The total cash outflow for leases in 2022 was MNOK 8,884 (2021: MNOK 10,592) which includes short/insignificant lease arrangements.2022 2021Right of use assets - development 2022Right of use assets - 01.01 332 38 775Additions during the year 12 937 358Depreciation 2 335 359Disposals during the year 0 38 442Right of use assets - 31.12 10 933 33214. REVENUE FROM CONTRACTS WITH CUSTOMERS (NOK 1,000)NOTE 14.12022Disaggregation of revenue Maritime services Products, solutions & Other / Elimination EqvarenewablesService and maintenence 235 218 200 236 4 164 439 617Construction of power plants 0 16 813 0 16 813Total revenue from contract with customers 235 218 217 049 4 164 456 431 See note 4 2021Disaggregation of revenue Shipbuilding Technology Other / Elimination Havyard GroupSale and repairment of vessels 862 425 23 871 886 296Repair and maintenence services 16 597 0 16 597Total revenue from contract with customers 879 022 23 871 902 893 See note 4 NOTE 14.2Contract assets 2022 2021Opening balance 0 829 438Payments received on assets from previous balance sheet date 0 829 438Assets from contracts entered into current year 51 537 0Closing balance 51 537 0Contract liabilities 2022 2021Opening balance -35 558 -100 436Revenues booked on liabilities from previous balance sheet date 35 558 100 436Liabilities from contracts entered into current year 861 35 558Closing balance -861 -35 558Changes in the delivery time of the projects can have a significant impact on the measurement of contract assets and contractual liabilities.The amount accounted as contractual liabilities on Opening balance (IB) is recognized over the remaining of the contract period.The revenue profile can vary significantly from one year to another by changes in the number of projects under construction and the average degree of completion of the projects.NOTE 14.3Transaction price allocated to fully or partly unsatisfied performance obligations2022 2021Transaction price allocated to remaining performance 41 573 139 719Expected delivery of remaining performance obligationsWithin one year 41 573 139 719Between one and two years 0 0NOTE 14.4No revenue was recorded in 2022 on previously completed contracts15. LOSSES TO COMPLETION(NOK 1,000) 2022 2021ProvisionsProvisions from previous period 0 11 155Reduced deposit 0 -11 155New provisions 0 0Total 0 0The provision is presented as part of other current liabilities in the balance sheet. The the profit and loss statement the expense is allocated between the line items materials and consumables, payroll expenses and other operating expenses. 16. FINANCIAL RISK MANAGEMENTBelow the financial instruments of the Group are presented according to category: 2022Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 16 163 0 16 143Loans to associates 0 4 840 4 840Trade and other current receivables 0 116 507 116 507Non current receivables 0 2 648 2 648Cash and cash equivalents 0 61 117 61 117Total 16 163 185 113 201 275Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 56 147 56 147Other long-term liabilities 0 41 474 41 474Lease liabilities 0 11 243 11 243Other current liabilities 0 76 255 76 255Liabilities to financial institutions 0 175 366 175 366 Total 0 360 485 360 4852021Fair value through profit or loss Amortized cost TotalAssets as per balance sheetTrade and other current receivables 0 45 960 45 960Non current receivables 0 111 111Cash and cash equivalents 0 221 733 221 733Total 0 267 805 267 805Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 27 793 27 793Other current liabilities 0 71 073 71 073Liabilities to financial institutions 0 4 783 4 783 Total 0 103 649 103 649For shares considered at fair value, please refer to note 19.Financial instruments valued at amortized cost is considered to have market value which not differ significantly from booked value.Assessment of fair valueThe different levels have been defined as follows:Level 1: Fair value is measured by using quoted prices in active markets for identical financial instruments. No adjustments are made related to these prices.Level 2: The fair value of financial instruments that are not traded on an active market is determined using valuation meth-ods. These valuation methods maximise the use of observable data where they are available, and rely as little as possible on the Group\u2019s own estimates. Classification at level 2 requires that all significant data required to determine fair value are observable data.Level 3: Fair value is measured using significant data that are not based on observable market data.Financial RiskThe Group\u2019s activities expose it to financial risks such as, mar-ket risks, credit/counterpart risk and liquidity risk.The Board of Directors is responsible for setting the objec-tives and underlying principles of financial risk management for the Group. The Board of Directors also establishes detailed policies such as authority levels, oversight responsibilities, risk identification and measurement, exposure limits and hedging strategies (if relevant). Market RiskMarket risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project. Currency riskThe Group\u2019s revenue and costs are denominated primarily in Norwegian Krone(\u201cNOK\u201d) which is the functional currency of all entities within the Group. Currency risk arises through ordinary business when transactions occur in a currency other than the functional currency of the Group. The Group is mainly exposed to Euro (EUR) - but currency risk is considered to be limited in Eqva`s current operations. The Group has a currency hedging strategy where financial instruments (mainly forward contracts) are used to minize the currency risks. Credit/Counterparty riskCredit risk refers to the ability and willingness of counterparts to pay for services rendered and to stand by their future contractual commitments with the Group. The Group has implemented thorough procedures to limit the exposure to unreliable counterparts and the Group avoids undue concentration of credit and counterpart exposure. Prior to fixing any business with new customers or medium to longer term business with existing customers, commercial departments have to get approval from the Group\u2019s credit risk team. The credit assessments are based on information from external credit rating agencies, public information, the Group's previous experience with the counterpart and internal analysis. Country and political risk also forms a part of the assessment. The Group actively seeks to diversify its exposure to particular industries and/or jurisdictions.The age analysis of trade receivables is as follows:NOK (1,000) 2022 2021Not past due 75 259 1 728Past due < 3 months 9 723 630Past due 3 to 6 months 2 395 371Past due over 6 months 7 338 17 055Impairment -3 760 0Trade receivables 90 955 19 784Contract assets customer contracts 51 537 0Total credit/counterparty risk to customers 142 492 19 784Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.The impairment amount is calculated in each case based on best estimate of amount to be received.Liquidity riskLiquidity risk is the risk that the group will be unable to fulfil its financial obligations as they fall due. The Group monitors its liquidity risk by maintaining a level of cash and bank balances deemed adequate by management to finance the Group\u2019s operations and mitigate the effects of fluctuations in cash flows.Management monitors rolling forecasts of the Group\u2019s liquidity reserve and cash and bank balances on the basis of expected cash flow. Close follow of the cash flow development is also the basis for the continued operation considerations. Reference can be made to note 22 for details on cash, note 17 for interest bearing debt and note 13 leasing liabilities.Liquidity risk can also be caused by customers not able to establish long-term financing for projects or that the Group is unable to secure construction financing. Liabilities in balance sheet2022 Current Long TermNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 56 147 0 0 0 0 0Lease 0 0 1 765 0 10 538 0Other long-term liabilities 0 0 0 3 904 43 492 0Liabilities to financial institutions 7 523 10 260 26 977 56 261 95 858 0Total 63 670 10 260 28 742 60 165 149 888 0DerivativesForward contract foreign exchange 0 0 0 0 0 0Total 63 670 10 260 28 742 60 165 149 888 02021 Current Long TermNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 42 088 0 5 831 0 0 0Lease 0 0 132 0 225 0Liabilities to financial institutions 0 0 435 0 4 348 0Total42 088 0 6 398 0 4 573 0DerivativesForward contract foreign exchange0 0 0 0 0 0Total42 088 0 6 398 0 4 573 0Capital ManagementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Group may return capital to shareholders or obtain borrowings.The group`s main target for managing capital is return on equity (ROE).Interest rate riskThe Group are exposed to changes in interest rates, as the liabilities have floating rates. The Group have not entered into interest rate hedging instrument. Reference is made to Note 17 for more information regarding interest bearing debt.17. INTEREST BEARING DEBT(NOK 1,000)Interest bearing long-term debt 2022 2021Lease liabilities 9 624 225Liabilities to financial institutions 152 868 4 348Other long-term liabilities 41 474 31 933Sum 203 967 36 506Interest bearing short-term debt 2022 2021Liabilities to financial institutions 22 498 435Construction loan 0 0Bond loan 0 0Lease liabilities 1 619 132Sum 24 116 567Debt secured by mortgage 2022 2021Long-term debt to financial institutions 152 868 4 348Short-term debt to financial institutions 22 498 435Sum 175 366 4 783The Liabilities to financial institutions of total 157 MNOK include Innovation Norway loan to Havyard Leirvik EIendom, DNB loan to BKS, construcion loans from Sparebank 1 SR-Bank to Fossberg Kraft and Pareto bank loan to Eqva ASA. The loan from Innovasjon Norge has a maturity of 3-11 years, the loans from DNB have a maturity on 4 years and the loan from Pareto has a maturiy of 3 years. Construction loans from Sparebank 1 SR-Bank has a maturity of 2 years. All the loans have floating interest rates.As of 31 December 2022, Eqva ASA was in compliance with all its valid debt covenants.Other long-term liabilities include among others a sellers credit from the aquisition of HG Group and BKS (25 MNOK) and a loan from Havila Holding (13 MNOK).Leasing liabilitiesFor information about group's leasing, see note 13. Book value of pledged asset(NOK 1,000) 2022 2021Buildings 108 164 12 000Machinery, operating equipment 20 766 12 000Earned, not billed production 51 537 0Inventory 13 681 0Accounts receivables 90 955 0Bank deposits 47 519 0Sum book value of pledged assets 332 621 24 0002022Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Not cash End of periodaquisitionchangesLiabilities to financial institutions 4 783 510 177 573 7 500 0 175 366Sellers credit to shareholders 0 0 0 0 25 000 25 000Other long-term liabilities 31 933 0 0 15 460 0 16 474Lease liabilities 357 9 492 3 023 1 629 0 11 243Total interest-bearing debt 37 072 10 002 180 596 24 589 25 000 228 0832021Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Not cash End of periodaquisitionchangesLiabilities to financial institutions 95 602 0 0 -20 429 -70 391 4 783Bond loan- unsecured 80 000 0 0 -80 000 0 0Other long-term liabilities 16 136 0 0 0 15 797 31 933Lease liabilities 41 579 0 0 -10 203 -32 509 357Total interest-bearing debt 233 316 0 0 -110 631 -87 102 37 072As of 31 December 2021, the Group was in compliance with all its existing debt covenants. 18. OTHER CURRENT LIABILITIESOther current liabilities consists of the following: (NOK 1,000) 2022 2021Employee-related liabilities 38 133 20 361Warranty provisions 7 879 23 395Accrud interest expense 2 323 0Other current liabilities 27 920 27 318Total other current liabilities 76 255 71 07319. NON-CURRENT FINANCIAL INVESTMENTSAs per December 31. 2022 the Group has investments in financial assets of NOK 17.8 million (NOK 4.6 million as of December 31. 2021). The investments are classified as noncurrent. The investments are recognized at fair value with changes in value in the income statement.2022(NOK 1,000)Company Ownership share/Business Office Carrying voting shareamountHAV Group ASA* 4.4% Fosnav\u00e5g 13 163Other non-current financial investments** 3 000Carrying amount as of 31/12/22 16 163Except for the HAV Group investment, which is a listed company, the rest are unquoted equity shares and are classified as level 3 investments.*The investment in HAV Group ASA is based on marketvalue (1.5 million shares). The investment in HAV is a reduction from 33.3% in 2021 to 4.4%, mainly by distribution of dividend-shares(10 million shares) and sale of shares. The investment is reclassified from \"Investment in associates\". The investment in Fafnir Offshore hf (7,61%) has been sold for 3.3 MNOK i 2021.**The investment of 3 MNOK is related to 3 appartements outside the shipyard in Leirvik (HLE).2021(NOK 1,000)Company Ownership share/Business Office Carrying voting shareamountVest North Group AS 19,30 % Bergen 1 610Other non-current financial investments 3 000Carrying amount as of 31/12/21 4 610All investments are unquoted equity shares and are classified as level 3 investments.Changes in carrying amount from 31/12/21 to 31/12/22:(NOK 1,000) 2022 2021Level 1 investments 01/01 0 0Investment 0 0Reclassified* 13 163 0Impairment 0 0Sale of investment 0 0Adjustment 0 0Level 1 investments 31/12 13 163 0(NOK 1,000) 2022 2021Level 3 investments 01/01 4 610 17 914Investment 0 0Impairment 0 10 053Sale of investment 0 3 250Adjustment 0 0Level 3 investments 31/12 4 610 4 610*Due to reduction in ownership in HAV Group ASA, the investment is reclasified from \"Investment in associates\". Market value per 31.12.2022.Valuation (Vest North Group AS) is based on value adjusted equity in the ship owning companies. External valuations are used to estimate value of ships. These are subject to general factors in the world economy and speicifically in the shipping industry.20. OTHER CURRENT AND NON-CURRENT RECEIVABLES(NOK 1,000)Other non-current receivables 2022 2021Long-term investmentsPrepaid leasing obligations 2 648 111Sum other non-current receivables 2 648 111Other current receivables 2022 2021Prepayments suppliers 7 494 12 544Accrued income 6 447 0Employee-related items 1 426 0Receivables VAT and government grants 1 550 8 604Other short-term receivables 8 634 5 028Sum other current receivables 25 552 26 17621. INVENTORY(NOK 1,000) 2022 2021Raw materials (at cost) 13 681 2 781Total Inventories 13 681 2 781Impairment for obsoletness 0 0Inventory is measured at the lower of average cost and net realisable value, and consists of raw materials.22. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of: NOK (1,000) 2022 2021Cash at banks - unrestricted 47 512 139 811Cash at banks - restricted 13 605 81 923Total 61 117 221 733Restricted cash consists of:Security furnished to customer for payment in advance 0 77 824Tax withholding accounts 10 976 4 099Other 2 629 0At 31 December 2022 the Group had MNOK 0 (2021: NOK mill 0) in undrawn committed borrowing facilities. 23. GOVERNMENT GRANTSNOK (1,000) 2022 2021Received during the year 824 17 867Released to the income statement 824 17 867Of this - booked as reduction of other operating expenses 824 17 867Of this - booked as reduction of capitalized R&D 0 031.12 - Unrecognized income 0 0Government grants have been received for several development projects. The grants are entered as a cost reduction over other operating costs and as a reduction of R&D in the balance sheet.There are no unsatisfied conditions or conditions attached to these grants. The grants are taken as a cost reduction.Government grants have been received for several projects. There are no unfulfilled conditions or contingencies attached to these grants.24. SHARE CAPITALOrdinary shares issued and fully paid2022 2021Number of ordinary shares 71 987 316 24 781 150Par value (NOK) 0.05 0.05Share capital (NOK) 3 599 366 1 239 058All shares have equal rights.Capital increaseThe share capital was increased by NOK 2 360 308 to 3 599 366, by issuing 47 206 166 new shares, in June 2022. The increase was related to the aquisition of BKS and Fossberg Kraft. After the increase the number of shares are 71 987 316, at NOK 0.05. Treasury sharesEqva ASA has 323 046 treasury shares (0.4 % of share capital) as of 31/12/2022.Dividends and group contributions The ownership in HAV Group ASA was reduced from 33.3% to 4.7% in June 2022 by distributing dividend shares (10,000,000 shares) to the owners of Havyard Group AS (now Eqva ASA). The distribution is recognized at fair value in accordance with IFRIC 17. Eqva has 1.5 million shares left in HAV group ASA after dividend (ownership now is 4.4 %). The board proposes NOK 0 in dividend for the general meeting.Shareholders as of 31/12/2022 Controlled by Number of shares OwnershipNintor AS 16 938 645 23,5 %Havila Holding AS Vegard S\u00e6vik (Board) 10 000 000 13,9 %ROS Holding AS 5 660 027 7,9 %Neve Eiendom AS Even Matre Ellingsen (DB) 4 993 951 6,9 %Eikest\u00f8 Eiendom AS Rune Skarveland (Board) 4 960 847 6,9 %Fureneset Eiendom AS 4 960 847 6,9 %Eikest\u00f8 AS Rune Skarveland (Board) 2 999 511 4,2 %Neve Holding AS Even Matre Ellingsen (DB) 2 999 511 4,2 %Fureneset Invest AS 2 999 511 4,2 %Emini Invest AS Vegard S\u00e6vik (Board) 1 290 000 1,8 %HSR Invest AS 1 290 000 1,8 %Innidimann Invest AS 1 290 000 1,8 %MP Pensjon PK 1 086 468 1,5 %Other shareholders (<1 %) 10 518 498 14,6 %Number of shares 71 987 816 100 %2021Shareholders as of 31/12/2021 Controlled by Number of shares OwnershipHavila Holding AS 10 000 000 40,4 %Innidimann AS Vegard S\u00e6vik (CB) 1 290 000 5,2 %Emini Invest AS 1 290 000 5,2 %HSR Invest AS Hege S.Rabben (Board) 1 290 000 5,2 %MP Pensjon PK 1 086 468 4,4 %Avanza Bank AB 709 705 2,9 %Pison AS 430 000 1,7 %Clearstream Banking S.A. 384 142 1,6 %Nordnet Bank AS 305 019 1,2 %Other shareholders (<1 %) 7 995 816 32,3 %Number of shares 24 781 150 100 %The share capital was NOK 1 239 058 divided by 24 781 150 shares, at NOK 0.05.Teasury sharesHavyard Group ASA has 55,159 treasury shares (0,2 % of share capital) as of 31.12.2021. Dividends and group contributionsThe Group has paid out dividend to its owners by distribution of 11 631 034 dividend shares in Hav Group ASA, to a book value of 13.8 MNOK (market value 164 MNOK), in 2021.25. EARNINGS PER SHARE The group has no financial options or convertible loans with a future dilution effect.(NOK 1,000) 2022 2021Profit attributable to equity holders of parent -21 410 347 200Weighted average number of shares outstanding 71 987 24 781Earnings per share (NOK) -0,30 14,01Adjusted weighted average number of shares outstanding 71 987 24 781Diluted earnings per share (NOK) -0,30 14,01Earnings from continued operationsEarnings per share (NOK) -0,30 14,01Diluted earnings per share (NOK) -0,30 14,01(NOK 1,000) 2022 2021Profit attributable to equity in continued operations -21 410 92 666Weighted average number of shares outstanding 71 987 24 781Earnings per share (NOK) -0,30 3,74.Adjusted weighted average number of shares outstanding 71 987 24 781Diluted earnings per share (NOK) -0,30 3,74Earnings from continued operationsEarnings per share (NOK) -0,30 3,74Diluted earnings per share (NOK) -0,30 3,7426. CONTINGENCIES AND PROVISIONSLegal disputesNonTax NonGuarantees/warrantiesBeing a group in the shipbuilding industry, the Group from time to time faces warranty claims as part of its ordinary business. No material warranty claim has as of the date of these financial statements been directed at any of the companies in the Group, nor have any of the companies in the Group been notified of any such claims.2022GuaranteesProvisions 1/1/2021 23 395Used provision -16 371New provisions 856Provisions 31/12/2021 7 8792021GuaranteesProvisions 1/1/2020 18 002Used provision -11 214New provisions 16 607Provisions 31/12/2020 23 39527. RELATED PARTY TRANSACTIONS Transactions with related parties The Group has various transactions with related parties. All the transactions have been carried out as part of the ordinary operations and at arms` length principle.The most significant transactions are as follows:Amounts in NOK 1 000*HAV Group ASA Sales to related parties Purchases from related parties Accounts payables to related parties2022 4 189 22 297 2 8362021 23 875 0 636*HAV Group ASA incl. subsidiariesRelated to renting administrative services in Eqva ASA. HAV Group ASA is a 33.3% owned subsidiary of Havila Holding AS, which owns 19.3% of the shares in Eqva ASA.Handeland Gard AS Sales to related parties Purchases from related parties Accounts payables to related parties 2022 0 399 262021 0 0 0Handeland Gard AS is controlled 100% by Board Member Rune Skarveland. The balance sheet includes the following receivables and payables resulting from transactions with associated companies:2022 2021Account receivables 0 0Account payables 2 862 46 000Net total (positive sign - net receivable) -2 862 -46 00028. SUSTAINABILITY AND CLIMATE RISK The climate risk consists of both physical risk and transition risk. Physical risk can be the effect of extreme weather events, and transition risk is risk associated with the transition to a low-emission society. The physical risk of weather-related damage, for example at the multi-service yard in Leirvik (HLE), is considered to be limited due to the yard`s location and premises. Transition risk can be political changes and regulations that result in increased fees, fines and orders. In relation to Havyard's multi-service yard in Leirvik (HLE), BKS and Fossberg, the transition risk is also considered to be relatively low, but political decisions as i.e. tax on aqualculture business may affect the group`s busineses. Overall the climate risk and its impact on lower future earnings is considered to be relatively low.Eqva has initiated a survey to identify status and measures in relation to being able to run its business in line with sustainability requirements. The group seeks to be at the forefront of future legal requirements for sustainability reporting. Of the companies in the group, this is particularly relevant for the multi-service yard (HLE) and BKS, which has already started the mapping process. This work will continue in 2023.Due to that a significant part of the group`s business is due to projects which have a positive climate effect (electrifications/hybridifications of vessels, energy optimizing projects to process industry and smelters), increased focus on the \"green shift\" is considered to give signficiant business opportunities for the group going forwards.29. SUBSEQUENT EVENTSThere have not been any events after the balance sheet date with significant impact on the financial accounts as at 31 December 2022.",
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"value": "2. SIGNIFICANT ACCOUNTING POLICIES2.1 Basis of preparationThe consolidated financial statements of Eqva ASA and its subsidiaries (the \"Group\") are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The consolidated financial statements have been prepared on a historical cost basis except for certain financial assets and liabilities (including derivative instruments) that are measured at fair value. The consolidated financial statements are presented in NOK 1,000. Figures in all notes to the financial statements are also presented in NOK 1,000 unless otherwise specified. The consolidated accounts were approved by the Board of Directors on 30 March 2023.New standards and changes applicable for the financial year 2022 (those considered relevant)Property, plant and equipment - Revenue before intended use - Amendments to IAS 16The amendments to IAS 16 Property, plant and equipment prohibit an entity from deducting sales revenue from goods produced while the fixed asset is being prepared for its intended use from the acquisition cost of a fixed asset. It also emphasizes that an entity \"tests whether the asset is functioning properly\" as long as it assesses the asset's technical and physical performance. The financial performance is not relevant for this assessment. Units must disclose separately the revenues and costs associated with the goods produced that are not the result of the units' normal activities.Loss contracts - Cost of fulfilling a contract - Amendments to IAS 37The amendment to IAS 37 emphasizes that the direct costs of delivering under a contract include both incremental costs of fulfilling the contract and allocation of other costs directly related to fulfilling the contract. Before a loss provision is made for a loss contract, any write-down of impairment of assets used to deliver under the contract must be carried out.Upcoming changes and new standards (those considered relevant)The following standards and interpretations have been issued, for which the Group has chosen not to implement early.Classification of debt as short-term or long-term -Amendments to IAS 1A limited amendment was made to IAS 1 Presentation of Financial Statements, which specifies that debt should be classified as current or long-term based on the rights that exist at the end of the reporting period. The classification is unaffected by the expectations of the unit or the events after the balance sheet date (for example, breach of loan terms). The amendments also specify what IAS 1 means when it refers to the 'settlement' of a liability. It is also emphasized that breaches of loan conditions at the end of the period implies that the debt must be classified as short-term debt even if reporting is done at a later point in time. The changes may affect the classification of liabilities, especially for entities that previously assessed management's intentions to determine the classification, as well as for some debt items that can be converted to equity.The amendment must be applied retrospectively in accordance with the main rule in IAS 8 Accounting policies, changes in accounting estimates and errors.Definition of Accounting Estimates \u2013 Amendments to IAS 8 The amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors clarifies how companies should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important, because changes in accounting estimates are applied prospectively to future transactions and other future events, whereas changes in accounting policies are generally applied retrospectively to past transactions and other past events as well as the current period. The Group will adopt the changes to IAS 1 and IAS 8 starting 1 January 2024.2.2 Basis of consolidationThe consolidated financial statements include Eqva ASA and companies in which Eqva ASA has a controlling influence. Controlling interest is normally achieved when the Group has control over the enterprise and can use it to influence the return, is exposed to or has variable return rights, and the Group is able to exercise effective control over the company. Note 9 shows an overview of subsidiaries. Internal transactions and intercompany balances, including internal profits and unrealized gains and losses, are eliminated. Similarly, unrealized losses are eliminated, but only to the extent that there are no indications of impairment of the asset sold internally.A change in ownership interest in a subsidiary, without loss of control, is accounted for as an equity transaction. 2.3 Investments in associatesAn associated company is an entity in which the group has significant influence. Significant influence normally exists when the Group has 20 % to 50 % of the voting rights unless other terms and conditions affect the Group\u2019s influence. The investments in associates are accounted for using the equity method. Such investments are initially recognized at cost. Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.Under the equity method, the interest in the investment is based on the Group\u2019s proportional share of the associate\u2019s equity, including any excess value and goodwill. The Group recognizes its share of net income, including depreciation and amortization of excess values and any impairment losses, in Share of profit/(loss) of associates. Unrealized gains and losses resulting from transactions between Eqva ASA, and the associate are eliminated to the extent of the interest in the associate.The financial statements of the associates are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the group.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss.2.4 Foreign currencyThe Group's consolidated financial statements are presented in NOK, which is also the parent company's functional currency. Transactions in foreign currency are initially recorded by the Group entities' functional currency at the exchange rate at the time of the transaction. Monetary items in foreign currency are translated to functional currency using the exchange rate at the balance sheet date. Non-monetary items that are measured at the historic exchange rate in foreign currency are translated using the exchange rates at the date of the initial transactions.2.5 SegmentsSegments are identified based on the organization and reporting structure used by management including top decision maker. Operating segments are components of a business that are evaluated regularly by the chief operating decision-maker for the purpose of assessing performance and allocating (to assess performance and allocate) resources. The Group\u2019s chief operating decision-maker is the CEO.The group has 3 reportable segments after a change in the reporting structure in 2022:1. Maritime Services, 2. Products, solutions & renewables 3. OtherCosts not directly attributable to the segments Maritime Services or Products, solutions & renewables, are related to the segment \"Other\", ref Note 4 Segment information. The group divides the customers into geographical areas based on the customers' nationalities. The areas are Norway and the other.2.6 Related partiesParties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Transactions with related parties are disclosed in note 27.2.7 Revenue recognitionThe Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The Group's operating revenues are related to the following income streams:\u2022 Conversion of vessels (or other large, fixed price projects)\u2022 Service - and maintenance assignments to land based \u2013 and maritime industry.\u2022 Hydro power Plants \u2013 development, sale and operationConversion of vessels (e.g hybridization/electrification or other large, fixed price projects)Conversion contracts are based on industry standards. An example of a contract can be hybridization/electrification of ferries.The contracts define the transaction price but include clauses that may result in an adjustment of the transaction price as a result of delayed delivery or deviation from agreed specifications. The maximum transaction price adjustment is defined in the contracts, and normally constitutes a small part of the transaction price. As the adjustment clauses are rarely triggered and can only lead to limited transaction price adjustments, the contract price is used as the transaction price, unless one has specific information that the adjustment clauses are triggered.A signed sales contract should be in place before purchase, construction and other startup cost apply. There are not started significant project works without a signed contract in place. The customer can only terminate the contract because of a breach by Eqva. The rationale for using the method of recognition of revenue over time, and not at the time of delivery, is based on the assumption that we are adding value to an asset controlled by the customer.The Group uses accrued costs against expected total costs as measure of progress. Relevant costs in the assessment are costs that are directly related to the individual project and costs that can be attributed to the contract's activity in general and can be allocated to the contract. This includes labor costs (including construction supervision), the cost of materials used in the construction and equipment acquired, depreciation of equipment used on the contract, and if relevant the cost of design and technical assistance directly related to the contract. For a production that is performed by subcontractors, a concrete assessment is made in relation to when one takes over control of what subcontractors\u2019 manufacture. Depending on the facts and contract terms, this can be both as the subcontractor produces or when there is a physical delivery from the subcontractor.The same costs as described above are included in the assessment of whether one has an onerous contract and associated measurement of estimated losses. Costs of errors in production or abnormal shrinkage of material are treated as period costs and do not generate progress. As there are normally greater uncertainty in measuring the outcome of the contract in the early stages of production, revenue recognition is normally limited to accrued costs until the percentage of completion reaches 20%. If the uncertainty in a project is so large that it is not possible to estimate the potential outcome, no revenue is recognized until the uncertainty is reduced. Accrued costs in this phase is presented as inventory if criteria for recognition as inventory is met. If the costs do not qualify as inventory, it is recognized as operating expenses.Change orders usually arises as a result of minor modifications to the vessel under conversion and will therefore normally not be considered as a separate contract obligation, neither when considered in combination with remaining construction of the ship. Change orders are therefore normally accounted for as a change of existing contract where transaction price and progress are updated when the change order is approved by both parties. Payment terms for conversion contracts vary somewhat depending on the ship type. Service - and maintenance assignments to land based \u2013 and maritime industryContracts for Service - and maintenance assignments to land based \u2013 and/or maritime industry usually have a variable payment facility where customers can pay for the number of hours and use of materials with a supplement. Larger projects may be based on fixed price. The contracts normally have a duration from a few weeks up to some months. For variable-fee contracts, the amount that one has the right to invoice on the balance sheet date is recognized as income. For fixed-price contracts, a measure of progress like that for Conversion assignments \u2013 ref above - is used.Power plants Power plants under development are usually organized in separate legal entities (SPVs) The ownership of the SPV will be transferred to the buyer when the project is completed, and the SPV will be consolidated as a subsidiary during the construction phase. Development and construction of power plants are output of the ordinary activities of the company, and the buyer is considered to be a customer. Management has therefore concluded that the transaction should be accounted within the scope of IFRS 15 once a firm contract is signed. The customer can only terminate the contract in if the Group fails to deliver as promised in the contract. Eqva has an enforceable right to payment, and the asset under construction is without alternative use because of contractual limitations, and revenues are therefore recognized over time. The Group use cost incurred against expected total construction cost as measure of progress. The contracts include standard LD penalties for late delivery, but these are capped at a moderate level. When the shares in the SPV are transferred at completion, the share price is determined based on the agreed price of the power plant, adjusted for any net debt and working capital items in the SPV. Services related to operations and maintenance of power plants owned by a third party are normally based on contracts with a fixed fee for a defined period. Revenues are recognized in each accounting period. If a power plant starts power production before delivered to a client, these revenues are presented as sales revenues. Costs related to the power production are presented as operational costs.2.8 TaxesTax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity, respectively.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s 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 recognized, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not 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 nor loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.2.9 Property, plant and equipmentProperty, plant and equipment is stated in the balance sheet at cost, net of accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the item of property, plant and equipment. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:\u2022 Buildings 10-40 years\u2022 Machinery 3-10 years\u2022 Operating equipment 3- 10 yearsWhen significant parts of property and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. All other repair and maintenance costs are recognized in profit and loss as incurred. An item of property and equipment and any significant part initially recognized is derecognized upon disposal 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 income statement when the asset is derecognized. The residual values, useful lives, and methods of depreciation of property and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.2.10 Impairment of property, plant and equipmentAssessment of indications that assets may be impaired is made at the end of each reporting period. If indications exist, recoverable amount of the asset is estimated. If carrying value exceeds the estimated recoverable amount, the asset is written down to its recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. The write-down may be reversed by up to an amount corresponding to the write-down, if the book value is lower than the recoverable amount.Assets are considered as part of a Cash Generating Unit (CGU). Impairment is done at CGU-level if the impairment test does not justify the carrying amount of the CGU including goodwill. 2.11 Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets,excluding capitalized development costs, are not capitalized and expenditure is reflected in profit and loss in the period in which the expenditure is incurred.The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The amortization expense on intangible assets with finite lives is recognized in the income statement as the expense category that is consistent with the function of the intangible assets.Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. Research and development costs (R&D)Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale\u2022 Its intention to complete and its ability to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during development.Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit. Amortization is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. The main part of the research and development costs that are recognized as an intangible asset are related to the development of new ship designs and fish handling equipment.2.12 GoodwillExcess value resulting from acquisition of an enterprise that cannot be allocated to identifiable assets or liabilities on the date of acquisition is classified as goodwill in the balance sheet. Goodwill is calculated on a 100 % ownership. In regards of investments in associated companies, goodwill is included in the cost price of the investments.Goodwill is not depreciated, but is subject to a yearly impairment test. The purpose of the impairment test is to evaluate whether the booked value of the goodwill can be justified based on predictions of future earnings. The goodwill is assessed at each closing of accounts. An assessment is made whether the discounted cash flow relating to goodwill exceeds the value of the goodwill recognized in the accounts. If the discounted cash flow is lower than the recognized value, goodwill will be written down to the higher of value in use and fair value less cost to sell. Goodwill is allocated to cash generating units (CGUs) for the purpose of impairment testing. The CGUs used in the goodwill assessment are described in note 11.2.13 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period to get ready for its intended use or sale are capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. 2.14 InventoriesInventories of purchased goods are valued at the lower of acquisition cost and net realizable value. Net realizable value is the estimated sales price in the ordinary course of business, less estimated costs of completion and estimated costs to sell. The acquisition cost is assigned using the FIFO method and includes expenses incurred on acquisition of the goods and the cost of bringing the goods to their present state and location. Finished goods and work in progress are valued at full cost.2.15 Treasury sharesOwn equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in retained earnings. Voting rights related to treasury shares are nullified for the Group and no dividends are allocated to them.2.16 Contract assets and liabilitiesRecognized revenue within the scope of IFRS 15 are presented as a contract asset in the balance sheet if the right to payment is conditional of future performance (usually to complete the project). If the right to payment is unconditional, the recognized amount is presented as accounts receivable. Advance payments received are presented as a reduction of the contract asset on a contract level. If advance payments received are higher than recognized revenue for a specific contract, the net is presented as a contract liability in the balance sheet. Credit loss of contract assets are like those for accounts receivable.2.17 Financial Instruments.Investing in sharesInvestments in shares are measured at fair value through profit or loss, except for shares in associated companies.ReceivablesThe Group maintains its accounts receivable and other receivables in a business model where the purpose is to recover contractual cash flows, so that these are measured at amortized cost. Receivables are classified as current assets. Receivables include \"accounts receivable and other receivables\", as well as cash and cash equivalents in the balance sheet. Financial assets are derecognized when the right to receive cash flows from the investment ceases.LoanDebts are measured at amortized cost. Loans are recognized at fair value when the loan is disbursed, less transaction costs. In subsequent periods, loans are recognized at amortized cost calculated using the effective interest rate. The difference between the loan amount paid out (less transaction costs) and the redemption value is thus recognized in the income statement over the term of the loan. Effective interest is recognized in the income statement unless it is recognized in the balance sheet on the purchase/ manufacture of a fixed asset or other qualifying asset. Loans are classified as current liabilities unless there is an unconditional right to defer payment of the debt for more than 12 months from the balance sheet date. First-year repayments on long-term debt are presented as short-term debt.Accounts payableTrade payables are recognized at fair value on initial recognition. Accounts payable are classified as short-term. Due to the short maturity, the face value of the debt is considered to reflect fair value. Normally, fair value will equal transaction price. In agreements that reduce the value of outstanding debt, the value of the debt is reduced and recorded as income. Upon subsequent calculation of the value of the agreement, changes are entered as an adjustment of the debt with a counter-item in the income statement.2.18 ProvisionsProvisions are recognised when there is a present obligation (legal or constructive) because of a past event, it is probable that a future outflow of economic resources will be required to settle the obligation and a reliable estimate can be made of the amount.Provisions usually relates to warranties. Provisions for warranty-related costs are recognized when the product is sold, or service provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually. The normal warranty period is 12-24 months from delivery of projects. Key sub-suppliers have warranty responsibilities for their deliveries into projects. \u2013Eqva`s warranty obligations are related to the works carried out of Eqva in the projects.2.19 Cash flow statementsThe cash flow statements are based on the indirect method. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.2.20 Government grantsGovernment grants are recognized when it is reasonably certain that the company will meet the conditions stipulated for the grants and that the grants will be received. Operating grants are recognized systematically during the grant period. Grants are deducted from the cost which the grant is meant to cover. Investment grants are capitalized and recognized systematically over the asset\u2019s useful life. Investment grants are recognized as a deduction of the asset\u2019s carrying amount.2.21 Discontinued operationsDiscontinued operations are part of the Group sold or classified as held for sale and represent a significant part of one of the Group's operations or geographical areas. The results of the divested business are presented separately in the income statement.DepreciationThe Group has identified three classes of property, plant and equipment; land and buildings, machinery and operating equipment and are depreciated by the linear method over expected useful life.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__21": {
"value": "2.1 Basis of preparationThe consolidated financial statements of Eqva ASA and its subsidiaries (the \"Group\") are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The consolidated financial statements have been prepared on a historical cost basis except for certain financial assets and liabilities (including derivative instruments) that are measured at fair value. The consolidated financial statements are presented in NOK 1,000. Figures in all notes to the financial statements are also presented in NOK 1,000 unless otherwise specified. The consolidated accounts were approved by the Board of Directors on 30 March 2023.New standards and changes applicable for the financial year 2022 (those considered relevant)Property, plant and equipment - Revenue before intended use - Amendments to IAS 16The amendments to IAS 16 Property, plant and equipment prohibit an entity from deducting sales revenue from goods produced while the fixed asset is being prepared for its intended use from the acquisition cost of a fixed asset. It also emphasizes that an entity \"tests whether the asset is functioning properly\" as long as it assesses the asset's technical and physical performance. The financial performance is not relevant for this assessment. Units must disclose separately the revenues and costs associated with the goods produced that are not the result of the units' normal activities.Loss contracts - Cost of fulfilling a contract - Amendments to IAS 37The amendment to IAS 37 emphasizes that the direct costs of delivering under a contract include both incremental costs of fulfilling the contract and allocation of other costs directly related to fulfilling the contract. Before a loss provision is made for a loss contract, any write-down of impairment of assets used to deliver under the contract must be carried out.Upcoming changes and new standards (those considered relevant)The following standards and interpretations have been issued, for which the Group has chosen not to implement early.Classification of debt as short-term or long-term -Amendments to IAS 1A limited amendment was made to IAS 1 Presentation of Financial Statements, which specifies that debt should be classified as current or long-term based on the rights that exist at the end of the reporting period. The classification is unaffected by the expectations of the unit or the events after the balance sheet date (for example, breach of loan terms). The amendments also specify what IAS 1 means when it refers to the 'settlement' of a liability. It is also emphasized that breaches of loan conditions at the end of the period implies that the debt must be classified as short-term debt even if reporting is done at a later point in time. The changes may affect the classification of liabilities, especially for entities that previously assessed management's intentions to determine the classification, as well as for some debt items that can be converted to equity.The amendment must be applied retrospectively in accordance with the main rule in IAS 8 Accounting policies, changes in accounting estimates and errors.Definition of Accounting Estimates \u2013 Amendments to IAS 8 The amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors clarifies how companies should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important, because changes in accounting estimates are applied prospectively to future transactions and other future events, whereas changes in accounting policies are generally applied retrospectively to past transactions and other past events as well as the current period. The Group will adopt the changes to IAS 1 and IAS 8 starting 1 January 2024.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__22": {
"value": "The consolidated financial statements of Eqva ASA and its subsidiaries (the \"Group\") are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"s7_notes__6__23": {
"value": "New standards and changes applicable for the financial year 2022 (those considered relevant)Property, plant and equipment - Revenue before intended use - Amendments to IAS 16The amendments to IAS 16 Property, plant and equipment prohibit an entity from deducting sales revenue from goods produced while the fixed asset is being prepared for its intended use from the acquisition cost of a fixed asset. It also emphasizes that an entity \"tests whether the asset is functioning properly\" as long as it assesses the asset's technical and physical performance. The financial performance is not relevant for this assessment. Units must disclose separately the revenues and costs associated with the goods produced that are not the result of the units' normal activities.Loss contracts - Cost of fulfilling a contract - Amendments to IAS 37The amendment to IAS 37 emphasizes that the direct costs of delivering under a contract include both incremental costs of fulfilling the contract and allocation of other costs directly related to fulfilling the contract. Before a loss provision is made for a loss contract, any write-down of impairment of assets used to deliver under the contract must be carried out.Upcoming changes and new standards (those considered relevant)The following standards and interpretations have been issued, for which the Group has chosen not to implement early.Classification of debt as short-term or long-term -Amendments to IAS 1A limited amendment was made to IAS 1 Presentation of Financial Statements, which specifies that debt should be classified as current or long-term based on the rights that exist at the end of the reporting period. The classification is unaffected by the expectations of the unit or the events after the balance sheet date (for example, breach of loan terms). The amendments also specify what IAS 1 means when it refers to the 'settlement' of a liability. It is also emphasized that breaches of loan conditions at the end of the period implies that the debt must be classified as short-term debt even if reporting is done at a later point in time. The changes may affect the classification of liabilities, especially for entities that previously assessed management's intentions to determine the classification, as well as for some debt items that can be converted to equity.The amendment must be applied retrospectively in accordance with the main rule in IAS 8 Accounting policies, changes in accounting estimates and errors.Definition of Accounting Estimates \u2013 Amendments to IAS 8 The amendment to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors clarifies how companies should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important, because changes in accounting estimates are applied prospectively to future transactions and other future events, whereas changes in accounting policies are generally applied retrospectively to past transactions and other past events as well as the current period. The Group will adopt the changes to IAS 1 and IAS 8 starting 1 January 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__24": {
"value": "2.2 Basis of consolidationThe consolidated financial statements include Eqva ASA and companies in which Eqva ASA has a controlling influence. Controlling interest is normally achieved when the Group has control over the enterprise and can use it to influence the return, is exposed to or has variable return rights, and the Group is able to exercise effective control over the company. Note 9 shows an overview of subsidiaries. Internal transactions and intercompany balances, including internal profits and unrealized gains and losses, are eliminated. Similarly, unrealized losses are eliminated, but only to the extent that there are no indications of impairment of the asset sold internally.A change in ownership interest in a subsidiary, without loss of control, is accounted for as an equity transaction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__26": {
"value": "2.3 Investments in associatesAn associated company is an entity in which the group has significant influence. Significant influence normally exists when the Group has 20 % to 50 % of the voting rights unless other terms and conditions affect the Group\u2019s influence. The investments in associates are accounted for using the equity method. Such investments are initially recognized at cost. Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.Under the equity method, the interest in the investment is based on the Group\u2019s proportional share of the associate\u2019s equity, including any excess value and goodwill. The Group recognizes its share of net income, including depreciation and amortization of excess values and any impairment losses, in Share of profit/(loss) of associates. Unrealized gains and losses resulting from transactions between Eqva ASA, and the associate are eliminated to the extent of the interest in the associate.The financial statements of the associates are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the group.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__25": {
"value": "2.3 Investments in associatesAn associated company is an entity in which the group has significant influence. Significant influence normally exists when the Group has 20 % to 50 % of the voting rights unless other terms and conditions affect the Group\u2019s influence. The investments in associates are accounted for using the equity method. Such investments are initially recognized at cost. Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.Under the equity method, the interest in the investment is based on the Group\u2019s proportional share of the associate\u2019s equity, including any excess value and goodwill. The Group recognizes its share of net income, including depreciation and amortization of excess values and any impairment losses, in Share of profit/(loss) of associates. Unrealized gains and losses resulting from transactions between Eqva ASA, and the associate are eliminated to the extent of the interest in the associate.The financial statements of the associates are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the group.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__28": {
"value": "2.4 Foreign currencyThe Group's consolidated financial statements are presented in NOK, which is also the parent company's functional currency. Transactions in foreign currency are initially recorded by the Group entities' functional currency at the exchange rate at the time of the transaction. Monetary items in foreign currency are translated to functional currency using the exchange rate at the balance sheet date. Non-monetary items that are measured at the historic exchange rate in foreign currency are translated using the exchange rates at the date of the initial transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__27": {
"value": "2.4 Foreign currencyThe Group's consolidated financial statements are presented in NOK, which is also the parent company's functional currency. Transactions in foreign currency are initially recorded by the Group entities' functional currency at the exchange rate at the time of the transaction. Monetary items in foreign currency are translated to functional currency using the exchange rate at the balance sheet date. Non-monetary items that are measured at the historic exchange rate in foreign currency are translated using the exchange rates at the date of the initial transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"s7_notes__6__29": {
"value": "2.5 SegmentsSegments are identified based on the organization and reporting structure used by management including top decision maker. Operating segments are components of a business that are evaluated regularly by the chief operating decision-maker for the purpose of assessing performance and allocating (to assess performance and allocate) resources. The Group\u2019s chief operating decision-maker is the CEO.The group has 3 reportable segments after a change in the reporting structure in 2022:1. Maritime Services, 2. Products, solutions & renewables 3. OtherCosts not directly attributable to the segments Maritime Services or Products, solutions & renewables, are related to the segment \"Other\", ref Note 4 Segment information. The group divides the customers into geographical areas based on the customers' nationalities. The areas are Norway and the other.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__30": {
"value": "2.6 Related partiesParties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Transactions with related parties are disclosed in note 27.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__31-1": {
"value": "2.7 Revenue recognitionThe Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The Group's operating revenues are related to the following income streams:\u2022 Conversion of vessels (or other large, fixed price projects)\u2022 Service - and maintenance assignments to land based \u2013 and maritime industry.\u2022 Hydro power Plants \u2013 development, sale and operationConversion of vessels (e.g hybridization/electrification or other large, fixed price projects)Conversion contracts are based on industry standards. An example of a contract can be hybridization/electrification of ferries.The contracts define the transaction price but include clauses that may result in an adjustment of the transaction price as a result of delayed delivery or deviation from agreed specifications. The maximum transaction price adjustment is defined in the contracts, and normally constitutes a small part of the transaction price. As the adjustment clauses are rarely triggered and can only lead to limited transaction price adjustments, the contract price is used as the transaction price, unless one has specific information that the adjustment clauses are triggered.A signed sales contract should be in place before purchase, construction and other startup cost apply. There are not started significant project works without a signed contract in place. The customer can only terminate the contract because of a breach by Eqva. The rationale for using the method of recognition of revenue over time, and not at the time of delivery, is based on the assumption that we are adding value to an asset controlled by the customer.The Group uses accrued costs against expected total costs as measure of progress. Relevant costs in the assessment are costs that are directly related to the individual project and costs that can be attributed to the contract's activity in general and can be allocated to the contract. This includes labor costs (including construction supervision), the cost of materials used in the construction and equipment acquired, depreciation of equipment used on the contract, and if relevant the cost of design and technical assistance directly related to the contract. For a production that is performed by subcontractors, a concrete assessment is made in relation to when one takes over control of what subcontractors\u2019 manufacture. Depending on the facts and contract terms, this can be both as the subcontractor produces or when there is a physical delivery from the subcontractor.The same costs as described above are included in the assessment of whether one has an onerous contract and associated measurement of estimated losses. Costs of errors in production or abnormal shrinkage of material are treated as period costs and do not generate progress. As there are normally greater uncertainty in measuring the outcome of the contract in the early stages of production, revenue recognition is normally limited to accrued costs until the percentage of completion reaches 20%. If the uncertainty in a project is so large that it is not possible to estimate the potential outcome, no revenue is recognized until the uncertainty is reduced. Accrued costs in this phase is presented as inventory if criteria for recognition as inventory is met. If the costs do not qualify as inventory, it is recognized as operating expenses.Change orders usually arises as a result of minor modifications to the vessel under conversion and will therefore normally not be considered as a separate contract obligation, neither when considered in combination with remaining construction of the ship. Change orders are therefore normally accounted for as a change of existing contract where transaction price and progress are updated when the change order is approved by both parties. Payment terms for conversion contracts vary somewhat depending on the ship type. Service - and maintenance assignments to land based \u2013 and maritime industryContracts for Service - and maintenance assignments to land based \u2013 and/or maritime industry usually have a variable payment facility where customers can pay for the number of hours and use of materials with a supplement. Larger projects may be based on fixed price. The contracts normally have a duration from a few weeks up to some months. For variable-fee contracts, the amount that one has the right to invoice on the balance sheet date is recognized as income. For fixed-price contracts, a measure of progress like that for Conversion assignments \u2013 ref above - is used.Power plants Power plants under development are usually organized in separate legal entities (SPVs) The ownership of the SPV will be transferred to the buyer when the project is completed, and the SPV will be consolidated as a subsidiary during the construction phase. Development and construction of power plants are output of the ordinary activities of the company, and the buyer is considered to be a customer. Management has therefore concluded that the transaction should be accounted within the scope of IFRS 15 once a firm contract is signed. The customer can only terminate the contract in if the Group fails to deliver as promised in the contract. Eqva has an enforceable right to payment, and the asset under construction is without alternative use because of contractual limitations, and revenues are therefore recognized over time. The Group use cost incurred against expected total construction cost as measure of progress. The contracts include standard LD penalties for late delivery, but these are capped at a moderate level. When the shares in the SPV are transferred at completion, the share price is determined based on the agreed price of the power plant, adjusted for any net debt and working capital items in the SPV. Services related to operations and maintenance of power plants owned by a third party are normally based on contracts with a fixed fee for a defined period. Revenues are recognized in each accounting period. If a power plant starts power production before delivered to a client, these revenues are presented as sales revenues. Costs related to the power production are presented as operational costs.3.1 Revenue recognitionTo determine how the Group's customer contracts should be recognized as income, the management has made several critical assessments. The Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The contracts define the transaction price but include clauses that may result in an adjustment of the transaction price as a result of delayed delivery or deviation from agreed specifications. The maximum transaction price adjustment is defined in the contracts, and normally constitutes a small part of the transaction price. As the adjustment clauses are rarely triggered and can only lead to limited transaction price adjustments, the contract price is used as the transaction price, unless one has specific information that the adjustment clauses are triggered.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__33": {
"value": "2.8 TaxesTax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity, respectively.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s 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 recognized, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not 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 nor loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__32": {
"value": "2.8 TaxesTax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity, respectively.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s 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 recognized, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not 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 nor loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__34-1": {
"value": "2.9 Property, plant and equipmentProperty, plant and equipment is stated in the balance sheet at cost, net of accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the item of property, plant and equipment. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:\u2022 Buildings 10-40 years\u2022 Machinery 3-10 years\u2022 Operating equipment 3- 10 yearsWhen significant parts of property and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. All other repair and maintenance costs are recognized in profit and loss as incurred. An item of property and equipment and any significant part initially recognized is derecognized upon disposal 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 income statement when the asset is derecognized. The residual values, useful lives, and methods of depreciation of property and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.2.10 Impairment of property, plant and equipmentAssessment of indications that assets may be impaired is made at the end of each reporting period. If indications exist, recoverable amount of the asset is estimated. If carrying value exceeds the estimated recoverable amount, the asset is written down to its recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. The write-down may be reversed by up to an amount corresponding to the write-down, if the book value is lower than the recoverable amount.Assets are considered as part of a Cash Generating Unit (CGU). Impairment is done at CGU-level if the impairment test does not justify the carrying amount of the CGU including goodwill.3.4 Power plantsFor power plants under construction, these are organized in separate companies where incurred costs are entered on the balance sheet as operating assets/facilities under construction. In the group accounts, revenues in these projects are recognized based on estimates of progress, revenues and costs for the assets under construction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__36-1": {
"value": "2.10 Impairment of property, plant and equipmentAssessment of indications that assets may be impaired is made at the end of each reporting period. If indications exist, recoverable amount of the asset is estimated. If carrying value exceeds the estimated recoverable amount, the asset is written down to its recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. The write-down may be reversed by up to an amount corresponding to the write-down, if the book value is lower than the recoverable amount.Assets are considered as part of a Cash Generating Unit (CGU). Impairment is done at CGU-level if the impairment test does not justify the carrying amount of the CGU including goodwill.3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five 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 CGU 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. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__38": {
"value": "2.11 Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets,excluding capitalized development costs, are not capitalized and expenditure is reflected in profit and loss in the period in which the expenditure is incurred.The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The amortization expense on intangible assets with finite lives is recognized in the income statement as the expense category that is consistent with the function of the intangible assets.Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. Research and development costs (R&D)Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale\u2022 Its intention to complete and its ability to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during development.Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit. Amortization is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. The main part of the research and development costs that are recognized as an intangible asset are related to the development of new ship designs and fish handling equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__37-1": {
"value": "2.11 Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets,excluding capitalized development costs, are not capitalized and expenditure is reflected in profit and loss in the period in which the expenditure is incurred.The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. The amortization expense on intangible assets with finite lives is recognized in the income statement as the expense category that is consistent with the function of the intangible assets.Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. Research and development costs (R&D)Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale\u2022 Its intention to complete and its ability to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during development.Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit. Amortization is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. The main part of the research and development costs that are recognized as an intangible asset are related to the development of new ship designs and fish handling equipment.2.12 GoodwillExcess value resulting from acquisition of an enterprise that cannot be allocated to identifiable assets or liabilities on the date of acquisition is classified as goodwill in the balance sheet. Goodwill is calculated on a 100 % ownership. In regards of investments in associated companies, goodwill is included in the cost price of the investments.Goodwill is not depreciated, but is subject to a yearly impairment test. The purpose of the impairment test is to evaluate whether the booked value of the goodwill can be justified based on predictions of future earnings. The goodwill is assessed at each closing of accounts. An assessment is made whether the discounted cash flow relating to goodwill exceeds the value of the goodwill recognized in the accounts. If the discounted cash flow is lower than the recognized value, goodwill will be written down to the higher of value in use and fair value less cost to sell. Goodwill is allocated to cash generating units (CGUs) for the purpose of impairment testing. The CGUs used in the goodwill assessment are described in note 11.3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five 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 CGU 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. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__40-1": {
"value": "2.12 GoodwillExcess value resulting from acquisition of an enterprise that cannot be allocated to identifiable assets or liabilities on the date of acquisition is classified as goodwill in the balance sheet. Goodwill is calculated on a 100 % ownership. In regards of investments in associated companies, goodwill is included in the cost price of the investments.Goodwill is not depreciated, but is subject to a yearly impairment test. The purpose of the impairment test is to evaluate whether the booked value of the goodwill can be justified based on predictions of future earnings. The goodwill is assessed at each closing of accounts. An assessment is made whether the discounted cash flow relating to goodwill exceeds the value of the goodwill recognized in the accounts. If the discounted cash flow is lower than the recognized value, goodwill will be written down to the higher of value in use and fair value less cost to sell. Goodwill is allocated to cash generating units (CGUs) for the purpose of impairment testing. The CGUs used in the goodwill assessment are described in note 11.3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five 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 CGU 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. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__41": {
"value": "2.13 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period to get ready for its intended use or sale are capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__42": {
"value": "2.14 InventoriesInventories of purchased goods are valued at the lower of acquisition cost and net realizable value. Net realizable value is the estimated sales price in the ordinary course of business, less estimated costs of completion and estimated costs to sell. The acquisition cost is assigned using the FIFO method and includes expenses incurred on acquisition of the goods and the cost of bringing the goods to their present state and location. Finished goods and work in progress are valued at full cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__43": {
"value": "2.15 Treasury sharesOwn equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in retained earnings. Voting rights related to treasury shares are nullified for the Group and no dividends are allocated to them.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__44": {
"value": "2.16 Contract assets and liabilitiesRecognized revenue within the scope of IFRS 15 are presented as a contract asset in the balance sheet if the right to payment is conditional of future performance (usually to complete the project). If the right to payment is unconditional, the recognized amount is presented as accounts receivable. Advance payments received are presented as a reduction of the contract asset on a contract level. If advance payments received are higher than recognized revenue for a specific contract, the net is presented as a contract liability in the balance sheet. Credit loss of contract assets are like those for accounts receivable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__46": {
"value": "2.17 Financial Instruments.Investing in sharesInvestments in shares are measured at fair value through profit or loss, except for shares in associated companies.ReceivablesThe Group maintains its accounts receivable and other receivables in a business model where the purpose is to recover contractual cash flows, so that these are measured at amortized cost. Receivables are classified as current assets. Receivables include \"accounts receivable and other receivables\", as well as cash and cash equivalents in the balance sheet. Financial assets are derecognized when the right to receive cash flows from the investment ceases.LoanDebts are measured at amortized cost. Loans are recognized at fair value when the loan is disbursed, less transaction costs. In subsequent periods, loans are recognized at amortized cost calculated using the effective interest rate. The difference between the loan amount paid out (less transaction costs) and the redemption value is thus recognized in the income statement over the term of the loan. Effective interest is recognized in the income statement unless it is recognized in the balance sheet on the purchase/ manufacture of a fixed asset or other qualifying asset. Loans are classified as current liabilities unless there is an unconditional right to defer payment of the debt for more than 12 months from the balance sheet date. First-year repayments on long-term debt are presented as short-term debt.Accounts payableTrade payables are recognized at fair value on initial recognition. Accounts payable are classified as short-term. Due to the short maturity, the face value of the debt is considered to reflect fair value. Normally, fair value will equal transaction price. In agreements that reduce the value of outstanding debt, the value of the debt is reduced and recorded as income. Upon subsequent calculation of the value of the agreement, changes are entered as an adjustment of the debt with a counter-item in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__45": {
"value": "2.17 Financial Instruments.Investing in sharesInvestments in shares are measured at fair value through profit or loss, except for shares in associated companies.ReceivablesThe Group maintains its accounts receivable and other receivables in a business model where the purpose is to recover contractual cash flows, so that these are measured at amortized cost. Receivables are classified as current assets. Receivables include \"accounts receivable and other receivables\", as well as cash and cash equivalents in the balance sheet. Financial assets are derecognized when the right to receive cash flows from the investment ceases.LoanDebts are measured at amortized cost. Loans are recognized at fair value when the loan is disbursed, less transaction costs. In subsequent periods, loans are recognized at amortized cost calculated using the effective interest rate. The difference between the loan amount paid out (less transaction costs) and the redemption value is thus recognized in the income statement over the term of the loan. Effective interest is recognized in the income statement unless it is recognized in the balance sheet on the purchase/ manufacture of a fixed asset or other qualifying asset. Loans are classified as current liabilities unless there is an unconditional right to defer payment of the debt for more than 12 months from the balance sheet date. First-year repayments on long-term debt are presented as short-term debt.Accounts payableTrade payables are recognized at fair value on initial recognition. Accounts payable are classified as short-term. Due to the short maturity, the face value of the debt is considered to reflect fair value. Normally, fair value will equal transaction price. In agreements that reduce the value of outstanding debt, the value of the debt is reduced and recorded as income. Upon subsequent calculation of the value of the agreement, changes are entered as an adjustment of the debt with a counter-item in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__47": {
"value": "2.18 ProvisionsProvisions are recognised when there is a present obligation (legal or constructive) because of a past event, it is probable that a future outflow of economic resources will be required to settle the obligation and a reliable estimate can be made of the amount.Provisions usually relates to warranties. Provisions for warranty-related costs are recognized when the product is sold, or service provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually. The normal warranty period is 12-24 months from delivery of projects. Key sub-suppliers have warranty responsibilities for their deliveries into projects. \u2013Eqva`s warranty obligations are related to the works carried out of Eqva in the projects.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__48": {
"value": "2.19 Cash flow statementsThe cash flow statements are based on the indirect method. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__49": {
"value": "2.20 Government grantsGovernment grants are recognized when it is reasonably certain that the company will meet the conditions stipulated for the grants and that the grants will be received. Operating grants are recognized systematically during the grant period. Grants are deducted from the cost which the grant is meant to cover. Investment grants are capitalized and recognized systematically over the asset\u2019s useful life. Investment grants are recognized as a deduction of the asset\u2019s carrying amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__51": {
"value": "2.21 Discontinued operationsDiscontinued operations are part of the Group sold or classified as held for sale and represent a significant part of one of the Group's operations or geographical areas. The results of the divested business are presented separately in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__50": {
"value": "2.21 Discontinued operationsDiscontinued operations are part of the Group sold or classified as held for sale and represent a significant part of one of the Group's operations or geographical areas. The results of the divested business are presented separately in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__52": {
"value": "Note 3 - SIGNIFICANT JUDGEMENTS AND ESTIMATESThe preparation of the Group's consolidated financial statements requires management to make judgments and estimates. These estimates are based on the actual underlying business, its present and forecast profitability over time, and expectations about external factors. Uncertainty about these estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.The following judgements and estimates have the most significant risk of resulting in a material adjustment in the next financial statements:3.1 Revenue recognitionTo determine how the Group's customer contracts should be recognized as income, the management has made several critical assessments. The Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The contracts define the transaction price but include clauses that may result in an adjustment of the transaction price as a result of delayed delivery or deviation from agreed specifications. The maximum transaction price adjustment is defined in the contracts, and normally constitutes a small part of the transaction price. As the adjustment clauses are rarely triggered and can only lead to limited transaction price adjustments, the contract price is used as the transaction price, unless one has specific information that the adjustment clauses are triggered.3.2 Degree of completion and provision for loss contractsA part of Eqva's business consists of executing projects where revenues are recognized over time. Revenue recognition is based on estimates and assessments made at the discretion of management.Revenue recognition and cost estimates depend upon variables such as steel prices, labor costs and availability, estimated number of manhours, and other production inputs. The Group must also evaluate and estimate the outcome of variation orders, contract claims and requests from customers to modify contractual terms which can involve complex negotiations with customers. 3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five 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 CGU 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. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.3.4 Power plantsFor power plants under construction, these are organized in separate companies where incurred costs are entered on the balance sheet as operating assets/facilities under construction. In the group accounts, revenues in these projects are recognized based on estimates of progress, revenues and costs for the assets under construction. 3.5 Evaluation of acquiring part in transactionSubsequent to the acquisition of BKS and Fossberg Kraft, an evaluation has been done to identify the acquiring part in the transaction. Key factors considered in the evaluation were ownership structure of the new group, board of directors and group management structure. Based on an overall assessment, Eqva ASA (prev. Havyard Group ASA) was identified as the acquirer from an accounting perspective.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__55": {
"value": "3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five 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 CGU 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. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__59": {
"value": "3.5 Evaluation of acquiring part in transactionSubsequent to the acquisition of BKS and Fossberg Kraft, an evaluation has been done to identify the acquiring part in the transaction. Key factors considered in the evaluation were ownership structure of the new group, board of directors and group management structure. Based on an overall assessment, Eqva ASA (prev. Havyard Group ASA) was identified as the acquirer from an accounting perspective.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__61": {
"value": "Discontinued operations Hav Group ASA(MNOK) 2021Operating revenues, External 920,7Operating revenues, Internal 0,0Operating income 920,7EBITDA 123,6Depreciation 26,3Operating profit/(loss) (EBIT) 9 7, 3Net financial items 185,6Share of profit/(loss) from associate 0,0Profit/(Loss) before tax discontinued operation 282,9Income tax expense -4,1Profit from discontinued operation 2 8 7, 0*Total assets 0Equity 0Liabilities 0Addition PP&E and intangibles 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__63": {
"value": "5. SALARY, FEES, NUMBER OF EMPLOYEES ETC. (NOK 1,000)Payroll expenses 2022 2021Wages 142 854 129 468Employer's part of social security costs 17 385 16 964Pension, contribution plans 7 653 12 286Other benefits 4 468 5 857Total salaries and social expenses 172 360 164 574FTEs at year end 420 266The Group has a defined contribution plan covering all employees. The Group's pension scheme satisfies the requirements of the Act on Compulsory Occupational Pensions. Pension costs for the Group's defined contribution plans are expensed on a continuous basis with earnings for the employees. The Group's duty is limited to the payment of agreed contribution and where the actuarial risk and investment risk fall on the individual employee.Incentive programs established in EqvaThe Group has established a incentiv arrangement (bonus) which applies to leaders and key personnel in the Group. The payments depends on, among others, group performance (e.g reported EBITDA measured against budgeted EBITDA). The payments are expensed as salaries. There has been no payments in 2022.The Group has also established a new share purchase program where all employees can participate. Employees can buy shares for up to NOK 20,000 with a discount of 20 %. The share discount are expensed as salaries.The share purchase program is conducted annually. The third Group program established is the shareoption program which applies to Board of directors, leaders and key personnel in the Group. The participants receive 40 000 or 100 000 options, dependent of level in the group, with a vesting period of 3 years. The program has effect from 1 January 2023. Remuneration to key management personnel and the Board of Directors:Erik H\u00f8yvikEirik S\u00e6vareid,CEOCFO(NOK 1,000) 2022 2021 2022 2021Salary 2 183 1 917 750 0Pension 95 90 52 0Other remuneration 146 138 6 0Total remuneration 2 424 2 145 809 0 Frank-Levi Kvalsund Tidl. SVP HR/QHSE (NOK 1,000) 2022 2021Salary 780 1 350Pension 33 92Other remuneration 58 159Total remuneration 870 1 601Eirik S\u00e6vareid replaced Vegard Fiksdal as CFO in May 2022. Earlier in the year, Vegard Fiksdal replaced P\u00e5l Aurv\u00e5g as CFO. Frank-Levi Kvalsund, SVP HR, finished in Havyard/ Eqva per April 2022. The position was not replaced.Key management does not have bonus agreements or any share-based payment outside arrangements listed above. Refers to the statement of remuneration of executive personell.No loans or guarantees to the Group CEO or any member of the bord per 31/12/22. Eqva ASA parent company: NOK 2 066 666 in board fees have been paid to external board members in 2022 (NOK 1 380 000 in 2021). Remuneration board members agreed 2022: Chariman NOK 800 000, board member NOK 350 000, employee representative NOK 220 000, member nomination committee NOK 0, member compensation committee NOK 50 000 and audit committee NOK 50 000. The group has established a board of director insurance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__62": {
"value": "5. SALARY, FEES, NUMBER OF EMPLOYEES ETC. (NOK 1,000)Payroll expenses 2022 2021Wages 142 854 129 468Employer's part of social security costs 17 385 16 964Pension, contribution plans 7 653 12 286Other benefits 4 468 5 857Total salaries and social expenses 172 360 164 574FTEs at year end 420 266The Group has a defined contribution plan covering all employees. The Group's pension scheme satisfies the requirements of the Act on Compulsory Occupational Pensions. Pension costs for the Group's defined contribution plans are expensed on a continuous basis with earnings for the employees. The Group's duty is limited to the payment of agreed contribution and where the actuarial risk and investment risk fall on the individual employee.Incentive programs established in EqvaThe Group has established a incentiv arrangement (bonus) which applies to leaders and key personnel in the Group. The payments depends on, among others, group performance (e.g reported EBITDA measured against budgeted EBITDA). The payments are expensed as salaries. There has been no payments in 2022.The Group has also established a new share purchase program where all employees can participate. Employees can buy shares for up to NOK 20,000 with a discount of 20 %. The share discount are expensed as salaries.The share purchase program is conducted annually. The third Group program established is the shareoption program which applies to Board of directors, leaders and key personnel in the Group. The participants receive 40 000 or 100 000 options, dependent of level in the group, with a vesting period of 3 years. The program has effect from 1 January 2023. Remuneration to key management personnel and the Board of Directors:Erik H\u00f8yvikEirik S\u00e6vareid,CEOCFO(NOK 1,000) 2022 2021 2022 2021Salary 2 183 1 917 750 0Pension 95 90 52 0Other remuneration 146 138 6 0Total remuneration 2 424 2 145 809 0 Frank-Levi Kvalsund Tidl. SVP HR/QHSE (NOK 1,000) 2022 2021Salary 780 1 350Pension 33 92Other remuneration 58 159Total remuneration 870 1 601Eirik S\u00e6vareid replaced Vegard Fiksdal as CFO in May 2022. Earlier in the year, Vegard Fiksdal replaced P\u00e5l Aurv\u00e5g as CFO. Frank-Levi Kvalsund, SVP HR, finished in Havyard/ Eqva per April 2022. The position was not replaced.Key management does not have bonus agreements or any share-based payment outside arrangements listed above. Refers to the statement of remuneration of executive personell.No loans or guarantees to the Group CEO or any member of the bord per 31/12/22. Eqva ASA parent company: NOK 2 066 666 in board fees have been paid to external board members in 2022 (NOK 1 380 000 in 2021). Remuneration board members agreed 2022: Chariman NOK 800 000, board member NOK 350 000, employee representative NOK 220 000, member nomination committee NOK 0, member compensation committee NOK 50 000 and audit committee NOK 50 000. The group has established a board of director insurance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__66": {
"value": "6. OTHER OPERATING EXPENSES (NOK 1,000)Other operating expenses 2022 2021Rent expenses* 7 033 1 109Office and administration expenses 16 278 17 950Plant, tools and equipment (including IT) 14 337 15 101Travel and employee expenses 10 480 7 137Hired consultants** 19 141 9 240Marketing and communication 1 462 344Other operating expenses*** -1 513 880Total 67 219 51 761*Rent expenses short term/insignificant amounts (not classified under IFRS15)**Fees to auditor are included here***The negative figure is due to release of provisions - mainly related to warranty obligations.Fees to the auditor consists of the following services: 2022 2021Statutory audit 2 707 3 250Tax advice 0 235Other assistance 1 768 610Total 4 475 4 095Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__65": {
"value": "6. OTHER OPERATING EXPENSES (NOK 1,000)Other operating expenses 2022 2021Rent expenses* 7 033 1 109Office and administration expenses 16 278 17 950Plant, tools and equipment (including IT) 14 337 15 101Travel and employee expenses 10 480 7 137Hired consultants** 19 141 9 240Marketing and communication 1 462 344Other operating expenses*** -1 513 880Total 67 219 51 761*Rent expenses short term/insignificant amounts (not classified under IFRS15)**Fees to auditor are included here***The negative figure is due to release of provisions - mainly related to warranty obligations.Fees to the auditor consists of the following services: 2022 2021Statutory audit 2 707 3 250Tax advice 0 235Other assistance 1 768 610Total 4 475 4 095Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__64": {
"value": "6. OTHER OPERATING EXPENSES (NOK 1,000)Other operating expenses 2022 2021Rent expenses* 7 033 1 109Office and administration expenses 16 278 17 950Plant, tools and equipment (including IT) 14 337 15 101Travel and employee expenses 10 480 7 137Hired consultants** 19 141 9 240Marketing and communication 1 462 344Other operating expenses*** -1 513 880Total 67 219 51 761*Rent expenses short term/insignificant amounts (not classified under IFRS15)**Fees to auditor are included here***The negative figure is due to release of provisions - mainly related to warranty obligations.Fees to the auditor consists of the following services: 2022 2021Statutory audit 2 707 3 250Tax advice 0 235Other assistance 1 768 610Total 4 475 4 095Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__69": {
"value": "7. INCOME TAX The parent company Eqva ASA is resident in Norway, where the corporate tax rate is 22 %, while some parts of the group are taxed in other jurisdictions and other tax regimes.The major componenents of income tax expense/ (income) for the year are:(NOK 1,000) 2022 2021Consolidated income statementCurrent income tax:Taxes payable 1 360 0Changes in deferred tax -17 156 -957Income tax expense/(income) reported in the income statement -15 796 -957Reconciliation of actual tax cost against expected tax cost in accordance with the ordinary Norwegian income tax rate of 22%. (NOK 1,000) 2022 2021Profit before tax -35 441 91 711Tax expense 22%/ 22% -7 797 20 176Recognized tax expense -15 796 -957Difference between expected and recognised tax expense -7 999 -21 134Difference is related to:Income from investment in related parties 0 248Results in associates (22%/ 22%) 1 387 0Prior year adjustments 0 0Addition deferred tax from aquisition -16 425 0Loss on sale shares 1 434 0Impairment financial assets 2 066 0Other permanent differences -10 467 2 955Tax payable from previous year 0 0Effect from public debt settlement 0 12 057Deferred tax asset not recognized 14 007 -36 392Total -7 999 -21 134Deferred tax relates to the following temporary differences: 2022 2021(NOK 1,000)Non-current assets -29 246 -20 600Customer contracts 11 780 1 117Leasing 1 683 2 550Current assets -4 267 -150Accruals and provisions -7 879 -25 304Gain/(loss) account for deferral 12 544 -2 443Cut off interest to related parties carried forward -2 019 -19 629Tax loss carried forward -321 502 -207 456Total temporary differences -338 905 -271 915Net deferred tax lability / deferred tax asset (-) -74 559 -59 821Deferred tax asset not recognised 74 559 60 552Deferred tax liability in the balance sheet 0 731Deferred income tax and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets are not recognised for companies with a recent history of reported losses in accordance with IAS 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__68": {
"value": "7. INCOME TAX The parent company Eqva ASA is resident in Norway, where the corporate tax rate is 22 %, while some parts of the group are taxed in other jurisdictions and other tax regimes.The major componenents of income tax expense/ (income) for the year are:(NOK 1,000) 2022 2021Consolidated income statementCurrent income tax:Taxes payable 1 360 0Changes in deferred tax -17 156 -957Income tax expense/(income) reported in the income statement -15 796 -957Reconciliation of actual tax cost against expected tax cost in accordance with the ordinary Norwegian income tax rate of 22%. (NOK 1,000) 2022 2021Profit before tax -35 441 91 711Tax expense 22%/ 22% -7 797 20 176Recognized tax expense -15 796 -957Difference between expected and recognised tax expense -7 999 -21 134Difference is related to:Income from investment in related parties 0 248Results in associates (22%/ 22%) 1 387 0Prior year adjustments 0 0Addition deferred tax from aquisition -16 425 0Loss on sale shares 1 434 0Impairment financial assets 2 066 0Other permanent differences -10 467 2 955Tax payable from previous year 0 0Effect from public debt settlement 0 12 057Deferred tax asset not recognized 14 007 -36 392Total -7 999 -21 134Deferred tax relates to the following temporary differences: 2022 2021(NOK 1,000)Non-current assets -29 246 -20 600Customer contracts 11 780 1 117Leasing 1 683 2 550Current assets -4 267 -150Accruals and provisions -7 879 -25 304Gain/(loss) account for deferral 12 544 -2 443Cut off interest to related parties carried forward -2 019 -19 629Tax loss carried forward -321 502 -207 456Total temporary differences -338 905 -271 915Net deferred tax lability / deferred tax asset (-) -74 559 -59 821Deferred tax asset not recognised 74 559 60 552Deferred tax liability in the balance sheet 0 731Deferred income tax and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets are not recognised for companies with a recent history of reported losses in accordance with IAS 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__67": {
"value": "Fees to auditor are included here***The negative figure is due to release of provisions - mainly related to warranty obligations.Fees to the auditor consists of the following services: 2022 2021Statutory audit 2 707 3 250Tax advice 0 235Other assistance 1 768 610Total 4 475 4 095Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__70": {
"value": "Deferred tax relates to the following temporary differences: 2022 2021(NOK 1,000)Non-current assets -29 246 -20 600Customer contracts 11 780 1 117Leasing 1 683 2 550Current assets -4 267 -150Accruals and provisions -7 879 -25 304Gain/(loss) account for deferral 12 544 -2 443Cut off interest to related parties carried forward -2 019 -19 629Tax loss carried forward -321 502 -207 456Total temporary differences -338 905 -271 915Net deferred tax lability / deferred tax asset (-) -74 559 -59 821Deferred tax asset not recognised 74 559 60 552Deferred tax liability in the balance sheet 0 731Deferred income tax and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets are not recognised for companies with a recent history of reported losses in accordance with IAS 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__74": {
"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2022 2021Interest income 898 690Agio income 598 0Effect from public debt setlement 0 54 803Profit from share sale 2 636 0Other financial income 6 2 105Total financial income 4 138 57 597Interest expenses 11 214 3 315Agio loss 352 1 746Impairment of other financial assets 9 389 0Loss from share sale -639 10 054Other financial expenses 729 1 129Total financial expenses 21 045 16 245Share of profit/loss of associate* 668 -1 128Net financial items -16 239 40 225*Share of profit/loss of associate in 2022 consists of portion from Havila Charisma IS (ref. note 9) -the balance is from the ownership in HAV Group ASA until reduction of ownership in June 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__73": {
"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2022 2021Interest income 898 690Agio income 598 0Effect from public debt setlement 0 54 803Profit from share sale 2 636 0Other financial income 6 2 105Total financial income 4 138 57 597Interest expenses 11 214 3 315Agio loss 352 1 746Impairment of other financial assets 9 389 0Loss from share sale -639 10 054Other financial expenses 729 1 129Total financial expenses 21 045 16 245Share of profit/loss of associate* 668 -1 128Net financial items -16 239 40 225*Share of profit/loss of associate in 2022 consists of portion from Havila Charisma IS (ref. note 9) -the balance is from the ownership in HAV Group ASA until reduction of ownership in June 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__72": {
"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2022 2021Interest income 898 690Agio income 598 0Effect from public debt setlement 0 54 803Profit from share sale 2 636 0Other financial income 6 2 105Total financial income 4 138 57 597Interest expenses 11 214 3 315Agio loss 352 1 746Impairment of other financial assets 9 389 0Loss from share sale -639 10 054Other financial expenses 729 1 129Total financial expenses 21 045 16 245Share of profit/loss of associate* 668 -1 128Net financial items -16 239 40 225*Share of profit/loss of associate in 2022 consists of portion from Havila Charisma IS (ref. note 9) -the balance is from the ownership in HAV Group ASA until reduction of ownership in June 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__71": {
"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2022 2021Interest income 898 690Agio income 598 0Effect from public debt setlement 0 54 803Profit from share sale 2 636 0Other financial income 6 2 105Total financial income 4 138 57 597Interest expenses 11 214 3 315Agio loss 352 1 746Impairment of other financial assets 9 389 0Loss from share sale -639 10 054Other financial expenses 729 1 129Total financial expenses 21 045 16 245Share of profit/loss of associate* 668 -1 128Net financial items -16 239 40 225*Share of profit/loss of associate in 2022 consists of portion from Havila Charisma IS (ref. note 9) -the balance is from the ownership in HAV Group ASA until reduction of ownership in June 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__75": {
"value": "Interest income 898 690Agio income 598 0Effect from public debt setlement 0 54 803Profit from share sale 2 636 0Other financial income 6 2 105Total financial income 4 138 57 597",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__76": {
"value": "Interest expenses 11 214 3 315Agio loss 352 1 746Impairment of other financial assets 9 389 0Loss from share sale -639 10 054Other financial expenses 729 1 129Total financial expenses 21 045 16 245Share of profit/loss of associate* 668 -1 128Net financial items -16 239 40 225*Share of profit/loss of associate in 2022 consists of portion from Havila Charisma IS (ref. note 9) -the balance is from the ownership in HAV Group ASA until reduction of ownership in June 2022.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__79-1": {
"value": "9. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTS2022Eqva ASA has the following owner-Ownership Business office Segment Currency Share Total ship in subsidiaries as of 31/12/2022share/capital equity voting share(1,000)(NOK 1,000)Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 6 820Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 -1 822Havyard Leirvik Holding AS 100 % Fosnav\u00e5g Other NOK 2 539 2 459Havyard Leirvik AS 100 % Leirvik i Sogn Maritime Services NOK 2 509 30 230Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 3 727Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 10 512BKS Industri AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 72 29 059BKS Power & Automation AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 203HG Group AS 100 % Valen i Kvinnherad Other NOK 684 176 702Handeland Industri AS 100 % Valen i Kvinnherad Other NOK 375 12 931BKS Holding AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 5 211Fossberg Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 1 002 24 490Fossberg Kraft Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -18 993Havyard Eiendom Holding AS 100 % Sunde i Kvinnherrad Maritime Services NOK 50 50BKS Eiendom AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 150 3 004Havyard Leirvik Eiendom AS 100 % Leirvik i Sogn Maritime Services NOK 1 311 9 326Zenit Eiendom AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 30Zenit Engineering AS 82 % Sunde i Kvinnherrad Products, solutions & renewables NOK 300 5 175Kv\u00e6vebekken 2 AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 80 -242Skjeggfoss Kraftverk AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -120BKS VVS AS 67 % Straume i \u00d8ygarden Products, solutions & renewables NOK 100 3 871Marine Support AS 70 % Storeb\u00f8 i Austevoll Products, solutions & renewables NOK 300 10 069In June 2022 Havyard Group ASA, later changed name to Eqva ASA, aquried Fossberg Kraft and BKS. The settlement of 285 MNOK was based on a combination of share issues, sellers credit and cash repayment. See note 13 for information regarding the share issue. See also note 10.The parent company changed name from Havyard Group ASA to Eqva ASA in November 2022.Havyard Eiendom Holding AS was established during the autum 2022. The company is the parent company of BKS Eiendom AS, Zenit Eiendom AS og Havyard Leirvik Eiend om AS (all companies owned 100%). The establishment of the internal property group was based on demerger/sales transactions from respectively Havyard Leirvik AS (HLE), Zenit Engeneering AS og BKS Holding AS. After the transactions HLE, Zenit and BKS carry out only operational core activities.The ownership in HAV Group ASA was reduced from 33.3% to 4.7% in June 2022 by distributing dividend shares (10,000,000 shares) to the owners of Havyard Group AS (now Eqva ASA). The distribution is recognized at fair value in accordance with IFRIC 17. Eqva has 1.5 million shares left in HAV group ASA after dividend and ownership is 4.4 %.Eqva had a 50% ownership in HPR Spzoo. The company suffered from missing orders and declining liquidities during the autum 2022. In December 2022 the company was filed for bankruptcy, the fileing included both the Norwegian branch and the Polish registerd company. Eqvas accounted losse where limited.Investments in associates as of 31/12/2022 Ownership share/ Business office Currency Share of result Voting share(1,000)Havila Charisma IS 50 % Fosnav\u00e5g NOK -6 305EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2022 29 792Share of profit/(loss) -6 305Investments 0Additions through aquistiion 2 007Other adjustments 50Carrying value of investment 31/12/2022 25 544Aggregate financial information of associates according to owner share Operating revenue 50 061Profit/(loss) -12 610Total Comprehensive Income -12 610Total assets 162 860Equity 45 060Liabilities 117 800The accounting for associates has been according to the equity method.2021Havyard Group ASA has the following Ownership Business office Segment Currency Share capital ownership in subsidiaries as of 31/12/2021share/(1,000) voting shareHavyard Ship Technology AS 100 % Leirvik Shipbuilding Technology NOK 60 102Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000Havyard Leirvik Holding AS* 100 % Fosnav\u00e5g Shipbuilding Technology NOK 2 539Havyard Leirvik AS* 100 % Leirvik Shipbuilding Technology NOK 2 509Havyard Production sp.z.o.o** 100 % Gdansk Shipbuilding Technology PLN 500Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g OtherNOK 143In connection with the establishment of HAV Group ASA in Q1 2021 - Norwegian Greetech AS, Norwegian Electric Systems AS, HAV Design AS, HAV Hydrogen AS and their foreign subsidiaries were transferred from Havyard Group ASA to HAV Group ASA. The investment in HAV Group ASA is listed under Associates below.Norwegian Production SP Z. o.o har been liquidated in 2021. *New HST Holding AS and New Havyard Ship Technology AS, changed names to Havyard Leirvik Holding AS and Havyard Leirvik AS in 2021.** Regarding Havyard Production sp.z.o.o. see note 28 for subsequent events after balance sheet date.Investments in associates as of 31/12/2021 Ownership share/ Business office Currency Share of result (1,000)Voting shareHavila Charisma IS 50 % Fosnav\u00e5g NOK -1 128HAV Group ASA 33 % Fosnav\u00e5g NOK Not relevant before 2022Investment in associates (NOK 1,000) (NOK 1,000)- balance sheet amountHavila Charisma IS HAV Group ASAValue of investment 1/1/2021 30 920 0Share of profit/(loss) -1 128 0Investments 0 164 393Carrying value of investment 31/12/2021 29 792 164 393Aggregate financial information of associates Havila Charisma IS HAV Group ASAaccording to owner share Operating revenue 49 419 922 387Profit/(loss) -2 255 97 016Total Comprehensive Income -2 255 97 016*Total assets 165 771 0Equity 57 984 0Liabilities 107 786 0The accounting for associates has been according to the equity method.* The balance numbers for HAV Group will be obtained in connection with the annual accounts 2022.19. NON-CURRENT FINANCIAL INVESTMENTSAs per December 31. 2022 the Group has investments in financial assets of NOK 17.8 million (NOK 4.6 million as of December 31. 2021). The investments are classified as noncurrent. The investments are recognized at fair value with changes in value in the income statement.2022(NOK 1,000)Company Ownership share/Business Office Carrying voting shareamountHAV Group ASA* 4.4% Fosnav\u00e5g 13 163Other non-current financial investments** 3 000Carrying amount as of 31/12/22 16 163Except for the HAV Group investment, which is a listed company, the rest are unquoted equity shares and are classified as level 3 investments.*The investment in HAV Group ASA is based on marketvalue (1.5 million shares). The investment in HAV is a reduction from 33.3% in 2021 to 4.4%, mainly by distribution of dividend-shares(10 million shares) and sale of shares. The investment is reclassified from \"Investment in associates\". The investment in Fafnir Offshore hf (7,61%) has been sold for 3.3 MNOK i 2021.**The investment of 3 MNOK is related to 3 appartements outside the shipyard in Leirvik (HLE).2021(NOK 1,000)Company Ownership share/Business Office Carrying voting shareamountVest North Group AS 19,30 % Bergen 1 610Other non-current financial investments 3 000Carrying amount as of 31/12/21 4 610All investments are unquoted equity shares and are classified as level 3 investments.Changes in carrying amount from 31/12/21 to 31/12/22:(NOK 1,000) 2022 2021Level 1 investments 01/01 0 0Investment 0 0Reclassified* 13 163 0Impairment 0 0Sale of investment 0 0Adjustment 0 0Level 1 investments 31/12 13 163 0(NOK 1,000) 2022 2021Level 3 investments 01/01 4 610 17 914Investment 0 0Impairment 0 10 053Sale of investment 0 3 250Adjustment 0 0Level 3 investments 31/12 4 610 4 610*Due to reduction in ownership in HAV Group ASA, the investment is reclasified from \"Investment in associates\". Market value per 31.12.2022.Valuation (Vest North Group AS) is based on value adjusted equity in the ship owning companies. External valuations are used to estimate value of ships. These are subject to general factors in the world economy and speicifically in the shipping industry.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__78": {
"value": "9. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTS2022Eqva ASA has the following owner-Ownership Business office Segment Currency Share Total ship in subsidiaries as of 31/12/2022share/capital equity voting share(1,000)(NOK 1,000)Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 6 820Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 -1 822Havyard Leirvik Holding AS 100 % Fosnav\u00e5g Other NOK 2 539 2 459Havyard Leirvik AS 100 % Leirvik i Sogn Maritime Services NOK 2 509 30 230Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 3 727Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 10 512BKS Industri AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 72 29 059BKS Power & Automation AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 203HG Group AS 100 % Valen i Kvinnherad Other NOK 684 176 702Handeland Industri AS 100 % Valen i Kvinnherad Other NOK 375 12 931BKS Holding AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 5 211Fossberg Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 1 002 24 490Fossberg Kraft Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -18 993Havyard Eiendom Holding AS 100 % Sunde i Kvinnherrad Maritime Services NOK 50 50BKS Eiendom AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 150 3 004Havyard Leirvik Eiendom AS 100 % Leirvik i Sogn Maritime Services NOK 1 311 9 326Zenit Eiendom AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 30Zenit Engineering AS 82 % Sunde i Kvinnherrad Products, solutions & renewables NOK 300 5 175Kv\u00e6vebekken 2 AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 80 -242Skjeggfoss Kraftverk AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -120BKS VVS AS 67 % Straume i \u00d8ygarden Products, solutions & renewables NOK 100 3 871Marine Support AS 70 % Storeb\u00f8 i Austevoll Products, solutions & renewables NOK 300 10 069In June 2022 Havyard Group ASA, later changed name to Eqva ASA, aquried Fossberg Kraft and BKS. The settlement of 285 MNOK was based on a combination of share issues, sellers credit and cash repayment. See note 13 for information regarding the share issue. See also note 10.The parent company changed name from Havyard Group ASA to Eqva ASA in November 2022.Havyard Eiendom Holding AS was established during the autum 2022. The company is the parent company of BKS Eiendom AS, Zenit Eiendom AS og Havyard Leirvik Eiend om AS (all companies owned 100%). The establishment of the internal property group was based on demerger/sales transactions from respectively Havyard Leirvik AS (HLE), Zenit Engeneering AS og BKS Holding AS. After the transactions HLE, Zenit and BKS carry out only operational core activities.The ownership in HAV Group ASA was reduced from 33.3% to 4.7% in June 2022 by distributing dividend shares (10,000,000 shares) to the owners of Havyard Group AS (now Eqva ASA). The distribution is recognized at fair value in accordance with IFRIC 17. Eqva has 1.5 million shares left in HAV group ASA after dividend and ownership is 4.4 %.Eqva had a 50% ownership in HPR Spzoo. The company suffered from missing orders and declining liquidities during the autum 2022. In December 2022 the company was filed for bankruptcy, the fileing included both the Norwegian branch and the Polish registerd company. Eqvas accounted losse where limited.Investments in associates as of 31/12/2022 Ownership share/ Business office Currency Share of result Voting share(1,000)Havila Charisma IS 50 % Fosnav\u00e5g NOK -6 305EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2022 29 792Share of profit/(loss) -6 305Investments 0Additions through aquistiion 2 007Other adjustments 50Carrying value of investment 31/12/2022 25 544Aggregate financial information of associates according to owner share Operating revenue 50 061Profit/(loss) -12 610Total Comprehensive Income -12 610Total assets 162 860Equity 45 060Liabilities 117 800The accounting for associates has been according to the equity method.2021Havyard Group ASA has the following Ownership Business office Segment Currency Share capital ownership in subsidiaries as of 31/12/2021share/(1,000) voting shareHavyard Ship Technology AS 100 % Leirvik Shipbuilding Technology NOK 60 102Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000Havyard Leirvik Holding AS* 100 % Fosnav\u00e5g Shipbuilding Technology NOK 2 539Havyard Leirvik AS* 100 % Leirvik Shipbuilding Technology NOK 2 509Havyard Production sp.z.o.o** 100 % Gdansk Shipbuilding Technology PLN 500Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g OtherNOK 143In connection with the establishment of HAV Group ASA in Q1 2021 - Norwegian Greetech AS, Norwegian Electric Systems AS, HAV Design AS, HAV Hydrogen AS and their foreign subsidiaries were transferred from Havyard Group ASA to HAV Group ASA. The investment in HAV Group ASA is listed under Associates below.Norwegian Production SP Z. o.o har been liquidated in 2021. *New HST Holding AS and New Havyard Ship Technology AS, changed names to Havyard Leirvik Holding AS and Havyard Leirvik AS in 2021.** Regarding Havyard Production sp.z.o.o. see note 28 for subsequent events after balance sheet date.Investments in associates as of 31/12/2021 Ownership share/ Business office Currency Share of result (1,000)Voting shareHavila Charisma IS 50 % Fosnav\u00e5g NOK -1 128HAV Group ASA 33 % Fosnav\u00e5g NOK Not relevant before 2022Investment in associates (NOK 1,000) (NOK 1,000)- balance sheet amountHavila Charisma IS HAV Group ASAValue of investment 1/1/2021 30 920 0Share of profit/(loss) -1 128 0Investments 0 164 393Carrying value of investment 31/12/2021 29 792 164 393Aggregate financial information of associates Havila Charisma IS HAV Group ASAaccording to owner share Operating revenue 49 419 922 387Profit/(loss) -2 255 97 016Total Comprehensive Income -2 255 97 016*Total assets 165 771 0Equity 57 984 0Liabilities 107 786 0The accounting for associates has been according to the equity method.* The balance numbers for HAV Group will be obtained in connection with the annual accounts 2022.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__77": {
"value": "9. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTS2022Eqva ASA has the following owner-Ownership Business office Segment Currency Share Total ship in subsidiaries as of 31/12/2022share/capital equity voting share(1,000)(NOK 1,000)Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 6 820Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 -1 822Havyard Leirvik Holding AS 100 % Fosnav\u00e5g Other NOK 2 539 2 459Havyard Leirvik AS 100 % Leirvik i Sogn Maritime Services NOK 2 509 30 230Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 3 727Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 10 512BKS Industri AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 72 29 059BKS Power & Automation AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 203HG Group AS 100 % Valen i Kvinnherad Other NOK 684 176 702Handeland Industri AS 100 % Valen i Kvinnherad Other NOK 375 12 931BKS Holding AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 5 211Fossberg Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 1 002 24 490Fossberg Kraft Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -18 993Havyard Eiendom Holding AS 100 % Sunde i Kvinnherrad Maritime Services NOK 50 50BKS Eiendom AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 150 3 004Havyard Leirvik Eiendom AS 100 % Leirvik i Sogn Maritime Services NOK 1 311 9 326Zenit Eiendom AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 30Zenit Engineering AS 82 % Sunde i Kvinnherrad Products, solutions & renewables NOK 300 5 175Kv\u00e6vebekken 2 AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 80 -242Skjeggfoss Kraftverk AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -120BKS VVS AS 67 % Straume i \u00d8ygarden Products, solutions & renewables NOK 100 3 871Marine Support AS 70 % Storeb\u00f8 i Austevoll Products, solutions & renewables NOK 300 10 069In June 2022 Havyard Group ASA, later changed name to Eqva ASA, aquried Fossberg Kraft and BKS. The settlement of 285 MNOK was based on a combination of share issues, sellers credit and cash repayment. See note 13 for information regarding the share issue. See also note 10.The parent company changed name from Havyard Group ASA to Eqva ASA in November 2022.Havyard Eiendom Holding AS was established during the autum 2022. The company is the parent company of BKS Eiendom AS, Zenit Eiendom AS og Havyard Leirvik Eiend om AS (all companies owned 100%). The establishment of the internal property group was based on demerger/sales transactions from respectively Havyard Leirvik AS (HLE), Zenit Engeneering AS og BKS Holding AS. After the transactions HLE, Zenit and BKS carry out only operational core activities.The ownership in HAV Group ASA was reduced from 33.3% to 4.7% in June 2022 by distributing dividend shares (10,000,000 shares) to the owners of Havyard Group AS (now Eqva ASA). The distribution is recognized at fair value in accordance with IFRIC 17. Eqva has 1.5 million shares left in HAV group ASA after dividend and ownership is 4.4 %.Eqva had a 50% ownership in HPR Spzoo. The company suffered from missing orders and declining liquidities during the autum 2022. In December 2022 the company was filed for bankruptcy, the fileing included both the Norwegian branch and the Polish registerd company. Eqvas accounted losse where limited.Investments in associates as of 31/12/2022 Ownership share/ Business office Currency Share of result Voting share(1,000)Havila Charisma IS 50 % Fosnav\u00e5g NOK -6 305EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2022 29 792Share of profit/(loss) -6 305Investments 0Additions through aquistiion 2 007Other adjustments 50Carrying value of investment 31/12/2022 25 544Aggregate financial information of associates according to owner share Operating revenue 50 061Profit/(loss) -12 610Total Comprehensive Income -12 610Total assets 162 860Equity 45 060Liabilities 117 800The accounting for associates has been according to the equity method.2021Havyard Group ASA has the following Ownership Business office Segment Currency Share capital ownership in subsidiaries as of 31/12/2021share/(1,000) voting shareHavyard Ship Technology AS 100 % Leirvik Shipbuilding Technology NOK 60 102Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000Havyard Leirvik Holding AS* 100 % Fosnav\u00e5g Shipbuilding Technology NOK 2 539Havyard Leirvik AS* 100 % Leirvik Shipbuilding Technology NOK 2 509Havyard Production sp.z.o.o** 100 % Gdansk Shipbuilding Technology PLN 500Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g OtherNOK 143In connection with the establishment of HAV Group ASA in Q1 2021 - Norwegian Greetech AS, Norwegian Electric Systems AS, HAV Design AS, HAV Hydrogen AS and their foreign subsidiaries were transferred from Havyard Group ASA to HAV Group ASA. The investment in HAV Group ASA is listed under Associates below.Norwegian Production SP Z. o.o har been liquidated in 2021. *New HST Holding AS and New Havyard Ship Technology AS, changed names to Havyard Leirvik Holding AS and Havyard Leirvik AS in 2021.** Regarding Havyard Production sp.z.o.o. see note 28 for subsequent events after balance sheet date.Investments in associates as of 31/12/2021 Ownership share/ Business office Currency Share of result (1,000)Voting shareHavila Charisma IS 50 % Fosnav\u00e5g NOK -1 128HAV Group ASA 33 % Fosnav\u00e5g NOK Not relevant before 2022Investment in associates (NOK 1,000) (NOK 1,000)- balance sheet amountHavila Charisma IS HAV Group ASAValue of investment 1/1/2021 30 920 0Share of profit/(loss) -1 128 0Investments 0 164 393Carrying value of investment 31/12/2021 29 792 164 393Aggregate financial information of associates Havila Charisma IS HAV Group ASAaccording to owner share Operating revenue 49 419 922 387Profit/(loss) -2 255 97 016Total Comprehensive Income -2 255 97 016*Total assets 165 771 0Equity 57 984 0Liabilities 107 786 0The accounting for associates has been according to the equity method.* The balance numbers for HAV Group will be obtained in connection with the annual accounts 2022.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__82": {
"value": "10. BUSINESS COMBINATIONS AND OTHER CHANGES IN THE GROUPAquisition of BKS company structure and Fossberg Kraft On 29 June 2022, Havyard Group ASA (now Eqva ASA) acquired 100% of the shares and voting rights in HG Group AS and BKS Holding AS including subsidiaries. The main business in the aquisition targets is re-lated to delivery of technical services to industrial clients (BKS) and development of small hydropower plants (Fossberg Kraft). A Purchase prize allocation (PPA) has been prepared in accordance with IFRS 3 where identifiable assets and liabilities are assessed at fair value at the time of takeover. The difference between the group's acquisition cost and the fair value of net assets is allocated to goodwill.The companies were aquired for 215 MNOK, where 175 MNOK was settled in shares in Eqva (issue of 47 206 166 new shares), 15 MNOK was was settled in cash and 25 MNOK as seller credit. The number of sharer increased from 24 781 150 to 71 987 316.The companies were aquired as a part of Eqva`s strategy to develop to-wards an integrated supplier of products and services to both maritime sector and land-based industries.Goodwill is related to the aquired companies documented ability to deliver growth combined with positive financial results.PPA allocation (amounts in mNOK) Equity targets at time of aquisition -76,4PPA-adjustments 291,4Transaction value 215,0The assets and liabilities recognised as a result of the aquisition are as follows : Fair value (mNOK)Cash 8,6Trade receivables 101,5Inventories 6,2Other short-term receivables 13,0Land and buildings 102,6Plant and equipment 25,3Investments 11,4Deferred tax asset 0,9Intangible assets - trademarks 0,0Intangible assets - customer contracts 32,0Deferred tax liabilities -17,3Trade payables -54,1Bank debt -177,6Other long-term liabilities -3,0Other short term liabilities -81,1Net identifiable assets acquired -31,6Minority interests -1,6Goodwill 248,3Net assets acquired 215,0Pro-forma accounts 2022 Aquisition targetsEqva ASA 2022* Pro-forma st1 half 2022accunts 2022**Operating income 191,0 4 5 9, 0 650,0Materials and consumables 49, 5 228,8 278,2Payroll expenses 105,4 172,4 2 7 7, 8Other operating expenses 28,9 67,2 96,1EBITDA 7, 2 -9,3 -2,1*consolidated group accounts**as if the transaction was done 01 January 2022 i.e. including full-year effect of aquired companiesChange in ownership in HAV Group ASAThe ownership in HAV Group ASA was reduced from 33,3 % per 1 January 2022 to 4,4% per 31 December 2022. This due to distribution of dividend shares (10 000 000 shares) in June 2022, and sale of shares to the market (110 105 shares) during the Autumn 2022. Per 31 December 2022, Eqva has 1 548 542 shares remaining in HAV Group ASA.In the 2022 accounts, Eqva booked a profit (share of profit associates) at 7,1MNOK from the owhershipt position in HAV Group ASA. The dividend of 10 000 000 shares in June 2022 led to a loss of 6,1 MNOK booked as financial expenses.",
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"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__81": {
"value": "10. BUSINESS COMBINATIONS AND OTHER CHANGES IN THE GROUPAquisition of BKS company structure and Fossberg Kraft On 29 June 2022, Havyard Group ASA (now Eqva ASA) acquired 100% of the shares and voting rights in HG Group AS and BKS Holding AS including subsidiaries. The main business in the aquisition targets is re-lated to delivery of technical services to industrial clients (BKS) and development of small hydropower plants (Fossberg Kraft). A Purchase prize allocation (PPA) has been prepared in accordance with IFRS 3 where identifiable assets and liabilities are assessed at fair value at the time of takeover. The difference between the group's acquisition cost and the fair value of net assets is allocated to goodwill.The companies were aquired for 215 MNOK, where 175 MNOK was settled in shares in Eqva (issue of 47 206 166 new shares), 15 MNOK was was settled in cash and 25 MNOK as seller credit. The number of sharer increased from 24 781 150 to 71 987 316.The companies were aquired as a part of Eqva`s strategy to develop to-wards an integrated supplier of products and services to both maritime sector and land-based industries.Goodwill is related to the aquired companies documented ability to deliver growth combined with positive financial results.PPA allocation (amounts in mNOK) Equity targets at time of aquisition -76,4PPA-adjustments 291,4Transaction value 215,0The assets and liabilities recognised as a result of the aquisition are as follows : Fair value (mNOK)Cash 8,6Trade receivables 101,5Inventories 6,2Other short-term receivables 13,0Land and buildings 102,6Plant and equipment 25,3Investments 11,4Deferred tax asset 0,9Intangible assets - trademarks 0,0Intangible assets - customer contracts 32,0Deferred tax liabilities -17,3Trade payables -54,1Bank debt -177,6Other long-term liabilities -3,0Other short term liabilities -81,1Net identifiable assets acquired -31,6Minority interests -1,6Goodwill 248,3Net assets acquired 215,0Pro-forma accounts 2022 Aquisition targetsEqva ASA 2022* Pro-forma st1 half 2022accunts 2022**Operating income 191,0 4 5 9, 0 650,0Materials and consumables 49, 5 228,8 278,2Payroll expenses 105,4 172,4 2 7 7, 8Other operating expenses 28,9 67,2 96,1EBITDA 7, 2 -9,3 -2,1*consolidated group accounts**as if the transaction was done 01 January 2022 i.e. including full-year effect of aquired companiesChange in ownership in HAV Group ASAThe ownership in HAV Group ASA was reduced from 33,3 % per 1 January 2022 to 4,4% per 31 December 2022. This due to distribution of dividend shares (10 000 000 shares) in June 2022, and sale of shares to the market (110 105 shares) during the Autumn 2022. Per 31 December 2022, Eqva has 1 548 542 shares remaining in HAV Group ASA.In the 2022 accounts, Eqva booked a profit (share of profit associates) at 7,1MNOK from the owhershipt position in HAV Group ASA. The dividend of 10 000 000 shares in June 2022 led to a loss of 6,1 MNOK booked as financial expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__80": {
"value": "10. BUSINESS COMBINATIONS AND OTHER CHANGES IN THE GROUPAquisition of BKS company structure and Fossberg Kraft On 29 June 2022, Havyard Group ASA (now Eqva ASA) acquired 100% of the shares and voting rights in HG Group AS and BKS Holding AS including subsidiaries. The main business in the aquisition targets is re-lated to delivery of technical services to industrial clients (BKS) and development of small hydropower plants (Fossberg Kraft). A Purchase prize allocation (PPA) has been prepared in accordance with IFRS 3 where identifiable assets and liabilities are assessed at fair value at the time of takeover. The difference between the group's acquisition cost and the fair value of net assets is allocated to goodwill.The companies were aquired for 215 MNOK, where 175 MNOK was settled in shares in Eqva (issue of 47 206 166 new shares), 15 MNOK was was settled in cash and 25 MNOK as seller credit. The number of sharer increased from 24 781 150 to 71 987 316.The companies were aquired as a part of Eqva`s strategy to develop to-wards an integrated supplier of products and services to both maritime sector and land-based industries.Goodwill is related to the aquired companies documented ability to deliver growth combined with positive financial results.PPA allocation (amounts in mNOK) Equity targets at time of aquisition -76,4PPA-adjustments 291,4Transaction value 215,0The assets and liabilities recognised as a result of the aquisition are as follows : Fair value (mNOK)Cash 8,6Trade receivables 101,5Inventories 6,2Other short-term receivables 13,0Land and buildings 102,6Plant and equipment 25,3Investments 11,4Deferred tax asset 0,9Intangible assets - trademarks 0,0Intangible assets - customer contracts 32,0Deferred tax liabilities -17,3Trade payables -54,1Bank debt -177,6Other long-term liabilities -3,0Other short term liabilities -81,1Net identifiable assets acquired -31,6Minority interests -1,6Goodwill 248,3Net assets acquired 215,0Pro-forma accounts 2022 Aquisition targetsEqva ASA 2022* Pro-forma st1 half 2022accunts 2022**Operating income 191,0 4 5 9, 0 650,0Materials and consumables 49, 5 228,8 278,2Payroll expenses 105,4 172,4 2 7 7, 8Other operating expenses 28,9 67,2 96,1EBITDA 7, 2 -9,3 -2,1*consolidated group accounts**as if the transaction was done 01 January 2022 i.e. including full-year effect of aquired companiesChange in ownership in HAV Group ASAThe ownership in HAV Group ASA was reduced from 33,3 % per 1 January 2022 to 4,4% per 31 December 2022. This due to distribution of dividend shares (10 000 000 shares) in June 2022, and sale of shares to the market (110 105 shares) during the Autumn 2022. Per 31 December 2022, Eqva has 1 548 542 shares remaining in HAV Group ASA.In the 2022 accounts, Eqva booked a profit (share of profit associates) at 7,1MNOK from the owhershipt position in HAV Group ASA. The dividend of 10 000 000 shares in June 2022 led to a loss of 6,1 MNOK booked as financial expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__84": {
"value": "11. INTANGIBLE ASSETS 2022(NOK 1,000)Licenses, patents and R&D Customer contracts Goodwill TotalAcquisition cost as of 1/1 0 0 0 0Additions during the year 1 425 32 000 248 260 281 685Disposals during the year 0 0 0Acquisition cost as of 31/12 1 425 32 000 248 260 281 685Accumulated impairment as of 1/1 0 0 0 0Impairment for the year 150 1 067 0 1 217Disposals during the year 0 0 0Accumulated impairment as of 31/12 150 1 067 0 1 217Accumulated impairment as of 1/1 0 0 0 0Impairment for the year 0 0 0 0Disposals during the year 0 0 0 0Accumulated impairment as of 31/12 0 0 0 0Book value as of 31/12 1 275 30 933 248 260 280 468Depreciation rate 5-7 years 15 years* Impairment testing Depreciation plan Linear *Depreciation rate for customer relationships is set based on the aquired companies` history of long-term relationships with key customers.2021(NOK 1,000)Licenses, patents and R&D Customer contracts Goodwill TotalAcquisition cost as of 1/1 189 330 0 94 694 284 024Additions during the year 11 062 0 0 11 062Disposals during the year 200 392 0 94 694 295 086Acquisition cost as of 31/12 0 0 0 0Accumulated impairment as of 1/1 100 178 0 0 100 178Impairment for the year 16 007 0 0 16 007Disposals during the year 116 185 0 0 116 185Accumulated impairment as of 31/12 0 0 0 0Accumulated impairment as of 1/1 0 0 46 263 46 263Disposals during the year 0 0 46 263 46 263Book value as of 31/12 0 0 0 0Depreciation rate 5-7 years Impairment testing Depreciation plan Linear",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__83": {
"value": "11. INTANGIBLE ASSETS 2022(NOK 1,000)Licenses, patents and R&D Customer contracts Goodwill TotalAcquisition cost as of 1/1 0 0 0 0Additions during the year 1 425 32 000 248 260 281 685Disposals during the year 0 0 0Acquisition cost as of 31/12 1 425 32 000 248 260 281 685Accumulated impairment as of 1/1 0 0 0 0Impairment for the year 150 1 067 0 1 217Disposals during the year 0 0 0Accumulated impairment as of 31/12 150 1 067 0 1 217Accumulated impairment as of 1/1 0 0 0 0Impairment for the year 0 0 0 0Disposals during the year 0 0 0 0Accumulated impairment as of 31/12 0 0 0 0Book value as of 31/12 1 275 30 933 248 260 280 468Depreciation rate 5-7 years 15 years* Impairment testing Depreciation plan Linear *Depreciation rate for customer relationships is set based on the aquired companies` history of long-term relationships with key customers.2021(NOK 1,000)Licenses, patents and R&D Customer contracts Goodwill TotalAcquisition cost as of 1/1 189 330 0 94 694 284 024Additions during the year 11 062 0 0 11 062Disposals during the year 200 392 0 94 694 295 086Acquisition cost as of 31/12 0 0 0 0Accumulated impairment as of 1/1 100 178 0 0 100 178Impairment for the year 16 007 0 0 16 007Disposals during the year 116 185 0 0 116 185Accumulated impairment as of 31/12 0 0 0 0Accumulated impairment as of 1/1 0 0 46 263 46 263Disposals during the year 0 0 46 263 46 263Book value as of 31/12 0 0 0 0Depreciation rate 5-7 years Impairment testing Depreciation plan LinearAllocation of goodwill 2022Products, solutions & renewables 248 260Total goodwill 248 2602022Goodwill Goodwill is monitored as tested for impairment at the level of operating segments. The entire goodwill relates to the aquisition of BKS and Fossberg Kraft in late June 2022 Bacause of the short period from the aquisition date to the end of the reporting period, management has not performed a full impairment test. Instead, management has evaluated whether any unfavouable changes have occured, and whether the assumptions in the business plan that was the basis for the transaction is stilll valid. Management has concluded that there has not been any changes that could reasonably lead to an impairment of the recognised goodwill. 2021Goodwill Goodwill is allocated to the Group's cash generating units (CGUs) identified according to the business segment. ImpairmentThe Group has carried out an impairment-test of goodwill and intangible assets by the requirements of IAS 36.The recoverable amount of a CGU is determined based on value-in-use calculations. These calculations use cash flow projections based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using estimated growth rates . The growth rate does not exceed the long-term average growth rate for the business in which the CGU operates.Goodwill is not amortised, but an annual assessment is made to evaluate whether the value can be justified in relation to future earnings. The goodwill are assessed at each closing of accounts. An asessment is made whether the discounted cash flow relating to goodwill exceeds the value of the goodwill recognized in the accounts. If the discounted cash flow is lower than the recognized value, goodwill will be written down to the net realisable value.The Goodwill from the Norwegian Electric Systems AS aquisition in 2015, related to the HAV Group ASA segment, has been written down from 45 MNOK to 0 in 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__85": {
"value": "Allocation of goodwill 2022Products, solutions & renewables 248 260Total goodwill 248 2602022Goodwill Goodwill is monitored as tested for impairment at the level of operating segments. The entire goodwill relates to the aquisition of BKS and Fossberg Kraft in late June 2022 Bacause of the short period from the aquisition date to the end of the reporting period, management has not performed a full impairment test. Instead, management has evaluated whether any unfavouable changes have occured, and whether the assumptions in the business plan that was the basis for the transaction is stilll valid. Management has concluded that there has not been any changes that could reasonably lead to an impairment of the recognised goodwill. 2021Goodwill Goodwill is allocated to the Group's cash generating units (CGUs) identified according to the business segment. ImpairmentThe Group has carried out an impairment-test of goodwill and intangible assets by the requirements of IAS 36.The recoverable amount of a CGU is determined based on value-in-use calculations. These calculations use cash flow projections based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using estimated growth rates . The growth rate does not exceed the long-term average growth rate for the business in which the CGU operates.Goodwill is not amortised, but an annual assessment is made to evaluate whether the value can be justified in relation to future earnings. The goodwill are assessed at each closing of accounts. An asessment is made whether the discounted cash flow relating to goodwill exceeds the value of the goodwill recognized in the accounts. If the discounted cash flow is lower than the recognized value, goodwill will be written down to the net realisable value.The Goodwill from the Norwegian Electric Systems AS aquisition in 2015, related to the HAV Group ASA segment, has been written down from 45 MNOK to 0 in 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__87": {
"value": "12. PROPERTY, PLANT AND EQUIPMENT 2022(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 258 555 50 251 53 630 362 436Additions from aquisition 106 435 6 116 15 368 127 919Additions during the year 144 2 218 842 3 204Disposals during the year 6 152 4 990 861 12 002Acquisition cost as of 31/12 358 981 53 595 68 980 481 557Accumulated depreciation as of 1/1 248 608 45 758 51 953 346 320Depreciation for the year 2 210 3 220 877 6 307Accumulated depreciation as of 31/12 250 818 48 978 52 831 352 627Book value as of 31/12 108 164 4 617 16 149 128 927Useful life 10-40 years3-10 years 3-10 years 2021(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 296 433 63 121 74 53 1 434 084Additions during the year 8 970 2 822 11 792Disposals during the year 46 848 12 870 23 723 83 441Acquisition cost as of 31/12 258 555 50 251 53 630 362 436Accumulated depreciation as of 1/1 275 968 43 741 65 539 385 247Depreciation for the year 2 089 2 021 2 387 6 497Disposals during the year 29 448 4 15 972 45 424Accumulated depreciation as of 31/12 248 608 45 758 51 953 346 320Book value as of 31/12 9 946 4 493 1 677 16 116Useful life 10-40 years3-10 years 3-10 years Disposals during the year in note 12 with discontinuing operations 2021.Other operating equipment mainly relates to office equipment.DepreciationThe Group has identified three classes of property, plant and equipment; land and buildings, machinery and operating equipment and are depreciated by the linear method over expected useful life.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__86": {
"value": "12. PROPERTY, PLANT AND EQUIPMENT 2022(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 258 555 50 251 53 630 362 436Additions from aquisition 106 435 6 116 15 368 127 919Additions during the year 144 2 218 842 3 204Disposals during the year 6 152 4 990 861 12 002Acquisition cost as of 31/12 358 981 53 595 68 980 481 557Accumulated depreciation as of 1/1 248 608 45 758 51 953 346 320Depreciation for the year 2 210 3 220 877 6 307Accumulated depreciation as of 31/12 250 818 48 978 52 831 352 627Book value as of 31/12 108 164 4 617 16 149 128 927Useful life 10-40 years3-10 years 3-10 years 2021(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 296 433 63 121 74 53 1 434 084Additions during the year 8 970 2 822 11 792Disposals during the year 46 848 12 870 23 723 83 441Acquisition cost as of 31/12 258 555 50 251 53 630 362 436Accumulated depreciation as of 1/1 275 968 43 741 65 539 385 247Depreciation for the year 2 089 2 021 2 387 6 497Disposals during the year 29 448 4 15 972 45 424Accumulated depreciation as of 31/12 248 608 45 758 51 953 346 320Book value as of 31/12 9 946 4 493 1 677 16 116Useful life 10-40 years3-10 years 3-10 years Disposals during the year in note 12 with discontinuing operations 2021.Other operating equipment mainly relates to office equipment.DepreciationThe Group has identified three classes of property, plant and equipment; land and buildings, machinery and operating equipment and are depreciated by the linear method over expected useful life.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__89": {
"value": "DepreciationThe Group has identified three classes of property, plant and equipment; land and buildings, machinery and operating equipment and are depreciated by the linear method over expected useful life.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__91": {
"value": "13. LEASESAmounts recognised in the balance sheet.The balance sheet shows the following amounts relating to leases:(NOK 1,000) 2022 2021Right of use assetsProperty 1 021 41Equipment 7 827 291Cars 2 086 0Sum 10 933 332Additions, right-of-use assets in the period 12 937 0Disposals of right-of-use assets in the period 0 38 442Disposals non-discounted liabilities in the period 0 0Amounts recognised in the statement of profit or loss.The statement of profit or loss shows the following amounts relating to leases: 2022 2021Depreciation charge of right-of-use assetsProperties 310 148Equipment 866 100Cars 1 160 111Total 2 335 359Interest expense 229 389Expenses relating to short-term leases 7 033 1 109Expenses relating to leases of low-value 0 73The total cash outflow for leases in 2022 was MNOK 8,884 (2021: MNOK 10,592) which includes short/insignificant lease arrangements.2022 2021Right of use assets - development 2022Right of use assets - 01.01 332 38 775Additions during the year 12 937 358Depreciation 2 335 359Disposals during the year 0 38 442Right of use assets - 31.12 10 933 332",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__90": {
"value": "13. LEASESAmounts recognised in the balance sheet.The balance sheet shows the following amounts relating to leases:(NOK 1,000) 2022 2021Right of use assetsProperty 1 021 41Equipment 7 827 291Cars 2 086 0Sum 10 933 332Additions, right-of-use assets in the period 12 937 0Disposals of right-of-use assets in the period 0 38 442Disposals non-discounted liabilities in the period 0 0Amounts recognised in the statement of profit or loss.The statement of profit or loss shows the following amounts relating to leases: 2022 2021Depreciation charge of right-of-use assetsProperties 310 148Equipment 866 100Cars 1 160 111Total 2 335 359Interest expense 229 389Expenses relating to short-term leases 7 033 1 109Expenses relating to leases of low-value 0 73The total cash outflow for leases in 2022 was MNOK 8,884 (2021: MNOK 10,592) which includes short/insignificant lease arrangements.2022 2021Right of use assets - development 2022Right of use assets - 01.01 332 38 775Additions during the year 12 937 358Depreciation 2 335 359Disposals during the year 0 38 442Right of use assets - 31.12 10 933 332",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__93": {
"value": "14. REVENUE FROM CONTRACTS WITH CUSTOMERS (NOK 1,000)NOTE 14.12022Disaggregation of revenue Maritime services Products, solutions & Other / Elimination EqvarenewablesService and maintenence 235 218 200 236 4 164 439 617Construction of power plants 0 16 813 0 16 813Total revenue from contract with customers 235 218 217 049 4 164 456 431 See note 4 2021Disaggregation of revenue Shipbuilding Technology Other / Elimination Havyard GroupSale and repairment of vessels 862 425 23 871 886 296Repair and maintenence services 16 597 0 16 597Total revenue from contract with customers 879 022 23 871 902 893 See note 4 NOTE 14.2Contract assets 2022 2021Opening balance 0 829 438Payments received on assets from previous balance sheet date 0 829 438Assets from contracts entered into current year 51 537 0Closing balance 51 537 0Contract liabilities 2022 2021Opening balance -35 558 -100 436Revenues booked on liabilities from previous balance sheet date 35 558 100 436Liabilities from contracts entered into current year 861 35 558Closing balance -861 -35 558Changes in the delivery time of the projects can have a significant impact on the measurement of contract assets and contractual liabilities.The amount accounted as contractual liabilities on Opening balance (IB) is recognized over the remaining of the contract period.The revenue profile can vary significantly from one year to another by changes in the number of projects under construction and the average degree of completion of the projects.NOTE 14.3Transaction price allocated to fully or partly unsatisfied performance obligations2022 2021Transaction price allocated to remaining performance 41 573 139 719Expected delivery of remaining performance obligationsWithin one year 41 573 139 719Between one and two years 0 0NOTE 14.4No revenue was recorded in 2022 on previously completed contracts",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__92": {
"value": "14. REVENUE FROM CONTRACTS WITH CUSTOMERS (NOK 1,000)NOTE 14.12022Disaggregation of revenue Maritime services Products, solutions & Other / Elimination EqvarenewablesService and maintenence 235 218 200 236 4 164 439 617Construction of power plants 0 16 813 0 16 813Total revenue from contract with customers 235 218 217 049 4 164 456 431 See note 4 2021Disaggregation of revenue Shipbuilding Technology Other / Elimination Havyard GroupSale and repairment of vessels 862 425 23 871 886 296Repair and maintenence services 16 597 0 16 597Total revenue from contract with customers 879 022 23 871 902 893 See note 4 NOTE 14.2Contract assets 2022 2021Opening balance 0 829 438Payments received on assets from previous balance sheet date 0 829 438Assets from contracts entered into current year 51 537 0Closing balance 51 537 0Contract liabilities 2022 2021Opening balance -35 558 -100 436Revenues booked on liabilities from previous balance sheet date 35 558 100 436Liabilities from contracts entered into current year 861 35 558Closing balance -861 -35 558Changes in the delivery time of the projects can have a significant impact on the measurement of contract assets and contractual liabilities.The amount accounted as contractual liabilities on Opening balance (IB) is recognized over the remaining of the contract period.The revenue profile can vary significantly from one year to another by changes in the number of projects under construction and the average degree of completion of the projects.NOTE 14.3Transaction price allocated to fully or partly unsatisfied performance obligations2022 2021Transaction price allocated to remaining performance 41 573 139 719Expected delivery of remaining performance obligationsWithin one year 41 573 139 719Between one and two years 0 0NOTE 14.4No revenue was recorded in 2022 on previously completed contracts",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__94": {
"value": "15. LOSSES TO COMPLETION(NOK 1,000) 2022 2021ProvisionsProvisions from previous period 0 11 155Reduced deposit 0 -11 155New provisions 0 0Total 0 0The provision is presented as part of other current liabilities in the balance sheet. The the profit and loss statement the expense is allocated between the line items materials and consumables, payroll expenses and other operating expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__96": {
"value": "16. FINANCIAL RISK MANAGEMENTBelow the financial instruments of the Group are presented according to category: 2022Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 16 163 0 16 143Loans to associates 0 4 840 4 840Trade and other current receivables 0 116 507 116 507Non current receivables 0 2 648 2 648Cash and cash equivalents 0 61 117 61 117Total 16 163 185 113 201 275Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 56 147 56 147Other long-term liabilities 0 41 474 41 474Lease liabilities 0 11 243 11 243Other current liabilities 0 76 255 76 255Liabilities to financial institutions 0 175 366 175 366 Total 0 360 485 360 4852021Fair value through profit or loss Amortized cost TotalAssets as per balance sheetTrade and other current receivables 0 45 960 45 960Non current receivables 0 111 111Cash and cash equivalents 0 221 733 221 733Total 0 267 805 267 805Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 27 793 27 793Other current liabilities 0 71 073 71 073Liabilities to financial institutions 0 4 783 4 783 Total 0 103 649 103 649For shares considered at fair value, please refer to note 19.Financial instruments valued at amortized cost is considered to have market value which not differ significantly from booked value.Assessment of fair valueThe different levels have been defined as follows:Level 1: Fair value is measured by using quoted prices in active markets for identical financial instruments. No adjustments are made related to these prices.Level 2: The fair value of financial instruments that are not traded on an active market is determined using valuation meth-ods. These valuation methods maximise the use of observable data where they are available, and rely as little as possible on the Group\u2019s own estimates. Classification at level 2 requires that all significant data required to determine fair value are observable data.Level 3: Fair value is measured using significant data that are not based on observable market data.Financial RiskThe Group\u2019s activities expose it to financial risks such as, mar-ket risks, credit/counterpart risk and liquidity risk.The Board of Directors is responsible for setting the objec-tives and underlying principles of financial risk management for the Group. The Board of Directors also establishes detailed policies such as authority levels, oversight responsibilities, risk identification and measurement, exposure limits and hedging strategies (if relevant). Market RiskMarket risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project. Currency riskThe Group\u2019s revenue and costs are denominated primarily in Norwegian Krone(\u201cNOK\u201d) which is the functional currency of all entities within the Group. Currency risk arises through ordinary business when transactions occur in a currency other than the functional currency of the Group. The Group is mainly exposed to Euro (EUR) - but currency risk is considered to be limited in Eqva`s current operations. The Group has a currency hedging strategy where financial instruments (mainly forward contracts) are used to minize the currency risks. Credit/Counterparty riskCredit risk refers to the ability and willingness of counterparts to pay for services rendered and to stand by their future contractual commitments with the Group. The Group has implemented thorough procedures to limit the exposure to unreliable counterparts and the Group avoids undue concentration of credit and counterpart exposure. Prior to fixing any business with new customers or medium to longer term business with existing customers, commercial departments have to get approval from the Group\u2019s credit risk team. The credit assessments are based on information from external credit rating agencies, public information, the Group's previous experience with the counterpart and internal analysis. Country and political risk also forms a part of the assessment. The Group actively seeks to diversify its exposure to particular industries and/or jurisdictions.The age analysis of trade receivables is as follows:NOK (1,000) 2022 2021Not past due 75 259 1 728Past due < 3 months 9 723 630Past due 3 to 6 months 2 395 371Past due over 6 months 7 338 17 055Impairment -3 760 0Trade receivables 90 955 19 784Contract assets customer contracts 51 537 0Total credit/counterparty risk to customers 142 492 19 784Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.The impairment amount is calculated in each case based on best estimate of amount to be received.Liquidity riskLiquidity risk is the risk that the group will be unable to fulfil its financial obligations as they fall due. The Group monitors its liquidity risk by maintaining a level of cash and bank balances deemed adequate by management to finance the Group\u2019s operations and mitigate the effects of fluctuations in cash flows.Management monitors rolling forecasts of the Group\u2019s liquidity reserve and cash and bank balances on the basis of expected cash flow. Close follow of the cash flow development is also the basis for the continued operation considerations. Reference can be made to note 22 for details on cash, note 17 for interest bearing debt and note 13 leasing liabilities.Liquidity risk can also be caused by customers not able to establish long-term financing for projects or that the Group is unable to secure construction financing. Liabilities in balance sheet2022 Current Long TermNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 56 147 0 0 0 0 0Lease 0 0 1 765 0 10 538 0Other long-term liabilities 0 0 0 3 904 43 492 0Liabilities to financial institutions 7 523 10 260 26 977 56 261 95 858 0Total 63 670 10 260 28 742 60 165 149 888 0DerivativesForward contract foreign exchange 0 0 0 0 0 0Total 63 670 10 260 28 742 60 165 149 888 02021 Current Long TermNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 42 088 0 5 831 0 0 0Lease 0 0 132 0 225 0Liabilities to financial institutions 0 0 435 0 4 348 0Total42 088 0 6 398 0 4 573 0DerivativesForward contract foreign exchange0 0 0 0 0 0Total42 088 0 6 398 0 4 573 0Capital ManagementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Group may return capital to shareholders or obtain borrowings.The group`s main target for managing capital is return on equity (ROE).Interest rate riskThe Group are exposed to changes in interest rates, as the liabilities have floating rates. The Group have not entered into interest rate hedging instrument. Reference is made to Note 17 for more information regarding interest bearing debt.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__95": {
"value": "16. FINANCIAL RISK MANAGEMENTBelow the financial instruments of the Group are presented according to category: 2022Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 16 163 0 16 143Loans to associates 0 4 840 4 840Trade and other current receivables 0 116 507 116 507Non current receivables 0 2 648 2 648Cash and cash equivalents 0 61 117 61 117Total 16 163 185 113 201 275Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 56 147 56 147Other long-term liabilities 0 41 474 41 474Lease liabilities 0 11 243 11 243Other current liabilities 0 76 255 76 255Liabilities to financial institutions 0 175 366 175 366 Total 0 360 485 360 4852021Fair value through profit or loss Amortized cost TotalAssets as per balance sheetTrade and other current receivables 0 45 960 45 960Non current receivables 0 111 111Cash and cash equivalents 0 221 733 221 733Total 0 267 805 267 805Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 27 793 27 793Other current liabilities 0 71 073 71 073Liabilities to financial institutions 0 4 783 4 783 Total 0 103 649 103 649For shares considered at fair value, please refer to note 19.Financial instruments valued at amortized cost is considered to have market value which not differ significantly from booked value.Assessment of fair valueThe different levels have been defined as follows:Level 1: Fair value is measured by using quoted prices in active markets for identical financial instruments. No adjustments are made related to these prices.Level 2: The fair value of financial instruments that are not traded on an active market is determined using valuation meth-ods. These valuation methods maximise the use of observable data where they are available, and rely as little as possible on the Group\u2019s own estimates. Classification at level 2 requires that all significant data required to determine fair value are observable data.Level 3: Fair value is measured using significant data that are not based on observable market data.Financial RiskThe Group\u2019s activities expose it to financial risks such as, mar-ket risks, credit/counterpart risk and liquidity risk.The Board of Directors is responsible for setting the objec-tives and underlying principles of financial risk management for the Group. The Board of Directors also establishes detailed policies such as authority levels, oversight responsibilities, risk identification and measurement, exposure limits and hedging strategies (if relevant). Market RiskMarket risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project. Currency riskThe Group\u2019s revenue and costs are denominated primarily in Norwegian Krone(\u201cNOK\u201d) which is the functional currency of all entities within the Group. Currency risk arises through ordinary business when transactions occur in a currency other than the functional currency of the Group. The Group is mainly exposed to Euro (EUR) - but currency risk is considered to be limited in Eqva`s current operations. The Group has a currency hedging strategy where financial instruments (mainly forward contracts) are used to minize the currency risks. Credit/Counterparty riskCredit risk refers to the ability and willingness of counterparts to pay for services rendered and to stand by their future contractual commitments with the Group. The Group has implemented thorough procedures to limit the exposure to unreliable counterparts and the Group avoids undue concentration of credit and counterpart exposure. Prior to fixing any business with new customers or medium to longer term business with existing customers, commercial departments have to get approval from the Group\u2019s credit risk team. The credit assessments are based on information from external credit rating agencies, public information, the Group's previous experience with the counterpart and internal analysis. Country and political risk also forms a part of the assessment. The Group actively seeks to diversify its exposure to particular industries and/or jurisdictions.The age analysis of trade receivables is as follows:NOK (1,000) 2022 2021Not past due 75 259 1 728Past due < 3 months 9 723 630Past due 3 to 6 months 2 395 371Past due over 6 months 7 338 17 055Impairment -3 760 0Trade receivables 90 955 19 784Contract assets customer contracts 51 537 0Total credit/counterparty risk to customers 142 492 19 784Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.The impairment amount is calculated in each case based on best estimate of amount to be received.Liquidity riskLiquidity risk is the risk that the group will be unable to fulfil its financial obligations as they fall due. The Group monitors its liquidity risk by maintaining a level of cash and bank balances deemed adequate by management to finance the Group\u2019s operations and mitigate the effects of fluctuations in cash flows.Management monitors rolling forecasts of the Group\u2019s liquidity reserve and cash and bank balances on the basis of expected cash flow. Close follow of the cash flow development is also the basis for the continued operation considerations. Reference can be made to note 22 for details on cash, note 17 for interest bearing debt and note 13 leasing liabilities.Liquidity risk can also be caused by customers not able to establish long-term financing for projects or that the Group is unable to secure construction financing. Liabilities in balance sheet2022 Current Long TermNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 56 147 0 0 0 0 0Lease 0 0 1 765 0 10 538 0Other long-term liabilities 0 0 0 3 904 43 492 0Liabilities to financial institutions 7 523 10 260 26 977 56 261 95 858 0Total 63 670 10 260 28 742 60 165 149 888 0DerivativesForward contract foreign exchange 0 0 0 0 0 0Total 63 670 10 260 28 742 60 165 149 888 02021 Current Long TermNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 42 088 0 5 831 0 0 0Lease 0 0 132 0 225 0Liabilities to financial institutions 0 0 435 0 4 348 0Total42 088 0 6 398 0 4 573 0DerivativesForward contract foreign exchange0 0 0 0 0 0Total42 088 0 6 398 0 4 573 0Capital ManagementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Group may return capital to shareholders or obtain borrowings.The group`s main target for managing capital is return on equity (ROE).Interest rate riskThe Group are exposed to changes in interest rates, as the liabilities have floating rates. The Group have not entered into interest rate hedging instrument. Reference is made to Note 17 for more information regarding interest bearing debt.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__97": {
"value": "Market RiskMarket risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__98": {
"value": "Credit/Counterparty riskCredit risk refers to the ability and willingness of counterparts to pay for services rendered and to stand by their future contractual commitments with the Group. The Group has implemented thorough procedures to limit the exposure to unreliable counterparts and the Group avoids undue concentration of credit and counterpart exposure. Prior to fixing any business with new customers or medium to longer term business with existing customers, commercial departments have to get approval from the Group\u2019s credit risk team. The credit assessments are based on information from external credit rating agencies, public information, the Group's previous experience with the counterpart and internal analysis. Country and political risk also forms a part of the assessment. The Group actively seeks to diversify its exposure to particular industries and/or jurisdictions.The age analysis of trade receivables is as follows:NOK (1,000) 2022 2021Not past due 75 259 1 728Past due < 3 months 9 723 630Past due 3 to 6 months 2 395 371Past due over 6 months 7 338 17 055Impairment -3 760 0Trade receivables 90 955 19 784Contract assets customer contracts 51 537 0Total credit/counterparty risk to customers 142 492 19 784Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.The impairment amount is calculated in each case based on best estimate of amount to be received.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__100": {
"value": "Liquidity riskLiquidity risk is the risk that the group will be unable to fulfil its financial obligations as they fall due. The Group monitors its liquidity risk by maintaining a level of cash and bank balances deemed adequate by management to finance the Group\u2019s operations and mitigate the effects of fluctuations in cash flows.Management monitors rolling forecasts of the Group\u2019s liquidity reserve and cash and bank balances on the basis of expected cash flow. Close follow of the cash flow development is also the basis for the continued operation considerations. Reference can be made to note 22 for details on cash, note 17 for interest bearing debt and note 13 leasing liabilities.Liquidity risk can also be caused by customers not able to establish long-term financing for projects or that the Group is unable to secure construction financing. Liabilities in balance sheet2022 Current Long TermNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 56 147 0 0 0 0 0Lease 0 0 1 765 0 10 538 0Other long-term liabilities 0 0 0 3 904 43 492 0Liabilities to financial institutions 7 523 10 260 26 977 56 261 95 858 0Total 63 670 10 260 28 742 60 165 149 888 0DerivativesForward contract foreign exchange 0 0 0 0 0 0Total 63 670 10 260 28 742 60 165 149 888 02021 Current Long TermNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 42 088 0 5 831 0 0 0Lease 0 0 132 0 225 0Liabilities to financial institutions 0 0 435 0 4 348 0Total42 088 0 6 398 0 4 573 0DerivativesForward contract foreign exchange0 0 0 0 0 0Total42 088 0 6 398 0 4 573 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__99": {
"value": "NOK (1,000) 2022 2021Not past due 75 259 1 728Past due < 3 months 9 723 630Past due 3 to 6 months 2 395 371Past due over 6 months 7 338 17 055Impairment -3 760 0Trade receivables 90 955 19 784Contract assets customer contracts 51 537 0Total credit/counterparty risk to customers 142 492 19 784",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__101": {
"value": "Capital ManagementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Group may return capital to shareholders or obtain borrowings.The group`s main target for managing capital is return on equity (ROE).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__103-1": {
"value": "17. INTEREST BEARING DEBT(NOK 1,000)Interest bearing long-term debt 2022 2021Lease liabilities 9 624 225Liabilities to financial institutions 152 868 4 348Other long-term liabilities 41 474 31 933Sum 203 967 36 506Interest bearing short-term debt 2022 2021Liabilities to financial institutions 22 498 435Construction loan 0 0Bond loan 0 0Lease liabilities 1 619 132Sum 24 116 567Debt secured by mortgage 2022 2021Long-term debt to financial institutions 152 868 4 348Short-term debt to financial institutions 22 498 435Sum 175 366 4 783The Liabilities to financial institutions of total 157 MNOK include Innovation Norway loan to Havyard Leirvik EIendom, DNB loan to BKS, construcion loans from Sparebank 1 SR-Bank to Fossberg Kraft and Pareto bank loan to Eqva ASA. The loan from Innovasjon Norge has a maturity of 3-11 years, the loans from DNB have a maturity on 4 years and the loan from Pareto has a maturiy of 3 years. Construction loans from Sparebank 1 SR-Bank has a maturity of 2 years. All the loans have floating interest rates.As of 31 December 2022, Eqva ASA was in compliance with all its valid debt covenants.Other long-term liabilities include among others a sellers credit from the aquisition of HG Group and BKS (25 MNOK) and a loan from Havila Holding (13 MNOK).Leasing liabilitiesFor information about group's leasing, see note 13.18. OTHER CURRENT LIABILITIESOther current liabilities consists of the following: (NOK 1,000) 2022 2021Employee-related liabilities 38 133 20 361Warranty provisions 7 879 23 395Accrud interest expense 2 323 0Other current liabilities 27 920 27 318Total other current liabilities 76 255 71 073",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__102": {
"value": "17. INTEREST BEARING DEBT(NOK 1,000)Interest bearing long-term debt 2022 2021Lease liabilities 9 624 225Liabilities to financial institutions 152 868 4 348Other long-term liabilities 41 474 31 933Sum 203 967 36 506Interest bearing short-term debt 2022 2021Liabilities to financial institutions 22 498 435Construction loan 0 0Bond loan 0 0Lease liabilities 1 619 132Sum 24 116 567Debt secured by mortgage 2022 2021Long-term debt to financial institutions 152 868 4 348Short-term debt to financial institutions 22 498 435Sum 175 366 4 783The Liabilities to financial institutions of total 157 MNOK include Innovation Norway loan to Havyard Leirvik EIendom, DNB loan to BKS, construcion loans from Sparebank 1 SR-Bank to Fossberg Kraft and Pareto bank loan to Eqva ASA. The loan from Innovasjon Norge has a maturity of 3-11 years, the loans from DNB have a maturity on 4 years and the loan from Pareto has a maturiy of 3 years. Construction loans from Sparebank 1 SR-Bank has a maturity of 2 years. All the loans have floating interest rates.As of 31 December 2022, Eqva ASA was in compliance with all its valid debt covenants.Other long-term liabilities include among others a sellers credit from the aquisition of HG Group and BKS (25 MNOK) and a loan from Havila Holding (13 MNOK).Leasing liabilitiesFor information about group's leasing, see note 13. Book value of pledged asset(NOK 1,000) 2022 2021Buildings 108 164 12 000Machinery, operating equipment 20 766 12 000Earned, not billed production 51 537 0Inventory 13 681 0Accounts receivables 90 955 0Bank deposits 47 519 0Sum book value of pledged assets 332 621 24 0002022Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Not cash End of periodaquisitionchangesLiabilities to financial institutions 4 783 510 177 573 7 500 0 175 366Sellers credit to shareholders 0 0 0 0 25 000 25 000Other long-term liabilities 31 933 0 0 15 460 0 16 474Lease liabilities 357 9 492 3 023 1 629 0 11 243Total interest-bearing debt 37 072 10 002 180 596 24 589 25 000 228 0832021Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Not cash End of periodaquisitionchangesLiabilities to financial institutions 95 602 0 0 -20 429 -70 391 4 783Bond loan- unsecured 80 000 0 0 -80 000 0 0Other long-term liabilities 16 136 0 0 0 15 797 31 933Lease liabilities 41 579 0 0 -10 203 -32 509 357Total interest-bearing debt 233 316 0 0 -110 631 -87 102 37 072As of 31 December 2021, the Group was in compliance with all its existing debt covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__104": {
"value": "Book value of pledged asset(NOK 1,000) 2022 2021Buildings 108 164 12 000Machinery, operating equipment 20 766 12 000Earned, not billed production 51 537 0Inventory 13 681 0Accounts receivables 90 955 0Bank deposits 47 519 0Sum book value of pledged assets 332 621 24 0002022Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Not cash End of periodaquisitionchangesLiabilities to financial institutions 4 783 510 177 573 7 500 0 175 366Sellers credit to shareholders 0 0 0 0 25 000 25 000Other long-term liabilities 31 933 0 0 15 460 0 16 474Lease liabilities 357 9 492 3 023 1 629 0 11 243Total interest-bearing debt 37 072 10 002 180 596 24 589 25 000 228 0832021Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Not cash End of periodaquisitionchangesLiabilities to financial institutions 95 602 0 0 -20 429 -70 391 4 783Bond loan- unsecured 80 000 0 0 -80 000 0 0Other long-term liabilities 16 136 0 0 0 15 797 31 933Lease liabilities 41 579 0 0 -10 203 -32 509 357Total interest-bearing debt 233 316 0 0 -110 631 -87 102 37 072As of 31 December 2021, the Group was in compliance with all its existing debt covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__106": {
"value": "18. OTHER CURRENT LIABILITIESOther current liabilities consists of the following: (NOK 1,000) 2022 2021Employee-related liabilities 38 133 20 361Warranty provisions 7 879 23 395Accrud interest expense 2 323 0Other current liabilities 27 920 27 318Total other current liabilities 76 255 71 073",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__108": {
"value": "20. OTHER CURRENT AND NON-CURRENT RECEIVABLES(NOK 1,000)Other non-current receivables 2022 2021Long-term investmentsPrepaid leasing obligations 2 648 111Sum other non-current receivables 2 648 111Other current receivables 2022 2021Prepayments suppliers 7 494 12 544Accrued income 6 447 0Employee-related items 1 426 0Receivables VAT and government grants 1 550 8 604Other short-term receivables 8 634 5 028Sum other current receivables 25 552 26 176",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__109": {
"value": "21. INVENTORY(NOK 1,000) 2022 2021Raw materials (at cost) 13 681 2 781Total Inventories 13 681 2 781Impairment for obsoletness 0 0Inventory is measured at the lower of average cost and net realisable value, and consists of raw materials.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__111": {
"value": "22. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of: NOK (1,000) 2022 2021Cash at banks - unrestricted 47 512 139 811Cash at banks - restricted 13 605 81 923Total 61 117 221 733Restricted cash consists of:Security furnished to customer for payment in advance 0 77 824Tax withholding accounts 10 976 4 099Other 2 629 0At 31 December 2022 the Group had MNOK 0 (2021: NOK mill 0) in undrawn committed borrowing facilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__110": {
"value": "22. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of: NOK (1,000) 2022 2021Cash at banks - unrestricted 47 512 139 811Cash at banks - restricted 13 605 81 923Total 61 117 221 733Restricted cash consists of:Security furnished to customer for payment in advance 0 77 824Tax withholding accounts 10 976 4 099Other 2 629 0At 31 December 2022 the Group had MNOK 0 (2021: NOK mill 0) in undrawn committed borrowing facilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__112": {
"value": "23. GOVERNMENT GRANTSNOK (1,000) 2022 2021Received during the year 824 17 867Released to the income statement 824 17 867Of this - booked as reduction of other operating expenses 824 17 867Of this - booked as reduction of capitalized R&D 0 031.12 - Unrecognized income 0 0Government grants have been received for several development projects. The grants are entered as a cost reduction over other operating costs and as a reduction of R&D in the balance sheet.There are no unsatisfied conditions or conditions attached to these grants. The grants are taken as a cost reduction.Government grants have been received for several projects. There are no unfulfilled conditions or contingencies attached to these grants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__114-1": {
"value": "24. SHARE CAPITALOrdinary shares issued and fully paid2022 2021Number of ordinary shares 71 987 316 24 781 150Par value (NOK) 0.05 0.05Share capital (NOK) 3 599 366 1 239 058All shares have equal rights.25. EARNINGS PER SHARE The group has no financial options or convertible loans with a future dilution effect.(NOK 1,000) 2022 2021Profit attributable to equity holders of parent -21 410 347 200Weighted average number of shares outstanding 71 987 24 781Earnings per share (NOK) -0,30 14,01Adjusted weighted average number of shares outstanding 71 987 24 781Diluted earnings per share (NOK) -0,30 14,01Earnings from continued operationsEarnings per share (NOK) -0,30 14,01Diluted earnings per share (NOK) -0,30 14,01(NOK 1,000) 2022 2021Profit attributable to equity in continued operations -21 410 92 666Weighted average number of shares outstanding 71 987 24 781Earnings per share (NOK) -0,30 3,74.Adjusted weighted average number of shares outstanding 71 987 24 781Diluted earnings per share (NOK) -0,30 3,74Earnings from continued operationsEarnings per share (NOK) -0,30 3,74Diluted earnings per share (NOK) -0,30 3,74",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__113": {
"value": "24. SHARE CAPITALOrdinary shares issued and fully paid2022 2021Number of ordinary shares 71 987 316 24 781 150Par value (NOK) 0.05 0.05Share capital (NOK) 3 599 366 1 239 058All shares have equal rights.Capital increaseThe share capital was increased by NOK 2 360 308 to 3 599 366, by issuing 47 206 166 new shares, in June 2022. The increase was related to the aquisition of BKS and Fossberg Kraft. After the increase the number of shares are 71 987 316, at NOK 0.05. Treasury sharesEqva ASA has 323 046 treasury shares (0.4 % of share capital) as of 31/12/2022.Dividends and group contributions The ownership in HAV Group ASA was reduced from 33.3% to 4.7% in June 2022 by distributing dividend shares (10,000,000 shares) to the owners of Havyard Group AS (now Eqva ASA). The distribution is recognized at fair value in accordance with IFRIC 17. Eqva has 1.5 million shares left in HAV group ASA after dividend (ownership now is 4.4 %). The board proposes NOK 0 in dividend for the general meeting.Shareholders as of 31/12/2022 Controlled by Number of shares OwnershipNintor AS 16 938 645 23,5 %Havila Holding AS Vegard S\u00e6vik (Board) 10 000 000 13,9 %ROS Holding AS 5 660 027 7,9 %Neve Eiendom AS Even Matre Ellingsen (DB) 4 993 951 6,9 %Eikest\u00f8 Eiendom AS Rune Skarveland (Board) 4 960 847 6,9 %Fureneset Eiendom AS 4 960 847 6,9 %Eikest\u00f8 AS Rune Skarveland (Board) 2 999 511 4,2 %Neve Holding AS Even Matre Ellingsen (DB) 2 999 511 4,2 %Fureneset Invest AS 2 999 511 4,2 %Emini Invest AS Vegard S\u00e6vik (Board) 1 290 000 1,8 %HSR Invest AS 1 290 000 1,8 %Innidimann Invest AS 1 290 000 1,8 %MP Pensjon PK 1 086 468 1,5 %Other shareholders (<1 %) 10 518 498 14,6 %Number of shares 71 987 816 100 %2021Shareholders as of 31/12/2021 Controlled by Number of shares OwnershipHavila Holding AS 10 000 000 40,4 %Innidimann AS Vegard S\u00e6vik (CB) 1 290 000 5,2 %Emini Invest AS 1 290 000 5,2 %HSR Invest AS Hege S.Rabben (Board) 1 290 000 5,2 %MP Pensjon PK 1 086 468 4,4 %Avanza Bank AB 709 705 2,9 %Pison AS 430 000 1,7 %Clearstream Banking S.A. 384 142 1,6 %Nordnet Bank AS 305 019 1,2 %Other shareholders (<1 %) 7 995 816 32,3 %Number of shares 24 781 150 100 %The share capital was NOK 1 239 058 divided by 24 781 150 shares, at NOK 0.05.Teasury sharesHavyard Group ASA has 55,159 treasury shares (0,2 % of share capital) as of 31.12.2021. Dividends and group contributionsThe Group has paid out dividend to its owners by distribution of 11 631 034 dividend shares in Hav Group ASA, to a book value of 13.8 MNOK (market value 164 MNOK), in 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__115-1": {
"value": "Treasury sharesEqva ASA has 323 046 treasury shares (0.4 % of share capital) as of 31/12/2022.Teasury sharesHavyard Group ASA has 55,159 treasury shares (0,2 % of share capital) as of 31.12.2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__116-1": {
"value": "Dividends and group contributions The ownership in HAV Group ASA was reduced from 33.3% to 4.7% in June 2022 by distributing dividend shares (10,000,000 shares) to the owners of Havyard Group AS (now Eqva ASA). The distribution is recognized at fair value in accordance with IFRIC 17. Eqva has 1.5 million shares left in HAV group ASA after dividend (ownership now is 4.4 %). The board proposes NOK 0 in dividend for the general meeting.Shareholders as of 31/12/2022 Controlled by Number of shares OwnershipNintor AS 16 938 645 23,5 %Havila Holding AS Vegard S\u00e6vik (Board) 10 000 000 13,9 %ROS Holding AS 5 660 027 7,9 %Neve Eiendom AS Even Matre Ellingsen (DB) 4 993 951 6,9 %Eikest\u00f8 Eiendom AS Rune Skarveland (Board) 4 960 847 6,9 %Fureneset Eiendom AS 4 960 847 6,9 %Eikest\u00f8 AS Rune Skarveland (Board) 2 999 511 4,2 %Neve Holding AS Even Matre Ellingsen (DB) 2 999 511 4,2 %Fureneset Invest AS 2 999 511 4,2 %Emini Invest AS Vegard S\u00e6vik (Board) 1 290 000 1,8 %HSR Invest AS 1 290 000 1,8 %Innidimann Invest AS 1 290 000 1,8 %MP Pensjon PK 1 086 468 1,5 %Other shareholders (<1 %) 10 518 498 14,6 %Number of shares 71 987 816 100 %2021Shareholders as of 31/12/2021 Controlled by Number of shares OwnershipHavila Holding AS 10 000 000 40,4 %Innidimann AS Vegard S\u00e6vik (CB) 1 290 000 5,2 %Emini Invest AS 1 290 000 5,2 %HSR Invest AS Hege S.Rabben (Board) 1 290 000 5,2 %MP Pensjon PK 1 086 468 4,4 %Avanza Bank AB 709 705 2,9 %Pison AS 430 000 1,7 %Clearstream Banking S.A. 384 142 1,6 %Nordnet Bank AS 305 019 1,2 %Other shareholders (<1 %) 7 995 816 32,3 %Number of shares 24 781 150 100 %The share capital was NOK 1 239 058 divided by 24 781 150 shares, at NOK 0.05.Dividends and group contributionsThe Group has paid out dividend to its owners by distribution of 11 631 034 dividend shares in Hav Group ASA, to a book value of 13.8 MNOK (market value 164 MNOK), in 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__117": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"s7_notes__6__120": {
"value": "13.8",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"s7_notes__6__123": {
"value": "26. CONTINGENCIES AND PROVISIONSLegal disputesNonTax NonGuarantees/warrantiesBeing a group in the shipbuilding industry, the Group from time to time faces warranty claims as part of its ordinary business. No material warranty claim has as of the date of these financial statements been directed at any of the companies in the Group, nor have any of the companies in the Group been notified of any such claims.2022GuaranteesProvisions 1/1/2021 23 395Used provision -16 371New provisions 856Provisions 31/12/2021 7 8792021GuaranteesProvisions 1/1/2020 18 002Used provision -11 214New provisions 16 607Provisions 31/12/2020 23 395",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__122": {
"value": "26. CONTINGENCIES AND PROVISIONSLegal disputesNonTax NonGuarantees/warrantiesBeing a group in the shipbuilding industry, the Group from time to time faces warranty claims as part of its ordinary business. No material warranty claim has as of the date of these financial statements been directed at any of the companies in the Group, nor have any of the companies in the Group been notified of any such claims.2022GuaranteesProvisions 1/1/2021 23 395Used provision -16 371New provisions 856Provisions 31/12/2021 7 8792021GuaranteesProvisions 1/1/2020 18 002Used provision -11 214New provisions 16 607Provisions 31/12/2020 23 395",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__124": {
"value": "27. RELATED PARTY TRANSACTIONS Transactions with related parties The Group has various transactions with related parties. All the transactions have been carried out as part of the ordinary operations and at arms` length principle.The most significant transactions are as follows:Amounts in NOK 1 000*HAV Group ASA Sales to related parties Purchases from related parties Accounts payables to related parties2022 4 189 22 297 2 8362021 23 875 0 636*HAV Group ASA incl. subsidiariesRelated to renting administrative services in Eqva ASA. HAV Group ASA is a 33.3% owned subsidiary of Havila Holding AS, which owns 19.3% of the shares in Eqva ASA.Handeland Gard AS Sales to related parties Purchases from related parties Accounts payables to related parties 2022 0 399 262021 0 0 0Handeland Gard AS is controlled 100% by Board Member Rune Skarveland. The balance sheet includes the following receivables and payables resulting from transactions with associated companies:2022 2021Account receivables 0 0Account payables 2 862 46 000Net total (positive sign - net receivable) -2 862 -46 000",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__125": {
"value": "29. SUBSEQUENT EVENTSThere have not been any events after the balance sheet date with significant impact on the financial accounts as at 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}