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"v1-page25-cflshid_33668-tag93970": { "value": "
NOTE 1:
CORPORATE INFORMATION
End\u00far ASA is a public limited liability company based in Norway and was founded on 22 May 2007. The Company\u2019s registered office is at Strandveien 17, 1366 Lysaker, Norway. These consolidated financial statements comprise the Company and its subsidiaries (collectively the \u201cGroup\u201d and individually \u201cGroup companies\u201d). End\u00far ASA is listed on Oslo Stock Exchange with the ticker ENDUR.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page25-cflshid_33678-tag93971": { "value": "End\u00far ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page25-cflshid_33678-tag93972": { "value": "End\u00far ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page25-cflshid_33678-tag93984": { "value": "End\u00far ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page25-cflshid_33678-tag93973": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page25-cflshid_33679-tag93974": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page25-cflshid_33679-tag93975": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page25-cflshid_33680-tag93976": { "value": "Strandveien 17, 1366 Lysaker, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page25-cflshid_33680-tag93977": { "value": "Strandveien 17, 1366 Lysaker, Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page25-cflshid_33668-tag93983": { "value": "
NOTE 2:
ACCOUNTING PRINCIPLES
DECLARATION OF CONFORMITY
The consolidated financial statements of the End\u00far Group have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU (IFRS) and associated interpretations, and also the additional Norwegian information requirement pursuant to the Norwegian Accounting Act, and that are applicable as at 31 December 2023. The consolidated accounts are for the period 01.01.2023 until 31.12.2023. The proposed annual accounts were adopted by the Board of Directors on 24 April 2024. The annual accounts will be dealt with by the Ordinary General Meeting in May 2024 for final approval.
BASIS OF MEASUREMENT
The consolidated financial statements have been prepared based on historical cost, with the exemption of financial instruments at fair value.
The consolidated accounts are presented in NOK, which is also the functional currency of the parent company. The accounts of foreign operations with a different functional currency, income statement items are converted at the average exchange rates per month. Assets and liabilities are converted at the exchange rate in effect on the balance sheet date. Financial information is stated in NOK million, unless otherwise specified.
ACCOUNTING ESTIMATES
Preparation of the annual accounts in accordance with IFRS Accounting Standards includes valuations, estimates and assumptions that influence both the choice of accounting principles applied and reported amounts for assets, obligations, income and expenses. During preparation of the annual accounts, the management has used estimates based on best judgement and assumptions that are considered realistic based on historical experience. Actual amounts may differ from estimated amounts. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
Judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the consolidated financial statements is included in the following notes:
Note 5Whether revenue is recognized over time or at a point in time. Identification of performance obligations in customer contracts.
Note 29Discretionary judgements are utilized when applying the principle of best estimate in relation to legal claims and contingent liabilities
Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the year to come is included in the following notes:
Note 8Recognition of deferred tax assets; availability of future taxable profit against which carry forward tax losses can be used.
Note 12Impairment test: key assumptions underlying recoverable amounts.
Note 18Recognition and measurement of provisions and contingencies; key assumptions about the likelihood and magnitude of an outflow of resources.
Climate change
The Group companies faces both risk and opportunities arising from climate change itself and from actions taken in climate change mitigation. Sustainability and climate change is embedded in the Group\u2019s risk management and business strategy, and we expect to see a
growing effect of financial implications in the years to come. Increase in extreme weather can increase the need of maintenance and rehabilitation of infrastructure and ocean pollution is driving the discussions on onshore aquaculture solutions. In addition, transitional risks exist related to new technological advances and increased need of capital expenditures to reduce carbon emissions. The financial impacts of identified risks and opportunities are still considered to be significantly uncertain and no material effects have been incorporated in the Groups short- to mid-term budgets and forecasts.
As at year end, climate change risk and financial implications of this have been considered in estimating the following: useful life of long-term assets and impairment assessments (note 12). The considerations have not resulted in adjustments of budgets and estimates of future profit in calculations of value in use or other carrying amounts of assets and liabilities.
CHANGES IN ACCOUNTING PRINCIPLES AND NEW PRONOUNCEMENTS
End\u00far has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2023, except for the following:
Amendments to IAS 1 and IFRS practice Statement 2 \u2013 Disclosure of accounting policies
IASB has issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements. The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their significant accounting policies. The amendments aim to make accounting policy information more entity-specific and to reduce the disclosure of immaterial and standardised information. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements.
Amendments to standards and interpretations with a future effective date
None of the issued, not yet effective, accounting standards or amendments to such standards are expected to have significant effects for End\u00far\u2019s financial reporting.
NOTE 5:
REVENUE FROM CONTRACTS WITH CUSTOMERS
The majority of the Group\u2019s revenues, in the Marine infrastructure and Aquaculture solutions segment, stem from projects based on Norwegian Standard Contracts (NS) for construction works. Payments may be based on fixed totals with milestone instalments, cost-plus or quantity-based unit prices. The latter two are typically billed monthly. Revenues are typically due for payment within 30 days after the billing date, while end invoices typically are due for payment within 60 days.
Revenue in the Other segment stem mainly form service and maintenance contracts, typically with a large amount of smaller work orders. This implies that revenue mainly is recognized as point in time with limited use of stage of completion calculations. For contracts with significant fixed-price elements an input method is used to measure the progress of the project, which is the basis for recognizing revenue over time.
The majority of the Group\u2019s delivery commitments are fulfilled at project hand-over (or in some cases in accordance with partial handovers).
For revenue from projects defined as over time, End\u00far primarily uses the stage of completion method, based on the estimated final contribution margins. Revenue is reported in line with actual production progress, based on degree of completion. The revenue recognition for variation orders and disputed claims with a high level of uncertainty is based on assessments of the highly probable outcome of the claim and elements that can be measured reliably
Pensions
The Group is required to have a pension scheme in accordance with the Norwegian law on required occupational pension schemes (\u201c\u201dlov om obligatorisk tjenestepensjon\u201d\u201d). The Group\u2019s pension arrangements fulfil the law requirements.
The Group mainly has defined contribution pension schemes that are recognized in the income statement as contributions are made to the scheme. Some group companies also have an early retirement scheme (AFP) in the LO-NHO area which gives a lifelong contribution to the ordinary pension. The employees can choose to exercise the AFP-scheme starting at the age of 62 years, also in combination with continued work until they turn 67 years old. The AFP-scheme is a defined benefit multi-employer plan, of which is financed through contributions that are determined by a percentage of the employee\u2019s earnings between 1G and 7.1G. The AFP scheme is accounted for as a defined contribution pension scheme, as the scheme\u2019s administrator is not able to make the necessary calculation of obligations, assets and pension earnings for each member enterprise. Consequently, the premium and contributions will be recognized in the income statement as they arise. However, an obligation is calculated for employees who have chosen to take early retirement. These are defined as active AFPs, and the obligation is equivalent to the employer\u2019s contribution in the period from when they take early retirement until they reach 67 years of age. The obligation is recognized in the consolidated accounts under other non-current liabilities. In a previous AFP scheme, there was an under coverage. The company have accrued for the expected cost related to this under coverage.
NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectivelyNOTE 11:
PROPERTY, PLANT AND EQUIPMENT
Property plant and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognised and any gain or loss is recognised in the statement of comprehensive income.
The cost of property plant and equipment is the purchase price, including taxes/duties and costs directly linked to preparing the asset ready for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognised in the statement of comprehensive income, while other costs that are expected to provide future financial benefits are capitalised.
The depreciation period and method are assessed each year. A residual value and useful life is estimated at each year-end, and changes to the estimated residual value and useful life are recognised as a change in an estimate.
Considerations of climate effects in estimating the useful life
Several of the Group\u2019s subsidiaries operates in niche markets and with a large amount of specialized machinery and equipment, both land-based and sea-based. Transitional risk related to climate change mitigation exists related to new technological advances in operating machinery and equipment and the potential need for increased capital expenditures to reduce carbon emissions. As per year end, we have considered the financial impacts of these risk on estimation of useful life of the Groups machinery and equipment. Due to significant uncertainty in technological advances of substitutes, no effects on carrying amounts have been made. Replacement of machinery and equipment as needed at end-of-life or in consideration of extended needs going forward will follow group and subsidiary specific sustainability targets in our efforts in reducing carbon emission. The expected financial impact of short- and mid-term capital expenditures are not considered to have material effect based on electric or hybrid substitutes to existing assets.
NOTE 12:
IMPAIRMENT OF ASSETS
The carrying amounts of the Group\u2019s assets, other than employee benefit assets, inventories, deferred tax assets and derivatives are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If an indication of impairment exists, the asset\u2019s recoverable amount is estimated.
Cash-generating units (CGU) containing goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use are tested for impairment annually.
The recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss recognised in respect of CGU is allocated first to goodwill and then to the other assets in the unit (group of units) on a pro rata basis.
An impairment loss on goodwill is not reversed. An impairment loss on other assets is reversed if there has been a change in the estimates used to determine the recoverable amount, and the change can be objectively related to an event occurring after the impairment was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognised.
Other lease liabilities recognised in P&L
Leases with a lease term of 12 months or less are not capitalised. Low-value leases, typically office equipment / fixtures, are not capitalisedNOTE 14:
INVENTORIES
The cost of inventory is based on the FIFO method and includes costs of bringing the goods to their present state and location.
TRADE AND OTHER RECEIVABLES
Trade and other receivables are recognized at the original invoiced amount, less impairment losses. Impairment losses are estimated using the simplified approach in calculating the expected credit losses (ECL)CONTRACT BALANCES
The Group\u2019s contract balance as at 31 December is presented in the table below. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made. Contract liabilities are recognised as revenue when the Group fulfils the performance obligation(s) under the contract.
NOTE 18:
PROVISIONS
The Groups provisions mainly consists of the following:
Warranty provision
A provision for warranty is recognised when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities.
Guarantee liabilities
Contractual guarantees of completion and guarantees in connection with advance payment from customers are furnished as part of End\u00far\u2019s activities. Such guarantees usually involve a bank connection that issues the guarantee in relation to the customer. In some cases, guarantees have also been furnished by other companies in the GroupNOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
The contingent earn-out consideration from the acquisition of Repstad Anlegg (see note 3) is measured at fair value at the acquisition date using estimates of discounted cash flows. The subsequent measurement of the earn-out is at fair value through profit and loss
SHARE PURCHASE PROGRAM
The Group issued a share subscription program in December 2021 whereby all permanent employees of the Group were offered the opportunity to subscribe new shares in the Group at a discount. The sale of shares to employees at less than market price is accounted for by recognising the difference between market value of the shares and purchase price as a payroll expense
SHARE OPTION PROGRAMS
The Group offered a share option program to executive management and key personnel of the Group in 2022 and 2023. Share options are measured at fair value at the time of allotment. The calculated value of the estimated share of redeemed options is recognised as a payroll expense, booked towards other paid-in equity. The cost is distributed over the period until the employee acquires an unconditional right to redeem the options. The estimated number of options that are expected to be redeemed is reassessed on every balance sheet date. The Group had the following share option programs during the year:
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DECLARATION OF CONFORMITY
The consolidated financial statements of the End\u00far Group have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU (IFRS) and associated interpretations, and also the additional Norwegian information requirement pursuant to the Norwegian Accounting Act, and that are applicable as at 31 December 2023. The consolidated accounts are for the period 01.01.2023 until 31.12.2023. The proposed annual accounts were adopted by the Board of Directors on 24 April 2024. The annual accounts will be dealt with by the Ordinary General Meeting in May 2024 for final approval.
BASIS OF MEASUREMENT
The consolidated financial statements have been prepared based on historical cost, with the exemption of financial instruments at fair value.
The consolidated accounts are presented in NOK, which is also the functional currency of the parent company. The accounts of foreign operations with a different functional currency, income statement items are converted at the average exchange rates per month. Assets and liabilities are converted at the exchange rate in effect on the balance sheet date. Financial information is stated in NOK million, unless otherwise specified.
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DECLARATION OF CONFORMITY
The consolidated financial statements of the End\u00far Group have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU (IFRS) and associated interpretations,", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page25-cflshid_33701-tag93980": { "value": "The proposed annual accounts were adopted by the Board of Directors on 24 April 2024. The annual accounts will be dealt with by the Ordinary General Meeting in May 2024 for final approval", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page25-cflshid_33668-tag93979": { "value": "
BASIS OF MEASUREMENT
The accounts of foreign operations with a different functional currency, income statement items are converted at the average exchange rates per month. Assets and liabilities are converted at the exchange rate in effect on the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page25-cflshid_33668-tag93978": { "value": "
BASIS OF MEASUREMENT
The consolidated accounts are presented in NOK, which is also the functional currency of the parent company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page25-cflshid_33668-tag93981": { "value": "
ACCOUNTING ESTIMATES
Preparation of the annual accounts in accordance with IFRS Accounting Standards includes valuations, estimates and assumptions that influence both the choice of accounting principles applied and reported amounts for assets, obligations, income and expenses. During preparation of the annual accounts, the management has used estimates based on best judgement and assumptions that are considered realistic based on historical experience. Actual amounts may differ from estimated amounts. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
Judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the consolidated financial statements is included in the following notes:
Note 5Whether revenue is recognized over time or at a point in time. Identification of performance obligations in customer contracts.
Note 29Discretionary judgements are utilized when applying the principle of best estimate in relation to legal claims and contingent liabilities
Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the year to come is included in the following notes:
Note 8Recognition of deferred tax assets; availability of future taxable profit against which carry forward tax losses can be used.
Note 12Impairment test: key assumptions underlying recoverable amounts.
Note 18Recognition and measurement of provisions and contingencies; key assumptions about the likelihood and magnitude of an outflow of resources.
Climate change
The Group companies faces both risk and opportunities arising from climate change itself and from actions taken in climate change mitigation. Sustainability and climate change is embedded in the Group\u2019s risk management and business strategy, and we expect to see agrowing effect of financial implications in the years to come. Increase in extreme weather can increase the need of maintenance and rehabilitation of infrastructure and ocean pollution is driving the discussions on onshore aquaculture solutions. In addition, transitional risks exist related to new technological advances and increased need of capital expenditures to reduce carbon emissions. The financial impacts of identified risks and opportunities are still considered to be significantly uncertain and no material effects have been incorporated in the Groups short- to mid-term budgets and forecasts. As at year end, climate change risk and financial implications of this have been considered in estimating the following: useful life of long-term assets and impairment assessments (note 12). The considerations have not resulted in adjustments of budgets and estimates of future profit in calculations of value in use or other carrying amounts of assets and liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page25-cflshid_33668-tag93985": { "value": "
Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the year to come is included in the following notes:
Note 8Recognition of deferred tax assets; availability of future taxable profit against which carry forward tax losses can be used.
Note 12Impairment test: key assumptions underlying recoverable amounts.
Note 18Recognition and measurement of provisions and contingencies; key assumptions about the likelihood and magnitude of an outflow of resources.
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CHANGES IN ACCOUNTING PRINCIPLES AND NEW PRONOUNCEMENTS
End\u00far has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2023, except for the following:
Amendments to IAS 1 and IFRS practice Statement 2 \u2013 Disclosure of accounting policies
IASB has issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements. The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their significant accounting policies. The amendments aim to make accounting policy information more entity-specific and to reduce the disclosure of immaterial and standardised information. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements.
Amendments to standards and interpretations with a future effective date
None of the issued, not yet effective, accounting standards or amendments to such standards are expected to have significant effects for End\u00far\u2019s financial reporting.
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CHANGES IN ACCOUNTING PRINCIPLES AND NEW PRONOUNCEMENTS
End\u00far has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2023, except for the following:
Amendments to IAS 1 and IFRS practice Statement 2 \u2013 Disclosure of accounting policies
IASB has issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements. The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their significant accounting policies. The amendments aim to make accounting policy information more entity-specific and to reduce the disclosure of immaterial and standardised information. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements.
Amendments to standards and interpretations with a future effective date
None of the issued, not yet effective, accounting standards or amendments to such standards are expected to have significant effects for End\u00far\u2019s financial reporting.
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NOTE 3:
BUSINESS COMBINATIONS AND SALE OF BUSINESS
BUSINESS COMBINATIONS AND SALE OF BUSINESS IN 2023
REPSTAD ANLEGG AS
On 14 December 2023, End\u00far ASA acquired 100 % of the shares in Repstad Anlegg AS (Repstad) for a purchase price of approx. NOK 298.3 million, of which 56% of the purchase price was settled by issuing 4,174,202 consideration shares in End\u00far ASA, 17 % in sellers\u2019 credit of NOK 50 million and 27 % in cash consideration of NOK 81.3 million.
On the same day, the extraordinary general meeting passed the board of directors\u2019 proposal, to issue the consideration shares. The company\u2019s share capital increased by NOK 2,087,101 issuing 4,174,202 new shares, each with a nominal value of NOK 0.5. The capital increase was registered on 20 December 2023.
Repstad Anlegg AS and its wholly owned subsidiaries; Breakwaters AS, Agder Marine AS, Sand\u00e5s Anlegg AS and Leif Hodnemyr Transport AS, is a Norwegian infrastructure contractor, specialized within marine services, quays & harbours and groundworks. Repstad Anlegg AS and the large majority of its subsidiary companies, are headquartered in Agder county, in south Norway, a region where End\u00far had a more limited presence before the acquisition.
The acquisition entails increased exposure to complementary niche markets with strong underlying demand and growth. Repstad has a direct operational interface with End\u00far\u2019s existing companies, including dock and below-water operations, groundworks and intake pipes. The management team of Repstad has a successful track-record for profitable growth and the organizational culture is very much aligned with that of End\u00far.
SVENSKA TUNGDYKARGRUPPEN AB
In September 2023, End\u00far ASA through subsidiary Marcon-Gruppen i Sverige AB, acquired 100 % of the shares in Svenska Tungdykargruppen AB (STDG), a marine infrastructure company, located in Mora, Sweden, specialized within diving and dredging operations. The primary purpose of the acquisition is to meet an increasing demand and secure increased capacities for Marcon\u2019s existing and highly profitable service offerings.
CONSIDERATIONS TRANSFERRED
The following table summarizes the acquisition date fair value of each major class of consideration transferred.
(NOKm)STDGREPSTAD
Cash considerations26.181.3
Shares in End\u00far ASA-159.9
Seller\u2019s credit-50.0
Contingent earn-out consideration-50.0
Other adjustments-6.5
Total considerations transferred26.1347.6
Equity instruments issued
The fair value of the shares issued in the acquisition of Repstad was based on the listed share price of the End\u00far ASA at 14 December 2023 at NOK 38.3 per share.
Contingent earn-out
The consideration agreement in the acquisition of Repstad includes an earn-out of +/- 2x Earnings before interest and tax in local GAAP from 2023 to 2025 with a reference point of NOK 150 million, capped and floored at + NOK 100 million and \u2013 NOK 50 million, due by June 2026. The contingent earn-out consideration is measured at fair value at the acquisition date using estimates of discounted cash flows, see further details in Note 21.
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
The fair value of identifiable assets and liabilities is based on a purchase allocation. The following table summarizes the recognised amounts of assets acquired and liabilities assumed at the date of acquisition.
(NOKm)NoteSTDGREPSTAD
Assets
Intangible assets and goodwill10-7.3
Property, plant and equipment1135.848.1
Right-of-use assets13-150.2
Other non-current assets-20.0
Inventories140.421.5
Contract assets152.135.8
Trade and other receivables6.8115.2
Cash and cash equivalents166.05.9
Liabilities
Deferred tax liabilities(3.9)(30.6)
Lease liabilities13-(150.2)
Loans and borrowings20-(78.4)
Trade and other payables17(20.3)(84.3)
Tax payables-(2.3)
Contract liabilities15(0.9)(29.0)
Total identifiable net assets acquired26.129.3
The deferred tax liability mainly comprises the difference between the accounting value and the tax conditioned value of the depreciation of tangible and intangible assets. The gross amount of the receivables acquired are immaterially different from the fair value presented above.
GOODWILL
Goodwill arising from the acquisitions has been recognised as follows:
(NOKm)STDGREPSTAD
Total considerations transferred26.1347.6
- Fair value of identifiable net assets acquired26.129.3
Goodwill-318.2
Included in goodwill of Repstad is the value of know-how, customer relationships, and expected synergies with the existing business of End\u00far. The Group has a strong organisational culture and expertise which have been shown through the organisations ability to operate profitable. In addition, Repstad operations and geographical location are considered to be complementary to the Groups existing operations increasing the synergy potential of the acquisition. The goodwill is not tax depreciable or otherwise recognised for tax purposes.
REVENUE AND PROFIT OR LOSS OF THE ACQUIREE AND COMBINED ENTITY
Repstad has from the date of acquisition contributed to the Group's revenues and profit before taxes by NOK 36,4 million and NOK 4,6 million respectively. If the acquisition had occurred at the beginning of 2023, revenues for 2023 and profit before taxes for 2023 for the Group would have been NOK 2 599.4 million and NOK 4.4 million respectively.
STDG has from the date of acquisition contributed to the Group's revenues and profit before taxes by NOK 13.5 million and NOK -4.0 million respectively. If the acquisition had occurred at the beginning of 2023, revenues for 2023 and profit before taxes for 2023 for the Group would have been NOK 2 015.8 million and NOK -25.6 million respectively.
BUSINESS COMBINATIONS AND SALE OF BUSINESS IN 2022
DYKAB
In May 2022, End\u00far ASA through subsidiary Marcon-Gruppen I Sverige AB, acquired 100 % of the shares in Dykab, a company providing marine infrastructure services out of Lule\u00e5, a city located in Norrbotten, Sweden\u2019s northernmost county. The acquisition strengthens Marcon\u2019s strategic foothold in marine infrastructure and contributes as a growth platform for Marcon's activities in Northern Sweden.
(NOKm)Dykab
Cash considerations8.6
Total considerations8.6
Book value of net assets and liabilities at recognition3.9
Excess values4.7
Allocated to identifiable excess values4.3
Allocated to goodwill0.4
Cash consideration8.6
Cash balance at recognition3.4
Cash outflow (+) /inflow (-)5.2
INSTALLIT AS
In April 2022, Installit AS and its subsidiaries (Installit), a wholly owned subsidiary of End\u00far ASA, was sold to DeepOcean Group. The sale was part of the strategic change of directions for the Group, defining marine infrastructure and solutions for land-based aquaculture as the Group\u2019s core focus areas.
(NOKm)Installit
Cash considerations20.8
Total considerations20.8
Share of group equity at demeasurement13.6
Excess values7.2
Allocated to gain/loss7.2
Cash consideration (20.8)
Cash balance at recognition 0.0
Cash outflow (+) /inflow (-)(20.8)
Gain on sale from Installit is booked through Other revenue in the Income Statement.
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NOTE 4:
OPERATING SEGMENTS
OPERATING SEGMENTS
End\u00far reports in 2023 distributed on the following segments. These segments offer different products and services and are managed separately because they require different marketing strategies. Inter-segment pricing is determined on an arm\u2019s length basis.
Segment performance is measured by operating profit before depreciation, amortization, and write-downs (EBITDA) and operating profit (EBIT). This is included in internal management reports, which are being reviewed by the Group\u2019s executive management, consisting of CEO, CFO and the Board of Directors.
Aquaculture solutions
The Aquaculture solutions segment includes production of concrete barges for the aquaculture industry. Consists of the companies Artec Aqua AS, End\u00far Sj\u00f8sterk AS and End\u00far Eiendom AS.
Marine infrastructure
The Marine infrastructure segment includes harbour/quay construction and maintenance and underwater services. Consists of the companies BMO Entrepren\u00f8r AS, Marcon-Gruppen i Sverige AB and Repstad Anlegg AS. Repstad Anlegg AS, and its subsidiaries, was acquired in December 2023, details regarding the transaction are presented in note 3.
Other
Other includes maritime service and ship maintenance, unallocated corporate costs, investments in the Group\u2019s subsidiaries and Group financing. Consists of the companies End\u00far Maritime AS, End\u00far ASA, End\u00far Bidco II and BG Malta Ltd.
\u00a0
\u00a0
\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0
2023 (NOKm)Aquaculture solutionsMarine infrastructureOtherIntra-group eliminationsTotal
Operating revenue449.6 1 234.6 277.0 (0.2) 1 961.0
Operating profit / loss EBITDA3.0 227.0 9.0 - 239.0
Depreciation, Amortization(35.0) (100.7) (17.2) - (152.8)
Impairment- - - - -
Operating profit / loss EBIT(32.0) 126.3 (8.2) - 86.1
Segment assets924.6 2 167.5 373.9 (526.9) 2 939.1
Segments liabilities226.4 1 050.6 985.2 (514.9) 1 747.4
2022 (NOKm)Aquaculture solutionsMarine infrastructureOtherIntra-group eliminationsTotal
Operating revenue1 289.51 018.9216.9(33.1)2 492.2
Operating profit / loss EBITDA51.3182.2(10.7)7.2230.0
Depreciation, Amortization(33.0)(90.6)(10.1)0.0(133.7)
Impairment(0.0)0.0(0.0)
Operating profit / loss EBIT18.391.5(20.8)7.296.3
Segments assets1 171.11 386.1410.5(377.5)2 590.2
Segments liabilities449.3600.01 016.0(370.9)1 694.4
MAJOR CUSTOMERS
There is no customer in the Group where the recognised revenue is more than 10 percent of total revenues in 2023.
GEOGRAPHICAL ALLOCATION OF NON-CURRENT ASSETS
\u00a0
\u00a0
\u00a0
\u00a0
NorwaySwedenTotal
(NOKm)At 31 Dec. 2023At 31. Dec. 2022At 31 Dec. 2023At 31. Dec. 2022At 31 Dec. 2023At 31. Dec. 2022
Intangible assets and goodwill 1 284.6 988.6 88.4 82.5 1 373.0 1 071.1
Property, plant and equipment 108.1 62.4 358.1 329.4 466.3 391.7
Right-of-use assets 235.9 69.3 16.7 19.5 252.5 88.9
Other non-current assets 23.3 23.1 2.0 1.8 25.3 24.9
Total non-current assets 1 652.0 1 143.4 465.1 433.2 2 117.1 1 576.6
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NOTE 5:
REVENUE FROM CONTRACTS WITH CUSTOMERS
The majority of the Group\u2019s revenues, in the Marine infrastructure and Aquaculture solutions segment, stem from projects based on Norwegian Standard Contracts (NS) for construction works. Payments may be based on fixed totals with milestone instalments, cost-plus or quantity-based unit prices. The latter two are typically billed monthly. Revenues are typically due for payment within 30 days after the billing date, while end invoices typically are due for payment within 60 days.
Revenue in the Other segment stem mainly form service and maintenance contracts, typically with a large amount of smaller work orders. This implies that revenue mainly is recognized as point in time with limited use of stage of completion calculations. For contracts with significant fixed-price elements an input method is used to measure the progress of the project, which is the basis for recognizing revenue over time.
The majority of the Group\u2019s delivery commitments are fulfilled at project hand-over (or in some cases in accordance with partial handovers).
For revenue from projects defined as over time, End\u00far primarily uses the stage of completion method, based on the estimated final contribution margins. Revenue is reported in line with actual production progress, based on degree of completion. The revenue recognition for variation orders and disputed claims with a high level of uncertainty is based on assessments of the highly probable outcome of the claim and elements that can be measured reliably.
DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
Aquaculture SolutionsMarine InfrastructureOtherTotal
(NOKm)20232022202320222023202220232022
Primary geographical markets
Norway and the Norwegian Continental Shelf358.21 257.7587.4540.0270.5214.41 216.12 012.1
Sweden--537.7426.00.10.8537.8426.8
Other91.230.6109.422.26.40.5207.053.3
Total449.41 288.21 234.6988.2277.0215.71 961.02 492.2
Major products / service lines
Public Sector-Directly2.0136.3697.5559.9185.7145.0885.2841.2
Private Sector-Directly447.51 151.9537.1428.391.370.71 075.81 650.9
Total449.41 288.21 234.6988.2277.0215.71 961.02 492.2
Timing of revenue recognition
Products transferred at a point in time0.0-6.624.5277.0215.7283.6240.3
Products and services transferred over time449.41 288.21 228.0963.7--1 677.42 251.9
Total449.41 288.21 234.6988.2277.0215.71 961.02 492.2
CONTRACT BALANCES
(NOKm)31.12.202331.12.2022
Trade receivables514.1498.7
Contract assets107.1123.5
Contract liabilities15.2103.9
See note 15 for details on trade receivables, contract assets and contract liabilities
CONTRACT BALANCES
The Group\u2019s contract balance as at 31 December is presented in the table below. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made. Contract liabilities are recognised as revenue when the Group fulfils the performance obligation(s) under the contract.
(NOKm)20232022
Contract assets107.1123.5
Contract liabilities15.2103.9
Contract assets
(NOKm)20232022
Total contract assets at 1 Jan123.530.8
Invoiced throughout the year(104.2)(17.1)
Work done this year, not invoiced51.3110.0
Acquisition of business30.5-
Other changes5.9-
Total contract assets at 31 Dec107.1123.5
Contract liabilities
(NOKm)20232022
Total contract liabilities at 1 Jan103.931.4
Recognised as income during the year(113.1)(25.4)
Advances received20.697.9
Acquisition of business2.4-
Other changes1.3-
Total contract liabilities at 31 Dec15.2103.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page31-cflshid_35630-tag93993": { "value": "
NOTE 5:
REVENUE FROM CONTRACTS WITH CUSTOMERS
The majority of the Group\u2019s revenues, in the Marine infrastructure and Aquaculture solutions segment, stem from projects based on Norwegian Standard Contracts (NS) for construction works. Payments may be based on fixed totals with milestone instalments, cost-plus or quantity-based unit prices. The latter two are typically billed monthly. Revenues are typically due for payment within 30 days after the billing date, while end invoices typically are due for payment within 60 days.
Revenue in the Other segment stem mainly form service and maintenance contracts, typically with a large amount of smaller work orders. This implies that revenue mainly is recognized as point in time with limited use of stage of completion calculations. For contracts with significant fixed-price elements an input method is used to measure the progress of the project, which is the basis for recognizing revenue over time.
The majority of the Group\u2019s delivery commitments are fulfilled at project hand-over (or in some cases in accordance with partial handovers).
For revenue from projects defined as over time, End\u00far primarily uses the stage of completion method, based on the estimated final contribution margins. Revenue is reported in line with actual production progress, based on degree of completion. The revenue recognition for variation orders and disputed claims with a high level of uncertainty is based on assessments of the highly probable outcome of the claim and elements that can be measured reliably.
DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
Aquaculture SolutionsMarine InfrastructureOtherTotal
(NOKm)20232022202320222023202220232022
Primary geographical markets
Norway and the Norwegian Continental Shelf358.21 257.7587.4540.0270.5214.41 216.12 012.1
Sweden--537.7426.00.10.8537.8426.8
Other91.230.6109.422.26.40.5207.053.3
Total449.41 288.21 234.6988.2277.0215.71 961.02 492.2
Major products / service lines
Public Sector-Directly2.0136.3697.5559.9185.7145.0885.2841.2
Private Sector-Directly447.51 151.9537.1428.391.370.71 075.81 650.9
Total449.41 288.21 234.6988.2277.0215.71 961.02 492.2
Timing of revenue recognition
Products transferred at a point in time0.0-6.624.5277.0215.7283.6240.3
Products and services transferred over time449.41 288.21 228.0963.7--1 677.42 251.9
Total449.41 288.21 234.6988.2277.0215.71 961.02 492.2
CONTRACT BALANCES
(NOKm)31.12.202331.12.2022
Trade receivables514.1498.7
Contract assets107.1123.5
Contract liabilities15.2103.9
See note 15 for details on trade receivables, contract assets and contract liabilities
CONTRACT BALANCES
The Group\u2019s contract balance as at 31 December is presented in the table below. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made. Contract liabilities are recognised as revenue when the Group fulfils the performance obligation(s) under the contract.
(NOKm)20232022
Contract assets107.1123.5
Contract liabilities15.2103.9
Contract assets
(NOKm)20232022
Total contract assets at 1 Jan123.530.8
Invoiced throughout the year(104.2)(17.1)
Work done this year, not invoiced51.3110.0
Acquisition of business30.5-
Other changes5.9-
Total contract assets at 31 Dec107.1123.5
Contract liabilities
(NOKm)20232022
Total contract liabilities at 1 Jan103.931.4
Recognised as income during the year(113.1)(25.4)
Advances received20.697.9
Acquisition of business2.4-
Other changes1.3-
Total contract liabilities at 31 Dec15.2103.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page31-cflshid_35630-tag93992": { "value": "
NOTE 5:
REVENUE FROM CONTRACTS WITH CUSTOMERS
The majority of the Group\u2019s revenues, in the Marine infrastructure and Aquaculture solutions segment, stem from projects based on Norwegian Standard Contracts (NS) for construction works. Payments may be based on fixed totals with milestone instalments, cost-plus or quantity-based unit prices. The latter two are typically billed monthly. Revenues are typically due for payment within 30 days after the billing date, while end invoices typically are due for payment within 60 days.
Revenue in the Other segment stem mainly form service and maintenance contracts, typically with a large amount of smaller work orders. This implies that revenue mainly is recognized as point in time with limited use of stage of completion calculations. For contracts with significant fixed-price elements an input method is used to measure the progress of the project, which is the basis for recognizing revenue over time.
The majority of the Group\u2019s delivery commitments are fulfilled at project hand-over (or in some cases in accordance with partial handovers).
For revenue from projects defined as over time, End\u00far primarily uses the stage of completion method, based on the estimated final contribution margins. Revenue is reported in line with actual production progress, based on degree of completion. The revenue recognition for variation orders and disputed claims with a high level of uncertainty is based on assessments of the highly probable outcome of the claim and elements that can be measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page32-cflshid_36620-tag93996": { "value": "
NOTE 6:
PAYROLL EXPENSES
PAYROLL EXPENSES
(NOKm)20232022
Salaries and holiday pay377.7336.1
Employer's national insurance contribution82.265.2
Share subscription program0.00.0
Pension expenses17.013.1
Other payroll expenses7.19.9
Total484.1424.4
Number of employees 31.12.730495
For share-based payments and share subscription program, see note 24.
Pensions
The Group is required to have a pension scheme in accordance with the Norwegian law on required occupational pension schemes (\u201c\u201dlov om obligatorisk tjenestepensjon\u201d\u201d). The Group\u2019s pension arrangements fulfil the law requirements.
The Group mainly has defined contribution pension schemes that are recognized in the income statement as contributions are made to the scheme. Some group companies also have an early retirement scheme (AFP) in the LO-NHO area which gives a lifelong contribution to the ordinary pension. The employees can choose to exercise the AFP-scheme starting at the age of 62 years, also in combination with continued work until they turn 67 years old. The AFP-scheme is a defined benefit multi-employer plan, of which is financed through contributions that are determined by a percentage of the employee\u2019s earnings between 1G and 7.1G. The AFP scheme is accounted for as a defined contribution pension scheme, as the scheme\u2019s administrator is not able to make the necessary calculation of obligations, assets and pension earnings for each member enterprise. Consequently, the premium and contributions will be recognized in the income statement as they arise. However, an obligation is calculated for employees who have chosen to take early retirement. These are defined as active AFPs, and the obligation is equivalent to the employer\u2019s contribution in the period from when they take early retirement until they reach 67 years of age. The obligation is recognized in the consolidated accounts under other non-current liabilities. In a previous AFP scheme, there was an under coverage. The company have accrued for the expected cost related to this under coverage.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page32-cflshid_36620-tag93995": { "value": "
NOTE 6:
PAYROLL EXPENSES
PAYROLL EXPENSES
(NOKm)20232022
Salaries and holiday pay377.7336.1
Employer's national insurance contribution82.265.2
Share subscription program0.00.0
Pension expenses17.013.1
Other payroll expenses7.19.9
Total484.1424.4
Number of employees 31.12.730495
For share-based payments and share subscription program, see note 24.
Pensions
The Group is required to have a pension scheme in accordance with the Norwegian law on required occupational pension schemes (\u201c\u201dlov om obligatorisk tjenestepensjon\u201d\u201d). The Group\u2019s pension arrangements fulfil the law requirements.
The Group mainly has defined contribution pension schemes that are recognized in the income statement as contributions are made to the scheme. Some group companies also have an early retirement scheme (AFP) in the LO-NHO area which gives a lifelong contribution to the ordinary pension. The employees can choose to exercise the AFP-scheme starting at the age of 62 years, also in combination with continued work until they turn 67 years old. The AFP-scheme is a defined benefit multi-employer plan, of which is financed through contributions that are determined by a percentage of the employee\u2019s earnings between 1G and 7.1G. The AFP scheme is accounted for as a defined contribution pension scheme, as the scheme\u2019s administrator is not able to make the necessary calculation of obligations, assets and pension earnings for each member enterprise. Consequently, the premium and contributions will be recognized in the income statement as they arise. However, an obligation is calculated for employees who have chosen to take early retirement. These are defined as active AFPs, and the obligation is equivalent to the employer\u2019s contribution in the period from when they take early retirement until they reach 67 years of age. The obligation is recognized in the consolidated accounts under other non-current liabilities. In a previous AFP scheme, there was an under coverage. The company have accrued for the expected cost related to this under coverage.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page32-cflshid_36620-tag93997": { "value": "
Pensions
The Group is required to have a pension scheme in accordance with the Norwegian law on required occupational pension schemes (\u201c\u201dlov om obligatorisk tjenestepensjon\u201d\u201d). The Group\u2019s pension arrangements fulfil the law requirements.
The Group mainly has defined contribution pension schemes that are recognized in the income statement as contributions are made to the scheme. Some group companies also have an early retirement scheme (AFP) in the LO-NHO area which gives a lifelong contribution to the ordinary pension. The employees can choose to exercise the AFP-scheme starting at the age of 62 years, also in combination with continued work until they turn 67 years old. The AFP-scheme is a defined benefit multi-employer plan, of which is financed through contributions that are determined by a percentage of the employee\u2019s earnings between 1G and 7.1G. The AFP scheme is accounted for as a defined contribution pension scheme, as the scheme\u2019s administrator is not able to make the necessary calculation of obligations, assets and pension earnings for each member enterprise. Consequently, the premium and contributions will be recognized in the income statement as they arise. However, an obligation is calculated for employees who have chosen to take early retirement. These are defined as active AFPs, and the obligation is equivalent to the employer\u2019s contribution in the period from when they take early retirement until they reach 67 years of age. The obligation is recognized in the consolidated accounts under other non-current liabilities. In a previous AFP scheme, there was an under coverage. The company have accrued for the expected cost related to this under coverage.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page33-cflshid_36959-tag94003": { "value": "
NOTE 7:
NET FINANCE COSTS
NET FINANCE COSTS
The Groups net finance cost stems primarily from the parent company, End\u00far ASA. Increase in financial expenses from prior year stems primarily from the refinancing in March 2023; break fee in connection with early call of the bond, write down of remaining bond fees and termination of cross currency swap. For more details see note 20 and note 21.
(NOKm)20232022
Interest income8.49.6
Interest income bond2.43.5
Currency gain0.40.3
Increase in value of financial instruments1.26.0
Other financial income1.00.4
Finance income13.319.8
Interest expenses45.64.1
Interest expenses bond20.481.2
Currency loss19.86.6
Other financial expenses41.61.3
Interest expense (IFRS 16 lease)5.44.0
Amortization bond0.04.7
Finance costs132.9101.8
Net finance costs recognised in the income statement(119.6)(82.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page33-cflshid_36959-tag94002": { "value": "
NOTE 7:
NET FINANCE COSTS
NET FINANCE COSTS
The Groups net finance cost stems primarily from the parent company, End\u00far ASA. Increase in financial expenses from prior year stems primarily from the refinancing in March 2023; break fee in connection with early call of the bond, write down of remaining bond fees and termination of cross currency swap. For more details see note 20 and note 21.
(NOKm)20232022
Interest income8.49.6
Interest income bond2.43.5
Currency gain0.40.3
Increase in value of financial instruments1.26.0
Other financial income1.00.4
Finance income13.319.8
Interest expenses45.64.1
Interest expenses bond20.481.2
Currency loss19.86.6
Other financial expenses41.61.3
Interest expense (IFRS 16 lease)5.44.0
Amortization bond0.04.7
Finance costs132.9101.8
Net finance costs recognised in the income statement(119.6)(82.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page33-cflshid_36959-tag94001": { "value": "
NOTE 7:
NET FINANCE COSTS
NET FINANCE COSTS
The Groups net finance cost stems primarily from the parent company, End\u00far ASA. Increase in financial expenses from prior year stems primarily from the refinancing in March 2023; break fee in connection with early call of the bond, write down of remaining bond fees and termination of cross currency swap. For more details see note 20 and note 21.
(NOKm)20232022
Interest income8.49.6
Interest income bond2.43.5
Currency gain0.40.3
Increase in value of financial instruments1.26.0
Other financial income1.00.4
Finance income13.319.8
Interest expenses45.64.1
Interest expenses bond20.481.2
Currency loss19.86.6
Other financial expenses41.61.3
Interest expense (IFRS 16 lease)5.44.0
Amortization bond0.04.7
Finance costs132.9101.8
Net finance costs recognised in the income statement(119.6)(82.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page33-cflshid_36959-tag94000": { "value": "
NOTE 7:
NET FINANCE COSTS
NET FINANCE COSTS
The Groups net finance cost stems primarily from the parent company, End\u00far ASA. Increase in financial expenses from prior year stems primarily from the refinancing in March 2023; break fee in connection with early call of the bond, write down of remaining bond fees and termination of cross currency swap. For more details see note 20 and note 21.
(NOKm)20232022
Interest income8.49.6
Interest income bond2.43.5
Currency gain0.40.3
Increase in value of financial instruments1.26.0
Other financial income1.00.4
Finance income13.319.8
Interest expenses45.64.1
Interest expenses bond20.481.2
Currency loss19.86.6
Other financial expenses41.61.3
Interest expense (IFRS 16 lease)5.44.0
Amortization bond0.04.7
Finance costs132.9101.8
Net finance costs recognised in the income statement(119.6)(82.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page33-cflshid_36959-tag93999": { "value": "
NOTE 7:
NET FINANCE COSTS
NET FINANCE COSTS
The Groups net finance cost stems primarily from the parent company, End\u00far ASA. Increase in financial expenses from prior year stems primarily from the refinancing in March 2023; break fee in connection with early call of the bond, write down of remaining bond fees and termination of cross currency swap. For more details see note 20 and note 21.
(NOKm)20232022
Interest income8.49.6
Interest income bond2.43.5
Currency gain0.40.3
Increase in value of financial instruments1.26.0
Other financial income1.00.4
Finance income13.319.8
Interest expenses45.64.1
Interest expenses bond20.481.2
Currency loss19.86.6
Other financial expenses41.61.3
Interest expense (IFRS 16 lease)5.44.0
Amortization bond0.04.7
Finance costs132.9101.8
Net finance costs recognised in the income statement(119.6)(82.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page33-cflshid_36959-tag93998": { "value": "
NOTE 7:
NET FINANCE COSTS
NET FINANCE COSTS
The Groups net finance cost stems primarily from the parent company, End\u00far ASA. Increase in financial expenses from prior year stems primarily from the refinancing in March 2023; break fee in connection with early call of the bond, write down of remaining bond fees and termination of cross currency swap. For more details see note 20 and note 21.
(NOKm)20232022
Interest income8.49.6
Interest income bond2.43.5
Currency gain0.40.3
Increase in value of financial instruments1.26.0
Other financial income1.00.4
Finance income13.319.8
Interest expenses45.64.1
Interest expenses bond20.481.2
Currency loss19.86.6
Other financial expenses41.61.3
Interest expense (IFRS 16 lease)5.44.0
Amortization bond0.04.7
Finance costs132.9101.8
Net finance costs recognised in the income statement(119.6)(82.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page33-cflshid_36959-tag94004": { "value": "
NOTE 8:
TAX
INCOME TAX EXPENSE
(NOKm)20232022
Tax payable for the year(22.3)(4.3)
Changes in deferred tax29.9(0.9)
Adjustment in respect of previous years(1.1)
Net tax income/expense6.4(5.2)
TAX PAYABLE
(NOKm)TotalNorwayAbroad
Corporate income tax22.314.38.0
Prepaid tax(8.0)(8.0)
Total tax payable 2023(14.3)(14.3)-
Taxes paid abroad relates to the Swedish operations. Taxes are paid monthly in Sweden, based on estimated figures and settled yearly, resulting in zero tax payable in the balance sheet at 31.12.2023.
Marcon-Gruppen I Sverige AB received SEK 1.3 million in tax reduction in 2022 under a temporary law of tax reduction following Covid-19. Individuals and legal entities with income from a business is entitled to a tax reduction on purchases of tangible inventory. The tax reduction was 3.9% of the purchase value of inventory acquired between 1 January and 31 December 2021. Certain additional conditions must be fulfilled in order for a business to qualify for the tax reduction. For example, the inventory must have been held for a certain period of time, and the purchase expense must be deducted annually as depreciation.
RECONCILIATION OF EFFECTIVE TAX RATE
(NOKm)20232022
Profit/(loss) before tax(33.5)14.3
Tax at nominal tax rate (22 %)7.4(3.1)
Non-deductible expenses and non-taxable income (0.5) 6.2
Effect of other tax rates in subsidiaries 0.3 0.2
Changes in unrecognized deferred tax asset (1.7) (15.6)
Adjustments in respect to previous years 1.7 5.1
Other (0.8) 2.1
Total tax payable for the period6.4(5.2)
Effective tax rate19 %36 %
MOVEMENT IN DEFERRED TAX BALANCES
(NOKm)31.12.2022Recognised in profit or lossAcquisition and sale of businessesCurrency translation31.12.2023
Property plant and equipment 239.6 (28.0)62.2 17.6 291.5
Intangible assets 226.8 (32.3)5.0 - 199.5
Projects in process 183.6 (158.0)96.3 - 121.9
Other current assets(25.4)(86.2) (1.5)- (113.1)
Provisions for liabilities(20.5)0.2 (0.3)- (20.6)
Tax allocation reserves, Sweden36.0 10.7 - 2.6 49.4
Other temporary differences(11.9)26.1 (0.5)- 13.7
Interest deductibility carried forward(131.9)(64.1) - - (196.0)
Losses carried forward(198.5) 187.4 (0.1)- (11.2)
Total basis related to deferred tax 297.8 (144.2)161.2 20.2 335.1
Net deferred tax(61.6)31.5 (35.2)(4.2) (69.4)
Net deferred tax asset - not recognised in the accounts 15.9 1.7 - - 17.6
Net deferred tax - recognised in the accounts (77.6)29.9 (35.2)(4.2) (87.2)
\"\"
Deferred tax assets have been recognised in respect of the total basis, because it is probable that future taxable profit will be available against which the Group can use the benefits therefrom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page33-cflshid_36959-tag94005": { "value": "
TAX PAYABLE
(NOKm)TotalNorwayAbroad
Corporate income tax22.314.38.0
Prepaid tax(8.0)(8.0)
Total tax payable 2023(14.3)(14.3)-
Taxes paid abroad relates to the Swedish operations. Taxes are paid monthly in Sweden, based on estimated figures and settled yearly, resulting in zero tax payable in the balance sheet at 31.12.2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page34-cflshid_37466-tag94006": { "value": "
MOVEMENT IN DEFERRED TAX BALANCES
(NOKm)31.12.2022Recognised in profit or lossAcquisition and sale of businessesCurrency translation31.12.2023
Property plant and equipment 239.6 (28.0)62.2 17.6 291.5
Intangible assets 226.8 (32.3)5.0 - 199.5
Projects in process 183.6 (158.0)96.3 - 121.9
Other current assets(25.4)(86.2) (1.5)- (113.1)
Provisions for liabilities(20.5)0.2 (0.3)- (20.6)
Tax allocation reserves, Sweden36.0 10.7 - 2.6 49.4
Other temporary differences(11.9)26.1 (0.5)- 13.7
Interest deductibility carried forward(131.9)(64.1) - - (196.0)
Losses carried forward(198.5) 187.4 (0.1)- (11.2)
Total basis related to deferred tax 297.8 (144.2)161.2 20.2 335.1
Net deferred tax(61.6)31.5 (35.2)(4.2) (69.4)
Net deferred tax asset - not recognised in the accounts 15.9 1.7 - - 17.6
Net deferred tax - recognised in the accounts (77.6)29.9 (35.2)(4.2) (87.2)
\"\"
Deferred tax assets have been recognised in respect of the total basis, because it is probable that future taxable profit will be available against which the Group can use the benefits therefrom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page35-cflshid_38108-tag94007": { "value": "
NOTE 9:
EARNINGS PER SHARE
BASIC EARNINGS PER SHARE
The calculation of basic earnings per share has been based on the following profit attributable to ordinary shareholders and weighted-average number of shares outstanding.
Profit (loss) attributable to ordinary shareholders (basic) (NOKm)20232022
Profit (loss) attributable to ordinary shareholders (basic)(27.0)9.1
Weighted-average number of ordinary shares (basic)Date20232022
Issued ordinary shares at 1 January 27 452 869 1 372 643 406
Effect of share issued June 2022 related to reverse share split13/06/2022\u00a024
Effect of reverse share split21/06/2022\u00a0 (1 345 190 561)
Effect of shares issued tranche 119/01/20232 599 999
Effect of shares issued tranche 209/02/20232 490 910
Effect of shares issued related to share purchase program27/04/202351 047
Effect of shares issued related to a business combination20/12/20234 174 202 \u00a0
Weighted-average number of ordinary shares at 31 December32 295 941 27 452 869
End\u00far ASA\u2019s General Meeting in May 2022 resolved to consolidate shares in a ratio 50:1, so that 50 shares, each with a nominal value of NOK 0.01, are consolidated into 1 share with a nominal value of NOK 0.5. Share capital was increased with 44 shares to be able to effectuate the share split.
DILUTED EARNINGS PER SHARE
The calculation of diluted earnings per share has been based on the following profit attributable to ordinary shareholders and weighted- average number of shares outstanding after adjustment for the effects of all dilutive potential ordinary shares.
Profit (loss) attributable to ordinary shareholders (diluted) (NOKm)20232022
Profit (loss) attributable to ordinary shareholders (basic)(27.0)9.1
Profit (loss) attributable to ordinary shareholders (diluted)(27.0)9.1
Weighted-average number of ordinary shares (diluted)20232022
Weighted-average number of ordinary shares (basic) - YTD32 295 94127 452 869
Weighted-average number of ordinary shares (diluted)32 295 94127 452 869
At 31 December 2023, 503 669 options were excluded from the diluted weighted-average number of ordinary shares calculation because their effect would have been anti-dilutive.
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NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively.
2023 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 202397.4 186.7 26.1 874.8 1 185.0
Addition2.8---2.8
Addition through business combinations3--5.0320.5325.5
Currency adjustment---6.96.9
Acquisition cost 31 Dec. 2023100.3186.731.11 202.21 520.2
Accumulated depreciations/impairment as of 1 Jan. 2023(16.7)(34.1)(20.9)(42.3)(113.9)
Current year's depreciations(9.8)(18.7)(5.2)-(33.6)
Current year's impairment----0.0
Accumulated depreciations/impairments as of 31 Dec. 2023\u00a0(26.6)(52.8)(26.1)(42.3)(147.6)
Book value 31. Dec 202373.7133.95.01 159.91 372.6
Amortization rates10 years7 years2.5 yearsImpairment
Amortization planLinearLinearLineartest
2022 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 202291.1 190.8 26.4 914.3 1 222.6
Addition8.7 ---8.7
Addition through business combinations3---0.4 0.4
Disposals due to sale of business3(4.1)(0.3)(29.9)(34.3)
Disposals(2.4)---(2.4)
Currency adjustment---(2.5)(2.5)
Other changes---(7.4)1(7.4)
Acquisition cost 31 Dec. 202297.4 186.7 26.1 874.8 1 185.0
Accumulated depreciations/impairment as of 1 Jan. 2022(10.0)(16.0)(10.7)(65.1)(101.9)
Current year's depreciations(9.0)(18.1)(10.2)-(37.3)
Current year's impairment----0.0
Disposals due to sale of business3---22.8 22.8
Disposals2.4 ---2.4
Accumulated depreciations/impairments as of 31 Dec. 2022\u00a0(16.7)(34.1)(20.9)(42.3)(113.9)
Book value 31. Dec 202280.7152.65.2832.51.071.1
Amortization rates10 years 7 years2.5 yearsImpairment
Amortization planLinear LinearLineartest
See note 12 for details regarding impairment-testing.
NOTE 11:
PROPERTY, PLANT AND EQUIPMENT
Property plant and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognised and any gain or loss is recognised in the statement of comprehensive income.
The cost of property plant and equipment is the purchase price, including taxes/duties and costs directly linked to preparing the asset ready for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognised in the statement of comprehensive income, while other costs that are expected to provide future financial benefits are capitalised.
The depreciation period and method are assessed each year. A residual value and useful life is estimated at each year-end, and changes to the estimated residual value and useful life are recognised as a change in an estimate.
Considerations of climate effects in estimating the useful life
Several of the Group\u2019s subsidiaries operates in niche markets and with a large amount of specialized machinery and equipment, both land-based and sea-based. Transitional risk related to climate change mitigation exists related to new technological advances in operating machinery and equipment and the potential need for increased capital expenditures to reduce carbon emissions. As per year end, we have considered the financial impacts of these risk on estimation of useful life of the Groups machinery and equipment. Due to significant uncertainty in technological advances of substitutes, no effects on carrying amounts have been made. Replacement of machinery and equipment as needed at end-of-life or in consideration of extended needs going forward will follow group and subsidiary specific sustainability targets in our efforts in reducing carbon emission. The expected financial impact of short- and mid-term capital expenditures are not considered to have material effect based on electric or hybrid substitutes to existing assets.
2023 (NOKm)NoteLand, buildingsMachinery and other equipmentTotal
Acquisition cost as of 1 Jan. 202328.6798.5827.1
Additions3.035.138.1
Additions through business combinations311.9156.2168.0
Disposals-(2.8)(2.8)
Currency adjustment1.141.742.9
Other changes13.2(13.2)(0.0)
Acquisition cost as of 31 Dec. 202357.81 015.51 073.3
Accumulated depreciations as of 1 Jan. 2023(14.4)(421.0)(435.4)
Additions through business combinations3(1.6)(82.6)(84.2)
Current year's depreciation(1.9)(73.0)(74.9)
Disposals-6.16.1
Currency adjustment(0.5)(18.1)(18.6)
Other changes(3.4)3.4-
Accumulated depreciations as of 31 Dec. 2023(21.7)(585.3)(607.0)
Book value 31. Dec 202336.1430.2466.3
Depreciation rates0-20 years 2-10 years
Depreciation planLinear Linear
2022 (NOKm)NoteLand, buildingsMachinery and other equipmentTotal
Acquisition cost as of 1 Jan. 202225.3 768.0 793.2
Additions3.7 42.5 46.3
Additions through business combinations30.0 13.7 13.7
Disposals- (11.1)(11.1)
Disposals due to sale of business3- (0.6)(0.6)
Currency adjustment(0.4)(14.0)(14.4)
Acquisition cost as of 31 Dec. 202228.6 798.5 827.1
Accumulated depreciations as of 1 Jan 2022(12.7)(354.5)(367.2)
Additions through business combinations3(0.0)(9.4)(9.4)
Current year's depreciation(1.4)(65.3)(66.7)
Current year's impairment(0.4)(2.2)(2.6)
Disposals-3.9 3.9
Disposals due to sale of business3 -0.2 0.2
Currency adjustment0.2 6.6 6.8
Other changes-(0.3)(0.3)
Accumulated depreciations as of 31 Dec. 2022(14.4)(421.0)(435.4)
Book value 31. Dec 202214.3 377.5 391.7
Depreciation rates\u00a00-20 years 2-10 years
Depreciation planLinear Linear
NOTE 12:
IMPAIRMENT OF ASSETS
The carrying amounts of the Group\u2019s assets, other than employee benefit assets, inventories, deferred tax assets and derivatives are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If an indication of impairment exists, the asset\u2019s recoverable amount is estimated.
Cash-generating units (CGU) containing goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use are tested for impairment annually.
The recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss recognised in respect of CGU is allocated first to goodwill and then to the other assets in the unit (group of units) on a pro rata basis.
An impairment loss on goodwill is not reversed. An impairment loss on other assets is reversed if there has been a change in the estimates used to determine the recoverable amount, and the change can be objectively related to an event occurring after the impairment was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognised.
IMPAIRMENT TESTING OF GOODWILL
End\u00far`s goodwill originates from several business combinations. Goodwill has been allocated to the Group\u2019s cash generating units as follows:
(NOKm)20232022
Aquaculture Solutions - Artec Aqua AS413.8413.8
Aquaculture Solutions - End\u00far Sj\u00f8sterk AS48.548.5
Marine Infrastructure - Marcon Gruppen i Sverige AB83.077.5
Marine Infrastructure - Repstad Anlegg AS318.2
Marine Infrastructure - BMO Entrepren\u00f8r AS271.3271.3
Other - End\u00far Maritime AS15.715.7
Total goodwill1 150.5826.7
There were no impairment losses in 2023 and 2022.
Considerations of climate effects in estimating the recoverable amount.
As at year end, climate change risk and financial implications of this have been considered in the calculations of recoverable amounts. The group companies face both risk and opportunities arising from climate change itself and from actions taken in climate change mitigation. Increase in extreme weather can increase the need of maintenance and rehabilitation of infrastructure and ocean pollution is driving the discussions on onshore aquaculture solutions. In addition, transitional risks exist related to new technological advances and increased need of capital expenditures to reduce carbon emissions. The financial impacts of identified risks and opportunities are still considered to be significantly uncertain and no material effects have been incorporated in the Groups short- to mid-term budgets and forecasts.
Aquaculture solutions - Artec Aqua AS
As of 31.12.2023, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, Artec Aqua AS. The calculations are based upon budgets and long-term profit goals for the period 2024 up to and including 2028. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.75 % has been used, which is in line with the expected inflation rate. WACC of 10.9 % before tax (9.2 % after tax) and EBITDA-margins of 0-6.5 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value.
The headroom related to Artec Aqua AS in the impairment-test amounts to MNOK 496.0.
The following table shows the sensitivity related to changes in the key assumptions:
(NOKm)Effect recoverableamountImpairment
Discount rate +1%(171.2)-
Terminal value growth rate -1%(132.0)-
EBITDA-margin -1 %(205.2)-
Aquaculture solutions - End\u00far Sj\u00f8sterk AS
As of 31.12.2023, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, End\u00far Sj\u00f8sterk AS. The calculations are based upon budgets and long-term profit goals for the period 2024 up to and including 2028. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.75 % has been used, which is in line with the expected inflation rate. WACC of 11.2 % before tax (9.2 % after tax) and EBITDA-margin of 4-5 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value.
The headroom related to End\u00far Sj\u00f8sterk AS in the impairment-test amounts to MNOK 57.2.
The following table shows the sensitivity related to changes in the key assumption:
(NOKm)Effect recoverableamountImpairment
Discount rate +1%(14.9)-
Terminal value growth rate -1%(11.1)-
EBITDA-margin -1 %(26.5)-
Marine infrastructure - Marcon-Gruppen i Sverige AB
As of 31.12.2023, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, Marcon-Gruppen i Sverige AB. The calculations are based upon budgets and long-term profit goals for the period 2024 up to and including 2028. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.75 % has been used, which is in line with the expected inflation rate. WACC of 9.5 % before tax (8.3 % after tax) and EBITDA-margin of 17-18 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value.
The headroom related to Marcon-Gruppen i Sverige AB in the impairment-test amounts to MNOK 654.4.
The following table shows the sensitivity related to changes in the key assumptions:
(NOKm)Effect recoverableamountImpairment
Discount rate +1%(164.6)-
Terminal value growth rate -1%(129.7)-
EBITDA-margin -1 %(97.2)-
Marine infrastructure \u2013 Repstad Anlegg AS
As of 31.12.2023, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, Repstad Anlegg AS. The calculations are based upon budgets and long-term profit goals for the period 2024 up to and including 2028. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.75 % has been used, which is in line with the expected inflation rate. WACC of 10.2 % before tax (8.3 % after tax) and EBITDA-margin of 7-8 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value.
The headroom related to Repstad Anlegg AS in the impairment-test amounts to MNOK 438.7.
The following table shows the sensitivity related to changes in the key assumptions:
(NOKm)Effect recoverableamountImpairment
Discount rate +1%(125.5)-
Terminal value growth rate -1%(94.5)-
EBITDA-margin -1 %(126.3)-
Marine infrastructure - BMO Entrepren\u00f8r AS
As of 31.12.2023, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, BMO Entrepren\u00f8r AS. The calculations are based upon budgets and long-term profit goals for the period 2024 up to and including 2028. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.75 % has been used, which is in line with the expected inflation rate. WACC of 9.9 % before tax (8.3 % after tax) and EBITDA-margin of 15-15.5 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value.
The headroom related to BMO Entrepren\u00f8r AS in the impairment-test amounts to MNOK 707.6.
The following table shows the sensitivity related to changes in the key assumptions:
(NOKm)Effect recoverableamountImpairment
Discount rate +1%(159.0)-
Terminal value growth rate -1%(127.4)-
EBITDA-margin -1 %(87.6)-
Other - End\u00far Maritime AS
As of 31.12.2023, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, End\u00far Maritime AS. The calculations are based upon budgets and long-term profit goals for the period 2024 up to and including 2028. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.75 % has been used, which is in line with the expected inflation rate. WACC of 11.0 % before tax (9.0 % after tax) and EBITDA-margin of 6 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value.
The headroom related to End\u00far Maritime AS in the impairment-test amounts to MNOK 86.7.
The following table shows the sensitivity related to changes in the key assumptions:
(NOKm)Effect recoverableamountImpairment
Discount rate +1%(18.1)-
Terminal value growth rate -1%(12.4)-
EBITDA-margin -1 %(29.6)-
RIGHT-OF-USE ASSETS
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2023 (NOKm)NoteBuilding, propertyMachinery, equipmentVehicles, vesselsOther office equipmentTotal
Acquisition cost 1 Jan. 202393.8 16.1 24.0 1.3 135.2
Additions of right-of-use assets23.5 15.1 19.6 1.1 59.4
Additions through business acquisitions3 21.8 51.8 76.2 0.4 150.2
Disposals(12.3)- (0.8)(0.7)(13.9)
Currency exchange differences0.2 0.9 0.7 0.0 1.8
Other changes0.9 0.1 (0.0)(0.0)0.9
Acquisition cost 31 Dec. 2023127.9 84.1 119.6 2.1 333.7
Accumulated depreciations 1 Jan. 2023(37.7)(2.6)(5.3)(0.7)(46.5)
Depreciation(25.5)(6.5)(11.2)(0.5)(43.7)
Impairment- - - - -
Disposals8.7 - 0.2 0.7 9.5
Currency exchange differences(0.1)0.0 (0.0)(0.0)(0.1)
Other changes(0.5)(0.0)- 0.0 (0.5)
Accumulated depreciations 31 Dec. 2023(55.1)(9.1)(16.4)(0.5)(81.1)
Book value 31. Dec 202372.8 75.0 103.2 1.6 252.5
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2022 (NOKm)NoteBuilding, propertyMachinery, equipmentVehicles, vesselsOther office equipmentTotal
Acquisition cost 1 Jan. 2022 107.6 6.1 22.4 3.1 139.2
Additions of right-of-use assets11.1 13.2 18.3 0.3 42.9
Disposals(24.7)(2.4)(16.0)(2.0)(45.2)
Currency exchange differences(0.2)(0.8)(0.7)(0.1) (1.7)
Acquisition cost 31 Dec. 202293.8 16.1 24.0 1.3 135.2
Accumulated depreciations 1 Jan. 2022(34.7)(2.2)(8.0)(1.2)(46.1)
Depreciation(18.9)(2.9)(5.8)(1.5)(29.1)
Impairment- - - - -
Disposals15.8 2.5 8.3 2.0 28.6
Currency exchange differences0.1 0.1 0.1 0.0 0.4
Accumulated depreciations 31 Dec. 2022(37.7)(2.6)(5.3)(0.6)(46.3)
Book value 31. Dec 202256.1 13.5 18.7 0.6 88.9
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NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively.
2023 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 202397.4 186.7 26.1 874.8 1 185.0
Addition2.8---2.8
Addition through business combinations3--5.0320.5325.5
Currency adjustment---6.96.9
Acquisition cost 31 Dec. 2023100.3186.731.11 202.21 520.2
Accumulated depreciations/impairment as of 1 Jan. 2023(16.7)(34.1)(20.9)(42.3)(113.9)
Current year's depreciations(9.8)(18.7)(5.2)-(33.6)
Current year's impairment----0.0
Accumulated depreciations/impairments as of 31 Dec. 2023\u00a0(26.6)(52.8)(26.1)(42.3)(147.6)
Book value 31. Dec 202373.7133.95.01 159.91 372.6
Amortization rates10 years7 years2.5 yearsImpairment
Amortization planLinearLinearLineartest
2022 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 202291.1 190.8 26.4 914.3 1 222.6
Addition8.7 ---8.7
Addition through business combinations3---0.4 0.4
Disposals due to sale of business3(4.1)(0.3)(29.9)(34.3)
Disposals(2.4)---(2.4)
Currency adjustment---(2.5)(2.5)
Other changes---(7.4)1(7.4)
Acquisition cost 31 Dec. 202297.4 186.7 26.1 874.8 1 185.0
Accumulated depreciations/impairment as of 1 Jan. 2022(10.0)(16.0)(10.7)(65.1)(101.9)
Current year's depreciations(9.0)(18.1)(10.2)-(37.3)
Current year's impairment----0.0
Disposals due to sale of business3---22.8 22.8
Disposals2.4 ---2.4
Accumulated depreciations/impairments as of 31 Dec. 2022\u00a0(16.7)(34.1)(20.9)(42.3)(113.9)
Book value 31. Dec 202280.7152.65.2832.51.071.1
Amortization rates10 years 7 years2.5 yearsImpairment
Amortization planLinear LinearLineartest
See note 12 for details regarding impairment-testing.
NOTE 11:
PROPERTY, PLANT AND EQUIPMENT
Property plant and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognised and any gain or loss is recognised in the statement of comprehensive income.
The cost of property plant and equipment is the purchase price, including taxes/duties and costs directly linked to preparing the asset ready for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognised in the statement of comprehensive income, while other costs that are expected to provide future financial benefits are capitalised.
The depreciation period and method are assessed each year. A residual value and useful life is estimated at each year-end, and changes to the estimated residual value and useful life are recognised as a change in an estimate.
Considerations of climate effects in estimating the useful life
Several of the Group\u2019s subsidiaries operates in niche markets and with a large amount of specialized machinery and equipment, both land-based and sea-based. Transitional risk related to climate change mitigation exists related to new technological advances in operating machinery and equipment and the potential need for increased capital expenditures to reduce carbon emissions. As per year end, we have considered the financial impacts of these risk on estimation of useful life of the Groups machinery and equipment. Due to significant uncertainty in technological advances of substitutes, no effects on carrying amounts have been made. Replacement of machinery and equipment as needed at end-of-life or in consideration of extended needs going forward will follow group and subsidiary specific sustainability targets in our efforts in reducing carbon emission. The expected financial impact of short- and mid-term capital expenditures are not considered to have material effect based on electric or hybrid substitutes to existing assets.
2023 (NOKm)NoteLand, buildingsMachinery and other equipmentTotal
Acquisition cost as of 1 Jan. 202328.6798.5827.1
Additions3.035.138.1
Additions through business combinations311.9156.2168.0
Disposals-(2.8)(2.8)
Currency adjustment1.141.742.9
Other changes13.2(13.2)(0.0)
Acquisition cost as of 31 Dec. 202357.81 015.51 073.3
Accumulated depreciations as of 1 Jan. 2023(14.4)(421.0)(435.4)
Additions through business combinations3(1.6)(82.6)(84.2)
Current year's depreciation(1.9)(73.0)(74.9)
Disposals-6.16.1
Currency adjustment(0.5)(18.1)(18.6)
Other changes(3.4)3.4-
Accumulated depreciations as of 31 Dec. 2023(21.7)(585.3)(607.0)
Book value 31. Dec 202336.1430.2466.3
Depreciation rates0-20 years 2-10 years
Depreciation planLinear Linear
2022 (NOKm)NoteLand, buildingsMachinery and other equipmentTotal
Acquisition cost as of 1 Jan. 202225.3 768.0 793.2
Additions3.7 42.5 46.3
Additions through business combinations30.0 13.7 13.7
Disposals- (11.1)(11.1)
Disposals due to sale of business3- (0.6)(0.6)
Currency adjustment(0.4)(14.0)(14.4)
Acquisition cost as of 31 Dec. 202228.6 798.5 827.1
Accumulated depreciations as of 1 Jan 2022(12.7)(354.5)(367.2)
Additions through business combinations3(0.0)(9.4)(9.4)
Current year's depreciation(1.4)(65.3)(66.7)
Current year's impairment(0.4)(2.2)(2.6)
Disposals-3.9 3.9
Disposals due to sale of business3 -0.2 0.2
Currency adjustment0.2 6.6 6.8
Other changes-(0.3)(0.3)
Accumulated depreciations as of 31 Dec. 2022(14.4)(421.0)(435.4)
Book value 31. Dec 202214.3 377.5 391.7
Depreciation rates\u00a00-20 years 2-10 years
Depreciation planLinear Linear
RIGHT-OF-USE ASSETS
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2023 (NOKm)NoteBuilding, propertyMachinery, equipmentVehicles, vesselsOther office equipmentTotal
Acquisition cost 1 Jan. 202393.8 16.1 24.0 1.3 135.2
Additions of right-of-use assets23.5 15.1 19.6 1.1 59.4
Additions through business acquisitions3 21.8 51.8 76.2 0.4 150.2
Disposals(12.3)- (0.8)(0.7)(13.9)
Currency exchange differences0.2 0.9 0.7 0.0 1.8
Other changes0.9 0.1 (0.0)(0.0)0.9
Acquisition cost 31 Dec. 2023127.9 84.1 119.6 2.1 333.7
Accumulated depreciations 1 Jan. 2023(37.7)(2.6)(5.3)(0.7)(46.5)
Depreciation(25.5)(6.5)(11.2)(0.5)(43.7)
Impairment- - - - -
Disposals8.7 - 0.2 0.7 9.5
Currency exchange differences(0.1)0.0 (0.0)(0.0)(0.1)
Other changes(0.5)(0.0)- 0.0 (0.5)
Accumulated depreciations 31 Dec. 2023(55.1)(9.1)(16.4)(0.5)(81.1)
Book value 31. Dec 202372.8 75.0 103.2 1.6 252.5
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2022 (NOKm)NoteBuilding, propertyMachinery, equipmentVehicles, vesselsOther office equipmentTotal
Acquisition cost 1 Jan. 2022 107.6 6.1 22.4 3.1 139.2
Additions of right-of-use assets11.1 13.2 18.3 0.3 42.9
Disposals(24.7)(2.4)(16.0)(2.0)(45.2)
Currency exchange differences(0.2)(0.8)(0.7)(0.1) (1.7)
Acquisition cost 31 Dec. 202293.8 16.1 24.0 1.3 135.2
Accumulated depreciations 1 Jan. 2022(34.7)(2.2)(8.0)(1.2)(46.1)
Depreciation(18.9)(2.9)(5.8)(1.5)(29.1)
Impairment- - - - -
Disposals15.8 2.5 8.3 2.0 28.6
Currency exchange differences0.1 0.1 0.1 0.0 0.4
Accumulated depreciations 31 Dec. 2022(37.7)(2.6)(5.3)(0.6)(46.3)
Book value 31. Dec 202256.1 13.5 18.7 0.6 88.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page36-cflshid_38480-tag94012": { "value": "
NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively.
2023 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 202397.4 186.7 26.1 874.8 1 185.0
Addition2.8---2.8
Addition through business combinations3--5.0320.5325.5
Currency adjustment---6.96.9
Acquisition cost 31 Dec. 2023100.3186.731.11 202.21 520.2
Accumulated depreciations/impairment as of 1 Jan. 2023(16.7)(34.1)(20.9)(42.3)(113.9)
Current year's depreciations(9.8)(18.7)(5.2)-(33.6)
Current year's impairment----0.0
Accumulated depreciations/impairments as of 31 Dec. 2023\u00a0(26.6)(52.8)(26.1)(42.3)(147.6)
Book value 31. Dec 202373.7133.95.01 159.91 372.6
Amortization rates10 years7 years2.5 yearsImpairment
Amortization planLinearLinearLineartest
2022 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 202291.1 190.8 26.4 914.3 1 222.6
Addition8.7 ---8.7
Addition through business combinations3---0.4 0.4
Disposals due to sale of business3(4.1)(0.3)(29.9)(34.3)
Disposals(2.4)---(2.4)
Currency adjustment---(2.5)(2.5)
Other changes---(7.4)1(7.4)
Acquisition cost 31 Dec. 202297.4 186.7 26.1 874.8 1 185.0
Accumulated depreciations/impairment as of 1 Jan. 2022(10.0)(16.0)(10.7)(65.1)(101.9)
Current year's depreciations(9.0)(18.1)(10.2)-(37.3)
Current year's impairment----0.0
Disposals due to sale of business3---22.8 22.8
Disposals2.4 ---2.4
Accumulated depreciations/impairments as of 31 Dec. 2022\u00a0(16.7)(34.1)(20.9)(42.3)(113.9)
Book value 31. Dec 202280.7152.65.2832.51.071.1
Amortization rates10 years 7 years2.5 yearsImpairment
Amortization planLinear LinearLineartest
See note 12 for details regarding impairment-testing.
NOTE 12:
IMPAIRMENT OF ASSETS
The carrying amounts of the Group\u2019s assets, other than employee benefit assets, inventories, deferred tax assets and derivatives are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If an indication of impairment exists, the asset\u2019s recoverable amount is estimated.
Cash-generating units (CGU) containing goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use are tested for impairment annually.
The recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss recognised in respect of CGU is allocated first to goodwill and then to the other assets in the unit (group of units) on a pro rata basis.
An impairment loss on goodwill is not reversed. An impairment loss on other assets is reversed if there has been a change in the estimates used to determine the recoverable amount, and the change can be objectively related to an event occurring after the impairment was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognised.
IMPAIRMENT TESTING OF GOODWILL
End\u00far`s goodwill originates from several business combinations. Goodwill has been allocated to the Group\u2019s cash generating units as follows:
(NOKm)20232022
Aquaculture Solutions - Artec Aqua AS413.8413.8
Aquaculture Solutions - End\u00far Sj\u00f8sterk AS48.548.5
Marine Infrastructure - Marcon Gruppen i Sverige AB83.077.5
Marine Infrastructure - Repstad Anlegg AS318.2
Marine Infrastructure - BMO Entrepren\u00f8r AS271.3271.3
Other - End\u00far Maritime AS15.715.7
Total goodwill1 150.5826.7
There were no impairment losses in 2023 and 2022.
Considerations of climate effects in estimating the recoverable amount.
As at year end, climate change risk and financial implications of this have been considered in the calculations of recoverable amounts. The group companies face both risk and opportunities arising from climate change itself and from actions taken in climate change mitigation. Increase in extreme weather can increase the need of maintenance and rehabilitation of infrastructure and ocean pollution is driving the discussions on onshore aquaculture solutions. In addition, transitional risks exist related to new technological advances and increased need of capital expenditures to reduce carbon emissions. The financial impacts of identified risks and opportunities are still considered to be significantly uncertain and no material effects have been incorporated in the Groups short- to mid-term budgets and forecasts.
Aquaculture solutions - Artec Aqua AS
As of 31.12.2023, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, Artec Aqua AS. The calculations are based upon budgets and long-term profit goals for the period 2024 up to and including 2028. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.75 % has been used, which is in line with the expected inflation rate. WACC of 10.9 % before tax (9.2 % after tax) and EBITDA-margins of 0-6.5 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value.
The headroom related to Artec Aqua AS in the impairment-test amounts to MNOK 496.0.
The following table shows the sensitivity related to changes in the key assumptions:
(NOKm)Effect recoverableamountImpairment
Discount rate +1%(171.2)-
Terminal value growth rate -1%(132.0)-
EBITDA-margin -1 %(205.2)-
Aquaculture solutions - End\u00far Sj\u00f8sterk AS
As of 31.12.2023, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, End\u00far Sj\u00f8sterk AS. The calculations are based upon budgets and long-term profit goals for the period 2024 up to and including 2028. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.75 % has been used, which is in line with the expected inflation rate. WACC of 11.2 % before tax (9.2 % after tax) and EBITDA-margin of 4-5 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value.
The headroom related to End\u00far Sj\u00f8sterk AS in the impairment-test amounts to MNOK 57.2.
The following table shows the sensitivity related to changes in the key assumption:
(NOKm)Effect recoverableamountImpairment
Discount rate +1%(14.9)-
Terminal value growth rate -1%(11.1)-
EBITDA-margin -1 %(26.5)-
Marine infrastructure - Marcon-Gruppen i Sverige AB
As of 31.12.2023, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, Marcon-Gruppen i Sverige AB. The calculations are based upon budgets and long-term profit goals for the period 2024 up to and including 2028. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.75 % has been used, which is in line with the expected inflation rate. WACC of 9.5 % before tax (8.3 % after tax) and EBITDA-margin of 17-18 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value.
The headroom related to Marcon-Gruppen i Sverige AB in the impairment-test amounts to MNOK 654.4.
The following table shows the sensitivity related to changes in the key assumptions:
(NOKm)Effect recoverableamountImpairment
Discount rate +1%(164.6)-
Terminal value growth rate -1%(129.7)-
EBITDA-margin -1 %(97.2)-
Marine infrastructure \u2013 Repstad Anlegg AS
As of 31.12.2023, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, Repstad Anlegg AS. The calculations are based upon budgets and long-term profit goals for the period 2024 up to and including 2028. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.75 % has been used, which is in line with the expected inflation rate. WACC of 10.2 % before tax (8.3 % after tax) and EBITDA-margin of 7-8 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value.
The headroom related to Repstad Anlegg AS in the impairment-test amounts to MNOK 438.7.
The following table shows the sensitivity related to changes in the key assumptions:
(NOKm)Effect recoverableamountImpairment
Discount rate +1%(125.5)-
Terminal value growth rate -1%(94.5)-
EBITDA-margin -1 %(126.3)-
Marine infrastructure - BMO Entrepren\u00f8r AS
As of 31.12.2023, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, BMO Entrepren\u00f8r AS. The calculations are based upon budgets and long-term profit goals for the period 2024 up to and including 2028. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.75 % has been used, which is in line with the expected inflation rate. WACC of 9.9 % before tax (8.3 % after tax) and EBITDA-margin of 15-15.5 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value.
The headroom related to BMO Entrepren\u00f8r AS in the impairment-test amounts to MNOK 707.6.
The following table shows the sensitivity related to changes in the key assumptions:
(NOKm)Effect recoverableamountImpairment
Discount rate +1%(159.0)-
Terminal value growth rate -1%(127.4)-
EBITDA-margin -1 %(87.6)-
Other - End\u00far Maritime AS
As of 31.12.2023, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, End\u00far Maritime AS. The calculations are based upon budgets and long-term profit goals for the period 2024 up to and including 2028. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.75 % has been used, which is in line with the expected inflation rate. WACC of 11.0 % before tax (9.0 % after tax) and EBITDA-margin of 6 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value.
The headroom related to End\u00far Maritime AS in the impairment-test amounts to MNOK 86.7.
The following table shows the sensitivity related to changes in the key assumptions:
(NOKm)Effect recoverableamountImpairment
Discount rate +1%(18.1)-
Terminal value growth rate -1%(12.4)-
EBITDA-margin -1 %(29.6)-
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page36-cflshid_38480-tag94011": { "value": "
NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively.
2023 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 202397.4 186.7 26.1 874.8 1 185.0
Addition2.8---2.8
Addition through business combinations3--5.0320.5325.5
Currency adjustment---6.96.9
Acquisition cost 31 Dec. 2023100.3186.731.11 202.21 520.2
Accumulated depreciations/impairment as of 1 Jan. 2023(16.7)(34.1)(20.9)(42.3)(113.9)
Current year's depreciations(9.8)(18.7)(5.2)-(33.6)
Current year's impairment----0.0
Accumulated depreciations/impairments as of 31 Dec. 2023\u00a0(26.6)(52.8)(26.1)(42.3)(147.6)
Book value 31. Dec 202373.7133.95.01 159.91 372.6
Amortization rates10 years7 years2.5 yearsImpairment
Amortization planLinearLinearLineartest
2022 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 202291.1 190.8 26.4 914.3 1 222.6
Addition8.7 ---8.7
Addition through business combinations3---0.4 0.4
Disposals due to sale of business3(4.1)(0.3)(29.9)(34.3)
Disposals(2.4)---(2.4)
Currency adjustment---(2.5)(2.5)
Other changes---(7.4)1(7.4)
Acquisition cost 31 Dec. 202297.4 186.7 26.1 874.8 1 185.0
Accumulated depreciations/impairment as of 1 Jan. 2022(10.0)(16.0)(10.7)(65.1)(101.9)
Current year's depreciations(9.0)(18.1)(10.2)-(37.3)
Current year's impairment----0.0
Disposals due to sale of business3---22.8 22.8
Disposals2.4 ---2.4
Accumulated depreciations/impairments as of 31 Dec. 2022\u00a0(16.7)(34.1)(20.9)(42.3)(113.9)
Book value 31. Dec 202280.7152.65.2832.51.071.1
Amortization rates10 years 7 years2.5 yearsImpairment
Amortization planLinear LinearLineartest
See note 12 for details regarding impairment-testing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page36-cflshid_38480-tag94010": { "value": "
NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively.
2023 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 202397.4 186.7 26.1 874.8 1 185.0
Addition2.8---2.8
Addition through business combinations3--5.0320.5325.5
Currency adjustment---6.96.9
Acquisition cost 31 Dec. 2023100.3186.731.11 202.21 520.2
Accumulated depreciations/impairment as of 1 Jan. 2023(16.7)(34.1)(20.9)(42.3)(113.9)
Current year's depreciations(9.8)(18.7)(5.2)-(33.6)
Current year's impairment----0.0
Accumulated depreciations/impairments as of 31 Dec. 2023\u00a0(26.6)(52.8)(26.1)(42.3)(147.6)
Book value 31. Dec 202373.7133.95.01 159.91 372.6
Amortization rates10 years7 years2.5 yearsImpairment
Amortization planLinearLinearLineartest
2022 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 202291.1 190.8 26.4 914.3 1 222.6
Addition8.7 ---8.7
Addition through business combinations3---0.4 0.4
Disposals due to sale of business3(4.1)(0.3)(29.9)(34.3)
Disposals(2.4)---(2.4)
Currency adjustment---(2.5)(2.5)
Other changes---(7.4)1(7.4)
Acquisition cost 31 Dec. 202297.4 186.7 26.1 874.8 1 185.0
Accumulated depreciations/impairment as of 1 Jan. 2022(10.0)(16.0)(10.7)(65.1)(101.9)
Current year's depreciations(9.0)(18.1)(10.2)-(37.3)
Current year's impairment----0.0
Disposals due to sale of business3---22.8 22.8
Disposals2.4 ---2.4
Accumulated depreciations/impairments as of 31 Dec. 2022\u00a0(16.7)(34.1)(20.9)(42.3)(113.9)
Book value 31. Dec 202280.7152.65.2832.51.071.1
Amortization rates10 years 7 years2.5 yearsImpairment
Amortization planLinear LinearLineartest
See note 12 for details regarding impairment-testing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page36-cflshid_38536-tag94009": { "value": "NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively
NOTE 12:
IMPAIRMENT OF ASSETS
The carrying amounts of the Group\u2019s assets, other than employee benefit assets, inventories, deferred tax assets and derivatives are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If an indication of impairment exists, the asset\u2019s recoverable amount is estimated.
Cash-generating units (CGU) containing goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use are tested for impairment annually.
The recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss recognised in respect of CGU is allocated first to goodwill and then to the other assets in the unit (group of units) on a pro rata basis.
An impairment loss on goodwill is not reversed. An impairment loss on other assets is reversed if there has been a change in the estimates used to determine the recoverable amount, and the change can be objectively related to an event occurring after the impairment was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page36-cflshid_38536-tag94008": { "value": "NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page37-cflshid_39593-tag94015": { "value": "
NOTE 11:
PROPERTY, PLANT AND EQUIPMENT
Property plant and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognised and any gain or loss is recognised in the statement of comprehensive income.
The cost of property plant and equipment is the purchase price, including taxes/duties and costs directly linked to preparing the asset ready for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognised in the statement of comprehensive income, while other costs that are expected to provide future financial benefits are capitalised.
The depreciation period and method are assessed each year. A residual value and useful life is estimated at each year-end, and changes to the estimated residual value and useful life are recognised as a change in an estimate.
Considerations of climate effects in estimating the useful life
Several of the Group\u2019s subsidiaries operates in niche markets and with a large amount of specialized machinery and equipment, both land-based and sea-based. Transitional risk related to climate change mitigation exists related to new technological advances in operating machinery and equipment and the potential need for increased capital expenditures to reduce carbon emissions. As per year end, we have considered the financial impacts of these risk on estimation of useful life of the Groups machinery and equipment. Due to significant uncertainty in technological advances of substitutes, no effects on carrying amounts have been made. Replacement of machinery and equipment as needed at end-of-life or in consideration of extended needs going forward will follow group and subsidiary specific sustainability targets in our efforts in reducing carbon emission. The expected financial impact of short- and mid-term capital expenditures are not considered to have material effect based on electric or hybrid substitutes to existing assets.
2023 (NOKm)NoteLand, buildingsMachinery and other equipmentTotal
Acquisition cost as of 1 Jan. 202328.6798.5827.1
Additions3.035.138.1
Additions through business combinations311.9156.2168.0
Disposals-(2.8)(2.8)
Currency adjustment1.141.742.9
Other changes13.2(13.2)(0.0)
Acquisition cost as of 31 Dec. 202357.81 015.51 073.3
Accumulated depreciations as of 1 Jan. 2023(14.4)(421.0)(435.4)
Additions through business combinations3(1.6)(82.6)(84.2)
Current year's depreciation(1.9)(73.0)(74.9)
Disposals-6.16.1
Currency adjustment(0.5)(18.1)(18.6)
Other changes(3.4)3.4-
Accumulated depreciations as of 31 Dec. 2023(21.7)(585.3)(607.0)
Book value 31. Dec 202336.1430.2466.3
Depreciation rates0-20 years 2-10 years
Depreciation planLinear Linear
2022 (NOKm)NoteLand, buildingsMachinery and other equipmentTotal
Acquisition cost as of 1 Jan. 202225.3 768.0 793.2
Additions3.7 42.5 46.3
Additions through business combinations30.0 13.7 13.7
Disposals- (11.1)(11.1)
Disposals due to sale of business3- (0.6)(0.6)
Currency adjustment(0.4)(14.0)(14.4)
Acquisition cost as of 31 Dec. 202228.6 798.5 827.1
Accumulated depreciations as of 1 Jan 2022(12.7)(354.5)(367.2)
Additions through business combinations3(0.0)(9.4)(9.4)
Current year's depreciation(1.4)(65.3)(66.7)
Current year's impairment(0.4)(2.2)(2.6)
Disposals-3.9 3.9
Disposals due to sale of business3 -0.2 0.2
Currency adjustment0.2 6.6 6.8
Other changes-(0.3)(0.3)
Accumulated depreciations as of 31 Dec. 2022(14.4)(421.0)(435.4)
Book value 31. Dec 202214.3 377.5 391.7
Depreciation rates\u00a00-20 years 2-10 years
Depreciation planLinear Linear
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page37-cflshid_39617-tag94016": { "value": "NOTE 11:
PROPERTY, PLANT AND EQUIPMENT
Property plant and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognised and any gain or loss is recognised in the statement of comprehensive income.
The cost of property plant and equipment is the purchase price, including taxes/duties and costs directly linked to preparing the asset ready for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognised in the statement of comprehensive income, while other costs that are expected to provide future financial benefits are capitalised.
The depreciation period and method are assessed each year. A residual value and useful life is estimated at each year-end, and changes to the estimated residual value and useful life are recognised as a change in an estimate.
Considerations of climate effects in estimating the useful life
Several of the Group\u2019s subsidiaries operates in niche markets and with a large amount of specialized machinery and equipment, both land-based and sea-based. Transitional risk related to climate change mitigation exists related to new technological advances in operating machinery and equipment and the potential need for increased capital expenditures to reduce carbon emissions. As per year end, we have considered the financial impacts of these risk on estimation of useful life of the Groups machinery and equipment. Due to significant uncertainty in technological advances of substitutes, no effects on carrying amounts have been made. Replacement of machinery and equipment as needed at end-of-life or in consideration of extended needs going forward will follow group and subsidiary specific sustainability targets in our efforts in reducing carbon emission. The expected financial impact of short- and mid-term capital expenditures are not considered to have material effect based on electric or hybrid substitutes to existing assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page38-cflshid_40141-tag94018": { "value": "
NOTE 12:
IMPAIRMENT OF ASSETS
The carrying amounts of the Group\u2019s assets, other than employee benefit assets, inventories, deferred tax assets and derivatives are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If an indication of impairment exists, the asset\u2019s recoverable amount is estimated.
Cash-generating units (CGU) containing goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use are tested for impairment annually.
The recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss recognised in respect of CGU is allocated first to goodwill and then to the other assets in the unit (group of units) on a pro rata basis.
An impairment loss on goodwill is not reversed. An impairment loss on other assets is reversed if there has been a change in the estimates used to determine the recoverable amount, and the change can be objectively related to an event occurring after the impairment was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page38-cflshid_40141-tag94017": { "value": "
NOTE 12:
IMPAIRMENT OF ASSETS
The carrying amounts of the Group\u2019s assets, other than employee benefit assets, inventories, deferred tax assets and derivatives are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If an indication of impairment exists, the asset\u2019s recoverable amount is estimated.
Cash-generating units (CGU) containing goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use are tested for impairment annually.
The recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss recognised in respect of CGU is allocated first to goodwill and then to the other assets in the unit (group of units) on a pro rata basis.
An impairment loss on goodwill is not reversed. An impairment loss on other assets is reversed if there has been a change in the estimates used to determine the recoverable amount, and the change can be objectively related to an event occurring after the impairment was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page41-cflshid_41330-tag94019": { "value": "
NOTE 13:RIGHT-OF-USE-ASSETS AND LEASING LIABILITIES
RIGHT-OF-USE ASSETS
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2023 (NOKm)NoteBuilding, propertyMachinery, equipmentVehicles, vesselsOther office equipmentTotal
Acquisition cost 1 Jan. 202393.8 16.1 24.0 1.3 135.2
Additions of right-of-use assets23.5 15.1 19.6 1.1 59.4
Additions through business acquisitions3 21.8 51.8 76.2 0.4 150.2
Disposals(12.3)- (0.8)(0.7)(13.9)
Currency exchange differences0.2 0.9 0.7 0.0 1.8
Other changes0.9 0.1 (0.0)(0.0)0.9
Acquisition cost 31 Dec. 2023127.9 84.1 119.6 2.1 333.7
Accumulated depreciations 1 Jan. 2023(37.7)(2.6)(5.3)(0.7)(46.5)
Depreciation(25.5)(6.5)(11.2)(0.5)(43.7)
Impairment- - - - -
Disposals8.7 - 0.2 0.7 9.5
Currency exchange differences(0.1)0.0 (0.0)(0.0)(0.1)
Other changes(0.5)(0.0)- 0.0 (0.5)
Accumulated depreciations 31 Dec. 2023(55.1)(9.1)(16.4)(0.5)(81.1)
Book value 31. Dec 202372.8 75.0 103.2 1.6 252.5
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
2022 (NOKm)NoteBuilding, propertyMachinery, equipmentVehicles, vesselsOther office equipmentTotal
Acquisition cost 1 Jan. 2022 107.6 6.1 22.4 3.1 139.2
Additions of right-of-use assets11.1 13.2 18.3 0.3 42.9
Disposals(24.7)(2.4)(16.0)(2.0)(45.2)
Currency exchange differences(0.2)(0.8)(0.7)(0.1) (1.7)
Acquisition cost 31 Dec. 202293.8 16.1 24.0 1.3 135.2
Accumulated depreciations 1 Jan. 2022(34.7)(2.2)(8.0)(1.2)(46.1)
Depreciation(18.9)(2.9)(5.8)(1.5)(29.1)
Impairment- - - - -
Disposals15.8 2.5 8.3 2.0 28.6
Currency exchange differences0.1 0.1 0.1 0.0 0.4
Accumulated depreciations 31 Dec. 2022(37.7)(2.6)(5.3)(0.6)(46.3)
Book value 31. Dec 202256.1 13.5 18.7 0.6 88.9
LEASING LIABILITIES
(NOKm)20232022
Total lease liabilities at 1 Jan. 202392.095.8
Additions from business combinations150.20.0
New lease liabilities recognised during the period59.442.9
Cash payments for lease liabilities(47.8)(32.0)
Interest expensed from lease liabilities5.44.0
Amendments/Terminations of leases(4.0)(18.3)
Translation differences1.7(0.4)
Total lease liabilities at 31 Dec. 2023256.992.0
Aging of leasing liabilities
(NOKm)31.12.202331.12.2022
Debt analysis - contractual undiscounted cash flows
Less than 1 year83.029.3
1-5 years190.460.6
Over 5 years21.311.6
Total294.7101.5
Non-current lease liabilities recognised152.766.3
Current lease liabilities recognised104.325.7
Total256.992.0
The leasing liability as of 31 December 2023 primarily comprises lease of office space and other property, vehicles, vessels and office machines.
Other lease liabilities recognised in P&L
Leases with a lease term of 12 months or less are not capitalised. Low-value leases, typically office equipment / fixtures, are not capitalised.
(NOKm)20232022
Expense relating to short-term leases (included in other operating expenses)0.3 0.6
Expense relating to leases of low-value assets (included in other operating expenses)0.2 0.0
Variable lease payments (included in other operating expenses)0.7 0.8
Total1.2 1.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page42-cflshid_41984-tag94020": { "value": "
Other lease liabilities recognised in P&L
Leases with a lease term of 12 months or less are not capitalised. Low-value leases, typically office equipment / fixtures, are not capitalised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page43-cflshid_42870-tag94021": { "value": "NOTE 14:
INVENTORIES
The cost of inventory is based on the FIFO method and includes costs of bringing the goods to their present state and location.
(NOKm)31.12.202331.12.2022
Raw materials and consumables6.710.1
Work in progress0.00.6
Finished goods36.416.0
Impairment of inventories(1.3)(1.3)
Total41.925.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page43-cflshid_42870-tag94022": { "value": "NOTE 14:
INVENTORIES
The cost of inventory is based on the FIFO method and includes costs of bringing the goods to their present state and location.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page43-cflshid_42870-tag94024": { "value": "
NOTE 15:
TRADE AND OTHER RECEIVABLES AND CONTRACT BALANCES
TRADE AND OTHER RECEIVABLES
Trade and other receivables are recognized at the original invoiced amount, less impairment losses. Impairment losses are estimated using the simplified approach in calculating the expected credit losses (ECL).
Trade receivables represents the Group\u2019s right to an amount of consideration that is unconditional.
(NOKm)20232022
Trade receivables at nominal value638.6523.6
Provision for bad debt(124.4)(24.9)
Trade receivables, net514.1498.7
Prepaid expenses19.312.5
Other short-term receivables36.438.8
Provision for bad debt(0.3)
Total569.8549.7
MATURITY PROFILE OF TRADE RECEIVABLES
20232022
(NOKm)Trade receivablesProvision for bad debtsTrade receivablesProvision for bad debts
Not overdue287.9(14.7)242.5
Overdue 0-30 days50.70.166.7
Overdue 31-90 days66.1(0.3)17.9
Overdue 91-365 days115.0(20.2)123.7(2.4)
Overdue > 1 year 119.8(89.4)72.7(22.1)
Ending Balance638.6(124.4)523.6(24.9)
NOK 82 million in provisions for bad debt on trade receivables overdue by more than 12 months pertain to one project undertaken by BMO respectively prior to their incorporation into End\u00far. See Note 28 for further details. End\u00far has obtained certain indemnification statements from the companies\u2019 previous owners which provide that End\u00far\u2019s risk of incurring losses from these disputed projects is limited
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page43-cflshid_42870-tag94023": { "value": "
NOTE 15:
TRADE AND OTHER RECEIVABLES AND CONTRACT BALANCES
TRADE AND OTHER RECEIVABLES
Trade and other receivables are recognized at the original invoiced amount, less impairment losses. Impairment losses are estimated using the simplified approach in calculating the expected credit losses (ECL).
Trade receivables represents the Group\u2019s right to an amount of consideration that is unconditional.
(NOKm)20232022
Trade receivables at nominal value638.6523.6
Provision for bad debt(124.4)(24.9)
Trade receivables, net514.1498.7
Prepaid expenses19.312.5
Other short-term receivables36.438.8
Provision for bad debt(0.3)
Total569.8549.7
MATURITY PROFILE OF TRADE RECEIVABLES
20232022
(NOKm)Trade receivablesProvision for bad debtsTrade receivablesProvision for bad debts
Not overdue287.9(14.7)242.5
Overdue 0-30 days50.70.166.7
Overdue 31-90 days66.1(0.3)17.9
Overdue 91-365 days115.0(20.2)123.7(2.4)
Overdue > 1 year 119.8(89.4)72.7(22.1)
Ending Balance638.6(124.4)523.6(24.9)
NOK 82 million in provisions for bad debt on trade receivables overdue by more than 12 months pertain to one project undertaken by BMO respectively prior to their incorporation into End\u00far. See Note 28 for further details. End\u00far has obtained certain indemnification statements from the companies\u2019 previous owners which provide that End\u00far\u2019s risk of incurring losses from these disputed projects is limited
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page43-cflshid_42870-tag94025": { "value": "
TRADE AND OTHER RECEIVABLES
Trade and other receivables are recognized at the original invoiced amount, less impairment losses. Impairment losses are estimated using the simplified approach in calculating the expected credit losses (ECL).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page44-cflshid_43413-tag94027": { "value": "
NOTE 16: CASH AND CASH EQUIVALENTS
The Groups cash and cash equivalents consists of the following as per year end:
(NOKm)31.12.202331.12.2022
Cash and cash equivalents89.5305.9
Cash and bank deposits - restricted funds13.78.9
Total103.2314.8
RESTRICTED FUNDS
(NOKm)31.12.202331.12.2022
Tax withholding accounts 10.04.2
Security related to guarantees issued0.01.0
Deposit accounts for non-insured pension obligations3.83.6
Total13.78.9
The Group companies End\u00far Maritime AS and BMO Entrepren\u00f8r AS have established bank guarantee for tax payment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page44-cflshid_43413-tag94026": { "value": "
RESTRICTED FUNDS
(NOKm)31.12.202331.12.2022
Tax withholding accounts 10.04.2
Security related to guarantees issued0.01.0
Deposit accounts for non-insured pension obligations3.83.6
Total13.78.9
The Group companies End\u00far Maritime AS and BMO Entrepren\u00f8r AS have established bank guarantee for tax payment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page45-cflshid_43970-tag94029": { "value": "NOTE 17: TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES
(NOKm)31.12.202331.12.2022
Trade payables261.7306.0
Accrued expenses36.841.1
Public duties and taxes89.964.2
Holiday-pay allowance41.733.7
Salary liability46.626.9
Provisions19.956.9
Other current liabilities66.778.0
Total563.3606.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page45-cflshid_43970-tag94028": { "value": "NOTE 17: TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES
(NOKm)31.12.202331.12.2022
Trade payables261.7306.0
Accrued expenses36.841.1
Public duties and taxes89.964.2
Holiday-pay allowance41.733.7
Salary liability46.626.9
Provisions19.956.9
Other current liabilities66.778.0
Total563.3606.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page45-cflshid_43970-tag94031": { "value": "
NOTE 18:
PROVISIONS
The Groups provisions mainly consists of the following:
Warranty provision
A provision for warranty is recognised when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities.
Guarantee liabilities
Contractual guarantees of completion and guarantees in connection with advance payment from customers are furnished as part of End\u00far\u2019s activities. Such guarantees usually involve a bank connection that issues the guarantee in relation to the customer. In some cases, guarantees have also been furnished by other companies in the Group.
(NOKm)Warranties
Other provisions
Total
Balance as at 1 Jan. 202320.536.456.9
Assumed in a business combination0.3-0.3
Provisions made during the year22.07.029.0
Provisions used during the year(18.0)(43.1)(61.2)
Provisions reversed during the year(5.2)-(5.2)
Translation effect---
Other changes---
Balance as at 31 Dec. 202319.60.319.9
Expected timing of payment
(NOKm)Warranties
Other provisions
Total
Current19.60.319.9
Non-current---
Total19.60.319.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page45-cflshid_43970-tag94030": { "value": "
Warranty provision
A provision for warranty is recognised when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities.
Guarantee liabilities
Contractual guarantees of completion and guarantees in connection with advance payment from customers are furnished as part of End\u00far\u2019s activities. Such guarantees usually involve a bank connection that issues the guarantee in relation to the customer. In some cases, guarantees have also been furnished by other companies in the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page46-cflshid_44399-tag94032": { "value": "
NOTE 19:
FINANCIAL INSTRUMENTS
The Group\u2019s financial assets mainly consist of debt instruments (receivables) and cash. The receivables cash flows consist only of principal and any interest, and all receivables are only held to receive contractual cash flows.
The Group\u2019s financial liabilities consist of bank loans, vendor credit payables and other payment obligations.
Overview of carrying amounts of financial instruments in the consolidated balance sheet
2023 (NOKm)NoteFinancial assets and liabilities at amortized cost
Financial assets and liabilities at fair value through profit and loss
Financial assets and liabilities at fair value through OCI
Total carrying amount 2023
Financial assets by category
Financial derivatives21, 22-3.9-3.9
Other financial assets0.7--0.7
Trade receivables15514.1--514.1
Cash and cash equivalents16103.2--103.2
Total618.03.9-621.9
Financial liabilities by category
Loans and borrowings20754.9--754.9
Other non-current liabilities3, 20-50.0-50.0
Other financial liabilities----
Other current loans200.0--0.0
Trade payables17261.7--261.7
Total1 016.650.0-1 066.6
2022 (NOKm)NoteFinancial assets and liabilities at amortized cost
Financial assets and liabilities at fair value through profit and loss
Financial assets and liabilities at fair value through OCI
Total carrying amount 2022
Financial assets by category
Financial derivatives21, 22-6.0-6.0
Other financial assets0.6--0.6
Trade receivables15498.7--498.7
Cash and cash equivalents16314.8--314.8
Total814.16.0-820.1
Financial liabilities by category
Loans and borrowings20810.5--810.5
Other financial liabilities----
Other current loans200.1--0.1
Trade payables17306.0--306.0
Total1 116.5--1 116.5
Fair value of financial assets and liabilities not measured at fair value
The Group has not disclosed the fair values for financial assets and liabilities not measured at fair value as the carrying amount is considered to be a reasonable approximation of fair value.
NOTE 20: LOANS AND BORROWINGS
LOANS AND BORROWINGS
(NOKm)20232022
Non-current loans and borrowings
Secured bank loans656.70.1
Other loans98.24.3
Secured bond loans-806.1
Current loans and borrowings
Secured bank loans0.00.1
Total754.9810.5
TERMS AND REPAYMENT SCHEDULE
(NOKm)CurrencyNominal interest rateYear of maturityCarrying amount
Secured bank loanNOK/SEKSee description below2026656.7
Other loans NOK5 % PIK2028-202950.0
Other loans NOKFixed margin 1-1.5 % + 3 M NIBOR2028-202946.5
Other loansNOK3-6 %2023-20241.7
Secured bond loan
End\u00far had an outstanding senior secured, non-amortizing callable bond loan with ISIN NO0010935430 (the \u201cBonds\u201d) with NOK 810 million principal at 31.12.22. The bond was called 16 March 2023. The financial expense related to early call of the bond consisted of: bond break fee of NOK 30.0 million and write down of remaining bond fees of NOK 10.2 million.
Secured bank loan
In connection with the refinancing of the net NOK 810 million secured bond loan in March 2023. End\u00far entered into a bank loan agreement with a syndicate consisting of SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The bank financing includes a NOK 250 million term loan (\"Facility A\"). a SEK 300 million term loan (\"Facility B\") and a NOK 150 million overdraft facility (\"Facility C\") (together. the \"Facilities\"). Facility A and B will have 3-year maturity with quarterly instalments of NOK 12 million and SEK 13 million. Transaction cost amortized on the bank loan amounted to NOK 16.4 million.
The bank financing facilities are subject to a financial covenant which requires maintaining a leverage ratio not greater than 3.25x up to 31 December 2023. and then 3.0x. 2.75x and 2.5x up to 30 June 2024. 30 September 2024 and until maturity.
The NOK loan facilities use NIBOR 3M as reference rates. and the SEK loan facility use STIBOR 3M as reference rate. The new interest rate margins are presented on page 3 in this report.
The interest rate margins on the new bank loans are contingent on the Group\u2019s leverage ratio (Net-interest bearing debt divided by earnings before interest, tax, depreciation, and amortization) and are as follow:
-Leverage ratio below 2.00: 3.55 % margin
-Leverage ratio between 2.00 and 2.50: 3.60 % margin
-Leverage ratio between 2.50 and 3.00; 3.80 % margin
-Leverage ratio between 3.00 and 3.25: 4.05 % margin
In addition, the acquisition of Repstad Anlegg AS was partially financed with a NOK 100 million 3-year loan facility from SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The new loan facility has the same terms as the existing NOK loan (\u201cFacility A\u201d), with quarterly instalments of NOK 4.25 million beginning in Q3 2024. Transaction cost amortized on the bank loan amounted to NOK 3.3 million.
Carrying amount of assets pledged as security for liabilities
(NOKm)31.12.202331.12.2022
Property, plant and equipment371.8 283.4
Inventories41.918.2
Contract assets107.1101.4
Trade and other receivables546.2 495.5
Cash and cash equivalents89.5 244.3
Reconciliation of movements of liabilities to cash flows arising from financing activities
(NOKm)Secured bond loanSecured bank loanOther loansTotal
Balance as at 1 Jan. 2023 806.1 0.1 4.3 810.5
Changes from financing cash flows
Proceeds from loans and borrowings- 638.1 - 638.1
Repayment of borrowings (incl. bond buy-back)(816.3)--(816.3)
Total changes from financing cash flows(10.2) 638.2 4.3 632.3
Changes arising from business combinations--96.596.5
Other changes 10.2 18.5 (2.6) 26.1
Balance as at 31 Dec. 2023- 656.7 98.2 754.9
(NOKm)Secured bond loanOther loansTotal
Balance as at 1 Jan. 2022 890.6 - 896.1
Changes from financing cash flows
Proceeds from loans and borrowings- 2.0 2.0
Repayment of borrowings (incl. bond buy-back)(90.0)(3.2)(93.2)
Total changes from financing cash flows 800.6 (1.2) 799.4
Other changes 5.5 5.7 11.2
Balance as at 31 Dec. 2022 806.1 4.5 810.6
Other changes consist primarily of change in accrued interest and amortisation.
NOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
Financial assets and liabilities measured at fair value as per year end 2023:
(NOKm)Level 1Level 2Level 3Total
Derivative instruments3.93.9
Total financial assets measured at fair value3.93.9
Contingent earn-out50.050.0
Total financial liabilities measured at fair value50.050.0
Financial derivatives
End\u00far entered into two financial derivates contracts in 2022, in order to reduce inherent exposure to floating interest rate on the senior secured bond loan and foreign currency risk on the Group's Swedish operations. As part of the refinancing in March 2023, the cross-currency swap was terminated and replaced with the SEK 300 million loan facility as described in note 20. The financial expense related to termination of the swap amounted to NOK 18.9 million.
Contingent earn-out
The contingent earn-out consideration from the acquisition of Repstad Anlegg (see note 3) is measured at fair value at the acquisition date using estimates of discounted cash flows. The subsequent measurement of the earn-out is at fair value through profit and loss.
NOTE 22:
FINANCIAL RISK MANAGEMENT
The Group is exposed to the following financial risks resulting from the use of financial instruments:
- credit risk- liquidity risk- market risk - currency risk - interest rate risk
The board of directors has overall responsibility for establishing and monitoring the Group\u2019s risk management framework. Risk management principles have been established in order to identify and analyse the risks to which the Group is exposed, to stipulate limits on risk and pertaining control procedures, and to monitor risk and compliance with the limits. Risk management principles and systems are reviewed regularly to reflect changes in activities and market conditions.
CREDIT RISK
Credit risk is the risk of financial losses in the event that a customer or counterparty in a financial instrument is unable to meet its contractual obligations. Credit risk relates usually to the Group\u2019s receivables from customers. The Group\u2019s exposure to credit risk is mainly the result of individual factors relating to each individual customer. The demographics of the customer base, including the risk of default of payment in the industry and the country in which the customers operate, have less influence on the credit risk. There is no geographical concentration of credit risk. For loss-allowances related to trade receivables, see further details in Note 15.
The Group\u2019s trade receivables are related to the segments Marine infrastructure, Aquaculture solutions and Other. The customers are public customers within maritime and transport related infrastructure, aquaculture companies and other industrial companies of all sizes.
The Group has established guidelines for credit rating. This means that the creditworthiness of all new customers is assessed on an individual basis before the customer is offered the Group\u2019s standard terms and conditions for delivery and payment.
For the public sector, credit risk is considered to be minimal and for Norwegian private customers, most contracts follow standards with requirements of providing security before fulfilment of contractual obligations, reducing the credit exposure for the Group. The Groups sales directly to the public sector amounted to approx. 45 % of operating revenue in 2023.
The credit risk linked to transactions on financial derivatives is considered to be limited as the counterparties are banks with a high credit ranking.
Credit risk is monitored by subsidiaries and at group level. The Group regards its maximum credit risk exposure to the carrying amount of trade debtors and other receivables.
LIQUIDITY RISK
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities under both normal and stressed conditions. The Group management monitors the Groups liquidity through revolving liquidity forecast. See note 20 for more information on the Group\u2019s loans and borrowings as of 31.12.2023.
The Group\u2019s liquidity is impacted by seasonal fluctuations and fluctuations between different project phases. The Group had NOK 253.2 million in liquidity reserves as at 31.12.2023, including 3.8 million in restricted funds and NOK 150 million in non-utilized overdraft facility.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date, including payment of interest and without the effect of settlement arrangements:
31.12.2023Contractual cash flows
(NOKm)Carrying amountTotal6 months or less6-12 months1-2 years2-5 yearsMore than 5 years
Secured bank loans656.7760.578.378.5158.2445.6-
Other loans98.2104.710.20.915.777.9-
Other non-current liabilities50.050.0---50.0-
Current interest-bearing debt0.00.00.00.0---
Financial derivatives3.94.4--4.4--
Trade and other payables563.5563.5563.5----
Total1 372.31 483.1652.179.4178.2573.4-
31.12.2022Contractual cash flows
(NOKm)Carrying amountTotal6 months or less6-12 months1-2 years2-5 yearsMore than 5 years
Secured bank loans0.10.1---0.1-
Other loans4.34.30.60.43.4--
Secured bond loans806.11 004.543.443.386.5831.3-
Current interest-bearing debt0.10.1-0.1---
Financial derivatives6.06.8---6.8-
Trade and other payables606.8606.8606.8----
Total1 423.31 622.6650.743.789.9838.2-
MARKET RISK
Market risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project.
CURRENCY RISK
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to changes in foreign exchange rates relates primarily to the Group\u2019s operating activities and the Group\u2019s net investments in foreign subsidiaries. From Marcon-Gruppen i Sverige AB the Group has parts of both revenues and expenses in SEK that provides a natural hedge. End\u00far has the highest currency exposure towards SEK, but also has minor exposure against other currencies. The Group entered into a cross currency swap in 2022 to reduce foreign currency risk on the Group's Swedish operations. As part of the refinancing in March 2023, the cross-currency swap was terminated and replaced with the SEK 300 million loan facility as described in note 20. The Group continuously assesses the need for hedging remaining currency exposure, based on perceived risk and materiality.
Sensitivity analysis
A change in the foreign exchange rate towards SEK on the reporting date would have increased (reduced) equity and yearly profit by the amounts shown in the table below. The analysis shows the sensitivity of the Group\u2019s foreign operations in Sweden (net of SEK bank facility in 2023 and cross currency swap in 2022) and assumes all other variables remain unchanged.
(NOKm)20232022
Effect of 5 % appreciation of NOK towards SEK at 31 Dec
Effect on profit after tax 10.5 16.6
INTEREST RATE RISK
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to changes in market interest rates relates primarily to the Group\u2019s secured bond loan with floating interest rates. End\u00far entered into an interest rate swap in 2022 to partly hedge against the interest rate risk of the Group, and will continuously assess whether to hedge against further interest rate risk. The following table demonstrates the sensitivity to interest rate changes.
Sensitivity analysis
A change in the interest rate of 100 base points on the reporting date would have increased (reduced) equity and yearly profit by the amounts shown in the table below (net of interest rate swap). This analysis assumes that all other variables, particularly the exchange rates, remain unchanged.
(NOKm)20232022
Effect of 100 bp increase in interest rate
Effect on profit after tax (4.5) (6.1)
CAPITAL MANAGEMENT
The Board of Directors\u2019 goal is to maintain a strong capital base in order to preserve the confidence of investors, creditors and market, and to develop business activities. The return on capital is monitored by the board. Return on capital is defined as the operating profit/ loss divided by the total equity. The board also monitors the level of dividends on ordinary shares. The Board of Directors initiated a share buy-back program in March 2024, for further details, see Note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page47-cflshid_45245-tag94035": { "value": "
NOTE 20: LOANS AND BORROWINGS
LOANS AND BORROWINGS
(NOKm)20232022
Non-current loans and borrowings
Secured bank loans656.70.1
Other loans98.24.3
Secured bond loans-806.1
Current loans and borrowings
Secured bank loans0.00.1
Total754.9810.5
TERMS AND REPAYMENT SCHEDULE
(NOKm)CurrencyNominal interest rateYear of maturityCarrying amount
Secured bank loanNOK/SEKSee description below2026656.7
Other loans NOK5 % PIK2028-202950.0
Other loans NOKFixed margin 1-1.5 % + 3 M NIBOR2028-202946.5
Other loansNOK3-6 %2023-20241.7
Secured bond loan
End\u00far had an outstanding senior secured, non-amortizing callable bond loan with ISIN NO0010935430 (the \u201cBonds\u201d) with NOK 810 million principal at 31.12.22. The bond was called 16 March 2023. The financial expense related to early call of the bond consisted of: bond break fee of NOK 30.0 million and write down of remaining bond fees of NOK 10.2 million.
Secured bank loan
In connection with the refinancing of the net NOK 810 million secured bond loan in March 2023. End\u00far entered into a bank loan agreement with a syndicate consisting of SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The bank financing includes a NOK 250 million term loan (\"Facility A\"). a SEK 300 million term loan (\"Facility B\") and a NOK 150 million overdraft facility (\"Facility C\") (together. the \"Facilities\"). Facility A and B will have 3-year maturity with quarterly instalments of NOK 12 million and SEK 13 million. Transaction cost amortized on the bank loan amounted to NOK 16.4 million.
The bank financing facilities are subject to a financial covenant which requires maintaining a leverage ratio not greater than 3.25x up to 31 December 2023. and then 3.0x. 2.75x and 2.5x up to 30 June 2024. 30 September 2024 and until maturity.
The NOK loan facilities use NIBOR 3M as reference rates. and the SEK loan facility use STIBOR 3M as reference rate. The new interest rate margins are presented on page 3 in this report.
The interest rate margins on the new bank loans are contingent on the Group\u2019s leverage ratio (Net-interest bearing debt divided by earnings before interest, tax, depreciation, and amortization) and are as follow:
-Leverage ratio below 2.00: 3.55 % margin
-Leverage ratio between 2.00 and 2.50: 3.60 % margin
-Leverage ratio between 2.50 and 3.00; 3.80 % margin
-Leverage ratio between 3.00 and 3.25: 4.05 % margin
In addition, the acquisition of Repstad Anlegg AS was partially financed with a NOK 100 million 3-year loan facility from SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The new loan facility has the same terms as the existing NOK loan (\u201cFacility A\u201d), with quarterly instalments of NOK 4.25 million beginning in Q3 2024. Transaction cost amortized on the bank loan amounted to NOK 3.3 million.
Carrying amount of assets pledged as security for liabilities
(NOKm)31.12.202331.12.2022
Property, plant and equipment371.8 283.4
Inventories41.918.2
Contract assets107.1101.4
Trade and other receivables546.2 495.5
Cash and cash equivalents89.5 244.3
Reconciliation of movements of liabilities to cash flows arising from financing activities
(NOKm)Secured bond loanSecured bank loanOther loansTotal
Balance as at 1 Jan. 2023 806.1 0.1 4.3 810.5
Changes from financing cash flows
Proceeds from loans and borrowings- 638.1 - 638.1
Repayment of borrowings (incl. bond buy-back)(816.3)--(816.3)
Total changes from financing cash flows(10.2) 638.2 4.3 632.3
Changes arising from business combinations--96.596.5
Other changes 10.2 18.5 (2.6) 26.1
Balance as at 31 Dec. 2023- 656.7 98.2 754.9
(NOKm)Secured bond loanOther loansTotal
Balance as at 1 Jan. 2022 890.6 - 896.1
Changes from financing cash flows
Proceeds from loans and borrowings- 2.0 2.0
Repayment of borrowings (incl. bond buy-back)(90.0)(3.2)(93.2)
Total changes from financing cash flows 800.6 (1.2) 799.4
Other changes 5.5 5.7 11.2
Balance as at 31 Dec. 2022 806.1 4.5 810.6
Other changes consist primarily of change in accrued interest and amortisation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page47-cflshid_45245-tag94034": { "value": "
NOTE 20: LOANS AND BORROWINGS
LOANS AND BORROWINGS
(NOKm)20232022
Non-current loans and borrowings
Secured bank loans656.70.1
Other loans98.24.3
Secured bond loans-806.1
Current loans and borrowings
Secured bank loans0.00.1
Total754.9810.5
TERMS AND REPAYMENT SCHEDULE
(NOKm)CurrencyNominal interest rateYear of maturityCarrying amount
Secured bank loanNOK/SEKSee description below2026656.7
Other loans NOK5 % PIK2028-202950.0
Other loans NOKFixed margin 1-1.5 % + 3 M NIBOR2028-202946.5
Other loansNOK3-6 %2023-20241.7
Secured bond loan
End\u00far had an outstanding senior secured, non-amortizing callable bond loan with ISIN NO0010935430 (the \u201cBonds\u201d) with NOK 810 million principal at 31.12.22. The bond was called 16 March 2023. The financial expense related to early call of the bond consisted of: bond break fee of NOK 30.0 million and write down of remaining bond fees of NOK 10.2 million.
Secured bank loan
In connection with the refinancing of the net NOK 810 million secured bond loan in March 2023. End\u00far entered into a bank loan agreement with a syndicate consisting of SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The bank financing includes a NOK 250 million term loan (\"Facility A\"). a SEK 300 million term loan (\"Facility B\") and a NOK 150 million overdraft facility (\"Facility C\") (together. the \"Facilities\"). Facility A and B will have 3-year maturity with quarterly instalments of NOK 12 million and SEK 13 million. Transaction cost amortized on the bank loan amounted to NOK 16.4 million.
The bank financing facilities are subject to a financial covenant which requires maintaining a leverage ratio not greater than 3.25x up to 31 December 2023. and then 3.0x. 2.75x and 2.5x up to 30 June 2024. 30 September 2024 and until maturity.
The NOK loan facilities use NIBOR 3M as reference rates. and the SEK loan facility use STIBOR 3M as reference rate. The new interest rate margins are presented on page 3 in this report.
The interest rate margins on the new bank loans are contingent on the Group\u2019s leverage ratio (Net-interest bearing debt divided by earnings before interest, tax, depreciation, and amortization) and are as follow:
-Leverage ratio below 2.00: 3.55 % margin
-Leverage ratio between 2.00 and 2.50: 3.60 % margin
-Leverage ratio between 2.50 and 3.00; 3.80 % margin
-Leverage ratio between 3.00 and 3.25: 4.05 % margin
In addition, the acquisition of Repstad Anlegg AS was partially financed with a NOK 100 million 3-year loan facility from SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The new loan facility has the same terms as the existing NOK loan (\u201cFacility A\u201d), with quarterly instalments of NOK 4.25 million beginning in Q3 2024. Transaction cost amortized on the bank loan amounted to NOK 3.3 million.
Carrying amount of assets pledged as security for liabilities
(NOKm)31.12.202331.12.2022
Property, plant and equipment371.8 283.4
Inventories41.918.2
Contract assets107.1101.4
Trade and other receivables546.2 495.5
Cash and cash equivalents89.5 244.3
Reconciliation of movements of liabilities to cash flows arising from financing activities
(NOKm)Secured bond loanSecured bank loanOther loansTotal
Balance as at 1 Jan. 2023 806.1 0.1 4.3 810.5
Changes from financing cash flows
Proceeds from loans and borrowings- 638.1 - 638.1
Repayment of borrowings (incl. bond buy-back)(816.3)--(816.3)
Total changes from financing cash flows(10.2) 638.2 4.3 632.3
Changes arising from business combinations--96.596.5
Other changes 10.2 18.5 (2.6) 26.1
Balance as at 31 Dec. 2023- 656.7 98.2 754.9
(NOKm)Secured bond loanOther loansTotal
Balance as at 1 Jan. 2022 890.6 - 896.1
Changes from financing cash flows
Proceeds from loans and borrowings- 2.0 2.0
Repayment of borrowings (incl. bond buy-back)(90.0)(3.2)(93.2)
Total changes from financing cash flows 800.6 (1.2) 799.4
Other changes 5.5 5.7 11.2
Balance as at 31 Dec. 2022 806.1 4.5 810.6
Other changes consist primarily of change in accrued interest and amortisation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page47-cflshid_45269-tag94033": { "value": "
Secured bond loan
End\u00far had an outstanding senior secured, non-amortizing callable bond loan with ISIN NO0010935430 (the \u201cBonds\u201d) with NOK 810 million principal at 31.12.22. The bond was called 16 March 2023. The financial expense related to early call of the bond consisted of: bond break fee of NOK 30.0 million and write down of remaining bond fees of NOK 10.2 million.
Secured bank loan
In connection with the refinancing of the net NOK 810 million secured bond loan in March 2023. End\u00far entered into a bank loan agreement with a syndicate consisting of SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The bank financing includes a NOK 250 million term loan (\"Facility A\"). a SEK 300 million term loan (\"Facility B\") and a NOK 150 million overdraft facility (\"Facility C\") (together. the \"Facilities\"). Facility A and B will have 3-year maturity with quarterly instalments of NOK 12 million and SEK 13 million. Transaction cost amortized on the bank loan amounted to NOK 16.4 million.
The bank financing facilities are subject to a financial covenant which requires maintaining a leverage ratio not greater than 3.25x up to 31 December 2023. and then 3.0x. 2.75x and 2.5x up to 30 June 2024. 30 September 2024 and until maturity.
The NOK loan facilities use NIBOR 3M as reference rates. and the SEK loan facility use STIBOR 3M as reference rate. The new interest rate margins are presented on page 3 in this report.
The interest rate margins on the new bank loans are contingent on the Group\u2019s leverage ratio (Net-interest bearing debt divided by earnings before interest, tax, depreciation, and amortization) and are as follow:
-Leverage ratio below 2.00: 3.55 % margin
-Leverage ratio between 2.00 and 2.50: 3.60 % margin
-Leverage ratio between 2.50 and 3.00; 3.80 % margin
-Leverage ratio between 3.00 and 3.25: 4.05 % margin
In addition, the acquisition of Repstad Anlegg AS was partially financed with a NOK 100 million 3-year loan facility from SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The new loan facility has the same terms as the existing NOK loan (\u201cFacility A\u201d), with quarterly instalments of NOK 4.25 million beginning in Q3 2024. Transaction cost amortized on the bank loan amounted to NOK 3.3 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page49-cflshid_46210-tag94040": { "value": "
NOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
Financial assets and liabilities measured at fair value as per year end 2023:
(NOKm)Level 1Level 2Level 3Total
Derivative instruments3.93.9
Total financial assets measured at fair value3.93.9
Contingent earn-out50.050.0
Total financial liabilities measured at fair value50.050.0
Financial derivatives
End\u00far entered into two financial derivates contracts in 2022, in order to reduce inherent exposure to floating interest rate on the senior secured bond loan and foreign currency risk on the Group's Swedish operations. As part of the refinancing in March 2023, the cross-currency swap was terminated and replaced with the SEK 300 million loan facility as described in note 20. The financial expense related to termination of the swap amounted to NOK 18.9 million.
Contingent earn-out
The contingent earn-out consideration from the acquisition of Repstad Anlegg (see note 3) is measured at fair value at the acquisition date using estimates of discounted cash flows. The subsequent measurement of the earn-out is at fair value through profit and loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page49-cflshid_46210-tag94039": { "value": "
NOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
Financial assets and liabilities measured at fair value as per year end 2023:
(NOKm)Level 1Level 2Level 3Total
Derivative instruments3.93.9
Total financial assets measured at fair value3.93.9
Contingent earn-out50.050.0
Total financial liabilities measured at fair value50.050.0
Financial derivatives
End\u00far entered into two financial derivates contracts in 2022, in order to reduce inherent exposure to floating interest rate on the senior secured bond loan and foreign currency risk on the Group's Swedish operations. As part of the refinancing in March 2023, the cross-currency swap was terminated and replaced with the SEK 300 million loan facility as described in note 20. The financial expense related to termination of the swap amounted to NOK 18.9 million.
Contingent earn-out
The contingent earn-out consideration from the acquisition of Repstad Anlegg (see note 3) is measured at fair value at the acquisition date using estimates of discounted cash flows. The subsequent measurement of the earn-out is at fair value through profit and loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page49-cflshid_46210-tag94038": { "value": "
NOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
Financial assets and liabilities measured at fair value as per year end 2023:
(NOKm)Level 1Level 2Level 3Total
Derivative instruments3.93.9
Total financial assets measured at fair value3.93.9
Contingent earn-out50.050.0
Total financial liabilities measured at fair value50.050.0
Financial derivatives
End\u00far entered into two financial derivates contracts in 2022, in order to reduce inherent exposure to floating interest rate on the senior secured bond loan and foreign currency risk on the Group's Swedish operations. As part of the refinancing in March 2023, the cross-currency swap was terminated and replaced with the SEK 300 million loan facility as described in note 20. The financial expense related to termination of the swap amounted to NOK 18.9 million.
Contingent earn-out
The contingent earn-out consideration from the acquisition of Repstad Anlegg (see note 3) is measured at fair value at the acquisition date using estimates of discounted cash flows. The subsequent measurement of the earn-out is at fair value through profit and loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page49-cflshid_46234-tag94037": { "value": "NOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
Financial assets and liabilities measured at fair value as per year end 2023:
(NOKm)Level 1Level 2Level 3Total
Derivative instruments3.93.9
Total financial assets measured at fair value3.93.9
Contingent earn-out50.050.0
Total financial liabilities measured at fair value50.050.0
Financial derivatives
End\u00far entered into two financial derivates contracts in 2022, in order to reduce inherent exposure to floating interest rate on the senior secured bond loan and foreign currency risk on the Group's Swedish operations. As part of the refinancing in March 2023, the cross-currency swap was terminated and replaced with the SEK 300 million loan facility as described in note 20. The financial expense related to termination of the swap amounted to NOK 18.9 million", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page49-cflshid_46234-tag94041": { "value": "NOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page49-cflshid_46234-tag94036": { "value": "NOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
The contingent earn-out consideration from the acquisition of Repstad Anlegg (see note 3) is measured at fair value at the acquisition date using estimates of discounted cash flows. The subsequent measurement of the earn-out is at fair value through profit and loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page49-cflshid_46234-tag94042": { "value": "
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page50-cflshid_46418-tag94045": { "value": "
NOTE 22:
FINANCIAL RISK MANAGEMENT
The Group is exposed to the following financial risks resulting from the use of financial instruments:
- credit risk- liquidity risk- market risk - currency risk - interest rate risk
The board of directors has overall responsibility for establishing and monitoring the Group\u2019s risk management framework. Risk management principles have been established in order to identify and analyse the risks to which the Group is exposed, to stipulate limits on risk and pertaining control procedures, and to monitor risk and compliance with the limits. Risk management principles and systems are reviewed regularly to reflect changes in activities and market conditions.
CREDIT RISK
Credit risk is the risk of financial losses in the event that a customer or counterparty in a financial instrument is unable to meet its contractual obligations. Credit risk relates usually to the Group\u2019s receivables from customers. The Group\u2019s exposure to credit risk is mainly the result of individual factors relating to each individual customer. The demographics of the customer base, including the risk of default of payment in the industry and the country in which the customers operate, have less influence on the credit risk. There is no geographical concentration of credit risk. For loss-allowances related to trade receivables, see further details in Note 15.
The Group\u2019s trade receivables are related to the segments Marine infrastructure, Aquaculture solutions and Other. The customers are public customers within maritime and transport related infrastructure, aquaculture companies and other industrial companies of all sizes.
The Group has established guidelines for credit rating. This means that the creditworthiness of all new customers is assessed on an individual basis before the customer is offered the Group\u2019s standard terms and conditions for delivery and payment.
For the public sector, credit risk is considered to be minimal and for Norwegian private customers, most contracts follow standards with requirements of providing security before fulfilment of contractual obligations, reducing the credit exposure for the Group. The Groups sales directly to the public sector amounted to approx. 45 % of operating revenue in 2023.
The credit risk linked to transactions on financial derivatives is considered to be limited as the counterparties are banks with a high credit ranking.
Credit risk is monitored by subsidiaries and at group level. The Group regards its maximum credit risk exposure to the carrying amount of trade debtors and other receivables.
LIQUIDITY RISK
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities under both normal and stressed conditions. The Group management monitors the Groups liquidity through revolving liquidity forecast. See note 20 for more information on the Group\u2019s loans and borrowings as of 31.12.2023.
The Group\u2019s liquidity is impacted by seasonal fluctuations and fluctuations between different project phases. The Group had NOK 253.2 million in liquidity reserves as at 31.12.2023, including 3.8 million in restricted funds and NOK 150 million in non-utilized overdraft facility.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date, including payment of interest and without the effect of settlement arrangements:
31.12.2023Contractual cash flows
(NOKm)Carrying amountTotal6 months or less6-12 months1-2 years2-5 yearsMore than 5 years
Secured bank loans656.7760.578.378.5158.2445.6-
Other loans98.2104.710.20.915.777.9-
Other non-current liabilities50.050.0---50.0-
Current interest-bearing debt0.00.00.00.0---
Financial derivatives3.94.4--4.4--
Trade and other payables563.5563.5563.5----
Total1 372.31 483.1652.179.4178.2573.4-
31.12.2022Contractual cash flows
(NOKm)Carrying amountTotal6 months or less6-12 months1-2 years2-5 yearsMore than 5 years
Secured bank loans0.10.1---0.1-
Other loans4.34.30.60.43.4--
Secured bond loans806.11 004.543.443.386.5831.3-
Current interest-bearing debt0.10.1-0.1---
Financial derivatives6.06.8---6.8-
Trade and other payables606.8606.8606.8----
Total1 423.31 622.6650.743.789.9838.2-
MARKET RISK
Market risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project.
CURRENCY RISK
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to changes in foreign exchange rates relates primarily to the Group\u2019s operating activities and the Group\u2019s net investments in foreign subsidiaries. From Marcon-Gruppen i Sverige AB the Group has parts of both revenues and expenses in SEK that provides a natural hedge. End\u00far has the highest currency exposure towards SEK, but also has minor exposure against other currencies. The Group entered into a cross currency swap in 2022 to reduce foreign currency risk on the Group's Swedish operations. As part of the refinancing in March 2023, the cross-currency swap was terminated and replaced with the SEK 300 million loan facility as described in note 20. The Group continuously assesses the need for hedging remaining currency exposure, based on perceived risk and materiality.
Sensitivity analysis
A change in the foreign exchange rate towards SEK on the reporting date would have increased (reduced) equity and yearly profit by the amounts shown in the table below. The analysis shows the sensitivity of the Group\u2019s foreign operations in Sweden (net of SEK bank facility in 2023 and cross currency swap in 2022) and assumes all other variables remain unchanged.
(NOKm)20232022
Effect of 5 % appreciation of NOK towards SEK at 31 Dec
Effect on profit after tax 10.5 16.6
INTEREST RATE RISK
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to changes in market interest rates relates primarily to the Group\u2019s secured bond loan with floating interest rates. End\u00far entered into an interest rate swap in 2022 to partly hedge against the interest rate risk of the Group, and will continuously assess whether to hedge against further interest rate risk. The following table demonstrates the sensitivity to interest rate changes.
Sensitivity analysis
A change in the interest rate of 100 base points on the reporting date would have increased (reduced) equity and yearly profit by the amounts shown in the table below (net of interest rate swap). This analysis assumes that all other variables, particularly the exchange rates, remain unchanged.
(NOKm)20232022
Effect of 100 bp increase in interest rate
Effect on profit after tax (4.5) (6.1)
CAPITAL MANAGEMENT
The Board of Directors\u2019 goal is to maintain a strong capital base in order to preserve the confidence of investors, creditors and market, and to develop business activities. The return on capital is monitored by the board. Return on capital is defined as the operating profit/ loss divided by the total equity. The board also monitors the level of dividends on ordinary shares. The Board of Directors initiated a share buy-back program in March 2024, for further details, see Note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page50-cflshid_46474-tag94043": { "value": "
CREDIT RISK
Credit risk is the risk of financial losses in the event that a customer or counterparty in a financial instrument is unable to meet its contractual obligations. Credit risk relates usually to the Group\u2019s receivables from customers. The Group\u2019s exposure to credit risk is mainly the result of individual factors relating to each individual customer. The demographics of the customer base, including the risk of default of payment in the industry and the country in which the customers operate, have less influence on the credit risk. There is no geographical concentration of credit risk. For loss-allowances related to trade receivables, see further details in Note 15.
The Group\u2019s trade receivables are related to the segments Marine infrastructure, Aquaculture solutions and Other. The customers are public customers within maritime and transport related infrastructure, aquaculture companies and other industrial companies of all sizes.
The Group has established guidelines for credit rating. This means that the creditworthiness of all new customers is assessed on an individual basis before the customer is offered the Group\u2019s standard terms and conditions for delivery and payment.
For the public sector, credit risk is considered to be minimal and for Norwegian private customers, most contracts follow standards with requirements of providing security before fulfilment of contractual obligations, reducing the credit exposure for the Group. The Groups sales directly to the public sector amounted to approx. 45 % of operating revenue in 2023.
The credit risk linked to transactions on financial derivatives is considered to be limited as the counterparties are banks with a high credit ranking.
Credit risk is monitored by subsidiaries and at group level. The Group regards its maximum credit risk exposure to the carrying amount of trade debtors and other receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page50-cflshid_46474-tag94044": { "value": "
LIQUIDITY RISK
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities under both normal and stressed conditions. The Group management monitors the Groups liquidity through revolving liquidity forecast. See note 20 for more information on the Group\u2019s loans and borrowings as of 31.12.2023.
The Group\u2019s liquidity is impacted by seasonal fluctuations and fluctuations between different project phases. The Group had NOK 253.2 million in liquidity reserves as at 31.12.2023, including 3.8 million in restricted funds and NOK 150 million in non-utilized overdraft facility.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date, including payment of interest and without the effect of settlement arrangements:
31.12.2023Contractual cash flows
(NOKm)Carrying amountTotal6 months or less6-12 months1-2 years2-5 yearsMore than 5 years
Secured bank loans656.7760.578.378.5158.2445.6-
Other loans98.2104.710.20.915.777.9-
Other non-current liabilities50.050.0---50.0-
Current interest-bearing debt0.00.00.00.0---
Financial derivatives3.94.4--4.4--
Trade and other payables563.5563.5563.5----
Total1 372.31 483.1652.179.4178.2573.4-
31.12.2022Contractual cash flows
(NOKm)Carrying amountTotal6 months or less6-12 months1-2 years2-5 yearsMore than 5 years
Secured bank loans0.10.1---0.1-
Other loans4.34.30.60.43.4--
Secured bond loans806.11 004.543.443.386.5831.3-
Current interest-bearing debt0.10.1-0.1---
Financial derivatives6.06.8---6.8-
Trade and other payables606.8606.8606.8----
Total1 423.31 622.6650.743.789.9838.2-
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page51-cflshid_46922-tag94047": { "value": "
MARKET RISK
Market risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project.
CURRENCY RISK
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to changes in foreign exchange rates relates primarily to the Group\u2019s operating activities and the Group\u2019s net investments in foreign subsidiaries. From Marcon-Gruppen i Sverige AB the Group has parts of both revenues and expenses in SEK that provides a natural hedge. End\u00far has the highest currency exposure towards SEK, but also has minor exposure against other currencies. The Group entered into a cross currency swap in 2022 to reduce foreign currency risk on the Group's Swedish operations. As part of the refinancing in March 2023, the cross-currency swap was terminated and replaced with the SEK 300 million loan facility as described in note 20. The Group continuously assesses the need for hedging remaining currency exposure, based on perceived risk and materiality.
Sensitivity analysis
A change in the foreign exchange rate towards SEK on the reporting date would have increased (reduced) equity and yearly profit by the amounts shown in the table below. The analysis shows the sensitivity of the Group\u2019s foreign operations in Sweden (net of SEK bank facility in 2023 and cross currency swap in 2022) and assumes all other variables remain unchanged.
(NOKm)20232022
Effect of 5 % appreciation of NOK towards SEK at 31 Dec
Effect on profit after tax 10.5 16.6
INTEREST RATE RISK
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to changes in market interest rates relates primarily to the Group\u2019s secured bond loan with floating interest rates. End\u00far entered into an interest rate swap in 2022 to partly hedge against the interest rate risk of the Group, and will continuously assess whether to hedge against further interest rate risk. The following table demonstrates the sensitivity to interest rate changes.
Sensitivity analysis
A change in the interest rate of 100 base points on the reporting date would have increased (reduced) equity and yearly profit by the amounts shown in the table below (net of interest rate swap). This analysis assumes that all other variables, particularly the exchange rates, remain unchanged.
(NOKm)20232022
Effect of 100 bp increase in interest rate
Effect on profit after tax (4.5) (6.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page51-cflshid_46922-tag94048": { "value": "
CURRENCY RISK
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to changes in foreign exchange rates relates primarily to the Group\u2019s operating activities and the Group\u2019s net investments in foreign subsidiaries. From Marcon-Gruppen i Sverige AB the Group has parts of both revenues and expenses in SEK that provides a natural hedge. End\u00far has the highest currency exposure towards SEK, but also has minor exposure against other currencies. The Group entered into a cross currency swap in 2022 to reduce foreign currency risk on the Group's Swedish operations. As part of the refinancing in March 2023, the cross-currency swap was terminated and replaced with the SEK 300 million loan facility as described in note 20. The Group continuously assesses the need for hedging remaining currency exposure, based on perceived risk and materiality.
Sensitivity analysis
A change in the foreign exchange rate towards SEK on the reporting date would have increased (reduced) equity and yearly profit by the amounts shown in the table below. The analysis shows the sensitivity of the Group\u2019s foreign operations in Sweden (net of SEK bank facility in 2023 and cross currency swap in 2022) and assumes all other variables remain unchanged.
(NOKm)20232022
Effect of 5 % appreciation of NOK towards SEK at 31 Dec
Effect on profit after tax 10.5 16.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page51-cflshid_46922-tag94046": { "value": "
CAPITAL MANAGEMENT
The Board of Directors\u2019 goal is to maintain a strong capital base in order to preserve the confidence of investors, creditors and market, and to develop business activities. The return on capital is monitored by the board. Return on capital is defined as the operating profit/ loss divided by the total equity. The board also monitors the level of dividends on ordinary shares. The Board of Directors initiated a share buy-back program in March 2024, for further details, see Note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page52-cflshid_47439-tag94050": { "value": "
NOTE 23:
SHARE CAPITAL AND SHAREHOLDER INFORMATION
SHARE CAPITAL
Issue of shares registered 19 January 2023 - The company\u2019s share capital increased by NOK 1 300 000 from NOK 13.726.435 to NOK 15.026.434. by issuing 2 599 999 new shares each with a nominal value of NOK 0.5. This was related to tranche 1 of the private placement completed on 11 January 2023.
Issue of shares registered 9 February 2023 - The company\u2019s share capital increased by NOK 1 245 455 from NOK 15.026.434 to NOK 16.271.889 by issuing 2 490 910 new shares each with a nominal value of NOK 0.5. This was tranche 2 of the private placement commented above.
Issue of shares registered 27 April 2023 - The company\u2019s share capital increased by NOK 25 523.5 from NOK 16.271.889 to NOK 16.297.412.5 by issuing 51 047 new shares each with a nominal value of NOK 0.5. The issuance was in connection with the employee share purchase program for 2023.
Business combination registered 20 December 2023 - The company\u2019s share capital increased by NOK 2.087.101 from NOK 16.297.412.5 to NOK 18.384.513.5 by issuing 4 174 202 new shares each with a nominal value of NOK 0.5.
At 31 December 2023 the share capital of End\u00far ASA was NOK 18.384.513.5. divided into 36.769.027 shares each with a nominal value of NOK 0.5. All shares have equal voting rights.
Shareholders as of 31 December 2023No of sharesHolding
Artec Holding AS 8 598 313 23.38 %
Repstad Gruppen AS \u2013 (Unlisted shares1) 4 174 202 11.35 %
Bever Holding AS2 080 739 5.66 %
Tigerstaden Marine AS 2 000 000 5.44 %
J\u00f6rn Ryberg Holding AB1 799 789 4.89 %
DNB Markets Aksjehandel/-analyse1 311 7143.57 %
Fender Eiendom AS1 125 445 3.06 %
Bergskogen Eiendom AS864 732 2.35 %
Pirpol AS750 0002.04 %
Verdipapirfondet DNB SMB717 6011.95 %
Alden AS644 470 1.75 %
Vallel\u00f8kken AS620 4591.69 %
Solsidan AS614 007 1.67 %
Cygnus Olor AB569 9771.55 %
Guttis AS545 5301.48 %
Tigerstaden AS508 4891.38 %
Gimle Invest AS419 1541.14 %
T.D Veen AS400 0001.09 %
Heartmakermusic AS341 1790.93 %
Tight Holding AS328 5470.89 %
Total shares owned by 20 largest shareholders28 414 347 77.28 %
Other shareholders 8 354 680 22.72 %
Total number of shares 31.12.2023 36 769 027 100.00 %
1 Unlisted shares were issued 20 December 2023 as consideration shares for the purchase of Repstad Anlegg AS. The company will prepare a prospectus for the purpose of listing the consideration shares on Oslo B\u00f8rs. The prospectus is subject to approval by thefinancial supervisory authority of Norway, which is expected to find place during the first quarter of 2024. The consideration shares will be listed on Oslo B\u00f8rs following the publication of the prospectus and will in the meantime be issued on a separate ISIN number.
SHARES OWNED BY EXECUTIVE PERSONNEL AND BOARD MEMBERS
The following table shows shares owned by executive personnel and board members, including shares owned by their related parties, as of 31 December 2023.
NameRole/TitleOwnershipNo of sharesHolding
P\u00e5l Reiulf OlsenChairmanShares owned by Poca Invest AS93 363 0.25 %
Bj\u00f8rn Finn\u00f8yBoard memberShares owned by Artec Holding AS8 598313 23.38 %
Kristine LandmarkBoard member21 000 0.06 %
P\u00e5l Skj\u00e6ggestadBoard member, elected May 2023Shares owned by Skj\u00e6ggestad Invest AS14 000 0.04 %
Jeppe RaaholtCEO End\u00far ASA and the GroupShares owned by R\u00e5bj\u00f8rn AS 209 685 0.57 %
Einar OlsenCFO End\u00far ASA and the GroupShares owned by Red Devil Holding AS 32 843 0.09 %
Total number of shares 31.12.2022 owned by executive personnel and board members9 659 20924.39 %
At year end, in addition to the shareholdings presented above, P\u00e5l Reiulf Olsen owned 20 000 share options, Jeppe Raaholt owned 80 000 share options and Einar Olsen owned 60 000 share options.
No loans nor guarantees have been issued to members of the Board.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page52-cflshid_47495-tag94049": { "value": "
SHARE CAPITAL
Issue of shares registered 19 January 2023 - The company\u2019s share capital increased by NOK 1 300 000 from NOK 13.726.435 to NOK 15.026.434. by issuing 2 599 999 new shares each with a nominal value of NOK 0.5. This was related to tranche 1 of the private placement completed on 11 January 2023.
Issue of shares registered 9 February 2023 - The company\u2019s share capital increased by NOK 1 245 455 from NOK 15.026.434 to NOK 16.271.889 by issuing 2 490 910 new shares each with a nominal value of NOK 0.5. This was tranche 2 of the private placement commented above.
Issue of shares registered 27 April 2023 - The company\u2019s share capital increased by NOK 25 523.5 from NOK 16.271.889 to NOK 16.297.412.5 by issuing 51 047 new shares each with a nominal value of NOK 0.5. The issuance was in connection with the employee share purchase program for 2023.
Business combination registered 20 December 2023 - The company\u2019s share capital increased by NOK 2.087.101 from NOK 16.297.412.5 to NOK 18.384.513.5 by issuing 4 174 202 new shares each with a nominal value of NOK 0.5.
At 31 December 2023 the share capital of End\u00far ASA was NOK 18.384.513.5. divided into 36.769.027 shares each with a nominal value of NOK 0.5. All shares have equal voting rights.
Shareholders as of 31 December 2023No of sharesHolding
Artec Holding AS 8 598 313 23.38 %
Repstad Gruppen AS \u2013 (Unlisted shares1) 4 174 202 11.35 %
Bever Holding AS2 080 739 5.66 %
Tigerstaden Marine AS 2 000 000 5.44 %
J\u00f6rn Ryberg Holding AB1 799 789 4.89 %
DNB Markets Aksjehandel/-analyse1 311 7143.57 %
Fender Eiendom AS1 125 445 3.06 %
Bergskogen Eiendom AS864 732 2.35 %
Pirpol AS750 0002.04 %
Verdipapirfondet DNB SMB717 6011.95 %
Alden AS644 470 1.75 %
Vallel\u00f8kken AS620 4591.69 %
Solsidan AS614 007 1.67 %
Cygnus Olor AB569 9771.55 %
Guttis AS545 5301.48 %
Tigerstaden AS508 4891.38 %
Gimle Invest AS419 1541.14 %
T.D Veen AS400 0001.09 %
Heartmakermusic AS341 1790.93 %
Tight Holding AS328 5470.89 %
Total shares owned by 20 largest shareholders28 414 347 77.28 %
Other shareholders 8 354 680 22.72 %
Total number of shares 31.12.2023 36 769 027 100.00 %
1 Unlisted shares were issued 20 December 2023 as consideration shares for the purchase of Repstad Anlegg AS. The company will prepare a prospectus for the purpose of listing the consideration shares on Oslo B\u00f8rs. The prospectus is subject to approval by thefinancial supervisory authority of Norway, which is expected to find place during the first quarter of 2024. The consideration shares will be listed on Oslo B\u00f8rs following the publication of the prospectus and will in the meantime be issued on a separate ISIN number.
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NOTE 24:
SHARE-BASED PAYMENTS
SHARE PURCHASE PROGRAM
The Group issued a share subscription program in December 2021 whereby all permanent employees of the Group were offered the opportunity to subscribe new shares in the Group at a discount. The sale of shares to employees at less than market price is accounted for by recognising the difference between market value of the shares and purchase price as a payroll expense.
Share purchase program in 2023
The Group did undertake a share purchase program in March 2023 whereby all permanent employees of the Group were offered the opportunity to subscribe new shares in the Group at a discount in accordance with a resolution made by the annual general meeting on 21 May 2021 at a subscription price per share of NOK 34.15, reflecting a discount of 20% on the volume weighted average closing price of the Group\u2019s share during the application. All shares subscribed and allotted under the offering are subject to 6 months lock-up.
SHARE OPTION PROGRAMS
The Group offered a share option program to executive management and key personnel of the Group in 2022 and 2023. Share options are measured at fair value at the time of allotment. The calculated value of the estimated share of redeemed options is recognised as a payroll expense, booked towards other paid-in equity. The cost is distributed over the period until the employee acquires an unconditional right to redeem the options. The estimated number of options that are expected to be redeemed is reassessed on every balance sheet date. The Group had the following share option programs during the year:
Share option allocations 2020
As part of the transaction regarding the acquisition of BMO Entrepren\u00f8r AS in 2020, End\u00far issued 250 000 share options (12,5 million options before share consolidation of 50:1 in June 2022) to the sellers of BMO Entrepren\u00f8r AS. Award date was 17 December 2020, with strike price NOK 60 (NOK 1,2 before the share consolidation 50:1). For the allocated options, 50 % vested 30 June 2021, with an exercise period of 1 year and 50 % with vesting date was 30 June 2022 with an exercise period of 1 year, subject to the participant\u2019s continued employment.
Share option program 2022
The Group issued a share option program to executive management and key personnel of the Group in 2022. A total of 311.000 share options / warrants were issued (before share consolidation of 50:1 in June 2022, the number of share options totalled to 15.550.000), each option with a right of issuance or purchase of 1 share in End\u00far ASA. The strike price is NOK 41.25. The share options were allocated 28 February 2022. The vesting period is 1 year from the date of allocation, with a 3-year exercise period, subject to the participant\u2019s continued employment. Options not exercised by the expiration date will lapse without consideration.
Share option program 2023
The Group issued a share option program to executive management and key personnel of the Group in 2023. A total of 280.000 share options / warrants were issued, each option with a right of issuance or purchase of 1 share in End\u00far ASA. The strike price is NOK 44.88. The share options were allocated 5 June 2023. The vesting period is 1 year from the date of allocation, with a 3-year exercise period, subject to the participant\u2019s continued employment. Options not exercised by the expiration date will lapse without consideration.
Reconciliation of outstanding share options
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2023 number2023 WAEP2022
Share allocations 2020
Outstanding options at 1 January123 000 60.00 12 500 000
Expired during the year(123 000) 60.00(125 000)
Forfeited during the year(2 000)
Exercised during the year
Effect of reverse share split 50:1(12 250 000)
Outstanding options at 31 December- 123 000
Share option program 2022 and 2023
Outstanding options at 1 January255 000 41.25 -
Granted during the year280 000 44.88 15 550 000
Expired during the year-
Forfeited during the year(31 331) 41.25(56 000)
Exercised during the year-
Effect of reverse share split 50:1(15 239 000)
Outstanding options at 31 December503 669 43.19255 000
Total outstanding options at 31 December503 669 43.19378 000
Exercisable at 31 December234 00041.25123 000
Measurement of fair value
The model used for measurement of the fair values is Black-Scholes. The inputs used in the measurement of the fair values at grant date of the options outstanding at 31 December 2023 were as follows:
Share option program as at 31 December 2023
Share option program 2023Share option program 2022
Options outstanding at 31 Dec269 669234 000
Awarded date 5 Jun 2023 28 Feb 2022
Expiration period in months 48 months 48 months
Fair value at grant NOK 6.6 NOK 1.9
Share price at grant date39.70 37.50
Strike price44.88 41.25
Risk free interest rate3.5 %2.75 %
Expected volatility20.0 %12.9 %
The weighted average remaining contractual life of the share options outstanding as of 31 December 2023 was 2.8 years (31 December 2022: 2.3 years).
Expected volatility has been based on an evaluation of the 12-24-month historical volatility of the Company\u2019s share price.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page53-cflshid_47881-tag94051": { "value": "
SHARE PURCHASE PROGRAM
The Group issued a share subscription program in December 2021 whereby all permanent employees of the Group were offered the opportunity to subscribe new shares in the Group at a discount. The sale of shares to employees at less than market price is accounted for by recognising the difference between market value of the shares and purchase price as a payroll expense
SHARE OPTION PROGRAMS
The Group offered a share option program to executive management and key personnel of the Group in 2022 and 2023. Share options are measured at fair value at the time of allotment. The calculated value of the estimated share of redeemed options is recognised as a payroll expense, booked towards other paid-in equity. The cost is distributed over the period until the employee acquires an unconditional right to redeem the options. The estimated number of options that are expected to be redeemed is reassessed on every balance sheet date. The Group had the following share option programs during the year:
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page55-cflshid_48761-tag94054": { "value": "
NOTE 25: GROUP COMPANIES
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Group companyOwnerRegistered officeCompany\u2019s share capitalHolding and votesProfit/loss for the year (prelim.)Equity as at 31.12.22 (prelim.)
End\u00far Maritime ASEnd\u00far ASA 1366 Lysaker 12.4 100 %10.5 51.0
Marcon Gruppen i Sverige ABEnd\u00far ASA Sweden 0.2 100 %25.1 180.4
BG Malta LtdEnd\u00far ASA Malta 0.0 100 %(0.1)(0.4)
BMO Entrepren\u00f8r ASEnd\u00far ASA 3619 Skollenborg0.6 100 %73.7 121.8
Artec Aqua ASEnd\u00far ASA 6018 \u00c5lesund 3.3 100 %(5.4) 61.9
End\u00far Sj\u00f8sterk ASEnd\u00far ASA 5252 S\u00f8reidgrend 0.4 100 %5.0 9.7
End\u00far Eiendom ASEnd\u00far ASA 5160 Laksev\u00e5g 0.1 100 %0.5 12.6
End\u00far Bidco II ASEnd\u00far ASA 1366 Lysaker 0.0 100 %- 0.0
Repstad Anlegg ASEnd\u00far ASA 4636 Kristiansand1.5100 %15.052.0
Marcon Teknik ABMarcon Gruppen i Sverige ABSweden 0.2 100 %0.5 7.8
Svensk Sj\u00f6entrepenad i Malm\u00f6 ABMarcon Gruppen i Sverige ABSweden 0.2 100 %1.2 25.5
Stockholms Vattentrepenader ABMarcon Gruppen i Sverige ABSweden 0.1 100 %1.0 20.3
Marc-Con Wind Power i Sverige ABMarcon Gruppen i Sverige ABSweden 0.1 100 %0.1 0.9
SSE Gibraltar LtdMarcon Gruppen i Sverige ABSweden 0.0 100 %0.1 1.5
Marcon Vindtransmission ABMar-Con Wind Power i Sverige AB Sweden 0.1 100 %- 0.9
Incerno ABSvensk Sj\u00f6entrepenad i Malm\u00f6 ABSweden 0.1 100 %0.00.7
DYKAB i Lule\u00e5 ABMarcon Gruppen i Sverige ABSweden 0.3 100 %0.8 7.3
DYKAB i Stockholm ABMarcon Gruppen i Sverige ABSweden 0.2 100 %0.1 1.2
DYKAB Varv & Mek ABMarcon Gruppen i Sverige ABSweden 0.1 100 %0.00.9
Svenska Tungdykargruppen ABMarcon Gruppen i Sverige ABSweden 0.1100 %(1.2)26.4
Repstad Anlegg 2 ASRepstad Anlegg AS4636 Kristiansand1.0100 %(0.0)3.8
Leif Hodnemyr Transport ASRepstad Anlegg AS4636 Kristiansand2.8100 %0.23.0
Sand\u00e5s Anlegg ASRepstad Anlegg AS4820 Froland1.0100 %0.215.2
Breakwaters ASRepstad Anlegg AS3209 Sandefjord0.1100 %0.10.7
Agder Marine ASRepstad Anlegg AS4515 Mandal4.0100 %(0.1)15.6
\"\"
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NOTE 25: GROUP COMPANIES
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Group companyOwnerRegistered officeCompany\u2019s share capitalHolding and votesProfit/loss for the year (prelim.)Equity as at 31.12.22 (prelim.)
End\u00far Maritime ASEnd\u00far ASA 1366 Lysaker 12.4 100 %10.5 51.0
Marcon Gruppen i Sverige ABEnd\u00far ASA Sweden 0.2 100 %25.1 180.4
BG Malta LtdEnd\u00far ASA Malta 0.0 100 %(0.1)(0.4)
BMO Entrepren\u00f8r ASEnd\u00far ASA 3619 Skollenborg0.6 100 %73.7 121.8
Artec Aqua ASEnd\u00far ASA 6018 \u00c5lesund 3.3 100 %(5.4) 61.9
End\u00far Sj\u00f8sterk ASEnd\u00far ASA 5252 S\u00f8reidgrend 0.4 100 %5.0 9.7
End\u00far Eiendom ASEnd\u00far ASA 5160 Laksev\u00e5g 0.1 100 %0.5 12.6
End\u00far Bidco II ASEnd\u00far ASA 1366 Lysaker 0.0 100 %- 0.0
Repstad Anlegg ASEnd\u00far ASA 4636 Kristiansand1.5100 %15.052.0
Marcon Teknik ABMarcon Gruppen i Sverige ABSweden 0.2 100 %0.5 7.8
Svensk Sj\u00f6entrepenad i Malm\u00f6 ABMarcon Gruppen i Sverige ABSweden 0.2 100 %1.2 25.5
Stockholms Vattentrepenader ABMarcon Gruppen i Sverige ABSweden 0.1 100 %1.0 20.3
Marc-Con Wind Power i Sverige ABMarcon Gruppen i Sverige ABSweden 0.1 100 %0.1 0.9
SSE Gibraltar LtdMarcon Gruppen i Sverige ABSweden 0.0 100 %0.1 1.5
Marcon Vindtransmission ABMar-Con Wind Power i Sverige AB Sweden 0.1 100 %- 0.9
Incerno ABSvensk Sj\u00f6entrepenad i Malm\u00f6 ABSweden 0.1 100 %0.00.7
DYKAB i Lule\u00e5 ABMarcon Gruppen i Sverige ABSweden 0.3 100 %0.8 7.3
DYKAB i Stockholm ABMarcon Gruppen i Sverige ABSweden 0.2 100 %0.1 1.2
DYKAB Varv & Mek ABMarcon Gruppen i Sverige ABSweden 0.1 100 %0.00.9
Svenska Tungdykargruppen ABMarcon Gruppen i Sverige ABSweden 0.1100 %(1.2)26.4
Repstad Anlegg 2 ASRepstad Anlegg AS4636 Kristiansand1.0100 %(0.0)3.8
Leif Hodnemyr Transport ASRepstad Anlegg AS4636 Kristiansand2.8100 %0.23.0
Sand\u00e5s Anlegg ASRepstad Anlegg AS4820 Froland1.0100 %0.215.2
Breakwaters ASRepstad Anlegg AS3209 Sandefjord0.1100 %0.10.7
Agder Marine ASRepstad Anlegg AS4515 Mandal4.0100 %(0.1)15.6
\"\"
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NOTE 26:
MANAGEMENT REMUNERATION
There were no changes to End\u00fars executive management over the course of 2023.
Remuneration paid out and termination agreements to members of the executive management team as of 31.12.2023:
(NOKm)Base salary1VariablepayOther benefitsPensionbenefitTotalNotice periodSeverancepay
Chief Executive Officer3.43.10.10.16.83 months12 months
Chief Financial Officer2 72.60.20.15.63 months6 months
Total6.15.70.30.212.4
Variable remuneration for 2022 was paid in 2023. Variable remuneration for 2023 is estimated to accrue to NOK 3.4 million for the CEO and NOK 2.7 million for the CFO as of year-end 2023.
The Group\u2019s guidelines on salaries and other remuneration for directors and senior management, as resolved in the 2023 ordinary general meeting, are available at the Group\u2019s website; endur.no/investor-relations/remuneration-policy/
Remuneration to the Board of Directors for the period from ordinary meeting 2022 until ordinary general meeting 2023
NamePositionRemunerationin NOK thousand
P\u00e5l Reiulf OlsenChairman of the Board, Audit Committee and Remuneration Committee625
Bj\u00f8rn Finn\u00f8yMember of the Board300
Hedvig Bugge ReiersenMember of the Board and Remuneration Committee330
J\u00f6rn RybergMember of the Board, until May 2023300
Kristine LandmarkMember of the Board and Audit Committee360
P\u00e5l Skj\u00e6ggestadMember of the Board, elected May 2023-
Other remuneration to the Board of Directors
End\u00far ASA\u2019s board chairman, P\u00e5l Reiulf Olsen received additional remuneration in 2023 based on management consulting services to the Group of NOK 39.2 thousand, remuneration was paid on an hourly basis. P\u00e5l Reiulf Olsen also received holiday pay in 2023 for services rendered in 2022.
Remuneration to the nomination committee for the period from ordinary meeting 2022 until ordinary general meeting 2023
NamePositionRemunerationin NOK thousand
Henning NordgulenMember25
Arne Henning MarkhusMember25
Espen OmmedalLeader35
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AUDIT FEE
(NOKm - all amounts excluding VAT)20232022
Audit services3.03.3
Other attestation services-0.0
Tax advisory services-0.1
Other non-audit services0.40.2
Total3.33.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page57-cflshid_50045-tag94057": { "value": "
NOTE 28:
RELATED PARTIES
The Group companies had the following related party transactions in 2023:
Marcon-Gruppen I Sverige AB
Customer / VendorSource of serviceAmount SaleAmount Purchase
Marine Supply Invest ABBarboat Charter-1.2
Marine Supply Invest ABSubcontractor-0.1
Marine Supply Invest ABPurchase of equipment-1.0
Total-2.3
End\u00far Sj\u00f8sterk AS
Customer / Vendor Source of serviceAmount SaleAmount Purchase
Moves AS Rent of equipment-0.0
Total-0.0
BMO Entrepren\u00f8r AS
Customer / VendorSource of serviceAmount SaleAmount Purchase
Bever Holding ASSale of admin services and rent of premises0.00.9
BMO Elektro ASSubcontractor-2.5
BMO Tunnelsikring ASRe-invoicing0.01.4
Bever Eiendom ASRent of premises-0.7
Fagerheim FjellstuguRe-invoicing0.0-
Scanstillas ASSubcontractor0.00.1
Arnadalen Terminal ASRent of premises-1.3
Skrubbemoen 3 ASRent of premises-2.2
Skrubbemoen 8 ASRent of premises-0.3
Total0.07.5
Sand\u00e5s Anlegg AS
Customer / Vendor Source of serviceAmount SaleAmount Purchase
Hetland & Sand\u00e5s AS Subcontractor0.4-
Total0.4-
Repstad Anlegg AS
Customer / VendorSource of serviceAmount SaleAmount Purchase
Mira Repstad ASConsultant services and re-invoicing0.4-
Repstad Gruppen ASConsultant services15.0-
Total15.4-
For transactions with executive management and board members, see note 26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page58-cflshid_50752-tag94062": { "value": "NOTE 29:
CONTINGENT LIABILITIES / LEGAL CLAIMS
LEGAL CLAIMS
BMO Entrepren\u00f8r AS
BMO Entrepren\u00f8r AS is involved in a dispute against the Norwegian Public Roads Administration (NPRA) related to compensation for higher labour cost, material cost and rig-related cost, due to circumstances outside the contractor\u2019s scope and control. BMO Entrepren\u00f8r has per year-end a significant amount of overdue trade receivables related to this project, but also significant corresponding provisions for uncertain income. BMO has taken out a summons against NPRA and the case was the subject to main hearing in The District Court of Hordaland January 2024. See further details in Note 30.
Artec Aqua AS
Artec Aqua is involved in an on-going dispute regarding the final settlement for a previously delivered smolt facility. Artec Aqua has undertaken lawful proceedings against the client. Relevant provisions for uncertain revenue have been recognized at year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page58-cflshid_50752-tag94059": { "value": "NOTE 29:
CONTINGENT LIABILITIES / LEGAL CLAIMS
LEGAL CLAIMS
BMO Entrepren\u00f8r AS
BMO Entrepren\u00f8r AS is involved in a dispute against the Norwegian Public Roads Administration (NPRA) related to compensation for higher labour cost, material cost and rig-related cost, due to circumstances outside the contractor\u2019s scope and control. BMO Entrepren\u00f8r has per year-end a significant amount of overdue trade receivables related to this project, but also significant corresponding provisions for uncertain income. BMO has taken out a summons against NPRA and the case was the subject to main hearing in The District Court of Hordaland January 2024. See further details in Note 30.
Artec Aqua AS
Artec Aqua is involved in an on-going dispute regarding the final settlement for a previously delivered smolt facility. Artec Aqua has undertaken lawful proceedings against the client. Relevant provisions for uncertain revenue have been recognized at year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page58-cflshid_50752-tag94061": { "value": "NOTE 29:
CONTINGENT LIABILITIES / LEGAL CLAIMS
LEGAL CLAIMS
BMO Entrepren\u00f8r AS
BMO Entrepren\u00f8r AS is involved in a dispute against the Norwegian Public Roads Administration (NPRA) related to compensation for higher labour cost, material cost and rig-related cost, due to circumstances outside the contractor\u2019s scope and control. BMO Entrepren\u00f8r has per year-end a significant amount of overdue trade receivables related to this project, but also significant corresponding provisions for uncertain income. BMO has taken out a summons against NPRA and the case was the subject to main hearing in The District Court of Hordaland January 2024. See further details in Note 30.
Artec Aqua AS
Artec Aqua is involved in an on-going dispute regarding the final settlement for a previously delivered smolt facility. Artec Aqua has undertaken lawful proceedings against the client. Relevant provisions for uncertain revenue have been recognized at year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page58-cflshid_50752-tag94058": { "value": "NOTE 29:
CONTINGENT LIABILITIES / LEGAL CLAIMS
LEGAL CLAIMS
BMO Entrepren\u00f8r AS
BMO Entrepren\u00f8r AS is involved in a dispute against the Norwegian Public Roads Administration (NPRA) related to compensation for higher labour cost, material cost and rig-related cost, due to circumstances outside the contractor\u2019s scope and control. BMO Entrepren\u00f8r has per year-end a significant amount of overdue trade receivables related to this project, but also significant corresponding provisions for uncertain income. BMO has taken out a summons against NPRA and the case was the subject to main hearing in The District Court of Hordaland January 2024. See further details in Note 30.
Artec Aqua AS
Artec Aqua is involved in an on-going dispute regarding the final settlement for a previously delivered smolt facility. Artec Aqua has undertaken lawful proceedings against the client. Relevant provisions for uncertain revenue have been recognized at year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page58-cflshid_50752-tag94063": { "value": "
NOTE 30:
SUBSEQUENT EVENTS
Share buy-back program
The Board of Directors of End\u00far ASA initiated a share buy-back program in March 2024. The share buy-back program will be executed in accordance with the authorization granted to the Board of Directors by the Annual General Meeting of The Company held on 23 May 2023. The share buy-back program covers purchases of up to 1,629,741 shares, and the maximum amount paid under the program shall be NOK 50 million. The buy-back program is expected to commence in March 2024 and is planned to be finalized within 28 February 2026, at the latest.
Court decision Nordhordlandsbrua
BMO Entrepren\u00f8r AS, a wholly owned subsidiary of End\u00far ASA, has per year-end 2023 recognized disputed accounts receivables against The Norwegian Public Roads Administration related to the former\u2019s execution of a project involving the rehabilitation of Nordhordlandsbrua. The project commenced in 2016, with the majority of the work being completed by early 2022.
The above-mentioned dispute was subject to treatment in The District Court of Hordaland in Q1 2024. BMO Entrepren\u00f8r AS has made allowances four doubtful accounts per year-end 2023 in full accordance with the court\u2019s decision with respect to the project\u2019s final settlement. The court\u2019s decision has been appealed.
BMO Entrepren\u00f8r AS has incurred material losses on this project after the company was acquired by End\u00far ASA in late 2021. A large portion of the losses in this period are covered by a seller\u2019s guarantee provided by Bever Holding AS. As such, End\u00far ASA, has recognized a corresponding guarantee receivable per year-end 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "v1-page58-cflshid_50752-tag94060": { "value": "
NOTE 31:
GOING CONCERN
The Board of End\u00far ASA confirms, according to \u00a7 3-3a of the Accounting Act, that the annual accounts have been prepared based on the assumption of going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }