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DISCLOSURE 1 | MATERIAL ACCOUNTING POLICY INFORMATION
CORPORATE INFORMATION
Scana ASA\u2019s registered office is at Wernersholmvegen 49, Bergen, in Norway. Scana ASA is listed on the Oslo Stock Exchange. The consolidated financial statements of the Scana Group for the fiscal year 2023 were approved in the board meeting on 18 April 2024.
BASIS OF PREPARATION
The Scana Group\u2019s consolidated financial statements re prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and are mandatory for financial years beginning on or after 1 January 2023, and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31 December 2023.The presentation currency for the Group is Norwegian Kroner (NOK) which is also the functional currency for the parent company Scana ASA. All numbers are rounded and given to the nearest million (\u2018000 000) except when otherwise stated. As a result of rounding adjustments, the figures in one or more rows or columns included in the financial statements may not add up to the total of that row or column.
The financial statements have been prepared under the assumption of going concern.
Annual accounts consist of statement of profit or loss, statement of other comprehensive income, statement of financial position, statement of cash flow, statement of changes in equity and disclosures to the accounts. The financial statements have been prepared on a historical cost basis except for certain assets, liabilities and financial instruments, which are measured at fair value.
BASIS OF CONSOLIDATION
The Scana Group\u2019s consolidated financial statements comprise the parent company Scana ASA and its subsidiaries as of 31 December 2023. An entity has been assessed as being controlled by the Group when the Scana 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. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets, liabilities, non-controlling interest and other components of equity, while any resulting gain or loss is recognized in profit or loss.
BUSINESS COMBINATIONS
The Scana Group accounts for business combinations is applying the acquisition method, meaning that the acquired set of activities and assets is transferred to the group when it meets the definition of a business and control. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. Acquisition-related costs are expensed as incurred and included in administrative expenses.
The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. 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 identifiable acquired assets and assumed liabilities, is recognized as goodwill.
TRANSACTIONS ELIMINATED ON CONSOLIDATION
Intercompany transactions, balances and unrealized gains or losses in transactions between Scana Group companies are eliminated. Unrealized gains related to transactions with affiliated companies and joint ventures are eliminated with Scana 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.
REVENUE
REVENUE FROM CONTRACTS WITH CUSTOMER
All customer contracts are assessed using the five-step model. Only approved customer contracts with a firm 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 satisfies these performance obligations \u2013 either over time or at a point in time. This assessment may involve significant judgement. For customer contracts for which the performance obligations are satisfied 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 satisfied 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 nature of performance obligations for each of the major types of customer contracts are set out in disclosure 4.
CONTRACT 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.
Trade receivables:A receivable represents the Scana Group\u2019s right to an amount of consideration that is unconditional.
Contract liabilities:A receivable represents the Group\u2019s right to an amount of consideration that is for which the Scana 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 Scana Group fulfils the performance obligation(s) under the contract.
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 profit or loss as financial 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 statement of profit or loss are converted to NOK using the weighted average exchange rate per month. Consolidation leads to translation differences which is presented as other comprehensive income.
INTANGIBLE ASSETS AND GOODWILL
Intangible assets with a definite economic life limit are amortized over their economic life and tested for impairment if there are any indications. The definite life is defined as the duration it contributes to the Scana Group\u2019s value. 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 recognized in the net identifiable assets acquired and liabilities assumed through a business combination. 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 benefit 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. For the purpose of impairment testing, goodwill acquired in a business
combination is, from the acquisition date, allocated to each of the Scana Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
RESEARCH AND DEVELOPMENT
Expenses relating to research 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:
\u25aaThe product or process is technically and commercially viable so that it becomes available for use or sale.
\u25aaThe Scana Group intends to finalize 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.
\u25aaThe asset will generate future economic benefits.
\u25aaThe Scana Group has sufficient resources to complete the development work.
\u25aaExpenses can be reliably measured.
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually.
RIGHT OF USE ASSETS
The Scana 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:
\u25aaThe amount of the initial measurement of the lease liability recognized.
\u25aaAny lease payments made at or before the commencement date, less any incentives received
\u25aaAny initial direct costs incurred by the Group.
\u25aaAn estimate of the costs to be incurred by the Scana 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.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are measured at 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.
Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Scana Group.
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 fixed assets are assessed each year.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use, that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
INVESTMENT IN ASSOCIATED COMPANIES
Associated companies are entities over which the Scana Group has significant influence, but not control or joint control over the financial and operating management. (Normally ownership between 20 % and 50 %). Associated companies are accounted for using the equity method from the date when significant influence or joint control is achieved until such influence ceases. Investments in associated companies 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.
FINANCIAL ASSETS
Financial assets represent a contractual right by the Scana Group to receive cash or another financial asset in the future. Financial assets include financial derivatives, receivables and equity interests, as well as financial instruments used for cash-flow hedges.
On initial recognition, a financial asset is classified as measured at amortized cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVTPL). Classification depends on the contractual terms, the business model and, for some instruments, the company\u2019s choice. Financial assets are derecognized when the rights to receive cash from the asset have expired or when the asset has been transferred.
FINANCIAL ASSETS AT AMORTIZED COST (DEBT INSTRUMENTS)
Debt instruments include trade receivables, bank deposits and all other monetary instruments with a maturity above three months at the date of purchase and certain other receivables.
These instruments are measured at amortized cost, with the exception of instruments where cash flows are not contractually fixed and/or consists of other elements in addition to interest and repayments; and thus required to be measured at FVTPL.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
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 significantly since the initial recognition. For credit exposures for which there has not been a significant 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 first 12 months. For those credit exposures for which there has been a significant 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).
For trade receivables and contract assets, the Scana Group applies a simplified 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 Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date the Scana Group evaluates whether there has been one significant 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 significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial 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 classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm 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.
FINANCIAL LIABILITIES
Financial liabilities represent a contractual obligation by the Scana Group to deliver cash in the future. Financial liabilities include financial derivatives, other financial liabilities as well as financial instruments used for cash-flow hedges. Financial liabilities, with the exception of derivatives, are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment, when the Scana Group has irrevocably initiated payment, or when the Group is legally released from the primary responsibility for the liability.
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 labor, and a share of the indirect costs that can be allocated based on normal capacity utilization, including maintenance and depreciation.
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 insignificant 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.
In the Scana Group\u2019s cash flow analysis cash and cash equivalents consist as defined above. The cash flow analysis has been prepared according to the indirect method.
LEASING
The Scana Group has entered into lease agreements relating to assets mentioned in disclosure 25. 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).
IDENTIFYING A LEASE
At the inception of a contract, Scana 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 identified asset for a period of time in exchange for consideration.
RECOGNITION OF LEASES AND EXEMPTIONS
At the lease commencement date, the Scana 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:
\u25aaShort-term leases (defined as 12 months or less)
\u25aaLow value assets
For these leases, Scana Group recognizes the lease payments as other operating expenses in the statement of profit or loss when they incur.
LEASE LIABILITIES
The Scana 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.
The lease payments included in the measurement comprise of:
\u25aaFixed lease payments (including in-substance fixed payments), less any lease incentives receivable.
\u25aaVariable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date.
\u25aaAmount expected to be payable by the Scana Group under residual value guarantees.
\u25aaThe exercise price of a purchase option, if the Group is reasonably certain to exercise that option.
\u25aaPayments of penalties for terminating the lease, if the lease term reflects the Scana Group exercising an option to terminate the lease.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (see disclosure 24), reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. The Scana 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 profit or loss. The Group presents its lease liabilities as separate line items in the statement of financial position.
The company classifies lease payments as follows in the cash flow statement:
\u25aaLease payments linked to the principal amount of the contract are classified as financing activity on a separate line \u201crepayment of lease obligations\u201d.
\u25aaInterest paid includes interest related to leases, classified as financing activity.
\u25aaShort-term leases (less than twelve months), payments related to low-value leases and leases with variable payments are classified as operational activity.
PENSION COST AND LIABILITIES
The Scana Group\u2019s pension plans consist of defined contribution pension and Contractual pension in the private sector (AFP) plans for the Group\u2019s Norwegian employees and benefit 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.
Pension 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 final salary. The pension plan\u2019s funds are valued at assumed market value. Net pension liabilities (pension liabilities minus the pension plan\u2019s funds) are classified in the statement of financial position as long-term liabilities. The net liability includes employer\u2019s tax.
The AFP plan for the Group\u2019s Norwegian employees and the benefit plan for the Group\u2019s Swedish employees are considered as so-called \u201cmulti-employer plans\u201d. These pension plans are treated as defined contribution pension plans in the accounts because the necessary information to treat the plan as defined benefit 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 defined benefit arrangements in accordance with IAS 19, this could have an effect on the consolidated accounts.
TAXES
INCOME TAXES
Income taxes comprise taxes on the taxable profit 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 profit 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 sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The assessment of whether deferred tax assets can be recognized in the statement of financial position, 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.
Deferred tax and deferred tax assets in the statement of financial position is recognized 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.
Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in the Scana 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 statement of financial position at the amount that is expected to be paid from or paid into the tax authorities.
PROVISIONS
A provision is recognized when the Scana Group has an obligation (legal or self-imposed) as a result of a previous event, it is probable (more likely than not) that a financial 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 flows using a discount rate before tax that reflects the market\u2019s pricing of the time value of money and, if relevant, risks specifically linked to the obligation. In the case of discounting, profit and loss is recognized the interest rate effect as a financial expense.
Warranty 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.
Restructuring provisions are recognized when the Group has approved a detailed, formal restructuring plan and the restructuring has either started or been publicly announced.
Provisions for loss-making contracts are recognized when the Group\u2019s expected revenue from a contract is lower than costs incurred to fulfill the obligations in the contract.
SHARE BASED PAYMENT
An option program has been entered into for the management of the Scana Group and the general manager of the subsidiaries, which is being carried out by issuing shares. See further comments in disclosure 9.
The 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.
CONTINGENT LIABILITIES AND ASSETS
Contingent liabilities are not recognized in the annual accounts. Significant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred.
Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain probability that a benefit will be added to the Group.
FAIR VALUE MEASUREMENT
The Scana Group measures certain financial instruments at fair value. This applies to currency contracts. The fair value of financial liabilities is also disclosed measured at amortized cost.Fair 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.
Scana uses the following hierarchy when assessing and presenting the fair value of financial 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.
CHANGES IN ACCOUNTING POLCITIES AND DISCLOSURES APPLICABLE FROM 2023:
The Scana Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023.
IFRS 17 Insurance Contracts - The new standard had no impact on the Group\u2019s consolidated financial statements.
Definition of Accounting Estimates - Amendments to IAS 8 - The amendments had no impact on the Group\u2019s consolidated financial statements.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 - The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 - The amendments had no impact on the Group\u2019s consolidated financial statements.
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of Scana\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.
Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
Amendments to IAS 1: Classification of Liabilities as Current or Non-current
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7
The amendments are not expected to have a material impact on the Group\u2019s financial statements.
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CORPORATE INFORMATION
Scana ASA\u2019s registered office is at Wernersholmvegen 49, Bergen, in Norway. Scana ASA is listed on the Oslo Stock Exchange. The consolidated financial statements of the Scana Group for the fiscal year 2023 were approved in the board meeting on 18 April 2024.
BASIS OF PREPARATION
The Scana Group\u2019s consolidated financial statements re prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and are mandatory for financial years beginning on or after 1 January 2023, and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31 December 2023.The presentation currency for the Group is Norwegian Kroner (NOK) which is also the functional currency for the parent company Scana ASA. All numbers are rounded and given to the nearest million (\u2018000 000) except when otherwise stated. As a result of rounding adjustments, the figures in one or more rows or columns included in the financial statements may not add up to the total of that row or column.
The financial statements have been prepared under the assumption of going concern.
Annual accounts consist of statement of profit or loss, statement of other comprehensive income, statement of financial position, statement of cash flow, statement of changes in equity and disclosures to the accounts. The financial statements have been prepared on a historical cost basis except for certain assets, liabilities and financial instruments, which are measured at fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20683-tag6612122": { "value": "Wernersholmvegen 49, Bergen, in Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20683-tag6612125": { "value": "Wernersholmvegen 49, Bergen, in Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20683-tag6612126": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20683-tag6612127": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20683-tag6612123": { "value": "Scana ASA is listed on the Oslo Stock Exchange", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20684-tag6612124": { "value": "The consolidated financial statements of the Scana Group for the fiscal year 2023 were approved in the board meeting on 18 April 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20678-tag6612132": { "value": "
BASIS OF PREPARATION
The Scana Group\u2019s consolidated financial statements re prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and are mandatory for financial years beginning on or after 1 January 2023, and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31 December 2023.The presentation currency for the Group is Norwegian Kroner (NOK) which is also the functional currency for the parent company Scana ASA. All numbers are rounded and given to the nearest million (\u2018000 000) except when otherwise stated. As a result of rounding adjustments, the figures in one or more rows or columns included in the financial statements may not add up to the total of that row or column.
The financial statements have been prepared under the assumption of going concern.
Annual accounts consist of statement of profit or loss, statement of other comprehensive income, statement of financial position, statement of cash flow, statement of changes in equity and disclosures to the accounts. The financial statements have been prepared on a historical cost basis except for certain assets, liabilities and financial instruments, which are measured at fair value.
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BASIS OF PREPARATION
The Scana Group\u2019s consolidated financial statements re prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and are mandatory for financial years beginning on or after 1 January 2023, and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31 December 2023.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20688-tag6612133": { "value": "The presentation currency for the Group is Norwegian Kroner (NOK) which is also the functional currency for the parent company Scana ASA. All numbers are rounded and given to the nearest million (\u2018000 000) except when otherwise stated. As a result of rounding adjustments, the figures in one or more rows or columns included in the financial statements may not add up to the total of that row or column.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20678-tag6612138": { "value": "
The financial statements have been prepared under the assumption of going concern.
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BASIS OF CONSOLIDATION
The Scana Group\u2019s consolidated financial statements comprise the parent company Scana ASA and its subsidiaries as of 31 December 2023. An entity has been assessed as being controlled by the Group when the Scana 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. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets, liabilities, non-controlling interest and other components of equity, while any resulting gain or loss is recognized in profit or loss.
BUSINESS COMBINATIONS
The Scana Group accounts for business combinations is applying the acquisition method, meaning that the acquired set of activities and assets is transferred to the group when it meets the definition of a business and control. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. Acquisition-related costs are expensed as incurred and included in administrative expenses.
The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. 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 identifiable acquired assets and assumed liabilities, is recognized as goodwill.
TRANSACTIONS ELIMINATED ON CONSOLIDATION
Intercompany transactions, balances and unrealized gains or losses in transactions between Scana Group companies are eliminated. Unrealized gains related to transactions with affiliated companies and joint ventures are eliminated with Scana Group\u2019s share in the business. Correspondingly, unrealized losses are eliminated, but only to the extent thatthere are no indications of a decrease in value of the asset that has been sold internally.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20707-tag6612130": { "value": "An entity has been assessed as being controlled by the Group when the Scana 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. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets, liabilities, non-controlling interest and other components of equity, while any resulting gain or loss is recognized in profit or loss.
BUSINESS COMBINATIONS
The Scana Group accounts for business combinations is applying the acquisition method, meaning that the acquired set of activities and assets is transferred to the group when it meets the definition of a business and control. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. Acquisition-related costs are expensed as incurred and included in administrative expenses.
The consideration transferred in the acquisition is generally measured at fair value, as are theidentifiable net assets acquired. 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 identifiable acquired assets and assumed liabilities, is recognized as goodwill.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20707-tag6612128": { "value": "An entity has been assessed as being controlled by the Group when the Scana 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.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets, liabilities, non-controlling interest and other components of equity, while any resulting gain or loss is recognized in profit or loss.
BUSINESS COMBINATIONS
The Scana Group accounts for business combinations is applying the acquisition method, meaning that the acquired set of activities and assets is transferred to the group when it meets the definition of a business and control. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. Acquisition-related costs are expensed as incurred and included in administrative expenses.
The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. 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 identifiable acquired assets and assumed liabilities, is recognized as goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20678-tag6612134": { "value": "
BUSINESS COMBINATIONS
The Scana Group accounts for business combinations is applying the acquisition method, meaning that the acquired set of activities and assets is transferred to the group when it meets the definition of a business and control. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. Acquisition-related costs are expensed as incurred and included in administrative expenses.
The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. 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 identifiable acquired assets and assumed liabilities, is recognized as goodwill.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20678-tag6612129": { "value": "
BUSINESS COMBINATIONS
The Scana Group accounts for business combinations is applying the acquisition method, meaning that the acquired set of activities and assets is transferred to the group when it meets the definition of a business and control. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. Acquisition-related costs are expensed as incurred and included in administrative expenses.
The consideration transferred in the acquisition is generally measured at fair value, as are theidentifiable net assets acquired. 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 identifiable acquired assets and assumed liabilities, is recognized as goodwill.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20678-tag6612139": { "value": "
TRANSACTIONS ELIMINATED ON CONSOLIDATION
Intercompany transactions, balances and unrealized gains or losses in transactions between Scana Group companies are eliminated. Unrealized gains related to transactions with affiliated companies and joint ventures are eliminated with Scana 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20678-tag6612142": { "value": "
REVENUE
REVENUE FROM CONTRACTS WITH CUSTOMER
All customer contracts are assessed using the five-step model. Only approved customer contracts with a firm 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 satisfies these performance obligations \u2013 either over time or at a point in time. This assessment may involve significant judgement. For customer contracts for which the performance obligations are satisfied 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 satisfied 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 nature of performance obligations for each of the major types of customer contracts are set out in disclosure 4.
CONTRACT 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.
Trade receivables:A receivable represents the Scana Group\u2019s right to an amount of consideration that is unconditional.
Contract liabilities:A receivable represents the Group\u2019s right to an amount of consideration that is for which the Scana 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 Scana Group fulfils 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 profits connected to the projects. Each contract is reviewed and identified according to the delivery obligations. Assessments and assumptions are also made relating to measurement of completion. Changes in the assumptions can lead to that recognition of income and profits deviates from the underlying value creation, relative to the project\u2019s total revenue and profit. Profit 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)20232022
Norway1 156.0616.0
Other European countries348.0193.2
America28.818.3
Asia71.370.6
Africa and Oceania1.67.2
Total operational revenue1 605.7905.3
In the following table, revenue from contracts with customers is disaggregated by major products and service lines and timing of revenue recognition.
2023 NOK millionOFFSHOREENERGYMARITIMESCANA HQEliminationTotal
TYPE OF GOODS OR SERVICE\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Service- and maintenance contracts583.7\u00a021.3\u00a0(5.1)599.8
Power systems\u00a0562.1\u00a0\u00a0(3.4)558.8
Subsea and well control57.9\u00a0\u00a0\u00a057.9
Valve control systems\u00a0\u00a043.6\u00a043.6
Mooring-solutions\u00a0\u00a0179.5\u00a0\u00a0179.5
Sale of equipment and spare-parts99.1\u00a043.6\u00a0\u00a0142.6
Other24.4\u00a00.3\u00a0(1.2)23.5
Total operational revenue765.0562.1288.3\u00a0-\u00a0(9.7)1 605.7
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
TIMING OF REVENUE RECOGNITION\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Products transferred at a point in time110.2\u00a095.7\u00a0(8.5)197.4
Products and services transferred over time654.9562.1192.6\u00a0(1.2)1 408.6
Total operational revenue765.1562.1288.3\u00a0-\u00a0(9.7)1 605.7
No single customer represents more than 10 percent of total revenue in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20678-tag6612141": { "value": "
REVENUE
REVENUE FROM CONTRACTS WITH CUSTOMER
All customer contracts are assessed using the five-step model. Only approved customer contracts with a firm 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 satisfies these performance obligations \u2013 either over time or at a point in time. This assessment may involve significant judgement. For customer contracts for which the performance obligations are satisfied 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 satisfied 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 nature of performance obligations for each of the major types of customer contracts are set out in disclosure 4.
CONTRACT 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.
Trade receivables:A receivable represents the Scana Group\u2019s right to an amount of consideration that is unconditional.
Contract liabilities:A receivable represents the Group\u2019s right to an amount of consideration that is for which the Scana 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 Scana Group fulfils the performance obligation(s) under the contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page81-cflshid_20678-tag6612140": { "value": "
REVENUE FROM CONTRACTS WITH CUSTOMER
All customer contracts are assessed using the five-step model. Only approved customer contracts with a firm 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 satisfies these performance obligations \u2013 either over time or at a point in time. This assessment may involve significant judgement. For customer contracts for which the performance obligations are satisfied 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 satisfied 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 nature of performance obligations for each of the major types of customer contracts are set out in disclosure 4.
CONTRACT 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.
Trade receivables:A receivable represents the Scana Group\u2019s right to an amount of consideration that is unconditional.
Contract liabilities:A receivable represents the Group\u2019s right to an amount of consideration that is for which the Scana 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 Scana Group fulfils 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 profits connected to the projects. Each contract is reviewed and identified according to the delivery obligations. Assessments and assumptions are also made relating to measurement of completion. Changes in the assumptions can lead to that recognition of income and profits deviates from the underlying value creation, relative to the project\u2019s total revenue and profit. Profit 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)20232022
Norway1 156.0616.0
Other European countries348.0193.2
America28.818.3
Asia71.370.6
Africa and Oceania1.67.2
Total operational revenue1 605.7905.3
In the following table, revenue from contracts with customers is disaggregated by major products and service lines and timing of revenue recognition.
2023 NOK millionOFFSHOREENERGYMARITIMESCANA HQEliminationTotal
TYPE OF GOODS OR SERVICE\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Service- and maintenance contracts583.7\u00a021.3\u00a0(5.1)599.8
Power systems\u00a0562.1\u00a0\u00a0(3.4)558.8
Subsea and well control57.9\u00a0\u00a0\u00a057.9
Valve control systems\u00a0\u00a043.6\u00a043.6
Mooring-solutions\u00a0\u00a0179.5\u00a0\u00a0179.5
Sale of equipment and spare-parts99.1\u00a043.6\u00a0\u00a0142.6
Other24.4\u00a00.3\u00a0(1.2)23.5
Total operational revenue765.0562.1288.3\u00a0-\u00a0(9.7)1 605.7
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
TIMING OF REVENUE RECOGNITION\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Products transferred at a point in time110.2\u00a095.7\u00a0(8.5)197.4
Products and services transferred over time654.9562.1192.6\u00a0(1.2)1 408.6
Total operational revenue765.1562.1288.3\u00a0-\u00a0(9.7)1 605.7
No single customer represents more than 10 percent of total revenue in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page82-cflshid_20785-tag6612144": { "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 profit or loss as financial 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 statement of profit or loss are converted to NOK using the weighted average exchange rate per month. Consolidation leads to translation differences which is presented as other comprehensive income.
SENSITIVITY ANALYSIS \u2013 CURRENCY
The following table demonstrates the sensitivity to a reasonably possible change in exchange rates, with all other variables held constant. 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. The analysis does not include the effect on future transactions (not invoiced as of December 31) or any effect from translation of subsidiaries
Changes in currency NOKImpact result before taxImpact on net equity before tax
20235%-7.9-7.9
2023-5%7.97.9
20225%7.37.3
2022-5%-7.3-7.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page82-cflshid_20785-tag6612143": { "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 profit or loss as financial 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 statement of profit or loss are converted to NOK using the weighted average exchange rate per month. Consolidation leads to translation differences which is presented as other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page82-cflshid_20785-tag6612148": { "value": "
INTANGIBLE ASSETS AND GOODWILL
Intangible assets with a definite economic life limit are amortized over their economic life and tested for impairment if there are any indications. The definite life is defined as the duration it contributes to the Scana Group\u2019s value. 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 recognized in the net identifiable assets acquired and liabilities assumed through a business combination. 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 benefit 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. For the purpose of impairment testing, goodwill acquired in a business
combination is, from the acquisition date, allocated to each of the Scana Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page82-cflshid_20785-tag6612147": { "value": "
INTANGIBLE ASSETS AND GOODWILL
Intangible assets with a definite economic life limit are amortized over their economic life and tested for impairment if there are any indications. The definite life is defined as the duration it contributes to the Scana Group\u2019s value. The amortization method and period are assessed at least once a year. Changes to the amortizationmethod 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 recognized in the net identifiable assets acquired and liabilities assumed through a business combination. 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 benefit 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. For the purpose of impairment testing, goodwill acquired in a business
combination is, from the acquisition date, allocated to each of the Scana Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
RESEARCH AND DEVELOPMENT
Expenses relating to research 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:
\u25aaThe product or process is technically and commercially viable so that it becomes available for use or sale.
\u25aaThe Scana Group intends to finalize 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.
\u25aaThe asset will generate future economic benefits.
\u25aaThe Scana Group has sufficient resources to complete the development work.
\u25aaExpenses can be reliably measured.
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually.
DISCLOSURE 12 | INTANGIBLE ASSETS
INTANGIBLE ASSETS AS OF 31.12.23GOODWILLDEVELOPMENT COSTSCUSTOMER RELATIONSHIPSTOTAL
ACCUMULATIVE COSTS
Opening balance284.847.646.9379.3
Additions0.09.30.09.3
Disposals0.0-1.00.0-1.0
Acquisitions11.70.00.011.7
Translation difference0.00.40.00.4
Accumulated as of 31.12.296.656.246.9399.7
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-10.7-18.2-4.7-33.5
Amortisation0.0-2.7-4.7-7.4
Impairment0.0-2.10.0-2.1
Disposals0.01.00.01.0
Translation difference0.0-0.30.0-0.3
Accumulated as of 31.12.-10.7-22.3-9.4-42.4
Book value as of 31.12285.933.937.5357.3
The linear depreciation method is used
Depreciation/amortisation period in number of yearsNo amortisation5-1010
PSW Power & Automation has capitalized development costs corresponding to NOK 19.9 million in connection with product development of an Electric Valve Actuator, mobile battery solutions and software for shorepower. In 2023 an impairment of NOK 2.1 million has been recognized regarding product development of the Electric Valve Actuator. PSW Technology has capitalized development costs of NOK 13.1 million connected to well control systems and solutions for a dry dock. Subseatec has capitalized development costs related to welding procedures amounting to NOK 0.9 million. Development costs are amortized over the product\u2019s expected lifetime. Goodwill at CGU-ENERGY is NOK 206.4 million and NOK 79.5 million at CGU-OFFSHORE.
INTANGIBLE ASSETS AS OF 31.12.22GOODWILLDEVELOPMENT COSTSCUSTOMER RELATIONSHIPSTOTAL
ACCUMULATIVE COSTS
Opening balance10.712.10.022.8
Additions0.09.80.09.8
Acquisitions274.225.846.9346.9
Translation difference0.0-0.20.0-0.2
Accumulated as of 31.12.284.847.646.9379.3
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-10.7-10.40.0-21.0
Amortisation0.0-2.8-4.7-7.5
Acquisitions0.0-5.20.0-5.2
Translation difference0.00.10.00.1
Accumulated as of 31.12.-10.7-18.2-4.7-33.5
Book value as of 31.12274.229.442.2345.8
The linear depreciation method is used
Depreciation/amortisation period in number of yearsNo amortisation5-1010
RIGHT OF USE AS OF 31.12.22PROPERTYMACHINERYVEHICLETotal
ACCUMULATIVE COSTS
Opening balance13.20.70.514.4
Additions16.31.43.220.9
Disposals0.0-0.10.0-0.1
Acquisitions420.37.89.0437.1
Translation difference0.00.00.0-0.1
Accumulated as of 31.12.449.79.912.7472.3
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-6.3-0.3-0.2-6.9
Depreciation-56.3-2.6-4.1-62.9
Disposals0.00.10.00.1
Translation difference0.00.00.00.0
Accumulated as of 31.12.-62.6-2.8-4.3-69.7
Book value as of 31.12.387.17.18.4402.6
The linear depreciation method is used
Depreciation/amortisation period in number of years 1-10 1-10 1-5
DISCLOSURE 15 | PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.23
MACHINES,
FIXTURES, ETC.
CONSTRUCTION
AND REAL ESTATE
TOTAL
ACCUMULATIVE COSTS
Opening balance
262.1
0.3
262.3
Additions
23.4
0.0
23.4
Disposals
-4.6
0.0
-4.6
Reclassification
3.1
0.0
3.1
Translation difference
0.2
0.0
0.2
Accumulated as of 31.12.
284.1
0.3
284.3
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance
-114.3
-0.1
-114.5
Depreciation
-20.6
0.0
-20.6
Disposals
3.8
0.0
3.8
Reclassification
0.9
0.0
0.9
Translation difference
-0.1
0.0
-0.1
Accumulated as of 31.12.
-130.2
-0.1
-130.4
Book value as of 31.12.
153.8
0.1
154.0
The linear depreciation method is used
Depreciation/amortisation period in number of years 3-5
PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.22MACHINES,FIXTURES, ETC.CONSTRUCTIONAND REAL ESTATETOTAL
ACCUMULATIVE COSTS
Opening balance71.00.071.0
Additions9.60.09.6
Disposals-0.20.0-0.2
Reclassification-0.10.10.0
Acquisitions181.80.1182.0
Translation difference0.00.00.0
Accumulated as of 31.12.262.10.3262.3
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-59.20.0-59.2
Depreciation-19.20.0-19.2
Disposals0.10.00.1
Reclassification0.0-0.1-0.1
Acquisitions-36.00.0-36.0
Translation difference0.00.00.0
Accumulated as of 31.12.-114.3-0.1-114.5
Book value as of 31.12.147.70.1147.9
The linear depreciation method is used
Depreciation/amortisation period in number of years 3-5
Depreciation period for machines, \ufb01xtures and similar:
\u25aa3\u20135 years are used for of\ufb01ce equipment and IT equipment
\u25aa10\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 153.9 million as of 31 December 2023 (31.12.22: NOK 143.7 million). See disclosure 25 relating to the mention of lease agreements and disclosure 14 right of use assets.
The calculation of the recoverable amount for the write-down is assessed at level 3 according to the valuation hierarchy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page82-cflshid_20785-tag6612146": { "value": "
INTANGIBLE ASSETS AND GOODWILL
Intangible assets with a definite economic life limit are amortized over their economic life and tested for impairment if there are any indications. The definite life is defined as the duration it contributes to the Scana Group\u2019s value. The amortization method and period are assessed at least once a year. Changes to the amortizationmethod and/or period are accounted for as a change in estimate.
RESEARCH AND DEVELOPMENT
Expenses relating to research 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:
\u25aaThe product or process is technically and commercially viable so that it becomes available for use or sale.
\u25aaThe Scana Group intends to finalize 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.
\u25aaThe asset will generate future economic benefits.
\u25aaThe Scana Group has sufficient resources to complete the development work.
\u25aaExpenses can be reliably measured.
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually.
RECONCILIATION OF TAX EXPENSE AGAINST ORDINARY PROFIT BEFORE TAX20232022
Profit before tax56.5-55.8
22% of profit before tax12.4-12.3
Tax expense for the year-15.0-11.3
The differences; due to27.5-1.0
Permant differences7.21.9
Change not capitalized deferred tax assets20.2-2.9
Effect of foreign activity due to different tax levels0.10.0
Total27.5-1.0
SPECIFICATION OF NET DEFERRED TAX ASSETS20232022
Fixed assets25.428.8
Right of use assets/liabilities-4.5-2.1
Current assets-4.8-13.5
Liabilities-2.3-3.8
Taxable loss carried forward-81.6-82.0
Deferred tax assets off balance0.020.2
Net deferred tax assets67.852.4
RECONCILIATION OF NET DEFERRED TAX ASSETS20232022
Opening balance, net deferred tax assets 52.457.4
Change in tax / deferred tax asset over the result 15.311.3
Deferred tax business combination0.0-22.0
Deferred tax assets capital expansion0.05.7
Net deferred tax assets67.852.4
As of 31 December 2023, the tax loss to be carried forward in Norway is NOK 361.5 million (2022: NOK 364.3 million). In Sweden, the tax loss carried forward is MNOK 9.5 as of December 2023 (2022: NOK 9.1 million). There are no restrictions on the right to carry forward tax losses.
As of 31 December 2023, the Deferred tax assets is NOK 67.8 million where NOK 67.2 million is allocated to business in Norway. The remaining part belongs to business in Sweden.
The business in Sweden and Norway delivers positive results. Management considers that tax losses will be used in connection with companies in Norway. This is based on expected future cash \ufb02ows and builds on the same assumptions used in the impairment tests. This is also supported by the order backlog and with new contracts together with the outlook within the markets where the companies operate. The management expects that the running business will contribute with increased future taxable income. All taxable losses in the Group are recognized in the statement of \ufb01nancial position as deferred tax assets. In 2023, deferred tax assets were recognized in the statement of \ufb01nancial position, which positively affects the income statement in the Scana Group of NOK 20.2 million.
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. Also mentioned in disclosures 2 and 13 relating to impairment test.
DISCLOSURE 12 | INTANGIBLE ASSETS
INTANGIBLE ASSETS AS OF 31.12.23GOODWILLDEVELOPMENT COSTSCUSTOMER RELATIONSHIPSTOTAL
ACCUMULATIVE COSTS
Opening balance284.847.646.9379.3
Additions0.09.30.09.3
Disposals0.0-1.00.0-1.0
Acquisitions11.70.00.011.7
Translation difference0.00.40.00.4
Accumulated as of 31.12.296.656.246.9399.7
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-10.7-18.2-4.7-33.5
Amortisation0.0-2.7-4.7-7.4
Impairment0.0-2.10.0-2.1
Disposals0.01.00.01.0
Translation difference0.0-0.30.0-0.3
Accumulated as of 31.12.-10.7-22.3-9.4-42.4
Book value as of 31.12285.933.937.5357.3
The linear depreciation method is used
Depreciation/amortisation period in number of yearsNo amortisation5-1010
PSW Power & Automation has capitalized development costs corresponding to NOK 19.9 million in connection with product development of an Electric Valve Actuator, mobile battery solutions and software for shorepower. In 2023 an impairment of NOK 2.1 million has been recognized regarding product development of the Electric Valve Actuator. PSW Technology has capitalized development costs of NOK 13.1 million connected to well control systems and solutions for a dry dock. Subseatec has capitalized development costs related to welding procedures amounting to NOK 0.9 million. Development costs are amortized over the product\u2019s expected lifetime. Goodwill at CGU-ENERGY is NOK 206.4 million and NOK 79.5 million at CGU-OFFSHORE
INTANGIBLE ASSETS AS OF 31.12.22GOODWILLDEVELOPMENT COSTSCUSTOMER RELATIONSHIPSTOTAL
ACCUMULATIVE COSTS
Opening balance10.712.10.022.8
Additions0.09.80.09.8
Acquisitions274.225.846.9346.9
Translation difference0.0-0.20.0-0.2
Accumulated as of 31.12.284.847.646.9379.3
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-10.7-10.40.0-21.0
Amortisation0.0-2.8-4.7-7.5
Acquisitions0.0-5.20.0-5.2
Translation difference0.00.10.00.1
Accumulated as of 31.12.-10.7-18.2-4.7-33.5
Book value as of 31.12274.229.442.2345.8
The linear depreciation method is used
Depreciation/amortisation period in number of yearsNo amortisation5-1010
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page82-cflshid_20785-tag6612145": { "value": "
INTANGIBLE ASSETS AND GOODWILL
Intangible assets with a definite economic life limit are amortized over their economic life and tested for impairment if there are any indications. The definite life is defined as the duration it contributes to the Scana Group\u2019s value. The amortization method and period are assessed at least once a year. Changes to the amortizationmethod and/or period are accounted for as a change in estimate.
RESEARCH AND DEVELOPMENT
Expenses relating to research 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:
\u25aaThe product or process is technically and commercially viable so that it becomes available for use or sale.
\u25aaThe Scana Group intends to finalize 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.
\u25aaThe asset will generate future economic benefits.
\u25aaThe Scana Group has sufficient resources to complete the development work.
\u25aaExpenses can be reliably measured.
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page82-cflshid_20785-tag6612160": { "value": "
GOODWILL
Goodwill is initially measured at cost and is the excess of the aggregate of the consideration transferred and the amount recognized in the net identifiable assets acquired and liabilities assumed through a business combination. 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 benefit 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. For the purpose of impairment testing, goodwill acquired in a business
combination is, from the acquisition date, allocated to each of the Scana Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page82-cflshid_20785-tag6612159": { "value": "
GOODWILL
Goodwill is initially measured at cost and is the excess of the aggregate of the consideration transferred and the amount recognized in the net identifiable assets acquired and liabilities assumed through a business combination. 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 benefit 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. For the purpose of impairment testing, goodwill acquired in a business
combination is, from the acquisition date, allocated to each of the Scana Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.DISCLOSURE 12 | INTANGIBLE ASSETS
INTANGIBLE ASSETS AS OF 31.12.23GOODWILLDEVELOPMENT COSTSCUSTOMER RELATIONSHIPSTOTAL
ACCUMULATIVE COSTS
Opening balance284.847.646.9379.3
Additions0.09.30.09.3
Disposals0.0-1.00.0-1.0
Acquisitions11.70.00.011.7
Translation difference0.00.40.00.4
Accumulated as of 31.12.296.656.246.9399.7
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-10.7-18.2-4.7-33.5
Amortisation0.0-2.7-4.7-7.4
Impairment0.0-2.10.0-2.1
Disposals0.01.00.01.0
Translation difference0.0-0.30.0-0.3
Accumulated as of 31.12.-10.7-22.3-9.4-42.4
Book value as of 31.12285.933.937.5357.3
The linear depreciation method is used
Depreciation/amortisation period in number of yearsNo amortisation5-1010
PSW Power & Automation has capitalized development costs corresponding to NOK 19.9 million in connection with product development of an Electric Valve Actuator, mobile battery solutions and software for shorepower. In 2023 an impairment of NOK 2.1 million has been recognized regarding product development of the Electric Valve Actuator. PSW Technology has capitalized development costs of NOK 13.1 million connected to well control systems and solutions for a dry dock. Subseatec has capitalized development costs related to welding procedures amounting to NOK 0.9 million. Development costs are amortized over the product\u2019s expected lifetime. Goodwill at CGU-ENERGY is NOK 206.4 million and NOK 79.5 million at CGU-OFFSHORE
INTANGIBLE ASSETS AS OF 31.12.22GOODWILLDEVELOPMENT COSTSCUSTOMER RELATIONSHIPSTOTAL
ACCUMULATIVE COSTS
Opening balance10.712.10.022.8
Additions0.09.80.09.8
Acquisitions274.225.846.9346.9
Translation difference0.0-0.20.0-0.2
Accumulated as of 31.12.284.847.646.9379.3
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-10.7-10.40.0-21.0
Amortisation0.0-2.8-4.7-7.5
Acquisitions0.0-5.20.0-5.2
Translation difference0.00.10.00.1
Accumulated as of 31.12.-10.7-18.2-4.7-33.5
Book value as of 31.12274.229.442.2345.8
The linear depreciation method is used
Depreciation/amortisation period in number of yearsNo amortisation5-1010
RIGHT OF USE AS OF 31.12.22PROPERTYMACHINERYVEHICLETotal
ACCUMULATIVE COSTS
Opening balance13.20.70.514.4
Additions16.31.43.220.9
Disposals0.0-0.10.0-0.1
Acquisitions420.37.89.0437.1
Translation difference0.00.00.0-0.1
Accumulated as of 31.12.449.79.912.7472.3
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-6.3-0.3-0.2-6.9
Depreciation-56.3-2.6-4.1-62.9
Disposals0.00.10.00.1
Translation difference0.00.00.00.0
Accumulated as of 31.12.-62.6-2.8-4.3-69.7
Book value as of 31.12.387.17.18.4402.6
The linear depreciation method is used
Depreciation/amortisation period in number of years 1-10 1-10 1-5
DISCLOSURE 15 | PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.23
MACHINES,
FIXTURES, ETC.
CONSTRUCTION
AND REAL ESTATE
TOTAL
ACCUMULATIVE COSTS
Opening balance
262.1
0.3
262.3
Additions
23.4
0.0
23.4
Disposals
-4.6
0.0
-4.6
Reclassification
3.1
0.0
3.1
Translation difference
0.2
0.0
0.2
Accumulated as of 31.12.
284.1
0.3
284.3
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance
-114.3
-0.1
-114.5
Depreciation
-20.6
0.0
-20.6
Disposals
3.8
0.0
3.8
Reclassification
0.9
0.0
0.9
Translation difference
-0.1
0.0
-0.1
Accumulated as of 31.12.
-130.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page82-cflshid_20838-tag6612151": { "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 benefit 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. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Scana Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
IMPAIRMENT OF NON-FINANCIAL ASSETS
At each reporting date, the Scana Group reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use, that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
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 significantly since the initial recognition. For credit exposures for which there has not been a significant 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 first 12 months. For those credit exposures for which there has been a significant 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).
For trade receivables and contract assets, the Scana Group applies a simplified 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 Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date the Scana Group evaluates whether there has been one significant 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 significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial 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 classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page82-cflshid_20838-tag6612149": { "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 benefit 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. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Scana Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
IMPAIRMENT OF NON-FINANCIAL ASSETS
At each reporting date, the Scana Group reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use, that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page83-cflshid_20890-tag6612158": { "value": "
RESEARCH AND DEVELOPMENT
Expenses relating to research 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:
\u25aaThe product or process is technically and commercially viable so that it becomes available for use or sale.
\u25aaThe Scana Group intends to finalize 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.
\u25aaThe asset will generate future economic benefits.
\u25aaThe Scana Group has sufficient resources to complete the development work.
\u25aaExpenses can be reliably measured.
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page83-cflshid_20890-tag6612157": { "value": "
RESEARCH AND DEVELOPMENT
Expenses relating to research 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:
\u25aaThe product or process is technically and commercially viable so that it becomes available for use or sale.
\u25aaThe Scana Group intends to finalize 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.
\u25aaThe asset will generate future economic benefits.
\u25aaThe Scana Group has sufficient resources to complete the development work.
\u25aaExpenses can be reliably measured.
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page83-cflshid_20918-tag6612153": { "value": "Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.
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 fixed assets are assessed each year.
RECONCILIATION OF TAX EXPENSE AGAINST ORDINARY PROFIT BEFORE TAX20232022
Profit before tax56.5-55.8
22% of profit before tax12.4-12.3
Tax expense for the year-15.0-11.3
The differences; due to27.5-1.0
Permant differences7.21.9
Change not capitalized deferred tax assets20.2-2.9
Effect of foreign activity due to different tax levels0.10.0
Total27.5-1.0
SPECIFICATION OF NET DEFERRED TAX ASSETS20232022
Fixed assets25.428.8
Right of use assets/liabilities-4.5-2.1
Current assets-4.8-13.5
Liabilities-2.3-3.8
Taxable loss carried forward-81.6-82.0
Deferred tax assets off balance0.020.2
Net deferred tax assets67.852.4
RECONCILIATION OF NET DEFERRED TAX ASSETS20232022
Opening balance, net deferred tax assets 52.457.4
Change in tax / deferred tax asset over the result 15.311.3
Deferred tax business combination0.0-22.0
Deferred tax assets capital expansion0.05.7
Net deferred tax assets67.852.4
As of 31 December 2023, the tax loss to be carried forward in Norway is NOK 361.5 million (2022: NOK 364.3 million). In Sweden, the tax loss carried forward is MNOK 9.5 as of December 2023 (2022: NOK 9.1 million). There are no restrictions on the right to carry forward tax losses.
As of 31 December 2023, the Deferred tax assets is NOK 67.8 million where NOK 67.2 million is allocated to business in Norway. The remaining part belongs to business in Sweden.
The business in Sweden and Norway delivers positive results. Management considers that tax losses will be used in connection with companies in Norway. This is based on expected future cash \ufb02ows and builds on the same assumptions used in the impairment tests. This is also supported by the order backlog and with new contracts together with the outlook within the markets where the companies operate. The management expects that the running business will contribute with increased future taxable income. All taxable losses in the Group are recognized in the statement of \ufb01nancial position as deferred tax assets. In 2023, deferred tax assets were recognized in the statement of \ufb01nancial position, which positively affects the income statement in the Scana Group of NOK 20.2 million.
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. Also mentioned in disclosures 2 and 13 relating to impairment test.
INTANGIBLE ASSETS AS OF 31.12.22GOODWILLDEVELOPMENT COSTSCUSTOMER RELATIONSHIPSTOTAL
ACCUMULATIVE COSTS
Opening balance10.712.10.022.8
Additions0.09.80.09.8
Acquisitions274.225.846.9346.9
Translation difference0.0-0.20.0-0.2
Accumulated as of 31.12.284.847.646.9379.3
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-10.7-10.40.0-21.0
Amortisation0.0-2.8-4.7-7.5
Acquisitions0.0-5.20.0-5.2
Translation difference0.00.10.00.1
Accumulated as of 31.12.-10.7-18.2-4.7-33.5
Book value as of 31.12274.229.442.2345.8
The linear depreciation method is used
Depreciation/amortisation period in number of yearsNo amortisation5-1010
SENSITIVITY ANALYSIS
The following table shows the effect of the recoverable amount by changes to specific key assumptions.
SENSITIVITYCHANGESENERGYOFFSHORE
Operating margin for the next five years1.0 %68.962.7
Operating margin for the next five years-1.0 %-68.9-62.7
Growth rate per year next five years1.0 %23.537.1
Growth rate in terminal1.0 %52.043.5
Discount rate (nominal before tax)1.0 %-56.3-47.8
Discount rate (nominal before tax)-1.0 %73.958.1
DISCLOSURE 14 | 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 2023, the Scana 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 31.12.23PROPERTYMACHINERYVEHICLETotal
ACCUMULATIVE COSTS
Opening balance449.79.912.7472.3
Additions36.46.611.454.4
Disposals-6.4-0.9-1.2-8.5
Reclassification0.01.9-1.90.0
Translation difference0.10.10.00.3
Accumulated as of 31.12.479.917.621.1518.5
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-62.6-2.8-4.3-69.7
Depreciation-58.8-4.6-4.4-67.8
Disposals6.50.91.28.6
Reclassification0.0-1.21.20.0
Translation difference0.00.00.00.0
Accumulated as of 31.12.-115.0-7.6-6.3-128.9
Book value as of 31.12.364.910.014.7389.6
The linear depreciation method is used
Depreciation/amortisation period in number of years 1-10 1-10 1-5
RIGHT OF USE AS OF 31.12.22PROPERTYMACHINERYVEHICLETotal
ACCUMULATIVE COSTS
Opening balance13.20.70.514.4
Additions16.31.43.220.9
Disposals0.0-0.10.0-0.1
Acquisitions420.37.89.0437.1
Translation difference0.00.00.0-0.1
Accumulated as of 31.12.449.79.912.7472.3
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-6.3-0.3-0.2-6.9
Depreciation-56.3-2.6-4.1-62.9
Disposals0.00.10.00.1
Translation difference0.00.00.00.0
Accumulated as of 31.12.-62.6-2.8-4.3-69.7
Book value as of 31.12.387.17.18.4402.6
The linear depreciation method is used
Depreciation/amortisation period in number of years 1-10 1-10 1-5
DISCLOSURE 15 | PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.23
MACHINES,
FIXTURES, ETC.
CONSTRUCTION
AND REAL ESTATE
TOTAL
ACCUMULATIVE COSTS
Opening balance
262.1
0.3
262.3
Additions
23.4
0.0
23.4
Disposals
-4.6
0.0
-4.6
Reclassification
3.1
0.0
3.1
Translation difference
0.2
0.0
0.2
Accumulated as of 31.12.
284.1
0.3
284.3
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance
-114.3
-0.1
-114.5
Depreciation
-20.6
0.0
-20.6
Disposals
3.8
0.0
3.8
Reclassification
0.9
0.0
0.9
Translation difference
-0.1
0.0
-0.1
Accumulated as of 31.12.
-130.2
-0.1
-130.4
Book value as of 31.12.
153.8
0.1
154.0
The linear depreciation method is used
Depreciation/amortisation period in number of years 3-5
PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.22MACHINES,FIXTURES, ETC.CONSTRUCTIONAND REAL ESTATETOTAL
ACCUMULATIVE COSTS
Opening balance71.00.071.0
Additions9.60.09.6
Disposals-0.20.0-0.2
Reclassification-0.10.10.0
Acquisitions181.80.1182.0
Translation difference0.00.00.0
Accumulated as of 31.12.262.10.3262.3
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-59.20.0-59.2
Depreciation-19.20.0-19.2
Disposals0.10.00.1
Reclassification0.0-0.1-0.1
Acquisitions-36.00.0-36.0
Translation difference0.00.00.0
Accumulated as of 31.12.-114.3-0.1-114.5
Book value as of 31.12.147.70.1147.9
The linear depreciation method is used
Depreciation/amortisation period in number of years 3-5
Depreciation period for machines, \ufb01xtures and similar:
\u25aa3\u20135 years are used for of\ufb01ce equipment and IT equipment
\u25aa10\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 153.9 million as of 31 December 2023 (31.12.22: NOK 143.7 million). See disclosure 25 relating to the mention of lease agreements and disclosure 14 right of use assets.
The calculation of the recoverable amount for the write-down is assessed at level 3 according to the valuation hierarchy", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page83-cflshid_20890-tag6612156": { "value": "
RIGHT OF USE ASSETS
The Scana 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:
\u25aaThe amount of the initial measurement of the lease liability recognized.
\u25aaAny lease payments made at or before the commencement date, less any incentives received
\u25aaAny initial direct costs incurred by the Group.
\u25aaAn estimate of the costs to be incurred by the Scana 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.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.
LEASING
The Scana Group has entered into lease agreements relating to assets mentioned in disclosure 25. 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).
IDENTIFYING A LEASE
At the inception of a contract, Scana 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 identified asset for a period of time in exchange for consideration.
RECOGNITION OF LEASES AND EXEMPTIONS
At the lease commencement date, the Scana 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:
\u25aaShort-term leases (defined as 12 months or less)
\u25aaLow value assets
For these leases, Scana Group recognizes the lease payments as other operating expenses in the statement of profit or loss when they incur.
LEASE LIABILITIES
The Scana 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.
The lease payments included in the measurement comprise of:
\u25aaFixed lease payments (including in-substance fixed payments), less any lease incentives receivable.
\u25aaVariable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date.
\u25aaAmount expected to be payable by the Scana Group under residual value guarantees.
\u25aaThe 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 reflects the Scana Group exercising an option to terminate the lease.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (see disclosure 24), reducing the carrying amount to reflect the lease payments made and remeasuring the carryingamount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. The Scana 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 profit or loss. The Group presents its lease liabilities as separate line items in the statement of financial position.
The company classifies lease payments as follows in the cash flow statement:
\u25aaLease payments linked to the principal amount of the contract are classified as financing activity on a separate line \u201crepayment of lease obligations\u201d.
\u25aaInterest paid includes interest related to leases, classified as financing activity.
\u25aaShort-term leases (less than twelve months), payments related to low-value leases and leases with variable payments are classified as operational activity.
DISCLOSURE 14 | 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 2023, the Scana 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 31.12.23PROPERTYMACHINERYVEHICLETotal
ACCUMULATIVE COSTS
Opening balance449.79.912.7472.3
Additions36.46.611.454.4
Disposals-6.4-0.9-1.2-8.5
Reclassification0.01.9-1.90.0
Translation difference0.10.10.00.3
Accumulated as of 31.12.479.917.621.1518.5
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-62.6-2.8-4.3-69.7
Depreciation-58.8-4.6-4.4-67.8
Disposals6.50.91.28.6
Reclassification0.0-1.21.20.0
Translation difference0.00.00.00.0
Accumulated as of 31.12.-115.0-7.6-6.3-128.9
Book value as of 31.12.364.910.014.7389.6
The linear depreciation method is used
Depreciation/amortisation period in number of years 1-10 1-10 1-5
RIGHT OF USE AS OF 31.12.22PROPERTYMACHINERYVEHICLETotal
ACCUMULATIVE COSTS
Opening balance13.20.70.514.4
Additions16.31.43.220.9
Disposals0.0-0.10.0-0.1
Acquisitions420.37.89.0437.1
Translation difference0.00.00.0-0.1
Accumulated as of 31.12.449.79.912.7472.3
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-6.3-0.3-0.2-6.9
Depreciation-56.3-2.6-4.1-62.9
Disposals0.00.10.00.1
Translation difference0.00.00.00.0
Accumulated as of 31.12.-62.6-2.8-4.3-69.7
Book value as of 31.12.387.17.18.4402.6
The linear depreciation method is used
Depreciation/amortisation period in number of years 1-10 1-10 1-5
DISCLOSURE 25 | LEASE LIABILITIES
The Scana ASA and subsidiaries leases premises for all business activities. 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 Scana Group\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 Scana Group has used a weighted average linked to the marginal interest rate for each of the leasing groups at the time of recognition. The following marginal interest rate is used for lease liabilities signed in 2023; for machinery and equipment 7\u20138 %, for cars 7 % and premises 7 %. For lease liabilities established before January 1, 2023, the marginal interest remains unchanged; otherwise, the leasing period is adjusted. 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 Scana 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.
CHANGE IN LEASING LIABILITIES20232022
Opening balance leasing liabilities 01.01.412.18.0
New leasing liabilities54.4458.1
Payments-83.5-78.5
Interests24.524.7
Ending balance leasing liabilities 31.12.407.6412.1
New leasing liabilities amounted to NOK 54.4 million and is connected to additions NOK 21.6 million, price index adjustments NOK 33.9 million and termination by NOK 1.1 million.
PROFIT AND LOSS ITEMS RELATED TO LEASE AGREEMENTS20232022
Depreciation for the year continued operations67.862.9
Net gain/loss assets (IFRS 16)0.11.9
Interests costs24.524.7
Short-term / low value leases1.10.9
Total profit items93.590.4
LEASING LIABILITIES CASH FLOW20232022
Payments related to leasing liabilities - installments-59.0-53.8
Payments related to leasing liabilities - interests-24.5-24.7
Short-term / low value leases-1.1-0.9
Total outflow cash for all leasing liabilities-84.5-79.4
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 2023.
MATURITY ANALYSIS COMMENCED LEASES20232022
Within one year84.376.2
Between one and two years78.870.4
Between two and three years75.466.8
Between three and four years70.665.6
Between four and five years66.862.6
More than five years115.7167.8
Total payments leasing liabilities491.6509.3
The payments linked to the lease agreements are \ufb01xed. The variable part is considered 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 2023.
Within five yearsMore than five yearsTotal
Extension of lease agreements (options) is not expected to be exercised44.8643.1687.9
Total44.8643.1687.9
The Scana Group 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 operating revenue in the income statement. Refer to disclosure 4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page83-cflshid_20890-tag6612150": { "value": "
RIGHT OF USE ASSETS
The Scana 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:
\u25aaThe amount of the initial measurement of the lease liability recognized.
\u25aaAny lease payments made at or before the commencement date, less any incentives received
\u25aaAny initial direct costs incurred by the Group.
\u25aaAn estimate of the costs to be incurred by the Scana 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.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.
LEASING
The Scana Group has entered into lease agreements relating to assets mentioned in disclosure 25. 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).
IDENTIFYING A LEASE
At the inception of a contract, Scana 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 identified asset for a period of time in exchange for consideration.
RECOGNITION OF LEASES AND EXEMPTIONS
At the lease commencement date, the Scana 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:
\u25aaShort-term leases (defined as 12 months or less)
\u25aaLow value assets
For these leases, Scana Group recognizes the lease payments as other operating expenses in the statement of profit or loss when they incur.
LEASE LIABILITIES
The Scana 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.
The lease paymentsincluded in the measurement comprise of:
\u25aaFixed lease payments (including in-substance fixed payments), less any lease incentives receivable.
\u25aaVariable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date.
\u25aaAmount expected to be payable by the Scana Group under residual value guarantees.
\u25aaThe 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 reflects the Scana Group exercising an option to terminate the lease.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (see disclosure 24), reducing the carrying amount to reflect the lease payments made and remeasuring the carryingamount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. The Scana 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 profit or loss. The Group presents its lease liabilities as separate line items in the statement of financial position.
The company classifies lease payments as follows in the cash flow statement:
\u25aaLease payments linked to the principal amount of the contract are classified as financing activity on a separate line \u201crepayment of lease obligations\u201d.
\u25aaInterest paid includes interest related to leases, classified as financing activity.
\u25aaShort-term leases (less than twelve months), payments related to low-value leases and leases with variable payments are classified as operational activity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page83-cflshid_20890-tag6612152": { "value": "
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.
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 fixed assets are assessed each year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page83-cflshid_20890-tag6612155": { "value": "
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are measured at 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.
Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Scana Group.
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 fixed assets are assessed each year.
DISCLOSURE 15 | PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.23
MACHINES,
FIXTURES, ETC.
CONSTRUCTION
AND REAL ESTATE
TOTAL
ACCUMULATIVE COSTS
Opening balance
262.1
0.3
262.3
Additions
23.4
0.0
23.4
Disposals
-4.6
0.0
-4.6
Reclassification
3.1
0.0
3.1
Translation difference
0.2
0.0
0.2
Accumulated as of 31.12.
284.1
0.3
284.3
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance
-114.3
-0.1
-114.5
Depreciation
-20.6
0.0
-20.6
Disposals
3.8
0.0
3.8
Reclassification
0.9
0.0
0.9
Translation difference
-0.1
0.0
-0.1
Accumulated as of 31.12.
-130.2
-0.1
-130.4
Book value as of 31.12.
153.8
0.1
154.0
The linear depreciation method is used
Depreciation/amortisation period in number of years 3-5
PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.22MACHINES,FIXTURES, ETC.CONSTRUCTIONAND REAL ESTATETOTAL
ACCUMULATIVE COSTS
Opening balance71.00.071.0
Additions9.60.09.6
Disposals-0.20.0-0.2
Reclassification-0.10.10.0
Acquisitions181.80.1182.0
Translation difference0.00.00.0
Accumulated as of 31.12.262.10.3262.3
DEPRECIATION/AMORTISATION/WRITEDOWNS
Opening balance-59.20.0-59.2
Depreciation-19.20.0-19.2
Disposals0.10.00.1
Reclassification0.0-0.1-0.1
Acquisitions-36.00.0-36.0
Translation difference0.00.00.0
Accumulated as of 31.12.-114.3-0.1-114.5
Book value as of 31.12.147.70.1147.9
The linear depreciation method is used
Depreciation/amortisation period in number of years 3-5
Depreciation period for machines, \ufb01xtures and similar:
\u25aa3\u20135 years are used for of\ufb01ce equipment and IT equipment
\u25aa10\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 153.9 million as of 31 December 2023 (31.12.22: NOK 143.7 million). See disclosure 25 relating to the mention of lease agreements and disclosure 14 right of use assets.
The calculation of the recoverable amount for the write-down is assessed at level 3 according to the valuation hierarchy", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page83-cflshid_20890-tag6612154": { "value": "
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are measured at 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.
Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Scana Group.
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 fixed assets are assessed each year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page83-cflshid_20890-tag6612169": { "value": "
IMPAIRMENT OF NON-FINANCIAL ASSETS
At each reporting date, the Scana Group reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use, that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
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 significantly since the initial recognition. For credit exposures for which there has not been a significant 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 first 12 months. For those credit exposures for which there has been a significant 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).
For trade receivables and contract assets, the Scana Group applies a simplified 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 Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date the Scana Group evaluates whether there has been one significant 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 significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial 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 classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm 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 13 | IMPAIRMENT
IMPAIRMENT TESTS
For impairment testing, goodwill acquired through business combinations are allocated to the Offshore and Energy CGUs.
Scana tests 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 2023, the market value of the company is higher than the book value of the equity, which does not indicate impairment of goodwill or other assets in the various CGUs.
CGU-OFFSHORE
CGU-OFFSHORE consists of PSW Technology and PSW Solutions. The carrying amount of goodwill allocated to this CGU as of 31.12.2023 is MNOK 79.5. The recoverable amount of this CGU was based on its value in use, determined by discounting the future cash flows to be generated from the continuing use of the CGU. The calculations are based upon estimated future cash flows for the cash generating unit, OFFSHORE. The estimated future cash flows are based upon budgets and long-term business plan covering a five-year period. The cash flows are based on the managements and the board\u2019s best estimate.
Per end of December 2023 estimated recoverable amount exceeds the carrying amount of the CGU, and management did not identify an impairment for this CGU.
CGU-ENERGY
CGU-ENERGY consists of PSW Power & Automation. The carrying amount of goodwill allocated to this CGU as of 31.12.2023 is MNOK 206.4. The recoverable amount of this CGU was based on its value in use, determined by discounting the future cash flows to be generated from the continuing use of the CGU. The calculations are based upon estimated future cash flows for the cash generating unit, ENERGY. The estimated future cash flows are based upon
budgets and long-term business plan covering a five-year period. The cash flows are based on the managements and the board\u2019s best estimate.
Per end of December 2023 estimated recoverable amount exceeds the carrying amount of the CGU, and management did not identify an impairment for this CGU.
KEY ASSUMTIONS
The values assigned to the key assumptions represent management\u2019s conservative assessment of future trends in the relevant industries and have been based on historical data from both external and internal sources. The calculation of value in use for CGU-ENERGY and CGU-OFFSHORE is most sensitive to the following assumptions:
KEY ASSUMPTIONSENERGYOFFSHORE
Average operating margin for the next five years7.0 %7.0 %
Discount rate (nominal before tax)11.5 %13.9 %
Average growth rate per year next five years4.8 %3.4 %
Growth rate per year after next five year (nominal)2.0 %2.0 %
Value in use356.8214.8
Headroom101.6104.9
Operating margins \u2212 Estimated taking into account past experience.
Discount rates \u2212 Discount rates represent the current market assessment of the risks specific to each CGU. The discount rate calculation is based on the specific circumstances of the Scana Group and its GGU\u2019s and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Scana Group is obliged to service. Segment-specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data.
Revenue growth \u2013 Revenue growth projections include specific estimates for the next five years and a terminal growth rate that reflects long-term inflation expectations. The revenue estimate is based on concluded contracts, information about the potential for new contracts and an assumption about the development of the price in the market.
Climate-related matters \u2013 the Scana Group monitors climate-related risks when measuring the recoverable amount. The value-in-use may be impacted by transition risk, such as climate-related legislation, climate-related regulations and changes in demand for the Group\u2019s products and services. The Group has not incorporated any significant costs in the future cash flows expectations. Regarding CGU-ENERGY the products and services offered are mainly linked to electrification and is considered to be part of the solution of a carbon neutral feature. Regarding the CGU-OFFSHORE the majority of the revenues are related to the oil and gas industries. There are limited long term assets related to product-sales and rental equipment that could be exposed. The material revenue streams are related to services and engineering capacities which contribute to reducing the carbon footprint of the oil and gas industry, therefore no significant cost or negative impact related to climate is factored in.
SENSITIVITY ANALYSIS
The following table shows the effect of the recoverable amount by changes to specific key assumptions.
SENSITIVITYCHANGESENERGYOFFSHORE
Operating margin for the next five years1.0 %68.962.7
Operating margin for the next five years-1.0 %-68.9-62.7
Growth rate per year next five years1.0 %23.537.1
Growth rate in terminal1.0 %52.043.5
Discount rate (nominal before tax)1.0 %-56.3-47.8
Discount rate (nominal before tax)-1.0 %73.958.1
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INVESTMENT IN ASSOCIATED COMPANIES
Associated companies are entities over which the Scana Group has significant influence, but not control or joint control over the financial and operating management. (Normally ownership between 20 % and 50 %). Associated companies are accounted for using the equity method from the date when significant influence or joint control is achieved until such influence ceases. Investments in associated companies 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.
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FINANCIAL ASSETS
Financial assets represent a contractual right by the Scana Group to receive cash or another financial asset in the future. Financial assets include financial derivatives, receivables and equity interests, as well as financial instruments used for cash-flow hedges.
On initial recognition, a financial asset is classified as measured at amortized cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVTPL). Classification depends on the contractual terms, the business model and, for some instruments, the company\u2019s choice. Financial assets are derecognized when the rights to receive cash from the asset have expired or when the asset has been transferred.
FINANCIAL ASSETS AT AMORTIZED COST (DEBT INSTRUMENTS)
Debt instruments include trade receivables, bank deposits and all other monetary instruments with a maturity above three months at the date of purchase and certain other receivables.
These instruments are measured at amortized cost, with the exception of instruments where cash flows are not contractually fixed and/or consists of other elements in addition to interest and repayments; and thus required to be measured at FVTPL.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
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 significantly since the initial recognition. For credit exposures for which there has not been a significant 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 first 12 months. For those credit exposures for which there has been a significant 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).
For trade receivables and contract assets, the Scana Group applies a simplified 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 Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date the Scana Group evaluates whether there has been one significant 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 significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial 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 classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm 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.
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FINANCIAL ASSETS
Financial assets represent a contractual right by the Scana Group to receive cash or another financial asset in the future. Financial assets include financial derivatives, receivables and equity interests, as well as financial instruments used for cash-flow hedges.
On initial recognition, a financial asset is classified as measured at amortized cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVTPL). Classification depends on the contractual terms, the business model and, for some instruments, the company\u2019s choice. Financial assets are derecognized when the rights to receive cash from the asset have expired or when the asset has been transferred.
FINANCIAL ASSETS AT AMORTIZED COST (DEBT INSTRUMENTS)
Debt instruments include trade receivables, bank deposits and all other monetary instruments with a maturity above three months at the date of purchase and certain other receivables.
These instruments are measured at amortized cost, with the exception of instruments where cash flows are not contractually fixed and/or consists of other elements in addition to interest and repayments; and thus required to be measured at FVTPL.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
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 significantly since the initial recognition. For credit exposures for which there has not been a significant 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 first 12 months. For those credit exposures for which there has been a significant 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).
For trade receivables and contract assets, the Scana Group applies a simplified 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 Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date the Scana Group evaluates whether there has been one significant 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 significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial 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 classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm 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.
FINANCIAL LIABILITIES
Financial liabilities represent a contractual obligation by the Scana Group to deliver cash in the future. Financial liabilities include financial derivatives, other financial liabilities as well as financial instruments used for cash-flow hedges. Financial liabilities, with the exception of derivatives, are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment, when the Scana Group has irrevocably initiated payment, or when the Group is legally released from the primary responsibility for the liability.
DISCLOSURE 21 | FINANCIAL RISK
This disclosure provides information about exposure to financial risk as well as goals, principles and processes for measuring and managing risk, and the Scana Group\u2019s capital management. More quantitative information is included elsewhere in the consolidated accounts.
The Group is exposed to market risk, liquidity risk and credit risk. The Scana Group\u2019s senior management oversees the management of these risks. The board of directors has overall responsibility for establishing and monitoring The Group\u2019s risk management framework. Risk management principles have been established to identify and analyse the risks to which the Scana 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 optimizing the risk-adjusted return.
CURRENCY RISK
Currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Scana Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency) and the Group\u2019s net investments in foreign subsidiaries.
The Scana Group\u2019s management continuously monitors and reports on the Group\u2019s currency positions. The Scana Group\u2019s risk management policy is to hedge material estimated foreign currency exposure in respect of forecast sales and purchases within a 12-month period. 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 following table demonstrates the sensitivity to a reasonably possible change in exchange rates, with all other variables held constant. 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. The analysis does not include the effect on future transactions (not invoiced as of December 31) or any effect from translation of subsidiaries
Changes in currency NOKImpact result before taxImpact on net equity before tax
20235%-7.9-7.9
2023-5%7.97.9
20225%7.37.3
2022-5%-7.3-7.3
INTEREST RATE RISK
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Scana Group\u2019s exposure to the risk of changes in market interest rates relates primarily to Scana Group\u2019s long-term interest-bearing debt with floating interest rates. The Scana Group\u2019s objective is to secure and counteract major effects from changes in the market interest rate. The Group has no interest rate hedges on the balance sheet date.
SENSITIVITY ANALYSIS \u2013 INTEREST RATE
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, with all other variables held constant. 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.
Changes in interest rateImpact result before taxImpact on net equity before tax
20231%-0.8-0.8
2023-1%0.80.8
LIQUIDITY RISK
Liquidity risk is the risk that the Scana Group will not be able to meet its \ufb01nancial obligations as they fall due. Scana 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.
The Scana Group works continuously to reduce liquidity risk through monitoring and active dialogue with the subsidiaries.
See disclosure 24 for more information on the Group\u2019s bank loans as of 31.12.2023. See disclosure 23 for more information on the Group\u2019s cash and cash equivalents as of 31.12.2023.
The Scana Group has a bank balance as of 31.12.23 of NOK 36.4 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 31.12.232024 Q12024 Q22024 Q32024 Q4202420252026
Leasing liabilities407.621.121.121.121.184.378.875.4
Bank loan - DNB115.05.05.05.05.020.020.020.0
Trade payables101.2101.2101.2
Financial instruments2.80.0
Interests payments2.12.32.32.32.39.29.2
Total outflow (payments)628.7129.728.428.428.4214.7108.095.4
CREDIT RISK
Credit risk is the risk of \ufb01nancial losses if 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 Scana 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.
Customer credit risk is managed by each business unit subject to the Scana Group\u2019s established policy and guidelines relating to customer credit risk management. Credit quality of a customer is assessed based on credit rating and individual credit limits can be defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored. The Scana Group enters into larger customer contracts with advance payments (20 %\u201330 %) or milestone invoicing throughout the entire project progress.
The Scana 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.
AS OF 31.12.23DislosureGross assetsExpected loss within 12 monthsExpected loss portfolioExpected loss individualProvision for loss on receivablesNet assets
Trade receivable17253.0-0.4-0.4-0.5252.5
Contract assets17100.9-1.0-1.0-1.599.4
Total353.9-1.5-1.50.0-2.0351.9
AS OF 31.12.22DislosureGross assetsExpected loss within 12 monthsExpected loss portfolioExpected loss individualProvision for loss on receivablesNet assets
Trade receivable17161.2-0.4-0.4-0.4160.8
Contract assets17126.4-1.1-1.1-1.1125.3
Total287.7-1.6-1.60.0-1.6286.1
CHANGES IN PROVISIONS\u2013 LOSSDislosure Opening balance provision loss Realized losses Changes in provision Agio Ending balance provision loss
Trade receivable17-0.40.00.0-0.5
Contract assets17-1.1-0.4-1.5
Total-1.60.0-0.40.0-2.0
DISCLOSURE 22 | FINANCIAL INSTRUMENTS
HEDGING CURRENCY RISK
As a proportion of the Scana Group\u2019s sales take place in foreign currency, the Group 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 the Scana 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.
Listed below is a summary of all open currency contracts as of 31.12.23:
Currency contractsNetDenominationMaturity periodUnrealized gain / loss (-)
EURsale-2.22024-0.1
SEKsale-45.62024-1.0
SEKsale-10.52025-0.2
USDsale-3.520243.2
USDsale-2.320251.8
Total3.6
Listed below is a summary of all open currency contracts as of 31.12.22:
Currency contractsNetDenominationMaturity periodUnrealized gain / loss (-)
USDsale-5.02023-2.0
SEKsale-49.420231.6
SEKsale-17.620240.6
Total0.3
CLASSIFICATION OF FINANCIAL ASSETS
In accordance with IFRS 9, the Scana 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 Scana 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 2023.
20232022
Financial instrumentsDisclosureFair value hierarchyFair value profit & lossFair value - other comprehensive incomeAmortized costTotalTotal
FINANCIAL ASSETS
Other non-current financial assets18Level 35.37.512.83.0
Trade receivable17252.6252.6160.8
Financial instruments22Level 26.46.42.3
Prepayments and other current receivables1856.656.631.5
Bank deposits2336.436.42.6
Total11.7353.0364.7200.3
FINANCIAL LIABILITIES
Leasing liabilities25407.6407.6412.1
Loans and borrowings24115.8115.8151.9
Trade payables20101.2101.2108.9
Financial instruments22Level 22.82.82.0
Other current liabilities19168.8168.896.9
Total2.8793.4796.2771.8
FAIR VALUE \u2013 VALUE HIERARCHY
The Scana Group 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 on the previous page shows the valuation hierarchy for fair value disclosures for assets and liabilities. In 2023, 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 Scana Group\u2019s composition and management of debt and equity is to ensure sufficient and competitive funding of the Scana Group\u2019s activities and create value for the shareholders. Scana Group should have a reasonable credit rating, and thus competitive borrowing conditions. Through good capital management of equity and debt, the Scana Group will support the business that is run, and thus contribute to increasing The Scana Group must have suf\ufb01cient liquid funds and access to credit facilities for \ufb01nancing operational activities. This takes place through targets for ongoing operations and capital management. The Group manages the capital structure and makes 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 24. Reference is made to the section liquidity risk in disclosure 21 related to the company\u2019s \ufb01nancial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page84-cflshid_21006-tag6612166": { "value": "
FINANCIAL ASSETS
Financial assets represent a contractual right by the Scana Group to receive cash or another financial asset in the future. Financial assets include financial derivatives, receivables and equity interests, as well as financial instruments used for cash-flow hedges.
On initial recognition, a financial asset is classified as measured at amortized cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVTPL). Classification depends on the contractual terms, the business model and, for some instruments, the company\u2019s choice. Financial assets are derecognized when the rights to receive cash from the asset have expired or when the asset has been transferred.
FINANCIAL ASSETS AT AMORTIZED COST (DEBT INSTRUMENTS)
Debt instruments include trade receivables, bank deposits and all other monetary instruments with a maturity above three months at the date of purchase and certain other receivables.
These instruments are measured at amortized cost, with the exception of instruments where cash flows are not contractually fixed and/or consists of other elements in addition to interest and repayments; and thus required to be measured at FVTPL.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
FINANCIAL LIABILITIES
Financial liabilities represent a contractual obligation by the Scana Group to deliver cash in the future. Financial liabilities include financial derivatives, other financial liabilities as well as financial instruments used for cash-flow hedges. Financial liabilities, with the exception of derivatives, are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment, when the Scana Group has irrevocably initiated payment, or when the Group is legally released from the primary responsibility for the liability.
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 2023.
20232022
Financial instrumentsDisclosureFair value hierarchyFair value profit & lossFair value - other comprehensive incomeAmortized costTotalTotal
FINANCIAL ASSETS
Other non-current financial assets18Level 35.37.512.83.0
Trade receivable17252.6252.6160.8
Financial instruments22Level 26.46.42.3
Prepayments and other current receivables1856.656.631.5
Bank deposits2336.436.42.6
Total11.7353.0364.7200.3
FINANCIAL LIABILITIES
Leasing liabilities25407.6407.6412.1
Loans and borrowings24115.8115.8151.9
Trade payables20101.2101.2108.9
Financial instruments22Level 22.82.82.0
Other current liabilities19168.8168.896.9
Total2.8793.4796.2771.8
FAIR VALUE \u2013 VALUE HIERARCHY
The Scana Group 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 on the previous page shows the valuation hierarchy for fair value disclosures for assets and liabilities. In 2023, 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page84-cflshid_21006-tag6612165": { "value": "
FINANCIAL ASSETS
Financial assets represent a contractual right by the Scana Group to receive cash or another financial asset in the future. Financial assets include financial derivatives, receivables and equity interests, as well as financial instruments used for cash-flow hedges.
On initial recognition, a financial asset is classified as measured at amortized cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVTPL). Classification depends on the contractual terms, the business model and, for some instruments, the company\u2019s choice. Financial assets are derecognized when the rights to receive cash from the asset have expired or when the asset has been transferred.
FINANCIAL ASSETS AT AMORTIZED COST (DEBT INSTRUMENTS)
Debt instruments include trade receivables, bank deposits and all other monetary instruments with a maturity above three months at the date of purchase and certain other receivables.
These instruments are measured at amortized cost, with the exception of instruments where cash flows are not contractually fixed and/or consists of other elements in addition to interest and repayments; and thus required to be measured at FVTPL.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
FINANCIAL LIABILITIES
Financial liabilities represent a contractual obligation by the Scana Group to deliver cash in the future. Financial liabilities include financial derivatives, other financial liabilities as well as financial instruments used for cash-flow hedges. Financial liabilities, with the exception of derivatives, are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment, when the Scana Group has irrevocably initiated payment, or when the Group is legally released from the primary responsibility for the liability.
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 2023.
20232022
Financial instrumentsDisclosureFair value hierarchyFair value profit & lossFair value - other comprehensive incomeAmortized costTotalTotal
FINANCIAL ASSETS
Other non-current financial assets18Level 35.37.512.83.0
Trade receivable17252.6252.6160.8
Financial instruments22Level 26.46.42.3
Prepayments and other current receivables1856.656.631.5
Bank deposits2336.436.42.6
Total11.7353.0364.7200.3
FINANCIAL LIABILITIES
Leasing liabilities25407.6407.6412.1
Loans and borrowings24115.8115.8151.9
Trade payables20101.2101.2108.9
Financial instruments22Level 22.82.82.0
Other current liabilities19168.8168.896.9
Total2.8793.4796.2771.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page84-cflshid_21006-tag6612164": { "value": "
FINANCIAL ASSETS
Financial assets represent a contractual right by the Scana Group to receive cash or another financial asset in the future. Financial assets include financial derivatives, receivables and equity interests, as well as financial instruments used for cash-flow hedges.
On initial recognition, a financial asset is classified as measured at amortized cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVTPL). Classification depends on the contractual terms, the business model and, for some instruments, the company\u2019s choice. Financial assets are derecognized when the rights to receive cash from the asset have expired or when the asset has been transferred.
FINANCIAL ASSETS AT AMORTIZED COST (DEBT INSTRUMENTS)
Debt instruments include trade receivables, bank deposits and all other monetary instruments with a maturity above three months at the date of purchase and certain other receivables.
These instruments are measured at amortized cost, with the exception of instruments where cash flows are not contractually fixed and/or consists of other elements in addition to interest and repayments; and thus required to be measured at FVTPL.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
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 significantly since the initial recognition. For credit exposures for which there has not been a significant 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 first 12 months. For those credit exposures for which there has been a significant 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).
For trade receivables and contract assets, the Scana Group applies a simplified 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 Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date the Scana Group evaluates whether there has been one significant 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 significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial 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 classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm 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.
FINANCIAL LIABILITIES
Financial liabilities represent a contractual obligation by the Scana Group to deliver cash in the future. Financial liabilities include financial derivatives, other financial liabilities as well as financial instruments used for cash-flow hedges. Financial liabilities, with the exception of derivatives, are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment, when the Scana Group has irrevocably initiated payment, or when the Group is legally released from the primary responsibility for the liability.
DISCLOSURE 22 | FINANCIAL INSTRUMENTS
HEDGING CURRENCY RISK
As a proportion of the Scana Group\u2019s sales take place in foreign currency, the Group 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 the Scana 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.
Listed below is a summary of all open currency contracts as of 31.12.23:
Currency contractsNetDenominationMaturity periodUnrealized gain / loss (-)
EURsale-2.22024-0.1
SEKsale-45.62024-1.0
SEKsale-10.52025-0.2
USDsale-3.520243.2
USDsale-2.320251.8
Total3.6
Listed below is a summary of all open currency contracts as of 31.12.22:
Currency contractsNetDenominationMaturity periodUnrealized gain / loss (-)
USDsale-5.02023-2.0
SEKsale-49.420231.6
SEKsale-17.620240.6
Total0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page84-cflshid_21006-tag6612163": { "value": "
FINANCIAL ASSETS
Financial assets represent a contractual right by the Scana Group to receive cash or another financial asset in the future. Financial assets include financial derivatives, receivables and equity interests, as well as financial instruments used for cash-flow hedges.
On initial recognition, a financial asset is classified as measured at amortized cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVTPL). Classification depends on the contractual terms, the business model and, for some instruments, the company\u2019s choice. Financial assets are derecognized when the rights to receive cash from the asset have expired or when the asset has been transferred.
FINANCIAL ASSETS AT AMORTIZED COST (DEBT INSTRUMENTS)
Debt instruments include trade receivables, bank deposits and all other monetary instruments with a maturity above three months at the date of purchase and certain other receivables.
These instruments are measured at amortized cost, with the exception of instruments where cash flows are not contractually fixed and/or consists of other elements in addition to interest and repayments; and thus required to be measured at FVTPL.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
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 significantly since the initial recognition. For credit exposures for which there has not been a significant 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 first 12 months. For those credit exposures for which there has been a significant 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).
For trade receivables and contract assets, the Scana Group applies a simplified 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 Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date the Scana Group evaluates whether there has been one significant 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 significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial 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 classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm 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.
FINANCIAL LIABILITIES
Financial liabilities represent a contractual obligation by the Scana Group to deliver cash in the future. Financial liabilities include financial derivatives, other financial liabilities as well as financial instruments used for cash-flow hedges. Financial liabilities, with the exception of derivatives, are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment, when the Scana Group has irrevocably initiated payment, or when the Group is legally released from the primary responsibility for the liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page84-cflshid_21006-tag6612162": { "value": "
FINANCIAL ASSETS
Financial assets represent a contractual right by the Scana Group to receive cash or another financial asset in the future. Financial assets include financial derivatives, receivables and equity interests, as well as financial instruments used for cash-flow hedges.
On initial recognition, a financial asset is classified as measured at amortized cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVTPL). Classification depends on the contractual terms, the business model and, for some instruments, the company\u2019s choice. Financial assets are derecognized when the rights to receive cash from the asset have expired or when the asset has been transferred.
FINANCIAL ASSETS AT AMORTIZED COST (DEBT INSTRUMENTS)
Debt instruments include trade receivables, bank deposits and all other monetary instruments with a maturity above three months at the date of purchase and certain other receivables.
These instruments are measured at amortized cost, with the exception of instruments where cash flows are not contractually fixed and/or consists of other elements in addition to interest and repayments; and thus required to be measured at FVTPL.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
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 significantly since the initial recognition. For credit exposures for which there has not been a significant 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 first 12 months. For those credit exposures for which there has been a significant 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).
For trade receivables and contract assets, the Scana Group applies a simplified 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 Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date the Scana Group evaluates whether there has been one significant 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 significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial 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 classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm 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.
FINANCIAL LIABILITIES
Financial liabilities represent a contractual obligation by the Scana Group to deliver cash in the future. Financial liabilities include financial derivatives, other financial liabilities as well as financial instruments used for cash-flow hedges. Financial liabilities, with the exception of derivatives, are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment, when the Scana Group has irrevocably initiated payment, or when the Group is legally released from the primary responsibility for the liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page84-cflshid_21006-tag6612161": { "value": "
FINANCIAL ASSETS
Financial assets represent a contractual right by the Scana Group to receive cash or another financial asset in the future. Financial assets include financial derivatives, receivables and equity interests, as well as financial instruments used for cash-flow hedges.
On initial recognition, a financial asset is classified as measured at amortized cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVTPL). Classification depends on the contractual terms, the business model and, for some instruments, the company\u2019s choice. Financial assets are derecognized when the rights to receive cash from the asset have expired or when the asset has been transferred.
FINANCIAL ASSETS AT AMORTIZED COST (DEBT INSTRUMENTS)
Debt instruments include trade receivables, bank deposits and all other monetary instruments with a maturity above three months at the date of purchase and certain other receivables.
These instruments are measured at amortized cost, with the exception of instruments where cash flows are not contractually fixed and/or consists of other elements in addition to interest and repayments; and thus required to be measured at FVTPL.
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
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 significantly since the initial recognition. For credit exposures for which there has not been a significant 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 first 12 months. For those credit exposures for which there has been a significant 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).
For trade receivables and contract assets, the Scana Group applies a simplified 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 Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date the Scana Group evaluates whether there has been one significant 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 significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial 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 classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm 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.
FINANCIAL LIABILITIES
Financial liabilities represent a contractual obligation by the Scana Group to deliver cash in the future. Financial liabilities include financial derivatives, other financial liabilities as well as financial instruments used for cash-flow hedges. Financial liabilities, with the exception of derivatives, are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment, when the Scana Group has irrevocably initiated payment, or when the Group is legally released from the primary responsibility for the liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page84-cflshid_21006-tag6612167": { "value": "
FINANCIAL ASSETS AT AMORTIZED COST (DEBT INSTRUMENTS)
Debt instruments include trade receivables, bank deposits and all other monetary instruments with a maturity above three months at the date of purchase and certain other receivables.
These instruments are measured at amortized cost, with the exception of instruments where cash flows are not contractually fixed and/or consists of other elements in addition to interest and repayments; and thus required to be measured at FVTPL", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page84-cflshid_21006-tag6612172": { "value": "
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page84-cflshid_21006-tag6612176": { "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 significantly since the initial recognition. For credit exposures for which there has not been a significant 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 first 12 months. For those credit exposures for which there has been a significant 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).
For trade receivables and contract assets, the Scana Group applies a simplified 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 Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date the Scana Group evaluates whether there has been one significant 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 significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial 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 classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page84-cflshid_21006-tag6612175": { "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 significantly since the initial recognition. For credit exposures for which there has not been a significant 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 first 12 months. For those credit exposures for which there has been a significant 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).
For trade receivables and contract assets, the Scana Group applies a simplified 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 Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date the Scana Group evaluates whether there has been one significant 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 significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial 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 classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm 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 18 | PREPAYMENTS, OTHER CURRENT RECEIVABLES, OTHER NON-CURRENT ASSETS
PREPAYMENTS AND OTHER CURRENT RECEIVABLES20232022
Prepaid to suppliers24.224.7
Prepaid tax0.40.4
Prepaid costs29.84.8
VAT0.31.3
Other current receivables1.90.4
Total prepayments and other current receivables56.631.5
OTHER NON-CURRENT ASSETS20232022
Investments in shares5.32.8
Long-term interest-bearing receivables6.90.3
Long-term interest-free receivables0.50.0
Pensions funds2.21.9
Total other non-current assets15.04.9
DISCLOSURE 19 | OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES
2023
2022
Provision - Warranty
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FINANCIAL LIABILITIES
Financial liabilities represent a contractual obligation by the Scana Group to deliver cash in the future. Financial liabilities include financial derivatives, other financial liabilities as well as financial instruments used for cash-flow hedges. Financial liabilities, with the exception of derivatives, are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment, when the Scana Group has irrevocably initiated payment, or when the Group is legally released from the primary responsibility for the liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page85-cflshid_21110-tag6612173": { "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 labor, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page85-cflshid_21110-tag6612174": { "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 thegoods to their current state and location. In-house produced goods include raw materials, energy, direct labor, and a share of the indirect costs that can be allocated based on normal capacity utilization, including maintenance and depreciation.DISCLOSURE 16 | INVENTORIES
20232022
Raw materials24.325.3
Semi-\ufb01nished products and work in progress29.837.5
Finished goods5.13.1
Total inventories end balance 31.12.59.266.0
Provision for obsolescence as of 31.12.7.86.8
This year's change in provision for obsolescence1.03.0
Total pledged inventories59.266.0
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page85-cflshid_21110-tag6612183": { "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 insignificant 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.
In the Scana Group\u2019s cash flow analysis cash and cash equivalents consist as defined above. The cash flow analysis has been prepared according to the indirect method.
DISCLOSURE 23 | CASH AND CASH EQUIVALENTS
BANK DEPOSITS20232022
Ordinary bank deposits36.42.6
Restricted funds0.00.0
Total36.42.6
RECONCILIATION BETWEEN BANK DEPOSITS AND LIQUIDITY IN THE CASH FLOW STATEMENT20232022
Ordinary bank deposits36.42.6
Cash and cash equiv. at end of period36.42.6
The Scana Group has a bank deposit as of 31 December 2023 which amounts to NOK 36.4 million. In the table above relating to liquidity, cash withdrawals are included as mentioned in disclosure 24. The Group has an unused overdraft facility of NOK 110 million as of 31 December 2023. The total liquidity reserve was as of 31 December 2023 NOK 146.4 million (31 December 2022: NOK 112.6 million). The Scana Group has a cash pool arrangement.
The Scana Group has no restricted funds as of December 2023 and all disclosed cash and cash equivalents are available.
Bank guarantees have been issued according to tax deductions, which as of 31 December 2023 was NOK 18.6 million.
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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 insignificant 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.
In the Scana Group\u2019s cash flow analysis cash and cash equivalents consist as defined above. The cash flow analysis has been prepared according to the indirect method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page85-cflshid_21110-tag6612181": { "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 insignificant 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.
In the Scana Group\u2019s cash flow analysis cash and cash equivalents consist as defined above. The cash flow analysis has been prepared according to the indirect method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page85-cflshid_21110-tag6612180": { "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 insignificant 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.
In the Scana Group\u2019s cash flow analysis cash and cash equivalents consist as defined above. The cash flow analysis has been prepared according to the indirect method.
DISCLOSURE 23 | CASH AND CASH EQUIVALENTS
BANK DEPOSITS20232022
Ordinary bank deposits36.42.6
Restricted funds0.00.0
Total36.42.6
RECONCILIATION BETWEEN BANK DEPOSITS AND LIQUIDITY IN THE CASH FLOW STATEMENT20232022
Ordinary bank deposits36.42.6
Cash and cash equiv. at end of period36.42.6
The Scana Group has a bank deposit as of 31 December 2023 which amounts to NOK 36.4 million. In the table above relating to liquidity, cash withdrawals are included as mentioned in disclosure 24. The Group has an unused overdraft facility of NOK 110 million as of 31 December 2023. The total liquidity reserve was as of 31 December 2023 NOK 146.4 million (31 December 2022: NOK 112.6 million). The Scana Group has a cash pool arrangement.
The Scana Group has no restricted funds as of December 2023 and all disclosed cash and cash equivalents are available.
Bank guarantees have been issued according to tax deductions, which as of 31 December 2023 was NOK 18.6 million.
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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 insignificant 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.
In the Scana Group\u2019s cash flow analysis cash and cash equivalents consist as defined above. The cash flow analysis has been prepared according to the indirect method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page85-cflshid_21110-tag6612178": { "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 insignificant 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.
In the Scana Group\u2019s cash flow analysis cash and cash equivalents consist as defined above. The cash flow analysis has been prepared according to the indirect method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page87-cflshid_21333-tag6612189": { "value": "
PENSION COST AND LIABILITIES
The Scana Group\u2019s pension plans consist of defined contribution pension and Contractual pension in the private sector (AFP) plans for the Group\u2019s Norwegian employees and benefit 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.
Pension 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 final salary. The pension plan\u2019s funds are valued at assumed market value. Net pension liabilities (pension liabilities minus the pension plan\u2019s funds) are classified in the statement of financial position as long-term liabilities. The net liability includes employer\u2019s tax.
The AFP plan for the Group\u2019s Norwegian employees and the benefit plan for the Group\u2019s Swedish employees are considered as so-called \u201cmulti-employer plans\u201d. These pension plans are treated as defined contribution pension plans in the accounts because the necessary information to treat the plan as defined benefit 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 defined benefit arrangements in accordance with IAS 19, this could have an effect on the consolidated accounts.
DISCLOSURE 9 | PAYROLL EXPENSES
PAYROLL EXPENSES20232022
Salary costs352.6264.5
Social security costs54.737.6
Pension costs21.414.6
Insurance costs2.82.0
Option program3.33.8
Other wages and personnel costs7.16.9
Total payroll expenses441.9329.4
TOTAL AVERAGE NUMBER OF EMPLOYEES20232022
Norway426291
Sweden910
The Scana Group had 537 employees on 31 December 2023 (2022: 371 employees).
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 ASA\u2019s website.
REMUNERATION LEADING PERSONNEL
NamePositionYearFixed remunerationExtraordinary itemsPensionexpenseTotalRemunerationProportion of fixedand variableremuneration
Base salaryFringebenefitsVariableFixedFixedVariableFixedVariable
P\u00e5l SelvikCEO2023*1 3337991 439\u00a0-100%0%
2022\u00a0-\u00a0-0%0%
Torvald Ulland ReiestadCFO20231 80518621 886\u00a0-100%0%
20221 62215\u00a0-851 722\u00a0-100%0%
Oddbj\u00f8rn Hauk\u00f8yCBO2023*3 21118623 291\u00a0-100%0%
2022**2 75013772 841\u00a0-100%0%
Anette Netteland DybvikHead of Investor Relations & Communication20231 14522521 218\u00a0-100%0%
2022**400524429\u00a0-100%0%
Baste TveitoEVP Operations 2023*1 67835551 768\u00a0-100%0%
2022\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-0%0%
Espen Brims\u00f8e ThomassenCCO2023*1 56919411 629\u00a0-100%0%
2022\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-0%0%
Styrk BekkenesFormer CEO2023*1 80860 6 827 371 905 6 827 22%78%
20223 100124\u00a0-843 308\u00a0-100%0%
\"\"
* Executive Vice President (EVP) Operations was hired from March 2023, CCO was hired from April 2023, CEO hired in September 2023 and Former CEO resigned in January 2023. CBO did in period from January 2023 to end August 2023 serve as interim CEO.
** CBO was hired from February 2022, while Head of Investor Relation and Communication was hired from September 2022.
*** Former CFO received extraordinary variable remuneration in 2023 related to exercising of share-option program of 2019.
All numbers in the overview above are in thousand NOK.
The resignation period for key personnel is from 3\u20136 months. Key personnel may have severance agreements involving salary for six-month period. 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 2023. On the balance sheet date, no leading persons have loans. See disclosure 30 for further discussion according to related parties.
BOARD REMUNERATION
The board of Scana ASA was paid TNOK 1.058 in fees in 2023 and TNOK 31 to the election committee. Board remunerations are paid annually in arrears and apply for the period from the ordinary general meeting 2022 to the ordinary general meeting 2023. Fees in arrears for the board elected in May 2022 with a term of of\ufb01ce until June 2023 are speci\ufb01ed below. A new board was elected at an extraordinary general meeting in August 2023. In addition, one board member stepped down from the board in August 2023.
NamePositionActive periodRemuneration paid out in 2022Remuneration paid out in 2023
Morten BlixDeputy Chair of the board /Board MemberJan 2022 - Dec 2022 /Jun 2023-90115
Ida Ianssen LundhBoard Member Dec 2022 -97
Bj\u00f8rn Gabriel ReedBoard Member Aug 2023 -
Birgitte Feginn AngelilBoard Member Dec 2022 -97
P\u00e5l SelvikDeputy chair of the board /Chairman of the board Dec 2022 - Jan 2023 / Jan 2023 - Aug 2023141
Vidar RabbenBoard Member Dec 2022 - Aug 202397
Dag SchjervenFormer Chairman of the boardMay 2018 - Jan 2023300174
Rune Magnus Lundetr\u00e6Board Member May 2021 - Jan 2023200116
Marianne LieBoard Member May 2016 - Jan 2023200116
Former Board Member May 2018 - Dec 2022200103
Former Board Member May 2020 - Jan 20221350
Total remuneration1 1251 058
\"\"
All numbers in the overview above are in thousand NOK.
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 2023, NOK 3.3 million was recognized as a cost the of option program in accordance with the vesting period which includes the existing incentive scheme to CEO started up in September 2023.
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 Scana Group are covered by an AFP scheme. The number of employees covered by the scheme is 520 people as of 31 December 2023 (2022: 368 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 accrue.
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 3.5\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 2023, there were 493 members of the schemes (2022: 361 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.
20232022
Pensions funds2.21.9
Pension liability2.21.9
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 organizedas 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 Scana 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 Scana Group\u2019s expected contribution to the bene\ufb01t scheme in 2023 in Alecta is estimated by Alecta at NOK 0.3 million (estimate for 2022 was NOK 0.7 million). The multi-company bene\ufb01t scheme covers 9 out of 9 employees (2022: 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 2023 was 158 % (2022: 172 %).
THE OVERVIEW BELOW SHOWS SCANA'S PARTICIPATION SHARE PER20232022
The group's share of the total savings premium for ITP 2 in Alecta *0.00187 %0.00153 %
The group's share of the total number of assets insured in ITP 2 **0.00251 %0.00235 %
* 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.
20232022
Pension costs related to defined contribution plans in Norway20.013.4
Pension costs related to defined contribution and multi-employee plans in Sweden1.31.2
Total pension cost21.414.6
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PENSION COST AND LIABILITIES
The Scana Group\u2019s pension plans consist of defined contribution pension and Contractual pension in the private sector (AFP) plans for the Group\u2019s Norwegian employees and benefit 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.
Pension 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 final salary. The pension plan\u2019s funds are valued at assumed market value. Net pension liabilities (pension liabilities minus the pension plan\u2019s funds) are classified in the statement of financial position as long-term liabilities. The net liability includes employer\u2019s tax.
The AFP plan for the Group\u2019s Norwegian employees and the benefit plan for the Group\u2019s Swedish employees are considered as so-called \u201cmulti-employer plans\u201d. These pension plans are treated as defined contribution pension plans in the accounts because the necessary information to treat the plan as defined benefit 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 defined benefit arrangements in accordance with IAS 19, this could have an effect on the consolidated accounts.
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TAXES
INCOME TAXES
Income taxes comprise taxes on the taxable profit 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 profit 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 sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The assessment of whether deferred tax assets can be recognized in the statement of financial position, 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.
Deferred tax and deferred tax assets in the statement of financial position is recognized 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.
Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in the Scana 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 statement of financial position at the amount that is expected to be paid from or paid into the tax authorities.
DISCLOSURE 11 | TAX
THE TAX EXPENSE FOR THE YEAR APPEARS AS FOLLOWS20232022
Current tax-0.30.0
Change in deferred tax / deferred tax assets15.111.3
Currency differences forign tax0.10.1
Tax expenses15.011.3
Foreign tax expenses-1.4-0.3
Effective tax rate-27%20%
RECONCILIATION OF TAX EXPENSE AGAINST ORDINARY PROFIT BEFORE TAX20232022
Profit before tax56.5-55.8
22% of profit before tax12.4-12.3
Tax expense for the year-15.0-11.3
The differences; due to27.5-1.0
Permant differences7.21.9
Change not capitalized deferred tax assets20.2-2.9
Effect of foreign activity due to different tax levels0.10.0
Total27.5-1.0
SPECIFICATION OF NET DEFERRED TAX ASSETS20232022
Fixed assets25.428.8
Right of use assets/liabilities-4.5-2.1
Current assets-4.8-13.5
Liabilities-2.3-3.8
Taxable loss carried forward-81.6-82.0
Deferred tax assets off balance0.020.2
Net deferred tax assets67.852.4
RECONCILIATION OF NET DEFERRED TAX ASSETS20232022
Opening balance, net deferred tax assets 52.457.4
Change in tax / deferred tax asset over the result 15.311.3
Deferred tax business combination0.0-22.0
Deferred tax assets capital expansion0.05.7
Net deferred tax assets67.852.4
As of 31 December 2023, the tax loss to be carried forward in Norway is NOK 361.5 million (2022: NOK 364.3 million). In Sweden, the tax loss carried forward is MNOK 9.5 as of December 2023 (2022: NOK 9.1 million). There are no restrictions on the right to carry forward tax losses.
As of 31 December 2023, the Deferred tax assets is NOK 67.8 million where NOK 67.2 million is allocated to business in Norway. The remaining part belongs to business in Sweden.
The business in Sweden and Norway delivers positive results. Management considers that tax losses will be used in connection with companies in Norway. This is based on expected future cash \ufb02ows and builds on the same assumptions used in the impairment tests. This is also supported by the order backlog and with new contracts together with the outlook within the markets where the companies operate. The management expects that the running business will contribute with increased future taxable income. All taxable losses in the Group are recognized in the statement of \ufb01nancial position as deferred tax assets. In 2023, deferred tax assets were recognized in the statement of \ufb01nancial position, which positively affects the income statement in the Scana Group of NOK 20.2 million.
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. Also mentioned in disclosures 2 and 13 relating to impairment test.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page87-cflshid_21333-tag6612184": { "value": "
TAXES
INCOME TAXES
Income taxes comprise taxes on the taxable profit 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 profit 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 sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The assessment of whether deferred tax assets can be recognized in the statement of financial position, 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.
Deferred tax and deferred tax assets in the statement of financial position is recognized 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.
Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in the Scana 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 statement of financial position at the amount that is expected to be paid from or paid into the tax authorities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page87-cflshid_21333-tag6612186": { "value": "
DEFERRED TAX ASSETS
Deferred tax assets are recognized when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The assessment of whether deferred tax assets can be recognized in the statement of financial position, 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.
Deferred tax and deferred tax assets in the statement of financial position is recognized 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.
Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in the Scana 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 profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. Further details on taxes are disclosed in disclosure 11.
SPECIFICATION OF NET DEFERRED TAX ASSETS20232022
Fixed assets25.428.8
Right of use assets/liabilities-4.5-2.1
Current assets-4.8-13.5
Liabilities-2.3-3.8
Taxable loss carried forward-81.6-82.0
Deferred tax assets off balance0.020.2
Net deferred tax assets67.852.4
RECONCILIATION OF NET DEFERRED TAX ASSETS20232022
Opening balance, net deferred tax assets 52.457.4
Change in tax / deferred tax asset over the result 15.311.3
Deferred tax business combination0.0-22.0
Deferred tax assets capital expansion0.05.7
Net deferred tax assets67.852.4
As of 31 December 2023, the tax loss to be carried forward in Norway is NOK 361.5 million (2022: NOK 364.3 million). In Sweden, the tax loss carried forward is MNOK 9.5 as of December 2023 (2022: NOK 9.1 million). There are no restrictions on the right to carry forward tax losses.
As of 31 December 2023, the Deferred tax assets is NOK 67.8 million where NOK 67.2 million is allocated to business in Norway. The remaining part belongs to business in Sweden.
The business in Sweden and Norway delivers positive results. Management considers that tax losses will be used in connection with companies in Norway. This is based on expected future cash \ufb02ows and builds on the same assumptions used in the impairment tests. This is also supported by the order backlog and with new contracts together with the outlook within the markets where the companies operate. The management expects that the running business will contribute with increased future taxable income. All taxable losses in the Group are recognized in the statement of \ufb01nancial position as deferred tax assets. In 2023, deferred tax assets were recognized in the statement of \ufb01nancial position, which positively affects the income statement in the Scana Group of NOK 20.2 million.
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. Also mentioned in disclosures 2 and 13 relating to impairment test.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page87-cflshid_21333-tag6612185": { "value": "
DEFERRED TAX ASSETS
Deferred tax assets are recognized when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The assessment of whether deferred tax assets can be recognized in the statement of financial position, 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.
Deferred tax and deferred tax assets in the statement of financial position is recognized 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.
Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in the Scana 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page88-cflshid_21442-tag6612195": { "value": "
PROVISIONS
A provision is recognized when the Scana Group has an obligation (legal or self-imposed) as a result of a previous event, it is probable (more likely than not) that a financial 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 flows using a discount rate before tax that reflects the market\u2019s pricing of the time value of money and, if relevant, risks specifically linked to the obligation. In the case of discounting, profit and loss is recognized the interest rate effect as a financial expense.
Warranty 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.
Restructuring provisions are recognized when the Group has approved a detailed, formal restructuring plan and the restructuring has either started or been publicly announced.
Provisions for loss-making contracts are recognized when the Group\u2019s expected revenue from a contract is lower than costs incurred to fulfill the obligations in the contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page88-cflshid_21442-tag6612194": { "value": "
PROVISIONS
A provision is recognized when the Scana Group has an obligation (legal or self-imposed) as a result of a previous event, it is probable (more likely than not) that a financial 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 flows using a discount rate before tax that reflects the market\u2019s pricing of the time value of money and, if relevant, risks specifically linked to the obligation. In the case of discounting, profit and loss is recognized the interest rate effect as a financial expense.
Warranty 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.
Restructuring provisions are recognized when the Group has approved a detailed, formal restructuring plan and the restructuring has either started or been publicly announced.
Provisions for loss-making contracts are recognized when the Group\u2019s expected revenue from a contract is lower than costs incurred to fulfill the obligations in the contract.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page88-cflshid_21442-tag6612190": { "value": "
PROVISIONS
A provision is recognized when the Scana Group has an obligation (legal or self-imposed) as a result of a previous event, it is probable (more likely than not) that a financial 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 flows using a discount rate before tax that reflects the market\u2019s pricing of the time value of money and, if relevant, risks specifically linked to the obligation. In the case of discounting, profit and loss is recognized the interest rate effect as a financial expense.
Warranty 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.
Restructuring provisions are recognized when the Group has approved a detailed, formal restructuring plan and the restructuring has either started or been publicly announced.
Provisions for loss-making contracts are recognized when the Group\u2019s expected revenue from a contract is lower than costs incurred to fulfill the obligations in the contract.
CONTINGENT LIABILITIES AND ASSETS
Contingent liabilities are not recognized in the annual accounts. Significant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred.
Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain probability that a benefit will be added to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page88-cflshid_21442-tag6612198": { "value": "
SHARE BASED PAYMENT
An option program has been entered into for the management of the Scana Group and the general manager of the subsidiaries, which is being carried out by issuing shares. See further comments in disclosure 9.
The 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
The main conditions of share option plansInformation regarding the reported financial year
Opening balanceClosing balance
Specification of plan Performance periodAward dateVesting DateEnd of holdingperiodExercise periodStrike price ofthe shareShare optionsawarded at thebeginning of the yearExcercised 2023Share optionsvestedShare optionssubject to aperformanceconditionShare optionsawarded andunvestedShare optionsat the end of the year
Plan 1a21.06.2019 - 30.06.202021.06.201930.06.20202.430.06.20201.1002.4
Plan 1b21.06.2019 - 30.06.202121.06.201930.06.20212.430.06.20211.2102.4
Plan 1c21.06.2019 - 30.06.202221.06.201930.06.20222.430.06.20221.3312.4
Plan 1d21.06.20191.4640.0-7.1
Plan 1a26.06.2020 - 30.06.202126.06.202030.06.20210.130.06.20211.1000.10.1
Plan 1b26.06.2020 - 30.06.202226.06.202030.06.20220.130.06.20221.2100.10.1
Plan 1c26.06.2020 - 30.06.202326.06.202030.06.20230.130.06.20231.3310.10.10.1
Plan 1d26.06.20201.464
Total7.67.6-7.10.10.00.00.4
\"\"
All numbers of options in the overview above are in million.
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. 7.1 million options have been exercised in 2023.
SHARE-BASED REMUNERATION FROM 2022
The main conditions of share option plansInformation regarding the reported financial year
Opening balanceClosing balance
Specification of plan Performance periodAward dateVesting DateEnd of holdingperiodExercise periodStrike price ofthe shareShare optionsawarded at thebeginning of the yearExcercised 2023Share optionsvestedShare optionssubject to aperformanceconditionShare optionsawarded andunvestedShare optionsat the end of the year
Plan 1a24.01.2022 - 30.06.202324.01.202230.06.20237.430.06.20231.4007.4-2.37.45.1
Plan 1b24.01.2022 - 30.06.202424.01.202230.06.20247.430.06.20241.4707.47.47.47.4
Plan 1c24.01.20221.470
Plan 1d24.01.2022 - 30.06.202524.01.202230.06.20257.430.06.20251.5447.47.47.47.4
Plan 1e1.544
Total22.322.3-2.37.414.814.820.0
\"\"
All numbers of options in the overview above are in million.
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. 2.2 million options have been exercised in 2023.
CEO INCENTIVE SCHEME
The CEO has an incentive scheme where the intention is to turn this into an option scheme. This includes 2.5 million options divided into three tranches.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page88-cflshid_21442-tag6612197": { "value": "
SHARE BASED PAYMENT
An option program has been entered into for the management of the Scana Group and the general manager of the subsidiaries, which is being carried out by issuing shares. See further comments in disclosure 9.
The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page88-cflshid_21442-tag6612193": { "value": "
CONTINGENT LIABILITIES AND ASSETS
Contingent liabilities are not recognized in the annual accounts. Significant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred.
Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain probability that a benefit will be added to the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page88-cflshid_21442-tag6612191": { "value": "
CONTINGENT LIABILITIES AND ASSETS
Contingent liabilities are not recognized in the annual accounts. Significant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred.
Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain probability that a benefit will be added to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page88-cflshid_21442-tag6612192": { "value": "
CONTINGENT LIABILITIES AND ASSETS
Contingent liabilities are not recognized in the annual accounts. Significant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred.
Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain probability that a benefit will be added to the Group", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page88-cflshid_21442-tag6612199": { "value": "
FAIR VALUE MEASUREMENT
The Scana Group measures certain financial instruments at fair value. This applies to currency contracts. The fair value of financial liabilities is also disclosed measured at amortized cost.Fair 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.
Scana uses the following hierarchy when assessing and presenting the fair value of financial 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.
FAIR VALUE \u2013 VALUE HIERARCHY
The Scana Group 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 on the previous page shows the valuation hierarchy for fair value disclosures for assets and liabilities. In 2023, 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page88-cflshid_21442-tag6612196": { "value": "
FAIR VALUE MEASUREMENT
The Scana Group measures certain financial instruments at fair value. This applies to currency contracts. The fair value of financial liabilities is also disclosed measured at amortized cost.Fair 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.
Scana uses the following hierarchy when assessing and presenting the fair value of financial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page89-cflshid_21549-tag6612203": { "value": "
CHANGES IN ACCOUNTING POLCITIES AND DISCLOSURES APPLICABLE FROM 2023:
The Scana Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023.
IFRS 17 Insurance Contracts - The new standard had no impact on the Group\u2019s consolidated financial statements.
Definition of Accounting Estimates - Amendments to IAS 8 - The amendments had no impact on the Group\u2019s consolidated financial statements.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 - The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 - The amendments had no impact on the Group\u2019s consolidated financial statements.
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of Scana\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.
Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
Amendments to IAS 1: Classification of Liabilities as Current or Non-current
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7
The amendments are not expected to have a material impact on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page89-cflshid_21549-tag6612202": { "value": "
CHANGES IN ACCOUNTING POLCITIES AND DISCLOSURES APPLICABLE FROM 2023:
The Scana Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2023.
IFRS 17 Insurance Contracts - The new standard had no impact on the Group\u2019s consolidated financial statements.
Definition of Accounting Estimates - Amendments to IAS 8 - The amendments had no impact on the Group\u2019s consolidated financial statements.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 - The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 - The amendments had no impact on the Group\u2019s consolidated financial statements.
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of Scana\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.
Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
Amendments to IAS 1: Classification of Liabilities as Current or Non-current
Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7
The amendments are not expected to have a material impact on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page89-cflshid_21549-tag6612204": { "value": "
DISCLOSURE 2 | CRITICAL ACCOUNTING JUDGEMENT AND KEY SOURCES OF ESTIMATION UNCERTAINTIES
The preparation of financial 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 Scana 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 probably given present circumstances.
The Scana Group prepares estimates and makes assumptions related to the future. The accounting estimates which follow from this are, by definition, 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 significant to the consolidated financial statements are presented in the table below. See descriptions linked to the various accounting items below:
ACCOUNTINGJUDGEMENTSESTIMATEUNCERTAINTY
Accounting itemDisclosureEstimate/AssumptionsCarrying amountCarrying amount
Deferred tax assets11Assessment of the ability to utilize tax positions in the future67.8
Goodwill and intangible assets12Estimation of value in use357.3
Right of use assets14Incremental borrowing rate and the exercise of options389.5
Contract assets17Revenue over time99.4
Leasing liabilities25Assessment of the obligation related to interest and the exercise of options407.6
DEFERRED TAX ASSETS \u2013 ESTIMATE UNCERTAINTY
Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. 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 flows are derived from the budget for the next five years. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite 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 13.
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 profits connected to the projects. Each contract is reviewed and identified according to the delivery obligations. Assessments and assumptions are also made relating to measurement of completion. Changes in the assumptions can lead to that recognition of income and profits deviates from the underlying value creation, relative to the project\u2019s total revenue and profit. Profit 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 Scana 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 reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available. The Scana Group estimates the incremental borrowing rate using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating).
DETERMINING THE LEASE TERM OF CONTRACTS WITH RENEWAL OPTIONSThe Scana 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 leasecontracts that include extension and termination options. The Scana 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 significant 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:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page89-cflshid_21549-tag6612200": { "value": "
DISCLOSURE 2 | CRITICAL ACCOUNTING JUDGEMENT AND KEY SOURCES OF ESTIMATION UNCERTAINTIES
The preparation of financial 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 Scana 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 probably given present circumstances.
The Scana Group prepares estimates and makes assumptions related to the future. The accounting estimates which follow from this are, by definition, 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 significant to the consolidated financial statements are presented in the table below. See descriptions linked to the various accounting items below:
ACCOUNTINGJUDGEMENTSESTIMATEUNCERTAINTY
Accounting itemDisclosureEstimate/AssumptionsCarrying amountCarrying amount
Deferred tax assets11Assessment of the ability to utilize tax positions in the future67.8
Goodwill and intangible assets12Estimation of value in use357.3
Right of use assets14Incremental borrowing rate and the exercise of options389.5
Contract assets17Revenue over time99.4
Leasing liabilities25Assessment of the obligation related to interest and the exercise of options407.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page89-cflshid_21549-tag6612201": { "value": "DISCLOSURE 2 | CRITICAL ACCOUNTING JUDGEMENT AND KEY SOURCES OF ESTIMATION UNCERTAINTIESThe preparation of financial 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 Scana 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 probably given present circumstances.The Scana Group prepares estimates and makes assumptions related to the future. The accounting estimates which follow from this are, by definition, 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 significant to the consolidated financial statements are presented in the table below. See descriptions linked to the various accounting items below:ACCOUNTINGJUDGEMENTSESTIMATEUNCERTAINTYAccounting itemDisclosureEstimate/AssumptionsCarrying amountCarrying amountDeferred tax assets11Assessment of the ability to utilize tax positions in the future67.8Goodwill and intangible assets12Estimation of value in use357.3Right of use assets14Incremental borrowing rate and the exercise of options389.5Contract assets17Revenue over time99.4Leasing liabilities25Assessment of the obligation related to interest and the exercise of options407.6", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page91-cflshid_21864-tag6612205": { "value": "
DISCLOSURE 3 | BUSINESS COMBINATIONS
ACQUISITION OF FUTURE ENERGY
On 1 December 2023, Scana-owned PSW Technology AS completed an agreement for a business transfer from Future Energy AS, involving the transfer of specific assets, rights, and obligations, including 58 employees.
If the acquisition had occurred on 1 January 2023, management estimates that consolidated revenue and loss for the year would not have changed significantly.
The purchase price allocation and the accounting for the acquisition is preliminary. Therefor there can be adjustments to the below amounts in subsequent accounting periods.
CONSIDERATION TRANSFERRED
The following table summarizes the acquisition date fair value of each major class of consideration transferred.
01/12/2023
Cash6.5
Seller credit0.3
Consideration transferred6.8
IDENTIFIABLE ASSETS OF ACQUIRED AND LIABILITIES ASSUMED
The fair value of identifiable 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.
01/12/2023
Inventories0.5
Other current liabilities-5.5
Total identifiable net assets acquired-5.0
GOODWILL
Goodwill arising from the acquisition has been recognised as follows.
Goodwill01/12/2023
Total consideration transferred6.8
- Fair value of identifiable net assets acquired5.0
Goodwill11.7
The goodwill-value can be explained by synergies, economies of scale, expectations of future profitability and growth and expectations of better market conditions.
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DISCLOSURE 4 | SEGMENT INFORMATION & REVENUE
SEGMENT INFORMATION
The Scana Group 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, energy storage solutions and energy modules to various industries. MARITIME delivers mooring solutions and valve control systems to the shipping, energy and aquaculture industry. Scana HQ includes corporate costs. Inter-segment revenues are eliminated upon consolidation and reflected in the \u2018elimination\u2019 column.
OFFSHORE consists of:PSW Technology AS, PSW Solutions AS and Subseatec S AB.
ENERGY consists of:PSW Power & Automation AS.
MARITIME consists of:Seasystems AS and Skarpenord AS.
Scana HQ consists of:Scana ASA, Scana Trading 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, Seasystems AS and PSW Holding I AS. Scana Trading AS owns 100 % of the shares at Scana Energy Holding AB, Skarpenord 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. PSW Technology AS owns 100 % of the shares in PSW Solutions and PSW Power & Automation AS.
During 2023 Scana Property AS and Scana Valve Control AS were merged into Scana Trading AS. Trans Construction AS was merged into PSW Power & Automation 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 area and inter-segment pricing is determined on an arm\u2019s length basis. The following summary describes the operations of each reportable segment.
2023 (NOK million)OFFSHOREENERGYMARITIMESCANA HQEliminationTotal
External revenue758.8558.8288.40.00.01 606.0
Internal revenue8.13.30.05.1-16.50.0
Total operating revenue767.0562.1288.45.1-16.51 606.0
Total operating expenses-646.5-500.6-244.0-50.216.5-1 424.8
EBITDA120.561.544.3-45.00.0181.3
Depreciation-68.7-20.3-6.2-0.60.0-95.8
Impairment0.0-2.10.00.00.0-2.1
Operating profit/loss (-)51.839.138.1-45.60.083.3
EBIT margin7%7%13%5%
Income from interests in associated companies4.8
Net Financial income / expense (-)-31.6
Profit / (loss) before tax56.5
Income tax expense-15.0
Net profit / (loss)71.6
BALANCE SHEET FIGURES
Total assets877.5570.8180.9807.1-941.21 495.2
Total non-current liabilities-440.1-87.5-3.8-83.0192.3-422.0
Total current liabilities-243.9-231.2-108.0-205.9297.0-492.1
OTHER SEGMENT INFORMATION
Goodwill79.5206.40.00.00.0285.9
Deferred tax assets4.82.721.738.70.067.8
Intangible assets30.041.40.00.00.071.4
Right of use assets304.478.56.60.00.0389.5
Property, plant and equipment128.018.86.60.60.0154.0
Inventories20.618.620.00.00.059.2
Trade receivables107.9103.946.118.6-23.9252.6
Contract assets29.667.42.50.00.099.4
Deferred tax liability-8.7-4.20.012.90.00.0
Contract liabilities-60.8-31.4-23.40.00.0-115.6
CASH FLOW
Acquisition of property, plants, equipment and intangible assets-12.1-19.2-1.3-0.10.0-32.7
2022 (NOK million)OFFSHOREENERGYMARITIMESCANA HQEliminationTotal
External revenue357.7353.0200.90.00.0911.7
Internal revenue9.61.60.03.2-14.40.0
Total operating revenue367.3354.6200.93.2-14.4911.7
Total operating expenses-317.4-326.2-180.6-31.214.4-841.1
EBITDA49.928.420.3-28.00.070.6
Depreciation-64.3-18.4-6.4-0.40.0-89.6
Operating profit/loss (-)-14.410.013.9-28.50.0-19.0
EBIT margin-4%3%7%-2%
Income from interests in associated companies4.3
Net Financial income / expense (-)-41.2
Profit / (loss) before tax-55.8
Income tax expense-11.3
Net profit / (loss)-44.5
BALANCE SHEET FIGURES
Total assets828.1499.7230.6717.6-897.61 378.4
Total non-current liabilities-438.2-99.5-2.1-115.2185.4-469.6
Total current liabilities-238.5-155.7-127.7-211.2317.0-416.1
OTHER SEGMENT INFORMATION
Goodwill67.8206.40.00.00.0274.2
Deferred tax assets4.80.928.517.70.552.4
Intangible assets33.238.40.00.00.071.6
Right of use assets316.381.64.60.00.0402.6
Property, plant and equipment123.713.48.81.90.0147.9
Inventories25.122.718.20.00.066.0
Trade receivables93.540.727.425.2-26.0160.8
Contract assets31.075.019.30.00.0125.3
Deferred tax liability-10.4-5.20.016.1-0.50.0
Contract liabilities-88.7-18.1-5.20.00.0-112.0
CASH FLOW
Acquisition of property, plants, equipment and intangible assets-7.2-9.7-0.6-1.80.0-19.4
REVENUE
REVENUE DISTRIBUTED BY COUNTRY
In the following table, revenue from contracts with customers is disaggregated by primary geographical market.
(NOK million)20232022
Norway1 156.0616.0
Other European countries348.0193.2
America28.818.3
Asia71.370.6
Africa and Oceania1.67.2
Total operational revenue1 605.7905.3
In the following table, revenue from contracts with customers is disaggregated by major products and service lines and timing of revenue recognition.
2023 NOK millionOFFSHOREENERGYMARITIMESCANA HQEliminationTotal
TYPE OF GOODS OR SERVICE\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Service- and maintenance contracts583.7\u00a021.3\u00a0(5.1)599.8
Power systems\u00a0562.1\u00a0\u00a0(3.4)558.8
Subsea and well control57.9\u00a0\u00a0\u00a057.9
Valve control systems\u00a0\u00a043.6\u00a043.6
Mooring-solutions\u00a0\u00a0179.5\u00a0\u00a0179.5
Sale of equipment and spare-parts99.1\u00a043.6\u00a0\u00a0142.6
Other24.4\u00a00.3\u00a0(1.2)23.5
Total operational revenue765.0562.1288.3\u00a0-\u00a0(9.7)1 605.7
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
TIMING OF REVENUE RECOGNITION\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Products transferred at a point in time110.2\u00a095.7\u00a0(8.5)197.4
Products and services transferred over time654.9562.1192.6\u00a0(1.2)1 408.6
Total operational revenue765.1562.1288.3\u00a0-\u00a0(9.7)1 605.7
No single customer represents more than 10 percent of total revenue in 2023.
PERFORMANCE OBLIGATIONS
Information about the Scana Group\u2019s performance obligations are summarised below:
SERVICE- AND MAINTENANCE CONTRACTS
Service and maintenance mainly related to rig and drilling equipment. These contracts can be both time- and material contracts and fixed-price contracts. Each individual contract is normally considered a separate performance obligation and revenue is recognized over time to depict the delivered time and materials. For contracts with significant fixed-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, energy storage systems and energy modules. These contracts are normally fixed-price contracts. Each individual contract is normally considered a separate performance obligation and revenue is
recognized over time. For contracts with significant fixed-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 30-90 days.
SUBSEA AND WELL CONTROL
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 identifiable. 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. Invoices are issued according to contractual terms and are usually payable within 30 days.
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 fixed prices. Variation orders are included in the project when it is signed. The customers pay advances based on milestones defined in the contract. Invoices are issued according to contractual terms and are usually payable within 30 days.
MOORING-SOLUTIONS
Innovative system solutions within anchoring and turrets for floating production and storage ships, aquaculture units and offshore wind. The systems linked to offloading are customized based on hose reels requirement specification 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 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 specifications. 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 satisfied at a point in time, and revenue from these performance obligations is recognized at that point in time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page92-cflshid_22049-tag6612206": { "value": "The Scana Group 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, energy storage solutions and energy modules to various industries. MARITIME delivers mooring solutions and valve control systems to the shipping, energy and aquaculture industry.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page96-cflshid_24139-tag6612210": { "value": "
DISCLOSURE 5 | INVESTMENT IN ASSOCIATED COMPANIES
SCANA KOREA HYDRAULIC LTD.
The Scana Group sold all shares in Scana Korea Hydraulic Ltd. through Scana Valve Control AS May 2023. The gain was NOK 4.8 million. 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 was a part of the MARITIME segment.
WEAR SOLUTIONS ASThe Group owns shares in Wear Solutions AS through Subseatec S AB. The associated company is a specialist in thermal spray coating for the offshore and process industry. The Group purchased 50 % of the shares in Wear Solutions AS in May 2023. The investment in Wear Solution AS is proceeding according to the business plan where a deficit in the start-up year 2023 was expected. The underlying value of the investment is considered to be intact. Wear Solutions AS is located at Vestby in Norway and is a part of the OFFSHORE segment.
ASSOCIATED COMPANY; FINANCIAL INFORMATION 2023Wear Solutions AS
Sales revenues16.6
Net profit/loss (-)-1.0
Non-current assets6.5
Current assets5.2
Non-current liabilities-7.2
Current liabilities-5.7
Shareholder's equity-1.3
ASSOCIATED COMPANY; FINANCIAL INFORMATION 2022Scana Korea Hydraulic Ltd.
Sales revenues138.9
Net profit/loss (-)8.8
Non-current assets55.1
Current assets60.9
Non-current liabilites-6.6
Current liabilities-35.2
Shareholder's equity74.1
BOOK VALUE ASSOCIATED COMPANY - MEASURED ACCORDING TO THE EQUITY METHOD20232022
As of 1 January36.331.4
Investments1.10.0
Dividend-1.8-1.0
Income from interests in associated companies4.84.3
Currency differences0.91.6
Sales of shares-40.20.0
Ending Balance1.136.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page96-cflshid_24139-tag6612208": { "value": "
DISCLOSURE 5 | INVESTMENT IN ASSOCIATED COMPANIES
SCANA KOREA HYDRAULIC LTD.
The Scana Group sold all shares in Scana Korea Hydraulic Ltd. through Scana Valve Control AS May 2023. The gain was NOK 4.8 million. 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 was a part of the MARITIME segment.
WEAR SOLUTIONS ASThe Group owns shares in Wear Solutions AS through Subseatec S AB. The associated company is a specialist in thermal spray coating for the offshore and process industry. The Group purchased 50 % of the shares in Wear Solutions AS in May 2023. The investment in Wear Solution AS is proceeding according to the business plan where a deficit in the start-up year 2023 was expected. The underlying value of the investment is considered to be intact. Wear Solutions AS islocated at Vestby in Norway and is a part of the OFFSHORE segment.
ASSOCIATED COMPANY; FINANCIAL INFORMATION 2023Wear Solutions AS
Sales revenues16.6
Net profit/loss (-)-1.0
Non-current assets6.5
Current assets5.2
Non-current liabilities-7.2
Current liabilities-5.7
Shareholder's equity-1.3
ASSOCIATED COMPANY; FINANCIAL INFORMATION 2022Scana Korea Hydraulic Ltd.
Sales revenues138.9
Net profit/loss (-)8.8
Non-current assets55.1
Current assets60.9
Non-current liabilites-6.6
Current liabilities-35.2
Shareholder's equity74.1
BOOK VALUE ASSOCIATED COMPANY - MEASURED ACCORDING TO THE EQUITY METHOD20232022
As of 1 January36.331.4
Investments1.10.0
Dividend-1.8-1.0
Income from interests in associated companies4.84.3
Currency differences0.91.6
Sales of shares-40.20.0
Ending Balance1.136.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page96-cflshid_24139-tag6612209": { "value": "
DISCLOSURE 5 | INVESTMENT IN ASSOCIATED COMPANIES
SCANA KOREA HYDRAULIC LTD.
The Scana Group sold all shares in Scana Korea Hydraulic Ltd. through Scana Valve Control AS May 2023. The gain was NOK 4.8 million. 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 was a part of the MARITIME segmentWEAR SOLUTIONS ASThe Group owns shares in Wear Solutions AS through Subseatec S AB. The associated company is a specialist in thermal spray coating for the offshore and process industry. The Group purchased 50 % of the shares in Wear Solutions AS in May 2023. The investment in Wear Solution AS is proceeding according to the business plan where a deficit in the start-up year 2023 was expected. The underlying value of the investment is considered to be intact. Wear Solutions AS islocated at Vestby in Norway and is a part of the OFFSHORE segment.
ASSOCIATED COMPANY; FINANCIAL INFORMATION 2023Wear Solutions AS
Sales revenues16.6
Net profit/loss (-)-1.0
Non-current assets6.5
Current assets5.2
Non-current liabilities-7.2
Current liabilities-5.7
Shareholder's equity-1.3
ASSOCIATED COMPANY; FINANCIAL INFORMATION 2022Scana Korea Hydraulic Ltd.
Sales revenues138.9
Net profit/loss (-)8.8
Non-current assets55.1
Current assets60.9
Non-current liabilites-6.6
Current liabilities-35.2
Shareholder's equity74.1
BOOK VALUE ASSOCIATED COMPANY - MEASURED ACCORDING TO THE EQUITY METHOD20232022
As of 1 January36.331.4
Investments1.10.0
Dividend-1.8-1.0
Income from interests in associated companies4.84.3
Currency differences0.91.6
Sales of shares-40.20.0
Ending Balance1.136.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page97-cflshid_24231-tag6612214": { "value": "
DISCLOSURE 6 | OTHER REVENUE
Other revenue20232022
Gain - sale of fixed assets0.15.1
Gain - sale of business0.01.1
Invoiced refunds0.00.0
Other revenue0.20.2
Total other revenue0.36.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page97-cflshid_24231-tag6612212": { "value": "
DISCLOSURE 6 | OTHER REVENUE
Other revenue20232022
Gain - sale of fixed assets0.15.1
Gain - sale of business0.01.1
Invoiced refunds0.00.0
Other revenue0.20.2
Total other revenue0.36.4
DISCLOSURE 7 | OTHER OPERATING EXPENSES
Other operating expenses20232022
Operation and maintenance18.55.0
Rental costs20.121.1
Fees and consultancy services27.620.9
Travel and marketing costs19.214.4
Office and administration costs9.47.8
Insurance costs4.83.6
Other operating expenses2.00.7
Total other operating expenses101.673.4
Audit fees20232022
Audit services4.42.9
Equity transaction0.20.0
Audit-related assistance and other assistance0.20.1
Total audit fees4.83.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page98-cflshid_24593-tag6612211": { "value": "DISCLOSURE 7 | OTHER OPERATING EXPENSES
Other operating expenses20232022
Operation and maintenance18.55.0
Rental costs20.121.1
Fees and consultancy services27.620.9
Travel and marketing costs19.214.4
Office and administration costs9.47.8
Insurance costs4.83.6
Other operating expenses2.00.7
Total other operating expenses101.673.4
Audit fees20232022
Audit services4.42.9
Equity transaction0.20.0
Audit-related assistance and other assistance0.20.1
Total audit fees4.83.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page98-cflshid_24593-tag6612213": { "value": "
Audit fees20232022
Audit services4.42.9
Equity transaction0.20.0
Audit-related assistance and other assistance0.20.1
Total audit fees4.83.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page98-cflshid_24593-tag6612217": { "value": "
DISCLOSURE 8 | OTHER FINANCIAL INCOME/COSTS
OTHER FINANCIAL INCOME/COSTS (-)20232022
Amortization costs0.2-1.3
Other financial expenses-2.8-3.2
Other financial income0.20.1
Total other financial income/costs-2.4-4.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page98-cflshid_24593-tag6612216": { "value": "
DISCLOSURE 8 | OTHER FINANCIAL INCOME/COSTS
OTHER FINANCIAL INCOME/COSTS (-)20232022
Amortization costs0.2-1.3
Other financial expenses-2.8-3.2
Other financial income0.20.1
Total other financial income/costs-2.4-4.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page98-cflshid_24593-tag6612215": { "value": "
DISCLOSURE 8 | OTHER FINANCIAL INCOME/COSTS
OTHER FINANCIAL INCOME/COSTS (-)20232022
Amortization costs0.2-1.3
Other financial expenses-2.8-3.2
Other financial income0.20.1
Total other financial income/costs-2.4-4.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page98-cflshid_24593-tag6612218": { "value": "
TOTAL AVERAGE NUMBER OF EMPLOYEES20232022
Norway426291
Sweden910
The Scana Group had 537 employees on 31 December 2023 (2022: 371 employees).
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 ASA\u2019s website.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page99-cflshid_24935-tag6612219": { "value": "
REMUNERATION LEADING PERSONNEL
NamePositionYearFixed remunerationExtraordinary itemsPensionexpenseTotalRemunerationProportion of fixedand variableremuneration
Base salaryFringebenefitsVariableFixedFixedVariableFixedVariable
P\u00e5l SelvikCEO2023*1 3337991 439\u00a0-100%0%
2022\u00a0-\u00a0-0%0%
Torvald Ulland ReiestadCFO20231 80518621 886\u00a0-100%0%
20221 62215\u00a0-851 722\u00a0-100%0%
Oddbj\u00f8rn Hauk\u00f8yCBO2023*3 21118623 291\u00a0-100%0%
2022**2 75013772 841\u00a0-100%0%
Anette Netteland DybvikHead of Investor Relations & Communication20231 14522521 218\u00a0-100%0%
2022**400524429\u00a0-100%0%
Baste TveitoEVP Operations 2023*1 67835551 768\u00a0-100%0%
2022\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-0%0%
Espen Brims\u00f8e ThomassenCCO2023*1 56919411 629\u00a0-100%0%
2022\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-\u00a0-0%0%
Styrk BekkenesFormer CEO2023*1 80860 6 827 371 905 6 827 22%78%
20223 100124\u00a0-843 308\u00a0-100%0%
\"\"
* Executive Vice President (EVP) Operations was hired from March 2023, CCO was hired from April 2023, CEO hired in September 2023 and Former CEO resigned in January 2023. CBO did in period from January 2023 to end August 2023 serve as interim CEO.
** CBO was hired from February 2022, while Head of Investor Relation and Communication was hired from September 2022.
*** Former CFO received extraordinary variable remuneration in 2023 related to exercising of share-option program of 2019.
All numbers in the overview above are in thousand NOK.
The resignation period for key personnel is from 3\u20136 months. Key personnel may have severance agreements involving salary for six-month period. 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 2023. On the balance sheet date, no leading persons have loans. See disclosure 30 for further discussion according to related parties.
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
The main conditions of share option plansInformation regarding the reported financial year
Opening balanceClosing balance
Specification of plan Performance periodAward dateVesting DateEnd of holdingperiodExercise periodStrike price ofthe shareShare optionsawarded at thebeginning of the yearExcercised 2023Share optionsvestedShare optionssubject to aperformanceconditionShare optionsawarded andunvestedShare optionsat the end of the year
Plan 1a21.06.2019 - 30.06.202021.06.201930.06.20202.430.06.20201.1002.4
Plan 1b21.06.2019 - 30.06.202121.06.201930.06.20212.430.06.20211.2102.4
Plan 1c21.06.2019 - 30.06.202221.06.201930.06.20222.430.06.20221.3312.4
Plan 1d21.06.20191.4640.0-7.1
Plan 1a26.06.2020 - 30.06.202126.06.202030.06.20210.130.06.20211.1000.10.1
Plan 1b26.06.2020 - 30.06.202226.06.202030.06.20220.130.06.20221.2100.10.1
Plan 1c26.06.2020 - 30.06.202326.06.202030.06.20230.130.06.20231.3310.10.10.1
Plan 1d26.06.20201.464
Total7.67.6-7.10.10.00.00.4
\"\"
All numbers of options in the overview above are in million.
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. 7.1 million options have been exercised in 2023.
SHARE-BASED REMUNERATION FROM 2022
The main conditions of share option plansInformation regarding the reported financial year
Opening balanceClosing balance
Specification of plan Performance periodAward dateVesting DateEnd of holdingperiodExercise periodStrike price ofthe shareShare optionsawarded at thebeginning of the yearExcercised 2023Share optionsvestedShare optionssubject to aperformanceconditionShare optionsawarded andunvestedShare optionsat the end of the year
Plan 1a24.01.2022 - 30.06.202324.01.202230.06.20237.430.06.20231.4007.4-2.37.45.1
Plan 1b24.01.2022 - 30.06.202424.01.202230.06.20247.430.06.20241.4707.47.47.47.4
Plan 1c24.01.20221.470
Plan 1d24.01.2022 - 30.06.202524.01.202230.06.20257.430.06.20251.5447.47.47.47.4
Plan 1e1.544
Total22.322.3-2.37.414.814.820.0
\"\"
All numbers of options in the overview above are in million.
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. 2.2 million options have been exercised in 2023.
CEO INCENTIVE SCHEME
The CEO has an incentive scheme where the intention is to turn this into an option scheme. This includes 2.5 million options divided into three tranches.
BOARD REMUNERATION
The board of Scana ASA was paid TNOK 1.058 in fees in 2023 and TNOK 31 to the election committee. Board remunerations are paid annually in arrears and apply for the period from the ordinary general meeting 2022 to the ordinary general meeting 2023. Fees in arrears for the board elected in May 2022 with a term of of\ufb01ce until June 2023 are speci\ufb01ed below. A new board was elected at an extraordinary general meeting in August 2023. In addition, one board member stepped down from the board in August 2023.
NamePositionActive periodRemuneration paid out in 2022Remuneration paid out in 2023
Morten BlixDeputy Chair of the board /Board MemberJan 2022 - Dec 2022 /Jun 2023-90115
Ida Ianssen LundhBoard Member Dec 2022 -97
Bj\u00f8rn Gabriel ReedBoard Member Aug 2023 -
Birgitte Feginn AngelilBoard Member Dec 2022 -97
P\u00e5l SelvikDeputy chair of the board /Chairman of the board Dec 2022 - Jan 2023 / Jan 2023 - Aug 2023141
Vidar RabbenBoard Member Dec 2022 - Aug 202397
Dag SchjervenFormer Chairman of the boardMay 2018 - Jan 2023300174
Rune Magnus Lundetr\u00e6Board Member May 2021 - Jan 2023200116
Marianne LieBoard Member May 2016 - Jan 2023200116
Former Board Member May 2018 - Dec 2022200103
Former Board Member May 2020 - Jan 20221350
Total remuneration1 1251 058
\"\"
All numbers in the overview above are in thousand NOK.
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 2023, NOK 3.3 million was recognized as a cost the of option program in accordance with the vesting period which includes the existing incentive scheme to CEO started up in September 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page111-cflshid_29773-tag6612224": { "value": "
DISCLOSURE 17 | TRADE RECEIVABLES AND CONTRACT BALANCES
20232022
Trade receivables - denomination248.7159.4
Trade receivables associated companies4.31.8
Provision for losses on trade receivables-0.5-0.4
Total252.6160.8
Loss recognized in profit and loss on receivables-0.4
Loss recognized in profit and loss on receivables, including changes in provisions0.0-0.4
AGING SUMMARY20232022
Trade receivables not due198.9123.6
0\u201330 days20.114.6
31\u201360 days29.16.4
61\u201390 days3.40.6
More than 90 days1.516.1
Total trade receivables253.0161.2
Provision for potential losses on receivables is based on individual assessments of each individual item. See disclosure 21 related to changes in loss provisions.
CONTRACTS
The following table provides information about contract assets and contract liabilities from contracts with customers.
20232022
Contract assets99.4125.3
Contract liabilities115.6112.0
The contract assets primarily relate to the Scana Group\u2019s rights to consideration for work completed but not billed at the reporting date. The contract assets are transferred to receivables when the rights become unconditional. This usually occurs when the Scana companies issues an invoice to the customer. The contract liabilities primarily relate to milestone invoicing and advance consideration received from customers.
The amount of NOK 112 million included in contract liabilities on 31 December 2022 has been recognized as revenue in 2023. No revenue is recognized in 2023 from performance obligations satisfied (or partially satisfied) in previous periods.
The transaction price allocated to remaining performance obligations (unsatisfied or partially unsatisfied) as of 31 December 2023 is NOK 801.3 million (2022: NOK 532.9 million). 95 % of the performance obligations are expected to be satisfied during 2024/2025. All ongoing projects in the beginning of 2023 have been delivered.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page112-cflshid_30107-tag6612228": { "value": "
DISCLOSURE 18 | PREPAYMENTS, OTHER CURRENT RECEIVABLES, OTHER NON-CURRENT ASSETS
PREPAYMENTS AND OTHER CURRENT RECEIVABLES20232022
Prepaid to suppliers24.224.7
Prepaid tax0.40.4
Prepaid costs29.84.8
VAT0.31.3
Other current receivables1.90.4
Total prepayments and other current receivables56.631.5
OTHER NON-CURRENT ASSETS20232022
Investments in shares5.32.8
Long-term interest-bearing receivables6.90.3
Long-term interest-free receivables0.50.0
Pensions funds2.21.9
Total other non-current assets15.04.9
DISCLOSURE 19 | OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES
2023
2022
Provision - Warranty
4.4
1.4
Wages, holiday pay, VAT etc.
99.3
68.0
Accrued cost non-invoiced expenses
58.5
23.6
Other current liabilities
6.7
4.0
Total other current liabilities
168.8
96.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page112-cflshid_30107-tag6612227": { "value": "
DISCLOSURE 18 | PREPAYMENTS, OTHER CURRENT RECEIVABLES, OTHER NON-CURRENT ASSETS
PREPAYMENTS AND OTHER CURRENT RECEIVABLES20232022
Prepaid to suppliers24.224.7
Prepaid tax0.40.4
Prepaid costs29.84.8
VAT0.31.3
Other current receivables1.90.4
Total prepayments and other current receivables56.631.5
OTHER NON-CURRENT ASSETS20232022
Investments in shares5.32.8
Long-term interest-bearing receivables6.90.3
Long-term interest-free receivables0.50.0
Pensions funds2.21.9
Total other non-current assets15.04.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page112-cflshid_30107-tag6612226": { "value": "
DISCLOSURE 18 | PREPAYMENTS, OTHER CURRENT RECEIVABLES, OTHER NON-CURRENT ASSETS
PREPAYMENTS AND OTHER CURRENT RECEIVABLES20232022
Prepaid to suppliers24.224.7
Prepaid tax0.40.4
Prepaid costs29.84.8
VAT0.31.3
Other current receivables1.90.4
Total prepayments and other current receivables56.631.5
OTHER NON-CURRENT ASSETS20232022
Investments in shares5.32.8
Long-term interest-bearing receivables6.90.3
Long-term interest-free receivables0.50.0
Pensions funds2.21.9
Total other non-current assets15.04.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page112-cflshid_30107-tag6612225": { "value": "
DISCLOSURE 18 | PREPAYMENTS, OTHER CURRENT RECEIVABLES, OTHER NON-CURRENT ASSETS
PREPAYMENTS AND OTHER CURRENT RECEIVABLES20232022
Prepaid to suppliers24.224.7
Prepaid tax0.40.4
Prepaid costs29.84.8
VAT0.31.3
Other current receivables1.90.4
Total prepayments and other current receivables56.631.5
OTHER NON-CURRENT ASSETS20232022
Investments in shares5.32.8
Long-term interest-bearing receivables6.90.3
Long-term interest-free receivables0.50.0
Pensions funds2.21.9
Total other non-current assets15.04.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page112-cflshid_30107-tag6612220": { "value": "
OTHER NON-CURRENT ASSETS20232022
Investments in shares5.32.8
Long-term interest-bearing receivables6.90.3
Long-term interest-free receivables0.50.0
Pensions funds2.21.9
Total other non-current assets15.04.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page112-cflshid_30107-tag6612222": { "value": "
DISCLOSURE 19 | OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES
2023
2022
Provision - Warranty
4.4
1.4
Wages, holiday pay, VAT etc.
99.3
68.0
Accrued cost non-invoiced expenses
58.5
23.6
Other current liabilities
6.7
4.0
Total other current liabilities
168.8
96.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page112-cflshid_30107-tag6612221": { "value": "
DISCLOSURE 19 | OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES
2023
2022
Provision - Warranty
4.4
1.4
Wages, holiday pay, VAT etc.
99.3
68.0
Accrued cost non-invoiced expenses
58.5
23.6
Other current liabilities
6.7
4.0
Total other current liabilities
168.8
96.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page113-cflshid_30379-tag6612223": { "value": "DISCLOSURE 20 | TRADE PAYABLES
20232022
Trade payables100.8108.6
Trade payables associated companies0.40.4
Total trade payables101.2108.9
AGING SUMMARY20232022
Trade payables not due90.658.3
0\u201330 days9.540.3
31\u201360 days0.07.0
61\u201390 days0.00.9
More than 90 days1.02.4
Total trade payables101.2108.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page113-cflshid_30379-tag6612230": { "value": "
DISCLOSURE 21 | FINANCIAL RISK
This disclosure provides information about exposure to financial risk as well as goals, principles and processes for measuring and managing risk, and the Scana Group\u2019s capital management. More quantitative information is included elsewhere in the consolidated accounts.
The Group is exposed to market risk, liquidity risk and credit risk. The Scana Group\u2019s senior management oversees the management of these risks. The board of directors has overall responsibility for establishing and monitoring The Group\u2019s risk management framework. Risk management principles have been established to identify and analyse the risks to which the Scana 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 optimizing the risk-adjusted return.
CURRENCY RISK
Currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Scana Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency) and the Group\u2019s net investments in foreign subsidiaries.
The Scana Group\u2019s management continuously monitors and reports on the Group\u2019s currency positions. The Scana Group\u2019s risk management policy is to hedge material estimated foreign currency exposure in respect of forecast sales and purchases within a 12-month period. 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 following table demonstrates the sensitivity to a reasonably possible change in exchange rates, with all other variables held constant. 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. The analysis does not include the effect on future transactions (not invoiced as of December 31) or any effect from translation of subsidiaries
Changes in currency NOKImpact result before taxImpact on net equity before tax
20235%-7.9-7.9
2023-5%7.97.9
20225%7.37.3
2022-5%-7.3-7.3
INTEREST RATE RISK
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Scana Group\u2019s exposure to the risk of changes in market interest rates relates primarily to Scana Group\u2019s long-term interest-bearing debt with floating interest rates. The Scana Group\u2019s objective is to secure and counteract major effects from changes in the market interest rate. The Group has no interest rate hedges on the balance sheet date.
SENSITIVITY ANALYSIS \u2013 INTEREST RATE
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, with all other variables held constant. 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.
Changes in interest rateImpact result before taxImpact on net equity before tax
20231%-0.8-0.8
2023-1%0.80.8
LIQUIDITY RISK
Liquidity risk is the risk that the Scana Group will not be able to meet its \ufb01nancial obligations as they fall due. Scana 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.
The Scana Group works continuously to reduce liquidity risk through monitoring and active dialogue with the subsidiaries.
See disclosure 24 for more information on the Group\u2019s bank loans as of 31.12.2023. See disclosure 23 for more information on the Group\u2019s cash and cash equivalents as of 31.12.2023.
The Scana Group has a bank balance as of 31.12.23 of NOK 36.4 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 31.12.232024 Q12024 Q22024 Q32024 Q4202420252026
Leasing liabilities407.621.121.121.121.184.378.875.4
Bank loan - DNB115.05.05.05.05.020.020.020.0
Trade payables101.2101.2101.2
Financial instruments2.80.0
Interests payments2.12.32.32.32.39.29.2
Total outflow (payments)628.7129.728.428.428.4214.7108.095.4
CREDIT RISK
Credit risk is the risk of \ufb01nancial losses if 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 Scana 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.
Customer credit risk is managed by each business unit subject to the Scana Group\u2019s established policy and guidelines relating to customer credit risk management. Credit quality of a customer is assessed based on credit rating and individual credit limits can be defined in accordance with this assessment. Outstanding customer receivables andcontract assets are regularly monitored.The Scana Group enters into larger customer contracts with advance payments (20 %\u201330 %) or milestone invoicing throughout the entire project progress.
The Scana 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.
AS OF 31.12.23DislosureGross assetsExpected loss within 12 monthsExpected loss portfolioExpected loss individualProvision for loss on receivablesNet assets
Trade receivable17253.0-0.4-0.4-0.5252.5
Contract assets17100.9-1.0-1.0-1.599.4
Total353.9-1.5-1.50.0-2.0351.9
AS OF 31.12.22DislosureGross assetsExpected loss within 12 monthsExpected loss portfolioExpected loss individualProvision for loss on receivablesNet assets
Trade receivable17161.2-0.4-0.4-0.4160.8
Contract assets17126.4-1.1-1.1-1.1125.3
Total287.7-1.6-1.60.0-1.6286.1
CHANGES IN PROVISIONS\u2013 LOSSDislosure Opening balance provision loss Realized losses Changes in provision Agio Ending balance provision loss
Trade receivable17-0.40.00.0-0.5
Contract assets17-1.1-0.4-1.5
Total-1.60.0-0.40.0-2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page113-cflshid_30379-tag6612229": { "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 optimizing the risk-adjusted return.
CURRENCY RISK
Currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Scana Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency) and the Group\u2019s net investments in foreign subsidiaries.
The Scana Group\u2019s management continuously monitors and reports on the Group\u2019s currency positions. The Scana Group\u2019s risk management policy is to hedge material estimated foreign currency exposure in respect of forecast sales and purchases within a 12-month period. 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 following table demonstrates the sensitivity to a reasonably possible change in exchange rates, with all other variables held constant. 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. The analysis does not include the effect on future transactions (not invoiced as of December 31) or any effect from translation of subsidiaries
Changes in currency NOKImpact result before taxImpact on net equity before tax
20235%-7.9-7.9
2023-5%7.97.9
20225%7.37.3
2022-5%-7.3-7.3
INTEREST RATE RISK
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Scana Group\u2019s exposure to the risk of changes in market interest rates relates primarily to Scana Group\u2019s long-term interest-bearing debt with floating interest rates. The Scana Group\u2019s objective is to secure and counteract major effects from changes in the market interest rate. The Group has no interest rate hedges on the balance sheet date.
SENSITIVITY ANALYSIS \u2013 INTEREST RATE
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, with all other variables held constant. 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.
Changes in interest rateImpact result before taxImpact on net equity before tax
20231%-0.8-0.8
2023-1%0.80.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page114-cflshid_30586-tag6612231": { "value": "
LIQUIDITY RISK
Liquidity risk is the risk that the Scana Group will not be able to meet its \ufb01nancial obligations as they fall due. Scana 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.
The Scana Group works continuously to reduce liquidity risk through monitoring and active dialogue with the subsidiaries.
See disclosure 24 for more information on the Group\u2019s bank loans as of 31.12.2023. See disclosure 23 for more information on the Group\u2019s cash and cash equivalents as of 31.12.2023.
The Scana Group has a bank balance as of 31.12.23 of NOK 36.4 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 31.12.232024 Q12024 Q22024 Q32024 Q4202420252026
Leasing liabilities407.621.121.121.121.184.378.875.4
Bank loan - DNB115.05.05.05.05.020.020.020.0
Trade payables101.2101.2101.2
Financial instruments2.80.0
Interests payments2.12.32.32.32.39.29.2
Total outflow (payments)628.7129.728.428.428.4214.7108.095.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page115-cflshid_30778-tag6612232": { "value": "
CREDIT RISK
Credit risk is the risk of \ufb01nancial losses if 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 Scana 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.
Customer credit risk is managed by each business unit subject to the Scana Group\u2019s established policy and guidelines relating to customer credit risk management. Credit quality of a customer is assessed based on credit rating and individual credit limits can be defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored.The Scana Group enters into larger customer contracts with advance payments (20 %\u201330 %) or milestone invoicing throughout the entire project progress.
The Scana 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.
AS OF 31.12.23DislosureGross assetsExpected loss within 12 monthsExpected loss portfolioExpected loss individualProvision for loss on receivablesNet assets
Trade receivable17253.0-0.4-0.4-0.5252.5
Contract assets17100.9-1.0-1.0-1.599.4
Total353.9-1.5-1.50.0-2.0351.9
AS OF 31.12.22DislosureGross assetsExpected loss within 12 monthsExpected loss portfolioExpected loss individualProvision for loss on receivablesNet assets
Trade receivable17161.2-0.4-0.4-0.4160.8
Contract assets17126.4-1.1-1.1-1.1125.3
Total287.7-1.6-1.60.0-1.6286.1
CHANGES IN PROVISIONS\u2013 LOSSDislosure Opening balance provision loss Realized losses Changes in provision Agio Ending balance provision loss
Trade receivable17-0.40.00.0-0.5
Contract assets17-1.1-0.4-1.5
Total-1.60.0-0.40.0-2.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page117-cflshid_31675-tag6612233": { "value": "
CAPITAL STRUCTURE AND EQUITY
The main purpose of the Scana Group\u2019s composition and management of debt and equity is to ensure sufficient and competitive funding of the Scana Group\u2019s activities and create value for the shareholders. Scana Group should have a reasonable credit rating, and thus competitive borrowing conditions. Through good capital management of equity and debt, the Scana Group will support the business that is run, and thus contribute to increasing shareholder value.
The Scana Group must have suf\ufb01cient liquid funds and access to credit facilities for \ufb01nancing operational activities. This takes place through targets for ongoing operations and capital management. The Group manages the capital structure and makes 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 24. Reference is made to the section liquidity risk in disclosure 21 related to the company\u2019s \ufb01nancial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page119-cflshid_32254-tag6612238": { "value": "
DISCLOSURE 24 | LOANS AND BORROWINGS
2023Nominal interest rateCurrentNon-currentMaturity date
Bank loan3.520.095.0Jan - 2027
Amortisation costs-1.4
Accrued interests2.1
Total loans and borrowings22.193.6
2022Nominal interest rateCurrentNon-currentMaturity date
Bank loan3.520.0130.0
Other loan0.9
Amortisation costs-1.2
Accrued interests2.2
Total loans and borrowings22.2129.7
LOANS AND 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 next time on 09.10.2024.
Bank loans as of 31 December 2023 amounting to NOK 115 million are linked to two loans. The first loan is a bullet loan of NOK 50 million and has a due date in January 2027. The second is a term loan and amounted to NOK 65 million with NOK 20 million in installments per year.
COVENANTS
There are certain \ufb01nancial covenants to the loan agreement. These are covenant equity ratio 30 %, borrowing base 70 % and covenant NIBD / EBITDA on 12 month bases less than 2.5.
Capital expenditure should not exceed NOK 29 million, measured annually from 2024. 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 Scana Group was in compliance with the loan terms as of 31 December 2023.
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 2023 and where the changes take effect.
CASH FLOW STATEMENT
01.01.2023Proceedsfrom LTand STborrowingsPaymentsofborrowingsInterestsProfit and lossProceeds from issue of new share capitalNet New leasing liabilities and disposalsTranslation differencesCurrency differences31.12.23
Leasing liabilities412.20.0-59.10.00.00.00.054.50.0407.6
Bank loan LT129.70.0-35.90.00.0-0.20.00.00.093.6
Bank loan ST20.00.00.00.00.00.00.00.00.020.0
Accrued interests2.20.00.0-40.40.040.30.00.00.02.1
Total liabilities connected to financing activities564.10.0-95.0-40.40.040.10.054.50.0523.4
The overview below shows the change in liabilities due to \ufb01nancing activities in 2022 and where the changes have an effect.
CASH FLOW STATEMENT
01.01.2022Proceedsfrom LTand STborrowingsPaymentsofborrowingsInterestsChanges in cash and bankProfit and lossProceeds from issue of new share capitalNet New leasing liabilities and disposalsCurrency differences31.12.22
Leasing liabilities8.00.0-53.80.00.00.00.0458.00.0412.1
Bank overdraft0.10.00.00.0-0.10.00.00.00.00.0
Bank loan LT0.0145.0-15.00.00.0-0.30.00.00.0129.7
Bank loan ST0.020.00.00.00.00.00.00.00.020.0
Shareholders loan37.60.0-25.70.00.00.0-12.00.00.00.0
Accrued interests0.50.00.0-35.60.041.7-4.90.50.02.2
Total liabilities connected to financing activities46.2165.0-94.4-35.6-0.141.4-16.9458.50.0564.1
In addition, the Scana Group has repaid short term borrowings acquired through business combination of NOK 99 million during 2022.
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 shareholder\u2019s loan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page119-cflshid_32254-tag6612237": { "value": "
DISCLOSURE 24 | LOANS AND BORROWINGS
2023Nominal interest rateCurrentNon-currentMaturity date
Bank loan3.520.095.0Jan - 2027
Amortisation costs-1.4
Accrued interests2.1
Total loans and borrowings22.193.6
2022Nominal interest rateCurrentNon-currentMaturity date
Bank loan3.520.0130.0
Other loan0.9
Amortisation costs-1.2
Accrued interests2.2
Total loans and borrowings22.2129.7
LOANS AND 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 next time on 09.10.2024.
Bank loans as of 31 December 2023 amounting to NOK 115 million are linked to two loans. The first loan is a bullet loan of NOK 50 million and has a due date in January 2027. The second is a term loan and amounted to NOK 65 million with NOK 20 million in installments per year.
COVENANTS
There are certain \ufb01nancial covenants to the loan agreement. These are covenant equity ratio 30 %, borrowing base 70 % and covenant NIBD / EBITDA on 12 month bases less than 2.5.
Capital expenditure should not exceed NOK 29 million, measured annually from 2024. 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 Scana Group was in compliance with the loan terms as of 31 December 2023.
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 2023 and where the changes take effect.
CASH FLOW STATEMENT
01.01.2023Proceedsfrom LTand STborrowingsPaymentsofborrowingsInterestsProfit and lossProceeds from issue of new share capitalNet New leasing liabilities and disposalsTranslation differencesCurrency differences31.12.23
Leasing liabilities412.20.0-59.10.00.00.00.054.50.0407.6
Bank loan LT129.70.0-35.90.00.0-0.20.00.00.093.6
Bank loan ST20.00.00.00.00.00.00.00.00.020.0
Accrued interests2.20.00.0-40.40.040.30.00.00.02.1
Total liabilities connected to financing activities564.10.0-95.0-40.40.040.10.054.50.0523.4
The overview below shows the change in liabilities due to \ufb01nancing activities in 2022 and where the changes have an effect.
CASH FLOW STATEMENT
01.01.2022Proceedsfrom LTand STborrowingsPaymentsofborrowingsInterestsChanges in cash and bankProfit and lossProceeds from issue of new share capitalNet New leasing liabilities and disposalsCurrency differences31.12.22
Leasing liabilities8.00.0-53.80.00.00.00.0458.00.0412.1
Bank overdraft0.10.00.00.0-0.10.00.00.00.00.0
Bank loan LT0.0145.0-15.00.00.0-0.30.00.00.0129.7
Bank loan ST0.020.00.00.00.00.00.00.00.020.0
Shareholders loan37.60.0-25.70.00.00.0-12.00.00.00.0
Accrued interests0.50.00.0-35.60.041.7-4.90.50.02.2
Total liabilities connected to financing activities46.2165.0-94.4-35.6-0.141.4-16.9458.50.0564.1
In addition, the Scana Group has repaid short term borrowings acquired through business combination of NOK 99 million during 2022.
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 shareholder\u2019s loan.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page119-cflshid_32298-tag6612236": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page119-cflshid_32298-tag6612235": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page119-cflshid_32298-tag6612234": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page123-cflshid_33769-tag6614497": { "value": "DISCLOSURE 26 | GUARANTEES AND PLEDGE
MORTGAGE ENCUMBRANCES20232022
Of the group's book debts, the following were secured by pledge115.0150.9
Total pledges115.0150.9
BOOK VALUE OF PLEDGED OBJECTS
Machinery153.8143.6
Buildings0.10.1
Inventories59.266.0
Trade receivables252.6160.8
Contract assets99.4125.3
Total565.1495.9
WARRANTY LIABILITY20232022
Warranty and surety liability210.2162.1
Of the bank guarantees, approx. 41 % (2022: 27 %) 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 42 % (2022: 32 %) of the bank and parent company guarantees are demand guarantees (\u201con demand\u201d guarantees) and includes tax deductions. Approximately 17 % (2022: 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page123-cflshid_33769-tag6614496": { "value": "DISCLOSURE 26 | GUARANTEES AND PLEDGE
MORTGAGE ENCUMBRANCES20232022
Of the group's book debts, the following were secured by pledge115.0150.9
Total pledges115.0150.9
BOOK VALUE OF PLEDGED OBJECTS
Machinery153.8143.6
Buildings0.10.1
Inventories59.266.0
Trade receivables252.6160.8
Contract assets99.4125.3
Total565.1495.9
WARRANTY LIABILITY20232022
Warranty and surety liability210.2162.1
Of the bank guarantees, approx. 41 % (2022: 27 %) 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 42 % (2022: 32 %) of the bank and parent company guarantees are demand guarantees (\u201con demand\u201d guarantees) and includes tax deductions. Approximately 17 % (2022: 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page123-cflshid_33769-tag6612240": { "value": "
DISCLOSURE 27 | SHARES AND SHAREHOLDERS
Scana ASA had 4 816 shareholders as of 31.12.2023. Foreign shareholders owned shares that together made up 4.6 % of the share capital.
NUMBER OF SHARES OWNED BY BOARD MEMBERS AND SENIOR MANAGEMENT
CBO, Oddbj\u00f8rn Hauk\u00f8y
(Ownership is exercised through the companies No Surrender AS and Subsea Independent AS) 38 187 747
CFO, Torvald Ulland Reiestad 178 660
EVPO, Baste Tveito (Ownership is exercised through the company Mebas AS)390 006
Board Member, Morten Blix (Ownership is exercised through the company Spiralen Holding AS)8 571 428
LARGEST SHAREHOLDERS
THE 20 LARGEST SHAREHOLDERS AS OF 31.12.23Number of sharesPercentage
RIEBER & S\u00d8N AS42 798 9219.5 %
NO SURRENDER AS34 187 1437.6 %
SIRENA II AS25 000 0005.6 %
PERESTROIKA AS21 808 8544.8 %
MAKRELLA HOLDING AS20 285 7144.5 %
KREFTING AS19 083 7154.2 %
KLK INVESTMENT AS15 000 0003.3 %
WERGELAND HOLDING AS10 000 0002.2 %
OSAKONGEN DRIFT AS9 835 0002.2 %
JEKTEVIKA HOLDING AS9 835 0002.2 %
SPIRALEN HOLDING AS8 571 4281.9 %
TRIKO AS7 897 4281.8 %
NORDNET LIVSFORSIKRING AS7 754 9821.7 %
LILJE AS7 142 8571.6 %
WEST COAST INVEST AS7 142 8571.6 %
INTERNATIONAL OILFIELD SERVICES AS5 198 8521.2 %
STOLEN AS5 159 1321.1 %
INTER SEA AS4 500 0001.0 %
HOLCK4 458 0231.0 %
Skandinaviska Enskilda Banken AB4 017 1980.9 %
Total holdings 20 largest shareholders269 677 10459.9 %
Other180 295 79640.1 %
Total number of shares449 972 900100.0 %
DISTRIBUTION OF SHAREHOLDERS BY HOLDINGS
Number of sharesNumber of shareholdersNumber of sharesPercentage
1 - 1 0002 078558 4240.1 %
1 001 - 10 0001 4296 521 7951.4 %
10 001 - 100 00097733 485 8357.4 %
100 001 - 1 000 00028381 709 97718.2 %
Over 1 000 00049327 696 86972.8 %
Totalt4 816449 972 900100.0 %
SHARE PRICE PER QUARTER IN 2023
Amount in NOK4th quarter 20233rd quarter 20232nd quarter 20231st quarter 2023
Start price2.342.021.401.04
Closing price2.082.301.971.40
Return in the period-11%14%41%35%
Highest closing price2.362.502.251.57
Lowest closing price1.901.861.391.02
Volume (in 1000 shares)93 054106 864175 013171 747
DISCLOSURE 28 | EARNINGS PER SHARE AND OWN SHARES
2023
2022
Net profit / loss - Equity holders of the parent
71.6
-44.5
Weighted average number of shares *)
442 685 974
386 348 745
Effect of dilution:
Options / Subscription rights
27 700 463
0
Weighted average number of shares adjusted for the effect of extraction
470 386 437
386 348 745
Earnings per share - continuing operation
0.16
-0.12
Earnings per diluted share - continuing operation
0.15
-0.12
Earnings per share
0.16
-0.12
Earnings per diluted share
0.15
-0.12
2023
2022
Shares in market from previous year
440 582 901
107 511 831
Issue of shares January 2022
277 292 850
Convertion of Seller credit Dec 2022
1 550 525
Own shares
-6 461
-6 461
Exercised options September 2023
2 109 534
Weighted average number of shares
442 685 974
386 348 745
OWN SHARES
Scana ASA has 6 461 own shares as of 31 December 2023, which is unchanged from 31 December 2022. At the ordinary general meeting on 8 June 2023, the board was authorized to acquire the company\u2019s own shares for a nominal value of up to NOK 44.1 million. The authorization is valid until the 2024 ordinary general meeting, under no circumstances valid beyond 30 June 2024.
DISCLOSURE 29 | SHARE CAPITAL
Issue of new share capital in 2023 is connected to exercised options in September 2023 registered in October 2023 by issuing 9,390,000 new shares each with a nominal value of NOK 1.00.
On 31 December 2023, the share capital of Scana ASA was NOK 449 972 901, divided into 449 972 901 shares, each with a nominal value of NOK 1.00. All shares have equal voting rights.
Number of sharesShare capital
Number of outstanding ordinary shares from previous years440 582 901440.6
Issue of new share capital9 390 0009.4
Number of outstanding ordinary shares as of 31.12.449 972 901450.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page123-cflshid_33769-tag6612239": { "value": "
DISCLOSURE 27 | SHARES AND SHAREHOLDERS
Scana ASA had 4 816 shareholders as of 31.12.2023. Foreign shareholders owned shares that together made up 4.6 % of the share capital.
NUMBER OF SHARES OWNED BY BOARD MEMBERS AND SENIOR MANAGEMENT
CBO, Oddbj\u00f8rn Hauk\u00f8y
(Ownership is exercised through the companies No Surrender AS and Subsea Independent AS) 38 187 747
CFO, Torvald Ulland Reiestad 178 660
EVPO, Baste Tveito (Ownership is exercised through the company Mebas AS)390 006
Board Member, Morten Blix (Ownership is exercised through the company Spiralen Holding AS)8 571 428
LARGEST SHAREHOLDERS
THE 20 LARGEST SHAREHOLDERS AS OF 31.12.23Number of sharesPercentage
RIEBER & S\u00d8N AS42 798 9219.5 %
NO SURRENDER AS34 187 1437.6 %
SIRENA II AS25 000 0005.6 %
PERESTROIKA AS21 808 8544.8 %
MAKRELLA HOLDING AS20 285 7144.5 %
KREFTING AS19 083 7154.2 %
KLK INVESTMENT AS15 000 0003.3 %
WERGELAND HOLDING AS10 000 0002.2 %
OSAKONGEN DRIFT AS9 835 0002.2 %
JEKTEVIKA HOLDING AS9 835 0002.2 %
SPIRALEN HOLDING AS8 571 4281.9 %
TRIKO AS7 897 4281.8 %
NORDNET LIVSFORSIKRING AS7 754 9821.7 %
LILJE AS7 142 8571.6 %
WEST COAST INVEST AS7 142 8571.6 %
INTERNATIONAL OILFIELD SERVICES AS5 198 8521.2 %
STOLEN AS5 159 1321.1 %
INTER SEA AS4 500 0001.0 %
HOLCK4 458 0231.0 %
Skandinaviska Enskilda Banken AB4 017 1980.9 %
Total holdings 20 largest shareholders269 677 10459.9 %
Other180 295 79640.1 %
Total number of shares449 972 900100.0 %
DISTRIBUTION OF SHAREHOLDERS BY HOLDINGS
Number of sharesNumber of shareholdersNumber of sharesPercentage
1 - 1 0002 078558 4240.1 %
1 001 - 10 0001 4296 521 7951.4 %
10 001 - 100 00097733 485 8357.4 %
100 001 - 1 000 00028381 709 97718.2 %
Over 1 000 00049327 696 86972.8 %
Totalt4 816449 972 900100.0 %
SHARE PRICE PER QUARTER IN 2023
Amount in NOK4th quarter 20233rd quarter 20232nd quarter 20231st quarter 2023
Start price2.342.021.401.04
Closing price2.082.301.971.40
Return in the period-11%14%41%35%
Highest closing price2.362.502.251.57
Lowest closing price1.901.861.391.02
Volume (in 1000 shares)93 054106 864175 013171 747
DISCLOSURE 28 | EARNINGS PER SHARE AND OWN SHARES
2023
2022
Net profit / loss - Equity holders of the parent
71.6
-44.5
Weighted average number of shares *)
442 685 974
386 348 745
Effect of dilution:
Options / Subscription rights
27 700 463
0
Weighted average number of shares adjusted for the effect of extraction
470 386 437
386 348 745
Earnings per share - continuing operation
0.16
-0.12
Earnings per diluted share - continuing operation
0.15
-0.12
Earnings per share
0.16
-0.12
Earnings per diluted share
0.15
-0.12
2023
2022
Shares in market from previous year
440 582 901
107 511 831
Issue of shares January 2022
277 292 850
Convertion of Seller credit Dec 2022
1 550 525
Own shares
-6 461
-6 461
Exercised options September 2023
2 109 534
Weighted average number of shares
442 685 974
386 348 745
OWN SHARES
Scana ASA has 6 461 own shares as of 31 December 2023, which is unchanged from 31 December 2022. At the ordinary general meeting on 8 June 2023, the board was authorized to acquire the company\u2019s own shares for a nominal value of up to NOK 44.1 million. The authorization is valid until the 2024 ordinary general meeting, under no circumstances valid beyond 30 June 2024.
DISCLOSURE 29 | SHARE CAPITAL
Issue of new share capital in 2023 is connected to exercised options in September 2023 registered in October 2023 by issuing 9,390,000 new shares each with a nominal value of NOK 1.00.
On 31 December 2023, the share capital of Scana ASA was NOK 449 972 901, divided into 449 972 901 shares, each with a nominal value of NOK 1.00. All shares have equal voting rights.
Number of sharesShare capital
Number of outstanding ordinary shares from previous years440 582 901440.6
Issue of new share capital9 390 0009.4
Number of outstanding ordinary shares as of 31.12.449 972 901450.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page125-cflshid_34620-tag6612241": { "value": "DISCLOSURE 28 | EARNINGS PER SHARE AND OWN SHARES
2023
2022
Net profit / loss - Equity holders of the parent
71.6
-44.5
Weighted average number of shares *)
442 685 974
386 348 745
Effect of dilution:
Options / Subscription rights
27 700 463
0
Weighted average number of shares adjusted for the effect of extraction
470 386 437
386 348 745
Earnings per share - continuing operation
0.16
-0.12
Earnings per diluted share - continuing operation
0.15
-0.12
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
Earnings per share
0.16
-0.12
Earnings per diluted share
0.15
-0.12
2023
2022
Shares in market from previous year
440 582 901
107 511 831
Issue of shares January 2022
277 292 850
Convertion of Seller credit Dec 2022
1 550 525
Own shares
-6 461
-6 461
Exercised options September 2023
2 109 534
Weighted average number of shares
442 685 974
386 348 745
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page125-cflshid_34620-tag6612242": { "value": "
OWN SHARES
Scana ASA has 6 461 own shares as of 31 December 2023, which is unchanged from 31 December 2022. At the ordinary general meeting on 8 June 2023, the board was authorized to acquire the company\u2019s own shares for a nominal value of up to NOK 44.1 million. The authorization is valid until the 2024 ordinary general meeting, under no circumstances valid beyond 30 June 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page126-cflshid_34941-tag6612243": { "value": "DISCLOSURE 30 | RELATED PARTIES
ASSOCIATED COMPANY20232022
Sales6.36.1
Purchase3.61.2
Receivables4.31.8
Payables0.40.4
During 2023 the Scana Group had transactions with two associated companies, Wear Solutions AS and Scana Korea Hydraulic Ltd. Refer to disclosure 5 for more information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page126-cflshid_34941-tag6612244": { "value": "
DISCLOSURE 31 | SUBSEQUENT EVENTS
\u25aaScana Group awarded a 10-year contract for operation and maintenance of strategically important properties associated with coastal bases along the Norwegian coastline. West Asset Management AS, a PSW Technology AS subsidiary Newco, will manage the contract.
\u25aaPSW Technology AS divests well control preparedness equipment, releasing NOK 116 million in cash and a profit of approx. NOK 55 million to be recognized in Q1 2024.
\u25aaPSW Power & Automation AS has signed a contract for a series of E-house modules to be part of emergency power systems for several data center terminals.
\u25aaReintroduction of dividend to Scana shareholders with NOK 0.05 per share paid out April 3rd, 2024. the first dividend to the Scana ASA shareholders since 2010.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI6WO83", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }