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"s8_notes__6__5": {
"value": "1. GENERAL INFORMATIONEQVA ASA is a public limited company based in Norway, and its head office is in Valen, Kvinnherad.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 November 2023, EQVA divested its shipyard company Havyard Leirvik (HLE) to Tersan. The transaction included 3 companies - Havyard Leirvik Holding AS, Havyard Leirvik AS (shipyard) and Havyard Leirvik Eiendom AS. The segment Maritime Services, which included HLE, will no longer be a reportable segment (discontinued operations).In addition, EQVA formed its Real Estate segment in Q1 2023.The new group structure is operationally organized in 3 segments (reporting structure):\u2022 Products, solutions & renewables which includes BKS andFossberg Kraft. BKS provides service- and maintenanceassignments to the land-based and maritime industry,while Fossberg Kraft is specialized in the establishment andoperation of small-scale hydropower plants.\u2022 Real Estate which includes EQVA\u2019s real estate properties.The properties are predominantly industrial related.\u2022 Other in which the parent company is the main entity\u2013 the segment also includes companies without regularoperations and eliminations of intra-group transactions.The EQVA group include a total of 355 FTEs as of December 31, 2023.2. SIGNIFICANT ACCOUNTING POLICIES2.1 Basis of preparationThe consolidated financial statements of EQVA ASA and its subsidiaries (the \"Group\") are prepared in accordance with IFRS\u00ae Accounting Standards 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 21 March 2024.New and amended standards adopted by the Group The group applied for the first time certain amendments to standards, which are effective for annual periods beginning on or after 1 January 2023. The amended standards that applied for the first time in 2023 did not have any material impact on the consolidated financial statements of 2023, except for:Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement to disclose their 'material' accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are effective for these consolidated financial statements beginning on 1 January 2023.The group has not made any voluntary accounting policy changes in 2023.Standards and interpretations issued but not yet effectiveThe group has not early adopted any accounting standard, interpretation or amendment that has been issued but is not yet effective. The group intends to adopt new and amended standards and interpretations, if relevant, when they become effective. The group does not expect any significant effects related to upcoming standards and amendments. The group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.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. 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.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 Presentation currency and functional 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. 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 2023:1. Products, solutions & renewables2. Real estate, and 3. OtherCosts not directly attributable to the segments Real estate 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.Maritime Services segment is not included in the reporting structure in 2023 as the shipyard Hayard Leirvik was sold to Tersan in November 2023 (discontinued operations). Discontinued operations are disclosed in note 26. 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 28.2.7 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 Group does not recognize revenue from Conversion of vessels from Q3 2023 as the shipyard Hayard Leirvik was sold to Tersan in November 2023 (discontinued operations). Discontinued operations are disclosed in note 26.A signed sales contract should be in place before purchase, construction and other startup cost apply. The customer can only terminate the contract because of a breach by EQVA (Havyard Leirvik). 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 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.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. 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 Segment. Impairment is done at Segment-level if the impairment test does not justify the carrying amount of the Segment 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. 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.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 initially measured at cost. Goodwill is calculated on a 100 % ownership. In regards of investments in associated companies, goodwill is included in the cost price of the investments.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to Segment level for the purpose of impairment testing. The impairment testing is described more in detail in note 11.The goodwill is tested for impairment 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. 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. 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.Investments in sharesInvestments in shares are measured at fair value through profit or loss, except for shares in associated companies.Receivables and bank depositsThe 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.LoanLoans are initially recognized at fair value when the loan is disbursed, adjusted for directly attributable transaction costs. In subsequent periods, loans are recognized at amortized cost calculated using the effective interest rate method (EIR). 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. First-year repayments on long-term debt are presented as short-term debt.Accounts payableTrade payables are recognized at fair value on initial recognition. 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 recognized when there is a present obligation (legal or constructive) because of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount. A future settlement of the obligation will probably require an outflow of economic resources.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. 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 and are recognized as reduction of other operating expenses. 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 conversion 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.The Group does not recognize revenue from Conversion of vessels from Q3 2023 as the shipyard Hayard Leirvik was sold to Tersan in November 2023 (discontinued operations). Discontinued operations are disclosed in note 26.3.2 Degree of completion and provision for loss contractsA part of EQVA's business consists of executing revenue-recognition projects that are recognized over time. Revenue recognition over time 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, 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 transactionAfter 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 was identified as the acquirer from an accounting perspective.4. SEGMENT INFORMATIONThe Group's main activities are:\u2022 Products, solutions & renewables which includes 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 Real Estate which includes EQVA\u2019s real estate properties. The properties are predominantly industrial related.\u2022 Other in which the parent company is the main entity \u2013 the segment also includes companies without regular operations and eliminations 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, Europe without Norway and Others.The Group's customer base consists of a wide range of companies. The Group's three largest customers in 2023 compose 36% of total Group revenue. Sales to customers that account for more than 10% of total sales revenues is presented below:Customer Segment Revenue2023 20221. Products, solutions & renewables-127 45128 5112. Products, solutions & renewables 58 45252 3703. Products, solutions & renewables58 04234 202For 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.2023(NOK million)Maritime Products, Real Other / DiscontinuedEQVA ASA servicessolutions & estateEliminationOperations* renewablesOperating revenues, External 107,6 6 59,3 0,0 0,0 -107,6 6 5 9, 3Operating revenues, Internal 0,0 10,8 10,1 -10,1 0,0 10,8Operating income 107,6 670,1 10,1 -10,1 -107,6 670,2EBITDA - 1 7, 1 38,2 9, 0 -18,0 13,5 25,6Depreciation 1,4 8,9 3,0 3,3 -1,4 15,1Operating profit/(loss) (EBIT) -18,5 2 9, 3 6,1 -21,3 14,9 10,5Net financial items 13,0 -8,2 -2,4 -15,6 -13,0 -26,2Share of profit/(loss) from0,0 0,0 0,0 -3,1 0,0 -3,1associateProfit/(Loss) before tax -5,5 21,1 3,6 -40,0 1,9 -18,8Income tax expense 0,0 1,1 0,0 0,0 0,0 1,1Profit/(Loss) -5,5 20,0 3,6 -40,0 1,9 -19,9Total assets 0,0 336,0 119,3 212,3 667,6Equity 0,0 44,6 55,5 192,2 292,4Liabilities 0,0 291,4 63,8 20,1 375,3Addition PP&E and intangibles* 0,0 5,6 0,0 0,0 5,6Geographical areas Norway Other TotalOperating revenues 619,8 50,3 670,2\"Other\" contains parent company items and elimination of intra-group transactions.2022(NOK million)Maritime services Products, solutions & Other / DiscontinuedEQVA ASArenewablesEliminationOperations*Operating revenues, External 235,2 219,5 2,2 -235,2 221,7Operating revenues, Internal 0,0 0,0 2,1 0,0 2,1Operating income 235,2 219,5 4,3 -235,2 223,8EBITDA 12,9 9,3 -31,1 -12,9 -21,8Depreciation 2,8 6,9 0,1 -2,8 7,1Operating profit/(loss) (EBIT) 10,1 2,3 -31,3 -10,1 -29,0Net financial items -1,3 0,6 -16,2 1,3 -15,6Share of profit/(loss) from0,0 0,0 0,7 0,0 0,7associateProfit/(Loss) before tax 8,7 2,9 -46,8 -8,7 -43,8Income tax expense -0,4 0,0 -14,9 0,4 -14,9Profit/(Loss) 9,1 2,9 -31,9 -9,1 -29,0(NOK million)Maritime services Products, solutions & Other / Discontinued EQVA ASArenewablesEliminationOperations*Total 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 Restate TotalOperating revenues 458,9 0,0 -235,1 223,8\"Other\" contains parent company items and elimination of intra-group transactions.*Discontinued Operations contain the companies within Maritime Services(Havyard Leirvik AS), Havyard Leirvik Holding AS and the real estate property Havyard Leirvik Eiendom AS.5. SALARY, FEES, NUMBER OF EMPLOYEES ETC. (NOK 1,000)Payroll expenses 2023 2022Wages 217 505 98 001Employer's part of social security costs 27 116 12 041Pension, contribution plans 12 556 4 381Other benefits 16 167 3 435Total salaries and social expenses 273 345 117 857FTEs at year end 355 351The 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 2023Remuneration to key management personnel and the Board of Directors: Erik H\u00f8yvik, Eirik S\u00e6vareid, Ask Haukaas, CEO CFO CFO*Management remunerations 2023 2022 2023 2022 2023 2022Wages 2 169 2183 1 211 750 547 0Pension 101 95 78 52 52 0Other benefits 152 146 144 6 10 0Total 2 422 2 424 1 433 809 609 0* Eirik S\u00e6vareid was replaced by Ask Haukaas in September 2023.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 31/12/23. EQVA ASA parent company: NOK 3 389 704 in board fees have been paid to external board members in 2023 (NOK 2 066 666 in 2022). 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. Share-based payment The establishment of the EQVA ASA Employee Option Plan was approved by the shareholders in 2022. The shareoption program 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. The program has effect from 1 January 2023. Options are granted under the plan for no consideration and carry no dividend or voting rights. The granted options are accounted for as equity-settled transactions. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with an increase in equity (other capital reserves), over the period in which the service and, where applicable, the perofrmance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. The granted options are vested over a period of three years. Employees must remain employed for a minimum three years to fully earn their granted options. A certain proportion of the options will become exercisable each year over the course of those three years. In accordance with IFRS 2 Share-based Payment, the Group recognize an expense over the vesting period. The total estimated cost of the share-based payment is spread evenly over the vesting period, reflecting the manner in which the economic benefits associated with the options are likely to flow to the company. Set out below are summaries of options granted under the plan:2023 2022 *Average Number of Average exercise Number of exercise priceoptionspriceoptionsAs at 1. January 0 - 0 0Granted during the year 3,01 1 740 000 0 0Excercised during thet year 0 - 0 0Forfeited during the year 3,01 -380 000 0 0As at 31. December 3,01 1 360 000 0 0Vested and exercisable at 31. December 0 - 0 0No options expired during the periods coverd by the above Forfeited options was due to resignation from employees. * There was no option program in 2022 Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date Expiry date Excercise price Share options 31. Share options 31. Number of optionsDecember 2023December 2022January 2023 January 2026 3,64 1 360 000 0 0Weighted average remaining contractual life of options outstanding at end of period 2 yearsShare Purchase Program 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. 6. OTHER OPERATING EXPENSES (NOK 1,000)Other operating expenses 2023 2022Rent expenses 14 270 6 799Office and administration expenses 11 028 7 424Plant, tools and equipment (including IT) 20 832 8 744Other assistance 564 1 768Travel and employee expenses 19 539 9 804Hired consultants 15 273 17 932Marketing and communication 5 523 835Other operating expenses 9 337 -2 007Total 95 803 49 531Fees to the auditor consists of the following services: 2023 2022Statutory audit 4 859 2 317Tax advice 315 0Total 5 738 4 084Auditor'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) 2023 2022Consolidated income statementCurrent income tax:Taxes payable 1 579 1 360Changes in deferred tax -481 -16 239Income tax expense/(income) reported in the income statement 1 098 -14 879Reconciliation of actual tax cost against expected tax cost in accordance with the ordinary Norwegian income tax rate of 22%. (NOK 1,000) 2023 2022Profit before tax -18 791 -43 836Tax expense 22% -4 134 -9 644Recognized tax expense 1 098 -14 674Difference between expected and recognised tax expense 5 232 -5 030Difference is related to:Income from investment in related parties 0 0Results in associates (22%/ 22%) -673 1 387Effect from discont operations 0 3 058Prior year adjustments 0 -205Addition deferred tax from aquisition 0 -16 425Loss on sale shares 0 1 434Impairment financial assets 0 2 066Other permanent differences -5 769 -10 556Tax payable from previous year 0 0Effect from public debt settlement 0 0Deferred tax asset not recognized 11 673 14 007Total 5 231 -5 235Deferred tax relates to the following temporary differences: 2023 2022(NOK 1,000)Non-current assets 28 382 33 668Customer contracts 28 267 30 933Leasing -34 -113Current assets -4 660 -4 252Accruals and provisions 0 -3 570Gain/(loss) account for deferral 10 758 12 544Cut off interest to related parties carried forward -19 629 -2 019Customer contracts 48 940 5 797Tax loss carried forward -333 202 -314 684Total temporary differences -241 178 -241 695Net deferred tax lability / deferred tax asset (-) -53 059 -53 173Deferred tax asset not recognised 53 059 53 173Deferred tax liability in the balance sheet 0 0Deferred 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)2023 2022Interest income 43 879Agio income 435 563Profit from share sale 6 601 2 636Other financial income 41 6Total financial income 7 120 4 084Interest expenses 19 679 9 916Agio loss 919 247Impairment of other financial assets 0 9 389Loss from share sale 5 380 -639Other financial expenses 7 346 729Total financial expenses 33 325 19 643Share of profit/loss of associate -3 061 668Net financial items -29 265 -14 8909. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTS2023EQVA ASA has the following owner-Ownership Business office Segment Currency Share Total ship in subsidiaries as of 31/12/2023share/capital equity voting share(1,000)(NOK 1,000)Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 7 007Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 -5 950Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 3 415Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 9 801BKS Industri AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 54 52 258BKS Power & Automation AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -3 507HG Group AS 100 % Valen i Kvinnherad Other NOK 690 213 586Handeland Industri AS 100 % Valen i Kvinnherad Other NOK 563 97 557BKS Holding AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -6 397Fossberg Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 1 002 30 072Fossberg Kraft Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -19 521EQVA Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 49 31BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 168 8 736Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -158Zenit Engineering AS 89 % Sunde i Kvinnherrad Products, solutions & renewables NOK 300 4 312Haugsv\u00e6r Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -58Skjeggfoss Kraftverk AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -291BKS VVS AS 67 % Straume i \u00d8ygarden Products, solutions & renewables NOK 100 6 707Marine Support AS 70 % Storeb\u00f8 i Austevoll Products, solutions & renewables NOK 300 11 708EQVA divested Havyard Leirvik Holding AS (HLH) to Tersan (Turkish shipyard company) in November 2023. The transaction included also HLH's 2 subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. For more details see note 26 Discontinued Operations.BKS Holding AS increased its ownership in Zenit Engineering AS, from 82% to 89%, during 2023.Fossberg Kraft AS invested in a new project company, Haugsv\u00e6r Kraft AS in 2023. The company will be sold to customer when project is completed. In 2023 the project company Kv\u00e6vebekken 2 AS was sold to the customer. EQVA ASA transferred its 50% ownership in BKS Holding AS to Handeland Industri AS - now 100% owner. The transaction impacted the equity of HG Group AS as well (parent company of Handeland Industri AS). The transaction was carried out as an asset contribution.Havyard Eiendom Holding AS changed name to EQVA Eiendom Holding AS in 2023.Investments in associates as of 31/12/2023 Ownership share/ Business office Currency Share of result Voting share(1,000)Havila Charisma IS 50 % Fosnav\u00e5g NOK -3 061EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2023 25 544Share of profit/(loss) -3 061Investments 0Additions through aquistiion 0Other adjustments -1 165Carrying value of investment 31/12/2023 21 318Aggregate financial information of associates according to owner share Operating revenue 52 434Profit/(loss) -6 121Total Comprehensive Income -6 121Total assets 144 653Equity 38 938Liabilities 105 715The accounting for associates has been according to the equity method.2022EQVA 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.10. BUSINESS COMBINATIONS AND OTHER CHANGES IN THE GROUP2023There has been no changes in the group in 2023, besides the divestment of Havyard Lerivik AS, Havyard Leirvik Holding AS and Havyard Leirvik Eiendom AS. Please see note 26 regarding discontinued operation..2022Aquisition 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 related 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 towards 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 relationships 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 215,0stPro-forma accounts 2022 Aquisition targets 1 half 2023 EQVA ASA 2023* Pro-forma accunts 2022**Operating income 670,2 670,2Materials and consumables 275,5 275,5Payroll expenses 273,3 273,3Other operating expenses 95,8 95,8EBITDA 0,0 25,6 25,6*consolidated group accounts**as if the transaction was done 01 January 2023 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 ownershipt 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 2023(NOK 1,000)Licenses, patents and R&D Customer contracts Goodwill TotalAcquisition cost as of 1/1 1 425 32 000 248 260 281 685Additions during the year 0 0 0 0Disposals during the year 0 0 0 0Acquisition cost as of 31/12 1 425 32 000 248 260 281 685Accumulated amortization as of 1/1 150 1 067 0 1 217Amortization for the year 225 2 665 0 2 890Disposals during the year 0 0 0 0Accumulated amortization as of 31/12 375 3 731 0 4 106Book value as of 31/12 1 050 28 269 248 260 277 579Depreciation 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.2023Allocation of goodwill 2023 2022Products, solutions & renewables 248 260 248 260Total goodwill 248 260 248 260Goodwill Goodwill is monitored as tested for impairment annually or more frequently if events or changes in circumstances indicate that the value may be impaired, goodwill is tested at the level of operating segments. The entire goodwill relates to the aquisition of BKS and Fossberg Kraft in late June 2022.Cash flow assumptionsThe impairment testing of assets is by nature highly judgmental as it includes estimates such as future market development, cash flows, determination of Segments and WACC, and other assumptions that may change over time. In particular, future cash flows are uncertain as they are impacted by developments beyond our control. Weather conditions and regulatory developments are two examples that may impact our power plant development projects. Below is an overview of the key assumptions and judgements applied for impairment testing as of 31 December 2023. The Weighted Average Cost of Capital (WACC) has been calculated based on a risk-free rate which mirrors the current yield on Norwegian 10-year government bonds, pursuant to established valuation practices. The cost of equity has been determined utilizing the Capital Asset Pricing Model (CAPM), where an equity beta of 3.5 was applied, derived from an asset beta of 0.6, assimilating a debt-to-equity ratio in alignment with IFRS 13 \"Fair Value Measurement\".Risk Adjustments: The asset beta's reflection of thecompany's operational risks, inclusive of EBITDA margins and revenue volatility, has been benchmarked against comparable companies within the sector, a prudent asset beta has been deemed appropriate, given the lower risk profile assumed for BKS and Fossberg\u2019s combined operations. A market risk premium of 5% is incorporated to represent the additional return investors require over risk-free securities, supported by historical trends and financial institution benchmarking. A small firm premium of 4.5% has also been applied to account for the elevated risk associated with liquidity and market access for smaller enterprises.Given the assumtions and inputs above we consider the calculated WACC (10,4%) to be conservative and custom-tailored to the company\u2019s strategic long-term financing needs, incorporating comprehensive risk adjustments and market considerations.The impairment test has also been tested for sensitivities by changing key parameters with 1%, without any impairment indicators identified.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 amortization as of 1/1 0 0 0 0Amortization for the year 150 1 067 0 1 217Disposals during the year 0 0 0Accumulated amortization as of 31/12 150 1 067 0 1 217Book 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.12. PROPERTY, PLANT AND EQUIPMENT 2023(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 358 981 53 595 68 980 481 557Adjustments 2022 4 186 5 691 0 9 877Additions during the year 72 5 540 0 5 613Disposals during the year 3 249 1 530 0 4 779Acquisition cost as of 31/12 359 991 63 296 68 980 492 267Accumulated depreciation as of 1/1 250 818 48 978 52 831 352 627Depreciation for the year 7 184 4 640 397 12 221Impairment 0 0 0 0Disposals during the year 0 193 0 193Accumulated depreciation as of 31/12 258 002 53 811 53 228 365 041Discontinued operation 9 121 3 720 1 144 13 985Depreciation for discontinued operation 0 1 401 0 1 401Book value as of 31/12 92 868 4 363 14 609 111 840Useful life 10-40 years 3-10 years 3-10 years 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 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) 2023 2022Right of use assetsProperty 2 410 1 021Equipment 6 209 7 827Cars 3 657 2 086Sum 12 276 10 933Additions, right-of-use assets in the period 1 342 12 937Disposals of right-of-use assets in the period 0 0Disposals 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: 2023 2022Depreciation charge of right-of-use assetsProperties 221 310Equipment 666 866Cars 1 390 1 160Total 2 276 2 335Interest expense 831 229Expenses relating to short-term leases*14 270 6 799*Main part of short-term leases is rent of housing for project personnel. Expenses relating to leases of low-value 0 0The total cash outflow for leases in 2023 was MNOK 12,455 (2022: MNOK 8,884) which includes short/insignificantlease arrangements.2023 2022Right of use assets - development 2023Right of use assets - 01.01* 10 933 332Corrections opening balance 2 276 0Additions during the year 1 342 12 937Depreciation 2 276 2 335Right of use assets - 31.12 12 276 10 93314. REVENUE FROM CONTRACTS WITH CUSTOMERS (NOK 1,000)NOTE 14.12023Disaggregation of revenue Products, solutions Real Estate Other / Elimination Eqva& renewablesService and maintenence 659 340 0 0 659 340Total revenue from contract with customers 659 340 0 0 659 340 See note 4 (NOK 1,000)NOTE 14.12022Disaggregation of revenue Products, solutions Other / Elimination EQVA& renewablesService and maintenence 200 236 4 649 204 884Construction of power plants 16 813 0 16 813Total revenue from contract with customers 217 049 4 649 221 698 See note 4 NOTE 14.2Contract assets 2023 2022Opening balance 51 537 0Payments received on assets from previous balance sheet date 45 179 0Assets from contracts entered into current year 66 122 51 537Closing balance 72 480 51 537Contract liabilities 2023 2022Opening balance -861 -35 558Revenues booked on liabilities from previous balance sheet date 861 35 558Liabilities from contracts entered into current year 0 861Closing balance 0 -861Changes 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 obligations2023 2022Transaction price allocated to remaining performance 57 439 41 573Expected delivery of remaining performance obligationsWithin one year 57 439 41 573Between one and two years 0 0NOTE 14.4No revenue was recorded in 2023 on previously completed contracts 15. LOSSES TO COMPLETION(NOK 1,000) 2023 2022ProvisionsProvisions from previous period 0 0Reduced deposit 0 0New provisions 0 0Total 0 0The provision is presented as part of other current liabilities in the balance sheet. 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: 2023Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 0 0 0Loans to associates 0 4 988 4 988Trade and other current receivables 0 121 589 121 589Non current receivables 0 3 809 3 809Cash and cash equivalents 0 35 984 35 984Total 0 166 370 166 370Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 55 666 55 666Other long-term liabilities 0 41 770 41 770Lease liabilities 0 12 250 12 250Other current liabilities 0 33 420 33 420Liabilities to financial institutions 0 203 715 203 715 Total 0 346 821 346 8212022Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 16 163 0 16 163Loans 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 4 74 41 4 74Lease 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 485For 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.Difference between non-discounted cash-flows and amortized costs are considered to insignificant.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) 2023 2022Not past due 38 816 75 259Past due < 3 months 26 667 9 723Past due 3 to 6 months 34 009 2 395Past due over 6 months 9 300 7 338Impairment -9 300 -3 760Trade receivables 99 493 90 955Contract assets customer contracts 72 480 51 537Total credit/counterparty risk to customers 171 973 142 492Impairment 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 sheet2023 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 39 665 16 001 55 666Lease 17 0 3 363 476 1 637 6 756 12 250Other long-term liabilities 41 770 41 770Liabilities to financial institutions 78 423 125 292 203 715Total 39 682 16 001 81 786 42 246 126 929 6 756 313 400DerivativesForward contract foreign exchange 0 0 0 0Total 39 682 16 001 81 786 42 246 126 929 6 756 313 4002022 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 56 147 0 0 56 147Lease 0 1 619 9 624 0 11 243Other long-term liabilities 3 416 38 057 0 41 4 74Liabilities to financial institutions 7 523 10 260 26 977 56 261 96 608 0 197 629Total 63 670 10 260 28 74 2 60 165 149 888 0 312 725DerivativesForward contract foreign exchange 0 0 0 0Total 63 670 10 260 28 74 2 60 165 149 888 0 312 725Capital 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 2023 2022Lease liabilities 8 870 9 624Liabilities to financial institutions 125 293 152 868Other long-term liabilities 41 770 41 4 74Sum 175 932 203 967Interest bearing short-term debt 2023 2022Liabilities to financial institutions 78 423 22 498Lease liabilities 3 380 1 619Sum 81 803 24 116Debt secured by mortgage 2023 2022Long-term debt to financial institutions 125 293 152 868Short-term debt to financial institutions 78 423 22 498Sum 203 715 175 366The Liabilities to financial institutions of total 199 MNOK include, DNB loan to BKS and EQVA Eiendom, construction loans from Sparebank 1 SR-Bank to Fossberg Kraft, Pareto bank loan to EQVA ASA, and drawn revolving credit facility in Fossberg Kraft and BKS.The loans from DNB have a maturity on 3 years and the loan from Pareto has a maturiy of 2 years. Construction loans from Sparebank 1 SR-Bank has a maturity of 1-2 years. All the loans have floating interest rates.As of 31 December 2023, EQVA ASA has received a waiver for the debt covenants for the Pareto loan. Other debt was in compliance with its existing debt covenants.Other long-term liabilities include among others a sellers credit from the aquisition of HG Group and BKS (25MNOK) and a loan from Havila Holding (13MNOK).Leasing liabilitiesFor information about group's leasing, see note 13. Book value of pledged asset(NOK 1,000) 2023 2022Buildings 92 868 108 164Machinery, operating equipment 18 972 20 766Contract assets customer contracts 72 480 51 537Inventory 5 780 13 681Accounts receivables 99 493 90 955Bank deposits 23 071 47 519Sum book value of pledged assets 312 664 332 6222023Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Other End of periodaquisitionchangesLiabilities to financial institutions 175 366 81 220 0 57 453 4 582 203 715Sellers credit to shareholders 25 000 0 0 25 000Other long-term liabilities 16 474 2 718 0 212 -2 212 16 769Lease liabilities 11 2433 2810 2 276 0 12 250Total interest-bearing debt 228 082 87 219 0 59 941 2 370 257 7352022Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Other End of periodaquisitionchangesLiabilities to financial institutions 4 783 510 177 573 7 500 0 175 366Sellers credit to shareholders 0 0 0 25 000 25 000Other long-term liabilities 31 933 15 460 0 16 474Lease liabilities 357 9 492 3 023 1 629 0 11 243Total interest-bearing debt 37 073 10 002 180 596 24 589 25 000 228 083As of 31 December 2022, the Group was in compliance with all its existing debt covenants. 18. OTHER CURRENT LIABILITIESOther current liabilities consists of the following: (NOK 1,000) 2023 2022Employee-related liabilities 26 906 38 133Warranty provisions 0 7 879Accrud interest expense 1 814 2 323Other current liabilities 4 700 27 920Total other current liabilities 33 420 76 25519. NON-CURRENT FINANCIAL INVESTMENTSThe Group has no investments in financial assets as per 31.12.23 (NOK 16.2 million as of December 31. 2022). The investments are classified as noncurrent. The investments are recognized at fair value with changes in value in the income statement.2023(NOK 1,000)Company Ownership share/Business Office Carrying voting shareamountNA 0Other non-current financial investments** 0Carrying amount as of 31/12/23 0There are no quoted or unquoted equity shares investments.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 163All investments are unquoted equity shares and are classified as level 3 investments.Changes in carrying amount from 31/12/22 to 31/12/23:(NOK 1,000) 2023 2022Level 1 investments 01/01 13 163 0Investment 0 0Reclassified* 0 13 163Impairment 0 0Sale of investment -13 163 0Adjustment 0 0Level 1 investments 31/12 0 13 163(NOK 1,000) 2023 2022Level 3 investments 01/01 3 000 3 000Investment 0 0Impairment 0 0Sale of investment -3 000 0Adjustment 0 0Level 3 investments 31/12 0 3 000*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 2023 2022Prepaid leasing obligations 3 809 2 648Sum other non-current receivables 3 809 2 648Other current receivables 2023 2022Prepayments suppliers 3 902 7 494Accrued income 0 6 447Employee-related items 85 1 426Receivables VAT and government grants 0 1 550Other short-term receivables 18 108 8 634Sum other current receivables 22 096 25 55221. INVENTORY(NOK 1,000) 2023 2022Raw materials (at cost) 5 780 13 681Total Inventories 5 780 13 681Impairment 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) 2023 2022Cash at banks - unrestricted 23 071 47 512Cash at banks - restricted 12 913 13 605Total 35 984 61 117Restricted cash consists of:Security furnished to customer for payment in advance 0 0Tax withholding accounts 10 197 10 976Other 2 716 2 629At 31 December 2023 the Group had MNOK 0 (2022: NOK mill 0) in undrawn committed borrowing facilities. 23. GOVERNMENT GRANTSNOK (1,000) 2023 2022Received during the year 2 745 824Released to the income statement 2 738 824Of this - booked as reduction of other operating expenses 2 738 824Of this - booked as reduction of capitalized R&D 0 0Unrecognized income 0 0Government grant have been received for one project. The grant is booked as reduction of operating costs in the P&L. There are no unfulfilled conditions or contingencies attached to this grant.24. SHARE CAPITALOrdinary shares issued and fully paid2023 2022Number of ordinary shares 71 987 316 71 987 316Par value (NOK) 0.05 0.05Share capital (NOK) 3 599 366 3 599 366All shares have equal rights.Treasury sharesEQVA ASA has 599 971 treasury shares (0,8 % of share capital) as of 31/12/2023.The board proposes NOK 0 in dividend for the general meeting.Shareholders as of 31/12/2023 Controlled by Number of shares OwnershipNintor AS 16 938 645 23,5 %Havila Holding AS Vegard S\u00e6vik (Board) 10 000 000 13,9 %Neve Eiendom AS Even Matre Ellingsen (DB) 8 168 462 11,3 %ROS Holding AS 5 660 027 7,9 %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 %Fureneset Invest AS 2 999 511 4,2 %Emini Invest AS 1 290 000 1,8 %HSR Invest AS 1 290 000 1,8 %Innidimann Invest AS Vegard S\u00e6vik (Board) 1 290 000 1,8 %MP Pensjon PK 1 167 768 1,6 %Other shareholders (<1 %) 10 261 698 14,3 %Number of shares 71 987 316 100 %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 %2022Capital increase (2022)The 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 shares (2022)EQVA ASA has 323 046 treasury shares (0.4 % of share capital) as of 31/12/2022.Dividends and group contributions (2022)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 %). 25. EARNINGS PER SHARE The group has no financial options or convertible loans with a future dilution effect.(NOK 1,000) 2023 2022Profit attributable to equity holders of parent -23 733 -21 410Weighted average number of shares outstanding 71 987 71 987Earnings per share (NOK) -0,33 -0,30Adjusted weighted average number of shares outstanding 71 987 71 987Diluted earnings per share (NOK) -0,33 -0,30Earnings from continued operationsEarnings per share (NOK) -0,33 -0,30Diluted earnings per share (NOK) -0,33 -0,30(NOK 1,000) 2023 2022Profit attributable to equity in continued operations -19 889 -28 958Weighted average number of shares outstanding 71 987 71 987Earnings per share (NOK) -0,28 -0,40.Adjusted weighted average number of shares outstanding 71 987 71 987Diluted earnings per share (NOK) -0,28 -0,40Earnings from continued operationsEarnings per share (NOK) -0,28 -0,40Diluted earnings per share (NOK) -0,28 -0,4026 DISCONTINUED OPERATIONThe shipyard Hayard Leirvik was sold to Tersan in November 2023. The transaction was based on a share sale, where the Group sold all its shares (100%) in Havyard Leirvik Holding AS, where the subsidiaries Havyard Leirvik AS and Havyard Eiendom AS was included. The transaction was settled by NOK 30m in cash. The Group has recognised a gain of NOK 13m on the sale of all shares in Hayard Leirvik Holding AS.Hayard Leirvik is a shipyard with long legacy and are in good hands going forward together with Tersan Shipyard, a highly reputable company with a good standing in international shipping and maritime circles. Hayard Leirvik has its head office in Fosnav\u00e5g. Financial information relating to the discontinued operation for the period from the date of incorporation to the date of disposal is set out below. Financial performance and cash flow information The financial performance and cash flow information in 2023 presented are for the period Q1 2023 - Q3 2023. (NOK 1,000) 2023 2022Revenues from contracts with customers 106 396 234 734 Other operating revenues 1 191 424 Operating income 107 588 235 158 Materials and consumables 66 523 150 460 Payroll expenses 38 716 54 503 Other operating expenses 15 822 17 688 Operating expenses 121 061 222 651 Operating profit/loss before depreciation and amortisation (EBITDA) -13 473 12 507 Depreciation 1 401 2 761 Operating profit/loss (EBIT) -14 875 9 746 Financial income 45 54 Financial expenses -91 -1 402 Share of profit/ loss of associate 13 008 0 Profit / loss before tax -1 913 8 397 Income tax expense 0 0 Profit from discontinued operations -1 913 8 397 Net cash flow from operating activities -936 -61 375 Net cash flow from investing activities -1 782 -2 458 Net cash flow from financing activities 0 -27 821 Net increase/decrease in cash genereated by the subsidiary -2 717 -91 654 Cashflow from sale of Havyard 2023Sale of subsidiary 36 487 Cash in sold subsidiary 8 707 Receivables to Pareto 12 582 Repayment of loan to sold subsidiary 5 967 Net cashflow from sale of subsidiary 9 231 Profit on the sale of Havyard LeirvikTotal disposal consideration 36 487 Carrying amount of net assets sold 23 479 Net cashflow from sale of subsidiary 13 008 27. 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.2023GuaranteesProvisions 1/1/2023 7 879Used provision -3 571Adjustment due to divestment of Havyard Leirvik -4 308New provisions 0Provisions 31/12/2023 02022GuaranteesProvisions 1/1/2022 23 395Used provision -16 371New provisions 856Provisions 31/12/2022 7 879In addition to the above BKS Industri AS has an off balance sheet guarantee of NOKm 18,5.28. 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:(NOK 1 000)Handeland Gard AS Sales to related parties Purchases from related parties Accounts payables to related parties 2023 0 3 039 1712022 0 399 26Handeland 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:2023 2022Account receivables 0 0Account payables 171 2 862Net total (positive sign - net receivable) -171 -2 86229. SUSTAINABILITY AND CLIMATE RISK The climate risk consits 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 Fossberg Kraft projectdevelopment), emphasizing the importance of accounting for climate considerations, such as frost and flooding - which can delay the construction of e.g. small power plants. Like its competitors, Fossberg Kraft faces these environmental challenges, which can impact the timely completion of projects, despite careful planning and mitigation efforts. This approach underlines the company's commitmentto resilient project design, while acknowledging theunpredictable nature of climate impacts on development timelines. Even so, we still consider the risk to be limited. Transition risk can be political changes and regulations that result in increased fees, fines and orders. In relation to BKS and Fossberg Kraft, the transition risk is also considered to be relatively low. However, political decisions such as tax on aquaculture business may affect the Group's businesses. Overall, the climate risk and its impact on 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 BKS, which has already started the mapping process. This work will continue in 2024.Due to that a significant part of the Group's business is due to projects which have a positive climate effect (electrifications/hybrifications of vessels, energy optimizing projects, to process industry and smelters), increased focus on the \"green shift\" is considered to give significant business opportunities for the Group going forward.30. SUBSEQUENT EVENTSOn 12. March EQVA through its subsidiary Havyard Ship Invest AS, entered into a sales-agreement with Havila Holding AS to divest its 50 % stake in the PSV Havila Charisma. The transaction was settled in NOK 62m in cash, where NOK 4m is repayment of debt. There has been no other after the balance sheet date events with significant impact on the financial accounts as at 31 December 2023.",
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"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.",
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"value": "The new group structure is operationally organized in 3 segments (reporting structure):\u2022 Products, solutions & renewables which includes BKS andFossberg Kraft. BKS provides service- and maintenanceassignments to the land-based and maritime industry,while Fossberg Kraft is specialized in the establishment andoperation of small-scale hydropower plants.\u2022 Real Estate which includes EQVA\u2019s real estate properties.The properties are predominantly industrial related.\u2022 Other in which the parent company is the main entity\u2013 the segment also includes companies without regularoperations and eliminations of intra-group transactions.The EQVA group include a total of 355 FTEs as of December 31, 2023.4. SEGMENT INFORMATIONThe Group's main activities are:\u2022 Products, solutions & renewables which includes 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 Real Estate which includes EQVA\u2019s real estate properties. The properties are predominantly industrial related.\u2022 Other in which the parent company is the main entity \u2013 the segment also includes companies without regular operations and eliminations 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, Europe without Norway and Others.The Group's customer base consists of a wide range of companies. The Group's three largest customers in 2023 compose 36% of total Group revenue. Sales to customers that account for more than 10% of total sales revenues is presented below:Customer Segment Revenue2023 20221. Products, solutions & renewables-127 45128 5112. Products, solutions & renewables 58 45252 3703. Products, solutions & renewables58 04234 202For 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.2023(NOK million)Maritime Products, Real Other / DiscontinuedEQVA ASA servicessolutions & estateEliminationOperations* renewablesOperating revenues, External 107,6 6 59,3 0,0 0,0 -107,6 6 5 9, 3Operating revenues, Internal 0,0 10,8 10,1 -10,1 0,0 10,8Operating income 107,6 670,1 10,1 -10,1 -107,6 670,2EBITDA - 1 7, 1 38,2 9, 0 -18,0 13,5 25,6Depreciation 1,4 8,9 3,0 3,3 -1,4 15,1Operating profit/(loss) (EBIT) -18,5 2 9, 3 6,1 -21,3 14,9 10,5Net financial items 13,0 -8,2 -2,4 -15,6 -13,0 -26,2Share of profit/(loss) from0,0 0,0 0,0 -3,1 0,0 -3,1associateProfit/(Loss) before tax -5,5 21,1 3,6 -40,0 1,9 -18,8Income tax expense 0,0 1,1 0,0 0,0 0,0 1,1Profit/(Loss) -5,5 20,0 3,6 -40,0 1,9 -19,9Total assets 0,0 336,0 119,3 212,3 667,6Equity 0,0 44,6 55,5 192,2 292,4Liabilities 0,0 291,4 63,8 20,1 375,3Addition PP&E and intangibles* 0,0 5,6 0,0 0,0 5,6Geographical areas Norway Other TotalOperating revenues 619,8 50,3 670,2\"Other\" contains parent company items and elimination of intra-group transactions.2022(NOK million)Maritime services Products, solutions & Other / DiscontinuedEQVA ASArenewablesEliminationOperations*Operating revenues, External 235,2 219,5 2,2 -235,2 221,7Operating revenues, Internal 0,0 0,0 2,1 0,0 2,1Operating income 235,2 219,5 4,3 -235,2 223,8EBITDA 12,9 9,3 -31,1 -12,9 -21,8Depreciation 2,8 6,9 0,1 -2,8 7,1Operating profit/(loss) (EBIT) 10,1 2,3 -31,3 -10,1 -29,0Net financial items -1,3 0,6 -16,2 1,3 -15,6Share of profit/(loss) from0,0 0,0 0,7 0,0 0,7associateProfit/(Loss) before tax 8,7 2,9 -46,8 -8,7 -43,8Income tax expense -0,4 0,0 -14,9 0,4 -14,9Profit/(Loss) 9,1 2,9 -31,9 -9,1 -29,0(NOK million)Maritime services Products, solutions & Other / Discontinued EQVA ASArenewablesEliminationOperations*Total 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 Restate TotalOperating revenues 458,9 0,0 -235,1 223,8\"Other\" contains parent company items and elimination of intra-group transactions.*Discontinued Operations contain the companies within Maritime Services(Havyard Leirvik AS), Havyard Leirvik Holding AS and the real estate property Havyard Leirvik Eiendom AS.",
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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 IFRS\u00ae Accounting Standards 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 21 March 2024.New and amended standards adopted by the Group The group applied for the first time certain amendments to standards, which are effective for annual periods beginning on or after 1 January 2023. The amended standards that applied for the first time in 2023 did not have any material impact on the consolidated financial statements of 2023, except for:Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement to disclose their 'material' accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are effective for these consolidated financial statements beginning on 1 January 2023.The group has not made any voluntary accounting policy changes in 2023.Standards and interpretations issued but not yet effectiveThe group has not early adopted any accounting standard, interpretation or amendment that has been issued but is not yet effective. The group intends to adopt new and amended standards and interpretations, if relevant, when they become effective. The group does not expect any significant effects related to upcoming standards and amendments. The group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.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. 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.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 Presentation currency and functional 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. 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 2023:1. Products, solutions & renewables2. Real estate, and 3. OtherCosts not directly attributable to the segments Real estate 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.Maritime Services segment is not included in the reporting structure in 2023 as the shipyard Hayard Leirvik was sold to Tersan in November 2023 (discontinued operations). Discontinued operations are disclosed in note 26. 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 28.2.7 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 Group does not recognize revenue from Conversion of vessels from Q3 2023 as the shipyard Hayard Leirvik was sold to Tersan in November 2023 (discontinued operations). Discontinued operations are disclosed in note 26.A signed sales contract should be in place before purchase, construction and other startup cost apply. The customer can only terminate the contract because of a breach by EQVA (Havyard Leirvik). 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 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.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. 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 Segment. Impairment is done at Segment-level if the impairment test does not justify the carrying amount of the Segment 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. 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.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 initially measured at cost. Goodwill is calculated on a 100 % ownership. In regards of investments in associated companies, goodwill is included in the cost price of the investments.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to Segment level for the purpose of impairment testing. The impairment testing is described more in detail in note 11.The goodwill is tested for impairment 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. 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. 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.Investments in sharesInvestments in shares are measured at fair value through profit or loss, except for shares in associated companies.Receivables and bank depositsThe 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.LoanLoans are initially recognized at fair value when the loan is disbursed, adjusted for directly attributable transaction costs. In subsequent periods, loans are recognized at amortized cost calculated using the effective interest rate method (EIR). 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. First-year repayments on long-term debt are presented as short-term debt.Accounts payableTrade payables are recognized at fair value on initial recognition. 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 recognized when there is a present obligation (legal or constructive) because of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount. A future settlement of the obligation will probably require an outflow of economic resources.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. 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 and are recognized as reduction of other operating expenses. 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__19": {
"value": "2.1 Basis of preparationThe consolidated financial statements of EQVA ASA and its subsidiaries (the \"Group\") are prepared in accordance with IFRS\u00ae Accounting Standards 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 21 March 2024.New and amended standards adopted by the Group The group applied for the first time certain amendments to standards, which are effective for annual periods beginning on or after 1 January 2023. The amended standards that applied for the first time in 2023 did not have any material impact on the consolidated financial statements of 2023, except for:Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement to disclose their 'material' accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are effective for these consolidated financial statements beginning on 1 January 2023.The group has not made any voluntary accounting policy changes in 2023.Standards and interpretations issued but not yet effectiveThe group has not early adopted any accounting standard, interpretation or amendment that has been issued but is not yet effective. The group intends to adopt new and amended standards and interpretations, if relevant, when they become effective. The group does not expect any significant effects related to upcoming standards and amendments. The group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__20": {
"value": "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.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__21": {
"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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__23": {
"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.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__22": {
"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.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__25": {
"value": "2.4 Presentation currency and functional 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__24": {
"value": "2.4 Presentation currency and functional 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__26": {
"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 2023:1. Products, solutions & renewables2. Real estate, and 3. OtherCosts not directly attributable to the segments Real estate 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.Maritime Services segment is not included in the reporting structure in 2023 as the shipyard Hayard Leirvik was sold to Tersan in November 2023 (discontinued operations). Discontinued operations are disclosed in note 26.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__27": {
"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 28.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__28-1": {
"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 Group does not recognize revenue from Conversion of vessels from Q3 2023 as the shipyard Hayard Leirvik was sold to Tersan in November 2023 (discontinued operations). Discontinued operations are disclosed in note 26.A signed sales contract should be in place before purchase, construction and other startup cost apply. The customer can only terminate the contract because of a breach by EQVA (Havyard Leirvik). 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 conversion 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.The Group does not recognize revenue from Conversion of vessels from Q3 2023 as the shipyard Hayard Leirvik was sold to Tersan in November 2023 (discontinued operations). Discontinued operations are disclosed in note 26.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__30": {
"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 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__29": {
"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 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__31-1": {
"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.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 Segment. Impairment is done at Segment-level if the impairment test does not justify the carrying amount of the Segment 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__33-1": {
"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 Segment. Impairment is done at Segment-level if the impairment test does not justify the carrying amount of the Segment 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__35": {
"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. 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.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__34-1": {
"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. 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.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 initially measured at cost. Goodwill is calculated on a 100 % ownership. In regards of investments in associated companies, goodwill is included in the cost price of the investments.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to Segment level for the purpose of impairment testing. The impairment testing is described more in detail in note 11.The goodwill is tested for impairment 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.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__37-1": {
"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 initially measured at cost. Goodwill is calculated on a 100 % ownership. In regards of investments in associated companies, goodwill is included in the cost price of the investments.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to Segment level for the purpose of impairment testing. The impairment testing is described more in detail in note 11.The goodwill is tested for impairment 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.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__38": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__39": {
"value": "2.14 InventoriesInventories of purchased goods are valued at the lower of acquisition cost and net realizable value. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__40": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__41": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__43": {
"value": "2.17 Financial Instruments.Investments in sharesInvestments in shares are measured at fair value through profit or loss, except for shares in associated companies.Receivables and bank depositsThe 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.LoanLoans are initially recognized at fair value when the loan is disbursed, adjusted for directly attributable transaction costs. In subsequent periods, loans are recognized at amortized cost calculated using the effective interest rate method (EIR). 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. First-year repayments on long-term debt are presented as short-term debt.Accounts payableTrade payables are recognized at fair value on initial recognition. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__42": {
"value": "2.17 Financial Instruments.Investments in sharesInvestments in shares are measured at fair value through profit or loss, except for shares in associated companies.Receivables and bank depositsThe 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.LoanLoans are initially recognized at fair value when the loan is disbursed, adjusted for directly attributable transaction costs. In subsequent periods, loans are recognized at amortized cost calculated using the effective interest rate method (EIR). 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. First-year repayments on long-term debt are presented as short-term debt.Accounts payableTrade payables are recognized at fair value on initial recognition. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__44": {
"value": "2.18 ProvisionsProvisions are recognized when there is a present obligation (legal or constructive) because of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount. A future settlement of the obligation will probably require an outflow of economic resources.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__45": {
"value": "2.19 Cash flow statementsThe cash flow statements are based on the indirect method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__46": {
"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 and are recognized as reduction of other operating expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__48": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__47": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__49": {
"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 conversion 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.The Group does not recognize revenue from Conversion of vessels from Q3 2023 as the shipyard Hayard Leirvik was sold to Tersan in November 2023 (discontinued operations). Discontinued operations are disclosed in note 26.3.2 Degree of completion and provision for loss contractsA part of EQVA's business consists of executing revenue-recognition projects that are recognized over time. Revenue recognition over time 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, 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 transactionAfter 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 was identified as the acquirer from an accounting perspective.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__52": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__56": {
"value": "3.5 Evaluation of acquiring part in transactionAfter 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 was identified as the acquirer from an accounting perspective.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__60": {
"value": "5. SALARY, FEES, NUMBER OF EMPLOYEES ETC. (NOK 1,000)Payroll expenses 2023 2022Wages 217 505 98 001Employer's part of social security costs 27 116 12 041Pension, contribution plans 12 556 4 381Other benefits 16 167 3 435Total salaries and social expenses 273 345 117 857FTEs at year end 355 351The 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 2023Remuneration to key management personnel and the Board of Directors: Erik H\u00f8yvik, Eirik S\u00e6vareid, Ask Haukaas, CEO CFO CFO*Management remunerations 2023 2022 2023 2022 2023 2022Wages 2 169 2183 1 211 750 547 0Pension 101 95 78 52 52 0Other benefits 152 146 144 6 10 0Total 2 422 2 424 1 433 809 609 0* Eirik S\u00e6vareid was replaced by Ask Haukaas in September 2023.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 31/12/23. EQVA ASA parent company: NOK 3 389 704 in board fees have been paid to external board members in 2023 (NOK 2 066 666 in 2022). 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. Share-based payment The establishment of the EQVA ASA Employee Option Plan was approved by the shareholders in 2022. The shareoption program 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. The program has effect from 1 January 2023. Options are granted under the plan for no consideration and carry no dividend or voting rights. The granted options are accounted for as equity-settled transactions. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with an increase in equity (other capital reserves), over the period in which the service and, where applicable, the perofrmance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. The granted options are vested over a period of three years. Employees must remain employed for a minimum three years to fully earn their granted options. A certain proportion of the options will become exercisable each year over the course of those three years. In accordance with IFRS 2 Share-based Payment, the Group recognize an expense over the vesting period. The total estimated cost of the share-based payment is spread evenly over the vesting period, reflecting the manner in which the economic benefits associated with the options are likely to flow to the company. Set out below are summaries of options granted under the plan:2023 2022 *Average Number of Average exercise Number of exercise priceoptionspriceoptionsAs at 1. January 0 - 0 0Granted during the year 3,01 1 740 000 0 0Excercised during thet year 0 - 0 0Forfeited during the year 3,01 -380 000 0 0As at 31. December 3,01 1 360 000 0 0Vested and exercisable at 31. December 0 - 0 0No options expired during the periods coverd by the above Forfeited options was due to resignation from employees. * There was no option program in 2022 Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date Expiry date Excercise price Share options 31. Share options 31. Number of optionsDecember 2023December 2022January 2023 January 2026 3,64 1 360 000 0 0Weighted average remaining contractual life of options outstanding at end of period 2 yearsShare Purchase Program 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__59": {
"value": "5. SALARY, FEES, NUMBER OF EMPLOYEES ETC. (NOK 1,000)Payroll expenses 2023 2022Wages 217 505 98 001Employer's part of social security costs 27 116 12 041Pension, contribution plans 12 556 4 381Other benefits 16 167 3 435Total salaries and social expenses 273 345 117 857FTEs at year end 355 351The 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 2023Remuneration to key management personnel and the Board of Directors: Erik H\u00f8yvik, Eirik S\u00e6vareid, Ask Haukaas, CEO CFO CFO*Management remunerations 2023 2022 2023 2022 2023 2022Wages 2 169 2183 1 211 750 547 0Pension 101 95 78 52 52 0Other benefits 152 146 144 6 10 0Total 2 422 2 424 1 433 809 609 0* Eirik S\u00e6vareid was replaced by Ask Haukaas in September 2023.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 31/12/23. EQVA ASA parent company: NOK 3 389 704 in board fees have been paid to external board members in 2023 (NOK 2 066 666 in 2022). 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. Share-based payment The establishment of the EQVA ASA Employee Option Plan was approved by the shareholders in 2022. The shareoption program 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. The program has effect from 1 January 2023. Options are granted under the plan for no consideration and carry no dividend or voting rights. The granted options are accounted for as equity-settled transactions. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with an increase in equity (other capital reserves), over the period in which the service and, where applicable, the perofrmance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. The granted options are vested over a period of three years. Employees must remain employed for a minimum three years to fully earn their granted options. A certain proportion of the options will become exercisable each year over the course of those three years. In accordance with IFRS 2 Share-based Payment, the Group recognize an expense over the vesting period. The total estimated cost of the share-based payment is spread evenly over the vesting period, reflecting the manner in which the economic benefits associated with the options are likely to flow to the company. Set out below are summaries of options granted under the plan:2023 2022 *Average Number of Average exercise Number of exercise priceoptionspriceoptionsAs at 1. January 0 - 0 0Granted during the year 3,01 1 740 000 0 0Excercised during thet year 0 - 0 0Forfeited during the year 3,01 -380 000 0 0As at 31. December 3,01 1 360 000 0 0Vested and exercisable at 31. December 0 - 0 0No options expired during the periods coverd by the above Forfeited options was due to resignation from employees. * There was no option program in 2022 Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date Expiry date Excercise price Share options 31. Share options 31. Number of optionsDecember 2023December 2022January 2023 January 2026 3,64 1 360 000 0 0Weighted average remaining contractual life of options outstanding at end of period 2 yearsShare Purchase Program 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__58": {
"value": "5. SALARY, FEES, NUMBER OF EMPLOYEES ETC. (NOK 1,000)Payroll expenses 2023 2022Wages 217 505 98 001Employer's part of social security costs 27 116 12 041Pension, contribution plans 12 556 4 381Other benefits 16 167 3 435Total salaries and social expenses 273 345 117 857FTEs at year end 355 351The 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 2023Remuneration to key management personnel and the Board of Directors: Erik H\u00f8yvik, Eirik S\u00e6vareid, Ask Haukaas, CEO CFO CFO*Management remunerations 2023 2022 2023 2022 2023 2022Wages 2 169 2183 1 211 750 547 0Pension 101 95 78 52 52 0Other benefits 152 146 144 6 10 0Total 2 422 2 424 1 433 809 609 0* Eirik S\u00e6vareid was replaced by Ask Haukaas in September 2023.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 31/12/23. EQVA ASA parent company: NOK 3 389 704 in board fees have been paid to external board members in 2023 (NOK 2 066 666 in 2022). 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. Share-based payment The establishment of the EQVA ASA Employee Option Plan was approved by the shareholders in 2022. The shareoption program 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. The program has effect from 1 January 2023. Options are granted under the plan for no consideration and carry no dividend or voting rights. The granted options are accounted for as equity-settled transactions. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with an increase in equity (other capital reserves), over the period in which the service and, where applicable, the perofrmance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. The granted options are vested over a period of three years. Employees must remain employed for a minimum three years to fully earn their granted options. A certain proportion of the options will become exercisable each year over the course of those three years. In accordance with IFRS 2 Share-based Payment, the Group recognize an expense over the vesting period. The total estimated cost of the share-based payment is spread evenly over the vesting period, reflecting the manner in which the economic benefits associated with the options are likely to flow to the company. Set out below are summaries of options granted under the plan:2023 2022 *Average Number of Average exercise Number of exercise priceoptionspriceoptionsAs at 1. January 0 - 0 0Granted during the year 3,01 1 740 000 0 0Excercised during thet year 0 - 0 0Forfeited during the year 3,01 -380 000 0 0As at 31. December 3,01 1 360 000 0 0Vested and exercisable at 31. December 0 - 0 0No options expired during the periods coverd by the above Forfeited options was due to resignation from employees. * There was no option program in 2022 Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date Expiry date Excercise price Share options 31. Share options 31. Number of optionsDecember 2023December 2022January 2023 January 2026 3,64 1 360 000 0 0Weighted average remaining contractual life of options outstanding at end of period 2 yearsShare Purchase Program 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__63": {
"value": "6. OTHER OPERATING EXPENSES (NOK 1,000)Other operating expenses 2023 2022Rent expenses 14 270 6 799Office and administration expenses 11 028 7 424Plant, tools and equipment (including IT) 20 832 8 744Other assistance 564 1 768Travel and employee expenses 19 539 9 804Hired consultants 15 273 17 932Marketing and communication 5 523 835Other operating expenses 9 337 -2 007Total 95 803 49 531Fees to the auditor consists of the following services: 2023 2022Statutory audit 4 859 2 317Tax advice 315 0Total 5 738 4 084Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__62": {
"value": "6. OTHER OPERATING EXPENSES (NOK 1,000)Other operating expenses 2023 2022Rent expenses 14 270 6 799Office and administration expenses 11 028 7 424Plant, tools and equipment (including IT) 20 832 8 744Other assistance 564 1 768Travel and employee expenses 19 539 9 804Hired consultants 15 273 17 932Marketing and communication 5 523 835Other operating expenses 9 337 -2 007Total 95 803 49 531Fees to the auditor consists of the following services: 2023 2022Statutory audit 4 859 2 317Tax advice 315 0Total 5 738 4 084Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__61": {
"value": "6. OTHER OPERATING EXPENSES (NOK 1,000)Other operating expenses 2023 2022Rent expenses 14 270 6 799Office and administration expenses 11 028 7 424Plant, tools and equipment (including IT) 20 832 8 744Other assistance 564 1 768Travel and employee expenses 19 539 9 804Hired consultants 15 273 17 932Marketing and communication 5 523 835Other operating expenses 9 337 -2 007Total 95 803 49 531Fees to the auditor consists of the following services: 2023 2022Statutory audit 4 859 2 317Tax advice 315 0Total 5 738 4 084Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__66": {
"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) 2023 2022Consolidated income statementCurrent income tax:Taxes payable 1 579 1 360Changes in deferred tax -481 -16 239Income tax expense/(income) reported in the income statement 1 098 -14 879Reconciliation of actual tax cost against expected tax cost in accordance with the ordinary Norwegian income tax rate of 22%. (NOK 1,000) 2023 2022Profit before tax -18 791 -43 836Tax expense 22% -4 134 -9 644Recognized tax expense 1 098 -14 674Difference between expected and recognised tax expense 5 232 -5 030Difference is related to:Income from investment in related parties 0 0Results in associates (22%/ 22%) -673 1 387Effect from discont operations 0 3 058Prior year adjustments 0 -205Addition deferred tax from aquisition 0 -16 425Loss on sale shares 0 1 434Impairment financial assets 0 2 066Other permanent differences -5 769 -10 556Tax payable from previous year 0 0Effect from public debt settlement 0 0Deferred tax asset not recognized 11 673 14 007Total 5 231 -5 235Deferred tax relates to the following temporary differences: 2023 2022(NOK 1,000)Non-current assets 28 382 33 668Customer contracts 28 267 30 933Leasing -34 -113Current assets -4 660 -4 252Accruals and provisions 0 -3 570Gain/(loss) account for deferral 10 758 12 544Cut off interest to related parties carried forward -19 629 -2 019Customer contracts 48 940 5 797Tax loss carried forward -333 202 -314 684Total temporary differences -241 178 -241 695Net deferred tax lability / deferred tax asset (-) -53 059 -53 173Deferred tax asset not recognised 53 059 53 173Deferred tax liability in the balance sheet 0 0Deferred 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__65": {
"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) 2023 2022Consolidated income statementCurrent income tax:Taxes payable 1 579 1 360Changes in deferred tax -481 -16 239Income tax expense/(income) reported in the income statement 1 098 -14 879Reconciliation of actual tax cost against expected tax cost in accordance with the ordinary Norwegian income tax rate of 22%. (NOK 1,000) 2023 2022Profit before tax -18 791 -43 836Tax expense 22% -4 134 -9 644Recognized tax expense 1 098 -14 674Difference between expected and recognised tax expense 5 232 -5 030Difference is related to:Income from investment in related parties 0 0Results in associates (22%/ 22%) -673 1 387Effect from discont operations 0 3 058Prior year adjustments 0 -205Addition deferred tax from aquisition 0 -16 425Loss on sale shares 0 1 434Impairment financial assets 0 2 066Other permanent differences -5 769 -10 556Tax payable from previous year 0 0Effect from public debt settlement 0 0Deferred tax asset not recognized 11 673 14 007Total 5 231 -5 235Deferred tax relates to the following temporary differences: 2023 2022(NOK 1,000)Non-current assets 28 382 33 668Customer contracts 28 267 30 933Leasing -34 -113Current assets -4 660 -4 252Accruals and provisions 0 -3 570Gain/(loss) account for deferral 10 758 12 544Cut off interest to related parties carried forward -19 629 -2 019Customer contracts 48 940 5 797Tax loss carried forward -333 202 -314 684Total temporary differences -241 178 -241 695Net deferred tax lability / deferred tax asset (-) -53 059 -53 173Deferred tax asset not recognised 53 059 53 173Deferred tax liability in the balance sheet 0 0Deferred 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__64": {
"value": "Other operating expenses 2023 2022Rent expenses 14 270 6 799Office and administration expenses 11 028 7 424Plant, tools and equipment (including IT) 20 832 8 744Other assistance 564 1 768Travel and employee expenses 19 539 9 804Hired consultants 15 273 17 932Marketing and communication 5 523 835Other operating expenses 9 337 -2 007Total 95 803 49 531Fees to the auditor consists of the following services: 2023 2022Statutory audit 4 859 2 317Tax advice 315 0Total 5 738 4 084Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__67": {
"value": "(NOK 1,000) 2023 2022Profit before tax -18 791 -43 836Tax expense 22% -4 134 -9 644Recognized tax expense 1 098 -14 674Difference between expected and recognised tax expense 5 232 -5 030Difference is related to:Income from investment in related parties 0 0Results in associates (22%/ 22%) -673 1 387Effect from discont operations 0 3 058Prior year adjustments 0 -205Addition deferred tax from aquisition 0 -16 425Loss on sale shares 0 1 434Impairment financial assets 0 2 066Other permanent differences -5 769 -10 556Tax payable from previous year 0 0Effect from public debt settlement 0 0Deferred tax asset not recognized 11 673 14 007Total 5 231 -5 235Deferred tax relates to the following temporary differences: 2023 2022(NOK 1,000)Non-current assets 28 382 33 668Customer contracts 28 267 30 933Leasing -34 -113Current assets -4 660 -4 252Accruals and provisions 0 -3 570Gain/(loss) account for deferral 10 758 12 544Cut off interest to related parties carried forward -19 629 -2 019Customer contracts 48 940 5 797Tax loss carried forward -333 202 -314 684Total temporary differences -241 178 -241 695Net deferred tax lability / deferred tax asset (-) -53 059 -53 173Deferred tax asset not recognised 53 059 53 173Deferred tax liability in the balance sheet 0 0Deferred 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__72": {
"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2023 2022Interest income 43 879Agio income 435 563Profit from share sale 6 601 2 636Other financial income 41 6Total financial income 7 120 4 084Interest expenses 19 679 9 916Agio loss 919 247Impairment of other financial assets 0 9 389Loss from share sale 5 380 -639Other financial expenses 7 346 729Total financial expenses 33 325 19 643Share of profit/loss of associate -3 061 668Net financial items -29 265 -14 890",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__71": {
"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2023 2022Interest income 43 879Agio income 435 563Profit from share sale 6 601 2 636Other financial income 41 6Total financial income 7 120 4 084Interest expenses 19 679 9 916Agio loss 919 247Impairment of other financial assets 0 9 389Loss from share sale 5 380 -639Other financial expenses 7 346 729Total financial expenses 33 325 19 643Share of profit/loss of associate -3 061 668Net financial items -29 265 -14 890",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__70": {
"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2023 2022Interest income 43 879Agio income 435 563Profit from share sale 6 601 2 636Other financial income 41 6Total financial income 7 120 4 084Interest expenses 19 679 9 916Agio loss 919 247Impairment of other financial assets 0 9 389Loss from share sale 5 380 -639Other financial expenses 7 346 729Total financial expenses 33 325 19 643Share of profit/loss of associate -3 061 668Net financial items -29 265 -14 890",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__69": {
"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2023 2022Interest income 43 879Agio income 435 563Profit from share sale 6 601 2 636Other financial income 41 6Total financial income 7 120 4 084Interest expenses 19 679 9 916Agio loss 919 247Impairment of other financial assets 0 9 389Loss from share sale 5 380 -639Other financial expenses 7 346 729Total financial expenses 33 325 19 643Share of profit/loss of associate -3 061 668Net financial items -29 265 -14 890",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__68": {
"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2023 2022Interest income 43 879Agio income 435 563Profit from share sale 6 601 2 636Other financial income 41 6Total financial income 7 120 4 084Interest expenses 19 679 9 916Agio loss 919 247Impairment of other financial assets 0 9 389Loss from share sale 5 380 -639Other financial expenses 7 346 729Total financial expenses 33 325 19 643Share of profit/loss of associate -3 061 668Net financial items -29 265 -14 890",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__73": {
"value": "(NOK 1,000)2023 2022Interest income 43 879Agio income 435 563Profit from share sale 6 601 2 636Other financial income 41 6Total financial income 7 120 4 084Interest expenses 19 679 9 916Agio loss 919 247Impairment of other financial assets 0 9 389Loss from share sale 5 380 -639Other financial expenses 7 346 729Total financial expenses 33 325 19 643Share of profit/loss of associate -3 061 668Net financial items -29 265 -14 890",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__76-1": {
"value": "9. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTS2023EQVA ASA has the following owner-Ownership Business office Segment Currency Share Total ship in subsidiaries as of 31/12/2023share/capital equity voting share(1,000)(NOK 1,000)Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 7 007Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 -5 950Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 3 415Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 9 801BKS Industri AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 54 52 258BKS Power & Automation AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -3 507HG Group AS 100 % Valen i Kvinnherad Other NOK 690 213 586Handeland Industri AS 100 % Valen i Kvinnherad Other NOK 563 97 557BKS Holding AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -6 397Fossberg Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 1 002 30 072Fossberg Kraft Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -19 521EQVA Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 49 31BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 168 8 736Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -158Zenit Engineering AS 89 % Sunde i Kvinnherrad Products, solutions & renewables NOK 300 4 312Haugsv\u00e6r Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -58Skjeggfoss Kraftverk AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -291BKS VVS AS 67 % Straume i \u00d8ygarden Products, solutions & renewables NOK 100 6 707Marine Support AS 70 % Storeb\u00f8 i Austevoll Products, solutions & renewables NOK 300 11 708EQVA divested Havyard Leirvik Holding AS (HLH) to Tersan (Turkish shipyard company) in November 2023. The transaction included also HLH's 2 subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. For more details see note 26 Discontinued Operations.BKS Holding AS increased its ownership in Zenit Engineering AS, from 82% to 89%, during 2023.Fossberg Kraft AS invested in a new project company, Haugsv\u00e6r Kraft AS in 2023. The company will be sold to customer when project is completed. In 2023 the project company Kv\u00e6vebekken 2 AS was sold to the customer. EQVA ASA transferred its 50% ownership in BKS Holding AS to Handeland Industri AS - now 100% owner. The transaction impacted the equity of HG Group AS as well (parent company of Handeland Industri AS). The transaction was carried out as an asset contribution.Havyard Eiendom Holding AS changed name to EQVA Eiendom Holding AS in 2023.Investments in associates as of 31/12/2023 Ownership share/ Business office Currency Share of result Voting share(1,000)Havila Charisma IS 50 % Fosnav\u00e5g NOK -3 061EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2023 25 544Share of profit/(loss) -3 061Investments 0Additions through aquistiion 0Other adjustments -1 165Carrying value of investment 31/12/2023 21 318Aggregate financial information of associates according to owner share Operating revenue 52 434Profit/(loss) -6 121Total Comprehensive Income -6 121Total assets 144 653Equity 38 938Liabilities 105 715The accounting for associates has been according to the equity method.2022EQVA 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.19. NON-CURRENT FINANCIAL INVESTMENTSThe Group has no investments in financial assets as per 31.12.23 (NOK 16.2 million as of December 31. 2022). The investments are classified as noncurrent. The investments are recognized at fair value with changes in value in the income statement.2023(NOK 1,000)Company Ownership share/Business Office Carrying voting shareamountNA 0Other non-current financial investments** 0Carrying amount as of 31/12/23 0There are no quoted or unquoted equity shares investments.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 163All investments are unquoted equity shares and are classified as level 3 investments.Changes in carrying amount from 31/12/22 to 31/12/23:(NOK 1,000) 2023 2022Level 1 investments 01/01 13 163 0Investment 0 0Reclassified* 0 13 163Impairment 0 0Sale of investment -13 163 0Adjustment 0 0Level 1 investments 31/12 0 13 163(NOK 1,000) 2023 2022Level 3 investments 01/01 3 000 3 000Investment 0 0Impairment 0 0Sale of investment -3 000 0Adjustment 0 0Level 3 investments 31/12 0 3 000*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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__75": {
"value": "9. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTS2023EQVA ASA has the following owner-Ownership Business office Segment Currency Share Total ship in subsidiaries as of 31/12/2023share/capital equity voting share(1,000)(NOK 1,000)Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 7 007Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 -5 950Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 3 415Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 9 801BKS Industri AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 54 52 258BKS Power & Automation AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -3 507HG Group AS 100 % Valen i Kvinnherad Other NOK 690 213 586Handeland Industri AS 100 % Valen i Kvinnherad Other NOK 563 97 557BKS Holding AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -6 397Fossberg Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 1 002 30 072Fossberg Kraft Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -19 521EQVA Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 49 31BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 168 8 736Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -158Zenit Engineering AS 89 % Sunde i Kvinnherrad Products, solutions & renewables NOK 300 4 312Haugsv\u00e6r Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -58Skjeggfoss Kraftverk AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -291BKS VVS AS 67 % Straume i \u00d8ygarden Products, solutions & renewables NOK 100 6 707Marine Support AS 70 % Storeb\u00f8 i Austevoll Products, solutions & renewables NOK 300 11 708EQVA divested Havyard Leirvik Holding AS (HLH) to Tersan (Turkish shipyard company) in November 2023. The transaction included also HLH's 2 subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. For more details see note 26 Discontinued Operations.BKS Holding AS increased its ownership in Zenit Engineering AS, from 82% to 89%, during 2023.Fossberg Kraft AS invested in a new project company, Haugsv\u00e6r Kraft AS in 2023. The company will be sold to customer when project is completed. In 2023 the project company Kv\u00e6vebekken 2 AS was sold to the customer. EQVA ASA transferred its 50% ownership in BKS Holding AS to Handeland Industri AS - now 100% owner. The transaction impacted the equity of HG Group AS as well (parent company of Handeland Industri AS). The transaction was carried out as an asset contribution.Havyard Eiendom Holding AS changed name to EQVA Eiendom Holding AS in 2023.Investments in associates as of 31/12/2023 Ownership share/ Business office Currency Share of result Voting share(1,000)Havila Charisma IS 50 % Fosnav\u00e5g NOK -3 061EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2023 25 544Share of profit/(loss) -3 061Investments 0Additions through aquistiion 0Other adjustments -1 165Carrying value of investment 31/12/2023 21 318Aggregate financial information of associates according to owner share Operating revenue 52 434Profit/(loss) -6 121Total Comprehensive Income -6 121Total assets 144 653Equity 38 938Liabilities 105 715The accounting for associates has been according to the equity method.2022EQVA 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__74": {
"value": "9. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTS2023EQVA ASA has the following owner-Ownership Business office Segment Currency Share Total ship in subsidiaries as of 31/12/2023share/capital equity voting share(1,000)(NOK 1,000)Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 7 007Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 -5 950Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 3 415Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 9 801BKS Industri AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 54 52 258BKS Power & Automation AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -3 507HG Group AS 100 % Valen i Kvinnherad Other NOK 690 213 586Handeland Industri AS 100 % Valen i Kvinnherad Other NOK 563 97 557BKS Holding AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -6 397Fossberg Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 1 002 30 072Fossberg Kraft Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -19 521EQVA Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 49 31BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 168 8 736Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -158Zenit Engineering AS 89 % Sunde i Kvinnherrad Products, solutions & renewables NOK 300 4 312Haugsv\u00e6r Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -58Skjeggfoss Kraftverk AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -291BKS VVS AS 67 % Straume i \u00d8ygarden Products, solutions & renewables NOK 100 6 707Marine Support AS 70 % Storeb\u00f8 i Austevoll Products, solutions & renewables NOK 300 11 708EQVA divested Havyard Leirvik Holding AS (HLH) to Tersan (Turkish shipyard company) in November 2023. The transaction included also HLH's 2 subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. For more details see note 26 Discontinued Operations.BKS Holding AS increased its ownership in Zenit Engineering AS, from 82% to 89%, during 2023.Fossberg Kraft AS invested in a new project company, Haugsv\u00e6r Kraft AS in 2023. The company will be sold to customer when project is completed. In 2023 the project company Kv\u00e6vebekken 2 AS was sold to the customer. EQVA ASA transferred its 50% ownership in BKS Holding AS to Handeland Industri AS - now 100% owner. The transaction impacted the equity of HG Group AS as well (parent company of Handeland Industri AS). The transaction was carried out as an asset contribution.Havyard Eiendom Holding AS changed name to EQVA Eiendom Holding AS in 2023.Investments in associates as of 31/12/2023 Ownership share/ Business office Currency Share of result Voting share(1,000)Havila Charisma IS 50 % Fosnav\u00e5g NOK -3 061EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2023 25 544Share of profit/(loss) -3 061Investments 0Additions through aquistiion 0Other adjustments -1 165Carrying value of investment 31/12/2023 21 318Aggregate financial information of associates according to owner share Operating revenue 52 434Profit/(loss) -6 121Total Comprehensive Income -6 121Total assets 144 653Equity 38 938Liabilities 105 715The accounting for associates has been according to the equity method.2022EQVA 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.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__79": {
"value": "10. BUSINESS COMBINATIONS AND OTHER CHANGES IN THE GROUP2023There has been no changes in the group in 2023, besides the divestment of Havyard Lerivik AS, Havyard Leirvik Holding AS and Havyard Leirvik Eiendom AS. Please see note 26 regarding discontinued operation..2022Aquisition 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 related 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 towards 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 relationships 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 215,0stPro-forma accounts 2022 Aquisition targets 1 half 2023 EQVA ASA 2023* Pro-forma accunts 2022**Operating income 670,2 670,2Materials and consumables 275,5 275,5Payroll expenses 273,3 273,3Other operating expenses 95,8 95,8EBITDA 0,0 25,6 25,6*consolidated group accounts**as if the transaction was done 01 January 2023 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 ownershipt 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:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__78": {
"value": "10. BUSINESS COMBINATIONS AND OTHER CHANGES IN THE GROUP2023There has been no changes in the group in 2023, besides the divestment of Havyard Lerivik AS, Havyard Leirvik Holding AS and Havyard Leirvik Eiendom AS. Please see note 26 regarding discontinued operation..2022Aquisition 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 related 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 towards 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 relationships 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 215,0stPro-forma accounts 2022 Aquisition targets 1 half 2023 EQVA ASA 2023* Pro-forma accunts 2022**Operating income 670,2 670,2Materials and consumables 275,5 275,5Payroll expenses 273,3 273,3Other operating expenses 95,8 95,8EBITDA 0,0 25,6 25,6*consolidated group accounts**as if the transaction was done 01 January 2023 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 ownershipt 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__77": {
"value": "10. BUSINESS COMBINATIONS AND OTHER CHANGES IN THE GROUP2023There has been no changes in the group in 2023, besides the divestment of Havyard Lerivik AS, Havyard Leirvik Holding AS and Havyard Leirvik Eiendom AS. Please see note 26 regarding discontinued operation..2022Aquisition 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 related 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 towards 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 relationships 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 215,0stPro-forma accounts 2022 Aquisition targets 1 half 2023 EQVA ASA 2023* Pro-forma accunts 2022**Operating income 670,2 670,2Materials and consumables 275,5 275,5Payroll expenses 273,3 273,3Other operating expenses 95,8 95,8EBITDA 0,0 25,6 25,6*consolidated group accounts**as if the transaction was done 01 January 2023 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 ownershipt 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__81": {
"value": "11. INTANGIBLE ASSETS 2023(NOK 1,000)Licenses, patents and R&D Customer contracts Goodwill TotalAcquisition cost as of 1/1 1 425 32 000 248 260 281 685Additions during the year 0 0 0 0Disposals during the year 0 0 0 0Acquisition cost as of 31/12 1 425 32 000 248 260 281 685Accumulated amortization as of 1/1 150 1 067 0 1 217Amortization for the year 225 2 665 0 2 890Disposals during the year 0 0 0 0Accumulated amortization as of 31/12 375 3 731 0 4 106Book value as of 31/12 1 050 28 269 248 260 277 579Depreciation 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__80": {
"value": "11. INTANGIBLE ASSETS 2023(NOK 1,000)Licenses, patents and R&D Customer contracts Goodwill TotalAcquisition cost as of 1/1 1 425 32 000 248 260 281 685Additions during the year 0 0 0 0Disposals during the year 0 0 0 0Acquisition cost as of 31/12 1 425 32 000 248 260 281 685Accumulated amortization as of 1/1 150 1 067 0 1 217Amortization for the year 225 2 665 0 2 890Disposals during the year 0 0 0 0Accumulated amortization as of 31/12 375 3 731 0 4 106Book value as of 31/12 1 050 28 269 248 260 277 579Depreciation 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.2023Allocation of goodwill 2023 2022Products, solutions & renewables 248 260 248 260Total goodwill 248 260 248 260Goodwill Goodwill is monitored as tested for impairment annually or more frequently if events or changes in circumstances indicate that the value may be impaired, goodwill is tested at the level of operating segments. The entire goodwill relates to the aquisition of BKS and Fossberg Kraft in late June 2022.Cash flow assumptionsThe impairment testing of assets is by nature highly judgmental as it includes estimates such as future market development, cash flows, determination of Segments and WACC, and other assumptions that may change over time. In particular, future cash flows are uncertain as they are impacted by developments beyond our control. Weather conditions and regulatory developments are two examples that may impact our power plant development projects. Below is an overview of the key assumptions and judgements applied for impairment testing as of 31 December 2023. The Weighted Average Cost of Capital (WACC) has been calculated based on a risk-free rate which mirrors the current yield on Norwegian 10-year government bonds, pursuant to established valuation practices. The cost of equity has been determined utilizing the Capital Asset Pricing Model (CAPM), where an equity beta of 3.5 was applied, derived from an asset beta of 0.6, assimilating a debt-to-equity ratio in alignment with IFRS 13 \"Fair Value Measurement\".Risk Adjustments: The asset beta's reflection of thecompany's operational risks, inclusive of EBITDA margins and revenue volatility, has been benchmarked against comparable companies within the sector, a prudent asset beta has been deemed appropriate, given the lower risk profile assumed for BKS and Fossberg\u2019s combined operations. A market risk premium of 5% is incorporated to represent the additional return investors require over risk-free securities, supported by historical trends and financial institution benchmarking. A small firm premium of 4.5% has also been applied to account for the elevated risk associated with liquidity and market access for smaller enterprises.Given the assumtions and inputs above we consider the calculated WACC (10,4%) to be conservative and custom-tailored to the company\u2019s strategic long-term financing needs, incorporating comprehensive risk adjustments and market considerations.The impairment test has also been tested for sensitivities by changing key parameters with 1%, without any impairment indicators identified.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 amortization as of 1/1 0 0 0 0Amortization for the year 150 1 067 0 1 217Disposals during the year 0 0 0Accumulated amortization as of 31/12 150 1 067 0 1 217Book 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__82": {
"value": "2023Allocation of goodwill 2023 2022Products, solutions & renewables 248 260 248 260Total goodwill 248 260 248 260Goodwill Goodwill is monitored as tested for impairment annually or more frequently if events or changes in circumstances indicate that the value may be impaired, goodwill is tested at the level of operating segments. The entire goodwill relates to the aquisition of BKS and Fossberg Kraft in late June 2022.Cash flow assumptionsThe impairment testing of assets is by nature highly judgmental as it includes estimates such as future market development, cash flows, determination of Segments and WACC, and other assumptions that may change over time. In particular, future cash flows are uncertain as they are impacted by developments beyond our control. Weather conditions and regulatory developments are two examples that may impact our power plant development projects. Below is an overview of the key assumptions and judgements applied for impairment testing as of 31 December 2023. The Weighted Average Cost of Capital (WACC) has been calculated based on a risk-free rate which mirrors the current yield on Norwegian 10-year government bonds, pursuant to established valuation practices. The cost of equity has been determined utilizing the Capital Asset Pricing Model (CAPM), where an equity beta of 3.5 was applied, derived from an asset beta of 0.6, assimilating a debt-to-equity ratio in alignment with IFRS 13 \"Fair Value Measurement\".Risk Adjustments: The asset beta's reflection of thecompany's operational risks, inclusive of EBITDA margins and revenue volatility, has been benchmarked against comparable companies within the sector, a prudent asset beta has been deemed appropriate, given the lower risk profile assumed for BKS and Fossberg\u2019s combined operations. A market risk premium of 5% is incorporated to represent the additional return investors require over risk-free securities, supported by historical trends and financial institution benchmarking. A small firm premium of 4.5% has also been applied to account for the elevated risk associated with liquidity and market access for smaller enterprises.Given the assumtions and inputs above we consider the calculated WACC (10,4%) to be conservative and custom-tailored to the company\u2019s strategic long-term financing needs, incorporating comprehensive risk adjustments and market considerations.The impairment test has also been tested for sensitivities by changing key parameters with 1%, without any impairment indicators identified.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 amortization as of 1/1 0 0 0 0Amortization for the year 150 1 067 0 1 217Disposals during the year 0 0 0Accumulated amortization as of 31/12 150 1 067 0 1 217Book 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__84": {
"value": "12. PROPERTY, PLANT AND EQUIPMENT 2023(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 358 981 53 595 68 980 481 557Adjustments 2022 4 186 5 691 0 9 877Additions during the year 72 5 540 0 5 613Disposals during the year 3 249 1 530 0 4 779Acquisition cost as of 31/12 359 991 63 296 68 980 492 267Accumulated depreciation as of 1/1 250 818 48 978 52 831 352 627Depreciation for the year 7 184 4 640 397 12 221Impairment 0 0 0 0Disposals during the year 0 193 0 193Accumulated depreciation as of 31/12 258 002 53 811 53 228 365 041Discontinued operation 9 121 3 720 1 144 13 985Depreciation for discontinued operation 0 1 401 0 1 401Book value as of 31/12 92 868 4 363 14 609 111 840Useful life 10-40 years 3-10 years 3-10 years 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__83": {
"value": "12. PROPERTY, PLANT AND EQUIPMENT 2023(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 358 981 53 595 68 980 481 557Adjustments 2022 4 186 5 691 0 9 877Additions during the year 72 5 540 0 5 613Disposals during the year 3 249 1 530 0 4 779Acquisition cost as of 31/12 359 991 63 296 68 980 492 267Accumulated depreciation as of 1/1 250 818 48 978 52 831 352 627Depreciation for the year 7 184 4 640 397 12 221Impairment 0 0 0 0Disposals during the year 0 193 0 193Accumulated depreciation as of 31/12 258 002 53 811 53 228 365 041Discontinued operation 9 121 3 720 1 144 13 985Depreciation for discontinued operation 0 1 401 0 1 401Book value as of 31/12 92 868 4 363 14 609 111 840Useful life 10-40 years 3-10 years 3-10 years 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__86": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__88": {
"value": "13. LEASESAmounts recognised in the balance sheet.The balance sheet shows the following amounts relating to leases:(NOK 1,000) 2023 2022Right of use assetsProperty 2 410 1 021Equipment 6 209 7 827Cars 3 657 2 086Sum 12 276 10 933Additions, right-of-use assets in the period 1 342 12 937Disposals of right-of-use assets in the period 0 0Disposals 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: 2023 2022Depreciation charge of right-of-use assetsProperties 221 310Equipment 666 866Cars 1 390 1 160Total 2 276 2 335Interest expense 831 229Expenses relating to short-term leases*14 270 6 799*Main part of short-term leases is rent of housing for project personnel. Expenses relating to leases of low-value 0 0The total cash outflow for leases in 2023 was MNOK 12,455 (2022: MNOK 8,884) which includes short/insignificantlease arrangements.2023 2022Right of use assets - development 2023Right of use assets - 01.01* 10 933 332Corrections opening balance 2 276 0Additions during the year 1 342 12 937Depreciation 2 276 2 335Right of use assets - 31.12 12 276 10 933",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__87": {
"value": "13. LEASESAmounts recognised in the balance sheet.The balance sheet shows the following amounts relating to leases:(NOK 1,000) 2023 2022Right of use assetsProperty 2 410 1 021Equipment 6 209 7 827Cars 3 657 2 086Sum 12 276 10 933Additions, right-of-use assets in the period 1 342 12 937Disposals of right-of-use assets in the period 0 0Disposals 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: 2023 2022Depreciation charge of right-of-use assetsProperties 221 310Equipment 666 866Cars 1 390 1 160Total 2 276 2 335Interest expense 831 229Expenses relating to short-term leases*14 270 6 799*Main part of short-term leases is rent of housing for project personnel. Expenses relating to leases of low-value 0 0The total cash outflow for leases in 2023 was MNOK 12,455 (2022: MNOK 8,884) which includes short/insignificantlease arrangements.2023 2022Right of use assets - development 2023Right of use assets - 01.01* 10 933 332Corrections opening balance 2 276 0Additions during the year 1 342 12 937Depreciation 2 276 2 335Right of use assets - 31.12 12 276 10 933",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__90": {
"value": "14. REVENUE FROM CONTRACTS WITH CUSTOMERS (NOK 1,000)NOTE 14.12023Disaggregation of revenue Products, solutions Real Estate Other / Elimination Eqva& renewablesService and maintenence 659 340 0 0 659 340Total revenue from contract with customers 659 340 0 0 659 340 See note 4 (NOK 1,000)NOTE 14.12022Disaggregation of revenue Products, solutions Other / Elimination EQVA& renewablesService and maintenence 200 236 4 649 204 884Construction of power plants 16 813 0 16 813Total revenue from contract with customers 217 049 4 649 221 698 See note 4 NOTE 14.2Contract assets 2023 2022Opening balance 51 537 0Payments received on assets from previous balance sheet date 45 179 0Assets from contracts entered into current year 66 122 51 537Closing balance 72 480 51 537Contract liabilities 2023 2022Opening balance -861 -35 558Revenues booked on liabilities from previous balance sheet date 861 35 558Liabilities from contracts entered into current year 0 861Closing balance 0 -861Changes 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 obligations2023 2022Transaction price allocated to remaining performance 57 439 41 573Expected delivery of remaining performance obligationsWithin one year 57 439 41 573Between one and two years 0 0NOTE 14.4No revenue was recorded in 2023 on previously completed contracts",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__89": {
"value": "14. REVENUE FROM CONTRACTS WITH CUSTOMERS (NOK 1,000)NOTE 14.12023Disaggregation of revenue Products, solutions Real Estate Other / Elimination Eqva& renewablesService and maintenence 659 340 0 0 659 340Total revenue from contract with customers 659 340 0 0 659 340 See note 4 (NOK 1,000)NOTE 14.12022Disaggregation of revenue Products, solutions Other / Elimination EQVA& renewablesService and maintenence 200 236 4 649 204 884Construction of power plants 16 813 0 16 813Total revenue from contract with customers 217 049 4 649 221 698 See note 4 NOTE 14.2Contract assets 2023 2022Opening balance 51 537 0Payments received on assets from previous balance sheet date 45 179 0Assets from contracts entered into current year 66 122 51 537Closing balance 72 480 51 537Contract liabilities 2023 2022Opening balance -861 -35 558Revenues booked on liabilities from previous balance sheet date 861 35 558Liabilities from contracts entered into current year 0 861Closing balance 0 -861Changes 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 obligations2023 2022Transaction price allocated to remaining performance 57 439 41 573Expected delivery of remaining performance obligationsWithin one year 57 439 41 573Between one and two years 0 0NOTE 14.4No revenue was recorded in 2023 on previously completed contracts",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__91-1": {
"value": "15. LOSSES TO COMPLETION(NOK 1,000) 2023 2022ProvisionsProvisions from previous period 0 0Reduced deposit 0 0New provisions 0 0Total 0 0The provision is presented as part of other current liabilities in the balance sheet. The profit and loss statement the expense is allocated between the line items materials and consumables, payroll expenses and other operating expenses.27. 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.2023GuaranteesProvisions 1/1/2023 7 879Used provision -3 571Adjustment due to divestment of Havyard Leirvik -4 308New provisions 0Provisions 31/12/2023 02022GuaranteesProvisions 1/1/2022 23 395Used provision -16 371New provisions 856Provisions 31/12/2022 7 879In addition to the above BKS Industri AS has an off balance sheet guarantee of NOKm 18,5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__93": {
"value": "16. FINANCIAL RISK MANAGEMENTBelow the financial instruments of the Group are presented according to category: 2023Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 0 0 0Loans to associates 0 4 988 4 988Trade and other current receivables 0 121 589 121 589Non current receivables 0 3 809 3 809Cash and cash equivalents 0 35 984 35 984Total 0 166 370 166 370Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 55 666 55 666Other long-term liabilities 0 41 770 41 770Lease liabilities 0 12 250 12 250Other current liabilities 0 33 420 33 420Liabilities to financial institutions 0 203 715 203 715 Total 0 346 821 346 8212022Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 16 163 0 16 163Loans 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 4 74 41 4 74Lease 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 485For 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.Difference between non-discounted cash-flows and amortized costs are considered to insignificant.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) 2023 2022Not past due 38 816 75 259Past due < 3 months 26 667 9 723Past due 3 to 6 months 34 009 2 395Past due over 6 months 9 300 7 338Impairment -9 300 -3 760Trade receivables 99 493 90 955Contract assets customer contracts 72 480 51 537Total credit/counterparty risk to customers 171 973 142 492Impairment 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 sheet2023 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 39 665 16 001 55 666Lease 17 0 3 363 476 1 637 6 756 12 250Other long-term liabilities 41 770 41 770Liabilities to financial institutions 78 423 125 292 203 715Total 39 682 16 001 81 786 42 246 126 929 6 756 313 400DerivativesForward contract foreign exchange 0 0 0 0Total 39 682 16 001 81 786 42 246 126 929 6 756 313 4002022 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 56 147 0 0 56 147Lease 0 1 619 9 624 0 11 243Other long-term liabilities 3 416 38 057 0 41 4 74Liabilities to financial institutions 7 523 10 260 26 977 56 261 96 608 0 197 629Total 63 670 10 260 28 74 2 60 165 149 888 0 312 725DerivativesForward contract foreign exchange 0 0 0 0Total 63 670 10 260 28 74 2 60 165 149 888 0 312 725Capital 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__92": {
"value": "16. FINANCIAL RISK MANAGEMENTBelow the financial instruments of the Group are presented according to category: 2023Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 0 0 0Loans to associates 0 4 988 4 988Trade and other current receivables 0 121 589 121 589Non current receivables 0 3 809 3 809Cash and cash equivalents 0 35 984 35 984Total 0 166 370 166 370Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 55 666 55 666Other long-term liabilities 0 41 770 41 770Lease liabilities 0 12 250 12 250Other current liabilities 0 33 420 33 420Liabilities to financial institutions 0 203 715 203 715 Total 0 346 821 346 8212022Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 16 163 0 16 163Loans 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 4 74 41 4 74Lease 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 485For 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.Difference between non-discounted cash-flows and amortized costs are considered to insignificant.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) 2023 2022Not past due 38 816 75 259Past due < 3 months 26 667 9 723Past due 3 to 6 months 34 009 2 395Past due over 6 months 9 300 7 338Impairment -9 300 -3 760Trade receivables 99 493 90 955Contract assets customer contracts 72 480 51 537Total credit/counterparty risk to customers 171 973 142 492Impairment 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 sheet2023 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 39 665 16 001 55 666Lease 17 0 3 363 476 1 637 6 756 12 250Other long-term liabilities 41 770 41 770Liabilities to financial institutions 78 423 125 292 203 715Total 39 682 16 001 81 786 42 246 126 929 6 756 313 400DerivativesForward contract foreign exchange 0 0 0 0Total 39 682 16 001 81 786 42 246 126 929 6 756 313 4002022 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 56 147 0 0 56 147Lease 0 1 619 9 624 0 11 243Other long-term liabilities 3 416 38 057 0 41 4 74Liabilities to financial institutions 7 523 10 260 26 977 56 261 96 608 0 197 629Total 63 670 10 260 28 74 2 60 165 149 888 0 312 725DerivativesForward contract foreign exchange 0 0 0 0Total 63 670 10 260 28 74 2 60 165 149 888 0 312 725Capital 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__94": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__95": {
"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) 2023 2022Not past due 38 816 75 259Past due < 3 months 26 667 9 723Past due 3 to 6 months 34 009 2 395Past due over 6 months 9 300 7 338Impairment -9 300 -3 760Trade receivables 99 493 90 955Contract assets customer contracts 72 480 51 537Total credit/counterparty risk to customers 171 973 142 492Impairment 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__97": {
"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 sheet2023 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 39 665 16 001 55 666Lease 17 0 3 363 476 1 637 6 756 12 250Other long-term liabilities 41 770 41 770Liabilities to financial institutions 78 423 125 292 203 715Total 39 682 16 001 81 786 42 246 126 929 6 756 313 400DerivativesForward contract foreign exchange 0 0 0 0Total 39 682 16 001 81 786 42 246 126 929 6 756 313 4002022 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 56 147 0 0 56 147Lease 0 1 619 9 624 0 11 243Other long-term liabilities 3 416 38 057 0 41 4 74Liabilities to financial institutions 7 523 10 260 26 977 56 261 96 608 0 197 629Total 63 670 10 260 28 74 2 60 165 149 888 0 312 725DerivativesForward contract foreign exchange 0 0 0 0Total 63 670 10 260 28 74 2 60 165 149 888 0 312 725",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__96": {
"value": "NOK (1,000) 2023 2022Not past due 38 816 75 259Past due < 3 months 26 667 9 723Past due 3 to 6 months 34 009 2 395Past due over 6 months 9 300 7 338Impairment -9 300 -3 760Trade receivables 99 493 90 955Contract assets customer contracts 72 480 51 537Total credit/counterparty risk to customers 171 973 142 492",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__98": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__100-1": {
"value": "17. INTEREST BEARING DEBT(NOK 1,000)Interest bearing long-term debt 2023 2022Lease liabilities 8 870 9 624Liabilities to financial institutions 125 293 152 868Other long-term liabilities 41 770 41 4 74Sum 175 932 203 967Interest bearing short-term debt 2023 2022Liabilities to financial institutions 78 423 22 498Lease liabilities 3 380 1 619Sum 81 803 24 116Debt secured by mortgage 2023 2022Long-term debt to financial institutions 125 293 152 868Short-term debt to financial institutions 78 423 22 498Sum 203 715 175 366The Liabilities to financial institutions of total 199 MNOK include, DNB loan to BKS and EQVA Eiendom, construction loans from Sparebank 1 SR-Bank to Fossberg Kraft, Pareto bank loan to EQVA ASA, and drawn revolving credit facility in Fossberg Kraft and BKS.The loans from DNB have a maturity on 3 years and the loan from Pareto has a maturiy of 2 years. Construction loans from Sparebank 1 SR-Bank has a maturity of 1-2 years. All the loans have floating interest rates.As of 31 December 2023, EQVA ASA has received a waiver for the debt covenants for the Pareto loan. Other debt was in compliance with its existing debt covenants.Other long-term liabilities include among others a sellers credit from the aquisition of HG Group and BKS (25MNOK) and a loan from Havila Holding (13MNOK).Leasing liabilitiesFor information about group's leasing, see note 13.18. OTHER CURRENT LIABILITIESOther current liabilities consists of the following: (NOK 1,000) 2023 2022Employee-related liabilities 26 906 38 133Warranty provisions 0 7 879Accrud interest expense 1 814 2 323Other current liabilities 4 700 27 920Total other current liabilities 33 420 76 255",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__99": {
"value": "17. INTEREST BEARING DEBT(NOK 1,000)Interest bearing long-term debt 2023 2022Lease liabilities 8 870 9 624Liabilities to financial institutions 125 293 152 868Other long-term liabilities 41 770 41 4 74Sum 175 932 203 967Interest bearing short-term debt 2023 2022Liabilities to financial institutions 78 423 22 498Lease liabilities 3 380 1 619Sum 81 803 24 116Debt secured by mortgage 2023 2022Long-term debt to financial institutions 125 293 152 868Short-term debt to financial institutions 78 423 22 498Sum 203 715 175 366The Liabilities to financial institutions of total 199 MNOK include, DNB loan to BKS and EQVA Eiendom, construction loans from Sparebank 1 SR-Bank to Fossberg Kraft, Pareto bank loan to EQVA ASA, and drawn revolving credit facility in Fossberg Kraft and BKS.The loans from DNB have a maturity on 3 years and the loan from Pareto has a maturiy of 2 years. Construction loans from Sparebank 1 SR-Bank has a maturity of 1-2 years. All the loans have floating interest rates.As of 31 December 2023, EQVA ASA has received a waiver for the debt covenants for the Pareto loan. Other debt was in compliance with its existing debt covenants.Other long-term liabilities include among others a sellers credit from the aquisition of HG Group and BKS (25MNOK) and a loan from Havila Holding (13MNOK).Leasing liabilitiesFor information about group's leasing, see note 13. Book value of pledged asset(NOK 1,000) 2023 2022Buildings 92 868 108 164Machinery, operating equipment 18 972 20 766Contract assets customer contracts 72 480 51 537Inventory 5 780 13 681Accounts receivables 99 493 90 955Bank deposits 23 071 47 519Sum book value of pledged assets 312 664 332 6222023Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Other End of periodaquisitionchangesLiabilities to financial institutions 175 366 81 220 0 57 453 4 582 203 715Sellers credit to shareholders 25 000 0 0 25 000Other long-term liabilities 16 474 2 718 0 212 -2 212 16 769Lease liabilities 11 2433 2810 2 276 0 12 250Total interest-bearing debt 228 082 87 219 0 59 941 2 370 257 7352022Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Other End of periodaquisitionchangesLiabilities to financial institutions 4 783 510 177 573 7 500 0 175 366Sellers credit to shareholders 0 0 0 25 000 25 000Other long-term liabilities 31 933 15 460 0 16 474Lease liabilities 357 9 492 3 023 1 629 0 11 243Total interest-bearing debt 37 073 10 002 180 596 24 589 25 000 228 083As of 31 December 2022, the Group was in compliance with all its existing debt covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__101": {
"value": "Book value of pledged asset(NOK 1,000) 2023 2022Buildings 92 868 108 164Machinery, operating equipment 18 972 20 766Contract assets customer contracts 72 480 51 537Inventory 5 780 13 681Accounts receivables 99 493 90 955Bank deposits 23 071 47 519Sum book value of pledged assets 312 664 332 6222023Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Other End of periodaquisitionchangesLiabilities to financial institutions 175 366 81 220 0 57 453 4 582 203 715Sellers credit to shareholders 25 000 0 0 25 000Other long-term liabilities 16 474 2 718 0 212 -2 212 16 769Lease liabilities 11 2433 2810 2 276 0 12 250Total interest-bearing debt 228 082 87 219 0 59 941 2 370 257 7352022Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Other End of periodaquisitionchangesLiabilities to financial institutions 4 783 510 177 573 7 500 0 175 366Sellers credit to shareholders 0 0 0 25 000 25 000Other long-term liabilities 31 933 15 460 0 16 474Lease liabilities 357 9 492 3 023 1 629 0 11 243Total interest-bearing debt 37 073 10 002 180 596 24 589 25 000 228 083As of 31 December 2022, the Group was in compliance with all its existing debt covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__103": {
"value": "18. OTHER CURRENT LIABILITIESOther current liabilities consists of the following: (NOK 1,000) 2023 2022Employee-related liabilities 26 906 38 133Warranty provisions 0 7 879Accrud interest expense 1 814 2 323Other current liabilities 4 700 27 920Total other current liabilities 33 420 76 255",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__105": {
"value": "20. OTHER CURRENT AND NON-CURRENT RECEIVABLES(NOK 1,000)Other non-current receivables 2023 2022Prepaid leasing obligations 3 809 2 648Sum other non-current receivables 3 809 2 648Other current receivables 2023 2022Prepayments suppliers 3 902 7 494Accrued income 0 6 447Employee-related items 85 1 426Receivables VAT and government grants 0 1 550Other short-term receivables 18 108 8 634Sum other current receivables 22 096 25 552",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__106": {
"value": "21. INVENTORY(NOK 1,000) 2023 2022Raw materials (at cost) 5 780 13 681Total Inventories 5 780 13 681Impairment 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__108": {
"value": "22. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of: NOK (1,000) 2023 2022Cash at banks - unrestricted 23 071 47 512Cash at banks - restricted 12 913 13 605Total 35 984 61 117Restricted cash consists of:Security furnished to customer for payment in advance 0 0Tax withholding accounts 10 197 10 976Other 2 716 2 629At 31 December 2023 the Group had MNOK 0 (2022: NOK mill 0) in undrawn committed borrowing facilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__107": {
"value": "22. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of: NOK (1,000) 2023 2022Cash at banks - unrestricted 23 071 47 512Cash at banks - restricted 12 913 13 605Total 35 984 61 117Restricted cash consists of:Security furnished to customer for payment in advance 0 0Tax withholding accounts 10 197 10 976Other 2 716 2 629At 31 December 2023 the Group had MNOK 0 (2022: NOK mill 0) in undrawn committed borrowing facilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__109": {
"value": "23. GOVERNMENT GRANTSNOK (1,000) 2023 2022Received during the year 2 745 824Released to the income statement 2 738 824Of this - booked as reduction of other operating expenses 2 738 824Of this - booked as reduction of capitalized R&D 0 0Unrecognized income 0 0Government grant have been received for one project. The grant is booked as reduction of operating costs in the P&L. There are no unfulfilled conditions or contingencies attached to this grant.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__111-1": {
"value": "24. SHARE CAPITALOrdinary shares issued and fully paid2023 2022Number of ordinary shares 71 987 316 71 987 316Par value (NOK) 0.05 0.05Share capital (NOK) 3 599 366 3 599 366All shares have equal rights.Treasury sharesEQVA ASA has 599 971 treasury shares (0,8 % of share capital) as of 31/12/2023.The board proposes NOK 0 in dividend for the general meeting.Shareholders as of 31/12/2023 Controlled by Number of shares OwnershipNintor AS 16 938 645 23,5 %Havila Holding AS Vegard S\u00e6vik (Board) 10 000 000 13,9 %Neve Eiendom AS Even Matre Ellingsen (DB) 8 168 462 11,3 %ROS Holding AS 5 660 027 7,9 %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 %Fureneset Invest AS 2 999 511 4,2 %Emini Invest AS 1 290 000 1,8 %HSR Invest AS 1 290 000 1,8 %Innidimann Invest AS Vegard S\u00e6vik (Board) 1 290 000 1,8 %MP Pensjon PK 1 167 768 1,6 %Other shareholders (<1 %) 10 261 698 14,3 %Number of shares 71 987 316 100 %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 %25. EARNINGS PER SHARE The group has no financial options or convertible loans with a future dilution effect.(NOK 1,000) 2023 2022Profit attributable to equity holders of parent -23 733 -21 410Weighted average number of shares outstanding 71 987 71 987Earnings per share (NOK) -0,33 -0,30Adjusted weighted average number of shares outstanding 71 987 71 987Diluted earnings per share (NOK) -0,33 -0,30Earnings from continued operationsEarnings per share (NOK) -0,33 -0,30Diluted earnings per share (NOK) -0,33 -0,30(NOK 1,000) 2023 2022Profit attributable to equity in continued operations -19 889 -28 958Weighted average number of shares outstanding 71 987 71 987Earnings per share (NOK) -0,28 -0,40.Adjusted weighted average number of shares outstanding 71 987 71 987Diluted earnings per share (NOK) -0,28 -0,40Earnings from continued operationsEarnings per share (NOK) -0,28 -0,40Diluted earnings per share (NOK) -0,28 -0,40",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__110": {
"value": "24. SHARE CAPITALOrdinary shares issued and fully paid2023 2022Number of ordinary shares 71 987 316 71 987 316Par value (NOK) 0.05 0.05Share capital (NOK) 3 599 366 3 599 366All shares have equal rights.Treasury sharesEQVA ASA has 599 971 treasury shares (0,8 % of share capital) as of 31/12/2023.The board proposes NOK 0 in dividend for the general meeting.Shareholders as of 31/12/2023 Controlled by Number of shares OwnershipNintor AS 16 938 645 23,5 %Havila Holding AS Vegard S\u00e6vik (Board) 10 000 000 13,9 %Neve Eiendom AS Even Matre Ellingsen (DB) 8 168 462 11,3 %ROS Holding AS 5 660 027 7,9 %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 %Fureneset Invest AS 2 999 511 4,2 %Emini Invest AS 1 290 000 1,8 %HSR Invest AS 1 290 000 1,8 %Innidimann Invest AS Vegard S\u00e6vik (Board) 1 290 000 1,8 %MP Pensjon PK 1 167 768 1,6 %Other shareholders (<1 %) 10 261 698 14,3 %Number of shares 71 987 316 100 %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 %2022Capital increase (2022)The 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 shares (2022)EQVA ASA has 323 046 treasury shares (0.4 % of share capital) as of 31/12/2022.Dividends and group contributions (2022)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 %).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__112": {
"value": "Treasury shares (2022)EQVA ASA has 323 046 treasury shares (0.4 % of share capital) as of 31/12/2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__113": {
"value": "Dividends and group contributions (2022)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 %).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__116": {
"value": "27. 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.2023GuaranteesProvisions 1/1/2023 7 879Used provision -3 571Adjustment due to divestment of Havyard Leirvik -4 308New provisions 0Provisions 31/12/2023 02022GuaranteesProvisions 1/1/2022 23 395Used provision -16 371New provisions 856Provisions 31/12/2022 7 879In addition to the above BKS Industri AS has an off balance sheet guarantee of NOKm 18,5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__115": {
"value": "27. 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.2023GuaranteesProvisions 1/1/2023 7 879Used provision -3 571Adjustment due to divestment of Havyard Leirvik -4 308New provisions 0Provisions 31/12/2023 02022GuaranteesProvisions 1/1/2022 23 395Used provision -16 371New provisions 856Provisions 31/12/2022 7 879In addition to the above BKS Industri AS has an off balance sheet guarantee of NOKm 18,5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__118": {
"value": "28. 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:(NOK 1 000)Handeland Gard AS Sales to related parties Purchases from related parties Accounts payables to related parties 2023 0 3 039 1712022 0 399 26Handeland 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:2023 2022Account receivables 0 0Account payables 171 2 862Net total (positive sign - net receivable) -171 -2 862",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__119": {
"value": "30. SUBSEQUENT EVENTSOn 12. March EQVA through its subsidiary Havyard Ship Invest AS, entered into a sales-agreement with Havila Holding AS to divest its 50 % stake in the PSV Havila Charisma. The transaction was settled in NOK 62m in cash, where NOK 4m is repayment of debt. There has been no other after the balance sheet date events with significant impact on the financial accounts as at 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}