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"value": "Note 1: Corporate information, basis of preparation and significant judgements, estimates and assumptions1.1 Corporate information NRC Group ASA (the Company) including its subsidiaries (the Group) is a specialised rail infrastructure company in the Nordic region.The Group is a supplier of all rail, harbour and road related infrastructure services, including groundwork, specialised track work, safety, electro, telecom, signalling systems, maintenance and environmental services.NRC Group ASA is a public limited liability company registered and domiciled in Norway. The office address is Lysaker Torg 25, 1366 Lysaker, NRC Group is listed on Oslo Stock Exchange (ticker NRC). The Company has subsidiaries in Norway, Sweden and Finland.The consolidated financial statements for NRC Group ASA were approved by the Board of Directors on 2 April 2024.1.2 Significant accounting principlesAccounting policies applied by the Group in the preparation of the consolidated financial statements are largely incorporated into the individual notes. General accounting principles are described below. The principles have been applied identically to the periods presented, unless otherwise stated.1.2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as approved by the EU.These consolidated financial statements have been prepared on the basis of the historical cost principle, except for certain financial instruments and contingent consideration that have been measured at fair value.The Group uses various alternative performance measures (APM) throughout the consolidated financial statements. The APMs are defined in the Alternative performance measures and definitions.1.2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of 31 December 2023. Subsidiaries are companies where the Group has a controlling interest. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. A controlling interest is normally achieved when the Group owns, directly or indirectly, more than 50% of the voting shares in the target company. Subsidiaries are consolidated from the point in time when control is transferred to the Group and eliminated from consolidation when such control ends. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill) and liabilities, while any resultant gain or loss is recognised in profit or loss.1.2.3 Summary of significant accounting policiesCurrent versus non-current classification The Group presents assets and liabilities in the statement of financial position based on current/ non-current classification.An asset is current when it is expected to be realised or intended to be sold or consumed in the normal operating cycle, held primarily for the purpose of trading or expected to be realised within twelve months after the reporting period. Cash or cash equivalent are current unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current.A liability is current when it is expected to be settled in the normal operating cycle, it is held primarily for the purpose of trading or it is due to be settled within twelve months after the reporting period. The Group classifies all other liabilities as non-current, unless there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.Deferred tax assets and liabilities are classified as non-current assets and liabilities.Foreign currency translation Functional currency and presentation currencyThe accounts of the individual entities in the Group are measured in the currency that is used in the economic area where the Group entities operate (functional currency). The consolidated accounts are presented in Norwegian kroner (NOK), which is both the functional and presentation currency of the parent company.Transactions and balance sheet itemsTransactions involving foreign currencies are translated into the functional currency using the exchange rates that are in effect at the time of the transactions. Foreign currency gains and losses that arise from the payment of such transactions and the translation of monetary items (assets and liabilities) at year-end, at the rates in effect on the balance sheet date, are recognised in the income statement. Currency gains and losses are presented on a net basisas financial income or financial expenses. If the foreign currency position is designated as a hedge of a net investment in a foreign business, any gains or losses are recognised in other comprehensive income.Translation to presentation currency In consolidation of the accounts of foreign subsidiaries, the income statement is translated into the presentation currency according to average exchange rates per month. Balance sheet items are translated at the exchange rate in effect on the balance sheet date. Long-term receivables from a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future, are considered a part of the net investment. Translation differences on net investments in foreign operations are recognised in other comprehensive income. When a net investment is disposed of, the related cumulative amount of translation differences is reclassified to profit or loss.Goodwill and fair value adjustments of assets and liabilities associated with the acquisition of a foreign entity are treated as assets and liabilities in the acquired entity and translated at the rate in effect on the balance sheet date.Statement of Cash flowsThe statement of cash flows is prepared using the indirect method. Acquisitions of subsidiaries are presented as investing activities net of cash in target. Leasing payments under IFRS 16, and interests paid are presented as part of financing activities. 1.2.4 Changes in accounting policiesIASB has 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 \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 were applicable for annual periods beginning on or after 1 January 2023. The Group has for the 2023 annual report revisited accounting policy information disclosures to ensureconsistency with the amended requirements.There are not any other standards or interpretations that are not yet effective, that are expected to have a significant impact on the consolidated financial statements.Note 2: Business combinationsAccounting policyBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured at the fair value of the assets that are contributed as consideration for the acquisition, equity instruments that are issued and liabilities that are assumed. Identifiable acquired assets, liabilities and contingent liabilities that are assumed to be inherent in a business combination are assessed at their fair value. For each business combination, the Group elects whether to measure any non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Direct expenses associated with the acquisition are expensed when they incur and presented as Other income and expenses.Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Subsequent changes that are a result of additional information the Group obtained after that date about facts and circumstances that existed at the acquisition date are measurement period adjustments that will adjust the purchase price allocation until this is final but no later than 12 months after the acquisition day. Other changes resulting from events after the acquisition day, such as meeting earning targets, will be accounted for as follows:Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measuredat fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9 and presented as Other income and expenses.Significant judgement and estimation uncertaintyEstimating the fair value of acquired assets, liabilities and contingent liabilities in a business combination requires significant management judgement. These calculations require the use of all facts and information available and how this will impact on the computations and will be sensitive to estimates related to future cash flows and discount rate.Estimating contingent consideration in a business combination including subsequent changes in the fair value require significant management judgementand need determination of all facts and information available and how this will impact on the calculations. The key assumption is to consider the most likely outcome based on the current state of the target.Business combinations in 2023The Group had no business combinations in 2023. A net cash inflow of NOK 7 million in 2023 is related to prior year acquisitions. Business combinations in 2022The Group had no business combinations in 2022. A net cash outflow of NOK 24 million in 2022 was related to prior year acquisitions.Note 3: Segment reportingAccounting policySegments are reported in the same manner as the internal financial reporting to the Group\u2019s chief operating decision-maker, defined as the executive management and the Board of Directors. The internal financial operating result reporting follows current IFRS standards as described in these notes to the Group accounts, except for Adjusting items (explained in the APM section). These income and expenses can vary significantly from period to period and are excluded in the internal financial reporting to improve the analysis of the underlying operations across periods and operating segments. The Group\u2019s financing (including finance costs and finance income) and income taxes are managed on a Group basis and are not allocated to operating segments. Transferpricing between operating segments is on an arm\u2019s length basis in a manner similar to transactions with third parties. The Group is a contractor connected to public transportation, including rail, harbour and road related infrastructure. For management purposes, the Group is organised in divisions and operating segments based on geographical areas that include Norway, Finland and Sweden. In each operating segment the Group can provide services and products such as rail construction, rail maintenance, civil construction, environmental services and sale of materials.Customers that aggregate 10% or more of the Group\u2019s total revenues are disclosed in the table below: Share of segment revnue Share of Group revenue2023 2022 2023 2022Customer SegmentTrafikverket Sweden 77% 71% 21% 21%Finnish Transport and Infrastructure Agency Finland 60% 61% 24% 22%Bane Nor Norway 59% 34% 19% 12%Norway Sweden Finland Others and Consolidated eliminations(Amounts in NOK million)2023 2022 2023 2022 2023 2022 2023 2022 2023 2022External 2,401 2,571 1,578 1,877 2,753 2,582 0 0 6,732 7,030Inter-segment -265 -198 299 203 0 0 -33 -5 0 0Total revenue 2,136 2,373 1,877 2,080 2,753 2,582 -33 -5 6,732 7,030EBITDA adj. 184 173 43 -7 142 204 -37 -34 332 335Depreciation -103 -93 -39 -42 -54 -48 -1 -1 -197 -185EBITA adj 81 80 4 -49 88 155 -38 -35 135 151Amortisation of IT software investments -0 -0 -4 -3 -10 -10 -0 -0 -15 -13EBIT adj. 81 80 0 -52 78 145 -38 -36 121 137Adjusting items 36 -0 -56 -352 5 -25 -0 -0 -16 -378Operating profit 116 80 -56 -404 83 120 -38 -36 105 -240Current assets 515 456 412 289 1,216 1,148 -271 48 1,873 1,941Non-Current assets 1,132 1,232 442 432 1,604 1,488 91 99 3,270 3,250Total assets 1,647 1,688 854 721 2,821 2,636 -180 147 5,143 5,191Current liabilities 688 759 392 625 1,254 1,237 -551 -847 1,783 1,773Non-current liabilities 260 290 35 17 261 215 373 584 929 1,106Total liabilities 948 1,048 427 642 1,515 1,452 -179 -263 2,712 2,879Order backlog 1,537 2,013 2,933 3,160 2,470 2,622 6,940 7,795Others and eliminations include activities in the Company and other holding companies as well as elimination of inter-segment revenues and expenses. Assets and liabilities are shown gross per segment and eliminations are shown separately. The aggregated information on Others and eliminations consists of the following:Parent and holding Eliminations Others and eliminationscompanies(Amounts in NOK million)2023 2022 2023 2022 2023 2022Current assets 1,523 2,182 -1,794 -2,134 -271 48Non-current assets 271 242 -180 -144 91 99Total assets 1,794 2,424 -1,973 -2,277 -180 147Current liabilities 1,243 1,286 -1,794 -2,134 -551 -848Non-current liabilities 552 728 -180 -144 373 584Total liabilities 1,795 2,014 -1,973 -2,277 -179 -263Note 4:Revenues and projects in progressAccounting policyThe Group\u2019s revenues mainly consist of contracts with customers that vary from shorter projects of less than a month, to longer projects running over multiple years. All projects are accounted for as contracts with customers, applying IFRS 15 Revenue from contracts with customers. The Group accounts for a contract with a customer when the contract is approved, each party\u2019s rights are identified including the payment terms, the contract has commercial substance, and it is probable that the Group will collect the consideration. Revenue recognised over timeFor a major part of the contracts with customers, the criteria for recognising revenue over time have been met as the project either creates an asset that the customer controls as the asset is created or the asset created does not have an alternative use and the Group has an enforceable right to payment for performance completed to date.The transaction price is the contractual agreed price. Any variable consideration is estimated based on the sum of probability-weighted amounts or the single most likely outcome, depending on which method better predicts the amount of consideration, and is consistently applied throughout the contract.For a performance obligation that is satisfied over time, revenue is recognised over time by measuring the cost passed in relation to full satisfaction of the obligation. The Group applies the input method which is used consistently for similar performance obligations and under similar circumstances. Using the input method, revenue is recognised based on the entity\u2019s input in fulfilling the performance obligation (e.g. contract costs incurred, resources consumed, hours expended) in relation to the total expected input to fulfil the performance obligation. The value and pricing of the Group\u2019s services are founded on the different resources consumed, and consequently the input method best reflects the revenue recognition of the transfer of goods and services. Most contracts of the Group consist of one performance obligation. For contracts where performance obligations are not satisfied over time, revenue is recognised on delivery or upon completion of the services.The aggregated amount of project revenue incurred to date, less progress billings, is determined on a project-by-project basis. The contracts where this amount is positive are presented in the balance sheet as contract assets, whereas the contracts where the amount is negative (prepayments) are presented as contract liabilities. Contract assets are the Group\u2019s right to consideration in exchange for goods or services that the entity has transferred to a customer. Unconditional rights to considerations based on the agreement are invoiced and presented separately as a receivable. Contract assets and receivables are considered for impairment in accordance with IFRS 9. A contract liability is when the Group has received prepayments or has an unconditional right to consideration before the Group has transferred goods or services to the customer.A contract modification is the change in scope and/ or price of a contract and both parties have approved a modification that either created new or changes existing enforceable rights and obligations of the parties. A contract modificationmay exist even though there is a dispute about the scope and/ or price of the modification, or the parties have approved a change in the scope of the contract but have not yet determined the corresponding change in price. The contract modification is accounted for as a separate contract, if the scope of the contract increases due to distinct goods or services and the price increase reflects the stand-alone selling price, or as part of the original contract.Contract costs are costs to fulfil the contract and incremental costs of obtaining a contract. These are costs directly related to the contract assuming the costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future and are expected to be recovered. Costs directly connected to the contract include direct materials, direct labour, subcontractors, allocated indirect costs and costs explicitly chargeable. Incremental cost of obtaining a contract that is expected to be recovered and that would not incur if the contract had not been obtained, is capitalised and amortised as a contract cost. Cost of wasted materials, labour or other resources to fulfil the contract that is not reflected in the price of the contract, is expensed as it occurs.When it is probable that the total contract costs of meeting the obligations will exceed total contract revenue, the expected loss is recognised as an expense immediately according to IAS 37, considering both the incremental costs and allocation of other costs directly related to fulfilling the contract. An impairment loss is recognised for any contract assets or accounts receivable related to the contract before a separate provision is made.Payment terms are contractually agreed and invoicing normally follows the progress of the projects either by a fixed estimated progress or based on actual progress as defined in the contract. For certain contracts a portion of up to 10% is withheld until final approval of the delivery. Upon invoicing, the payment terms would normally be within 15\u2013 45 days.Other revenuesThe Group has a limited number of other sales transactions such as sale of materials, sale of equipment and machines closely related to the main operations of the group or sale of services. Revenues from these transactions are recognised at the point of time when control of any asset is transferred to the customer, or the service is provided. Delivery of assets can be from stock, from a construction site or at the customer\u2019s location. The normal payment term is 15 to 45 days upon delivery.WarrantiesThe Group generally provides for warranties for general repairs and does not provide extended warranties in its contracts with customers. As such, existing warranties are assurance-type warranties under IFRS 15, which are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets.Significant judgement and estimation uncertaintyThe Group\u2019s business mainly consists of execution of projects. The complexity and scope of the project portfolio come with an inherent risk that the actual results may differ from expected results. The Group recognises revenue over time using contract costs incurred, resources consumed, or hours spent in relation to the total expected input to fulfil the performance obligation. For projects in progress, the uncertainty is mainly linked to the estimate of total expenses, the estimate of any variable proceeds, value of any project modifications being recognised and the impact of any disputes or contractual disagreements. As 31 December 2023, the Group has recognised a total of NOK 18,834 million (2022: NOK 12,526 million) in accumulated revenue to date on projects in progress at year-end.Revenue(Amounts in NOK million)2023 2022RevenueContract revenue recognised over time 6,224 6,365Other revenue 508 665Total revenue 6,732 7,030Revenue from public customers 5,526 5,565Revenue from private customers 1,206 1,465Total revenue 6,732 7,030Total revenue by nature of business by segmentNorway Sweden Finland Eliminations To t al (Amounts in NOK million)2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Rail construction 1,006 739 1,130 1,266 1,670 1,609 -33 -5 3,806 3,614Rail maintenance 0 0 622 510 618 540 0 0 1,240 1,050Civil construction 414 684 169 358 0 0 0 0 583 1,042Environment 773 979 0 0 0 0 0 0 773 979Materials 0 0 0 0 450 413 0 0 450 413Other and eliminations -56 -29 -44 -54 15 20 0 0 -119 -68Consolidated revenue 2,136 2,373 1,877 2,080 2,753 2,582 -33 -5 6,732 7,030Revenue from public customers 1,370 1,556 1,682 1,706 2,485 2,304 -11 -1 5,526 5,565Revenue from private customers 766 817 194 374 268 278 -22 -4 1,206 1,465(Amounts in NOK million)2023 2022Contract costs plus profit less losses to date 18,834 12,526Less progress billings including advances 18,796 12,356Work in progress, net 38 170Gross amounts due to customers for contract work (contract liabilities) 341 305Gross amounts due from customers for contract work (contract assets), see note 15 379 475Total contract value, ongoing contracts 25,036 18,224Accumulated revenue recognised at year-end 18,834 12,526Revenues not recognised 6,410 5,698Expected to be recognised next 12 months 3,775 3,740Expected to be recognised later 2,635 1,958OTHER INFORMATION2023 2022Billed amounts retained by customers 7 24Provision for loss-making projects 5 15Remaining revenue on loss-making projects 44 180Order backlog, ongoing projects 6,410 5,698Order backlog, projects not started 530 2,097Total order backlog 6,940 7,795Expected to be recognised next year 3,775 3,740Expected to be recognised two years 1,565 1,647Expected to be recognised in three years or later 1,600 2,409Note 5:Salaries and personnel costs(Amounts in NOK million)2023 2022Salaries 1,361 1,274Social security taxes 198 178Pension expenses 166 141Other personnel costs 54 53To t a l 1,778 1,646Full time equivalent employees 1,808 1,882Note 6:Executive personnelCompensation to executive personnel and Board of Directors(Amounts in NOK million)2023 2022Short-term employee benefits 24 27Post-employment benefits 2 2Share-based compensation 1 1Remuneration Board of Directors 3 2Total compensation to executive personnel 30 32More detailed information on the compensation to the Group\u2019s directors including executive personnel as well as members of the Board of Directors is provided in a separate remuneration report prepared in accordance with the Norwegian Public Limited Liability Companies Act \u00a7 6-16b. The report for the financial year 2023 will be published on the Group\u2019s website subsequent to the general assembly. Note 7:Share-based payments Accounting policyEmployees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). The sale of shares to employees at less than market price is accounted for by recognising the difference between the market value of the shares and the purchase price as a payrollexpense.The cost of equity-settled transactions is determined by the fair value of the option at the date when the grant is made. A Binominal model and the Black-Scholes model are used for the valuation. The cost related to the option is reported over the period in which the employees earn the right to receive the options. Option costs are reported as payroll expenses and offset as an increase in equity. A provision based on the accrued amount is made for employer\u2019s social security contribution to share option programmes linked to the difference between the issue price and the market price of the share at year end.The expenses recognised for equity-settled share-based payment transactions for employee services received during the year are shown in the following table:(Amounts in NOK million)2023 2022Senior Management Share Option Plan 0.6 1.3Key Employee Share Option Programme 1.3 1.6General Employee Share Programme 0.8 1.1To t a l 2.8 4.0General Employee Share Programme During 2023 and same as in 2022, the Group gave employees the opportunity to purchase a certain number of shares at 20% discount to the trading price at exercise. The discount is recorded as salaries. On 3 July 2023, a total of 322,855 shares were sold under this offer with a total discount of approximately NOK 0.7 million before social security tax. All the shares sold were treasury sharesSenior Management Share Option Plan On 12 May 2016, the Company\u2019s Annual General Meeting approved implementation of a share option programme for senior management. On the Annual General Meeting 4 May 2023, the option programme for senior management was renewed for two more years, comprising in total 1,500,000 shares. The Board of Directors are authorised to increase the share capital and to determine the subscription price and other subscription terms.Options are awarded based on the Group\u2019s achievements of certain quantitative and qualitative goals determined by the Board of Directors. The options can be vested over a period of three years, with 1/3 of the aggregate number each year. Options that are not exercised during, or on the date of final expiry of the vesting period, lapse without compensation to its holder.At year-end, a total of 401,000 options were outstanding in connection with the Senior Management Option programme. 150,000 new options were formally granted, no options were exercised, and 225,000 options were forfeited during 2023. The weighted average exercise price of the remaining 401,000 options is NOK 20.25. 58,000 of the options expire in March 2024. 233,000 of the options expire in March 2025 and can be vested by 1/3 each year from March 2023 until expiry. 110,000 of the options expire in March 2026. These options can be vested by 1/3 each year from March 2023 until expiry. As Ole Gulsvik, CFO NRC Group ASA and member of the Group Management Team, has resigned after year-end, hence 90,000 of the options have been forfeited after year-end. There were no settlement, cancellations, or modifications to the awards in 2023. Vesting condition is full time employment. The expense is accrued for over the service period for each group of options. Share option programme for key employeesOn 19 April 2018, the Company\u2019s Annual General Meeting approved implementation of a share option programme for key employees. The Annual General Meeting 5 May 2022 granted the authorisation to increase the share capital by up to NOK 1,000,000 in connection with this option programme. The authorisation is valid for a period of two years until 5 May 2024. The Board of Directors is authorised to increase the share capital and to determine the subscription price and other subscription terms. At year-end, 798,500 options were outstanding related to the key employee programs in total. As per year-end, a total of 248,000 options are outstanding in connection with the option programme from 2020. The options can be vested over a period of 12 months from 1 June 2023 at a strike price of NOK 26.54. The strike price will be adjusted for any dividends paid from the time of the establishment of the programme until the options are exercised. The employees paid NOK 1 for each option. 40,500 options were forfeited during 2023 due to vesting conditions not being satisfied.As per year-end, a total of 5,000 options are outstanding in connection with the option programme from 2021. The options can be vested over a period of 12 months from 1 April 2024 at a strike price of NOK 26.54. The strike price will be adjusted for any dividends paid from the time of the establishment of the programme until the options are exercised. The employee paid the equivalent of NOK 1 for each option. No options were forfeited during 2023.As per year-end, a total of 545,500 options are outstanding in connection with the option programme from 2022. The options can be vested over a period of 12 months from 1 July 2025at a strike price of NOK 18.64. The strike price will be adjusted for any dividends paid from the time of the establishment of the programme until the options are exercised. The employees paid NOK 1 for each option. 144,500 options were forfeited during 2022 due to vesting conditions not being satisfied.There were no settlement, cancellations, or modifications to the awards in 2023. Vesting condition is full time employment. The expense is accrued for over the service period for each group of options.The following table summarises the number and weighted average exercise prices (WAEP) of share options for all existing plans during the year, including any movements:2023 20232022 2022 numberWAEPnumberWAEPOutstanding at 1 January 1,459,500 20.9 557,625 35.9Granted during the year 150,000 20.0 1,186,500 18.4Exercised during the year 0 0 0 0Forfeited during the year -410,000 20.8 -284,625 33.2Outstanding at 31 December 1,199,500 20.8 1,459,500 20.9Exercisable at 31 December 466,333 20.6 201,333 23.0WAEP will be adjusted for any dividend in the period from grant to exercise.The weighted average remaining contractual life for the share options outstanding as of 31 December 2023 was 3.0 years (2022: 3.0 years).The weighted average fair value of options granted during the year was NOK 1.59 per option. Total value of these options aggregated NOK 0.2 million to be allocated over the service period assumed in the option programme.The range of exercise prices for options outstanding at the end of the year was NOK 17.70 to NOK 27.87 (2022: NOK 26.54 to NOK 85.78), before any adjustment for future dividends.The following tables list the inputs to the models used for all existing plans:2023 2022Weighted average fair values at the measurement date 6.78 6.60 Expected volatility (%) 50.0 50.0Risk\u2013free interest rate (%) 4.73 2.77 Expected life of share options, months 12-41 12-42Weighted average share price 27.57 27.51Model used Binominal and Black Scholes Binominal and Black ScholesDividend is not considered as the strike price will be adjusted for any dividends paid from thetime of the establishment of the programme until options are exercised. Expected volatility is based on actual volatility 36 months back in time. Note 8:Other operating and administrative expenses (Amounts in NOK million)2023 2022Travel expenses 84 73Office expenses 108 98External services 40 38Expenses related to machinery, cars and equipment 416 360Other operating and administrative expenses 168 134To t a l 815 703Accounting policyIncome and expenses of a special nature are presented on a separate line within operating profit (loss). Such items are characterised by being transactions and events not being reliable indicators of underlying operations. Other income and expenses consist of merger and acquisition expenses (income), including subsequent adjustment of contingent considerations or other subsequent adjustments of final purchase price allocation in business combinations that are recognised in profit or loss, and close-down costs, restructuring costs, and gains or losses arising from the divestments of a business or part of a business. Other income and expenses(Amounts in NOK million)2023 2022Gain from sale of Gravco -40 0M&A expenses -7 2Restructuring items 21 0Write-down operations to be discontinued 43 0Total other income and expenses 16 2Other income and expenses in 2023 consist of a net gain of NOK 40 million from the disposalof the Gravco business unit completed in Q1 2023, M&A income of NOK 7 million related to previous years\u2019 acquisitions, and restructuring cost of NOK 21 million mainly related to the demolition and recycling business and management changes in Sweden. Finally, other income and expenses consist of NOK 43 million in write-downs related to the discontinuationof the Civil business in Sweden from Q1 2023.The M&A expenses in 2022 were mainly related to previous years\u2019 acquisitions in addition to incurred transaction expenses in 2022 in connection with the disposal of NRC Gravco AS and Septik Tank Co AS completed in Q1 2023.Compensation to auditors(Amounts in NOK million)2023 2022Statutory audit fees 4.7 3.7Other assurance engagements 0.0 0.0Tax related services 0.0 0.0Other services 0.1 0.1To t a l 4.8 3.8EY was the Group\u2019s auditor for 2023 and 2022. The amounts are reported exclusive of VAT.Note 9:Financial income and expenses(Amounts in NOK million)2023 2022Interest income 11 6Interest expenses -85 -62Net foreign currency gains/(losses) 1 -1Other net financial expense 15 0Net financial items -59 -58Negative effects from increased interest rates on the bank loan and leasing debt, and extraordinary financial expenses from buyback and call of the old bond loan, were levelled out by a positive effect of NOK 15 million from termination of the interest rate swap related to the old bond loan refinanced in 2023 (presented as other net financial income). The floating interest on the old bond loan was hedged to a fixed rate of 1.838%. In the fourth quarter of the year, the Group completed the refinancing of the debt structure. The new bond issued in October 2023 carries an interest of three months NIBOR + 4.40% until maturity on 25 September 2027. The three months NIBOR has been hedged to a fixed rate of 3.843% for the full period. Note 10:Taxes Accounting policyDeferred tax assets are recognised for unused tax losses and unused tax credits. Deferred tax assets are recognised to the extent that it is probable that taxable profit or deferred tax liabilities will be available against which the unused tax losses and unused tax credits can be utilised. The deferred tax assets are recognised to the extent it is probable that they can be utilised based on forecasts and projections within a reasonable period of time.In the balance sheet, deferred taxes are reported net if the Group has a legal right to offset deferred tax assets against deferred taxes and if the deferred taxes are owed to the same tax authority.Significant judgement and estimation uncertaintyNet deferred tax assets of NOK 79 million in Norway, NOK 22 million in Sweden and NOK 3 million in Finland have been recognised as it is assumed probable that they can be utilised against future taxable profit based on forecasts and projections. Deferred tax assets are recognised for unused tax losses to the extent that it is probable that deferred tax liability or taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning optimisation.Deferred tax(Amounts in NOK million)2023 2022Deferred tax relates to the following:Intangible assets 0 -1Property, plant and equipment -12 -14Right-of use assets -116 -122Net contract assets/receivables -21 -9Tax allocation reserve, Sweden -1 -1Tax losses carried forward 258 243Lease liabilities 108 114Pensions 3 3Other temporary differences 14 5Total deferred tax assets/ liabilities (-) 234 219Deferred tax assets not recognised -130 -122Net deferred tax assets/ liabilities (-) 103 97Reflected in the consolidated balance sheet as follows:Deferred tax assets 103 98Deferred tax liabilities 0 -1Net deferred tax assets/ liabilities (-) 103 97(Amounts in NOK million)2023 2022Reconciliation of net deferred tax assets/ liabilities (-)As of 1 January 97 135Tax income/ expense (-) during the period -6 -33Tax income/ expense (-) during the period, recognised in OCI 5 -5Effect of foreign currency translation 1 -1Other 6 2As of 31 December 103 97Total net deferred tax assets of NOK 103 million are split between NOK 79 million in Norway (2022: NOK 79 million), NOK 22 million in Sweden (2022: NOK 18 million) and NOK 3 million in Finland (2022: NOK 0 million) and have been recognised as it is assumed probable that they can be utilised against future taxable profit based on forecasts and projections, or if needed in combination with tax planning opportunities. Sweden has suffered pre-tax losses recent years. Several measures have been implementedto from second half of 2019 to restore profitability, and the improvement programs initiated have yielded improved results for the core divisions including Rail construction and Rail maintenance. As part of the turnaround plan, the loss-making Civil construction business in Karlstad was discontinued and disposed during 2023. The EBIT adj. for 2023 ended at break-even, confirming that the ongoing transformation process is successful. A solid order backlog for coming years, a strong and interesting tender pipeline, and continued improved project control and tender processes, are expected to drive further improvements going forward.Based on management\u2019s assessment of future taxable profit and future tax optimisation, total deferred tax assets of NOK 130 million (2022: NOK 122 mill) in Sweden have not been recognised. In 2022 a net tax expense of NOK 36 million was recognised due to net increase in non-recognised deferred tax assets in Sweden. No expenses related to non-recognised deferred tax asset have been recognised in 2023.The Group has total tax losses carried forward of NOK 482 million in Norway (2022: NOK 443 million) and NOK 740 million in Sweden (2022: NOK 708 million), that can be used to reduce future tax payments. There are no restrictions on the Group\u2019s ability to carry forward the tax losses.The major components of income tax expense are(Amounts in NOK million)2023 2022Current income tax charge 2 17Change in deferred tax 6 33Tax expense/ income (-) 8 51Tax related to other comprehensive income(Amounts in NOK million)2023 2022Items that may be reclassified to profit and loss -5 4Items that will not be reclassified to profit and loss 0 1Tax expense/ income (-) included in OCI -5 5Reconciliation of tax expense and accounting profit(Amounts in NOK million)2023 2022Net income/ loss (-) before tax from continuing operations 45 -313Estimated tax on income before tax 9 -63Effect of permanent differences -4 78Effect of tax assets being (-)/ not being recognised 0 34Other 2 2Income tax expense/ income (-) 8 51The tax rates for Norway, Sweden and Finland are 22%, 20.6% and 20%, unchanged from 2023. No changes in tax rates are expected for 2024.Note 11:Earnings and diluted earnings per share The earnings per share are calculated by dividing the disposable profit/loss for the year with the weighted average of ordinary shares issued throughout the year, less the Company\u2019s own shares. For the movement in the share capital of the Company see note 17.2023 2022Earnings per share (ordinary), NOK 0.52 -4.98Profit/loss for the year attributable to shareholders of the parent, NOK million 38 -363Weighted average externally owned shares 72,825,920 72,855,963Effect of dilution from share options 1,485,200 1,255,256Weighted average externally owned shares adjusted for dilution 74,311,119 74,111,2192023 2022Earnings per share (diluted), NOK 0.51 -4.98Note 12:Intangible assetsAccounting policyGoodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is subject tominimum annual impairment testing.Intangible assets are recognised at cost less accumulated amortisation and impairment loss. Intangible assets are recognised when they are identifiable, controlled and provide future economic benefits for the entity. The assets are initially measured at cost and amortised on a straight-line basis over the expected useful life of the asset, normally 3-5 years. The cost of an intangible asset includes costs that are directly attributable to the procurement of the assets.Customer contracts, customer relationships, licenses and other intangible assets acquired as part of a business combination are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line basis over their estimated useful lives based on the timing of projected cash flows, normally 1-4 years, depending on the type of assets. Intangible assets with indefinite useful life are subject to minimum annual impairment testing.Impairment considerationsGoodwill is recognised separately as an intangible asset and is tested for impairment annually and whenever there is indication that the goodwill may be impaired. The annual testing is performed towards the end of the financial year. For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group\u2019s cash-generating-units (CGU) expected to benefit from synergies arising from the business combination. An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU\u2019s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised as an expense and is not reversed in a subsequent period.Intangible assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Significant judgement and estimation uncertaintyThe Group performs annual tests to assess the impairment of goodwill, or more frequently if there is an indication of impairment. The NRC Group\u2019s share price development and operating losses in Sweden are impairment indicators being considered as part of the test. Goodwill had a carrying amount at 2023 year-end of NOK 2,422 million before impairment. In the impairment test the carrying amount is measured against the recoverable amount of the cash-generating unit to which the asset is allocated. The recoverable amount of cash generating units is determined by calculating its value in use. These calculations require the use of assumptions and estimates related to future cash flows and discount rate. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future net cash-inflows and the growth rate used for extrapolation purposes. Most sensitive to impairment is our operation in Sweden and Finland with book value of goodwill of SEK 270 million and EUR 125 as of 31 December 2023, respectively. The current headroom of approximately SEK 120 million and EUR 8 are most sensitive to the discount rate and the estimated future margin.Climate riskThe Group has considered climate risk in relation to impairment testing of goodwill. Climate-related matters can affect future cash flows, the value of the assets being tested and the expected useful life of these. Specific risks may include more extreme weather that can impact the Group\u2019s operating processes negatively, and changes in regulatory requirements concerning emissions from fossil fuel, waste management and usage of materials and potential increased costs if not planned/managed well. Additionally, requirements to invest more in fossil free construction machines could increase capital expenditures and leasing payments. Any consequences of these risks are considered in the impairment test of goodwill. No such effects were identified related to the impairment test in 2023 or 2022.Goodwill and other intangible assets(Amounts in NOK million)Goodwill Other To t a lintangible assetsCarrying amount as at 01/01/2023 2,364 32 2,396Translation differences 105 2 108Additions and adjustments 0 12 12Disposals -48 -48Amortisation for the year 0 -15 -15Impairment for the year 0 0 0Carrying amount as at 31/12/2023 2,422 31 2,453Acquisition cost 2,774 278 3,052Accumulated amortisation 0 -241 -241Accumulated impairment -352 -6 -358Carrying amount as at 31/12/2023 2,422 31 2,453Other intangible assets partly consist of customer contracts, customer relationships, IT licenses and IT software capitalised as part of the purchase price allocation of acquisitions. Further, it consists of capitalised software development expenses and capitalised pre-contract expenses. Other intangible assets are amortised over the expected useful life of 1 \u2013 5 years.(Amounts in NOK million)Goodwill Other To t a lintangible assetsCarrying amount as at 1/1/2022 2,666 63 2,729Translation differences 50 3 53Acquisitions 0 4 4Additions and adjustments 0 -38 -38Disposals -352 0 -352Amortisation for the year 50 3 53Impairment for the year 0 4 4Carrying amount as at 31/12/2022 2,364 32 2,396Acquisition cost 2,716 274 2,990Accumulated amortisation 0 -236 -236Accumulated impairment -352 -6 -358Carrying amount as at 31/12/2022 2,364 32 2,396Allocation of goodwill to cash generating unitsThe Group has allocated goodwill to each cash generating unit which corresponds to the geographical areas of the business units acquired. The carrying amount of goodwill is as follows:(Amounts in NOK million)2023 2022Norway 727 778Sweden 273 255Finland 1,422 1,331To t a l 2,422 2,364The Group has made several acquisitions over the past years. These businesses are all within the existing business segments and they strengthen the Group\u2019s overall capabilities to undertake additional, larger and more complex projects. There is an ongoing process of reorganising the acquired companies. The business units acquired do no longer have cash inflows independent from other group companies or operations, and the expected benefit of the synergies from the combinations will be on country rather than company level. Due to this, the smallest group of assets generating cash inflows largely independent of cash inflows from other assets or group of assets, are the geographical areas Norway, Sweden and Finland respectively.Impairment tests of goodwill and other intangible assetsThe Group considers the relationship between its market capitalisation, carrying amounts and other factors when identifying indicators of impairment. During 2023, NRC Group\u2019s share price, operating losses in Sweden and negative profitability development in Finland were impairment indicators being considered as part of the test. The Group performs its annual impairment tests in the fourth quarter. Tests are carried out by comparing recoverable amount with carrying amount of the units to which goodwill is allocated. The recoverable amount is calculated based on the discounted estimated future cash flows before tax with the relevant discount rate (WACC).Estimated cash flows for the years 2024 \u2013 2028 are based on projections approved by the Board. Revenue growth in average per year used in the impairment tests were 4.4% in Norway, 1.6% in Sweden and 3.2% in Finland. The revenue growth assumptions are supported by the current order backlog and external information such as the tender pipelineand the national transport plan in each country. The discount rate before tax is 11.6% for Norway, 10.0% for Sweden and 10.5% for Finland. For the years subsequent to 2028, a terminal growth of the net cash flow of 2.00% has been applied for all segments. Sensitivity The calculation of value in use is sensitive to the estimates of revenues, project margin, discount rate and terminal growth. Most sensitive to impairment is our operation in Sweden and Finland with book value of goodwill of SEK 270 million and EUR 125 as of 31 December 2023, respectively. The current headroom of approximately SEK 120 million and EUR 8 are most sensitive to the discount rate and the estimated future margins. The pre-tax discount rate applied is 10.0% in Sweden and 10.5% in Finland. Changes that may lead to an impairment in Sweden are an increase in the discount rate with more than 1.5 percentage points or reduced terminal EBIT margin of 0.7 percentage points. The assumption for terminal growth in Sweden is 2.00%. A terminal growth of zero will not lead to impairment. Changes that may lead to an impairment in Finland are an increase in the discount rate with more than 0.4 percentage points or reduced terminal EBIT margin of 0.4 percentage points. The assumption for terminal growth in Finland is 2.00%. A terminal growth of less than 1.4% would lead to impairment. For Norway, no reasonably likely change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for the CGU.Note 13:Property, plant and equipmentAccounting policyProperty, plant and equipment are recognised at cost less accumulated depreciation and impairment loss. The cost of an item of property, plant and equipment includes costs that are directly attributable to the acquisition of the assets.Subsequent expenditure is recognised in the carrying amount of the asset, if it is probable that the future economic benefits related to the expenditure will flow to the Group, and the expenditure can be reliably measured. The carrying amount of any parts that are replaced is derecognised. All other repair and maintenance costs are recognised in the income statement in the period when the costs are incurred, except for certain regular major inspections as described below.Depreciation is calculated on a straight-line basis over the expected useful life of the asset, as follows:Buildings: 15 - 50 yearsMachinery and fixtures: 3 - 20 yearsThe economic life of the non-current assets and the residual value are reviewed on the date of each balance sheet and adjusted prospectively if required.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains and losses arising on derecognition of the asset are presented as part of the operating profit/loss and calculated as the difference between the net disposal proceeds and the carrying amount of the asset.If regular major inspections for faults or overhauls, regardless of whether parts of the item are replaced, is a condition of continuing to operate the equipment or to extend its economic lifetime, the related periodic maintenance can be capitalised and depreciated on a straight-line-basis until the next expected periodic maintenance is required. At the end of 2023, no such expenses were capitalised.Impairment considerationProperty, plant and equipment are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Property, plant and equipment(Amounts in NOK million)Buildings Machinery, To t a lfixtures, etc.Carrying amount as of 1/1/2023 15 169 184Translation differences 0 9 9Additions 0 36 36Disposals -13 -12 -25Depreciation for the year -0 -35 -35Carrying amount as of 31/12/2023 2 168 170Total cost 2 404 406Accumulated depreciation 0 -236 -237Accumulated impairment - - -Carrying amount as of 31/12/2023 2 168 170(Amounts in NOK million)Buildings Machinery, To t a lfixtures, etc.Carrying amount as of 1/1/2022 15 169 184Translation differences 0 0 0Additions - 41 41Disposals - -8 -8Depreciation for the year - -33 -33Carrying amount as of 31/12/2022 15 169 184Note 14:Right-of-use assets Accounting policyThe Group leases various offices, warehouses, machinery, equipment and cars. Contracts are typically made for fixed periods of 3 to 10 years but may have extension and termination options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over thelease period based on the remaining balance of the liability for each period.The Group has elected to use the two exemptions proposed by the standard (IFRS 16) on the following contracts:Lease contracts with a duration of equal to or less than 12 monthsLease contracts for which the underlying asset has a low valuePayments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense over the lease term in profit or loss.Right-of-use assetsRight-of-use assets are recognised at cost less accumulated depreciation and impairment loss. Initial recognition of right-of-use assets are measured at cost comprising the following:the amount of the initial measurement of lease liabilityany lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, andrestoration costsRight-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:Intangible assets 1-3 yearsLand, offices and buildings 1-12 years Machinery, cars and equipment 1-25 yearsIf ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are subject to impairment testing. Refer to section regarding Impairment.Lease liabilitiesLease liabilities include the net present value of the following lease payments:fixed payments less any lease incentives receivablevariable lease payment that are based on an index or a rateamounts expected to be payable by the lessee under residual value guaranteesthe exercise price of a purchase option if the lessee is reasonably certain to exercise that option, andpayments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Options (extension / termination) on lease contracts are considered on a case-by-case basis following a regular management assessment. The borrowing rates used for IFRS 16 purposes have been defined based on the underlying countries and asset classes related risks. The Group\u2019s weighted average incremental borrowing rate is 4.49%.Impairment considerationRight-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Right-of-use assets(Amounts in NOK million)2023 2022Land, offices and buildings 91 73Machinery, cars and equipment 451 491Total ROU assets 542 564Depreciation charge during the year:(Amounts in NOK million)2023 2022Intangible assets 0 0Land, offices and buildings 31 30Machinery, cars and equipment 130 121Total depreciation expense 160 151Interest expense on lease liabilities 20 11Lease expense - short-term and low-value leases 155 132Total cash outflow for all leases 339 302Addition of ROU assets during the financial year 142 192The lease expense for short-term and low-value leases mainly consists of project related short-term lease agreements. For information about the related leasing liabilities, please refer to note 19.Note 15:Trade receivables and other receivables Total receivables(Amounts in NOK million)2023 2022Trade receivables 901 772Provisions for expected losses -6 -7Trade receivables \u2013 net 895 765Contract assets 379 475Other current receivables 195 185Total current receivables 1,468 1,425Age distribution of trade receivables: (Amounts in NOK million)2023 2022Trade receivables not due for payment 636 604Up to 30 days 70 93Between 30 and 90 days 41 42Over 90 days 154 33Total receivables due for payment 265 168Total trade receivables 901 772Trade and other current receivables by currency:(Amounts in NOK million)2023 2022NOK 618 586SEK 415 381EUR 435 458Total current receivables 1,468 1,425Note 16:Cash and cash equivalents Accounting policyCash and cash equivalents consist of cash, bank deposits and other short-term and highly liquid investments with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant riskof changes in value.Trade and other current receivables by currency:(Amounts in NOK million)2023 2022Cash and bank deposits 369 472Restricted cash 0 0To t a l 369 472Restricted cash includes the employees\u2019 tax withholdings and cash deposits for rent agreements.Cash and cash equivalents per currency:(Amounts in NOK million)2023 2022NOK 157 389SEK -12 -118EUR 224 201To t a l 369 472Negative cash in SEK is related to and netted as part of the Group\u2019s cash pool agreement with Danske Bank.Note 17:Share capital and shareholder informationAccounting policyExpenses that are directly attributable to the issue of new shares less taxes are recognised against the equity as a reduction in the proceeds.Payments for the purchase of own shares are recognised as a reduction in equityand proceeds from any sale as an increase. A loss or gain is not recognised in theincome statement for any purchase, sale, issue or cancellation of own shares.NRC Group ASA has one class of shares. The total number of external shares at year-end was 72,858,574 excluding 95,975 own shares (2022: 72,837,893 excluding 116,656 own shares), with a nominal value of NOK 1.00 each. The share capital as of 31 December 2023 totalled NOK 72,954,549 (2022: 72,954,549).On 12 May 2016, the Company\u2019s Annual General Meeting approved implementation of an option programme for senior management. On the Annual General Meeting 4 May 2023, the option programme for senior management was renewed for two more years, comprising in total 1,500,000 shares. The Board of Directors are authorised to increase the share capital and to determine the subscription price and other subscription terms. The authorisation only applies to issuances of shares against payment in cash and is valid until 4 May 2025. 131,407 shares have been issued and 401,000 options were granted and outstanding underthis programme as per 31 December 2023. This programme is further described in note 7.On 19 April 2018, the Company\u2019s Annual General Meeting approved implementation of an option programme for key employees. The Annual General Meeting 5 May 2022 granted the authorisation to increase the share capital by up to NOK 1,000,000 in connection with the option programme for key employees. The Board of Directors are authorised to increase the share capital and to determine the subscription price and other subscription terms. No shares have been issued under this programme and 798,500 options were granted and outstanding at 31 December 2023. The authorisation only applies to issuances of shares against payment in cash and is valid until 5 May 2024. This Programme is further described in note 7.At the Annual General Meeting on 4 May 2023, the General Meeting granted the Board of Directors an authorisation to acquire shares in the Company for up to a maximum nominal value of NOK 7,295,454.90. The Board of Directors\u2019 acquisition of shares pursuant to the authorisation can only take place between a minimum price of NOK 1 and a highest price of NOK 100 per share. The authorisation applies until the Annual General Meeting in the spring of 2024, but not later than 30 June 2023. Acquisitions and disposals of treasury shares can take place in the manner found appropriate by the Board of Directors.On the general meeting 4 May 2023, the Board of Directors were authorised to increase the share capital by up to NOK 7,295,455.00, through issuance of up to 7,295,455 new shares, each with a par value of NOK 1.00. The capital increase may be paid in cash, by set-off or by contributions in assets other than money. The authorisation includes the right to incur special obligations on behalf of the company, cf. Section 10-2 of the Norwegian Public Limited Companies Act. The shareholders\u2019 pre-emptive rights pursuant to Section 10-4 of the Norwegian Public Limited Companies Act may be waived by the Board of Directors, cf. Section 10-5 of the Norwegian Public Limited Companies Act. The authorisation includes decisions on merger, cf. Section 13-5 of the Norwegian Public Limited Companies Act. The authorisation is valid from registration with the Register of Business Enterprises until the Annual General Meeting in the spring of 2024, but not later than 30 June 2024, and includes the right to change the company\u2019s Articles of Association in connection with the share capital increase.The movement in the number of shares, excluding own shares, during the year was as follows:Treasury sharesThe Company owned 116,656 treasury shares at the beginning of 2023. During 2023, the Company acquired 302,174 treasury shares at a total proceed of NOK 3,3 million. 322,855 of the shares were transferred to the employees participating in the 2023 share programme for employees. At the end of 2023, the Company owned 95,975 treasury shares corresponding to 0.13 % of the total number of outstanding shares. The Board of Directors has a mandate until the Annual General Meeting in the spring of 2024 and no later than 30 June 2024, to acquire up to 7,295,455 of the Company\u2019s own shares.Total number of shares on 31 December 2022 72,954,549Total number of shares on 31 December 2023 72,954,549 Ownership structureThe number of shareholders as of 31 December 2023 was 4,144, compared with 4,317 as of 31 December 2023. The percentage of issued shares held by foreign shareholders was 56.95%, compared with 56.75 % at year-end 2022.NRC Group\u2019s 20 largest shareholders as of 31 December 2023:Name Country Holding 2023 Stake (%) Holding 2022VR\ue61eYHTYM\u00c4 OY FIN 13 336 415 18.28 13 336 415J.P. MORGAN SE LUX 7 402 764 10.15 7 402 764THE BANK OF NEW YORK MELLON SA/NV BEL 6 894 701 9.45 7 014 701J.P. MORGAN SE LUX 3 702 909 5.08 3 702 909VERDIPAPIRFONDET NORDEA NORGE NOR 2 172 468 2.98 2 172 468SBAKKEJORD AS NOR 1 662 186 2.28 0CLEARSTREAM BANKING S.A. LUX 1 409 023 1.93 1 004 173VERDIPAPIRFONDET NORDEA AVKASTNING NOR 1 319 412 1.81 1 319 412GUNNAR KNUTSEN HOLDING AS NOR 1 252 677 1.72 1 252 677AVANZA BANK AB SWE 1 197 004 1.64 1 186 320SKANDINAVISKA ENSKILDA BANKEN AB LUX 1 079 017 1.48 1 720 000HEIM HAUGO AS NOR 850 745 1.17 850 745J.P. MORGAN SE LUX 829 460 1.14 829 460LGA HOLDING AS NOR 822 880 1.13 922 880NORTH SEA GROUP AS NOR 790 800 1.08 0NORDEA BANK ABP FIN 768 569 1.05 603 487VERDIPAPIRFONDET NORDEA KAPITAL NOR 680 855 0.93 680 855VERDIPAPIRFONDET STOREBRAND NORGE NOR 676 796 0.93 122 601MELESIO INVEST AS NOR 671 155 0.92 571 155VERDIPAPIRFONDET NORDEA NORGE PLUS NOR 658 078 0.90 669 115Total number of shares owned by top 20 48 177 914 66.04 45 362 137 Total number of shares 72 954 549 100.00 72 954 549 Shares held by members of the Board of Directors and executive management on 31 December 2023 including shares controlled through holding companies and related parties:Ordinary Share sharesoptionsRolf Jansson Chairman of the Board of Directors 65,000Eva Nygren Board member 3,000Heikki Allonen Board member 28,000Mats Williamson Board member 30,000Tove Pettersen Board member 5,000Karin Orgland Board member 15,000Outi Henriksson Board member 5,000Anders Gustafsson CEO NRC Group 0 01Ole Anton GulsvikCFO NRC Group 145,442 90,000Arild Moe EVP & MD NRC Group Norway 239,198 96,000Harri Lukkarinen EVP & MD NRC Group Finland 16,962 157,500Lene Engebretsen EVP & Head of communications 9,259 51,000Marianne Kellmer EVP & Head of HR 4,281 4,0001 Including 133,996 shares held by Jodfabrikken AS, a company wholly owned by Ole Anton Gulsvik. As Ole Gulsvik has resigned after year-end, hence the 90,000 share options have been forfeited.203,333 of the share options to the executive management were exercisable at year-end. See note 7 for further information.DividendBased on the 2023 results and restrictions in the loan agreements, the Board of Directors will not propose a dividend from the year 2023.Note 18:PensionsAccounting policyThe Group has several defined contribution plans. A defined contribution plan is a pension plan in which the Group pays fixed contributions to a separate entity (fund) and where the Group does not have any legal or constructive obligation to pay additional contributions if the fund does not have sufficient assets to pay all employees\u2019 benefits relating to their service in current and prior periods. The expense for each period is determined by the amounts of contributions for that period. Contributions paid in advance are recognised as an asset to the extent that the contribution can be refunded or be used to reduce future payments.The Group has a supplementary defined benefit post-employment plan in Finland, administrated by an external insurance company. Remeasurements of actuarial gains and losses on the net defined benefit liability and the return on plan assets, arerecognised immediately in the statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.Past service costs are recognised in profit or loss on the earlier of:The date of the plan amendment or curtailment, andThe date that the Group recognises related restructuring costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset and included in the net pension expense.The Group also has contractual retirement scheme (AFP) for a certain part of their employees in Norway. The AFP pension scheme is a defined benefit multi-employer plan that is financed though premiums paid by participating employers. Because the scheme\u2019s administrator is not providing information to identify the participating employer\u2019s share of financial position and performance with sufficient reliability, the AFP scheme is accounted for as a defined contribution scheme.The Group has defined contribution plans covering all employees in Norway, Sweden and Finland. In Norway, the Group also has contractual retirement scheme (AFP) for a certain part of their employees accounted for as a defined contribution scheme. AFP premiums for 2023 are fixed at 2.6% of salary up to approximately NOK 0.8 million. In Finland, the Group has a defined benefit plan related to a supplementary old age pension scheme in an insurance company.(Amounts in NOK million)2023 2022Pension expensesDefined contribution plans 156 137Defined benefit plans 5 0Contractual pension, multi-employer plan, Norway 5 4Total pension expenses 166 141Number of employees coveredDefined contribution plans 1,809 1,907Defined benefit plans, active 13 37Defined benefit plans, pensioners 360 374Early retirement scheme, Norway (AFP) 512 391Defined benefit expensesDefined benefit plan, net expense 0 0Actuarial gain and losses recognised in OCI, net of tax 0 -6Recognised in total comprehensive income 0 -6Defined benefit obligationDefined benefit obligation 1 January 61 91Current service cost 0 -Interest cost 2 -Benefits paid -10 -8Actuarial gain (+)/ losses (-) 1 -25Curtailment 0 -Currency differences 3 3Defined benefit obligation 31 December 58 61(Amounts in NOK million)2023 2022Plan assetsPlan assets 1 January 52 75Interest income 2 -Contribution paid 3 -Benefits paid -10 -8Actuarial gain (+)/ losses (-) 1 -19Curtailment 0 -Currency differences 4 4Plan assets 31 December 52 52Net defined benefit liability 31 December 7 9(Amounts in NOK million)31.12.2023 31.12.2022Actuarial assumptionsDiscount rate 3.80% 3.25%Salary increase 3.50% 3.70%Inflation 2.50% 2.50%Mortality (TyEL) K2016 K2016Benefit increase 2.60% 2.70%Insurance company bonus index 0.25% 0.25%Turnover rate 3.00% 3.00%SensitivityChange in discount rate with 0.50 percentage point will change net pension liability with approximately NOK 1 million. Change in benefit or bonus index with 0.50 percentage point will change net pension liability with approximately NOK 2 million.Note 19:Loans and other non-current liabilitiesThe composition of non-current and current interest-bearing liabilities is as follows:(Amounts in NOK million)2023 2022Interest-bearing non-current liabilities:Lease liabilities, financial agreements 183 203Lease liabilities, operating agreements 158 150Bond debt 400 600Other loans and borrowings 172 141Total interest-bearing non-current liabilities 913 1,095Interest-bearing current liabilities:Lease liabilities, financial agreements 79 108Lease liabilities, operating agreements 83 67Loans and borrowings 55 153Total interest-bearing current liabilities 218 328The interest-bearing debt has variable interest rates or interest adjustment clauses that are shorter than three months at any given time. Since the debt can be repaid, other than the bond, at the time when the interest rate is regulated, the difference between the fair value and carrying amount will be small and insignificant.Additionally, the Group has an unused credit facility of NOK 400 million at year-end. The credit facility was increased from NOK 200 million to NOK 400 million during the refinancing process in Q4 2023. The credit facility is subject to annual renewal.(Amounts in NOK million)Amount NOK EUR SEKLease liabilities NOK 552 million +5.50% - 6.50% +5.10% - 5.80% +4.05% - 4.80% Bond debt 3-month NIBOR* NOK 400 million +4.40%Bank loan 3-month EURIBOR**EUR 20.9 million + 2.30%Credit facility 3-month NIBOR 3-month EURIBOR 3-month STIBORNOK 400 million +1.60% +1.60% +1.60%*The 3 months NIBOR has been hedged to a fixed rate of 1.838% for the full period. ** Minimum zeroThe margins on the bank loan and credit facility depend on the leverage ratio (net interest-bearing debt divided by adjusted EBITDA). During 2023, the margin on the bank loan started at 2.05% and ended at 2.30% at year end. The margin can be in a range of 1.95% to 2.75%. During 2023, the margin on the credit facility was between 1.45% and 1.60 % of the total range of 1.00% and 1.65%. The margin on the amended credit facility valid from 20 October is aligned for all currencies at1.60%. The reference rates NIBOR, STIBOR and EURIBOR will be limited at minimum zero.Carrying amount of non-current and current interest-bearing liabilities:(Amounts in NOK million)2023 2022NOK 733 987EUR 342 388SEK 56 47Total interest-bearing liabilities 1,130 1,423The undiscounted maturity structure of the NRC Group\u2019s current and non-current interest-bearing liabilities including estimated interest expenses where applicable is as follows:Year-end 2023(Amounts in NOK million)1H 2024 2H 2024 2025 2026 2027 2028 2029 -> SumLeasing 93 88 140 98 52 38 45 552Bond 16 16 33 33 427 - - 526Bank loans 35 34 65 62 72 - - 267To t a l 144 138 238 192 550 38 45 1,345Hereof interest 34 31 55 47 35 3 2 207The bond matures at 25 October 2027. The bank loan refers to a EUR facility with Danske Bank with quarterly instalments of EUR 1.2 million and final settlement on 1 July 2027. An Amendment and Restatement Agreement related to the existing facilities agreement with Danske Bank was signed on 13 November 2023. Changes in the Agreement concern amongst others a postponed final settlement date of 1 July 2027. Year-end 2022(Amounts in NOK million)1H 2023 2H 2023 2024 2025 2026 2027 2028 -> SumLeasing 96 91 133 97 62 30 49 559Bond 18 18 625 - - - - 660Bank loans 82 80 145 - - - - 307To t a l 195 189 904 97 62 30 49 1,526Hereof interest 29 26 34 5 3 2 1 100Financial covenants The Company\u2019s term facilities with Danske Bank ASA and the NOK 400 million senior unsecuredbond contain certain financial conditions based on the facility agreements that may not be directly related to reported IFRS numbers:Interest cover ratio (related to term loan agreement)): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses excluding interest expenses related to the bond loan.Interest coverage ratio (related to bond loan agreement): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses.Leverage ratio: Net interest-bearing debt in relation to adjusted 12 months rolling EBITDAEquity ratio: Equity in relation to total assetsTerm loan and overdraft facility:2023 2022Condition Actual Condition ActualInterest cover ratio, term loan \u2265 3.00 14.21 \u2265 3.00 16.54Leverage ratio, term loan \u2264 3.50 2.29 \u2264 3.50 2.78Equity ratio, term loan > 25% 47% > 25% 45%Borrowing base \u2264 60% of AR* 0% NA NA*Drawdowns on the Group\u2019s N0K 400 million multi-currency overdraft facility can maximum be 60% of last month\u2019s book value of the Group\u2019s accounts receivables (AR). Minimum twice a year, clean-downs the overdraft facility shouldbe made. There have been no breaches of the financial covenants related to the term loan or overdraft facility in 2023 or 2022. In the Amendment and Restatement Agreement related to the existing facilities agreement with Danske Bank signed 14 February 2023, the leverage ratio covenant has increased with 0.25 for the period Q4 2022 until Q4 2023. Consequently, the leverage ratio for the Danske Bank facility will be 3.75 for the period Q4 2022 to Q3 2023, reduced to 3.5 in Q4 2023 and will be 3.25 from the beginning of 2024. Bond loan:2023 2022Condition Actual Condition ActualInterest cover ratio, bond >2.50 5.67 >2.50 5.88Equity ratio, bond > 25% 47% > 25% 45%There have been no breaches of the financial covenants related to the bond loan in 2023 or 2022. The new NOK 400 million bond agreements includes for certain transactions such as paying dividend and taking on new loan agreements, requirements of an incurrence test with leverage ratio < 3.5 compared to actual 2.3 on 31 December 2023. The leverage ratio in respect of dividend distributions increased to 3.0 Paying dividend is restricted to 50% of any net income for the year. No dividend is proposed for 2023.Changes in interest-bearing liabilities arising from financing activities:(Amounts in NOK million)2023 2022Interest-bearing liability at 1 January 1,423 1,518Net proceeds from borrowings 395 0Repayment of borrowings -681 -147Payments of lease liabilities -184 -171Leasing liabilities, net of additions, terminations and adjustments 124 196Currency adjustment 54 27Interest-bearing liability at 31 December 1,130 1,423Note 20:Other current liabilities (Amounts in NOK million)2023 2022Accrued salaries etc 265 266Accrued project expenses 105 133Provisions 15 20Other current liabilities 73 74To t a l 458 492Note 21:ProvisionsAccounting policyClaims and disputes The Group recognises provisions when there is a present legal or constructive obligation as a result of past events, it is probable that the obligation will be settled by a transfer of economic resources, and a reliable estimate can be made of the amount of the obligation.Contingent liabilities are not recognised unless assumed in a business combination. Contingent liabilities assumed in a business combination are initially measured at fair value. Subsequently, it is measured at the higher of the best estimate of the expenditure required to settle the obligation and the amount initially recognised less (when appropriate) cumulative amortisation recognised in accordance with the requirements for revenue recognition.Warranty Provisions for warranty-related costs are recognised when the project is delivered to the customer. Initial recognition is based on historical experience. The initial estimateof warranty-related costs is revised annually.(Amounts in NOK million)Warranty provisions Provisions for Restructuring Total provisionsloss-making provisionsprojectsOpening Balance 1 January 2023 5 15 0 20Translation differences 0 1 0 1Acquisitions 1 3 2 6Arising during the year 3 1 0 4Utilised -1 -13 0 -13Unused amounts reversed -1 -2 0 -2Closing Balance 31 Decemeber 2023 8 6 2 15(Amounts in NOK million)Warranty provisions Provisions for Restructuring Total provisionsloss-making provisionsprojectsOpening Balance 1 January 2022 7 17 0 24Translation differences 0 0 0 0Arising during the year 3 12 0 14Utilised -2 -1 0 -3Unused amounts reversed -3 -13 0 -16Closing Balance 31 December 2022 5 15 0 20Note 22:Pledged assets, guarantees and securityBank loans amounting to EUR 20.9 million and an unused credit facility of NOK 400 million are secured by pledge over shares in subsidiaries, other than GSP and JVK, amounting to NOK 2,000 million, receivables, inventory and operating equipment amounting to NOK 500 million per entity and intra-group loans of NOK 2,000 million. Total book value of receivables and inventory amounts to NOK 1,520 million. Leasing liabilities amounting to NOK 503 million are secured by way of the underlying assets for which the legal ownership is kept by the lease counterpart. Total book value of right-of-use assets amounts to NOK 542 million.The Group has framework agreements with Tryg Garanti/ Tryg Forsikring A/S (utilised NOK 289 million out of NOK 450 million), Nordic Guarantee (utilised NOK 58 million out of NOK 250 million), House of Guarantees AS (utilised NOK 71 million out of NOK 200 million), Euler Hermes Norge (utilised NOK 146 million out of NOK 200 million), Garantia Insurance Company Ltd (utilised EUR 22 million of EUR 30 million) and Standard Garanti Forsikring AS (utilised NOK 9 million out of NOK 9 million). The Group also has framework agreements with Atlas Garanti AS (NOK 100 million) and IAM Insurance AS (NOK 100 million) that are not utilised. Guarantees are issued as collateral for the fulfilment of the Group\u2019s contractual obligations. These could be based on contract performance, prepayments, warranty obligations, withholding taxes and similar. In addition, the Group have issued parent company guarantees of a total amount of NOK 96 million.Accounting policyFinancial instrumentsFinancial assetsFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, at fair value through other comprehensive income (OCI) or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them.All material financial assets are measured at amortised cost. In general, financial assets are recognised initially at fair value plus transaction costs and are subsequently measured at amortised cost using the effective interest rate method, less provision for losses that have been incurred.At initial recognition, trade and other receivables that do not have a significant financing component are measured at their transaction price. Financial assets measured at amortised cost are financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. This category includes the Group\u2019s trade and other receivables, contract assets, any loans included under other non-current financial assets and cash and cash equivalents.For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses. The Group recognises a loss provision at each reporting date for the total expected credit loss based on individual assessments of specific trade receivables and contract assets.Financial assets are derecognised when the rights to receive cash flows from theasset have expired.Financial liabilitiesFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.Most relevant to the Group is loans and borrowings or payables and consists of current and non-current interest-bearing loans, lease liability and trade and other payables. Financial liabilities are recognised initially at fair value net of directly attributable transaction costs and are subsequently measured at amortised cost using the effective interest rate method. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Loans are classified as current liabilities unless there is an unconditional right to defer payment of the debt by more than 12 months from the date of the balance sheet. Trade and other payables are classified as current if payment is due within one year or less. Otherwise, they are classified as non-current.Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest risk. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.For the purpose of hedge accounting, hedges are classified as:Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset orliability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitmentHedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.For cash flow hedges, the effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as OCI while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss.There are no material differences between the fair value and carrying value of financial assets and liabilities.Financial instruments per category 2023(Amounts in NOK million)Balance Financial Financial Financial Financial Non-sheet on 31 assets at assets at liabilities liabilities at financial December fair value amortised at fair amortised item2023costvaluecostNon-current financial assets 1 1Total inventories 35 35Trade receivables 895 895Contract assets 379 379Other current receivables 195 30 165Cash & cash equivalents 369 369To t a l 1,874 1,673 0 0 200Pension obligations 9 9Non-current financial liabilities 7 7Interest-bearing non-current liabilities 913 913Deferred tax 0 0Other non-current liabilities 0 0Interest-bearing current liabilities 218 218Trade payables 572 572Contract liabilities 341 341Public fees payable 194 194Tax payable 1 1Other current liabilities 457 457To t a l 2,712 0 0 7 1,702 1,002Financial instruments per category 2022(Amounts in NOK million)Balance Financial Financial Financial Financial Non-sheet on 31 assets at fair assets at liabilities liabilities at financial December value amortised at fair amortised item2022costvaluecostNon-current financial assets 23 15 8Total inventories 29 29Trade receivables 765 765Contract assets 475 475Other current receivables 185 29 156Cash & cash equivalents 472 472To t a l 1,950 15 1,750 185Pension obligations 11 11Interest-bearing non-current 1,095 1,095liabilitiesDeferred tax 1 1Other non-current liabilities 0Interest-bearing current 328 328liabilitiesTrade payables 504 504Contract liabilities 305 305Public fees payable 143 143Tax payable 1 1Other current liabilities 492 492To t a l 2,879 1,927 952Non-financial assets and liabilities include contract liabilities, advance payments, accruals and provisions.The table below analyses financial instruments recorded at fair value according to valuation method. The different levels are defined as follows:Level 1: Fair value is measured using quoted prices from active markets for identical financial instruments. No adjustment is made for these prices.Level 2: Fair value is measured using other observable input than that used in level 1, either directly (prices) or indirectly (derived from the prices).Level 3: Fair value is measured using input that is not based on observable market data.Financial assets at fair value:(Amounts in NOK million)Level 1 Level 2 Level 3 To t a lFinancial assets at fair value through profit or lossDerivatives defined as hedging instruments 15 0Total at 31 December 2022 0 0 15 15Financial assets at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 2023 0 0 0 0Financial liabilities at fair value:(Amounts in NOK million)Level 1 Level 2 Level 3 To t a lFinancial liabilities at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 2022 0 0 0 0Financial liabilities at fair value through profit or lossDerivatives defined as hedging instruments 7 7Total at 31 December 2023 0 0 7 7The carrying value of cash and cash equivalents and liabilities to credit institutions is virtually the same as their fair value since these instruments have a short maturity term. Correspondingly, the carrying value of trade receivables and trade payables are virtually the same as the fair value, as they are agreed upon under \u201dnormal\u201d terms. This also applies to unpaid government charges, tax payable and current liabilities. A large proportion of non-current liabilities has variable interest rates and continuous interest rate adjustment, and therefore the carrying value is substantially the same as the fair value. The fair value of the group\u2019s interest rate hedge per year-end is estimated using the forward rate on the balance sheet date and is confirmed by the financial institution with which the agreement is signed. For more information about the hedging instruments, please refer to note 24.Note 24:Financial riskThe Group activities involve various types of financial risk: market risk (currency and interest rate), credit risk and liquidity risk. A Group risk management policy for hedging is implemented to manage this risk, and the Group has a central finance department to carry out the risk management in close cooperation with the subsidiaries. The Group\u2019s senior management oversees the management of these risks. The purpose of risk management is to minimise any potentially negative impact on the Group\u2019s financial results.Market riskMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk most relevant to the Group comprises currency risk and interest rate.a. Currency riskForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities and the Group\u2019s net investments in foreign subsidiaries.The Group focuses on reducing any foreign currency risk associated with cash flows, and on reducing the foreign currency risk associated with assets and liabilities. The subsidiaries in general have revenue and expenses in the same currency, and this substantially reduces the Group\u2019s cash flow exposure to a single currency. The finance department carries out assessments of the need for any hedging of currency risk in cash flows, based on a group hedging policy.The EUR 20.9 million loan in Danske Bank hedges the net investment in Finland. Net foreign exchange gains totalled NOK 1 million in 2023 (2022: NOK -1 million).The NOK/SEK rate of exchange as of 31 December 2023 was 1.013 (2022: 0.9453), while the average of the monthly average rates used to translate the income statement was 0.9984 (2022: 0.9506). The NOK/EUR rate of exchange as of 31 December 2023 was 11.2405 (2022: 10.5138), while the average of the monthly average rates used to translate the income statement was 11.4549 (2022: 10.1021).The following tables demonstrate the sensitivity to a reasonably possible change in SEK and EUR exchange rates, with all other variables held constant. The Group\u2019s exposure to foreign currency changes for all other currencies is not material.(Amounts in NOK million)2023 2022 Change in SEK rate -5 % -5 %Effect on net income 2 23 Effect on equity -21 -15 Effect on net interest-bearing debt 3 8 Change in EUR rate -5 % -5 %Effect on net income -4 -5 Effect on equity -56 -48 Effect on net interest-bearing debt 6 9 b. Interest rate riskThe Group has interest-bearing debt as described in note 19. The Group has a loan agreement with Danske Bank, a 5-year bond, and operational and financial leases being interest-bearing. The total cash position nets off some of the interest rate risk. The NOK 400 million bond issued in October 2023 carries an interest of 3 months NIBOR + 4.40% until maturity 25 October 2027. The 3 months NIBOR has been hedged to a fixed rate of 3.843% for the full period using an interest rate swap. The bond creates an exposure to pay 3 months NIBOR interest on the NOK 400 million notional. The interest rate swap on the same notional creates an equal and opposite interest receipt and a fixed interest payment, therefore creating an exact offset for this transaction resulting in a net fixed interest payable of 3.843%. As the interest rate swap is based on the same notional, settlement dates and maturity as the bond, the hedge ratio is 100%. The interest rate swap related to the old bond was terminated in 2023, and accumulated OCI effects were hence recognised in the profit and loss statement, leading to a positive financial income of NOK 15 million. The fair value of the new interest rate swap was NOK -7 million at year-end (2022: NOK 15 million). The net effect interest rate swap related to the old bond and the interest swap related to the new bond impacts OCI negatively with NOK 17 million in 2023 (NOK 15 million in positive effect in 2022).Net interest expense for 2023 amounts to NOK 59 million (2022: NOK 57 million). An increase in interest rate of 1 percentage point would have increased interest on debt by approximately NOK 8 million in 2023 (2022: NOK 9 million).Credit riskCredit risk in connection with sales to customers is managed within the subsidiaries, and at group level for major projects. Credit risk is monitored by the subsidiaries and at group level. The Group has guidelines for new contracts that focus on various elements, all of which shall contribute to early payments from the customer.82% of the revenues for 2023 were to customers that are municipalities or government agencies, or companies or institutions where municipalities or government agencies have a dominant influence. The Group considers the risk of potential future losses from this type of customer to be low. The Group has not entered any transactions that involve financial derivatives or other financial instruments to mitigate credit risks.As of 31 December 2023, the Group has provisions of NOK 6 million (2022: NOK 7 million) for potential future losses on specific trade receivables. The loss provision represents the total expected credit loss based on individual assessments of specific trade receivables at the reporting date. The age distribution of the Group\u2019s trade receivables is specified in Note 15.The maximum exposure to credit risk at the reporting date is the carrying value of each classof financial assets disclosed in note 23.Liquidity riskLiquidity risk is the risk that the Group will be unable to meet its financial obligations when they are due, and that financing will not be available at a reasonable price. The central management team and the local managers of subsidiaries monitor the Group\u2019s liquid resources and credit facilities through revolving forecasts based on the expected cash flow. The Group\u2019s operations are impacted by seasonal fluctuations, since a large portion of the Group\u2019s operations consist of railroad work. Railroad work is performed to a lesser extent in winter during frost and when the surface of the earth is covered in snow. The Group normally ties up working capital when the activity is increasing.The Group had NOK 769 million in liquid reserves at the end of the year, compared with NOK 672 million in liquid reserves at the end of the previous year. Restricted bank deposits totalled NOK 0 million (2022: NOK 0 million) and total cash were NOK 369 million (2022: NOK 472 million). In addition, the Group had year-end 2023 an unused credit facility of NOK 400 million, increasing the availability to the cash reserves for almost all subsidiaries. The Group increased the multi-currency credit facility from NOK 200 million to NOK 400 million during the year. Total short-term interest-bearing debt including leasing liabilities at the year-end that are due to be paid during 2023 amounts to NOK 218 million (2022: NOK 328 million to be paid in 2023).Moreover, the Group has total current liabilities excluding interest-bearing debt as of 31 December 2023, totalling NOK 1,562 million (2022: NOK 1,445 million). Total current assets amounted to NOK 1,873 million compared to NOK 1,927 million last year.Capital managementThe purpose of the Group\u2019s capital management is to ensure a predictable financial framework for operations and provide shareholders with a return according to our dividend policy.The Group\u2019s capital structure considers the required financial flexibility to execute strategic plans, to handle existing debt financing arrangements as well as working capital needs and to provide necessary funds for dividend payment. The long-term ambition is to have a leverage ratio below 2.5. The ratio at year end was 2.3. The Group manages its capital structure and makes changes based on an ongoing assessment of the current economic condition and the outlook for both the short and medium term. Capital management is amongst other monitored based on available cash and net interest-bearing debt, as well as the Group\u2019s leverage ratio, interest cover ratio and equityratio. For more information about capital management considerations, see separate section under liquidity risk above and note 19.Note 25:InventoriesAccounting policyInventories are carried at the lower of cost and net realisable value. Cost is determined using the first-in, first-out method. The cost of finished goods and work-in-progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and applicable variable selling expenses. (Amounts in NOK million)2023 2022Raw materials and materials for resale 21 21Finished goods 14 8Total inventories 35 29Inventory relates to the Finish operations. No write-downs to inventory have been made in 2023. Inventories have been pledged for short- and long-term loans, see note 22. Note 26:Disputes and claims related to projectsThrough its ongoing operations, the Group is involved in disputes with customers regarding the interpretation and understanding of contracts and agreements. This applies in particular to complex and large projects where the contract terms can be challenging. The Group strives to resolve these kinds of disputes outside court whenever possible, but some cases may nevertheless have to be decided by arbitration or in court. Disputes can be the Group\u2019s claims on customers and/or customers\u2019 claims on the Group. Comprehensive assessments are conducted in connection with disputed claims to ensure the most correct revenue and/ or expense recognition. At year-end the Group has no ongoing legal or arbitration proceedings that is assumed can have any significant negative effects on the Group\u2019s financial position.The following directly and indirectly owned subsidiaries are included in the consolidated accounts. All entities are owned 100% unless otherwise noted.NRC Group Holding AS, NorwayNRC Norge Holding AS, Norway NRC Norge AS, Norway NRC Kept AS, NorwayGunnar Knutsen AS, NorwayAsker Milj\u00f8park AS, NorwayNRC Vedlikehold AS, NorwayNordic Railway Construction Group Holding Sverige ABNordic Railway Construction Sverige AB (previously named NRC Underh\u00e5ll AB), Sweden Signal & Banbyggarna i Dalarna AB, SwedenJ\u00e4rnv\u00e4gskonsulterna Bolln\u00e4s AB, SwedenG\u00e4strike Signal & Projektering AB, Sweden 2)Nordic Railway Construction Group Sverige AB, SwedenNRC Holding Finland Oy, FinlandNRC Group Finland Oy, FinlandAccounting policyThe Group holds an investment in an associated company, AGN Haga AB, accounted for according to the equity method. The financial statements of AGN Haga AB are prepared for the same reporting period as the Group. The accounting policies is aligned with those of the Group, hence no adjustments related to accounting principles are made when measuring and recognising the Group\u2019s share of the profit or loss after the date of the acquisition. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate. The Group assess the need for making any provisions to the Group\u2019s share of the results from the associate. More information about this is reflected in the note. The Group has a 20% interest sharing risks and rewards of two larger projects (E04 Station Haga, and E03 Kvarnberget) with Webuild (40%) and G\u00fclermak (40%) in connection with Station Haga in Gothenburg, through the associated company AGN Haga AB. The projects commenced during 2018/2019 and were previously scheduled to be completed by 2026. The projects are complex with substantial risk. The Group is not operationally involved in anyof the projects.Webuild, G\u00fclermak and Nordic Railway Construction Sverige AB have given surety to Trafikverket related to AGN Haga\u2019s execution of project E03 Kvarnberget.In 2022, NRC Group made capital contribution of SEK 15 million to AGN Haga AB, representing NRC Group\u2019s pro-rata share of the total capital contributions, to support working capital in AGN Haga AB. Due to substantial uncertainty in the projects, net income from AGN Haga AB has not been recognised in NRC Group accounts, and all capital contributions of SEK 15.5 million was impaired in 2022. In 2023, a loss of NOK 2 million has been recognised related to AGN Haga.On January 24, 2023, AGN Haga received a termination notice from Trafikverket in relation to Station Haga in Gothenburg (E04). The contract in relation to Kvarnberget (E03) was not part of the termination notice. During the first half of 2023, AGN Haga filed an application for reconstruction to the District Court, which was approved on the 22nd of May 2023. In December, the District Court approved to extend the reconstruction period until 19 March 2024 , which was later further extended to June 19 2024. AGN Haga filed a reconstruction plan to the District Court on March 19, and the plan negotionation is scheduled at April 22.The book value of AGN Haga AB in the Group\u2019s annual accounts on 31 December 2023 is NOK 0 million. A summary of the financial information of AGN Haga AB, based on 100% figures:(Amounts in NOK million)2023 2022Total revenue 950 1,413Net profit for the year -68 123The Group's calculated share of the net profit (20%) -14 25Provisions made in the Group accounts 14 -25The Group's reported share of the net profit 0 0The associated company had no discontinued operations or other comprehensive income in2023 or 2022.(Amounts in NOK million)2023 2022Current assets 843 704Non-current assets 3 61Current liabilities 624 477Non-current liabilities 17 34Equity 205 253The Group's calculated share of equity (20%) 41 51Accumulated provisions made in the Group accounts -41 -51Book value 31.12 0 0Note 28:Related party disclosuresNote 27 provides information about the Group\u2019s structure, subsidiaries and associated companies. Note 17 provides information about the shareholders. No shareholders consider the Group as an associated company. Note 6 and 7 discloses the management and Board of Directors of the Group, including their benefits and any other transactions with the Group.NRC Group ASA may have agreements with Board members for consultancy services related to certain internal projects such as acquisitions and management recruitment. The agreements are based on hourly rates and are carried out on arm\u2019s length terms. Currently, there exists one agreement with Mats Williamson. Total expense amounted to NOK 0.2 million for 2023 based on hourly rates of SEK 1,500. Except for this, no significant related party transactions exist. Any related party transactions are carried out on arm\u2019s length terms.Note 29:Subsequent eventsAfter the balance sheet date, the Group made a strategic decision to restructure parts of the demolition and recycling operations in NRC Kept AS due to prevailing market conditions and negative results in 2023. The restructuring includes the discontinuation of one department within this business affecting approximately 40 employees, sale of machinery and equipment, reductions in overhead costs, and other targeted actions aimed at enhancing the long-term profitability of the Group. The financial impact of the restructuring will be reflected in subsequent financial periods.Note 1: Note 2: Note 3: Note 4: Note 5: Note 6: Note 7: Note 8: Note 9: Note10: Note11: Note12: Note13: ",
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"value": "1.1 Corporate information NRC Group ASA (the Company) including its subsidiaries (the Group) is a specialised rail infrastructure company in the Nordic region.The Group is a supplier of all rail, harbour and road related infrastructure services, including groundwork, specialised track work, safety, electro, telecom, signalling systems, maintenance and environmental services.NRC Group ASA is a public limited liability company registered and domiciled in Norway. The office address is Lysaker Torg 25, 1366 Lysaker, Norway. NRC Group is listed on Oslo Stock Exchange (ticker NRC). The Company has subsidiaries in Norway, Sweden and Finland.The consolidated financial statements for NRC Group ASA were approved by the Board of Directors on 2 April 2024.",
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"value": "1.1 Corporate information NRC Group ASA (the Company) including its subsidiaries (the Group) is a specialised rail infrastructure company in the Nordic region.The Group is a supplier of all rail, harbour and road related infrastructure services, including groundwork, specialised track work, safety, electro, telecom, signalling systems, maintenance and environmental services.NRC Group ASA is a public limited liability company registered and domiciled in Norway. The office address is Lysaker Torg 25, 1366 Lysaker, Norway. NRC Group is listed on Oslo Stock Exchange (ticker NRC). The Company has subsidiaries in Norway, Sweden and Finland.The consolidated financial statements for NRC Group ASA were approved by the Board of Directors on 2 April 2024.",
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"value": "1.2 Significant accounting principlesAccounting policies applied by the Group in the preparation of the consolidated financial statements are largely incorporated into the individual notes. General accounting principles are described below. The principles have been applied identically to the periods presented, unless otherwise stated.1.2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as approved by the EU.These consolidated financial statements have been prepared on the basis of the historical cost principle, except for certain financial instruments and contingent consideration that have been measured at fair value.The Group uses various alternative performance measures (APM) throughout the consolidated financial statements. The APMs are defined in the Alternative performance measures and definitions.1.2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of 31 December 2023. Subsidiaries are companies where the Group has a controlling interest. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. A controlling interest is normally achieved when the Group owns, directly or indirectly, more than 50% of the voting shares in the target company. Subsidiaries are consolidated from the point in time when control is transferred to the Group and eliminated from consolidation when such control ends. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill) and liabilities, while any resultant gain or loss is recognised in profit or loss.1.2.3 Summary of significant accounting policiesCurrent versus non-current classification The Group presents assets and liabilities in the statement of financial position based on current/ non-current classification.An asset is current when it is expected to be realised or intended to be sold or consumed in the normal operating cycle, held primarily for the purpose of trading or expected to be realised within twelve months after the reporting period. Cash or cash equivalent are current unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current.A liability is current when it is expected to be settled in the normal operating cycle, it is held primarily for the purpose of trading or it is due to be settled within twelve months after the reporting period. The Group classifies all other liabilities as non-current, unless there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.Deferred tax assets and liabilities are classified as non-current assets and liabilities.Foreign currency translation Functional currency and presentation currencyThe accounts of the individual entities in the Group are measured in the currency that is used in the economic area where the Group entities operate (functional currency). The consolidated accounts are presented in Norwegian kroner (NOK), which is both the functional and presentation currency of the parent company.Transactions and balance sheet itemsTransactions involving foreign currencies are translated into the functional currency using the exchange rates that are in effect at the time of the transactions. Foreign currency gains and losses that arise from the payment of such transactions and the translation of monetary items (assets and liabilities) at year-end, at the rates in effect on the balance sheet date, are recognised in the income statement. Currency gains and losses are presented on a net basisas financial income or financial expenses. If the foreign currency position is designated as a hedge of a net investment in a foreign business, any gains or losses are recognised in other comprehensive income.Translation to presentation currency In consolidation of the accounts of foreign subsidiaries, the income statement is translated into the presentation currency according to average exchange rates per month. Balance sheet items are translated at the exchange rate in effect on the balance sheet date. Long-term receivables from a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future, are considered a part of the net investment. Translation differences on net investments in foreign operations are recognised in other comprehensive income. When a net investment is disposed of, the related cumulative amount of translation differences is reclassified to profit or loss.Goodwill and fair value adjustments of assets and liabilities associated with the acquisition of a foreign entity are treated as assets and liabilities in the acquired entity and translated at the rate in effect on the balance sheet date.Statement of Cash flowsThe statement of cash flows is prepared using the indirect method. Acquisitions of subsidiaries are presented as investing activities net of cash in target. Leasing payments under IFRS 16, and interests paid are presented as part of financing activities. 1.2.4 Changes in accounting policiesIASB has 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 \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 were applicable for annual periods beginning on or after 1 January 2023. The Group has for the 2023 annual report revisited accounting policy information disclosures to ensureconsistency with the amended requirements.There are not any other standards or interpretations that are not yet effective, that are expected to have a significant impact on the consolidated financial statements.1.3 Material accounting judgements, estimates and assumptions The preparation of financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosureof contingent liabilities. Estimates and assumptions are evaluated continuously based on historical experience and other factors, including expectations of future events that are regarded as probable under the current circumstances. Uncertainty about these estimates and assumptions could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods.The most important areas where estimates and judgements are having an impact are listed below. Detailed information of these estimates and judgements are disclosed in therelevant notes.Significant estimates and judgements:Revenue from contracts with customers (Note 4)Impairment test of goodwill (Note 2 and 12)Purchase price allocation and accounting for contingent consideration in business combinations (Note 2)Recognition of deferred tax assets (Note 10)Impacts of the global economyThe direct impact of global events such as the wars in Ukraine and Gaza, high inflation and increased interest rates has been limited for the Group. Our business model is resilient and yields good protection against increasing material prices. In addition to frequently used index adjustments, the customer predominantly takes the risk on sector specific materials within rail infrastructure. The Group monitors the development, including both direct and indirect effects, and is actively evaluating opportunities to limit risk in the project portfolio. The volatile global market may however impact on risks related to material prices, supply chain and government spending on infrastructure. NRC Group is actively managing the development and uncertainty.Climate riskNRC Group\u2019s activities mainly consist of projects that run over a limited period. The organisation is flexible to adapt to changes and each new project represents a new start. A large part of the Group\u2019s activities is to build environmentally friendly infrastructure that is aligned within the EU Taxonomy, as described in the Sustainability section of the Annual report, and in the Group\u2019s Sustainability Report for 2023. This reduces the risk of significant negative changes in activities and markets due to climate change. There are no legal changes or expected changes in our markets that will have a significant impact on the Group\u2019s activities.NRC Group has limited operating assets and long-term leases that can be affected by environmental changes. The Group has a large car and machine park - owned and leased - that is gradually meeting new environmental requirements. Expected useful life and planned replacement rate for these assets are considered adaptable to the expected changes. The Group is already in the process of increasing the proportion of electrified machines and has also invested significantly in heavier vehicles that can run on biogas. Our largest tamping machines are rail-based and associated with environmentally friendly projects and are not expected to be adversely affected by climate change other than normal maintenance and adaptations. The Group has no significant immobile machines or facilities (stranded assets) that could be affected by climate change. There are no specific climate risks beyond normal project risks associated with the businessthat significantly can affect the impairment calculations. Significant changes because of climate risk have consequently not been necessary to include in the calculations.Accounting policyBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured at the fair value of the assets that are contributed as consideration for the acquisition, equity instruments that are issued and liabilities that are assumed. Identifiable acquired assets, liabilities and contingent liabilities that are assumed to be inherent in a business combination are assessed at their fair value. For each business combination, the Group elects whether to measure any non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Direct expenses associated with the acquisition are expensed when they incur and presented as Other income and expenses.Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Subsequent changes that are a result of additional information the Group obtained after that date about facts and circumstances that existed at the acquisition date are measurement period adjustments that will adjust the purchase price allocation until this is final but no later than 12 months after the acquisition day. Other changes resulting from events after the acquisition day, such as meeting earning targets, will be accounted for as follows:Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measuredat fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9 and presented as Other income and expenses.Accounting policySegments are reported in the same manner as the internal financial reporting to the Group\u2019s chief operating decision-maker, defined as the executive management and the Board of Directors. The internal financial operating result reporting follows current IFRS standards as described in these notes to the Group accounts, except for Adjusting items (explained in the APM section). These income and expenses can vary significantly from period to period and are excluded in the internal financial reporting to improve the analysis of the underlying operations across periods and operating segments. The Group\u2019s financing (including finance costs and finance income) and income taxes are managed on a Group basis and are not allocated to operating segments. Transferpricing between operating segments is on an arm\u2019s length basis in a manner similar to transactions with third parties. Accounting policyThe Group\u2019s revenues mainly consist of contracts with customers that vary from shorter projects of less than a month, to longer projects running over multiple years. All projects are accounted for as contracts with customers, applying IFRS 15 Revenue from contracts with customers. The Group accounts for a contract with a customer when the contract is approved, each party\u2019s rights are identified including the payment terms, the contract has commercial substance, and it is probable that the Group will collect the consideration. Revenue recognised over timeFor a major part of the contracts with customers, the criteria for recognising revenue over time have been met as the project either creates an asset that the customer controls as the asset is created or the asset created does not have an alternative use and the Group has an enforceable right to payment for performance completed to date.The transaction price is the contractual agreed price. Any variable consideration is estimated based on the sum of probability-weighted amounts or the single most likely outcome, depending on which method better predicts the amount of consideration, and is consistently applied throughout the contract.For a performance obligation that is satisfied over time, revenue is recognised over time by measuring the cost passed in relation to full satisfaction of the obligation. The Group applies the input method which is used consistently for similar performance obligations and under similar circumstances. Using the input method, revenue is recognised based on the entity\u2019s input in fulfilling the performance obligation (e.g. contract costs incurred, resources consumed, hours expended) in relation to the total expected input to fulfil the performance obligation. The value and pricing of the Group\u2019s services are founded on the different resources consumed, and consequently the input method best reflects the revenue recognition of the transfer of goods and services. Most contracts of the Group consist of one performance obligation. For contracts where performance obligations are not satisfied over time, revenue is recognised on delivery or upon completion of the services.The aggregated amount of project revenue incurred to date, less progress billings, is determined on a project-by-project basis. The contracts where this amount is positive are presented in the balance sheet as contract assets, whereas the contracts where the amount is negative (prepayments) are presented as contract liabilities. Contract assets are the Group\u2019s right to consideration in exchange for goods or services that the entity has transferred to a customer. Unconditional rights to considerations based on the agreement are invoiced and presented separately as a receivable. Contract assets and receivables are considered for impairment in accordance with IFRS 9. A contract liability is when the Group has received prepayments or has an unconditional right to consideration before the Group has transferred goods or services to the customer.A contract modification is the change in scope and/ or price of a contract and both parties have approved a modification that either created new or changes existing enforceable rights and obligations of the parties. A contract modificationmay exist even though there is a dispute about the scope and/ or price of the modification, or the parties have approved a change in the scope of the contract but have not yet determined the corresponding change in price. The contract modification is accounted for as a separate contract, if the scope of the contract increases due to distinct goods or services and the price increase reflects the stand-alone selling price, or as part of the original contract.Contract costs are costs to fulfil the contract and incremental costs of obtaining a contract. These are costs directly related to the contract assuming the costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future and are expected to be recovered. Costs directly connected to the contract include direct materials, direct labour, subcontractors, allocated indirect costs and costs explicitly chargeable. Incremental cost of obtaining a contract that is expected to be recovered and that would not incur if the contract had not been obtained, is capitalised and amortised as a contract cost. Cost of wasted materials, labour or other resources to fulfil the contract that is not reflected in the price of the contract, is expensed as it occurs.When it is probable that the total contract costs of meeting the obligations will exceed total contract revenue, the expected loss is recognised as an expense immediately according to IAS 37, considering both the incremental costs and allocation of other costs directly related to fulfilling the contract. An impairment loss is recognised for any contract assets or accounts receivable related to the contract before a separate provision is made.Payment terms are contractually agreed and invoicing normally follows the progress of the projects either by a fixed estimated progress or based on actual progress as defined in the contract. For certain contracts a portion of up to 10% is withheld until final approval of the delivery. Upon invoicing, the payment terms would normally be within 15\u2013 45 days.Other revenuesThe Group has a limited number of other sales transactions such as sale of materials, sale of equipment and machines closely related to the main operations of the group or sale of services. Revenues from these transactions are recognised at the point of time when control of any asset is transferred to the customer, or the service is provided. Delivery of assets can be from stock, from a construction site or at the customer\u2019s location. The normal payment term is 15 to 45 days upon delivery.WarrantiesThe Group generally provides for warranties for general repairs and does not provide extended warranties in its contracts with customers. As such, existing warranties are assurance-type warranties under IFRS 15, which are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets.Accounting policyEmployees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). The sale of shares to employees at less than market price is accounted for by recognising the difference between the market value of the shares and the purchase price as a payrollexpense.The cost of equity-settled transactions is determined by the fair value of the option at the date when the grant is made. A Binominal model and the Black-Scholes model are used for the valuation. The cost related to the option is reported over the period in which the employees earn the right to receive the options. Option costs are reported as payroll expenses and offset as an increase in equity. A provision based on the accrued amount is made for employer\u2019s social security contribution to share option programmes linked to the difference between the issue price and the market price of the share at year end.Accounting policyIncome and expenses of a special nature are presented on a separate line within operating profit (loss). Such items are characterised by being transactions and events not being reliable indicators of underlying operations. Other income and expenses consist of merger and acquisition expenses (income), including subsequent adjustment of contingent considerations or other subsequent adjustments of final purchase price allocation in business combinations that are recognised in profit or loss, and close-down costs, restructuring costs, and gains or losses arising from the divestments of a business or part of a business. Accounting policyDeferred tax assets are recognised for unused tax losses and unused tax credits. Deferred tax assets are recognised to the extent that it is probable that taxable profit or deferred tax liabilities will be available against which the unused tax losses and unused tax credits can be utilised. The deferred tax assets are recognised to the extent it is probable that they can be utilised based on forecasts and projections within a reasonable period of time.In the balance sheet, deferred taxes are reported net if the Group has a legal right to offset deferred tax assets against deferred taxes and if the deferred taxes are owed to the same tax authority.Accounting policyGoodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is subject tominimum annual impairment testing.Intangible assets are recognised at cost less accumulated amortisation and impairment loss. Intangible assets are recognised when they are identifiable, controlled and provide future economic benefits for the entity. The assets are initially measured at cost and amortised on a straight-line basis over the expected useful life of the asset, normally 3-5 years. The cost of an intangible asset includes costs that are directly attributable to the procurement of the assets.Customer contracts, customer relationships, licenses and other intangible assets acquired as part of a business combination are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line basis over their estimated useful lives based on the timing of projected cash flows, normally 1-4 years, depending on the type of assets. Intangible assets with indefinite useful life are subject to minimum annual impairment testing.Impairment considerationsGoodwill is recognised separately as an intangible asset and is tested for impairment annually and whenever there is indication that the goodwill may be impaired. The annual testing is performed towards the end of the financial year. For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group\u2019s cash-generating-units (CGU) expected to benefit from synergies arising from the business combination. An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU\u2019s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised as an expense and is not reversed in a subsequent period.Intangible assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Accounting policyProperty, plant and equipment are recognised at cost less accumulated depreciation and impairment loss. The cost of an item of property, plant and equipment includes costs that are directly attributable to the acquisition of the assets.Subsequent expenditure is recognised in the carrying amount of the asset, if it is probable that the future economic benefits related to the expenditure will flow to the Group, and the expenditure can be reliably measured. The carrying amount of any parts that are replaced is derecognised. All other repair and maintenance costs are recognised in the income statement in the period when the costs are incurred, except for certain regular major inspections as described below.Depreciation is calculated on a straight-line basis over the expected useful life of the asset, as follows:Buildings: 15 - 50 yearsMachinery and fixtures: 3 - 20 yearsThe economic life of the non-current assets and the residual value are reviewed on the date of each balance sheet and adjusted prospectively if required.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains and losses arising on derecognition of the asset are presented as part of the operating profit/loss and calculated as the difference between the net disposal proceeds and the carrying amount of the asset.If regular major inspections for faults or overhauls, regardless of whether parts of the item are replaced, is a condition of continuing to operate the equipment or to extend its economic lifetime, the related periodic maintenance can be capitalised and depreciated on a straight-line-basis until the next expected periodic maintenance is required. At the end of 2023, no such expenses were capitalised.Impairment considerationProperty, plant and equipment are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Accounting policyThe Group leases various offices, warehouses, machinery, equipment and cars. Contracts are typically made for fixed periods of 3 to 10 years but may have extension and termination options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over thelease period based on the remaining balance of the liability for each period.The Group has elected to use the two exemptions proposed by the standard (IFRS 16) on the following contracts:Lease contracts with a duration of equal to or less than 12 monthsLease contracts for which the underlying asset has a low valuePayments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense over the lease term in profit or loss.Right-of-use assetsRight-of-use assets are recognised at cost less accumulated depreciation and impairment loss. Initial recognition of right-of-use assets are measured at cost comprising the following:the amount of the initial measurement of lease liabilityany lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, andrestoration costsRight-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:Intangible assets 1-3 yearsLand, offices and buildings 1-12 years Machinery, cars and equipment 1-25 yearsIf ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are subject to impairment testing. Refer to section regarding Impairment.Lease liabilitiesLease liabilities include the net present value of the following lease payments:fixed payments less any lease incentives receivablevariable lease payment that are based on an index or a rateamounts expected to be payable by the lessee under residual value guaranteesthe exercise price of a purchase option if the lessee is reasonably certain to exercise that option, andpayments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Options (extension / termination) on lease contracts are considered on a case-by-case basis following a regular management assessment. The borrowing rates used for IFRS 16 purposes have been defined based on the underlying countries and asset classes related risks. The Group\u2019s weighted average incremental borrowing rate is 4.49%.Impairment considerationRight-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Accounting policyCash and cash equivalents consist of cash, bank deposits and other short-term and highly liquid investments with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant riskof changes in value.Accounting policyExpenses that are directly attributable to the issue of new shares less taxes are recognised against the equity as a reduction in the proceeds.Payments for the purchase of own shares are recognised as a reduction in equityand proceeds from any sale as an increase. A loss or gain is not recognised in theincome statement for any purchase, sale, issue or cancellation of own shares.Accounting policyThe Group has several defined contribution plans. A defined contribution plan is a pension plan in which the Group pays fixed contributions to a separate entity (fund) and where the Group does not have any legal or constructive obligation to pay additional contributions if the fund does not have sufficient assets to pay all employees\u2019 benefits relating to their service in current and prior periods. The expense for each period is determined by the amounts of contributions for that period. Contributions paid in advance are recognised as an asset to the extent that the contribution can be refunded or be used to reduce future payments.The Group has a supplementary defined benefit post-employment plan in Finland, administrated by an external insurance company. Remeasurements of actuarial gains and losses on the net defined benefit liability and the return on plan assets, arerecognised immediately in the statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.Past service costs are recognised in profit or loss on the earlier of:The date of the plan amendment or curtailment, andThe date that the Group recognises related restructuring costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset and included in the net pension expense.The Group also has contractual retirement scheme (AFP) for a certain part of their employees in Norway. The AFP pension scheme is a defined benefit multi-employer plan that is financed though premiums paid by participating employers. Because the scheme\u2019s administrator is not providing information to identify the participating employer\u2019s share of financial position and performance with sufficient reliability, the AFP scheme is accounted for as a defined contribution scheme.Accounting policyClaims and disputes The Group recognises provisions when there is a present legal or constructive obligation as a result of past events, it is probable that the obligation will be settled by a transfer of economic resources, and a reliable estimate can be made of the amount of the obligation.Contingent liabilities are not recognised unless assumed in a business combination. Contingent liabilities assumed in a business combination are initially measured at fair value. Subsequently, it is measured at the higher of the best estimate of the expenditure required to settle the obligation and the amount initially recognised less (when appropriate) cumulative amortisation recognised in accordance with the requirements for revenue recognition.Warranty Provisions for warranty-related costs are recognised when the project is delivered to the customer. Initial recognition is based on historical experience. The initial estimateof warranty-related costs is revised annually.Accounting policyFinancial instrumentsFinancial assetsFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, at fair value through other comprehensive income (OCI) or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them.All material financial assets are measured at amortised cost. In general, financial assets are recognised initially at fair value plus transaction costs and are subsequently measured at amortised cost using the effective interest rate method, less provision for losses that have been incurred.At initial recognition, trade and other receivables that do not have a significant financing component are measured at their transaction price. Financial assets measured at amortised cost are financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. This category includes the Group\u2019s trade and other receivables, contract assets, any loans included under other non-current financial assets and cash and cash equivalents.For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses. The Group recognises a loss provision at each reporting date for the total expected credit loss based on individual assessments of specific trade receivables and contract assets.Financial assets are derecognised when the rights to receive cash flows from theasset have expired.Financial liabilitiesFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.Most relevant to the Group is loans and borrowings or payables and consists of current and non-current interest-bearing loans, lease liability and trade and other payables. Financial liabilities are recognised initially at fair value net of directly attributable transaction costs and are subsequently measured at amortised cost using the effective interest rate method. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Loans are classified as current liabilities unless there is an unconditional right to defer payment of the debt by more than 12 months from the date of the balance sheet. Trade and other payables are classified as current if payment is due within one year or less. Otherwise, they are classified as non-current.Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest risk. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.For the purpose of hedge accounting, hedges are classified as:Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset orliability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitmentHedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.For cash flow hedges, the effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as OCI while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss.Accounting policyInventories are carried at the lower of cost and net realisable value. Cost is determined using the first-in, first-out method. The cost of finished goods and work-in-progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and applicable variable selling expenses. Accounting policyThe Group holds an investment in an associated company, AGN Haga AB, accounted for according to the equity method. The financial statements of AGN Haga AB are prepared for the same reporting period as the Group. The accounting policies is aligned with those of the Group, hence no adjustments related to accounting principles are made when measuring and recognising the Group\u2019s share of the profit or loss after the date of the acquisition. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate. The Group assess the need for making any provisions to the Group\u2019s share of the results from the associate. More information about this is reflected in the note. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-31-2": {
"value": "1.2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as approved by the EU.These consolidated financial statements have been prepared on the basis of the historical cost principle, except for certain financial instruments and contingent consideration that have been measured at fair value.The Group uses various alternative performance measures (APM) throughout the consolidated financial statements. The APMs are defined in the Alternative performance measures and definitions.1.2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of 31 December 2023. Subsidiaries are companies where the Group has a controlling interest. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. A controlling interest is normally achieved when the Group owns, directly or indirectly, more than 50% of the voting shares in the target company. Subsidiaries are consolidated from the point in time when control is transferred to the Group and eliminated from consolidation when such control ends. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill) and liabilities, while any resultant gain or loss is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-31-3": {
"value": "1.2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as approved by the EU.These consolidated financial statements have been prepared on the basis of the historical cost principle, except for certain financial instruments and contingent consideration that have been measured at fair value.The Group uses various alternative performance measures (APM) throughout the consolidated financial statements. The APMs are defined in the Alternative performance measures and definitions.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-42-3": {
"value": "1.2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of 31 December 2023. Subsidiaries are companies where the Group has a controlling interest. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. A controlling interest is normally achieved when the Group owns, directly or indirectly, more than 50% of the voting shares in the target company. Subsidiaries are consolidated from the point in time when control is transferred to the Group and eliminated from consolidation when such control ends. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill) and liabilities, while any resultant gain or loss is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-54-3": {
"value": "Current versus non-current classification The Group presents assets and liabilities in the statement of financial position based on current/ non-current classification.An asset is current when it is expected to be realised or intended to be sold or consumed in the normal operating cycle, held primarily for the purpose of trading or expected to be realised within twelve months after the reporting period. Cash or cash equivalent are current unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current.A liability is current when it is expected to be settled in the normal operating cycle, it is held primarily for the purpose of trading or it is due to be settled within twelve months after the reporting period. The Group classifies all other liabilities as non-current, unless there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.Deferred tax assets and liabilities are classified as non-current assets and liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-70-3": {
"value": "Foreign currency translation Functional currency and presentation currencyThe accounts of the individual entities in the Group are measured in the currency that is used in the economic area where the Group entities operate (functional currency). The consolidated accounts are presented in Norwegian kroner (NOK), which is both the functional and presentation currency of the parent company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-76-3": {
"value": "Transactions and balance sheet itemsTransactions involving foreign currencies are translated into the functional currency using the exchange rates that are in effect at the time of the transactions. Foreign currency gains and losses that arise from the payment of such transactions and the translation of monetary items (assets and liabilities) at year-end, at the rates in effect on the balance sheet date, are recognised in the income statement. Currency gains and losses are presented on a net basisas financial income or financial expenses. If the foreign currency position is designated as a hedge of a net investment in a foreign business, any gains or losses are recognised in other comprehensive income.Translation to presentation currency In consolidation of the accounts of foreign subsidiaries, the income statement is translated into the presentation currency according to average exchange rates per month. Balance sheet items are translated at the exchange rate in effect on the balance sheet date. Long-term receivables from a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future, are considered a part of the net investment. Translation differences on net investments in foreign operations are recognised in other comprehensive income. When a net investment is disposed of, the related cumulative amount of translation differences is reclassified to profit or loss.Goodwill and fair value adjustments of assets and liabilities associated with the acquisition of a foreign entity are treated as assets and liabilities in the acquired entity and translated at the rate in effect on the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-99-3": {
"value": "Statement of Cash flowsThe statement of cash flows is prepared using the indirect method. Acquisitions of subsidiaries are presented as investing activities net of cash in target. Leasing payments under IFRS 16, and interests paid are presented as part of financing activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-103-2": {
"value": "1.2.4 Changes in accounting policiesIASB has 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 \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 were applicable for annual periods beginning on or after 1 January 2023. The Group has for the 2023 annual report revisited accounting policy information disclosures to ensureconsistency with the amended requirements.There are not any other standards or interpretations that are not yet effective, that are expected to have a significant impact on the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-103-3": {
"value": "1.2.4 Changes in accounting policiesIASB has 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 \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 were applicable for annual periods beginning on or after 1 January 2023. The Group has for the 2023 annual report revisited accounting policy information disclosures to ensureconsistency with the amended requirements.There are not any other standards or interpretations that are not yet effective, that are expected to have a significant impact on the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-116-1": {
"value": "1.3 Material accounting judgements, estimates and assumptions The preparation of financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosureof contingent liabilities. Estimates and assumptions are evaluated continuously based on historical experience and other factors, including expectations of future events that are regarded as probable under the current circumstances. Uncertainty about these estimates and assumptions could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods.The most important areas where estimates and judgements are having an impact are listed below. Detailed information of these estimates and judgements are disclosed in therelevant notes.Significant estimates and judgements:Revenue from contracts with customers (Note 4)Impairment test of goodwill (Note 2 and 12)Purchase price allocation and accounting for contingent consideration in business combinations (Note 2)Recognition of deferred tax assets (Note 10)Impacts of the global economyThe direct impact of global events such as the wars in Ukraine and Gaza, high inflation and increased interest rates has been limited for the Group. Our business model is resilient and yields good protection against increasing material prices. In addition to frequently used index adjustments, the customer predominantly takes the risk on sector specific materials within rail infrastructure. The Group monitors the development, including both direct and indirect effects, and is actively evaluating opportunities to limit risk in the project portfolio. The volatile global market may however impact on risks related to material prices, supply chain and government spending on infrastructure. NRC Group is actively managing the development and uncertainty.Climate riskNRC Group\u2019s activities mainly consist of projects that run over a limited period. The organisation is flexible to adapt to changes and each new project represents a new start. A large part of the Group\u2019s activities is to build environmentally friendly infrastructure that is aligned within the EU Taxonomy, as described in the Sustainability section of the Annual report, and in the Group\u2019s Sustainability Report for 2023. This reduces the risk of significant negative changes in activities and markets due to climate change. There are no legal changes or expected changes in our markets that will have a significant impact on the Group\u2019s activities.NRC Group has limited operating assets and long-term leases that can be affected by environmental changes. The Group has a large car and machine park - owned and leased - that is gradually meeting new environmental requirements. Expected useful life and planned replacement rate for these assets are considered adaptable to the expected changes. The Group is already in the process of increasing the proportion of electrified machines and has also invested significantly in heavier vehicles that can run on biogas. Our largest tamping machines are rail-based and associated with environmentally friendly projects and are not expected to be adversely affected by climate change other than normal maintenance and adaptations. The Group has no significant immobile machines or facilities (stranded assets) that could be affected by climate change. There are no specific climate risks beyond normal project risks associated with the businessthat significantly can affect the impairment calculations. Significant changes because of climate risk have consequently not been necessary to include in the calculations.Significant judgement and estimation uncertaintyEstimating the fair value of acquired assets, liabilities and contingent liabilities in a business combination requires significant management judgement. These calculations require the use of all facts and information available and how this will impact on the computations and will be sensitive to estimates related to future cash flows and discount rate.Estimating contingent consideration in a business combination including subsequent changes in the fair value require significant management judgementand need determination of all facts and information available and how this will impact on the calculations. The key assumption is to consider the most likely outcome based on the current state of the target.Significant judgement and estimation uncertaintyThe Group\u2019s business mainly consists of execution of projects. The complexity and scope of the project portfolio come with an inherent risk that the actual results may differ from expected results. The Group recognises revenue over time using contract costs incurred, resources consumed, or hours spent in relation to the total expected input to fulfil the performance obligation. For projects in progress, the uncertainty is mainly linked to the estimate of total expenses, the estimate of any variable proceeds, value of any project modifications being recognised and the impact of any disputes or contractual disagreements. As 31 December 2023, the Group has recognised a total of NOK 18,834 million (2022: NOK 12,526 million) in accumulated revenue to date on projects in progress at year-end.Significant judgement and estimation uncertaintyNet deferred tax assets of NOK 79 million in Norway, NOK 22 million in Sweden and NOK 3 million in Finland have been recognised as it is assumed probable that they can be utilised against future taxable profit based on forecasts and projections. Deferred tax assets are recognised for unused tax losses to the extent that it is probable that deferred tax liability or taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning optimisation.Significant judgement and estimation uncertaintyThe Group performs annual tests to assess the impairment of goodwill, or more frequently if there is an indication of impairment. The NRC Group\u2019s share price development and operating losses in Sweden are impairment indicators being considered as part of the test. Goodwill had a carrying amount at 2023 year-end of NOK 2,422 million before impairment. In the impairment test the carrying amount is measured against the recoverable amount of the cash-generating unit to which the asset is allocated. The recoverable amount of cash generating units is determined by calculating its value in use. These calculations require the use of assumptions and estimates related to future cash flows and discount rate. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future net cash-inflows and the growth rate used for extrapolation purposes. Most sensitive to impairment is our operation in Sweden and Finland with book value of goodwill of SEK 270 million and EUR 125 as of 31 December 2023, respectively. The current headroom of approximately SEK 120 million and EUR 8 are most sensitive to the discount rate and the estimated future margin.Climate riskThe Group has considered climate risk in relation to impairment testing of goodwill. Climate-related matters can affect future cash flows, the value of the assets being tested and the expected useful life of these. Specific risks may include more extreme weather that can impact the Group\u2019s operating processes negatively, and changes in regulatory requirements concerning emissions from fossil fuel, waste management and usage of materials and potential increased costs if not planned/managed well. Additionally, requirements to invest more in fossil free construction machines could increase capital expenditures and leasing payments. Any consequences of these risks are considered in the impairment test of goodwill. No such effects were identified related to the impairment test in 2023 or 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-173-2": {
"value": "Note 2: Business combinationsSignificant judgement and estimation uncertaintyEstimating the fair value of acquired assets, liabilities and contingent liabilities in a business combination requires significant management judgement. These calculations require the use of all facts and information available and how this will impact on the computations and will be sensitive to estimates related to future cash flows and discount rate.Estimating contingent consideration in a business combination including subsequent changes in the fair value require significant management judgementand need determination of all facts and information available and how this will impact on the calculations. The key assumption is to consider the most likely outcome based on the current state of the target.Business combinations in 2023The Group had no business combinations in 2023. A net cash inflow of NOK 7 million in 2023 is related to prior year acquisitions. Business combinations in 2022The Group had no business combinations in 2022. A net cash outflow of NOK 24 million in 2022 was related to prior year acquisitions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-175-3": {
"value": "Accounting policyBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured at the fair value of the assets that are contributed as consideration for the acquisition, equity instruments that are issued and liabilities that are assumed. Identifiable acquired assets, liabilities and contingent liabilities that are assumed to be inherent in a business combination are assessed at their fair value. For each business combination, the Group elects whether to measure any non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Direct expenses associated with the acquisition are expensed when they incur and presented as Other income and expenses.Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Subsequent changes that are a result of additional information the Group obtained after that date about facts and circumstances that existed at the acquisition date are measurement period adjustments that will adjust the purchase price allocation until this is final but no later than 12 months after the acquisition day. Other changes resulting from events after the acquisition day, such as meeting earning targets, will be accounted for as follows:Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measuredat fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9 and presented as Other income and expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-175-4": {
"value": "Accounting policyBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured at the fair value of the assets that are contributed as consideration for the acquisition, equity instruments that are issued and liabilities that are assumed. Identifiable acquired assets, liabilities and contingent liabilities that are assumed to be inherent in a business combination are assessed at their fair value. For each business combination, the Group elects whether to measure any non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Direct expenses associated with the acquisition are expensed when they incur and presented as Other income and expenses.Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Subsequent changes that are a result of additional information the Group obtained after that date about facts and circumstances that existed at the acquisition date are measurement period adjustments that will adjust the purchase price allocation until this is final but no later than 12 months after the acquisition day. Other changes resulting from events after the acquisition day, such as meeting earning targets, will be accounted for as follows:Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measuredat fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9 and presented as Other income and expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-221-2": {
"value": "Note 3: Segment reportingThe Group is a contractor connected to public transportation, including rail, harbour and road related infrastructure. For management purposes, the Group is organised in divisions and operating segments based on geographical areas that include Norway, Finland and Sweden. In each operating segment the Group can provide services and products such as rail construction, rail maintenance, civil construction, environmental services and sale of materials.Customers that aggregate 10% or more of the Group\u2019s total revenues are disclosed in the table below: Share of segment revnue Share of Group revenue2023 2022 2023 2022Customer SegmentTrafikverket Sweden 77% 71% 21% 21%Finnish Transport and Infrastructure Agency Finland 60% 61% 24% 22%Bane Nor Norway 59% 34% 19% 12%Norway Sweden Finland Others and Consolidated eliminations(Amounts in NOK million)2023 2022 2023 2022 2023 2022 2023 2022 2023 2022External 2,401 2,571 1,578 1,877 2,753 2,582 0 0 6,732 7,030Inter-segment -265 -198 299 203 0 0 -33 -5 0 0Total revenue 2,136 2,373 1,877 2,080 2,753 2,582 -33 -5 6,732 7,030EBITDA adj. 184 173 43 -7 142 204 -37 -34 332 335Depreciation -103 -93 -39 -42 -54 -48 -1 -1 -197 -185EBITA adj 81 80 4 -49 88 155 -38 -35 135 151Amortisation of IT software investments -0 -0 -4 -3 -10 -10 -0 -0 -15 -13EBIT adj. 81 80 0 -52 78 145 -38 -36 121 137Adjusting items 36 -0 -56 -352 5 -25 -0 -0 -16 -378Operating profit 116 80 -56 -404 83 120 -38 -36 105 -240Current assets 515 456 412 289 1,216 1,148 -271 48 1,873 1,941Non-Current assets 1,132 1,232 442 432 1,604 1,488 91 99 3,270 3,250Total assets 1,647 1,688 854 721 2,821 2,636 -180 147 5,143 5,191Current liabilities 688 759 392 625 1,254 1,237 -551 -847 1,783 1,773Non-current liabilities 260 290 35 17 261 215 373 584 929 1,106Total liabilities 948 1,048 427 642 1,515 1,452 -179 -263 2,712 2,879Order backlog 1,537 2,013 2,933 3,160 2,470 2,622 6,940 7,795Others and eliminations include activities in the Company and other holding companies as well as elimination of inter-segment revenues and expenses. Assets and liabilities are shown gross per segment and eliminations are shown separately. The aggregated information on Others and eliminations consists of the following:Parent and holding Eliminations Others and eliminationscompanies(Amounts in NOK million)2023 2022 2023 2022 2023 2022Current assets 1,523 2,182 -1,794 -2,134 -271 48Non-current assets 271 242 -180 -144 91 99Total assets 1,794 2,424 -1,973 -2,277 -180 147Current liabilities 1,243 1,286 -1,794 -2,134 -551 -848Non-current liabilities 552 728 -180 -144 373 584Total liabilities 1,795 2,014 -1,973 -2,277 -179 -263",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-223-3": {
"value": "Accounting policySegments are reported in the same manner as the internal financial reporting to the Group\u2019s chief operating decision-maker, defined as the executive management and the Board of Directors. The internal financial operating result reporting follows current IFRS standards as described in these notes to the Group accounts, except for Adjusting items (explained in the APM section). These income and expenses can vary significantly from period to period and are excluded in the internal financial reporting to improve the analysis of the underlying operations across periods and operating segments. The Group\u2019s financing (including finance costs and finance income) and income taxes are managed on a Group basis and are not allocated to operating segments. Transferpricing between operating segments is on an arm\u2019s length basis in a manner similar to transactions with third parties. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-255-2": {
"value": "Note 4:Revenues and projects in progressSignificant judgement and estimation uncertaintyThe Group\u2019s business mainly consists of execution of projects. The complexity and scope of the project portfolio come with an inherent risk that the actual results may differ from expected results. The Group recognises revenue over time using contract costs incurred, resources consumed, or hours spent in relation to the total expected input to fulfil the performance obligation. For projects in progress, the uncertainty is mainly linked to the estimate of total expenses, the estimate of any variable proceeds, value of any project modifications being recognised and the impact of any disputes or contractual disagreements. As 31 December 2023, the Group has recognised a total of NOK 18,834 million (2022: NOK 12,526 million) in accumulated revenue to date on projects in progress at year-end.Revenue(Amounts in NOK million)2023 2022RevenueContract revenue recognised over time 6,224 6,365Other revenue 508 665Total revenue 6,732 7,030Revenue from public customers 5,526 5,565Revenue from private customers 1,206 1,465Total revenue 6,732 7,030Total revenue by nature of business by segmentNorway Sweden Finland Eliminations To t al (Amounts in NOK million)2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Rail construction 1,006 739 1,130 1,266 1,670 1,609 -33 -5 3,806 3,614Rail maintenance 0 0 622 510 618 540 0 0 1,240 1,050Civil construction 414 684 169 358 0 0 0 0 583 1,042Environment 773 979 0 0 0 0 0 0 773 979Materials 0 0 0 0 450 413 0 0 450 413Other and eliminations -56 -29 -44 -54 15 20 0 0 -119 -68Consolidated revenue 2,136 2,373 1,877 2,080 2,753 2,582 -33 -5 6,732 7,030Revenue from public customers 1,370 1,556 1,682 1,706 2,485 2,304 -11 -1 5,526 5,565Revenue from private customers 766 817 194 374 268 278 -22 -4 1,206 1,465(Amounts in NOK million)2023 2022Contract costs plus profit less losses to date 18,834 12,526Less progress billings including advances 18,796 12,356Work in progress, net 38 170Gross amounts due to customers for contract work (contract liabilities) 341 305Gross amounts due from customers for contract work (contract assets), see note 15 379 475Total contract value, ongoing contracts 25,036 18,224Accumulated revenue recognised at year-end 18,834 12,526Revenues not recognised 6,410 5,698Expected to be recognised next 12 months 3,775 3,740Expected to be recognised later 2,635 1,958OTHER INFORMATION2023 2022Billed amounts retained by customers 7 24Provision for loss-making projects 5 15Remaining revenue on loss-making projects 44 180Order backlog, ongoing projects 6,410 5,698Order backlog, projects not started 530 2,097Total order backlog 6,940 7,795Expected to be recognised next year 3,775 3,740Expected to be recognised two years 1,565 1,647Expected to be recognised in three years or later 1,600 2,409",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-255-3": {
"value": "Note 4:Revenues and projects in progressSignificant judgement and estimation uncertaintyThe Group\u2019s business mainly consists of execution of projects. The complexity and scope of the project portfolio come with an inherent risk that the actual results may differ from expected results. The Group recognises revenue over time using contract costs incurred, resources consumed, or hours spent in relation to the total expected input to fulfil the performance obligation. For projects in progress, the uncertainty is mainly linked to the estimate of total expenses, the estimate of any variable proceeds, value of any project modifications being recognised and the impact of any disputes or contractual disagreements. As 31 December 2023, the Group has recognised a total of NOK 18,834 million (2022: NOK 12,526 million) in accumulated revenue to date on projects in progress at year-end.Revenue(Amounts in NOK million)2023 2022RevenueContract revenue recognised over time 6,224 6,365Other revenue 508 665Total revenue 6,732 7,030Revenue from public customers 5,526 5,565Revenue from private customers 1,206 1,465Total revenue 6,732 7,030Total revenue by nature of business by segmentNorway Sweden Finland Eliminations To t al (Amounts in NOK million)2023 2022 2023 2022 2023 2022 2023 2022 2023 2022Rail construction 1,006 739 1,130 1,266 1,670 1,609 -33 -5 3,806 3,614Rail maintenance 0 0 622 510 618 540 0 0 1,240 1,050Civil construction 414 684 169 358 0 0 0 0 583 1,042Environment 773 979 0 0 0 0 0 0 773 979Materials 0 0 0 0 450 413 0 0 450 413Other and eliminations -56 -29 -44 -54 15 20 0 0 -119 -68Consolidated revenue 2,136 2,373 1,877 2,080 2,753 2,582 -33 -5 6,732 7,030Revenue from public customers 1,370 1,556 1,682 1,706 2,485 2,304 -11 -1 5,526 5,565Revenue from private customers 766 817 194 374 268 278 -22 -4 1,206 1,465(Amounts in NOK million)2023 2022Contract costs plus profit less losses to date 18,834 12,526Less progress billings including advances 18,796 12,356Work in progress, net 38 170Gross amounts due to customers for contract work (contract liabilities) 341 305Gross amounts due from customers for contract work (contract assets), see note 15 379 475Total contract value, ongoing contracts 25,036 18,224Accumulated revenue recognised at year-end 18,834 12,526Revenues not recognised 6,410 5,698Expected to be recognised next 12 months 3,775 3,740Expected to be recognised later 2,635 1,958OTHER INFORMATION2023 2022Billed amounts retained by customers 7 24Provision for loss-making projects 5 15Remaining revenue on loss-making projects 44 180Order backlog, ongoing projects 6,410 5,698Order backlog, projects not started 530 2,097Total order backlog 6,940 7,795Expected to be recognised next year 3,775 3,740Expected to be recognised two years 1,565 1,647Expected to be recognised in three years or later 1,600 2,409",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-257-3": {
"value": "Accounting policyThe Group\u2019s revenues mainly consist of contracts with customers that vary from shorter projects of less than a month, to longer projects running over multiple years. All projects are accounted for as contracts with customers, applying IFRS 15 Revenue from contracts with customers. The Group accounts for a contract with a customer when the contract is approved, each party\u2019s rights are identified including the payment terms, the contract has commercial substance, and it is probable that the Group will collect the consideration. Revenue recognised over timeFor a major part of the contracts with customers, the criteria for recognising revenue over time have been met as the project either creates an asset that the customer controls as the asset is created or the asset created does not have an alternative use and the Group has an enforceable right to payment for performance completed to date.The transaction price is the contractual agreed price. Any variable consideration is estimated based on the sum of probability-weighted amounts or the single most likely outcome, depending on which method better predicts the amount of consideration, and is consistently applied throughout the contract.For a performance obligation that is satisfied over time, revenue is recognised over time by measuring the cost passed in relation to full satisfaction of the obligation. The Group applies the input method which is used consistently for similar performance obligations and under similar circumstances. Using the input method, revenue is recognised based on the entity\u2019s input in fulfilling the performance obligation (e.g. contract costs incurred, resources consumed, hours expended) in relation to the total expected input to fulfil the performance obligation. The value and pricing of the Group\u2019s services are founded on the different resources consumed, and consequently the input method best reflects the revenue recognition of the transfer of goods and services. Most contracts of the Group consist of one performance obligation. For contracts where performance obligations are not satisfied over time, revenue is recognised on delivery or upon completion of the services.The aggregated amount of project revenue incurred to date, less progress billings, is determined on a project-by-project basis. The contracts where this amount is positive are presented in the balance sheet as contract assets, whereas the contracts where the amount is negative (prepayments) are presented as contract liabilities. Contract assets are the Group\u2019s right to consideration in exchange for goods or services that the entity has transferred to a customer. Unconditional rights to considerations based on the agreement are invoiced and presented separately as a receivable. Contract assets and receivables are considered for impairment in accordance with IFRS 9. A contract liability is when the Group has received prepayments or has an unconditional right to consideration before the Group has transferred goods or services to the customer.A contract modification is the change in scope and/ or price of a contract and both parties have approved a modification that either created new or changes existing enforceable rights and obligations of the parties. A contract modificationmay exist even though there is a dispute about the scope and/ or price of the modification, or the parties have approved a change in the scope of the contract but have not yet determined the corresponding change in price. The contract modification is accounted for as a separate contract, if the scope of the contract increases due to distinct goods or services and the price increase reflects the stand-alone selling price, or as part of the original contract.Contract costs are costs to fulfil the contract and incremental costs of obtaining a contract. These are costs directly related to the contract assuming the costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future and are expected to be recovered. Costs directly connected to the contract include direct materials, direct labour, subcontractors, allocated indirect costs and costs explicitly chargeable. Incremental cost of obtaining a contract that is expected to be recovered and that would not incur if the contract had not been obtained, is capitalised and amortised as a contract cost. Cost of wasted materials, labour or other resources to fulfil the contract that is not reflected in the price of the contract, is expensed as it occurs.When it is probable that the total contract costs of meeting the obligations will exceed total contract revenue, the expected loss is recognised as an expense immediately according to IAS 37, considering both the incremental costs and allocation of other costs directly related to fulfilling the contract. An impairment loss is recognised for any contract assets or accounts receivable related to the contract before a separate provision is made.Payment terms are contractually agreed and invoicing normally follows the progress of the projects either by a fixed estimated progress or based on actual progress as defined in the contract. For certain contracts a portion of up to 10% is withheld until final approval of the delivery. Upon invoicing, the payment terms would normally be within 15\u2013 45 days.Other revenuesThe Group has a limited number of other sales transactions such as sale of materials, sale of equipment and machines closely related to the main operations of the group or sale of services. Revenues from these transactions are recognised at the point of time when control of any asset is transferred to the customer, or the service is provided. Delivery of assets can be from stock, from a construction site or at the customer\u2019s location. The normal payment term is 15 to 45 days upon delivery.WarrantiesThe Group generally provides for warranties for general repairs and does not provide extended warranties in its contracts with customers. As such, existing warranties are assurance-type warranties under IFRS 15, which are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-372-2": {
"value": "Note 5:Salaries and personnel costs(Amounts in NOK million)2023 2022Salaries 1,361 1,274Social security taxes 198 178Pension expenses 166 141Other personnel costs 54 53To t a l 1,778 1,646Note 6:Executive personnelCompensation to executive personnel and Board of Directors(Amounts in NOK million)2023 2022Short-term employee benefits 24 27Post-employment benefits 2 2Share-based compensation 1 1Remuneration Board of Directors 3 2Total compensation to executive personnel 30 32More detailed information on the compensation to the Group\u2019s directors including executive personnel as well as members of the Board of Directors is provided in a separate remuneration report prepared in accordance with the Norwegian Public Limited Liability Companies Act \u00a7 6-16b. The report for the financial year 2023 will be published on the Group\u2019s website subsequent to the general assembly. Note 18:PensionsThe Group has defined contribution plans covering all employees in Norway, Sweden and Finland. In Norway, the Group also has contractual retirement scheme (AFP) for a certain part of their employees accounted for as a defined contribution scheme. AFP premiums for 2023 are fixed at 2.6% of salary up to approximately NOK 0.8 million. In Finland, the Group has a defined benefit plan related to a supplementary old age pension scheme in an insurance company.(Amounts in NOK million)2023 2022Pension expensesDefined contribution plans 156 137Defined benefit plans 5 0Contractual pension, multi-employer plan, Norway 5 4Total pension expenses 166 141Number of employees coveredDefined contribution plans 1,809 1,907Defined benefit plans, active 13 37Defined benefit plans, pensioners 360 374Early retirement scheme, Norway (AFP) 512 391Defined benefit expensesDefined benefit plan, net expense 0 0Actuarial gain and losses recognised in OCI, net of tax 0 -6Recognised in total comprehensive income 0 -6Defined benefit obligationDefined benefit obligation 1 January 61 91Current service cost 0 -Interest cost 2 -Benefits paid -10 -8Actuarial gain (+)/ losses (-) 1 -25Curtailment 0 -Currency differences 3 3Defined benefit obligation 31 December 58 61(Amounts in NOK million)2023 2022Plan assetsPlan assets 1 January 52 75Interest income 2 -Contribution paid 3 -Benefits paid -10 -8Actuarial gain (+)/ losses (-) 1 -19Curtailment 0 -Currency differences 4 4Plan assets 31 December 52 52Net defined benefit liability 31 December 7 9(Amounts in NOK million)31.12.2023 31.12.2022Actuarial assumptionsDiscount rate 3.80% 3.25%Salary increase 3.50% 3.70%Inflation 2.50% 2.50%Mortality (TyEL) K2016 K2016Benefit increase 2.60% 2.70%Insurance company bonus index 0.25% 0.25%Turnover rate 3.00% 3.00%SensitivityChange in discount rate with 0.50 percentage point will change net pension liability with approximately NOK 1 million. Change in benefit or bonus index with 0.50 percentage point will change net pension liability with approximately NOK 2 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-372-3": {
"value": "Note 5:Salaries and personnel costs(Amounts in NOK million)2023 2022Salaries 1,361 1,274Social security taxes 198 178Pension expenses 166 141Other personnel costs 54 53To t a l 1,778 1,646Note 6:Executive personnelCompensation to executive personnel and Board of Directors(Amounts in NOK million)2023 2022Short-term employee benefits 24 27Post-employment benefits 2 2Share-based compensation 1 1Remuneration Board of Directors 3 2Total compensation to executive personnel 30 32More detailed information on the compensation to the Group\u2019s directors including executive personnel as well as members of the Board of Directors is provided in a separate remuneration report prepared in accordance with the Norwegian Public Limited Liability Companies Act \u00a7 6-16b. The report for the financial year 2023 will be published on the Group\u2019s website subsequent to the general assembly. The expenses recognised for equity-settled share-based payment transactions for employee services received during the year are shown in the following table:(Amounts in NOK million)2023 2022Senior Management Share Option Plan 0.6 1.3Key Employee Share Option Programme 1.3 1.6General Employee Share Programme 0.8 1.1To t a l 2.8 4.0General Employee Share Programme During 2023 and same as in 2022, the Group gave employees the opportunity to purchase a certain number of shares at 20% discount to the trading price at exercise. The discount is recorded as salaries. On 3 July 2023, a total of 322,855 shares were sold under this offer with a total discount of approximately NOK 0.7 million before social security tax. All the shares sold were treasury sharesSenior Management Share Option Plan On 12 May 2016, the Company\u2019s Annual General Meeting approved implementation of a share option programme for senior management. On the Annual General Meeting 4 May 2023, the option programme for senior management was renewed for two more years, comprising in total 1,500,000 shares. The Board of Directors are authorised to increase the share capital and to determine the subscription price and other subscription terms.Options are awarded based on the Group\u2019s achievements of certain quantitative and qualitative goals determined by the Board of Directors. The options can be vested over a period of three years, with 1/3 of the aggregate number each year. Options that are not exercised during, or on the date of final expiry of the vesting period, lapse without compensation to its holder.At year-end, a total of 401,000 options were outstanding in connection with the Senior Management Option programme. 150,000 new options were formally granted, no options were exercised, and 225,000 options were forfeited during 2023. The weighted average exercise price of the remaining 401,000 options is NOK 20.25. 58,000 of the options expire in March 2024. 233,000 of the options expire in March 2025 and can be vested by 1/3 each year from March 2023 until expiry. 110,000 of the options expire in March 2026. These options can be vested by 1/3 each year from March 2023 until expiry. As Ole Gulsvik, CFO NRC Group ASA and member of the Group Management Team, has resigned after year-end, hence 90,000 of the options have been forfeited after year-end. There were no settlement, cancellations, or modifications to the awards in 2023. Vesting condition is full time employment. The expense is accrued for over the service period for each group of options. Share option programme for key employeesOn 19 April 2018, the Company\u2019s Annual General Meeting approved implementation of a share option programme for key employees. The Annual General Meeting 5 May 2022 granted the authorisation to increase the share capital by up to NOK 1,000,000 in connection with this option programme. The authorisation is valid for a period of two years until 5 May 2024. The Board of Directors is authorised to increase the share capital and to determine the subscription price and other subscription terms. At year-end, 798,500 options were outstanding related to the key employee programs in total. As per year-end, a total of 248,000 options are outstanding in connection with the option programme from 2020. The options can be vested over a period of 12 months from 1 June 2023 at a strike price of NOK 26.54. The strike price will be adjusted for any dividends paid from the time of the establishment of the programme until the options are exercised. The employees paid NOK 1 for each option. 40,500 options were forfeited during 2023 due to vesting conditions not being satisfied.As per year-end, a total of 5,000 options are outstanding in connection with the option programme from 2021. The options can be vested over a period of 12 months from 1 April 2024 at a strike price of NOK 26.54. The strike price will be adjusted for any dividends paid from the time of the establishment of the programme until the options are exercised. The employee paid the equivalent of NOK 1 for each option. No options were forfeited during 2023.As per year-end, a total of 545,500 options are outstanding in connection with the option programme from 2022. The options can be vested over a period of 12 months from 1 July 2025at a strike price of NOK 18.64. The strike price will be adjusted for any dividends paid from the time of the establishment of the programme until the options are exercised. The employees paid NOK 1 for each option. 144,500 options were forfeited during 2022 due to vesting conditions not being satisfied.There were no settlement, cancellations, or modifications to the awards in 2023. Vesting condition is full time employment. The expense is accrued for over the service period for each group of options.The following table summarises the number and weighted average exercise prices (WAEP) of share options for all existing plans during the year, including any movements:2023 20232022 2022 numberWAEPnumberWAEPOutstanding at 1 January 1,459,500 20.9 557,625 35.9Granted during the year 150,000 20.0 1,186,500 18.4Exercised during the year 0 0 0 0Forfeited during the year -410,000 20.8 -284,625 33.2Outstanding at 31 December 1,199,500 20.8 1,459,500 20.9Exercisable at 31 December 466,333 20.6 201,333 23.0WAEP will be adjusted for any dividend in the period from grant to exercise.The weighted average remaining contractual life for the share options outstanding as of 31 December 2023 was 3.0 years (2022: 3.0 years).The weighted average fair value of options granted during the year was NOK 1.59 per option. Total value of these options aggregated NOK 0.2 million to be allocated over the service period assumed in the option programme.The range of exercise prices for options outstanding at the end of the year was NOK 17.70 to NOK 27.87 (2022: NOK 26.54 to NOK 85.78), before any adjustment for future dividends.The following tables list the inputs to the models used for all existing plans:2023 2022Weighted average fair values at the measurement date 6.78 6.60 Expected volatility (%) 50.0 50.0Risk\u2013free interest rate (%) 4.73 2.77 Expected life of share options, months 12-41 12-42Weighted average share price 27.57 27.51Model used Binominal and Black Scholes Binominal and Black ScholesDividend is not considered as the strike price will be adjusted for any dividends paid from thetime of the establishment of the programme until options are exercised. Expected volatility is based on actual volatility 36 months back in time. Note 8:Other operating and administrative expenses (Amounts in NOK million)2023 2022Travel expenses 84 73Office expenses 108 98External services 40 38Expenses related to machinery, cars and equipment 416 360Other operating and administrative expenses 168 134To t a l 815 703Other income and expenses(Amounts in NOK million)2023 2022Gain from sale of Gravco -40 0M&A expenses -7 2Restructuring items 21 0Write-down operations to be discontinued 43 0Total other income and expenses 16 2Other income and expenses in 2023 consist of a net gain of NOK 40 million from the disposalof the Gravco business unit completed in Q1 2023, M&A income of NOK 7 million related to previous years\u2019 acquisitions, and restructuring cost of NOK 21 million mainly related to the demolition and recycling business and management changes in Sweden. Finally, other income and expenses consist of NOK 43 million in write-downs related to the discontinuationof the Civil business in Sweden from Q1 2023.The M&A expenses in 2022 were mainly related to previous years\u2019 acquisitions in addition to incurred transaction expenses in 2022 in connection with the disposal of NRC Gravco AS and Septik Tank Co AS completed in Q1 2023.Compensation to auditors(Amounts in NOK million)2023 2022Statutory audit fees 4.7 3.7Other assurance engagements 0.0 0.0Tax related services 0.0 0.0Other services 0.1 0.1To t a l 4.8 3.8EY was the Group\u2019s auditor for 2023 and 2022. The amounts are reported exclusive of VAT.Note 12:Intangible assetsGoodwill and other intangible assets(Amounts in NOK million)Goodwill Other To t a lintangible assetsCarrying amount as at 01/01/2023 2,364 32 2,396Translation differences 105 2 108Additions and adjustments 0 12 12Disposals -48 -48Amortisation for the year 0 -15 -15Impairment for the year 0 0 0Carrying amount as at 31/12/2023 2,422 31 2,453Acquisition cost 2,774 278 3,052Accumulated amortisation 0 -241 -241Accumulated impairment -352 -6 -358Carrying amount as at 31/12/2023 2,422 31 2,453Other intangible assets partly consist of customer contracts, customer relationships, IT licenses and IT software capitalised as part of the purchase price allocation of acquisitions. Further, it consists of capitalised software development expenses and capitalised pre-contract expenses. Other intangible assets are amortised over the expected useful life of 1 \u2013 5 years.(Amounts in NOK million)Goodwill Other To t a lintangible assetsCarrying amount as at 1/1/2022 2,666 63 2,729Translation differences 50 3 53Acquisitions 0 4 4Additions and adjustments 0 -38 -38Disposals -352 0 -352Amortisation for the year 50 3 53Impairment for the year 0 4 4Carrying amount as at 31/12/2022 2,364 32 2,396Acquisition cost 2,716 274 2,990Accumulated amortisation 0 -236 -236Accumulated impairment -352 -6 -358Carrying amount as at 31/12/2022 2,364 32 2,396Note 13:Property, plant and equipmentProperty, plant and equipment(Amounts in NOK million)Buildings Machinery, To t a lfixtures, etc.Carrying amount as of 1/1/2023 15 169 184Translation differences 0 9 9Additions 0 36 36Disposals -13 -12 -25Depreciation for the year -0 -35 -35Carrying amount as of 31/12/2023 2 168 170Total cost 2 404 406Accumulated depreciation 0 -236 -237Accumulated impairment - - -Carrying amount as of 31/12/2023 2 168 170(Amounts in NOK million)Buildings Machinery, To t a lfixtures, etc.Carrying amount as of 1/1/2022 15 169 184Translation differences 0 0 0Additions - 41 41Disposals - -8 -8Depreciation for the year - -33 -33Carrying amount as of 31/12/2022 15 169 184Note 14:Right-of-use assets Depreciation charge during the year:(Amounts in NOK million)2023 2022Intangible assets 0 0Land, offices and buildings 31 30Machinery, cars and equipment 130 121Total depreciation expense 160 151",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-372-4": {
"value": "Note 5:Salaries and personnel costs(Amounts in NOK million)2023 2022Salaries 1,361 1,274Social security taxes 198 178Pension expenses 166 141Other personnel costs 54 53To t a l 1,778 1,646Note 6:Executive personnelCompensation to executive personnel and Board of Directors(Amounts in NOK million)2023 2022Short-term employee benefits 24 27Post-employment benefits 2 2Share-based compensation 1 1Remuneration Board of Directors 3 2Total compensation to executive personnel 30 32More detailed information on the compensation to the Group\u2019s directors including executive personnel as well as members of the Board of Directors is provided in a separate remuneration report prepared in accordance with the Norwegian Public Limited Liability Companies Act \u00a7 6-16b. The report for the financial year 2023 will be published on the Group\u2019s website subsequent to the general assembly. Note 12:Intangible assetsGoodwill and other intangible assets(Amounts in NOK million)Goodwill Other To t a lintangible assetsCarrying amount as at 01/01/2023 2,364 32 2,396Translation differences 105 2 108Additions and adjustments 0 12 12Disposals -48 -48Amortisation for the year 0 -15 -15Impairment for the year 0 0 0Carrying amount as at 31/12/2023 2,422 31 2,453Acquisition cost 2,774 278 3,052Accumulated amortisation 0 -241 -241Accumulated impairment -352 -6 -358Carrying amount as at 31/12/2023 2,422 31 2,453Other intangible assets partly consist of customer contracts, customer relationships, IT licenses and IT software capitalised as part of the purchase price allocation of acquisitions. Further, it consists of capitalised software development expenses and capitalised pre-contract expenses. Other intangible assets are amortised over the expected useful life of 1 \u2013 5 years.(Amounts in NOK million)Goodwill Other To t a lintangible assetsCarrying amount as at 1/1/2022 2,666 63 2,729Translation differences 50 3 53Acquisitions 0 4 4Additions and adjustments 0 -38 -38Disposals -352 0 -352Amortisation for the year 50 3 53Impairment for the year 0 4 4Carrying amount as at 31/12/2022 2,364 32 2,396Acquisition cost 2,716 274 2,990Accumulated amortisation 0 -236 -236Accumulated impairment -352 -6 -358Carrying amount as at 31/12/2022 2,364 32 2,396Note 13:Property, plant and equipmentProperty, plant and equipment(Amounts in NOK million)Buildings Machinery, To t a lfixtures, etc.Carrying amount as of 1/1/2023 15 169 184Translation differences 0 9 9Additions 0 36 36Disposals -13 -12 -25Depreciation for the year -0 -35 -35Carrying amount as of 31/12/2023 2 168 170Total cost 2 404 406Accumulated depreciation 0 -236 -237Accumulated impairment - - -Carrying amount as of 31/12/2023 2 168 170(Amounts in NOK million)Buildings Machinery, To t a lfixtures, etc.Carrying amount as of 1/1/2022 15 169 184Translation differences 0 0 0Additions - 41 41Disposals - -8 -8Depreciation for the year - -33 -33Carrying amount as of 31/12/2022 15 169 184Note 14:Right-of-use assets Depreciation charge during the year:(Amounts in NOK million)2023 2022Intangible assets 0 0Land, offices and buildings 31 30Machinery, cars and equipment 130 121Total depreciation expense 160 151",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f27821": {
"value": "Full time equivalent employees 1,808 1,882",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-378-5": {
"value": "Note 6:Executive personnelCompensation to executive personnel and Board of Directors(Amounts in NOK million)2023 2022Short-term employee benefits 24 27Post-employment benefits 2 2Share-based compensation 1 1Remuneration Board of Directors 3 2Total compensation to executive personnel 30 32More detailed information on the compensation to the Group\u2019s directors including executive personnel as well as members of the Board of Directors is provided in a separate remuneration report prepared in accordance with the Norwegian Public Limited Liability Companies Act \u00a7 6-16b. The report for the financial year 2023 will be published on the Group\u2019s website subsequent to the general assembly. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-388-2": {
"value": "Note 7:Share-based payments The expenses recognised for equity-settled share-based payment transactions for employee services received during the year are shown in the following table:(Amounts in NOK million)2023 2022Senior Management Share Option Plan 0.6 1.3Key Employee Share Option Programme 1.3 1.6General Employee Share Programme 0.8 1.1To t a l 2.8 4.0General Employee Share Programme During 2023 and same as in 2022, the Group gave employees the opportunity to purchase a certain number of shares at 20% discount to the trading price at exercise. The discount is recorded as salaries. On 3 July 2023, a total of 322,855 shares were sold under this offer with a total discount of approximately NOK 0.7 million before social security tax. All the shares sold were treasury sharesSenior Management Share Option Plan On 12 May 2016, the Company\u2019s Annual General Meeting approved implementation of a share option programme for senior management. On the Annual General Meeting 4 May 2023, the option programme for senior management was renewed for two more years, comprising in total 1,500,000 shares. The Board of Directors are authorised to increase the share capital and to determine the subscription price and other subscription terms.Options are awarded based on the Group\u2019s achievements of certain quantitative and qualitative goals determined by the Board of Directors. The options can be vested over a period of three years, with 1/3 of the aggregate number each year. Options that are not exercised during, or on the date of final expiry of the vesting period, lapse without compensation to its holder.At year-end, a total of 401,000 options were outstanding in connection with the Senior Management Option programme. 150,000 new options were formally granted, no options were exercised, and 225,000 options were forfeited during 2023. The weighted average exercise price of the remaining 401,000 options is NOK 20.25. 58,000 of the options expire in March 2024. 233,000 of the options expire in March 2025 and can be vested by 1/3 each year from March 2023 until expiry. 110,000 of the options expire in March 2026. These options can be vested by 1/3 each year from March 2023 until expiry. As Ole Gulsvik, CFO NRC Group ASA and member of the Group Management Team, has resigned after year-end, hence 90,000 of the options have been forfeited after year-end. There were no settlement, cancellations, or modifications to the awards in 2023. Vesting condition is full time employment. The expense is accrued for over the service period for each group of options. Share option programme for key employeesOn 19 April 2018, the Company\u2019s Annual General Meeting approved implementation of a share option programme for key employees. The Annual General Meeting 5 May 2022 granted the authorisation to increase the share capital by up to NOK 1,000,000 in connection with this option programme. The authorisation is valid for a period of two years until 5 May 2024. The Board of Directors is authorised to increase the share capital and to determine the subscription price and other subscription terms. At year-end, 798,500 options were outstanding related to the key employee programs in total. As per year-end, a total of 248,000 options are outstanding in connection with the option programme from 2020. The options can be vested over a period of 12 months from 1 June 2023 at a strike price of NOK 26.54. The strike price will be adjusted for any dividends paid from the time of the establishment of the programme until the options are exercised. The employees paid NOK 1 for each option. 40,500 options were forfeited during 2023 due to vesting conditions not being satisfied.As per year-end, a total of 5,000 options are outstanding in connection with the option programme from 2021. The options can be vested over a period of 12 months from 1 April 2024 at a strike price of NOK 26.54. The strike price will be adjusted for any dividends paid from the time of the establishment of the programme until the options are exercised. The employee paid the equivalent of NOK 1 for each option. No options were forfeited during 2023.As per year-end, a total of 545,500 options are outstanding in connection with the option programme from 2022. The options can be vested over a period of 12 months from 1 July 2025at a strike price of NOK 18.64. The strike price will be adjusted for any dividends paid from the time of the establishment of the programme until the options are exercised. The employees paid NOK 1 for each option. 144,500 options were forfeited during 2022 due to vesting conditions not being satisfied.There were no settlement, cancellations, or modifications to the awards in 2023. Vesting condition is full time employment. The expense is accrued for over the service period for each group of options.The following table summarises the number and weighted average exercise prices (WAEP) of share options for all existing plans during the year, including any movements:2023 20232022 2022 numberWAEPnumberWAEPOutstanding at 1 January 1,459,500 20.9 557,625 35.9Granted during the year 150,000 20.0 1,186,500 18.4Exercised during the year 0 0 0 0Forfeited during the year -410,000 20.8 -284,625 33.2Outstanding at 31 December 1,199,500 20.8 1,459,500 20.9Exercisable at 31 December 466,333 20.6 201,333 23.0WAEP will be adjusted for any dividend in the period from grant to exercise.The weighted average remaining contractual life for the share options outstanding as of 31 December 2023 was 3.0 years (2022: 3.0 years).The weighted average fair value of options granted during the year was NOK 1.59 per option. Total value of these options aggregated NOK 0.2 million to be allocated over the service period assumed in the option programme.The range of exercise prices for options outstanding at the end of the year was NOK 17.70 to NOK 27.87 (2022: NOK 26.54 to NOK 85.78), before any adjustment for future dividends.The following tables list the inputs to the models used for all existing plans:2023 2022Weighted average fair values at the measurement date 6.78 6.60 Expected volatility (%) 50.0 50.0Risk\u2013free interest rate (%) 4.73 2.77 Expected life of share options, months 12-41 12-42Weighted average share price 27.57 27.51Model used Binominal and Black Scholes Binominal and Black ScholesDividend is not considered as the strike price will be adjusted for any dividends paid from thetime of the establishment of the programme until options are exercised. Expected volatility is based on actual volatility 36 months back in time. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-390-3": {
"value": "Accounting policyEmployees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). The sale of shares to employees at less than market price is accounted for by recognising the difference between the market value of the shares and the purchase price as a payrollexpense.The cost of equity-settled transactions is determined by the fair value of the option at the date when the grant is made. A Binominal model and the Black-Scholes model are used for the valuation. The cost related to the option is reported over the period in which the employees earn the right to receive the options. Option costs are reported as payroll expenses and offset as an increase in equity. A provision based on the accrued amount is made for employer\u2019s social security contribution to share option programmes linked to the difference between the issue price and the market price of the share at year end.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-390-4": {
"value": "Accounting policyEmployees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). The sale of shares to employees at less than market price is accounted for by recognising the difference between the market value of the shares and the purchase price as a payrollexpense.The cost of equity-settled transactions is determined by the fair value of the option at the date when the grant is made. A Binominal model and the Black-Scholes model are used for the valuation. The cost related to the option is reported over the period in which the employees earn the right to receive the options. Option costs are reported as payroll expenses and offset as an increase in equity. A provision based on the accrued amount is made for employer\u2019s social security contribution to share option programmes linked to the difference between the issue price and the market price of the share at year end.Accounting policyThe Group has several defined contribution plans. A defined contribution plan is a pension plan in which the Group pays fixed contributions to a separate entity (fund) and where the Group does not have any legal or constructive obligation to pay additional contributions if the fund does not have sufficient assets to pay all employees\u2019 benefits relating to their service in current and prior periods. The expense for each period is determined by the amounts of contributions for that period. Contributions paid in advance are recognised as an asset to the extent that the contribution can be refunded or be used to reduce future payments.The Group has a supplementary defined benefit post-employment plan in Finland, administrated by an external insurance company. Remeasurements of actuarial gains and losses on the net defined benefit liability and the return on plan assets, arerecognised immediately in the statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.Past service costs are recognised in profit or loss on the earlier of:The date of the plan amendment or curtailment, andThe date that the Group recognises related restructuring costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset and included in the net pension expense.The Group also has contractual retirement scheme (AFP) for a certain part of their employees in Norway. The AFP pension scheme is a defined benefit multi-employer plan that is financed though premiums paid by participating employers. Because the scheme\u2019s administrator is not providing information to identify the participating employer\u2019s share of financial position and performance with sufficient reliability, the AFP scheme is accounted for as a defined contribution scheme.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-500-3": {
"value": "Note 8:Other operating and administrative expenses (Amounts in NOK million)2023 2022Travel expenses 84 73Office expenses 108 98External services 40 38Expenses related to machinery, cars and equipment 416 360Other operating and administrative expenses 168 134To t a l 815 703Other income and expenses(Amounts in NOK million)2023 2022Gain from sale of Gravco -40 0M&A expenses -7 2Restructuring items 21 0Write-down operations to be discontinued 43 0Total other income and expenses 16 2Other income and expenses in 2023 consist of a net gain of NOK 40 million from the disposalof the Gravco business unit completed in Q1 2023, M&A income of NOK 7 million related to previous years\u2019 acquisitions, and restructuring cost of NOK 21 million mainly related to the demolition and recycling business and management changes in Sweden. Finally, other income and expenses consist of NOK 43 million in write-downs related to the discontinuationof the Civil business in Sweden from Q1 2023.The M&A expenses in 2022 were mainly related to previous years\u2019 acquisitions in addition to incurred transaction expenses in 2022 in connection with the disposal of NRC Gravco AS and Septik Tank Co AS completed in Q1 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-500-4": {
"value": "Note 8:Other operating and administrative expenses (Amounts in NOK million)2023 2022Travel expenses 84 73Office expenses 108 98External services 40 38Expenses related to machinery, cars and equipment 416 360Other operating and administrative expenses 168 134To t a l 815 703Other income and expenses(Amounts in NOK million)2023 2022Gain from sale of Gravco -40 0M&A expenses -7 2Restructuring items 21 0Write-down operations to be discontinued 43 0Total other income and expenses 16 2Other income and expenses in 2023 consist of a net gain of NOK 40 million from the disposalof the Gravco business unit completed in Q1 2023, M&A income of NOK 7 million related to previous years\u2019 acquisitions, and restructuring cost of NOK 21 million mainly related to the demolition and recycling business and management changes in Sweden. Finally, other income and expenses consist of NOK 43 million in write-downs related to the discontinuationof the Civil business in Sweden from Q1 2023.The M&A expenses in 2022 were mainly related to previous years\u2019 acquisitions in addition to incurred transaction expenses in 2022 in connection with the disposal of NRC Gravco AS and Septik Tank Co AS completed in Q1 2023.Compensation to auditors(Amounts in NOK million)2023 2022Statutory audit fees 4.7 3.7Other assurance engagements 0.0 0.0Tax related services 0.0 0.0Other services 0.1 0.1To t a l 4.8 3.8EY was the Group\u2019s auditor for 2023 and 2022. The amounts are reported exclusive of VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-500-5": {
"value": "Note 8:Other operating and administrative expenses (Amounts in NOK million)2023 2022Travel expenses 84 73Office expenses 108 98External services 40 38Expenses related to machinery, cars and equipment 416 360Other operating and administrative expenses 168 134To t a l 815 703Other income and expenses(Amounts in NOK million)2023 2022Gain from sale of Gravco -40 0M&A expenses -7 2Restructuring items 21 0Write-down operations to be discontinued 43 0Total other income and expenses 16 2Other income and expenses in 2023 consist of a net gain of NOK 40 million from the disposalof the Gravco business unit completed in Q1 2023, M&A income of NOK 7 million related to previous years\u2019 acquisitions, and restructuring cost of NOK 21 million mainly related to the demolition and recycling business and management changes in Sweden. Finally, other income and expenses consist of NOK 43 million in write-downs related to the discontinuationof the Civil business in Sweden from Q1 2023.The M&A expenses in 2022 were mainly related to previous years\u2019 acquisitions in addition to incurred transaction expenses in 2022 in connection with the disposal of NRC Gravco AS and Septik Tank Co AS completed in Q1 2023.Compensation to auditors(Amounts in NOK million)2023 2022Statutory audit fees 4.7 3.7Other assurance engagements 0.0 0.0Tax related services 0.0 0.0Other services 0.1 0.1To t a l 4.8 3.8EY was the Group\u2019s auditor for 2023 and 2022. The amounts are reported exclusive of VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-504-3": {
"value": "Accounting policyIncome and expenses of a special nature are presented on a separate line within operating profit (loss). Such items are characterised by being transactions and events not being reliable indicators of underlying operations. Other income and expenses consist of merger and acquisition expenses (income), including subsequent adjustment of contingent considerations or other subsequent adjustments of final purchase price allocation in business combinations that are recognised in profit or loss, and close-down costs, restructuring costs, and gains or losses arising from the divestments of a business or part of a business. Depreciation is calculated on a straight-line basis over the expected useful life of the asset, as follows:Buildings: 15 - 50 yearsMachinery and fixtures: 3 - 20 yearsThe economic life of the non-current assets and the residual value are reviewed on the date of each balance sheet and adjusted prospectively if required.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains and losses arising on derecognition of the asset are presented as part of the operating profit/loss and calculated as the difference between the net disposal proceeds and the carrying amount of the asset.If regular major inspections for faults or overhauls, regardless of whether parts of the item are replaced, is a condition of continuing to operate the equipment or to extend its economic lifetime, the related periodic maintenance can be capitalised and depreciated on a straight-line-basis until the next expected periodic maintenance is required. At the end of 2023, no such expenses were capitalised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-526-5": {
"value": "Compensation to auditors(Amounts in NOK million)2023 2022Statutory audit fees 4.7 3.7Other assurance engagements 0.0 0.0Tax related services 0.0 0.0Other services 0.1 0.1To t a l 4.8 3.8EY was the Group\u2019s auditor for 2023 and 2022. The amounts are reported exclusive of VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-530-2": {
"value": "Note 9:Financial income and expenses(Amounts in NOK million)2023 2022Interest income 11 6Interest expenses -85 -62Net foreign currency gains/(losses) 1 -1Other net financial expense 15 0Net financial items -59 -58Negative effects from increased interest rates on the bank loan and leasing debt, and extraordinary financial expenses from buyback and call of the old bond loan, were levelled out by a positive effect of NOK 15 million from termination of the interest rate swap related to the old bond loan refinanced in 2023 (presented as other net financial income). The floating interest on the old bond loan was hedged to a fixed rate of 1.838%. In the fourth quarter of the year, the Group completed the refinancing of the debt structure. The new bond issued in October 2023 carries an interest of three months NIBOR + 4.40% until maturity on 25 September 2027. The three months NIBOR has been hedged to a fixed rate of 3.843% for the full period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-530-3": {
"value": "Note 9:Financial income and expenses(Amounts in NOK million)2023 2022Interest income 11 6Interest expenses -85 -62Net foreign currency gains/(losses) 1 -1Other net financial expense 15 0Net financial items -59 -58Negative effects from increased interest rates on the bank loan and leasing debt, and extraordinary financial expenses from buyback and call of the old bond loan, were levelled out by a positive effect of NOK 15 million from termination of the interest rate swap related to the old bond loan refinanced in 2023 (presented as other net financial income). The floating interest on the old bond loan was hedged to a fixed rate of 1.838%. In the fourth quarter of the year, the Group completed the refinancing of the debt structure. The new bond issued in October 2023 carries an interest of three months NIBOR + 4.40% until maturity on 25 September 2027. The three months NIBOR has been hedged to a fixed rate of 3.843% for the full period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-530-4": {
"value": "Note 9:Financial income and expenses(Amounts in NOK million)2023 2022Interest income 11 6Interest expenses -85 -62Net foreign currency gains/(losses) 1 -1Other net financial expense 15 0Net financial items -59 -58Negative effects from increased interest rates on the bank loan and leasing debt, and extraordinary financial expenses from buyback and call of the old bond loan, were levelled out by a positive effect of NOK 15 million from termination of the interest rate swap related to the old bond loan refinanced in 2023 (presented as other net financial income). The floating interest on the old bond loan was hedged to a fixed rate of 1.838%. In the fourth quarter of the year, the Group completed the refinancing of the debt structure. The new bond issued in October 2023 carries an interest of three months NIBOR + 4.40% until maturity on 25 September 2027. The three months NIBOR has been hedged to a fixed rate of 3.843% for the full period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-543-2": {
"value": "Note 10:Taxes Significant judgement and estimation uncertaintyNet deferred tax assets of NOK 79 million in Norway, NOK 22 million in Sweden and NOK 3 million in Finland have been recognised as it is assumed probable that they can be utilised against future taxable profit based on forecasts and projections. Deferred tax assets are recognised for unused tax losses to the extent that it is probable that deferred tax liability or taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning optimisation.Deferred tax(Amounts in NOK million)2023 2022Deferred tax relates to the following:Intangible assets 0 -1Property, plant and equipment -12 -14Right-of use assets -116 -122Net contract assets/receivables -21 -9Tax allocation reserve, Sweden -1 -1Tax losses carried forward 258 243Lease liabilities 108 114Pensions 3 3Other temporary differences 14 5Total deferred tax assets/ liabilities (-) 234 219Deferred tax assets not recognised -130 -122Net deferred tax assets/ liabilities (-) 103 97Reflected in the consolidated balance sheet as follows:Deferred tax assets 103 98Deferred tax liabilities 0 -1Net deferred tax assets/ liabilities (-) 103 97(Amounts in NOK million)2023 2022Reconciliation of net deferred tax assets/ liabilities (-)As of 1 January 97 135Tax income/ expense (-) during the period -6 -33Tax income/ expense (-) during the period, recognised in OCI 5 -5Effect of foreign currency translation 1 -1Other 6 2As of 31 December 103 97Total net deferred tax assets of NOK 103 million are split between NOK 79 million in Norway (2022: NOK 79 million), NOK 22 million in Sweden (2022: NOK 18 million) and NOK 3 million in Finland (2022: NOK 0 million) and have been recognised as it is assumed probable that they can be utilised against future taxable profit based on forecasts and projections, or if needed in combination with tax planning opportunities. Sweden has suffered pre-tax losses recent years. Several measures have been implementedto from second half of 2019 to restore profitability, and the improvement programs initiated have yielded improved results for the core divisions including Rail construction and Rail maintenance. As part of the turnaround plan, the loss-making Civil construction business in Karlstad was discontinued and disposed during 2023. The EBIT adj. for 2023 ended at break-even, confirming that the ongoing transformation process is successful. A solid order backlog for coming years, a strong and interesting tender pipeline, and continued improved project control and tender processes, are expected to drive further improvements going forward.Based on management\u2019s assessment of future taxable profit and future tax optimisation, total deferred tax assets of NOK 130 million (2022: NOK 122 mill) in Sweden have not been recognised. In 2022 a net tax expense of NOK 36 million was recognised due to net increase in non-recognised deferred tax assets in Sweden. No expenses related to non-recognised deferred tax asset have been recognised in 2023.The Group has total tax losses carried forward of NOK 482 million in Norway (2022: NOK 443 million) and NOK 740 million in Sweden (2022: NOK 708 million), that can be used to reduce future tax payments. There are no restrictions on the Group\u2019s ability to carry forward the tax losses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-543-3": {
"value": "Note 10:Taxes The major components of income tax expense are(Amounts in NOK million)2023 2022Current income tax charge 2 17Change in deferred tax 6 33Tax expense/ income (-) 8 51Tax related to other comprehensive income(Amounts in NOK million)2023 2022Items that may be reclassified to profit and loss -5 4Items that will not be reclassified to profit and loss 0 1Tax expense/ income (-) included in OCI -5 5Reconciliation of tax expense and accounting profit(Amounts in NOK million)2023 2022Net income/ loss (-) before tax from continuing operations 45 -313Estimated tax on income before tax 9 -63Effect of permanent differences -4 78Effect of tax assets being (-)/ not being recognised 0 34Other 2 2Income tax expense/ income (-) 8 51The tax rates for Norway, Sweden and Finland are 22%, 20.6% and 20%, unchanged from 2023. No changes in tax rates are expected for 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-545-3": {
"value": "Accounting policyDeferred tax assets are recognised for unused tax losses and unused tax credits. Deferred tax assets are recognised to the extent that it is probable that taxable profit or deferred tax liabilities will be available against which the unused tax losses and unused tax credits can be utilised. The deferred tax assets are recognised to the extent it is probable that they can be utilised based on forecasts and projections within a reasonable period of time.In the balance sheet, deferred taxes are reported net if the Group has a legal right to offset deferred tax assets against deferred taxes and if the deferred taxes are owed to the same tax authority.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-545-4": {
"value": "Accounting policyDeferred tax assets are recognised for unused tax losses and unused tax credits. Deferred tax assets are recognised to the extent that it is probable that taxable profit or deferred tax liabilities will be available against which the unused tax losses and unused tax credits can be utilised. The deferred tax assets are recognised to the extent it is probable that they can be utilised based on forecasts and projections within a reasonable period of time.In the balance sheet, deferred taxes are reported net if the Group has a legal right to offset deferred tax assets against deferred taxes and if the deferred taxes are owed to the same tax authority.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-607-2": {
"value": "Note 11:Earnings and diluted earnings per share The earnings per share are calculated by dividing the disposable profit/loss for the year with the weighted average of ordinary shares issued throughout the year, less the Company\u2019s own shares. For the movement in the share capital of the Company see note 17.2023 2022Earnings per share (ordinary), NOK 0.52 -4.98Profit/loss for the year attributable to shareholders of the parent, NOK million 38 -363Weighted average externally owned shares 72,825,920 72,855,963Effect of dilution from share options 1,485,200 1,255,256Weighted average externally owned shares adjusted for dilution 74,311,119 74,111,2192023 2022Earnings per share (diluted), NOK 0.51 -4.98",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-615-4": {
"value": "Note 12:Intangible assetsSignificant judgement and estimation uncertaintyThe Group performs annual tests to assess the impairment of goodwill, or more frequently if there is an indication of impairment. The NRC Group\u2019s share price development and operating losses in Sweden are impairment indicators being considered as part of the test. Goodwill had a carrying amount at 2023 year-end of NOK 2,422 million before impairment. In the impairment test the carrying amount is measured against the recoverable amount of the cash-generating unit to which the asset is allocated. The recoverable amount of cash generating units is determined by calculating its value in use. These calculations require the use of assumptions and estimates related to future cash flows and discount rate. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future net cash-inflows and the growth rate used for extrapolation purposes. Most sensitive to impairment is our operation in Sweden and Finland with book value of goodwill of SEK 270 million and EUR 125 as of 31 December 2023, respectively. The current headroom of approximately SEK 120 million and EUR 8 are most sensitive to the discount rate and the estimated future margin.Climate riskThe Group has considered climate risk in relation to impairment testing of goodwill. Climate-related matters can affect future cash flows, the value of the assets being tested and the expected useful life of these. Specific risks may include more extreme weather that can impact the Group\u2019s operating processes negatively, and changes in regulatory requirements concerning emissions from fossil fuel, waste management and usage of materials and potential increased costs if not planned/managed well. Additionally, requirements to invest more in fossil free construction machines could increase capital expenditures and leasing payments. Any consequences of these risks are considered in the impairment test of goodwill. No such effects were identified related to the impairment test in 2023 or 2022.Goodwill and other intangible assets(Amounts in NOK million)Goodwill Other To t a lintangible assetsCarrying amount as at 01/01/2023 2,364 32 2,396Translation differences 105 2 108Additions and adjustments 0 12 12Disposals -48 -48Amortisation for the year 0 -15 -15Impairment for the year 0 0 0Carrying amount as at 31/12/2023 2,422 31 2,453Acquisition cost 2,774 278 3,052Accumulated amortisation 0 -241 -241Accumulated impairment -352 -6 -358Carrying amount as at 31/12/2023 2,422 31 2,453Other intangible assets partly consist of customer contracts, customer relationships, IT licenses and IT software capitalised as part of the purchase price allocation of acquisitions. Further, it consists of capitalised software development expenses and capitalised pre-contract expenses. Other intangible assets are amortised over the expected useful life of 1 \u2013 5 years.(Amounts in NOK million)Goodwill Other To t a lintangible assetsCarrying amount as at 1/1/2022 2,666 63 2,729Translation differences 50 3 53Acquisitions 0 4 4Additions and adjustments 0 -38 -38Disposals -352 0 -352Amortisation for the year 50 3 53Impairment for the year 0 4 4Carrying amount as at 31/12/2022 2,364 32 2,396Acquisition cost 2,716 274 2,990Accumulated amortisation 0 -236 -236Accumulated impairment -352 -6 -358Carrying amount as at 31/12/2022 2,364 32 2,396Allocation of goodwill to cash generating unitsThe Group has allocated goodwill to each cash generating unit which corresponds to the geographical areas of the business units acquired. The carrying amount of goodwill is as follows:(Amounts in NOK million)2023 2022Norway 727 778Sweden 273 255Finland 1,422 1,331To t a l 2,422 2,364The Group has made several acquisitions over the past years. These businesses are all within the existing business segments and they strengthen the Group\u2019s overall capabilities to undertake additional, larger and more complex projects. There is an ongoing process of reorganising the acquired companies. The business units acquired do no longer have cash inflows independent from other group companies or operations, and the expected benefit of the synergies from the combinations will be on country rather than company level. Due to this, the smallest group of assets generating cash inflows largely independent of cash inflows from other assets or group of assets, are the geographical areas Norway, Sweden and Finland respectively.Impairment tests of goodwill and other intangible assetsThe Group considers the relationship between its market capitalisation, carrying amounts and other factors when identifying indicators of impairment. During 2023, NRC Group\u2019s share price, operating losses in Sweden and negative profitability development in Finland were impairment indicators being considered as part of the test. The Group performs its annual impairment tests in the fourth quarter. Tests are carried out by comparing recoverable amount with carrying amount of the units to which goodwill is allocated. The recoverable amount is calculated based on the discounted estimated future cash flows before tax with the relevant discount rate (WACC).Estimated cash flows for the years 2024 \u2013 2028 are based on projections approved by the Board. Revenue growth in average per year used in the impairment tests were 4.4% in Norway, 1.6% in Sweden and 3.2% in Finland. The revenue growth assumptions are supported by the current order backlog and external information such as the tender pipelineand the national transport plan in each country. The discount rate before tax is 11.6% for Norway, 10.0% for Sweden and 10.5% for Finland. For the years subsequent to 2028, a terminal growth of the net cash flow of 2.00% has been applied for all segments. Sensitivity The calculation of value in use is sensitive to the estimates of revenues, project margin, discount rate and terminal growth. Most sensitive to impairment is our operation in Sweden and Finland with book value of goodwill of SEK 270 million and EUR 125 as of 31 December 2023, respectively. The current headroom of approximately SEK 120 million and EUR 8 are most sensitive to the discount rate and the estimated future margins. The pre-tax discount rate applied is 10.0% in Sweden and 10.5% in Finland. Changes that may lead to an impairment in Sweden are an increase in the discount rate with more than 1.5 percentage points or reduced terminal EBIT margin of 0.7 percentage points. The assumption for terminal growth in Sweden is 2.00%. A terminal growth of zero will not lead to impairment. Changes that may lead to an impairment in Finland are an increase in the discount rate with more than 0.4 percentage points or reduced terminal EBIT margin of 0.4 percentage points. The assumption for terminal growth in Finland is 2.00%. A terminal growth of less than 1.4% would lead to impairment. For Norway, no reasonably likely change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for the CGU.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-615-5": {
"value": "Note 12:Intangible assetsSignificant judgement and estimation uncertaintyThe Group performs annual tests to assess the impairment of goodwill, or more frequently if there is an indication of impairment. The NRC Group\u2019s share price development and operating losses in Sweden are impairment indicators being considered as part of the test. Goodwill had a carrying amount at 2023 year-end of NOK 2,422 million before impairment. In the impairment test the carrying amount is measured against the recoverable amount of the cash-generating unit to which the asset is allocated. The recoverable amount of cash generating units is determined by calculating its value in use. These calculations require the use of assumptions and estimates related to future cash flows and discount rate. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future net cash-inflows and the growth rate used for extrapolation purposes. Most sensitive to impairment is our operation in Sweden and Finland with book value of goodwill of SEK 270 million and EUR 125 as of 31 December 2023, respectively. The current headroom of approximately SEK 120 million and EUR 8 are most sensitive to the discount rate and the estimated future margin.Climate riskThe Group has considered climate risk in relation to impairment testing of goodwill. Climate-related matters can affect future cash flows, the value of the assets being tested and the expected useful life of these. Specific risks may include more extreme weather that can impact the Group\u2019s operating processes negatively, and changes in regulatory requirements concerning emissions from fossil fuel, waste management and usage of materials and potential increased costs if not planned/managed well. Additionally, requirements to invest more in fossil free construction machines could increase capital expenditures and leasing payments. Any consequences of these risks are considered in the impairment test of goodwill. No such effects were identified related to the impairment test in 2023 or 2022.Goodwill and other intangible assets(Amounts in NOK million)Goodwill Other To t a lintangible assetsCarrying amount as at 01/01/2023 2,364 32 2,396Translation differences 105 2 108Additions and adjustments 0 12 12Disposals -48 -48Amortisation for the year 0 -15 -15Impairment for the year 0 0 0Carrying amount as at 31/12/2023 2,422 31 2,453Acquisition cost 2,774 278 3,052Accumulated amortisation 0 -241 -241Accumulated impairment -352 -6 -358Carrying amount as at 31/12/2023 2,422 31 2,453Other intangible assets partly consist of customer contracts, customer relationships, IT licenses and IT software capitalised as part of the purchase price allocation of acquisitions. Further, it consists of capitalised software development expenses and capitalised pre-contract expenses. Other intangible assets are amortised over the expected useful life of 1 \u2013 5 years.(Amounts in NOK million)Goodwill Other To t a lintangible assetsCarrying amount as at 1/1/2022 2,666 63 2,729Translation differences 50 3 53Acquisitions 0 4 4Additions and adjustments 0 -38 -38Disposals -352 0 -352Amortisation for the year 50 3 53Impairment for the year 0 4 4Carrying amount as at 31/12/2022 2,364 32 2,396Acquisition cost 2,716 274 2,990Accumulated amortisation 0 -236 -236Accumulated impairment -352 -6 -358Carrying amount as at 31/12/2022 2,364 32 2,396Allocation of goodwill to cash generating unitsThe Group has allocated goodwill to each cash generating unit which corresponds to the geographical areas of the business units acquired. The carrying amount of goodwill is as follows:(Amounts in NOK million)2023 2022Norway 727 778Sweden 273 255Finland 1,422 1,331To t a l 2,422 2,364The Group has made several acquisitions over the past years. These businesses are all within the existing business segments and they strengthen the Group\u2019s overall capabilities to undertake additional, larger and more complex projects. There is an ongoing process of reorganising the acquired companies. The business units acquired do no longer have cash inflows independent from other group companies or operations, and the expected benefit of the synergies from the combinations will be on country rather than company level. Due to this, the smallest group of assets generating cash inflows largely independent of cash inflows from other assets or group of assets, are the geographical areas Norway, Sweden and Finland respectively.Impairment tests of goodwill and other intangible assetsThe Group considers the relationship between its market capitalisation, carrying amounts and other factors when identifying indicators of impairment. During 2023, NRC Group\u2019s share price, operating losses in Sweden and negative profitability development in Finland were impairment indicators being considered as part of the test. The Group performs its annual impairment tests in the fourth quarter. Tests are carried out by comparing recoverable amount with carrying amount of the units to which goodwill is allocated. The recoverable amount is calculated based on the discounted estimated future cash flows before tax with the relevant discount rate (WACC).Estimated cash flows for the years 2024 \u2013 2028 are based on projections approved by the Board. Revenue growth in average per year used in the impairment tests were 4.4% in Norway, 1.6% in Sweden and 3.2% in Finland. The revenue growth assumptions are supported by the current order backlog and external information such as the tender pipelineand the national transport plan in each country. The discount rate before tax is 11.6% for Norway, 10.0% for Sweden and 10.5% for Finland. For the years subsequent to 2028, a terminal growth of the net cash flow of 2.00% has been applied for all segments. Sensitivity The calculation of value in use is sensitive to the estimates of revenues, project margin, discount rate and terminal growth. Most sensitive to impairment is our operation in Sweden and Finland with book value of goodwill of SEK 270 million and EUR 125 as of 31 December 2023, respectively. The current headroom of approximately SEK 120 million and EUR 8 are most sensitive to the discount rate and the estimated future margins. The pre-tax discount rate applied is 10.0% in Sweden and 10.5% in Finland. Changes that may lead to an impairment in Sweden are an increase in the discount rate with more than 1.5 percentage points or reduced terminal EBIT margin of 0.7 percentage points. The assumption for terminal growth in Sweden is 2.00%. A terminal growth of zero will not lead to impairment. Changes that may lead to an impairment in Finland are an increase in the discount rate with more than 0.4 percentage points or reduced terminal EBIT margin of 0.4 percentage points. The assumption for terminal growth in Finland is 2.00%. A terminal growth of less than 1.4% would lead to impairment. For Norway, no reasonably likely change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for the CGU.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-615-6": {
"value": "Note 12:Intangible assetsGoodwill and other intangible assets(Amounts in NOK million)Goodwill Other To t a lintangible assetsCarrying amount as at 01/01/2023 2,364 32 2,396Translation differences 105 2 108Additions and adjustments 0 12 12Disposals -48 -48Amortisation for the year 0 -15 -15Impairment for the year 0 0 0Carrying amount as at 31/12/2023 2,422 31 2,453Acquisition cost 2,774 278 3,052Accumulated amortisation 0 -241 -241Accumulated impairment -352 -6 -358Carrying amount as at 31/12/2023 2,422 31 2,453Other intangible assets partly consist of customer contracts, customer relationships, IT licenses and IT software capitalised as part of the purchase price allocation of acquisitions. Further, it consists of capitalised software development expenses and capitalised pre-contract expenses. Other intangible assets are amortised over the expected useful life of 1 \u2013 5 years.(Amounts in NOK million)Goodwill Other To t a lintangible assetsCarrying amount as at 1/1/2022 2,666 63 2,729Translation differences 50 3 53Acquisitions 0 4 4Additions and adjustments 0 -38 -38Disposals -352 0 -352Amortisation for the year 50 3 53Impairment for the year 0 4 4Carrying amount as at 31/12/2022 2,364 32 2,396Acquisition cost 2,716 274 2,990Accumulated amortisation 0 -236 -236Accumulated impairment -352 -6 -358Carrying amount as at 31/12/2022 2,364 32 2,396Note 13:Property, plant and equipmentProperty, plant and equipment(Amounts in NOK million)Buildings Machinery, To t a lfixtures, etc.Carrying amount as of 1/1/2023 15 169 184Translation differences 0 9 9Additions 0 36 36Disposals -13 -12 -25Depreciation for the year -0 -35 -35Carrying amount as of 31/12/2023 2 168 170Total cost 2 404 406Accumulated depreciation 0 -236 -237Accumulated impairment - - -Carrying amount as of 31/12/2023 2 168 170(Amounts in NOK million)Buildings Machinery, To t a lfixtures, etc.Carrying amount as of 1/1/2022 15 169 184Translation differences 0 0 0Additions - 41 41Disposals - -8 -8Depreciation for the year - -33 -33Carrying amount as of 31/12/2022 15 169 184Note 14:Right-of-use assets Depreciation charge during the year:(Amounts in NOK million)2023 2022Intangible assets 0 0Land, offices and buildings 31 30Machinery, cars and equipment 130 121Total depreciation expense 160 151",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-615-7": {
"value": "Note 12:Intangible assetsSignificant judgement and estimation uncertaintyThe Group performs annual tests to assess the impairment of goodwill, or more frequently if there is an indication of impairment. The NRC Group\u2019s share price development and operating losses in Sweden are impairment indicators being considered as part of the test. Goodwill had a carrying amount at 2023 year-end of NOK 2,422 million before impairment. In the impairment test the carrying amount is measured against the recoverable amount of the cash-generating unit to which the asset is allocated. The recoverable amount of cash generating units is determined by calculating its value in use. These calculations require the use of assumptions and estimates related to future cash flows and discount rate. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future net cash-inflows and the growth rate used for extrapolation purposes. Most sensitive to impairment is our operation in Sweden and Finland with book value of goodwill of SEK 270 million and EUR 125 as of 31 December 2023, respectively. The current headroom of approximately SEK 120 million and EUR 8 are most sensitive to the discount rate and the estimated future margin.Climate riskThe Group has considered climate risk in relation to impairment testing of goodwill. Climate-related matters can affect future cash flows, the value of the assets being tested and the expected useful life of these. Specific risks may include more extreme weather that can impact the Group\u2019s operating processes negatively, and changes in regulatory requirements concerning emissions from fossil fuel, waste management and usage of materials and potential increased costs if not planned/managed well. Additionally, requirements to invest more in fossil free construction machines could increase capital expenditures and leasing payments. Any consequences of these risks are considered in the impairment test of goodwill. No such effects were identified related to the impairment test in 2023 or 2022.Goodwill and other intangible assets(Amounts in NOK million)Goodwill Other To t a lintangible assetsCarrying amount as at 01/01/2023 2,364 32 2,396Translation differences 105 2 108Additions and adjustments 0 12 12Disposals -48 -48Amortisation for the year 0 -15 -15Impairment for the year 0 0 0Carrying amount as at 31/12/2023 2,422 31 2,453Acquisition cost 2,774 278 3,052Accumulated amortisation 0 -241 -241Accumulated impairment -352 -6 -358Carrying amount as at 31/12/2023 2,422 31 2,453Other intangible assets partly consist of customer contracts, customer relationships, IT licenses and IT software capitalised as part of the purchase price allocation of acquisitions. Further, it consists of capitalised software development expenses and capitalised pre-contract expenses. Other intangible assets are amortised over the expected useful life of 1 \u2013 5 years.(Amounts in NOK million)Goodwill Other To t a lintangible assetsCarrying amount as at 1/1/2022 2,666 63 2,729Translation differences 50 3 53Acquisitions 0 4 4Additions and adjustments 0 -38 -38Disposals -352 0 -352Amortisation for the year 50 3 53Impairment for the year 0 4 4Carrying amount as at 31/12/2022 2,364 32 2,396Acquisition cost 2,716 274 2,990Accumulated amortisation 0 -236 -236Accumulated impairment -352 -6 -358Carrying amount as at 31/12/2022 2,364 32 2,396Impairment tests of goodwill and other intangible assetsThe Group considers the relationship between its market capitalisation, carrying amounts and other factors when identifying indicators of impairment. During 2023, NRC Group\u2019s share price, operating losses in Sweden and negative profitability development in Finland were impairment indicators being considered as part of the test. The Group performs its annual impairment tests in the fourth quarter. Tests are carried out by comparing recoverable amount with carrying amount of the units to which goodwill is allocated. The recoverable amount is calculated based on the discounted estimated future cash flows before tax with the relevant discount rate (WACC).Estimated cash flows for the years 2024 \u2013 2028 are based on projections approved by the Board. Revenue growth in average per year used in the impairment tests were 4.4% in Norway, 1.6% in Sweden and 3.2% in Finland. The revenue growth assumptions are supported by the current order backlog and external information such as the tender pipelineand the national transport plan in each country. The discount rate before tax is 11.6% for Norway, 10.0% for Sweden and 10.5% for Finland. For the years subsequent to 2028, a terminal growth of the net cash flow of 2.00% has been applied for all segments. Sensitivity The calculation of value in use is sensitive to the estimates of revenues, project margin, discount rate and terminal growth. Most sensitive to impairment is our operation in Sweden and Finland with book value of goodwill of SEK 270 million and EUR 125 as of 31 December 2023, respectively. The current headroom of approximately SEK 120 million and EUR 8 are most sensitive to the discount rate and the estimated future margins. The pre-tax discount rate applied is 10.0% in Sweden and 10.5% in Finland. Changes that may lead to an impairment in Sweden are an increase in the discount rate with more than 1.5 percentage points or reduced terminal EBIT margin of 0.7 percentage points. The assumption for terminal growth in Sweden is 2.00%. A terminal growth of zero will not lead to impairment. Changes that may lead to an impairment in Finland are an increase in the discount rate with more than 0.4 percentage points or reduced terminal EBIT margin of 0.4 percentage points. The assumption for terminal growth in Finland is 2.00%. A terminal growth of less than 1.4% would lead to impairment. For Norway, no reasonably likely change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for the CGU.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-617-3": {
"value": "Accounting policyGoodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is subject tominimum annual impairment testing.Intangible assets are recognised at cost less accumulated amortisation and impairment loss. Intangible assets are recognised when they are identifiable, controlled and provide future economic benefits for the entity. The assets are initially measured at cost and amortised on a straight-line basis over the expected useful life of the asset, normally 3-5 years. The cost of an intangible asset includes costs that are directly attributable to the procurement of the assets.Customer contracts, customer relationships, licenses and other intangible assets acquired as part of a business combination are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line basis over their estimated useful lives based on the timing of projected cash flows, normally 1-4 years, depending on the type of assets. Intangible assets with indefinite useful life are subject to minimum annual impairment testing.Impairment considerationsGoodwill is recognised separately as an intangible asset and is tested for impairment annually and whenever there is indication that the goodwill may be impaired. The annual testing is performed towards the end of the financial year. For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group\u2019s cash-generating-units (CGU) expected to benefit from synergies arising from the business combination. An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU\u2019s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised as an expense and is not reversed in a subsequent period.Intangible assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-617-4": {
"value": "Accounting policyGoodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is subject tominimum annual impairment testing.Intangible assets are recognised at cost less accumulated amortisation and impairment loss. Intangible assets are recognised when they are identifiable, controlled and provide future economic benefits for the entity. The assets are initially measured at cost and amortised on a straight-line basis over the expected useful life of the asset, normally 3-5 years. The cost of an intangible asset includes costs that are directly attributable to the procurement of the assets.Customer contracts, customer relationships, licenses and other intangible assets acquired as part of a business combination are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line basis over their estimated useful lives based on the timing of projected cash flows, normally 1-4 years, depending on the type of assets. Intangible assets with indefinite useful life are subject to minimum annual impairment testing.Impairment considerationsGoodwill is recognised separately as an intangible asset and is tested for impairment annually and whenever there is indication that the goodwill may be impaired. The annual testing is performed towards the end of the financial year. For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group\u2019s cash-generating-units (CGU) expected to benefit from synergies arising from the business combination. An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU\u2019s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised as an expense and is not reversed in a subsequent period.Intangible assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-617-5": {
"value": "Accounting policyGoodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is subject tominimum annual impairment testing.Intangible assets are recognised at cost less accumulated amortisation and impairment loss. Intangible assets are recognised when they are identifiable, controlled and provide future economic benefits for the entity. The assets are initially measured at cost and amortised on a straight-line basis over the expected useful life of the asset, normally 3-5 years. The cost of an intangible asset includes costs that are directly attributable to the procurement of the assets.Customer contracts, customer relationships, licenses and other intangible assets acquired as part of a business combination are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line basis over their estimated useful lives based on the timing of projected cash flows, normally 1-4 years, depending on the type of assets. Intangible assets with indefinite useful life are subject to minimum annual impairment testing.Impairment considerationsGoodwill is recognised separately as an intangible asset and is tested for impairment annually and whenever there is indication that the goodwill may be impaired. The annual testing is performed towards the end of the financial year. For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group\u2019s cash-generating-units (CGU) expected to benefit from synergies arising from the business combination. An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU\u2019s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised as an expense and is not reversed in a subsequent period.Intangible assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Impairment considerationProperty, plant and equipment are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Impairment considerationRight-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-617-6": {
"value": "Accounting policyGoodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is subject tominimum annual impairment testing.Intangible assets are recognised at cost less accumulated amortisation and impairment loss. Intangible assets are recognised when they are identifiable, controlled and provide future economic benefits for the entity. The assets are initially measured at cost and amortised on a straight-line basis over the expected useful life of the asset, normally 3-5 years. The cost of an intangible asset includes costs that are directly attributable to the procurement of the assets.Customer contracts, customer relationships, licenses and other intangible assets acquired as part of a business combination are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line basis over their estimated useful lives based on the timing of projected cash flows, normally 1-4 years, depending on the type of assets. Intangible assets with indefinite useful life are subject to minimum annual impairment testing.Impairment considerationsGoodwill is recognised separately as an intangible asset and is tested for impairment annually and whenever there is indication that the goodwill may be impaired. The annual testing is performed towards the end of the financial year. For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group\u2019s cash-generating-units (CGU) expected to benefit from synergies arising from the business combination. An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU\u2019s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised as an expense and is not reversed in a subsequent period.Intangible assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Impairment considerationProperty, plant and equipment are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Impairment considerationRight-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-754-5": {
"value": "Note 13:Property, plant and equipmentProperty, plant and equipment(Amounts in NOK million)Buildings Machinery, To t a lfixtures, etc.Carrying amount as of 1/1/2023 15 169 184Translation differences 0 9 9Additions 0 36 36Disposals -13 -12 -25Depreciation for the year -0 -35 -35Carrying amount as of 31/12/2023 2 168 170Total cost 2 404 406Accumulated depreciation 0 -236 -237Accumulated impairment - - -Carrying amount as of 31/12/2023 2 168 170(Amounts in NOK million)Buildings Machinery, To t a lfixtures, etc.Carrying amount as of 1/1/2022 15 169 184Translation differences 0 0 0Additions - 41 41Disposals - -8 -8Depreciation for the year - -33 -33Carrying amount as of 31/12/2022 15 169 184",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-756-3": {
"value": "Accounting policyProperty, plant and equipment are recognised at cost less accumulated depreciation and impairment loss. The cost of an item of property, plant and equipment includes costs that are directly attributable to the acquisition of the assets.Subsequent expenditure is recognised in the carrying amount of the asset, if it is probable that the future economic benefits related to the expenditure will flow to the Group, and the expenditure can be reliably measured. The carrying amount of any parts that are replaced is derecognised. All other repair and maintenance costs are recognised in the income statement in the period when the costs are incurred, except for certain regular major inspections as described below.Depreciation is calculated on a straight-line basis over the expected useful life of the asset, as follows:Buildings: 15 - 50 yearsMachinery and fixtures: 3 - 20 yearsThe economic life of the non-current assets and the residual value are reviewed on the date of each balance sheet and adjusted prospectively if required.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains and losses arising on derecognition of the asset are presented as part of the operating profit/loss and calculated as the difference between the net disposal proceeds and the carrying amount of the asset.If regular major inspections for faults or overhauls, regardless of whether parts of the item are replaced, is a condition of continuing to operate the equipment or to extend its economic lifetime, the related periodic maintenance can be capitalised and depreciated on a straight-line-basis until the next expected periodic maintenance is required. At the end of 2023, no such expenses were capitalised.Impairment considerationProperty, plant and equipment are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-756-4": {
"value": "Accounting policyDepreciation is calculated on a straight-line basis over the expected useful life of the asset, as follows:Buildings: 15 - 50 yearsMachinery and fixtures: 3 - 20 yearsThe economic life of the non-current assets and the residual value are reviewed on the date of each balance sheet and adjusted prospectively if required.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains and losses arising on derecognition of the asset are presented as part of the operating profit/loss and calculated as the difference between the net disposal proceeds and the carrying amount of the asset.If regular major inspections for faults or overhauls, regardless of whether parts of the item are replaced, is a condition of continuing to operate the equipment or to extend its economic lifetime, the related periodic maintenance can be capitalised and depreciated on a straight-line-basis until the next expected periodic maintenance is required. At the end of 2023, no such expenses were capitalised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-766-4": {
"value": "All other repair and maintenance costs are recognised in the income statement in the period when the costs are incurred, except for certain regular major inspections as described below.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-806-5": {
"value": "Note 14:Right-of-use assets Right-of-use assets(Amounts in NOK million)2023 2022Land, offices and buildings 91 73Machinery, cars and equipment 451 491Total ROU assets 542 564Depreciation charge during the year:(Amounts in NOK million)2023 2022Intangible assets 0 0Land, offices and buildings 31 30Machinery, cars and equipment 130 121Total depreciation expense 160 151Interest expense on lease liabilities 20 11Lease expense - short-term and low-value leases 155 132Total cash outflow for all leases 339 302Addition of ROU assets during the financial year 142 192The lease expense for short-term and low-value leases mainly consists of project related short-term lease agreements. For information about the related leasing liabilities, please refer to note 19.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-808-3": {
"value": "Accounting policyThe Group leases various offices, warehouses, machinery, equipment and cars. Contracts are typically made for fixed periods of 3 to 10 years but may have extension and termination options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over thelease period based on the remaining balance of the liability for each period.The Group has elected to use the two exemptions proposed by the standard (IFRS 16) on the following contracts:Lease contracts with a duration of equal to or less than 12 monthsLease contracts for which the underlying asset has a low valuePayments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense over the lease term in profit or loss.Right-of-use assetsRight-of-use assets are recognised at cost less accumulated depreciation and impairment loss. Initial recognition of right-of-use assets are measured at cost comprising the following:the amount of the initial measurement of lease liabilityany lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, andrestoration costsRight-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:Intangible assets 1-3 yearsLand, offices and buildings 1-12 years Machinery, cars and equipment 1-25 yearsIf ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are subject to impairment testing. Refer to section regarding Impairment.Lease liabilitiesLease liabilities include the net present value of the following lease payments:fixed payments less any lease incentives receivablevariable lease payment that are based on an index or a rateamounts expected to be payable by the lessee under residual value guaranteesthe exercise price of a purchase option if the lessee is reasonably certain to exercise that option, andpayments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Options (extension / termination) on lease contracts are considered on a case-by-case basis following a regular management assessment. The borrowing rates used for IFRS 16 purposes have been defined based on the underlying countries and asset classes related risks. The Group\u2019s weighted average incremental borrowing rate is 4.49%.Impairment considerationRight-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-895-2": {
"value": "Note 15:Trade receivables and other receivables Total receivables(Amounts in NOK million)2023 2022Trade receivables 901 772Provisions for expected losses -6 -7Trade receivables \u2013 net 895 765Contract assets 379 475Other current receivables 195 185Total current receivables 1,468 1,425Age distribution of trade receivables: (Amounts in NOK million)2023 2022Trade receivables not due for payment 636 604Up to 30 days 70 93Between 30 and 90 days 41 42Over 90 days 154 33Total receivables due for payment 265 168Total trade receivables 901 772Trade and other current receivables by currency:(Amounts in NOK million)2023 2022NOK 618 586SEK 415 381EUR 435 458Total current receivables 1,468 1,425",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-895-3": {
"value": "Note 15:Trade receivables and other receivables Total receivables(Amounts in NOK million)2023 2022Trade receivables 901 772Provisions for expected losses -6 -7Trade receivables \u2013 net 895 765Contract assets 379 475Other current receivables 195 185Total current receivables 1,468 1,425Age distribution of trade receivables: (Amounts in NOK million)2023 2022Trade receivables not due for payment 636 604Up to 30 days 70 93Between 30 and 90 days 41 42Over 90 days 154 33Total receivables due for payment 265 168Total trade receivables 901 772Trade and other current receivables by currency:(Amounts in NOK million)2023 2022NOK 618 586SEK 415 381EUR 435 458Total current receivables 1,468 1,425",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-908-2": {
"value": "Note 16:Cash and cash equivalents Trade and other current receivables by currency:(Amounts in NOK million)2023 2022Cash and bank deposits 369 472Restricted cash 0 0To t a l 369 472Restricted cash includes the employees\u2019 tax withholdings and cash deposits for rent agreements.Cash and cash equivalents per currency:(Amounts in NOK million)2023 2022NOK 157 389SEK -12 -118EUR 224 201To t a l 369 472Negative cash in SEK is related to and netted as part of the Group\u2019s cash pool agreement with Danske Bank.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-908-3": {
"value": "Note 16:Cash and cash equivalents Trade and other current receivables by currency:(Amounts in NOK million)2023 2022Cash and bank deposits 369 472Restricted cash 0 0To t a l 369 472Restricted cash includes the employees\u2019 tax withholdings and cash deposits for rent agreements.Cash and cash equivalents per currency:(Amounts in NOK million)2023 2022NOK 157 389SEK -12 -118EUR 224 201To t a l 369 472Negative cash in SEK is related to and netted as part of the Group\u2019s cash pool agreement with Danske Bank.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-910-3": {
"value": "Accounting policyCash and cash equivalents consist of cash, bank deposits and other short-term and highly liquid investments with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant riskof changes in value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-925-2": {
"value": "Note 17:Share capital and shareholder informationNRC Group ASA has one class of shares. The total number of external shares at year-end was 72,858,574 excluding 95,975 own shares (2022: 72,837,893 excluding 116,656 own shares), with a nominal value of NOK 1.00 each. The share capital as of 31 December 2023 totalled NOK 72,954,549 (2022: 72,954,549).On 12 May 2016, the Company\u2019s Annual General Meeting approved implementation of an option programme for senior management. On the Annual General Meeting 4 May 2023, the option programme for senior management was renewed for two more years, comprising in total 1,500,000 shares. The Board of Directors are authorised to increase the share capital and to determine the subscription price and other subscription terms. The authorisation only applies to issuances of shares against payment in cash and is valid until 4 May 2025. 131,407 shares have been issued and 401,000 options were granted and outstanding underthis programme as per 31 December 2023. This programme is further described in note 7.On 19 April 2018, the Company\u2019s Annual General Meeting approved implementation of an option programme for key employees. The Annual General Meeting 5 May 2022 granted the authorisation to increase the share capital by up to NOK 1,000,000 in connection with the option programme for key employees. The Board of Directors are authorised to increase the share capital and to determine the subscription price and other subscription terms. No shares have been issued under this programme and 798,500 options were granted and outstanding at 31 December 2023. The authorisation only applies to issuances of shares against payment in cash and is valid until 5 May 2024. This Programme is further described in note 7.At the Annual General Meeting on 4 May 2023, the General Meeting granted the Board of Directors an authorisation to acquire shares in the Company for up to a maximum nominal value of NOK 7,295,454.90. The Board of Directors\u2019 acquisition of shares pursuant to the authorisation can only take place between a minimum price of NOK 1 and a highest price of NOK 100 per share. The authorisation applies until the Annual General Meeting in the spring of 2024, but not later than 30 June 2023. Acquisitions and disposals of treasury shares can take place in the manner found appropriate by the Board of Directors.On the general meeting 4 May 2023, the Board of Directors were authorised to increase the share capital by up to NOK 7,295,455.00, through issuance of up to 7,295,455 new shares, each with a par value of NOK 1.00. The capital increase may be paid in cash, by set-off or by contributions in assets other than money. The authorisation includes the right to incur special obligations on behalf of the company, cf. Section 10-2 of the Norwegian Public Limited Companies Act. The shareholders\u2019 pre-emptive rights pursuant to Section 10-4 of the Norwegian Public Limited Companies Act may be waived by the Board of Directors, cf. Section 10-5 of the Norwegian Public Limited Companies Act. The authorisation includes decisions on merger, cf. Section 13-5 of the Norwegian Public Limited Companies Act. The authorisation is valid from registration with the Register of Business Enterprises until the Annual General Meeting in the spring of 2024, but not later than 30 June 2024, and includes the right to change the company\u2019s Articles of Association in connection with the share capital increase.The movement in the number of shares, excluding own shares, during the year was as follows:Total number of shares on 31 December 2022 72,954,549Total number of shares on 31 December 2023 72,954,549 Ownership structureThe number of shareholders as of 31 December 2023 was 4,144, compared with 4,317 as of 31 December 2023. The percentage of issued shares held by foreign shareholders was 56.95%, compared with 56.75 % at year-end 2022.NRC Group\u2019s 20 largest shareholders as of 31 December 2023:Name Country Holding 2023 Stake (%) Holding 2022VR\ue61eYHTYM\u00c4 OY FIN 13 336 415 18.28 13 336 415J.P. MORGAN SE LUX 7 402 764 10.15 7 402 764THE BANK OF NEW YORK MELLON SA/NV BEL 6 894 701 9.45 7 014 701J.P. MORGAN SE LUX 3 702 909 5.08 3 702 909VERDIPAPIRFONDET NORDEA NORGE NOR 2 172 468 2.98 2 172 468SBAKKEJORD AS NOR 1 662 186 2.28 0CLEARSTREAM BANKING S.A. LUX 1 409 023 1.93 1 004 173VERDIPAPIRFONDET NORDEA AVKASTNING NOR 1 319 412 1.81 1 319 412GUNNAR KNUTSEN HOLDING AS NOR 1 252 677 1.72 1 252 677AVANZA BANK AB SWE 1 197 004 1.64 1 186 320SKANDINAVISKA ENSKILDA BANKEN AB LUX 1 079 017 1.48 1 720 000HEIM HAUGO AS NOR 850 745 1.17 850 745J.P. MORGAN SE LUX 829 460 1.14 829 460LGA HOLDING AS NOR 822 880 1.13 922 880NORTH SEA GROUP AS NOR 790 800 1.08 0NORDEA BANK ABP FIN 768 569 1.05 603 487VERDIPAPIRFONDET NORDEA KAPITAL NOR 680 855 0.93 680 855VERDIPAPIRFONDET STOREBRAND NORGE NOR 676 796 0.93 122 601MELESIO INVEST AS NOR 671 155 0.92 571 155VERDIPAPIRFONDET NORDEA NORGE PLUS NOR 658 078 0.90 669 115Total number of shares owned by top 20 48 177 914 66.04 45 362 137 Total number of shares 72 954 549 100.00 72 954 549 Shares held by members of the Board of Directors and executive management on 31 December 2023 including shares controlled through holding companies and related parties:Ordinary Share sharesoptionsRolf Jansson Chairman of the Board of Directors 65,000Eva Nygren Board member 3,000Heikki Allonen Board member 28,000Mats Williamson Board member 30,000Tove Pettersen Board member 5,000Karin Orgland Board member 15,000Outi Henriksson Board member 5,000Anders Gustafsson CEO NRC Group 0 01Ole Anton GulsvikCFO NRC Group 145,442 90,000Arild Moe EVP & MD NRC Group Norway 239,198 96,000Harri Lukkarinen EVP & MD NRC Group Finland 16,962 157,500Lene Engebretsen EVP & Head of communications 9,259 51,000Marianne Kellmer EVP & Head of HR 4,281 4,0001 Including 133,996 shares held by Jodfabrikken AS, a company wholly owned by Ole Anton Gulsvik. As Ole Gulsvik has resigned after year-end, hence the 90,000 share options have been forfeited.203,333 of the share options to the executive management were exercisable at year-end. See note 7 for further information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-925-3": {
"value": "Note 17:Share capital and shareholder informationNRC Group ASA has one class of shares. The total number of external shares at year-end was 72,858,574 excluding 95,975 own shares (2022: 72,837,893 excluding 116,656 own shares), with a nominal value of NOK 1.00 each. The share capital as of 31 December 2023 totalled NOK 72,954,549 (2022: 72,954,549).On 12 May 2016, the Company\u2019s Annual General Meeting approved implementation of an option programme for senior management. On the Annual General Meeting 4 May 2023, the option programme for senior management was renewed for two more years, comprising in total 1,500,000 shares. The Board of Directors are authorised to increase the share capital and to determine the subscription price and other subscription terms. The authorisation only applies to issuances of shares against payment in cash and is valid until 4 May 2025. 131,407 shares have been issued and 401,000 options were granted and outstanding underthis programme as per 31 December 2023. This programme is further described in note 7.On 19 April 2018, the Company\u2019s Annual General Meeting approved implementation of an option programme for key employees. The Annual General Meeting 5 May 2022 granted the authorisation to increase the share capital by up to NOK 1,000,000 in connection with the option programme for key employees. The Board of Directors are authorised to increase the share capital and to determine the subscription price and other subscription terms. No shares have been issued under this programme and 798,500 options were granted and outstanding at 31 December 2023. The authorisation only applies to issuances of shares against payment in cash and is valid until 5 May 2024. This Programme is further described in note 7.At the Annual General Meeting on 4 May 2023, the General Meeting granted the Board of Directors an authorisation to acquire shares in the Company for up to a maximum nominal value of NOK 7,295,454.90. The Board of Directors\u2019 acquisition of shares pursuant to the authorisation can only take place between a minimum price of NOK 1 and a highest price of NOK 100 per share. The authorisation applies until the Annual General Meeting in the spring of 2024, but not later than 30 June 2023. Acquisitions and disposals of treasury shares can take place in the manner found appropriate by the Board of Directors.On the general meeting 4 May 2023, the Board of Directors were authorised to increase the share capital by up to NOK 7,295,455.00, through issuance of up to 7,295,455 new shares, each with a par value of NOK 1.00. The capital increase may be paid in cash, by set-off or by contributions in assets other than money. The authorisation includes the right to incur special obligations on behalf of the company, cf. Section 10-2 of the Norwegian Public Limited Companies Act. The shareholders\u2019 pre-emptive rights pursuant to Section 10-4 of the Norwegian Public Limited Companies Act may be waived by the Board of Directors, cf. Section 10-5 of the Norwegian Public Limited Companies Act. The authorisation includes decisions on merger, cf. Section 13-5 of the Norwegian Public Limited Companies Act. The authorisation is valid from registration with the Register of Business Enterprises until the Annual General Meeting in the spring of 2024, but not later than 30 June 2024, and includes the right to change the company\u2019s Articles of Association in connection with the share capital increase.The movement in the number of shares, excluding own shares, during the year was as follows:Treasury sharesThe Company owned 116,656 treasury shares at the beginning of 2023. During 2023, the Company acquired 302,174 treasury shares at a total proceed of NOK 3,3 million. 322,855 of the shares were transferred to the employees participating in the 2023 share programme for employees. At the end of 2023, the Company owned 95,975 treasury shares corresponding to 0.13 % of the total number of outstanding shares. The Board of Directors has a mandate until the Annual General Meeting in the spring of 2024 and no later than 30 June 2024, to acquire up to 7,295,455 of the Company\u2019s own shares.Total number of shares on 31 December 2022 72,954,549Total number of shares on 31 December 2023 72,954,549 Ownership structureThe number of shareholders as of 31 December 2023 was 4,144, compared with 4,317 as of 31 December 2023. The percentage of issued shares held by foreign shareholders was 56.95%, compared with 56.75 % at year-end 2022.NRC Group\u2019s 20 largest shareholders as of 31 December 2023:Name Country Holding 2023 Stake (%) Holding 2022VR\ue61eYHTYM\u00c4 OY FIN 13 336 415 18.28 13 336 415J.P. MORGAN SE LUX 7 402 764 10.15 7 402 764THE BANK OF NEW YORK MELLON SA/NV BEL 6 894 701 9.45 7 014 701J.P. MORGAN SE LUX 3 702 909 5.08 3 702 909VERDIPAPIRFONDET NORDEA NORGE NOR 2 172 468 2.98 2 172 468SBAKKEJORD AS NOR 1 662 186 2.28 0CLEARSTREAM BANKING S.A. LUX 1 409 023 1.93 1 004 173VERDIPAPIRFONDET NORDEA AVKASTNING NOR 1 319 412 1.81 1 319 412GUNNAR KNUTSEN HOLDING AS NOR 1 252 677 1.72 1 252 677AVANZA BANK AB SWE 1 197 004 1.64 1 186 320SKANDINAVISKA ENSKILDA BANKEN AB LUX 1 079 017 1.48 1 720 000HEIM HAUGO AS NOR 850 745 1.17 850 745J.P. MORGAN SE LUX 829 460 1.14 829 460LGA HOLDING AS NOR 822 880 1.13 922 880NORTH SEA GROUP AS NOR 790 800 1.08 0NORDEA BANK ABP FIN 768 569 1.05 603 487VERDIPAPIRFONDET NORDEA KAPITAL NOR 680 855 0.93 680 855VERDIPAPIRFONDET STOREBRAND NORGE NOR 676 796 0.93 122 601MELESIO INVEST AS NOR 671 155 0.92 571 155VERDIPAPIRFONDET NORDEA NORGE PLUS NOR 658 078 0.90 669 115Total number of shares owned by top 20 48 177 914 66.04 45 362 137 Total number of shares 72 954 549 100.00 72 954 549 Shares held by members of the Board of Directors and executive management on 31 December 2023 including shares controlled through holding companies and related parties:Ordinary Share sharesoptionsRolf Jansson Chairman of the Board of Directors 65,000Eva Nygren Board member 3,000Heikki Allonen Board member 28,000Mats Williamson Board member 30,000Tove Pettersen Board member 5,000Karin Orgland Board member 15,000Outi Henriksson Board member 5,000Anders Gustafsson CEO NRC Group 0 01Ole Anton GulsvikCFO NRC Group 145,442 90,000Arild Moe EVP & MD NRC Group Norway 239,198 96,000Harri Lukkarinen EVP & MD NRC Group Finland 16,962 157,500Lene Engebretsen EVP & Head of communications 9,259 51,000Marianne Kellmer EVP & Head of HR 4,281 4,0001 Including 133,996 shares held by Jodfabrikken AS, a company wholly owned by Ole Anton Gulsvik. As Ole Gulsvik has resigned after year-end, hence the 90,000 share options have been forfeited.203,333 of the share options to the executive management were exercisable at year-end. See note 7 for further information.DividendBased on the 2023 results and restrictions in the loan agreements, the Board of Directors will not propose a dividend from the year 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-927-3": {
"value": "Accounting policyExpenses that are directly attributable to the issue of new shares less taxes are recognised against the equity as a reduction in the proceeds.Payments for the purchase of own shares are recognised as a reduction in equityand proceeds from any sale as an increase. A loss or gain is not recognised in theincome statement for any purchase, sale, issue or cancellation of own shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-982-3": {
"value": "Treasury sharesThe Company owned 116,656 treasury shares at the beginning of 2023. During 2023, the Company acquired 302,174 treasury shares at a total proceed of NOK 3,3 million. 322,855 of the shares were transferred to the employees participating in the 2023 share programme for employees. At the end of 2023, the Company owned 95,975 treasury shares corresponding to 0.13 % of the total number of outstanding shares. The Board of Directors has a mandate until the Annual General Meeting in the spring of 2024 and no later than 30 June 2024, to acquire up to 7,295,455 of the Company\u2019s own shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1008-3": {
"value": "DividendBased on the 2023 results and restrictions in the loan agreements, the Board of Directors will not propose a dividend from the year 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1056-2": {
"value": "Note 19:Loans and other non-current liabilitiesThe composition of non-current and current interest-bearing liabilities is as follows:(Amounts in NOK million)2023 2022Interest-bearing non-current liabilities:Lease liabilities, financial agreements 183 203Lease liabilities, operating agreements 158 150Bond debt 400 600Other loans and borrowings 172 141Total interest-bearing non-current liabilities 913 1,095Interest-bearing current liabilities:Lease liabilities, financial agreements 79 108Lease liabilities, operating agreements 83 67Loans and borrowings 55 153Total interest-bearing current liabilities 218 328The interest-bearing debt has variable interest rates or interest adjustment clauses that are shorter than three months at any given time. Since the debt can be repaid, other than the bond, at the time when the interest rate is regulated, the difference between the fair value and carrying amount will be small and insignificant.Additionally, the Group has an unused credit facility of NOK 400 million at year-end. The credit facility was increased from NOK 200 million to NOK 400 million during the refinancing process in Q4 2023. The credit facility is subject to annual renewal.(Amounts in NOK million)Amount NOK EUR SEKLease liabilities NOK 552 million +5.50% - 6.50% +5.10% - 5.80% +4.05% - 4.80% Bond debt 3-month NIBOR* NOK 400 million +4.40%Bank loan 3-month EURIBOR**EUR 20.9 million + 2.30%Credit facility 3-month NIBOR 3-month EURIBOR 3-month STIBORNOK 400 million +1.60% +1.60% +1.60%*The 3 months NIBOR has been hedged to a fixed rate of 1.838% for the full period. ** Minimum zeroThe margins on the bank loan and credit facility depend on the leverage ratio (net interest-bearing debt divided by adjusted EBITDA). During 2023, the margin on the bank loan started at 2.05% and ended at 2.30% at year end. The margin can be in a range of 1.95% to 2.75%. During 2023, the margin on the credit facility was between 1.45% and 1.60 % of the total range of 1.00% and 1.65%. The margin on the amended credit facility valid from 20 October is aligned for all currencies at1.60%. The reference rates NIBOR, STIBOR and EURIBOR will be limited at minimum zero.Carrying amount of non-current and current interest-bearing liabilities:(Amounts in NOK million)2023 2022NOK 733 987EUR 342 388SEK 56 47Total interest-bearing liabilities 1,130 1,423The undiscounted maturity structure of the NRC Group\u2019s current and non-current interest-bearing liabilities including estimated interest expenses where applicable is as follows:Year-end 2023(Amounts in NOK million)1H 2024 2H 2024 2025 2026 2027 2028 2029 -> SumLeasing 93 88 140 98 52 38 45 552Bond 16 16 33 33 427 - - 526Bank loans 35 34 65 62 72 - - 267To t a l 144 138 238 192 550 38 45 1,345Hereof interest 34 31 55 47 35 3 2 207The bond matures at 25 October 2027. The bank loan refers to a EUR facility with Danske Bank with quarterly instalments of EUR 1.2 million and final settlement on 1 July 2027. An Amendment and Restatement Agreement related to the existing facilities agreement with Danske Bank was signed on 13 November 2023. Changes in the Agreement concern amongst others a postponed final settlement date of 1 July 2027. Year-end 2022(Amounts in NOK million)1H 2023 2H 2023 2024 2025 2026 2027 2028 -> SumLeasing 96 91 133 97 62 30 49 559Bond 18 18 625 - - - - 660Bank loans 82 80 145 - - - - 307To t a l 195 189 904 97 62 30 49 1,526Hereof interest 29 26 34 5 3 2 1 100Financial covenants The Company\u2019s term facilities with Danske Bank ASA and the NOK 400 million senior unsecuredbond contain certain financial conditions based on the facility agreements that may not be directly related to reported IFRS numbers:Interest cover ratio (related to term loan agreement)): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses excluding interest expenses related to the bond loan.Interest coverage ratio (related to bond loan agreement): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses.Leverage ratio: Net interest-bearing debt in relation to adjusted 12 months rolling EBITDAEquity ratio: Equity in relation to total assetsTerm loan and overdraft facility:2023 2022Condition Actual Condition ActualInterest cover ratio, term loan \u2265 3.00 14.21 \u2265 3.00 16.54Leverage ratio, term loan \u2264 3.50 2.29 \u2264 3.50 2.78Equity ratio, term loan > 25% 47% > 25% 45%Borrowing base \u2264 60% of AR* 0% NA NA*Drawdowns on the Group\u2019s N0K 400 million multi-currency overdraft facility can maximum be 60% of last month\u2019s book value of the Group\u2019s accounts receivables (AR). Minimum twice a year, clean-downs the overdraft facility shouldbe made. There have been no breaches of the financial covenants related to the term loan or overdraft facility in 2023 or 2022. In the Amendment and Restatement Agreement related to the existing facilities agreement with Danske Bank signed 14 February 2023, the leverage ratio covenant has increased with 0.25 for the period Q4 2022 until Q4 2023. Consequently, the leverage ratio for the Danske Bank facility will be 3.75 for the period Q4 2022 to Q3 2023, reduced to 3.5 in Q4 2023 and will be 3.25 from the beginning of 2024. Bond loan:2023 2022Condition Actual Condition ActualInterest cover ratio, bond >2.50 5.67 >2.50 5.88Equity ratio, bond > 25% 47% > 25% 45%There have been no breaches of the financial covenants related to the bond loan in 2023 or 2022. The new NOK 400 million bond agreements includes for certain transactions such as paying dividend and taking on new loan agreements, requirements of an incurrence test with leverage ratio < 3.5 compared to actual 2.3 on 31 December 2023. The leverage ratio in respect of dividend distributions increased to 3.0 Paying dividend is restricted to 50% of any net income for the year. No dividend is proposed for 2023.Changes in interest-bearing liabilities arising from financing activities:(Amounts in NOK million)2023 2022Interest-bearing liability at 1 January 1,423 1,518Net proceeds from borrowings 395 0Repayment of borrowings -681 -147Payments of lease liabilities -184 -171Leasing liabilities, net of additions, terminations and adjustments 124 196Currency adjustment 54 27Interest-bearing liability at 31 December 1,130 1,423",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1056-3": {
"value": "Note 19:Loans and other non-current liabilitiesThe composition of non-current and current interest-bearing liabilities is as follows:(Amounts in NOK million)2023 2022Interest-bearing non-current liabilities:Lease liabilities, financial agreements 183 203Lease liabilities, operating agreements 158 150Bond debt 400 600Other loans and borrowings 172 141Total interest-bearing non-current liabilities 913 1,095Interest-bearing current liabilities:Lease liabilities, financial agreements 79 108Lease liabilities, operating agreements 83 67Loans and borrowings 55 153Total interest-bearing current liabilities 218 328The interest-bearing debt has variable interest rates or interest adjustment clauses that are shorter than three months at any given time. Since the debt can be repaid, other than the bond, at the time when the interest rate is regulated, the difference between the fair value and carrying amount will be small and insignificant.Additionally, the Group has an unused credit facility of NOK 400 million at year-end. The credit facility was increased from NOK 200 million to NOK 400 million during the refinancing process in Q4 2023. The credit facility is subject to annual renewal.(Amounts in NOK million)Amount NOK EUR SEKLease liabilities NOK 552 million +5.50% - 6.50% +5.10% - 5.80% +4.05% - 4.80% Bond debt 3-month NIBOR* NOK 400 million +4.40%Bank loan 3-month EURIBOR**EUR 20.9 million + 2.30%Credit facility 3-month NIBOR 3-month EURIBOR 3-month STIBORNOK 400 million +1.60% +1.60% +1.60%*The 3 months NIBOR has been hedged to a fixed rate of 1.838% for the full period. ** Minimum zeroThe margins on the bank loan and credit facility depend on the leverage ratio (net interest-bearing debt divided by adjusted EBITDA). During 2023, the margin on the bank loan started at 2.05% and ended at 2.30% at year end. The margin can be in a range of 1.95% to 2.75%. During 2023, the margin on the credit facility was between 1.45% and 1.60 % of the total range of 1.00% and 1.65%. The margin on the amended credit facility valid from 20 October is aligned for all currencies at1.60%. The reference rates NIBOR, STIBOR and EURIBOR will be limited at minimum zero.Carrying amount of non-current and current interest-bearing liabilities:(Amounts in NOK million)2023 2022NOK 733 987EUR 342 388SEK 56 47Total interest-bearing liabilities 1,130 1,423The undiscounted maturity structure of the NRC Group\u2019s current and non-current interest-bearing liabilities including estimated interest expenses where applicable is as follows:Year-end 2023(Amounts in NOK million)1H 2024 2H 2024 2025 2026 2027 2028 2029 -> SumLeasing 93 88 140 98 52 38 45 552Bond 16 16 33 33 427 - - 526Bank loans 35 34 65 62 72 - - 267To t a l 144 138 238 192 550 38 45 1,345Hereof interest 34 31 55 47 35 3 2 207The bond matures at 25 October 2027. The bank loan refers to a EUR facility with Danske Bank with quarterly instalments of EUR 1.2 million and final settlement on 1 July 2027. An Amendment and Restatement Agreement related to the existing facilities agreement with Danske Bank was signed on 13 November 2023. Changes in the Agreement concern amongst others a postponed final settlement date of 1 July 2027. Year-end 2022(Amounts in NOK million)1H 2023 2H 2023 2024 2025 2026 2027 2028 -> SumLeasing 96 91 133 97 62 30 49 559Bond 18 18 625 - - - - 660Bank loans 82 80 145 - - - - 307To t a l 195 189 904 97 62 30 49 1,526Hereof interest 29 26 34 5 3 2 1 100Financial covenants The Company\u2019s term facilities with Danske Bank ASA and the NOK 400 million senior unsecuredbond contain certain financial conditions based on the facility agreements that may not be directly related to reported IFRS numbers:Interest cover ratio (related to term loan agreement)): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses excluding interest expenses related to the bond loan.Interest coverage ratio (related to bond loan agreement): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses.Leverage ratio: Net interest-bearing debt in relation to adjusted 12 months rolling EBITDAEquity ratio: Equity in relation to total assetsTerm loan and overdraft facility:2023 2022Condition Actual Condition ActualInterest cover ratio, term loan \u2265 3.00 14.21 \u2265 3.00 16.54Leverage ratio, term loan \u2264 3.50 2.29 \u2264 3.50 2.78Equity ratio, term loan > 25% 47% > 25% 45%Borrowing base \u2264 60% of AR* 0% NA NA*Drawdowns on the Group\u2019s N0K 400 million multi-currency overdraft facility can maximum be 60% of last month\u2019s book value of the Group\u2019s accounts receivables (AR). Minimum twice a year, clean-downs the overdraft facility shouldbe made. There have been no breaches of the financial covenants related to the term loan or overdraft facility in 2023 or 2022. In the Amendment and Restatement Agreement related to the existing facilities agreement with Danske Bank signed 14 February 2023, the leverage ratio covenant has increased with 0.25 for the period Q4 2022 until Q4 2023. Consequently, the leverage ratio for the Danske Bank facility will be 3.75 for the period Q4 2022 to Q3 2023, reduced to 3.5 in Q4 2023 and will be 3.25 from the beginning of 2024. Bond loan:2023 2022Condition Actual Condition ActualInterest cover ratio, bond >2.50 5.67 >2.50 5.88Equity ratio, bond > 25% 47% > 25% 45%There have been no breaches of the financial covenants related to the bond loan in 2023 or 2022. The new NOK 400 million bond agreements includes for certain transactions such as paying dividend and taking on new loan agreements, requirements of an incurrence test with leverage ratio < 3.5 compared to actual 2.3 on 31 December 2023. The leverage ratio in respect of dividend distributions increased to 3.0 Paying dividend is restricted to 50% of any net income for the year. No dividend is proposed for 2023.Changes in interest-bearing liabilities arising from financing activities:(Amounts in NOK million)2023 2022Interest-bearing liability at 1 January 1,423 1,518Net proceeds from borrowings 395 0Repayment of borrowings -681 -147Payments of lease liabilities -184 -171Leasing liabilities, net of additions, terminations and adjustments 124 196Currency adjustment 54 27Interest-bearing liability at 31 December 1,130 1,423",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1056-4": {
"value": "Note 19:Loans and other non-current liabilitiesThe composition of non-current and current interest-bearing liabilities is as follows:(Amounts in NOK million)2023 2022Interest-bearing non-current liabilities:Lease liabilities, financial agreements 183 203Lease liabilities, operating agreements 158 150Bond debt 400 600Other loans and borrowings 172 141Total interest-bearing non-current liabilities 913 1,095Interest-bearing current liabilities:Lease liabilities, financial agreements 79 108Lease liabilities, operating agreements 83 67Loans and borrowings 55 153Total interest-bearing current liabilities 218 328The interest-bearing debt has variable interest rates or interest adjustment clauses that are shorter than three months at any given time. Since the debt can be repaid, other than the bond, at the time when the interest rate is regulated, the difference between the fair value and carrying amount will be small and insignificant.Additionally, the Group has an unused credit facility of NOK 400 million at year-end. The credit facility was increased from NOK 200 million to NOK 400 million during the refinancing process in Q4 2023. The credit facility is subject to annual renewal.(Amounts in NOK million)Amount NOK EUR SEKLease liabilities NOK 552 million +5.50% - 6.50% +5.10% - 5.80% +4.05% - 4.80% Bond debt 3-month NIBOR* NOK 400 million +4.40%Bank loan 3-month EURIBOR**EUR 20.9 million + 2.30%Credit facility 3-month NIBOR 3-month EURIBOR 3-month STIBORNOK 400 million +1.60% +1.60% +1.60%*The 3 months NIBOR has been hedged to a fixed rate of 1.838% for the full period. ** Minimum zeroThe margins on the bank loan and credit facility depend on the leverage ratio (net interest-bearing debt divided by adjusted EBITDA). During 2023, the margin on the bank loan started at 2.05% and ended at 2.30% at year end. The margin can be in a range of 1.95% to 2.75%. During 2023, the margin on the credit facility was between 1.45% and 1.60 % of the total range of 1.00% and 1.65%. The margin on the amended credit facility valid from 20 October is aligned for all currencies at1.60%. The reference rates NIBOR, STIBOR and EURIBOR will be limited at minimum zero.Carrying amount of non-current and current interest-bearing liabilities:(Amounts in NOK million)2023 2022NOK 733 987EUR 342 388SEK 56 47Total interest-bearing liabilities 1,130 1,423The undiscounted maturity structure of the NRC Group\u2019s current and non-current interest-bearing liabilities including estimated interest expenses where applicable is as follows:Year-end 2023(Amounts in NOK million)1H 2024 2H 2024 2025 2026 2027 2028 2029 -> SumLeasing 93 88 140 98 52 38 45 552Bond 16 16 33 33 427 - - 526Bank loans 35 34 65 62 72 - - 267To t a l 144 138 238 192 550 38 45 1,345Hereof interest 34 31 55 47 35 3 2 207The bond matures at 25 October 2027. The bank loan refers to a EUR facility with Danske Bank with quarterly instalments of EUR 1.2 million and final settlement on 1 July 2027. An Amendment and Restatement Agreement related to the existing facilities agreement with Danske Bank was signed on 13 November 2023. Changes in the Agreement concern amongst others a postponed final settlement date of 1 July 2027. Year-end 2022(Amounts in NOK million)1H 2023 2H 2023 2024 2025 2026 2027 2028 -> SumLeasing 96 91 133 97 62 30 49 559Bond 18 18 625 - - - - 660Bank loans 82 80 145 - - - - 307To t a l 195 189 904 97 62 30 49 1,526Hereof interest 29 26 34 5 3 2 1 100Financial covenants The Company\u2019s term facilities with Danske Bank ASA and the NOK 400 million senior unsecuredbond contain certain financial conditions based on the facility agreements that may not be directly related to reported IFRS numbers:Interest cover ratio (related to term loan agreement)): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses excluding interest expenses related to the bond loan.Interest coverage ratio (related to bond loan agreement): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses.Leverage ratio: Net interest-bearing debt in relation to adjusted 12 months rolling EBITDAEquity ratio: Equity in relation to total assetsTerm loan and overdraft facility:2023 2022Condition Actual Condition ActualInterest cover ratio, term loan \u2265 3.00 14.21 \u2265 3.00 16.54Leverage ratio, term loan \u2264 3.50 2.29 \u2264 3.50 2.78Equity ratio, term loan > 25% 47% > 25% 45%Borrowing base \u2264 60% of AR* 0% NA NA*Drawdowns on the Group\u2019s N0K 400 million multi-currency overdraft facility can maximum be 60% of last month\u2019s book value of the Group\u2019s accounts receivables (AR). Minimum twice a year, clean-downs the overdraft facility shouldbe made. There have been no breaches of the financial covenants related to the term loan or overdraft facility in 2023 or 2022. In the Amendment and Restatement Agreement related to the existing facilities agreement with Danske Bank signed 14 February 2023, the leverage ratio covenant has increased with 0.25 for the period Q4 2022 until Q4 2023. Consequently, the leverage ratio for the Danske Bank facility will be 3.75 for the period Q4 2022 to Q3 2023, reduced to 3.5 in Q4 2023 and will be 3.25 from the beginning of 2024. Bond loan:2023 2022Condition Actual Condition ActualInterest cover ratio, bond >2.50 5.67 >2.50 5.88Equity ratio, bond > 25% 47% > 25% 45%There have been no breaches of the financial covenants related to the bond loan in 2023 or 2022. The new NOK 400 million bond agreements includes for certain transactions such as paying dividend and taking on new loan agreements, requirements of an incurrence test with leverage ratio < 3.5 compared to actual 2.3 on 31 December 2023. The leverage ratio in respect of dividend distributions increased to 3.0 Paying dividend is restricted to 50% of any net income for the year. No dividend is proposed for 2023.Changes in interest-bearing liabilities arising from financing activities:(Amounts in NOK million)2023 2022Interest-bearing liability at 1 January 1,423 1,518Net proceeds from borrowings 395 0Repayment of borrowings -681 -147Payments of lease liabilities -184 -171Leasing liabilities, net of additions, terminations and adjustments 124 196Currency adjustment 54 27Interest-bearing liability at 31 December 1,130 1,423Note 20:Other current liabilities (Amounts in NOK million)2023 2022Accrued salaries etc 265 266Accrued project expenses 105 133Provisions 15 20Other current liabilities 73 74To t a l 458 492",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1056-5": {
"value": "Note 19:Loans and other non-current liabilitiesThe composition of non-current and current interest-bearing liabilities is as follows:(Amounts in NOK million)2023 2022Interest-bearing non-current liabilities:Lease liabilities, financial agreements 183 203Lease liabilities, operating agreements 158 150Bond debt 400 600Other loans and borrowings 172 141Total interest-bearing non-current liabilities 913 1,095Interest-bearing current liabilities:Lease liabilities, financial agreements 79 108Lease liabilities, operating agreements 83 67Loans and borrowings 55 153Total interest-bearing current liabilities 218 328The interest-bearing debt has variable interest rates or interest adjustment clauses that are shorter than three months at any given time. Since the debt can be repaid, other than the bond, at the time when the interest rate is regulated, the difference between the fair value and carrying amount will be small and insignificant.Additionally, the Group has an unused credit facility of NOK 400 million at year-end. The credit facility was increased from NOK 200 million to NOK 400 million during the refinancing process in Q4 2023. The credit facility is subject to annual renewal.(Amounts in NOK million)Amount NOK EUR SEKLease liabilities NOK 552 million +5.50% - 6.50% +5.10% - 5.80% +4.05% - 4.80% Bond debt 3-month NIBOR* NOK 400 million +4.40%Bank loan 3-month EURIBOR**EUR 20.9 million + 2.30%Credit facility 3-month NIBOR 3-month EURIBOR 3-month STIBORNOK 400 million +1.60% +1.60% +1.60%*The 3 months NIBOR has been hedged to a fixed rate of 1.838% for the full period. ** Minimum zeroThe margins on the bank loan and credit facility depend on the leverage ratio (net interest-bearing debt divided by adjusted EBITDA). During 2023, the margin on the bank loan started at 2.05% and ended at 2.30% at year end. The margin can be in a range of 1.95% to 2.75%. During 2023, the margin on the credit facility was between 1.45% and 1.60 % of the total range of 1.00% and 1.65%. The margin on the amended credit facility valid from 20 October is aligned for all currencies at1.60%. The reference rates NIBOR, STIBOR and EURIBOR will be limited at minimum zero.Carrying amount of non-current and current interest-bearing liabilities:(Amounts in NOK million)2023 2022NOK 733 987EUR 342 388SEK 56 47Total interest-bearing liabilities 1,130 1,423The undiscounted maturity structure of the NRC Group\u2019s current and non-current interest-bearing liabilities including estimated interest expenses where applicable is as follows:Year-end 2023(Amounts in NOK million)1H 2024 2H 2024 2025 2026 2027 2028 2029 -> SumLeasing 93 88 140 98 52 38 45 552Bond 16 16 33 33 427 - - 526Bank loans 35 34 65 62 72 - - 267To t a l 144 138 238 192 550 38 45 1,345Hereof interest 34 31 55 47 35 3 2 207The bond matures at 25 October 2027. The bank loan refers to a EUR facility with Danske Bank with quarterly instalments of EUR 1.2 million and final settlement on 1 July 2027. An Amendment and Restatement Agreement related to the existing facilities agreement with Danske Bank was signed on 13 November 2023. Changes in the Agreement concern amongst others a postponed final settlement date of 1 July 2027. Year-end 2022(Amounts in NOK million)1H 2023 2H 2023 2024 2025 2026 2027 2028 -> SumLeasing 96 91 133 97 62 30 49 559Bond 18 18 625 - - - - 660Bank loans 82 80 145 - - - - 307To t a l 195 189 904 97 62 30 49 1,526Hereof interest 29 26 34 5 3 2 1 100Financial covenants The Company\u2019s term facilities with Danske Bank ASA and the NOK 400 million senior unsecuredbond contain certain financial conditions based on the facility agreements that may not be directly related to reported IFRS numbers:Interest cover ratio (related to term loan agreement)): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses excluding interest expenses related to the bond loan.Interest coverage ratio (related to bond loan agreement): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses.Leverage ratio: Net interest-bearing debt in relation to adjusted 12 months rolling EBITDAEquity ratio: Equity in relation to total assetsTerm loan and overdraft facility:2023 2022Condition Actual Condition ActualInterest cover ratio, term loan \u2265 3.00 14.21 \u2265 3.00 16.54Leverage ratio, term loan \u2264 3.50 2.29 \u2264 3.50 2.78Equity ratio, term loan > 25% 47% > 25% 45%Borrowing base \u2264 60% of AR* 0% NA NA*Drawdowns on the Group\u2019s N0K 400 million multi-currency overdraft facility can maximum be 60% of last month\u2019s book value of the Group\u2019s accounts receivables (AR). Minimum twice a year, clean-downs the overdraft facility shouldbe made. There have been no breaches of the financial covenants related to the term loan or overdraft facility in 2023 or 2022. In the Amendment and Restatement Agreement related to the existing facilities agreement with Danske Bank signed 14 February 2023, the leverage ratio covenant has increased with 0.25 for the period Q4 2022 until Q4 2023. Consequently, the leverage ratio for the Danske Bank facility will be 3.75 for the period Q4 2022 to Q3 2023, reduced to 3.5 in Q4 2023 and will be 3.25 from the beginning of 2024. Bond loan:2023 2022Condition Actual Condition ActualInterest cover ratio, bond >2.50 5.67 >2.50 5.88Equity ratio, bond > 25% 47% > 25% 45%There have been no breaches of the financial covenants related to the bond loan in 2023 or 2022. The new NOK 400 million bond agreements includes for certain transactions such as paying dividend and taking on new loan agreements, requirements of an incurrence test with leverage ratio < 3.5 compared to actual 2.3 on 31 December 2023. The leverage ratio in respect of dividend distributions increased to 3.0 Paying dividend is restricted to 50% of any net income for the year. No dividend is proposed for 2023.Changes in interest-bearing liabilities arising from financing activities:(Amounts in NOK million)2023 2022Interest-bearing liability at 1 January 1,423 1,518Net proceeds from borrowings 395 0Repayment of borrowings -681 -147Payments of lease liabilities -184 -171Leasing liabilities, net of additions, terminations and adjustments 124 196Currency adjustment 54 27Interest-bearing liability at 31 December 1,130 1,423",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1136-3": {
"value": "Note 20:Other current liabilities (Amounts in NOK million)2023 2022Accrued salaries etc 265 266Accrued project expenses 105 133Provisions 15 20Other current liabilities 73 74To t a l 458 492",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1136-4": {
"value": "Note 20:Other current liabilities (Amounts in NOK million)2023 2022Accrued salaries etc 265 266Accrued project expenses 105 133Provisions 15 20Other current liabilities 73 74To t a l 458 492",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1140-2": {
"value": "Note 21:Provisions(Amounts in NOK million)Warranty provisions Provisions for Restructuring Total provisionsloss-making provisionsprojectsOpening Balance 1 January 2023 5 15 0 20Translation differences 0 1 0 1Acquisitions 1 3 2 6Arising during the year 3 1 0 4Utilised -1 -13 0 -13Unused amounts reversed -1 -2 0 -2Closing Balance 31 Decemeber 2023 8 6 2 15(Amounts in NOK million)Warranty provisions Provisions for Restructuring Total provisionsloss-making provisionsprojectsOpening Balance 1 January 2022 7 17 0 24Translation differences 0 0 0 0Arising during the year 3 12 0 14Utilised -2 -1 0 -3Unused amounts reversed -3 -13 0 -16Closing Balance 31 December 2022 5 15 0 20",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1142-3": {
"value": "Accounting policyClaims and disputes The Group recognises provisions when there is a present legal or constructive obligation as a result of past events, it is probable that the obligation will be settled by a transfer of economic resources, and a reliable estimate can be made of the amount of the obligation.Contingent liabilities are not recognised unless assumed in a business combination. Contingent liabilities assumed in a business combination are initially measured at fair value. Subsequently, it is measured at the higher of the best estimate of the expenditure required to settle the obligation and the amount initially recognised less (when appropriate) cumulative amortisation recognised in accordance with the requirements for revenue recognition.Warranty Provisions for warranty-related costs are recognised when the project is delivered to the customer. Initial recognition is based on historical experience. The initial estimateof warranty-related costs is revised annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1142-4": {
"value": "Accounting policyContingent liabilities are not recognised unless assumed in a business combination. Contingent liabilities assumed in a business combination are initially measured at fair value. Subsequently, it is measured at the higher of the best estimate of the expenditure required to settle the obligation and the amount initially recognised less (when appropriate) cumulative amortisation recognised in accordance with the requirements for revenue recognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1162-2": {
"value": "Note 22:Pledged assets, guarantees and securityBank loans amounting to EUR 20.9 million and an unused credit facility of NOK 400 million are secured by pledge over shares in subsidiaries, other than GSP and JVK, amounting to NOK 2,000 million, receivables, inventory and operating equipment amounting to NOK 500 million per entity and intra-group loans of NOK 2,000 million. Total book value of receivables and inventory amounts to NOK 1,520 million. Leasing liabilities amounting to NOK 503 million are secured by way of the underlying assets for which the legal ownership is kept by the lease counterpart. Total book value of right-of-use assets amounts to NOK 542 million.The Group has framework agreements with Tryg Garanti/ Tryg Forsikring A/S (utilised NOK 289 million out of NOK 450 million), Nordic Guarantee (utilised NOK 58 million out of NOK 250 million), House of Guarantees AS (utilised NOK 71 million out of NOK 200 million), Euler Hermes Norge (utilised NOK 146 million out of NOK 200 million), Garantia Insurance Company Ltd (utilised EUR 22 million of EUR 30 million) and Standard Garanti Forsikring AS (utilised NOK 9 million out of NOK 9 million). The Group also has framework agreements with Atlas Garanti AS (NOK 100 million) and IAM Insurance AS (NOK 100 million) that are not utilised. Guarantees are issued as collateral for the fulfilment of the Group\u2019s contractual obligations. These could be based on contract performance, prepayments, warranty obligations, withholding taxes and similar. In addition, the Group have issued parent company guarantees of a total amount of NOK 96 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1162-3": {
"value": "Note 22:Pledged assets, guarantees and securityBank loans amounting to EUR 20.9 million and an unused credit facility of NOK 400 million are secured by pledge over shares in subsidiaries, other than GSP and JVK, amounting to NOK 2,000 million, receivables, inventory and operating equipment amounting to NOK 500 million per entity and intra-group loans of NOK 2,000 million. Total book value of receivables and inventory amounts to NOK 1,520 million. Leasing liabilities amounting to NOK 503 million are secured by way of the underlying assets for which the legal ownership is kept by the lease counterpart. Total book value of right-of-use assets amounts to NOK 542 million.The Group has framework agreements with Tryg Garanti/ Tryg Forsikring A/S (utilised NOK 289 million out of NOK 450 million), Nordic Guarantee (utilised NOK 58 million out of NOK 250 million), House of Guarantees AS (utilised NOK 71 million out of NOK 200 million), Euler Hermes Norge (utilised NOK 146 million out of NOK 200 million), Garantia Insurance Company Ltd (utilised EUR 22 million of EUR 30 million) and Standard Garanti Forsikring AS (utilised NOK 9 million out of NOK 9 million). The Group also has framework agreements with Atlas Garanti AS (NOK 100 million) and IAM Insurance AS (NOK 100 million) that are not utilised. Guarantees are issued as collateral for the fulfilment of the Group\u2019s contractual obligations. These could be based on contract performance, prepayments, warranty obligations, withholding taxes and similar. In addition, the Group have issued parent company guarantees of a total amount of NOK 96 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1162-4": {
"value": "Note 22:Pledged assets, guarantees and securityBank loans amounting to EUR 20.9 million and an unused credit facility of NOK 400 million are secured by pledge over shares in subsidiaries, other than GSP and JVK, amounting to NOK 2,000 million, receivables, inventory and operating equipment amounting to NOK 500 million per entity and intra-group loans of NOK 2,000 million. Total book value of receivables and inventory amounts to NOK 1,520 million. Leasing liabilities amounting to NOK 503 million are secured by way of the underlying assets for which the legal ownership is kept by the lease counterpart. Total book value of right-of-use assets amounts to NOK 542 million.The Group has framework agreements with Tryg Garanti/ Tryg Forsikring A/S (utilised NOK 289 million out of NOK 450 million), Nordic Guarantee (utilised NOK 58 million out of NOK 250 million), House of Guarantees AS (utilised NOK 71 million out of NOK 200 million), Euler Hermes Norge (utilised NOK 146 million out of NOK 200 million), Garantia Insurance Company Ltd (utilised EUR 22 million of EUR 30 million) and Standard Garanti Forsikring AS (utilised NOK 9 million out of NOK 9 million). The Group also has framework agreements with Atlas Garanti AS (NOK 100 million) and IAM Insurance AS (NOK 100 million) that are not utilised. Guarantees are issued as collateral for the fulfilment of the Group\u2019s contractual obligations. These could be based on contract performance, prepayments, warranty obligations, withholding taxes and similar. In addition, the Group have issued parent company guarantees of a total amount of NOK 96 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1183-1": {
"value": "Note 23:Fair value of assets and liabilities, and financial assets per categoryThere are no material differences between the fair value and carrying value of financial assets and liabilities.Financial instruments per category 2023(Amounts in NOK million)Balance Financial Financial Financial Financial Non-sheet on 31 assets at assets at liabilities liabilities at financial December fair value amortised at fair amortised item2023costvaluecostNon-current financial assets 1 1Total inventories 35 35Trade receivables 895 895Contract assets 379 379Other current receivables 195 30 165Cash & cash equivalents 369 369To t a l 1,874 1,673 0 0 200Pension obligations 9 9Non-current financial liabilities 7 7Interest-bearing non-current liabilities 913 913Deferred tax 0 0Other non-current liabilities 0 0Interest-bearing current liabilities 218 218Trade payables 572 572Contract liabilities 341 341Public fees payable 194 194Tax payable 1 1Other current liabilities 457 457To t a l 2,712 0 0 7 1,702 1,002Financial instruments per category 2022(Amounts in NOK million)Balance Financial Financial Financial Financial Non-sheet on 31 assets at fair assets at liabilities liabilities at financial December value amortised at fair amortised item2022costvaluecostNon-current financial assets 23 15 8Total inventories 29 29Trade receivables 765 765Contract assets 475 475Other current receivables 185 29 156Cash & cash equivalents 472 472To t a l 1,950 15 1,750 185Pension obligations 11 11Interest-bearing non-current 1,095 1,095liabilitiesDeferred tax 1 1Other non-current liabilities 0Interest-bearing current 328 328liabilitiesTrade payables 504 504Contract liabilities 305 305Public fees payable 143 143Tax payable 1 1Other current liabilities 492 492To t a l 2,879 1,927 952Non-financial assets and liabilities include contract liabilities, advance payments, accruals and provisions.The table below analyses financial instruments recorded at fair value according to valuation method. The different levels are defined as follows:Level 1: Fair value is measured using quoted prices from active markets for identical financial instruments. No adjustment is made for these prices.Level 2: Fair value is measured using other observable input than that used in level 1, either directly (prices) or indirectly (derived from the prices).Level 3: Fair value is measured using input that is not based on observable market data.Financial assets at fair value:(Amounts in NOK million)Level 1 Level 2 Level 3 To t a lFinancial assets at fair value through profit or lossDerivatives defined as hedging instruments 15 0Total at 31 December 2022 0 0 15 15Financial assets at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 2023 0 0 0 0Financial liabilities at fair value:(Amounts in NOK million)Level 1 Level 2 Level 3 To t a lFinancial liabilities at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 2022 0 0 0 0Financial liabilities at fair value through profit or lossDerivatives defined as hedging instruments 7 7Total at 31 December 2023 0 0 7 7The carrying value of cash and cash equivalents and liabilities to credit institutions is virtually the same as their fair value since these instruments have a short maturity term. Correspondingly, the carrying value of trade receivables and trade payables are virtually the same as the fair value, as they are agreed upon under \u201dnormal\u201d terms. This also applies to unpaid government charges, tax payable and current liabilities. A large proportion of non-current liabilities has variable interest rates and continuous interest rate adjustment, and therefore the carrying value is substantially the same as the fair value. The fair value of the group\u2019s interest rate hedge per year-end is estimated using the forward rate on the balance sheet date and is confirmed by the financial institution with which the agreement is signed. For more information about the hedging instruments, please refer to note 24.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1186-3": {
"value": "Accounting policyFinancial instrumentsFinancial assetsFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, at fair value through other comprehensive income (OCI) or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them.All material financial assets are measured at amortised cost. In general, financial assets are recognised initially at fair value plus transaction costs and are subsequently measured at amortised cost using the effective interest rate method, less provision for losses that have been incurred.At initial recognition, trade and other receivables that do not have a significant financing component are measured at their transaction price. Financial assets measured at amortised cost are financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. This category includes the Group\u2019s trade and other receivables, contract assets, any loans included under other non-current financial assets and cash and cash equivalents.For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses. The Group recognises a loss provision at each reporting date for the total expected credit loss based on individual assessments of specific trade receivables and contract assets.Financial assets are derecognised when the rights to receive cash flows from theasset have expired.Financial liabilitiesFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.Most relevant to the Group is loans and borrowings or payables and consists of current and non-current interest-bearing loans, lease liability and trade and other payables. Financial liabilities are recognised initially at fair value net of directly attributable transaction costs and are subsequently measured at amortised cost using the effective interest rate method. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Loans are classified as current liabilities unless there is an unconditional right to defer payment of the debt by more than 12 months from the date of the balance sheet. Trade and other payables are classified as current if payment is due within one year or less. Otherwise, they are classified as non-current.Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest risk. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.For the purpose of hedge accounting, hedges are classified as:Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset orliability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitmentHedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.For cash flow hedges, the effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as OCI while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1186-4": {
"value": "Accounting policyFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, at fair value through other comprehensive income (OCI) or fair value through profit or loss. Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1186-5": {
"value": "Accounting policyFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, at fair value through other comprehensive income (OCI) or fair value through profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1186-6": {
"value": "Accounting policyAt initial recognition, trade and other receivables that do not have a significant financing component are measured at their transaction price. Loans are classified as current liabilities unless there is an unconditional right to defer payment of the debt by more than 12 months from the date of the balance sheet. Trade and other payables are classified as current if payment is due within one year or less. Otherwise, they are classified as non-current.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1186-7": {
"value": "Accounting policyFinancial assets are derecognised when the rights to receive cash flows from theasset have expired.When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1186-8": {
"value": "Accounting policyThe Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest risk. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1186-9": {
"value": "Accounting policyFor the purpose of hedge accounting, hedges are classified as:Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset orliability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitmentHedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.For cash flow hedges, the effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as OCI while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1188-4": {
"value": "Financial assetsFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, at fair value through other comprehensive income (OCI) or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them.All material financial assets are measured at amortised cost. In general, financial assets are recognised initially at fair value plus transaction costs and are subsequently measured at amortised cost using the effective interest rate method, less provision for losses that have been incurred.At initial recognition, trade and other receivables that do not have a significant financing component are measured at their transaction price. Financial assets measured at amortised cost are financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. This category includes the Group\u2019s trade and other receivables, contract assets, any loans included under other non-current financial assets and cash and cash equivalents.For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses. The Group recognises a loss provision at each reporting date for the total expected credit loss based on individual assessments of specific trade receivables and contract assets.Financial assets are derecognised when the rights to receive cash flows from theasset have expired.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1214-4": {
"value": "Financial liabilitiesFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.Most relevant to the Group is loans and borrowings or payables and consists of current and non-current interest-bearing loans, lease liability and trade and other payables. Financial liabilities are recognised initially at fair value net of directly attributable transaction costs and are subsequently measured at amortised cost using the effective interest rate method. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Loans are classified as current liabilities unless there is an unconditional right to defer payment of the debt by more than 12 months from the date of the balance sheet. Trade and other payables are classified as current if payment is due within one year or less. Otherwise, they are classified as non-current.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1235-4": {
"value": "Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest risk. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.For the purpose of hedge accounting, hedges are classified as:Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset orliability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitmentHedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.For cash flow hedges, the effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as OCI while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1269-3": {
"value": "There are no material differences between the fair value and carrying value of financial assets and liabilities.Financial instruments per category 2023(Amounts in NOK million)Balance Financial Financial Financial Financial Non-sheet on 31 assets at assets at liabilities liabilities at financial December fair value amortised at fair amortised item2023costvaluecostNon-current financial assets 1 1Total inventories 35 35Trade receivables 895 895Contract assets 379 379Other current receivables 195 30 165Cash & cash equivalents 369 369To t a l 1,874 1,673 0 0 200Pension obligations 9 9Non-current financial liabilities 7 7Interest-bearing non-current liabilities 913 913Deferred tax 0 0Other non-current liabilities 0 0Interest-bearing current liabilities 218 218Trade payables 572 572Contract liabilities 341 341Public fees payable 194 194Tax payable 1 1Other current liabilities 457 457To t a l 2,712 0 0 7 1,702 1,002Financial instruments per category 2022(Amounts in NOK million)Balance Financial Financial Financial Financial Non-sheet on 31 assets at fair assets at liabilities liabilities at financial December value amortised at fair amortised item2022costvaluecostNon-current financial assets 23 15 8Total inventories 29 29Trade receivables 765 765Contract assets 475 475Other current receivables 185 29 156Cash & cash equivalents 472 472To t a l 1,950 15 1,750 185Pension obligations 11 11Interest-bearing non-current 1,095 1,095liabilitiesDeferred tax 1 1Other non-current liabilities 0Interest-bearing current 328 328liabilitiesTrade payables 504 504Contract liabilities 305 305Public fees payable 143 143Tax payable 1 1Other current liabilities 492 492To t a l 2,879 1,927 952Non-financial assets and liabilities include contract liabilities, advance payments, accruals and provisions.The table below analyses financial instruments recorded at fair value according to valuation method. The different levels are defined as follows:Level 1: Fair value is measured using quoted prices from active markets for identical financial instruments. No adjustment is made for these prices.Level 2: Fair value is measured using other observable input than that used in level 1, either directly (prices) or indirectly (derived from the prices).Level 3: Fair value is measured using input that is not based on observable market data.Financial assets at fair value:(Amounts in NOK million)Level 1 Level 2 Level 3 To t a lFinancial assets at fair value through profit or lossDerivatives defined as hedging instruments 15 0Total at 31 December 2022 0 0 15 15Financial assets at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 2023 0 0 0 0Financial liabilities at fair value:(Amounts in NOK million)Level 1 Level 2 Level 3 To t a lFinancial liabilities at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 2022 0 0 0 0Financial liabilities at fair value through profit or lossDerivatives defined as hedging instruments 7 7Total at 31 December 2023 0 0 7 7The carrying value of cash and cash equivalents and liabilities to credit institutions is virtually the same as their fair value since these instruments have a short maturity term. Correspondingly, the carrying value of trade receivables and trade payables are virtually the same as the fair value, as they are agreed upon under \u201dnormal\u201d terms. This also applies to unpaid government charges, tax payable and current liabilities. A large proportion of non-current liabilities has variable interest rates and continuous interest rate adjustment, and therefore the carrying value is substantially the same as the fair value. The fair value of the group\u2019s interest rate hedge per year-end is estimated using the forward rate on the balance sheet date and is confirmed by the financial institution with which the agreement is signed. For more information about the hedging instruments, please refer to note 24.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1269-4": {
"value": "There are no material differences between the fair value and carrying value of financial assets and liabilities.Financial instruments per category 2023(Amounts in NOK million)Balance Financial Financial Financial Financial Non-sheet on 31 assets at assets at liabilities liabilities at financial December fair value amortised at fair amortised item2023costvaluecostNon-current financial assets 1 1Total inventories 35 35Trade receivables 895 895Contract assets 379 379Other current receivables 195 30 165Cash & cash equivalents 369 369To t a l 1,874 1,673 0 0 200Pension obligations 9 9Non-current financial liabilities 7 7Interest-bearing non-current liabilities 913 913Deferred tax 0 0Other non-current liabilities 0 0Interest-bearing current liabilities 218 218Trade payables 572 572Contract liabilities 341 341Public fees payable 194 194Tax payable 1 1Other current liabilities 457 457To t a l 2,712 0 0 7 1,702 1,002Financial instruments per category 2022(Amounts in NOK million)Balance Financial Financial Financial Financial Non-sheet on 31 assets at fair assets at liabilities liabilities at financial December value amortised at fair amortised item2022costvaluecostNon-current financial assets 23 15 8Total inventories 29 29Trade receivables 765 765Contract assets 475 475Other current receivables 185 29 156Cash & cash equivalents 472 472To t a l 1,950 15 1,750 185Pension obligations 11 11Interest-bearing non-current 1,095 1,095liabilitiesDeferred tax 1 1Other non-current liabilities 0Interest-bearing current 328 328liabilitiesTrade payables 504 504Contract liabilities 305 305Public fees payable 143 143Tax payable 1 1Other current liabilities 492 492To t a l 2,879 1,927 952Non-financial assets and liabilities include contract liabilities, advance payments, accruals and provisions.The table below analyses financial instruments recorded at fair value according to valuation method. The different levels are defined as follows:Level 1: Fair value is measured using quoted prices from active markets for identical financial instruments. No adjustment is made for these prices.Level 2: Fair value is measured using other observable input than that used in level 1, either directly (prices) or indirectly (derived from the prices).Level 3: Fair value is measured using input that is not based on observable market data.Financial assets at fair value:(Amounts in NOK million)Level 1 Level 2 Level 3 To t a lFinancial assets at fair value through profit or lossDerivatives defined as hedging instruments 15 0Total at 31 December 2022 0 0 15 15Financial assets at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 2023 0 0 0 0Financial liabilities at fair value:(Amounts in NOK million)Level 1 Level 2 Level 3 To t a lFinancial liabilities at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 2022 0 0 0 0Financial liabilities at fair value through profit or lossDerivatives defined as hedging instruments 7 7Total at 31 December 2023 0 0 7 7The carrying value of cash and cash equivalents and liabilities to credit institutions is virtually the same as their fair value since these instruments have a short maturity term. Correspondingly, the carrying value of trade receivables and trade payables are virtually the same as the fair value, as they are agreed upon under \u201dnormal\u201d terms. This also applies to unpaid government charges, tax payable and current liabilities. A large proportion of non-current liabilities has variable interest rates and continuous interest rate adjustment, and therefore the carrying value is substantially the same as the fair value. The fair value of the group\u2019s interest rate hedge per year-end is estimated using the forward rate on the balance sheet date and is confirmed by the financial institution with which the agreement is signed. For more information about the hedging instruments, please refer to note 24.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1278-5": {
"value": "The table below analyses financial instruments recorded at fair value according to valuation method. The different levels are defined as follows:Level 1: Fair value is measured using quoted prices from active markets for identical financial instruments. No adjustment is made for these prices.Level 2: Fair value is measured using other observable input than that used in level 1, either directly (prices) or indirectly (derived from the prices).Level 3: Fair value is measured using input that is not based on observable market data.Financial assets at fair value:(Amounts in NOK million)Level 1 Level 2 Level 3 To t a lFinancial assets at fair value through profit or lossDerivatives defined as hedging instruments 15 0Total at 31 December 2022 0 0 15 15Financial assets at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 2023 0 0 0 0Financial liabilities at fair value:(Amounts in NOK million)Level 1 Level 2 Level 3 To t a lFinancial liabilities at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 2022 0 0 0 0Financial liabilities at fair value through profit or lossDerivatives defined as hedging instruments 7 7Total at 31 December 2023 0 0 7 7The carrying value of cash and cash equivalents and liabilities to credit institutions is virtually the same as their fair value since these instruments have a short maturity term. Correspondingly, the carrying value of trade receivables and trade payables are virtually the same as the fair value, as they are agreed upon under \u201dnormal\u201d terms. This also applies to unpaid government charges, tax payable and current liabilities. A large proportion of non-current liabilities has variable interest rates and continuous interest rate adjustment, and therefore the carrying value is substantially the same as the fair value. The fair value of the group\u2019s interest rate hedge per year-end is estimated using the forward rate on the balance sheet date and is confirmed by the financial institution with which the agreement is signed. For more information about the hedging instruments, please refer to note 24.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1303-2": {
"value": "Note 24:Financial riskThe Group activities involve various types of financial risk: market risk (currency and interest rate), credit risk and liquidity risk. A Group risk management policy for hedging is implemented to manage this risk, and the Group has a central finance department to carry out the risk management in close cooperation with the subsidiaries. The Group\u2019s senior management oversees the management of these risks. The purpose of risk management is to minimise any potentially negative impact on the Group\u2019s financial results.Market riskMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk most relevant to the Group comprises currency risk and interest rate.a. Currency riskForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities and the Group\u2019s net investments in foreign subsidiaries.The Group focuses on reducing any foreign currency risk associated with cash flows, and on reducing the foreign currency risk associated with assets and liabilities. The subsidiaries in general have revenue and expenses in the same currency, and this substantially reduces the Group\u2019s cash flow exposure to a single currency. The finance department carries out assessments of the need for any hedging of currency risk in cash flows, based on a group hedging policy.The EUR 20.9 million loan in Danske Bank hedges the net investment in Finland. Net foreign exchange gains totalled NOK 1 million in 2023 (2022: NOK -1 million).The NOK/SEK rate of exchange as of 31 December 2023 was 1.013 (2022: 0.9453), while the average of the monthly average rates used to translate the income statement was 0.9984 (2022: 0.9506). The NOK/EUR rate of exchange as of 31 December 2023 was 11.2405 (2022: 10.5138), while the average of the monthly average rates used to translate the income statement was 11.4549 (2022: 10.1021).The following tables demonstrate the sensitivity to a reasonably possible change in SEK and EUR exchange rates, with all other variables held constant. The Group\u2019s exposure to foreign currency changes for all other currencies is not material.(Amounts in NOK million)2023 2022 Change in SEK rate -5 % -5 %Effect on net income 2 23 Effect on equity -21 -15 Effect on net interest-bearing debt 3 8 Change in EUR rate -5 % -5 %Effect on net income -4 -5 Effect on equity -56 -48 Effect on net interest-bearing debt 6 9 b. Interest rate riskThe Group has interest-bearing debt as described in note 19. The Group has a loan agreement with Danske Bank, a 5-year bond, and operational and financial leases being interest-bearing. The total cash position nets off some of the interest rate risk. The NOK 400 million bond issued in October 2023 carries an interest of 3 months NIBOR + 4.40% until maturity 25 October 2027. The 3 months NIBOR has been hedged to a fixed rate of 3.843% for the full period using an interest rate swap. The bond creates an exposure to pay 3 months NIBOR interest on the NOK 400 million notional. The interest rate swap on the same notional creates an equal and opposite interest receipt and a fixed interest payment, therefore creating an exact offset for this transaction resulting in a net fixed interest payable of 3.843%. As the interest rate swap is based on the same notional, settlement dates and maturity as the bond, the hedge ratio is 100%. The interest rate swap related to the old bond was terminated in 2023, and accumulated OCI effects were hence recognised in the profit and loss statement, leading to a positive financial income of NOK 15 million. The fair value of the new interest rate swap was NOK -7 million at year-end (2022: NOK 15 million). The net effect interest rate swap related to the old bond and the interest swap related to the new bond impacts OCI negatively with NOK 17 million in 2023 (NOK 15 million in positive effect in 2022).Net interest expense for 2023 amounts to NOK 59 million (2022: NOK 57 million). An increase in interest rate of 1 percentage point would have increased interest on debt by approximately NOK 8 million in 2023 (2022: NOK 9 million).Credit riskCredit risk in connection with sales to customers is managed within the subsidiaries, and at group level for major projects. Credit risk is monitored by the subsidiaries and at group level. The Group has guidelines for new contracts that focus on various elements, all of which shall contribute to early payments from the customer.82% of the revenues for 2023 were to customers that are municipalities or government agencies, or companies or institutions where municipalities or government agencies have a dominant influence. The Group considers the risk of potential future losses from this type of customer to be low. The Group has not entered any transactions that involve financial derivatives or other financial instruments to mitigate credit risks.As of 31 December 2023, the Group has provisions of NOK 6 million (2022: NOK 7 million) for potential future losses on specific trade receivables. The loss provision represents the total expected credit loss based on individual assessments of specific trade receivables at the reporting date. The age distribution of the Group\u2019s trade receivables is specified in Note 15.The maximum exposure to credit risk at the reporting date is the carrying value of each classof financial assets disclosed in note 23.Liquidity riskLiquidity risk is the risk that the Group will be unable to meet its financial obligations when they are due, and that financing will not be available at a reasonable price. The central management team and the local managers of subsidiaries monitor the Group\u2019s liquid resources and credit facilities through revolving forecasts based on the expected cash flow. The Group\u2019s operations are impacted by seasonal fluctuations, since a large portion of the Group\u2019s operations consist of railroad work. Railroad work is performed to a lesser extent in winter during frost and when the surface of the earth is covered in snow. The Group normally ties up working capital when the activity is increasing.The Group had NOK 769 million in liquid reserves at the end of the year, compared with NOK 672 million in liquid reserves at the end of the previous year. Restricted bank deposits totalled NOK 0 million (2022: NOK 0 million) and total cash were NOK 369 million (2022: NOK 472 million). In addition, the Group had year-end 2023 an unused credit facility of NOK 400 million, increasing the availability to the cash reserves for almost all subsidiaries. The Group increased the multi-currency credit facility from NOK 200 million to NOK 400 million during the year. Total short-term interest-bearing debt including leasing liabilities at the year-end that are due to be paid during 2023 amounts to NOK 218 million (2022: NOK 328 million to be paid in 2023).Moreover, the Group has total current liabilities excluding interest-bearing debt as of 31 December 2023, totalling NOK 1,562 million (2022: NOK 1,445 million). Total current assets amounted to NOK 1,873 million compared to NOK 1,927 million last year.Capital managementThe purpose of the Group\u2019s capital management is to ensure a predictable financial framework for operations and provide shareholders with a return according to our dividend policy.The Group\u2019s capital structure considers the required financial flexibility to execute strategic plans, to handle existing debt financing arrangements as well as working capital needs and to provide necessary funds for dividend payment. The long-term ambition is to have a leverage ratio below 2.5. The ratio at year end was 2.3. The Group manages its capital structure and makes changes based on an ongoing assessment of the current economic condition and the outlook for both the short and medium term. Capital management is amongst other monitored based on available cash and net interest-bearing debt, as well as the Group\u2019s leverage ratio, interest cover ratio and equityratio. For more information about capital management considerations, see separate section under liquidity risk above and note 19.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1311-3": {
"value": "Market riskMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk most relevant to the Group comprises currency risk and interest rate.a. Currency riskForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities and the Group\u2019s net investments in foreign subsidiaries.The Group focuses on reducing any foreign currency risk associated with cash flows, and on reducing the foreign currency risk associated with assets and liabilities. The subsidiaries in general have revenue and expenses in the same currency, and this substantially reduces the Group\u2019s cash flow exposure to a single currency. The finance department carries out assessments of the need for any hedging of currency risk in cash flows, based on a group hedging policy.The EUR 20.9 million loan in Danske Bank hedges the net investment in Finland. Net foreign exchange gains totalled NOK 1 million in 2023 (2022: NOK -1 million).The NOK/SEK rate of exchange as of 31 December 2023 was 1.013 (2022: 0.9453), while the average of the monthly average rates used to translate the income statement was 0.9984 (2022: 0.9506). The NOK/EUR rate of exchange as of 31 December 2023 was 11.2405 (2022: 10.5138), while the average of the monthly average rates used to translate the income statement was 11.4549 (2022: 10.1021).The following tables demonstrate the sensitivity to a reasonably possible change in SEK and EUR exchange rates, with all other variables held constant. The Group\u2019s exposure to foreign currency changes for all other currencies is not material.(Amounts in NOK million)2023 2022 Change in SEK rate -5 % -5 %Effect on net income 2 23 Effect on equity -21 -15 Effect on net interest-bearing debt 3 8 Change in EUR rate -5 % -5 %Effect on net income -4 -5 Effect on equity -56 -48 Effect on net interest-bearing debt 6 9 b. Interest rate riskThe Group has interest-bearing debt as described in note 19. The Group has a loan agreement with Danske Bank, a 5-year bond, and operational and financial leases being interest-bearing. The total cash position nets off some of the interest rate risk. The NOK 400 million bond issued in October 2023 carries an interest of 3 months NIBOR + 4.40% until maturity 25 October 2027. The 3 months NIBOR has been hedged to a fixed rate of 3.843% for the full period using an interest rate swap. The bond creates an exposure to pay 3 months NIBOR interest on the NOK 400 million notional. The interest rate swap on the same notional creates an equal and opposite interest receipt and a fixed interest payment, therefore creating an exact offset for this transaction resulting in a net fixed interest payable of 3.843%. As the interest rate swap is based on the same notional, settlement dates and maturity as the bond, the hedge ratio is 100%. The interest rate swap related to the old bond was terminated in 2023, and accumulated OCI effects were hence recognised in the profit and loss statement, leading to a positive financial income of NOK 15 million. The fair value of the new interest rate swap was NOK -7 million at year-end (2022: NOK 15 million). The net effect interest rate swap related to the old bond and the interest swap related to the new bond impacts OCI negatively with NOK 17 million in 2023 (NOK 15 million in positive effect in 2022).Net interest expense for 2023 amounts to NOK 59 million (2022: NOK 57 million). An increase in interest rate of 1 percentage point would have increased interest on debt by approximately NOK 8 million in 2023 (2022: NOK 9 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1366-3": {
"value": "Credit riskCredit risk in connection with sales to customers is managed within the subsidiaries, and at group level for major projects. Credit risk is monitored by the subsidiaries and at group level. The Group has guidelines for new contracts that focus on various elements, all of which shall contribute to early payments from the customer.82% of the revenues for 2023 were to customers that are municipalities or government agencies, or companies or institutions where municipalities or government agencies have a dominant influence. The Group considers the risk of potential future losses from this type of customer to be low. The Group has not entered any transactions that involve financial derivatives or other financial instruments to mitigate credit risks.As of 31 December 2023, the Group has provisions of NOK 6 million (2022: NOK 7 million) for potential future losses on specific trade receivables. The loss provision represents the total expected credit loss based on individual assessments of specific trade receivables at the reporting date. The age distribution of the Group\u2019s trade receivables is specified in Note 15.The maximum exposure to credit risk at the reporting date is the carrying value of each classof financial assets disclosed in note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1385-3": {
"value": "Liquidity riskLiquidity risk is the risk that the Group will be unable to meet its financial obligations when they are due, and that financing will not be available at a reasonable price. The central management team and the local managers of subsidiaries monitor the Group\u2019s liquid resources and credit facilities through revolving forecasts based on the expected cash flow. The Group\u2019s operations are impacted by seasonal fluctuations, since a large portion of the Group\u2019s operations consist of railroad work. Railroad work is performed to a lesser extent in winter during frost and when the surface of the earth is covered in snow. The Group normally ties up working capital when the activity is increasing.The Group had NOK 769 million in liquid reserves at the end of the year, compared with NOK 672 million in liquid reserves at the end of the previous year. Restricted bank deposits totalled NOK 0 million (2022: NOK 0 million) and total cash were NOK 369 million (2022: NOK 472 million). In addition, the Group had year-end 2023 an unused credit facility of NOK 400 million, increasing the availability to the cash reserves for almost all subsidiaries. The Group increased the multi-currency credit facility from NOK 200 million to NOK 400 million during the year. Total short-term interest-bearing debt including leasing liabilities at the year-end that are due to be paid during 2023 amounts to NOK 218 million (2022: NOK 328 million to be paid in 2023).Moreover, the Group has total current liabilities excluding interest-bearing debt as of 31 December 2023, totalling NOK 1,562 million (2022: NOK 1,445 million). Total current assets amounted to NOK 1,873 million compared to NOK 1,927 million last year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1410-3": {
"value": "Capital managementThe purpose of the Group\u2019s capital management is to ensure a predictable financial framework for operations and provide shareholders with a return according to our dividend policy.The Group\u2019s capital structure considers the required financial flexibility to execute strategic plans, to handle existing debt financing arrangements as well as working capital needs and to provide necessary funds for dividend payment. The long-term ambition is to have a leverage ratio below 2.5. The ratio at year end was 2.3. The Group manages its capital structure and makes changes based on an ongoing assessment of the current economic condition and the outlook for both the short and medium term. Capital management is amongst other monitored based on available cash and net interest-bearing debt, as well as the Group\u2019s leverage ratio, interest cover ratio and equityratio. For more information about capital management considerations, see separate section under liquidity risk above and note 19.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1426-2": {
"value": "Note 25:Inventories(Amounts in NOK million)2023 2022Raw materials and materials for resale 21 21Finished goods 14 8Total inventories 35 29Inventory relates to the Finish operations. No write-downs to inventory have been made in 2023. Inventories have been pledged for short- and long-term loans, see note 22. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1428-3": {
"value": "Accounting policyInventories are carried at the lower of cost and net realisable value. Cost is determined using the first-in, first-out method. The cost of finished goods and work-in-progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and applicable variable selling expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1439-2": {
"value": "Note 26:Disputes and claims related to projectsThrough its ongoing operations, the Group is involved in disputes with customers regarding the interpretation and understanding of contracts and agreements. This applies in particular to complex and large projects where the contract terms can be challenging. The Group strives to resolve these kinds of disputes outside court whenever possible, but some cases may nevertheless have to be decided by arbitration or in court. Disputes can be the Group\u2019s claims on customers and/or customers\u2019 claims on the Group. Comprehensive assessments are conducted in connection with disputed claims to ensure the most correct revenue and/ or expense recognition. At year-end the Group has no ongoing legal or arbitration proceedings that is assumed can have any significant negative effects on the Group\u2019s financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1452-1": {
"value": "Note 27:Subsidiaries, associates and joint ventures The Group has a 20% interest sharing risks and rewards of two larger projects (E04 Station Haga, and E03 Kvarnberget) with Webuild (40%) and G\u00fclermak (40%) in connection with Station Haga in Gothenburg, through the associated company AGN Haga AB. The projects commenced during 2018/2019 and were previously scheduled to be completed by 2026. The projects are complex with substantial risk. The Group is not operationally involved in anyof the projects.Webuild, G\u00fclermak and Nordic Railway Construction Sverige AB have given surety to Trafikverket related to AGN Haga\u2019s execution of project E03 Kvarnberget.In 2022, NRC Group made capital contribution of SEK 15 million to AGN Haga AB, representing NRC Group\u2019s pro-rata share of the total capital contributions, to support working capital in AGN Haga AB. Due to substantial uncertainty in the projects, net income from AGN Haga AB has not been recognised in NRC Group accounts, and all capital contributions of SEK 15.5 million was impaired in 2022. In 2023, a loss of NOK 2 million has been recognised related to AGN Haga.On January 24, 2023, AGN Haga received a termination notice from Trafikverket in relation to Station Haga in Gothenburg (E04). The contract in relation to Kvarnberget (E03) was not part of the termination notice. During the first half of 2023, AGN Haga filed an application for reconstruction to the District Court, which was approved on the 22nd of May 2023. In December, the District Court approved to extend the reconstruction period until 19 March 2024 , which was later further extended to June 19 2024. AGN Haga filed a reconstruction plan to the District Court on March 19, and the plan negotionation is scheduled at April 22.The book value of AGN Haga AB in the Group\u2019s annual accounts on 31 December 2023 is NOK 0 million. A summary of the financial information of AGN Haga AB, based on 100% figures:(Amounts in NOK million)2023 2022Total revenue 950 1,413Net profit for the year -68 123The Group's calculated share of the net profit (20%) -14 25Provisions made in the Group accounts 14 -25The Group's reported share of the net profit 0 0The associated company had no discontinued operations or other comprehensive income in2023 or 2022.(Amounts in NOK million)2023 2022Current assets 843 704Non-current assets 3 61Current liabilities 624 477Non-current liabilities 17 34Equity 205 253The Group's calculated share of equity (20%) 41 51Accumulated provisions made in the Group accounts -41 -51Book value 31.12 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1452-2": {
"value": "Note 27:Subsidiaries, associates and joint ventures The following directly and indirectly owned subsidiaries are included in the consolidated accounts. All entities are owned 100% unless otherwise noted.NRC Group Holding AS, NorwayNRC Norge Holding AS, Norway NRC Norge AS, Norway NRC Kept AS, NorwayGunnar Knutsen AS, NorwayAsker Milj\u00f8park AS, NorwayNRC Vedlikehold AS, NorwayNordic Railway Construction Group Holding Sverige ABNordic Railway Construction Sverige AB (previously named NRC Underh\u00e5ll AB), Sweden Signal & Banbyggarna i Dalarna AB, SwedenJ\u00e4rnv\u00e4gskonsulterna Bolln\u00e4s AB, SwedenG\u00e4strike Signal & Projektering AB, Sweden 2)Nordic Railway Construction Group Sverige AB, SwedenNRC Holding Finland Oy, FinlandNRC Group Finland Oy, Finland",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1452-3": {
"value": "Note 27:Subsidiaries, associates and joint ventures The Group has a 20% interest sharing risks and rewards of two larger projects (E04 Station Haga, and E03 Kvarnberget) with Webuild (40%) and G\u00fclermak (40%) in connection with Station Haga in Gothenburg, through the associated company AGN Haga AB. The projects commenced during 2018/2019 and were previously scheduled to be completed by 2026. The projects are complex with substantial risk. The Group is not operationally involved in anyof the projects.Webuild, G\u00fclermak and Nordic Railway Construction Sverige AB have given surety to Trafikverket related to AGN Haga\u2019s execution of project E03 Kvarnberget.In 2022, NRC Group made capital contribution of SEK 15 million to AGN Haga AB, representing NRC Group\u2019s pro-rata share of the total capital contributions, to support working capital in AGN Haga AB. Due to substantial uncertainty in the projects, net income from AGN Haga AB has not been recognised in NRC Group accounts, and all capital contributions of SEK 15.5 million was impaired in 2022. In 2023, a loss of NOK 2 million has been recognised related to AGN Haga.On January 24, 2023, AGN Haga received a termination notice from Trafikverket in relation to Station Haga in Gothenburg (E04). The contract in relation to Kvarnberget (E03) was not part of the termination notice. During the first half of 2023, AGN Haga filed an application for reconstruction to the District Court, which was approved on the 22nd of May 2023. In December, the District Court approved to extend the reconstruction period until 19 March 2024 , which was later further extended to June 19 2024. AGN Haga filed a reconstruction plan to the District Court on March 19, and the plan negotionation is scheduled at April 22.The book value of AGN Haga AB in the Group\u2019s annual accounts on 31 December 2023 is NOK 0 million. A summary of the financial information of AGN Haga AB, based on 100% figures:(Amounts in NOK million)2023 2022Total revenue 950 1,413Net profit for the year -68 123The Group's calculated share of the net profit (20%) -14 25Provisions made in the Group accounts 14 -25The Group's reported share of the net profit 0 0The associated company had no discontinued operations or other comprehensive income in2023 or 2022.(Amounts in NOK million)2023 2022Current assets 843 704Non-current assets 3 61Current liabilities 624 477Non-current liabilities 17 34Equity 205 253The Group's calculated share of equity (20%) 41 51Accumulated provisions made in the Group accounts -41 -51Book value 31.12 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1472-3": {
"value": "Accounting policyThe Group holds an investment in an associated company, AGN Haga AB, accounted for according to the equity method. The financial statements of AGN Haga AB are prepared for the same reporting period as the Group. The accounting policies is aligned with those of the Group, hence no adjustments related to accounting principles are made when measuring and recognising the Group\u2019s share of the profit or loss after the date of the acquisition. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate. The Group assess the need for making any provisions to the Group\u2019s share of the results from the associate. More information about this is reflected in the note. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1519-2": {
"value": "Note 28:Related party disclosuresNote 27 provides information about the Group\u2019s structure, subsidiaries and associated companies. Note 17 provides information about the shareholders. No shareholders consider the Group as an associated company. Note 6 and 7 discloses the management and Board of Directors of the Group, including their benefits and any other transactions with the Group.NRC Group ASA may have agreements with Board members for consultancy services related to certain internal projects such as acquisitions and management recruitment. The agreements are based on hourly rates and are carried out on arm\u2019s length terms. Currently, there exists one agreement with Mats Williamson. Total expense amounted to NOK 0.2 million for 2023 based on hourly rates of SEK 1,500. Except for this, no significant related party transactions exist. Any related party transactions are carried out on arm\u2019s length terms.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1534-2": {
"value": "Note 29:Subsequent eventsAfter the balance sheet date, the Group made a strategic decision to restructure parts of the demolition and recycling operations in NRC Kept AS due to prevailing market conditions and negative results in 2023. The restructuring includes the discontinuation of one department within this business affecting approximately 40 employees, sale of machinery and equipment, reductions in overhead costs, and other targeted actions aimed at enhancing the long-term profitability of the Group. The financial impact of the restructuring will be reflected in subsequent financial periods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f49400": {
"value": "NRC Group ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f49401": {
"value": "NRC Group ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}