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"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:NOK" } }, "f3225": { "value": "492634000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3237": { "value": "DISCLOSURE 1 | SIGNIFICANT ACCOUNTING PRINCIPLES CORPORATE INFORMATION Scana ASA is headquartered at Wernersholmvegen 49, Bergen, in Norway. Scana is a public limited company listed on the Oslo Stock Exchange. The Group\u2019s activities are described in disclosure 6. The consolidated \ufb01nancial statements of Scana ASA for the \ufb01scal year 2022 were approved in the board meeting on 28 April 2023. \u00a0The \ufb01nancial statements are presented in Norwegian kroner (NOK), and all numbers are rounded and given to the nearest thousand (\u2018000) except when otherwise stated. BASIS FOR PREPARATION The Scana ASA\u2019s consolidated \ufb01nancial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and are mandatory for \ufb01nancial years beginning on or after 1 January 2022, and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31 December 2022. \u00a0The \ufb01nancial statements have been prepared under the assumption of going concern, see disclosure 5. Annual accounts consist of income statement, comprehensive income, the statement of \ufb01nancial position, cash \ufb02ow statement, statement of changes in equity and disclosures to the accounts. \u00a0The consolidated \ufb01nancial statements are based on historical cost, with the exception of the following: Financial instruments (derivatives) at fair value through pro\ufb01t or loss. Obligations linked to share-based schemes and schemes with cash settlement are measured at fair value through pro\ufb01t or loss. The consolidated \ufb01nancial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances. FUNCTIONAL CURRENCY AND PRESENTATION CURRENCY The presentation currency for the Group is NOK which is also the functional currency for the parent company Scana ASA. The functional currencies for the subsidiaries have been assessed to be their local currencies. BASIS OF CONSOLIDATION The Group\u2019s consolidated \ufb01nancial statements comprise the parent company Scana ASA and its subsidiaries as of 31 December 2022. \u00a0An entity has been assessed as being controlled by the Group when the Group is exposed for or have the rights to variable returns from its involvement with the entity and can use its power over the entity to affect the amount of the Group\u2019s returns. \u00a0The identi\ufb01able assets acquired, and the liabilities assumed, including contingent liabilities, are measured at fair value at the time of takeover. Transferred consideration is measured at fair value. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identi\ufb01able acquired assets and assumed liabilities, is recognized as goodwill. Expenses incurred in connection with the takeover, beyond those related to debt and equity, are expensed. Companies that are bought or sold during the year are included in the consolidated accounts from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. Intercompany transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated. Unrealized gains related to transactions with af\ufb01liated companies and joint ventures are eliminated with the Group\u2019s share in the business. Correspondingly, unrealized losses are eliminated, but only to the extent that there are no indications of a decrease in value of the asset that has been sold internally. When necessary, amounts reported by subsidiaries have been adjusted to conform to the Group\u2019s accounting policies. \u00a0REVENUE REVENUE FROM CONTRACTS WITH CUSTOMER IFRS 15 Revenue from Contracts with customers establishes a \ufb01ve-step method that applies to all customer contracts. Under the standard, only approved customer contracts with a \ufb01rm commitment are basis for revenue recognition. The deliveries in the contracts are reviewed to identify distinct performance obligations, and revenue is recognized in line with how the entity satis\ufb01es these performance obligations \u2013 either over time or at a point in time. This assessment may involve signi\ufb01cant judgement. For contracts with customers for which the performance obligations are satis\ufb01ed over time, revenue is recognized over time using a cost progress method or as time and material are delivered to the customer. For contracts with customers for which the performance obligations are satis\ufb01ed at a point in time, revenue is recognized at the point in time when the customer obtains control of the product or the service. Details of the accounting policies and the nature of performance obligations for each of the major types of customer contracts are set out in disclosure 6. \u00a0CONTRACT BALANCES Contract assets: A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. \u00a0Trade receivables: A receivable represents the Group\u2019s right to an amount of consideration that is unconditional. \u00a0Contract liabilities: A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made. Contract liabilities are recognized as revenue when the Group ful\ufb01ls the performance obligation(s) under the contract. \u00a0GOVERMENT GRANTS Government grants are recognized when there is reasonable assurance that the company will meet the conditions stipulated for the grants and that the grants will be received. The Group received support related to covid-19 in 2021 which was recognized as other revenue. Operating grants are recognized systematically during the grant period. FOREIGN CURRENCIES TRANSACTONS AND BALANCES Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Any currency differences are recognized in pro\ufb01t or loss as \ufb01nancial items. CONSOLIDATION AND CONVERSION Balance sheet items for foreign subsidiaries are converted to NOK using the exchange rates as of 31 December. All items in the income statement are converted to NOK via the weighted average exchange rate per month which is obtained from Norges Bank for the individual month. Consolidation leads to translation differences which is presented in other revenue and expenses and is included in the total result. Currency loss or -gains relating to debt in foreign currency, which for accounting purposes is considered to be a hedge investment in foreign subsidiaries, is entered as other revenue and expenses included in the total result. Exchange-rate differences in monetary amounts (liabilities or receivables) which are in reality a part of a company\u2019s net investment in a foreign entity are also included as translation differences. \u00a0INTANGIBLE ASSETS\u00a0Intangible assets with a de\ufb01nite economic life are amortized over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate. \u00a0GOODWILL Goodwill is initially measured at cost, and is the excess of the aggregate of the consideration transferred and the amount recognised in the net identi\ufb01able assets acquired and liabilities assumed through a business combination. \u00a0After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU) that are expected to bene\ufb01t from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units which as balanced goodwill and are expected to bene\ufb01t from synergies from the business combination. Goodwill recognized in the balance sheet will be re-assessed against the recoverable amount. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs of disposal and its value in use. \u00a0RESEARCH AND DEVELOPMENT Expenses relating to research and development are recognized in the statement of comprehensive income as they incur. Development expenses relating to a single project are capitalized as intangible assets when the following can be documented: The product or process is technically and commercially viable so that it becomes available for use or sale. The Group intends to \ufb01nalize the intangible asset and make it available for use or sale. The Group has the ability to make the intangible asset available for use or sale. The asset will generate future economic bene\ufb01ts. The Group has suf\ufb01cient resources to complete the development work. Expenses can be reliably measured. \u00a0All development expenses that are recognized in the balance sheet are reviewed by the board of the subsidiaries. It is documented how it is expected that the intangible asset will create future cash \ufb02ow for the Group. \u00a0Capitalized development costs are recognized at their cost minus accumulated amortization and impairment losses. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset.\u00a0Impairment tests are performed annually or more frequently if found necessary based on impairment indicator. Losses or gains on the disposal of an intangible asset, calculated as the difference between the net sales amounts and balance amount, are recognized in the income statement. RIGHT OF USE ASSETS The Group measures the right of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The costs of the right of use asset comprise: The amount of the initial measurement of the lease liability recognized. Any lease payments made at or before the commencement date, less any incentives received Any initial direct costs incurred by the Group. An estimate of the costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. \u00a0The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right of use asset, except that the right of use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right of use asset.\u00a0The Group applies IAS 36 Impairment of Assets to determine whether the right of use asset is impaired and to account for any impairment loss identi\ufb01ed. \u00a0PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognized and any gain or loss is recognized in the statement of comprehensive income. Acquisition cost for tangible assets is the purchase price, including taxes/duties and direct costs directly linked to preparing the asset ready for its intended use. Expenses incurred after the asset is in use, such as regular maintenance expenses, are recognized in the statement of comprehensive income, while other expenses that are expected to provide future \ufb01nancial bene\ufb01ts are capitalized. \u00a0Buildings and land are assets that are either used by the Group\u2019s companies or owned to achieve rental revenue. Buildings and land are recognized at acquisition cost. Costs incurred after the asset is in use, such as regular maintenance costs, are recognized in the statement of comprehensive income, while other costs that are expected to provide future \ufb01nancial bene\ufb01ts are capitalized. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, except for land. The period of use, the residual value and the depreciation method for the \ufb01xed assets are assessed each year. \u00a0The Group capitalizes larger periodic maintenance and depreciates it according to the maintenance interval. IMPAIRMENT OF NON-CURRENT ASSETS Impairment of non-current assets (including right-of-use assets) is considered yearly and when there are indications of impairment. If, and only if, the recoverable amount of an asset is less than carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss shall be recognized immediately in pro\ufb01t or loss. Recoverable amount is the higher of fair value less cost of disposal and value in use (the discounted cash \ufb02ow given continued use). Fair value less cost of disposal is the value that can be obtained by selling to a third-party less the cost of disposal. \u00a0Recoverable amount is determined separately for all operating assets, but if this is not possible, it is determined together with the cash-\ufb02ow generating unit the tangible asset is linked to. Previously recognized impairment will be reversed when available information con\ufb01rms that there is no longer indication of impairment. The reversal is recognized in the statement of comprehensive income. Reversal of impairment is constrained, so the value of the asset will not be higher than the asset value and planned recognized depreciations. INVESTMENT IN ASSOCIATED COMPANIES Associates are entities over which the Group has signi\ufb01cant in\ufb02uence, but not control or joint control over the \ufb01nancial and operating management. (Normally ownership between 20 % and 50 %). Associates are accounted for using the equity method from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. Investments in associates are initially recognized at cost. If the Group\u2019s share of the loss surpasses the carrying amount of the associate, the carrying amount is set to zero and further loss is not recognized unless the Group has an obligation to make up for the loss. \u00a0FINANCIAL ASSETS The Group\u2019s \ufb01nancial assets are derivatives, non-listed equity instruments, quoted debt instruments, trade receivables and cash and cash equivalents. The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a signi\ufb01cant \ufb01nancing component, the Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, and fair value through other comprehensive income and transaction costs. The Group classi\ufb01ed its \ufb01nancial assets in two categories: Financial assets at amortized cost Derivatives at fair value designated as hedging instruments \u00a0FINANCIAL ASSETS AT AMORTIZED COST The Group measures \ufb01nancial assets at amortized cost if both of the following conditions are met: The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows and, The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. \u00a0Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in pro\ufb01t or loss when the asset is derecognized, modi\ufb01ed, or impaired. \u00a0The Group\u2019s \ufb01nancial assets at amortized cost includes trade receivables and other short-term deposit. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. DERECOGNITION OF FINANCIAL ASSETS A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a Group of similar \ufb01nancial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: The rights to receive cash \ufb02ows from the asset have expired, or The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. IMPAIRMENT OF FINANCIAL ASSETS The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased signi\ufb01cantly since the initial recognition. For credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the \ufb01rst 12 months. For those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). \u00a0For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment. \u00a0The general model means that on every reporting date the Group evaluates whether there has been one signi\ufb01cant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased signi\ufb01cantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include: Change in the instrument\u2019s external credit rating since initial recognition Change in external market indications relating to credit risk Existing or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to ful\ufb01l its obligations Signi\ufb01cant changes in the borrower\u2019s results, working capital or similar Regulatory conditions implemented or expected to be implemented that can affect the instrument \u00a0If there has been a signi\ufb01cant increase in the credit risk after initial recognition, the \ufb01nancial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument. Instruments are classi\ufb01ed at stage 3 when the instruments are credit impaired, i.e., when external evidence can con\ufb01rm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions. \u00a0FINANCIAL LIABILITIES Derivatives are recognized initially at fair value. Loans, borrowings, and payables are recognized at fair value net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. \u00a0LOAN, BORROWINGS AND PAYABLES After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the income statement. Payables are measured at their nominal amount when the effect of discounting is not material. DERECOGNITION OF FINANCIAL LIABILITIES A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the income statement. INVENTORIES Inventories, which consist of purchased goods and in-house produced products, are valued at the lowest of purchase/production cost and expected net selling price. The net selling price is the estimated selling price in the case of ordinary operations minus the estimated completion, marketing, and distribution costs. The acquisition cost is arrived at using the FIFO method and includes the costs incurred in acquiring the goods and the costs of bringing the goods to their current state and location. In-house produced goods include raw materials, energy, direct labour, and a share of the indirect costs that can be allocated based on normal capacity utilization, including maintenance and depreciation. \u00a0TRADE RECEIVABLE Trade receivable is recognized at amortized cost.\u00a0Provision for losses is made after a concrete assessment of each individual receivable. \u00a0CASH AND CASH EQUIVALENTS Cash includes cash in hand and at bank. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash, be subject to an insigni\ufb01cant risk of changes in value and have a maximum term to maturity of three months. Bank deposits may also include restricted funds that may have a lock-in period of more than three months, but less than twelve months. Reference is made to disclosure 22 for further information of bank deposits and overdrafts. Included in liquidity in the cash \ufb02ow statement overdraft. \u00a0In the Group\u2019s cash \ufb02ow analysis cash and cash equivalents consist as de\ufb01ned above. The cash \ufb02ow analysis has been prepared according to the indirect method. \u00a0NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS\u00a0Non-current assets and Groups of non-current assets and liabilities are classi\ufb01ed as held for sale if their carrying amount will be recovered through a sales transaction instead of through continued use. This is only regarded as having been ful\ufb01lled when a sale is highly probable, and the non-current asset (or Groups of non-current assets and liabilities) is available for immediate sale in its present form. The management must be committed to a sale and the sale must be expected to be carried out within one year after the classi\ufb01cation date. \u00a0Non-current assets and Groups of non-current assets and liabilities which are classi\ufb01ed as held for sale are valued at the lower of their former carrying amount or fair value minus sales costs. Assets are presented separately in the balance sheet as \u201cAssets classi\ufb01ed as held for sale\u201d and liabilities are presented as \u201cLiabilities classi\ufb01ed as held for sale\u201d. \u00a0Discontinued operations are de\ufb01ned as a company or part of a company that has either been disposed of or classi\ufb01ed held for sale and: Which represents a separate and signi\ufb01cant business or a separate and signi\ufb01cant geographical operating area, where materiality is assessed both in relation to the size of the business and whether the business is different from other businesses in the Group or segment in general Is part of a single coordinated plan to dispose of a separate and signi\ufb01cant business or a separate and signi\ufb01cant geographic operating area; or Is a subsidiary acquired exclusively for resale. \u00a0Discontinued operations are presented separately from the result from continued operations in the income statement in the account \u201cAnnual result of discontinued operations (after tax)\u201d. Pro\ufb01t after tax from discontinued operations as well as gains or losses for assets or disposal Groups are included in the account. Additional speci\ufb01cations are given in disclosures. Comparative \ufb01gures for the discontinued operations are changed accordingly. LEASING The Group has entered into lease agreements relating to assets mentioned in disclosure 24. IFRS 16 sets out principles for recognition, measurement, presentation, and information about leasing. The Group as lessee recognizes assets and liabilities for all leases. At the time of implementation of a lease agreement, the company recognizes the associated lease liability to future lease payments and an asset that represents the right of use of the underlying asset during the lease period (right of use asset). \u00a0IDENTIFYING A LEASE At the inception of a contract, The Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. \u00a0RECOGNITION OF LEASES AND EXEMPTIONS At the lease commencement date, the Group recognizes a lease liability and corresponding right of use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: Short-term leases (de\ufb01ned as 12 months or less) Low value assets \u00a0For these leases, the Group recognizes the lease payments as other operating expenses in the income statement when they incur. \u00a0LEASE LIABILITIES The Group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.\u00a0\u00a0The lease payments included in the measurement comprise of: Fixed lease payments (including in-substance \ufb01xed payments), less any lease incentives receivable. Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date. Amount expected to be payable by the Group under residual value guarantees. The exercise price of a purchase option, if the Group is reasonably certain to exercise that option. Payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising an option to terminate the lease. \u00a0The lease liability is subsequently measured by increasing the carrying amount to re\ufb02ect interest on the lease liability (see disclosure 24), reducing the carrying amount to re\ufb02ect the lease payments made and remeasuring the carrying amount to re\ufb02ect any reassessment or lease modi\ufb01cations, or to re\ufb02ect adjustments in lease payments due to an adjustment in an index or rate. The Group does not include variable lease payments that depend on an index or a rate in the lease liability. Instead, the Group recognizes these variable lease expenses in pro\ufb01t or loss. The Group presents its lease liabilities as separate line items in the statement of \ufb01nancial position. The company classi\ufb01es lease payments as follows in the cash \ufb02ow statement: Lease payments linked to the principal amount of the contract are classi\ufb01ed as \ufb01nancing activity on a separate line \u201crepayment of lease obligations\u201d. Interest paid includes interest related to leases, classi\ufb01ed as \ufb01nancing activity. Short-term leases (less than twelve months), payments related to low-value leases and leases with variable payments are classi\ufb01ed as operational activity. PENSION COST AND LIABILITIES The Group\u2019s pension plans consist of de\ufb01ned contribution pension and AFP plans for the Group\u2019s Norwegian employees and bene\ufb01t plans (\u201cmulti-employer plans\u201d) for the Group\u2019s Swedish employees. The pension plans which are administered separately (contribution-based pension plan) the annual payments/subsidies are included in personnel expenses. \u00a0Pension liabilities are valued at the present value of future pension rights earned at the balance sheet date on the basis of linear accrual and expected \ufb01nal salary. The pension plan\u2019s funds are valued at assumed market value. Net pension liabilities (pension liabilities minus the pension plan\u2019s funds) are classi\ufb01ed in the balance sheet as long-term liabilities. The net liability includes employer\u2019s tax. \u00a0The AFP plan for the Group\u2019s Norwegian employees and the bene\ufb01t plan for the Group\u2019s Swedish employees are considered as so-called \u201cmulti-employer plans\u201d. These pension plans are treated as de\ufb01ned contribution pension plans in the accounts because the necessary information to treat the plan as de\ufb01ned bene\ufb01t plans are not yet available from the life insurance company that administers the pension plan. When the necessary information is available, and the pension plan are accounted for as de\ufb01ned bene\ufb01t arrangements in accordance with IAS 19, this could have an effect on the consolidated accounts. \u00a0TAXES INCOME TAXES Income taxes comprise taxes on the taxable pro\ufb01t for the year, changes in deferred taxes and any adjustments in prior years\u2019 taxes. Taxes on transactions that are recorded in other comprehensive income or directly in equity do not form part of the tax expense in pro\ufb01t or loss. Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period. DEFERRED TAX ASSETS Deferred tax assets are recognized when it is probable that the company will have a suf\ufb01cient pro\ufb01t for tax purposes in subsequent periods to utilize the tax asset. The assessment of whether deferred tax assets can be recognized in the balance sheet, including deferred tax assets linked to losses carried forward, is made separately within each individual tax regime. The companies recognize previously unrecognized deferred tax assets to the extent it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilize the deferred tax asset. \u00a0Deferred tax and deferred tax assets in the balance sheet is entered at nominal value and is calculated on the basis of temporary differences between tax and accounting values for assets and liabilities on the balance sheet date, adjusted for tax loss carry forwards. \u00a0Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in the Group where temporary differences have arisen. It is based on tax rates and tax rules that have are adopted on the balance sheet date. Taxes payable and deferred taxes are recognized directly in equity to the extent that they relate to equity transactions. PAYABLE TAX Receivables and liabilities regarding payable tax for the current period and previous periods is recognized in the balance sheet at the amount that is expected to be paid from or paid into the tax authorities. \u00a0PROVISIONS A provision is recognized when the Group has an obligation (legal or self-imposed) as a result of a previous event, it is probable (more likely than not) that a \ufb01nancial settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is considerable, the provision is calculated by discounting estimated future cash \ufb02ows using a discount rate before tax that re\ufb02ects the market\u2019s pricing of the time value of money and, if relevant, risks speci\ufb01cally linked to the obligation. In the case of discounting, pro\ufb01t and loss is recognized the interest rate effect as a \ufb01nancial expense. \u00a0Warranty provisions are recognized when the product is sold, or the service is provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually. \u00a0Restructuring provisions are recognized when the Group has approved a detailed, formal restructuring plan and the restructuring has either started or been publicly announced. \u00a0Provisions for loss-making contracts are recognized when the Group\u2019s expected revenue from a contract is lower than costs incurred to ful\ufb01ll the obligations in the contract. \u00a0SHARE BASED PAYMENT An option program has been entered into for the management of Scana ASA and the general manager of the subsidiaries that are being made up by issuing shares. See further comments in disclosure 9. \u00a0The value of granted options is accrued over the agreed period the employee gains the right to receive the options, or when purchasing services from external parties over the service period of the share consideration agreed to cover. \u00a0CONTINGENT LIABILITIES AND ASSETS Contingent liabilities are not recognized in the annual accounts. Signi\ufb01cant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred. \u00a0Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain probability that a bene\ufb01t will be added to the Group. \u00a0FAIR VALUE MEASUREMENT The Group measures certain \ufb01nancial instruments at fair value. This applies to currency contracts. The fair value of \ufb01nancial liabilities is also disclosed measured at amortized cost. \u00a0Fair value is the price that would have been used to sell an asset or paid to transfer one obligation in the primary market at the measurement time under the prevailing market conditions, regardless of whether the price is directly observable or estimated using another valuation technique. \u00a0Scana uses the following hierarchy when assessing and presenting the fair value of the \ufb01nancial instruments. Level 1: Listed prices (unadjusted) in active markets for identical assets and liabilities. Level 2: Input other than quoted prices from active markets included in level 1, which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). To calculate the value of open foreign exchange contracts, it is obtained from Norges Bank on the closing date. Level 3: Input for the asset or liability that is not based on observable market data. GOING CONCERN The annual report is prepared under the assumption of going concern. See comments in disclosure 5. \u00a0SUBSEQUENT EVENTS New information on the company\u2019s \ufb01nancial position on the end of the reporting period which becomes known after the reporting period is recorded in the annual accounts. Events after the reporting period that do not affect the company\u2019s \ufb01nancial position on the end of the reporting period, but which will affect the company\u2019s \ufb01nancial position in the future are disclosed if signi\ufb01cant. \u00a0CHANGES IN ACCOUNTING POLCITIES AND DISCLOSURES APPLICABLE FROM 2022: The accounting principles used are consistent with the principles used in the previous accounting period, with the exception of the changes in IFRS that have been implemented by the Group in the current accounting period together with the aforementioned changes in the general information section. The changes are listed below in IFRS that has been relevant for the Group with effect for the 2022 accounts, as well as the effect this has on the Group\u2019s annual accounts. The accounting policies adopted are consistent with those of the previous \ufb01nancial year, except for the amendments to IFRS which have been implemented by the Group during the current \ufb01nancial year. Below we have listed the amendments in IFRS which have been applicable for the Group\u2019s 2022 \ufb01nancial statements, as well as the effect of the amendments. The following new and amended standards and interpretations have been implemented for the \ufb01rst time in 2022: \u00a0AMENDMENTS TO IFRS 3 \u2013 REFERENCE TO THE CONCEPTUAL FRAMEWORK The Group has not identi\ufb01ed any impact connected to the amendments. \u00a0AMENDMENTS TO IAS 16 \u2013 PROCEEDS BEFORE INTENDED USE Adoption of the IAS 16 amendments has no signi\ufb01cant effect on the Group account during 2022. AMENDMENTS TO IAS 37 \u2013 ONEROUS CONTRACTS, COST OF FULFILLING A CONTRACT An onerous contract is a contract under which the unavoidable cost of meeting the obligations under the contract costs exceed the economic bene\ufb01ts expected to be received under that contract. The amendments clarify that for the purpose of assessing whether a contract is onerous, the cost of ful\ufb01lling the contract includes both the incremental costs (e.g., the costs of direct labor and materials) of ful\ufb01lling that contract and an allocation of other costs that relate directly to ful\ufb01lling contract activities (e.g., depreciation of equipment used to ful\ufb01l the contract, as well as costs of contract management and supervision). Costs that do not relate directly to a contract (e.g., general and administration costs) shall not be included unless they are explicitly chargeable to the counterparty under the contract. \u00a0The amendments must be applied prospectively to contracts for which the entity has not yet ful\ufb01lled all of its obligations at the beginning of the annual reporting period in which it \ufb01rst applies the amendments. \u00a0Adoption of the IAS 37 amendments has no signi\ufb01cant impact on the Group account. \u00a0IFRS 9 FINANCIAL INSTRUMENTS \u2013 FEES IN THE \u201910 PERCENT\u2019 TEST FOR DERECOGNITION OF FINANCIAL LIABILITITES The adoption of amendments according to IAS 37 has no signi\ufb01cant effect. \u00a0CHANGES WITH EFFECT FOR FINANCIAL YEARS STARTING ON 1 JANUARY 2023 OR LATER: AMENDMENTS TO IAS 1 \u2013 CLASSIFICATION OF LIABILITIES AS CURRENT OR NON-CURRENT The International Accounting Standards Board has issued amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current. \u00a0The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of \ufb01nancial position, debt and other liabilities with an uncertain settlement date should be classi\ufb01ed as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classi\ufb01cation requirements for debt a company might settle by converting it into equity. The amendments must be applied retrospectively and are effective for annual periods beginning on or after 1 January 2023. The Group does not intend to early adopt the amendments. It is expected that the amendments may have no signi\ufb01cant effects. AMENDMENTS TO IAS 8 \u2013 DEFINITION OF ACCOUNTING ESTIMATES IASB has issued amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. That distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. \u00a0The amendments are effective for annual periods beginning on or after 1 January 2023, but earlier application is permitted. The Group does not intend to early adopt the amendments. It is expected that the amendments do not have a signi\ufb01cant effect. \u00a0AMENDMENTS TO IAS 1 AND IFRS PRACTICE STATEMENT 2 \u2013 DISCLOSURE OF ACCOUNTING POLICIES Following feedback that more guidance was needed to help companies decide what accounting policy information should be disclosed, IASB has issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements. The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their signi\ufb01cant accounting policies. The amendments to IFRS Practice Statement 2 provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments are effective for annual periods beginning on or after 1 January 2023, but earlier application is permitted as long as this fact is disclosed. The Group does not intend to early adopt the amendments. It is expected that the amendments do not have a signi\ufb01cant effect. \u00a0AMENDMENTS TO IAS 12 \u2013 DEFERRED TAX RELATED TO ASSETS AND LIABILITIES ARISING FROM A SINGLE TRANSACTION The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and decommissioning obligations. \u00a0IAS 12 Income Taxes speci\ufb01es how a company accounts for income tax, including deferred tax, which represents tax payable or recoverable in the future. In speci\ufb01ed circumstances, regulated in IAS 12.15 and IAS 12.24, companies are exempt from recognizing deferred tax when they recognize assets or liabilities for the \ufb01rst time. Previously, there had been some uncertainty about whether the exemption applied to transactions such as leases and decommissioning obligations - transactions for which companies recognize both an asset and a liability. The amendments clarify that the exemption does not apply and that companies are required to recognize deferred tax on such transactions. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and decommissioning obligations. \u00a0The amendments are effective for annual periods beginning on or after 1 January 2023. \u00a0It is expected that the amendments do not have a signi\ufb01cant effect. DEFERRED TAX ASSETS \u2013 ESTIMATE UNCERTAINTY Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable pro\ufb01t will be available against which the losses can be utilized. Signi\ufb01cant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable pro\ufb01ts, together with future tax planning strategies. If the Group was able to recognize all unrecognized deferred tax assets, pro\ufb01t and equity would have increased by NOK 20.2 million. Further details on taxes are disclosed in disclosure 11. GOODWILL AND OTHER INTANGIBLE ASSETS \u2013 ESTIMATE UNCERTAINTY Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a DCF model. The cash \ufb02ows are derived from the budget for the next \ufb01ve years. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-in\ufb02ows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with inde\ufb01nite useful lives recognized by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in disclosure 12. CONTRACT ASSETS/CONTRACT LIABILITIES \u2013 ESTIMATE UNCERTAINTY Contract assets are linked to larger projects where income is recognized over time. Assumptions are made in relation to estimated costs and pro\ufb01ts connected to the projects. Each contract is reviewed and identi\ufb01ed according to the delivery obligations. Assessments and assumptions are also made relating to measurement of completion. Changes in the assumptions can lead to the recognition of income and pro\ufb01ts deviates from the underlying value creation, relative to the project\u2019s total revenue and pro\ufb01t. Pro\ufb01t can thus be accounted for too early or too late in the project. LEASE LIABLITIES/RIGHT OF USE \u2013 ACCOUNTING JUDGEMENT/ESTIMATE UNCERTAINTY ESTIMATING THE INCREMENTAL BORROWING RATE The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate to measure lease liabilities. This is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment. The incremental borrowing rate therefore re\ufb02ects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available. The Group estimates the incremental borrowing rate using observable inputs (such as market interest rates) when available and is required to make certain entity-speci\ufb01c estimates (such as the subsidiary\u2019s stand-alone credit rating). DETERMINING THE LEASE TERM OF CONTRACTS WITH RENEWAL OPTIONS The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a signi\ufb01cant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3238": { "value": "DISCLOSURE 1 | SIGNIFICANT ACCOUNTING PRINCIPLES CORPORATE INFORMATION Scana ASA is headquartered at Wernersholmvegen 49, Bergen, in Norway. Scana is a public limited company listed on the Oslo Stock Exchange. The Group\u2019s activities are described in disclosure 6. The consolidated \ufb01nancial statements of Scana ASA for the \ufb01scal year 2022 were approved in the board meeting on 28 April 2023. \u00a0The \ufb01nancial statements are presented in Norwegian kroner (NOK), and all numbers are rounded and given to the nearest thousand (\u2018000) except when otherwise stated. BASIS FOR PREPARATION The Scana ASA\u2019s consolidated \ufb01nancial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and are mandatory for \ufb01nancial years beginning on or after 1 January 2022, and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31 December 2022. \u00a0The \ufb01nancial statements have been prepared under the assumption of going concern, see disclosure 5. Annual accounts consist of income statement, comprehensive income, the statement of \ufb01nancial position, cash \ufb02ow statement, statement of changes in equity and disclosures to the accounts. \u00a0The consolidated \ufb01nancial statements are based on historical cost, with the exception of the following: Financial instruments (derivatives) at fair value through pro\ufb01t or loss. Obligations linked to share-based schemes and schemes with cash settlement are measured at fair value through pro\ufb01t or loss. The consolidated \ufb01nancial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances. FUNCTIONAL CURRENCY AND PRESENTATION CURRENCY The presentation currency for the Group is NOK which is also the functional currency for the parent company Scana ASA. The functional currencies for the subsidiaries have been assessed to be their local currencies. BASIS OF CONSOLIDATION The Group\u2019s consolidated \ufb01nancial statements comprise the parent company Scana ASA and its subsidiaries as of 31 December 2022. \u00a0An entity has been assessed as being controlled by the Group when the Group is exposed for or have the rights to variable returns from its involvement with the entity and can use its power over the entity to affect the amount of the Group\u2019s returns. \u00a0The identi\ufb01able assets acquired, and the liabilities assumed, including contingent liabilities, are measured at fair value at the time of takeover. Transferred consideration is measured at fair value. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identi\ufb01able acquired assets and assumed liabilities, is recognized as goodwill. Expenses incurred in connection with the takeover, beyond those related to debt and equity, are expensed. Companies that are bought or sold during the year are included in the consolidated accounts from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. Intercompany transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated. Unrealized gains related to transactions with af\ufb01liated companies and joint ventures are eliminated with the Group\u2019s share in the business. Correspondingly, unrealized losses are eliminated, but only to the extent that there are no indications of a decrease in value of the asset that has been sold internally. When necessary, amounts reported by subsidiaries have been adjusted to conform to the Group\u2019s accounting policies. \u00a0REVENUE REVENUE FROM CONTRACTS WITH CUSTOMER IFRS 15 Revenue from Contracts with customers establishes a \ufb01ve-step method that applies to all customer contracts. Under the standard, only approved customer contracts with a \ufb01rm commitment are basis for revenue recognition. The deliveries in the contracts are reviewed to identify distinct performance obligations, and revenue is recognized in line with how the entity satis\ufb01es these performance obligations \u2013 either over time or at a point in time. This assessment may involve signi\ufb01cant judgement. For contracts with customers for which the performance obligations are satis\ufb01ed over time, revenue is recognized over time using a cost progress method or as time and material are delivered to the customer. For contracts with customers for which the performance obligations are satis\ufb01ed at a point in time, revenue is recognized at the point in time when the customer obtains control of the product or the service. Details of the accounting policies and the nature of performance obligations for each of the major types of customer contracts are set out in disclosure 6. \u00a0CONTRACT BALANCES Contract assets: A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. \u00a0Trade receivables: A receivable represents the Group\u2019s right to an amount of consideration that is unconditional. \u00a0Contract liabilities: A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made. Contract liabilities are recognized as revenue when the Group ful\ufb01ls the performance obligation(s) under the contract. \u00a0GOVERMENT GRANTS Government grants are recognized when there is reasonable assurance that the company will meet the conditions stipulated for the grants and that the grants will be received. The Group received support related to covid-19 in 2021 which was recognized as other revenue. Operating grants are recognized systematically during the grant period. FOREIGN CURRENCIES TRANSACTONS AND BALANCES Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Any currency differences are recognized in pro\ufb01t or loss as \ufb01nancial items. CONSOLIDATION AND CONVERSION Balance sheet items for foreign subsidiaries are converted to NOK using the exchange rates as of 31 December. All items in the income statement are converted to NOK via the weighted average exchange rate per month which is obtained from Norges Bank for the individual month. Consolidation leads to translation differences which is presented in other revenue and expenses and is included in the total result. Currency loss or -gains relating to debt in foreign currency, which for accounting purposes is considered to be a hedge investment in foreign subsidiaries, is entered as other revenue and expenses included in the total result. Exchange-rate differences in monetary amounts (liabilities or receivables) which are in reality a part of a company\u2019s net investment in a foreign entity are also included as translation differences. \u00a0INTANGIBLE ASSETS\u00a0Intangible assets with a de\ufb01nite economic life are amortized over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate. \u00a0GOODWILL Goodwill is initially measured at cost, and is the excess of the aggregate of the consideration transferred and the amount recognised in the net identi\ufb01able assets acquired and liabilities assumed through a business combination. \u00a0After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU) that are expected to bene\ufb01t from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units which as balanced goodwill and are expected to bene\ufb01t from synergies from the business combination. Goodwill recognized in the balance sheet will be re-assessed against the recoverable amount. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs of disposal and its value in use. \u00a0RESEARCH AND DEVELOPMENT Expenses relating to research and development are recognized in the statement of comprehensive income as they incur. Development expenses relating to a single project are capitalized as intangible assets when the following can be documented: The product or process is technically and commercially viable so that it becomes available for use or sale. The Group intends to \ufb01nalize the intangible asset and make it available for use or sale. The Group has the ability to make the intangible asset available for use or sale. The asset will generate future economic bene\ufb01ts. The Group has suf\ufb01cient resources to complete the development work. Expenses can be reliably measured. \u00a0All development expenses that are recognized in the balance sheet are reviewed by the board of the subsidiaries. It is documented how it is expected that the intangible asset will create future cash \ufb02ow for the Group. \u00a0Capitalized development costs are recognized at their cost minus accumulated amortization and impairment losses. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset.\u00a0Impairment tests are performed annually or more frequently if found necessary based on impairment indicator. Losses or gains on the disposal of an intangible asset, calculated as the difference between the net sales amounts and balance amount, are recognized in the income statement. RIGHT OF USE ASSETS The Group measures the right of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The costs of the right of use asset comprise: The amount of the initial measurement of the lease liability recognized. Any lease payments made at or before the commencement date, less any incentives received Any initial direct costs incurred by the Group. An estimate of the costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. \u00a0The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right of use asset, except that the right of use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right of use asset.\u00a0The Group applies IAS 36 Impairment of Assets to determine whether the right of use asset is impaired and to account for any impairment loss identi\ufb01ed. \u00a0PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognized and any gain or loss is recognized in the statement of comprehensive income. Acquisition cost for tangible assets is the purchase price, including taxes/duties and direct costs directly linked to preparing the asset ready for its intended use. Expenses incurred after the asset is in use, such as regular maintenance expenses, are recognized in the statement of comprehensive income, while other expenses that are expected to provide future \ufb01nancial bene\ufb01ts are capitalized. \u00a0Buildings and land are assets that are either used by the Group\u2019s companies or owned to achieve rental revenue. Buildings and land are recognized at acquisition cost. Costs incurred after the asset is in use, such as regular maintenance costs, are recognized in the statement of comprehensive income, while other costs that are expected to provide future \ufb01nancial bene\ufb01ts are capitalized. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, except for land. The period of use, the residual value and the depreciation method for the \ufb01xed assets are assessed each year. \u00a0The Group capitalizes larger periodic maintenance and depreciates it according to the maintenance interval. IMPAIRMENT OF NON-CURRENT ASSETS Impairment of non-current assets (including right-of-use assets) is considered yearly and when there are indications of impairment. If, and only if, the recoverable amount of an asset is less than carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss shall be recognized immediately in pro\ufb01t or loss. Recoverable amount is the higher of fair value less cost of disposal and value in use (the discounted cash \ufb02ow given continued use). Fair value less cost of disposal is the value that can be obtained by selling to a third-party less the cost of disposal. \u00a0Recoverable amount is determined separately for all operating assets, but if this is not possible, it is determined together with the cash-\ufb02ow generating unit the tangible asset is linked to. Previously recognized impairment will be reversed when available information con\ufb01rms that there is no longer indication of impairment. The reversal is recognized in the statement of comprehensive income. Reversal of impairment is constrained, so the value of the asset will not be higher than the asset value and planned recognized depreciations. INVESTMENT IN ASSOCIATED COMPANIES Associates are entities over which the Group has signi\ufb01cant in\ufb02uence, but not control or joint control over the \ufb01nancial and operating management. (Normally ownership between 20 % and 50 %). Associates are accounted for using the equity method from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. Investments in associates are initially recognized at cost. If the Group\u2019s share of the loss surpasses the carrying amount of the associate, the carrying amount is set to zero and further loss is not recognized unless the Group has an obligation to make up for the loss. \u00a0FINANCIAL ASSETS The Group\u2019s \ufb01nancial assets are derivatives, non-listed equity instruments, quoted debt instruments, trade receivables and cash and cash equivalents. The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a signi\ufb01cant \ufb01nancing component, the Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, and fair value through other comprehensive income and transaction costs. The Group classi\ufb01ed its \ufb01nancial assets in two categories: Financial assets at amortized cost Derivatives at fair value designated as hedging instruments \u00a0FINANCIAL ASSETS AT AMORTIZED COST The Group measures \ufb01nancial assets at amortized cost if both of the following conditions are met: The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows and, The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. \u00a0Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in pro\ufb01t or loss when the asset is derecognized, modi\ufb01ed, or impaired. \u00a0The Group\u2019s \ufb01nancial assets at amortized cost includes trade receivables and other short-term deposit. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. DERECOGNITION OF FINANCIAL ASSETS A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a Group of similar \ufb01nancial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: The rights to receive cash \ufb02ows from the asset have expired, or The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. IMPAIRMENT OF FINANCIAL ASSETS The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased signi\ufb01cantly since the initial recognition. For credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the \ufb01rst 12 months. For those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). \u00a0For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment. \u00a0The general model means that on every reporting date the Group evaluates whether there has been one signi\ufb01cant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased signi\ufb01cantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include: Change in the instrument\u2019s external credit rating since initial recognition Change in external market indications relating to credit risk Existing or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to ful\ufb01l its obligations Signi\ufb01cant changes in the borrower\u2019s results, working capital or similar Regulatory conditions implemented or expected to be implemented that can affect the instrument \u00a0If there has been a signi\ufb01cant increase in the credit risk after initial recognition, the \ufb01nancial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument. Instruments are classi\ufb01ed at stage 3 when the instruments are credit impaired, i.e., when external evidence can con\ufb01rm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions. \u00a0FINANCIAL LIABILITIES Derivatives are recognized initially at fair value. Loans, borrowings, and payables are recognized at fair value net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. \u00a0LOAN, BORROWINGS AND PAYABLES After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the income statement. Payables are measured at their nominal amount when the effect of discounting is not material. DERECOGNITION OF FINANCIAL LIABILITIES A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the income statement. INVENTORIES Inventories, which consist of purchased goods and in-house produced products, are valued at the lowest of purchase/production cost and expected net selling price. The net selling price is the estimated selling price in the case of ordinary operations minus the estimated completion, marketing, and distribution costs. The acquisition cost is arrived at using the FIFO method and includes the costs incurred in acquiring the goods and the costs of bringing the goods to their current state and location. In-house produced goods include raw materials, energy, direct labour, and a share of the indirect costs that can be allocated based on normal capacity utilization, including maintenance and depreciation. \u00a0TRADE RECEIVABLE Trade receivable is recognized at amortized cost.\u00a0Provision for losses is made after a concrete assessment of each individual receivable. \u00a0CASH AND CASH EQUIVALENTS Cash includes cash in hand and at bank. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash, be subject to an insigni\ufb01cant risk of changes in value and have a maximum term to maturity of three months. Bank deposits may also include restricted funds that may have a lock-in period of more than three months, but less than twelve months. Reference is made to disclosure 22 for further information of bank deposits and overdrafts. Included in liquidity in the cash \ufb02ow statement overdraft. \u00a0In the Group\u2019s cash \ufb02ow analysis cash and cash equivalents consist as de\ufb01ned above. The cash \ufb02ow analysis has been prepared according to the indirect method. \u00a0NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS\u00a0Non-current assets and Groups of non-current assets and liabilities are classi\ufb01ed as held for sale if their carrying amount will be recovered through a sales transaction instead of through continued use. This is only regarded as having been ful\ufb01lled when a sale is highly probable, and the non-current asset (or Groups of non-current assets and liabilities) is available for immediate sale in its present form. The management must be committed to a sale and the sale must be expected to be carried out within one year after the classi\ufb01cation date. \u00a0Non-current assets and Groups of non-current assets and liabilities which are classi\ufb01ed as held for sale are valued at the lower of their former carrying amount or fair value minus sales costs. Assets are presented separately in the balance sheet as \u201cAssets classi\ufb01ed as held for sale\u201d and liabilities are presented as \u201cLiabilities classi\ufb01ed as held for sale\u201d. \u00a0Discontinued operations are de\ufb01ned as a company or part of a company that has either been disposed of or classi\ufb01ed held for sale and: Which represents a separate and signi\ufb01cant business or a separate and signi\ufb01cant geographical operating area, where materiality is assessed both in relation to the size of the business and whether the business is different from other businesses in the Group or segment in general Is part of a single coordinated plan to dispose of a separate and signi\ufb01cant business or a separate and signi\ufb01cant geographic operating area; or Is a subsidiary acquired exclusively for resale. \u00a0Discontinued operations are presented separately from the result from continued operations in the income statement in the account \u201cAnnual result of discontinued operations (after tax)\u201d. Pro\ufb01t after tax from discontinued operations as well as gains or losses for assets or disposal Groups are included in the account. Additional speci\ufb01cations are given in disclosures. Comparative \ufb01gures for the discontinued operations are changed accordingly. LEASING The Group has entered into lease agreements relating to assets mentioned in disclosure 24. IFRS 16 sets out principles for recognition, measurement, presentation, and information about leasing. The Group as lessee recognizes assets and liabilities for all leases. At the time of implementation of a lease agreement, the company recognizes the associated lease liability to future lease payments and an asset that represents the right of use of the underlying asset during the lease period (right of use asset). \u00a0IDENTIFYING A LEASE At the inception of a contract, The Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. \u00a0RECOGNITION OF LEASES AND EXEMPTIONS At the lease commencement date, the Group recognizes a lease liability and corresponding right of use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: Short-term leases (de\ufb01ned as 12 months or less) Low value assets \u00a0For these leases, the Group recognizes the lease payments as other operating expenses in the income statement when they incur. \u00a0LEASE LIABILITIES The Group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.\u00a0\u00a0The lease payments included in the measurement comprise of: Fixed lease payments (including in-substance \ufb01xed payments), less any lease incentives receivable. Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date. Amount expected to be payable by the Group under residual value guarantees. The exercise price of a purchase option, if the Group is reasonably certain to exercise that option. Payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising an option to terminate the lease. \u00a0The lease liability is subsequently measured by increasing the carrying amount to re\ufb02ect interest on the lease liability (see disclosure 24), reducing the carrying amount to re\ufb02ect the lease payments made and remeasuring the carrying amount to re\ufb02ect any reassessment or lease modi\ufb01cations, or to re\ufb02ect adjustments in lease payments due to an adjustment in an index or rate. The Group does not include variable lease payments that depend on an index or a rate in the lease liability. Instead, the Group recognizes these variable lease expenses in pro\ufb01t or loss. The Group presents its lease liabilities as separate line items in the statement of \ufb01nancial position. The company classi\ufb01es lease payments as follows in the cash \ufb02ow statement: Lease payments linked to the principal amount of the contract are classi\ufb01ed as \ufb01nancing activity on a separate line \u201crepayment of lease obligations\u201d. Interest paid includes interest related to leases, classi\ufb01ed as \ufb01nancing activity. Short-term leases (less than twelve months), payments related to low-value leases and leases with variable payments are classi\ufb01ed as operational activity. PENSION COST AND LIABILITIES The Group\u2019s pension plans consist of de\ufb01ned contribution pension and AFP plans for the Group\u2019s Norwegian employees and bene\ufb01t plans (\u201cmulti-employer plans\u201d) for the Group\u2019s Swedish employees. The pension plans which are administered separately (contribution-based pension plan) the annual payments/subsidies are included in personnel expenses. \u00a0Pension liabilities are valued at the present value of future pension rights earned at the balance sheet date on the basis of linear accrual and expected \ufb01nal salary. The pension plan\u2019s funds are valued at assumed market value. Net pension liabilities (pension liabilities minus the pension plan\u2019s funds) are classi\ufb01ed in the balance sheet as long-term liabilities. The net liability includes employer\u2019s tax. \u00a0The AFP plan for the Group\u2019s Norwegian employees and the bene\ufb01t plan for the Group\u2019s Swedish employees are considered as so-called \u201cmulti-employer plans\u201d. These pension plans are treated as de\ufb01ned contribution pension plans in the accounts because the necessary information to treat the plan as de\ufb01ned bene\ufb01t plans are not yet available from the life insurance company that administers the pension plan. When the necessary information is available, and the pension plan are accounted for as de\ufb01ned bene\ufb01t arrangements in accordance with IAS 19, this could have an effect on the consolidated accounts. \u00a0TAXES INCOME TAXES Income taxes comprise taxes on the taxable pro\ufb01t for the year, changes in deferred taxes and any adjustments in prior years\u2019 taxes. Taxes on transactions that are recorded in other comprehensive income or directly in equity do not form part of the tax expense in pro\ufb01t or loss. Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period. DEFERRED TAX ASSETS Deferred tax assets are recognized when it is probable that the company will have a suf\ufb01cient pro\ufb01t for tax purposes in subsequent periods to utilize the tax asset. The assessment of whether deferred tax assets can be recognized in the balance sheet, including deferred tax assets linked to losses carried forward, is made separately within each individual tax regime. The companies recognize previously unrecognized deferred tax assets to the extent it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilize the deferred tax asset. \u00a0Deferred tax and deferred tax assets in the balance sheet is entered at nominal value and is calculated on the basis of temporary differences between tax and accounting values for assets and liabilities on the balance sheet date, adjusted for tax loss carry forwards. \u00a0Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in the Group where temporary differences have arisen. It is based on tax rates and tax rules that have are adopted on the balance sheet date. Taxes payable and deferred taxes are recognized directly in equity to the extent that they relate to equity transactions. PAYABLE TAX Receivables and liabilities regarding payable tax for the current period and previous periods is recognized in the balance sheet at the amount that is expected to be paid from or paid into the tax authorities. \u00a0PROVISIONS A provision is recognized when the Group has an obligation (legal or self-imposed) as a result of a previous event, it is probable (more likely than not) that a \ufb01nancial settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is considerable, the provision is calculated by discounting estimated future cash \ufb02ows using a discount rate before tax that re\ufb02ects the market\u2019s pricing of the time value of money and, if relevant, risks speci\ufb01cally linked to the obligation. In the case of discounting, pro\ufb01t and loss is recognized the interest rate effect as a \ufb01nancial expense. \u00a0Warranty provisions are recognized when the product is sold, or the service is provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually. \u00a0Restructuring provisions are recognized when the Group has approved a detailed, formal restructuring plan and the restructuring has either started or been publicly announced. \u00a0Provisions for loss-making contracts are recognized when the Group\u2019s expected revenue from a contract is lower than costs incurred to ful\ufb01ll the obligations in the contract. \u00a0SHARE BASED PAYMENT An option program has been entered into for the management of Scana ASA and the general manager of the subsidiaries that are being made up by issuing shares. See further comments in disclosure 9. \u00a0The value of granted options is accrued over the agreed period the employee gains the right to receive the options, or when purchasing services from external parties over the service period of the share consideration agreed to cover. \u00a0CONTINGENT LIABILITIES AND ASSETS Contingent liabilities are not recognized in the annual accounts. Signi\ufb01cant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred. \u00a0Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain probability that a bene\ufb01t will be added to the Group. \u00a0FAIR VALUE MEASUREMENT The Group measures certain \ufb01nancial instruments at fair value. This applies to currency contracts. The fair value of \ufb01nancial liabilities is also disclosed measured at amortized cost. \u00a0Fair value is the price that would have been used to sell an asset or paid to transfer one obligation in the primary market at the measurement time under the prevailing market conditions, regardless of whether the price is directly observable or estimated using another valuation technique. \u00a0Scana uses the following hierarchy when assessing and presenting the fair value of the \ufb01nancial instruments. Level 1: Listed prices (unadjusted) in active markets for identical assets and liabilities. Level 2: Input other than quoted prices from active markets included in level 1, which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). To calculate the value of open foreign exchange contracts, it is obtained from Norges Bank on the closing date. Level 3: Input for the asset or liability that is not based on observable market data. GOING CONCERN The annual report is prepared under the assumption of going concern. See comments in disclosure 5. \u00a0SUBSEQUENT EVENTS New information on the company\u2019s \ufb01nancial position on the end of the reporting period which becomes known after the reporting period is recorded in the annual accounts. Events after the reporting period that do not affect the company\u2019s \ufb01nancial position on the end of the reporting period, but which will affect the company\u2019s \ufb01nancial position in the future are disclosed if signi\ufb01cant. \u00a0CHANGES IN ACCOUNTING POLCITIES AND DISCLOSURES APPLICABLE FROM 2022: The accounting principles used are consistent with the principles used in the previous accounting period, with the exception of the changes in IFRS that have been implemented by the Group in the current accounting period together with the aforementioned changes in the general information section. The changes are listed below in IFRS that has been relevant for the Group with effect for the 2022 accounts, as well as the effect this has on the Group\u2019s annual accounts. The accounting policies adopted are consistent with those of the previous \ufb01nancial year, except for the amendments to IFRS which have been implemented by the Group during the current \ufb01nancial year. Below we have listed the amendments in IFRS which have been applicable for the Group\u2019s 2022 \ufb01nancial statements, as well as the effect of the amendments. The following new and amended standards and interpretations have been implemented for the \ufb01rst time in 2022: \u00a0AMENDMENTS TO IFRS 3 \u2013 REFERENCE TO THE CONCEPTUAL FRAMEWORK The Group has not identi\ufb01ed any impact connected to the amendments. \u00a0AMENDMENTS TO IAS 16 \u2013 PROCEEDS BEFORE INTENDED USE Adoption of the IAS 16 amendments has no signi\ufb01cant effect on the Group account during 2022. AMENDMENTS TO IAS 37 \u2013 ONEROUS CONTRACTS, COST OF FULFILLING A CONTRACT An onerous contract is a contract under which the unavoidable cost of meeting the obligations under the contract costs exceed the economic bene\ufb01ts expected to be received under that contract. The amendments clarify that for the purpose of assessing whether a contract is onerous, the cost of ful\ufb01lling the contract includes both the incremental costs (e.g., the costs of direct labor and materials) of ful\ufb01lling that contract and an allocation of other costs that relate directly to ful\ufb01lling contract activities (e.g., depreciation of equipment used to ful\ufb01l the contract, as well as costs of contract management and supervision). Costs that do not relate directly to a contract (e.g., general and administration costs) shall not be included unless they are explicitly chargeable to the counterparty under the contract. \u00a0The amendments must be applied prospectively to contracts for which the entity has not yet ful\ufb01lled all of its obligations at the beginning of the annual reporting period in which it \ufb01rst applies the amendments. \u00a0Adoption of the IAS 37 amendments has no signi\ufb01cant impact on the Group account. \u00a0IFRS 9 FINANCIAL INSTRUMENTS \u2013 FEES IN THE \u201910 PERCENT\u2019 TEST FOR DERECOGNITION OF FINANCIAL LIABILITITES The adoption of amendments according to IAS 37 has no signi\ufb01cant effect. \u00a0CHANGES WITH EFFECT FOR FINANCIAL YEARS STARTING ON 1 JANUARY 2023 OR LATER: AMENDMENTS TO IAS 1 \u2013 CLASSIFICATION OF LIABILITIES AS CURRENT OR NON-CURRENT The International Accounting Standards Board has issued amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current. \u00a0The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of \ufb01nancial position, debt and other liabilities with an uncertain settlement date should be classi\ufb01ed as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classi\ufb01cation requirements for debt a company might settle by converting it into equity. The amendments must be applied retrospectively and are effective for annual periods beginning on or after 1 January 2023. The Group does not intend to early adopt the amendments. It is expected that the amendments may have no signi\ufb01cant effects. AMENDMENTS TO IAS 8 \u2013 DEFINITION OF ACCOUNTING ESTIMATES IASB has issued amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. That distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. \u00a0The amendments are effective for annual periods beginning on or after 1 January 2023, but earlier application is permitted. The Group does not intend to early adopt the amendments. It is expected that the amendments do not have a signi\ufb01cant effect. \u00a0AMENDMENTS TO IAS 1 AND IFRS PRACTICE STATEMENT 2 \u2013 DISCLOSURE OF ACCOUNTING POLICIES Following feedback that more guidance was needed to help companies decide what accounting policy information should be disclosed, IASB has issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements. The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their signi\ufb01cant accounting policies. The amendments to IFRS Practice Statement 2 provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments are effective for annual periods beginning on or after 1 January 2023, but earlier application is permitted as long as this fact is disclosed. The Group does not intend to early adopt the amendments. It is expected that the amendments do not have a signi\ufb01cant effect. \u00a0AMENDMENTS TO IAS 12 \u2013 DEFERRED TAX RELATED TO ASSETS AND LIABILITIES ARISING FROM A SINGLE TRANSACTION The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and decommissioning obligations. \u00a0IAS 12 Income Taxes speci\ufb01es how a company accounts for income tax, including deferred tax, which represents tax payable or recoverable in the future. In speci\ufb01ed circumstances, regulated in IAS 12.15 and IAS 12.24, companies are exempt from recognizing deferred tax when they recognize assets or liabilities for the \ufb01rst time. Previously, there had been some uncertainty about whether the exemption applied to transactions such as leases and decommissioning obligations - transactions for which companies recognize both an asset and a liability. The amendments clarify that the exemption does not apply and that companies are required to recognize deferred tax on such transactions. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and decommissioning obligations. \u00a0The amendments are effective for annual periods beginning on or after 1 January 2023. \u00a0It is expected that the amendments do not have a signi\ufb01cant effect. DISCLOSURE 2 | CRITICAL ACCOUNTING JUDGEMENT AND KEY SOURCES OF ESTIMATION UNCERTAINTIES The preparation of \ufb01nancial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires the Management to exercise its judgment in the process of applying the Group\u2019s accounting policies. Estimates and critical accounting judgement are evaluated on an ongoing basis and are based on historical experience and other factors including expectations about future events which are probable given present circumstances. The Group prepares estimates and makes assumptions related to the future. The accounting estimates which follow from this are, by de\ufb01nition, associated with a degree of uncertainties and will give deviation relative to actual outcome. Furthermore, the choice of accounting principles and degree of uncertainty could affect the accounts. The areas involving higher degree and judgment or complexity, or areas where assumptions and estimates are signi\ufb01cant to the consolidated \ufb01nancial statements are presented in the table below. See descriptions linked to the various accounting items below: ACCOUNTING JUDGEMENTS ESTIMATE UNCERTAINTY Accounting item Disclosure Estimate/Assumptions Carrying amount Carrying amount Deferred tax assets 11 Assessment of the ability to utilize tax positions in the future 52 373 Goodwill and intangible assets 12 Estimation of value in use 345 768 Right of use assets 13 Incremental borrowing rate and the exercise of options 402 584 Contract assets 16 Revenue over time 125 304 Leasing liabilities 24 Assessment of the obligation related to interest and the exercise of options 412 143 DEFERRED TAX ASSETS \u2013 ESTIMATE UNCERTAINTY Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable pro\ufb01t will be available against which the losses can be utilized. Signi\ufb01cant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable pro\ufb01ts, together with future tax planning strategies. If the Group was able to recognize all unrecognized deferred tax assets, pro\ufb01t and equity would have increased by NOK 20.2 million. Further details on taxes are disclosed in disclosure 11. GOODWILL AND OTHER INTANGIBLE ASSETS \u2013 ESTIMATE UNCERTAINTY Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a DCF model. The cash \ufb02ows are derived from the budget for the next \ufb01ve years. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-in\ufb02ows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with inde\ufb01nite useful lives recognized by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in disclosure 12. CONTRACT ASSETS/CONTRACT LIABILITIES \u2013 ESTIMATE UNCERTAINTY Contract assets are linked to larger projects where income is recognized over time. Assumptions are made in relation to estimated costs and pro\ufb01ts connected to the projects. Each contract is reviewed and identi\ufb01ed according to the delivery obligations. Assessments and assumptions are also made relating to measurement of completion. Changes in the assumptions can lead to the recognition of income and pro\ufb01ts deviates from the underlying value creation, relative to the project\u2019s total revenue and pro\ufb01t. Pro\ufb01t can thus be accounted for too early or too late in the project. LEASE LIABLITIES/RIGHT OF USE \u2013 ACCOUNTING JUDGEMENT/ESTIMATE UNCERTAINTY ESTIMATING THE INCREMENTAL BORROWING RATE The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate to measure lease liabilities. This is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment. The incremental borrowing rate therefore re\ufb02ects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available. The Group estimates the incremental borrowing rate using observable inputs (such as market interest rates) when available and is required to make certain entity-speci\ufb01c estimates (such as the subsidiary\u2019s stand-alone credit rating). DETERMINING THE LEASE TERM OF CONTRACTS WITH RENEWAL OPTIONS The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a signi\ufb01cant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew. DISCLOSURE 3 | BUSINESS COMBINATION ACQUISITION OF PSW On 11 January 2022, Scana acquired 100 % of the shares in PSW. PSW is a leading player in electri\ufb01cation and shore power, as well as a major supplier of products and services to the offshore and maritime industry. PSW will take a unique position as a leading supplier to the maritime industry with a special focus on supporting the industry\u2019s transition to sustainable operations. The transaction will support Scana\u2019s strategy to lead the way in the transition to a more sustainable operation in the global maritime industry. Scana will be a total partner for the green shift to players in shipping, offshore, energy and aquaculture. The PSW\u2019s revenues in 2021 were NOK 623 million. At the time of the transaction, PSW had 250 employees. If the acquisition had occurred on 1 January 2022, management estimates that consolidated revenue and loss for the year would not have changed signi\ufb01cantly. CONSIDERATION TRANSFERRED The following table summarizes the acquisition date fair value of each major class of consideration transferred. 11.01.2022 Cash 234 085 Seller credit 47 000 Shares in Scana ASA (124 224 737 shares) 173 915 Total consideration transferred 455 000 The fair value of the ordinary shares issued was based on the listed share price of the company at 11 January 2022. IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED The fair value of identi\ufb01able assets and liabilities is based on a purchase price allocation. The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the date of acquisition. 1.01.2022 Deferred tax assets 222 Customer contracts and relationships 46 911 Research and development 17 119 Licences and patents 3 489 Property, plant and equipment 145 358 Right of use assets 430 910 Net working capital 39 936 Deferred tax liability -22 220 Lease liabilities -430 910 Net debt -45 081 Total identi\ufb01able net assets acquired 185 734 The fair value of the trade receivables amounts to NOK 133.4 million. The gross amount of trade receivables is NOK 143.8 million of which NOK 10.4 million was expected to be uncollectable at the date of acquisition. GOODWILL Goodwill arising from the acquisition has been recognised as follows. 1.01.2022 Total consideration transferred 455 00 \u2013 Fair value of identi\ufb01able net assets acquired -185 734 Goodwill 269 266 The goodwill-value can be explained by synergies, economies of scale, expectations of future pro\ufb01tability and growth and expectations of better market conditions. The purchase price allocation and the accounting for the acquisition is \ufb01nal. Therefor there will be no adjustments to the above amounts in subsequent accounting periods. ACQUISITION OF TRANS CONSTRUCTION Through PSW Power & Automations AS, Scana ASA signed an agreement to purchase 100 % of the shares in Trans Construction AS based on an equity value of NOK 25 million. The transaction was completed 31 January 2022. The company had 11 employees. By incorporating Trans Construction AS into PSW Power & Automation AS, Scana see potential for synergies and opportunities to step into new markets. The acquisition also forms the basis for increased market shares within modular units for battery systems, hydrogen power systems, shore power systems and E-house modules for offshore wind. If the acquisition had occurred on 1 January 2022, management estimates that consolidated revenue for the year would have been NOK 916 million, and consolidated loss for the year would have been NOK -43.6 million. CONSIDERATION TRANSFERRED The following table summarizes the acquisition date fair value of each major class of consideration transferred. 31.01.2022 Cash 12 458 Seller credit 12 500 Total consideration transferred 24 958 The fair value of the ordinary shares issued was based on the listed share price of the company at 11 January 2022. IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED The fair value of identi\ufb01able assets and liabilities is based on a purchase price allocation. The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the date of acquisition. 31.01.2022 Deferred tax assets -27 Property, plant and equipment 600 Right of use assets 6 200 Net working capital -2 000 Lease liabilities -6 200 Net debt 21 500 Total identi\ufb01able net assets acquired 20 073 The fair value of the trade receivables amounts to NOK 7.4 million. The gross amount of trade receivables is NOK 7.4 million and it is expected that the full contractual amounts can be collected. GOODWILL Goodwill arising from the acquisition has been recognised as follows. 31.01.2022 Total consideration transferred 24 973 \u2013 Fair value of identi\ufb01able net assets acquired -20 073 Goodwill 4 900 The goodwill-value can be explained by synergies, economies of scale, expectations of future pro\ufb01tability and growth and expectations of better market conditions. The purchase price allocation and the accounting for the acquisition is \ufb01nal. Therefor there will be no adjustments to the above amounts in subsequent accounting periods. DISCLOSURE 4 | SUBSEQUENT EVENTS BOARD AND CEO On 12 January 2023 the board decided to appoint Oddbj\u00f8rn Hauk\u00f8y as interim CEO, and that a recruitment process shall be initiated with the aim to identify a permanent replacement as CEO. Chairman of the board Dag Schjerven and the board members Rune Magnus Lundetr\u00e6 and Marianne Lie have at the same time informed the board that they resign from their positions with immediate effect. The board will, in dialogue with the nomination committee, consider whether an extraordinary general meeting shall be convened to elect new board members. EQUINOR CONTRACT On 25 January 2023, Equinor has awarded PSW Technology a three-year contract for maintenance services to the Mongstad re\ufb01nery. The substantial contract has an annual value of approx. NOK 200 million, or a total of approx. NOK 1.8 billion if the options are ful\ufb01lled and the Group has the assignment for the next nine years. OFFSHORE DEVELOPMENT PROJECT On 30 March PSW Power & Automation and Trans Construction (ATC) secured a new contract for the design, manufacture, and preassembly of a major e-house module for an Oil & Gas customer. The e-house module will be a part of an offshore development project on the UK sector. LOI \u2013 MOORING SYSTEM On 30 January 2023, Seasystems was awarded a letter of intent (LOI) for the delivery of a mooring system to a \ufb02oating LNG terminal in Germany. The letter of intent is entered into with the intension to secure good cooperation in conjunction with a potential contract for a FSRU mooring system. The Group\u2019 scope consists of a complete mooring solution including design, analysis, model testing and mooring equipment such as chain, chain stoppers, jacks and winches. The project has been in an engineering phase for the past six months. DISCLOSURE 5 | GOING CONCERN The \ufb01nancial statementis prepared based on going concern. The board con\ufb01rms the going concern assumption is present in accordance with Section 3\u20133c of the Accounting Act. The Group achieved a positive EBITDA amounting to NOK 70.6 million compared to NOK 16.7 million last year. Adjusted EBITDA in 2022 was NOK 76.5 million versus NOK 23.7 million last year. See alternative performance measures. The Group\u2019s equity amounts to NOK 492.6 million and the liquidity reserve amounts to NOK 112.6 million as of 31 December 2022. The share issue in 2022 related to the PSW transaction and conversion of seller credit were the main factors for the increased equity. The company is working on several possible projects and has won signi\ufb01cant contracts during fourth quarter in 2022 and \ufb01rst quarter in 2023. See disclosure 4. The order backlog is NOK 533 million. The oil price is noted at high level and supply activity has increased at the end of 2022 and into 2023. The assumption of going concern is based on a strong pipeline into 2023 and a strengthened foundation for further growth. DISCLOSURE 6 | SEGMENT INFORMATION & REVENUE SEGMENT INFORMATION Scana has three business areas being OFFSHORE, ENERGY and MARITIME. OFFSHORE delivers products, services, and lifetime extensions to several segments of the offshore industries. ENERGY delivers shore power and energy storage solutions to the ocean industries. MARITIME delivers mooring solutions to \ufb02oating structures across the ocean industries and valve control systems to the shipping and offshore industry. \u201cScana HQ\u201d includes Scana ASA, some holding companies and Scana Property AS. The column \u00abEliminations\u00bb applies to eliminations between the segments. OFFSHORE consists of: PSW Technology AS, PSW Solutions AS and Subseatec S AB. PSW Technology AS owns 100 % of the shares at PSW Solutions AS and PSW Power & Automation AS. ENERGY consists of: PSW Power & Automation AS and Trans Construction AS. PSW Power & Automation AS owns 100 % of the shares at Trans Constructions AS. MARITIME consists of: Seasystems AS, Skarpenord AS and Scana Valve Control AS. Scana Valve Control AS owns 100 % of the shares at Skarpenord AS, 49 % of the shares at Scana Korea Hydraulic Ltd., and 49 % of the shares at Scana do Brasil Ltd. Scana HQ consists of: Scana ASA, Scana Trading AS, Scana Property AS, Scana Energy Holding AB, PSW Holding I AS and Scana do Brasil Ltd. Scana ASA owns 100 % of the shares at Scana Trading AS, Scana Property AS and Seasystems AS and PSW Holding I AS. Scana Trading AS owns 100 % of the shares at Scana Energy Holding AB, Scana Valve Control AS and 51 % of the shares at Scana do Brasil Ltd. Scana Energy Holding AB owns 100 % of the shares at Subseatec S AB. PSW Holding I AS owns 100 % of the shares at PSW Technology AS. The presentation coincides with the internal reporting to the board. Revenue from sales to external customers and transactions with other segments are reported for each business areas and inter-segment pricing is determined on an arm\u2019s length basis. The following summary describes the operations of each reportable segment. 2022 (NOK million) OFFSHORE ENERGY MARITIME Scana HQ Elimination Total External revenue 357.7 353.0 200.9 0.0 0.0 911.7 Internal revenue 9.6 1.6 0.0 3.2 -14.4 0.0 Total revenue 367.3 354.6 200.9 3.2 -14.4 911.7 Operating expenses 317.4 326.2 180.6 31.2 -14.4 841.1 EBITDA 49.9 28.3 20.3 -28.0 0.0 70.6 Depreciation 64.3 18.4 6.4 0.5 0.0 89.6 Impairments 0.0 0.0 0.0 0.0 0.0 0.0 Operating pro\ufb01t/loss (EBIT) -14.4 10.0 13.9 -28.5 0.0 -19.0 EBIT margin -4 % 3 % 7 % -2 % Income from interests in associated companies 4.3 Net \ufb01nancial income/expense (\u2013) -41.1 Pro\ufb01t/loss before tax \u2013 continued operations -55.8 Income tax expense -11.3 Pro\ufb01t/loss for the year \u2013 continued operations -44.5 BALANCE SHEET FIGURES Assets 817.6 499.7 230.6 332.7 -502.4 1 378.4 Non-current liabilities 438.2 99.5 2.1 115.2 -185.4 469.6 Current liabilities 238.5 155.7 127.7 211.1 -317.0 416.1 OTHER SEGMENT INFORMATION; Goodwill 67.8 206.4 0.0 0.0 0.0 274.2 Deferred tax assets 4.8 0.9 28.5 17.6 0.5 52.4 Intangible assets 33.3 38.4 0.0 0.0 0.0 71.5 Right of use assets 316.3 81.7 4.6 0.0 0.0 402.6 Tangible assets 123.7 13.4 8.8 1.9 0.0 147.9 Inventories 25.1 22.7 18.2 0.0 0.0 66.0 Trade receivables 93.5 40.7 27.4 25.2 -26.0 160.8 Contract assets 31.0 75.0 19.3 0.0 0.0 125.3 Deferred tax liability 10.4 5.2 0.0 -16.1 0.5 0.0 Contract liabilities 88.7 18.1 5.2 0.0 0.0 112.0 CASH FLOW Net cash \u2013 operating activities 67.4 12.2 15.0 -19.7 -4.9 70.0 -7.2 -9.7 -0.6 -1.8 0.0 -19.4 Acquisition of property, plant, equipment and intangible assets Revenue from one single customer does not exceed 10 percent of the Group\u2019s total revenues. 2021 (NOK million) OFFSHORE ENERGY MARITIME Scana HQ Elimination Total External revenue 74.3 0.0 230.0 0.4 0.0 304.7 Internal revenue 0.0 0.0 0.0 2.2 -2.2 0.0 Total revenue 74.3 0.0 230.0 2.6 -2.2 304.7 Operating expenses 64.5 0.0 200.8 25.0 -2.2 288.1 EBITDA 9.8 0.0 29.2 -22.3 0.0 16.7 Depreciation 0.4 0.0 6.1 0.5 0.0 7.0 Impairments 0.0 0.0 1.2 0.0 0.0 1.2 Operating pro\ufb01t/loss (EBIT) 9.4 0.0 21.9 -22.9 0.0 8.4 EBIT margin 13 % 0 % 10 % 3 % Income from interests in associated companies 3.3 Net \ufb01nancial income/expense (\u2013) -9.7 Pro\ufb01t/loss before tax \u2013 continued operations 2.0 Income tax expense -24.3 Pro\ufb01t/loss for the year \u2013 continued operations 26.3 BALANCE SHEET FIGURES Assets 39.0 0.0 200.8 135.5 -151.9 223.4 Non-current liabilities 0.5 0.0 3.8 5.0 0.0 9.3 Current liabilities 25.2 0.0 108.1 130.5 -151.9 111.9 OTHER SEGMENT INFORMATION Deferred tax assets 0.2 0.0 29.6 30.5 0.0 60.3 Intangible assets 1.1 0.0 0.7 0.0 0.0 1.8 Right of use assets 0.9 0.0 6.3 0.3 0.0 7.5 Tangible assets 0.0 0.0 11.4 0.4 0.0 11.8 Inventories 2.4 0.0 10.9 0.1 0.0 13.4 Trade receivables 18.8 0.0 21.0 14.2 -14.3 39.7 Contract assets 2.1 0.0 16.8 -0.1 0.0 18.8 Deferred tax liability 0.0 0.0 0.0 2.9 0.0 2.9 Contract liabilities 4.9 0.0 10.8 0.0 0.0 15.7 CASH FLOW Net cash \u2013 operating activities 11.1 0.0 27.4 -11.4 -2.0 25.1 -1.8 0.0 -1.2 1.2 0.0 -1.8 Acquisition of property, plant, equipment and intangible assets GEOGRAPHICAL AREA The Group companies\u2019 locations are divided into the following countries: Norway and Sweden. The column for eliminations includes companies located in the USA and Brazil. 2022 (NOK million) Norway Sweden Elimination Total External revenue 859.9 50.8 1.0 911.7 Internal revenue 0.3 0.0 -0.3 0.0 Total revenue 860.2 50.8 50.8 0.7 911.7 Operating expenses 797.4 42.9 0.8 841.1 EBITDA 62.8 7.9 -0.1 70.6 Depreciation 88.9 0.7 0.0 89.6 Impairments 0.0 0.0 0.0 0.0 Operating pro\ufb01t/loss (EBIT) -26.1 7.2 -0.1 -19.0 EBIT margin -3 % 14 % -14 % -2 % Income from interests in associated companies 4.3 Net \ufb01nancial income/expense (\u2013) -41.1 Pro\ufb01t/loss before tax \u2013 continued operations -55.8 Income tax expense -11.3 Pro\ufb01t/loss for the year \u2013 continued operations -44.5 BALANCE SHEET FIGURES Assets 1 366.8 29.8 -18.2 1 378.4 Non-current liabilities 469.1 13.0 -12.5 469.6 Current liabilities 409.4 9.7 -3.0 416.1 OTHER SEGMENT INFORMATION Goodwill 274.2 0.0 0.0 274.2 Deferred tax assets 50.5 1.9 0.0 52.4 Intangible assets 70.4 1.2 0.0 71.6 Right of use assets 401.6 1.0 0.0 402.6 Tangible assets 146.0 1.9 0.0 147.9 Inventories 63.8 2.2 0.0 66.0 Trade receivables 144.0 16.9 -0.1 160.8 Contract assets 124.1 1.2 0.0 125.3 Deferred tax liability 0.0 0.0 0.0 0.0 Contract liabilities 110.6 1.4 0.0 112.0 CASH FLOW Net cash \u2013 operating activities 68.5 2.4 -0.9 70.0 -17.1 -2.3 0.0 -19.4 Acquisition of property, plant, equipment and intangible assets Revenue from one single customer does not exceed 10 percent of the Group\u2019s total revenues. 2021 (NOK million) Norway Sweden Elimination Total External revenue 230.4 74.3 0.0 304.7 Internal revenue 0.4 0.0 -0.4 0.0 Total revenue 230.8 74.3 74.3 -0.4 304.7 Operating expenses 223.9 64.6 -0.4 288.1 EBITDA 6.9 9.8 0.0 16.7 Depreciation 6.6 0.4 0.0 7.0 Impairments 1.2 0.0 0.0 1.2 Operating pro\ufb01t/loss (EBIT) -0.9 9.3 0.0 8.4 EBIT margin 0 % 13 % 0 % 3 % Income from interests in associated companies 3.3 Net \ufb01nancial income/expense (\u2013) -9.7 Pro\ufb01t/loss before tax \u2013 continued operations 2.0 Income tax expense -24.3 Pro\ufb01t/loss for the year \u2013 continued operations 26.3 BALANCE SHEET FIGURES Assets 219.7 42.0 -38.3 223.4 Non-current liabilities 8.9 22.3 -21.9 9.3 Current liabilities 110.5 15.6 -14.2 111.9 OTHER SEGMENT INFORMATION Deferred tax assets 58,1 2,2 0,0 60,3 Intangible assets 0,7 1,1 0,0 1,8 Right of use assets 6,6 0,9 0,0 7,5 Tangible assets 11,8 0,0 0,0 11,8 Inventories 10,9 2,4 0,1 13,4 Trade receivables 21,3 18,8 -0,4 39,7 Contract assets 16,8 2,1 -0,1 18,8 Deferred tax liability 2,9 0,0 0,0 2,9 Contract liabilities 10,8 4,9 0,0 15,7 CASH FLOW Net cash \u2013 operating activities 15.7 10.8 -1.4 25.1 Acquisition of property, plant, equipment and intangible assets -0.1 -1.8 0.1 -1.8 REVENUE REVENUE DISTRIBUTED BY COUNTRY In the following table, revenue from contracts with customers is disaggregated by primary geographical market. (NOK million) 2022 2021 Norway 597.4 114.5 Other European countries 193.2 63.3 North America 18.3 43.6 Asia 70.6 81.1 Other countries 7.2 1.8 Operational revenue 886.7 304.3 In the following table, revenue from contracts with customers is disaggregated by major products and service lines and timing of revenue recognition. 2022 (NOK million) OFFSHORE ENERGY MARITIME Scana HQ Elimination Total TYPE OF GOODS OR SERVICE Service- and maintenance contracts 283.5 -0.2 283.3 Power systems 339.4 339.4 339.4 Forged goods 50.8 50.8 Valve control systems 57.4 57.4 Seasystem-solutions 123.0 123.0 Sale of equipment and spare-parts 5.9 6.6 20.4 32.9 Operational revenue 340.2 346.0 200.8 -0.2 886.7 TIMING OF REVENUE RECOGNITION Products transferred at a point in time 5.9 6.6 20.4 32.9 Products and services transferred over time 334.3 339.4 180.4 0.0 -0.2 853.8 Operational revenue 340.2 346.0 200.8 0.0 -0.2 886.7 PERFORMANCE OBLIGATIONS Information about the Group\u2019s performance obligations are summarised below: SERVICE- AND MAINTENANCE CONTRACTS Service and maintenance contracts are time and materials contracts and \ufb01xed-price contracts. Each individual contract is normally considered as a separate performance obligation and revenue is recognised over time to depict the delivered time and materials. For contracts with signi\ufb01cant \ufb01xed-price elements an input method is used to measure the progress of the project, which is the basis for recognizing revenue over time. Invoices are issued according to contractual terms and are usually payable within 30 days. POWER SYSTEMS Shore power systems and energy storage systems. For Power systems, the customer controls all of the work in progress as the products are being manufactured. This is because under those contracts the systems are made to a customer\u2019s speci\ufb01cation and if a contract is terminated by the customer, then the Group is entitled to reimbursement of the costs incurred to date, including a reasonable margin. Invoices are issued according to contractual terms and are usually payable within 30 days. Revenue is recognised over time based on the cost-to-cost method. The related costs are recognised in pro\ufb01t or loss when they are incurred. Advances received are included in contract liabilities. FORGED GOODS Forged goods to the oil and gas industry. The goods are customized based on customers\u2019 requirements and are sold as bundled goods. The goods are considered as a single performance obligation as the components are not separately identi\ufb01able. Revenue for these performance obligations is recognized over time based on the progress towards complete satisfaction of the performance obligation. Progress in the projects is measured according to the input method. VALVE CONTROL SYSTEMS Valve control systems to the marine and offshore industry, which consists of several components but can only be used by the customer as a complete unit. The revenue is recognized over time where the transaction price is allocated to a performance obligation based on the input method and when control is transferred to the customer. Contracts do normally have \ufb01xed prices. Variation orders is included in the project when it is signed. The customers pay advances based on milestones de\ufb01ned in the contract. SEASYSTEM-SOLUTIONS Innovative system solutions within anchoring and turrets for \ufb02oating production and storage ships, aquaculture units and offshore wind. The systems linked to of\ufb02oading are customized based on hose reels requirement speci\ufb01cation from the customer who has no alternative use. The same assessments are made in relation to anchorage and turret. The revenue is recognized over time where control is transferred to the buyer which coincides with the progress of the projects measured according to the input method. In the contracts with the customers the company has the right to be compensated for incurred costs and margin if the customer cancels the contracts. Contract deliveries where the revenue is recognized over time are often entered into with milestone invoicing such as due after 30 to 90 days. SALE OF EQUIPMENT AND SPARE-PARTS This revenue type involves sale of products or equipment that are of a standard nature, not made according to the customer\u2019s speci\ufb01cations. Customers usually obtain control of these products when the goods are delivered to the customers in accordance with the contract terms. The Group has assessed that the performance obligations for such products are satis\ufb01ed at a point in time, and revenue from these performance obligations is recognised at that point in time. DISCLOSURE 7 | INVESTMENT IN ASSOCIATED COMPANY/ INVESTMENT IN SHARES SCANA KOREA HYDRAULIC LTD. The Group owns 49 % of the shares in Scana Korea Hydraulic Ltd through Scana Valve Control AS. Scana Korea Hydraulic Ltd is involved in the sale and production of hydraulic valve control systems. The company is located in Busan in South Korea and is part of the MARITIME segment. Income from interests in associated is presented on separate row in income statement for current and last year. It is representing a reclassi\ufb01cation from previous year due to the Group consider the pro\ufb01t is not a part of \ufb01nancial income and expenses in the income statement. The reclassi\ufb01cation has been made in order to improve the user\u2019s understanding of the Group\u2019s \ufb01nancial performance. The change has no impact on net result or equity, and the change has been implemented retrospectively. ASSOCIATED COMPANY; FINANCIAL INFORMATION 2022 (100 % level) Scana Korea Hydraulic Ltd. Sales revenues 138 923 Net pro\ufb01t/loss (\u2013) \u2013 continued operation 8 803 Fixed assets 55 052 Current assets 60 850 Non-current liabilities -6 564 Current liabilities -35 215 Shareholders' equity 74 123 ASSOCIATED COMPANY; FINANCIAL INFORMATION 2021 (100 % level) Scana Korea Hydraulic Ltd. Sales revenues 120 008 Net pro\ufb01t/loss (\u2013) \u2013 continued operation 6 757 Fixed assets 51 774 Current assets 49 944 Non-current liabilities -6 960 Current liabilities -30 636 Shareholders' equity 64 122 BOOK VALUE ASSOCIATED COMPANY \u2013 MEASURED ACCORDING TO THE EQUITY METHOD 2022 2021 As of 1 January 31 420 30 710 Dividend -1 038 -935 Income from interestes in associated companies 4 314 3 311 Currency differences 1 624 -1 666 Total investment in associated companies 36 320 31 420 INVESTMENTS IN SHARES Scana has through PSW Technology AS done a capital injection in Stepwise AS amounted by NOK 2.8 million in 2022. The Group owns 4.3 % of the shares in the company and the booked value is NOK 2.8 million end of December 2022. DISCLOSURE 8 | OTHER REVENUE AND EXPENSES OTHER REVENUE 2022 2021 Gain \u2013 sale of \ufb01xed assets 5 147 0 Gain \u2013 sale of business 1 066 422 Rental income* 18 664 0 Other revenue 155 0 Total 25 032 422 * See disclosure 24 for further information regarding rental income. OTHER OPERATIONAL EXPENSES 2022 2021 Operation and maintenance 4 983 2 127 Rental costs 21 081 1 635 Fees and consultancy services 20 945 14 439 Travel and marketing costs 14 375 5 714 Of\ufb01ce and administration costs 7 793 3 496 Insurance costs 3 628 1 865 Other operating expenses 643 1 398 Total 73 448 30 674 AUDIT FEES 2022 2021 Audit services 2 872 1 007 Audit-related assistance and other assistance 149 67 Total 3 021 1 074 Audit fee shown above is excluded capital transaction costs amounted to NOK 0.6 million. OTHER FINANCIAL INCOME/COSTS (\u2013) 2022 2021 Amortization costs -1 338 -294 Financing costs -2 311 -1 558 Other -830 -176 Total -4 479 -2 028 DISCLOSURE 9 | PAYROLL EXPENSES PAYROLL EXPENSES 2022 2021 Salary costs 264 473 67 723 Social security costs 37 596 11 685 Pension costs 14 616 5 837 Insurance costs 2 031 546 Option program 3 847 1 740 Other wages and personnel costs 6 862 70 Total payroll expenses 329 425 87 601 TOTAL AVERAGE NUMBER OF EMPLOYEES 2022 2021 Norway 291 82 Sweden 10 9 Total average number of employees 301 91 The Group had 371 employees on 31 December 2022 (2021: 84 employees). The increase is driven by the acquisition of PSW and Trans Construction. For further information relating to salaries and remuneration to senior executives, see \u201cReport on remuneration to senior executives\u201d. You will also \ufb01nd the report on Scana\u2019s website. REMUNERATION LEADING PERSONNEL Name Position Styrk Bekkenes CEO* Torvald Ulland Reiestad CFO Kjetil Flesj\u00e5 Former CFO Oddbj\u00f8rn Hauk\u00f8y CCO* Anette Netteland Dybvik Head of IR and Investments* Total Year Base salary Fees Fringe bene\ufb01ts Variable Fixed Fixed Variable Fixed Variable 2022 3 100 124 84 3 308 100 % 0 % 2021 2 386 95 1 000 87 2 568 1 000 72 % 28 % 2022 1 622 15 85 1 722 100 % 0 % 2021 1 461 20 250 87 1 568 250 86 % 14 % 2022 0 % 0 % 2021 175 175 100 % 0 % 2022 2 750 13 77 2 841 100 % 0 % 2021 0 % 0 % 2022 400 5 24 429 100 % 0 % 2021 0 % 0 % 2022 7 872 0 158 0 270 8 300 0 100 % 0 % 2021 4 022 0 115 1 250 174 4 311 1 250 78 % 22 % Fixed remuneration Extraordinary items Pension expense Total remuneration Proportion of \ufb01xed and variable remuneration The resignation period for key personnel is from 3\u20136 months. The CEO has a severance agreement which involves salary for 6 months beyond the notice period. Any wage income received from other work in the period where severance pay is paid must be deducted from severance pay. Refers to disclosure 11 for description of pensions. The pension scheme for senior employees is contribution-based. No loans, advance payments or collateral have been given to leading persons during 2022. On the balance sheet date, no leading persons have loans. See disclosure 29 for further discussion according to related parties. * CCO was hired from February 2022, while Head of IR and Investments was hired from September 2022. CEO resigned in January 2023. SHARE-BASED REMUNERATION (EQUITY-SETTLED) On 24 June 2019, the company announced that senior employees have been awarded an option program together with the general manager of the subsidiaries. The option program was approved at the ordinary general meeting on 8 May 2020. On 24 January 2022, the company announced that senior employees have been awarded an option program together with the general manager of the subsidiaries. The option program was approved at the ordinary general meeting on 22 June 2022. The report \ufb01rst presents the 2019 program and then the 2022 program. SHARE-BASED REMUNERATION FROM 2019 Name Position Speci\ufb01cation of plan Performance period Award date Vesting date End of holding period Exercise period Strike price of the share Share options awarded at the beginning of the year Share options awarded Deducted in 2022 Share options vested Share options subject to a performance condition Share options awarded and unvested Share options subject to a holding period Dag Schjerven Plan 1a 21.06.2019 \u2013 30.06.2020 21.06.2019 30.06.2020 420 000 30.06.2020 1,100 420 000 0 -420 000 0 0 0 Plan 1b 21.06.2019 \u2013 30.06.2021 21.06.2019 30.06.2021 420 000 30.06.2021 1,210 420 000 0 -420 000 0 0 0 Plan 1c 21.06.2019 \u2013 30.06.2022 21.06.2019 30.06.2022 420 000 30.06.2022 1,331 420 000 0 -420 000 420 000 0 0 0 Plan 1d 21.06.2019 1,464 Styrk Bekkenes Plan 1a 21.06.2019 \u2013 30.06.2020 21.06.2019 30.06.2020 2 100 000 30.06.2020 1,100 2 100 000 0 2 100 000 2 100 000 2 100 000 Plan 1b 21.06.2019 \u2013 30.06.2021 21.06.2019 30.06.2021 2 100 000 30.06.2021 1,210 2 100 000 0 2 100 000 2 100 000 2 100 000 Plan 1c 21.06.2019 \u2013 30.06.2022 21.06.2019 30.06.2022 2 100 000 30.06.2022 1,331 2 100 000 0 2 100 000 2 100 000 2 100 000 2 100 000 Plan 1d 21.06.2019 1,464 Torvald Ulland CFO - Scana Plan 1a 26.06.2020 \u2013 30.06.2021 26.06.2020 30.06.2021 140 000 30.06.2021 1,100 140 000 0 140 000 140 000 140 000 Plan 1b 26.06.2020 \u2013 30.06.2022 26.06.2020 30.06.2022 140 000 30.06.2022 1,210 140 000 0 140 000 140 000 140 000 140 000 Plan 1c 26.06.2020 \u2013 30.06.2023 26.06.2020 30.06.2023 140 000 30.06.2023 1,331 140 000 0 140 000 140 000 140 000 Plan 1d 26.06.2020 1,464 Kjetil Flesj\u00e5 Plan 1a 21.06.2019 \u2013 30.06.2020 21.06.2019 30.06.2020 140 000 30.06.2020 1,100 140 000 0 140 000 140 000 140 000 Plan 1b 21.06.2019 \u2013 30.06.2021 21.06.2019 30.06.2021 140 000 30.06.2021 1,210 140 000 0 140 000 140 000 140 000 Plan 1c 21.06.2019 \u2013 30.06.2022 21.06.2019 30.06.2022 140 000 30.06.2022 1,331 140 000 0 140 000 140 000 140 000 140 000 Plan 1d 21.06.2019 1,464 Torkjell Lisland Plan 1a 21.06.2019 \u2013 30.06.2020 21.06.2019 30.06.2020 140 000 30.06.2020 1,100 140 000 0 140 000 140 000 140 000 Plan 1b 21.06.2019 \u2013 30.06.2021 21.06.2019 30.06.2021 140 000 30.06.2021 1,210 140 000 0 140 000 140 000 140 000 Plan 1c 21.06.2019 \u2013 30.06.2022 21.06.2019 30.06.2022 140 000 30.06.2022 1,331 140 000 0 140 000 140 000 140 000 140 000 Plan 1d 21.06.2019 1,464 Egil Kjeldsen Plan 1a 21.06.2019 \u2013 30.06.2020 21.06.2019 30.06.2020 140 000 30.06.2020 1,100 140 000 0 -140 000 0 0 0 Plan 1b 21.06.2019 \u2013 30.06.2021 21.06.2019 30.06.2021 140 000 30.06.2021 1,210 140 000 0 -140 000 0 0 0 Plan 1c 21.06.2019 \u2013 30.06.2022 21.06.2019 30.06.2022 140 000 30.06.2022 1,331 140 000 0 -140 000 140 000 0 0 0 Plan 1d 21.06.2019 1,464 Total 9 240 000 9 240 000 0 3 080 000 0 7 560 000 7 560 000 7 560 000 Reiestad CFO - Scana (resigned) Managing director - Seasystems CCO - Skarpenord (resigned) Chairman of the board - Scana (resigned) During the year Closing balance Information regarding the reported \ufb01nancial year Opening balance The main conditions of share option plans CEO - Scana (resigned) The options can be exercised in connection with the reporting of the quarterly reports indicated in the table above. The exercise period is two weeks after the quarterly report is published at Oslo B\u00f8rs. The options linked to plan 1a are earned in the period from the award date to the vesting date, which is 21.06.2019\u201330.06.2020. The options linked to plan 1b are earned in the period from the award date to the vesting date, which is 21.06.2019\u201330.06.2021. The options linked to plan 1c are earned in the period from the award date to the vesting date, which is 21.06.2019\u201330.06.2022. Options that have not been exercised (cf. plan 1a, 1b and 1c) can be exercised through plan 1d on 30 June 2023 at a strike price of 1.464. The exercise can take place after the publication of the second quarter report of 2023 and the following two weeks. The CFO entered into an option agreement a year later and can exercise the options on the same terms a year later than the other participants. Resigned CFO Kjetil Flesj\u00e5 left the company with effect from 30 November 2020. He has retained his allocated options with associated rights. No shares or other instruments have been allocated in connection with remuneration to leading persons. No options have been exercised in 2022. SHARE-BASED REMUNERATION FROM 2022 Name Position Speci\ufb01cation of plan Performance period Award date Vesting date End of holding period Exercise period Strike price of the share Share options awarded at the beginning of the year Share options awarded Deducted in 2022 Share options vested Share options subject to a performance condition Share options awarded and unvested Share options subject to a holding period Styrk Bekkenes Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 2 000 000 30.06.2023 1,400 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 2 000 000 30.06.2024 1,470 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2023 30.06.2025 2 000 000 30.06.2025 1,544 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1e 24.01.2022 1,544 Oddbj\u00f8rn Hauk\u00f8y Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 2 000 000 30.06.2023 1,400 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 2 000 000 30.06.2024 1,470 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 2 000 000 30.06.2025 1,544 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1e 24.01.2022 1,544 Torvald Ulland Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 333 333 30.06.2023 1,400 0 333 333 333 333 333 333 333 333 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 333 333 30.06.2024 1,470 0 333 333 333 333 333 333 333 333 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 333 334 30.06.2025 1,544 0 333 334 333 334 333 334 333 334 Plan 1e 24.01.2022 1,544 Eirik S\u00f8rensen Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 833 333 30.06.2023 1,400 0 833 333 833 333 833 333 833 333 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 833 333 30.06.2024 1,470 0 833 333 833 333 833 333 833 333 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 833 334 30.06.2025 1,544 0 833 334 833 334 833 334 833 334 Plan 1e 24.01.2022 1,544 Erlend Einevoll Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 833 333 30.06.2023 1,400 0 833 333 833 333 833 333 833 333 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 833 333 30.06.2024 1,470 0 833 333 833 333 833 333 833 333 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 833 334 30.06.2025 1,544 0 833 334 833 334 833 334 833 334 Plan 1e 24.01.2022 1,544 Trond Ottar B\u00f8 Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 333 333 30.06.2023 1,400 0 333 333 333 333 333 333 333 333 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 333 333 30.06.2024 1,470 0 333 333 333 333 333 333 333 333 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 333 334 30.06.2025 1,544 0 333 334 333 334 333 334 333 334 Plan 1e 24.01.2022 1,544 Peter Jansson Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 333 333 30.06.2023 1,400 0 333 333 333 333 333 333 333 333 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 333 333 30.06.2024 1,470 0 333 333 333 333 333 333 333 333 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 333 334 30.06.2025 1,544 0 333 334 333 334 333 334 333 334 Plan 1e 24.01.2022 1,544 Anette Netteland Plan 1a 24.01.2022 \u2013 30.06.2023 06.07.2022 30.06.2023 250 000 30.06.2023 1,400 0 250 000 250 000 250 000 250 000 Plan 1b 24.01.2022 \u2013 30.06.2024 06.07.2022 30.06.2024 250 000 30.06.2024 1,470 0 250 000 250 000 250 000 250 000 Plan 1c 06.07.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 06.07.2022 30.06.2025 250 000 30.06.2025 1,544 0 250 000 250 000 250 000 250 000 Plan 1e 06.07.2022 1,544 Morten Riiser Plan 1a 24.01.2022 \u2013 30.06.2023 30.06.2022 30.06.2023 250 000 30.06.2023 1,400 0 250 000 250 000 250 000 250 000 Plan 1b 24.01.2022 \u2013 30.06.2024 30.06.2022 30.06.2024 250 000 30.06.2024 1,470 0 250 000 250 000 250 000 250 000 Plan 1c 30.06.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 30.06.2022 30.06.2025 250 000 30.06.2025 1,544 0 250 000 250 000 250 000 250 000 Plan 1e 30.06.2022 1,544 H\u00e5vard Kallestad Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 250 000 30.06.2023 1,400 0 250 000 250 000 250 000 250 000 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 250 000 30.06.2024 1,470 0 250 000 250 000 250 000 250 000 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 250 000 30.06.2025 1,544 0 250 000 250 000 250 000 250 000 Plan 1e 24.01.2022 1,544 Tor Erik Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 0 30.06.2023 1,400 0 250 000 -250 000 0 0 0 Christoffersen Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 0 30.06.2024 1,470 0 250 000 -250 000 0 0 0 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 0 30.06.2025 1,544 0 250 000 -250 000 0 0 0 Plan 1e 24.01.2022 1,544 Total 22 250 000 0 23 000 000 0 22 250 000 22 250 000 22 250 000 Reiestad Dybvik CEO - Scana (resigned) Managing director - PSW Power & Automation Managing director - PSW Solutions Managing director - Skarpenord Managing director - Subseatec Head of IR and Investments - Scana VP Finance - Scana SVP Operations & Business Development - PSW Technology CCO - PSW Technology (resigned) Interim CEO - Scana CFO - Scana Information regarding the reported \ufb01nancial year The main conditions of share option plans Opening balance During the year Closing balance The options can be exercised in connection with the reporting of the quarterly reports indicated in the table above. The exercise period is two weeks after the quarterly report is published at Oslo B\u00f8rs. The options linked to plan 1a are earned in the period from the award date to the vesting date, which is 24.01.2022\u201330.06.2023. The options linked to plan 1b are earned in the period from the award date to the vesting date, which is 24.01.2022\u201330.06.2024. Options that have not been exercised (cf. plan 1a) can be exercised through plan 1c on 30 June 2024 at a strike price of 1.47. The exercise can take place after the publication of the second quarter report of 2024 and the following two weeks. The options linked to plan 1d are earned in the period from the award date to the vesting date, which is 24.01.2022\u201330.06.2025. Options that have not been exercised (cf. 1a and 1b) can be exercised through plan 1e until 30 June 2025 at a strike price of 1.544. The exercise can take place after the publication of the second quarter report of 2025 and the following two weeks. No shares or other instruments have been allocated in connection with remuneration to leading persons. No options have been exercised in 2022. BOARD REMUNERATION The board of Scana ASA was paid TNOK 1,125 in fees in 2022 and TNOK 31 to the election committee. Board remunerations are paid annually in arrears and apply for the period from the ordinary general meeting 2021 to the ordinary general meeting 2022. Fees in arrears for the board elected in May 2021 with a term of of\ufb01ce until May 2022 are speci\ufb01ed below. A new board was elected at an extraordinary general meeting in December 2022. In addition, three board members stepped down from the board in January 2023. Name Position Active period Remuneration paid out in 2021 Remuneration paid out in 2022 Dag Schjerven Chairman of the board May 2018 \u2013 Jan 2023 300 300 Morten Blix Deputy chair of the board Jan 2022 \u2013 Dec 2022 \u2013 90 Espen S. Berge Deputy chair of the board May 2020 \u2013 Jan 2022 225 135 Marianne Lie Board member May 2016 \u2013 Jan 2023 200 200 Margaret Elin Hystad Board member May 2018 \u2013 Dec 2022 200 200 Rune Magnus Lundetr\u00e6 Board member May 2021 \u2013 Jan 2023 200 Former board member May 2020 \u2013 Dec 2021 200 Total remuneration 1 125 1 125 VALUATION METHOD In connection with determining the value of the option program, a binomial option pricing model has been used. It is assumed that a \u201cgeometric Brownian motion\u201d model as a price model, which is the most widely used price model in \ufb01nancial mathematics, can be used to generate future share prices. The risk-free interest rate is in accordance with Norges Bank\u2019s interest rate at the time of the award. Risk-free interest is interpolated over the accrual period. The volatility is based on trades made in the share in the past \ufb01ve years, which is 97 %. Dividend is not considered. Based on simulations, this gives an indicative option value of NOK 5.2 million according to option program from 2019. The same method is used for an option program announced January 2022 which gives NOK 10.5 million. In both option programs, it is assumed that no one who has been granted options will end the vesting period and that everyone will redeem the options after 36 months. The value of granted options is accrued over the period in which the employees acquire the right to receive the options. In 2022, NOK 3.8 million was recognized as a cost the option program in accordance with the vesting period. DISCLOSURE 10 | PENSION According to Section 7\u201330a of the Accounts Act, companies in Norway are obliged to have an occupational pension scheme according to the Mandatory Occupational Pensions Act and the companies have a pension scheme that meets the requirements. PERFORMANCE PLAN IN NORWAY The Norwegian companies within the Group are covered by an AFP scheme. The number of employees covered by the scheme is 368 people as of 31 December 2022 (2021: 83 people). From an accounting point of view, the scheme is to be regarded as a bene\ufb01t-based multi-enterprise scheme. The Group is unable to identify its share of the scheme\u2019s underlying \ufb01nancial position and result with a suf\ufb01cient degree of reliability, and on this basis the scheme is accounted for as a deposit scheme. This means that obligations from the AFP scheme are not entered in the balance sheet. Premiums for the scheme are expensed when they accrues. DEPOSIT PLAN IN NORWAY Companies in Norway have deposit plans. The contribution plans cover all employees over the age of 20 in more than 20 % positions. The deposits amount to 4.5\u20135 % of annual salary between 0\u20137. 1G and 8 % between 6G\u201312G. The pension funds are invested in funds administered by an insurance company and managed by the employee. As of 31 December 2022, there were 361 members of the schemes (2021: 75 members). Prepaid pension cost is entered in the statement of \ufb01nancial position as a long-term receivable and the liability is entered in the balance sheet as a long-term liability. 2022 2021 Prepaid pension cost 31.12. 1 883 2 025 Balance sheet pension obligation 31.12. 1 883 2 025 PENSION SCHEMES IN SWEDEN There are two pension schemes in Sweden, an ordinary de\ufb01ned contribution scheme and a multi-company bene\ufb01t scheme which is accounted for as a de\ufb01ned contribution scheme. The bene\ufb01t plans are organized as joint plans for several employers (multi-employer plans) and are insured in Alecta. Necessary information to be able to account for the bene\ufb01t schemes as bene\ufb01t plans is not available. For that reason, the Group has accounted for the scheme as a deposit scheme. The reason why there is insuf\ufb01cient information to be able to account for the scheme as a de\ufb01ned bene\ufb01t scheme is that Alecta does not have information about the distribution of the accrual of pension rights between the various employers and therefore does not have the opportunity to make an accurate and reliable distribution of assets and liabilities to the respective employers. Furthermore, Alecta does not have a set of regulations for how any surplus or de\ufb01cit that arises is to be handled. For that reason, the Group has accounted for the scheme as a deposit scheme. The Group\u2019s expected contribution to the bene\ufb01t scheme in 2022 in Alecta is estimated by Alecta at NOK 0.7 million (estimate for 2021 was NOK 1.2 million). The multi-company bene\ufb01t scheme covers 9 out of 9 employees (2021: 9 out of 9 employees). The collective funding ratio measures the distribution of assets in relation to the insurance commitment. The insurance commitment consists of guaranteed commitment and distributed bonus to insured and policyholders, calculations based on Alectas insurance technical methods and expectations, which differs from the methods and expectations used in the valuation of de\ufb01ned bene\ufb01t pensions in accordance with IAS 19. According to Alecta\u2019s funding policy for de\ufb01ned bene\ufb01t pensions, the level of the collective funding ratio can vary between 125 and 155 percent. If the level deviates from the normal level, measures must be taken to bring the funding ratio back to the normal level. In the case of a low degree of \ufb01nancing, one measure could be to increase the agreed price for new subscriptions and extend the existing bene\ufb01ts. In the event of a high degree of \ufb01nancing, one measure may be to introduce premium reductions. Alecta\u2019s funding ratio at the end of 2022 was 172 % (2021: 172 %). THE OVERVIEW BELOW SHOWS SCANA'S PARTICIPATION SHARE PER 31.12.2022 31.12.2021 The Group's share of the total savings premium for ITP 2 in Alecta * 0.00153 % 0.00269 % The Group's share of the total number of assets insured in ITP 2 ** 0.00235 % 0.00227 % * Refers to average for the whole year ** Refer to the average for the last month To the extent that the necessary information becomes available, and the arrangements must be accounted for as performance plans in accordance with According to IAS 19, this could have an effect on the consolidated accounts. 2022 2021 Pension costs related to de\ufb01ned contribution plans in Norway 13 381 4 260 Pension costs linked to de\ufb01ned contribution and multi-employee plans in Sweden: 1 235 1 577 Total pension cost 14 616 5 837 DISCLOSURE 11 | TAX 2022 2021 THE TAX EXPENSE FOR THE YEAR APPEARS AS FOLLOWS Current tax 0 542 Change in deferred tax/deferred tax assets Change in tax/deferred tax asset -11 257 -24 641 Currency difference foreign tax -65 -190 Tax expense -11 322 -24 289 Foreign tax expense 266 560 Effective tax rate 20 % -1197 % In 2021 Scana Valve Control AS made a payment of NOK 0.5 million related to a tax case in South Korea. The tax payment concerns withholding tax that arose in connection with the demerger and merger process in connection with the transfer of the shares in Scana Korea Hydraulic to Scana Valve Control AS. 2022 2021 RECONCILIATION OF TAX EXPENSE AGAINST ORDINARY PROFIT BEFORE TAX Pro\ufb01t before tax \u2013 from continuing operations -55 822 2 030 Pro\ufb01t before tax \u2013 from discontinued operations 0 0 Pro\ufb01t before tax \u2013 total -55 822 2 030 22 % of pro\ufb01t before tax -12 281 447 Tax expense for the year \u2013 from continuing operations -11 322 -24 289 The differences; due to -959 24 736 Permanent differences 1 900 -2 239 Change not capitalized deferred tax assets -2 893 26 901 Effect of foreign activity due to different tax levels 34 74 Total -959 24 736 SPECIFICATION OF NET DEFERRED TAX ASSETS 2022 2021 Fixed assets 28 805 4 525 Net right of use assets/liabilities -2 079 -94 Current assets -13 460 -17 596 Liabilities -3 802 55 Tax loss carried forward -82 018 -61 572 Deferred tax assets off balance 20 181 17 288 Net deferred tax assets 52 373 57 394 Deferred tax assets Norway 22 % 70 654 75 342 Deferred tax assets \u2013 not capitalized 20 181 17 288 Deferred tax assets Norway 22 % 50 473 58 054 Deferred tax assets Sweden 20.6 % 1 900 2 231 Deferred tax assets 52 373 60 285 Deferred tax Norway 22 % 0 2 891 Deferred tax liability 0 2 891 Net deferred tax assets 52 373 57 394 RECONCILIATION OF NET DEFERRED TAX ASSETS 2022 2021 Opening balance, net deferred tax assets 57 394 32 753 Change in tax/deferred tax asset over the result 11 322 24 831 Currency difference foreign tax -65 -190 Deferred tax business combination -22 025 0 Deferred tax assets capital expansion 5 747 0 Closing balance, net deferred tax assets 52 373 57 394 Deferred tax assets not recognized in the balance sheet was NOK 20.2 million, and NOK 19.9 million was linked to segment Scana HQ. As of 31 December 2022, the tax loss to be carried forward in Norway is NOK 364.3 million (2021: NOK 270.7 million). In Sweden, the tax loss carried forward is MNOK 9.1 as of December 2022 (2021: MNOK 9.8). There are no restrictions on the right to carry forward tax losses. The business in Sweden delivers positive results, while the Norwegian businesses in total deliver negative results before tax. Management considers it likely that tax losses will be used in connection with companies in Norwegian operations. This is based on expected future cash \ufb02ows and builds on the same assumptions used in the impairment tests. This is also supported by several new contracts won in fourth quarter 2022 and I \ufb01rst quarter 2023 which are expected to contribute with increased future taxable income. The taxable loss is recognized in the statement of \ufb01nancial position as a deferred tax assets in the operating businesses and a part of it in Scana ASA. In this connection, the company considers that there is suf\ufb01cient taxable income in future periods, adjusted for net temporary differences with future taxable income. Taxable amounts arising from tax-reducing temporary differences expected to arise in future periods are disregarded. See also mention in disclosures 2 and 12 relating to impairment test. In 2022, deferred tax assets were recognized in the statement of \ufb01nancial position, which positively affects the income statement of NOK 11.3 million. DISCLOSURE 12 | INTANGIBLE ASSETS INTANGIBLE ASSETS AS OF 31.12.22 GOODWILL DEVELOPMENT COSTS CUSTOMER RELATION Total ACCUMULATIVE COSTS Accumulated 01.01. 10 666 12 120 0 22 786 Additions at cost 0 9 803 9 803 0 9 803 Additions at cost aquisition 274 166 25 801 46 911 346 878 Currency differences 0 -155 0 -155 Accumulated as of 31.12. 284 832 47 569 46 911 379 312 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 10 666 10 348 0 21 014 Depreciation/amortisation aquisition 0 5 193 0 5 193 Depreciation for the year 0 2 769 4 691 7 460 Currency differences 0 -123 0 -123 Accumulated as of 31.12. 10 666 18 187 4 691 33 544 Book value as of 31.12. 274 166 29 382 42 220 345 768 Depreciation/amortisation period in number of years No amortisation 5\u201310 10 The linear depreciation method is used PSW Power & Automation has capitalized development costs corresponding to NOK 14.2 million in connection with product development of an Electric Valve Actuator, mobile battery solutions and software for shorepower. PSW Technology has development costs connected to well control systems and solutions for a dry dock. Subseatec has capitalized development costs related to welding procedures amounting to NOK 1.2 million. Development costs are amortized over the product\u2019s expected lifetime. Goodwill at CGU-ENERY is NOK 206.4 million and NOK 67.8 million at CGU-OFFSHORE. INTANGIBLE ASSETS AS OF 31.12.21 GOODWILL DEVELOPMENT COSTS CUSTOMER RELATION Total ACCUMULATIVE COSTS Accumulated 01.01. 10 666 11 331 0 21 997 Additions at cost 0 1 102 1 102 0 1 102 Currency differences 0 -313 0 -313 Accumulated as of 31.12. 10 666 12 120 0 22 786 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 10 666 9 661 0 20 327 Depreciation for the year 0 972 0 972 Currency differences 0 -285 0 -285 Accumulated as of 31.12. 10 666 10 348 0 21 014 Book value as of 31.12. 0 1 772 0 1 772 Depreciation/amortisation period in number of years No amortisation 5\u201310 The linear depreciation method is used IMPAIRMENT TESTS \u2013 DESCRIPTION OF METHOD The Group tests assets, per cash-\ufb02ow-generating unit (\u201cCGU\u201d), for impairment annually or more frequently if there are indicators of impairment. Scana assesses various impairment indicators, including the ratio between market value on the Oslo stock exchange and book value of equity, market development, lower than expected earnings and changes in market interest rates. As of 31 December 2022, the market value of the company is higher than the book value of the equity, which does not indicate a possible need for impairment of assets, including goodwill, intangible assets, right-of-use assets, \ufb01xed assets and other assets in the various CGUs. Two of the cash \ufb02ow-generating units has booked goodwill based on the acquisition of PSW and Trans Construction. There is no need to make an impairment. Some of the CGU has experienced better growth in the market than predicted in previous impairment tests, but offshore has experienced weaker turnover than expected. In the impairment tests, the value in use is calculated based on the discounting of expected future cash \ufb02ows by a discount rate shown in an overview on next page. The discount rate is based on risk free interest and external source Damodaran. The cash \ufb02ows are based on the budget and business plans established by the management for the period 2023\u20132027. The estimates are based on an approach for budgeting the various cash-generating units. For the following period, the model is based on a terminal connected with a growth rate that re\ufb02ects long-term in\ufb02ation expectations. The income is based on concluded contracts, information about the potential for new agreements and an assumption about the development of the price in the market. The estimated operating margin in the period increases based on expectations of a positive market development and that the cost measures have an effect. The cash \ufb02ows linked to the lease agreements are included as part of the investments. The total investments linked to all operating assets are maintained at the same level as the current depreciation in the future cash \ufb02ows. In assessment of climate related costs, the Group has not incorporated any signi\ufb01cant costs in the future cash \ufb02ow according to value in use connected to intangible assets, equipment, plant and machinery or right of use assets. The Group will monitor new regulations according to climate related costs and take this into account when it has been approved. The Group recognizes impairment in the result if the value in use is lower than the book assets for the cash \ufb02ow generating unit. Impairment indicators have been identi\ufb01ed for CGU. The impairment tests have been prepared based on the method and principles discussed above. CGU-OFFSHORE CGU-OFFSHORE consists of PSW Technology and PSW Solutions. The CGU has performed lower activity and pro\ufb01t in current year than expected. There is identi\ufb01ed an impairment indicator for this CGU on the balance sheet date. The impairment test of goodwill and other intangible assets are carried out in accordance with requirements in IAS 36. The value in use has been used to determine recoverable amount. The calculations are based upon estimated future cash \ufb02ows for the cash generating unit, OFFSHORE. The estimated future cash \ufb02ows are based upon budgets and long-term pro\ufb01t goals covering a \ufb01ve-year period. In assessing future cash \ufb02ow for next \ufb01ve years current tender activities and short-term prognosis has been supplemented with the long-term business plan. There has been a delay in revenue generating in 2022 that is expected to catch up in the next few years as the oil service market is expected to be strong. A strong order backlog going into 2023 further backed signi\ufb01cant contract award described in disclosure 4 provides support for strong revenue growth. With the expected increase in revenue the operating margins will increase signi\ufb01cantly due to economies of scale from the CGU\u2019s facilities which have surplus capacity. The key uncertainty is the timing and extent of contract awards. The cash \ufb02ows are based on the management and the board\u2019s best estimate. Per end of December 2022 estimated cash \ufb02ow supports the book values in the CGU, and there is no need for an impairment. CGU-ENERGY PSW Power & Automation together with Trans Construction is de\ufb01ned as a cash generating unit (CGU-ENERGY). These companies were purchased in 2022 and the Group has booked a corresponding goodwill in the statement of \ufb01nancial position. Scana Group measures the goodwill once a year unless there are impairment indicators. The Group performed an impairment test of goodwill and other intangible assets in accordance with requirements in IAS 36. The value in use has been used to determine recoverable amount. The calculations are based upon estimated future cash \ufb02ows for the cash generating unit, ENERGY. The estimated future cash \ufb02ows are based upon budgets and long-term pro\ufb01t goals covering a \ufb01ve-year period. Continuing high energy prices are expected to keep demand strong for service offering and new projects. Based on this Scana considers the market outlook for the CGU as strong. Operating margins has been negatively impacted by disturbance in supply chain in 2022 and challenges in a few projects. During fourth quarter ENERGY has won several contracts and has improved the order backlog which is NOK 193 million end of December 2022. It con\ufb01rms the strong position ENERGY has in the market. ENERGY assumes an expected growth in activities and future revenues. The operating margin is also expected to increase the next \ufb01ve years. The cash \ufb02ows are based on the management and the board\u2019s best estimate. Per end of December 2022 estimated cash \ufb02ow supports the book values in the CGU, and there is no need for an impairment. KEY ASSUMPTIONS ENERGY OFFSHORE Average operating margin for the next \ufb01ve years 10.4 % 5.9 % Discount rate (nominal before tax) 9.7 % 10.8 % Average growth rate per year 2023\u20132027 9.1 % 29.6 % Growth rate per year after 2027 (nominal) 2.0 % 2.0 % Functional currency NOK NOK Value in use 361 840 235 119 Headroom 121 648 106 893 SENSITIVITY ANALYSIS Sensitivity analysis related to the impairment test, test for reasonable changes in the key assumptions. For example, a decrease in the operating margin (other assumptions unchanged) at ENERGY by 1.0 % points the recoverable amount will reduce by NOK 53.8 million. If the operating margin increases by 1.0 % points (other assumptions unchanged), the recoverable amount will increase by NOK 53.8 million. An increase in the discount rate before tax by 1.0 % points will reduce the recoverable amount by NOK 68.4 million, correspondingly a reduction by 1.0 % points will increase amounting to NOK 90.1 million. No reasonable possible changes will lead to an impairment based on this sensitivities. SENSITIVITY CHANGE ENERGY OFFSHORE Operating margin for the next \ufb01ve years +1.0 % 53 802 95 461 Operating margin for the next \ufb01ve years -1.0 % -53 802 -95 461 Growth rate per year 2023\u20132027 +1.0% 37 470 15 112 Growth rate in terminal +1.0 % 59 567 24 006 Discount rate (nominal before tax) +1.0 % -49 438 -50 880 Discount rate (nominal before tax) -1.0 % 61 986 61 970 DISCLOSURE 13 | RIGHT OF USE ASSETS RIGHT OF USE ASSETS All right of use assets presented in the table below relate to premises, machines and cars. The right of use assets are depreciated on a linear basis over the \ufb01xed lease period, with the exception of a machine which is depreciated over its economic life. As of 31 December 2022, the Group has assessed that it is certain that the options relating to the extension of lease agreements will not be exercised. In connection to right of use, read disclosure 2 for critical accounting judgement. RIGHT OF USE AS OF 31.12.22 PROPERTY MACHINERY VEHICLE Total ACCUMULATIVE COSTS Accumulated 01.01. 13 182 737 513 14 432 Additions at cost 16 299 1 422 3 160 20 881 Additions at cost aquisition 420 287 7 827 8 996 437 110 Currency differences -40 3 -17 -54 Disposals at cost 0 -109 0 -109 Accumulated as of 31.12. 449 728 9 880 12 652 472 260 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 6 327 327 238 6 892 Depreciation for the year 56 298 2 569 4 055 62 922 Currency differences -21 0 -8 -29 Disposal continued operations 0 -109 0 -109 Accumulated as of 31.12. 62 604 2 787 4 285 69 676 Book value as of 31.12. 387 124 7 093 8 367 402 584 Depreciation/amortisation period in number of years 1\u201310 1\u201310 1\u20135 The linear depreciation method is used RIGHT OF USE AS OF 31.12.21 PROPERTY MACHINERY VEHICLE Total ACCUMULATIVE COSTS Accumulated 01.01. 13 611 8 545 700 22 856 Additions at cost 1 177 0 172 1 349 Currency differences -74 0 -37 -111 Transferes at cost 0 -7 753 0 -7 753 Disposals at cost -1 532 -55 -322 -1 909 Accumulated as of 31.12. 13 182 737 513 14 432 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 4 879 1 989 435 7 303 Depreciation for the year 3 019 137 144 3 300 Currency differences -37 0 -19 -56 Transfer 0 -1 744 0 -1 744 Disposal continued operations -1 534 -55 -322 -1 911 Accumulated as of 31.12. 6 327 327 238 6 892 Book value as of 31.12. 6 855 410 275 7 540 Depreciation/amortisation period in number of years 1-5 The linear depreciation method is used DISCLOSURE 14 | PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.22 MACHINES, FIXTURES, ETC. CONSTRUCTION AND REAL ESTATE Total ACCUMULATIVE COSTS Accumulated 01.01. 71 007 0 71 007 Additions at cost 9 576 -2 9 574 Additions at cost aquisition 181 775 147 181 922 Currency differences -36 0 -36 Transferes at cost -42 116 74 Disposal at cost -201 3 -198 Accumulated as of 31.12. 262 079 264 262 343 DEPRECIATION/AMORTISATION/WRITEDOWN Accumulated 01.01. 59 250 0 59 250 Depreciation/amortisation aquisition 35 964 0 35 964 Depreciation for the year 19 209 9 19 218 Currency differences -23 0 -23 Transfer 0 116 116 Disposal continued operations -65 0 -65 Accumulated as of 31.12. 114 335 125 114 460 Book value as of 31.12. 147 744 139 147 883 Depreciation/amortisation period in number of years 3\u201315 The linear depreciation method is used PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.21 MACHINES, FIXTURES, ETC. CONSTRUCTION AND REAL ESTATE Total ACCUMULATIVE COSTS Accumulated 01.01. 67 960 0 67 960 Additions at cost 737 0 737 Currency differences -85 0 -85 Transferes at cost 7 753 0 7 753 Disposal at cost -5 358 0 -5 358 Accumulated as of 31.12. 71 007 0 71 007 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 58 718 0 58 718 Depreciation for the year 2 739 0 2 739 Writedowns continued operations 1 200 0 1 200 Currency differences -85 0 -85 Transfer 1 744 0 1 744 Disposal continued operations -5 066 0 -5 066 Accumulated as of 31.12. 59 250 0 59 250 Book value as of 31.12. 11 757 0 11 757 Depreciation/amortisation period in number of years 3\u201315 The linear depreciation method is used Depreciation period for machines, \ufb01xtures and similar: 3\u20135 years are used for of\ufb01ce equipment and IT equipment 10\u201315 years are used for production equipment and production machines Fixed assets are pledged so there are restrictions on disposal. This applies to companies in Norway and Sweden. Book value of pledged operating assets is NOK 143.7 million as of 31 December 2022 (31.12.21: NOK 11.8 million). See disclosure 24 relating to the mention of lease agreements and disclosure 13 right of use assets. The calculation of the recoverable amount for the write-down is assessed at level 3 according to the valuation hierarchy. At the end of December 2021, NOK 6.0 million has been transferred to machinery which has been classi\ufb01ed as a right of use past years. DISCLOSURE 15 | INVENTORIES 2022 2021 Raw materials 25 341 21 218 Semi-\ufb01nished products and work in progress 37 509 -12 125 Finished goods 3 110 4 262 Total 65 960 13 355 Provision for obsolescence as of 31.12. 6 811 3 766 This year's change in provision for obsolescence 3 045 441 Total pledged inventories 65 960 13 355 A continuous assessment of speci\ufb01c obsolescence is made. The inventory is provided as security for borrowings. DISCLOSURE 16 | TRADE RECEIVABLES 2022 2021 Trade receivables \u2013 denomination 159 405 38 584 Trade receivables associated companies 1 843 1 193 Provision for losses on trade receivables -427 -43 Total 160 821 39 734 Loss recognized in pro\ufb01t and loss on receivables 0 337 Loss recognized in pro\ufb01t and loss on receivables, including changes in provisions 382 337 AGING SUMMARY 2022 2021 Trade receivables not due 123 607 31 565 0\u201330 days 14 557 7 148 31\u201360 days 6 415 572 61\u201390 days 559 378 More than 90 days 16 110 115 Total trade receivables 161 248 39 777 Provision for potential losses on receivables is based on individual assessments of each individual item. See disclosure 20 related to changes in loss provisions. CONTRACTS The table below shows revenue and costs that are recognized over time related to contracts that have not been completed and delivered at the time of the statement of \ufb01nancial position. Several of the contracts have a completion time of more than a year. Remaining revenue connected to contract assets and contractual obligations are NOK 532.9 million as of 31 December 2022 (2021: NOK 77.6 million) and are expected to be delivered during 2023. Ongoing projects portion of order backlog is 82 % and 18 % has not yet been started on balance date. All ongoing projects in beginning of 2022 have been delivered. Contract assets and contract liabilities have been reduced in 2022 and are linked to projects that have been completed and that customers have paid advances in connection with milestone invoicing. Contract assets are offset against contract liabilities based on progress in the projects linked to each individual contract. 2022 2021 Revenue recognized over time related to contracts 421 040 258 821 2022 2021 Invoiced revenue related to contracts (milestones) 418 876 257 193 Contract assets 125 304 18 818 Contract liabilities 111 997 15 700 DISCLOSURE 17 | PREPAYMENTS AND OTHER CURRENT RECEIVABLES PREPAYMENTS AND OTHER CURRENT RECEIVABLES 2022 2021 Prepaid costs 4 791 3 779 Prepaid to suppliers 24 724 1 045 Tax paid in advance 367 381 Treasure \ufb01nd 44 242 Other taxes 0 177 VAT 1 246 1 989 Total 31 522 7 613 OTHER LONG-TERM ASSETS 2022 2021 Prepaid pension cost 1 883 2 025 Other non-current assets 255 0 Total 2 138 2 025 DISCLOSURE 18 | OTHER CURRENT LIABILITIES OTHER CURRENT LIABILITIES 2022 2021 Warranty provision 1 371 1 868 Wages, holiday pay, VAT etc. 67 950 16 540 Provision for accrued costs 23 562 14 623 Facility tax 3 970 0 Total 96 853 33 031 DISCLOSURE 19 | TRADE PAYABLES 2022 2021 Trade payables 108 580 20 426 Trade payables, investment in associates 366 0 Total 108 946 20 426 AGING SUMMARY 2022 2021 Trade payables not due 58 342 12 755 0\u201330 days 40 332 6 068 31\u201360 days 7 033 614 61\u201390 days 886 411 More than 90 days 2 353 578 Total trade payables 108 946 20 426 DISCLOSURE 20 | FINANCIAL RISK The Group is exposed to the following \ufb01nancial risks: Market risk Credit risk Liquidity risk This disclosure provides information about exposure to each of the above-mentioned risks as well as goals, principles and processes for measuring and managing risk, and the Group\u2019s capital management. More quantitative information is included elsewhere in the consolidated accounts. The board of directors has overall responsibility for establishing and monitoring the Group\u2019s risk management framework. Risk management principles have been established in order to identify and analysis the risks to which the Group is exposed, to stipulate limits on risk and pertaining control procedures, and to monitor risk and compliance with the limits. Risk management principles and systems are reviewed regularly to re\ufb02ect changes in activities and market conditions. MARKET RISK Market risk is the risk that \ufb02uctuations in market prices, e.g. exchange rates and interest rates, will affect future cash \ufb02ows or the value of \ufb01nancial instruments. Market risk management aims to ensure that risk exposure stays within the de\ufb01ned limits, while optimising the risk-adjusted return. Scana has a centralized \ufb01nance function. Hedging of currency and interest rate exposure is done in accordance with the Group\u2019s policy and routines. Scana seeks to reduce the risk associated with currency and interest rates by using hedging instruments. This is done centrally by the \ufb01nance department on the basis of the exposure reported by the operational units. CURRENCY RISK The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The Group\u2019s management continuously monitors and reports on the Group\u2019s currency positions. The Group\u2019s risk management policy is to hedge material estimated foreign currency exposure in respect of forecast sales and purchases over the following 12 months at any point in time. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. SENSITIVITY ANALYSIS \u2013 CURRENCY The table below shows the sensitivity analysis related to currency risk. Tax effects are not considered in the calculations. A reasonably possible strengthening (weakening) of NOK against all other currencies on 31 December would have affected equity and pro\ufb01t or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. EUR currency has a portion of 82 % in the sensitivity analysis. In addition the Group has USD, GBP and SEK currencies at balance date. Changes in currency NOK Impact resultat before tax Impact other comprehensive income 2022 5 % 10 399 (3 050) -5 % (10 399) 3 050 2021 5 % 2 228 (3 139) -5 % (2 228) 3 139 INTEREST RATE RISK Scana has no interest rate hedges on the balance sheet date. The Group\u2019s interest rate risk relates to the Group\u2019s debt portfolio and cash equivalents is managed at Group level. The Group\u2019s objective is to secure and counteract major effects from changes in the market interest rate. SENSITIVITY ANALYSIS \u2013 INTEREST RATE The table below shows the sensitivity analysis related to interest risk. A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and pro\ufb01t or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. Change in interest rate Impact result before tax Impact other comprehensive income 2022 1 % (1 483) (1 483) -1 % 1 483 1 483 LIQUIDITY RISK Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities under normal and conditions. The Group works continuously to reduce liquidity risk through monitoring and active dialogue with the subsidiaries. See disclosure 23 for more information on the Group\u2019s bank loans as of 31.12.2022. For more information read disclosure 22 according to Group\u2019s cash and cash equivalents as of 31.12.2022. The Group has a bank balance as of 31.12.22 of NOK 2.6 million and unused drawing facilities amounting to NOK 110 million. EXPOSURE TO LIQUIDITY RISK The following are the remaining contractual maturities of \ufb01nancial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments. Credit risk is the risk of \ufb01nancial losses in the event that a customer or counterparty in a \ufb01nancial instrument is unable to meet its contractual obligations. Credit risk relates usually to the Group\u2019s trade receivables, contract assets and cash and cash equivalents. The Group\u2019s exposure to credit risk is mainly the result of individual factors relating to each individual customer. The demographics of the customer base, including the risk of default of payment in the industry and the country in which the customers operate, have less in\ufb02uence on the credit risk. The Group has guide lines to ensure that orders are not entered into with customers who have signi\ufb01cant problems with payment and that outstanding amounts do not exceed established credit limits. In practice, this is done with credit assessments before contracts are entered into. In addition, Scana enters into larger customer contracts with advance payments (20 %\u201330 %) or milestone invoicing throughout the entire project progress. The Group regards its maximum credit risk exposure to the carrying amount of trade receivables and contract assets. Historically, losses on trade receivables and contract assets have been limited. CREDIT RISK As of 31.12.22 2023.Q1 2023.Q2 2023.Q3 2023.Q4 2023 2024 2025 Leasing liabilities -412 143 -19 042 -19 042 -19 042 -19 042 -76 167 -70 358 -66 780 Bank loan -129 709 -5 000 -5 000 -5 000 -5 000 -20 000 -20 000 -20 000 Trade payables -108 946 -108 946 Financial instruments -1 971 Interests payments -2 214 -2 474 -2 392 -2 310 -2 228 -9 405 -9 077 -7 765 Total out\ufb02ow (payments) -135 462 -26 434 -26 352 -26 270 -105 572 -99 435 -94 545 As of 31.12.21 2022.Q1 2022.Q2 2022.Q3 2022.Q4 2022 2023 2024 Bankoverdraft -101 Leasing liabilities -7 964 -892 -888 -880 -880 -2 670 -2 294 -62 Shareholders loan -37 638 -37 638 Trade paybles -20 426 -20 426 Financial instruments -967 Interests payments -1 029 -1 130 -1 130 -1 130 -1 130 -4 520 -4 520 -4 520 Total out\ufb02ow (payments) -22 448 -2 018 -2 010 -39 648 -7 190 -6 814 -4 582 AS OF 31.12.22 Disclosure Gross assets Expected loss within 12 months Expected loss portfolio Expected loss individual Provision for loss on receivables Net assets Trade receivable 16 161 248 -427 -427 -427 160 821 Contract assets 16 126 412 -1 108 -1 108 -1 108 125 304 Total 327 123 -1 535 -1 535 0 -1 535 325 588 AS OF 31.12.21 Disclosure Gross assets Expected loss within 12 months Expected loss portfolio Expected loss individual Provision for loss on receivables Net assets Trade receivable 16 39 777 -43 -43 -43 39 734 Contract assets 16 19 950 -1 132 -1 132 -1 132 18 818 Total 59 727 -1 175 -1 175 0 -1 175 58 552 CHANGES IN PROVISIONS \u2013 LOSS Disclosure Opening balance provision loss Realized losses Changes in provision Agio Ending balance provision loss Trade receivable 13 -43 -384 -427 Contract assets 13 -1 132 24 -1 108 Total -1 175 0 -360 0 -1 535 DISCLOSURE 21 | FINANCIAL INSTRUMENTS HEDGING CURRENCY RISK As a proportion of the Group\u2019s sales take place in foreign currency, Scana is exposed to \ufb02uctuations in exchange rates in the period from the conclusion of the sales contract until the \ufb01nal payment from the customer. In addition, there are risks associated with future payments in foreign currency. When Group\u2019s hedging the net cash \ufb02ow based on the individual currencies, forward contracts are entered which correspond to a proportion of the expected future payments. CURRENCY DIFFERENCES 2022 2021 Changes in currency differences carried over other comprehensive income 0 0 Relassi\ufb01ed from other comprehensive income 0 -566 Effect on pro\ufb01t as a result of reclassi\ufb01cation from other comprehensive income 0 566 Listed below is a summary of all open currency contracts as of 31.12.22: CURRENCY Net Denomination Maturity period Unrealized gain/loss (\u2013) USD sale -5 010 2023 -1 971 SEK sale -49 380 2023 1 647 SEK sale -17 550 2024 615 Total 291 Listed below is a summary of all open currency contracts as of 31.12.21: CURRENCY Net Denomination Maturity period Unrealized gain/loss (\u2013) USD sale -2 000 2022 84 EUR sale -500 2022 -967 Total -883 CLASSIFICATION OF FINANCIAL ASSETS In accordance with IFRS 9, the Group classi\ufb01es \ufb01nancial assets based on the business model where they are managed based on contractual cash \ufb02ows. The main categories of \ufb01nancial assets according to IFRS 9 are amortized cost, fair value classi\ufb01ed as other comprehensive income and expenses and fair value presented in pro\ufb01t and loss. In accordance with the loss model, the Group recognizes expected losses over the lifetime of \ufb01nancial assets that are measured at amortized cost, debt instruments that are measured at fair value over other income and costs and contract assets. The Group assesses expected losses related to \ufb01nancial assets over their lifetime. DETERMINATION OF FAIR VALUE The fair value of forward currency contracts is determined by using the closing rate on the balance sheet date adjusted for an interest addition or deduction based on the interest rate difference between the respective currencies. For forward exchange contracts, the present value of the cash \ufb02ow is taken as a starting point. The fair value of cash, overdrafts and other interest-bearing debt is considered to be approximately equal to the value on the statement of \ufb01nancial position, as these have a short maturity and thus provide a \ufb02oating interest rate that is adjusted in line with changes in the general interest rate level. Similarly, the fair value of trade receivables and trade payables is assumed to be equal to the book value as both items have a short maturity and are entered into under normal conditions. The table below shows how the various \ufb01nancial instruments are categorized cf. IFRS 7 as of 31 December 2022. 2022 2021 Fair value hierarchy Fair value pro\ufb01t & loss Fair value \u2013 other comprehensive income Amortized cost Total Total FINANCIAL ASSETS Non-current assets 7/17 Level 3 2 777 255 3 032 0 Trade receivable 16 160 821 160 821 39 734 Financial instruments 21 Level 2 2 262 2 262 84 Prepayments and other current receivables 17 31 522 31 522 7 613 Bank deposits 22 2 647 2 647 28 992 Total 5 039 0 195 245 200 284 76 423 FINANCIAL LIABILITIES Bank overdraft 22/23 0 0 101 Leasing liabilities 24 412 143 412 143 7 964 Loans and borrowings 23 151 922 151 922 38 152 Trade payables 19 108 946 108 946 20 426 Financial instruments 21 Level 2 1 971 1 971 967 Other current liabilities 18 96 857 96 857 33 029 Total 1 971 0 769 868 771 839 100 639 Disclosure FAIR VALUE \u2013 VALUE HIERARCHY Scana uses the following hierarchy when assessing and presenting the fair value of the \ufb01nancial instruments. Level 1: Listed prices (unadjusted) in active markets for identical assets and liabilities. Level 2: Input other than quoted prices from active markets included in level 1, which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). To calculate the value of open foreign exchange contracts, it is obtained from Norges Bank on the closing date. Valuations also include valuations based on market-con\ufb01rmed inputs. Market-con\ufb01rmed input data is input data determined through mathematical or statistical methods, such as correlation or regression analysis, where input data in the analysis and/or results can be con\ufb01rmed against observable market data. If such an analysis is to be used for the purpose of \ufb01nancial reporting, the statistical goodness of the analysis should be assessed based on usual statistical criteria and predictive ability. Level 3: Input for the asset or liability that is not based on observable market data. The table above shows the valuation hierarchy for fair value disclosures for assets and liabilities. In 2022, there has been no transfer between level 1 and level 2 in the assessment of fair value, and no transfers into or out of level 3 in the assessment of fair value. CAPITAL STRUCTURE AND EQUITY The main purpose of the Group\u2019s composition and management of debt and equity is to ensure headroom to the tasks the Group and subsidiaries face in the short and long term. The Group should have a reasonable credit rating, and thus competitive loan conditions with lenders to Scana business. Through good capital management of equity and debt, the Group will support the business that is run, and thus contribute to increasing shareholder value. The Group must have suf\ufb01cient liquid funds and drawing options for \ufb01nancing operational activities. This takes place through targets for ongoing operations and capital management. The Group manages the capital structure and make necessary changes based on an ongoing assessment of market and \ufb01nancial risk and those \ufb01nancial prospects seen in the short and medium term refer to disclosure 23. Reference is made to the section liquidity risk in disclosure 20 related to the company\u2019s \ufb01nancial position. DISCLOSURE 22 | CASH AND CASH EQUIVALENTS The Group has a bank deposit as of 31 December 2022 which amounts to NOK 2.6 million. In the table above relating to liquidity, cash withdrawals are included as discussed in disclosure 23. The Group has an unused overdraft limit of NOK 110 million per 31 December 2022. The total liquidity reserve that can be used by the Group was as of 31 December 2022 NOK 112.6 million (31 December 2021: NOK 68.8 million). The Group has a cash pool arrangement. BANK DEPOSISTS 2022 2021 Ordinary bank deposits 2 647 28 992 Total 2 647 28 992 RECONCILIATION BETWEEN BANK DEPOSITS AND LIQUIDITY IN THE CASH FLOW STATEMENT 2022 2021 Bank overdraft 0 -101 Ordinary bank deposits 2 647 28 992 Cash and cash equiv. at end of period 2 647 28 891 The Group has no restricted funds as of December 2022 and all disclosed cash and cash equivalents are available. Bank guarantees have been issued according to tax deductions, which as of 31 December 2022 was NOK 14.6 million. DISCLOSURE 23 | LOANS AND BORROWINGS 2022 Nominal interest rate Current Non-current Maturity date Bank loan NOWA + 3.5 % 20 000 129 709 Accrued interests 2 214 Total interest bearing debt 22 214 129 709 2021 Nominal interest rate Current Non-current Maturity date Bankoverdraft NIBOR + 3.25 % 101 09.10.2022 Shareholder loans 12 % (PIK) 37 638 10.10.2022 Accrued interests 514 Total interest bearing debt 38 253 0 BANK OVERDRAFT The \ufb01nancing is linked to an overdraft facility of NOK 110 million and a bank guarantee facility of NOK 60 million. It is a rolling draft facility with annual renewal for the next time on 09.10.2023. There are certain \ufb01nancial covenants to the loan agreement shown in the overview below: COVENANT 2022.Q4 2023.Q1 2023.Q2 2023.Q3 2023.Q4 --> Covenant EBITDA 11 400 22 300 37 900 66 100 NA Covenant NIBD/EBITDA NA NA NA NA 2.5x Covenant equity ratio 30 % 30 % 30 % 30 % 30 % Borrowing base 70% 70 % 70 % 70 % 70 % Capital expenditure should not exceed NOK 29 million, measured annually from 2023. In addition to \ufb01nancial covenants mentioned above, the contract contains other covenants considered common for similar contractual relationships. This includes limitations on acquisitions, disposals, change of control and conditions related to continued listing. The Group was in compliance with the loan terms as of 31 December 2022. SHAREHOLDERS LOAN In connection with the re\ufb01nancing in 2021, a new agreement was entered where the maturity date is set to 1 day after maturity overdraft. In 2021, accrued interest has been added to the principal and amounts. In January 2022 connected to PSW transaction the shareholders loan was partly repaid to the shareholders and the remaining part was converted to equity. End of December 2022 there is no shareholder\u2019s loan. COST OF LOAN When the new facilities were established, DNB charged the company for establishment costs of the facilities and constitute actual costs for each of the facilities. The method used is amortized cost when the cost is expensed in the result during the borrowing period. The borrowing cost is presented on the row for accrued interest costs. CHANGE IN LIABILITIES RELATED TO FINANCING ACTIVITIES The overview below shows the change in liabilities due to \ufb01nancing activities in 2022 and where the changes take effect. CASH FLOW STATEMENT 31.12.21 Proceeds from LT and ST borrowings Payments of borrowings Interests Payments of leasing liabilities Changes in cash and bank Pro\ufb01t and loss Proceeds from issue of new share capital Net New leasing liabilities and disposals Currency differences 31.12.22 Leasing liabilities 7 964 -53 787 457 993 -27 412 143 Bank overdraft 101 -101 0 Bank loan LT 0 145 000 -15 000 -291 129 709 Bank loan ST 0 20 000 20 000 Shareholders loan 37 638 -25 661 -11 977 0 Accrued interests 514 -35 607 41 673 -4 880 514 0 2 214 Total liabilities connected to \ufb01nancing activities 46 217 165 000 -40 661 -35 607 -53 787 -101 41 382 -16 857 458 507 -27 564 066 In addition the Group has repaid short term borrowings acquired through business combination of NOK 99 million during 2022. The overview below shows the change in liabilities due to \ufb01nancing activities in 2021 and where the changes have an effect. CASH FLOW STATEMENT 31.12.20 Proceeds from LT and ST borrowings Payments of borrowings Interests Payments of leasing liabilities Changes in cash and bank Pro\ufb01t and loss Net New leasing liabilities and disposals Currency differences 31.12.21 Leasing liabilities 10 402 -3 731 1 348 -55 7 964 Bank overdraft 26 373 -26 272 101 Shareholders loan 33 436 4 202 37 638 Accrued interests 495 -5 876 5 707 188 514 Total liabilities connected to \ufb01nancing activities 70 706 0 0 -1 674 -3 731 -26 272 5 707 1 348 133 46 217 Paid interest leases apply to statement of \ufb01nancial position leases. Interest payments include costs associated with establishing the \ufb01nancing. Increased liability is linked to new lease agreements and interests added to the principal of the shareholders loan. DISCLOSURE 24 | LEASE LIABILITIES The Group rents premises at all businesses. These leases have a lease period of one to eight years. There are opportunities to extend some of these leases by up to \ufb01ve years. Fixed rental period covers the company\u2019s needs and provides the necessary \ufb02exibility. The rental period is based on best judgment and best estimate with regard to probable length. A major part of the lease agreements has a \ufb01xed length. The lease is based on the company\u2019s strategy and the desire for \ufb02exibility regarding future leases. Leased machines are mainly smaller machines and equipment. Examples of machinery and equipment are the hire of trucks and copiers, which represent greater value. Lease agreements relating to the trucks are for up to eight years. Cars are rented normally over a period of three years and are returned to the lessor at expiry date. The leases can be extended by two years, but this is not practiced. Options are therefore not included in the lease liabilities. Total lease liabilities are measured at the present value of future rental payments with the exception of common services and costs. The Group has used a weighted average linked to the marginal interest rate for each of Group\u2019s at the time of recognition. The following marginal interest rate is used; for machinery and equipment 5\u20136 %, for cars 5 % and premises 5 %. The interest rate is connected to the marginal interest rate re\ufb02ects the level linked to loan conditions when \ufb01nancing similar assets. The company has used common marginal interest for each portfolio of leases relating to usufruct assets with matching properties. Lease agreements with a remaining period less than twelve months and agreements with a low value are not recognised as lease liabilities. Direct costs such as services linked to operating assets with right of use are excluded when the present value of right of use assets is calculated. See disclosure 1 regarding lease liabilities for further discussion. LEASE LIABILITIES The Group has entered into lease agreements connected to buildings, properties, machines, premises and other facilities with a remaining lease period of one to ten years. The agreements do not contain restrictions on the company\u2019s dividend policy or \ufb01nancing options. The table below shows rental obligations entered in the balance sheet as of 31 December. CHANGES IN LEASING LIABILITIES 2022 2021 Opening balance leasing liabilities 01.01. 7 964 10 402 New leasing liabilities 458 102 1 348 Disposal of leasing liabilities -109 0 Currency differences -27 -55 Interests 24 723 590 Payments -78 510 -4 321 Ending balance leasing liabilities 31.12. 412 143 7 964 PROFIT AND LOSS ITEMS RELATED TO LEASE AGREEMENTS 2022 2021 Depreciation for the year continued operations 62 922 3 300 Interests costs 24 723 587 Short-term leases \u2013 not accounted for as liabilities 398 918 Lease of low value assets \u2013 not accounted for as liabilities 546 39 Variable part related to leasing liabilties 72 0 Total pro\ufb01t items 88 661 4 844 LEASING LIABILITIES CASH FLOW 2022 2021 Payments related to leasing liabilities - installments -53 787 -3 731 Payments related to leasing liabilities - interests -24 724 -590 Short-term leases \u2013 not accounted for as liabilities -398 -918 Lease of low value assets \u2013 not accounted for as liabilities -546 -39 Variable part related to leasing liabilties 72 0 Total out\ufb02ow cash for all leasing liabilties -79 383 -5 278 MATURITY ANALYSIS COMMENCED LEASES 2022 2021 Within one year 76 167 3 541 Between one and two years 70 358 2 670 Between two and three years 66 780 2 294 Between three and four years 65 610 62 Between four and \ufb01ve years 62 642 39 More than \ufb01ve years 167 770 0 Total payments leasing liabilities 509 327 8 606 The payments linked to the lease agreements are \ufb01xed. The variable part is considered as insigni\ufb01cant. The overview below shows the company\u2019s exposure related to future payments not discounted related to options and terminations that are not included in the lease liabilities as of 31 December 2022. LEASE PAYMENTS IN 2022 Fixed payments Variable payments Total Fixed rent 1 249 1 249 Total rental payments 1 249 0 1 249 Within \ufb01ve years More than \ufb01ve years Total Extension of lease agreements (options) is not expected to be exercised 345 712 228 862 574 574 Total 345 712 228 862 574 574 The company is a lessor and subleases property. All these leases are classi\ufb01ed as operating leases from a lessor perspective. Rental revenue is therefore classi\ufb01ed other revenue in the income statement. Refer to disclosure 8. Rental expensed during 2022 is NOK 28.2 million. The table below shows the company\u2019s future non-discounted payment \ufb02ows linked to the lease liabilities in the balance sheet as of 31 December 2022. DISCLOSURE 25 | GUARANTEES AND PLEDGE MORTGAGE ENCUMBRANCES 2022 2021 Of the group's book debts, the following were secured by pledge 150 873 37 739 Total pledges 150 873 37 739 BOOK VALUE OF PLEDGED OBJECTS Machinery 143 609 11 757 Buildings 139 0 Inventories 65 960 13 355 Trade receivables 160 821 39 734 Contract assets 125 304 18 818 Total 495 834 83 663 WARRANTY LIABILITY 2022 2021 Warranty and surety liability 162 147 21 517 The parent company guarantees amount to NOK 17.7 million on the balance sheet date. Of the bank guarantees, approx. 27 % (2021: 71 %) linked to performance guarantees. Errors in deliveries and the inability to correct errors will give the customer the right to draw on the guarantees. About 32 % (2021: 29 %) of the bank and parent company guarantees are demand guarantees (\u201con demand\u201d guarantees) and includes tax deductions. Approximately 41 % of the guarantees are linked to the lease agreements. In the event of non-payment, the creditor can call on the guarantee. DISCLOSURE 26 | SHARES AND SHAREHOLDERS Scana ASA had 4.091 shareholders as of 31.12.2022. Foreign shareholders owned shares that together made up 21.4 % of the share capital. NUMBER OF SHARES OWNED BY BOARD MEMBERS AND SENIOR EMPLOYEES Oddbj\u00f8rn Hauk\u00f8y (Ownership is exercised through the company No Surrender AS and 50 % ownership in Subsea Independent AS) 38 187 747 Styrk Bekkenes (Ownership is exercised through the company Bekkenes AS) 3 288 428 Dag Schjerven 976 185 Torvald Ulland Reiestad 178 660 P\u00e5l Selvik (Scana\u2019s Chairman of the board) is CEO in GC Rieber Fortuna AS THE 20 LARGEST SHAREHOLDERS AS OF 31.12.22 Number of shares Percentage HERKULES PRIVATE EQUITY IV LP2 57 690 674 13.1 % NO SURRENDER AS 34 187 143 7.8 % KREFTING AS 25 137 610 5.7 % SIRENA II AS 25 000 000 5.7 % HERKULES PRIVATE EQUITY IV LP1 20 471 101 4.6 % MAKRELLA HOLDING AS 14 285 714 3.2 % WERGELAND HOLDING AS 10 000 000 2.3 % PERESTROIKA AS 10 000 000 2.3 % OSAKONGEN DRIFT AS 9 835 000 2.2 % JEKTEVIKA HOLDING AS 9 835 000 2.2 % STOLEN AS 8 718 557 2.0 % SPIRALEN HOLDING AS 8 571 428 1.9 % TRIKO AS 7 897 428 1.8 % LILJE AS 7 142 857 1.6 % WEST COAST INVEST AS 7 142 857 1.6 % Skandinaviska Enskilda Banken AB 6 424 891 1.5 % SPECTATIO FINANS AS 6 361 315 1.4 % INTERNATIONAL OILFIELD SERVICES AS 6 198 852 1.4 % GC RIEBER FORTUNA AS 5 000 000 1.1 % SUBSEA INDEPENDENT AS 4 000 604 0.9 % Total holdings 20 largest shareholders 283 901 031 64.4 % Other 156 681 870 35.6 % Total number of shares 440 582 901 100.0 % DISCLOSURE 27 | RESULT PER SHARE AND OWN SHARES 2022 2021 Net pro\ufb01t/loss \u2013 Equity holders of the parent -44 499 26 757 Weighted average number of shares *) 386 348 745 107 505 370 EFFECT OF DILUTION Options/Subscription rights 0 9 240 000 Weighted average number of shares adjusted for the effect of extraction 386 348 745 116 745 370 Earnings per share \u2013 continuing operation -0.12 0.24 Earnings per diluted share - continuing operation -0.12 0.23 Earnings per share \u2013 discontinued operation 0.00 0.00 Earnings per diluted share \u2013 discontinued operation 0.00 0.00 Earnings per share -0.12 0.25 Earnings per diluted share -0.12 0.23 NUMBER OF SHARES Number of shareholders Number of shares Percentage 1\u20131 000 1785 473 192 0.1 % 1 001\u201310 000 1232 5 714 962 1.3 % 10 001\u2013100 000 839 28 697 740 6.5 % 100 001\u20131 000 000 188 54 463 562 12.4 % Over 1 000 000 47 351 233 445 79.7 % Total 4091 440 582 901 100 % DISTRIBUTION OF SHAREHOLDERS BY HOLDINGS AMOUNT IN NOK 2022.Q4 2022.Q3 2022.Q2 2022.Q1 Start price 1.02 1.23 1.36 1.50 Closing price 1.04 1.09 1.28 1.36 Return in the period 2 % -12 % -6 % -9 % Highest closing price 1.30 1.54 1.70 1.49 Lowest closing price 1.01 1.08 1.20 1.17 Volume (in 1000 shares) 122 071 56 397 106 842 28 538 SHARE PRICE PER QUARTER IN 2022 2022 2021 Shares in market from previous year 107 511 831 107 511 831 Issue of shares January 2022 277 292 850 Convertion of Seller credit Dec 2022 1 550 524 Own shares (6 461) (6 461) Weighted average number of shares 386 348 745 107 505 370 OWN SHARES The company has 6.461 own shares as of 31 December 2022, which is unchanged from 31 December 2021. At the ordinary general meeting on 22 June 2022, the board was authorized to acquire the company\u2019s own shares for a nominal value of up to NOK 39.3 million. The authorization is valid until the 2023 ordinary general meeting. DISCLOSURE 28 | SHARE CAPITAL Private placement registered 11 January 2022 \u2013 The company\u2019s share capital increased by NOK 285.909.295 from NOK 107.511.831 to NOK 393.421.126, by issuing 285.909.295 new shares each with a nominal value of NOK 1.00. Debt conversion registered 20 December 2022 \u2013 The company\u2019s share capital increased by NOK 47.161.775 from NOK 393.421.126 to NOK 440.580.901, by issuing 47.161.775 new shares each with a nominal value of NOK 1.00. On 31 December 2022, the share capital of Scana ASA was NOK 440.580.901, divided into 440.580.901 shares, each with a nominal value of NOK 1.00. All shares have equal voting rights. Number of shares Share capital Number of outstanding ordinary shares as of 31.12.21 107 511 831 107 512 Private placement 11 January 2022 285 909 295 285 909 Debt conversion 20 December 2022 47 161 775 47 162 Number of outstanding ordinary shares as of 31.12.22 440 582 901 440 583 DISCLOSURE 29 | RELATED PARTIES ASSOCIATED COMPANY Scana Korea Hydraulic Ltd 2022 2021 Sales 6 138 5 823 Purchase 1 179 74 Receivables 1 843 1 193 Payables 366 0 In 2022, the Group has been invoiced for rental amounting to NOK 0.5 million by Bekkenes AS. At the end of 31 December 2022, there was no outstanding trade payables to Bekkenes AS. Styrk Bekkenes owns Bekkenes AS. He was CEO in 2022 and until mid January 2023. Transactions with related parties are carried out at assumed market prices. Outstanding receivables and payables are unsecured short-term interest-free items. Settlement is carried out in cash. The Group has not issued any guarantees to its related parties. No provision has been made for doubtful debts as of 31 December 2022. See further discussion in disclosure 23 according to shareholders loan. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3242": { "value": "CORPORATE INFORMATION Scana ASA is headquartered at Wernersholmvegen 49, Bergen, in Norway. Scana is a public limited company listed on the Oslo Stock Exchange. The Group\u2019s activities are described in disclosure 6. The consolidated \ufb01nancial statements of Scana ASA for the \ufb01scal year 2022 were approved in the board meeting on 28 April 2023. \u00a0The \ufb01nancial statements are presented in Norwegian kroner (NOK), and all numbers are rounded and given to the nearest thousand (\u2018000) except when otherwise stated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3245": { "value": "Scana ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3246": { "value": "Scana ASAREMUNERATION LEADING PERSONNEL Name Position Styrk Bekkenes CEO* Torvald Ulland Reiestad CFO Kjetil Flesj\u00e5 Former CFO Oddbj\u00f8rn Hauk\u00f8y CCO* Anette Netteland Dybvik Head of IR and Investments* Total Year Base salary Fees Fringe bene\ufb01ts Variable Fixed Fixed Variable Fixed Variable 2022 3 100 124 84 3 308 100 % 0 % 2021 2 386 95 1 000 87 2 568 1 000 72 % 28 % 2022 1 622 15 85 1 722 100 % 0 % 2021 1 461 20 250 87 1 568 250 86 % 14 % 2022 0 % 0 % 2021 175 175 100 % 0 % 2022 2 750 13 77 2 841 100 % 0 % 2021 0 % 0 % 2022 400 5 24 429 100 % 0 % 2021 0 % 0 % 2022 7 872 0 158 0 270 8 300 0 100 % 0 % 2021 4 022 0 115 1 250 174 4 311 1 250 78 % 22 % Fixed remuneration Extraordinary items Pension expense Total remuneration Proportion of \ufb01xed and variable remuneration The resignation period for key personnel is from 3\u20136 months. The CEO has a severance agreement which involves salary for 6 months beyond the notice period. Any wage income received from other work in the period where severance pay is paid must be deducted from severance pay. Refers to disclosure 11 for description of pensions. The pension scheme for senior employees is contribution-based. No loans, advance payments or collateral have been given to leading persons during 2022. On the balance sheet date, no leading persons have loans. See disclosure 29 for further discussion according to related parties. * CCO was hired from February 2022, while Head of IR and Investments was hired from September 2022. CEO resigned in January 2023. BOARD REMUNERATION The board of Scana ASA was paid TNOK 1,125 in fees in 2022 and TNOK 31 to the election committee. Board remunerations are paid annually in arrears and apply for the period from the ordinary general meeting 2021 to the ordinary general meeting 2022. Fees in arrears for the board elected in May 2021 with a term of of\ufb01ce until May 2022 are speci\ufb01ed below. A new board was elected at an extraordinary general meeting in December 2022. In addition, three board members stepped down from the board in January 2023. Name Position Active period Remuneration paid out in 2021 Remuneration paid out in 2022 Dag Schjerven Chairman of the board May 2018 \u2013 Jan 2023 300 300 Morten Blix Deputy chair of the board Jan 2022 \u2013 Dec 2022 \u2013 90 Espen S. Berge Deputy chair of the board May 2020 \u2013 Jan 2022 225 135 Marianne Lie Board member May 2016 \u2013 Jan 2023 200 200 Margaret Elin Hystad Board member May 2018 \u2013 Dec 2022 200 200 Rune Magnus Lundetr\u00e6 Board member May 2021 \u2013 Jan 2023 200 Former board member May 2020 \u2013 Dec 2021 200 Total remuneration 1 125 1 125 THE 20 LARGEST SHAREHOLDERS AS OF 31.12.22 Number of shares Percentage HERKULES PRIVATE EQUITY IV LP2 57 690 674 13.1 % NO SURRENDER AS 34 187 143 7.8 % KREFTING AS 25 137 610 5.7 % SIRENA II AS 25 000 000 5.7 % HERKULES PRIVATE EQUITY IV LP1 20 471 101 4.6 % MAKRELLA HOLDING AS 14 285 714 3.2 % WERGELAND HOLDING AS 10 000 000 2.3 % PERESTROIKA AS 10 000 000 2.3 % OSAKONGEN DRIFT AS 9 835 000 2.2 % JEKTEVIKA HOLDING AS 9 835 000 2.2 % STOLEN AS 8 718 557 2.0 % SPIRALEN HOLDING AS 8 571 428 1.9 % TRIKO AS 7 897 428 1.8 % LILJE AS 7 142 857 1.6 % WEST COAST INVEST AS 7 142 857 1.6 % Skandinaviska Enskilda Banken AB 6 424 891 1.5 % SPECTATIO FINANS AS 6 361 315 1.4 % INTERNATIONAL OILFIELD SERVICES AS 6 198 852 1.4 % GC RIEBER FORTUNA AS 5 000 000 1.1 % SUBSEA INDEPENDENT AS 4 000 604 0.9 % Total holdings 20 largest shareholders 283 901 031 64.4 % Other 156 681 870 35.6 % Total number of shares 440 582 901 100.0 % Oddbj\u00f8rn Hauk\u00f8y (Ownership is exercised through the company No Surrender AS and 50 % ownership in Subsea Independent AS) 38 187 747 Styrk Bekkenes (Ownership is exercised through the company Bekkenes AS) 3 288 428 Dag Schjerven 976 185 Torvald Ulland Reiestad 178 660 NUMBER OF SHARES OWNED BY BOARD MEMBERS AND SENIOR EMPLOYEES P\u00e5l Selvik (Scana\u2019s Chairman of the board) is CEO in GC Rieber Fortuna AS DISCLOSURE 29 | RELATED PARTIES In 2022, the Group has been invoiced for rental amounting to NOK 0.5 million by Bekkenes AS. At the end of 31 December 2022, there was no outstanding trade payables to Bekkenes AS. Styrk Bekkenes owns Bekkenes AS. He was CEO in 2022 and until mid January 2023. Transactions with related parties are carried out at assumed market prices. Outstanding receivables and payables are unsecured short-term interest-free items. Settlement is carried out in cash. The Group has not issued any guarantees to its related parties. No provision has been made for doubtful debts as of 31 December 2022. See further discussion in disclosure 23 according to shareholders loan. 2022 2021 Sales 6 138 5 823 Purchase 1 179 74 Receivables 1 843 1 193 Payables 366 0 ASSOCIATED COMPANY Scana Korea Hydraulic Ltd ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3247": { "value": "Scana ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3248": { "value": "Wernersholmvegen 49, Bergen, in Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3249": { "value": "Wernersholmvegen 49, Bergen, in Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3250": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3251": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3252": { "value": "public limited company listed on the Oslo Stock Exchange", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3255": { "value": "The consolidated \ufb01nancial statements of Scana ASA for the \ufb01scal year 2022 were approved in the board meeting on 28 April 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3261": { "value": "BASIS FOR PREPARATION The Scana ASA\u2019s consolidated \ufb01nancial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and are mandatory for \ufb01nancial years beginning on or after 1 January 2022, and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31 December 2022. \u00a0The \ufb01nancial statements have been prepared under the assumption of going concern, see disclosure 5. Annual accounts consist of income statement, comprehensive income, the statement of \ufb01nancial position, cash \ufb02ow statement, statement of changes in equity and disclosures to the accounts. \u00a0The consolidated \ufb01nancial statements are based on historical cost, with the exception of the following: Financial instruments (derivatives) at fair value through pro\ufb01t or loss. Obligations linked to share-based schemes and schemes with cash settlement are measured at fair value through pro\ufb01t or loss. The consolidated \ufb01nancial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3263": { "value": "The Scana ASA\u2019s consolidated \ufb01nancial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and are mandatory for \ufb01nancial years beginning on or after 1 January 2022, and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31 December 2022. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3273": { "value": "The consolidated \ufb01nancial statements are based on historical cost, with the exception of the following: Financial instruments (derivatives) at fair value through pro\ufb01t or loss. Obligations linked to share-based schemes and schemes with cash settlement are measured at fair value through pro\ufb01t or loss. The consolidated \ufb01nancial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances. FAIR VALUE MEASUREMENT The Group measures certain \ufb01nancial instruments at fair value. This applies to currency contracts. The fair value of \ufb01nancial liabilities is also disclosed measured at amortized cost. \u00a0Fair value is the price that would have been used to sell an asset or paid to transfer one obligation in the primary market at the measurement time under the prevailing market conditions, regardless of whether the price is directly observable or estimated using another valuation technique. \u00a0Scana uses the following hierarchy when assessing and presenting the fair value of the \ufb01nancial instruments. Level 1: Listed prices (unadjusted) in active markets for identical assets and liabilities. Level 2: Input other than quoted prices from active markets included in level 1, which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). To calculate the value of open foreign exchange contracts, it is obtained from Norges Bank on the closing date. Level 3: Input for the asset or liability that is not based on observable market data. DISCLOSURE 21 | FINANCIAL INSTRUMENTS HEDGING CURRENCY RISK As a proportion of the Group\u2019s sales take place in foreign currency, Scana is exposed to \ufb02uctuations in exchange rates in the period from the conclusion of the sales contract until the \ufb01nal payment from the customer. In addition, there are risks associated with future payments in foreign currency. When Group\u2019s hedging the net cash \ufb02ow based on the individual currencies, forward contracts are entered which correspond to a proportion of the expected future payments. CURRENCY DIFFERENCES 2022 2021 Changes in currency differences carried over other comprehensive income 0 0 Relassi\ufb01ed from other comprehensive income 0 -566 Effect on pro\ufb01t as a result of reclassi\ufb01cation from other comprehensive income 0 566 CURRENCY Net Denomination Maturity period Unrealized gain/loss (\u2013) USD sale -5 010 2023 -1 971 SEK sale -49 380 2023 1 647 SEK sale -17 550 2024 615 Total 291 Listed below is a summary of all open currency contracts as of 31.12.22: CURRENCY Net Denomination Maturity period Unrealized gain/loss (\u2013) USD sale -2 000 2022 84 EUR sale -500 2022 -967 Total -883 Listed below is a summary of all open currency contracts as of 31.12.21: CLASSIFICATION OF FINANCIAL ASSETS In accordance with IFRS 9, the Group classi\ufb01es \ufb01nancial assets based on the business model where they are managed based on contractual cash \ufb02ows. The main categories of \ufb01nancial assets according to IFRS 9 are amortized cost, fair value classi\ufb01ed as other comprehensive income and expenses and fair value presented in pro\ufb01t and loss. In accordance with the loss model, the Group recognizes expected losses over the lifetime of \ufb01nancial assets that are measured at amortized cost, debt instruments that are measured at fair value over other income and costs and contract assets. The Group assesses expected losses related to \ufb01nancial assets over their lifetime. DETERMINATION OF FAIR VALUE The fair value of forward currency contracts is determined by using the closing rate on the balance sheet date adjusted for an interest addition or deduction based on the interest rate difference between the respective currencies. For forward exchange contracts, the present value of the cash \ufb02ow is taken as a starting point. The fair value of cash, overdrafts and other interest-bearing debt is considered to be approximately equal to the value on the statement of \ufb01nancial position, as these have a short maturity and thus provide a \ufb02oating interest rate that is adjusted in line with changes in the general interest rate level. Similarly, the fair value of trade receivables and trade payables is assumed to be equal to the book value as both items have a short maturity and are entered into under normal conditions. The table below shows how the various \ufb01nancial instruments are categorized cf. IFRS 7 as of 31 December 2022. 2022 2021 Fair value hierarchy Fair value pro\ufb01t & loss Fair value \u2013 other comprehensive income Amortized cost Total Total FINANCIAL ASSETS Non-current assets 7/17 Level 3 2 777 255 3 032 0 Trade receivable 16 160 821 160 821 39 734 Financial instruments 21 Level 2 2 262 2 262 84 Prepayments and other current receivables 17 31 522 31 522 7 613 Bank deposits 22 2 647 2 647 28 992 Total 5 039 0 195 245 200 284 76 423 FINANCIAL LIABILITIES Bank overdraft 22/23 0 0 101 Leasing liabilities 24 412 143 412 143 7 964 Loans and borrowings 23 151 922 151 922 38 152 Trade payables 19 108 946 108 946 20 426 Financial instruments 21 Level 2 1 971 1 971 967 Other current liabilities 18 96 857 96 857 33 029 Total 1 971 0 769 868 771 839 100 639 Disclosure FAIR VALUE \u2013 VALUE HIERARCHY Scana uses the following hierarchy when assessing and presenting the fair value of the \ufb01nancial instruments. Level 1: Listed prices (unadjusted) in active markets for identical assets and liabilities. Level 2: Input other than quoted prices from active markets included in level 1, which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). To calculate the value of open foreign exchange contracts, it is obtained from Norges Bank on the closing date. Valuations also include valuations based on market-con\ufb01rmed inputs. Market-con\ufb01rmed input data is input data determined through mathematical or statistical methods, such as correlation or regression analysis, where input data in the analysis and/or results can be con\ufb01rmed against observable market data. If such an analysis is to be used for the purpose of \ufb01nancial reporting, the statistical goodness of the analysis should be assessed based on usual statistical criteria and predictive ability. Level 3: Input for the asset or liability that is not based on observable market data. The table above shows the valuation hierarchy for fair value disclosures for assets and liabilities. In 2022, there has been no transfer between level 1 and level 2 in the assessment of fair value, and no transfers into or out of level 3 in the assessment of fair value. CAPITAL STRUCTURE AND EQUITY The main purpose of the Group\u2019s composition and management of debt and equity is to ensure headroom to the tasks the Group and subsidiaries face in the short and long term. The Group should have a reasonable credit rating, and thus competitive loan conditions with lenders to Scana business. Through good capital management of equity and debt, the Group will support the business that is run, and thus contribute to increasing shareholder value. The Group must have suf\ufb01cient liquid funds and drawing options for \ufb01nancing operational activities. This takes place through targets for ongoing operations and capital management. The Group manages the capital structure and make necessary changes based on an ongoing assessment of market and \ufb01nancial risk and those \ufb01nancial prospects seen in the short and medium term refer to disclosure 23. Reference is made to the section liquidity risk in disclosure 20 related to the company\u2019s \ufb01nancial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3274": { "value": "The consolidated \ufb01nancial statements are based on historical cost, with the exception of the following: Financial instruments (derivatives) at fair value through pro\ufb01t or loss. Obligations linked to share-based schemes and schemes with cash settlement are measured at fair value through pro\ufb01t or loss. The consolidated \ufb01nancial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances. FAIR VALUE MEASUREMENT The Group measures certain \ufb01nancial instruments at fair value. This applies to currency contracts. The fair value of \ufb01nancial liabilities is also disclosed measured at amortized cost. \u00a0Fair value is the price that would have been used to sell an asset or paid to transfer one obligation in the primary market at the measurement time under the prevailing market conditions, regardless of whether the price is directly observable or estimated using another valuation technique. \u00a0Scana uses the following hierarchy when assessing and presenting the fair value of the \ufb01nancial instruments. Level 1: Listed prices (unadjusted) in active markets for identical assets and liabilities. Level 2: Input other than quoted prices from active markets included in level 1, which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). To calculate the value of open foreign exchange contracts, it is obtained from Norges Bank on the closing date. Level 3: Input for the asset or liability that is not based on observable market data. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3282": { "value": "FUNCTIONAL CURRENCY AND PRESENTATION CURRENCY The presentation currency for the Group is NOK which is also the functional currency for the parent company Scana ASA. The functional currencies for the subsidiaries have been assessed to be their local currencies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3286": { "value": "BASIS OF CONSOLIDATION The Group\u2019s consolidated \ufb01nancial statements comprise the parent company Scana ASA and its subsidiaries as of 31 December 2022. \u00a0An entity has been assessed as being controlled by the Group when the Group is exposed for or have the rights to variable returns from its involvement with the entity and can use its power over the entity to affect the amount of the Group\u2019s returns. \u00a0The identi\ufb01able assets acquired, and the liabilities assumed, including contingent liabilities, are measured at fair value at the time of takeover. Transferred consideration is measured at fair value. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identi\ufb01able acquired assets and assumed liabilities, is recognized as goodwill. Expenses incurred in connection with the takeover, beyond those related to debt and equity, are expensed. Companies that are bought or sold during the year are included in the consolidated accounts from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. Intercompany transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated. Unrealized gains related to transactions with af\ufb01liated companies and joint ventures are eliminated with the Group\u2019s share in the business. Correspondingly, unrealized losses are eliminated, but only to the extent that there are no indications of a decrease in value of the asset that has been sold internally. When necessary, amounts reported by subsidiaries have been adjusted to conform to the Group\u2019s accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3291": { "value": "An entity has been assessed as being controlled by the Group when the Group is exposed for or have the rights to variable returns from its involvement with the entity and can use its power over the entity to affect the amount of the Group\u2019s returns. \u00a0The identi\ufb01able assets acquired, and the liabilities assumed, including contingent liabilities, are measured at fair value at the time of takeover. Transferred consideration is measured at fair value. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identi\ufb01able acquired assets and assumed liabilities, is recognized as goodwill. Expenses incurred in connection with the takeover, beyond those related to debt and equity, are expensed. Companies that are bought or sold during the year are included in the consolidated accounts from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. Intercompany transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated. Unrealized gains related to transactions with af\ufb01liated companies and joint ventures are eliminated with the Group\u2019s share in the business. Correspondingly, unrealized losses are eliminated, but only to the extent that there are no indications of a decrease in value of the asset that has been sold internally. When necessary, amounts reported by subsidiaries have been adjusted to conform to the Group\u2019s accounting policies. INVESTMENT IN ASSOCIATED COMPANIES Associates are entities over which the Group has signi\ufb01cant in\ufb02uence, but not control or joint control over the \ufb01nancial and operating management. (Normally ownership between 20 % and 50 %). Associates are accounted for using the equity method from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. Investments in associates are initially recognized at cost. If the Group\u2019s share of the loss surpasses the carrying amount of the associate, the carrying amount is set to zero and further loss is not recognized unless the Group has an obligation to make up for the loss. DISCLOSURE 7 | INVESTMENT IN ASSOCIATED COMPANY/ INVESTMENT IN SHARES SCANA KOREA HYDRAULIC LTD. The Group owns 49 % of the shares in Scana Korea Hydraulic Ltd through Scana Valve Control AS. Scana Korea Hydraulic Ltd is involved in the sale and production of hydraulic valve control systems. The company is located in Busan in South Korea and is part of the MARITIME segment. Income from interests in associated is presented on separate row in income statement for current and last year. It is representing a reclassi\ufb01cation from previous year due to the Group consider the pro\ufb01t is not a part of \ufb01nancial income and expenses in the income statement. The reclassi\ufb01cation has been made in order to improve the user\u2019s understanding of the Group\u2019s \ufb01nancial performance. The change has no impact on net result or equity, and the change has been implemented retrospectively. ASSOCIATED COMPANY; FINANCIAL INFORMATION 2022 (100 % level) Scana Korea Hydraulic Ltd. Sales revenues 138 923 Net pro\ufb01t/loss (\u2013) \u2013 continued operation 8 803 Fixed assets 55 052 Current assets 60 850 Non-current liabilities -6 564 Current liabilities -35 215 Shareholders' equity 74 123 ASSOCIATED COMPANY; FINANCIAL INFORMATION 2021 (100 % level) Scana Korea Hydraulic Ltd. Sales revenues 120 008 Net pro\ufb01t/loss (\u2013) \u2013 continued operation 6 757 Fixed assets 51 774 Current assets 49 944 Non-current liabilities -6 960 Current liabilities -30 636 Shareholders' equity 64 122 BOOK VALUE ASSOCIATED COMPANY \u2013 MEASURED ACCORDING TO THE EQUITY METHOD 2022 2021 As of 1 January 31 420 30 710 Dividend -1 038 -935 Income from interestes in associated companies 4 314 3 311 Currency differences 1 624 -1 666 Total investment in associated companies 36 320 31 420 INVESTMENTS IN SHARES Scana has through PSW Technology AS done a capital injection in Stepwise AS amounted by NOK 2.8 million in 2022. The Group owns 4.3 % of the shares in the company and the booked value is NOK 2.8 million end of December 2022. DISCLOSURE 29 | RELATED PARTIES In 2022, the Group has been invoiced for rental amounting to NOK 0.5 million by Bekkenes AS. At the end of 31 December 2022, there was no outstanding trade payables to Bekkenes AS. Styrk Bekkenes owns Bekkenes AS. He was CEO in 2022 and until mid January 2023. Transactions with related parties are carried out at assumed market prices. Outstanding receivables and payables are unsecured short-term interest-free items. Settlement is carried out in cash. The Group has not issued any guarantees to its related parties. No provision has been made for doubtful debts as of 31 December 2022. See further discussion in disclosure 23 according to shareholders loan. 2022 2021 Sales 6 138 5 823 Purchase 1 179 74 Receivables 1 843 1 193 Payables 366 0 ASSOCIATED COMPANY Scana Korea Hydraulic Ltd ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3292": { "value": "An entity has been assessed as being controlled by the Group when the Group is exposed for or have the rights to variable returns from its involvement with the entity and can use its power over the entity to affect the amount of the Group\u2019s returns. \u00a0The identi\ufb01able assets acquired, and the liabilities assumed, including contingent liabilities, are measured at fair value at the time of takeover. Transferred consideration is measured at fair value. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identi\ufb01able acquired assets and assumed liabilities, is recognized as goodwill. Expenses incurred in connection with the takeover, beyond those related to debt and equity, are expensed. Companies that are bought or sold during the year are included in the consolidated accounts from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. Intercompany transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated. Unrealized gains related to transactions with af\ufb01liated companies and joint ventures are eliminated with the Group\u2019s share in the business. Correspondingly, unrealized losses are eliminated, but only to the extent that there are no indications of a decrease in value of the asset that has been sold internally. When necessary, amounts reported by subsidiaries have been adjusted to conform to the Group\u2019s accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3293": { "value": "An entity has been assessed as being controlled by the Group when the Group is exposed for or have the rights to variable returns from its involvement with the entity and can use its power over the entity to affect the amount of the Group\u2019s returns. \u00a0The identi\ufb01able assets acquired, and the liabilities assumed, including contingent liabilities, are measured at fair value at the time of takeover. Transferred consideration is measured at fair value. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identi\ufb01able acquired assets and assumed liabilities, is recognized as goodwill. Expenses incurred in connection with the takeover, beyond those related to debt and equity, are expensed. Companies that are bought or sold during the year are included in the consolidated accounts from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. Intercompany transactions, balances and unrealized gains or losses on transactions between Group companies are eliminated. Unrealized gains related to transactions with af\ufb01liated companies and joint ventures are eliminated with the Group\u2019s share in the business. Correspondingly, unrealized losses are eliminated, but only to the extent that there are no indications of a decrease in value of the asset that has been sold internally. When necessary, amounts reported by subsidiaries have been adjusted to conform to the Group\u2019s accounting policies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3298": { "value": "The identi\ufb01able assets acquired, and the liabilities assumed, including contingent liabilities, are measured at fair value at the time of takeover. Transferred consideration is measured at fair value. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identi\ufb01able acquired assets and assumed liabilities, is recognized as goodwill. Expenses incurred in connection with the takeover, beyond those related to debt and equity, are expensed. Companies that are bought or sold during the year are included in the consolidated accounts from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. INTANGIBLE ASSETS\u00a0Intangible assets with a de\ufb01nite economic life are amortized over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate. GOODWILL Goodwill is initially measured at cost, and is the excess of the aggregate of the consideration transferred and the amount recognised in the net identi\ufb01able assets acquired and liabilities assumed through a business combination. \u00a0After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU) that are expected to bene\ufb01t from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units which as balanced goodwill and are expected to bene\ufb01t from synergies from the business combination. Goodwill recognized in the balance sheet will be re-assessed against the recoverable amount. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs of disposal and its value in use. RESEARCH AND DEVELOPMENT Expenses relating to research and development are recognized in the statement of comprehensive income as they incur. Development expenses relating to a single project are capitalized as intangible assets when the following can be documented: The product or process is technically and commercially viable so that it becomes available for use or sale. The Group intends to \ufb01nalize the intangible asset and make it available for use or sale. The Group has the ability to make the intangible asset available for use or sale. The asset will generate future economic bene\ufb01ts. The Group has suf\ufb01cient resources to complete the development work. Expenses can be reliably measured. \u00a0All development expenses that are recognized in the balance sheet are reviewed by the board of the subsidiaries. It is documented how it is expected that the intangible asset will create future cash \ufb02ow for the Group. \u00a0Capitalized development costs are recognized at their cost minus accumulated amortization and impairment losses. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset.\u00a0Impairment tests are performed annually or more frequently if found necessary based on impairment indicator. Losses or gains on the disposal of an intangible asset, calculated as the difference between the net sales amounts and balance amount, are recognized in the income statement. IMPAIRMENT OF NON-CURRENT ASSETS Impairment of non-current assets (including right-of-use assets) is considered yearly and when there are indications of impairment. If, and only if, the recoverable amount of an asset is less than carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss shall be recognized immediately in pro\ufb01t or loss. Recoverable amount is the higher of fair value less cost of disposal and value in use (the discounted cash \ufb02ow given continued use). Fair value less cost of disposal is the value that can be obtained by selling to a third-party less the cost of disposal. \u00a0Recoverable amount is determined separately for all operating assets, but if this is not possible, it is determined together with the cash-\ufb02ow generating unit the tangible asset is linked to. Previously recognized impairment will be reversed when available information con\ufb01rms that there is no longer indication of impairment. The reversal is recognized in the statement of comprehensive income. Reversal of impairment is constrained, so the value of the asset will not be higher than the asset value and planned recognized depreciations. GOODWILL AND OTHER INTANGIBLE ASSETS \u2013 ESTIMATE UNCERTAINTY Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a DCF model. The cash \ufb02ows are derived from the budget for the next \ufb01ve years. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-in\ufb02ows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with inde\ufb01nite useful lives recognized by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in disclosure 12. GOODWILL Goodwill arising from the acquisition has been recognised as follows. The goodwill-value can be explained by synergies, economies of scale, expectations of future pro\ufb01tability and growth and expectations of better market conditions. The purchase price allocation and the accounting for the acquisition is \ufb01nal. Therefor there will be no adjustments to the above amounts in subsequent accounting periods. 11.01.2022 Total consideration transferred 455 00 \u2013 Fair value of identi\ufb01able net assets acquired -185 734 Goodwill 269 266 GOODWILL Goodwill arising from the acquisition has been recognised as follows. The goodwill-value can be explained by synergies, economies of scale, expectations of future pro\ufb01tability and growth and expectations of better market conditions. The purchase price allocation and the accounting for the acquisition is \ufb01nal. Therefor there will be no adjustments to the above amounts in subsequent accounting periods. 31.01.2022 Total consideration transferred 24 973 \u2013 Fair value of identi\ufb01able net assets acquired -20 073 Goodwill 4 900 DISCLOSURE 12 | INTANGIBLE ASSETS INTANGIBLE ASSETS AS OF 31.12.22 GOODWILL DEVELOPMENT COSTS CUSTOMER RELATION Total ACCUMULATIVE COSTS Accumulated 01.01. 10 666 12 120 0 22 786 Additions at cost 0 9 803 9 803 0 9 803 Additions at cost aquisition 274 166 25 801 46 911 346 878 Currency differences 0 -155 0 -155 Accumulated as of 31.12. 284 832 47 569 46 911 379 312 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 10 666 10 348 0 21 014 Depreciation/amortisation aquisition 0 5 193 0 5 193 Depreciation for the year 0 2 769 4 691 7 460 Currency differences 0 -123 0 -123 Accumulated as of 31.12. 10 666 18 187 4 691 33 544 Book value as of 31.12. 274 166 29 382 42 220 345 768 Depreciation/amortisation period in number of years No amortisation 5\u201310 10 The linear depreciation method is used PSW Power & Automation has capitalized development costs corresponding to NOK 14.2 million in connection with product development of an Electric Valve Actuator, mobile battery solutions and software for shorepower. PSW Technology has development costs connected to well control systems and solutions for a dry dock. Subseatec has capitalized development costs related to welding procedures amounting to NOK 1.2 million. Development costs are amortized over the product\u2019s expected lifetime. Goodwill at CGU-ENERY is NOK 206.4 million and NOK 67.8 million at CGU-OFFSHORE. INTANGIBLE ASSETS AS OF 31.12.21 GOODWILL DEVELOPMENT COSTS CUSTOMER RELATION Total ACCUMULATIVE COSTS Accumulated 01.01. 10 666 11 331 0 21 997 Additions at cost 0 1 102 1 102 0 1 102 Currency differences 0 -313 0 -313 Accumulated as of 31.12. 10 666 12 120 0 22 786 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 10 666 9 661 0 20 327 Depreciation for the year 0 972 0 972 Currency differences 0 -285 0 -285 Accumulated as of 31.12. 10 666 10 348 0 21 014 Book value as of 31.12. 0 1 772 0 1 772 Depreciation/amortisation period in number of years No amortisation 5\u201310 The linear depreciation method is used IMPAIRMENT TESTS \u2013 DESCRIPTION OF METHOD The Group tests assets, per cash-\ufb02ow-generating unit (\u201cCGU\u201d), for impairment annually or more frequently if there are indicators of impairment. Scana assesses various impairment indicators, including the ratio between market value on the Oslo stock exchange and book value of equity, market development, lower than expected earnings and changes in market interest rates. As of 31 December 2022, the market value of the company is higher than the book value of the equity, which does not indicate a possible need for impairment of assets, including goodwill, intangible assets, right-of-use assets, \ufb01xed assets and other assets in the various CGUs. Two of the cash \ufb02ow-generating units has booked goodwill based on the acquisition of PSW and Trans Construction. There is no need to make an impairment. Some of the CGU has experienced better growth in the market than predicted in previous impairment tests, but offshore has experienced weaker turnover than expected. In the impairment tests, the value in use is calculated based on the discounting of expected future cash \ufb02ows by a discount rate shown in an overview on next page. The discount rate is based on risk free interest and external source Damodaran. The cash \ufb02ows are based on the budget and business plans established by the management for the period 2023\u20132027. The estimates are based on an approach for budgeting the various cash-generating units. For the following period, the model is based on a terminal connected with a growth rate that re\ufb02ects long-term in\ufb02ation expectations. The income is based on concluded contracts, information about the potential for new agreements and an assumption about the development of the price in the market. The estimated operating margin in the period increases based on expectations of a positive market development and that the cost measures have an effect. The cash \ufb02ows linked to the lease agreements are included as part of the investments. The total investments linked to all operating assets are maintained at the same level as the current depreciation in the future cash \ufb02ows. In assessment of climate related costs, the Group has not incorporated any signi\ufb01cant costs in the future cash \ufb02ow according to value in use connected to intangible assets, equipment, plant and machinery or right of use assets. The Group will monitor new regulations according to climate related costs and take this into account when it has been approved. The Group recognizes impairment in the result if the value in use is lower than the book assets for the cash \ufb02ow generating unit. Impairment indicators have been identi\ufb01ed for CGU. The impairment tests have been prepared based on the method and principles discussed above. CGU-OFFSHORE CGU-OFFSHORE consists of PSW Technology and PSW Solutions. The CGU has performed lower activity and pro\ufb01t in current year than expected. There is identi\ufb01ed an impairment indicator for this CGU on the balance sheet date. The impairment test of goodwill and other intangible assets are carried out in accordance with requirements in IAS 36. The value in use has been used to determine recoverable amount. The calculations are based upon estimated future cash \ufb02ows for the cash generating unit, OFFSHORE. The estimated future cash \ufb02ows are based upon budgets and long-term pro\ufb01t goals covering a \ufb01ve-year period. In assessing future cash \ufb02ow for next \ufb01ve years current tender activities and short-term prognosis has been supplemented with the long-term business plan. There has been a delay in revenue generating in 2022 that is expected to catch up in the next few years as the oil service market is expected to be strong. A strong order backlog going into 2023 further backed signi\ufb01cant contract award described in disclosure 4 provides support for strong revenue growth. With the expected increase in revenue the operating margins will increase signi\ufb01cantly due to economies of scale from the CGU\u2019s facilities which have surplus capacity. The key uncertainty is the timing and extent of contract awards. The cash \ufb02ows are based on the management and the board\u2019s best estimate. Per end of December 2022 estimated cash \ufb02ow supports the book values in the CGU, and there is no need for an impairment. CGU-ENERGY PSW Power & Automation together with Trans Construction is de\ufb01ned as a cash generating unit (CGU-ENERGY). These companies were purchased in 2022 and the Group has booked a corresponding goodwill in the statement of \ufb01nancial position. Scana Group measures the goodwill once a year unless there are impairment indicators. The Group performed an impairment test of goodwill and other intangible assets in accordance with requirements in IAS 36. The value in use has been used to determine recoverable amount. The calculations are based upon estimated future cash \ufb02ows for the cash generating unit, ENERGY. The estimated future cash \ufb02ows are based upon budgets and long-term pro\ufb01t goals covering a \ufb01ve-year period. Continuing high energy prices are expected to keep demand strong for service offering and new projects. Based on this Scana considers the market outlook for the CGU as strong. Operating margins has been negatively impacted by disturbance in supply chain in 2022 and challenges in a few projects. During fourth quarter ENERGY has won several contracts and has improved the order backlog which is NOK 193 million end of December 2022. It con\ufb01rms the strong position ENERGY has in the market. ENERGY assumes an expected growth in activities and future revenues. The operating margin is also expected to increase the next \ufb01ve years. The cash \ufb02ows are based on the management and the board\u2019s best estimate. Per end of December 2022 estimated cash \ufb02ow supports the book values in the CGU, and there is no need for an impairment. SENSITIVITY ANALYSIS Sensitivity analysis related to the impairment test, test for reasonable changes in the key assumptions. For example, a decrease in the operating margin (other assumptions unchanged) at ENERGY by 1.0 % points the recoverable amount will reduce by NOK 53.8 million. If the operating margin increases by 1.0 % points (other assumptions unchanged), the recoverable amount will increase by NOK 53.8 million. An increase in the discount rate before tax by 1.0 % points will reduce the recoverable amount by NOK 68.4 million, correspondingly a reduction by 1.0 % points will increase amounting to NOK 90.1 million. No reasonable possible changes will lead to an impairment based on this sensitivities. SENSITIVITY CHANGE ENERGY OFFSHORE Operating margin for the next \ufb01ve years +1.0 % 53 802 95 461 Operating margin for the next \ufb01ve years -1.0 % -53 802 -95 461 Growth rate per year 2023\u20132027 +1.0% 37 470 15 112 Growth rate in terminal +1.0 % 59 567 24 006 Discount rate (nominal before tax) +1.0 % -49 438 -50 880 Discount rate (nominal before tax) -1.0 % 61 986 61 970 KEY ASSUMPTIONS ENERGY OFFSHORE Average operating margin for the next \ufb01ve years 10.4 % 5.9 % Discount rate (nominal before tax) 9.7 % 10.8 % Average growth rate per year 2023\u20132027 9.1 % 29.6 % Growth rate per year after 2027 (nominal) 2.0 % 2.0 % Functional currency NOK NOK Value in use 361 840 235 119 Headroom 121 648 106 893 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3299": { "value": "The identi\ufb01able assets acquired, and the liabilities assumed, including contingent liabilities, are measured at fair value at the time of takeover. Transferred consideration is measured at fair value. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identi\ufb01able acquired assets and assumed liabilities, is recognized as goodwill. Expenses incurred in connection with the takeover, beyond those related to debt and equity, are expensed. Companies that are bought or sold during the year are included in the consolidated accounts from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. GOODWILL Goodwill is initially measured at cost, and is the excess of the aggregate of the consideration transferred and the amount recognised in the net identi\ufb01able assets acquired and liabilities assumed through a business combination. \u00a0After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU) that are expected to bene\ufb01t from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units which as balanced goodwill and are expected to bene\ufb01t from synergies from the business combination. Goodwill recognized in the balance sheet will be re-assessed against the recoverable amount. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs of disposal and its value in use. IMPAIRMENT OF NON-CURRENT ASSETS Impairment of non-current assets (including right-of-use assets) is considered yearly and when there are indications of impairment. If, and only if, the recoverable amount of an asset is less than carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss shall be recognized immediately in pro\ufb01t or loss. Recoverable amount is the higher of fair value less cost of disposal and value in use (the discounted cash \ufb02ow given continued use). Fair value less cost of disposal is the value that can be obtained by selling to a third-party less the cost of disposal. \u00a0Recoverable amount is determined separately for all operating assets, but if this is not possible, it is determined together with the cash-\ufb02ow generating unit the tangible asset is linked to. Previously recognized impairment will be reversed when available information con\ufb01rms that there is no longer indication of impairment. The reversal is recognized in the statement of comprehensive income. Reversal of impairment is constrained, so the value of the asset will not be higher than the asset value and planned recognized depreciations. GOODWILL AND OTHER INTANGIBLE ASSETS \u2013 ESTIMATE UNCERTAINTY Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a DCF model. The cash \ufb02ows are derived from the budget for the next \ufb01ve years. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-in\ufb02ows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with inde\ufb01nite useful lives recognized by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in disclosure 12. GOODWILL Goodwill arising from the acquisition has been recognised as follows. The goodwill-value can be explained by synergies, economies of scale, expectations of future pro\ufb01tability and growth and expectations of better market conditions. The purchase price allocation and the accounting for the acquisition is \ufb01nal. Therefor there will be no adjustments to the above amounts in subsequent accounting periods. 11.01.2022 Total consideration transferred 455 00 \u2013 Fair value of identi\ufb01able net assets acquired -185 734 Goodwill 269 266 GOODWILL Goodwill arising from the acquisition has been recognised as follows. The goodwill-value can be explained by synergies, economies of scale, expectations of future pro\ufb01tability and growth and expectations of better market conditions. The purchase price allocation and the accounting for the acquisition is \ufb01nal. Therefor there will be no adjustments to the above amounts in subsequent accounting periods. 31.01.2022 Total consideration transferred 24 973 \u2013 Fair value of identi\ufb01able net assets acquired -20 073 Goodwill 4 900 DISCLOSURE 12 | INTANGIBLE ASSETS INTANGIBLE ASSETS AS OF 31.12.22 GOODWILL DEVELOPMENT COSTS CUSTOMER RELATION Total ACCUMULATIVE COSTS Accumulated 01.01. 10 666 12 120 0 22 786 Additions at cost 0 9 803 9 803 0 9 803 Additions at cost aquisition 274 166 25 801 46 911 346 878 Currency differences 0 -155 0 -155 Accumulated as of 31.12. 284 832 47 569 46 911 379 312 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 10 666 10 348 0 21 014 Depreciation/amortisation aquisition 0 5 193 0 5 193 Depreciation for the year 0 2 769 4 691 7 460 Currency differences 0 -123 0 -123 Accumulated as of 31.12. 10 666 18 187 4 691 33 544 Book value as of 31.12. 274 166 29 382 42 220 345 768 Depreciation/amortisation period in number of years No amortisation 5\u201310 10 The linear depreciation method is used PSW Power & Automation has capitalized development costs corresponding to NOK 14.2 million in connection with product development of an Electric Valve Actuator, mobile battery solutions and software for shorepower. PSW Technology has development costs connected to well control systems and solutions for a dry dock. Subseatec has capitalized development costs related to welding procedures amounting to NOK 1.2 million. Development costs are amortized over the product\u2019s expected lifetime. Goodwill at CGU-ENERY is NOK 206.4 million and NOK 67.8 million at CGU-OFFSHORE. INTANGIBLE ASSETS AS OF 31.12.21 GOODWILL DEVELOPMENT COSTS CUSTOMER RELATION Total ACCUMULATIVE COSTS Accumulated 01.01. 10 666 11 331 0 21 997 Additions at cost 0 1 102 1 102 0 1 102 Currency differences 0 -313 0 -313 Accumulated as of 31.12. 10 666 12 120 0 22 786 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 10 666 9 661 0 20 327 Depreciation for the year 0 972 0 972 Currency differences 0 -285 0 -285 Accumulated as of 31.12. 10 666 10 348 0 21 014 Book value as of 31.12. 0 1 772 0 1 772 Depreciation/amortisation period in number of years No amortisation 5\u201310 The linear depreciation method is used IMPAIRMENT TESTS \u2013 DESCRIPTION OF METHOD The Group tests assets, per cash-\ufb02ow-generating unit (\u201cCGU\u201d), for impairment annually or more frequently if there are indicators of impairment. Scana assesses various impairment indicators, including the ratio between market value on the Oslo stock exchange and book value of equity, market development, lower than expected earnings and changes in market interest rates. As of 31 December 2022, the market value of the company is higher than the book value of the equity, which does not indicate a possible need for impairment of assets, including goodwill, intangible assets, right-of-use assets, \ufb01xed assets and other assets in the various CGUs. Two of the cash \ufb02ow-generating units has booked goodwill based on the acquisition of PSW and Trans Construction. There is no need to make an impairment. Some of the CGU has experienced better growth in the market than predicted in previous impairment tests, but offshore has experienced weaker turnover than expected. In the impairment tests, the value in use is calculated based on the discounting of expected future cash \ufb02ows by a discount rate shown in an overview on next page. The discount rate is based on risk free interest and external source Damodaran. The cash \ufb02ows are based on the budget and business plans established by the management for the period 2023\u20132027. The estimates are based on an approach for budgeting the various cash-generating units. For the following period, the model is based on a terminal connected with a growth rate that re\ufb02ects long-term in\ufb02ation expectations. The income is based on concluded contracts, information about the potential for new agreements and an assumption about the development of the price in the market. The estimated operating margin in the period increases based on expectations of a positive market development and that the cost measures have an effect. The cash \ufb02ows linked to the lease agreements are included as part of the investments. The total investments linked to all operating assets are maintained at the same level as the current depreciation in the future cash \ufb02ows. In assessment of climate related costs, the Group has not incorporated any signi\ufb01cant costs in the future cash \ufb02ow according to value in use connected to intangible assets, equipment, plant and machinery or right of use assets. The Group will monitor new regulations according to climate related costs and take this into account when it has been approved. The Group recognizes impairment in the result if the value in use is lower than the book assets for the cash \ufb02ow generating unit. Impairment indicators have been identi\ufb01ed for CGU. The impairment tests have been prepared based on the method and principles discussed above. CGU-OFFSHORE CGU-OFFSHORE consists of PSW Technology and PSW Solutions. The CGU has performed lower activity and pro\ufb01t in current year than expected. There is identi\ufb01ed an impairment indicator for this CGU on the balance sheet date. The impairment test of goodwill and other intangible assets are carried out in accordance with requirements in IAS 36. The value in use has been used to determine recoverable amount. The calculations are based upon estimated future cash \ufb02ows for the cash generating unit, OFFSHORE. The estimated future cash \ufb02ows are based upon budgets and long-term pro\ufb01t goals covering a \ufb01ve-year period. In assessing future cash \ufb02ow for next \ufb01ve years current tender activities and short-term prognosis has been supplemented with the long-term business plan. There has been a delay in revenue generating in 2022 that is expected to catch up in the next few years as the oil service market is expected to be strong. A strong order backlog going into 2023 further backed signi\ufb01cant contract award described in disclosure 4 provides support for strong revenue growth. With the expected increase in revenue the operating margins will increase signi\ufb01cantly due to economies of scale from the CGU\u2019s facilities which have surplus capacity. The key uncertainty is the timing and extent of contract awards. The cash \ufb02ows are based on the management and the board\u2019s best estimate. Per end of December 2022 estimated cash \ufb02ow supports the book values in the CGU, and there is no need for an impairment. CGU-ENERGY PSW Power & Automation together with Trans Construction is de\ufb01ned as a cash generating unit (CGU-ENERGY). These companies were purchased in 2022 and the Group has booked a corresponding goodwill in the statement of \ufb01nancial position. Scana Group measures the goodwill once a year unless there are impairment indicators. The Group performed an impairment test of goodwill and other intangible assets in accordance with requirements in IAS 36. The value in use has been used to determine recoverable amount. The calculations are based upon estimated future cash \ufb02ows for the cash generating unit, ENERGY. The estimated future cash \ufb02ows are based upon budgets and long-term pro\ufb01t goals covering a \ufb01ve-year period. Continuing high energy prices are expected to keep demand strong for service offering and new projects. Based on this Scana considers the market outlook for the CGU as strong. Operating margins has been negatively impacted by disturbance in supply chain in 2022 and challenges in a few projects. During fourth quarter ENERGY has won several contracts and has improved the order backlog which is NOK 193 million end of December 2022. It con\ufb01rms the strong position ENERGY has in the market. ENERGY assumes an expected growth in activities and future revenues. The operating margin is also expected to increase the next \ufb01ve years. The cash \ufb02ows are based on the management and the board\u2019s best estimate. Per end of December 2022 estimated cash \ufb02ow supports the book values in the CGU, and there is no need for an impairment. SENSITIVITY ANALYSIS Sensitivity analysis related to the impairment test, test for reasonable changes in the key assumptions. For example, a decrease in the operating margin (other assumptions unchanged) at ENERGY by 1.0 % points the recoverable amount will reduce by NOK 53.8 million. If the operating margin increases by 1.0 % points (other assumptions unchanged), the recoverable amount will increase by NOK 53.8 million. An increase in the discount rate before tax by 1.0 % points will reduce the recoverable amount by NOK 68.4 million, correspondingly a reduction by 1.0 % points will increase amounting to NOK 90.1 million. No reasonable possible changes will lead to an impairment based on this sensitivities. SENSITIVITY CHANGE ENERGY OFFSHORE Operating margin for the next \ufb01ve years +1.0 % 53 802 95 461 Operating margin for the next \ufb01ve years -1.0 % -53 802 -95 461 Growth rate per year 2023\u20132027 +1.0% 37 470 15 112 Growth rate in terminal +1.0 % 59 567 24 006 Discount rate (nominal before tax) +1.0 % -49 438 -50 880 Discount rate (nominal before tax) -1.0 % 61 986 61 970 KEY ASSUMPTIONS ENERGY OFFSHORE Average operating margin for the next \ufb01ve years 10.4 % 5.9 % Discount rate (nominal before tax) 9.7 % 10.8 % Average growth rate per year 2023\u20132027 9.1 % 29.6 % Growth rate per year after 2027 (nominal) 2.0 % 2.0 % Functional currency NOK NOK Value in use 361 840 235 119 Headroom 121 648 106 893 ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3300": { "value": "The identi\ufb01able assets acquired, and the liabilities assumed, including contingent liabilities, are measured at fair value at the time of takeover. Transferred consideration is measured at fair value. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identi\ufb01able acquired assets and assumed liabilities, is recognized as goodwill. Expenses incurred in connection with the takeover, beyond those related to debt and equity, are expensed. Companies that are bought or sold during the year are included in the consolidated accounts from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. GOODWILL Goodwill is initially measured at cost, and is the excess of the aggregate of the consideration transferred and the amount recognised in the net identi\ufb01able assets acquired and liabilities assumed through a business combination. \u00a0After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU) that are expected to bene\ufb01t from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units which as balanced goodwill and are expected to bene\ufb01t from synergies from the business combination. Goodwill recognized in the balance sheet will be re-assessed against the recoverable amount. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs of disposal and its value in use. IMPAIRMENT OF NON-CURRENT ASSETS Impairment of non-current assets (including right-of-use assets) is considered yearly and when there are indications of impairment. If, and only if, the recoverable amount of an asset is less than carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss shall be recognized immediately in pro\ufb01t or loss. Recoverable amount is the higher of fair value less cost of disposal and value in use (the discounted cash \ufb02ow given continued use). Fair value less cost of disposal is the value that can be obtained by selling to a third-party less the cost of disposal. \u00a0Recoverable amount is determined separately for all operating assets, but if this is not possible, it is determined together with the cash-\ufb02ow generating unit the tangible asset is linked to. Previously recognized impairment will be reversed when available information con\ufb01rms that there is no longer indication of impairment. The reversal is recognized in the statement of comprehensive income. Reversal of impairment is constrained, so the value of the asset will not be higher than the asset value and planned recognized depreciations. GOODWILL AND OTHER INTANGIBLE ASSETS \u2013 ESTIMATE UNCERTAINTY Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a DCF model. The cash \ufb02ows are derived from the budget for the next \ufb01ve years. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-in\ufb02ows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with inde\ufb01nite useful lives recognized by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in disclosure 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3301": { "value": "The identi\ufb01able assets acquired, and the liabilities assumed, including contingent liabilities, are measured at fair value at the time of takeover. Transferred consideration is measured at fair value. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identi\ufb01able acquired assets and assumed liabilities, is recognized as goodwill. Expenses incurred in connection with the takeover, beyond those related to debt and equity, are expensed. Companies that are bought or sold during the year are included in the consolidated accounts from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. INTANGIBLE ASSETS\u00a0Intangible assets with a de\ufb01nite economic life are amortized over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate. GOODWILL Goodwill is initially measured at cost, and is the excess of the aggregate of the consideration transferred and the amount recognised in the net identi\ufb01able assets acquired and liabilities assumed through a business combination. \u00a0After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU) that are expected to bene\ufb01t from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units which as balanced goodwill and are expected to bene\ufb01t from synergies from the business combination. Goodwill recognized in the balance sheet will be re-assessed against the recoverable amount. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs of disposal and its value in use. RESEARCH AND DEVELOPMENT Expenses relating to research and development are recognized in the statement of comprehensive income as they incur. Development expenses relating to a single project are capitalized as intangible assets when the following can be documented: The product or process is technically and commercially viable so that it becomes available for use or sale. The Group intends to \ufb01nalize the intangible asset and make it available for use or sale. The Group has the ability to make the intangible asset available for use or sale. The asset will generate future economic bene\ufb01ts. The Group has suf\ufb01cient resources to complete the development work. Expenses can be reliably measured. \u00a0All development expenses that are recognized in the balance sheet are reviewed by the board of the subsidiaries. It is documented how it is expected that the intangible asset will create future cash \ufb02ow for the Group. \u00a0Capitalized development costs are recognized at their cost minus accumulated amortization and impairment losses. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset.\u00a0Impairment tests are performed annually or more frequently if found necessary based on impairment indicator. Losses or gains on the disposal of an intangible asset, calculated as the difference between the net sales amounts and balance amount, are recognized in the income statement. IMPAIRMENT OF NON-CURRENT ASSETS Impairment of non-current assets (including right-of-use assets) is considered yearly and when there are indications of impairment. If, and only if, the recoverable amount of an asset is less than carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss shall be recognized immediately in pro\ufb01t or loss. Recoverable amount is the higher of fair value less cost of disposal and value in use (the discounted cash \ufb02ow given continued use). Fair value less cost of disposal is the value that can be obtained by selling to a third-party less the cost of disposal. \u00a0Recoverable amount is determined separately for all operating assets, but if this is not possible, it is determined together with the cash-\ufb02ow generating unit the tangible asset is linked to. Previously recognized impairment will be reversed when available information con\ufb01rms that there is no longer indication of impairment. The reversal is recognized in the statement of comprehensive income. Reversal of impairment is constrained, so the value of the asset will not be higher than the asset value and planned recognized depreciations. GOODWILL AND OTHER INTANGIBLE ASSETS \u2013 ESTIMATE UNCERTAINTY Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a DCF model. The cash \ufb02ows are derived from the budget for the next \ufb01ve years. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-in\ufb02ows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with inde\ufb01nite useful lives recognized by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in disclosure 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3302": { "value": "The identi\ufb01able assets acquired, and the liabilities assumed, including contingent liabilities, are measured at fair value at the time of takeover. Transferred consideration is measured at fair value. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identi\ufb01able acquired assets and assumed liabilities, is recognized as goodwill. Expenses incurred in connection with the takeover, beyond those related to debt and equity, are expensed. Companies that are bought or sold during the year are included in the consolidated accounts from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. GOODWILL Goodwill is initially measured at cost, and is the excess of the aggregate of the consideration transferred and the amount recognised in the net identi\ufb01able assets acquired and liabilities assumed through a business combination. \u00a0After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU) that are expected to bene\ufb01t from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units which as balanced goodwill and are expected to bene\ufb01t from synergies from the business combination. Goodwill recognized in the balance sheet will be re-assessed against the recoverable amount. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs of disposal and its value in use. IMPAIRMENT OF NON-CURRENT ASSETS Impairment of non-current assets (including right-of-use assets) is considered yearly and when there are indications of impairment. If, and only if, the recoverable amount of an asset is less than carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss shall be recognized immediately in pro\ufb01t or loss. Recoverable amount is the higher of fair value less cost of disposal and value in use (the discounted cash \ufb02ow given continued use). Fair value less cost of disposal is the value that can be obtained by selling to a third-party less the cost of disposal. \u00a0Recoverable amount is determined separately for all operating assets, but if this is not possible, it is determined together with the cash-\ufb02ow generating unit the tangible asset is linked to. Previously recognized impairment will be reversed when available information con\ufb01rms that there is no longer indication of impairment. The reversal is recognized in the statement of comprehensive income. Reversal of impairment is constrained, so the value of the asset will not be higher than the asset value and planned recognized depreciations. GOODWILL AND OTHER INTANGIBLE ASSETS \u2013 ESTIMATE UNCERTAINTY Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a DCF model. The cash \ufb02ows are derived from the budget for the next \ufb01ve years. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-in\ufb02ows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with inde\ufb01nite useful lives recognized by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in disclosure 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3303": { "value": "The identi\ufb01able assets acquired, and the liabilities assumed, including contingent liabilities, are measured at fair value at the time of takeover. Transferred consideration is measured at fair value. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identi\ufb01able acquired assets and assumed liabilities, is recognized as goodwill. Expenses incurred in connection with the takeover, beyond those related to debt and equity, are expensed. Companies that are bought or sold during the year are included in the consolidated accounts from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. DISCLOSURE 3 | BUSINESS COMBINATION ACQUISITION OF PSW On 11 January 2022, Scana acquired 100 % of the shares in PSW. PSW is a leading player in electri\ufb01cation and shore power, as well as a major supplier of products and services to the offshore and maritime industry. PSW will take a unique position as a leading supplier to the maritime industry with a special focus on supporting the industry\u2019s transition to sustainable operations. The transaction will support Scana\u2019s strategy to lead the way in the transition to a more sustainable operation in the global maritime industry. Scana will be a total partner for the green shift to players in shipping, offshore, energy and aquaculture. The PSW\u2019s revenues in 2021 were NOK 623 million. At the time of the transaction, PSW had 250 employees. If the acquisition had occurred on 1 January 2022, management estimates that consolidated revenue and loss for the year would not have changed signi\ufb01cantly. CONSIDERATION TRANSFERRED The following table summarizes the acquisition date fair value of each major class of consideration transferred. 11.01.2022 Cash 234 085 Seller credit 47 000 Shares in Scana ASA (124 224 737 shares) 173 915 Total consideration transferred 455 000 The fair value of the ordinary shares issued was based on the listed share price of the company at 11 January 2022. IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED The fair value of identi\ufb01able assets and liabilities is based on a purchase price allocation. The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the date of acquisition. The fair value of the trade receivables amounts to NOK 133.4 million. The gross amount of trade receivables is NOK 143.8 million of which NOK 10.4 million was expected to be uncollectable at the date of acquisition. GOODWILL Goodwill arising from the acquisition has been recognised as follows. The goodwill-value can be explained by synergies, economies of scale, expectations of future pro\ufb01tability and growth and expectations of better market conditions. The purchase price allocation and the accounting for the acquisition is \ufb01nal. Therefor there will be no adjustments to the above amounts in subsequent accounting periods. ACQUISITION OF TRANS CONSTRUCTION Through PSW Power & Automations AS, Scana ASA signed an agreement to purchase 100 % of the shares in Trans Construction AS based on an equity value of NOK 25 million. The transaction was completed 31 January 2022. The company had 11 employees. By incorporating Trans Construction AS into PSW Power & Automation AS, Scana see potential for synergies and opportunities to step into new markets. The acquisition also forms the basis for increased market shares within modular units for battery systems, hydrogen power systems, shore power systems and E-house modules for offshore wind. If the acquisition had occurred on 1 January 2022, management estimates that consolidated revenue for the year would have been NOK 916 million, and consolidated loss for the year would have been NOK -43.6 million. 11.01.2022 Deferred tax assets 222 Customer contracts and relationships 46 911 Research and development 17 119 Licences and patents 3 489 Property, plant and equipment 145 358 Right of use assets 430 910 Net working capital 39 936 Deferred tax liability -22 220 Lease liabilities -430 910 Net debt -45 081 Total identi\ufb01able net assets acquired 185 734 11.01.2022 Total consideration transferred 455 00 \u2013 Fair value of identi\ufb01able net assets acquired -185 734 Goodwill 269 266 CONSIDERATION TRANSFERRED The following table summarizes the acquisition date fair value of each major class of consideration transferred. The fair value of the ordinary shares issued was based on the listed share price of the company at 11 January 2022. IDENTIFIED ASSETS ACQUIRED AND LIABILITIES ASSUMED The fair value of identi\ufb01able assets and liabilities is based on a purchase price allocation. The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the date of acquisition. The fair value of the trade receivables amounts to NOK 7.4 million. The gross amount of trade receivables is NOK 7.4 million and it is expected that the full contractual amounts can be collected. GOODWILL Goodwill arising from the acquisition has been recognised as follows. The goodwill-value can be explained by synergies, economies of scale, expectations of future pro\ufb01tability and growth and expectations of better market conditions. The purchase price allocation and the accounting for the acquisition is \ufb01nal. Therefor there will be no adjustments to the above amounts in subsequent accounting periods. 31.01.2022 Deferred tax assets -27 Property, plant and equipment 600 Right of use assets 6 200 Net working capital -2 000 Lease liabilities -6 200 Net debt 21 500 Total identi\ufb01able net assets acquired 20 073 31.01.2022 Total consideration transferred 24 973 \u2013 Fair value of identi\ufb01able net assets acquired -20 073 Goodwill 4 900 31.01.2022 Cash 12 458 Seller credit 12 500 Total consideration transferred 24 958 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3304": { "value": "The identi\ufb01able assets acquired, and the liabilities assumed, including contingent liabilities, are measured at fair value at the time of takeover. Transferred consideration is measured at fair value. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identi\ufb01able acquired assets and assumed liabilities, is recognized as goodwill. Expenses incurred in connection with the takeover, beyond those related to debt and equity, are expensed. Companies that are bought or sold during the year are included in the consolidated accounts from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3339": { "value": "REVENUE REVENUE FROM CONTRACTS WITH CUSTOMER IFRS 15 Revenue from Contracts with customers establishes a \ufb01ve-step method that applies to all customer contracts. Under the standard, only approved customer contracts with a \ufb01rm commitment are basis for revenue recognition. The deliveries in the contracts are reviewed to identify distinct performance obligations, and revenue is recognized in line with how the entity satis\ufb01es these performance obligations \u2013 either over time or at a point in time. This assessment may involve signi\ufb01cant judgement. For contracts with customers for which the performance obligations are satis\ufb01ed over time, revenue is recognized over time using a cost progress method or as time and material are delivered to the customer. For contracts with customers for which the performance obligations are satis\ufb01ed at a point in time, revenue is recognized at the point in time when the customer obtains control of the product or the service. Details of the accounting policies and the nature of performance obligations for each of the major types of customer contracts are set out in disclosure 6. \u00a0CONTRACT BALANCES Contract assets: A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. \u00a0Trade receivables: A receivable represents the Group\u2019s right to an amount of consideration that is unconditional. \u00a0Contract liabilities: A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made. Contract liabilities are recognized as revenue when the Group ful\ufb01ls the performance obligation(s) under the contract. CONTRACT ASSETS/CONTRACT LIABILITIES \u2013 ESTIMATE UNCERTAINTY Contract assets are linked to larger projects where income is recognized over time. Assumptions are made in relation to estimated costs and pro\ufb01ts connected to the projects. Each contract is reviewed and identi\ufb01ed according to the delivery obligations. Assessments and assumptions are also made relating to measurement of completion. Changes in the assumptions can lead to the recognition of income and pro\ufb01ts deviates from the underlying value creation, relative to the project\u2019s total revenue and pro\ufb01t. Pro\ufb01t can thus be accounted for too early or too late in the project. REVENUE REVENUE DISTRIBUTED BY COUNTRY In the following table, revenue from contracts with customers is disaggregated by primary geographical market. (NOK million) 2022 2021 Norway 597.4 114.5 Other European countries 193.2 63.3 North America 18.3 43.6 Asia 70.6 81.1 Other countries 7.2 1.8 Operational revenue 886.7 304.3 In the following table, revenue from contracts with customers is disaggregated by major products and service lines and timing of revenue recognition. 2022 (NOK million) OFFSHORE ENERGY MARITIME Scana HQ Elimination Total TYPE OF GOODS OR SERVICE Service- and maintenance contracts 283.5 -0.2 283.3 Power systems 339.4 339.4 339.4 Forged goods 50.8 50.8 Valve control systems 57.4 57.4 Seasystem-solutions 123.0 123.0 Sale of equipment and spare-parts 5.9 6.6 20.4 32.9 Operational revenue 340.2 346.0 200.8 -0.2 886.7 TIMING OF REVENUE RECOGNITION Products transferred at a point in time 5.9 6.6 20.4 32.9 Products and services transferred over time 334.3 339.4 180.4 0.0 -0.2 853.8 Operational revenue 340.2 346.0 200.8 0.0 -0.2 886.7 PERFORMANCE OBLIGATIONS Information about the Group\u2019s performance obligations are summarised below: SERVICE- AND MAINTENANCE CONTRACTS Service and maintenance contracts are time and materials contracts and \ufb01xed-price contracts. Each individual contract is normally considered as a separate performance obligation and revenue is recognised over time to depict the delivered time and materials. For contracts with signi\ufb01cant \ufb01xed-price elements an input method is used to measure the progress of the project, which is the basis for recognizing revenue over time. Invoices are issued according to contractual terms and are usually payable within 30 days. POWER SYSTEMS Shore power systems and energy storage systems. For Power systems, the customer controls all of the work in progress as the products are being manufactured. This is because under those contracts the systems are made to a customer\u2019s speci\ufb01cation and if a contract is terminated by the customer, then the Group is entitled to reimbursement of the costs incurred to date, including a reasonable margin. Invoices are issued according to contractual terms and are usually payable within 30 days. Revenue is recognised over time based on the cost-to-cost method. The related costs are recognised in pro\ufb01t or loss when they are incurred. Advances received are included in contract liabilities. FORGED GOODS Forged goods to the oil and gas industry. The goods are customized based on customers\u2019 requirements and are sold as bundled goods. The goods are considered as a single performance obligation as the components are not separately identi\ufb01able. Revenue for these performance obligations is recognized over time based on the progress towards complete satisfaction of the performance obligation. Progress in the projects is measured according to the input method. VALVE CONTROL SYSTEMS Valve control systems to the marine and offshore industry, which consists of several components but can only be used by the customer as a complete unit. The revenue is recognized over time where the transaction price is allocated to a performance obligation based on the input method and when control is transferred to the customer. Contracts do normally have \ufb01xed prices. Variation orders is included in the project when it is signed. The customers pay advances based on milestones de\ufb01ned in the contract. SEASYSTEM-SOLUTIONS Innovative system solutions within anchoring and turrets for \ufb02oating production and storage ships, aquaculture units and offshore wind. The systems linked to of\ufb02oading are customized based on hose reels requirement speci\ufb01cation from the customer who has no alternative use. The same assessments are made in relation to anchorage and turret. The revenue is recognized over time where control is transferred to the buyer which coincides with the progress of the projects measured according to the input method. In the contracts with the customers the company has the right to be compensated for incurred costs and margin if the customer cancels the contracts. Contract deliveries where the revenue is recognized over time are often entered into with milestone invoicing such as due after 30 to 90 days. SALE OF EQUIPMENT AND SPARE-PARTS This revenue type involves sale of products or equipment that are of a standard nature, not made according to the customer\u2019s speci\ufb01cations. Customers usually obtain control of these products when the goods are delivered to the customers in accordance with the contract terms. The Group has assessed that the performance obligations for such products are satis\ufb01ed at a point in time, and revenue from these performance obligations is recognised at that point in time. CONTRACTS The table below shows revenue and costs that are recognized over time related to contracts that have not been completed and delivered at the time of the statement of \ufb01nancial position. Several of the contracts have a completion time of more than a year. Remaining revenue connected to contract assets and contractual obligations are NOK 532.9 million as of 31 December 2022 (2021: NOK 77.6 million) and are expected to be delivered during 2023. Ongoing projects portion of order backlog is 82 % and 18 % has not yet been started on balance date. All ongoing projects in beginning of 2022 have been delivered. Contract assets and contract liabilities have been reduced in 2022 and are linked to projects that have been completed and that customers have paid advances in connection with milestone invoicing. Contract assets are offset against contract liabilities based on progress in the projects linked to each individual contract. 2022 2021 Revenue recognized over time related to contracts 421 040 258 821 2022 2021 Invoiced revenue related to contracts (milestones) 418 876 257 193 Contract assets 125 304 18 818 Contract liabilities 111 997 15 700 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3340": { "value": "REVENUE REVENUE FROM CONTRACTS WITH CUSTOMER IFRS 15 Revenue from Contracts with customers establishes a \ufb01ve-step method that applies to all customer contracts. Under the standard, only approved customer contracts with a \ufb01rm commitment are basis for revenue recognition. The deliveries in the contracts are reviewed to identify distinct performance obligations, and revenue is recognized in line with how the entity satis\ufb01es these performance obligations \u2013 either over time or at a point in time. This assessment may involve signi\ufb01cant judgement. For contracts with customers for which the performance obligations are satis\ufb01ed over time, revenue is recognized over time using a cost progress method or as time and material are delivered to the customer. For contracts with customers for which the performance obligations are satis\ufb01ed at a point in time, revenue is recognized at the point in time when the customer obtains control of the product or the service. Details of the accounting policies and the nature of performance obligations for each of the major types of customer contracts are set out in disclosure 6. \u00a0CONTRACT BALANCES Contract assets: A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. \u00a0Trade receivables: A receivable represents the Group\u2019s right to an amount of consideration that is unconditional. \u00a0Contract liabilities: A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made. Contract liabilities are recognized as revenue when the Group ful\ufb01ls the performance obligation(s) under the contract. CONTRACT ASSETS/CONTRACT LIABILITIES \u2013 ESTIMATE UNCERTAINTY Contract assets are linked to larger projects where income is recognized over time. Assumptions are made in relation to estimated costs and pro\ufb01ts connected to the projects. Each contract is reviewed and identi\ufb01ed according to the delivery obligations. Assessments and assumptions are also made relating to measurement of completion. Changes in the assumptions can lead to the recognition of income and pro\ufb01ts deviates from the underlying value creation, relative to the project\u2019s total revenue and pro\ufb01t. Pro\ufb01t can thus be accounted for too early or too late in the project. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3342": { "value": "REVENUE FROM CONTRACTS WITH CUSTOMER IFRS 15 Revenue from Contracts with customers establishes a \ufb01ve-step method that applies to all customer contracts. Under the standard, only approved customer contracts with a \ufb01rm commitment are basis for revenue recognition. The deliveries in the contracts are reviewed to identify distinct performance obligations, and revenue is recognized in line with how the entity satis\ufb01es these performance obligations \u2013 either over time or at a point in time. This assessment may involve signi\ufb01cant judgement. For contracts with customers for which the performance obligations are satis\ufb01ed over time, revenue is recognized over time using a cost progress method or as time and material are delivered to the customer. For contracts with customers for which the performance obligations are satis\ufb01ed at a point in time, revenue is recognized at the point in time when the customer obtains control of the product or the service. Details of the accounting policies and the nature of performance obligations for each of the major types of customer contracts are set out in disclosure 6. \u00a0CONTRACT BALANCES Contract assets: A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. \u00a0Trade receivables: A receivable represents the Group\u2019s right to an amount of consideration that is unconditional. \u00a0Contract liabilities: A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made. Contract liabilities are recognized as revenue when the Group ful\ufb01ls the performance obligation(s) under the contract. CONTRACT ASSETS/CONTRACT LIABILITIES \u2013 ESTIMATE UNCERTAINTY Contract assets are linked to larger projects where income is recognized over time. Assumptions are made in relation to estimated costs and pro\ufb01ts connected to the projects. Each contract is reviewed and identi\ufb01ed according to the delivery obligations. Assessments and assumptions are also made relating to measurement of completion. Changes in the assumptions can lead to the recognition of income and pro\ufb01ts deviates from the underlying value creation, relative to the project\u2019s total revenue and pro\ufb01t. Pro\ufb01t can thus be accounted for too early or too late in the project. REVENUE REVENUE DISTRIBUTED BY COUNTRY In the following table, revenue from contracts with customers is disaggregated by primary geographical market. (NOK million) 2022 2021 Norway 597.4 114.5 Other European countries 193.2 63.3 North America 18.3 43.6 Asia 70.6 81.1 Other countries 7.2 1.8 Operational revenue 886.7 304.3 In the following table, revenue from contracts with customers is disaggregated by major products and service lines and timing of revenue recognition. 2022 (NOK million) OFFSHORE ENERGY MARITIME Scana HQ Elimination Total TYPE OF GOODS OR SERVICE Service- and maintenance contracts 283.5 -0.2 283.3 Power systems 339.4 339.4 339.4 Forged goods 50.8 50.8 Valve control systems 57.4 57.4 Seasystem-solutions 123.0 123.0 Sale of equipment and spare-parts 5.9 6.6 20.4 32.9 Operational revenue 340.2 346.0 200.8 -0.2 886.7 TIMING OF REVENUE RECOGNITION Products transferred at a point in time 5.9 6.6 20.4 32.9 Products and services transferred over time 334.3 339.4 180.4 0.0 -0.2 853.8 Operational revenue 340.2 346.0 200.8 0.0 -0.2 886.7 PERFORMANCE OBLIGATIONS Information about the Group\u2019s performance obligations are summarised below: SERVICE- AND MAINTENANCE CONTRACTS Service and maintenance contracts are time and materials contracts and \ufb01xed-price contracts. Each individual contract is normally considered as a separate performance obligation and revenue is recognised over time to depict the delivered time and materials. For contracts with signi\ufb01cant \ufb01xed-price elements an input method is used to measure the progress of the project, which is the basis for recognizing revenue over time. Invoices are issued according to contractual terms and are usually payable within 30 days. POWER SYSTEMS Shore power systems and energy storage systems. For Power systems, the customer controls all of the work in progress as the products are being manufactured. This is because under those contracts the systems are made to a customer\u2019s speci\ufb01cation and if a contract is terminated by the customer, then the Group is entitled to reimbursement of the costs incurred to date, including a reasonable margin. Invoices are issued according to contractual terms and are usually payable within 30 days. Revenue is recognised over time based on the cost-to-cost method. The related costs are recognised in pro\ufb01t or loss when they are incurred. Advances received are included in contract liabilities. FORGED GOODS Forged goods to the oil and gas industry. The goods are customized based on customers\u2019 requirements and are sold as bundled goods. The goods are considered as a single performance obligation as the components are not separately identi\ufb01able. Revenue for these performance obligations is recognized over time based on the progress towards complete satisfaction of the performance obligation. Progress in the projects is measured according to the input method. VALVE CONTROL SYSTEMS Valve control systems to the marine and offshore industry, which consists of several components but can only be used by the customer as a complete unit. The revenue is recognized over time where the transaction price is allocated to a performance obligation based on the input method and when control is transferred to the customer. Contracts do normally have \ufb01xed prices. Variation orders is included in the project when it is signed. The customers pay advances based on milestones de\ufb01ned in the contract. SEASYSTEM-SOLUTIONS Innovative system solutions within anchoring and turrets for \ufb02oating production and storage ships, aquaculture units and offshore wind. The systems linked to of\ufb02oading are customized based on hose reels requirement speci\ufb01cation from the customer who has no alternative use. The same assessments are made in relation to anchorage and turret. The revenue is recognized over time where control is transferred to the buyer which coincides with the progress of the projects measured according to the input method. In the contracts with the customers the company has the right to be compensated for incurred costs and margin if the customer cancels the contracts. Contract deliveries where the revenue is recognized over time are often entered into with milestone invoicing such as due after 30 to 90 days. SALE OF EQUIPMENT AND SPARE-PARTS This revenue type involves sale of products or equipment that are of a standard nature, not made according to the customer\u2019s speci\ufb01cations. Customers usually obtain control of these products when the goods are delivered to the customers in accordance with the contract terms. The Group has assessed that the performance obligations for such products are satis\ufb01ed at a point in time, and revenue from these performance obligations is recognised at that point in time. CONTRACTS The table below shows revenue and costs that are recognized over time related to contracts that have not been completed and delivered at the time of the statement of \ufb01nancial position. Several of the contracts have a completion time of more than a year. 2022 2021 Revenue recognized over time related to contracts 421 040 258 821 2022 2021 Invoiced revenue related to contracts (milestones) 418 876 257 193 Contract assets 125 304 18 818 Contract liabilities 111 997 15 700 Remaining revenue connected to contract assets and contractual obligations are NOK 532.9 million as of 31 December 2022 (2021: NOK 77.6 million) and are expected to be delivered during 2023. Ongoing projects portion of order backlog is 82 % and 18 % has not yet been started on balance date. All ongoing projects in beginning of 2022 have been delivered. Contract assets and contract liabilities have been reduced in 2022 and are linked to projects that have been completed and that customers have paid advances in connection with milestone invoicing. Contract assets are offset against contract liabilities based on progress in the projects linked to each individual contract. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3364": { "value": "Trade receivables: A receivable represents the Group\u2019s right to an amount of consideration that is unconditional. For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment. TRADE RECEIVABLE Trade receivable is recognized at amortized cost.\u00a0Provision for losses is made after a concrete assessment of each individual receivable. DISCLOSURE 16 | TRADE RECEIVABLES 2022 2021 Trade receivables \u2013 denomination 159 405 38 584 Trade receivables associated companies 1 843 1 193 Provision for losses on trade receivables -427 -43 Total 160 821 39 734 Loss recognized in pro\ufb01t and loss on receivables 0 337 Loss recognized in pro\ufb01t and loss on receivables, including changes in provisions 382 337 AGING SUMMARY 2022 2021 Trade receivables not due 123 607 31 565 0\u201330 days 14 557 7 148 31\u201360 days 6 415 572 61\u201390 days 559 378 More than 90 days 16 110 115 Total trade receivables 161 248 39 777 Provision for potential losses on receivables is based on individual assessments of each individual item. See disclosure 20 related to changes in loss provisions. CONTRACTS The table below shows revenue and costs that are recognized over time related to contracts that have not been completed and delivered at the time of the statement of \ufb01nancial position. Several of the contracts have a completion time of more than a year. Remaining revenue connected to contract assets and contractual obligations are NOK 532.9 million as of 31 December 2022 (2021: NOK 77.6 million) and are expected to be delivered during 2023. Ongoing projects portion of order backlog is 82 % and 18 % has not yet been started on balance date. All ongoing projects in beginning of 2022 have been delivered. Contract assets and contract liabilities have been reduced in 2022 and are linked to projects that have been completed and that customers have paid advances in connection with milestone invoicing. Contract assets are offset against contract liabilities based on progress in the projects linked to each individual contract. 2022 2021 Revenue recognized over time related to contracts 421 040 258 821 2022 2021 Invoiced revenue related to contracts (milestones) 418 876 257 193 Contract assets 125 304 18 818 Contract liabilities 111 997 15 700 DISCLOSURE 17 | PREPAYMENTS AND OTHER CURRENT RECEIVABLES PREPAYMENTS AND OTHER CURRENT RECEIVABLES 2022 2021 Prepaid costs 4 791 3 779 Prepaid to suppliers 24 724 1 045 Tax paid in advance 367 381 Treasure \ufb01nd 44 242 Other taxes 0 177 VAT 1 246 1 989 Total 31 522 7 613 OTHER LONG-TERM ASSETS 2022 2021 Prepaid pension cost 1 883 2 025 Other non-current assets 255 0 Total 2 138 2 025 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3365": { "value": "Trade receivables: A receivable represents the Group\u2019s right to an amount of consideration that is unconditional. For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment. TRADE RECEIVABLE Trade receivable is recognized at amortized cost.\u00a0Provision for losses is made after a concrete assessment of each individual receivable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3378": { "value": "GOVERMENT GRANTS Government grants are recognized when there is reasonable assurance that the company will meet the conditions stipulated for the grants and that the grants will be received. The Group received support related to covid-19 in 2021 which was recognized as other revenue. Operating grants are recognized systematically during the grant period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3379": { "value": "GOVERMENT GRANTS Government grants are recognized when there is reasonable assurance that the company will meet the conditions stipulated for the grants and that the grants will be received. The Group received support related to covid-19 in 2021 which was recognized as other revenue. Operating grants are recognized systematically during the grant period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3385": { "value": "FOREIGN CURRENCIES TRANSACTONS AND BALANCES Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Any currency differences are recognized in pro\ufb01t or loss as \ufb01nancial items. CONSOLIDATION AND CONVERSION Balance sheet items for foreign subsidiaries are converted to NOK using the exchange rates as of 31 December. All items in the income statement are converted to NOK via the weighted average exchange rate per month which is obtained from Norges Bank for the individual month. Consolidation leads to translation differences which is presented in other revenue and expenses and is included in the total result. Currency loss or -gains relating to debt in foreign currency, which for accounting purposes is considered to be a hedge investment in foreign subsidiaries, is entered as other revenue and expenses included in the total result. Exchange-rate differences in monetary amounts (liabilities or receivables) which are in reality a part of a company\u2019s net investment in a foreign entity are also included as translation differences. Changes in currency NOK Impact resultat before tax Impact other comprehensive income 2022 5 % 10 399 (3 050) -5 % (10 399) 3 050 2021 5 % 2 228 (3 139) -5 % (2 228) 3 139 SENSITIVITY ANALYSIS \u2013 CURRENCY The table below shows the sensitivity analysis related to currency risk. Tax effects are not considered in the calculations. A reasonably possible strengthening (weakening) of NOK against all other currencies on 31 December would have affected equity and pro\ufb01t or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. EUR currency has a portion of 82 % in the sensitivity analysis. In addition the Group has USD, GBP and SEK currencies at balance date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3386": { "value": "FOREIGN CURRENCIES TRANSACTONS AND BALANCES Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Any currency differences are recognized in pro\ufb01t or loss as \ufb01nancial items. CONSOLIDATION AND CONVERSION Balance sheet items for foreign subsidiaries are converted to NOK using the exchange rates as of 31 December. All items in the income statement are converted to NOK via the weighted average exchange rate per month which is obtained from Norges Bank for the individual month. Consolidation leads to translation differences which is presented in other revenue and expenses and is included in the total result. Currency loss or -gains relating to debt in foreign currency, which for accounting purposes is considered to be a hedge investment in foreign subsidiaries, is entered as other revenue and expenses included in the total result. Exchange-rate differences in monetary amounts (liabilities or receivables) which are in reality a part of a company\u2019s net investment in a foreign entity are also included as translation differences. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3422": { "value": "INTANGIBLE ASSETS\u00a0Intangible assets with a de\ufb01nite economic life are amortized over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate. RESEARCH AND DEVELOPMENT Expenses relating to research and development are recognized in the statement of comprehensive income as they incur. Development expenses relating to a single project are capitalized as intangible assets when the following can be documented: The product or process is technically and commercially viable so that it becomes available for use or sale. The Group intends to \ufb01nalize the intangible asset and make it available for use or sale. The Group has the ability to make the intangible asset available for use or sale. The asset will generate future economic bene\ufb01ts. The Group has suf\ufb01cient resources to complete the development work. Expenses can be reliably measured. \u00a0All development expenses that are recognized in the balance sheet are reviewed by the board of the subsidiaries. It is documented how it is expected that the intangible asset will create future cash \ufb02ow for the Group. \u00a0Capitalized development costs are recognized at their cost minus accumulated amortization and impairment losses. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset.\u00a0Impairment tests are performed annually or more frequently if found necessary based on impairment indicator. Losses or gains on the disposal of an intangible asset, calculated as the difference between the net sales amounts and balance amount, are recognized in the income statement. IMPAIRMENT OF NON-CURRENT ASSETS Impairment of non-current assets (including right-of-use assets) is considered yearly and when there are indications of impairment. If, and only if, the recoverable amount of an asset is less than carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss shall be recognized immediately in pro\ufb01t or loss. Recoverable amount is the higher of fair value less cost of disposal and value in use (the discounted cash \ufb02ow given continued use). Fair value less cost of disposal is the value that can be obtained by selling to a third-party less the cost of disposal. \u00a0Recoverable amount is determined separately for all operating assets, but if this is not possible, it is determined together with the cash-\ufb02ow generating unit the tangible asset is linked to. Previously recognized impairment will be reversed when available information con\ufb01rms that there is no longer indication of impairment. The reversal is recognized in the statement of comprehensive income. Reversal of impairment is constrained, so the value of the asset will not be higher than the asset value and planned recognized depreciations. GOODWILL AND OTHER INTANGIBLE ASSETS \u2013 ESTIMATE UNCERTAINTY Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a DCF model. The cash \ufb02ows are derived from the budget for the next \ufb01ve years. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-in\ufb02ows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with inde\ufb01nite useful lives recognized by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in disclosure 12. DISCLOSURE 12 | INTANGIBLE ASSETS INTANGIBLE ASSETS AS OF 31.12.22 GOODWILL DEVELOPMENT COSTS CUSTOMER RELATION Total ACCUMULATIVE COSTS Accumulated 01.01. 10 666 12 120 0 22 786 Additions at cost 0 9 803 9 803 0 9 803 Additions at cost aquisition 274 166 25 801 46 911 346 878 Currency differences 0 -155 0 -155 Accumulated as of 31.12. 284 832 47 569 46 911 379 312 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 10 666 10 348 0 21 014 Depreciation/amortisation aquisition 0 5 193 0 5 193 Depreciation for the year 0 2 769 4 691 7 460 Currency differences 0 -123 0 -123 Accumulated as of 31.12. 10 666 18 187 4 691 33 544 Book value as of 31.12. 274 166 29 382 42 220 345 768 Depreciation/amortisation period in number of years No amortisation 5\u201310 10 The linear depreciation method is used PSW Power & Automation has capitalized development costs corresponding to NOK 14.2 million in connection with product development of an Electric Valve Actuator, mobile battery solutions and software for shorepower. PSW Technology has development costs connected to well control systems and solutions for a dry dock. Subseatec has capitalized development costs related to welding procedures amounting to NOK 1.2 million. Development costs are amortized over the product\u2019s expected lifetime. Goodwill at CGU-ENERY is NOK 206.4 million and NOK 67.8 million at CGU-OFFSHORE. INTANGIBLE ASSETS AS OF 31.12.21 GOODWILL DEVELOPMENT COSTS CUSTOMER RELATION Total ACCUMULATIVE COSTS Accumulated 01.01. 10 666 11 331 0 21 997 Additions at cost 0 1 102 1 102 0 1 102 Currency differences 0 -313 0 -313 Accumulated as of 31.12. 10 666 12 120 0 22 786 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 10 666 9 661 0 20 327 Depreciation for the year 0 972 0 972 Currency differences 0 -285 0 -285 Accumulated as of 31.12. 10 666 10 348 0 21 014 Book value as of 31.12. 0 1 772 0 1 772 Depreciation/amortisation period in number of years No amortisation 5\u201310 The linear depreciation method is used IMPAIRMENT TESTS \u2013 DESCRIPTION OF METHOD The Group tests assets, per cash-\ufb02ow-generating unit (\u201cCGU\u201d), for impairment annually or more frequently if there are indicators of impairment. Scana assesses various impairment indicators, including the ratio between market value on the Oslo stock exchange and book value of equity, market development, lower than expected earnings and changes in market interest rates. As of 31 December 2022, the market value of the company is higher than the book value of the equity, which does not indicate a possible need for impairment of assets, including goodwill, intangible assets, right-of-use assets, \ufb01xed assets and other assets in the various CGUs. Two of the cash \ufb02ow-generating units has booked goodwill based on the acquisition of PSW and Trans Construction. There is no need to make an impairment. Some of the CGU has experienced better growth in the market than predicted in previous impairment tests, but offshore has experienced weaker turnover than expected. In the impairment tests, the value in use is calculated based on the discounting of expected future cash \ufb02ows by a discount rate shown in an overview on next page. The discount rate is based on risk free interest and external source Damodaran. The cash \ufb02ows are based on the budget and business plans established by the management for the period 2023\u20132027. The estimates are based on an approach for budgeting the various cash-generating units. For the following period, the model is based on a terminal connected with a growth rate that re\ufb02ects long-term in\ufb02ation expectations. The income is based on concluded contracts, information about the potential for new agreements and an assumption about the development of the price in the market. The estimated operating margin in the period increases based on expectations of a positive market development and that the cost measures have an effect. The cash \ufb02ows linked to the lease agreements are included as part of the investments. The total investments linked to all operating assets are maintained at the same level as the current depreciation in the future cash \ufb02ows. In assessment of climate related costs, the Group has not incorporated any signi\ufb01cant costs in the future cash \ufb02ow according to value in use connected to intangible assets, equipment, plant and machinery or right of use assets. The Group will monitor new regulations according to climate related costs and take this into account when it has been approved. The Group recognizes impairment in the result if the value in use is lower than the book assets for the cash \ufb02ow generating unit. Impairment indicators have been identi\ufb01ed for CGU. The impairment tests have been prepared based on the method and principles discussed above. CGU-OFFSHORE CGU-OFFSHORE consists of PSW Technology and PSW Solutions. The CGU has performed lower activity and pro\ufb01t in current year than expected. There is identi\ufb01ed an impairment indicator for this CGU on the balance sheet date. The impairment test of goodwill and other intangible assets are carried out in accordance with requirements in IAS 36. The value in use has been used to determine recoverable amount. The calculations are based upon estimated future cash \ufb02ows for the cash generating unit, OFFSHORE. The estimated future cash \ufb02ows are based upon budgets and long-term pro\ufb01t goals covering a \ufb01ve-year period. In assessing future cash \ufb02ow for next \ufb01ve years current tender activities and short-term prognosis has been supplemented with the long-term business plan. There has been a delay in revenue generating in 2022 that is expected to catch up in the next few years as the oil service market is expected to be strong. A strong order backlog going into 2023 further backed signi\ufb01cant contract award described in disclosure 4 provides support for strong revenue growth. With the expected increase in revenue the operating margins will increase signi\ufb01cantly due to economies of scale from the CGU\u2019s facilities which have surplus capacity. The key uncertainty is the timing and extent of contract awards. The cash \ufb02ows are based on the management and the board\u2019s best estimate. Per end of December 2022 estimated cash \ufb02ow supports the book values in the CGU, and there is no need for an impairment. CGU-ENERGY PSW Power & Automation together with Trans Construction is de\ufb01ned as a cash generating unit (CGU-ENERGY). These companies were purchased in 2022 and the Group has booked a corresponding goodwill in the statement of \ufb01nancial position. Scana Group measures the goodwill once a year unless there are impairment indicators. The Group performed an impairment test of goodwill and other intangible assets in accordance with requirements in IAS 36. The value in use has been used to determine recoverable amount. The calculations are based upon estimated future cash \ufb02ows for the cash generating unit, ENERGY. The estimated future cash \ufb02ows are based upon budgets and long-term pro\ufb01t goals covering a \ufb01ve-year period. Continuing high energy prices are expected to keep demand strong for service offering and new projects. Based on this Scana considers the market outlook for the CGU as strong. Operating margins has been negatively impacted by disturbance in supply chain in 2022 and challenges in a few projects. During fourth quarter ENERGY has won several contracts and has improved the order backlog which is NOK 193 million end of December 2022. It con\ufb01rms the strong position ENERGY has in the market. ENERGY assumes an expected growth in activities and future revenues. The operating margin is also expected to increase the next \ufb01ve years. The cash \ufb02ows are based on the management and the board\u2019s best estimate. Per end of December 2022 estimated cash \ufb02ow supports the book values in the CGU, and there is no need for an impairment. SENSITIVITY ANALYSIS Sensitivity analysis related to the impairment test, test for reasonable changes in the key assumptions. For example, a decrease in the operating margin (other assumptions unchanged) at ENERGY by 1.0 % points the recoverable amount will reduce by NOK 53.8 million. If the operating margin increases by 1.0 % points (other assumptions unchanged), the recoverable amount will increase by NOK 53.8 million. An increase in the discount rate before tax by 1.0 % points will reduce the recoverable amount by NOK 68.4 million, correspondingly a reduction by 1.0 % points will increase amounting to NOK 90.1 million. No reasonable possible changes will lead to an impairment based on this sensitivities. SENSITIVITY CHANGE ENERGY OFFSHORE Operating margin for the next \ufb01ve years +1.0 % 53 802 95 461 Operating margin for the next \ufb01ve years -1.0 % -53 802 -95 461 Growth rate per year 2023\u20132027 +1.0% 37 470 15 112 Growth rate in terminal +1.0 % 59 567 24 006 Discount rate (nominal before tax) +1.0 % -49 438 -50 880 Discount rate (nominal before tax) -1.0 % 61 986 61 970 KEY ASSUMPTIONS ENERGY OFFSHORE Average operating margin for the next \ufb01ve years 10.4 % 5.9 % Discount rate (nominal before tax) 9.7 % 10.8 % Average growth rate per year 2023\u20132027 9.1 % 29.6 % Growth rate per year after 2027 (nominal) 2.0 % 2.0 % Functional currency NOK NOK Value in use 361 840 235 119 Headroom 121 648 106 893 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3424": { "value": "INTANGIBLE ASSETS\u00a0Intangible assets with a de\ufb01nite economic life are amortized over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate. RESEARCH AND DEVELOPMENT Expenses relating to research and development are recognized in the statement of comprehensive income as they incur. Development expenses relating to a single project are capitalized as intangible assets when the following can be documented: The product or process is technically and commercially viable so that it becomes available for use or sale. The Group intends to \ufb01nalize the intangible asset and make it available for use or sale. The Group has the ability to make the intangible asset available for use or sale. The asset will generate future economic bene\ufb01ts. The Group has suf\ufb01cient resources to complete the development work. Expenses can be reliably measured. \u00a0All development expenses that are recognized in the balance sheet are reviewed by the board of the subsidiaries. It is documented how it is expected that the intangible asset will create future cash \ufb02ow for the Group. \u00a0Capitalized development costs are recognized at their cost minus accumulated amortization and impairment losses. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset.\u00a0Impairment tests are performed annually or more frequently if found necessary based on impairment indicator. Losses or gains on the disposal of an intangible asset, calculated as the difference between the net sales amounts and balance amount, are recognized in the income statement. IMPAIRMENT OF NON-CURRENT ASSETS Impairment of non-current assets (including right-of-use assets) is considered yearly and when there are indications of impairment. If, and only if, the recoverable amount of an asset is less than carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss shall be recognized immediately in pro\ufb01t or loss. Recoverable amount is the higher of fair value less cost of disposal and value in use (the discounted cash \ufb02ow given continued use). Fair value less cost of disposal is the value that can be obtained by selling to a third-party less the cost of disposal. \u00a0Recoverable amount is determined separately for all operating assets, but if this is not possible, it is determined together with the cash-\ufb02ow generating unit the tangible asset is linked to. Previously recognized impairment will be reversed when available information con\ufb01rms that there is no longer indication of impairment. The reversal is recognized in the statement of comprehensive income. Reversal of impairment is constrained, so the value of the asset will not be higher than the asset value and planned recognized depreciations. GOODWILL AND OTHER INTANGIBLE ASSETS \u2013 ESTIMATE UNCERTAINTY Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a DCF model. The cash \ufb02ows are derived from the budget for the next \ufb01ve years. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-in\ufb02ows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with inde\ufb01nite useful lives recognized by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in disclosure 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3440": { "value": "After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU) that are expected to bene\ufb01t from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units which as balanced goodwill and are expected to bene\ufb01t from synergies from the business combination. Goodwill recognized in the balance sheet will be re-assessed against the recoverable amount. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs of disposal and its value in use. IMPAIRMENT OF NON-CURRENT ASSETS Impairment of non-current assets (including right-of-use assets) is considered yearly and when there are indications of impairment. If, and only if, the recoverable amount of an asset is less than carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss shall be recognized immediately in pro\ufb01t or loss. Recoverable amount is the higher of fair value less cost of disposal and value in use (the discounted cash \ufb02ow given continued use). Fair value less cost of disposal is the value that can be obtained by selling to a third-party less the cost of disposal. \u00a0Recoverable amount is determined separately for all operating assets, but if this is not possible, it is determined together with the cash-\ufb02ow generating unit the tangible asset is linked to. Previously recognized impairment will be reversed when available information con\ufb01rms that there is no longer indication of impairment. The reversal is recognized in the statement of comprehensive income. Reversal of impairment is constrained, so the value of the asset will not be higher than the asset value and planned recognized depreciations. IMPAIRMENT OF FINANCIAL ASSETS The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased signi\ufb01cantly since the initial recognition. For credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the \ufb01rst 12 months. For those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). \u00a0For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment. \u00a0The general model means that on every reporting date the Group evaluates whether there has been one signi\ufb01cant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased signi\ufb01cantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include: Change in the instrument\u2019s external credit rating since initial recognition Change in external market indications relating to credit risk Existing or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to ful\ufb01l its obligations Signi\ufb01cant changes in the borrower\u2019s results, working capital or similar Regulatory conditions implemented or expected to be implemented that can affect the instrument \u00a0If there has been a signi\ufb01cant increase in the credit risk after initial recognition, the \ufb01nancial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument. Instruments are classi\ufb01ed at stage 3 when the instruments are credit impaired, i.e., when external evidence can con\ufb01rm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions. DISCLOSURE 12 | INTANGIBLE ASSETS INTANGIBLE ASSETS AS OF 31.12.22 GOODWILL DEVELOPMENT COSTS CUSTOMER RELATION Total ACCUMULATIVE COSTS Accumulated 01.01. 10 666 12 120 0 22 786 Additions at cost 0 9 803 9 803 0 9 803 Additions at cost aquisition 274 166 25 801 46 911 346 878 Currency differences 0 -155 0 -155 Accumulated as of 31.12. 284 832 47 569 46 911 379 312 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 10 666 10 348 0 21 014 Depreciation/amortisation aquisition 0 5 193 0 5 193 Depreciation for the year 0 2 769 4 691 7 460 Currency differences 0 -123 0 -123 Accumulated as of 31.12. 10 666 18 187 4 691 33 544 Book value as of 31.12. 274 166 29 382 42 220 345 768 Depreciation/amortisation period in number of years No amortisation 5\u201310 10 The linear depreciation method is used PSW Power & Automation has capitalized development costs corresponding to NOK 14.2 million in connection with product development of an Electric Valve Actuator, mobile battery solutions and software for shorepower. PSW Technology has development costs connected to well control systems and solutions for a dry dock. Subseatec has capitalized development costs related to welding procedures amounting to NOK 1.2 million. Development costs are amortized over the product\u2019s expected lifetime. Goodwill at CGU-ENERY is NOK 206.4 million and NOK 67.8 million at CGU-OFFSHORE. INTANGIBLE ASSETS AS OF 31.12.21 GOODWILL DEVELOPMENT COSTS CUSTOMER RELATION Total ACCUMULATIVE COSTS Accumulated 01.01. 10 666 11 331 0 21 997 Additions at cost 0 1 102 1 102 0 1 102 Currency differences 0 -313 0 -313 Accumulated as of 31.12. 10 666 12 120 0 22 786 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 10 666 9 661 0 20 327 Depreciation for the year 0 972 0 972 Currency differences 0 -285 0 -285 Accumulated as of 31.12. 10 666 10 348 0 21 014 Book value as of 31.12. 0 1 772 0 1 772 Depreciation/amortisation period in number of years No amortisation 5\u201310 The linear depreciation method is used IMPAIRMENT TESTS \u2013 DESCRIPTION OF METHOD The Group tests assets, per cash-\ufb02ow-generating unit (\u201cCGU\u201d), for impairment annually or more frequently if there are indicators of impairment. Scana assesses various impairment indicators, including the ratio between market value on the Oslo stock exchange and book value of equity, market development, lower than expected earnings and changes in market interest rates. As of 31 December 2022, the market value of the company is higher than the book value of the equity, which does not indicate a possible need for impairment of assets, including goodwill, intangible assets, right-of-use assets, \ufb01xed assets and other assets in the various CGUs. Two of the cash \ufb02ow-generating units has booked goodwill based on the acquisition of PSW and Trans Construction. There is no need to make an impairment. Some of the CGU has experienced better growth in the market than predicted in previous impairment tests, but offshore has experienced weaker turnover than expected. In the impairment tests, the value in use is calculated based on the discounting of expected future cash \ufb02ows by a discount rate shown in an overview on next page. The discount rate is based on risk free interest and external source Damodaran. The cash \ufb02ows are based on the budget and business plans established by the management for the period 2023\u20132027. The estimates are based on an approach for budgeting the various cash-generating units. For the following period, the model is based on a terminal connected with a growth rate that re\ufb02ects long-term in\ufb02ation expectations. The income is based on concluded contracts, information about the potential for new agreements and an assumption about the development of the price in the market. The estimated operating margin in the period increases based on expectations of a positive market development and that the cost measures have an effect. The cash \ufb02ows linked to the lease agreements are included as part of the investments. The total investments linked to all operating assets are maintained at the same level as the current depreciation in the future cash \ufb02ows. In assessment of climate related costs, the Group has not incorporated any signi\ufb01cant costs in the future cash \ufb02ow according to value in use connected to intangible assets, equipment, plant and machinery or right of use assets. The Group will monitor new regulations according to climate related costs and take this into account when it has been approved. The Group recognizes impairment in the result if the value in use is lower than the book assets for the cash \ufb02ow generating unit. Impairment indicators have been identi\ufb01ed for CGU. The impairment tests have been prepared based on the method and principles discussed above. CGU-OFFSHORE CGU-OFFSHORE consists of PSW Technology and PSW Solutions. The CGU has performed lower activity and pro\ufb01t in current year than expected. There is identi\ufb01ed an impairment indicator for this CGU on the balance sheet date. The impairment test of goodwill and other intangible assets are carried out in accordance with requirements in IAS 36. The value in use has been used to determine recoverable amount. The calculations are based upon estimated future cash \ufb02ows for the cash generating unit, OFFSHORE. The estimated future cash \ufb02ows are based upon budgets and long-term pro\ufb01t goals covering a \ufb01ve-year period. In assessing future cash \ufb02ow for next \ufb01ve years current tender activities and short-term prognosis has been supplemented with the long-term business plan. There has been a delay in revenue generating in 2022 that is expected to catch up in the next few years as the oil service market is expected to be strong. A strong order backlog going into 2023 further backed signi\ufb01cant contract award described in disclosure 4 provides support for strong revenue growth. With the expected increase in revenue the operating margins will increase signi\ufb01cantly due to economies of scale from the CGU\u2019s facilities which have surplus capacity. The key uncertainty is the timing and extent of contract awards. The cash \ufb02ows are based on the management and the board\u2019s best estimate. Per end of December 2022 estimated cash \ufb02ow supports the book values in the CGU, and there is no need for an impairment. CGU-ENERGY PSW Power & Automation together with Trans Construction is de\ufb01ned as a cash generating unit (CGU-ENERGY). These companies were purchased in 2022 and the Group has booked a corresponding goodwill in the statement of \ufb01nancial position. Scana Group measures the goodwill once a year unless there are impairment indicators. The Group performed an impairment test of goodwill and other intangible assets in accordance with requirements in IAS 36. The value in use has been used to determine recoverable amount. The calculations are based upon estimated future cash \ufb02ows for the cash generating unit, ENERGY. The estimated future cash \ufb02ows are based upon budgets and long-term pro\ufb01t goals covering a \ufb01ve-year period. Continuing high energy prices are expected to keep demand strong for service offering and new projects. Based on this Scana considers the market outlook for the CGU as strong. Operating margins has been negatively impacted by disturbance in supply chain in 2022 and challenges in a few projects. During fourth quarter ENERGY has won several contracts and has improved the order backlog which is NOK 193 million end of December 2022. It con\ufb01rms the strong position ENERGY has in the market. ENERGY assumes an expected growth in activities and future revenues. The operating margin is also expected to increase the next \ufb01ve years. The cash \ufb02ows are based on the management and the board\u2019s best estimate. Per end of December 2022 estimated cash \ufb02ow supports the book values in the CGU, and there is no need for an impairment. SENSITIVITY ANALYSIS Sensitivity analysis related to the impairment test, test for reasonable changes in the key assumptions. For example, a decrease in the operating margin (other assumptions unchanged) at ENERGY by 1.0 % points the recoverable amount will reduce by NOK 53.8 million. If the operating margin increases by 1.0 % points (other assumptions unchanged), the recoverable amount will increase by NOK 53.8 million. An increase in the discount rate before tax by 1.0 % points will reduce the recoverable amount by NOK 68.4 million, correspondingly a reduction by 1.0 % points will increase amounting to NOK 90.1 million. No reasonable possible changes will lead to an impairment based on this sensitivities. SENSITIVITY CHANGE ENERGY OFFSHORE Operating margin for the next \ufb01ve years +1.0 % 53 802 95 461 Operating margin for the next \ufb01ve years -1.0 % -53 802 -95 461 Growth rate per year 2023\u20132027 +1.0% 37 470 15 112 Growth rate in terminal +1.0 % 59 567 24 006 Discount rate (nominal before tax) +1.0 % -49 438 -50 880 Discount rate (nominal before tax) -1.0 % 61 986 61 970 KEY ASSUMPTIONS ENERGY OFFSHORE Average operating margin for the next \ufb01ve years 10.4 % 5.9 % Discount rate (nominal before tax) 9.7 % 10.8 % Average growth rate per year 2023\u20132027 9.1 % 29.6 % Growth rate per year after 2027 (nominal) 2.0 % 2.0 % Functional currency NOK NOK Value in use 361 840 235 119 Headroom 121 648 106 893 DISCLOSURE 13 | RIGHT OF USE ASSETS RIGHT OF USE ASSETS All right of use assets presented in the table below relate to premises, machines and cars. The right of use assets are depreciated on a linear basis over the \ufb01xed lease period, with the exception of a machine which is depreciated over its economic life. As of 31 December 2022, the Group has assessed that it is certain that the options relating to the extension of lease agreements will not be exercised. In connection to right of use, read disclosure 2 for critical accounting judgement. RIGHT OF USE AS OF 31.12.22 PROPERTY MACHINERY VEHICLE Total ACCUMULATIVE COSTS Accumulated 01.01. 13 182 737 513 14 432 Additions at cost 16 299 1 422 3 160 20 881 Additions at cost aquisition 420 287 7 827 8 996 437 110 Currency differences -40 3 -17 -54 Disposals at cost 0 -109 0 -109 Accumulated as of 31.12. 449 728 9 880 12 652 472 260 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 6 327 327 238 6 892 Depreciation for the year 56 298 2 569 4 055 62 922 Currency differences -21 0 -8 -29 Disposal continued operations 0 -109 0 -109 Accumulated as of 31.12. 62 604 2 787 4 285 69 676 Book value as of 31.12. 387 124 7 093 8 367 402 584 Depreciation/amortisation period in number of years 1\u201310 1\u201310 1\u20135 The linear depreciation method is used RIGHT OF USE AS OF 31.12.21 PROPERTY MACHINERY VEHICLE Total ACCUMULATIVE COSTS Accumulated 01.01. 13 611 8 545 700 22 856 Additions at cost 1 177 0 172 1 349 Currency differences -74 0 -37 -111 Transferes at cost 0 -7 753 0 -7 753 Disposals at cost -1 532 -55 -322 -1 909 Accumulated as of 31.12. 13 182 737 513 14 432 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 4 879 1 989 435 7 303 Depreciation for the year 3 019 137 144 3 300 Currency differences -37 0 -19 -56 Transfer 0 -1 744 0 -1 744 Disposal continued operations -1 534 -55 -322 -1 911 Accumulated as of 31.12. 6 327 327 238 6 892 Book value as of 31.12. 6 855 410 275 7 540 Depreciation/amortisation period in number of years 1-5 The linear depreciation method is used DISCLOSURE 14 | PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.22 MACHINES, FIXTURES, ETC. CONSTRUCTION AND REAL ESTATE Total ACCUMULATIVE COSTS Accumulated 01.01. 71 007 0 71 007 Additions at cost 9 576 -2 9 574 Additions at cost aquisition 181 775 147 181 922 Currency differences -36 0 -36 Transferes at cost -42 116 74 Disposal at cost -201 3 -198 Accumulated as of 31.12. 262 079 264 262 343 DEPRECIATION/AMORTISATION/WRITEDOWN Accumulated 01.01. 59 250 0 59 250 Depreciation/amortisation aquisition 35 964 0 35 964 Depreciation for the year 19 209 9 19 218 Currency differences -23 0 -23 Transfer 0 116 116 Disposal continued operations -65 0 -65 Accumulated as of 31.12. 114 335 125 114 460 Book value as of 31.12. 147 744 139 147 883 Depreciation/amortisation period in number of years 3\u201315 The linear depreciation method is used PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.21 MACHINES, FIXTURES, ETC. CONSTRUCTION AND REAL ESTATE Total ACCUMULATIVE COSTS Accumulated 01.01. 67 960 0 67 960 Additions at cost 737 0 737 Currency differences -85 0 -85 Transferes at cost 7 753 0 7 753 Disposal at cost -5 358 0 -5 358 Accumulated as of 31.12. 71 007 0 71 007 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 58 718 0 58 718 Depreciation for the year 2 739 0 2 739 Writedowns continued operations 1 200 0 1 200 Currency differences -85 0 -85 Transfer 1 744 0 1 744 Disposal continued operations -5 066 0 -5 066 Accumulated as of 31.12. 59 250 0 59 250 Book value as of 31.12. 11 757 0 11 757 Depreciation/amortisation period in number of years 3\u201315 The linear depreciation method is used Depreciation period for machines, \ufb01xtures and similar: 3\u20135 years are used for of\ufb01ce equipment and IT equipment 10\u201315 years are used for production equipment and production machines Fixed assets are pledged so there are restrictions on disposal. This applies to companies in Norway and Sweden. Book value of pledged operating assets is NOK 143.7 million as of 31 December 2022 (31.12.21: NOK 11.8 million). See disclosure 24 relating to the mention of lease agreements and disclosure 13 right of use assets. The calculation of the recoverable amount for the write-down is assessed at level 3 according to the valuation hierarchy. At the end of December 2021, NOK 6.0 million has been transferred to machinery which has been classi\ufb01ed as a right of use past years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3441": { "value": "After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU) that are expected to bene\ufb01t from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units which as balanced goodwill and are expected to bene\ufb01t from synergies from the business combination. Goodwill recognized in the balance sheet will be re-assessed against the recoverable amount. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs of disposal and its value in use. IMPAIRMENT OF NON-CURRENT ASSETS Impairment of non-current assets (including right-of-use assets) is considered yearly and when there are indications of impairment. If, and only if, the recoverable amount of an asset is less than carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss shall be recognized immediately in pro\ufb01t or loss. Recoverable amount is the higher of fair value less cost of disposal and value in use (the discounted cash \ufb02ow given continued use). Fair value less cost of disposal is the value that can be obtained by selling to a third-party less the cost of disposal. \u00a0Recoverable amount is determined separately for all operating assets, but if this is not possible, it is determined together with the cash-\ufb02ow generating unit the tangible asset is linked to. Previously recognized impairment will be reversed when available information con\ufb01rms that there is no longer indication of impairment. The reversal is recognized in the statement of comprehensive income. Reversal of impairment is constrained, so the value of the asset will not be higher than the asset value and planned recognized depreciations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3442": { "value": "After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU) that are expected to bene\ufb01t from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units which as balanced goodwill and are expected to bene\ufb01t from synergies from the business combination. Goodwill recognized in the balance sheet will be re-assessed against the recoverable amount. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs of disposal and its value in use. IMPAIRMENT OF NON-CURRENT ASSETS Impairment of non-current assets (including right-of-use assets) is considered yearly and when there are indications of impairment. If, and only if, the recoverable amount of an asset is less than carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss shall be recognized immediately in pro\ufb01t or loss. Recoverable amount is the higher of fair value less cost of disposal and value in use (the discounted cash \ufb02ow given continued use). Fair value less cost of disposal is the value that can be obtained by selling to a third-party less the cost of disposal. \u00a0Recoverable amount is determined separately for all operating assets, but if this is not possible, it is determined together with the cash-\ufb02ow generating unit the tangible asset is linked to. Previously recognized impairment will be reversed when available information con\ufb01rms that there is no longer indication of impairment. The reversal is recognized in the statement of comprehensive income. Reversal of impairment is constrained, so the value of the asset will not be higher than the asset value and planned recognized depreciations. IMPAIRMENT OF FINANCIAL ASSETS The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased signi\ufb01cantly since the initial recognition. For credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the \ufb01rst 12 months. For those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). \u00a0For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment. \u00a0The general model means that on every reporting date the Group evaluates whether there has been one signi\ufb01cant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased signi\ufb01cantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include: Change in the instrument\u2019s external credit rating since initial recognition Change in external market indications relating to credit risk Existing or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to ful\ufb01l its obligations Signi\ufb01cant changes in the borrower\u2019s results, working capital or similar Regulatory conditions implemented or expected to be implemented that can affect the instrument \u00a0If there has been a signi\ufb01cant increase in the credit risk after initial recognition, the \ufb01nancial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument. Instruments are classi\ufb01ed at stage 3 when the instruments are credit impaired, i.e., when external evidence can con\ufb01rm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3457": { "value": "RESEARCH AND DEVELOPMENT Expenses relating to research and development are recognized in the statement of comprehensive income as they incur. Development expenses relating to a single project are capitalized as intangible assets when the following can be documented: The product or process is technically and commercially viable so that it becomes available for use or sale. The Group intends to \ufb01nalize the intangible asset and make it available for use or sale. The Group has the ability to make the intangible asset available for use or sale. The asset will generate future economic bene\ufb01ts. The Group has suf\ufb01cient resources to complete the development work. Expenses can be reliably measured. \u00a0All development expenses that are recognized in the balance sheet are reviewed by the board of the subsidiaries. It is documented how it is expected that the intangible asset will create future cash \ufb02ow for the Group. \u00a0Capitalized development costs are recognized at their cost minus accumulated amortization and impairment losses. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset.\u00a0Impairment tests are performed annually or more frequently if found necessary based on impairment indicator. Losses or gains on the disposal of an intangible asset, calculated as the difference between the net sales amounts and balance amount, are recognized in the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3458": { "value": "RESEARCH AND DEVELOPMENT Expenses relating to research and development are recognized in the statement of comprehensive income as they incur. Development expenses relating to a single project are capitalized as intangible assets when the following can be documented: The product or process is technically and commercially viable so that it becomes available for use or sale. The Group intends to \ufb01nalize the intangible asset and make it available for use or sale. The Group has the ability to make the intangible asset available for use or sale. The asset will generate future economic bene\ufb01ts. The Group has suf\ufb01cient resources to complete the development work. Expenses can be reliably measured. \u00a0All development expenses that are recognized in the balance sheet are reviewed by the board of the subsidiaries. It is documented how it is expected that the intangible asset will create future cash \ufb02ow for the Group. \u00a0Capitalized development costs are recognized at their cost minus accumulated amortization and impairment losses. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset.\u00a0Impairment tests are performed annually or more frequently if found necessary based on impairment indicator. Losses or gains on the disposal of an intangible asset, calculated as the difference between the net sales amounts and balance amount, are recognized in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3477": { "value": "Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset.The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right of use asset, except that the right of use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right of use asset.\u00a0The Group applies IAS 36 Impairment of Assets to determine whether the right of use asset is impaired and to account for any impairment loss identi\ufb01ed. Buildings and land are assets that are either used by the Group\u2019s companies or owned to achieve rental revenue. Buildings and land are recognized at acquisition cost. Costs incurred after the asset is in use, such as regular maintenance costs, are recognized in the statement of comprehensive income, while other costs that are expected to provide future \ufb01nancial bene\ufb01ts are capitalized. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, except for land. The period of use, the residual value and the depreciation method for the \ufb01xed assets are assessed each year. \u00a0The Group capitalizes larger periodic maintenance and depreciates it according to the maintenance interval. DISCLOSURE 12 | INTANGIBLE ASSETS INTANGIBLE ASSETS AS OF 31.12.22 GOODWILL DEVELOPMENT COSTS CUSTOMER RELATION Total ACCUMULATIVE COSTS Accumulated 01.01. 10 666 12 120 0 22 786 Additions at cost 0 9 803 9 803 0 9 803 Additions at cost aquisition 274 166 25 801 46 911 346 878 Currency differences 0 -155 0 -155 Accumulated as of 31.12. 284 832 47 569 46 911 379 312 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 10 666 10 348 0 21 014 Depreciation/amortisation aquisition 0 5 193 0 5 193 Depreciation for the year 0 2 769 4 691 7 460 Currency differences 0 -123 0 -123 Accumulated as of 31.12. 10 666 18 187 4 691 33 544 Book value as of 31.12. 274 166 29 382 42 220 345 768 Depreciation/amortisation period in number of years No amortisation 5\u201310 10 The linear depreciation method is used PSW Power & Automation has capitalized development costs corresponding to NOK 14.2 million in connection with product development of an Electric Valve Actuator, mobile battery solutions and software for shorepower. PSW Technology has development costs connected to well control systems and solutions for a dry dock. Subseatec has capitalized development costs related to welding procedures amounting to NOK 1.2 million. Development costs are amortized over the product\u2019s expected lifetime. Goodwill at CGU-ENERY is NOK 206.4 million and NOK 67.8 million at CGU-OFFSHORE. INTANGIBLE ASSETS AS OF 31.12.21 GOODWILL DEVELOPMENT COSTS CUSTOMER RELATION Total ACCUMULATIVE COSTS Accumulated 01.01. 10 666 11 331 0 21 997 Additions at cost 0 1 102 1 102 0 1 102 Currency differences 0 -313 0 -313 Accumulated as of 31.12. 10 666 12 120 0 22 786 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 10 666 9 661 0 20 327 Depreciation for the year 0 972 0 972 Currency differences 0 -285 0 -285 Accumulated as of 31.12. 10 666 10 348 0 21 014 Book value as of 31.12. 0 1 772 0 1 772 Depreciation/amortisation period in number of years No amortisation 5\u201310 The linear depreciation method is used DISCLOSURE 13 | RIGHT OF USE ASSETS RIGHT OF USE ASSETS All right of use assets presented in the table below relate to premises, machines and cars. The right of use assets are depreciated on a linear basis over the \ufb01xed lease period, with the exception of a machine which is depreciated over its economic life. As of 31 December 2022, the Group has assessed that it is certain that the options relating to the extension of lease agreements will not be exercised. In connection to right of use, read disclosure 2 for critical accounting judgement. RIGHT OF USE AS OF 31.12.22 PROPERTY MACHINERY VEHICLE Total ACCUMULATIVE COSTS Accumulated 01.01. 13 182 737 513 14 432 Additions at cost 16 299 1 422 3 160 20 881 Additions at cost aquisition 420 287 7 827 8 996 437 110 Currency differences -40 3 -17 -54 Disposals at cost 0 -109 0 -109 Accumulated as of 31.12. 449 728 9 880 12 652 472 260 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 6 327 327 238 6 892 Depreciation for the year 56 298 2 569 4 055 62 922 Currency differences -21 0 -8 -29 Disposal continued operations 0 -109 0 -109 Accumulated as of 31.12. 62 604 2 787 4 285 69 676 Book value as of 31.12. 387 124 7 093 8 367 402 584 Depreciation/amortisation period in number of years 1\u201310 1\u201310 1\u20135 The linear depreciation method is used RIGHT OF USE AS OF 31.12.21 PROPERTY MACHINERY VEHICLE Total ACCUMULATIVE COSTS Accumulated 01.01. 13 611 8 545 700 22 856 Additions at cost 1 177 0 172 1 349 Currency differences -74 0 -37 -111 Transferes at cost 0 -7 753 0 -7 753 Disposals at cost -1 532 -55 -322 -1 909 Accumulated as of 31.12. 13 182 737 513 14 432 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 4 879 1 989 435 7 303 Depreciation for the year 3 019 137 144 3 300 Currency differences -37 0 -19 -56 Transfer 0 -1 744 0 -1 744 Disposal continued operations -1 534 -55 -322 -1 911 Accumulated as of 31.12. 6 327 327 238 6 892 Book value as of 31.12. 6 855 410 275 7 540 Depreciation/amortisation period in number of years 1-5 The linear depreciation method is used DISCLOSURE 14 | PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.22 MACHINES, FIXTURES, ETC. CONSTRUCTION AND REAL ESTATE Total ACCUMULATIVE COSTS Accumulated 01.01. 71 007 0 71 007 Additions at cost 9 576 -2 9 574 Additions at cost aquisition 181 775 147 181 922 Currency differences -36 0 -36 Transferes at cost -42 116 74 Disposal at cost -201 3 -198 Accumulated as of 31.12. 262 079 264 262 343 DEPRECIATION/AMORTISATION/WRITEDOWN Accumulated 01.01. 59 250 0 59 250 Depreciation/amortisation aquisition 35 964 0 35 964 Depreciation for the year 19 209 9 19 218 Currency differences -23 0 -23 Transfer 0 116 116 Disposal continued operations -65 0 -65 Accumulated as of 31.12. 114 335 125 114 460 Book value as of 31.12. 147 744 139 147 883 Depreciation/amortisation period in number of years 3\u201315 The linear depreciation method is used PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.21 MACHINES, FIXTURES, ETC. CONSTRUCTION AND REAL ESTATE Total ACCUMULATIVE COSTS Accumulated 01.01. 67 960 0 67 960 Additions at cost 737 0 737 Currency differences -85 0 -85 Transferes at cost 7 753 0 7 753 Disposal at cost -5 358 0 -5 358 Accumulated as of 31.12. 71 007 0 71 007 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 58 718 0 58 718 Depreciation for the year 2 739 0 2 739 Writedowns continued operations 1 200 0 1 200 Currency differences -85 0 -85 Transfer 1 744 0 1 744 Disposal continued operations -5 066 0 -5 066 Accumulated as of 31.12. 59 250 0 59 250 Book value as of 31.12. 11 757 0 11 757 Depreciation/amortisation period in number of years 3\u201315 The linear depreciation method is used Depreciation period for machines, \ufb01xtures and similar: 3\u20135 years are used for of\ufb01ce equipment and IT equipment 10\u201315 years are used for production equipment and production machines Fixed assets are pledged so there are restrictions on disposal. This applies to companies in Norway and Sweden. Book value of pledged operating assets is NOK 143.7 million as of 31 December 2022 (31.12.21: NOK 11.8 million). See disclosure 24 relating to the mention of lease agreements and disclosure 13 right of use assets. The calculation of the recoverable amount for the write-down is assessed at level 3 according to the valuation hierarchy. At the end of December 2021, NOK 6.0 million has been transferred to machinery which has been classi\ufb01ed as a right of use past years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3497": { "value": "RIGHT OF USE ASSETS The Group measures the right of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The costs of the right of use asset comprise: The amount of the initial measurement of the lease liability recognized. Any lease payments made at or before the commencement date, less any incentives received Any initial direct costs incurred by the Group. An estimate of the costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. \u00a0The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right of use asset, except that the right of use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right of use asset.\u00a0The Group applies IAS 36 Impairment of Assets to determine whether the right of use asset is impaired and to account for any impairment loss identi\ufb01ed. LEASING The Group has entered into lease agreements relating to assets mentioned in disclosure 24. IFRS 16 sets out principles for recognition, measurement, presentation, and information about leasing. The Group as lessee recognizes assets and liabilities for all leases. At the time of implementation of a lease agreement, the company recognizes the associated lease liability to future lease payments and an asset that represents the right of use of the underlying asset during the lease period (right of use asset). \u00a0IDENTIFYING A LEASE At the inception of a contract, The Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. \u00a0RECOGNITION OF LEASES AND EXEMPTIONS At the lease commencement date, the Group recognizes a lease liability and corresponding right of use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: Short-term leases (de\ufb01ned as 12 months or less) Low value assets \u00a0For these leases, the Group recognizes the lease payments as other operating expenses in the income statement when they incur. \u00a0LEASE LIABILITIES The Group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.\u00a0\u00a0The lease payments included in the measurement comprise of: Fixed lease payments (including in-substance \ufb01xed payments), less any lease incentives receivable. Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date. Amount expected to be payable by the Group under residual value guarantees. The exercise price of a purchase option, if the Group is reasonably certain to exercise that option. Payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising an option to terminate the lease. \u00a0The lease liability is subsequently measured by increasing the carrying amount to re\ufb02ect interest on the lease liability (see disclosure 24), reducing the carrying amount to re\ufb02ect the lease payments made and remeasuring the carrying amount to re\ufb02ect any reassessment or lease modi\ufb01cations, or to re\ufb02ect adjustments in lease payments due to an adjustment in an index or rate. The Group does not include variable lease payments that depend on an index or a rate in the lease liability. Instead, the Group recognizes these variable lease expenses in pro\ufb01t or loss. The Group presents its lease liabilities as separate line items in the statement of \ufb01nancial position. The company classi\ufb01es lease payments as follows in the cash \ufb02ow statement: Lease payments linked to the principal amount of the contract are classi\ufb01ed as \ufb01nancing activity on a separate line \u201crepayment of lease obligations\u201d. Interest paid includes interest related to leases, classi\ufb01ed as \ufb01nancing activity. Short-term leases (less than twelve months), payments related to low-value leases and leases with variable payments are classi\ufb01ed as operational activity. LEASE LIABLITIES/RIGHT OF USE \u2013 ACCOUNTING JUDGEMENT/ESTIMATE UNCERTAINTY ESTIMATING THE INCREMENTAL BORROWING RATE The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate to measure lease liabilities. This is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment. The incremental borrowing rate therefore re\ufb02ects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available. The Group estimates the incremental borrowing rate using observable inputs (such as market interest rates) when available and is required to make certain entity-speci\ufb01c estimates (such as the subsidiary\u2019s stand-alone credit rating). DETERMINING THE LEASE TERM OF CONTRACTS WITH RENEWAL OPTIONS The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a signi\ufb01cant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew. DISCLOSURE 13 | RIGHT OF USE ASSETS RIGHT OF USE ASSETS All right of use assets presented in the table below relate to premises, machines and cars. The right of use assets are depreciated on a linear basis over the \ufb01xed lease period, with the exception of a machine which is depreciated over its economic life. As of 31 December 2022, the Group has assessed that it is certain that the options relating to the extension of lease agreements will not be exercised. In connection to right of use, read disclosure 2 for critical accounting judgement. RIGHT OF USE AS OF 31.12.22 PROPERTY MACHINERY VEHICLE Total ACCUMULATIVE COSTS Accumulated 01.01. 13 182 737 513 14 432 Additions at cost 16 299 1 422 3 160 20 881 Additions at cost aquisition 420 287 7 827 8 996 437 110 Currency differences -40 3 -17 -54 Disposals at cost 0 -109 0 -109 Accumulated as of 31.12. 449 728 9 880 12 652 472 260 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 6 327 327 238 6 892 Depreciation for the year 56 298 2 569 4 055 62 922 Currency differences -21 0 -8 -29 Disposal continued operations 0 -109 0 -109 Accumulated as of 31.12. 62 604 2 787 4 285 69 676 Book value as of 31.12. 387 124 7 093 8 367 402 584 Depreciation/amortisation period in number of years 1\u201310 1\u201310 1\u20135 The linear depreciation method is used RIGHT OF USE AS OF 31.12.21 PROPERTY MACHINERY VEHICLE Total ACCUMULATIVE COSTS Accumulated 01.01. 13 611 8 545 700 22 856 Additions at cost 1 177 0 172 1 349 Currency differences -74 0 -37 -111 Transferes at cost 0 -7 753 0 -7 753 Disposals at cost -1 532 -55 -322 -1 909 Accumulated as of 31.12. 13 182 737 513 14 432 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 4 879 1 989 435 7 303 Depreciation for the year 3 019 137 144 3 300 Currency differences -37 0 -19 -56 Transfer 0 -1 744 0 -1 744 Disposal continued operations -1 534 -55 -322 -1 911 Accumulated as of 31.12. 6 327 327 238 6 892 Book value as of 31.12. 6 855 410 275 7 540 Depreciation/amortisation period in number of years 1-5 The linear depreciation method is used DISCLOSURE 24 | LEASE LIABILITIES The Group rents premises at all businesses. These leases have a lease period of one to eight years. There are opportunities to extend some of these leases by up to \ufb01ve years. Fixed rental period covers the company\u2019s needs and provides the necessary \ufb02exibility. The rental period is based on best judgment and best estimate with regard to probable length. A major part of the lease agreements has a \ufb01xed length. The lease is based on the company\u2019s strategy and the desire for \ufb02exibility regarding future leases. Leased machines are mainly smaller machines and equipment. Examples of machinery and equipment are the hire of trucks and copiers, which represent greater value. Lease agreements relating to the trucks are for up to eight years. Cars are rented normally over a period of three years and are returned to the lessor at expiry date. The leases can be extended by two years, but this is not practiced. Options are therefore not included in the lease liabilities. Total lease liabilities are measured at the present value of future rental payments with the exception of common services and costs. The Group has used a weighted average linked to the marginal interest rate for each of Group\u2019s at the time of recognition. The following marginal interest rate is used; for machinery and equipment 5\u20136 %, for cars 5 % and premises 5 %. The interest rate is connected to the marginal interest rate re\ufb02ects the level linked to loan conditions when \ufb01nancing similar assets. The company has used common marginal interest for each portfolio of leases relating to usufruct assets with matching properties. Lease agreements with a remaining period less than twelve months and agreements with a low value are not recognised as lease liabilities. Direct costs such as services linked to operating assets with right of use are excluded when the present value of right of use assets is calculated. See disclosure 1 regarding lease liabilities for further discussion. LEASE LIABILITIES The Group has entered into lease agreements connected to buildings, properties, machines, premises and other facilities with a remaining lease period of one to ten years. The agreements do not contain restrictions on the company\u2019s dividend policy or \ufb01nancing options. The table below shows rental obligations entered in the balance sheet as of 31 December. CHANGES IN LEASING LIABILITIES 2022 2021 Opening balance leasing liabilities 01.01. 7 964 10 402 New leasing liabilities 458 102 1 348 Disposal of leasing liabilities -109 0 Currency differences -27 -55 Interests 24 723 590 Payments -78 510 -4 321 Ending balance leasing liabilities 31.12. 412 143 7 964 PROFIT AND LOSS ITEMS RELATED TO LEASE AGREEMENTS 2022 2021 Depreciation for the year continued operations 62 922 3 300 Interests costs 24 723 587 Short-term leases \u2013 not accounted for as liabilities 398 918 Lease of low value assets \u2013 not accounted for as liabilities 546 39 Variable part related to leasing liabilties 72 0 Total pro\ufb01t items 88 661 4 844 LEASING LIABILITIES CASH FLOW 2022 2021 Payments related to leasing liabilities - installments -53 787 -3 731 Payments related to leasing liabilities - interests -24 724 -590 Short-term leases \u2013 not accounted for as liabilities -398 -918 Lease of low value assets \u2013 not accounted for as liabilities -546 -39 Variable part related to leasing liabilties 72 0 Total out\ufb02ow cash for all leasing liabilties -79 383 -5 278 MATURITY ANALYSIS COMMENCED LEASES 2022 2021 Within one year 76 167 3 541 Between one and two years 70 358 2 670 Between two and three years 66 780 2 294 Between three and four years 65 610 62 Between four and \ufb01ve years 62 642 39 More than \ufb01ve years 167 770 0 Total payments leasing liabilities 509 327 8 606 LEASE PAYMENTS IN 2022 Fixed payments Variable payments Total Fixed rent 1 249 1 249 Total rental payments 1 249 0 1 249 Within \ufb01ve years More than \ufb01ve years Total Extension of lease agreements (options) is not expected to be exercised 345 712 228 862 574 574 Total 345 712 228 862 574 574 The payments linked to the lease agreements are \ufb01xed. The variable part is considered as insigni\ufb01cant. The overview below shows the company\u2019s exposure related to future payments not discounted related to options and terminations that are not included in the lease liabilities as of 31 December 2022. The company is a lessor and subleases property. All these leases are classi\ufb01ed as operating leases from a lessor perspective. Rental revenue is therefore classi\ufb01ed other revenue in the income statement. Refer to disclosure 8. Rental expensed during 2022 is NOK 28.2 million. The table below shows the company\u2019s future non-discounted payment \ufb02ows linked to the lease liabilities in the balance sheet as of 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3498": { "value": "RIGHT OF USE ASSETS The Group measures the right of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The costs of the right of use asset comprise: The amount of the initial measurement of the lease liability recognized. Any lease payments made at or before the commencement date, less any incentives received Any initial direct costs incurred by the Group. An estimate of the costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. \u00a0The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right of use asset, except that the right of use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right of use asset.\u00a0The Group applies IAS 36 Impairment of Assets to determine whether the right of use asset is impaired and to account for any impairment loss identi\ufb01ed. LEASING The Group has entered into lease agreements relating to assets mentioned in disclosure 24. IFRS 16 sets out principles for recognition, measurement, presentation, and information about leasing. The Group as lessee recognizes assets and liabilities for all leases. At the time of implementation of a lease agreement, the company recognizes the associated lease liability to future lease payments and an asset that represents the right of use of the underlying asset during the lease period (right of use asset). \u00a0IDENTIFYING A LEASE At the inception of a contract, The Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. \u00a0RECOGNITION OF LEASES AND EXEMPTIONS At the lease commencement date, the Group recognizes a lease liability and corresponding right of use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: Short-term leases (de\ufb01ned as 12 months or less) Low value assets \u00a0For these leases, the Group recognizes the lease payments as other operating expenses in the income statement when they incur. \u00a0LEASE LIABILITIES The Group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.\u00a0\u00a0The lease payments included in the measurement comprise of: Fixed lease payments (including in-substance \ufb01xed payments), less any lease incentives receivable. Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date. Amount expected to be payable by the Group under residual value guarantees. The exercise price of a purchase option, if the Group is reasonably certain to exercise that option. Payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising an option to terminate the lease. \u00a0The lease liability is subsequently measured by increasing the carrying amount to re\ufb02ect interest on the lease liability (see disclosure 24), reducing the carrying amount to re\ufb02ect the lease payments made and remeasuring the carrying amount to re\ufb02ect any reassessment or lease modi\ufb01cations, or to re\ufb02ect adjustments in lease payments due to an adjustment in an index or rate. The Group does not include variable lease payments that depend on an index or a rate in the lease liability. Instead, the Group recognizes these variable lease expenses in pro\ufb01t or loss. The Group presents its lease liabilities as separate line items in the statement of \ufb01nancial position. The company classi\ufb01es lease payments as follows in the cash \ufb02ow statement: Lease payments linked to the principal amount of the contract are classi\ufb01ed as \ufb01nancing activity on a separate line \u201crepayment of lease obligations\u201d. Interest paid includes interest related to leases, classi\ufb01ed as \ufb01nancing activity. Short-term leases (less than twelve months), payments related to low-value leases and leases with variable payments are classi\ufb01ed as operational activity. LEASE LIABLITIES/RIGHT OF USE \u2013 ACCOUNTING JUDGEMENT/ESTIMATE UNCERTAINTY ESTIMATING THE INCREMENTAL BORROWING RATE The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate to measure lease liabilities. This is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment. The incremental borrowing rate therefore re\ufb02ects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available. The Group estimates the incremental borrowing rate using observable inputs (such as market interest rates) when available and is required to make certain entity-speci\ufb01c estimates (such as the subsidiary\u2019s stand-alone credit rating). DETERMINING THE LEASE TERM OF CONTRACTS WITH RENEWAL OPTIONS The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a signi\ufb01cant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3510": { "value": "The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right of use asset, except that the right of use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right of use asset.\u00a0The Group applies IAS 36 Impairment of Assets to determine whether the right of use asset is impaired and to account for any impairment loss identi\ufb01ed. Buildings and land are assets that are either used by the Group\u2019s companies or owned to achieve rental revenue. Buildings and land are recognized at acquisition cost. Costs incurred after the asset is in use, such as regular maintenance costs, are recognized in the statement of comprehensive income, while other costs that are expected to provide future \ufb01nancial bene\ufb01ts are capitalized. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, except for land. The period of use, the residual value and the depreciation method for the \ufb01xed assets are assessed each year. \u00a0The Group capitalizes larger periodic maintenance and depreciates it according to the maintenance interval. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3517": { "value": "PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognized and any gain or loss is recognized in the statement of comprehensive income. Acquisition cost for tangible assets is the purchase price, including taxes/duties and direct costs directly linked to preparing the asset ready for its intended use. Expenses incurred after the asset is in use, such as regular maintenance expenses, are recognized in the statement of comprehensive income, while other expenses that are expected to provide future \ufb01nancial bene\ufb01ts are capitalized. \u00a0Buildings and land are assets that are either used by the Group\u2019s companies or owned to achieve rental revenue. Buildings and land are recognized at acquisition cost. Costs incurred after the asset is in use, such as regular maintenance costs, are recognized in the statement of comprehensive income, while other costs that are expected to provide future \ufb01nancial bene\ufb01ts are capitalized. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, except for land. The period of use, the residual value and the depreciation method for the \ufb01xed assets are assessed each year. \u00a0The Group capitalizes larger periodic maintenance and depreciates it according to the maintenance interval. IMPAIRMENT OF NON-CURRENT ASSETS Impairment of non-current assets (including right-of-use assets) is considered yearly and when there are indications of impairment. If, and only if, the recoverable amount of an asset is less than carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss shall be recognized immediately in pro\ufb01t or loss. Recoverable amount is the higher of fair value less cost of disposal and value in use (the discounted cash \ufb02ow given continued use). Fair value less cost of disposal is the value that can be obtained by selling to a third-party less the cost of disposal. \u00a0Recoverable amount is determined separately for all operating assets, but if this is not possible, it is determined together with the cash-\ufb02ow generating unit the tangible asset is linked to. Previously recognized impairment will be reversed when available information con\ufb01rms that there is no longer indication of impairment. The reversal is recognized in the statement of comprehensive income. Reversal of impairment is constrained, so the value of the asset will not be higher than the asset value and planned recognized depreciations. DISCLOSURE 14 | PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.22 MACHINES, FIXTURES, ETC. CONSTRUCTION AND REAL ESTATE Total ACCUMULATIVE COSTS Accumulated 01.01. 71 007 0 71 007 Additions at cost 9 576 -2 9 574 Additions at cost aquisition 181 775 147 181 922 Currency differences -36 0 -36 Transferes at cost -42 116 74 Disposal at cost -201 3 -198 Accumulated as of 31.12. 262 079 264 262 343 DEPRECIATION/AMORTISATION/WRITEDOWN Accumulated 01.01. 59 250 0 59 250 Depreciation/amortisation aquisition 35 964 0 35 964 Depreciation for the year 19 209 9 19 218 Currency differences -23 0 -23 Transfer 0 116 116 Disposal continued operations -65 0 -65 Accumulated as of 31.12. 114 335 125 114 460 Book value as of 31.12. 147 744 139 147 883 Depreciation/amortisation period in number of years 3\u201315 The linear depreciation method is used PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.21 MACHINES, FIXTURES, ETC. CONSTRUCTION AND REAL ESTATE Total ACCUMULATIVE COSTS Accumulated 01.01. 67 960 0 67 960 Additions at cost 737 0 737 Currency differences -85 0 -85 Transferes at cost 7 753 0 7 753 Disposal at cost -5 358 0 -5 358 Accumulated as of 31.12. 71 007 0 71 007 DEPRECIATION/AMORTISATION/WRITEDOWNS Accumulated 01.01. 58 718 0 58 718 Depreciation for the year 2 739 0 2 739 Writedowns continued operations 1 200 0 1 200 Currency differences -85 0 -85 Transfer 1 744 0 1 744 Disposal continued operations -5 066 0 -5 066 Accumulated as of 31.12. 59 250 0 59 250 Book value as of 31.12. 11 757 0 11 757 Depreciation/amortisation period in number of years 3\u201315 The linear depreciation method is used Depreciation period for machines, \ufb01xtures and similar: 3\u20135 years are used for of\ufb01ce equipment and IT equipment 10\u201315 years are used for production equipment and production machines Fixed assets are pledged so there are restrictions on disposal. This applies to companies in Norway and Sweden. Book value of pledged operating assets is NOK 143.7 million as of 31 December 2022 (31.12.21: NOK 11.8 million). See disclosure 24 relating to the mention of lease agreements and disclosure 13 right of use assets. The calculation of the recoverable amount for the write-down is assessed at level 3 according to the valuation hierarchy. At the end of December 2021, NOK 6.0 million has been transferred to machinery which has been classi\ufb01ed as a right of use past years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3518": { "value": "PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognized and any gain or loss is recognized in the statement of comprehensive income. Acquisition cost for tangible assets is the purchase price, including taxes/duties and direct costs directly linked to preparing the asset ready for its intended use. Expenses incurred after the asset is in use, such as regular maintenance expenses, are recognized in the statement of comprehensive income, while other expenses that are expected to provide future \ufb01nancial bene\ufb01ts are capitalized. \u00a0Buildings and land are assets that are either used by the Group\u2019s companies or owned to achieve rental revenue. Buildings and land are recognized at acquisition cost. Costs incurred after the asset is in use, such as regular maintenance costs, are recognized in the statement of comprehensive income, while other costs that are expected to provide future \ufb01nancial bene\ufb01ts are capitalized. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, except for land. The period of use, the residual value and the depreciation method for the \ufb01xed assets are assessed each year. \u00a0The Group capitalizes larger periodic maintenance and depreciates it according to the maintenance interval. IMPAIRMENT OF NON-CURRENT ASSETS Impairment of non-current assets (including right-of-use assets) is considered yearly and when there are indications of impairment. If, and only if, the recoverable amount of an asset is less than carrying amount, the carrying amount of the asset shall be reduced to its recoverable amount. That reduction is an impairment loss. An impairment loss shall be recognized immediately in pro\ufb01t or loss. Recoverable amount is the higher of fair value less cost of disposal and value in use (the discounted cash \ufb02ow given continued use). Fair value less cost of disposal is the value that can be obtained by selling to a third-party less the cost of disposal. \u00a0Recoverable amount is determined separately for all operating assets, but if this is not possible, it is determined together with the cash-\ufb02ow generating unit the tangible asset is linked to. Previously recognized impairment will be reversed when available information con\ufb01rms that there is no longer indication of impairment. The reversal is recognized in the statement of comprehensive income. Reversal of impairment is constrained, so the value of the asset will not be higher than the asset value and planned recognized depreciations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3530": { "value": "Buildings and land are assets that are either used by the Group\u2019s companies or owned to achieve rental revenue. Buildings and land are recognized at acquisition cost. Costs incurred after the asset is in use, such as regular maintenance costs, are recognized in the statement of comprehensive income, while other costs that are expected to provide future \ufb01nancial bene\ufb01ts are capitalized. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, except for land. The period of use, the residual value and the depreciation method for the \ufb01xed assets are assessed each year. \u00a0The Group capitalizes larger periodic maintenance and depreciates it according to the maintenance interval. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3581": { "value": "INVESTMENT IN ASSOCIATED COMPANIES Associates are entities over which the Group has signi\ufb01cant in\ufb02uence, but not control or joint control over the \ufb01nancial and operating management. (Normally ownership between 20 % and 50 %). Associates are accounted for using the equity method from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. Investments in associates are initially recognized at cost. If the Group\u2019s share of the loss surpasses the carrying amount of the associate, the carrying amount is set to zero and further loss is not recognized unless the Group has an obligation to make up for the loss. DISCLOSURE 7 | INVESTMENT IN ASSOCIATED COMPANY/ INVESTMENT IN SHARES SCANA KOREA HYDRAULIC LTD. The Group owns 49 % of the shares in Scana Korea Hydraulic Ltd through Scana Valve Control AS. Scana Korea Hydraulic Ltd is involved in the sale and production of hydraulic valve control systems. The company is located in Busan in South Korea and is part of the MARITIME segment. Income from interests in associated is presented on separate row in income statement for current and last year. It is representing a reclassi\ufb01cation from previous year due to the Group consider the pro\ufb01t is not a part of \ufb01nancial income and expenses in the income statement. The reclassi\ufb01cation has been made in order to improve the user\u2019s understanding of the Group\u2019s \ufb01nancial performance. The change has no impact on net result or equity, and the change has been implemented retrospectively. ASSOCIATED COMPANY; FINANCIAL INFORMATION 2022 (100 % level) Scana Korea Hydraulic Ltd. Sales revenues 138 923 Net pro\ufb01t/loss (\u2013) \u2013 continued operation 8 803 Fixed assets 55 052 Current assets 60 850 Non-current liabilities -6 564 Current liabilities -35 215 Shareholders' equity 74 123 ASSOCIATED COMPANY; FINANCIAL INFORMATION 2021 (100 % level) Scana Korea Hydraulic Ltd. Sales revenues 120 008 Net pro\ufb01t/loss (\u2013) \u2013 continued operation 6 757 Fixed assets 51 774 Current assets 49 944 Non-current liabilities -6 960 Current liabilities -30 636 Shareholders' equity 64 122 BOOK VALUE ASSOCIATED COMPANY \u2013 MEASURED ACCORDING TO THE EQUITY METHOD 2022 2021 As of 1 January 31 420 30 710 Dividend -1 038 -935 Income from interestes in associated companies 4 314 3 311 Currency differences 1 624 -1 666 Total investment in associated companies 36 320 31 420 DISCLOSURE 29 | RELATED PARTIES In 2022, the Group has been invoiced for rental amounting to NOK 0.5 million by Bekkenes AS. At the end of 31 December 2022, there was no outstanding trade payables to Bekkenes AS. Styrk Bekkenes owns Bekkenes AS. He was CEO in 2022 and until mid January 2023. Transactions with related parties are carried out at assumed market prices. Outstanding receivables and payables are unsecured short-term interest-free items. Settlement is carried out in cash. The Group has not issued any guarantees to its related parties. No provision has been made for doubtful debts as of 31 December 2022. See further discussion in disclosure 23 according to shareholders loan. 2022 2021 Sales 6 138 5 823 Purchase 1 179 74 Receivables 1 843 1 193 Payables 366 0 ASSOCIATED COMPANY Scana Korea Hydraulic Ltd ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3582": { "value": "INVESTMENT IN ASSOCIATED COMPANIES Associates are entities over which the Group has signi\ufb01cant in\ufb02uence, but not control or joint control over the \ufb01nancial and operating management. (Normally ownership between 20 % and 50 %). Associates are accounted for using the equity method from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. Investments in associates are initially recognized at cost. If the Group\u2019s share of the loss surpasses the carrying amount of the associate, the carrying amount is set to zero and further loss is not recognized unless the Group has an obligation to make up for the loss. DISCLOSURE 7 | INVESTMENT IN ASSOCIATED COMPANY/ INVESTMENT IN SHARES SCANA KOREA HYDRAULIC LTD. The Group owns 49 % of the shares in Scana Korea Hydraulic Ltd through Scana Valve Control AS. Scana Korea Hydraulic Ltd is involved in the sale and production of hydraulic valve control systems. The company is located in Busan in South Korea and is part of the MARITIME segment. Income from interests in associated is presented on separate row in income statement for current and last year. It is representing a reclassi\ufb01cation from previous year due to the Group consider the pro\ufb01t is not a part of \ufb01nancial income and expenses in the income statement. The reclassi\ufb01cation has been made in order to improve the user\u2019s understanding of the Group\u2019s \ufb01nancial performance. The change has no impact on net result or equity, and the change has been implemented retrospectively. ASSOCIATED COMPANY; FINANCIAL INFORMATION 2022 (100 % level) Scana Korea Hydraulic Ltd. Sales revenues 138 923 Net pro\ufb01t/loss (\u2013) \u2013 continued operation 8 803 Fixed assets 55 052 Current assets 60 850 Non-current liabilities -6 564 Current liabilities -35 215 Shareholders' equity 74 123 ASSOCIATED COMPANY; FINANCIAL INFORMATION 2021 (100 % level) Scana Korea Hydraulic Ltd. Sales revenues 120 008 Net pro\ufb01t/loss (\u2013) \u2013 continued operation 6 757 Fixed assets 51 774 Current assets 49 944 Non-current liabilities -6 960 Current liabilities -30 636 Shareholders' equity 64 122 BOOK VALUE ASSOCIATED COMPANY \u2013 MEASURED ACCORDING TO THE EQUITY METHOD 2022 2021 As of 1 January 31 420 30 710 Dividend -1 038 -935 Income from interestes in associated companies 4 314 3 311 Currency differences 1 624 -1 666 Total investment in associated companies 36 320 31 420 DISCLOSURE 29 | RELATED PARTIES In 2022, the Group has been invoiced for rental amounting to NOK 0.5 million by Bekkenes AS. At the end of 31 December 2022, there was no outstanding trade payables to Bekkenes AS. Styrk Bekkenes owns Bekkenes AS. He was CEO in 2022 and until mid January 2023. Transactions with related parties are carried out at assumed market prices. Outstanding receivables and payables are unsecured short-term interest-free items. Settlement is carried out in cash. The Group has not issued any guarantees to its related parties. No provision has been made for doubtful debts as of 31 December 2022. See further discussion in disclosure 23 according to shareholders loan. 2022 2021 Sales 6 138 5 823 Purchase 1 179 74 Receivables 1 843 1 193 Payables 366 0 ASSOCIATED COMPANY Scana Korea Hydraulic Ltd ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3583": { "value": "INVESTMENT IN ASSOCIATED COMPANIES Associates are entities over which the Group has signi\ufb01cant in\ufb02uence, but not control or joint control over the \ufb01nancial and operating management. (Normally ownership between 20 % and 50 %). Associates are accounted for using the equity method from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. Investments in associates are initially recognized at cost. If the Group\u2019s share of the loss surpasses the carrying amount of the associate, the carrying amount is set to zero and further loss is not recognized unless the Group has an obligation to make up for the loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3584": { "value": "INVESTMENT IN ASSOCIATED COMPANIES Associates are entities over which the Group has signi\ufb01cant in\ufb02uence, but not control or joint control over the \ufb01nancial and operating management. (Normally ownership between 20 % and 50 %). Associates are accounted for using the equity method from the date when signi\ufb01cant in\ufb02uence or joint control is achieved until such in\ufb02uence ceases. Investments in associates are initially recognized at cost. If the Group\u2019s share of the loss surpasses the carrying amount of the associate, the carrying amount is set to zero and further loss is not recognized unless the Group has an obligation to make up for the loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3593": { "value": "FINANCIAL ASSETS The Group\u2019s \ufb01nancial assets are derivatives, non-listed equity instruments, quoted debt instruments, trade receivables and cash and cash equivalents. The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a signi\ufb01cant \ufb01nancing component, the Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, and fair value through other comprehensive income and transaction costs. The Group classi\ufb01ed its \ufb01nancial assets in two categories: Financial assets at amortized cost Derivatives at fair value designated as hedging instruments \u00a0FINANCIAL ASSETS AT AMORTIZED COST The Group measures \ufb01nancial assets at amortized cost if both of the following conditions are met: The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows and, The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. \u00a0Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in pro\ufb01t or loss when the asset is derecognized, modi\ufb01ed, or impaired. \u00a0The Group\u2019s \ufb01nancial assets at amortized cost includes trade receivables and other short-term deposit. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. DERECOGNITION OF FINANCIAL ASSETS A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a Group of similar \ufb01nancial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: The rights to receive cash \ufb02ows from the asset have expired, or The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. IMPAIRMENT OF FINANCIAL ASSETS The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased signi\ufb01cantly since the initial recognition. For credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the \ufb01rst 12 months. For those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). \u00a0For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment. \u00a0The general model means that on every reporting date the Group evaluates whether there has been one signi\ufb01cant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased signi\ufb01cantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include: Change in the instrument\u2019s external credit rating since initial recognition Change in external market indications relating to credit risk Existing or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to ful\ufb01l its obligations Signi\ufb01cant changes in the borrower\u2019s results, working capital or similar Regulatory conditions implemented or expected to be implemented that can affect the instrument \u00a0If there has been a signi\ufb01cant increase in the credit risk after initial recognition, the \ufb01nancial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument. Instruments are classi\ufb01ed at stage 3 when the instruments are credit impaired, i.e., when external evidence can con\ufb01rm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions. \u00a0FINANCIAL LIABILITIES Derivatives are recognized initially at fair value. Loans, borrowings, and payables are recognized at fair value net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. \u00a0LOAN, BORROWINGS AND PAYABLES After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the income statement. Payables are measured at their nominal amount when the effect of discounting is not material. DERECOGNITION OF FINANCIAL LIABILITIES A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the income statement. DISCLOSURE 16 | TRADE RECEIVABLES 2022 2021 Trade receivables \u2013 denomination 159 405 38 584 Trade receivables associated companies 1 843 1 193 Provision for losses on trade receivables -427 -43 Total 160 821 39 734 Loss recognized in pro\ufb01t and loss on receivables 0 337 Loss recognized in pro\ufb01t and loss on receivables, including changes in provisions 382 337 AGING SUMMARY 2022 2021 Trade receivables not due 123 607 31 565 0\u201330 days 14 557 7 148 31\u201360 days 6 415 572 61\u201390 days 559 378 More than 90 days 16 110 115 Total trade receivables 161 248 39 777 Provision for potential losses on receivables is based on individual assessments of each individual item. See disclosure 20 related to changes in loss provisions. MARKET RISK Market risk is the risk that \ufb02uctuations in market prices, e.g. exchange rates and interest rates, will affect future cash \ufb02ows or the value of \ufb01nancial instruments. Market risk management aims to ensure that risk exposure stays within the de\ufb01ned limits, while optimising the risk-adjusted return. Changes in currency NOK Impact resultat before tax Impact other comprehensive income 2022 5 % 10 399 (3 050) -5 % (10 399) 3 050 2021 5 % 2 228 (3 139) -5 % (2 228) 3 139 Scana has a centralized \ufb01nance function. Hedging of currency and interest rate exposure is done in accordance with the Group\u2019s policy and routines. Scana seeks to reduce the risk associated with currency and interest rates by using hedging instruments. This is done centrally by the \ufb01nance department on the basis of the exposure reported by the operational units. CURRENCY RISK The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The Group\u2019s management continuously monitors and reports on the Group\u2019s currency positions. The Group\u2019s risk management policy is to hedge material estimated foreign currency exposure in respect of forecast sales and purchases over the following 12 months at any point in time. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. SENSITIVITY ANALYSIS \u2013 CURRENCY The table below shows the sensitivity analysis related to currency risk. Tax effects are not considered in the calculations. A reasonably possible strengthening (weakening) of NOK against all other currencies on 31 December would have affected equity and pro\ufb01t or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. EUR currency has a portion of 82 % in the sensitivity analysis. In addition the Group has USD, GBP and SEK currencies at balance date. INTEREST RATE RISK Scana has no interest rate hedges on the balance sheet date. The Group\u2019s interest rate risk relates to the Group\u2019s debt portfolio and cash equivalents is managed at Group level. The Group\u2019s objective is to secure and counteract major effects from changes in the market interest rate. SENSITIVITY ANALYSIS \u2013 INTEREST RATE The table below shows the sensitivity analysis related to interest risk. A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and pro\ufb01t or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. Change in interest rate Impact result before tax Impact other comprehensive income 2022 1 % (1 483) (1 483) -1 % 1 483 1 483 LIQUIDITY RISK Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities under normal and conditions. The Group works continuously to reduce liquidity risk through monitoring and active dialogue with the subsidiaries. As of 31.12.22 2023.Q1 2023.Q2 2023.Q3 2023.Q4 2023 2024 2025 Leasing liabilities -412 143 -19 042 -19 042 -19 042 -19 042 -76 167 -70 358 -66 780 Bank loan -129 709 -5 000 -5 000 -5 000 -5 000 -20 000 -20 000 -20 000 Trade payables -108 946 -108 946 Financial instruments -1 971 Interests payments -2 214 -2 474 -2 392 -2 310 -2 228 -9 405 -9 077 -7 765 Total out\ufb02ow (payments) -135 462 -26 434 -26 352 -26 270 -105 572 -99 435 -94 545 As of 31.12.21 2022.Q1 2022.Q2 2022.Q3 2022.Q4 2022 2023 2024 Bankoverdraft -101 Leasing liabilities -7 964 -892 -888 -880 -880 -2 670 -2 294 -62 Shareholders loan -37 638 -37 638 Trade paybles -20 426 -20 426 Financial instruments -967 Interests payments -1 029 -1 130 -1 130 -1 130 -1 130 -4 520 -4 520 -4 520 Total out\ufb02ow (payments) -22 448 -2 018 -2 010 -39 648 -7 190 -6 814 -4 582 See disclosure 23 for more information on the Group\u2019s bank loans as of 31.12.2022. For more information read disclosure 22 according to Group\u2019s cash and cash equivalents as of 31.12.2022. The Group has a bank balance as of 31.12.22 of NOK 2.6 million and unused drawing facilities amounting to NOK 110 million. EXPOSURE TO LIQUIDITY RISK The following are the remaining contractual maturities of \ufb01nancial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments. Credit risk is the risk of \ufb01nancial losses in the event that a customer or counterparty in a \ufb01nancial instrument is unable to meet its contractual obligations. Credit risk relates usually to the Group\u2019s trade receivables, contract assets and cash and cash equivalents. The Group\u2019s exposure to credit risk is mainly the result of individual factors relating to each individual customer. The demographics of the customer base, including the risk of default of payment in the industry and the country in which the customers operate, have less in\ufb02uence on the credit risk. The Group has guide lines to ensure that orders are not entered into with customers who have signi\ufb01cant problems with payment and that outstanding amounts do not exceed established credit limits. In practice, this is done with credit assessments before contracts are entered into. In addition, Scana enters into larger customer contracts with advance payments (20 %\u201330 %) or milestone invoicing throughout the entire project progress. The Group regards its maximum credit risk exposure to the carrying amount of trade receivables and contract assets. Historically, losses on trade receivables and contract assets have been limited. CREDIT RISK AS OF 31.12.22 Disclosure Gross assets Expected loss within 12 months Expected loss portfolio Expected loss individual Provision for loss on receivables Net assets Trade receivable 16 161 248 -427 -427 -427 160 821 Contract assets 16 126 412 -1 108 -1 108 -1 108 125 304 Total 327 123 -1 535 -1 535 0 -1 535 325 588 AS OF 31.12.21 Disclosure Gross assets Expected loss within 12 months Expected loss portfolio Expected loss individual Provision for loss on receivables Net assets Trade receivable 16 39 777 -43 -43 -43 39 734 Contract assets 16 19 950 -1 132 -1 132 -1 132 18 818 Total 59 727 -1 175 -1 175 0 -1 175 58 552 CHANGES IN PROVISIONS \u2013 LOSS Disclosure Opening balance provision loss Realized losses Changes in provision Agio Ending balance provision loss Trade receivable 13 -43 -384 -427 Contract assets 13 -1 132 24 -1 108 Total -1 175 0 -360 0 -1 535 DISCLOSURE 21 | FINANCIAL INSTRUMENTS HEDGING CURRENCY RISK As a proportion of the Group\u2019s sales take place in foreign currency, Scana is exposed to \ufb02uctuations in exchange rates in the period from the conclusion of the sales contract until the \ufb01nal payment from the customer. In addition, there are risks associated with future payments in foreign currency. When Group\u2019s hedging the net cash \ufb02ow based on the individual currencies, forward contracts are entered which correspond to a proportion of the expected future payments. CURRENCY DIFFERENCES 2022 2021 Changes in currency differences carried over other comprehensive income 0 0 Relassi\ufb01ed from other comprehensive income 0 -566 Effect on pro\ufb01t as a result of reclassi\ufb01cation from other comprehensive income 0 566 CURRENCY Net Denomination Maturity period Unrealized gain/loss (\u2013) USD sale -5 010 2023 -1 971 SEK sale -49 380 2023 1 647 SEK sale -17 550 2024 615 Total 291 Listed below is a summary of all open currency contracts as of 31.12.22: CURRENCY Net Denomination Maturity period Unrealized gain/loss (\u2013) USD sale -2 000 2022 84 EUR sale -500 2022 -967 Total -883 Listed below is a summary of all open currency contracts as of 31.12.21: CLASSIFICATION OF FINANCIAL ASSETS In accordance with IFRS 9, the Group classi\ufb01es \ufb01nancial assets based on the business model where they are managed based on contractual cash \ufb02ows. The main categories of \ufb01nancial assets according to IFRS 9 are amortized cost, fair value classi\ufb01ed as other comprehensive income and expenses and fair value presented in pro\ufb01t and loss. In accordance with the loss model, the Group recognizes expected losses over the lifetime of \ufb01nancial assets that are measured at amortized cost, debt instruments that are measured at fair value over other income and costs and contract assets. The Group assesses expected losses related to \ufb01nancial assets over their lifetime. DETERMINATION OF FAIR VALUE The fair value of forward currency contracts is determined by using the closing rate on the balance sheet date adjusted for an interest addition or deduction based on the interest rate difference between the respective currencies. For forward exchange contracts, the present value of the cash \ufb02ow is taken as a starting point. The fair value of cash, overdrafts and other interest-bearing debt is considered to be approximately equal to the value on the statement of \ufb01nancial position, as these have a short maturity and thus provide a \ufb02oating interest rate that is adjusted in line with changes in the general interest rate level. Similarly, the fair value of trade receivables and trade payables is assumed to be equal to the book value as both items have a short maturity and are entered into under normal conditions. The table below shows how the various \ufb01nancial instruments are categorized cf. IFRS 7 as of 31 December 2022. 2022 2021 Fair value hierarchy Fair value pro\ufb01t & loss Fair value \u2013 other comprehensive income Amortized cost Total Total FINANCIAL ASSETS Non-current assets 7/17 Level 3 2 777 255 3 032 0 Trade receivable 16 160 821 160 821 39 734 Financial instruments 21 Level 2 2 262 2 262 84 Prepayments and other current receivables 17 31 522 31 522 7 613 Bank deposits 22 2 647 2 647 28 992 Total 5 039 0 195 245 200 284 76 423 FINANCIAL LIABILITIES Bank overdraft 22/23 0 0 101 Leasing liabilities 24 412 143 412 143 7 964 Loans and borrowings 23 151 922 151 922 38 152 Trade payables 19 108 946 108 946 20 426 Financial instruments 21 Level 2 1 971 1 971 967 Other current liabilities 18 96 857 96 857 33 029 Total 1 971 0 769 868 771 839 100 639 Disclosure FAIR VALUE \u2013 VALUE HIERARCHY Scana uses the following hierarchy when assessing and presenting the fair value of the \ufb01nancial instruments. Level 1: Listed prices (unadjusted) in active markets for identical assets and liabilities. Level 2: Input other than quoted prices from active markets included in level 1, which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). To calculate the value of open foreign exchange contracts, it is obtained from Norges Bank on the closing date. Valuations also include valuations based on market-con\ufb01rmed inputs. Market-con\ufb01rmed input data is input data determined through mathematical or statistical methods, such as correlation or regression analysis, where input data in the analysis and/or results can be con\ufb01rmed against observable market data. If such an analysis is to be used for the purpose of \ufb01nancial reporting, the statistical goodness of the analysis should be assessed based on usual statistical criteria and predictive ability. Level 3: Input for the asset or liability that is not based on observable market data. The table above shows the valuation hierarchy for fair value disclosures for assets and liabilities. In 2022, there has been no transfer between level 1 and level 2 in the assessment of fair value, and no transfers into or out of level 3 in the assessment of fair value. CAPITAL STRUCTURE AND EQUITY The main purpose of the Group\u2019s composition and management of debt and equity is to ensure headroom to the tasks the Group and subsidiaries face in the short and long term. The Group should have a reasonable credit rating, and thus competitive loan conditions with lenders to Scana business. Through good capital management of equity and debt, the Group will support the business that is run, and thus contribute to increasing shareholder value. The Group must have suf\ufb01cient liquid funds and drawing options for \ufb01nancing operational activities. This takes place through targets for ongoing operations and capital management. The Group manages the capital structure and make necessary changes based on an ongoing assessment of market and \ufb01nancial risk and those \ufb01nancial prospects seen in the short and medium term refer to disclosure 23. Reference is made to the section liquidity risk in disclosure 20 related to the company\u2019s \ufb01nancial position. CASH FLOW STATEMENTDISCLOSURE 23 | LOANS AND BORROWINGS 2022 Nominal interest rate Current Non-current Maturity date Bank loan NOWA + 3.5 % 20 000 129 709 Accrued interests 2 214 Total interest bearing debt 22 214 129 709 2021 Nominal interest rate Current Non-current Maturity date Bankoverdraft NIBOR + 3.25 % 101 09.10.2022 Shareholder loans 12 % (PIK) 37 638 10.10.2022 Accrued interests 514 Total interest bearing debt 38 253 0 BANK OVERDRAFT The \ufb01nancing is linked to an overdraft facility of NOK 110 million and a bank guarantee facility of NOK 60 million. It is a rolling draft facility with annual renewal for the next time on 09.10.2023. There are certain \ufb01nancial covenants to the loan agreement shown in the overview below: Capital expenditure should not exceed NOK 29 million, measured annually from 2023. In addition to \ufb01nancial covenants mentioned above, the contract contains other covenants considered common for similar contractual relationships. This includes limitations on acquisitions, disposals, change of control and conditions related to continued listing. The Group was in compliance with the loan terms as of 31 December 2022. SHAREHOLDERS LOAN In connection with the re\ufb01nancing in 2021, a new agreement was entered where the maturity date is set to 1 day after maturity overdraft. In 2021, accrued interest has been added to the principal and amounts. In January 2022 connected to PSW transaction the shareholders loan was partly repaid to the shareholders and the remaining part was converted to equity. End of December 2022 there is no shareholder\u2019s loan. COST OF LOAN When the new facilities were established, DNB charged the company for establishment costs of the facilities and constitute actual costs for each of the facilities. The method used is amortized cost when the cost is expensed in the result during the borrowing period. The borrowing cost is presented on the row for accrued interest costs. COVENANT 2022.Q4 2023.Q1 2023.Q2 2023.Q3 2023.Q4 --> Covenant EBITDA 11 400 22 300 37 900 66 100 NA Covenant NIBD/EBITDA NA NA NA NA 2.5x Covenant equity ratio 30 % 30 % 30 % 30 % 30 % Borrowing base 70% 70 % 70 % 70 % 70 % CHANGE IN LIABILITIES RELATED TO FINANCING ACTIVITIES The overview below shows the change in liabilities due to \ufb01nancing activities in 2022 and where the changes take effect. In addition the Group has repaid short term borrowings acquired through business combination of NOK 99 million during 2022. The overview below shows the change in liabilities due to \ufb01nancing activities in 2021 and where the changes have an effect. Paid interest leases apply to statement of \ufb01nancial position leases. Interest payments include costs associated with establishing the \ufb01nancing. Increased liability is linked to new lease agreements and interests added to the principal of the shareholders loan. 31.12.21 Proceeds from LT and ST borrowings Payments of borrowings Interests Payments of leasing liabilities Changes in cash and bank Pro\ufb01t and loss Proceeds from issue of new share capital Net New leasing liabilities and disposals Currency differences 31.12.22 Leasing liabilities 7 964 -53 787 457 993 -27 412 143 Bank overdraft 101 -101 0 Bank loan LT 0 145 000 -15 000 -291 129 709 Bank loan ST 0 20 000 20 000 Shareholders loan 37 638 -25 661 -11 977 0 Accrued interests 514 -35 607 41 673 -4 880 514 0 2 214 Total liabilities connected to \ufb01nancing activities 46 217 165 000 -40 661 -35 607 -53 787 -101 41 382 -16 857 458 507 -27 564 066 CASH FLOW STATEMENT 31.12.20 Proceeds from LT and ST borrowings Payments of borrowings Interests Payments of leasing liabilities Changes in cash and bank Pro\ufb01t and loss Net New leasing liabilities and disposals Currency differences 31.12.21 Leasing liabilities 10 402 -3 731 1 348 -55 7 964 Bank overdraft 26 373 -26 272 101 Shareholders loan 33 436 4 202 37 638 Accrued interests 495 -5 876 5 707 188 514 Total liabilities connected to \ufb01nancing activities 70 706 0 0 -1 674 -3 731 -26 272 5 707 1 348 133 46 217 CASH FLOW STATEMENT ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3594": { "value": "FINANCIAL ASSETS The Group\u2019s \ufb01nancial assets are derivatives, non-listed equity instruments, quoted debt instruments, trade receivables and cash and cash equivalents. The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a signi\ufb01cant \ufb01nancing component, the Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, and fair value through other comprehensive income and transaction costs. The Group classi\ufb01ed its \ufb01nancial assets in two categories: Financial assets at amortized cost Derivatives at fair value designated as hedging instruments \u00a0FINANCIAL ASSETS AT AMORTIZED COST The Group measures \ufb01nancial assets at amortized cost if both of the following conditions are met: The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows and, The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. \u00a0Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in pro\ufb01t or loss when the asset is derecognized, modi\ufb01ed, or impaired. \u00a0The Group\u2019s \ufb01nancial assets at amortized cost includes trade receivables and other short-term deposit. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. DERECOGNITION OF FINANCIAL ASSETS A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a Group of similar \ufb01nancial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: The rights to receive cash \ufb02ows from the asset have expired, or The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. IMPAIRMENT OF FINANCIAL ASSETS The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased signi\ufb01cantly since the initial recognition. For credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the \ufb01rst 12 months. For those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). \u00a0For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment. \u00a0The general model means that on every reporting date the Group evaluates whether there has been one signi\ufb01cant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased signi\ufb01cantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include: Change in the instrument\u2019s external credit rating since initial recognition Change in external market indications relating to credit risk Existing or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to ful\ufb01l its obligations Signi\ufb01cant changes in the borrower\u2019s results, working capital or similar Regulatory conditions implemented or expected to be implemented that can affect the instrument \u00a0If there has been a signi\ufb01cant increase in the credit risk after initial recognition, the \ufb01nancial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument. Instruments are classi\ufb01ed at stage 3 when the instruments are credit impaired, i.e., when external evidence can con\ufb01rm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions. \u00a0FINANCIAL LIABILITIES Derivatives are recognized initially at fair value. Loans, borrowings, and payables are recognized at fair value net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. \u00a0LOAN, BORROWINGS AND PAYABLES After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the income statement. Payables are measured at their nominal amount when the effect of discounting is not material. DERECOGNITION OF FINANCIAL LIABILITIES A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3595": { "value": "FINANCIAL ASSETS The Group\u2019s \ufb01nancial assets are derivatives, non-listed equity instruments, quoted debt instruments, trade receivables and cash and cash equivalents. The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a signi\ufb01cant \ufb01nancing component, the Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, and fair value through other comprehensive income and transaction costs. The Group classi\ufb01ed its \ufb01nancial assets in two categories: Financial assets at amortized cost Derivatives at fair value designated as hedging instruments \u00a0FINANCIAL ASSETS AT AMORTIZED COST The Group measures \ufb01nancial assets at amortized cost if both of the following conditions are met: The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows and, The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. \u00a0Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in pro\ufb01t or loss when the asset is derecognized, modi\ufb01ed, or impaired. \u00a0The Group\u2019s \ufb01nancial assets at amortized cost includes trade receivables and other short-term deposit. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. DERECOGNITION OF FINANCIAL ASSETS A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a Group of similar \ufb01nancial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: The rights to receive cash \ufb02ows from the asset have expired, or The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. IMPAIRMENT OF FINANCIAL ASSETS The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased signi\ufb01cantly since the initial recognition. For credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the \ufb01rst 12 months. For those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). \u00a0For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment. \u00a0The general model means that on every reporting date the Group evaluates whether there has been one signi\ufb01cant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased signi\ufb01cantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include: Change in the instrument\u2019s external credit rating since initial recognition Change in external market indications relating to credit risk Existing or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to ful\ufb01l its obligations Signi\ufb01cant changes in the borrower\u2019s results, working capital or similar Regulatory conditions implemented or expected to be implemented that can affect the instrument \u00a0If there has been a signi\ufb01cant increase in the credit risk after initial recognition, the \ufb01nancial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument. Instruments are classi\ufb01ed at stage 3 when the instruments are credit impaired, i.e., when external evidence can con\ufb01rm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3596": { "value": "FINANCIAL ASSETS The Group\u2019s \ufb01nancial assets are derivatives, non-listed equity instruments, quoted debt instruments, trade receivables and cash and cash equivalents. The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a signi\ufb01cant \ufb01nancing component, the Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, and fair value through other comprehensive income and transaction costs. The Group classi\ufb01ed its \ufb01nancial assets in two categories: Financial assets at amortized cost Derivatives at fair value designated as hedging instruments \u00a0FINANCIAL ASSETS AT AMORTIZED COST The Group measures \ufb01nancial assets at amortized cost if both of the following conditions are met: The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows and, The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. \u00a0Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in pro\ufb01t or loss when the asset is derecognized, modi\ufb01ed, or impaired. \u00a0The Group\u2019s \ufb01nancial assets at amortized cost includes trade receivables and other short-term deposit. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. DERECOGNITION OF FINANCIAL ASSETS A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a Group of similar \ufb01nancial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: The rights to receive cash \ufb02ows from the asset have expired, or The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. IMPAIRMENT OF FINANCIAL ASSETS The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased signi\ufb01cantly since the initial recognition. For credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the \ufb01rst 12 months. For those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). \u00a0For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment. \u00a0The general model means that on every reporting date the Group evaluates whether there has been one signi\ufb01cant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased signi\ufb01cantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include: Change in the instrument\u2019s external credit rating since initial recognition Change in external market indications relating to credit risk Existing or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to ful\ufb01l its obligations Signi\ufb01cant changes in the borrower\u2019s results, working capital or similar Regulatory conditions implemented or expected to be implemented that can affect the instrument \u00a0If there has been a signi\ufb01cant increase in the credit risk after initial recognition, the \ufb01nancial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument. Instruments are classi\ufb01ed at stage 3 when the instruments are credit impaired, i.e., when external evidence can con\ufb01rm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions. \u00a0FINANCIAL LIABILITIES Derivatives are recognized initially at fair value. Loans, borrowings, and payables are recognized at fair value net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. \u00a0LOAN, BORROWINGS AND PAYABLES After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the income statement. Payables are measured at their nominal amount when the effect of discounting is not material. DERECOGNITION OF FINANCIAL LIABILITIES A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the income statement. HEDGING CURRENCY RISK As a proportion of the Group\u2019s sales take place in foreign currency, Scana is exposed to \ufb02uctuations in exchange rates in the period from the conclusion of the sales contract until the \ufb01nal payment from the customer. In addition, there are risks associated with future payments in foreign currency. When Group\u2019s hedging the net cash \ufb02ow based on the individual currencies, forward contracts are entered which correspond to a proportion of the expected future payments. CURRENCY DIFFERENCES 2022 2021 Changes in currency differences carried over other comprehensive income 0 0 Relassi\ufb01ed from other comprehensive income 0 -566 Effect on pro\ufb01t as a result of reclassi\ufb01cation from other comprehensive income 0 566 CURRENCY Net Denomination Maturity period Unrealized gain/loss (\u2013) USD sale -5 010 2023 -1 971 SEK sale -49 380 2023 1 647 SEK sale -17 550 2024 615 Total 291 Listed below is a summary of all open currency contracts as of 31.12.22: CURRENCY Net Denomination Maturity period Unrealized gain/loss (\u2013) USD sale -2 000 2022 84 EUR sale -500 2022 -967 Total -883 Listed below is a summary of all open currency contracts as of 31.12.21: ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3597": { "value": "FINANCIAL ASSETS The Group\u2019s \ufb01nancial assets are derivatives, non-listed equity instruments, quoted debt instruments, trade receivables and cash and cash equivalents. The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a signi\ufb01cant \ufb01nancing component, the Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, and fair value through other comprehensive income and transaction costs. The Group classi\ufb01ed its \ufb01nancial assets in two categories: Financial assets at amortized cost Derivatives at fair value designated as hedging instruments \u00a0FINANCIAL ASSETS AT AMORTIZED COST The Group measures \ufb01nancial assets at amortized cost if both of the following conditions are met: The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows and, The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. \u00a0Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in pro\ufb01t or loss when the asset is derecognized, modi\ufb01ed, or impaired. \u00a0The Group\u2019s \ufb01nancial assets at amortized cost includes trade receivables and other short-term deposit. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. DERECOGNITION OF FINANCIAL ASSETS A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a Group of similar \ufb01nancial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: The rights to receive cash \ufb02ows from the asset have expired, or The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. IMPAIRMENT OF FINANCIAL ASSETS The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased signi\ufb01cantly since the initial recognition. For credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the \ufb01rst 12 months. For those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). \u00a0For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment. \u00a0The general model means that on every reporting date the Group evaluates whether there has been one signi\ufb01cant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased signi\ufb01cantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include: Change in the instrument\u2019s external credit rating since initial recognition Change in external market indications relating to credit risk Existing or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to ful\ufb01l its obligations Signi\ufb01cant changes in the borrower\u2019s results, working capital or similar Regulatory conditions implemented or expected to be implemented that can affect the instrument \u00a0If there has been a signi\ufb01cant increase in the credit risk after initial recognition, the \ufb01nancial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument. Instruments are classi\ufb01ed at stage 3 when the instruments are credit impaired, i.e., when external evidence can con\ufb01rm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions. \u00a0FINANCIAL LIABILITIES Derivatives are recognized initially at fair value. Loans, borrowings, and payables are recognized at fair value net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. \u00a0LOAN, BORROWINGS AND PAYABLES After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the income statement. Payables are measured at their nominal amount when the effect of discounting is not material. DERECOGNITION OF FINANCIAL LIABILITIES A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3598": { "value": "FINANCIAL ASSETS The Group\u2019s \ufb01nancial assets are derivatives, non-listed equity instruments, quoted debt instruments, trade receivables and cash and cash equivalents. The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a signi\ufb01cant \ufb01nancing component, the Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, and fair value through other comprehensive income and transaction costs. The Group classi\ufb01ed its \ufb01nancial assets in two categories: Financial assets at amortized cost Derivatives at fair value designated as hedging instruments \u00a0FINANCIAL ASSETS AT AMORTIZED COST The Group measures \ufb01nancial assets at amortized cost if both of the following conditions are met: The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows and, The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. \u00a0Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in pro\ufb01t or loss when the asset is derecognized, modi\ufb01ed, or impaired. \u00a0The Group\u2019s \ufb01nancial assets at amortized cost includes trade receivables and other short-term deposit. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. DERECOGNITION OF FINANCIAL ASSETS A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a Group of similar \ufb01nancial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: The rights to receive cash \ufb02ows from the asset have expired, or The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. IMPAIRMENT OF FINANCIAL ASSETS The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased signi\ufb01cantly since the initial recognition. For credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the \ufb01rst 12 months. For those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). \u00a0For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment. \u00a0The general model means that on every reporting date the Group evaluates whether there has been one signi\ufb01cant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased signi\ufb01cantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include: Change in the instrument\u2019s external credit rating since initial recognition Change in external market indications relating to credit risk Existing or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to ful\ufb01l its obligations Signi\ufb01cant changes in the borrower\u2019s results, working capital or similar Regulatory conditions implemented or expected to be implemented that can affect the instrument \u00a0If there has been a signi\ufb01cant increase in the credit risk after initial recognition, the \ufb01nancial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument. Instruments are classi\ufb01ed at stage 3 when the instruments are credit impaired, i.e., when external evidence can con\ufb01rm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions. \u00a0FINANCIAL LIABILITIES Derivatives are recognized initially at fair value. Loans, borrowings, and payables are recognized at fair value net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. \u00a0LOAN, BORROWINGS AND PAYABLES After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the income statement. Payables are measured at their nominal amount when the effect of discounting is not material. DERECOGNITION OF FINANCIAL LIABILITIES A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3611": { "value": "FINANCIAL ASSETS AT AMORTIZED COST The Group measures \ufb01nancial assets at amortized cost if both of the following conditions are met: The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows and, The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. \u00a0Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in pro\ufb01t or loss when the asset is derecognized, modi\ufb01ed, or impaired. \u00a0The Group\u2019s \ufb01nancial assets at amortized cost includes trade receivables and other short-term deposit. Trade receivables that do not contain a signi\ufb01cant \ufb01nancing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3626": { "value": "DERECOGNITION OF FINANCIAL ASSETS A \ufb01nancial asset (or, where applicable, a part of a \ufb01nancial asset or part of a Group of similar \ufb01nancial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: The rights to receive cash \ufb02ows from the asset have expired, or The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a) the Group has transferred substantially all the risks and rewards of the asset, or b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. DERECOGNITION OF FINANCIAL LIABILITIES A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3640": { "value": "IMPAIRMENT OF FINANCIAL ASSETS The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased signi\ufb01cantly since the initial recognition. For credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the \ufb01rst 12 months. For those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). \u00a0For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment. \u00a0The general model means that on every reporting date the Group evaluates whether there has been one signi\ufb01cant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased signi\ufb01cantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include: Change in the instrument\u2019s external credit rating since initial recognition Change in external market indications relating to credit risk Existing or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to ful\ufb01l its obligations Signi\ufb01cant changes in the borrower\u2019s results, working capital or similar Regulatory conditions implemented or expected to be implemented that can affect the instrument \u00a0If there has been a signi\ufb01cant increase in the credit risk after initial recognition, the \ufb01nancial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument. Instruments are classi\ufb01ed at stage 3 when the instruments are credit impaired, i.e., when external evidence can con\ufb01rm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions. DISCLOSURE 16 | TRADE RECEIVABLES 2022 2021 Trade receivables \u2013 denomination 159 405 38 584 Trade receivables associated companies 1 843 1 193 Provision for losses on trade receivables -427 -43 Total 160 821 39 734 Loss recognized in pro\ufb01t and loss on receivables 0 337 Loss recognized in pro\ufb01t and loss on receivables, including changes in provisions 382 337 AGING SUMMARY 2022 2021 Trade receivables not due 123 607 31 565 0\u201330 days 14 557 7 148 31\u201360 days 6 415 572 61\u201390 days 559 378 More than 90 days 16 110 115 Total trade receivables 161 248 39 777 Provision for potential losses on receivables is based on individual assessments of each individual item. See disclosure 20 related to changes in loss provisions. Credit risk is the risk of \ufb01nancial losses in the event that a customer or counterparty in a \ufb01nancial instrument is unable to meet its contractual obligations. Credit risk relates usually to the Group\u2019s trade receivables, contract assets and cash and cash equivalents. The Group\u2019s exposure to credit risk is mainly the result of individual factors relating to each individual customer. The demographics of the customer base, including the risk of default of payment in the industry and the country in which the customers operate, have less in\ufb02uence on the credit risk. The Group has guide lines to ensure that orders are not entered into with customers who have signi\ufb01cant problems with payment and that outstanding amounts do not exceed established credit limits. In practice, this is done with credit assessments before contracts are entered into. In addition, Scana enters into larger customer contracts with advance payments (20 %\u201330 %) or milestone invoicing throughout the entire project progress. The Group regards its maximum credit risk exposure to the carrying amount of trade receivables and contract assets. Historically, losses on trade receivables and contract assets have been limited. CREDIT RISK AS OF 31.12.22 Disclosure Gross assets Expected loss within 12 months Expected loss portfolio Expected loss individual Provision for loss on receivables Net assets Trade receivable 16 161 248 -427 -427 -427 160 821 Contract assets 16 126 412 -1 108 -1 108 -1 108 125 304 Total 327 123 -1 535 -1 535 0 -1 535 325 588 AS OF 31.12.21 Disclosure Gross assets Expected loss within 12 months Expected loss portfolio Expected loss individual Provision for loss on receivables Net assets Trade receivable 16 39 777 -43 -43 -43 39 734 Contract assets 16 19 950 -1 132 -1 132 -1 132 18 818 Total 59 727 -1 175 -1 175 0 -1 175 58 552 CHANGES IN PROVISIONS \u2013 LOSS Disclosure Opening balance provision loss Realized losses Changes in provision Agio Ending balance provision loss Trade receivable 13 -43 -384 -427 Contract assets 13 -1 132 24 -1 108 Total -1 175 0 -360 0 -1 535 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3641": { "value": "IMPAIRMENT OF FINANCIAL ASSETS The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased signi\ufb01cantly since the initial recognition. For credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the \ufb01rst 12 months. For those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). \u00a0For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment. \u00a0The general model means that on every reporting date the Group evaluates whether there has been one signi\ufb01cant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased signi\ufb01cantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include: Change in the instrument\u2019s external credit rating since initial recognition Change in external market indications relating to credit risk Existing or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to ful\ufb01l its obligations Signi\ufb01cant changes in the borrower\u2019s results, working capital or similar Regulatory conditions implemented or expected to be implemented that can affect the instrument \u00a0If there has been a signi\ufb01cant increase in the credit risk after initial recognition, the \ufb01nancial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument. Instruments are classi\ufb01ed at stage 3 when the instruments are credit impaired, i.e., when external evidence can con\ufb01rm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions. DISCLOSURE 16 | TRADE RECEIVABLES 2022 2021 Trade receivables \u2013 denomination 159 405 38 584 Trade receivables associated companies 1 843 1 193 Provision for losses on trade receivables -427 -43 Total 160 821 39 734 Loss recognized in pro\ufb01t and loss on receivables 0 337 Loss recognized in pro\ufb01t and loss on receivables, including changes in provisions 382 337 AGING SUMMARY 2022 2021 Trade receivables not due 123 607 31 565 0\u201330 days 14 557 7 148 31\u201360 days 6 415 572 61\u201390 days 559 378 More than 90 days 16 110 115 Total trade receivables 161 248 39 777 Provision for potential losses on receivables is based on individual assessments of each individual item. See disclosure 20 related to changes in loss provisions. Credit risk is the risk of \ufb01nancial losses in the event that a customer or counterparty in a \ufb01nancial instrument is unable to meet its contractual obligations. Credit risk relates usually to the Group\u2019s trade receivables, contract assets and cash and cash equivalents. The Group\u2019s exposure to credit risk is mainly the result of individual factors relating to each individual customer. The demographics of the customer base, including the risk of default of payment in the industry and the country in which the customers operate, have less in\ufb02uence on the credit risk. The Group has guide lines to ensure that orders are not entered into with customers who have signi\ufb01cant problems with payment and that outstanding amounts do not exceed established credit limits. In practice, this is done with credit assessments before contracts are entered into. In addition, Scana enters into larger customer contracts with advance payments (20 %\u201330 %) or milestone invoicing throughout the entire project progress. The Group regards its maximum credit risk exposure to the carrying amount of trade receivables and contract assets. Historically, losses on trade receivables and contract assets have been limited. CREDIT RISK AS OF 31.12.22 Disclosure Gross assets Expected loss within 12 months Expected loss portfolio Expected loss individual Provision for loss on receivables Net assets Trade receivable 16 161 248 -427 -427 -427 160 821 Contract assets 16 126 412 -1 108 -1 108 -1 108 125 304 Total 327 123 -1 535 -1 535 0 -1 535 325 588 AS OF 31.12.21 Disclosure Gross assets Expected loss within 12 months Expected loss portfolio Expected loss individual Provision for loss on receivables Net assets Trade receivable 16 39 777 -43 -43 -43 39 734 Contract assets 16 19 950 -1 132 -1 132 -1 132 18 818 Total 59 727 -1 175 -1 175 0 -1 175 58 552 CHANGES IN PROVISIONS \u2013 LOSS Disclosure Opening balance provision loss Realized losses Changes in provision Agio Ending balance provision loss Trade receivable 13 -43 -384 -427 Contract assets 13 -1 132 24 -1 108 Total -1 175 0 -360 0 -1 535 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3642": { "value": "IMPAIRMENT OF FINANCIAL ASSETS The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased signi\ufb01cantly since the initial recognition. For credit exposures for which there has not been a signi\ufb01cant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the \ufb01rst 12 months. For those credit exposures for which there has been a signi\ufb01cant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). \u00a0For trade receivables and contract assets, the Group applies a simpli\ufb01ed approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors speci\ufb01c to the debtors and the economic environment. \u00a0The general model means that on every reporting date the Group evaluates whether there has been one signi\ufb01cant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased signi\ufb01cantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include: Change in the instrument\u2019s external credit rating since initial recognition Change in external market indications relating to credit risk Existing or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to ful\ufb01l its obligations Signi\ufb01cant changes in the borrower\u2019s results, working capital or similar Regulatory conditions implemented or expected to be implemented that can affect the instrument \u00a0If there has been a signi\ufb01cant increase in the credit risk after initial recognition, the \ufb01nancial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument. Instruments are classi\ufb01ed at stage 3 when the instruments are credit impaired, i.e., when external evidence can con\ufb01rm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3707": { "value": "FINANCIAL LIABILITIES Derivatives are recognized initially at fair value. Loans, borrowings, and payables are recognized at fair value net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. \u00a0LOAN, BORROWINGS AND PAYABLES After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the income statement. Payables are measured at their nominal amount when the effect of discounting is not material. DERECOGNITION OF FINANCIAL LIABILITIES A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi\ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3713": { "value": "LOAN, BORROWINGS AND PAYABLES After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the income statement. LIQUIDITY RISK Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities under normal and conditions. The Group works continuously to reduce liquidity risk through monitoring and active dialogue with the subsidiaries. As of 31.12.22 2023.Q1 2023.Q2 2023.Q3 2023.Q4 2023 2024 2025 Leasing liabilities -412 143 -19 042 -19 042 -19 042 -19 042 -76 167 -70 358 -66 780 Bank loan -129 709 -5 000 -5 000 -5 000 -5 000 -20 000 -20 000 -20 000 Trade payables -108 946 -108 946 Financial instruments -1 971 Interests payments -2 214 -2 474 -2 392 -2 310 -2 228 -9 405 -9 077 -7 765 Total out\ufb02ow (payments) -135 462 -26 434 -26 352 -26 270 -105 572 -99 435 -94 545 As of 31.12.21 2022.Q1 2022.Q2 2022.Q3 2022.Q4 2022 2023 2024 Bankoverdraft -101 Leasing liabilities -7 964 -892 -888 -880 -880 -2 670 -2 294 -62 Shareholders loan -37 638 -37 638 Trade paybles -20 426 -20 426 Financial instruments -967 Interests payments -1 029 -1 130 -1 130 -1 130 -1 130 -4 520 -4 520 -4 520 Total out\ufb02ow (payments) -22 448 -2 018 -2 010 -39 648 -7 190 -6 814 -4 582 See disclosure 23 for more information on the Group\u2019s bank loans as of 31.12.2022. For more information read disclosure 22 according to Group\u2019s cash and cash equivalents as of 31.12.2022. The Group has a bank balance as of 31.12.22 of NOK 2.6 million and unused drawing facilities amounting to NOK 110 million. EXPOSURE TO LIQUIDITY RISK The following are the remaining contractual maturities of \ufb01nancial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments. DISCLOSURE 23 | LOANS AND BORROWINGS 2022 Nominal interest rate Current Non-current Maturity date Bank loan NOWA + 3.5 % 20 000 129 709 Accrued interests 2 214 Total interest bearing debt 22 214 129 709 2021 Nominal interest rate Current Non-current Maturity date Bankoverdraft NIBOR + 3.25 % 101 09.10.2022 Shareholder loans 12 % (PIK) 37 638 10.10.2022 Accrued interests 514 Total interest bearing debt 38 253 0 BANK OVERDRAFT The \ufb01nancing is linked to an overdraft facility of NOK 110 million and a bank guarantee facility of NOK 60 million. It is a rolling draft facility with annual renewal for the next time on 09.10.2023. There are certain \ufb01nancial covenants to the loan agreement shown in the overview below: Capital expenditure should not exceed NOK 29 million, measured annually from 2023. In addition to \ufb01nancial covenants mentioned above, the contract contains other covenants considered common for similar contractual relationships. This includes limitations on acquisitions, disposals, change of control and conditions related to continued listing. The Group was in compliance with the loan terms as of 31 December 2022. SHAREHOLDERS LOAN In connection with the re\ufb01nancing in 2021, a new agreement was entered where the maturity date is set to 1 day after maturity overdraft. In 2021, accrued interest has been added to the principal and amounts. In January 2022 connected to PSW transaction the shareholders loan was partly repaid to the shareholders and the remaining part was converted to equity. End of December 2022 there is no shareholder\u2019s loan. COST OF LOAN When the new facilities were established, DNB charged the company for establishment costs of the facilities and constitute actual costs for each of the facilities. The method used is amortized cost when the cost is expensed in the result during the borrowing period. The borrowing cost is presented on the row for accrued interest costs. COVENANT 2022.Q4 2023.Q1 2023.Q2 2023.Q3 2023.Q4 --> Covenant EBITDA 11 400 22 300 37 900 66 100 NA Covenant NIBD/EBITDA NA NA NA NA 2.5x Covenant equity ratio 30 % 30 % 30 % 30 % 30 % Borrowing base 70% 70 % 70 % 70 % 70 % CHANGE IN LIABILITIES RELATED TO FINANCING ACTIVITIES The overview below shows the change in liabilities due to \ufb01nancing activities in 2022 and where the changes take effect. In addition the Group has repaid short term borrowings acquired through business combination of NOK 99 million during 2022. The overview below shows the change in liabilities due to \ufb01nancing activities in 2021 and where the changes have an effect. Paid interest leases apply to statement of \ufb01nancial position leases. Interest payments include costs associated with establishing the \ufb01nancing. Increased liability is linked to new lease agreements and interests added to the principal of the shareholders loan. 31.12.21 Proceeds from LT and ST borrowings Payments of borrowings Interests Payments of leasing liabilities Changes in cash and bank Pro\ufb01t and loss Proceeds from issue of new share capital Net New leasing liabilities and disposals Currency differences 31.12.22 Leasing liabilities 7 964 -53 787 457 993 -27 412 143 Bank overdraft 101 -101 0 Bank loan LT 0 145 000 -15 000 -291 129 709 Bank loan ST 0 20 000 20 000 Shareholders loan 37 638 -25 661 -11 977 0 Accrued interests 514 -35 607 41 673 -4 880 514 0 2 214 Total liabilities connected to \ufb01nancing activities 46 217 165 000 -40 661 -35 607 -53 787 -101 41 382 -16 857 458 507 -27 564 066 CASH FLOW STATEMENT 31.12.20 Proceeds from LT and ST borrowings Payments of borrowings Interests Payments of leasing liabilities Changes in cash and bank Pro\ufb01t and loss Net New leasing liabilities and disposals Currency differences 31.12.21 Leasing liabilities 10 402 -3 731 1 348 -55 7 964 Bank overdraft 26 373 -26 272 101 Shareholders loan 33 436 4 202 37 638 Accrued interests 495 -5 876 5 707 188 514 Total liabilities connected to \ufb01nancing activities 70 706 0 0 -1 674 -3 731 -26 272 5 707 1 348 133 46 217 CASH FLOW STATEMENT ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3714": { "value": "LOAN, BORROWINGS AND PAYABLES After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3722": { "value": "Payables are measured at their nominal amount when the effect of discounting is not material. DISCLOSURE 18 | OTHER CURRENT LIABILITIES DISCLOSURE 19 | TRADE PAYABLES OTHER CURRENT LIABILITIES 2022 2021 Warranty provision 1 371 1 868 Wages, holiday pay, VAT etc. 67 950 16 540 Provision for accrued costs 23 562 14 623 Facility tax 3 970 0 Total 96 853 33 031 2022 2021 Trade payables 108 580 20 426 Trade payables, investment in associates 366 0 Total 108 946 20 426 AGING SUMMARY 2022 2021 Trade payables not due 58 342 12 755 0\u201330 days 40 332 6 068 31\u201360 days 7 033 614 61\u201390 days 886 411 More than 90 days 2 353 578 Total trade payables 108 946 20 426 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3723": { "value": "Payables are measured at their nominal amount when the effect of discounting is not material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3746": { "value": "INVENTORIES Inventories, which consist of purchased goods and in-house produced products, are valued at the lowest of purchase/production cost and expected net selling price. The net selling price is the estimated selling price in the case of ordinary operations minus the estimated completion, marketing, and distribution costs. The acquisition cost is arrived at using the FIFO method and includes the costs incurred in acquiring the goods and the costs of bringing the goods to their current state and location. In-house produced goods include raw materials, energy, direct labour, and a share of the indirect costs that can be allocated based on normal capacity utilization, including maintenance and depreciation. DISCLOSURE 15 | INVENTORIES 2022 2021 Raw materials 25 341 21 218 Semi-\ufb01nished products and work in progress 37 509 -12 125 Finished goods 3 110 4 262 Total 65 960 13 355 Provision for obsolescence as of 31.12. 6 811 3 766 This year's change in provision for obsolescence 3 045 441 Total pledged inventories 65 960 13 355 A continuous assessment of speci\ufb01c obsolescence is made. The inventory is provided as security for borrowings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3747": { "value": "INVENTORIES Inventories, which consist of purchased goods and in-house produced products, are valued at the lowest of purchase/production cost and expected net selling price. The net selling price is the estimated selling price in the case of ordinary operations minus the estimated completion, marketing, and distribution costs. The acquisition cost is arrived at using the FIFO method and includes the costs incurred in acquiring the goods and the costs of bringing the goods to their current state and location. In-house produced goods include raw materials, energy, direct labour, and a share of the indirect costs that can be allocated based on normal capacity utilization, including maintenance and depreciation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3763": { "value": "CASH AND CASH EQUIVALENTS Cash includes cash in hand and at bank. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash, be subject to an insigni\ufb01cant risk of changes in value and have a maximum term to maturity of three months. Bank deposits may also include restricted funds that may have a lock-in period of more than three months, but less than twelve months. Reference is made to disclosure 22 for further information of bank deposits and overdrafts. Included in liquidity in the cash \ufb02ow statement overdraft. \u00a0In the Group\u2019s cash \ufb02ow analysis cash and cash equivalents consist as de\ufb01ned above. The cash \ufb02ow analysis has been prepared according to the indirect method. The company classi\ufb01es lease payments as follows in the cash \ufb02ow statement: Lease payments linked to the principal amount of the contract are classi\ufb01ed as \ufb01nancing activity on a separate line \u201crepayment of lease obligations\u201d. Interest paid includes interest related to leases, classi\ufb01ed as \ufb01nancing activity. Short-term leases (less than twelve months), payments related to low-value leases and leases with variable payments are classi\ufb01ed as operational activity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3764": { "value": "CASH AND CASH EQUIVALENTS Cash includes cash in hand and at bank. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash, be subject to an insigni\ufb01cant risk of changes in value and have a maximum term to maturity of three months. Bank deposits may also include restricted funds that may have a lock-in period of more than three months, but less than twelve months. Reference is made to disclosure 22 for further information of bank deposits and overdrafts. Included in liquidity in the cash \ufb02ow statement overdraft. \u00a0In the Group\u2019s cash \ufb02ow analysis cash and cash equivalents consist as de\ufb01ned above. The cash \ufb02ow analysis has been prepared according to the indirect method. The company classi\ufb01es lease payments as follows in the cash \ufb02ow statement: Lease payments linked to the principal amount of the contract are classi\ufb01ed as \ufb01nancing activity on a separate line \u201crepayment of lease obligations\u201d. Interest paid includes interest related to leases, classi\ufb01ed as \ufb01nancing activity. Short-term leases (less than twelve months), payments related to low-value leases and leases with variable payments are classi\ufb01ed as operational activity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3765": { "value": "CASH AND CASH EQUIVALENTS Cash includes cash in hand and at bank. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash, be subject to an insigni\ufb01cant risk of changes in value and have a maximum term to maturity of three months. Bank deposits may also include restricted funds that may have a lock-in period of more than three months, but less than twelve months. Reference is made to disclosure 22 for further information of bank deposits and overdrafts. Included in liquidity in the cash \ufb02ow statement overdraft. \u00a0In the Group\u2019s cash \ufb02ow analysis cash and cash equivalents consist as de\ufb01ned above. The cash \ufb02ow analysis has been prepared according to the indirect method. The Group has no restricted funds as of December 2022 and all disclosed cash and cash equivalents are available. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3766": { "value": "CASH AND CASH EQUIVALENTS Cash includes cash in hand and at bank. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash, be subject to an insigni\ufb01cant risk of changes in value and have a maximum term to maturity of three months. Bank deposits may also include restricted funds that may have a lock-in period of more than three months, but less than twelve months. Reference is made to disclosure 22 for further information of bank deposits and overdrafts. Included in liquidity in the cash \ufb02ow statement overdraft. \u00a0In the Group\u2019s cash \ufb02ow analysis cash and cash equivalents consist as de\ufb01ned above. The cash \ufb02ow analysis has been prepared according to the indirect method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3767": { "value": "CASH AND CASH EQUIVALENTS Cash includes cash in hand and at bank. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash, be subject to an insigni\ufb01cant risk of changes in value and have a maximum term to maturity of three months. Bank deposits may also include restricted funds that may have a lock-in period of more than three months, but less than twelve months. Reference is made to disclosure 22 for further information of bank deposits and overdrafts. Included in liquidity in the cash \ufb02ow statement overdraft. \u00a0In the Group\u2019s cash \ufb02ow analysis cash and cash equivalents consist as de\ufb01ned above. The cash \ufb02ow analysis has been prepared according to the indirect method. DISCLOSURE 22 | CASH AND CASH EQUIVALENTS The Group has a bank deposit as of 31 December 2022 which amounts to NOK 2.6 million. In the table above relating to liquidity, cash withdrawals are included as discussed in disclosure 23. The Group has an unused overdraft limit of NOK 110 million per 31 December 2022. The total liquidity reserve that can be used by the Group was as of 31 December 2022 NOK 112.6 million (31 December 2021: NOK 68.8 million). The Group has a cash pool arrangement. BANK DEPOSISTS 2022 2021 Ordinary bank deposits 2 647 28 992 Total 2 647 28 992 RECONCILIATION BETWEEN BANK DEPOSITS AND LIQUIDITY IN THE CASH FLOW STATEMENT 2022 2021 Bank overdraft 0 -101 Ordinary bank deposits 2 647 28 992 Cash and cash equiv. at end of period 2 647 28 891 The Group has no restricted funds as of December 2022 and all disclosed cash and cash equivalents are available. Bank guarantees have been issued according to tax deductions, which as of 31 December 2022 was NOK 14.6 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3768": { "value": "CASH AND CASH EQUIVALENTS Cash includes cash in hand and at bank. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash, be subject to an insigni\ufb01cant risk of changes in value and have a maximum term to maturity of three months. Bank deposits may also include restricted funds that may have a lock-in period of more than three months, but less than twelve months. Reference is made to disclosure 22 for further information of bank deposits and overdrafts. Included in liquidity in the cash \ufb02ow statement overdraft. \u00a0In the Group\u2019s cash \ufb02ow analysis cash and cash equivalents consist as de\ufb01ned above. The cash \ufb02ow analysis has been prepared according to the indirect method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3781": { "value": "NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS\u00a0Non-current assets and Groups of non-current assets and liabilities are classi\ufb01ed as held for sale if their carrying amount will be recovered through a sales transaction instead of through continued use. This is only regarded as having been ful\ufb01lled when a sale is highly probable, and the non-current asset (or Groups of non-current assets and liabilities) is available for immediate sale in its present form. The management must be committed to a sale and the sale must be expected to be carried out within one year after the classi\ufb01cation date. \u00a0Non-current assets and Groups of non-current assets and liabilities which are classi\ufb01ed as held for sale are valued at the lower of their former carrying amount or fair value minus sales costs. Assets are presented separately in the balance sheet as \u201cAssets classi\ufb01ed as held for sale\u201d and liabilities are presented as \u201cLiabilities classi\ufb01ed as held for sale\u201d. \u00a0Discontinued operations are de\ufb01ned as a company or part of a company that has either been disposed of or classi\ufb01ed held for sale and: Which represents a separate and signi\ufb01cant business or a separate and signi\ufb01cant geographical operating area, where materiality is assessed both in relation to the size of the business and whether the business is different from other businesses in the Group or segment in general Is part of a single coordinated plan to dispose of a separate and signi\ufb01cant business or a separate and signi\ufb01cant geographic operating area; or Is a subsidiary acquired exclusively for resale. \u00a0Discontinued operations are presented separately from the result from continued operations in the income statement in the account \u201cAnnual result of discontinued operations (after tax)\u201d. Pro\ufb01t after tax from discontinued operations as well as gains or losses for assets or disposal Groups are included in the account. Additional speci\ufb01cations are given in disclosures. Comparative \ufb01gures for the discontinued operations are changed accordingly. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3782": { "value": "NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS\u00a0Non-current assets and Groups of non-current assets and liabilities are classi\ufb01ed as held for sale if their carrying amount will be recovered through a sales transaction instead of through continued use. This is only regarded as having been ful\ufb01lled when a sale is highly probable, and the non-current asset (or Groups of non-current assets and liabilities) is available for immediate sale in its present form. The management must be committed to a sale and the sale must be expected to be carried out within one year after the classi\ufb01cation date. \u00a0Non-current assets and Groups of non-current assets and liabilities which are classi\ufb01ed as held for sale are valued at the lower of their former carrying amount or fair value minus sales costs. Assets are presented separately in the balance sheet as \u201cAssets classi\ufb01ed as held for sale\u201d and liabilities are presented as \u201cLiabilities classi\ufb01ed as held for sale\u201d. \u00a0Discontinued operations are de\ufb01ned as a company or part of a company that has either been disposed of or classi\ufb01ed held for sale and: Which represents a separate and signi\ufb01cant business or a separate and signi\ufb01cant geographical operating area, where materiality is assessed both in relation to the size of the business and whether the business is different from other businesses in the Group or segment in general Is part of a single coordinated plan to dispose of a separate and signi\ufb01cant business or a separate and signi\ufb01cant geographic operating area; or Is a subsidiary acquired exclusively for resale. \u00a0Discontinued operations are presented separately from the result from continued operations in the income statement in the account \u201cAnnual result of discontinued operations (after tax)\u201d. Pro\ufb01t after tax from discontinued operations as well as gains or losses for assets or disposal Groups are included in the account. Additional speci\ufb01cations are given in disclosures. Comparative \ufb01gures for the discontinued operations are changed accordingly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3783": { "value": "NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS\u00a0Non-current assets and Groups of non-current assets and liabilities are classi\ufb01ed as held for sale if their carrying amount will be recovered through a sales transaction instead of through continued use. This is only regarded as having been ful\ufb01lled when a sale is highly probable, and the non-current asset (or Groups of non-current assets and liabilities) is available for immediate sale in its present form. The management must be committed to a sale and the sale must be expected to be carried out within one year after the classi\ufb01cation date. \u00a0Non-current assets and Groups of non-current assets and liabilities which are classi\ufb01ed as held for sale are valued at the lower of their former carrying amount or fair value minus sales costs. Assets are presented separately in the balance sheet as \u201cAssets classi\ufb01ed as held for sale\u201d and liabilities are presented as \u201cLiabilities classi\ufb01ed as held for sale\u201d. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3784": { "value": "NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS\u00a0Non-current assets and Groups of non-current assets and liabilities are classi\ufb01ed as held for sale if their carrying amount will be recovered through a sales transaction instead of through continued use. This is only regarded as having been ful\ufb01lled when a sale is highly probable, and the non-current asset (or Groups of non-current assets and liabilities) is available for immediate sale in its present form. The management must be committed to a sale and the sale must be expected to be carried out within one year after the classi\ufb01cation date. \u00a0Non-current assets and Groups of non-current assets and liabilities which are classi\ufb01ed as held for sale are valued at the lower of their former carrying amount or fair value minus sales costs. Assets are presented separately in the balance sheet as \u201cAssets classi\ufb01ed as held for sale\u201d and liabilities are presented as \u201cLiabilities classi\ufb01ed as held for sale\u201d. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3798": { "value": "Discontinued operations are de\ufb01ned as a company or part of a company that has either been disposed of or classi\ufb01ed held for sale and: Which represents a separate and signi\ufb01cant business or a separate and signi\ufb01cant geographical operating area, where materiality is assessed both in relation to the size of the business and whether the business is different from other businesses in the Group or segment in general Is part of a single coordinated plan to dispose of a separate and signi\ufb01cant business or a separate and signi\ufb01cant geographic operating area; or Is a subsidiary acquired exclusively for resale. \u00a0Discontinued operations are presented separately from the result from continued operations in the income statement in the account \u201cAnnual result of discontinued operations (after tax)\u201d. Pro\ufb01t after tax from discontinued operations as well as gains or losses for assets or disposal Groups are included in the account. Additional speci\ufb01cations are given in disclosures. Comparative \ufb01gures for the discontinued operations are changed accordingly. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3799": { "value": "Discontinued operations are de\ufb01ned as a company or part of a company that has either been disposed of or classi\ufb01ed held for sale and: Which represents a separate and signi\ufb01cant business or a separate and signi\ufb01cant geographical operating area, where materiality is assessed both in relation to the size of the business and whether the business is different from other businesses in the Group or segment in general Is part of a single coordinated plan to dispose of a separate and signi\ufb01cant business or a separate and signi\ufb01cant geographic operating area; or Is a subsidiary acquired exclusively for resale. \u00a0Discontinued operations are presented separately from the result from continued operations in the income statement in the account \u201cAnnual result of discontinued operations (after tax)\u201d. Pro\ufb01t after tax from discontinued operations as well as gains or losses for assets or disposal Groups are included in the account. Additional speci\ufb01cations are given in disclosures. Comparative \ufb01gures for the discontinued operations are changed accordingly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3895": { "value": "PENSION COST AND LIABILITIES The Group\u2019s pension plans consist of de\ufb01ned contribution pension and AFP plans for the Group\u2019s Norwegian employees and bene\ufb01t plans (\u201cmulti-employer plans\u201d) for the Group\u2019s Swedish employees. The pension plans which are administered separately (contribution-based pension plan) the annual payments/subsidies are included in personnel expenses. \u00a0Pension liabilities are valued at the present value of future pension rights earned at the balance sheet date on the basis of linear accrual and expected \ufb01nal salary. The pension plan\u2019s funds are valued at assumed market value. Net pension liabilities (pension liabilities minus the pension plan\u2019s funds) are classi\ufb01ed in the balance sheet as long-term liabilities. The net liability includes employer\u2019s tax. \u00a0The AFP plan for the Group\u2019s Norwegian employees and the bene\ufb01t plan for the Group\u2019s Swedish employees are considered as so-called \u201cmulti-employer plans\u201d. These pension plans are treated as de\ufb01ned contribution pension plans in the accounts because the necessary information to treat the plan as de\ufb01ned bene\ufb01t plans are not yet available from the life insurance company that administers the pension plan. When the necessary information is available, and the pension plan are accounted for as de\ufb01ned bene\ufb01t arrangements in accordance with IAS 19, this could have an effect on the consolidated accounts. SHARE BASED PAYMENT An option program has been entered into for the management of Scana ASA and the general manager of the subsidiaries that are being made up by issuing shares. See further comments in disclosure 9. \u00a0The value of granted options is accrued over the agreed period the employee gains the right to receive the options, or when purchasing services from external parties over the service period of the share consideration agreed to cover. DISCLOSURE 9 | PAYROLL EXPENSES PAYROLL EXPENSES 2022 2021 Salary costs 264 473 67 723 Social security costs 37 596 11 685 Pension costs 14 616 5 837 Insurance costs 2 031 546 Option program 3 847 1 740 Other wages and personnel costs 6 862 70 Total payroll expenses 329 425 87 601 TOTAL AVERAGE NUMBER OF EMPLOYEES 2022 2021 Norway 291 82 Sweden 10 9 Total average number of employees 301 91 The Group had 371 employees on 31 December 2022 (2021: 84 employees). The increase is driven by the acquisition of PSW and Trans Construction. For further information relating to salaries and remuneration to senior executives, see \u201cReport on remuneration to senior executives\u201d. You will also \ufb01nd the report on Scana\u2019s website. REMUNERATION LEADING PERSONNEL Name Position Styrk Bekkenes CEO* Torvald Ulland Reiestad CFO Kjetil Flesj\u00e5 Former CFO Oddbj\u00f8rn Hauk\u00f8y CCO* Anette Netteland Dybvik Head of IR and Investments* Total Year Base salary Fees Fringe bene\ufb01ts Variable Fixed Fixed Variable Fixed Variable 2022 3 100 124 84 3 308 100 % 0 % 2021 2 386 95 1 000 87 2 568 1 000 72 % 28 % 2022 1 622 15 85 1 722 100 % 0 % 2021 1 461 20 250 87 1 568 250 86 % 14 % 2022 0 % 0 % 2021 175 175 100 % 0 % 2022 2 750 13 77 2 841 100 % 0 % 2021 0 % 0 % 2022 400 5 24 429 100 % 0 % 2021 0 % 0 % 2022 7 872 0 158 0 270 8 300 0 100 % 0 % 2021 4 022 0 115 1 250 174 4 311 1 250 78 % 22 % Fixed remuneration Extraordinary items Pension expense Total remuneration Proportion of \ufb01xed and variable remuneration The resignation period for key personnel is from 3\u20136 months. The CEO has a severance agreement which involves salary for 6 months beyond the notice period. Any wage income received from other work in the period where severance pay is paid must be deducted from severance pay. Refers to disclosure 11 for description of pensions. The pension scheme for senior employees is contribution-based. No loans, advance payments or collateral have been given to leading persons during 2022. On the balance sheet date, no leading persons have loans. See disclosure 29 for further discussion according to related parties. * CCO was hired from February 2022, while Head of IR and Investments was hired from September 2022. CEO resigned in January 2023. SHARE-BASED REMUNERATION (EQUITY-SETTLED) On 24 June 2019, the company announced that senior employees have been awarded an option program together with the general manager of the subsidiaries. The option program was approved at the ordinary general meeting on 8 May 2020. On 24 January 2022, the company announced that senior employees have been awarded an option program together with the general manager of the subsidiaries. The option program was approved at the ordinary general meeting on 22 June 2022. The report \ufb01rst presents the 2019 program and then the 2022 program. SHARE-BASED REMUNERATION FROM 2019 Name Position Speci\ufb01cation of plan Performance period Award date Vesting date End of holding period Exercise period Strike price of the share Share options awarded at the beginning of the year Share options awarded Deducted in 2022 Share options vested Share options subject to a performance condition Share options awarded and unvested Share options subject to a holding period Dag Schjerven Plan 1a 21.06.2019 \u2013 30.06.2020 21.06.2019 30.06.2020 420 000 30.06.2020 1,100 420 000 0 -420 000 0 0 0 Plan 1b 21.06.2019 \u2013 30.06.2021 21.06.2019 30.06.2021 420 000 30.06.2021 1,210 420 000 0 -420 000 0 0 0 Plan 1c 21.06.2019 \u2013 30.06.2022 21.06.2019 30.06.2022 420 000 30.06.2022 1,331 420 000 0 -420 000 420 000 0 0 0 Plan 1d 21.06.2019 1,464 Styrk Bekkenes Plan 1a 21.06.2019 \u2013 30.06.2020 21.06.2019 30.06.2020 2 100 000 30.06.2020 1,100 2 100 000 0 2 100 000 2 100 000 2 100 000 Plan 1b 21.06.2019 \u2013 30.06.2021 21.06.2019 30.06.2021 2 100 000 30.06.2021 1,210 2 100 000 0 2 100 000 2 100 000 2 100 000 Plan 1c 21.06.2019 \u2013 30.06.2022 21.06.2019 30.06.2022 2 100 000 30.06.2022 1,331 2 100 000 0 2 100 000 2 100 000 2 100 000 2 100 000 Plan 1d 21.06.2019 1,464 Torvald Ulland CFO - Scana Plan 1a 26.06.2020 \u2013 30.06.2021 26.06.2020 30.06.2021 140 000 30.06.2021 1,100 140 000 0 140 000 140 000 140 000 Plan 1b 26.06.2020 \u2013 30.06.2022 26.06.2020 30.06.2022 140 000 30.06.2022 1,210 140 000 0 140 000 140 000 140 000 140 000 Plan 1c 26.06.2020 \u2013 30.06.2023 26.06.2020 30.06.2023 140 000 30.06.2023 1,331 140 000 0 140 000 140 000 140 000 Plan 1d 26.06.2020 1,464 Kjetil Flesj\u00e5 Plan 1a 21.06.2019 \u2013 30.06.2020 21.06.2019 30.06.2020 140 000 30.06.2020 1,100 140 000 0 140 000 140 000 140 000 Plan 1b 21.06.2019 \u2013 30.06.2021 21.06.2019 30.06.2021 140 000 30.06.2021 1,210 140 000 0 140 000 140 000 140 000 Plan 1c 21.06.2019 \u2013 30.06.2022 21.06.2019 30.06.2022 140 000 30.06.2022 1,331 140 000 0 140 000 140 000 140 000 140 000 Plan 1d 21.06.2019 1,464 Torkjell Lisland Plan 1a 21.06.2019 \u2013 30.06.2020 21.06.2019 30.06.2020 140 000 30.06.2020 1,100 140 000 0 140 000 140 000 140 000 Plan 1b 21.06.2019 \u2013 30.06.2021 21.06.2019 30.06.2021 140 000 30.06.2021 1,210 140 000 0 140 000 140 000 140 000 Plan 1c 21.06.2019 \u2013 30.06.2022 21.06.2019 30.06.2022 140 000 30.06.2022 1,331 140 000 0 140 000 140 000 140 000 140 000 Plan 1d 21.06.2019 1,464 Egil Kjeldsen Plan 1a 21.06.2019 \u2013 30.06.2020 21.06.2019 30.06.2020 140 000 30.06.2020 1,100 140 000 0 -140 000 0 0 0 Plan 1b 21.06.2019 \u2013 30.06.2021 21.06.2019 30.06.2021 140 000 30.06.2021 1,210 140 000 0 -140 000 0 0 0 Plan 1c 21.06.2019 \u2013 30.06.2022 21.06.2019 30.06.2022 140 000 30.06.2022 1,331 140 000 0 -140 000 140 000 0 0 0 Plan 1d 21.06.2019 1,464 Total 9 240 000 9 240 000 0 3 080 000 0 7 560 000 7 560 000 7 560 000 Reiestad CFO - Scana (resigned) Managing director - Seasystems CCO - Skarpenord (resigned) Chairman of the board - Scana (resigned) During the year Closing balance Information regarding the reported \ufb01nancial year Opening balance The main conditions of share option plans CEO - Scana (resigned) The options can be exercised in connection with the reporting of the quarterly reports indicated in the table above. The exercise period is two weeks after the quarterly report is published at Oslo B\u00f8rs. The options linked to plan 1a are earned in the period from the award date to the vesting date, which is 21.06.2019\u201330.06.2020. The options linked to plan 1b are earned in the period from the award date to the vesting date, which is 21.06.2019\u201330.06.2021. The options linked to plan 1c are earned in the period from the award date to the vesting date, which is 21.06.2019\u201330.06.2022. Options that have not been exercised (cf. plan 1a, 1b and 1c) can be exercised through plan 1d on 30 June 2023 at a strike price of 1.464. The exercise can take place after the publication of the second quarter report of 2023 and the following two weeks. The CFO entered into an option agreement a year later and can exercise the options on the same terms a year later than the other participants. Resigned CFO Kjetil Flesj\u00e5 left the company with effect from 30 November 2020. He has retained his allocated options with associated rights. No shares or other instruments have been allocated in connection with remuneration to leading persons. No options have been exercised in 2022. SHARE-BASED REMUNERATION FROM 2022 Name Position Speci\ufb01cation of plan Performance period Award date Vesting date End of holding period Exercise period Strike price of the share Share options awarded at the beginning of the year Share options awarded Deducted in 2022 Share options vested Share options subject to a performance condition Share options awarded and unvested Share options subject to a holding period Styrk Bekkenes Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 2 000 000 30.06.2023 1,400 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 2 000 000 30.06.2024 1,470 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2023 30.06.2025 2 000 000 30.06.2025 1,544 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1e 24.01.2022 1,544 Oddbj\u00f8rn Hauk\u00f8y Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 2 000 000 30.06.2023 1,400 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 2 000 000 30.06.2024 1,470 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 2 000 000 30.06.2025 1,544 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1e 24.01.2022 1,544 Torvald Ulland Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 333 333 30.06.2023 1,400 0 333 333 333 333 333 333 333 333 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 333 333 30.06.2024 1,470 0 333 333 333 333 333 333 333 333 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 333 334 30.06.2025 1,544 0 333 334 333 334 333 334 333 334 Plan 1e 24.01.2022 1,544 Eirik S\u00f8rensen Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 833 333 30.06.2023 1,400 0 833 333 833 333 833 333 833 333 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 833 333 30.06.2024 1,470 0 833 333 833 333 833 333 833 333 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 833 334 30.06.2025 1,544 0 833 334 833 334 833 334 833 334 Plan 1e 24.01.2022 1,544 Erlend Einevoll Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 833 333 30.06.2023 1,400 0 833 333 833 333 833 333 833 333 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 833 333 30.06.2024 1,470 0 833 333 833 333 833 333 833 333 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 833 334 30.06.2025 1,544 0 833 334 833 334 833 334 833 334 Plan 1e 24.01.2022 1,544 Trond Ottar B\u00f8 Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 333 333 30.06.2023 1,400 0 333 333 333 333 333 333 333 333 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 333 333 30.06.2024 1,470 0 333 333 333 333 333 333 333 333 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 333 334 30.06.2025 1,544 0 333 334 333 334 333 334 333 334 Plan 1e 24.01.2022 1,544 Peter Jansson Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 333 333 30.06.2023 1,400 0 333 333 333 333 333 333 333 333 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 333 333 30.06.2024 1,470 0 333 333 333 333 333 333 333 333 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 333 334 30.06.2025 1,544 0 333 334 333 334 333 334 333 334 Plan 1e 24.01.2022 1,544 Anette Netteland Plan 1a 24.01.2022 \u2013 30.06.2023 06.07.2022 30.06.2023 250 000 30.06.2023 1,400 0 250 000 250 000 250 000 250 000 Plan 1b 24.01.2022 \u2013 30.06.2024 06.07.2022 30.06.2024 250 000 30.06.2024 1,470 0 250 000 250 000 250 000 250 000 Plan 1c 06.07.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 06.07.2022 30.06.2025 250 000 30.06.2025 1,544 0 250 000 250 000 250 000 250 000 Plan 1e 06.07.2022 1,544 Morten Riiser Plan 1a 24.01.2022 \u2013 30.06.2023 30.06.2022 30.06.2023 250 000 30.06.2023 1,400 0 250 000 250 000 250 000 250 000 Plan 1b 24.01.2022 \u2013 30.06.2024 30.06.2022 30.06.2024 250 000 30.06.2024 1,470 0 250 000 250 000 250 000 250 000 Plan 1c 30.06.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 30.06.2022 30.06.2025 250 000 30.06.2025 1,544 0 250 000 250 000 250 000 250 000 Plan 1e 30.06.2022 1,544 H\u00e5vard Kallestad Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 250 000 30.06.2023 1,400 0 250 000 250 000 250 000 250 000 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 250 000 30.06.2024 1,470 0 250 000 250 000 250 000 250 000 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 250 000 30.06.2025 1,544 0 250 000 250 000 250 000 250 000 Plan 1e 24.01.2022 1,544 Tor Erik Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 0 30.06.2023 1,400 0 250 000 -250 000 0 0 0 Christoffersen Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 0 30.06.2024 1,470 0 250 000 -250 000 0 0 0 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 0 30.06.2025 1,544 0 250 000 -250 000 0 0 0 Plan 1e 24.01.2022 1,544 Total 22 250 000 0 23 000 000 0 22 250 000 22 250 000 22 250 000 Reiestad Dybvik CEO - Scana (resigned) Managing director - PSW Power & Automation Managing director - PSW Solutions Managing director - Skarpenord Managing director - Subseatec Head of IR and Investments - Scana VP Finance - Scana SVP Operations & Business Development - PSW Technology CCO - PSW Technology (resigned) Interim CEO - Scana CFO - Scana Information regarding the reported \ufb01nancial year The main conditions of share option plans Opening balance During the year Closing balance The options can be exercised in connection with the reporting of the quarterly reports indicated in the table above. The exercise period is two weeks after the quarterly report is published at Oslo B\u00f8rs. The options linked to plan 1a are earned in the period from the award date to the vesting date, which is 24.01.2022\u201330.06.2023. The options linked to plan 1b are earned in the period from the award date to the vesting date, which is 24.01.2022\u201330.06.2024. Options that have not been exercised (cf. plan 1a) can be exercised through plan 1c on 30 June 2024 at a strike price of 1.47. The exercise can take place after the publication of the second quarter report of 2024 and the following two weeks. The options linked to plan 1d are earned in the period from the award date to the vesting date, which is 24.01.2022\u201330.06.2025. Options that have not been exercised (cf. 1a and 1b) can be exercised through plan 1e until 30 June 2025 at a strike price of 1.544. The exercise can take place after the publication of the second quarter report of 2025 and the following two weeks. No shares or other instruments have been allocated in connection with remuneration to leading persons. No options have been exercised in 2022. BOARD REMUNERATION The board of Scana ASA was paid TNOK 1,125 in fees in 2022 and TNOK 31 to the election committee. Board remunerations are paid annually in arrears and apply for the period from the ordinary general meeting 2021 to the ordinary general meeting 2022. Fees in arrears for the board elected in May 2021 with a term of of\ufb01ce until May 2022 are speci\ufb01ed below. A new board was elected at an extraordinary general meeting in December 2022. In addition, three board members stepped down from the board in January 2023. Name Position Active period Remuneration paid out in 2021 Remuneration paid out in 2022 Dag Schjerven Chairman of the board May 2018 \u2013 Jan 2023 300 300 Morten Blix Deputy chair of the board Jan 2022 \u2013 Dec 2022 \u2013 90 Espen S. Berge Deputy chair of the board May 2020 \u2013 Jan 2022 225 135 Marianne Lie Board member May 2016 \u2013 Jan 2023 200 200 Margaret Elin Hystad Board member May 2018 \u2013 Dec 2022 200 200 Rune Magnus Lundetr\u00e6 Board member May 2021 \u2013 Jan 2023 200 Former board member May 2020 \u2013 Dec 2021 200 Total remuneration 1 125 1 125 VALUATION METHOD In connection with determining the value of the option program, a binomial option pricing model has been used. It is assumed that a \u201cgeometric Brownian motion\u201d model as a price model, which is the most widely used price model in \ufb01nancial mathematics, can be used to generate future share prices. The risk-free interest rate is in accordance with Norges Bank\u2019s interest rate at the time of the award. Risk-free interest is interpolated over the accrual period. The volatility is based on trades made in the share in the past \ufb01ve years, which is 97 %. Dividend is not considered. Based on simulations, this gives an indicative option value of NOK 5.2 million according to option program from 2019. The same method is used for an option program announced January 2022 which gives NOK 10.5 million. In both option programs, it is assumed that no one who has been granted options will end the vesting period and that everyone will redeem the options after 36 months. The value of granted options is accrued over the period in which the employees acquire the right to receive the options. In 2022, NOK 3.8 million was recognized as a cost the option program in accordance with the vesting period. DISCLOSURE 10 | PENSION According to Section 7\u201330a of the Accounts Act, companies in Norway are obliged to have an occupational pension scheme according to the Mandatory Occupational Pensions Act and the companies have a pension scheme that meets the requirements. PERFORMANCE PLAN IN NORWAY The Norwegian companies within the Group are covered by an AFP scheme. The number of employees covered by the scheme is 368 people as of 31 December 2022 (2021: 83 people). From an accounting point of view, the scheme is to be regarded as a bene\ufb01t-based multi-enterprise scheme. The Group is unable to identify its share of the scheme\u2019s underlying \ufb01nancial position and result with a suf\ufb01cient degree of reliability, and on this basis the scheme is accounted for as a deposit scheme. This means that obligations from the AFP scheme are not entered in the balance sheet. Premiums for the scheme are expensed when they accrues. DEPOSIT PLAN IN NORWAY Companies in Norway have deposit plans. The contribution plans cover all employees over the age of 20 in more than 20 % positions. The deposits amount to 4.5\u20135 % of annual salary between 0\u20137. 1G and 8 % between 6G\u201312G. The pension funds are invested in funds administered by an insurance company and managed by the employee. As of 31 December 2022, there were 361 members of the schemes (2021: 75 members). Prepaid pension cost is entered in the statement of \ufb01nancial position as a long-term receivable and the liability is entered in the balance sheet as a long-term liability. 2022 2021 Prepaid pension cost 31.12. 1 883 2 025 Balance sheet pension obligation 31.12. 1 883 2 025 PENSION SCHEMES IN SWEDEN There are two pension schemes in Sweden, an ordinary de\ufb01ned contribution scheme and a multi-company bene\ufb01t scheme which is accounted for as a de\ufb01ned contribution scheme. The bene\ufb01t plans are organized as joint plans for several employers (multi-employer plans) and are insured in Alecta. Necessary information to be able to account for the bene\ufb01t schemes as bene\ufb01t plans is not available. For that reason, the Group has accounted for the scheme as a deposit scheme. The reason why there is insuf\ufb01cient information to be able to account for the scheme as a de\ufb01ned bene\ufb01t scheme is that Alecta does not have information about the distribution of the accrual of pension rights between the various employers and therefore does not have the opportunity to make an accurate and reliable distribution of assets and liabilities to the respective employers. Furthermore, Alecta does not have a set of regulations for how any surplus or de\ufb01cit that arises is to be handled. For that reason, the Group has accounted for the scheme as a deposit scheme. The Group\u2019s expected contribution to the bene\ufb01t scheme in 2022 in Alecta is estimated by Alecta at NOK 0.7 million (estimate for 2021 was NOK 1.2 million). The multi-company bene\ufb01t scheme covers 9 out of 9 employees (2021: 9 out of 9 employees). The collective funding ratio measures the distribution of assets in relation to the insurance commitment. The insurance commitment consists of guaranteed commitment and distributed bonus to insured and policyholders, calculations based on Alectas insurance technical methods and expectations, which differs from the methods and expectations used in the valuation of de\ufb01ned bene\ufb01t pensions in accordance with IAS 19. According to Alecta\u2019s funding policy for de\ufb01ned bene\ufb01t pensions, the level of the collective funding ratio can vary between 125 and 155 percent. If the level deviates from the normal level, measures must be taken to bring the funding ratio back to the normal level. In the case of a low degree of \ufb01nancing, one measure could be to increase the agreed price for new subscriptions and extend the existing bene\ufb01ts. In the event of a high degree of \ufb01nancing, one measure may be to introduce premium reductions. Alecta\u2019s funding ratio at the end of 2022 was 172 % (2021: 172 %). THE OVERVIEW BELOW SHOWS SCANA'S PARTICIPATION SHARE PER 31.12.2022 31.12.2021 The Group's share of the total savings premium for ITP 2 in Alecta * 0.00153 % 0.00269 % The Group's share of the total number of assets insured in ITP 2 ** 0.00235 % 0.00227 % 2022 2021 Pension costs related to de\ufb01ned contribution plans in Norway 13 381 4 260 Pension costs linked to de\ufb01ned contribution and multi-employee plans in Sweden: 1 235 1 577 Total pension cost 14 616 5 837 To the extent that the necessary information becomes available, and the arrangements must be accounted for as performance plans in accordance with According to IAS 19, this could have an effect on the consolidated accounts. * Refers to average for the whole year ** Refer to the average for the last month ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3896": { "value": "PENSION COST AND LIABILITIES The Group\u2019s pension plans consist of de\ufb01ned contribution pension and AFP plans for the Group\u2019s Norwegian employees and bene\ufb01t plans (\u201cmulti-employer plans\u201d) for the Group\u2019s Swedish employees. The pension plans which are administered separately (contribution-based pension plan) the annual payments/subsidies are included in personnel expenses. \u00a0Pension liabilities are valued at the present value of future pension rights earned at the balance sheet date on the basis of linear accrual and expected \ufb01nal salary. The pension plan\u2019s funds are valued at assumed market value. Net pension liabilities (pension liabilities minus the pension plan\u2019s funds) are classi\ufb01ed in the balance sheet as long-term liabilities. The net liability includes employer\u2019s tax. \u00a0The AFP plan for the Group\u2019s Norwegian employees and the bene\ufb01t plan for the Group\u2019s Swedish employees are considered as so-called \u201cmulti-employer plans\u201d. These pension plans are treated as de\ufb01ned contribution pension plans in the accounts because the necessary information to treat the plan as de\ufb01ned bene\ufb01t plans are not yet available from the life insurance company that administers the pension plan. When the necessary information is available, and the pension plan are accounted for as de\ufb01ned bene\ufb01t arrangements in accordance with IAS 19, this could have an effect on the consolidated accounts. SHARE BASED PAYMENT An option program has been entered into for the management of Scana ASA and the general manager of the subsidiaries that are being made up by issuing shares. See further comments in disclosure 9. \u00a0The value of granted options is accrued over the agreed period the employee gains the right to receive the options, or when purchasing services from external parties over the service period of the share consideration agreed to cover. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3915": { "value": "TAXES INCOME TAXES Income taxes comprise taxes on the taxable pro\ufb01t for the year, changes in deferred taxes and any adjustments in prior years\u2019 taxes. Taxes on transactions that are recorded in other comprehensive income or directly in equity do not form part of the tax expense in pro\ufb01t or loss. Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period. DEFERRED TAX ASSETS Deferred tax assets are recognized when it is probable that the company will have a suf\ufb01cient pro\ufb01t for tax purposes in subsequent periods to utilize the tax asset. The assessment of whether deferred tax assets can be recognized in the balance sheet, including deferred tax assets linked to losses carried forward, is made separately within each individual tax regime. The companies recognize previously unrecognized deferred tax assets to the extent it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilize the deferred tax asset. \u00a0Deferred tax and deferred tax assets in the balance sheet is entered at nominal value and is calculated on the basis of temporary differences between tax and accounting values for assets and liabilities on the balance sheet date, adjusted for tax loss carry forwards. \u00a0Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in the Group where temporary differences have arisen. It is based on tax rates and tax rules that have are adopted on the balance sheet date. Taxes payable and deferred taxes are recognized directly in equity to the extent that they relate to equity transactions. PAYABLE TAX Receivables and liabilities regarding payable tax for the current period and previous periods is recognized in the balance sheet at the amount that is expected to be paid from or paid into the tax authorities. DEFERRED TAX ASSETS \u2013 ESTIMATE UNCERTAINTY Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable pro\ufb01t will be available against which the losses can be utilized. Signi\ufb01cant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable pro\ufb01ts, together with future tax planning strategies. If the Group was able to recognize all unrecognized deferred tax assets, pro\ufb01t and equity would have increased by NOK 20.2 million. Further details on taxes are disclosed in disclosure 11. DISCLOSURE 11 | TAX 2022 2021 THE TAX EXPENSE FOR THE YEAR APPEARS AS FOLLOWS Current tax 0 542 Change in deferred tax/deferred tax assets Change in tax/deferred tax asset -11 257 -24 641 Currency difference foreign tax -65 -190 Tax expense -11 322 -24 289 Foreign tax expense 266 560 Effective tax rate 20 % -1197 % In 2021 Scana Valve Control AS made a payment of NOK 0.5 million related to a tax case in South Korea. The tax payment concerns withholding tax that arose in connection with the demerger and merger process in connection with the transfer of the shares in Scana Korea Hydraulic to Scana Valve Control AS. 2022 2021 RECONCILIATION OF TAX EXPENSE AGAINST ORDINARY PROFIT BEFORE TAX Pro\ufb01t before tax \u2013 from continuing operations -55 822 2 030 Pro\ufb01t before tax \u2013 from discontinued operations 0 0 Pro\ufb01t before tax \u2013 total -55 822 2 030 22 % of pro\ufb01t before tax -12 281 447 Tax expense for the year \u2013 from continuing operations -11 322 -24 289 The differences; due to -959 24 736 Permanent differences 1 900 -2 239 Change not capitalized deferred tax assets -2 893 26 901 Effect of foreign activity due to different tax levels 34 74 Total -959 24 736 SPECIFICATION OF NET DEFERRED TAX ASSETS 2022 2021 Fixed assets 28 805 4 525 Net right of use assets/liabilities -2 079 -94 Current assets -13 460 -17 596 Liabilities -3 802 55 Tax loss carried forward -82 018 -61 572 Deferred tax assets off balance 20 181 17 288 Net deferred tax assets 52 373 57 394 Deferred tax assets Norway 22 % 70 654 75 342 Deferred tax assets \u2013 not capitalized 20 181 17 288 Deferred tax assets Norway 22 % 50 473 58 054 Deferred tax assets Sweden 20.6 % 1 900 2 231 Deferred tax assets 52 373 60 285 Deferred tax Norway 22 % 0 2 891 Deferred tax liability 0 2 891 Net deferred tax assets 52 373 57 394 RECONCILIATION OF NET DEFERRED TAX ASSETS 2022 2021 Opening balance, net deferred tax assets 57 394 32 753 Change in tax/deferred tax asset over the result 11 322 24 831 Currency difference foreign tax -65 -190 Deferred tax business combination -22 025 0 Deferred tax assets capital expansion 5 747 0 Closing balance, net deferred tax assets 52 373 57 394 Deferred tax assets not recognized in the balance sheet was NOK 20.2 million, and NOK 19.9 million was linked to segment Scana HQ. As of 31 December 2022, the tax loss to be carried forward in Norway is NOK 364.3 million (2021: NOK 270.7 million). In Sweden, the tax loss carried forward is MNOK 9.1 as of December 2022 (2021: MNOK 9.8). There are no restrictions on the right to carry forward tax losses. The business in Sweden delivers positive results, while the Norwegian businesses in total deliver negative results before tax. Management considers it likely that tax losses will be used in connection with companies in Norwegian operations. This is based on expected future cash \ufb02ows and builds on the same assumptions used in the impairment tests. This is also supported by several new contracts won in fourth quarter 2022 and I \ufb01rst quarter 2023 which are expected to contribute with increased future taxable income. The taxable loss is recognized in the statement of \ufb01nancial position as a deferred tax assets in the operating businesses and a part of it in Scana ASA. In this connection, the company considers that there is suf\ufb01cient taxable income in future periods, adjusted for net temporary differences with future taxable income. Taxable amounts arising from tax-reducing temporary differences expected to arise in future periods are disregarded. See also mention in disclosures 2 and 12 relating to impairment test. In 2022, deferred tax assets were recognized in the statement of \ufb01nancial position, which positively affects the income statement of NOK 11.3 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3916": { "value": "TAXES INCOME TAXES Income taxes comprise taxes on the taxable pro\ufb01t for the year, changes in deferred taxes and any adjustments in prior years\u2019 taxes. Taxes on transactions that are recorded in other comprehensive income or directly in equity do not form part of the tax expense in pro\ufb01t or loss. Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period. DEFERRED TAX ASSETS Deferred tax assets are recognized when it is probable that the company will have a suf\ufb01cient pro\ufb01t for tax purposes in subsequent periods to utilize the tax asset. The assessment of whether deferred tax assets can be recognized in the balance sheet, including deferred tax assets linked to losses carried forward, is made separately within each individual tax regime. The companies recognize previously unrecognized deferred tax assets to the extent it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilize the deferred tax asset. \u00a0Deferred tax and deferred tax assets in the balance sheet is entered at nominal value and is calculated on the basis of temporary differences between tax and accounting values for assets and liabilities on the balance sheet date, adjusted for tax loss carry forwards. \u00a0Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in the Group where temporary differences have arisen. It is based on tax rates and tax rules that have are adopted on the balance sheet date. Taxes payable and deferred taxes are recognized directly in equity to the extent that they relate to equity transactions. PAYABLE TAX Receivables and liabilities regarding payable tax for the current period and previous periods is recognized in the balance sheet at the amount that is expected to be paid from or paid into the tax authorities. DEFERRED TAX ASSETS \u2013 ESTIMATE UNCERTAINTY Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable pro\ufb01t will be available against which the losses can be utilized. Signi\ufb01cant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable pro\ufb01ts, together with future tax planning strategies. If the Group was able to recognize all unrecognized deferred tax assets, pro\ufb01t and equity would have increased by NOK 20.2 million. Further details on taxes are disclosed in disclosure 11. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3924": { "value": "DEFERRED TAX ASSETS Deferred tax assets are recognized when it is probable that the company will have a suf\ufb01cient pro\ufb01t for tax purposes in subsequent periods to utilize the tax asset. The assessment of whether deferred tax assets can be recognized in the balance sheet, including deferred tax assets linked to losses carried forward, is made separately within each individual tax regime. The companies recognize previously unrecognized deferred tax assets to the extent it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilize the deferred tax asset. \u00a0Deferred tax and deferred tax assets in the balance sheet is entered at nominal value and is calculated on the basis of temporary differences between tax and accounting values for assets and liabilities on the balance sheet date, adjusted for tax loss carry forwards. \u00a0Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in the Group where temporary differences have arisen. It is based on tax rates and tax rules that have are adopted on the balance sheet date. Taxes payable and deferred taxes are recognized directly in equity to the extent that they relate to equity transactions. DEFERRED TAX ASSETS \u2013 ESTIMATE UNCERTAINTY Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable pro\ufb01t will be available against which the losses can be utilized. Signi\ufb01cant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable pro\ufb01ts, together with future tax planning strategies. If the Group was able to recognize all unrecognized deferred tax assets, pro\ufb01t and equity would have increased by NOK 20.2 million. Further details on taxes are disclosed in disclosure 11. DISCLOSURE 11 | TAX 2022 2021 THE TAX EXPENSE FOR THE YEAR APPEARS AS FOLLOWS Current tax 0 542 Change in deferred tax/deferred tax assets Change in tax/deferred tax asset -11 257 -24 641 Currency difference foreign tax -65 -190 Tax expense -11 322 -24 289 Foreign tax expense 266 560 Effective tax rate 20 % -1197 % In 2021 Scana Valve Control AS made a payment of NOK 0.5 million related to a tax case in South Korea. The tax payment concerns withholding tax that arose in connection with the demerger and merger process in connection with the transfer of the shares in Scana Korea Hydraulic to Scana Valve Control AS. 2022 2021 RECONCILIATION OF TAX EXPENSE AGAINST ORDINARY PROFIT BEFORE TAX Pro\ufb01t before tax \u2013 from continuing operations -55 822 2 030 Pro\ufb01t before tax \u2013 from discontinued operations 0 0 Pro\ufb01t before tax \u2013 total -55 822 2 030 22 % of pro\ufb01t before tax -12 281 447 Tax expense for the year \u2013 from continuing operations -11 322 -24 289 The differences; due to -959 24 736 Permanent differences 1 900 -2 239 Change not capitalized deferred tax assets -2 893 26 901 Effect of foreign activity due to different tax levels 34 74 Total -959 24 736 SPECIFICATION OF NET DEFERRED TAX ASSETS 2022 2021 Fixed assets 28 805 4 525 Net right of use assets/liabilities -2 079 -94 Current assets -13 460 -17 596 Liabilities -3 802 55 Tax loss carried forward -82 018 -61 572 Deferred tax assets off balance 20 181 17 288 Net deferred tax assets 52 373 57 394 Deferred tax assets Norway 22 % 70 654 75 342 Deferred tax assets \u2013 not capitalized 20 181 17 288 Deferred tax assets Norway 22 % 50 473 58 054 Deferred tax assets Sweden 20.6 % 1 900 2 231 Deferred tax assets 52 373 60 285 Deferred tax Norway 22 % 0 2 891 Deferred tax liability 0 2 891 Net deferred tax assets 52 373 57 394 RECONCILIATION OF NET DEFERRED TAX ASSETS 2022 2021 Opening balance, net deferred tax assets 57 394 32 753 Change in tax/deferred tax asset over the result 11 322 24 831 Currency difference foreign tax -65 -190 Deferred tax business combination -22 025 0 Deferred tax assets capital expansion 5 747 0 Closing balance, net deferred tax assets 52 373 57 394 Deferred tax assets not recognized in the balance sheet was NOK 20.2 million, and NOK 19.9 million was linked to segment Scana HQ. As of 31 December 2022, the tax loss to be carried forward in Norway is NOK 364.3 million (2021: NOK 270.7 million). In Sweden, the tax loss carried forward is MNOK 9.1 as of December 2022 (2021: MNOK 9.8). There are no restrictions on the right to carry forward tax losses. The business in Sweden delivers positive results, while the Norwegian businesses in total deliver negative results before tax. Management considers it likely that tax losses will be used in connection with companies in Norwegian operations. This is based on expected future cash \ufb02ows and builds on the same assumptions used in the impairment tests. This is also supported by several new contracts won in fourth quarter 2022 and I \ufb01rst quarter 2023 which are expected to contribute with increased future taxable income. The taxable loss is recognized in the statement of \ufb01nancial position as a deferred tax assets in the operating businesses and a part of it in Scana ASA. In this connection, the company considers that there is suf\ufb01cient taxable income in future periods, adjusted for net temporary differences with future taxable income. Taxable amounts arising from tax-reducing temporary differences expected to arise in future periods are disregarded. See also mention in disclosures 2 and 12 relating to impairment test. In 2022, deferred tax assets were recognized in the statement of \ufb01nancial position, which positively affects the income statement of NOK 11.3 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3925": { "value": "DEFERRED TAX ASSETS Deferred tax assets are recognized when it is probable that the company will have a suf\ufb01cient pro\ufb01t for tax purposes in subsequent periods to utilize the tax asset. The assessment of whether deferred tax assets can be recognized in the balance sheet, including deferred tax assets linked to losses carried forward, is made separately within each individual tax regime. The companies recognize previously unrecognized deferred tax assets to the extent it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilize the deferred tax asset. \u00a0Deferred tax and deferred tax assets in the balance sheet is entered at nominal value and is calculated on the basis of temporary differences between tax and accounting values for assets and liabilities on the balance sheet date, adjusted for tax loss carry forwards. \u00a0Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in the Group where temporary differences have arisen. It is based on tax rates and tax rules that have are adopted on the balance sheet date. Taxes payable and deferred taxes are recognized directly in equity to the extent that they relate to equity transactions. DEFERRED TAX ASSETS \u2013 ESTIMATE UNCERTAINTY Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable pro\ufb01t will be available against which the losses can be utilized. Signi\ufb01cant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable pro\ufb01ts, together with future tax planning strategies. If the Group was able to recognize all unrecognized deferred tax assets, pro\ufb01t and equity would have increased by NOK 20.2 million. Further details on taxes are disclosed in disclosure 11. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3948": { "value": "PROVISIONS A provision is recognized when the Group has an obligation (legal or self-imposed) as a result of a previous event, it is probable (more likely than not) that a \ufb01nancial settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is considerable, the provision is calculated by discounting estimated future cash \ufb02ows using a discount rate before tax that re\ufb02ects the market\u2019s pricing of the time value of money and, if relevant, risks speci\ufb01cally linked to the obligation. In the case of discounting, pro\ufb01t and loss is recognized the interest rate effect as a \ufb01nancial expense. \u00a0Warranty provisions are recognized when the product is sold, or the service is provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually. \u00a0Restructuring provisions are recognized when the Group has approved a detailed, formal restructuring plan and the restructuring has either started or been publicly announced. \u00a0Provisions for loss-making contracts are recognized when the Group\u2019s expected revenue from a contract is lower than costs incurred to ful\ufb01ll the obligations in the contract. CONTINGENT LIABILITIES AND ASSETS Contingent liabilities are not recognized in the annual accounts. Signi\ufb01cant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred. \u00a0Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain probability that a bene\ufb01t will be added to the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3949": { "value": "PROVISIONS A provision is recognized when the Group has an obligation (legal or self-imposed) as a result of a previous event, it is probable (more likely than not) that a \ufb01nancial settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is considerable, the provision is calculated by discounting estimated future cash \ufb02ows using a discount rate before tax that re\ufb02ects the market\u2019s pricing of the time value of money and, if relevant, risks speci\ufb01cally linked to the obligation. In the case of discounting, pro\ufb01t and loss is recognized the interest rate effect as a \ufb01nancial expense. \u00a0Warranty provisions are recognized when the product is sold, or the service is provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually. \u00a0Restructuring provisions are recognized when the Group has approved a detailed, formal restructuring plan and the restructuring has either started or been publicly announced. \u00a0Provisions for loss-making contracts are recognized when the Group\u2019s expected revenue from a contract is lower than costs incurred to ful\ufb01ll the obligations in the contract. CONTINGENT LIABILITIES AND ASSETS Contingent liabilities are not recognized in the annual accounts. Signi\ufb01cant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred. \u00a0Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain probability that a bene\ufb01t will be added to the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3950": { "value": "PROVISIONS A provision is recognized when the Group has an obligation (legal or self-imposed) as a result of a previous event, it is probable (more likely than not) that a \ufb01nancial settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is considerable, the provision is calculated by discounting estimated future cash \ufb02ows using a discount rate before tax that re\ufb02ects the market\u2019s pricing of the time value of money and, if relevant, risks speci\ufb01cally linked to the obligation. In the case of discounting, pro\ufb01t and loss is recognized the interest rate effect as a \ufb01nancial expense. \u00a0Warranty provisions are recognized when the product is sold, or the service is provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually. \u00a0Restructuring provisions are recognized when the Group has approved a detailed, formal restructuring plan and the restructuring has either started or been publicly announced. \u00a0Provisions for loss-making contracts are recognized when the Group\u2019s expected revenue from a contract is lower than costs incurred to ful\ufb01ll the obligations in the contract. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3987": { "value": "SHARE BASED PAYMENT An option program has been entered into for the management of Scana ASA and the general manager of the subsidiaries that are being made up by issuing shares. See further comments in disclosure 9. \u00a0The value of granted options is accrued over the agreed period the employee gains the right to receive the options, or when purchasing services from external parties over the service period of the share consideration agreed to cover. SHARE-BASED REMUNERATION (EQUITY-SETTLED) On 24 June 2019, the company announced that senior employees have been awarded an option program together with the general manager of the subsidiaries. The option program was approved at the ordinary general meeting on 8 May 2020. On 24 January 2022, the company announced that senior employees have been awarded an option program together with the general manager of the subsidiaries. The option program was approved at the ordinary general meeting on 22 June 2022. The report \ufb01rst presents the 2019 program and then the 2022 program. SHARE-BASED REMUNERATION FROM 2019 Name Position Speci\ufb01cation of plan Performance period Award date Vesting date End of holding period Exercise period Strike price of the share Share options awarded at the beginning of the year Share options awarded Deducted in 2022 Share options vested Share options subject to a performance condition Share options awarded and unvested Share options subject to a holding period Dag Schjerven Plan 1a 21.06.2019 \u2013 30.06.2020 21.06.2019 30.06.2020 420 000 30.06.2020 1,100 420 000 0 -420 000 0 0 0 Plan 1b 21.06.2019 \u2013 30.06.2021 21.06.2019 30.06.2021 420 000 30.06.2021 1,210 420 000 0 -420 000 0 0 0 Plan 1c 21.06.2019 \u2013 30.06.2022 21.06.2019 30.06.2022 420 000 30.06.2022 1,331 420 000 0 -420 000 420 000 0 0 0 Plan 1d 21.06.2019 1,464 Styrk Bekkenes Plan 1a 21.06.2019 \u2013 30.06.2020 21.06.2019 30.06.2020 2 100 000 30.06.2020 1,100 2 100 000 0 2 100 000 2 100 000 2 100 000 Plan 1b 21.06.2019 \u2013 30.06.2021 21.06.2019 30.06.2021 2 100 000 30.06.2021 1,210 2 100 000 0 2 100 000 2 100 000 2 100 000 Plan 1c 21.06.2019 \u2013 30.06.2022 21.06.2019 30.06.2022 2 100 000 30.06.2022 1,331 2 100 000 0 2 100 000 2 100 000 2 100 000 2 100 000 Plan 1d 21.06.2019 1,464 Torvald Ulland CFO - Scana Plan 1a 26.06.2020 \u2013 30.06.2021 26.06.2020 30.06.2021 140 000 30.06.2021 1,100 140 000 0 140 000 140 000 140 000 Plan 1b 26.06.2020 \u2013 30.06.2022 26.06.2020 30.06.2022 140 000 30.06.2022 1,210 140 000 0 140 000 140 000 140 000 140 000 Plan 1c 26.06.2020 \u2013 30.06.2023 26.06.2020 30.06.2023 140 000 30.06.2023 1,331 140 000 0 140 000 140 000 140 000 Plan 1d 26.06.2020 1,464 Kjetil Flesj\u00e5 Plan 1a 21.06.2019 \u2013 30.06.2020 21.06.2019 30.06.2020 140 000 30.06.2020 1,100 140 000 0 140 000 140 000 140 000 Plan 1b 21.06.2019 \u2013 30.06.2021 21.06.2019 30.06.2021 140 000 30.06.2021 1,210 140 000 0 140 000 140 000 140 000 Plan 1c 21.06.2019 \u2013 30.06.2022 21.06.2019 30.06.2022 140 000 30.06.2022 1,331 140 000 0 140 000 140 000 140 000 140 000 Plan 1d 21.06.2019 1,464 Torkjell Lisland Plan 1a 21.06.2019 \u2013 30.06.2020 21.06.2019 30.06.2020 140 000 30.06.2020 1,100 140 000 0 140 000 140 000 140 000 Plan 1b 21.06.2019 \u2013 30.06.2021 21.06.2019 30.06.2021 140 000 30.06.2021 1,210 140 000 0 140 000 140 000 140 000 Plan 1c 21.06.2019 \u2013 30.06.2022 21.06.2019 30.06.2022 140 000 30.06.2022 1,331 140 000 0 140 000 140 000 140 000 140 000 Plan 1d 21.06.2019 1,464 Egil Kjeldsen Plan 1a 21.06.2019 \u2013 30.06.2020 21.06.2019 30.06.2020 140 000 30.06.2020 1,100 140 000 0 -140 000 0 0 0 Plan 1b 21.06.2019 \u2013 30.06.2021 21.06.2019 30.06.2021 140 000 30.06.2021 1,210 140 000 0 -140 000 0 0 0 Plan 1c 21.06.2019 \u2013 30.06.2022 21.06.2019 30.06.2022 140 000 30.06.2022 1,331 140 000 0 -140 000 140 000 0 0 0 Plan 1d 21.06.2019 1,464 Total 9 240 000 9 240 000 0 3 080 000 0 7 560 000 7 560 000 7 560 000 Reiestad CFO - Scana (resigned) Managing director - Seasystems CCO - Skarpenord (resigned) Chairman of the board - Scana (resigned) During the year Closing balance Information regarding the reported \ufb01nancial year Opening balance The main conditions of share option plans CEO - Scana (resigned) The options can be exercised in connection with the reporting of the quarterly reports indicated in the table above. The exercise period is two weeks after the quarterly report is published at Oslo B\u00f8rs. The options linked to plan 1a are earned in the period from the award date to the vesting date, which is 21.06.2019\u201330.06.2020. The options linked to plan 1b are earned in the period from the award date to the vesting date, which is 21.06.2019\u201330.06.2021. The options linked to plan 1c are earned in the period from the award date to the vesting date, which is 21.06.2019\u201330.06.2022. Options that have not been exercised (cf. plan 1a, 1b and 1c) can be exercised through plan 1d on 30 June 2023 at a strike price of 1.464. The exercise can take place after the publication of the second quarter report of 2023 and the following two weeks. The CFO entered into an option agreement a year later and can exercise the options on the same terms a year later than the other participants. Resigned CFO Kjetil Flesj\u00e5 left the company with effect from 30 November 2020. He has retained his allocated options with associated rights. No shares or other instruments have been allocated in connection with remuneration to leading persons. No options have been exercised in 2022. SHARE-BASED REMUNERATION FROM 2022 Name Position Speci\ufb01cation of plan Performance period Award date Vesting date End of holding period Exercise period Strike price of the share Share options awarded at the beginning of the year Share options awarded Deducted in 2022 Share options vested Share options subject to a performance condition Share options awarded and unvested Share options subject to a holding period Styrk Bekkenes Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 2 000 000 30.06.2023 1,400 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 2 000 000 30.06.2024 1,470 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2023 30.06.2025 2 000 000 30.06.2025 1,544 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1e 24.01.2022 1,544 Oddbj\u00f8rn Hauk\u00f8y Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 2 000 000 30.06.2023 1,400 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 2 000 000 30.06.2024 1,470 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 2 000 000 30.06.2025 1,544 0 2 000 000 2 000 000 2 000 000 2 000 000 Plan 1e 24.01.2022 1,544 Torvald Ulland Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 333 333 30.06.2023 1,400 0 333 333 333 333 333 333 333 333 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 333 333 30.06.2024 1,470 0 333 333 333 333 333 333 333 333 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 333 334 30.06.2025 1,544 0 333 334 333 334 333 334 333 334 Plan 1e 24.01.2022 1,544 Eirik S\u00f8rensen Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 833 333 30.06.2023 1,400 0 833 333 833 333 833 333 833 333 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 833 333 30.06.2024 1,470 0 833 333 833 333 833 333 833 333 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 833 334 30.06.2025 1,544 0 833 334 833 334 833 334 833 334 Plan 1e 24.01.2022 1,544 Erlend Einevoll Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 833 333 30.06.2023 1,400 0 833 333 833 333 833 333 833 333 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 833 333 30.06.2024 1,470 0 833 333 833 333 833 333 833 333 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 833 334 30.06.2025 1,544 0 833 334 833 334 833 334 833 334 Plan 1e 24.01.2022 1,544 Trond Ottar B\u00f8 Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 333 333 30.06.2023 1,400 0 333 333 333 333 333 333 333 333 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 333 333 30.06.2024 1,470 0 333 333 333 333 333 333 333 333 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 333 334 30.06.2025 1,544 0 333 334 333 334 333 334 333 334 Plan 1e 24.01.2022 1,544 Peter Jansson Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 333 333 30.06.2023 1,400 0 333 333 333 333 333 333 333 333 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 333 333 30.06.2024 1,470 0 333 333 333 333 333 333 333 333 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 333 334 30.06.2025 1,544 0 333 334 333 334 333 334 333 334 Plan 1e 24.01.2022 1,544 Anette Netteland Plan 1a 24.01.2022 \u2013 30.06.2023 06.07.2022 30.06.2023 250 000 30.06.2023 1,400 0 250 000 250 000 250 000 250 000 Plan 1b 24.01.2022 \u2013 30.06.2024 06.07.2022 30.06.2024 250 000 30.06.2024 1,470 0 250 000 250 000 250 000 250 000 Plan 1c 06.07.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 06.07.2022 30.06.2025 250 000 30.06.2025 1,544 0 250 000 250 000 250 000 250 000 Plan 1e 06.07.2022 1,544 Morten Riiser Plan 1a 24.01.2022 \u2013 30.06.2023 30.06.2022 30.06.2023 250 000 30.06.2023 1,400 0 250 000 250 000 250 000 250 000 Plan 1b 24.01.2022 \u2013 30.06.2024 30.06.2022 30.06.2024 250 000 30.06.2024 1,470 0 250 000 250 000 250 000 250 000 Plan 1c 30.06.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 30.06.2022 30.06.2025 250 000 30.06.2025 1,544 0 250 000 250 000 250 000 250 000 Plan 1e 30.06.2022 1,544 H\u00e5vard Kallestad Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 250 000 30.06.2023 1,400 0 250 000 250 000 250 000 250 000 Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 250 000 30.06.2024 1,470 0 250 000 250 000 250 000 250 000 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 250 000 30.06.2025 1,544 0 250 000 250 000 250 000 250 000 Plan 1e 24.01.2022 1,544 Tor Erik Plan 1a 24.01.2022 \u2013 30.06.2023 24.01.2022 30.06.2023 0 30.06.2023 1,400 0 250 000 -250 000 0 0 0 Christoffersen Plan 1b 24.01.2022 \u2013 30.06.2024 24.01.2022 30.06.2024 0 30.06.2024 1,470 0 250 000 -250 000 0 0 0 Plan 1c 24.01.2022 1,470 Plan 1d 24.01.2022 \u2013 30.06.2025 24.01.2022 30.06.2025 0 30.06.2025 1,544 0 250 000 -250 000 0 0 0 Plan 1e 24.01.2022 1,544 Total 22 250 000 0 23 000 000 0 22 250 000 22 250 000 22 250 000 Reiestad Dybvik CEO - Scana (resigned) Managing director - PSW Power & Automation Managing director - PSW Solutions Managing director - Skarpenord Managing director - Subseatec Head of IR and Investments - Scana VP Finance - Scana SVP Operations & Business Development - PSW Technology CCO - PSW Technology (resigned) Interim CEO - Scana CFO - Scana Information regarding the reported \ufb01nancial year The main conditions of share option plans Opening balance During the year Closing balance The options can be exercised in connection with the reporting of the quarterly reports indicated in the table above. The exercise period is two weeks after the quarterly report is published at Oslo B\u00f8rs. The options linked to plan 1a are earned in the period from the award date to the vesting date, which is 24.01.2022\u201330.06.2023. The options linked to plan 1b are earned in the period from the award date to the vesting date, which is 24.01.2022\u201330.06.2024. Options that have not been exercised (cf. plan 1a) can be exercised through plan 1c on 30 June 2024 at a strike price of 1.47. The exercise can take place after the publication of the second quarter report of 2024 and the following two weeks. The options linked to plan 1d are earned in the period from the award date to the vesting date, which is 24.01.2022\u201330.06.2025. Options that have not been exercised (cf. 1a and 1b) can be exercised through plan 1e until 30 June 2025 at a strike price of 1.544. The exercise can take place after the publication of the second quarter report of 2025 and the following two weeks. No shares or other instruments have been allocated in connection with remuneration to leading persons. No options have been exercised in 2022. BOARD REMUNERATION The board of Scana ASA was paid TNOK 1,125 in fees in 2022 and TNOK 31 to the election committee. Board remunerations are paid annually in arrears and apply for the period from the ordinary general meeting 2021 to the ordinary general meeting 2022. Fees in arrears for the board elected in May 2021 with a term of of\ufb01ce until May 2022 are speci\ufb01ed below. A new board was elected at an extraordinary general meeting in December 2022. In addition, three board members stepped down from the board in January 2023. Name Position Active period Remuneration paid out in 2021 Remuneration paid out in 2022 Dag Schjerven Chairman of the board May 2018 \u2013 Jan 2023 300 300 Morten Blix Deputy chair of the board Jan 2022 \u2013 Dec 2022 \u2013 90 Espen S. Berge Deputy chair of the board May 2020 \u2013 Jan 2022 225 135 Marianne Lie Board member May 2016 \u2013 Jan 2023 200 200 Margaret Elin Hystad Board member May 2018 \u2013 Dec 2022 200 200 Rune Magnus Lundetr\u00e6 Board member May 2021 \u2013 Jan 2023 200 Former board member May 2020 \u2013 Dec 2021 200 Total remuneration 1 125 1 125 VALUATION METHOD In connection with determining the value of the option program, a binomial option pricing model has been used. It is assumed that a \u201cgeometric Brownian motion\u201d model as a price model, which is the most widely used price model in \ufb01nancial mathematics, can be used to generate future share prices. The risk-free interest rate is in accordance with Norges Bank\u2019s interest rate at the time of the award. Risk-free interest is interpolated over the accrual period. The volatility is based on trades made in the share in the past \ufb01ve years, which is 97 %. Dividend is not considered. Based on simulations, this gives an indicative option value of NOK 5.2 million according to option program from 2019. The same method is used for an option program announced January 2022 which gives NOK 10.5 million. In both option programs, it is assumed that no one who has been granted options will end the vesting period and that everyone will redeem the options after 36 months. The value of granted options is accrued over the period in which the employees acquire the right to receive the options. In 2022, NOK 3.8 million was recognized as a cost the option program in accordance with the vesting period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3989": { "value": "SHARE BASED PAYMENT An option program has been entered into for the management of Scana ASA and the general manager of the subsidiaries that are being made up by issuing shares. See further comments in disclosure 9. \u00a0The value of granted options is accrued over the agreed period the employee gains the right to receive the options, or when purchasing services from external parties over the service period of the share consideration agreed to cover. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4000": { "value": "CONTINGENT LIABILITIES AND ASSETS Contingent liabilities are not recognized in the annual accounts. Signi\ufb01cant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred. \u00a0Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain probability that a bene\ufb01t will be added to the Group. DISCLOSURE 25 | GUARANTEES AND PLEDGE MORTGAGE ENCUMBRANCES 2022 2021 Of the group's book debts, the following were secured by pledge 150 873 37 739 Total pledges 150 873 37 739 BOOK VALUE OF PLEDGED OBJECTS Machinery 143 609 11 757 Buildings 139 0 Inventories 65 960 13 355 Trade receivables 160 821 39 734 Contract assets 125 304 18 818 Total 495 834 83 663 WARRANTY LIABILITY 2022 2021 Warranty and surety liability 162 147 21 517 The parent company guarantees amount to NOK 17.7 million on the balance sheet date. Of the bank guarantees, approx. 27 % (2021: 71 %) linked to performance guarantees. Errors in deliveries and the inability to correct errors will give the customer the right to draw on the guarantees. About 32 % (2021: 29 %) of the bank and parent company guarantees are demand guarantees (\u201con demand\u201d guarantees) and includes tax deductions. Approximately 41 % of the guarantees are linked to the lease agreements. In the event of non-payment, the creditor can call on the guarantee. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4001": { "value": "CONTINGENT LIABILITIES AND ASSETS Contingent liabilities are not recognized in the annual accounts. Signi\ufb01cant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred. \u00a0Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain probability that a bene\ufb01t will be added to the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4002": { "value": "CONTINGENT LIABILITIES AND ASSETS Contingent liabilities are not recognized in the annual accounts. Signi\ufb01cant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred. \u00a0Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain probability that a bene\ufb01t will be added to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4032": { "value": "GOING CONCERN The annual report is prepared under the assumption of going concern. See comments in disclosure 5. DISCLOSURE 5 | GOING CONCERN The \ufb01nancial statementis prepared based on going concern. The board con\ufb01rms the going concern assumption is present in accordance with Section 3\u20133c of the Accounting Act. The Group achieved a positive EBITDA amounting to NOK 70.6 million compared to NOK 16.7 million last year. Adjusted EBITDA in 2022 was NOK 76.5 million versus NOK 23.7 million last year. See alternative performance measures. The Group\u2019s equity amounts to NOK 492.6 million and the liquidity reserve amounts to NOK 112.6 million as of 31 December 2022. The share issue in 2022 related to the PSW transaction and conversion of seller credit were the main factors for the increased equity. The company is working on several possible projects and has won signi\ufb01cant contracts during fourth quarter in 2022 and \ufb01rst quarter in 2023. See disclosure 4. The order backlog is NOK 533 million. The oil price is noted at high level and supply activity has increased at the end of 2022 and into 2023. The assumption of going concern is based on a strong pipeline into 2023 and a strengthened foundation for further growth. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4036": { "value": "SUBSEQUENT EVENTS New information on the company\u2019s \ufb01nancial position on the end of the reporting period which becomes known after the reporting period is recorded in the annual accounts. Events after the reporting period that do not affect the company\u2019s \ufb01nancial position on the end of the reporting period, but which will affect the company\u2019s \ufb01nancial position in the future are disclosed if signi\ufb01cant. DISCLOSURE 4 | SUBSEQUENT EVENTS BOARD AND CEO On 12 January 2023 the board decided to appoint Oddbj\u00f8rn Hauk\u00f8y as interim CEO, and that a recruitment process shall be initiated with the aim to identify a permanent replacement as CEO. Chairman of the board Dag Schjerven and the board members Rune Magnus Lundetr\u00e6 and Marianne Lie have at the same time informed the board that they resign from their positions with immediate effect. The board will, in dialogue with the nomination committee, consider whether an extraordinary general meeting shall be convened to elect new board members. EQUINOR CONTRACT On 25 January 2023, Equinor has awarded PSW Technology a three-year contract for maintenance services to the Mongstad re\ufb01nery. The substantial contract has an annual value of approx. NOK 200 million, or a total of approx. NOK 1.8 billion if the options are ful\ufb01lled and the Group has the assignment for the next nine years. OFFSHORE DEVELOPMENT PROJECT On 30 March PSW Power & Automation and Trans Construction (ATC) secured a new contract for the design, manufacture, and preassembly of a major e-house module for an Oil & Gas customer. The e-house module will be a part of an offshore development project on the UK sector. LOI \u2013 MOORING SYSTEM On 30 January 2023, Seasystems was awarded a letter of intent (LOI) for the delivery of a mooring system to a \ufb02oating LNG terminal in Germany. The letter of intent is entered into with the intension to secure good cooperation in conjunction with a potential contract for a FSRU mooring system. The Group\u2019 scope consists of a complete mooring solution including design, analysis, model testing and mooring equipment such as chain, chain stoppers, jacks and winches. The project has been in an engineering phase for the past six months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4058": { "value": "CHANGES IN ACCOUNTING POLCITIES AND DISCLOSURES APPLICABLE FROM 2022: The accounting principles used are consistent with the principles used in the previous accounting period, with the exception of the changes in IFRS that have been implemented by the Group in the current accounting period together with the aforementioned changes in the general information section. The changes are listed below in IFRS that has been relevant for the Group with effect for the 2022 accounts, as well as the effect this has on the Group\u2019s annual accounts. The accounting policies adopted are consistent with those of the previous \ufb01nancial year, except for the amendments to IFRS which have been implemented by the Group during the current \ufb01nancial year. Below we have listed the amendments in IFRS which have been applicable for the Group\u2019s 2022 \ufb01nancial statements, as well as the effect of the amendments. The following new and amended standards and interpretations have been implemented for the \ufb01rst time in 2022: \u00a0AMENDMENTS TO IFRS 3 \u2013 REFERENCE TO THE CONCEPTUAL FRAMEWORK The Group has not identi\ufb01ed any impact connected to the amendments. \u00a0AMENDMENTS TO IAS 16 \u2013 PROCEEDS BEFORE INTENDED USE Adoption of the IAS 16 amendments has no signi\ufb01cant effect on the Group account during 2022. AMENDMENTS TO IAS 37 \u2013 ONEROUS CONTRACTS, COST OF FULFILLING A CONTRACT An onerous contract is a contract under which the unavoidable cost of meeting the obligations under the contract costs exceed the economic bene\ufb01ts expected to be received under that contract. The amendments clarify that for the purpose of assessing whether a contract is onerous, the cost of ful\ufb01lling the contract includes both the incremental costs (e.g., the costs of direct labor and materials) of ful\ufb01lling that contract and an allocation of other costs that relate directly to ful\ufb01lling contract activities (e.g., depreciation of equipment used to ful\ufb01l the contract, as well as costs of contract management and supervision). Costs that do not relate directly to a contract (e.g., general and administration costs) shall not be included unless they are explicitly chargeable to the counterparty under the contract. \u00a0The amendments must be applied prospectively to contracts for which the entity has not yet ful\ufb01lled all of its obligations at the beginning of the annual reporting period in which it \ufb01rst applies the amendments. \u00a0Adoption of the IAS 37 amendments has no signi\ufb01cant impact on the Group account. \u00a0IFRS 9 FINANCIAL INSTRUMENTS \u2013 FEES IN THE \u201910 PERCENT\u2019 TEST FOR DERECOGNITION OF FINANCIAL LIABILITITES The adoption of amendments according to IAS 37 has no signi\ufb01cant effect. \u00a0CHANGES WITH EFFECT FOR FINANCIAL YEARS STARTING ON 1 JANUARY 2023 OR LATER: AMENDMENTS TO IAS 1 \u2013 CLASSIFICATION OF LIABILITIES AS CURRENT OR NON-CURRENT The International Accounting Standards Board has issued amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current. \u00a0The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of \ufb01nancial position, debt and other liabilities with an uncertain settlement date should be classi\ufb01ed as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classi\ufb01cation requirements for debt a company might settle by converting it into equity. The amendments must be applied retrospectively and are effective for annual periods beginning on or after 1 January 2023. The Group does not intend to early adopt the amendments. It is expected that the amendments may have no signi\ufb01cant effects. AMENDMENTS TO IAS 8 \u2013 DEFINITION OF ACCOUNTING ESTIMATES IASB has issued amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. That distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. \u00a0The amendments are effective for annual periods beginning on or after 1 January 2023, but earlier application is permitted. The Group does not intend to early adopt the amendments. It is expected that the amendments do not have a signi\ufb01cant effect. \u00a0AMENDMENTS TO IAS 1 AND IFRS PRACTICE STATEMENT 2 \u2013 DISCLOSURE OF ACCOUNTING POLICIES Following feedback that more guidance was needed to help companies decide what accounting policy information should be disclosed, IASB has issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements. The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their signi\ufb01cant accounting policies. The amendments to IFRS Practice Statement 2 provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments are effective for annual periods beginning on or after 1 January 2023, but earlier application is permitted as long as this fact is disclosed. The Group does not intend to early adopt the amendments. It is expected that the amendments do not have a signi\ufb01cant effect. \u00a0AMENDMENTS TO IAS 12 \u2013 DEFERRED TAX RELATED TO ASSETS AND LIABILITIES ARISING FROM A SINGLE TRANSACTION The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and decommissioning obligations. \u00a0IAS 12 Income Taxes speci\ufb01es how a company accounts for income tax, including deferred tax, which represents tax payable or recoverable in the future. In speci\ufb01ed circumstances, regulated in IAS 12.15 and IAS 12.24, companies are exempt from recognizing deferred tax when they recognize assets or liabilities for the \ufb01rst time. Previously, there had been some uncertainty about whether the exemption applied to transactions such as leases and decommissioning obligations - transactions for which companies recognize both an asset and a liability. The amendments clarify that the exemption does not apply and that companies are required to recognize deferred tax on such transactions. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and decommissioning obligations. \u00a0The amendments are effective for annual periods beginning on or after 1 January 2023. \u00a0It is expected that the amendments do not have a signi\ufb01cant effect. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4059": { "value": "CHANGES IN ACCOUNTING POLCITIES AND DISCLOSURES APPLICABLE FROM 2022: The accounting principles used are consistent with the principles used in the previous accounting period, with the exception of the changes in IFRS that have been implemented by the Group in the current accounting period together with the aforementioned changes in the general information section. The changes are listed below in IFRS that has been relevant for the Group with effect for the 2022 accounts, as well as the effect this has on the Group\u2019s annual accounts. The accounting policies adopted are consistent with those of the previous \ufb01nancial year, except for the amendments to IFRS which have been implemented by the Group during the current \ufb01nancial year. Below we have listed the amendments in IFRS which have been applicable for the Group\u2019s 2022 \ufb01nancial statements, as well as the effect of the amendments. The following new and amended standards and interpretations have been implemented for the \ufb01rst time in 2022: \u00a0AMENDMENTS TO IFRS 3 \u2013 REFERENCE TO THE CONCEPTUAL FRAMEWORK The Group has not identi\ufb01ed any impact connected to the amendments. \u00a0AMENDMENTS TO IAS 16 \u2013 PROCEEDS BEFORE INTENDED USE Adoption of the IAS 16 amendments has no signi\ufb01cant effect on the Group account during 2022. AMENDMENTS TO IAS 37 \u2013 ONEROUS CONTRACTS, COST OF FULFILLING A CONTRACT An onerous contract is a contract under which the unavoidable cost of meeting the obligations under the contract costs exceed the economic bene\ufb01ts expected to be received under that contract. The amendments clarify that for the purpose of assessing whether a contract is onerous, the cost of ful\ufb01lling the contract includes both the incremental costs (e.g., the costs of direct labor and materials) of ful\ufb01lling that contract and an allocation of other costs that relate directly to ful\ufb01lling contract activities (e.g., depreciation of equipment used to ful\ufb01l the contract, as well as costs of contract management and supervision). Costs that do not relate directly to a contract (e.g., general and administration costs) shall not be included unless they are explicitly chargeable to the counterparty under the contract. \u00a0The amendments must be applied prospectively to contracts for which the entity has not yet ful\ufb01lled all of its obligations at the beginning of the annual reporting period in which it \ufb01rst applies the amendments. \u00a0Adoption of the IAS 37 amendments has no signi\ufb01cant impact on the Group account. \u00a0IFRS 9 FINANCIAL INSTRUMENTS \u2013 FEES IN THE \u201910 PERCENT\u2019 TEST FOR DERECOGNITION OF FINANCIAL LIABILITITES The adoption of amendments according to IAS 37 has no signi\ufb01cant effect. \u00a0CHANGES WITH EFFECT FOR FINANCIAL YEARS STARTING ON 1 JANUARY 2023 OR LATER: AMENDMENTS TO IAS 1 \u2013 CLASSIFICATION OF LIABILITIES AS CURRENT OR NON-CURRENT The International Accounting Standards Board has issued amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current. \u00a0The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of \ufb01nancial position, debt and other liabilities with an uncertain settlement date should be classi\ufb01ed as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classi\ufb01cation requirements for debt a company might settle by converting it into equity. The amendments must be applied retrospectively and are effective for annual periods beginning on or after 1 January 2023. The Group does not intend to early adopt the amendments. It is expected that the amendments may have no signi\ufb01cant effects. AMENDMENTS TO IAS 8 \u2013 DEFINITION OF ACCOUNTING ESTIMATES IASB has issued amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. That distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. \u00a0The amendments are effective for annual periods beginning on or after 1 January 2023, but earlier application is permitted. The Group does not intend to early adopt the amendments. It is expected that the amendments do not have a signi\ufb01cant effect. \u00a0AMENDMENTS TO IAS 1 AND IFRS PRACTICE STATEMENT 2 \u2013 DISCLOSURE OF ACCOUNTING POLICIES Following feedback that more guidance was needed to help companies decide what accounting policy information should be disclosed, IASB has issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements. The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their signi\ufb01cant accounting policies. The amendments to IFRS Practice Statement 2 provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments are effective for annual periods beginning on or after 1 January 2023, but earlier application is permitted as long as this fact is disclosed. The Group does not intend to early adopt the amendments. It is expected that the amendments do not have a signi\ufb01cant effect. \u00a0AMENDMENTS TO IAS 12 \u2013 DEFERRED TAX RELATED TO ASSETS AND LIABILITIES ARISING FROM A SINGLE TRANSACTION The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and decommissioning obligations. \u00a0IAS 12 Income Taxes speci\ufb01es how a company accounts for income tax, including deferred tax, which represents tax payable or recoverable in the future. In speci\ufb01ed circumstances, regulated in IAS 12.15 and IAS 12.24, companies are exempt from recognizing deferred tax when they recognize assets or liabilities for the \ufb01rst time. Previously, there had been some uncertainty about whether the exemption applied to transactions such as leases and decommissioning obligations - transactions for which companies recognize both an asset and a liability. The amendments clarify that the exemption does not apply and that companies are required to recognize deferred tax on such transactions. The aim of the amendments is to reduce diversity in the reporting of deferred tax on leases and decommissioning obligations. \u00a0The amendments are effective for annual periods beginning on or after 1 January 2023. \u00a0It is expected that the amendments do not have a signi\ufb01cant effect. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4181": { "value": "DISCLOSURE 2 | CRITICAL ACCOUNTING JUDGEMENT AND KEY SOURCES OF ESTIMATION UNCERTAINTIES The preparation of \ufb01nancial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires the Management to exercise its judgment in the process of applying the Group\u2019s accounting policies. Estimates and critical accounting judgement are evaluated on an ongoing basis and are based on historical experience and other factors including expectations about future events which are probable given present circumstances. The Group prepares estimates and makes assumptions related to the future. The accounting estimates which follow from this are, by de\ufb01nition, associated with a degree of uncertainties and will give deviation relative to actual outcome. Furthermore, the choice of accounting principles and degree of uncertainty could affect the accounts. The areas involving higher degree and judgment or complexity, or areas where assumptions and estimates are signi\ufb01cant to the consolidated \ufb01nancial statements are presented in the table below. See descriptions linked to the various accounting items below: ACCOUNTING JUDGEMENTS ESTIMATE UNCERTAINTY Accounting item Disclosure Estimate/Assumptions Carrying amount Carrying amount Deferred tax assets 11 Assessment of the ability to utilize tax positions in the future 52 373 Goodwill and intangible assets 12 Estimation of value in use 345 768 Right of use assets 13 Incremental borrowing rate and the exercise of options 402 584 Contract assets 16 Revenue over time 125 304 Leasing liabilities 24 Assessment of the obligation related to interest and the exercise of options 412 143 DEFERRED TAX ASSETS \u2013 ESTIMATE UNCERTAINTY Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable pro\ufb01t will be available against which the losses can be utilized. Signi\ufb01cant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable pro\ufb01ts, together with future tax planning strategies. If the Group was able to recognize all unrecognized deferred tax assets, pro\ufb01t and equity would have increased by NOK 20.2 million. Further details on taxes are disclosed in disclosure 11. GOODWILL AND OTHER INTANGIBLE ASSETS \u2013 ESTIMATE UNCERTAINTY Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a DCF model. The cash \ufb02ows are derived from the budget for the next \ufb01ve years. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-in\ufb02ows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with inde\ufb01nite useful lives recognized by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in disclosure 12. CONTRACT ASSETS/CONTRACT LIABILITIES \u2013 ESTIMATE UNCERTAINTY Contract assets are linked to larger projects where income is recognized over time. Assumptions are made in relation to estimated costs and pro\ufb01ts connected to the projects. Each contract is reviewed and identi\ufb01ed according to the delivery obligations. Assessments and assumptions are also made relating to measurement of completion. Changes in the assumptions can lead to the recognition of income and pro\ufb01ts deviates from the underlying value creation, relative to the project\u2019s total revenue and pro\ufb01t. Pro\ufb01t can thus be accounted for too early or too late in the project. LEASE LIABLITIES/RIGHT OF USE \u2013 ACCOUNTING JUDGEMENT/ESTIMATE UNCERTAINTY ESTIMATING THE INCREMENTAL BORROWING RATE The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate to measure lease liabilities. This is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment. The incremental borrowing rate therefore re\ufb02ects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available. The Group estimates the incremental borrowing rate using observable inputs (such as market interest rates) when available and is required to make certain entity-speci\ufb01c estimates (such as the subsidiary\u2019s stand-alone credit rating). DETERMINING THE LEASE TERM OF CONTRACTS WITH RENEWAL OPTIONS The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a signi\ufb01cant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew. IMPAIRMENT TESTS \u2013 DESCRIPTION OF METHOD The Group tests assets, per cash-\ufb02ow-generating unit (\u201cCGU\u201d), for impairment annually or more frequently if there are indicators of impairment. Scana assesses various impairment indicators, including the ratio between market value on the Oslo stock exchange and book value of equity, market development, lower than expected earnings and changes in market interest rates. As of 31 December 2022, the market value of the company is higher than the book value of the equity, which does not indicate a possible need for impairment of assets, including goodwill, intangible assets, right-of-use assets, \ufb01xed assets and other assets in the various CGUs. Two of the cash \ufb02ow-generating units has booked goodwill based on the acquisition of PSW and Trans Construction. There is no need to make an impairment. Some of the CGU has experienced better growth in the market than predicted in previous impairment tests, but offshore has experienced weaker turnover than expected. In the impairment tests, the value in use is calculated based on the discounting of expected future cash \ufb02ows by a discount rate shown in an overview on next page. The discount rate is based on risk free interest and external source Damodaran. The cash \ufb02ows are based on the budget and business plans established by the management for the period 2023\u20132027. The estimates are based on an approach for budgeting the various cash-generating units. For the following period, the model is based on a terminal connected with a growth rate that re\ufb02ects long-term in\ufb02ation expectations. The income is based on concluded contracts, information about the potential for new agreements and an assumption about the development of the price in the market. The estimated operating margin in the period increases based on expectations of a positive market development and that the cost measures have an effect. The cash \ufb02ows linked to the lease agreements are included as part of the investments. The total investments linked to all operating assets are maintained at the same level as the current depreciation in the future cash \ufb02ows. In assessment of climate related costs, the Group has not incorporated any signi\ufb01cant costs in the future cash \ufb02ow according to value in use connected to intangible assets, equipment, plant and machinery or right of use assets. The Group will monitor new regulations according to climate related costs and take this into account when it has been approved. The Group recognizes impairment in the result if the value in use is lower than the book assets for the cash \ufb02ow generating unit. Impairment indicators have been identi\ufb01ed for CGU. The impairment tests have been prepared based on the method and principles discussed above. CGU-OFFSHORE CGU-OFFSHORE consists of PSW Technology and PSW Solutions. The CGU has performed lower activity and pro\ufb01t in current year than expected. There is identi\ufb01ed an impairment indicator for this CGU on the balance sheet date. The impairment test of goodwill and other intangible assets are carried out in accordance with requirements in IAS 36. The value in use has been used to determine recoverable amount. The calculations are based upon estimated future cash \ufb02ows for the cash generating unit, OFFSHORE. The estimated future cash \ufb02ows are based upon budgets and long-term pro\ufb01t goals covering a \ufb01ve-year period. In assessing future cash \ufb02ow for next \ufb01ve years current tender activities and short-term prognosis has been supplemented with the long-term business plan. There has been a delay in revenue generating in 2022 that is expected to catch up in the next few years as the oil service market is expected to be strong. A strong order backlog going into 2023 further backed signi\ufb01cant contract award described in disclosure 4 provides support for strong revenue growth. With the expected increase in revenue the operating margins will increase signi\ufb01cantly due to economies of scale from the CGU\u2019s facilities which have surplus capacity. The key uncertainty is the timing and extent of contract awards. The cash \ufb02ows are based on the management and the board\u2019s best estimate. Per end of December 2022 estimated cash \ufb02ow supports the book values in the CGU, and there is no need for an impairment. CGU-ENERGY PSW Power & Automation together with Trans Construction is de\ufb01ned as a cash generating unit (CGU-ENERGY). These companies were purchased in 2022 and the Group has booked a corresponding goodwill in the statement of \ufb01nancial position. Scana Group measures the goodwill once a year unless there are impairment indicators. The Group performed an impairment test of goodwill and other intangible assets in accordance with requirements in IAS 36. The value in use has been used to determine recoverable amount. The calculations are based upon estimated future cash \ufb02ows for the cash generating unit, ENERGY. The estimated future cash \ufb02ows are based upon budgets and long-term pro\ufb01t goals covering a \ufb01ve-year period. Continuing high energy prices are expected to keep demand strong for service offering and new projects. Based on this Scana considers the market outlook for the CGU as strong. Operating margins has been negatively impacted by disturbance in supply chain in 2022 and challenges in a few projects. During fourth quarter ENERGY has won several contracts and has improved the order backlog which is NOK 193 million end of December 2022. It con\ufb01rms the strong position ENERGY has in the market. ENERGY assumes an expected growth in activities and future revenues. The operating margin is also expected to increase the next \ufb01ve years. The cash \ufb02ows are based on the management and the board\u2019s best estimate. Per end of December 2022 estimated cash \ufb02ow supports the book values in the CGU, and there is no need for an impairment. SENSITIVITY ANALYSIS Sensitivity analysis related to the impairment test, test for reasonable changes in the key assumptions. For example, a decrease in the operating margin (other assumptions unchanged) at ENERGY by 1.0 % points the recoverable amount will reduce by NOK 53.8 million. If the operating margin increases by 1.0 % points (other assumptions unchanged), the recoverable amount will increase by NOK 53.8 million. An increase in the discount rate before tax by 1.0 % points will reduce the recoverable amount by NOK 68.4 million, correspondingly a reduction by 1.0 % points will increase amounting to NOK 90.1 million. No reasonable possible changes will lead to an impairment based on this sensitivities. SENSITIVITY CHANGE ENERGY OFFSHORE Operating margin for the next \ufb01ve years +1.0 % 53 802 95 461 Operating margin for the next \ufb01ve years -1.0 % -53 802 -95 461 Growth rate per year 2023\u20132027 +1.0% 37 470 15 112 Growth rate in terminal +1.0 % 59 567 24 006 Discount rate (nominal before tax) +1.0 % -49 438 -50 880 Discount rate (nominal before tax) -1.0 % 61 986 61 970 KEY ASSUMPTIONS ENERGY OFFSHORE Average operating margin for the next \ufb01ve years 10.4 % 5.9 % Discount rate (nominal before tax) 9.7 % 10.8 % Average growth rate per year 2023\u20132027 9.1 % 29.6 % Growth rate per year after 2027 (nominal) 2.0 % 2.0 % Functional currency NOK NOK Value in use 361 840 235 119 Headroom 121 648 106 893 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4193": { "value": "The Group prepares estimates and makes assumptions related to the future. The accounting estimates which follow from this are, by de\ufb01nition, associated with a degree of uncertainties and will give deviation relative to actual outcome. Furthermore, the choice of accounting principles and degree of uncertainty could affect the accounts. The areas involving higher degree and judgment or complexity, or areas where assumptions and estimates are signi\ufb01cant to the consolidated \ufb01nancial statements are presented in the table below. See descriptions linked to the various accounting items below: ACCOUNTING JUDGEMENTS ESTIMATE UNCERTAINTY Accounting item Disclosure Estimate/Assumptions Carrying amount Carrying amount Deferred tax assets 11 Assessment of the ability to utilize tax positions in the future 52 373 Goodwill and intangible assets 12 Estimation of value in use 345 768 Right of use assets 13 Incremental borrowing rate and the exercise of options 402 584 Contract assets 16 Revenue over time 125 304 Leasing liabilities 24 Assessment of the obligation related to interest and the exercise of options 412 143 DEFERRED TAX ASSETS \u2013 ESTIMATE UNCERTAINTY Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable pro\ufb01t will be available against which the losses can be utilized. Signi\ufb01cant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable pro\ufb01ts, together with future tax planning strategies. If the Group was able to recognize all unrecognized deferred tax assets, pro\ufb01t and equity would have increased by NOK 20.2 million. Further details on taxes are disclosed in disclosure 11. GOODWILL AND OTHER INTANGIBLE ASSETS \u2013 ESTIMATE UNCERTAINTY Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a DCF model. The cash \ufb02ows are derived from the budget for the next \ufb01ve years. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-in\ufb02ows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with inde\ufb01nite useful lives recognized by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in disclosure 12. CONTRACT ASSETS/CONTRACT LIABILITIES \u2013 ESTIMATE UNCERTAINTY Contract assets are linked to larger projects where income is recognized over time. Assumptions are made in relation to estimated costs and pro\ufb01ts connected to the projects. Each contract is reviewed and identi\ufb01ed according to the delivery obligations. Assessments and assumptions are also made relating to measurement of completion. Changes in the assumptions can lead to the recognition of income and pro\ufb01ts deviates from the underlying value creation, relative to the project\u2019s total revenue and pro\ufb01t. Pro\ufb01t can thus be accounted for too early or too late in the project. LEASE LIABLITIES/RIGHT OF USE \u2013 ACCOUNTING JUDGEMENT/ESTIMATE UNCERTAINTY ESTIMATING THE INCREMENTAL BORROWING RATE The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate to measure lease liabilities. This is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment. The incremental borrowing rate therefore re\ufb02ects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available. The Group estimates the incremental borrowing rate using observable inputs (such as market interest rates) when available and is required to make certain entity-speci\ufb01c estimates (such as the subsidiary\u2019s stand-alone credit rating). DETERMINING THE LEASE TERM OF CONTRACTS WITH RENEWAL OPTIONS The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a signi\ufb01cant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4194": { "value": "The Group prepares estimates and makes assumptions related to the future. The accounting estimates which follow from this are, by de\ufb01nition, associated with a degree of uncertainties and will give deviation relative to actual outcome. Furthermore, the choice of accounting principles and degree of uncertainty could affect the accounts. The areas involving higher degree and judgment or complexity, or areas where assumptions and estimates are signi\ufb01cant to the consolidated \ufb01nancial statements are presented in the table below. See descriptions linked to the various accounting items below: ACCOUNTING JUDGEMENTS ESTIMATE UNCERTAINTY Accounting item Disclosure Estimate/Assumptions Carrying amount Carrying amount Deferred tax assets 11 Assessment of the ability to utilize tax positions in the future 52 373 Goodwill and intangible assets 12 Estimation of value in use 345 768 Right of use assets 13 Incremental borrowing rate and the exercise of options 402 584 Contract assets 16 Revenue over time 125 304 Leasing liabilities 24 Assessment of the obligation related to interest and the exercise of options 412 143 ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4565": { "value": "DISCLOSURE 6 | SEGMENT INFORMATION & REVENUE SEGMENT INFORMATION Scana has three business areas being OFFSHORE, ENERGY and MARITIME. OFFSHORE delivers products, services, and lifetime extensions to several segments of the offshore industries. ENERGY delivers shore power and energy storage solutions to the ocean industries. MARITIME delivers mooring solutions to \ufb02oating structures across the ocean industries and valve control systems to the shipping and offshore industry. \u201cScana HQ\u201d includes Scana ASA, some holding companies and Scana Property AS. The column \u00abEliminations\u00bb applies to eliminations between the segments. OFFSHORE consists of: PSW Technology AS, PSW Solutions AS and Subseatec S AB. PSW Technology AS owns 100 % of the shares at PSW Solutions AS and PSW Power & Automation AS. ENERGY consists of: PSW Power & Automation AS and Trans Construction AS. PSW Power & Automation AS owns 100 % of the shares at Trans Constructions AS. MARITIME consists of: Seasystems AS, Skarpenord AS and Scana Valve Control AS. Scana Valve Control AS owns 100 % of the shares at Skarpenord AS, 49 % of the shares at Scana Korea Hydraulic Ltd., and 49 % of the shares at Scana do Brasil Ltd. Scana HQ consists of: Scana ASA, Scana Trading AS, Scana Property AS, Scana Energy Holding AB, PSW Holding I AS and Scana do Brasil Ltd. Scana ASA owns 100 % of the shares at Scana Trading AS, Scana Property AS and Seasystems AS and PSW Holding I AS. Scana Trading AS owns 100 % of the shares at Scana Energy Holding AB, Scana Valve Control AS and 51 % of the shares at Scana do Brasil Ltd. Scana Energy Holding AB owns 100 % of the shares at Subseatec S AB. PSW Holding I AS owns 100 % of the shares at PSW Technology AS. The presentation coincides with the internal reporting to the board. Revenue from sales to external customers and transactions with other segments are reported for each business areas and inter-segment pricing is determined on an arm\u2019s length basis. The following summary describes the operations of each reportable segment. 2022 (NOK million) OFFSHORE ENERGY MARITIME Scana HQ Elimination Total External revenue 357.7 353.0 200.9 0.0 0.0 911.7 Internal revenue 9.6 1.6 0.0 3.2 -14.4 0.0 Total revenue 367.3 354.6 200.9 3.2 -14.4 911.7 Operating expenses 317.4 326.2 180.6 31.2 -14.4 841.1 EBITDA 49.9 28.3 20.3 -28.0 0.0 70.6 Depreciation 64.3 18.4 6.4 0.5 0.0 89.6 Impairments 0.0 0.0 0.0 0.0 0.0 0.0 Operating pro\ufb01t/loss (EBIT) -14.4 10.0 13.9 -28.5 0.0 -19.0 EBIT margin -4 % 3 % 7 % -2 % Income from interests in associated companies 4.3 Net \ufb01nancial income/expense (\u2013) -41.1 Pro\ufb01t/loss before tax \u2013 continued operations -55.8 Income tax expense -11.3 Pro\ufb01t/loss for the year \u2013 continued operations -44.5 BALANCE SHEET FIGURES Assets 817.6 499.7 230.6 332.7 -502.4 1 378.4 Non-current liabilities 438.2 99.5 2.1 115.2 -185.4 469.6 Current liabilities 238.5 155.7 127.7 211.1 -317.0 416.1 OTHER SEGMENT INFORMATION; Goodwill 67.8 206.4 0.0 0.0 0.0 274.2 Deferred tax assets 4.8 0.9 28.5 17.6 0.5 52.4 Intangible assets 33.3 38.4 0.0 0.0 0.0 71.5 Right of use assets 316.3 81.7 4.6 0.0 0.0 402.6 Tangible assets 123.7 13.4 8.8 1.9 0.0 147.9 Inventories 25.1 22.7 18.2 0.0 0.0 66.0 Trade receivables 93.5 40.7 27.4 25.2 -26.0 160.8 Contract assets 31.0 75.0 19.3 0.0 0.0 125.3 Deferred tax liability 10.4 5.2 0.0 -16.1 0.5 0.0 Contract liabilities 88.7 18.1 5.2 0.0 0.0 112.0 CASH FLOW Net cash \u2013 operating activities 67.4 12.2 15.0 -19.7 -4.9 70.0 -7.2 -9.7 -0.6 -1.8 0.0 -19.4 Acquisition of property, plant, equipment and intangible assets Revenue from one single customer does not exceed 10 percent of the Group\u2019s total revenues. 2021 (NOK million) OFFSHORE ENERGY MARITIME Scana HQ Elimination Total External revenue 74.3 0.0 230.0 0.4 0.0 304.7 Internal revenue 0.0 0.0 0.0 2.2 -2.2 0.0 Total revenue 74.3 0.0 230.0 2.6 -2.2 304.7 Operating expenses 64.5 0.0 200.8 25.0 -2.2 288.1 EBITDA 9.8 0.0 29.2 -22.3 0.0 16.7 Depreciation 0.4 0.0 6.1 0.5 0.0 7.0 Impairments 0.0 0.0 1.2 0.0 0.0 1.2 Operating pro\ufb01t/loss (EBIT) 9.4 0.0 21.9 -22.9 0.0 8.4 EBIT margin 13 % 0 % 10 % 3 % Income from interests in associated companies 3.3 Net \ufb01nancial income/expense (\u2013) -9.7 Pro\ufb01t/loss before tax \u2013 continued operations 2.0 Income tax expense -24.3 Pro\ufb01t/loss for the year \u2013 continued operations 26.3 BALANCE SHEET FIGURES Assets 39.0 0.0 200.8 135.5 -151.9 223.4 Non-current liabilities 0.5 0.0 3.8 5.0 0.0 9.3 Current liabilities 25.2 0.0 108.1 130.5 -151.9 111.9 OTHER SEGMENT INFORMATION Deferred tax assets 0.2 0.0 29.6 30.5 0.0 60.3 Intangible assets 1.1 0.0 0.7 0.0 0.0 1.8 Right of use assets 0.9 0.0 6.3 0.3 0.0 7.5 Tangible assets 0.0 0.0 11.4 0.4 0.0 11.8 Inventories 2.4 0.0 10.9 0.1 0.0 13.4 Trade receivables 18.8 0.0 21.0 14.2 -14.3 39.7 Contract assets 2.1 0.0 16.8 -0.1 0.0 18.8 Deferred tax liability 0.0 0.0 0.0 2.9 0.0 2.9 Contract liabilities 4.9 0.0 10.8 0.0 0.0 15.7 CASH FLOW Net cash \u2013 operating activities 11.1 0.0 27.4 -11.4 -2.0 25.1 -1.8 0.0 -1.2 1.2 0.0 -1.8 Acquisition of property, plant, equipment and intangible assets GEOGRAPHICAL AREA The Group companies\u2019 locations are divided into the following countries: Norway and Sweden. The column for eliminations includes companies located in the USA and Brazil. 2022 (NOK million) Norway Sweden Elimination Total External revenue 859.9 50.8 1.0 911.7 Internal revenue 0.3 0.0 -0.3 0.0 Total revenue 860.2 50.8 50.8 0.7 911.7 Operating expenses 797.4 42.9 0.8 841.1 EBITDA 62.8 7.9 -0.1 70.6 Depreciation 88.9 0.7 0.0 89.6 Impairments 0.0 0.0 0.0 0.0 Operating pro\ufb01t/loss (EBIT) -26.1 7.2 -0.1 -19.0 EBIT margin -3 % 14 % -14 % -2 % Income from interests in associated companies 4.3 Net \ufb01nancial income/expense (\u2013) -41.1 Pro\ufb01t/loss before tax \u2013 continued operations -55.8 Income tax expense -11.3 Pro\ufb01t/loss for the year \u2013 continued operations -44.5 BALANCE SHEET FIGURES Assets 1 366.8 29.8 -18.2 1 378.4 Non-current liabilities 469.1 13.0 -12.5 469.6 Current liabilities 409.4 9.7 -3.0 416.1 OTHER SEGMENT INFORMATION Goodwill 274.2 0.0 0.0 274.2 Deferred tax assets 50.5 1.9 0.0 52.4 Intangible assets 70.4 1.2 0.0 71.6 Right of use assets 401.6 1.0 0.0 402.6 Tangible assets 146.0 1.9 0.0 147.9 Inventories 63.8 2.2 0.0 66.0 Trade receivables 144.0 16.9 -0.1 160.8 Contract assets 124.1 1.2 0.0 125.3 Deferred tax liability 0.0 0.0 0.0 0.0 Contract liabilities 110.6 1.4 0.0 112.0 CASH FLOW Net cash \u2013 operating activities 68.5 2.4 -0.9 70.0 -17.1 -2.3 0.0 -19.4 Acquisition of property, plant, equipment and intangible assets Revenue from one single customer does not exceed 10 percent of the Group\u2019s total revenues. 2021 (NOK million) Norway Sweden Elimination Total External revenue 230.4 74.3 0.0 304.7 Internal revenue 0.4 0.0 -0.4 0.0 Total revenue 230.8 74.3 74.3 -0.4 304.7 Operating expenses 223.9 64.6 -0.4 288.1 EBITDA 6.9 9.8 0.0 16.7 Depreciation 6.6 0.4 0.0 7.0 Impairments 1.2 0.0 0.0 1.2 Operating pro\ufb01t/loss (EBIT) -0.9 9.3 0.0 8.4 EBIT margin 0 % 13 % 0 % 3 % Income from interests in associated companies 3.3 Net \ufb01nancial income/expense (\u2013) -9.7 Pro\ufb01t/loss before tax \u2013 continued operations 2.0 Income tax expense -24.3 Pro\ufb01t/loss for the year \u2013 continued operations 26.3 BALANCE SHEET FIGURES Assets 219.7 42.0 -38.3 223.4 Non-current liabilities 8.9 22.3 -21.9 9.3 Current liabilities 110.5 15.6 -14.2 111.9 OTHER SEGMENT INFORMATION Deferred tax assets 58,1 2,2 0,0 60,3 Intangible assets 0,7 1,1 0,0 1,8 Right of use assets 6,6 0,9 0,0 7,5 Tangible assets 11,8 0,0 0,0 11,8 Inventories 10,9 2,4 0,1 13,4 Trade receivables 21,3 18,8 -0,4 39,7 Contract assets 16,8 2,1 -0,1 18,8 Deferred tax liability 2,9 0,0 0,0 2,9 Contract liabilities 10,8 4,9 0,0 15,7 CASH FLOW Net cash \u2013 operating activities 15.7 10.8 -1.4 25.1 Acquisition of property, plant, equipment and intangible assets -0.1 -1.8 0.1 -1.8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4569": { "value": "SEGMENT INFORMATION Scana has three business areas being OFFSHORE, ENERGY and MARITIME. OFFSHORE delivers products, services, and lifetime extensions to several segments of the offshore industries. ENERGY delivers shore power and energy storage solutions to the ocean industries. MARITIME delivers mooring solutions to \ufb02oating structures across the ocean industries and valve control systems to the shipping and offshore industry. \u201cScana HQ\u201d includes Scana ASA, some holding companies and Scana Property AS. The column \u00abEliminations\u00bb applies to eliminations between the segments. OFFSHORE consists of: PSW Technology AS, PSW Solutions AS and Subseatec S AB. PSW Technology AS owns 100 % of the shares at PSW Solutions AS and PSW Power & Automation AS. ENERGY consists of: PSW Power & Automation AS and Trans Construction AS. PSW Power & Automation AS owns 100 % of the shares at Trans Constructions AS. MARITIME consists of: Seasystems AS, Skarpenord AS and Scana Valve Control AS. Scana Valve Control AS owns 100 % of the shares at Skarpenord AS, 49 % of the shares at Scana Korea Hydraulic Ltd., and 49 % of the shares at Scana do Brasil Ltd. Scana HQ consists of: Scana ASA, Scana Trading AS, Scana Property AS, Scana Energy Holding AB, PSW Holding I AS and Scana do Brasil Ltd. Scana ASA owns 100 % of the shares at Scana Trading AS, Scana Property AS and Seasystems AS and PSW Holding I AS. Scana Trading AS owns 100 % of the shares at Scana Energy Holding AB, Scana Valve Control AS and 51 % of the shares at Scana do Brasil Ltd. Scana Energy Holding AB owns 100 % of the shares at Subseatec S AB. PSW Holding I AS owns 100 % of the shares at PSW Technology AS. The presentation coincides with the internal reporting to the board. Revenue from sales to external customers and transactions with other segments are reported for each business areas and inter-segment pricing is determined on an arm\u2019s length basis. The following summary describes the operations of each reportable segment. 2022 (NOK million) OFFSHORE ENERGY MARITIME Scana HQ Elimination Total External revenue 357.7 353.0 200.9 0.0 0.0 911.7 Internal revenue 9.6 1.6 0.0 3.2 -14.4 0.0 Total revenue 367.3 354.6 200.9 3.2 -14.4 911.7 Operating expenses 317.4 326.2 180.6 31.2 -14.4 841.1 EBITDA 49.9 28.3 20.3 -28.0 0.0 70.6 Depreciation 64.3 18.4 6.4 0.5 0.0 89.6 Impairments 0.0 0.0 0.0 0.0 0.0 0.0 Operating pro\ufb01t/loss (EBIT) -14.4 10.0 13.9 -28.5 0.0 -19.0 EBIT margin -4 % 3 % 7 % -2 % Income from interests in associated companies 4.3 Net \ufb01nancial income/expense (\u2013) -41.1 Pro\ufb01t/loss before tax \u2013 continued operations -55.8 Income tax expense -11.3 Pro\ufb01t/loss for the year \u2013 continued operations -44.5 BALANCE SHEET FIGURES Assets 817.6 499.7 230.6 332.7 -502.4 1 378.4 Non-current liabilities 438.2 99.5 2.1 115.2 -185.4 469.6 Current liabilities 238.5 155.7 127.7 211.1 -317.0 416.1 OTHER SEGMENT INFORMATIONGoodwill 67.8 206.4 0.0 0.0 0.0 274.2 Deferred tax assets 4.8 0.9 28.5 17.6 0.5 52.4 Intangible assets 33.3 38.4 0.0 0.0 0.0 71.5 Right of use assets 316.3 81.7 4.6 0.0 0.0 402.6 Tangible assets 123.7 13.4 8.8 1.9 0.0 147.9 Inventories 25.1 22.7 18.2 0.0 0.0 66.0 Trade receivables 93.5 40.7 27.4 25.2 -26.0 160.8 Contract assets 31.0 75.0 19.3 0.0 0.0 125.3 Deferred tax liability 10.4 5.2 0.0 -16.1 0.5 0.0 Contract liabilities 88.7 18.1 5.2 0.0 0.0 112.0 CASH FLOW Net cash \u2013 operating activities 67.4 12.2 15.0 -19.7 -4.9 70.0 -7.2 -9.7 -0.6 -1.8 0.0 -19.4 Acquisition of property, plant, equipment and intangible assets Revenue from one single customer does not exceed 10 percent of the Group\u2019s total revenues. 2021 (NOK million) OFFSHORE ENERGY MARITIME Scana HQ Elimination Total External revenue 74.3 0.0 230.0 0.4 0.0 304.7 Internal revenue 0.0 0.0 0.0 2.2 -2.2 0.0 Total revenue 74.3 0.0 230.0 2.6 -2.2 304.7 Operating expenses 64.5 0.0 200.8 25.0 -2.2 288.1 EBITDA 9.8 0.0 29.2 -22.3 0.0 16.7 Depreciation 0.4 0.0 6.1 0.5 0.0 7.0 Impairments 0.0 0.0 1.2 0.0 0.0 1.2 Operating pro\ufb01t/loss (EBIT) 9.4 0.0 21.9 -22.9 0.0 8.4 EBIT margin 13 % 0 % 10 % 3 % Income from interests in associated companies 3.3 Net \ufb01nancial income/expense (\u2013) -9.7 Pro\ufb01t/loss before tax \u2013 continued operations 2.0 Income tax expense -24.3 Pro\ufb01t/loss for the year \u2013 continued operations 26.3 BALANCE SHEET FIGURES Assets 39.0 0.0 200.8 135.5 -151.9 223.4 Non-current liabilities 0.5 0.0 3.8 5.0 0.0 9.3 Current liabilities 25.2 0.0 108.1 130.5 -151.9 111.9 OTHER SEGMENT INFORMATION Deferred tax assets 0.2 0.0 29.6 30.5 0.0 60.3 Intangible assets 1.1 0.0 0.7 0.0 0.0 1.8 Right of use assets 0.9 0.0 6.3 0.3 0.0 7.5 Tangible assets 0.0 0.0 11.4 0.4 0.0 11.8 Inventories 2.4 0.0 10.9 0.1 0.0 13.4 Trade receivables 18.8 0.0 21.0 14.2 -14.3 39.7 Contract assets 2.1 0.0 16.8 -0.1 0.0 18.8 Deferred tax liability 0.0 0.0 0.0 2.9 0.0 2.9 Contract liabilities 4.9 0.0 10.8 0.0 0.0 15.7 CASH FLOW Net cash \u2013 operating activities 11.1 0.0 27.4 -11.4 -2.0 25.1 -1.8 0.0 -1.2 1.2 0.0 -1.8 Acquisition of property, plant, equipment and intangible assets ", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4571": { "value": "Scana has three business areas being OFFSHORE, ENERGY and MARITIME. OFFSHORE delivers products, services, and lifetime extensions to several segments of the offshore industries. ENERGY delivers shore power and energy storage solutions to the ocean industries. MARITIME delivers mooring solutions to \ufb02oating structures across the ocean industries and valve control systems to the shipping and offshore industry. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5193": { "value": "GEOGRAPHICAL AREA The Group companies\u2019 locations are divided into the following countries: Norway and Sweden. The column for eliminations includes companies located in the USA and Brazil. 2022 (NOK million) Norway Sweden Elimination Total External revenue 859.9 50.8 1.0 911.7 Internal revenue 0.3 0.0 -0.3 0.0 Total revenue 860.2 50.8 50.8 0.7 911.7 Operating expenses 797.4 42.9 0.8 841.1 EBITDA 62.8 7.9 -0.1 70.6 Depreciation 88.9 0.7 0.0 89.6 Impairments 0.0 0.0 0.0 0.0 Operating pro\ufb01t/loss (EBIT) -26.1 7.2 -0.1 -19.0 EBIT margin -3 % 14 % -14 % -2 % Income from interests in associated companies 4.3 Net \ufb01nancial income/expense (\u2013) -41.1 Pro\ufb01t/loss before tax \u2013 continued operations -55.8 Income tax expense -11.3 Pro\ufb01t/loss for the year \u2013 continued operations -44.5 BALANCE SHEET FIGURES Assets 1 366.8 29.8 -18.2 1 378.4 Non-current liabilities 469.1 13.0 -12.5 469.6 Current liabilities 409.4 9.7 -3.0 416.1 OTHER SEGMENT INFORMATION Goodwill 274.2 0.0 0.0 274.2 Deferred tax assets 50.5 1.9 0.0 52.4 Intangible assets 70.4 1.2 0.0 71.6 Right of use assets 401.6 1.0 0.0 402.6 Tangible assets 146.0 1.9 0.0 147.9 Inventories 63.8 2.2 0.0 66.0 Trade receivables 144.0 16.9 -0.1 160.8 Contract assets 124.1 1.2 0.0 125.3 Deferred tax liability 0.0 0.0 0.0 0.0 Contract liabilities 110.6 1.4 0.0 112.0 CASH FLOW Net cash \u2013 operating activities 68.5 2.4 -0.9 70.0 -17.1 -2.3 0.0 -19.4 Acquisition of property, plant, equipment and intangible assets Revenue from one single customer does not exceed 10 percent of the Group\u2019s total revenues. 2021 (NOK million) Norway Sweden Elimination Total External revenue 230.4 74.3 0.0 304.7 Internal revenue 0.4 0.0 -0.4 0.0 Total revenue 230.8 74.3 74.3 -0.4 304.7 Operating expenses 223.9 64.6 -0.4 288.1 EBITDA 6.9 9.8 0.0 16.7 Depreciation 6.6 0.4 0.0 7.0 Impairments 1.2 0.0 0.0 1.2 Operating pro\ufb01t/loss (EBIT) -0.9 9.3 0.0 8.4 EBIT margin 0 % 13 % 0 % 3 % Income from interests in associated companies 3.3 Net \ufb01nancial income/expense (\u2013) -9.7 Pro\ufb01t/loss before tax \u2013 continued operations 2.0 Income tax expense -24.3 Pro\ufb01t/loss for the year \u2013 continued operations 26.3 BALANCE SHEET FIGURES Assets 219.7 42.0 -38.3 223.4 Non-current liabilities 8.9 22.3 -21.9 9.3 Current liabilities 110.5 15.6 -14.2 111.9 OTHER SEGMENT INFORMATION Deferred tax assets 58,1 2,2 0,0 60,3 Intangible assets 0,7 1,1 0,0 1,8 Right of use assets 6,6 0,9 0,0 7,5 Tangible assets 11,8 0,0 0,0 11,8 Inventories 10,9 2,4 0,1 13,4 Trade receivables 21,3 18,8 -0,4 39,7 Contract assets 16,8 2,1 -0,1 18,8 Deferred tax liability 2,9 0,0 0,0 2,9 Contract liabilities 10,8 4,9 0,0 15,7 CASH FLOW Net cash \u2013 operating activities 15.7 10.8 -1.4 25.1 Acquisition of property, plant, equipment and intangible assets -0.1 -1.8 0.1 -1.8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5604": { "value": "INVESTMENTS IN SHARES Scana has through PSW Technology AS done a capital injection in Stepwise AS amounted by NOK 2.8 million in 2022. The Group owns 4.3 % of the shares in the company and the booked value is NOK 2.8 million end of December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5625": { "value": "DISCLOSURE 8 | OTHER REVENUE AND EXPENSES Audit fee shown above is excluded capital transaction costs amounted to NOK 0.6 million. OTHER REVENUE 2022 2021 Gain \u2013 sale of \ufb01xed assets 5 147 0 Gain \u2013 sale of business 1 066 422 Rental income* 18 664 0 Other revenue 155 0 Total 25 032 422 OTHER OPERATIONAL EXPENSES 2022 2021 Operation and maintenance 4 983 2 127 Rental costs 21 081 1 635 Fees and consultancy services 20 945 14 439 Travel and marketing costs 14 375 5 714 Of\ufb01ce and administration costs 7 793 3 496 Insurance costs 3 628 1 865 Other operating expenses 643 1 398 Total 73 448 30 674 AUDIT FEES 2022 2021 Audit services 2 872 1 007 Audit-related assistance and other assistance 149 67 Total 3 021 1 074 * See disclosure 24 for further information regarding rental income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5636": { "value": "OTHER REVENUE 2022 2021 Gain \u2013 sale of \ufb01xed assets 5 147 0 Gain \u2013 sale of business 1 066 422 Rental income* 18 664 0 Other revenue 155 0 Total 25 032 422 * See disclosure 24 for further information regarding rental income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5658": { "value": "OTHER OPERATIONAL EXPENSES 2022 2021 Operation and maintenance 4 983 2 127 Rental costs 21 081 1 635 Fees and consultancy services 20 945 14 439 Travel and marketing costs 14 375 5 714 Of\ufb01ce and administration costs 7 793 3 496 Insurance costs 3 628 1 865 Other operating expenses 643 1 398 Total 73 448 30 674 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5686": { "value": "AUDIT FEES 2022 2021 Audit services 2 872 1 007 Audit-related assistance and other assistance 149 67 Total 3 021 1 074 Audit fee shown above is excluded capital transaction costs amounted to NOK 0.6 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5699": { "value": "OTHER FINANCIAL INCOME/COSTS (\u2013) 2022 2021 Amortization costs -1 338 -294 Financing costs -2 311 -1 558 Other -830 -176 Total -4 479 -2 028 COST OF LOAN When the new facilities were established, DNB charged the company for establishment costs of the facilities and constitute actual costs for each of the facilities. The method used is amortized cost when the cost is expensed in the result during the borrowing period. The borrowing cost is presented on the row for accrued interest costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5700": { "value": "OTHER FINANCIAL INCOME/COSTS (\u2013) 2022 2021 Amortization costs -1 338 -294 Financing costs -2 311 -1 558 Other -830 -176 Total -4 479 -2 028 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5701": { "value": "OTHER FINANCIAL INCOME/COSTS (\u2013) 2022 2021 Amortization costs -1 338 -294 Financing costs -2 311 -1 558 Other -830 -176 Total -4 479 -2 028 COST OF LOAN When the new facilities were established, DNB charged the company for establishment costs of the facilities and constitute actual costs for each of the facilities. The method used is amortized cost when the cost is expensed in the result during the borrowing period. The borrowing cost is presented on the row for accrued interest costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5744": { "value": "TOTAL AVERAGE NUMBER OF EMPLOYEES 2022 2021 Norway 291 82 Sweden 10 9 Total average number of employees 301 91 The Group had 371 employees on 31 December 2022 (2021: 84 employees). The increase is driven by the acquisition of PSW and Trans Construction. For further information relating to salaries and remuneration to senior executives, see \u201cReport on remuneration to senior executives\u201d. You will also \ufb01nd the report on Scana\u2019s website. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5781": { "value": "REMUNERATION LEADING PERSONNEL Name Position Styrk Bekkenes CEO* Torvald Ulland Reiestad CFO Kjetil Flesj\u00e5 Former CFO Oddbj\u00f8rn Hauk\u00f8y CCO* Anette Netteland Dybvik Head of IR and Investments* Total Year Base salary Fees Fringe bene\ufb01ts Variable Fixed Fixed Variable Fixed Variable 2022 3 100 124 84 3 308 100 % 0 % 2021 2 386 95 1 000 87 2 568 1 000 72 % 28 % 2022 1 622 15 85 1 722 100 % 0 % 2021 1 461 20 250 87 1 568 250 86 % 14 % 2022 0 % 0 % 2021 175 175 100 % 0 % 2022 2 750 13 77 2 841 100 % 0 % 2021 0 % 0 % 2022 400 5 24 429 100 % 0 % 2021 0 % 0 % 2022 7 872 0 158 0 270 8 300 0 100 % 0 % 2021 4 022 0 115 1 250 174 4 311 1 250 78 % 22 % Fixed remuneration Extraordinary items Pension expense Total remuneration Proportion of \ufb01xed and variable remuneration The resignation period for key personnel is from 3\u20136 months. The CEO has a severance agreement which involves salary for 6 months beyond the notice period. Any wage income received from other work in the period where severance pay is paid must be deducted from severance pay. Refers to disclosure 11 for description of pensions. The pension scheme for senior employees is contribution-based. No loans, advance payments or collateral have been given to leading persons during 2022. On the balance sheet date, no leading persons have loans. See disclosure 29 for further discussion according to related parties. * CCO was hired from February 2022, while Head of IR and Investments was hired from September 2022. CEO resigned in January 2023. BOARD REMUNERATION The board of Scana ASA was paid TNOK 1,125 in fees in 2022 and TNOK 31 to the election committee. Board remunerations are paid annually in arrears and apply for the period from the ordinary general meeting 2021 to the ordinary general meeting 2022. Fees in arrears for the board elected in May 2021 with a term of of\ufb01ce until May 2022 are speci\ufb01ed below. A new board was elected at an extraordinary general meeting in December 2022. In addition, three board members stepped down from the board in January 2023. Name Position Active period Remuneration paid out in 2021 Remuneration paid out in 2022 Dag Schjerven Chairman of the board May 2018 \u2013 Jan 2023 300 300 Morten Blix Deputy chair of the board Jan 2022 \u2013 Dec 2022 \u2013 90 Espen S. Berge Deputy chair of the board May 2020 \u2013 Jan 2022 225 135 Marianne Lie Board member May 2016 \u2013 Jan 2023 200 200 Margaret Elin Hystad Board member May 2018 \u2013 Dec 2022 200 200 Rune Magnus Lundetr\u00e6 Board member May 2021 \u2013 Jan 2023 200 Former board member May 2020 \u2013 Dec 2021 200 Total remuneration 1 125 1 125 NUMBER OF SHARES OWNED BY BOARD MEMBERS AND SENIOR EMPLOYEES Oddbj\u00f8rn Hauk\u00f8y (Ownership is exercised through the company No Surrender AS and 50 % ownership in Subsea Independent AS) 38 187 747 Styrk Bekkenes (Ownership is exercised through the company Bekkenes AS) 3 288 428 Dag Schjerven 976 185 Torvald Ulland Reiestad 178 660 P\u00e5l Selvik (Scana\u2019s Chairman of the board) is CEO in GC Rieber Fortuna AS THE 20 LARGEST SHAREHOLDERS AS OF 31.12.22 Number of shares Percentage HERKULES PRIVATE EQUITY IV LP2 57 690 674 13.1 % NO SURRENDER AS 34 187 143 7.8 % KREFTING AS 25 137 610 5.7 % SIRENA II AS 25 000 000 5.7 % HERKULES PRIVATE EQUITY IV LP1 20 471 101 4.6 % MAKRELLA HOLDING AS 14 285 714 3.2 % WERGELAND HOLDING AS 10 000 000 2.3 % PERESTROIKA AS 10 000 000 2.3 % OSAKONGEN DRIFT AS 9 835 000 2.2 % JEKTEVIKA HOLDING AS 9 835 000 2.2 % STOLEN AS 8 718 557 2.0 % SPIRALEN HOLDING AS 8 571 428 1.9 % TRIKO AS 7 897 428 1.8 % LILJE AS 7 142 857 1.6 % WEST COAST INVEST AS 7 142 857 1.6 % Skandinaviska Enskilda Banken AB 6 424 891 1.5 % SPECTATIO FINANS AS 6 361 315 1.4 % INTERNATIONAL OILFIELD SERVICES AS 6 198 852 1.4 % GC RIEBER FORTUNA AS 5 000 000 1.1 % SUBSEA INDEPENDENT AS 4 000 604 0.9 % Total holdings 20 largest shareholders 283 901 031 64.4 % Other 156 681 870 35.6 % Total number of shares 440 582 901 100.0 % ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8093": { "value": "DISCLOSURE 17 | PREPAYMENTS AND OTHER CURRENT RECEIVABLES PREPAYMENTS AND OTHER CURRENT RECEIVABLES 2022 2021 Prepaid costs 4 791 3 779 Prepaid to suppliers 24 724 1 045 Tax paid in advance 367 381 Treasure \ufb01nd 44 242 Other taxes 0 177 VAT 1 246 1 989 Total 31 522 7 613 OTHER LONG-TERM ASSETS 2022 2021 Prepaid pension cost 1 883 2 025 Other non-current assets 255 0 Total 2 138 2 025 DISCLOSURE 18 | OTHER CURRENT LIABILITIES OTHER CURRENT LIABILITIES 2022 2021 Warranty provision 1 371 1 868 Wages, holiday pay, VAT etc. 67 950 16 540 Provision for accrued costs 23 562 14 623 Facility tax 3 970 0 Total 96 853 33 031 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8094": { "value": "DISCLOSURE 17 | PREPAYMENTS AND OTHER CURRENT RECEIVABLES PREPAYMENTS AND OTHER CURRENT RECEIVABLES 2022 2021 Prepaid costs 4 791 3 779 Prepaid to suppliers 24 724 1 045 Tax paid in advance 367 381 Treasure \ufb01nd 44 242 Other taxes 0 177 VAT 1 246 1 989 Total 31 522 7 613 OTHER LONG-TERM ASSETS 2022 2021 Prepaid pension cost 1 883 2 025 Other non-current assets 255 0 Total 2 138 2 025 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8095": { "value": "DISCLOSURE 17 | PREPAYMENTS AND OTHER CURRENT RECEIVABLES PREPAYMENTS AND OTHER CURRENT RECEIVABLES 2022 2021 Prepaid costs 4 791 3 779 Prepaid to suppliers 24 724 1 045 Tax paid in advance 367 381 Treasure \ufb01nd 44 242 Other taxes 0 177 VAT 1 246 1 989 Total 31 522 7 613 OTHER LONG-TERM ASSETS 2022 2021 Prepaid pension cost 1 883 2 025 Other non-current assets 255 0 Total 2 138 2 025 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8096": { "value": "DISCLOSURE 17 | PREPAYMENTS AND OTHER CURRENT RECEIVABLES PREPAYMENTS AND OTHER CURRENT RECEIVABLES 2022 2021 Prepaid costs 4 791 3 779 Prepaid to suppliers 24 724 1 045 Tax paid in advance 367 381 Treasure \ufb01nd 44 242 Other taxes 0 177 VAT 1 246 1 989 Total 31 522 7 613 OTHER LONG-TERM ASSETS 2022 2021 Prepaid pension cost 1 883 2 025 Other non-current assets 255 0 Total 2 138 2 025 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8124": { "value": "OTHER LONG-TERM ASSETS 2022 2021 Prepaid pension cost 1 883 2 025 Other non-current assets 255 0 Total 2 138 2 025 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8149": { "value": "DISCLOSURE 18 | OTHER CURRENT LIABILITIES OTHER CURRENT LIABILITIES 2022 2021 Warranty provision 1 371 1 868 Wages, holiday pay, VAT etc. 67 950 16 540 Provision for accrued costs 23 562 14 623 Facility tax 3 970 0 Total 96 853 33 031 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8150": { "value": "DISCLOSURE 18 | OTHER CURRENT LIABILITIES OTHER CURRENT LIABILITIES 2022 2021 Warranty provision 1 371 1 868 Wages, holiday pay, VAT etc. 67 950 16 540 Provision for accrued costs 23 562 14 623 Facility tax 3 970 0 Total 96 853 33 031 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8219": { "value": "DISCLOSURE 20 | FINANCIAL RISK The Group is exposed to the following \ufb01nancial risks: Market risk Credit risk Liquidity risk This disclosure provides information about exposure to each of the above-mentioned risks as well as goals, principles and processes for measuring and managing risk, and the Group\u2019s capital management. More quantitative information is included elsewhere in the consolidated accounts. The board of directors has overall responsibility for establishing and monitoring the Group\u2019s risk management framework. Risk management principles have been established in order to identify and analysis the risks to which the Group is exposed, to stipulate limits on risk and pertaining control procedures, and to monitor risk and compliance with the limits. Risk management principles and systems are reviewed regularly to re\ufb02ect changes in activities and market conditions. MARKET RISK Market risk is the risk that \ufb02uctuations in market prices, e.g. exchange rates and interest rates, will affect future cash \ufb02ows or the value of \ufb01nancial instruments. Market risk management aims to ensure that risk exposure stays within the de\ufb01ned limits, while optimising the risk-adjusted return. Scana has a centralized \ufb01nance function. Hedging of currency and interest rate exposure is done in accordance with the Group\u2019s policy and routines. Scana seeks to reduce the risk associated with currency and interest rates by using hedging instruments. This is done centrally by the \ufb01nance department on the basis of the exposure reported by the operational units. CURRENCY RISK The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The Group\u2019s management continuously monitors and reports on the Group\u2019s currency positions. The Group\u2019s risk management policy is to hedge material estimated foreign currency exposure in respect of forecast sales and purchases over the following 12 months at any point in time. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. SENSITIVITY ANALYSIS \u2013 CURRENCY The table below shows the sensitivity analysis related to currency risk. Tax effects are not considered in the calculations. A reasonably possible strengthening (weakening) of NOK against all other currencies on 31 December would have affected equity and pro\ufb01t or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. EUR currency has a portion of 82 % in the sensitivity analysis. In addition the Group has USD, GBP and SEK currencies at balance date. Changes in currency NOK Impact resultat before tax Impact other comprehensive income 2022 5 % 10 399 (3 050) -5 % (10 399) 3 050 2021 5 % 2 228 (3 139) -5 % (2 228) 3 139 INTEREST RATE RISK Scana has no interest rate hedges on the balance sheet date. The Group\u2019s interest rate risk relates to the Group\u2019s debt portfolio and cash equivalents is managed at Group level. The Group\u2019s objective is to secure and counteract major effects from changes in the market interest rate. SENSITIVITY ANALYSIS \u2013 INTEREST RATE The table below shows the sensitivity analysis related to interest risk. A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and pro\ufb01t or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. Change in interest rate Impact result before tax Impact other comprehensive income 2022 1 % (1 483) (1 483) -1 % 1 483 1 483 LIQUIDITY RISK Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities under normal and conditions. The Group works continuously to reduce liquidity risk through monitoring and active dialogue with the subsidiaries. See disclosure 23 for more information on the Group\u2019s bank loans as of 31.12.2022. For more information read disclosure 22 according to Group\u2019s cash and cash equivalents as of 31.12.2022. The Group has a bank balance as of 31.12.22 of NOK 2.6 million and unused drawing facilities amounting to NOK 110 million. EXPOSURE TO LIQUIDITY RISK The following are the remaining contractual maturities of \ufb01nancial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments. As of 31.12.22 2023.Q1 2023.Q2 2023.Q3 2023.Q4 2023 2024 2025 Leasing liabilities -412 143 -19 042 -19 042 -19 042 -19 042 -76 167 -70 358 -66 780 Bank loan -129 709 -5 000 -5 000 -5 000 -5 000 -20 000 -20 000 -20 000 Trade payables -108 946 -108 946 Financial instruments -1 971 Interests payments -2 214 -2 474 -2 392 -2 310 -2 228 -9 405 -9 077 -7 765 Total out\ufb02ow (payments) -135 462 -26 434 -26 352 -26 270 -105 572 -99 435 -94 545 As of 31.12.21 2022.Q1 2022.Q2 2022.Q3 2022.Q4 2022 2023 2024 Bankoverdraft -101 Leasing liabilities -7 964 -892 -888 -880 -880 -2 670 -2 294 -62 Shareholders loan -37 638 -37 638 Trade paybles -20 426 -20 426 Financial instruments -967 Interests payments -1 029 -1 130 -1 130 -1 130 -1 130 -4 520 -4 520 -4 520 Total out\ufb02ow (payments) -22 448 -2 018 -2 010 -39 648 -7 190 -6 814 -4 582 Credit risk is the risk of \ufb01nancial losses in the event that a customer or counterparty in a \ufb01nancial instrument is unable to meet its contractual obligations. Credit risk relates usually to the Group\u2019s trade receivables, contract assets and cash and cash equivalents. The Group\u2019s exposure to credit risk is mainly the result of individual factors relating to each individual customer. The demographics of the customer base, including the risk of default of payment in the industry and the country in which the customers operate, have less in\ufb02uence on the credit risk. The Group has guide lines to ensure that orders are not entered into with customers who have signi\ufb01cant problems with payment and that outstanding amounts do not exceed established credit limits. In practice, this is done with credit assessments before contracts are entered into. In addition, Scana enters into larger customer contracts with advance payments (20 %\u201330 %) or milestone invoicing throughout the entire project progress. The Group regards its maximum credit risk exposure to the carrying amount of trade receivables and contract assets. Historically, losses on trade receivables and contract assets have been limited. CREDIT RISK AS OF 31.12.22 Disclosure Gross assets Expected loss within 12 months Expected loss portfolio Expected loss individual Provision for loss on receivables Net assets Trade receivable 16 161 248 -427 -427 -427 160 821 Contract assets 16 126 412 -1 108 -1 108 -1 108 125 304 Total 327 123 -1 535 -1 535 0 -1 535 325 588 AS OF 31.12.21 Disclosure Gross assets Expected loss within 12 months Expected loss portfolio Expected loss individual Provision for loss on receivables Net assets Trade receivable 16 39 777 -43 -43 -43 39 734 Contract assets 16 19 950 -1 132 -1 132 -1 132 18 818 Total 59 727 -1 175 -1 175 0 -1 175 58 552 CHANGES IN PROVISIONS \u2013 LOSS Disclosure Opening balance provision loss Realized losses Changes in provision Agio Ending balance provision loss Trade receivable 13 -43 -384 -427 Contract assets 13 -1 132 24 -1 108 Total -1 175 0 -360 0 -1 535 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8237": { "value": "MARKET RISK Market risk is the risk that \ufb02uctuations in market prices, e.g. exchange rates and interest rates, will affect future cash \ufb02ows or the value of \ufb01nancial instruments. Market risk management aims to ensure that risk exposure stays within the de\ufb01ned limits, while optimising the risk-adjusted return. Scana has a centralized \ufb01nance function. Hedging of currency and interest rate exposure is done in accordance with the Group\u2019s policy and routines. Scana seeks to reduce the risk associated with currency and interest rates by using hedging instruments. This is done centrally by the \ufb01nance department on the basis of the exposure reported by the operational units. CURRENCY RISK The Group is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases, receivables and borrowings are denominated and the respective functional currencies of Group companies. The Group\u2019s management continuously monitors and reports on the Group\u2019s currency positions. The Group\u2019s risk management policy is to hedge material estimated foreign currency exposure in respect of forecast sales and purchases over the following 12 months at any point in time. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. SENSITIVITY ANALYSIS \u2013 CURRENCY The table below shows the sensitivity analysis related to currency risk. Tax effects are not considered in the calculations. A reasonably possible strengthening (weakening) of NOK against all other currencies on 31 December would have affected equity and pro\ufb01t or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. EUR currency has a portion of 82 % in the sensitivity analysis. In addition the Group has USD, GBP and SEK currencies at balance date. Changes in currency NOK Impact resultat before tax Impact other comprehensive income 2022 5 % 10 399 (3 050) -5 % (10 399) 3 050 2021 5 % 2 228 (3 139) -5 % (2 228) 3 139 INTEREST RATE RISK Scana has no interest rate hedges on the balance sheet date. The Group\u2019s interest rate risk relates to the Group\u2019s debt portfolio and cash equivalents is managed at Group level. The Group\u2019s objective is to secure and counteract major effects from changes in the market interest rate. SENSITIVITY ANALYSIS \u2013 INTEREST RATE The table below shows the sensitivity analysis related to interest risk. A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and pro\ufb01t or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant. Change in interest rate Impact result before tax Impact other comprehensive income 2022 1 % (1 483) (1 483) -1 % 1 483 1 483 ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8326": { "value": "LIQUIDITY RISK Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities under normal and conditions. The Group works continuously to reduce liquidity risk through monitoring and active dialogue with the subsidiaries. See disclosure 23 for more information on the Group\u2019s bank loans as of 31.12.2022. For more information read disclosure 22 according to Group\u2019s cash and cash equivalents as of 31.12.2022. The Group has a bank balance as of 31.12.22 of NOK 2.6 million and unused drawing facilities amounting to NOK 110 million. EXPOSURE TO LIQUIDITY RISK The following are the remaining contractual maturities of \ufb01nancial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments. As of 31.12.22 2023.Q1 2023.Q2 2023.Q3 2023.Q4 2023 2024 2025 Leasing liabilities -412 143 -19 042 -19 042 -19 042 -19 042 -76 167 -70 358 -66 780 Bank loan -129 709 -5 000 -5 000 -5 000 -5 000 -20 000 -20 000 -20 000 Trade payables -108 946 -108 946 Financial instruments -1 971 Interests payments -2 214 -2 474 -2 392 -2 310 -2 228 -9 405 -9 077 -7 765 Total out\ufb02ow (payments) -135 462 -26 434 -26 352 -26 270 -105 572 -99 435 -94 545 As of 31.12.21 2022.Q1 2022.Q2 2022.Q3 2022.Q4 2022 2023 2024 Bankoverdraft -101 Leasing liabilities -7 964 -892 -888 -880 -880 -2 670 -2 294 -62 Shareholders loan -37 638 -37 638 Trade paybles -20 426 -20 426 Financial instruments -967 Interests payments -1 029 -1 130 -1 130 -1 130 -1 130 -4 520 -4 520 -4 520 Total out\ufb02ow (payments) -22 448 -2 018 -2 010 -39 648 -7 190 -6 814 -4 582 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8599": { "value": "DISCLOSURE 21 | FINANCIAL INSTRUMENTS HEDGING CURRENCY RISK As a proportion of the Group\u2019s sales take place in foreign currency, Scana is exposed to \ufb02uctuations in exchange rates in the period from the conclusion of the sales contract until the \ufb01nal payment from the customer. In addition, there are risks associated with future payments in foreign currency. When Group\u2019s hedging the net cash \ufb02ow based on the individual currencies, forward contracts are entered which correspond to a proportion of the expected future payments. CURRENCY DIFFERENCES 2022 2021 Changes in currency differences carried over other comprehensive income 0 0 Relassi\ufb01ed from other comprehensive income 0 -566 Effect on pro\ufb01t as a result of reclassi\ufb01cation from other comprehensive income 0 566 Listed below is a summary of all open currency contracts as of 31.12.22: CURRENCY Net Denomination Maturity period Unrealized gain/loss (\u2013) USD sale -5 010 2023 -1 971 SEK sale -49 380 2023 1 647 SEK sale -17 550 2024 615 Total 291 Listed below is a summary of all open currency contracts as of 31.12.21: CURRENCY Net Denomination Maturity period Unrealized gain/loss (\u2013) USD sale -2 000 2022 84 EUR sale -500 2022 -967 Total -883 CLASSIFICATION OF FINANCIAL ASSETS In accordance with IFRS 9, the Group classi\ufb01es \ufb01nancial assets based on the business model where they are managed based on contractual cash \ufb02ows. The main categories of \ufb01nancial assets according to IFRS 9 are amortized cost, fair value classi\ufb01ed as other comprehensive income and expenses and fair value presented in pro\ufb01t and loss. In accordance with the loss model, the Group recognizes expected losses over the lifetime of \ufb01nancial assets that are measured at amortized cost, debt instruments that are measured at fair value over other income and costs and contract assets. The Group assesses expected losses related to \ufb01nancial assets over their lifetime. DETERMINATION OF FAIR VALUE The fair value of forward currency contracts is determined by using the closing rate on the balance sheet date adjusted for an interest addition or deduction based on the interest rate difference between the respective currencies. For forward exchange contracts, the present value of the cash \ufb02ow is taken as a starting point. The fair value of cash, overdrafts and other interest-bearing debt is considered to be approximately equal to the value on the statement of \ufb01nancial position, as these have a short maturity and thus provide a \ufb02oating interest rate that is adjusted in line with changes in the general interest rate level. Similarly, the fair value of trade receivables and trade payables is assumed to be equal to the book value as both items have a short maturity and are entered into under normal conditions. The table below shows how the various \ufb01nancial instruments are categorized cf. IFRS 7 as of 31 December 2022. 2022 2021 Fair value hierarchy Fair value pro\ufb01t & loss Fair value \u2013 other comprehensive income Amortized cost Total Total FINANCIAL ASSETS Non-current assets 7/17 Level 3 2 777 255 3 032 0 Trade receivable 16 160 821 160 821 39 734 Financial instruments 21 Level 2 2 262 2 262 84 Prepayments and other current receivables 17 31 522 31 522 7 613 Bank deposits 22 2 647 2 647 28 992 Total 5 039 0 195 245 200 284 76 423 FINANCIAL LIABILITIES Bank overdraft 22/23 0 0 101 Leasing liabilities 24 412 143 412 143 7 964 Loans and borrowings 23 151 922 151 922 38 152 Trade payables 19 108 946 108 946 20 426 Financial instruments 21 Level 2 1 971 1 971 967 Other current liabilities 18 96 857 96 857 33 029 Total 1 971 0 769 868 771 839 100 639 Disclosure FAIR VALUE \u2013 VALUE HIERARCHY Scana uses the following hierarchy when assessing and presenting the fair value of the \ufb01nancial instruments. Level 1: Listed prices (unadjusted) in active markets for identical assets and liabilities. Level 2: Input other than quoted prices from active markets included in level 1, which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). To calculate the value of open foreign exchange contracts, it is obtained from Norges Bank on the closing date. Valuations also include valuations based on market-con\ufb01rmed inputs. Market-con\ufb01rmed input data is input data determined through mathematical or statistical methods, such as correlation or regression analysis, where input data in the analysis and/or results can be con\ufb01rmed against observable market data. If such an analysis is to be used for the purpose of \ufb01nancial reporting, the statistical goodness of the analysis should be assessed based on usual statistical criteria and predictive ability. Level 3: Input for the asset or liability that is not based on observable market data. The table above shows the valuation hierarchy for fair value disclosures for assets and liabilities. In 2022, there has been no transfer between level 1 and level 2 in the assessment of fair value, and no transfers into or out of level 3 in the assessment of fair value. CAPITAL STRUCTURE AND EQUITY The main purpose of the Group\u2019s composition and management of debt and equity is to ensure headroom to the tasks the Group and subsidiaries face in the short and long term. The Group should have a reasonable credit rating, and thus competitive loan conditions with lenders to Scana business. Through good capital management of equity and debt, the Group will support the business that is run, and thus contribute to increasing shareholder value. The Group must have suf\ufb01cient liquid funds and drawing options for \ufb01nancing operational activities. This takes place through targets for ongoing operations and capital management. The Group manages the capital structure and make necessary changes based on an ongoing assessment of market and \ufb01nancial risk and those \ufb01nancial prospects seen in the short and medium term refer to disclosure 23. Reference is made to the section liquidity risk in disclosure 20 related to the company\u2019s \ufb01nancial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8708": { "value": "DETERMINATION OF FAIR VALUE The fair value of forward currency contracts is determined by using the closing rate on the balance sheet date adjusted for an interest addition or deduction based on the interest rate difference between the respective currencies. For forward exchange contracts, the present value of the cash \ufb02ow is taken as a starting point. The fair value of cash, overdrafts and other interest-bearing debt is considered to be approximately equal to the value on the statement of \ufb01nancial position, as these have a short maturity and thus provide a \ufb02oating interest rate that is adjusted in line with changes in the general interest rate level. Similarly, the fair value of trade receivables and trade payables is assumed to be equal to the book value as both items have a short maturity and are entered into under normal conditions. The table below shows how the various \ufb01nancial instruments are categorized cf. IFRS 7 as of 31 December 2022. 2022 2021 Fair value hierarchy Fair value pro\ufb01t & loss Fair value \u2013 other comprehensive income Amortized cost Total Total FINANCIAL ASSETS Non-current assets 7/17 Level 3 2 777 255 3 032 0 Trade receivable 16 160 821 160 821 39 734 Financial instruments 21 Level 2 2 262 2 262 84 Prepayments and other current receivables 17 31 522 31 522 7 613 Bank deposits 22 2 647 2 647 28 992 Total 5 039 0 195 245 200 284 76 423 FINANCIAL LIABILITIES Bank overdraft 22/23 0 0 101 Leasing liabilities 24 412 143 412 143 7 964 Loans and borrowings 23 151 922 151 922 38 152 Trade payables 19 108 946 108 946 20 426 Financial instruments 21 Level 2 1 971 1 971 967 Other current liabilities 18 96 857 96 857 33 029 Total 1 971 0 769 868 771 839 100 639 Disclosure ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8846": { "value": "CAPITAL STRUCTURE AND EQUITY The main purpose of the Group\u2019s composition and management of debt and equity is to ensure headroom to the tasks the Group and subsidiaries face in the short and long term. The Group should have a reasonable credit rating, and thus competitive loan conditions with lenders to Scana business. Through good capital management of equity and debt, the Group will support the business that is run, and thus contribute to increasing shareholder value. The Group must have suf\ufb01cient liquid funds and drawing options for \ufb01nancing operational activities. This takes place through targets for ongoing operations and capital management. The Group manages the capital structure and make necessary changes based on an ongoing assessment of market and \ufb01nancial risk and those \ufb01nancial prospects seen in the short and medium term refer to disclosure 23. Reference is made to the section liquidity risk in disclosure 20 related to the company\u2019s \ufb01nancial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8878": { "value": "CASH FLOW STATEMENTDISCLOSURE 23 | LOANS AND BORROWINGS 2022 Nominal interest rate Current Non-current Maturity date Bank loan NOWA + 3.5 % 20 000 129 709 Accrued interests 2 214 Total interest bearing debt 22 214 129 709 2021 Nominal interest rate Current Non-current Maturity date Bankoverdraft NIBOR + 3.25 % 101 09.10.2022 Shareholder loans 12 % (PIK) 37 638 10.10.2022 Accrued interests 514 Total interest bearing debt 38 253 0 BANK OVERDRAFT The \ufb01nancing is linked to an overdraft facility of NOK 110 million and a bank guarantee facility of NOK 60 million. It is a rolling draft facility with annual renewal for the next time on 09.10.2023. There are certain \ufb01nancial covenants to the loan agreement shown in the overview below: Capital expenditure should not exceed NOK 29 million, measured annually from 2023. In addition to \ufb01nancial covenants mentioned above, the contract contains other covenants considered common for similar contractual relationships. This includes limitations on acquisitions, disposals, change of control and conditions related to continued listing. The Group was in compliance with the loan terms as of 31 December 2022. SHAREHOLDERS LOAN In connection with the re\ufb01nancing in 2021, a new agreement was entered where the maturity date is set to 1 day after maturity overdraft. In 2021, accrued interest has been added to the principal and amounts. In January 2022 connected to PSW transaction the shareholders loan was partly repaid to the shareholders and the remaining part was converted to equity. End of December 2022 there is no shareholder\u2019s loan. COST OF LOAN When the new facilities were established, DNB charged the company for establishment costs of the facilities and constitute actual costs for each of the facilities. The method used is amortized cost when the cost is expensed in the result during the borrowing period. The borrowing cost is presented on the row for accrued interest costs. COVENANT 2022.Q4 2023.Q1 2023.Q2 2023.Q3 2023.Q4 --> Covenant EBITDA 11 400 22 300 37 900 66 100 NA Covenant NIBD/EBITDA NA NA NA NA 2.5x Covenant equity ratio 30 % 30 % 30 % 30 % 30 % Borrowing base 70% 70 % 70 % 70 % 70 % CHANGE IN LIABILITIES RELATED TO FINANCING ACTIVITIES The overview below shows the change in liabilities due to \ufb01nancing activities in 2022 and where the changes take effect. In addition the Group has repaid short term borrowings acquired through business combination of NOK 99 million during 2022. The overview below shows the change in liabilities due to \ufb01nancing activities in 2021 and where the changes have an effect. Paid interest leases apply to statement of \ufb01nancial position leases. Interest payments include costs associated with establishing the \ufb01nancing. Increased liability is linked to new lease agreements and interests added to the principal of the shareholders loan. 31.12.21 Proceeds from LT and ST borrowings Payments of borrowings Interests Payments of leasing liabilities Changes in cash and bank Pro\ufb01t and loss Proceeds from issue of new share capital Net New leasing liabilities and disposals Currency differences 31.12.22 Leasing liabilities 7 964 -53 787 457 993 -27 412 143 Bank overdraft 101 -101 0 Bank loan LT 0 145 000 -15 000 -291 129 709 Bank loan ST 0 20 000 20 000 Shareholders loan 37 638 -25 661 -11 977 0 Accrued interests 514 -35 607 41 673 -4 880 514 0 2 214 Total liabilities connected to \ufb01nancing activities 46 217 165 000 -40 661 -35 607 -53 787 -101 41 382 -16 857 458 507 -27 564 066 31.12.20 Proceeds from LT and ST borrowings Payments of borrowings Interests Payments of leasing liabilities Changes in cash and bank Pro\ufb01t and loss Net New leasing liabilities and disposals Currency differences 31.12.21 Leasing liabilities 10 402 -3 731 1 348 -55 7 964 Bank overdraft 26 373 -26 272 101 Shareholders loan 33 436 4 202 37 638 Accrued interests 495 -5 876 5 707 188 514 Total liabilities connected to \ufb01nancing activities 70 706 0 0 -1 674 -3 731 -26 272 5 707 1 348 133 46 217 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8967": { "value": "COST OF LOAN When the new facilities were established, DNB charged the company for establishment costs of the facilities and constitute actual costs for each of the facilities. The method used is amortized cost when the cost is expensed in the result during the borrowing period. The borrowing cost is presented on the row for accrued interest costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8968": { "value": "COST OF LOAN When the new facilities were established, DNB charged the company for establishment costs of the facilities and constitute actual costs for each of the facilities. The method used is amortized cost when the cost is expensed in the result during the borrowing period. The borrowing cost is presented on the row for accrued interest costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f8969": { "value": "COST OF LOAN When the new facilities were established, DNB charged the company for establishment costs of the facilities and constitute actual costs for each of the facilities. The method used is amortized cost when the cost is expensed in the result during the borrowing period. The borrowing cost is presented on the row for accrued interest costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f9380": { "value": "DISCLOSURE 25 | GUARANTEES AND PLEDGE MORTGAGE ENCUMBRANCES 2022 2021 Of the group's book debts, the following were secured by pledge 150 873 37 739 Total pledges 150 873 37 739 BOOK VALUE OF PLEDGED OBJECTS Machinery 143 609 11 757 Buildings 139 0 Inventories 65 960 13 355 Trade receivables 160 821 39 734 Contract assets 125 304 18 818 Total 495 834 83 663 WARRANTY LIABILITY 2022 2021 Warranty and surety liability 162 147 21 517 The parent company guarantees amount to NOK 17.7 million on the balance sheet date. Of the bank guarantees, approx. 27 % (2021: 71 %) linked to performance guarantees. Errors in deliveries and the inability to correct errors will give the customer the right to draw on the guarantees. About 32 % (2021: 29 %) of the bank and parent company guarantees are demand guarantees (\u201con demand\u201d guarantees) and includes tax deductions. Approximately 41 % of the guarantees are linked to the lease agreements. In the event of non-payment, the creditor can call on the guarantee. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f9381": { "value": "DISCLOSURE 25 | GUARANTEES AND PLEDGE MORTGAGE ENCUMBRANCES 2022 2021 Of the group's book debts, the following were secured by pledge 150 873 37 739 Total pledges 150 873 37 739 BOOK VALUE OF PLEDGED OBJECTS Machinery 143 609 11 757 Buildings 139 0 Inventories 65 960 13 355 Trade receivables 160 821 39 734 Contract assets 125 304 18 818 Total 495 834 83 663 WARRANTY LIABILITY 2022 2021 Warranty and surety liability 162 147 21 517 The parent company guarantees amount to NOK 17.7 million on the balance sheet date. Of the bank guarantees, approx. 27 % (2021: 71 %) linked to performance guarantees. Errors in deliveries and the inability to correct errors will give the customer the right to draw on the guarantees. About 32 % (2021: 29 %) of the bank and parent company guarantees are demand guarantees (\u201con demand\u201d guarantees) and includes tax deductions. Approximately 41 % of the guarantees are linked to the lease agreements. In the event of non-payment, the creditor can call on the guarantee. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f9441": { "value": "DISCLOSURE 26 | SHARES AND SHAREHOLDERS Scana ASA had 4.091 shareholders as of 31.12.2022. Foreign shareholders owned shares that together made up 21.4 % of the share capital. THE 20 LARGEST SHAREHOLDERS AS OF 31.12.22 Number of shares Percentage HERKULES PRIVATE EQUITY IV LP2 57 690 674 13.1 % NO SURRENDER AS 34 187 143 7.8 % KREFTING AS 25 137 610 5.7 % SIRENA II AS 25 000 000 5.7 % HERKULES PRIVATE EQUITY IV LP1 20 471 101 4.6 % MAKRELLA HOLDING AS 14 285 714 3.2 % WERGELAND HOLDING AS 10 000 000 2.3 % PERESTROIKA AS 10 000 000 2.3 % OSAKONGEN DRIFT AS 9 835 000 2.2 % JEKTEVIKA HOLDING AS 9 835 000 2.2 % STOLEN AS 8 718 557 2.0 % SPIRALEN HOLDING AS 8 571 428 1.9 % TRIKO AS 7 897 428 1.8 % LILJE AS 7 142 857 1.6 % WEST COAST INVEST AS 7 142 857 1.6 % Skandinaviska Enskilda Banken AB 6 424 891 1.5 % SPECTATIO FINANS AS 6 361 315 1.4 % INTERNATIONAL OILFIELD SERVICES AS 6 198 852 1.4 % GC RIEBER FORTUNA AS 5 000 000 1.1 % SUBSEA INDEPENDENT AS 4 000 604 0.9 % Total holdings 20 largest shareholders 283 901 031 64.4 % Other 156 681 870 35.6 % Total number of shares 440 582 901 100.0 % Oddbj\u00f8rn Hauk\u00f8y (Ownership is exercised through the company No Surrender AS and 50 % ownership in Subsea Independent AS) 38 187 747 Styrk Bekkenes (Ownership is exercised through the company Bekkenes AS) 3 288 428 Dag Schjerven 976 185 Torvald Ulland Reiestad 178 660 NUMBER OF SHARES OWNED BY BOARD MEMBERS AND SENIOR EMPLOYEES P\u00e5l Selvik (Scana\u2019s Chairman of the board) is CEO in GC Rieber Fortuna AS NUMBER OF SHARES Number of shareholders Number of shares Percentage 1\u20131 000 1785 473 192 0.1 % 1 001\u201310 000 1232 5 714 962 1.3 % 10 001\u2013100 000 839 28 697 740 6.5 % 100 001\u20131 000 000 188 54 463 562 12.4 % Over 1 000 000 47 351 233 445 79.7 % Total 4091 440 582 901 100 % DISTRIBUTION OF SHAREHOLDERS BY HOLDINGS AMOUNT IN NOK 2022.Q4 2022.Q3 2022.Q2 2022.Q1 Start price 1.02 1.23 1.36 1.50 Closing price 1.04 1.09 1.28 1.36 Return in the period 2 % -12 % -6 % -9 % Highest closing price 1.30 1.54 1.70 1.49 Lowest closing price 1.01 1.08 1.20 1.17 Volume (in 1000 shares) 122 071 56 397 106 842 28 538 SHARE PRICE PER QUARTER IN 2022 DISCLOSURE 28 | SHARE CAPITAL Private placement registered 11 January 2022 \u2013 The company\u2019s share capital increased by NOK 285.909.295 from NOK 107.511.831 to NOK 393.421.126, by issuing 285.909.295 new shares each with a nominal value of NOK 1.00. Debt conversion registered 20 December 2022 \u2013 The company\u2019s share capital increased by NOK 47.161.775 from NOK 393.421.126 to NOK 440.580.901, by issuing 47.161.775 new shares each with a nominal value of NOK 1.00. On 31 December 2022, the share capital of Scana ASA was NOK 440.580.901, divided into 440.580.901 shares, each with a nominal value of NOK 1.00. All shares have equal voting rights. Number of shares Share capital Number of outstanding ordinary shares as of 31.12.21 107 511 831 107 512 Private placement 11 January 2022 285 909 295 285 909 Debt conversion 20 December 2022 47 161 775 47 162 Number of outstanding ordinary shares as of 31.12.22 440 582 901 440 583 ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f9442": { "value": "DISCLOSURE 26 | SHARES AND SHAREHOLDERS Scana ASA had 4.091 shareholders as of 31.12.2022. Foreign shareholders owned shares that together made up 21.4 % of the share capital. NUMBER OF SHARES OWNED BY BOARD MEMBERS AND SENIOR EMPLOYEES Oddbj\u00f8rn Hauk\u00f8y (Ownership is exercised through the company No Surrender AS and 50 % ownership in Subsea Independent AS) 38 187 747 Styrk Bekkenes (Ownership is exercised through the company Bekkenes AS) 3 288 428 Dag Schjerven 976 185 Torvald Ulland Reiestad 178 660 P\u00e5l Selvik (Scana\u2019s Chairman of the board) is CEO in GC Rieber Fortuna AS THE 20 LARGEST SHAREHOLDERS AS OF 31.12.22 Number of shares Percentage HERKULES PRIVATE EQUITY IV LP2 57 690 674 13.1 % NO SURRENDER AS 34 187 143 7.8 % KREFTING AS 25 137 610 5.7 % SIRENA II AS 25 000 000 5.7 % HERKULES PRIVATE EQUITY IV LP1 20 471 101 4.6 % MAKRELLA HOLDING AS 14 285 714 3.2 % WERGELAND HOLDING AS 10 000 000 2.3 % PERESTROIKA AS 10 000 000 2.3 % OSAKONGEN DRIFT AS 9 835 000 2.2 % JEKTEVIKA HOLDING AS 9 835 000 2.2 % STOLEN AS 8 718 557 2.0 % SPIRALEN HOLDING AS 8 571 428 1.9 % TRIKO AS 7 897 428 1.8 % LILJE AS 7 142 857 1.6 % WEST COAST INVEST AS 7 142 857 1.6 % Skandinaviska Enskilda Banken AB 6 424 891 1.5 % SPECTATIO FINANS AS 6 361 315 1.4 % INTERNATIONAL OILFIELD SERVICES AS 6 198 852 1.4 % GC RIEBER FORTUNA AS 5 000 000 1.1 % SUBSEA INDEPENDENT AS 4 000 604 0.9 % Total holdings 20 largest shareholders 283 901 031 64.4 % Other 156 681 870 35.6 % Total number of shares 440 582 901 100.0 % DISTRIBUTION OF SHAREHOLDERS BY HOLDINGS NUMBER OF SHARES Number of shareholders Number of shares Percentage 1\u20131 000 1785 473 192 0.1 % 1 001\u201310 000 1232 5 714 962 1.3 % 10 001\u2013100 000 839 28 697 740 6.5 % 100 001\u20131 000 000 188 54 463 562 12.4 % Over 1 000 000 47 351 233 445 79.7 % Total 4091 440 582 901 100 % SHARE PRICE PER QUARTER IN 2022 AMOUNT IN NOK 2022.Q4 2022.Q3 2022.Q2 2022.Q1 Start price 1.02 1.23 1.36 1.50 Closing price 1.04 1.09 1.28 1.36 Return in the period 2 % -12 % -6 % -9 % Highest closing price 1.30 1.54 1.70 1.49 Lowest closing price 1.01 1.08 1.20 1.17 Volume (in 1000 shares) 122 071 56 397 106 842 28 538 DISCLOSURE 28 | SHARE CAPITAL Private placement registered 11 January 2022 \u2013 The company\u2019s share capital increased by NOK 285.909.295 from NOK 107.511.831 to NOK 393.421.126, by issuing 285.909.295 new shares each with a nominal value of NOK 1.00. Debt conversion registered 20 December 2022 \u2013 The company\u2019s share capital increased by NOK 47.161.775 from NOK 393.421.126 to NOK 440.580.901, by issuing 47.161.775 new shares each with a nominal value of NOK 1.00. On 31 December 2022, the share capital of Scana ASA was NOK 440.580.901, divided into 440.580.901 shares, each with a nominal value of NOK 1.00. All shares have equal voting rights. Number of shares Share capital Number of outstanding ordinary shares as of 31.12.21 107 511 831 107 512 Private placement 11 January 2022 285 909 295 285 909 Debt conversion 20 December 2022 47 161 775 47 162 Number of outstanding ordinary shares as of 31.12.22 440 582 901 440 583 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f9564": { "value": "DISCLOSURE 27 | RESULT PER SHARE AND OWN SHARES 2022 2021 Net pro\ufb01t/loss \u2013 Equity holders of the parent -44 499 26 757 Weighted average number of shares *) 386 348 745 107 505 370 EFFECT OF DILUTION Options/Subscription rights 0 9 240 000 Weighted average number of shares adjusted for the effect of extraction 386 348 745 116 745 370 Earnings per share \u2013 continuing operation -0.12 0.24 Earnings per diluted share - continuing operation -0.12 0.23 Earnings per share \u2013 discontinued operation 0.00 0.00 Earnings per diluted share \u2013 discontinued operation 0.00 0.00 Earnings per share -0.12 0.25 Earnings per diluted share -0.12 0.23 2022 2021 Shares in market from previous year 107 511 831 107 511 831 Issue of shares January 2022 277 292 850 Convertion of Seller credit Dec 2022 1 550 524 Own shares (6 461) (6 461) Weighted average number of shares 386 348 745 107 505 370 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f9703": { "value": "OWN SHARES The company has 6.461 own shares as of 31 December 2022, which is unchanged from 31 December 2021. At the ordinary general meeting on 22 June 2022, the board was authorized to acquire the company\u2019s own shares for a nominal value of up to NOK 39.3 million. The authorization is valid until the 2023 ordinary general meeting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }