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"ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f2830": { "value": "152573000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2021-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f2835": { "value": "2095000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f2838": { "value": "-2269000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f2842": { "value": "272698000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f2846": { "value": "428035000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f2878": { "value": "Kitron ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-3-1": { "value": "development, industrialisation and manufacturing of electronics", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-5-1": { "value": "Norway, Sweden, Denmark, Lithuania, Germany, Poland, Czech Republic, India, China and the US", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-7-1": { "value": "NorwayOlav Brunborgs vei 4 1396 Billingstad", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-8-1": { "value": "Note 2 - Summary of the most significant accounting principlesThe most significant accounting principles applied in the preparation of the consolidated financial statements are detailed below. These principles have been applied uniformly in all the periods unless otherwise stated.Basis for preparationsThe consolidated financial statements of Kitron ASA have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS as approved by the European Union (EU). The consolidated financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The consolidated financial statements are prepared based on a going concern assumption.Changes in accounting policy and disclosuresa) New and amended standards adopted by the group The group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2022: \u25a0 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u25a0 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37 \u25a0 Annual Improvements to IFRS Standards 2018-2020, and \u25a0 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. The group also elected to adopt the following amendments early: \u25a0 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 amendments to IAS 12.The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.b) New standards and interpretations not yet adoptedCertain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.Consolidation principlesSubsidiariesSubsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement.Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognises any noncontrolling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the noncontrolling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets.Acquisition-related costs are expensed as incurredIf the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss.Any contingent consideration to be transferred by the group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 either in profit or loss or as a change to other comprehensive income. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies.Changes in ownership interests in subsidiaries without change of controlTransactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to noncontrolling interests are also recorded in equity.Disposal of subsidiariesWhen the group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.Associated companiesThe group has no joint ventures or associated companies.Segment reportingThe Corporate management has evaluated that the group operates in only one segment; Electronics Manufacturing Services (EMS). There is therefore no separate segment reporting in Kitron.Translation of foreign currenciesFunctional and presentation currenciesThe accounts of the individual units are compiled in the principal currency used in the economic area in which the unit operates (the functional currency). The consolidated accounts are presented in NOK, which is both the functional and the presentation currency for the parent company.Transaction and balance sheet itemsForeign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other gains/(losses)\u2019.Net investment hedgesHedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within other gains/(losses). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold.Group companiesThe income statements and balance sheets for group units (none of which are affected by hyperinflation) in functional currencies which differ from the presentation currency are translated as follows: \u25a0 The balance sheet is translated at the closing exchange rate on the balance sheet date \u25a0 The income statement is translated at the average exchange rate \u25a0 Translation differences are recognised in OCI and specified separately \u25a0 Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rateProperty, plant and equipmentTangible fixed assets primarily embrace buildings and land, machinery, equipment, and fixtures and fittings. Tangible fixed assets are stated at historical cost less accumulated depreciation and impairments. They are recognised in the balance sheet and depreciated on a straight-line basis to their residual value over their expected useful life, which is: \u25a0 Buildings: 20-33 years \u25a0 Machinery and operating equipment: 3-10 yearsLand is not depreciated. The useful life of fixed assets and their residual value are reassessed on every balance sheet date and amended if necessary. When the carrying amount of a fixed asset is higher than the estimated recoverable amount, the value is written down to the recoverable amount.On-going maintenance of fixed assets is charged as an operating cost, while upgrading or improvements are added to the historical cost of the asset and depreciated accordingly. Gain and loss on disposals is recognised in the income statement as the difference between the sales price and the carrying amount.Fixed assets subject to depreciation are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). At each reporting date, an assessment is made of the opportunity for reversing earlier impairment charges on fixed assets.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within \u2018Other gains/(losses)\u2019 in the income statement.Right-of-use assetsRight-of-use assets consist of buildings, machinery and equipment accounted for in accordance with IFRS 16. See more info under \u201cThe group\u2019s leasing activities and how they are accounted for\u201d later in this note and note 26 \u201cLeases\u201d.Intangible assetsGoodwillGoodwill is the difference between the sum of the consideration paid, non-controlling interests recognised and previously held interests at fair value for the acquisition of a business and the fair value of the acquiree\u2019s net identifiable assets at the acquisition date. Goodwill is tested annually for impairment and recognised in the balance sheet at its acquisition cost less impairment charges. Impairment losses on goodwill are not reversed. The goodwill is allocated to relevant cash generating units at the time of the acquisition. The allocation is made to those cash-generating units or groups of such units which are expected to benefit from the acquisition. The group allocates goodwill to cash generating units in each country in which it operates.Customer contractsCustomer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.Computer softwareCosts associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognised as intangible assets when the following criteria are met: \u25a0 it is technically feasible to complete the software product so that it will be available for use; \u25a0 management intends to complete the software product and use it; \u25a0 there is an ability to use the software product; \u25a0 it can be demonstrated how the software product will generate probable future economic benefits; \u25a0 adequate technical, financial and other resources to complete the development and to use the software \u25a0 product are available; and \u25a0 the expenditure attributable to the software product during its development can be reliably measured.Computer software is depreciated on a straight-line basis to their residual value over their expected useful life, which is 7 years.Financial assetsThe Group\u00b4s financial assets are: accounts receivable, other receivables at amortized cost and cash and cash equivalents. At initial recognition, the group measures a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.The Group measures financial assets at amortised cost if both of the following conditions are met: \u25a0 the asset is held within a business model whose objective is to collect the contractual cash flows, and \u25a0 the contractual terms give rise to cash flows that are solely payments of principal and interest.Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.InventoryInventory comprises purchased raw materials. It is stated at the lower of average acquisition cost and net realisable value. Cost is determined using the weighted average method.Accounts receivable and contract assetsAccounts receivable are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less loss allowance. Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30- 120 days and therefore are all classified as current. The group holds the accounts receivable with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. For part of the accounts receivable the group has recourse factoring, and the credit risk remains with the group.To measure the expected credit losses, accounts receivable and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the accounts receivable for the same types of contracts. The group has therefore concluded that the expected loss rates for accounts receivable are a reasonable approximation of the loss rates for the contract assets.Accounts receivable and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due.Impairment losses on accounts receivable and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.Cash and cash equivalentsCash and cash equivalents include cash and deposits in bank accounts.Share capitalThe share capital comprises the number of shares multiplied by their nominal value and are classified as equity. Expenses which can be attributed directly to the issue of new shares or options (less tax) are recognised in equity as a reduction in the proceeds received.Financial liabilitiesFinancial liabilities are classified, at initial recognition, as liabilities at amortised cost and include accounts payable and other payables and loans.Accounts payable and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30-120 days of recognition. Accounts payable and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.LoansLoans are initially recognised at fair value, net of transaction costs incurred. Loans are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.Loans are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs.Loans are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.Current and deferred income taxThe tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates and laws which have been substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available, and that the temporary differences can be deducted from this profit. Deferred tax is calculated on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary differences is controlled by the group and it is probable that they will not be reversed in the foreseeable future.Pension commitments, bonus schemes and other compensation for employees Pension commitmentsGroup companies have various pension schemes. These schemes are generally funded through payments to insurance companies or pension funds based on periodic actuarial calculations. The group has both defined contribution and defined benefit plans. From 2016 the group has defined benefit plan for former CEO only.A defined benefit plan is one that is not a defined contribution plan, and typically defines an amount of pension benefit an employee will receive on retirement. That benefit is normally dependent on one or more factors such as age, years of service and pay. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. An independent actuary calculates the pension commitment annually. The present value of the defined benefit obligations is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds. Estimated payroll tax on the net pension commitment calculated by an actuary is added to the carrying amount of the obligation. Changes in pension plan benefits are recognised immediately in the income statement. Actuarial gains and losses are recognised in other comprehensive income.The pension plans in Norway comply with the Norwegian mandatory service pension act.Share-based paymentsThe group operates an equity settled share-based compensation plan under which the entity receives services from employees as consideration from equity instruments (options) for the group. The compensation plan comprises senior management only. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value). The social security contribution payable in connection with the grant of the share options is considered as an integral part of the grant itself, and the charge will be settled as a cash-settled transaction. Further details around the arrangement are described in note 19.Bonus schemesCertain senior executives have bonus agreements related to the attainment of specified targets for the business (budgets and activities). Obligations (provisions) and costs (pay) are recognised for bonuses in accordance with the company\u2019s contractual obligations.Severance paySeverance pay is given when the contract of employment is terminated by the group before the normal age of retirement or when an employee voluntarily agrees to leave in return for such a payment. The group recognises severance pay in the accounts when it is demonstrably obliged either to terminate the contract of employment for existing employees in accordance with a formal, detailed plan which the group cannot rescind, or to make a payment as a consequence of an offer made to encourage voluntary resignations. Severance pay which falls due more than 12 months after the balance sheet date is discounted to present value.ProvisionsThe group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be estimated with a sufficient degree of reliability. Provisions relate primarily to restructuring costs. Obligations falling due more than 12 months after the balance sheet date are discounted to present value.Government grantsGrants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are reducing cost price of the related assets.Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties.Sales of goodsThe group manufactures and sells electronics that are embedded in the customer\u2019s own products as well as box-build electronic products in the EMS market. The products are manufactured based on the customer\u2019s specifications and quality standards, and the group does not own the intellectual property of the products. Sales are recognized based on estimated percentage of completion for the relevant contracts going forward as control is transferred to the customer over time. This is determined based on the actual cost relative to the total expected cost. The purchase price agreed between the parties is fixed and specified for each good or service provided. The customer is obligated to pay a minimum fee based on the order status if the order is cancelled.Some contracts include multiple deliverables, such as test development, engineering change orders and production. These are accounted for as separate performance obligations. In this case, the transaction price will be allocated to each performance obligation based on the standalone selling prices. Where these are not directly observable, they are estimated based on expected cost-plus margin. In fixed-price contracts, the customer pays the fixed unit amount based on a payment schedule. If the goods/services rendered by the group exceed the payment, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized.Sales of servicesSales of services embrace development assignments and services related to industrialisation. Service deliveries are partly project based and partly hourly based. Sales of project-based services are recognised in the period in which the services are rendered, based on the degree of completion of the relevant project. The degree of completion is determined by measuring the services provided as a proportion of the total services to be rendered. Hourly-based services are recognised in the period when the service is rendered.Interest incomeInterest on bank deposits is recognised in the period when it is earned.The group\u2019s leasing activities and how they are accounted forThe group leases various properties, equipment and cars. Rental contracts are typically made for fixed periods of 1 to 12 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u25a0 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u25a0 variable lease payment that are based on an index or a rate as at the commencement date \u25a0 amounts expected\u2019 to be payable by the lessee under residual value guarantees \u25a0 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and \u25a0 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the group\u2019s incremental borrowing rate.Right-of-use assets are measured at cost comprising the following: \u25a0 the amount of the initial measurement of lease liability \u25a0 any lease payments made at or before the commencement date less any lease incentives received \u25a0 any initial direct costs, and \u25a0 restoration costs.Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT-equipment and small items of office furniture.Kitron does not have lease agreements with variable lease payments of any significance.Extension and termination options are included in a number of property leases across the group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor.In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).Dividend paymentsPossible dividend payments to the company\u2019s shareholders are recognised as a liability in the group\u2019s financial statements in the period when the dividend is approved by the general meeting.Note 3 - Financial riskThe company is exposed through its business to a number of financial risks. The corporate routines for risk management focus on the unpredictability of the financial markets, and endeavour to minimise potential negative effects arising from the company\u2019s financial dispositions.Market riskCurrency risk: the group is exposed to changes in foreign exchange rates because a significant share of the group\u2019s goods and services are sold in such currencies. At the same time raw material are bought in foreign currency and the operating costs in foreign group entities are in local currency. To reduce the currency risk the company\u2019s standard contracts include currency clauses which allow the company to adjust the price when the actual exchange rate differs significantly from the agreed base rate. The group has not established other significant currency hedge arrangements over and above its standard contracts with customers. The most significant foreign currencies are SEK, EUR and USD. The group has significant investments in foreign operations whose net assets are exposed to foreign currency translation risk in DKK, SEK, EUR, USD, PLN and RMB.At 31 December, if the (NOK) currency had weakened/strengthened by 1 per cent against the USD with all variables held constant, post\u2013tax profit for the year would have been NOK 1.2 million (2021: NOK 1.0 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of US dollar denominated bank deposits, trade receivables and debt.At 31 December, if the (NOK) currency had weakened/strengthened by 1 per cent against the EUR with all variables held constant, post\u2013tax profit for the year would have been NOK 2.5 million (2021: NOK 0.3 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of EUR denominated bank deposits, trade receivables and debt.At 31 December if the (NOK) Norwegian currency had weakened/straightened by 1 percent against the SEK with all variables held constant, post-tax for the year would have been NOK 0.1 million (2021: NOK 0.6 million) higher/lower, mainly as a result of foreign exchange gains/losses on translation of SEK denominated bank deposit, trade receivables and dept.Price risk: the company is exposed to price risk both because raw materials follow international market prices for electronic and mechanical components and because the company\u2019s goods and services are subject to price pressures. Routines have been established for procurement by the company\u2019s own sourcing organisation, which negotiates group contracts. The sourcing function allows Kitron to achieve improved material prices.Credit riskCredit risk arises from cash and cash equivalents, deposits with bank, accounts receivables and contract assets. The major part of accounts receivable are credit insured. Kitron accordingly bears credit risk only for accounts receivable which are not insured. The company has routines to ensure that uninsured sales on credit are made only to creditworthy customers.The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.Liquidity riskCash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the group does not breach borrowing limits or covenants on any of its borrowing facilities.Kitron\u2019s financing is primarily short-term and based on factoring finance for accounts receivable. This means that fluctuations in turnover affect the company\u2019s liquidity. In addition, drawing facilities have been established in banks which counteract the liquidity fluctuations related to turnover.The table below shows the group\u2019s financial loans including interest into relevant maturity groupings based on the remaining period at the balance sheet date to contractual maturity date.Periods to maturity of financial liabilities incl. interest (undiscounted numbers):Less than Between one Between two More than NOK 1000one year and two yearsand five yearsfive yearsAt 31 December 2022Bank overdraft 149 408 - - -Leasing 65 963 103 154 89 624 4 422Factoring debt 346 595Other financial loans 105 000 95 973 287 922 735 000Trade and other payables 2 018 591 - - -Total 2 685 557 199 128 377 546 739 422At 31 December 2021Bank overdraft 210 146 - - -Leasing 48 406 70 227 65 633 21 128Factoring debt 367 901 - - -Other financial loans 187 619 38 398 18 540 -Trade and other payables 917 779 - - -Total 1 731 850 108 626 84 173 21 128Interest rate riskThe group\u2019s interest rate risk arises mainly from short-term borrowings (factoring debt and bank overdraft) and long-term bank debt. The group\u2019s borrowings are mainly with variable rates which expose the group to cash flow interest rate risk.Interest on the group\u2019s interest-bearing debt is charged at the relevant market rate prevailing at any given time (mainly one-month interbank offered rate \u2013 Nibor, Stibor or Libor as the case may be \u2013 plus the agreed interest margin). There will not occur any gain/loss on the balance sheet amounts in case interest rates are increased or lowered. At 31 December 2022, if interest rate on NOK borrowings had been 1 percentage points higher/lower during the year with all other variables held constant, post-tax profit for the year would have been NOK 7.2 million (2021: NOK 5.4 million) lower/higher during the year, mainly as a result of higher/lower interest expense on floating rate borrowings. At 31 December 2022, if interest rate on borrowings in foreign currency had been 1 percentage points higher/lower with all other variables held constant, post-tax profit for the year would have been NOK 7.6 million (2021: NOK 4.5 million) lower/higher. External financing for the group\u2019s operational companies takes place in the functional currency. No interest rate instruments have been established in the group. The group does not have significant interest-bearing assets, so that its income and cash flow from operational activities are not significantly exposed to changes in the market interest rate.Capital risk managementThe group\u2019s objectives when managing capital are to safeguard the group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.The gearing ratios at 31 December 2022 and 2021 were as follows:NOK 1000 2022 2021Total borrowings (note 21) 1 899 333 999 477Cash and cash equivalents (note 17) (272 698) (428 035)Net debt 1 626 635 571 442Total equity 1 506 491 1 228 046Total capital 3 133 126 1 799 488Gearing ratio 52 % 32 %Note 4 - Important accounting estimates and discretionary assessmentsEstimates and discretionary assessments are based on historical experience and other factors, including expectations of future events that are considered likely under present conditions. The group prepares estimates and makes assumptions about the future.Accounting estimates derived from these will by definition seldom accord fully with the outcome. Estimates and assumptions which represent a substantial risk for significant changes in the carrying amount of assets and liabilities during the coming fiscal year are discussed below.Deferred tax assetsThe group performs annual tests for impairment of deferred tax assets. Part of the basis for recognising deferred tax assets are based on applying the loss carried forward against future taxable income in the group. This requires the use of estimates for calculating future taxable income. See note 22 for details.Estimated value of goodwill The group performs annual tests to assess the fall in value of goodwill. The recoverable amount from cash generating units is determined based on present-value calculations of expected annual cash flows. These calculations require the use of estimates for cash flows and the choice of discount rate before tax for discounting the cash flows. Additional information is disclosed in note 13.Note 5 - Geographical breakdown of revenues and assetsThe revenues come from sales of goods and services in the fields of development, industrialization and production to customers involved in Connectivity, Defence/Aerospace, Electrification, Industry and Medical devices. Revenues by line of businessThe table shows the EMS turnover by industry:NOK 1000 2022 2021Connectivity 1 693 956 458 932 Electrification 798 311 763 093 Industry 1 335 490 983 214 Medical devices 1 904 435 872 670 Defence & Aerospace 754 542 633 464 Total sales 6 486 734 3 711 373 Geographical breakdown revenuesThe geographical distribution is based on countries where the different customers are located.NOK 1000 2022 2021Norway 777 639 599 767 Sweden 1 982 131 1 740 232 Rest of Europe 2 834 237 709 280 USA 697 941 612 591 Other 194 786 49 503 Total sales 6 486 734 3 711 373 The largest customer counts for 6.8 % (9.9 %) of sales, the next counts for 5.5 % (8.8 %), the third counts for 4.6 % (5.5 %) and the others are below 4.1 % (5.5 %) each.Geographical breakdown of assetsNorway Sweden Denmark Lituania PolandNOK 2022 2021 2022 2021 2022 2021 2022 2021 2022 20211000Assets 111 953 110 636 52 677 61 934 319 275 - 94 191 101 737 130 181 120 589 Germany Czech Republic China USA IndiaNOK 2022 2021 2022 2021 2022 2021 2022 2021 2022 20211000Assets 189 287 74 051 - 93 428 45 499 56 957 54 148 111 -Included in assets under geographical segment is property, plant and equipment, intangible and right of use assets excluding deferred tax asset and goodwill.Note 6 - Revenues Revenues consist ofNOK 1000 2022 2021Revenues from contracts with customers 6 486 734 3 711 373 Total revenues 6 486 734 3 711 373 Timing of revenue recognition NOK 1000 2022 2021Revenues from contracts with customers, over time 6 486 734 3 711 373 Note - 7 Other gains / (losses)NOK 1000 2022 2021Currency gains 134 467 53 161 Currency losses (131 429) (56 765)Other gains/(losses) 3 038 (3 604)Note 8 - Employee benefits NOK 1000 2022 2021Payroll 868 572 574 715Payroll tax 118 302 82 101Net pension costs defined benefit plans (note 23) 79 81Pension costs defined contribution plans 51 832 30 701 Option costs8 0635 243Other remuneration 45 669 26 303Total 1 092 517 719 144 Average number of man-years (including hired-ins) 2 809 1 786Average number of employees 2 459 1 759Note 9 - Financial income and expensesNOK 1000 2022 2021Interest income 12 482 3 786 Other financial income 1 540 6 Foreign currency gains related to borrowings, cash and cash equivalents 3 384 86 Finance income 17 406 3 878 NOK 1000 2022 2021Interest expenses (69 998) (25 573)Other financial expenses (14 762) (2 449)Foreign currency losses related to borrowings, cash and cash equivalents - (12 503)Finance expenses (84 760) (40 525)Net financial items (67 355) (36 648)Note 10 - Income tax expenseNOK 1000 2022 2021Tax payable 111 898 48 148Deferred tax (Note 22) (6 811) 3 175Income tax expense 105 087 51 323The tax on the group\u2019s profit before tax differs from the theoretical amount that would arise using the domestic tax rate applicable to profits of the consolidated entities as follows:NOK 1000 2022 2021Ordinary profit before tax 392 234 204 165Tax calculated at the domestic rate (22%) 86 291 44 916Expenses not deducible for tax purposes 7 193 (3 179)Tax loss for which no deferred income tax asset was recognised 18 158 (265)Other adjustments 509 6 911Effect on different tax rates in countries in which the group operates (7 064) 2 940Tax cost 105 087 51 323The income tax expense is calculated using the domestic tax rate.The tax rate is 22,0 % in Norway, 20,6 % in Sweden, 22% in Denmark, 15,0 % in Lithuania, 25,0 % in China, 19% in Czech Republic, 16,5 % in Hong Kong, 30,9 % in USA, 19 % in Poland and 15,0 % in Germany.The tax (charge)/credit relating to components of other comprehensive income is as follows:2022 2021Before Tax (charge) After Before Tax (charge) After NOK 1000taxcredittaxtaxcredittaxActuarial gain / (losses) pensions (208) 46 (162) (383) 84 (299) Exchange differences on translation of 798 - 798 4 251 (935) 3 316 foreign operationsCurrency translation differences 33 607 - 33 607 (13 905 ) - (13 905 )Gain/(loss) forward contracts 7 474 (1 644) 5 829 (7 474 ) 1 644 (5 831 )Other comprehensive income 41 671 (1 598 ) 40 072 (17 511 ) 793 (16 718 )Current tax - -Deferred tax 1 598 (793)Note 11 - Earnings per shareBasic earnings per share is calculated by dividing the profit attributable to equity holders of the company by weighted average number of ordinary shares in issue during the year. The company has no own shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has one category, which is share options, of dilutive potential ordinary shares. A calculation is done to determine the number of shares that could have been acquired at fair value based on the monetary value of the subscription rights attached to share options. The number of shares calculated is compared with the number of shares that would have been issued assuming the exercise of the share options. (note 19).NOK 1000 2022 2021Profit attributable to equity holders of the company 287 147 152 843 Profit used to determine basic and diluted earnings per share 287 147 152 843 Weighted average number of ordinary shares in issue (thousands) 197 244 179 202 Adjusted for share options (thousands) 2 158 2 177 Weighted average number of ordinary shares for diluted earnings per share 200 136 181 391 (thousands)Basic earnings per share 1.46 0.85 Diluted earnings per share 1.43 0.84 Note 12 - Property, plant and equipmentMachinery and Buildings Right-of-use Total NOK 1000equipment and landassetsAt 1 January 2021Acquisition cost 1 072 254 215 380 293 073 1 580 706 Accumulated depreciation/impairment (940 887) (108 787) (36 181) (1 085 854)Accounting carrying amount 131 367 106 593 256 892 494 852 Fiscal 2021Opening balance 131 367 106 593 256 892 494 852 Currency translation adjustment (18 709) (15 968) 8 858 (25 819)Additions 34 728 4 581 30 642 69 951 Reclassification 1) 13 230 7 629 (13 230) 7 629 Depreciation (39 662) (10 849) (43 659) (94 170)Closing balance 120 955 91 986 239 503 452 443 At 31 December 2021Acquisition cost 1 101 503 211 622 319 342 1 632 468 Accumulated depreciation/impairment (980 549) (119 636) (79 840) (1 180 024)Accounting carrying amount 120 955 91 986 239 503 452 443 Fiscal 2022Opening balance 120 955 91 986 239 503 452 443 BB Electronic acquisition 55 702 59 693 31 353 146 748 Currency translation adjustment 7 235 12 759 8 484 28 478 Additions 91 976 1 885 26 215 120 076 Depreciation (66 060) (16 220) (50 944) (133 224)Closing balance 209 808 150 103 254 611 614 521 At 31 December 2022Acquisition cost 1 256 416 285 959 385 394 1 927 769 Accumulated depreciation/impairment (1 046 608) (135 856) (130 783) (1 313 248)Accounting carrying amount 209 808 150 103 254 611 614 521 1) For 2021 the value of NOK 7629 thousand for \u201cAssets under construction\u201d is reclassified from Intangible asset to Tangible assets/Building and land. Machinery and equipment, buildings and land were provided at 31 December as security for NOK 127.1 million and NOK 41.6 million (2021: NOK 108.9 million and NOK 38.1 million), see note 21.Building and land instalations are depreciated over 7 years, machinery is depreciated over 5-7 years, other equipment and vehicles are depreciated over 3-5 years while general-purpose IT hardware and software is depreciated over 3 years. Note 13 - GoodwillNOK 1000 GoodwillAt 1 January 2021Acquisition cost 40 765 Accumulated impairment charge (3 832)Accounting carrying amount 36 933 Fiscal 2021Opening balance 36 933 Closing balance 36 933 At 31 December 2021Acquisition cost 40 765 Accumulated impairment charge (3 832)Accounting carrying amount 36 933 Fiscal 2022Opening balance 36 933 Conversion differences 20 096 Additions 415 829 Closing balance 472 857 At 31 December 2022Acquisition cost 476 689 Accumulated impairment charge (3 832)Accounting carrying amount 472 857 The company\u2019s cash-generating units are identified by countryAllocation of carrying amount of goodwill by business area and by country:NOK 1000 2022 2021Norway 715 715Sweden 3 555 3 555Denmark (BB) 435 924 0Lithuania 22 516 22 516USA 10 147 10 147 Total 472 857 36 933The recoverable amount for a cash-generating unit is based on a calculation of value in use.The following table sets out the key assumptions for those cash-generating units that have significant goodwill allocated to them:2022 DenmarkGrowth rate in the forecast period 2.0 %Long-term growth rate 2.0 %2022 DenmarkBudgeted EBIT-margin 8.0 %Growth in other expenses in the forecast period 2.0 %Discount rate 22.4 %Assumption Approach used to determining values Average annual growth rate over the five-year forecast period is 2% and is based on expected Growth rate in the forecast periodinflation on a long term basis.The growth rate does not exceed the long-term growth rates of the market in which the business Long-term growth rateoperates and is determined to be 2% per year. Budgeted gross margin Based on past performance and management\u2019s expectations for the future.Fixed costs of the CGUs, which do not vary significantly with sales volumes or prices. Management Growth in other expenses in the forecasts these costs based on the current structure of the business, adjusting for inflationary forecast periodincreases but not reflecting any future restructurings or cost-saving measures. Discount rate is based on the WACC model and converted to pre-tax numbers. The discount rate is Discount ratein accordance with the discount rate that followod from the purchase price in the transaction and divided into the asset categories based on a judgement of risikiness of each asset.Impairment charge The present value of goodwill is estimated well above the carrying amount. There is substantial buffer before goodwill is in a impairment scenario. Impact of possible changes in key assumptions The directors and management have considered and assessed reasonably possible changes for the key assumptions and have not identified any instances that could cause the carrying amount of the Danish cash-generating unit to exceed its recoverable amount.For the other cash-generating units the cash flow assumption is based on financial budgets approved by the company\u2019s board. These calculations are based on growth assumptions which correspond with industry expectations of growth in the EMS market in the comeing years and no significant changes in margins. The calculated values are also sustainable against write offs due to a fair change in assumptions. The calculations are based on cash flows for the next three years and a residual value for future earnings.Note 14 - Intangible assetsNOK 1000 System Software Other intangible assets Customer contracts 2) TotalAt 1 January 2021Acquisition cost 113 014 6 926 - 119 939 Accumulated depreciation (66 165) (1 014) - (67 179)Accounting carrying amount 46 849 5 911 - 52 760 Fiscal 2021Opening balance 46 849 5 911 52 760 Currency translation adjustment 0 (0) (0)Additions 6 623 42 6 665 Reclassification 1) (7 629) - (7 629)Depreciation (6 089) (789) (6 878)Closing balance 39 753 5 164 - 44 917 At 31 December 2021Acquisition cost 112 007 6 967 - 118 975 Accumulated depreciation (72 254) (1 803) - (74 057)Accounting carrying amount 39 753 5 164 - 44 917 Fiscal 2022Opening balance 39 753 5 164 - 44 917 Aqusition BB Electronics - 24 009 265 072 289 081 Currency translation adjustment 30 (1 910) 11 869 9 989 Additions 2 165 524 2 690 Disposals - - - Depreciation (6 283) (3 572) (18 332) (28 187)Impairment charge - - - Closing balance 35 666 24 216 258 609 318 491 At 31 December 2022Acquisition cost 114 203 29 591 276 941 420 735 Accumulated depreciation (78 537) (5 375) (18 332) (102 244)Accumulated Impairment charge - - - - Accounting carrying amount 35 666 24 216 258 609 318 491 1) For 2021 the value of TNOK 7629 for \u201cAssets under construction\u201d is reclassified from Intangible asset to Tangible assets/Building and land. 2) In 2022, Kitron acquired the BB Electronics group. As a part of the valuation of the group the customers were valued more than book value. The valuation of customer contracts are based on a \u201cmulti-period excess earnings\u201d-method. This approach calculates a cash flow of excess values generated by existing customers, taking into account the cost of using other assets in the company. The value is assumed to be equal to the sum of the discounted cash flows over the remaining lifetime, which is set to 15 years. Additions to System Software in 2022 refers to ERP system and will be depreciated over 7 years. Other intangible assets consists of cyber security system for Kitron AB which also are depreciated over 7 years. Remaining amortisation period for the the cyber security system is 2 years. Note 15 - Accounts receivable and other receivablesNOK 1000 2022 2021Accounts receivable 1 508 212 864 598 Provision for bad debts - - Accounts receivable - net 1 508 212 864 598 NOK 1000 2022 2021Earned non-invoiced income 2 126 10 586 Prepaid costs 33 039 57 070 Other 110 604 49 647 Other receivables 145 770 117 302 Fair value of accounts receivable and other receivables:NOK 1000 2022 2021Accounts receivable - net 1 508 212 864 598 Accounts receivable - net 1 508 212 864 598 For other current receivables, the carrying amount is virtually identical with the fair value.As of 31 December 2022 accounts receivables of NOK 188.3 million (2021: NOK 86.1 million) were past due but not impaired. These relate to a number of independent customers for whom there is no recent history of default. The ageing analysis of these trade receivables is as follows:NOK 1000 2022 2021Not past due 1 319 889 778 532 Past due 1-30 days 146 794 73 582 Past due 31-60 days 25 314 4 219 Past due 61-90 days 6 167 6 446 Past due > 90 days 10 048 1 819 Total 1 508 212 864 598 As of 31 December 2022 no trade receivables were impaired and provided for (2021: NOK 0.0 million).The carrying amount of the group\u2019s trade and other receivables are denominated in the following currencies:NOK 1000 2022 2021CNY 91 193 35 610 EUR 535 072 298 528 NOK 343 205 277 961 SEK 120 510 112 250 USD 321 789 257 198 GBP 794 326 CZK 10 947 - DKK 234 160 - INR 1 408 - PLN 29 28 Total 1 653 981 981 900 Movements on the group provision for impairment of trade receivables are as follows:NOK 1000 2022 2021Provision at 1 January - - Receivables written off during the year as uncollectable - - Provision at 31 December - - The creation and release of provision for impaired receivables have been included in other operating expenses in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash.The maximum exposure to credit risk at the reporting date is the carrying value of the receivables mentioned above. The group does not hold any collateral as security. However, the group has credit insurance that reduces the credit risk on account receivables. See note 3.No impairment charge was recognised in the profit and loss account for the year. (2021: NOK 0.0 million). Impairment charge was assessed independent of the credit insurance. No special concentration of accounts receivable exists which poses an abnormal credit risk. Accounts receivable and other receivables at 31 December 2022 provided security for NOK 549.1 million (2021: 455.3 million), see note 21.Contract assetsThe group has recognised assets related to contract with customers. No increase in loss allowance in 2022 (2021 NOK 0.0 thousands).NOK 1000 2022 2021Contract assets 624 561 400 586 Loss allowance - - Contract assets - net 624 561 400 586 Note 16 - InventoriesNOK 1000 2022 2021Raw materials and purchased semi-manufactures 1 815 489 880 297 Total inventory 1 815 489 880 297 For obsolete goods in year 2022 there was recognised a change of NOK (2.4) million. In 2021 NOK 0.0 million. Impairment charge recorded in the balance sheet as per 31 December 2022 was NOK 38.5 million, per 31 December 2021 NOK 17.1 million. Note 17 - Cash and Cash EquivalentsNOK 1000 2022 2021Cash and cash equivalents 272 698 428 035 Cash, cash equivalents and bank overdraft comprise:NOK 1000 2022 2021Cash and cash equivalents 272 698 428 035 Overdraft drawn down (Note 21) (144 226) (205 621)Total 128 472 222 414 NOK 1000 2022 2021Bank overdraft facilities 31 December 401 933 301 465 Net drawn on overdraft facilities 31 December (144 226) (205 621)Locked-in bank deposits 31 DecemberSecurity for factoring receivables - 10 014 Security for leasing contracts 644 460 Total 644 10 474 Kitron ASA has established a group account agreement with the company\u2019s main bank. This encompass Kitron ASA and Norwegian, Swedish, Danish, German, Polish and US subsidiaries.Note 18 - Share capital and premium reserveShare capital and share premium reserveNumber of shares NOK 1000Share capital Premium reserve Total(thousands) At 1 January 2021 179 104 17 910 456 058 473 968Issue of new shares 17 910 1 791 336 565 338 356At 31 December 2021 197 014 19 701 792 623 812 324At 1 January 2022 197 014 19 701 792 623 812 324Issue of new shares 677 68 68At 31 December 2022 197 691 19 769 792 623 812 392Shares and shareholder informationThe company\u2019s share capital at 31 December 2022 comprised 197 691 053 shares with a nominal value of NOK 0.10 each. Each share carries one vote. There were 9 026 shareholders at 31 December 2022 (31 December 2021: 9 010 shareholders).The 20 largest shareholders in Kitron ASA at 31 December 2022:Shareholder Number PercentageFOLKETRYGDFONDET 17 375 340 8.79%VERDIPAPIRFOND ODIN NORGE 13 287 652 6.72%VEVLEN G\u00c5RD AS 12 500 000 6.32%MP PENSJON PK 9 704 520 4.91%The Northern Trust Comp, London Br 7 199 237 3.64%AAT INVEST AS 7 000 000 3.54%Danske Invest Norge Vekst 6 518 186 3.30%J.P. Morgan SE 5 531 043 2.80%VJ INVEST AS 5 182 686 2.62%The Bank of New York Mellon SA/NV 5 000 000 2.53%VERDIPAPIRFONDET HOLBERG NORGE 4 275 000 2.16%The Bank of New York Mellon SA/NV 3 757 000 1.90%Avanza Bank AB 1) 3 412 612 1.73%VARNER EQUITIES AS 3 039 674 1.54%VERDIPAPIRFONDET EQUINOR AKSJER NO 2 849 448 1.44%VPF FONDSFINANS NORDEN 2 500 000 1.26%J.P. Morgan SE 2 470 540 1.25%VERDIPAPIRFONDET DNB SMB 2 023 385 1.02%HAUSTA INVESTOR AS 1 994 499 1.01%VERDIPAPIRFONDET KLP AKSJENORGE IN 1 870 891 0.95%Total 20 largest shareholders 117 491 713 59.43%Total other shareholders 80 199 340 40.57%Total outstanding shares 197 691 053 100.00%1) Beneficial owner: CEO Peter Nilsson 2 471 102 shares (1,25 per cent)Authorized share capitalAuthorization to the board to issue sharesThe ordinary general meeting of 27 April 2022 authorized the board of directors of Kitron ASA to increase the share capital in accordance with the Norwegian Public Limited Liability Companies Act section 10-14 on the following conditions: \u25a0 The share capital may, in one or more rounds, in total be increased with up to NOK 1,970,143.90. \u25a0 The Board of Directors may not use the authorization if the total increase of the share capital approved by the Board of Directors in accordance with this authorization together with the use of other authorizations to issue shares, in the period for the authroization in item 3, exceeds NOK 3,940,287.80. \u25a0 The authorization shall be valid until the Annual General Meeting in 2023, but no later than 30 June 2023. \u25a0 The shareholders\u2019 pre-emptive rights according to the Norwegian Public Limited Liability Companies Act section 10-4 may be set aside. \u25a0 The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. \u25a0 The authorization encompasses share capital increase by contribution in any kind and the right to incur Kitron ASA with special obligations according to the Norwegian Public Limited Liability Companies Act section 10-2. \u25a0 The authorization encompasses resolutions on merger according to the Norwegian Public Limited Liability Companies Act section 13-5. \u25a0 The authorization is limited to encompass capital requirements or issuance of consideration shares in relation to strengthening of Kitron ASA\u2019s equity, joint ventures or joint business operations, remuneration to members of the Board of Directors of Kitron ASA, incentive schemes, and acquisition of property and business within Kitron ASA\u2019s purpose \u25a0 The Board of Directors is authorized to decide other terms and conditions of the subscription and is authorized to amend the articles of association as implied by the use of this authorization. \u25a0 This authorization replaces any previously granted authorizations for the Board of Directors to increase the share capital.Strategic authorizationThe ordinary general meeting of 27 April 2022 authorized the board of directors of Kitron ASA to increase the share capital in accordance with the Norwegian Public Limited Liability Companies Act section 10-14 on the following conditions: \u25a0 The ordinary general meeting of 27 April 2022 authorized the board of directors of Kitron ASA to increase the share capital in accordance with the Norwegian Public Limited Liability Companies Act section 10-14 on the following conditions: \u25a0 The share capital may, in one or more rounds, in total be increased with up to NOK 3,940,287.80. \u25a0 The Board of Directors may not use the authorization if the total increase of the share capital approved by the Board of Directors in accordance with this authorization together with the use of other authorizations to issue shares, in the period for the authorization in item 3, exceeds NOK 3,940,287.80. \u25a0 The authorization shall be valid until the Annual General Meeting in 2023, but no later than 30 June 2023. \u25a0 The shareholders\u2019 pre-emptive rights according to the Norwegian Public Limited Liability Companies Act section 10-4 may be set aside. \u25a0 The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. \u25a0 The authorization encompasses share capital increase by contribution in any kind and the right to incur Kitron ASA with special obligations according to the Norwegian Public Limited Liability Companies Act section 10-2. \u25a0 The authorization encompasses resolutions on merger according to the Norwegian Public Limited Liability Companies Act section 13-5. \u25a0 The authorization is limited to include strengthening of Kitron ASA\u2019s equity and issuing of consideration shares in connection with acquisition of other companies or enterprises within Kitron ASA\u2019s purpose. \u25a0 The Board of Directors is authorized to decide other terms and conditions of the subscription and is authorized to amend the articles of association as implied by the use of this authorization.Authorization to the board to buy own sharesThe ordinary general meeting on 27 April 2022 authorized the board of directors of Kitron ASA to acquire Kitron ASA\u2019s own shares, for the purpose of ownership or charge, in accordance with the Norwegian Public Limited Liability Companies Act sections 9-4 and 9-5 on the following conditions: \u25a0 The Board of Directors may acquire shares in Kitron ASA, on one or several occasions, provided that the total combined nominal value of the acquired shares after the acquisition must not exceed ten per cent of the share capital, i.e. up to a total nominal value of NOK 1,970,143.90. The authorization also includes contract liens in the shares of Kitron ASA. \u25a0 The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. \u25a0 Under this authorization the Board of Directors may pay minimum NOK 1 per share and maximum the prevailing market price per share on the day the offer is made, provided, however, that the maximum amount does not exceed NOK 25 per share. \u25a0 Any and all previous authorizations given to the Board of Directors to acquire own shares shall be, and hereby are, withdrawn with effect from the date this authorization is registered with the Norwegian Register of Business Enterprises. \u25a0 Shares acquired according to the authorization shall either be cancelled, used as remuneration to the members of the Board of Directors of Kitron ASA, used in incentive schemes or be used as consideration in connection with acquisition of other companies or businesses, joint ventures or joint business operations, and acquisition of property and business within Kitron ASA\u2019s purpose. \u25a0 This authorization shall be valid until the 2023 annual general meeting, but not longer than 30 June 2023.Note 19 - Share based paymentIn 2018 the Board introduced a new share option program for executive management comprising of up to 5 000 000 shares. The program is divided into four three-year subprograms, each with an allocation of 1 250 000 option, where the first program started in 2019, followed by one program every year until 2023. The share option program entails that executive management, on certain terms, may be granted a right to subscribe for shares in Kitron at NOK 0.10 per share after a vesting period of three years. The number of options that are vested for each subprogram are linked to the development of the market capitalization at Oslo Stock Exchange, adjusted for dividends and share buy-backs. For each program to vest fully, the market capitalization adjusted for dividends and share buy-backs must increase 50 per cent. The program starts to vest at an increase of 20 per cent and will vest linearly between 20 per cent to 50 per cent. Each subprogram is capped at 200 per cent increase of the market capitalization, adjusted for dividends and share buy-backs. The program has a clawback clause. Each of the subprograms has a lock up-period of one year and a down-sale period of two yearsThe Company utilizes a Monte Carlo simulation to determine the impact of stock option grants in accordance with IFRS 2, Share-based payment, on the Company\u2019s net income. The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be outstanding until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimate the likelihood of performance fulfillment and takes this into account in the valuation.During the period ended 31 December 2022, the Company has had share-based payment arrangements for employees, as described below.Fair value of Share Options granted is calculated using the Monte Carlo option pricing model. The weighted average inputs to Monte Carlo model and Fair values per 31 December 2022 are listed below (calculated at grant):Granted 2019 2020 2021 2022Exercise price 0,10 0,10 0,10 0,10Share price at grant date 9,14 13,90 20.15 19.70Expected life from grant date 2.77 years 2.95 years 2,94 years 2,44 years Volatility 29% 36% 35% 40%Interest rate 1.19% 0.168% 1.12% 3.61%Fair value per option 2.57 6.65 7.48 8.18Expected volatility is based on historical volatility of the Company. The Company is listed on the Oslo Stock Exchange. Interest rates used are quoted Norwegian government bonds and bills retrieved from Norges Bank. The total expensed amount in 2022 arising from the option plans are NOK 8 063 thousand, not including social security (2021: NOK 5 243 thousand). The total carrying amount per 31 December 2022 is NOK 12 809 thousand, not including social security (2021: NOK 11 482 thousand). Accrued social security at 31 December 2022 is NOK 6 586 thousand (2021: NOK 6 851 thousand). Quantity and weighted average pricesActivity Number of instruments Weighted Average Strike PriceOutstanding OB (01.01.2021) 2 500 000 0.10Granted 1 190 000 0.10Exercised - -Forfeited -270 000 0.10Expired - -Outstanding CB (31.12.2021) 3 420 000 0.10Vested CB -Quantity and weighted average pricesActivity Number of instruments Weighted Average Strike PriceOptions not granted CB (31.12.2021) 330 000 0.10Outstanding OB (01.01.2022) 3 420 000 0.10Granted 1 175 000 0.10Exercised - 1 170 000 0.10Forfeited - 25 000 0.10Expired - -Outstanding CB (31.12.2022) 3 400 000 0.10Vested CBOptions not granted CB (31.12.2022) 350 000 0.10Outstanding instruments Vested instruments Number of Weighted Average Weighted Average Vested instruments Weighted Average Strike priceinstrumentsremaining contractual lifeStrike Price31.12.2022Strike Price 0.10 3 400 000 1.65 0.10 0 -Board Number of shares Number of options2022 2021 2022 2021Tuomo L\u00e4hdesm\u00e4ki, chairman 291 668 277 796 - -Gro Br\u00e6kken, board member 51 280 46 380 - -Espen Gundersen, board member 56 280 52 380 - -Maalfrid Brath, board member 29 499 22 677 - -Christian Jebsen, board member (until 27.04.2022) - 22 380 - -Petra Grandinson 20 494 14 254 - -Michael Lundgaard Thomsen (from 27.04.2022) 6 240 0Jarle Larsen, employee elected board member 19 624 15 724 - -Tanja R\u00f8rheim, employee elected board member 26 280 22 380 - -Bj\u00f8rn M. Gottschlich, employee elected board member 26 480 22 580 - -Management Number of shares Number of options2022 2021 2022 2021Peter Nilsson, CEO 2 471 102 2 287 182 905 000 1 030 000Cathrin Nylander, CFO 1 035 249 955 627 295 000 370 000Kristoffer Askl\u00f6v, COO 101 561 51 561 300 000 250 000Stian Haugen, CTO 51 561 51 561 295 000 220 000Mindaugas Sestokas,Vice President and Managing Director 418 978 316 978 295 000 370 000Hans Petter Thomassen, Vice President and Managing 470 062 387 460 295 000 370 000DirectorStefan Hansson Mutas, Managing Director 295 281 219 261 295 000 370 000Zygimantas Dirse, Managing Director 535 122 452 622 295 000 370 000Carsten Christensen, CEO BB Electronics (joined 10.01.2022) 51 561 51 561 300 000 0Note 20 - Accounts payable and other payablesNOK 1000 2022 2021Account payable 1 468 981 793 421Deposits received 549 610 124 358Accounts payable 2 018 591 917 779NOK 1000 2022 2021Public duties 53 535 44 195Payable to related parties (note 27) 16 257 -Other accruals 231 263 86 862Other payables 301 055 131 057The carrying amount of the groups, trade and other payables are denominated in the following currencies:NOK 1000 2022 2021Trade and other payablesCNY 252 873 40 946 EUR 574 128 252 426 NOK 236 980 146 187 SEK 119 737 95 832 USD 1 024 852 497 714 HKD 87 16 CHF 2 133 357 GBP (2 037) 6 085 JPY (820) 3 358 PLN 79 657 5 581 DKK 14 909 334 CZK 17 164 - INR (17) - Total trade and other payables 2 319 646 1 048 836Note 21 - BorrowingsNOK 1000 2022 2021Long-term loansLeasing 163 089 150 950Other 1) 1 092 141 55 280Total 1 255 230 206 230Current loansDebt to credit institutions 2) (Note 17) 144 227 205 621Factoring debt 3) 336 450 358 928Leasing 63 426 46 544Other 1) 100 000 182 154Total 644 103 793 247Total loans 1 899 333 999 4771) Other long-term and current loans consist mainly of bank loans from the group\u2019s principle banks. Interest is payable at a rate of IBOR and a margin, dependent on Kitron\u2019s NIBD/EBITDA ratio.2) Kitron has established a group account agreement with the group\u2019s main bank. This embraces the Norwegian, Swedish, German, Polish, Danish and US companies. The group\u2019s short term bank financing is a revolving facility. There was a draft at the group account agreement at 31 December 2022 of NOK 100.1 million (2021: NOK 131.4 million). Interest is payable at a rate of IBOR and a margin.3) Kitron has per 31 December 2022 factoring arrangements for the Norwegian and Swedish entities. The factoring facility is a rolling facility and is subject to yearly renewal. Interest is payable at a rate of IBOR and a margin.The loan facilities with the company\u2019s main bank, described in 1) and 2), include covenants relating to factors as the company\u2019s gearing ratio, earnings and loan-to-value ratio. The company complies with these covenants at 31 December 2022.Unrestricted bank deposits and unused credit lines amounted to NOK 390.5 million for the group at 31 December 2021 (NOK 512.5 million at 31 December 2021). Periods to maturity of long-term loans:NOK 1000 2022 2021Between one and two years 190 590 104 806Between two and five years 360 388 81 109Over 5 years 704 252 20 315Total 1 255 230 206 230Carrying amount and fair value of long-term loans: Carrying amount Fair valueNOK 1000 2022 2021 2022 2021Leasing 163 089 150 950 151 468 146 086Other 1 092 141 55 280 930 188 51 257Total 1 255 230 206 230 1 081 656 197 343Fair value is based on discounted cash flow with a discount rate of 5.0 per cent (2021: 4.0 per cent). The carrying amount of current loans is virtually identical with fair value.Carrying amount of the group\u2019s loans in various currencies:NOK 1000 2022 2021NOK 919 528 544 511SEK 79 685 82 302EUR 695 111 192 117USD 146 663 159 697CNY 43 394 20 850DKK 14 863 -CZK 88 -Total 1 899 333 999 477Loans include NOK 1 672.8 million (2021: 802.0 million) in secured commitments (bank loans and other secured loans). MortgagesNOK 1000 2022 2021Debt secured by mortgages 1 764 112 878 327Carrying amount of the group\u2019s assets provided as security:NOK 1000 2022 2021Buildings and land 41 634 38 059Machinery and equipment 127 130 108 879Cash - 10 014Receivables 549 123 455 284Inventory and contract assets 1 197 573 833 148Total 1 915 461 1 445 384For the Swedish entity there are company mortgages of SEK 46.5 million at 31 December 2022 (2021: SEK 46.5 million).Debt secured by mortgages includes leasing liabilities for machinery and equipment. The carrying amount of these fixed assets is included in the carrying amount of assets provided as security. Of the mortgage debt in the consolidated accounts, the commitment related to leasing recognised in the balance sheet amounted to NOK 91.3 million at 31 December 2022 (2021: NOK 76.3 million).Conditions in the form of vendor\u2019s fixed charge are moreover related to deliveries from Kitron\u2019s suppliers of goods. The group\u2019s receivables recognised in the balance sheet are provided as security (factoring mortgage) for obligations to DNB Finans.The group\u2019s guarantee provider had provided guarantees at 31 December for leasing obligations and tax due but not paid. These totalled NOK 3.6 million (2021: NOK 3.4 million) and NOK 17.0 million (2021: NOK 15.0 million) respectively for the group.Per 31 December Kitron ASA has granted parent company guarantees of 16.2 million EUR related to lease obligations and factoring agreement for the polish subsidiary Kitron sp. z o.o (2021: 25.6 million EUR), and 350 million NOK related to bank financing for Kitron AS and Kitron AB (2021: 350 million NOK).Note 22 - Deferred income taxDeferred tax is recognised net when the group has a legal right to net deferred tax assets against deferred tax in the balance sheet and if the deferred tax is payable to the same tax authority.Deferred tax asset:NOK 1000 2022 2021Deferred tax asset to be recovered after more than 12 months 91 659 73 989Deferred tax liability:NOK 1000 2022 2021Deferred tax liability to be recovered after more than 12 months 66 366 4 223Deferred tax asset (net) 25 293 69 766Change in carrying amount of deferred tax asset:NOK 1000 2022 2021Opening balance 69 766 67 656Currency translation differences 5 204 2 114Profit and loss account 6 811 (3 175)Business combinations (57 059) -Other comprehensive income (1 598) 793Equity for the period 2 169 2 379Closing balance 25 293 69 766Changes in deferred tax assets and deferred tax (with netting in same tax regime).Deferred tax liabilities:Deferred capital NOK 1000 Fixed assets Contract assetsCustomer contracts TotalgainAt 1 January 2021 6 441 11 251 45 - 17 737Profit/(loss) for the period 1 172 (1 386) (13) - (227)Other comprehensive income - - - - -Currency translation differences (178) (19) - - (197)At 31 December 2021 7 435 9 846 32 - 17 313At 1 January 2022 7 435 9 846 32 - 17 313Profit/(loss) for the period (4 388) 2 107 (6) (4 062) (6 349)Business combinations 3 141 3 658 - 58 781 65 580Other comprehensive income - - - - -Currency translation differences 934 180 - 1 600 2 714At 31 December 2022 7 122 15 791 26 56 319 79 258Deferred tax asset:Provision and current NOK 1000Loss carried forward Pension TotalassetsAt 1 January 2021 1 656 82 491 1 246 85 393Profit/(loss) for the period 1 873 (5 167) (108) (3 402)Other comprehensive income - 709 84 793Equity for the period - 2 379 - 2 379Currency translation differences 135 1 782 - 1 917At 31 December 2021 3 664 82 194 1 222 87 079At 1 January 2022 3 664 82 194 1 222 87 079Profit/(loss) for the period 946 (370) (114) 462Business combinations 8 521 - - 8 521Other comprehensive income - (1 644) 46 (1 598)Equity for the period - 2 169 - 2 169Currency translation differences 1 673 6 243 - 7 916At 31 December 2022 14 804 88 592 1 154 104 551Deferred tax assets related to tax loss carried forward is recognised in the balance sheet to the extent that it is probable that the group can apply this against future taxable profit. Tax losses carried forward are related to the operations in Norway and USA.Deferred tax assets related to losses carried forward amounted to TNOK 37 748 in Norway (2021: TNOK 26 840) and TNOK 55 640 in USA (2021: TNOK 54 204). The group did not recognise deferred tax assets of TNOK 23 249 (2021: TNOK 0) related to tax losses carried forward for the operation in the USA.The business improvements made and the expected development on future sales and profitability warrant deferred tax assets in the balance sheet of Kitron Technologies Inc. Utilization time for State tax losses carried forward is 20 years and infinite for Federal tax losses carried forward. There are no restrictions on the right to carry the tax loss forward in other countries.Note 23 - Retirement benefit obligationsThe pension obligation below is relating to life-long pension benefits to a former CEO. The pension plan is unfunded.The AFP-scheme is a defined benefit multi-enterprise scheme, but is recognised in the accounts as a defined contribution scheme until reliable and sufficient information is available for the group to recognise its proportional share of pension cost, pension liability and pension funds in the scheme. The company\u2019s liabilities are therefore not recognised as debt in the balance sheet. UnfundedNOK 1000 2022 2021Carrying amount of the obligationPension commitments 5 243 5 557Costs recognised in the profit and loss account (incl in note 8)Pension costs (gain) defined benefit plans 79 81Cost recognised in other comprehensive incomeActuarial losses (gains) pensions 209 383Defined pension benefit plansCarrying amount of the obligation is determined as follows Present value of pension obligation (5 243 (5 557)Fair value of plan asset - -Net commitments in unfunded defined benefit plans (5 243) (5 557)Hereof payroll tax on the pension obligations (648 (687)Net pension obligation in the balance sheet (5 243) (5 557)Net pension costs compriseInterest cost (79) (81)Total, included in payroll costs (79) (81)UnfundedNOK 1000 2022 2021Change in carrying amount of pension commitmentsOpening balance (5 557) (5 666)Cost recognised in the profit and loss account for the year (79) (81)Cost reccognised in other comprehensive income (209) (383)Benefits paid 602 573Closing balance (5 243) (5 557)The following assumptions have been applied in calculating pension commitments:Discount rate 3.2% 1.5%Annual pension adjustment 3.5% 2.25 %Social security tax rate 14.10% 14.10 %Assumptions on mortality rates are based on published statistics in Norway K2013 K2013Number of employeees in defined benefit plans 1 1Note 24 - Dividends per shareFor 2021 a dividend of NOK 0.25 per share was paid. The Kitron Board of Directors will propose a dividend of NOK 0.50 per share for the financial year 2022 to the Annual General Meeting in April 2023. The dividend will be payable to shareholders registered in Kitron\u2019s shareholder register with the Norwegian Central Securities Depository (Euronext Securities Oslo \u2013 formerly named Euronext VPS) as of expiry of 28 April 2023 (being shareholders as of the date of the Annual General Meeting\u2019s resolution).The total proposed dividend is NOK 98.8 million. Note 25 - Cash flow from operationsNOK 1000 2022 2021Profit/(loss) before tax 392 234 204 165 Depreciation and impairment 161 411 101 048 Change in inventory (476 711) (335 320)Change in contract assets (148 529) (13 926)Change in accounts receivable and other short term receivables (422 868) (30 105)Change in factoring debt (22 478) 87 661 Change in accounts payable and other short term payables 670 706 215 411 Change in pension funds/obligations (476) (299)Effect from option costs (1 753) 5 243 Change in other items 63 551 (52 318)Other adjustments booked to equity - (12 377)Interest cost - net 66 200 16 225 Foreign exchange losses / (gains) on operating activities (2 095) (2 053)Cash flow from continuing operations 279 193 183 357 Loans presented as financing activities in the cash flow statement:NOK 1000 2022 2021Leasing - long-term 163 089 150 950 Leasing - short-term 63 426 46 544 Total lease liablities 226 515 197 494 Long-term bank loans 1 092 141 55 280 Short-term bank loans 100 000 182 154 Total borrowings 1 192 141 237 434 NOK 1000 Finance leases Borrowings TotalLoans as at 31 December 2021 (197 494) (237 434) (434 928)Acqusition of subsidiaries (31 766) (101 706) (133 472)Cash flows 57 230 (810 553) (753 303)Lease liabilities recognised (48 689) - (48 689)Foreign exchange adjustments (12 477) (44 841) (57 318)Other non-cash movements 6 681 2 373 9 054Loans as at 31 December 2022 (226 515) (1 192 141) (1 418 656)NOK 1000 Finance leases Borrowings TotalLoans as at 31 December 2020 (226 731) (179 008) (405 739)Cash flows 29 185 (41 165) (11 980)Lease liabilities recognised (191) (191)Foreign exchange adjustments 243 (53) 190 Other non-cash movements - (17 208) (17 208)Loans as at 31 December 2021 (197 494) (237 434) (434 928)Notes 26 - LeasesAmounts recognised in the balance sheetThe balance sheet shows the following amounts relating to leases:NOK 1000 31.12.2022 31.12.2021Right to use assetsBuildings and land 127 097 112 742Macinery and equipment 127 514 126 761Total 254 611 239 503Lease liabilities**Current 63 426 46 544Non-Current 163 089 150 950Total 226 515 197 494**included in the line items \u201cLoans\u201d in the balance sheet.Additions to the right-of-use assets in 2022 were NOK 31.4 million (2021: 30.6 million) (Note 12). Amounts recognised in the statement of profit or lossThe statement of profit or loss shows the following amounts relating to leases:NOK 1000 31.12.2022 31.12.2021Depreciation charge of right-of-use assetsBuildings and land 29 611 19 469Macinery and equipment 24 453 30 477Total 54 064 49 946Interest expense 8 684 8 935Expenses relating to short-term leases 780 1 419Expenses relating to leases of low-value 994 870Expenses relating to variable lease payments not included in lease liabilities - - Income from subleasing right of use assets - - Gains or losses arising from sale and leaseback transactions - - The total cash outflow for leases in 2022 was NOK 57.2 million (2021: NOK 31.5 million).Notes 27 - Related partiesNOK 1000 2022 2021Remuneration of senior executivesPay and other benefits (1) 62 344 21 200Balance items at 31 December resulting from purchase/sale of goods and services Payable to related parties:Senior executives (1) 16 257 -Total 16 257 -(1) Senior executives comprise the corporate management team at Kitron ASA. See table in below for a more extensive description of remuneration of senior executives. The amount at 31 December comprises accrued bonuses to corporate management team.Remuneration of senior executives, directors and auditorNOK 1000 2022 2021Directors' fee: 3 016 2 834 - chairman 604 550 - board members 2 412 2 284Auditors fee 5 980 3 068 - statutory audit 4 307 2 699 - other attestation services 85 - - tax related services 1 115 164 - other services 473 205Remuneration of senior executives:NOK 1000 Fixed remuneration Variable remun.Name Short-term Long-Base Other incentive term Pension Total Proportion of1234Yearsalarybenfitsearnedincentiveexpenseremuneration fixed/variablePeter Nilsson2022 3 125 295 2 629 6 413 1 503 13 965 35%/65%CEO(01.01.2022-31.12.2022)2021 3 030 294 - - 1 502 4 826 100%/0%Cathrin Nylander2022 2 220 282 1 868 2 746 295 7 411 38%/62%CFO(01.01.2022-31.12.2022)2021 2 153 282 - 294 2 729 100%/0%Kristoffer Askl\u00f6v2022 2 308 113 1 938 845 354 5 558 50%/50%COO(01.01.2022-31.12.2022)2021 764 269 1 033 100%/0%Israel L. Salvador2022 - - - - - -COO(left 30.09.2021)2021 1 726 121 - 204 2 051 100%/0%Stian Haugen2022 1 398 216 1 190 96 2 900 59%/41%CTO(01.01.2022-31.12.2022)2021 1 217 172 - 73 1 461 100%/0%Zygimantas DirseManaging Director,2022 1 632 523 1 434 2 985 90 6 664 34%/66%Kitron ElectronicsManufacturing (Ningbo) CO Ltd., China2021 1 738 327 - 78 2 144 100%/0%(01.01.2022-31.12.2022)Stefan H Mutas2022 1 616 81 1 416 2 757 785 6 655 37%/63%Managing Director,Kitron AB, Sweden2021 1 695 107 - 782 2 584 100%/0%(01.01.2022-31.12.2022)Mindaugas2022 2 092 62 1 757 2 985 6 897 31%/69%SestokasManaging Director,UAB Kitron, Lithuania&VP Central Eastern2021 2 080 27 - 2 107 100%/0%Europe(01.01.2022-31.12.2022)Hans Petter2022 1 898 203 1 597 2 737 227 6 662 35%/65%ThomassenManaging Director, Kitron AS, Norway2021 1 840 198 - 227 2 265 100%/0%& VP North America(01.01.2022-31.12.2022)Carsten Christensen2022 2 904 301 2 428 5 632 57%/43%CEO BB Electronics(joined 10.01.2022)20211) Other benefits include the value of any benefits or prerequisites, such as non-business or non-assignment related travel, medical, car, education and training, residence or housing, credit cards and other benefits in kind or prerequisites.2) Short-term incentive earned includes the total monetary value of annual bonuses from the short-term incentive program for the financial year.3) Long-term incentive program includes programs that have vested during the year and shows total benefit of shares and cash consideration.4) Pension expense includes contributions that effectively took place during the reported financial period to finance a fund or other pension scheme for future pension payout for the senior executive.Name of Board Position Type of remuneration 2022 2021member Total regular board remuneration 582 524Tuomo Juhani L\u00e4hdesm\u00e4kiAmount of board remuneration paid in cash 342 313ChairAmount of board remuneration used for share acquisition 240 211(01.01.2022-31.12.2022)Remuneration for chair of the remuneration committee 23 26Total regular board remuneration 268 262Gro Merete Br\u00e6kkenAmount of board remuneration paid in cash 201 196Deputy (01.01.2022-chairpersonAmount of board remuneration used for share acquisition 67 6631.12.2022)Remuneration for member of the audit/remuneration committee 47 26Total regular board remuneration 268 262Espen GundersenAmount of board remuneration paid in cash 201 196Board member(01.01.2022-Amount of board remuneration used for share acquisition 67 6631.12.2022)Remuneration for chair of the audit committee 90 37Total regular board remuneration 268 262Maalfrid BrathAmount of board remuneration paid in cash 201 196Board member(01.01.2022-Amount of board remuneration used for share acquisition 67 6631.12.2022)Remuneration for member of the remuneration committee 23 26Total regular board remuneration 66 262Christian JebsenAmount of board remuneration paid in cash 66 196Board member(01.01.2022-Amount of board remuneration used for share acquisition - 6627.04.2022)Remuneration for member of the audit committee 20 32Bj\u00f8rn Martin Total regular board remuneration 268 262GottschlichAmount of board remuneration paid in cash 201 196Board member(01.01.2022-Amount of board remuneration used for share acquisition 67 6631.12.2022)Total regular board remuneration 268 262Tanja R\u00f8rheimAmount of board remuneration paid in cash 201 196Board member(01.01.2022-Amount of board remuneration used for share acquisition 67 6631.12.2022)Remuneration for member of the audit committee 54 32Jarle LarsenTotal regular board remuneration 268 262Board memberAmount of board remuneration paid in cash 201 196(01.01.2022-31.12.2022)Amount of board remuneration used for share acquisition 67 66Total regular board remuneration 268 262Petra GrandinsonAmount of board remuneration paid in cash 160 157Board member(01.01.2022-Amount of board remuneration used for share acquisition 108 10531.12.2022)Remuneration for member of the remuneration committee 23 35Total regular board remuneration 203 -Michael ThomsenAmount of board remuneration paid in cash 95 -Board member(27.04.2022-Amount of board remuneration used for share acquisition 108 -31.12.2022)Remuneration for member of the remuneration committee 9 -No payroll tax is included in the tables above. Pension contribution includes paid contribution to the company\u2019s pension scheme. For employee representatives only board remuneration is declared. The company has not given any loans or security for directors or senior executives at 31 December 2022.For more information about remuneration of senior executives, see separate Remuneration Report available at www.kitron.com.Note 28 - Interest in subsidiariesSet out below are the group\u2019s principal subsidiaries at 31 December 2022. Unless otherwise stated, the subsidiaries as listed below have share capital consisting solely of ordinary shares, which are held directly by the group and the proportion of ownership interests held equals to the voting rights held by group. The country of incorporation or registration is also their place of principal place of business.Company name Country of incorporation Shareholding Voting share Principal activities Kitron AS Arendal, Norway 100% 100% EMS manufacturingKitron AB J\u00f6nk\u00f6ping, Sweden 100% 100% EMS manufacturingKitron Hong Kong Ltd Hong Kong 100% 100% Trading, sourcingKitron GmbH N\u00fcrtingen, Germany 100% 100% Sales Kitron Holding USA Inc Delaware, USA 100% 100% ShareholdingUAB Kitron Real Estate Kaunas, Lithuania 100% 100% Property UAB Kitron Kaunas, Lithuania 100% 100% EMS manufacturingKitron sp. z o.o Grudziadz, Poland 100% 100% EMS ManufacturingThe Kitron Hong Kong Ltd subsidiary owns shares in the following subsidiaries:Company name Country of incorporation Shareholding Voting share Principal activities Kitron Electronics Manufacturing Ningbo China 100% 100% EMS manufacturing(Ningbo) CO., Ltd.Kitron Electromechanical (Ningbo) Ningbo China 100% 100% PurchasingCO. LtdThe Kitron Holding USA Inc subsidiary owns shares in the following subsidiaries:Company name Country of incorporation Shareholding Voting share Principal activities Kitron Technologies Inc Delaware, USA 100% 100% EMS manufacturingKitron Systems Inc Delaware, USA 100% 100% DormantThe BB Electronics AS subsidiary owns shares in the following companies:Company name Country of incorporation Shareholding Voting share Principal activities BB Electronics (Suzhou) C. Ltd Suzhou, China 100% 100% EMS manufacturingBB Electronics, Wendell Holding a.s Lanskroun, Czech 100% 100% ShareholdingBB TCBB ApS Horsens, Denmark 100% 100% ShareholdingEMS manufacturing TCBB India Private Limited Chennai, India 100% 100%under establishmentBB Electronics (Suzhou) C. Ltd owns shares in the following companies:Company name Country of incorporation Shareholding Voting share Principal activities BB Trading (SIP) Co. Ltd Suzhou, China 100% 100% TradingBB Electronics Wendell Holding a.s owns shares in the following companies:Company name Country of incorporation Shareholding Voting share Principal activities BB Electronics, Wendell Electronics a.s Lanskroun, Czech 100% 100% EMS manufacturingNote 29 - Government grantsThe group has received grants in 2022 of TNOK 4.0 (2021: 930). TNOK 1 507 was for employee training and TNOK 2 538 was for business reward and different subsidies.The amount has reduced payroll expenses and other operating expenses correspondingly. \u2018Note 30 - Business combinationsAt 6 January 2022, Kitron completed the acquisition of the Danish EMS company BB Electronics A/S, which has production facilities in Denmark, China and the Czech Republic. BB Electronics is a full-service EMS (Electronics Manufacturing Services) provider based in Horsens, Denmark. The group had revenues of about DKK 1,000 million in 2021 and on average 750 employees and has over the past years grown significantly, both organically and through M&A. The customer base is concentrated within industry, telecom and medical. The purchase price paid, after certain post signing adjustments, was DKK 663.5 million (NOK 895.4 million). The fair value assessment of the assets and liabilities recognized as a result of the acquisition is as follows:Fair valueNOK 1000 01.01.2022Other intangible assets 24 009Other intangible assets, customer contracts 265 072Property, plant and equipment 115 395Right-of-use assets 31 353Financial assets 2 661Deferred tax assets 8 521Inventory 459 959Accounts receivable 222 323Contract assets 77 867Other receivables 62 644Cash and cash equivalents 31 572Deferred tax -65 580Loans -103 227Other liabilities -7 486Accounts payable -433 177Other payables -175 806Tax payable -7 721Loans -30 245Net identifiable assets acquired 478 135Add: goodwill 417 240Net assets acquired 895 375The goodwill is attributable to workforce and synergies. It will not be deductible for tax purposes. Revenue and profit contributionThe acquired business contributed revenues of NOK 2 188.4 million, EBITDA of NOK 226.8 million, EBIT of NOK 188.6 million and net profit of NOK 133.5 million for the period from 1 January 2022 to 31 December 2022. In addition, other intangible assets (customer contracts) included in the fair value assessment are amortized with NOK 18.3 million for the period from 1 January 2022 to 31 December 2022. Note 32 - Subsequent eventsThere have been no events to date that significantly affect the results for 2022 or validation of the company\u2019s assets and liabilities at the balance sheet date.Note 31 \u2013 HedgingKitron ASA acquired BB Electronics with effect from 1 January 2022. Purchase price was 663.5 million DKK. Purchase Price Allocation analysis per acquisition date shows excess value of 448.9 million DKK in intangible assets and goodwill net after tax. Part of the acquisition was financed by a 52.1 million EUR term loan in bank (converted from NOK at 30 March 2022).Hedging- and economic relationshipA hedging- and an economic relationship consist between the total DKK investment in BB Electronics and the EUR loan. The total net assets of BB Electronics and the net excess values in intangible assets and goodwill constitute the hedged objects and the EUR loan constitutes the hedging instrument.The nature of the risk being hedgedThe hedged objects and the hedging instrument will be translated to NOK per balance sheet date and will create currency translation effects due to changes in NOK/DKK and NOK/EUR currency rates.Hedge effectivenessAs DKK is pegged to EUR the two currencies will move in the same direction. The total DKK investment (hedged objects) and the EUR liability (hedging instrument) will make a hedge. The currency effect in Kitron ASA parent company account from the translation of the EUR loan will be neutralized by the effect from the translation of the DKK assets. See quantitative information in the tables below:Hedging instrument Currency 2022 2021 Balance sheet itemCarrying amount (31 December)Interest bearing debt - Bank loan (5-year term loan) EUR 44 302 -(Current/Non-current)DKK eqvivalent 330 223 -Change in carrying amount of bank loan NOK 44 841 -Hedging objects Currency 2022 2021 Balance sheet itemCarrying amount (31 December) - Net equity BB Electronics A/S DKK 330 167 - Equity - Goodwill DKK 295 723 - Goodwill - Customer contracts DKK 183 411 - Intangible assets - Deferred tax DKK (40 350) - Deferred tax liabilitiesTotal 768 951Change in value of hedged objects NOK 45 639 -Net effect presented in Other Comprehensive Income NOK 798 -Hedge ratio (31 December) 2,3 -", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-8-2": { "value": "Note 2 - Summary of the most significant accounting principlesThe most significant accounting principles applied in the preparation of the consolidated financial statements are detailed below. These principles have been applied uniformly in all the periods unless otherwise stated.Basis for preparationsThe consolidated financial statements of Kitron ASA have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS as approved by the European Union (EU). The consolidated financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The consolidated financial statements are prepared based on a going concern assumption.Changes in accounting policy and disclosuresa) New and amended standards adopted by the group The group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2022: \u25a0 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u25a0 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37 \u25a0 Annual Improvements to IFRS Standards 2018-2020, and \u25a0 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. The group also elected to adopt the following amendments early: \u25a0 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 amendments to IAS 12.The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.b) New standards and interpretations not yet adoptedCertain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.Consolidation principlesSubsidiariesSubsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement.Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognises any noncontrolling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the noncontrolling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets.Acquisition-related costs are expensed as incurredIf the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss.Any contingent consideration to be transferred by the group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 either in profit or loss or as a change to other comprehensive income. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies.Changes in ownership interests in subsidiaries without change of controlTransactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to noncontrolling interests are also recorded in equity.Disposal of subsidiariesWhen the group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.Associated companiesThe group has no joint ventures or associated companies.Segment reportingThe Corporate management has evaluated that the group operates in only one segment; Electronics Manufacturing Services (EMS). There is therefore no separate segment reporting in Kitron.Translation of foreign currenciesFunctional and presentation currenciesThe accounts of the individual units are compiled in the principal currency used in the economic area in which the unit operates (the functional currency). The consolidated accounts are presented in NOK, which is both the functional and the presentation currency for the parent company.Transaction and balance sheet itemsForeign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other gains/(losses)\u2019.Net investment hedgesHedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within other gains/(losses). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold.Group companiesThe income statements and balance sheets for group units (none of which are affected by hyperinflation) in functional currencies which differ from the presentation currency are translated as follows: \u25a0 The balance sheet is translated at the closing exchange rate on the balance sheet date \u25a0 The income statement is translated at the average exchange rate \u25a0 Translation differences are recognised in OCI and specified separately \u25a0 Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rateProperty, plant and equipmentTangible fixed assets primarily embrace buildings and land, machinery, equipment, and fixtures and fittings. Tangible fixed assets are stated at historical cost less accumulated depreciation and impairments. They are recognised in the balance sheet and depreciated on a straight-line basis to their residual value over their expected useful life, which is: \u25a0 Buildings: 20-33 years \u25a0 Machinery and operating equipment: 3-10 yearsLand is not depreciated. The useful life of fixed assets and their residual value are reassessed on every balance sheet date and amended if necessary. When the carrying amount of a fixed asset is higher than the estimated recoverable amount, the value is written down to the recoverable amount.On-going maintenance of fixed assets is charged as an operating cost, while upgrading or improvements are added to the historical cost of the asset and depreciated accordingly. Gain and loss on disposals is recognised in the income statement as the difference between the sales price and the carrying amount.Fixed assets subject to depreciation are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). At each reporting date, an assessment is made of the opportunity for reversing earlier impairment charges on fixed assets.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within \u2018Other gains/(losses)\u2019 in the income statement.Right-of-use assetsRight-of-use assets consist of buildings, machinery and equipment accounted for in accordance with IFRS 16. See more info under \u201cThe group\u2019s leasing activities and how they are accounted for\u201d later in this note and note 26 \u201cLeases\u201d.Intangible assetsGoodwillGoodwill is the difference between the sum of the consideration paid, non-controlling interests recognised and previously held interests at fair value for the acquisition of a business and the fair value of the acquiree\u2019s net identifiable assets at the acquisition date. Goodwill is tested annually for impairment and recognised in the balance sheet at its acquisition cost less impairment charges. Impairment losses on goodwill are not reversed. The goodwill is allocated to relevant cash generating units at the time of the acquisition. The allocation is made to those cash-generating units or groups of such units which are expected to benefit from the acquisition. The group allocates goodwill to cash generating units in each country in which it operates.Customer contractsCustomer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.Computer softwareCosts associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognised as intangible assets when the following criteria are met: \u25a0 it is technically feasible to complete the software product so that it will be available for use; \u25a0 management intends to complete the software product and use it; \u25a0 there is an ability to use the software product; \u25a0 it can be demonstrated how the software product will generate probable future economic benefits; \u25a0 adequate technical, financial and other resources to complete the development and to use the software \u25a0 product are available; and \u25a0 the expenditure attributable to the software product during its development can be reliably measured.Computer software is depreciated on a straight-line basis to their residual value over their expected useful life, which is 7 years.Financial assetsThe Group\u00b4s financial assets are: accounts receivable, other receivables at amortized cost and cash and cash equivalents. At initial recognition, the group measures a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.The Group measures financial assets at amortised cost if both of the following conditions are met: \u25a0 the asset is held within a business model whose objective is to collect the contractual cash flows, and \u25a0 the contractual terms give rise to cash flows that are solely payments of principal and interest.Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.InventoryInventory comprises purchased raw materials. It is stated at the lower of average acquisition cost and net realisable value. Cost is determined using the weighted average method.Accounts receivable and contract assetsAccounts receivable are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less loss allowance. Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30- 120 days and therefore are all classified as current. The group holds the accounts receivable with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. For part of the accounts receivable the group has recourse factoring, and the credit risk remains with the group.To measure the expected credit losses, accounts receivable and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the accounts receivable for the same types of contracts. The group has therefore concluded that the expected loss rates for accounts receivable are a reasonable approximation of the loss rates for the contract assets.Accounts receivable and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due.Impairment losses on accounts receivable and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.Cash and cash equivalentsCash and cash equivalents include cash and deposits in bank accounts.Share capitalThe share capital comprises the number of shares multiplied by their nominal value and are classified as equity. Expenses which can be attributed directly to the issue of new shares or options (less tax) are recognised in equity as a reduction in the proceeds received.Financial liabilitiesFinancial liabilities are classified, at initial recognition, as liabilities at amortised cost and include accounts payable and other payables and loans.Accounts payable and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30-120 days of recognition. Accounts payable and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.LoansLoans are initially recognised at fair value, net of transaction costs incurred. Loans are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.Loans are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs.Loans are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.Current and deferred income taxThe tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates and laws which have been substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available, and that the temporary differences can be deducted from this profit. Deferred tax is calculated on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary differences is controlled by the group and it is probable that they will not be reversed in the foreseeable future.Pension commitments, bonus schemes and other compensation for employees Pension commitmentsGroup companies have various pension schemes. These schemes are generally funded through payments to insurance companies or pension funds based on periodic actuarial calculations. The group has both defined contribution and defined benefit plans. From 2016 the group has defined benefit plan for former CEO only.A defined benefit plan is one that is not a defined contribution plan, and typically defines an amount of pension benefit an employee will receive on retirement. That benefit is normally dependent on one or more factors such as age, years of service and pay. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. An independent actuary calculates the pension commitment annually. The present value of the defined benefit obligations is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds. Estimated payroll tax on the net pension commitment calculated by an actuary is added to the carrying amount of the obligation. Changes in pension plan benefits are recognised immediately in the income statement. Actuarial gains and losses are recognised in other comprehensive income.The pension plans in Norway comply with the Norwegian mandatory service pension act.Share-based paymentsThe group operates an equity settled share-based compensation plan under which the entity receives services from employees as consideration from equity instruments (options) for the group. The compensation plan comprises senior management only. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value). The social security contribution payable in connection with the grant of the share options is considered as an integral part of the grant itself, and the charge will be settled as a cash-settled transaction. Further details around the arrangement are described in note 19.Bonus schemesCertain senior executives have bonus agreements related to the attainment of specified targets for the business (budgets and activities). Obligations (provisions) and costs (pay) are recognised for bonuses in accordance with the company\u2019s contractual obligations.Severance paySeverance pay is given when the contract of employment is terminated by the group before the normal age of retirement or when an employee voluntarily agrees to leave in return for such a payment. The group recognises severance pay in the accounts when it is demonstrably obliged either to terminate the contract of employment for existing employees in accordance with a formal, detailed plan which the group cannot rescind, or to make a payment as a consequence of an offer made to encourage voluntary resignations. Severance pay which falls due more than 12 months after the balance sheet date is discounted to present value.ProvisionsThe group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be estimated with a sufficient degree of reliability. Provisions relate primarily to restructuring costs. Obligations falling due more than 12 months after the balance sheet date are discounted to present value.Government grantsGrants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are reducing cost price of the related assets.Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties.Sales of goodsThe group manufactures and sells electronics that are embedded in the customer\u2019s own products as well as box-build electronic products in the EMS market. The products are manufactured based on the customer\u2019s specifications and quality standards, and the group does not own the intellectual property of the products. Sales are recognized based on estimated percentage of completion for the relevant contracts going forward as control is transferred to the customer over time. This is determined based on the actual cost relative to the total expected cost. The purchase price agreed between the parties is fixed and specified for each good or service provided. The customer is obligated to pay a minimum fee based on the order status if the order is cancelled.Some contracts include multiple deliverables, such as test development, engineering change orders and production. These are accounted for as separate performance obligations. In this case, the transaction price will be allocated to each performance obligation based on the standalone selling prices. Where these are not directly observable, they are estimated based on expected cost-plus margin. In fixed-price contracts, the customer pays the fixed unit amount based on a payment schedule. If the goods/services rendered by the group exceed the payment, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized.Sales of servicesSales of services embrace development assignments and services related to industrialisation. Service deliveries are partly project based and partly hourly based. Sales of project-based services are recognised in the period in which the services are rendered, based on the degree of completion of the relevant project. The degree of completion is determined by measuring the services provided as a proportion of the total services to be rendered. Hourly-based services are recognised in the period when the service is rendered.Interest incomeInterest on bank deposits is recognised in the period when it is earned.The group\u2019s leasing activities and how they are accounted forThe group leases various properties, equipment and cars. Rental contracts are typically made for fixed periods of 1 to 12 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u25a0 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u25a0 variable lease payment that are based on an index or a rate as at the commencement date \u25a0 amounts expected\u2019 to be payable by the lessee under residual value guarantees \u25a0 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and \u25a0 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the group\u2019s incremental borrowing rate.Right-of-use assets are measured at cost comprising the following: \u25a0 the amount of the initial measurement of lease liability \u25a0 any lease payments made at or before the commencement date less any lease incentives received \u25a0 any initial direct costs, and \u25a0 restoration costs.Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT-equipment and small items of office furniture.Kitron does not have lease agreements with variable lease payments of any significance.Extension and termination options are included in a number of property leases across the group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor.In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).Dividend paymentsPossible dividend payments to the company\u2019s shareholders are recognised as a liability in the group\u2019s financial statements in the period when the dividend is approved by the general meeting.Deferred tax assetsThe group performs annual tests for impairment of deferred tax assets. Part of the basis for recognising deferred tax assets are based on applying the loss carried forward against future taxable income in the group. This requires the use of estimates for calculating future taxable income. See note 22 for details.Estimated value of goodwill The group performs annual tests to assess the fall in value of goodwill. The recoverable amount from cash generating units is determined based on present-value calculations of expected annual cash flows. These calculations require the use of estimates for cash flows and the choice of discount rate before tax for discounting the cash flows. Additional information is disclosed in note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-9-2": { "value": "Basis for preparationsThe consolidated financial statements of Kitron ASA have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS as approved by the European Union (EU). The consolidated financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The consolidated financial statements are prepared based on a going concern assumption.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-10-2": { "value": "Changes in accounting policy and disclosuresa) New and amended standards adopted by the group The group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2022: \u25a0 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u25a0 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37 \u25a0 Annual Improvements to IFRS Standards 2018-2020, and \u25a0 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. The group also elected to adopt the following amendments early: \u25a0 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 amendments to IAS 12.The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.b) New standards and interpretations not yet adoptedCertain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-10-3": { "value": "Changes in accounting policy and disclosuresa) New and amended standards adopted by the group The group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2022: \u25a0 Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16 \u25a0 Onerous Contracts \u2013 Cost of Fulfilling a Contract \u2013 Amendments to IAS 37 \u25a0 Annual Improvements to IFRS Standards 2018-2020, and \u25a0 Reference to the Conceptual Framework \u2013 Amendments to IFRS 3. The group also elected to adopt the following amendments early: \u25a0 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 amendments to IAS 12.The amendments listed above did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.b) New standards and interpretations not yet adoptedCertain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-11-2": { "value": "Consolidation principlesSubsidiariesSubsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.The group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement.Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group recognises any noncontrolling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the noncontrolling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets.Acquisition-related costs are expensed as incurredIf the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss.Any contingent consideration to be transferred by the group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 either in profit or loss or as a change to other comprehensive income. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies.Changes in ownership interests in subsidiaries without change of controlTransactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to noncontrolling interests are also recorded in equity.Disposal of subsidiariesWhen the group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.Associated companiesThe group has no joint ventures or associated companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-12-3": { "value": "Segment reportingThe Corporate management has evaluated that the group operates in only one segment; Electronics Manufacturing Services (EMS). There is therefore no separate segment reporting in Kitron.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-13-3": { "value": "Translation of foreign currenciesFunctional and presentation currenciesThe accounts of the individual units are compiled in the principal currency used in the economic area in which the unit operates (the functional currency). The consolidated accounts are presented in NOK, which is both the functional and the presentation currency for the parent company.Transaction and balance sheet itemsForeign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other gains/(losses)\u2019.Net investment hedgesHedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within other gains/(losses). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold.Group companiesThe income statements and balance sheets for group units (none of which are affected by hyperinflation) in functional currencies which differ from the presentation currency are translated as follows: \u25a0 The balance sheet is translated at the closing exchange rate on the balance sheet date \u25a0 The income statement is translated at the average exchange rate \u25a0 Translation differences are recognised in OCI and specified separately \u25a0 Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-15-3": { "value": "Property, plant and equipmentTangible fixed assets primarily embrace buildings and land, machinery, equipment, and fixtures and fittings. Tangible fixed assets are stated at historical cost less accumulated depreciation and impairments. They are recognised in the balance sheet and depreciated on a straight-line basis to their residual value over their expected useful life, which is: \u25a0 Buildings: 20-33 years \u25a0 Machinery and operating equipment: 3-10 yearsLand is not depreciated. The useful life of fixed assets and their residual value are reassessed on every balance sheet date and amended if necessary. When the carrying amount of a fixed asset is higher than the estimated recoverable amount, the value is written down to the recoverable amount.On-going maintenance of fixed assets is charged as an operating cost, while upgrading or improvements are added to the historical cost of the asset and depreciated accordingly. Gain and loss on disposals is recognised in the income statement as the difference between the sales price and the carrying amount.Fixed assets subject to depreciation are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). At each reporting date, an assessment is made of the opportunity for reversing earlier impairment charges on fixed assets.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within \u2018Other gains/(losses)\u2019 in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-16-3": { "value": "Right-of-use assetsRight-of-use assets consist of buildings, machinery and equipment accounted for in accordance with IFRS 16. See more info under \u201cThe group\u2019s leasing activities and how they are accounted for\u201d later in this note and note 26 \u201cLeases\u201d.The group\u2019s leasing activities and how they are accounted forThe group leases various properties, equipment and cars. Rental contracts are typically made for fixed periods of 1 to 12 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u25a0 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u25a0 variable lease payment that are based on an index or a rate as at the commencement date \u25a0 amounts expected\u2019 to be payable by the lessee under residual value guarantees \u25a0 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and \u25a0 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the group\u2019s incremental borrowing rate.Right-of-use assets are measured at cost comprising the following: \u25a0 the amount of the initial measurement of lease liability \u25a0 any lease payments made at or before the commencement date less any lease incentives received \u25a0 any initial direct costs, and \u25a0 restoration costs.Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT-equipment and small items of office furniture.Kitron does not have lease agreements with variable lease payments of any significance.Extension and termination options are included in a number of property leases across the group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor.In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-17-3": { "value": "Intangible assetsGoodwillGoodwill is the difference between the sum of the consideration paid, non-controlling interests recognised and previously held interests at fair value for the acquisition of a business and the fair value of the acquiree\u2019s net identifiable assets at the acquisition date. Goodwill is tested annually for impairment and recognised in the balance sheet at its acquisition cost less impairment charges. Impairment losses on goodwill are not reversed. The goodwill is allocated to relevant cash generating units at the time of the acquisition. The allocation is made to those cash-generating units or groups of such units which are expected to benefit from the acquisition. The group allocates goodwill to cash generating units in each country in which it operates.Customer contractsCustomer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.Computer softwareCosts associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognised as intangible assets when the following criteria are met: \u25a0 it is technically feasible to complete the software product so that it will be available for use; \u25a0 management intends to complete the software product and use it; \u25a0 there is an ability to use the software product; \u25a0 it can be demonstrated how the software product will generate probable future economic benefits; \u25a0 adequate technical, financial and other resources to complete the development and to use the software \u25a0 product are available; and \u25a0 the expenditure attributable to the software product during its development can be reliably measured.Computer software is depreciated on a straight-line basis to their residual value over their expected useful life, which is 7 years.Estimated value of goodwill The group performs annual tests to assess the fall in value of goodwill. The recoverable amount from cash generating units is determined based on present-value calculations of expected annual cash flows. These calculations require the use of estimates for cash flows and the choice of discount rate before tax for discounting the cash flows. Additional information is disclosed in note 13.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-18-3": { "value": "Financial assetsThe Group\u00b4s financial assets are: accounts receivable, other receivables at amortized cost and cash and cash equivalents. At initial recognition, the group measures a financial asset at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.The Group measures financial assets at amortised cost if both of the following conditions are met: \u25a0 the asset is held within a business model whose objective is to collect the contractual cash flows, and \u25a0 the contractual terms give rise to cash flows that are solely payments of principal and interest.Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-19-3": { "value": "InventoryInventory comprises purchased raw materials. It is stated at the lower of average acquisition cost and net realisable value. Cost is determined using the weighted average method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-20-3": { "value": "Accounts receivable and contract assetsAccounts receivable are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less loss allowance. Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30- 120 days and therefore are all classified as current. The group holds the accounts receivable with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. For part of the accounts receivable the group has recourse factoring, and the credit risk remains with the group.To measure the expected credit losses, accounts receivable and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the accounts receivable for the same types of contracts. The group has therefore concluded that the expected loss rates for accounts receivable are a reasonable approximation of the loss rates for the contract assets.Accounts receivable and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due.Impairment losses on accounts receivable and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-22-3": { "value": "Cash and cash equivalentsCash and cash equivalents include cash and deposits in bank accounts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-23-3": { "value": "Share capitalThe share capital comprises the number of shares multiplied by their nominal value and are classified as equity. Expenses which can be attributed directly to the issue of new shares or options (less tax) are recognised in equity as a reduction in the proceeds received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-24-3": { "value": "Financial liabilitiesFinancial liabilities are classified, at initial recognition, as liabilities at amortised cost and include accounts payable and other payables and loans.Accounts payable and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30-120 days of recognition. Accounts payable and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.LoansLoans are initially recognised at fair value, net of transaction costs incurred. Loans are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.Loans are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs.Loans are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-25-3": { "value": "Current and deferred income taxThe tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates and laws which have been substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available, and that the temporary differences can be deducted from this profit. Deferred tax is calculated on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary differences is controlled by the group and it is probable that they will not be reversed in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-27-3": { "value": "Pension commitments, bonus schemes and other compensation for employees Pension commitmentsGroup companies have various pension schemes. These schemes are generally funded through payments to insurance companies or pension funds based on periodic actuarial calculations. The group has both defined contribution and defined benefit plans. From 2016 the group has defined benefit plan for former CEO only.A defined benefit plan is one that is not a defined contribution plan, and typically defines an amount of pension benefit an employee will receive on retirement. That benefit is normally dependent on one or more factors such as age, years of service and pay. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. An independent actuary calculates the pension commitment annually. The present value of the defined benefit obligations is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds. Estimated payroll tax on the net pension commitment calculated by an actuary is added to the carrying amount of the obligation. Changes in pension plan benefits are recognised immediately in the income statement. Actuarial gains and losses are recognised in other comprehensive income.The pension plans in Norway comply with the Norwegian mandatory service pension act.Share-based paymentsThe group operates an equity settled share-based compensation plan under which the entity receives services from employees as consideration from equity instruments (options) for the group. The compensation plan comprises senior management only. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value). The social security contribution payable in connection with the grant of the share options is considered as an integral part of the grant itself, and the charge will be settled as a cash-settled transaction. Further details around the arrangement are described in note 19.Bonus schemesCertain senior executives have bonus agreements related to the attainment of specified targets for the business (budgets and activities). Obligations (provisions) and costs (pay) are recognised for bonuses in accordance with the company\u2019s contractual obligations.Severance paySeverance pay is given when the contract of employment is terminated by the group before the normal age of retirement or when an employee voluntarily agrees to leave in return for such a payment. The group recognises severance pay in the accounts when it is demonstrably obliged either to terminate the contract of employment for existing employees in accordance with a formal, detailed plan which the group cannot rescind, or to make a payment as a consequence of an offer made to encourage voluntary resignations. Severance pay which falls due more than 12 months after the balance sheet date is discounted to present value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-28-3": { "value": "ProvisionsThe group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be estimated with a sufficient degree of reliability. Provisions relate primarily to restructuring costs. Obligations falling due more than 12 months after the balance sheet date are discounted to present value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-29-3": { "value": "Government grantsGrants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are reducing cost price of the related assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-30-3": { "value": "Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties.Sales of goodsThe group manufactures and sells electronics that are embedded in the customer\u2019s own products as well as box-build electronic products in the EMS market. The products are manufactured based on the customer\u2019s specifications and quality standards, and the group does not own the intellectual property of the products. Sales are recognized based on estimated percentage of completion for the relevant contracts going forward as control is transferred to the customer over time. This is determined based on the actual cost relative to the total expected cost. The purchase price agreed between the parties is fixed and specified for each good or service provided. The customer is obligated to pay a minimum fee based on the order status if the order is cancelled.Some contracts include multiple deliverables, such as test development, engineering change orders and production. These are accounted for as separate performance obligations. In this case, the transaction price will be allocated to each performance obligation based on the standalone selling prices. Where these are not directly observable, they are estimated based on expected cost-plus margin. In fixed-price contracts, the customer pays the fixed unit amount based on a payment schedule. If the goods/services rendered by the group exceed the payment, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized.Sales of servicesSales of services embrace development assignments and services related to industrialisation. Service deliveries are partly project based and partly hourly based. Sales of project-based services are recognised in the period in which the services are rendered, based on the degree of completion of the relevant project. The degree of completion is determined by measuring the services provided as a proportion of the total services to be rendered. Hourly-based services are recognised in the period when the service is rendered.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-31-3": { "value": "Interest incomeInterest on bank deposits is recognised in the period when it is earned.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-33-3": { "value": "Dividend paymentsPossible dividend payments to the company\u2019s shareholders are recognised as a liability in the group\u2019s financial statements in the period when the dividend is approved by the general meeting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-34-2": { "value": "Note 3 - Financial riskThe company is exposed through its business to a number of financial risks. The corporate routines for risk management focus on the unpredictability of the financial markets, and endeavour to minimise potential negative effects arising from the company\u2019s financial dispositions.Market riskCurrency risk: the group is exposed to changes in foreign exchange rates because a significant share of the group\u2019s goods and services are sold in such currencies. At the same time raw material are bought in foreign currency and the operating costs in foreign group entities are in local currency. To reduce the currency risk the company\u2019s standard contracts include currency clauses which allow the company to adjust the price when the actual exchange rate differs significantly from the agreed base rate. The group has not established other significant currency hedge arrangements over and above its standard contracts with customers. The most significant foreign currencies are SEK, EUR and USD. The group has significant investments in foreign operations whose net assets are exposed to foreign currency translation risk in DKK, SEK, EUR, USD, PLN and RMB.At 31 December, if the (NOK) currency had weakened/strengthened by 1 per cent against the USD with all variables held constant, post\u2013tax profit for the year would have been NOK 1.2 million (2021: NOK 1.0 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of US dollar denominated bank deposits, trade receivables and debt.At 31 December, if the (NOK) currency had weakened/strengthened by 1 per cent against the EUR with all variables held constant, post\u2013tax profit for the year would have been NOK 2.5 million (2021: NOK 0.3 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of EUR denominated bank deposits, trade receivables and debt.At 31 December if the (NOK) Norwegian currency had weakened/straightened by 1 percent against the SEK with all variables held constant, post-tax for the year would have been NOK 0.1 million (2021: NOK 0.6 million) higher/lower, mainly as a result of foreign exchange gains/losses on translation of SEK denominated bank deposit, trade receivables and dept.Price risk: the company is exposed to price risk both because raw materials follow international market prices for electronic and mechanical components and because the company\u2019s goods and services are subject to price pressures. Routines have been established for procurement by the company\u2019s own sourcing organisation, which negotiates group contracts. The sourcing function allows Kitron to achieve improved material prices.Credit riskCredit risk arises from cash and cash equivalents, deposits with bank, accounts receivables and contract assets. The major part of accounts receivable are credit insured. Kitron accordingly bears credit risk only for accounts receivable which are not insured. The company has routines to ensure that uninsured sales on credit are made only to creditworthy customers.The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.Liquidity riskCash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the group does not breach borrowing limits or covenants on any of its borrowing facilities.Kitron\u2019s financing is primarily short-term and based on factoring finance for accounts receivable. This means that fluctuations in turnover affect the company\u2019s liquidity. In addition, drawing facilities have been established in banks which counteract the liquidity fluctuations related to turnover.The table below shows the group\u2019s financial loans including interest into relevant maturity groupings based on the remaining period at the balance sheet date to contractual maturity date.Periods to maturity of financial liabilities incl. interest (undiscounted numbers):Less than Between one Between two More than NOK 1000one year and two yearsand five yearsfive yearsAt 31 December 2022Bank overdraft 149 408 - - -Leasing 65 963 103 154 89 624 4 422Factoring debt 346 595Other financial loans 105 000 95 973 287 922 735 000Trade and other payables 2 018 591 - - -Total 2 685 557 199 128 377 546 739 422At 31 December 2021Bank overdraft 210 146 - - -Leasing 48 406 70 227 65 633 21 128Factoring debt 367 901 - - -Other financial loans 187 619 38 398 18 540 -Trade and other payables 917 779 - - -Total 1 731 850 108 626 84 173 21 128Interest rate riskThe group\u2019s interest rate risk arises mainly from short-term borrowings (factoring debt and bank overdraft) and long-term bank debt. The group\u2019s borrowings are mainly with variable rates which expose the group to cash flow interest rate risk.Interest on the group\u2019s interest-bearing debt is charged at the relevant market rate prevailing at any given time (mainly one-month interbank offered rate \u2013 Nibor, Stibor or Libor as the case may be \u2013 plus the agreed interest margin). There will not occur any gain/loss on the balance sheet amounts in case interest rates are increased or lowered. At 31 December 2022, if interest rate on NOK borrowings had been 1 percentage points higher/lower during the year with all other variables held constant, post-tax profit for the year would have been NOK 7.2 million (2021: NOK 5.4 million) lower/higher during the year, mainly as a result of higher/lower interest expense on floating rate borrowings. At 31 December 2022, if interest rate on borrowings in foreign currency had been 1 percentage points higher/lower with all other variables held constant, post-tax profit for the year would have been NOK 7.6 million (2021: NOK 4.5 million) lower/higher. External financing for the group\u2019s operational companies takes place in the functional currency. No interest rate instruments have been established in the group. The group does not have significant interest-bearing assets, so that its income and cash flow from operational activities are not significantly exposed to changes in the market interest rate.Capital risk managementThe group\u2019s objectives when managing capital are to safeguard the group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.The gearing ratios at 31 December 2022 and 2021 were as follows:NOK 1000 2022 2021Total borrowings (note 21) 1 899 333 999 477Cash and cash equivalents (note 17) (272 698) (428 035)Net debt 1 626 635 571 442Total equity 1 506 491 1 228 046Total capital 3 133 126 1 799 488Gearing ratio 52 % 32 %NOK 1000 2022 2021Interest expenses (69 998) (25 573)Other financial expenses (14 762) (2 449)Foreign currency losses related to borrowings, cash and cash equivalents - (12 503)Finance expenses (84 760) (40 525)Net financial items (67 355) (36 648)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-35-3": { "value": "Market riskCurrency risk: the group is exposed to changes in foreign exchange rates because a significant share of the group\u2019s goods and services are sold in such currencies. At the same time raw material are bought in foreign currency and the operating costs in foreign group entities are in local currency. To reduce the currency risk the company\u2019s standard contracts include currency clauses which allow the company to adjust the price when the actual exchange rate differs significantly from the agreed base rate. The group has not established other significant currency hedge arrangements over and above its standard contracts with customers. The most significant foreign currencies are SEK, EUR and USD. The group has significant investments in foreign operations whose net assets are exposed to foreign currency translation risk in DKK, SEK, EUR, USD, PLN and RMB.At 31 December, if the (NOK) currency had weakened/strengthened by 1 per cent against the USD with all variables held constant, post\u2013tax profit for the year would have been NOK 1.2 million (2021: NOK 1.0 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of US dollar denominated bank deposits, trade receivables and debt.At 31 December, if the (NOK) currency had weakened/strengthened by 1 per cent against the EUR with all variables held constant, post\u2013tax profit for the year would have been NOK 2.5 million (2021: NOK 0.3 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of EUR denominated bank deposits, trade receivables and debt.At 31 December if the (NOK) Norwegian currency had weakened/straightened by 1 percent against the SEK with all variables held constant, post-tax for the year would have been NOK 0.1 million (2021: NOK 0.6 million) higher/lower, mainly as a result of foreign exchange gains/losses on translation of SEK denominated bank deposit, trade receivables and dept.Price risk: the company is exposed to price risk both because raw materials follow international market prices for electronic and mechanical components and because the company\u2019s goods and services are subject to price pressures. Routines have been established for procurement by the company\u2019s own sourcing organisation, which negotiates group contracts. The sourcing function allows Kitron to achieve improved material prices.Interest rate riskThe group\u2019s interest rate risk arises mainly from short-term borrowings (factoring debt and bank overdraft) and long-term bank debt. The group\u2019s borrowings are mainly with variable rates which expose the group to cash flow interest rate risk.Interest on the group\u2019s interest-bearing debt is charged at the relevant market rate prevailing at any given time (mainly one-month interbank offered rate \u2013 Nibor, Stibor or Libor as the case may be \u2013 plus the agreed interest margin). There will not occur any gain/loss on the balance sheet amounts in case interest rates are increased or lowered. At 31 December 2022, if interest rate on NOK borrowings had been 1 percentage points higher/lower during the year with all other variables held constant, post-tax profit for the year would have been NOK 7.2 million (2021: NOK 5.4 million) lower/higher during the year, mainly as a result of higher/lower interest expense on floating rate borrowings. At 31 December 2022, if interest rate on borrowings in foreign currency had been 1 percentage points higher/lower with all other variables held constant, post-tax profit for the year would have been NOK 7.6 million (2021: NOK 4.5 million) lower/higher. External financing for the group\u2019s operational companies takes place in the functional currency. No interest rate instruments have been established in the group. The group does not have significant interest-bearing assets, so that its income and cash flow from operational activities are not significantly exposed to changes in the market interest rate.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-36-3": { "value": "Credit riskCredit risk arises from cash and cash equivalents, deposits with bank, accounts receivables and contract assets. The major part of accounts receivable are credit insured. Kitron accordingly bears credit risk only for accounts receivable which are not insured. The company has routines to ensure that uninsured sales on credit are made only to creditworthy customers.The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-37-3": { "value": "Liquidity riskCash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the group does not breach borrowing limits or covenants on any of its borrowing facilities.Kitron\u2019s financing is primarily short-term and based on factoring finance for accounts receivable. This means that fluctuations in turnover affect the company\u2019s liquidity. In addition, drawing facilities have been established in banks which counteract the liquidity fluctuations related to turnover.The table below shows the group\u2019s financial loans including interest into relevant maturity groupings based on the remaining period at the balance sheet date to contractual maturity date.Periods to maturity of financial liabilities incl. interest (undiscounted numbers):Less than Between one Between two More than NOK 1000one year and two yearsand five yearsfive yearsAt 31 December 2022Bank overdraft 149 408 - - -Leasing 65 963 103 154 89 624 4 422Factoring debt 346 595Other financial loans 105 000 95 973 287 922 735 000Trade and other payables 2 018 591 - - -Total 2 685 557 199 128 377 546 739 422At 31 December 2021Bank overdraft 210 146 - - -Leasing 48 406 70 227 65 633 21 128Factoring debt 367 901 - - -Other financial loans 187 619 38 398 18 540 -Trade and other payables 917 779 - - -Total 1 731 850 108 626 84 173 21 128", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-40-3": { "value": "Capital risk managementThe group\u2019s objectives when managing capital are to safeguard the group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.The gearing ratios at 31 December 2022 and 2021 were as follows:NOK 1000 2022 2021Total borrowings (note 21) 1 899 333 999 477Cash and cash equivalents (note 17) (272 698) (428 035)Net debt 1 626 635 571 442Total equity 1 506 491 1 228 046Total capital 3 133 126 1 799 488Gearing ratio 52 % 32 %", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-41-2": { "value": "Note 4 - Important accounting estimates and discretionary assessmentsEstimates and discretionary assessments are based on historical experience and other factors, including expectations of future events that are considered likely under present conditions. The group prepares estimates and makes assumptions about the future.Accounting estimates derived from these will by definition seldom accord fully with the outcome. Estimates and assumptions which represent a substantial risk for significant changes in the carrying amount of assets and liabilities during the coming fiscal year are discussed below.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-42-3": { "value": "Deferred tax assetsThe group performs annual tests for impairment of deferred tax assets. Part of the basis for recognising deferred tax assets are based on applying the loss carried forward against future taxable income in the group. This requires the use of estimates for calculating future taxable income. See note 22 for details.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-43-4": { "value": "Estimated value of goodwill The group performs annual tests to assess the fall in value of goodwill. The recoverable amount from cash generating units is determined based on present-value calculations of expected annual cash flows. These calculations require the use of estimates for cash flows and the choice of discount rate before tax for discounting the cash flows. Additional information is disclosed in note 13.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-44-2": { "value": "Note 5 - Geographical breakdown of revenues and assetsThe revenues come from sales of goods and services in the fields of development, industrialization and production to customers involved in Connectivity, Defence/Aerospace, Electrification, Industry and Medical devices. Revenues by line of businessThe table shows the EMS turnover by industry:NOK 1000 2022 2021Connectivity 1 693 956 458 932 Electrification 798 311 763 093 Industry 1 335 490 983 214 Medical devices 1 904 435 872 670 Defence & Aerospace 754 542 633 464 Total sales 6 486 734 3 711 373 Geographical breakdown revenuesThe geographical distribution is based on countries where the different customers are located.NOK 1000 2022 2021Norway 777 639 599 767 Sweden 1 982 131 1 740 232 Rest of Europe 2 834 237 709 280 USA 697 941 612 591 Other 194 786 49 503 Total sales 6 486 734 3 711 373 The largest customer counts for 6.8 % (9.9 %) of sales, the next counts for 5.5 % (8.8 %), the third counts for 4.6 % (5.5 %) and the others are below 4.1 % (5.5 %) each.Geographical breakdown of assetsNorway Sweden Denmark Lituania PolandNOK 2022 2021 2022 2021 2022 2021 2022 2021 2022 20211000Assets 111 953 110 636 52 677 61 934 319 275 - 94 191 101 737 130 181 120 589 Germany Czech Republic China USA IndiaNOK 2022 2021 2022 2021 2022 2021 2022 2021 2022 20211000Assets 189 287 74 051 - 93 428 45 499 56 957 54 148 111 -Included in assets under geographical segment is property, plant and equipment, intangible and right of use assets excluding deferred tax asset and goodwill.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-45-2": { "value": "Note 6 - Revenues Revenues consist ofNOK 1000 2022 2021Revenues from contracts with customers 6 486 734 3 711 373 Total revenues 6 486 734 3 711 373 Timing of revenue recognition NOK 1000 2022 2021Revenues from contracts with customers, over time 6 486 734 3 711 373 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-46-2": { "value": "Note - 7 Other gains / (losses)NOK 1000 2022 2021Currency gains 134 467 53 161 Currency losses (131 429) (56 765)Other gains/(losses) 3 038 (3 604)", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-47-2": { "value": "Note 8 - Employee benefits NOK 1000 2022 2021Payroll 868 572 574 715Payroll tax 118 302 82 101Net pension costs defined benefit plans (note 23) 79 81Pension costs defined contribution plans 51 832 30 701 Option costs8 0635 243Other remuneration 45 669 26 303Total 1 092 517 719 144 Average number of man-years (including hired-ins) 2 809 1 786Average number of employees 2 459 1 759Note 23 - Retirement benefit obligationsThe pension obligation below is relating to life-long pension benefits to a former CEO. The pension plan is unfunded.The AFP-scheme is a defined benefit multi-enterprise scheme, but is recognised in the accounts as a defined contribution scheme until reliable and sufficient information is available for the group to recognise its proportional share of pension cost, pension liability and pension funds in the scheme. The company\u2019s liabilities are therefore not recognised as debt in the balance sheet. UnfundedNOK 1000 2022 2021Carrying amount of the obligationPension commitments 5 243 5 557Costs recognised in the profit and loss account (incl in note 8)Pension costs (gain) defined benefit plans 79 81Cost recognised in other comprehensive incomeActuarial losses (gains) pensions 209 383Defined pension benefit plansCarrying amount of the obligation is determined as follows Present value of pension obligation (5 243 (5 557)Fair value of plan asset - -Net commitments in unfunded defined benefit plans (5 243) (5 557)Hereof payroll tax on the pension obligations (648 (687)Net pension obligation in the balance sheet (5 243) (5 557)Net pension costs compriseInterest cost (79) (81)Total, included in payroll costs (79) (81)UnfundedNOK 1000 2022 2021Change in carrying amount of pension commitmentsOpening balance (5 557) (5 666)Cost recognised in the profit and loss account for the year (79) (81)Cost reccognised in other comprehensive income (209) (383)Benefits paid 602 573Closing balance (5 243) (5 557)The following assumptions have been applied in calculating pension commitments:Discount rate 3.2% 1.5%Annual pension adjustment 3.5% 2.25 %Social security tax rate 14.10% 14.10 %Assumptions on mortality rates are based on published statistics in Norway K2013 K2013Number of employeees in defined benefit plans 1 1", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-48-2": { "value": "Note 9 - Financial income and expensesNOK 1000 2022 2021Interest income 12 482 3 786 Other financial income 1 540 6 Foreign currency gains related to borrowings, cash and cash equivalents 3 384 86 Finance income 17 406 3 878 NOK 1000 2022 2021Interest expenses (69 998) (25 573)Other financial expenses (14 762) (2 449)Foreign currency losses related to borrowings, cash and cash equivalents - (12 503)Finance expenses (84 760) (40 525)Net financial items (67 355) (36 648)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-48-3": { "value": "Note 9 - Financial income and expensesNOK 1000 2022 2021Interest income 12 482 3 786 Other financial income 1 540 6 Foreign currency gains related to borrowings, cash and cash equivalents 3 384 86 Finance income 17 406 3 878 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-49-4": { "value": "NOK 1000 2022 2021Interest expenses (69 998) (25 573)Other financial expenses (14 762) (2 449)Foreign currency losses related to borrowings, cash and cash equivalents - (12 503)Finance expenses (84 760) (40 525)Net financial items (67 355) (36 648)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-50-2": { "value": "Note 10 - Income tax expenseNOK 1000 2022 2021Tax payable 111 898 48 148Deferred tax (Note 22) (6 811) 3 175Income tax expense 105 087 51 323The tax on the group\u2019s profit before tax differs from the theoretical amount that would arise using the domestic tax rate applicable to profits of the consolidated entities as follows:NOK 1000 2022 2021Ordinary profit before tax 392 234 204 165Tax calculated at the domestic rate (22%) 86 291 44 916Expenses not deducible for tax purposes 7 193 (3 179)Tax loss for which no deferred income tax asset was recognised 18 158 (265)Other adjustments 509 6 911Effect on different tax rates in countries in which the group operates (7 064) 2 940Tax cost 105 087 51 323The income tax expense is calculated using the domestic tax rate.The tax rate is 22,0 % in Norway, 20,6 % in Sweden, 22% in Denmark, 15,0 % in Lithuania, 25,0 % in China, 19% in Czech Republic, 16,5 % in Hong Kong, 30,9 % in USA, 19 % in Poland and 15,0 % in Germany.The tax (charge)/credit relating to components of other comprehensive income is as follows:2022 2021Before Tax (charge) After Before Tax (charge) After NOK 1000taxcredittaxtaxcredittaxActuarial gain / (losses) pensions (208) 46 (162) (383) 84 (299) Exchange differences on translation of 798 - 798 4 251 (935) 3 316 foreign operationsCurrency translation differences 33 607 - 33 607 (13 905 ) - (13 905 )Gain/(loss) forward contracts 7 474 (1 644) 5 829 (7 474 ) 1 644 (5 831 )Other comprehensive income 41 671 (1 598 ) 40 072 (17 511 ) 793 (16 718 )Current tax - -Deferred tax 1 598 (793)", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-51-2": { "value": "Note 11 - Earnings per shareBasic earnings per share is calculated by dividing the profit attributable to equity holders of the company by weighted average number of ordinary shares in issue during the year. The company has no own shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has one category, which is share options, of dilutive potential ordinary shares. A calculation is done to determine the number of shares that could have been acquired at fair value based on the monetary value of the subscription rights attached to share options. The number of shares calculated is compared with the number of shares that would have been issued assuming the exercise of the share options. (note 19).NOK 1000 2022 2021Profit attributable to equity holders of the company 287 147 152 843 Profit used to determine basic and diluted earnings per share 287 147 152 843 Weighted average number of ordinary shares in issue (thousands) 197 244 179 202 Adjusted for share options (thousands) 2 158 2 177 Weighted average number of ordinary shares for diluted earnings per share 200 136 181 391 (thousands)Basic earnings per share 1.46 0.85 Diluted earnings per share 1.43 0.84 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-52-2": { "value": "Note 12 - Property, plant and equipmentMachinery and Buildings Right-of-use Total NOK 1000equipment and landassetsAt 1 January 2021Acquisition cost 1 072 254 215 380 293 073 1 580 706 Accumulated depreciation/impairment (940 887) (108 787) (36 181) (1 085 854)Accounting carrying amount 131 367 106 593 256 892 494 852 Fiscal 2021Opening balance 131 367 106 593 256 892 494 852 Currency translation adjustment (18 709) (15 968) 8 858 (25 819)Additions 34 728 4 581 30 642 69 951 Reclassification 1) 13 230 7 629 (13 230) 7 629 Depreciation (39 662) (10 849) (43 659) (94 170)Closing balance 120 955 91 986 239 503 452 443 At 31 December 2021Acquisition cost 1 101 503 211 622 319 342 1 632 468 Accumulated depreciation/impairment (980 549) (119 636) (79 840) (1 180 024)Accounting carrying amount 120 955 91 986 239 503 452 443 Fiscal 2022Opening balance 120 955 91 986 239 503 452 443 BB Electronic acquisition 55 702 59 693 31 353 146 748 Currency translation adjustment 7 235 12 759 8 484 28 478 Additions 91 976 1 885 26 215 120 076 Depreciation (66 060) (16 220) (50 944) (133 224)Closing balance 209 808 150 103 254 611 614 521 At 31 December 2022Acquisition cost 1 256 416 285 959 385 394 1 927 769 Accumulated depreciation/impairment (1 046 608) (135 856) (130 783) (1 313 248)Accounting carrying amount 209 808 150 103 254 611 614 521 1) For 2021 the value of NOK 7629 thousand for \u201cAssets under construction\u201d is reclassified from Intangible asset to Tangible assets/Building and land. Machinery and equipment, buildings and land were provided at 31 December as security for NOK 127.1 million and NOK 41.6 million (2021: NOK 108.9 million and NOK 38.1 million), see note 21.Building and land instalations are depreciated over 7 years, machinery is depreciated over 5-7 years, other equipment and vehicles are depreciated over 3-5 years while general-purpose IT hardware and software is depreciated over 3 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-53-2": { "value": "Note 13 - GoodwillNOK 1000 GoodwillAt 1 January 2021Acquisition cost 40 765 Accumulated impairment charge (3 832)Accounting carrying amount 36 933 Fiscal 2021Opening balance 36 933 Closing balance 36 933 At 31 December 2021Acquisition cost 40 765 Accumulated impairment charge (3 832)Accounting carrying amount 36 933 Fiscal 2022Opening balance 36 933 Conversion differences 20 096 Additions 415 829 Closing balance 472 857 At 31 December 2022Acquisition cost 476 689 Accumulated impairment charge (3 832)Accounting carrying amount 472 857 The company\u2019s cash-generating units are identified by countryAllocation of carrying amount of goodwill by business area and by country:NOK 1000 2022 2021Norway 715 715Sweden 3 555 3 555Denmark (BB) 435 924 0Lithuania 22 516 22 516USA 10 147 10 147 Total 472 857 36 933The recoverable amount for a cash-generating unit is based on a calculation of value in use.The following table sets out the key assumptions for those cash-generating units that have significant goodwill allocated to them:2022 DenmarkGrowth rate in the forecast period 2.0 %Long-term growth rate 2.0 %2022 DenmarkBudgeted EBIT-margin 8.0 %Growth in other expenses in the forecast period 2.0 %Discount rate 22.4 %Assumption Approach used to determining values Average annual growth rate over the five-year forecast period is 2% and is based on expected Growth rate in the forecast periodinflation on a long term basis.The growth rate does not exceed the long-term growth rates of the market in which the business Long-term growth rateoperates and is determined to be 2% per year. Budgeted gross margin Based on past performance and management\u2019s expectations for the future.Fixed costs of the CGUs, which do not vary significantly with sales volumes or prices. Management Growth in other expenses in the forecasts these costs based on the current structure of the business, adjusting for inflationary forecast periodincreases but not reflecting any future restructurings or cost-saving measures. Discount rate is based on the WACC model and converted to pre-tax numbers. The discount rate is Discount ratein accordance with the discount rate that followod from the purchase price in the transaction and divided into the asset categories based on a judgement of risikiness of each asset.Impairment charge The present value of goodwill is estimated well above the carrying amount. There is substantial buffer before goodwill is in a impairment scenario. Impact of possible changes in key assumptions The directors and management have considered and assessed reasonably possible changes for the key assumptions and have not identified any instances that could cause the carrying amount of the Danish cash-generating unit to exceed its recoverable amount.For the other cash-generating units the cash flow assumption is based on financial budgets approved by the company\u2019s board. These calculations are based on growth assumptions which correspond with industry expectations of growth in the EMS market in the comeing years and no significant changes in margins. The calculated values are also sustainable against write offs due to a fair change in assumptions. The calculations are based on cash flows for the next three years and a residual value for future earnings.Note 14 - Intangible assetsNOK 1000 System Software Other intangible assets Customer contracts 2) TotalAt 1 January 2021Acquisition cost 113 014 6 926 - 119 939 Accumulated depreciation (66 165) (1 014) - (67 179)Accounting carrying amount 46 849 5 911 - 52 760 Fiscal 2021Opening balance 46 849 5 911 52 760 Currency translation adjustment 0 (0) (0)Additions 6 623 42 6 665 Reclassification 1) (7 629) - (7 629)Depreciation (6 089) (789) (6 878)Closing balance 39 753 5 164 - 44 917 At 31 December 2021Acquisition cost 112 007 6 967 - 118 975 Accumulated depreciation (72 254) (1 803) - (74 057)Accounting carrying amount 39 753 5 164 - 44 917 Fiscal 2022Opening balance 39 753 5 164 - 44 917 Aqusition BB Electronics - 24 009 265 072 289 081 Currency translation adjustment 30 (1 910) 11 869 9 989 Additions 2 165 524 2 690 Disposals - - - Depreciation (6 283) (3 572) (18 332) (28 187)Impairment charge - - - Closing balance 35 666 24 216 258 609 318 491 At 31 December 2022Acquisition cost 114 203 29 591 276 941 420 735 Accumulated depreciation (78 537) (5 375) (18 332) (102 244)Accumulated Impairment charge - - - - Accounting carrying amount 35 666 24 216 258 609 318 491 1) For 2021 the value of TNOK 7629 for \u201cAssets under construction\u201d is reclassified from Intangible asset to Tangible assets/Building and land. 2) In 2022, Kitron acquired the BB Electronics group. As a part of the valuation of the group the customers were valued more than book value. The valuation of customer contracts are based on a \u201cmulti-period excess earnings\u201d-method. This approach calculates a cash flow of excess values generated by existing customers, taking into account the cost of using other assets in the company. The value is assumed to be equal to the sum of the discounted cash flows over the remaining lifetime, which is set to 15 years. Additions to System Software in 2022 refers to ERP system and will be depreciated over 7 years. Other intangible assets consists of cyber security system for Kitron AB which also are depreciated over 7 years. Remaining amortisation period for the the cyber security system is 2 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-53-3": { "value": "Note 13 - GoodwillNOK 1000 GoodwillAt 1 January 2021Acquisition cost 40 765 Accumulated impairment charge (3 832)Accounting carrying amount 36 933 Fiscal 2021Opening balance 36 933 Closing balance 36 933 At 31 December 2021Acquisition cost 40 765 Accumulated impairment charge (3 832)Accounting carrying amount 36 933 Fiscal 2022Opening balance 36 933 Conversion differences 20 096 Additions 415 829 Closing balance 472 857 At 31 December 2022Acquisition cost 476 689 Accumulated impairment charge (3 832)Accounting carrying amount 472 857 The company\u2019s cash-generating units are identified by countryAllocation of carrying amount of goodwill by business area and by country:NOK 1000 2022 2021Norway 715 715Sweden 3 555 3 555Denmark (BB) 435 924 0Lithuania 22 516 22 516USA 10 147 10 147 Total 472 857 36 933The recoverable amount for a cash-generating unit is based on a calculation of value in use.The following table sets out the key assumptions for those cash-generating units that have significant goodwill allocated to them:2022 DenmarkGrowth rate in the forecast period 2.0 %Long-term growth rate 2.0 %2022 DenmarkBudgeted EBIT-margin 8.0 %Growth in other expenses in the forecast period 2.0 %Discount rate 22.4 %Assumption Approach used to determining values Average annual growth rate over the five-year forecast period is 2% and is based on expected Growth rate in the forecast periodinflation on a long term basis.The growth rate does not exceed the long-term growth rates of the market in which the business Long-term growth rateoperates and is determined to be 2% per year. Budgeted gross margin Based on past performance and management\u2019s expectations for the future.Fixed costs of the CGUs, which do not vary significantly with sales volumes or prices. Management Growth in other expenses in the forecasts these costs based on the current structure of the business, adjusting for inflationary forecast periodincreases but not reflecting any future restructurings or cost-saving measures. Discount rate is based on the WACC model and converted to pre-tax numbers. The discount rate is Discount ratein accordance with the discount rate that followod from the purchase price in the transaction and divided into the asset categories based on a judgement of risikiness of each asset.Impairment charge The present value of goodwill is estimated well above the carrying amount. There is substantial buffer before goodwill is in a impairment scenario. Impact of possible changes in key assumptions The directors and management have considered and assessed reasonably possible changes for the key assumptions and have not identified any instances that could cause the carrying amount of the Danish cash-generating unit to exceed its recoverable amount.For the other cash-generating units the cash flow assumption is based on financial budgets approved by the company\u2019s board. These calculations are based on growth assumptions which correspond with industry expectations of growth in the EMS market in the comeing years and no significant changes in margins. The calculated values are also sustainable against write offs due to a fair change in assumptions. The calculations are based on cash flows for the next three years and a residual value for future earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-55-3": { "value": "Note 14 - Intangible assetsNOK 1000 System Software Other intangible assets Customer contracts 2) TotalAt 1 January 2021Acquisition cost 113 014 6 926 - 119 939 Accumulated depreciation (66 165) (1 014) - (67 179)Accounting carrying amount 46 849 5 911 - 52 760 Fiscal 2021Opening balance 46 849 5 911 52 760 Currency translation adjustment 0 (0) (0)Additions 6 623 42 6 665 Reclassification 1) (7 629) - (7 629)Depreciation (6 089) (789) (6 878)Closing balance 39 753 5 164 - 44 917 At 31 December 2021Acquisition cost 112 007 6 967 - 118 975 Accumulated depreciation (72 254) (1 803) - (74 057)Accounting carrying amount 39 753 5 164 - 44 917 Fiscal 2022Opening balance 39 753 5 164 - 44 917 Aqusition BB Electronics - 24 009 265 072 289 081 Currency translation adjustment 30 (1 910) 11 869 9 989 Additions 2 165 524 2 690 Disposals - - - Depreciation (6 283) (3 572) (18 332) (28 187)Impairment charge - - - Closing balance 35 666 24 216 258 609 318 491 At 31 December 2022Acquisition cost 114 203 29 591 276 941 420 735 Accumulated depreciation (78 537) (5 375) (18 332) (102 244)Accumulated Impairment charge - - - - Accounting carrying amount 35 666 24 216 258 609 318 491 1) For 2021 the value of TNOK 7629 for \u201cAssets under construction\u201d is reclassified from Intangible asset to Tangible assets/Building and land. 2) In 2022, Kitron acquired the BB Electronics group. As a part of the valuation of the group the customers were valued more than book value. The valuation of customer contracts are based on a \u201cmulti-period excess earnings\u201d-method. This approach calculates a cash flow of excess values generated by existing customers, taking into account the cost of using other assets in the company. The value is assumed to be equal to the sum of the discounted cash flows over the remaining lifetime, which is set to 15 years. Additions to System Software in 2022 refers to ERP system and will be depreciated over 7 years. Other intangible assets consists of cyber security system for Kitron AB which also are depreciated over 7 years. Remaining amortisation period for the the cyber security system is 2 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-56-2": { "value": "Note 15 - Accounts receivable and other receivablesNOK 1000 2022 2021Accounts receivable 1 508 212 864 598 Provision for bad debts - - Accounts receivable - net 1 508 212 864 598 NOK 1000 2022 2021Earned non-invoiced income 2 126 10 586 Prepaid costs 33 039 57 070 Other 110 604 49 647 Other receivables 145 770 117 302 Fair value of accounts receivable and other receivables:NOK 1000 2022 2021Accounts receivable - net 1 508 212 864 598 Accounts receivable - net 1 508 212 864 598 For other current receivables, the carrying amount is virtually identical with the fair value.As of 31 December 2022 accounts receivables of NOK 188.3 million (2021: NOK 86.1 million) were past due but not impaired. These relate to a number of independent customers for whom there is no recent history of default. The ageing analysis of these trade receivables is as follows:NOK 1000 2022 2021Not past due 1 319 889 778 532 Past due 1-30 days 146 794 73 582 Past due 31-60 days 25 314 4 219 Past due 61-90 days 6 167 6 446 Past due > 90 days 10 048 1 819 Total 1 508 212 864 598 As of 31 December 2022 no trade receivables were impaired and provided for (2021: NOK 0.0 million).The carrying amount of the group\u2019s trade and other receivables are denominated in the following currencies:NOK 1000 2022 2021CNY 91 193 35 610 EUR 535 072 298 528 NOK 343 205 277 961 SEK 120 510 112 250 USD 321 789 257 198 GBP 794 326 CZK 10 947 - DKK 234 160 - INR 1 408 - PLN 29 28 Total 1 653 981 981 900 Movements on the group provision for impairment of trade receivables are as follows:NOK 1000 2022 2021Provision at 1 January - - Receivables written off during the year as uncollectable - - Provision at 31 December - - The creation and release of provision for impaired receivables have been included in other operating expenses in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash.The maximum exposure to credit risk at the reporting date is the carrying value of the receivables mentioned above. The group does not hold any collateral as security. However, the group has credit insurance that reduces the credit risk on account receivables. See note 3.No impairment charge was recognised in the profit and loss account for the year. (2021: NOK 0.0 million). Impairment charge was assessed independent of the credit insurance. No special concentration of accounts receivable exists which poses an abnormal credit risk. Accounts receivable and other receivables at 31 December 2022 provided security for NOK 549.1 million (2021: 455.3 million), see note 21.Contract assetsThe group has recognised assets related to contract with customers. No increase in loss allowance in 2022 (2021 NOK 0.0 thousands).NOK 1000 2022 2021Contract assets 624 561 400 586 Loss allowance - - Contract assets - net 624 561 400 586 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-58-2": { "value": "Note 16 - InventoriesNOK 1000 2022 2021Raw materials and purchased semi-manufactures 1 815 489 880 297 Total inventory 1 815 489 880 297 For obsolete goods in year 2022 there was recognised a change of NOK (2.4) million. In 2021 NOK 0.0 million. Impairment charge recorded in the balance sheet as per 31 December 2022 was NOK 38.5 million, per 31 December 2021 NOK 17.1 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-59-2": { "value": "Note 17 - Cash and Cash EquivalentsNOK 1000 2022 2021Cash and cash equivalents 272 698 428 035 Cash, cash equivalents and bank overdraft comprise:NOK 1000 2022 2021Cash and cash equivalents 272 698 428 035 Overdraft drawn down (Note 21) (144 226) (205 621)Total 128 472 222 414 NOK 1000 2022 2021Bank overdraft facilities 31 December 401 933 301 465 Net drawn on overdraft facilities 31 December (144 226) (205 621)Locked-in bank deposits 31 DecemberSecurity for factoring receivables - 10 014 Security for leasing contracts 644 460 Total 644 10 474 Kitron ASA has established a group account agreement with the company\u2019s main bank. This encompass Kitron ASA and Norwegian, Swedish, Danish, German, Polish and US subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-60-2": { "value": "Note 18 - Share capital and premium reserveShare capital and share premium reserveNumber of shares NOK 1000Share capital Premium reserve Total(thousands) At 1 January 2021 179 104 17 910 456 058 473 968Issue of new shares 17 910 1 791 336 565 338 356At 31 December 2021 197 014 19 701 792 623 812 324At 1 January 2022 197 014 19 701 792 623 812 324Issue of new shares 677 68 68At 31 December 2022 197 691 19 769 792 623 812 392Shares and shareholder informationThe company\u2019s share capital at 31 December 2022 comprised 197 691 053 shares with a nominal value of NOK 0.10 each. Each share carries one vote. There were 9 026 shareholders at 31 December 2022 (31 December 2021: 9 010 shareholders).The 20 largest shareholders in Kitron ASA at 31 December 2022:Shareholder Number PercentageFOLKETRYGDFONDET 17 375 340 8.79%VERDIPAPIRFOND ODIN NORGE 13 287 652 6.72%VEVLEN G\u00c5RD AS 12 500 000 6.32%MP PENSJON PK 9 704 520 4.91%The Northern Trust Comp, London Br 7 199 237 3.64%AAT INVEST AS 7 000 000 3.54%Danske Invest Norge Vekst 6 518 186 3.30%J.P. Morgan SE 5 531 043 2.80%VJ INVEST AS 5 182 686 2.62%The Bank of New York Mellon SA/NV 5 000 000 2.53%VERDIPAPIRFONDET HOLBERG NORGE 4 275 000 2.16%The Bank of New York Mellon SA/NV 3 757 000 1.90%Avanza Bank AB 1) 3 412 612 1.73%VARNER EQUITIES AS 3 039 674 1.54%VERDIPAPIRFONDET EQUINOR AKSJER NO 2 849 448 1.44%VPF FONDSFINANS NORDEN 2 500 000 1.26%J.P. Morgan SE 2 470 540 1.25%VERDIPAPIRFONDET DNB SMB 2 023 385 1.02%HAUSTA INVESTOR AS 1 994 499 1.01%VERDIPAPIRFONDET KLP AKSJENORGE IN 1 870 891 0.95%Total 20 largest shareholders 117 491 713 59.43%Total other shareholders 80 199 340 40.57%Total outstanding shares 197 691 053 100.00%1) Beneficial owner: CEO Peter Nilsson 2 471 102 shares (1,25 per cent)Authorized share capitalAuthorization to the board to issue sharesThe ordinary general meeting of 27 April 2022 authorized the board of directors of Kitron ASA to increase the share capital in accordance with the Norwegian Public Limited Liability Companies Act section 10-14 on the following conditions: \u25a0 The share capital may, in one or more rounds, in total be increased with up to NOK 1,970,143.90. \u25a0 The Board of Directors may not use the authorization if the total increase of the share capital approved by the Board of Directors in accordance with this authorization together with the use of other authorizations to issue shares, in the period for the authroization in item 3, exceeds NOK 3,940,287.80. \u25a0 The authorization shall be valid until the Annual General Meeting in 2023, but no later than 30 June 2023. \u25a0 The shareholders\u2019 pre-emptive rights according to the Norwegian Public Limited Liability Companies Act section 10-4 may be set aside. \u25a0 The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. \u25a0 The authorization encompasses share capital increase by contribution in any kind and the right to incur Kitron ASA with special obligations according to the Norwegian Public Limited Liability Companies Act section 10-2. \u25a0 The authorization encompasses resolutions on merger according to the Norwegian Public Limited Liability Companies Act section 13-5. \u25a0 The authorization is limited to encompass capital requirements or issuance of consideration shares in relation to strengthening of Kitron ASA\u2019s equity, joint ventures or joint business operations, remuneration to members of the Board of Directors of Kitron ASA, incentive schemes, and acquisition of property and business within Kitron ASA\u2019s purpose \u25a0 The Board of Directors is authorized to decide other terms and conditions of the subscription and is authorized to amend the articles of association as implied by the use of this authorization. \u25a0 This authorization replaces any previously granted authorizations for the Board of Directors to increase the share capital.Strategic authorizationThe ordinary general meeting of 27 April 2022 authorized the board of directors of Kitron ASA to increase the share capital in accordance with the Norwegian Public Limited Liability Companies Act section 10-14 on the following conditions: \u25a0 The ordinary general meeting of 27 April 2022 authorized the board of directors of Kitron ASA to increase the share capital in accordance with the Norwegian Public Limited Liability Companies Act section 10-14 on the following conditions: \u25a0 The share capital may, in one or more rounds, in total be increased with up to NOK 3,940,287.80. \u25a0 The Board of Directors may not use the authorization if the total increase of the share capital approved by the Board of Directors in accordance with this authorization together with the use of other authorizations to issue shares, in the period for the authorization in item 3, exceeds NOK 3,940,287.80. \u25a0 The authorization shall be valid until the Annual General Meeting in 2023, but no later than 30 June 2023. \u25a0 The shareholders\u2019 pre-emptive rights according to the Norwegian Public Limited Liability Companies Act section 10-4 may be set aside. \u25a0 The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. \u25a0 The authorization encompasses share capital increase by contribution in any kind and the right to incur Kitron ASA with special obligations according to the Norwegian Public Limited Liability Companies Act section 10-2. \u25a0 The authorization encompasses resolutions on merger according to the Norwegian Public Limited Liability Companies Act section 13-5. \u25a0 The authorization is limited to include strengthening of Kitron ASA\u2019s equity and issuing of consideration shares in connection with acquisition of other companies or enterprises within Kitron ASA\u2019s purpose. \u25a0 The Board of Directors is authorized to decide other terms and conditions of the subscription and is authorized to amend the articles of association as implied by the use of this authorization.Authorization to the board to buy own sharesThe ordinary general meeting on 27 April 2022 authorized the board of directors of Kitron ASA to acquire Kitron ASA\u2019s own shares, for the purpose of ownership or charge, in accordance with the Norwegian Public Limited Liability Companies Act sections 9-4 and 9-5 on the following conditions: \u25a0 The Board of Directors may acquire shares in Kitron ASA, on one or several occasions, provided that the total combined nominal value of the acquired shares after the acquisition must not exceed ten per cent of the share capital, i.e. up to a total nominal value of NOK 1,970,143.90. The authorization also includes contract liens in the shares of Kitron ASA. \u25a0 The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. \u25a0 Under this authorization the Board of Directors may pay minimum NOK 1 per share and maximum the prevailing market price per share on the day the offer is made, provided, however, that the maximum amount does not exceed NOK 25 per share. \u25a0 Any and all previous authorizations given to the Board of Directors to acquire own shares shall be, and hereby are, withdrawn with effect from the date this authorization is registered with the Norwegian Register of Business Enterprises. \u25a0 Shares acquired according to the authorization shall either be cancelled, used as remuneration to the members of the Board of Directors of Kitron ASA, used in incentive schemes or be used as consideration in connection with acquisition of other companies or businesses, joint ventures or joint business operations, and acquisition of property and business within Kitron ASA\u2019s purpose. \u25a0 This authorization shall be valid until the 2023 annual general meeting, but not longer than 30 June 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-63-2": { "value": "Note 19 - Share based paymentIn 2018 the Board introduced a new share option program for executive management comprising of up to 5 000 000 shares. The program is divided into four three-year subprograms, each with an allocation of 1 250 000 option, where the first program started in 2019, followed by one program every year until 2023. The share option program entails that executive management, on certain terms, may be granted a right to subscribe for shares in Kitron at NOK 0.10 per share after a vesting period of three years. The number of options that are vested for each subprogram are linked to the development of the market capitalization at Oslo Stock Exchange, adjusted for dividends and share buy-backs. For each program to vest fully, the market capitalization adjusted for dividends and share buy-backs must increase 50 per cent. The program starts to vest at an increase of 20 per cent and will vest linearly between 20 per cent to 50 per cent. Each subprogram is capped at 200 per cent increase of the market capitalization, adjusted for dividends and share buy-backs. The program has a clawback clause. Each of the subprograms has a lock up-period of one year and a down-sale period of two yearsThe Company utilizes a Monte Carlo simulation to determine the impact of stock option grants in accordance with IFRS 2, Share-based payment, on the Company\u2019s net income. The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be outstanding until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimate the likelihood of performance fulfillment and takes this into account in the valuation.During the period ended 31 December 2022, the Company has had share-based payment arrangements for employees, as described below.Fair value of Share Options granted is calculated using the Monte Carlo option pricing model. The weighted average inputs to Monte Carlo model and Fair values per 31 December 2022 are listed below (calculated at grant):Granted 2019 2020 2021 2022Exercise price 0,10 0,10 0,10 0,10Share price at grant date 9,14 13,90 20.15 19.70Expected life from grant date 2.77 years 2.95 years 2,94 years 2,44 years Volatility 29% 36% 35% 40%Interest rate 1.19% 0.168% 1.12% 3.61%Fair value per option 2.57 6.65 7.48 8.18Expected volatility is based on historical volatility of the Company. The Company is listed on the Oslo Stock Exchange. Interest rates used are quoted Norwegian government bonds and bills retrieved from Norges Bank. The total expensed amount in 2022 arising from the option plans are NOK 8 063 thousand, not including social security (2021: NOK 5 243 thousand). The total carrying amount per 31 December 2022 is NOK 12 809 thousand, not including social security (2021: NOK 11 482 thousand). Accrued social security at 31 December 2022 is NOK 6 586 thousand (2021: NOK 6 851 thousand). Quantity and weighted average pricesActivity Number of instruments Weighted Average Strike PriceOutstanding OB (01.01.2021) 2 500 000 0.10Granted 1 190 000 0.10Exercised - -Forfeited -270 000 0.10Expired - -Outstanding CB (31.12.2021) 3 420 000 0.10Vested CB -Quantity and weighted average pricesActivity Number of instruments Weighted Average Strike PriceOptions not granted CB (31.12.2021) 330 000 0.10Outstanding OB (01.01.2022) 3 420 000 0.10Granted 1 175 000 0.10Exercised - 1 170 000 0.10Forfeited - 25 000 0.10Expired - -Outstanding CB (31.12.2022) 3 400 000 0.10Vested CBOptions not granted CB (31.12.2022) 350 000 0.10Outstanding instruments Vested instruments Number of Weighted Average Weighted Average Vested instruments Weighted Average Strike priceinstrumentsremaining contractual lifeStrike Price31.12.2022Strike Price 0.10 3 400 000 1.65 0.10 0 -Board Number of shares Number of options2022 2021 2022 2021Tuomo L\u00e4hdesm\u00e4ki, chairman 291 668 277 796 - -Gro Br\u00e6kken, board member 51 280 46 380 - -Espen Gundersen, board member 56 280 52 380 - -Maalfrid Brath, board member 29 499 22 677 - -Christian Jebsen, board member (until 27.04.2022) - 22 380 - -Petra Grandinson 20 494 14 254 - -Michael Lundgaard Thomsen (from 27.04.2022) 6 240 0Jarle Larsen, employee elected board member 19 624 15 724 - -Tanja R\u00f8rheim, employee elected board member 26 280 22 380 - -Bj\u00f8rn M. Gottschlich, employee elected board member 26 480 22 580 - -Management Number of shares Number of options2022 2021 2022 2021Peter Nilsson, CEO 2 471 102 2 287 182 905 000 1 030 000Cathrin Nylander, CFO 1 035 249 955 627 295 000 370 000Kristoffer Askl\u00f6v, COO 101 561 51 561 300 000 250 000Stian Haugen, CTO 51 561 51 561 295 000 220 000Mindaugas Sestokas,Vice President and Managing Director 418 978 316 978 295 000 370 000Hans Petter Thomassen, Vice President and Managing 470 062 387 460 295 000 370 000DirectorStefan Hansson Mutas, Managing Director 295 281 219 261 295 000 370 000Zygimantas Dirse, Managing Director 535 122 452 622 295 000 370 000Carsten Christensen, CEO BB Electronics (joined 10.01.2022) 51 561 51 561 300 000 0", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-65-2": { "value": "Note 20 - Accounts payable and other payablesNOK 1000 2022 2021Account payable 1 468 981 793 421Deposits received 549 610 124 358Accounts payable 2 018 591 917 779NOK 1000 2022 2021Public duties 53 535 44 195Payable to related parties (note 27) 16 257 -Other accruals 231 263 86 862Other payables 301 055 131 057The carrying amount of the groups, trade and other payables are denominated in the following currencies:NOK 1000 2022 2021Trade and other payablesCNY 252 873 40 946 EUR 574 128 252 426 NOK 236 980 146 187 SEK 119 737 95 832 USD 1 024 852 497 714 HKD 87 16 CHF 2 133 357 GBP (2 037) 6 085 JPY (820) 3 358 PLN 79 657 5 581 DKK 14 909 334 CZK 17 164 - INR (17) - Total trade and other payables 2 319 646 1 048 836", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-67-2": { "value": "Note 21 - BorrowingsNOK 1000 2022 2021Long-term loansLeasing 163 089 150 950Other 1) 1 092 141 55 280Total 1 255 230 206 230Current loansDebt to credit institutions 2) (Note 17) 144 227 205 621Factoring debt 3) 336 450 358 928Leasing 63 426 46 544Other 1) 100 000 182 154Total 644 103 793 247Total loans 1 899 333 999 4771) Other long-term and current loans consist mainly of bank loans from the group\u2019s principle banks. Interest is payable at a rate of IBOR and a margin, dependent on Kitron\u2019s NIBD/EBITDA ratio.2) Kitron has established a group account agreement with the group\u2019s main bank. This embraces the Norwegian, Swedish, German, Polish, Danish and US companies. The group\u2019s short term bank financing is a revolving facility. There was a draft at the group account agreement at 31 December 2022 of NOK 100.1 million (2021: NOK 131.4 million). Interest is payable at a rate of IBOR and a margin.3) Kitron has per 31 December 2022 factoring arrangements for the Norwegian and Swedish entities. The factoring facility is a rolling facility and is subject to yearly renewal. Interest is payable at a rate of IBOR and a margin.The loan facilities with the company\u2019s main bank, described in 1) and 2), include covenants relating to factors as the company\u2019s gearing ratio, earnings and loan-to-value ratio. The company complies with these covenants at 31 December 2022.Unrestricted bank deposits and unused credit lines amounted to NOK 390.5 million for the group at 31 December 2021 (NOK 512.5 million at 31 December 2021). Periods to maturity of long-term loans:NOK 1000 2022 2021Between one and two years 190 590 104 806Between two and five years 360 388 81 109Over 5 years 704 252 20 315Total 1 255 230 206 230Carrying amount and fair value of long-term loans: Carrying amount Fair valueNOK 1000 2022 2021 2022 2021Leasing 163 089 150 950 151 468 146 086Other 1 092 141 55 280 930 188 51 257Total 1 255 230 206 230 1 081 656 197 343Fair value is based on discounted cash flow with a discount rate of 5.0 per cent (2021: 4.0 per cent). The carrying amount of current loans is virtually identical with fair value.Carrying amount of the group\u2019s loans in various currencies:NOK 1000 2022 2021NOK 919 528 544 511SEK 79 685 82 302EUR 695 111 192 117USD 146 663 159 697CNY 43 394 20 850DKK 14 863 -CZK 88 -Total 1 899 333 999 477Loans include NOK 1 672.8 million (2021: 802.0 million) in secured commitments (bank loans and other secured loans). MortgagesNOK 1000 2022 2021Debt secured by mortgages 1 764 112 878 327Carrying amount of the group\u2019s assets provided as security:NOK 1000 2022 2021Buildings and land 41 634 38 059Machinery and equipment 127 130 108 879Cash - 10 014Receivables 549 123 455 284Inventory and contract assets 1 197 573 833 148Total 1 915 461 1 445 384For the Swedish entity there are company mortgages of SEK 46.5 million at 31 December 2022 (2021: SEK 46.5 million).Debt secured by mortgages includes leasing liabilities for machinery and equipment. The carrying amount of these fixed assets is included in the carrying amount of assets provided as security. Of the mortgage debt in the consolidated accounts, the commitment related to leasing recognised in the balance sheet amounted to NOK 91.3 million at 31 December 2022 (2021: NOK 76.3 million).Conditions in the form of vendor\u2019s fixed charge are moreover related to deliveries from Kitron\u2019s suppliers of goods. The group\u2019s receivables recognised in the balance sheet are provided as security (factoring mortgage) for obligations to DNB Finans.The group\u2019s guarantee provider had provided guarantees at 31 December for leasing obligations and tax due but not paid. These totalled NOK 3.6 million (2021: NOK 3.4 million) and NOK 17.0 million (2021: NOK 15.0 million) respectively for the group.Per 31 December Kitron ASA has granted parent company guarantees of 16.2 million EUR related to lease obligations and factoring agreement for the polish subsidiary Kitron sp. z o.o (2021: 25.6 million EUR), and 350 million NOK related to bank financing for Kitron AS and Kitron AB (2021: 350 million NOK).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-2": { "value": "Note 22 - Deferred income taxDeferred tax is recognised net when the group has a legal right to net deferred tax assets against deferred tax in the balance sheet and if the deferred tax is payable to the same tax authority.Deferred tax asset:NOK 1000 2022 2021Deferred tax asset to be recovered after more than 12 months 91 659 73 989Deferred tax liability:NOK 1000 2022 2021Deferred tax liability to be recovered after more than 12 months 66 366 4 223Deferred tax asset (net) 25 293 69 766Change in carrying amount of deferred tax asset:NOK 1000 2022 2021Opening balance 69 766 67 656Currency translation differences 5 204 2 114Profit and loss account 6 811 (3 175)Business combinations (57 059) -Other comprehensive income (1 598) 793Equity for the period 2 169 2 379Closing balance 25 293 69 766Changes in deferred tax assets and deferred tax (with netting in same tax regime).Deferred tax liabilities:Deferred capital NOK 1000 Fixed assets Contract assetsCustomer contracts TotalgainAt 1 January 2021 6 441 11 251 45 - 17 737Profit/(loss) for the period 1 172 (1 386) (13) - (227)Other comprehensive income - - - - -Currency translation differences (178) (19) - - (197)At 31 December 2021 7 435 9 846 32 - 17 313At 1 January 2022 7 435 9 846 32 - 17 313Profit/(loss) for the period (4 388) 2 107 (6) (4 062) (6 349)Business combinations 3 141 3 658 - 58 781 65 580Other comprehensive income - - - - -Currency translation differences 934 180 - 1 600 2 714At 31 December 2022 7 122 15 791 26 56 319 79 258Deferred tax asset:Provision and current NOK 1000Loss carried forward Pension TotalassetsAt 1 January 2021 1 656 82 491 1 246 85 393Profit/(loss) for the period 1 873 (5 167) (108) (3 402)Other comprehensive income - 709 84 793Equity for the period - 2 379 - 2 379Currency translation differences 135 1 782 - 1 917At 31 December 2021 3 664 82 194 1 222 87 079At 1 January 2022 3 664 82 194 1 222 87 079Profit/(loss) for the period 946 (370) (114) 462Business combinations 8 521 - - 8 521Other comprehensive income - (1 644) 46 (1 598)Equity for the period - 2 169 - 2 169Currency translation differences 1 673 6 243 - 7 916At 31 December 2022 14 804 88 592 1 154 104 551Deferred tax assets related to tax loss carried forward is recognised in the balance sheet to the extent that it is probable that the group can apply this against future taxable profit. Tax losses carried forward are related to the operations in Norway and USA.Deferred tax assets related to losses carried forward amounted to TNOK 37 748 in Norway (2021: TNOK 26 840) and TNOK 55 640 in USA (2021: TNOK 54 204). The group did not recognise deferred tax assets of TNOK 23 249 (2021: TNOK 0) related to tax losses carried forward for the operation in the USA.The business improvements made and the expected development on future sales and profitability warrant deferred tax assets in the balance sheet of Kitron Technologies Inc. Utilization time for State tax losses carried forward is 20 years and infinite for Federal tax losses carried forward. There are no restrictions on the right to carry the tax loss forward in other countries.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-77-2": { "value": "Note 24 - Dividends per shareFor 2021 a dividend of NOK 0.25 per share was paid. The Kitron Board of Directors will propose a dividend of NOK 0.50 per share for the financial year 2022 to the Annual General Meeting in April 2023. The dividend will be payable to shareholders registered in Kitron\u2019s shareholder register with the Norwegian Central Securities Depository (Euronext Securities Oslo \u2013 formerly named Euronext VPS) as of expiry of 28 April 2023 (being shareholders as of the date of the Annual General Meeting\u2019s resolution).The total proposed dividend is NOK 98.8 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-78-2": { "value": "Note 25 - Cash flow from operationsNOK 1000 2022 2021Profit/(loss) before tax 392 234 204 165 Depreciation and impairment 161 411 101 048 Change in inventory (476 711) (335 320)Change in contract assets (148 529) (13 926)Change in accounts receivable and other short term receivables (422 868) (30 105)Change in factoring debt (22 478) 87 661 Change in accounts payable and other short term payables 670 706 215 411 Change in pension funds/obligations (476) (299)Effect from option costs (1 753) 5 243 Change in other items 63 551 (52 318)Other adjustments booked to equity - (12 377)Interest cost - net 66 200 16 225 Foreign exchange losses / (gains) on operating activities (2 095) (2 053)Cash flow from continuing operations 279 193 183 357 Loans presented as financing activities in the cash flow statement:NOK 1000 2022 2021Leasing - long-term 163 089 150 950 Leasing - short-term 63 426 46 544 Total lease liablities 226 515 197 494 Long-term bank loans 1 092 141 55 280 Short-term bank loans 100 000 182 154 Total borrowings 1 192 141 237 434 NOK 1000 Finance leases Borrowings TotalLoans as at 31 December 2021 (197 494) (237 434) (434 928)Acqusition of subsidiaries (31 766) (101 706) (133 472)Cash flows 57 230 (810 553) (753 303)Lease liabilities recognised (48 689) - (48 689)Foreign exchange adjustments (12 477) (44 841) (57 318)Other non-cash movements 6 681 2 373 9 054Loans as at 31 December 2022 (226 515) (1 192 141) (1 418 656)NOK 1000 Finance leases Borrowings TotalLoans as at 31 December 2020 (226 731) (179 008) (405 739)Cash flows 29 185 (41 165) (11 980)Lease liabilities recognised (191) (191)Foreign exchange adjustments 243 (53) 190 Other non-cash movements - (17 208) (17 208)Loans as at 31 December 2021 (197 494) (237 434) (434 928)", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-79-2": { "value": "Notes 26 - LeasesAmounts recognised in the balance sheetThe balance sheet shows the following amounts relating to leases:NOK 1000 31.12.2022 31.12.2021Right to use assetsBuildings and land 127 097 112 742Macinery and equipment 127 514 126 761Total 254 611 239 503Lease liabilities**Current 63 426 46 544Non-Current 163 089 150 950Total 226 515 197 494**included in the line items \u201cLoans\u201d in the balance sheet.Additions to the right-of-use assets in 2022 were NOK 31.4 million (2021: 30.6 million) (Note 12). Amounts recognised in the statement of profit or lossThe statement of profit or loss shows the following amounts relating to leases:NOK 1000 31.12.2022 31.12.2021Depreciation charge of right-of-use assetsBuildings and land 29 611 19 469Macinery and equipment 24 453 30 477Total 54 064 49 946Interest expense 8 684 8 935Expenses relating to short-term leases 780 1 419Expenses relating to leases of low-value 994 870Expenses relating to variable lease payments not included in lease liabilities - - Income from subleasing right of use assets - - Gains or losses arising from sale and leaseback transactions - - The total cash outflow for leases in 2022 was NOK 57.2 million (2021: NOK 31.5 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-80-2": { "value": "Notes 27 - Related partiesNOK 1000 2022 2021Remuneration of senior executivesPay and other benefits (1) 62 344 21 200Balance items at 31 December resulting from purchase/sale of goods and services Payable to related parties:Senior executives (1) 16 257 -Total 16 257 -(1) Senior executives comprise the corporate management team at Kitron ASA. See table in below for a more extensive description of remuneration of senior executives. The amount at 31 December comprises accrued bonuses to corporate management team.Remuneration of senior executives, directors and auditorNOK 1000 2022 2021Directors' fee: 3 016 2 834 - chairman 604 550 - board members 2 412 2 284Auditors fee 5 980 3 068 - statutory audit 4 307 2 699 - other attestation services 85 - - tax related services 1 115 164 - other services 473 205Remuneration of senior executives:NOK 1000 Fixed remuneration Variable remun.Name Short-term Long-Base Other incentive term Pension Total Proportion of1234Yearsalarybenfitsearnedincentiveexpenseremuneration fixed/variablePeter Nilsson2022 3 125 295 2 629 6 413 1 503 13 965 35%/65%CEO(01.01.2022-31.12.2022)2021 3 030 294 - - 1 502 4 826 100%/0%Cathrin Nylander2022 2 220 282 1 868 2 746 295 7 411 38%/62%CFO(01.01.2022-31.12.2022)2021 2 153 282 - 294 2 729 100%/0%Kristoffer Askl\u00f6v2022 2 308 113 1 938 845 354 5 558 50%/50%COO(01.01.2022-31.12.2022)2021 764 269 1 033 100%/0%Israel L. Salvador2022 - - - - - -COO(left 30.09.2021)2021 1 726 121 - 204 2 051 100%/0%Stian Haugen2022 1 398 216 1 190 96 2 900 59%/41%CTO(01.01.2022-31.12.2022)2021 1 217 172 - 73 1 461 100%/0%Zygimantas DirseManaging Director,2022 1 632 523 1 434 2 985 90 6 664 34%/66%Kitron ElectronicsManufacturing (Ningbo) CO Ltd., China2021 1 738 327 - 78 2 144 100%/0%(01.01.2022-31.12.2022)Stefan H Mutas2022 1 616 81 1 416 2 757 785 6 655 37%/63%Managing Director,Kitron AB, Sweden2021 1 695 107 - 782 2 584 100%/0%(01.01.2022-31.12.2022)Mindaugas2022 2 092 62 1 757 2 985 6 897 31%/69%SestokasManaging Director,UAB Kitron, Lithuania&VP Central Eastern2021 2 080 27 - 2 107 100%/0%Europe(01.01.2022-31.12.2022)Hans Petter2022 1 898 203 1 597 2 737 227 6 662 35%/65%ThomassenManaging Director, Kitron AS, Norway2021 1 840 198 - 227 2 265 100%/0%& VP North America(01.01.2022-31.12.2022)Carsten Christensen2022 2 904 301 2 428 5 632 57%/43%CEO BB Electronics(joined 10.01.2022)20211) Other benefits include the value of any benefits or prerequisites, such as non-business or non-assignment related travel, medical, car, education and training, residence or housing, credit cards and other benefits in kind or prerequisites.2) Short-term incentive earned includes the total monetary value of annual bonuses from the short-term incentive program for the financial year.3) Long-term incentive program includes programs that have vested during the year and shows total benefit of shares and cash consideration.4) Pension expense includes contributions that effectively took place during the reported financial period to finance a fund or other pension scheme for future pension payout for the senior executive.Name of Board Position Type of remuneration 2022 2021member Total regular board remuneration 582 524Tuomo Juhani L\u00e4hdesm\u00e4kiAmount of board remuneration paid in cash 342 313ChairAmount of board remuneration used for share acquisition 240 211(01.01.2022-31.12.2022)Remuneration for chair of the remuneration committee 23 26Total regular board remuneration 268 262Gro Merete Br\u00e6kkenAmount of board remuneration paid in cash 201 196Deputy (01.01.2022-chairpersonAmount of board remuneration used for share acquisition 67 6631.12.2022)Remuneration for member of the audit/remuneration committee 47 26Total regular board remuneration 268 262Espen GundersenAmount of board remuneration paid in cash 201 196Board member(01.01.2022-Amount of board remuneration used for share acquisition 67 6631.12.2022)Remuneration for chair of the audit committee 90 37Total regular board remuneration 268 262Maalfrid BrathAmount of board remuneration paid in cash 201 196Board member(01.01.2022-Amount of board remuneration used for share acquisition 67 6631.12.2022)Remuneration for member of the remuneration committee 23 26Total regular board remuneration 66 262Christian JebsenAmount of board remuneration paid in cash 66 196Board member(01.01.2022-Amount of board remuneration used for share acquisition - 6627.04.2022)Remuneration for member of the audit committee 20 32Bj\u00f8rn Martin Total regular board remuneration 268 262GottschlichAmount of board remuneration paid in cash 201 196Board member(01.01.2022-Amount of board remuneration used for share acquisition 67 6631.12.2022)Total regular board remuneration 268 262Tanja R\u00f8rheimAmount of board remuneration paid in cash 201 196Board member(01.01.2022-Amount of board remuneration used for share acquisition 67 6631.12.2022)Remuneration for member of the audit committee 54 32Jarle LarsenTotal regular board remuneration 268 262Board memberAmount of board remuneration paid in cash 201 196(01.01.2022-31.12.2022)Amount of board remuneration used for share acquisition 67 66Total regular board remuneration 268 262Petra GrandinsonAmount of board remuneration paid in cash 160 157Board member(01.01.2022-Amount of board remuneration used for share acquisition 108 10531.12.2022)Remuneration for member of the remuneration committee 23 35Total regular board remuneration 203 -Michael ThomsenAmount of board remuneration paid in cash 95 -Board member(27.04.2022-Amount of board remuneration used for share acquisition 108 -31.12.2022)Remuneration for member of the remuneration committee 9 -No payroll tax is included in the tables above. Pension contribution includes paid contribution to the company\u2019s pension scheme. For employee representatives only board remuneration is declared. The company has not given any loans or security for directors or senior executives at 31 December 2022.For more information about remuneration of senior executives, see separate Remuneration Report available at www.kitron.com.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-83-2": { "value": "Note 28 - Interest in subsidiariesSet out below are the group\u2019s principal subsidiaries at 31 December 2022. Unless otherwise stated, the subsidiaries as listed below have share capital consisting solely of ordinary shares, which are held directly by the group and the proportion of ownership interests held equals to the voting rights held by group. The country of incorporation or registration is also their place of principal place of business.Company name Country of incorporation Shareholding Voting share Principal activities Kitron AS Arendal, Norway 100% 100% EMS manufacturingKitron AB J\u00f6nk\u00f6ping, Sweden 100% 100% EMS manufacturingKitron Hong Kong Ltd Hong Kong 100% 100% Trading, sourcingKitron GmbH N\u00fcrtingen, Germany 100% 100% Sales Kitron Holding USA Inc Delaware, USA 100% 100% ShareholdingUAB Kitron Real Estate Kaunas, Lithuania 100% 100% Property UAB Kitron Kaunas, Lithuania 100% 100% EMS manufacturingKitron sp. z o.o Grudziadz, Poland 100% 100% EMS ManufacturingThe Kitron Hong Kong Ltd subsidiary owns shares in the following subsidiaries:Company name Country of incorporation Shareholding Voting share Principal activities Kitron Electronics Manufacturing Ningbo China 100% 100% EMS manufacturing(Ningbo) CO., Ltd.Kitron Electromechanical (Ningbo) Ningbo China 100% 100% PurchasingCO. LtdThe Kitron Holding USA Inc subsidiary owns shares in the following subsidiaries:Company name Country of incorporation Shareholding Voting share Principal activities Kitron Technologies Inc Delaware, USA 100% 100% EMS manufacturingKitron Systems Inc Delaware, USA 100% 100% DormantThe BB Electronics AS subsidiary owns shares in the following companies:Company name Country of incorporation Shareholding Voting share Principal activities BB Electronics (Suzhou) C. Ltd Suzhou, China 100% 100% EMS manufacturingBB Electronics, Wendell Holding a.s Lanskroun, Czech 100% 100% ShareholdingBB TCBB ApS Horsens, Denmark 100% 100% ShareholdingEMS manufacturing TCBB India Private Limited Chennai, India 100% 100%under establishmentBB Electronics (Suzhou) C. Ltd owns shares in the following companies:Company name Country of incorporation Shareholding Voting share Principal activities BB Trading (SIP) Co. Ltd Suzhou, China 100% 100% TradingBB Electronics Wendell Holding a.s owns shares in the following companies:Company name Country of incorporation Shareholding Voting share Principal activities BB Electronics, Wendell Electronics a.s Lanskroun, Czech 100% 100% EMS manufacturing", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-84-2": { "value": "Note 29 - Government grantsThe group has received grants in 2022 of TNOK 4.0 (2021: 930). TNOK 1 507 was for employee training and TNOK 2 538 was for business reward and different subsidies.The amount has reduced payroll expenses and other operating expenses correspondingly. \u2018", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-85-2": { "value": "Note 30 - Business combinationsAt 6 January 2022, Kitron completed the acquisition of the Danish EMS company BB Electronics A/S, which has production facilities in Denmark, China and the Czech Republic. BB Electronics is a full-service EMS (Electronics Manufacturing Services) provider based in Horsens, Denmark. The group had revenues of about DKK 1,000 million in 2021 and on average 750 employees and has over the past years grown significantly, both organically and through M&A. The customer base is concentrated within industry, telecom and medical. The purchase price paid, after certain post signing adjustments, was DKK 663.5 million (NOK 895.4 million). The fair value assessment of the assets and liabilities recognized as a result of the acquisition is as follows:Fair valueNOK 1000 01.01.2022Other intangible assets 24 009Other intangible assets, customer contracts 265 072Property, plant and equipment 115 395Right-of-use assets 31 353Financial assets 2 661Deferred tax assets 8 521Inventory 459 959Accounts receivable 222 323Contract assets 77 867Other receivables 62 644Cash and cash equivalents 31 572Deferred tax -65 580Loans -103 227Other liabilities -7 486Accounts payable -433 177Other payables -175 806Tax payable -7 721Loans -30 245Net identifiable assets acquired 478 135Add: goodwill 417 240Net assets acquired 895 375The goodwill is attributable to workforce and synergies. It will not be deductible for tax purposes. Revenue and profit contributionThe acquired business contributed revenues of NOK 2 188.4 million, EBITDA of NOK 226.8 million, EBIT of NOK 188.6 million and net profit of NOK 133.5 million for the period from 1 January 2022 to 31 December 2022. In addition, other intangible assets (customer contracts) included in the fair value assessment are amortized with NOK 18.3 million for the period from 1 January 2022 to 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-86-2": { "value": "Note 32 - Subsequent eventsThere have been no events to date that significantly affect the results for 2022 or validation of the company\u2019s assets and liabilities at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-87-2": { "value": "Note 31 \u2013 HedgingKitron ASA acquired BB Electronics with effect from 1 January 2022. Purchase price was 663.5 million DKK. Purchase Price Allocation analysis per acquisition date shows excess value of 448.9 million DKK in intangible assets and goodwill net after tax. Part of the acquisition was financed by a 52.1 million EUR term loan in bank (converted from NOK at 30 March 2022).Hedging- and economic relationshipA hedging- and an economic relationship consist between the total DKK investment in BB Electronics and the EUR loan. The total net assets of BB Electronics and the net excess values in intangible assets and goodwill constitute the hedged objects and the EUR loan constitutes the hedging instrument.The nature of the risk being hedgedThe hedged objects and the hedging instrument will be translated to NOK per balance sheet date and will create currency translation effects due to changes in NOK/DKK and NOK/EUR currency rates.Hedge effectivenessAs DKK is pegged to EUR the two currencies will move in the same direction. The total DKK investment (hedged objects) and the EUR liability (hedging instrument) will make a hedge. The currency effect in Kitron ASA parent company account from the translation of the EUR loan will be neutralized by the effect from the translation of the DKK assets. See quantitative information in the tables below:Hedging instrument Currency 2022 2021 Balance sheet itemCarrying amount (31 December)Interest bearing debt - Bank loan (5-year term loan) EUR 44 302 -(Current/Non-current)DKK eqvivalent 330 223 -Change in carrying amount of bank loan NOK 44 841 -Hedging objects Currency 2022 2021 Balance sheet itemCarrying amount (31 December) - Net equity BB Electronics A/S DKK 330 167 - Equity - Goodwill DKK 295 723 - Goodwill - Customer contracts DKK 183 411 - Intangible assets - Deferred tax DKK (40 350) - Deferred tax liabilitiesTotal 768 951Change in value of hedged objects NOK 45 639 -Net effect presented in Other Comprehensive Income NOK 798 -Hedge ratio (31 December) 2,3 -", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f32531": { "value": "Kitron ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-89-1": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f32711": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }