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}
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"ID_360": {
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"ID_361": {
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"unit": "iso4217:NOK"
}
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"ID_345": {
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"unit": "iso4217:NOK"
}
},
"ID_363": {
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"unit": "iso4217:NOK"
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"unit": "iso4217:NOK"
}
},
"ID_326": {
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"decimals": -3,
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"unit": "iso4217:NOK"
}
},
"ID_379": {
"value": "9000000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries",
"entity": "scheme:5967007LIEEXZXIJ9474",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
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"ID_380": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries",
"entity": "scheme:5967007LIEEXZXIJ9474",
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"unit": "iso4217:NOK"
}
},
"ID_337": {
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"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:5967007LIEEXZXIJ9474",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"ID_338": {
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"decimals": -3,
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"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:5967007LIEEXZXIJ9474",
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"unit": "iso4217:NOK"
}
},
"ID_339": {
"value": "55768000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIJ9474",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"ID_340": {
"value": "35145000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIJ9474",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"ID_341": {
"value": "29019000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIJ9474",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"ID_342": {
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"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIJ9474",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"ID_343": {
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"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIJ9474",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"ID_344": {
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"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXIJ9474",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:NOK"
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"ID_381": {
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"concept": "ifrs-full:InterestPaidClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXIJ9474",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
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"ID_382": {
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"concept": "ifrs-full:InterestPaidClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXIJ9474",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
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"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5967007LIEEXZXIJ9474",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
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"entity": "scheme:5967007LIEEXZXIJ9474",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
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"value": "50350000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXIJ9474",
"period": "2022-01-01T00:00:00",
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},
"ID_257": {
"value": "Notes to the consolidated financial statements
Note 1. General information and summary of significant accounting
\u00a0
policies
Techstep ASA
\u00a0
(the Company or Company) is
\u00a0
a
public limited liability company
domiciled in Norway
.
The address
\u00a0
of its
\u00a0
registered office
\u00a0
is
Brynsall\u00e9en 4, NO-0667 Oslo
. The
\u00a0
shares are
\u00a0
listed on
\u00a0
the Oslo
Stock Exchange under
\u00a0
the TECH ticker.
\u00a0
The Techstep Group (Group)
\u00a0
consists of
Techstep ASA
Techstep Group is
\u00a0
a Nordic enabler
\u00a0
of the mobile workplace,
\u00a0
delivering a full range
\u00a0
of hardware and
services to facilitate mobile workplaces.
\u00a0
The
\u00a0
consolidated financial
\u00a0
statements for
\u00a0
Techstep Group
\u00a0
for the
\u00a0
year
\u00a0
2022 were
\u00a0
approved by
\u00a0
the
Board of Directors on 27 April 2023
\u00a0
and will be presented for approval by
\u00a0
the Annual General Meeting
on 23 May 2023.
1.1
\u00a0
Basis for preparation
\u00a0
The consolidated
\u00a0
financial statements
\u00a0
have
\u00a0
been prepared
\u00a0
and presented
\u00a0
in accordance
\u00a0
with the
International
\u00a0
Financial
\u00a0
Reporting
\u00a0
Standards
\u00a0
(IFRS)
\u00a0
as
\u00a0
adopted
\u00a0
by
\u00a0
the
\u00a0
EU.
\u00a0
The
\u00a0
financial
\u00a0
statements
have
\u00a0
been
\u00a0
prepared
\u00a0
on
\u00a0
a historical
\u00a0
cost
\u00a0
basis,
\u00a0
except
\u00a0
for
\u00a0
shares
\u00a0
and
\u00a0
investments
\u00a0
that
\u00a0
have
\u00a0
been
measured at fair value.
1.2
\u00a0
Change in accounting principles
There are
\u00a0
no new
\u00a0
or amended
\u00a0
accounting standards
\u00a0
that required
\u00a0
the Group
\u00a0
to change
\u00a0
its accounting
policies for the 2022 financial year.
1.3
\u00a0
Functional and presentation currency
\u00a0
Items included in
\u00a0
the financial
\u00a0
statements of each
\u00a0
of the
\u00a0
Group\u2019s entities
\u00a0
are measured in
\u00a0
the currency
of
\u00a0
the
\u00a0
primary
\u00a0
economic
\u00a0
environment
\u00a0
in
\u00a0
which
\u00a0
the
\u00a0
entity
\u00a0
operates
\u00a0
(\u2018the
\u00a0
functional
\u00a0
currency\u2019).
\u00a0
The
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
NOK,
\u00a0
which
\u00a0
is
\u00a0
Techstep
\u00a0
ASA\u2019s
\u00a0
functional
\u00a0
and
presentation
\u00a0
currency.
\u00a0
The
\u00a0
figures
\u00a0
presented
\u00a0
in
\u00a0
the
\u00a0
annual
\u00a0
accounts
\u00a0
are
\u00a0
in
\u00a0
NOK
\u00a0
thousand
\u00a0
unless
otherwise stated.
1.4
\u00a0
Consolidation principles and subsidiaries
Subsidiaries
The
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
incorporate
\u00a0
the
\u00a0
financial
\u00a0
statements
\u00a0
of
\u00a0
Techstep
\u00a0
ASA
\u00a0
(the
Company)
\u00a0
and
\u00a0
entities
\u00a0
controlled
\u00a0
by
\u00a0
the
\u00a0
Company
\u00a0
(its
\u00a0
subsidiaries).
\u00a0
The
\u00a0
Group
\u00a0
controls
\u00a0
an
\u00a0
entity
when the Group is
\u00a0
exposed to, or
\u00a0
has rights to,
\u00a0
variable returns from its
\u00a0
involvement with the
\u00a0
entity and
has the ability
\u00a0
to affect those returns
\u00a0
through its power
\u00a0
to direct the activities
\u00a0
of the entity. Subsidiaries
are fully consolidated from the date on which control is transferred to the Group.
The income and expenses of
\u00a0
Group subsidiaries acquired or disposed of
\u00a0
during the year, are included
in the
\u00a0
consolidated income
\u00a0
statement from
\u00a0
the effective
\u00a0
date of
\u00a0
acquisition and
\u00a0
up to
\u00a0
the effective
date of disposal, as appropriate.
Intercompany
\u00a0
transactions,
\u00a0
balances
\u00a0
and
\u00a0
gains
\u00a0
on
\u00a0
transactions
\u00a0
between
\u00a0
Group
\u00a0
companies
\u00a0
are
eliminated.
\u00a0
Unrealised
\u00a0
losses
\u00a0
are
\u00a0
also
\u00a0
eliminated,
\u00a0
unless
\u00a0
the
\u00a0
transaction
\u00a0
provides
\u00a0
evidence
\u00a0
of
\u00a0
an
impairment of the transferred asset.
Non-controlling
\u00a0
interests
\u00a0
in
\u00a0
the
\u00a0
results
\u00a0
and
\u00a0
equity
\u00a0
of
\u00a0
subsidiaries
\u00a0
are
\u00a0
shown
\u00a0
separately
\u00a0
in
\u00a0
the
consolidated income statement, the consolidated
\u00a0
statement of comprehensive income, statement
\u00a0
of
changes in equity, and the consolidated statement of financial position, respectively.
1.5
\u00a0
Transactions in foreign currencies
\u00a0
Transactions and balances
Foreign currency
\u00a0
transactions are
\u00a0
converted into
\u00a0
the functional
\u00a0
currency, using
\u00a0
the exchange
\u00a0
rates
on the dates of
\u00a0
the transactions. Foreign exchange gains and
\u00a0
losses resulting from the settlement
\u00a0
of
such transactions, and from the conversion of monetary assets and liabilities denominated in
\u00a0
foreign
currencies at year-end exchange rates, are recognised in the consolidated income statement.
Foreign exchange gains and losses are presented in the consolidated income statement, as financial
Group companies
The results and financial
\u00a0
position of foreign operations
\u00a0
that have a functional
\u00a0
currency that is
\u00a0
different
from the presentation currency, are converted into the presentation currency as follows:
\u25cf
Assets and liabilities
\u00a0
for each
\u00a0
balance sheet presented
\u00a0
are translated at
\u00a0
the closing rate
\u00a0
on
the date of that balance sheet.
\u25cf
Income
\u00a0
and
\u00a0
expenses
\u00a0
for
\u00a0
the
\u00a0
consolidated
\u00a0
income
\u00a0
statement
\u00a0
and
\u00a0
statement
\u00a0
of
comprehensive
\u00a0
income
\u00a0
are
\u00a0
translated
\u00a0
at
\u00a0
average
\u00a0
exchange
\u00a0
rates
\u00a0
(unless
\u00a0
this
\u00a0
is
\u00a0
not
\u00a0
a
reasonable approximation of the cumulative effect of the rates prevailing on the transaction
dates, in which case income and expenses are converted on the dates of the transactions).
\u25cf
All resulting exchange rate differences are recognised in other comprehensive income.
When consolidated,
\u00a0
translation differences
\u00a0
arising from
\u00a0
the translation
\u00a0
of net
\u00a0
investment in
\u00a0
foreign
entities are recognised in other comprehensive income.
Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as
the assets and liabilities of the foreign operation and converted at the closing rate.
1.6
\u00a0
Revenue recognition
Revenue from contracts with customers is recognised when a performance obligation
\u00a0
in the contract
is
\u00a0
satisfied.
\u00a0
The
\u00a0
amount
\u00a0
recognised
\u00a0
reflects
\u00a0
the
\u00a0
consideration
\u00a0
to
\u00a0
which
\u00a0
the
\u00a0
Group
\u00a0
expects
\u00a0
to
\u00a0
be
entitled in exchange
\u00a0
for those goods
\u00a0
and services. For
\u00a0
contracts with several
\u00a0
performance obligations,
the transaction
\u00a0
price is
\u00a0
allocated to
\u00a0
each performance
\u00a0
obligation on
\u00a0
a relative
\u00a0
stand-alone selling
price basis.
Revenue from hardware sales
\u00a0
A major part of the Group\u2019s revenue arises from the sale of hardware
\u00a0
to its customers. The delivery of
the hardware in question is identified as the performance obligation. The customers obtain control of
the
\u00a0
hardware
\u00a0
when
\u00a0
the
\u00a0
item
\u00a0
is
\u00a0
shipped
\u00a0
to
\u00a0
the
\u00a0
customers.
\u00a0
Revenue
\u00a0
is
\u00a0
recognised
\u00a0
at
\u00a0
the
\u00a0
time
\u00a0
of
shipment as the performance obligations are then satisfied.
\u00a0
The sale of certain items of hardware triggers
\u00a0
a right to a bonus from partners and
\u00a0
suppliers. Bonuses
accounted for as revenue are driven by volumes sold of the underlying item. Bonuses are recognised
as revenue when the performance obligations for the sale of hardware are satisfied.
Revenue from Advisory & Service
\u00a0
Revenue from
\u00a0
Advisory &
\u00a0
Services includes
\u00a0
revenues from
\u00a0
support and
\u00a0
maintenance services
\u00a0
to its
customers.
\u00a0
These
\u00a0
services
\u00a0
are
\u00a0
organised
\u00a0
as
\u00a0
subscription
\u00a0
programmes
\u00a0
where
\u00a0
the
\u00a0
customers
\u00a0
have
access to
\u00a0
support and
\u00a0
maintenance for
\u00a0
a monthly
\u00a0
fee. The
\u00a0
performance obligations
\u00a0
related to
\u00a0
support
and maintenance are satisfied on an
\u00a0
ongoing basis, and revenue related to
\u00a0
the sales of services are
thus recognised on a linear basis over time.
\u00a0
The
\u00a0
sale
\u00a0
of
\u00a0
support
\u00a0
and
\u00a0
maintenance
\u00a0
that
\u00a0
exceed
\u00a0
the
\u00a0
subscription
\u00a0
programme
\u00a0
is
\u00a0
recognised
\u00a0
as
revenue based on time and material.
Revenue from Advisory & Services
\u00a0
also includes sales of 3.
\u00a0
party software licenses. Management has
assessed the
\u00a0
customer contracts
\u00a0
related to
\u00a0
software licenses
\u00a0
and have
\u00a0
found the
\u00a0
sale of
\u00a0
software
licenses to be distinct performance obligations as software licenses. Customers can benefit from
\u00a0
the
license on its own and it can be a stand-alone delivery with no other goods or services.
\u00a0
The Group provides both right-to-use licenses and right-to-access licenses.
\u00a0
For right-to-use licenses, the performance
\u00a0
obligation is satisfied when the
\u00a0
customer gains access to
the software license,
\u00a0
and revenue from
\u00a0
the sale of
\u00a0
licenses is thus
\u00a0
recognised at the
\u00a0
point in time
\u00a0
when
the software is transferred to the customer.
\u00a0
For right-to-access licences the performance obligation is satisfied over time.
\u00a0
The
\u00a0
sale
\u00a0
of
\u00a0
certain
\u00a0
of
\u00a0
licenses
\u00a0
triggers
\u00a0
a
\u00a0
right
\u00a0
to
\u00a0
a
\u00a0
commission
\u00a0
from
\u00a0
partners
\u00a0
and
\u00a0
suppliers.
\u00a0
The
commissions
\u00a0
accounted
\u00a0
for
\u00a0
as
\u00a0
revenue
\u00a0
are
\u00a0
driven
\u00a0
by
\u00a0
volumes
\u00a0
sold
\u00a0
of
\u00a0
the
\u00a0
underlying
\u00a0
item.
Commissions are recognised as revenue when
\u00a0
the performance obligations for the
\u00a0
sale of the license
is satisfied.
Own Software
The
\u00a0
Group
\u00a0
develops
\u00a0
and
\u00a0
sells
\u00a0
own
\u00a0
software.
\u00a0
The
\u00a0
customer
\u00a0
buys
\u00a0
a
\u00a0
right
\u00a0
to
\u00a0
access
\u00a0
the
\u00a0
software
developed by Techstep. The performance obligation is satisfied over time.
\u00a0
Bundles
As
\u00a0
a
\u00a0
part
\u00a0
of
\u00a0
several
\u00a0
product
\u00a0
bundles
\u00a0
and
\u00a0
as
\u00a0
a
\u00a0
stand-alone
\u00a0
product,
\u00a0
the
\u00a0
Group
\u00a0
offers
\u00a0
a
\u00a0
leasing
alternative to
\u00a0
customers (Hardware-as-a-service).
\u00a0
The Group
\u00a0
uses external
\u00a0
funding to
\u00a0
finance
\u00a0
the
offering. The
\u00a0
Group sells the
\u00a0
devices up
\u00a0
front to an
\u00a0
external funder and
\u00a0
receives payment in
\u00a0
full. The
devices are delivered to the end-users, and the end users are
\u00a0
invoiced over the contract period from
the
\u00a0
funder.
\u00a0
The
\u00a0
Group
\u00a0
has
\u00a0
no
\u00a0
credit
\u00a0
risk
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
end
\u00a0
user.
\u00a0
The
\u00a0
funder
\u00a0
is
\u00a0
in
\u00a0
the
\u00a0
following
description the customer.
The
\u00a0
Group
\u00a0
has contracts
\u00a0
with
\u00a0
customers
\u00a0
whereupon
\u00a0
the
\u00a0
customer
\u00a0
can,
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of the
\u00a0
contract
period, require that the Group repurchases the devices at a
\u00a0
predetermined price. This price is always
lower than the original selling price.
When
\u00a0
the
\u00a0
Group
\u00a0
enters
\u00a0
into
\u00a0
contracts
\u00a0
containing
\u00a0
repurchase-options
\u00a0
management
\u00a0
assesses
whether
\u00a0
or
\u00a0
not
\u00a0
the
\u00a0
customer
\u00a0
has
\u00a0
a
\u00a0
significant
\u00a0
economic
\u00a0
incentive
\u00a0
to
\u00a0
utilise
\u00a0
the
\u00a0
option.
\u00a0
Where
\u00a0
it
\u00a0
is
determined that the customer has a significant
\u00a0
economic incentive to utilise the option, the
\u00a0
contract
is determined to
\u00a0
be a lease
\u00a0
and the transaction
\u00a0
is accounted for
\u00a0
as a lease
\u00a0
in accordance with
\u00a0
IFRS
16.
Leasing - Lessor accounting
For each leasing contract
\u00a0
the Group enters into with
\u00a0
customers, management assesses
\u00a0
whether the
contract
\u00a0
shall
\u00a0
be
\u00a0
classified
\u00a0
as
\u00a0
an
\u00a0
operational
\u00a0
or
\u00a0
financial
\u00a0
lease
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
substance
\u00a0
of
\u00a0
the
transaction.
\u00a0
As
\u00a0
at
\u00a0
the
\u00a0
balance
\u00a0
sheet
\u00a0
date,
\u00a0
the
\u00a0
Group
\u00a0
only
\u00a0
has
\u00a0
operational
\u00a0
lease
\u00a0
contracts
\u00a0
with
customers.
Leasing contracts
\u00a0
with repurchase
\u00a0
agreements are
\u00a0
accounted
\u00a0
for as
\u00a0
operating leases
\u00a0
with rentals
payable
\u00a0
up
\u00a0
front
\u00a0
at
\u00a0
the
\u00a0
inception
\u00a0
of
\u00a0
the
\u00a0
lease.
\u00a0
There
\u00a0
are
\u00a0
no
\u00a0
other
\u00a0
variable
\u00a0
lease
\u00a0
payments.
\u00a0
The
repurchase obligation is
\u00a0
fixed at
\u00a0
the inception of
\u00a0
the lease. At
\u00a0
the end
\u00a0
of the
\u00a0
lease period the
\u00a0
Group
expects to repurchase the devices from the customer.
Payment
\u00a0
received
\u00a0
from
\u00a0
the
\u00a0
customer
\u00a0
is
\u00a0
accounted
\u00a0
for
\u00a0
as
\u00a0
deferred
\u00a0
revenue
\u00a0
and
\u00a0
recognised
\u00a0
as
revenue on a straight-line
\u00a0
basis over the
\u00a0
lease term, less
\u00a0
the agreed-upon residual value
\u00a0
(repurchase
The respective leased
\u00a0
assets are
\u00a0
included in the
\u00a0
balance sheet based
\u00a0
on their nature
\u00a0
and depreciated
over the lease term to the expected second-hand market value.
1.7
\u00a0
Other income and other expenses
\u00a0
Other income
\u00a0
and expenses
\u00a0
of a
\u00a0
special nature
\u00a0
are presented
\u00a0
in the
\u00a0
separate line
\u00a0
items \u201cOther
\u00a0
income
and other expenses within
\u00a0
operating profit (loss)\u201d respectively. Such
\u00a0
items are characterised by
\u00a0
being
of
\u00a0
a
\u00a0
non-recurring
\u00a0
nature
\u00a0
and
\u00a0
outside
\u00a0
ordinary
\u00a0
business
\u00a0
of
\u00a0
Techstep
\u00a0
Group.
\u00a0
Other
\u00a0
income
\u00a0
and
expenses will
\u00a0
include items
\u00a0
such as
\u00a0
restructuring costs
\u00a0
related to
\u00a0
executive management,
\u00a0
acquisition-
related costs, gains or losses on the both sale and remeasurement of assets or liabilities.
\u00a0
Acquisition-
related costs
\u00a0
may include
\u00a0
both costs
\u00a0
related to
\u00a0
acquisitions closed
\u00a0
and transactions
\u00a0
that were
\u00a0
not
completed.
1.8
\u00a0
Business combinations
\u00a0
Acquisitions
\u00a0
of
\u00a0
businesses
\u00a0
are
\u00a0
accounted
\u00a0
for
\u00a0
using
\u00a0
the
\u00a0
acquisition
\u00a0
method.
\u00a0
The
\u00a0
consideration
transferred in a business combination is
\u00a0
measured at fair value, which is calculated as the
\u00a0
sum of the
acquisition-date fair value
\u00a0
of the assets
\u00a0
transferred by the
\u00a0
Group, liabilities incurred
\u00a0
by the Group
\u00a0
in
relation to the
\u00a0
former owners of
\u00a0
the acquiree, and
\u00a0
the equity interests
\u00a0
issued by the
\u00a0
Group in
\u00a0
exchange
for control of the acquiree. Acquisition-related costs are expensed as incurred.
On the acquisition
\u00a0
date, the
\u00a0
identifiable assets acquired,
\u00a0
and the
\u00a0
liabilities assumed
\u00a0
are recognised
at their fair value, except for:
\u25cf
Deferred
\u00a0
tax assets
\u00a0
or liabilities
\u00a0
are
\u00a0
recognised
\u00a0
and
\u00a0
measured
\u00a0
in accordance
\u00a0
with IAS
\u00a0
12
\u00a0
-
\u25cf
Liabilities or assets related to
\u00a0
employee benefit arrangements are recognised and
\u00a0
measured
in accordance with IAS 19 - Employee benefits.
\u00a0
The
\u00a0
Group
\u00a0
recognises
\u00a0
any
\u00a0
non-controlling
\u00a0
interest
\u00a0
in
\u00a0
the
\u00a0
acquired
\u00a0
entity
\u00a0
on
\u00a0
an
\u00a0
acquisition-by-
acquisition
\u00a0
basis,
\u00a0
at
\u00a0
the
\u00a0
non-controlling
\u00a0
interest\u2019s
\u00a0
proportionate
\u00a0
share
\u00a0
of
\u00a0
the
\u00a0
acquired
\u00a0
entity\u2019s
\u00a0
net
identifiable assets.
\u00a0
Goodwill
\u00a0
is
\u00a0
measured
\u00a0
as
\u00a0
the
\u00a0
excess
\u00a0
of
\u00a0
the
\u00a0
consideration
\u00a0
transferred,
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
any
\u00a0
non-
controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest
in
\u00a0
the
\u00a0
acquiree
\u00a0
(if
\u00a0
any),
\u00a0
over
\u00a0
the
\u00a0
net
\u00a0
of
\u00a0
the
\u00a0
acquisition-date
\u00a0
amounts
\u00a0
of
\u00a0
the
\u00a0
identifiable
\u00a0
assets
acquired and the liabilities assumed.
Where settlement of
\u00a0
any part of
\u00a0
a cash consideration is
\u00a0
deferred, the amounts
\u00a0
payable in the
\u00a0
future
are discounted to their present
\u00a0
value as at the date
\u00a0
of exchange. The discount rate used
\u00a0
is the entity\u2019s
incremental
\u00a0
borrowing
\u00a0
rate,
\u00a0
i.e.
\u00a0
the
\u00a0
rate
\u00a0
at
\u00a0
which
\u00a0
a
\u00a0
similar
\u00a0
borrowing
\u00a0
could
\u00a0
be
\u00a0
obtained
\u00a0
from
\u00a0
an
independent financier under comparable terms and conditions.
\u00a0
Changes
\u00a0
in
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
contingent
\u00a0
consideration
\u00a0
that
\u00a0
qualify
\u00a0
as
\u00a0
measurement
\u00a0
period
adjustments,
\u00a0
are
\u00a0
adjusted
\u00a0
retrospectively,
\u00a0
with
\u00a0
corresponding
\u00a0
adjustments
\u00a0
against
\u00a0
goodwill.
\u00a0
The
measurement
\u00a0
period
\u00a0
cannot
\u00a0
exceed
\u00a0
one
\u00a0
year
\u00a0
from
\u00a0
the
\u00a0
acquisition
\u00a0
date.
\u00a0
Measurement
\u00a0
period
adjustments
\u00a0
are
\u00a0
adjustments
\u00a0
that
\u00a0
arise
\u00a0
from
\u00a0
additional
\u00a0
information
\u00a0
obtained
\u00a0
during
\u00a0
the
measurement period about facts and circumstances that existed on the acquisition date.
Changes in the fair value of contingent consideration not classified as equity that does not qualify as
a
\u00a0
measurement
\u00a0
period
\u00a0
adjustment
\u00a0
are
\u00a0
remeasured
\u00a0
at
\u00a0
subsequent
\u00a0
reporting
\u00a0
dates.
\u00a0
The
corresponding gain or
\u00a0
loss is
\u00a0
recognised in the
\u00a0
consolidated income statement
\u00a0
on the
\u00a0
line items
\u00a0
Other
income or other expenses as appropriate.
When a business combination is achieved in stages, the Group\u2019s previously held equity interest in the
acquiree
\u00a0
is remeasured
\u00a0
at fair
\u00a0
value on
\u00a0
the acquisition
\u00a0
date
\u00a0
(i.e. the
\u00a0
date when
\u00a0
the Group
\u00a0
obtains
control)
\u00a0
and
\u00a0
the
\u00a0
resulting
\u00a0
gain
\u00a0
or
\u00a0
loss,
\u00a0
if
\u00a0
any,
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
consolidated
\u00a0
income
\u00a0
statement.
Amounts arising from interests in the acquiree prior to the acquisition date that have been previously
recognised in
\u00a0
other comprehensive
\u00a0
income, are
\u00a0
reclassified to
\u00a0
the consolidated
\u00a0
income statement
where such treatment would be appropriate.
1.9
\u00a0
Intangible assets
\u00a0
Intangible
\u00a0
assets
\u00a0
with
\u00a0
finite
\u00a0
useful
\u00a0
lives
\u00a0
that
\u00a0
are
\u00a0
acquired
\u00a0
separately,
\u00a0
are
\u00a0
carried
\u00a0
at
\u00a0
cost
\u00a0
less
accumulated
\u00a0
amortisation
\u00a0
and
\u00a0
accumulated
\u00a0
impairment
\u00a0
losses.
\u00a0
Amortisation
\u00a0
is
\u00a0
recognised
\u00a0
on
\u00a0
a
straight-line basis over
\u00a0
their estimated useful
\u00a0
lives. The estimated
\u00a0
useful life and
\u00a0
amortisation method
is reviewed
\u00a0
at the
\u00a0
end of
\u00a0
each reporting
\u00a0
period, with
\u00a0
the effect
\u00a0
of any
\u00a0
changes on
\u00a0
estimates being
accounted for on a prospective basis.
\u00a0
Intangible
\u00a0
assets
\u00a0
with
\u00a0
indefinite
\u00a0
useful
\u00a0
lives
\u00a0
that
\u00a0
are
\u00a0
acquired
\u00a0
separately,
\u00a0
are
\u00a0
carried
\u00a0
at
\u00a0
cost
\u00a0
less
accumulated impairment losses.
\u00a0
The costs of intangible assets acquired through acquisitions are recorded at fair value as at the date
of acquisition.
Software expenses
\u00a0
related to
\u00a0
the purchase
\u00a0
of new
\u00a0
computer programmes
\u00a0
are accounted
\u00a0
for as
\u00a0
an
intangible asset
\u00a0
if these
\u00a0
expenses are
\u00a0
not part
\u00a0
of hardware
\u00a0
acquisition costs.
\u00a0
Costs incurred
\u00a0
due to
updates
\u00a0
and
\u00a0
general
\u00a0
maintenance
\u00a0
of
\u00a0
the
\u00a0
software,
\u00a0
are
\u00a0
accounted
\u00a0
for
\u00a0
as
\u00a0
running
\u00a0
costs
\u00a0
over
\u00a0
the
income statement, unless
\u00a0
the changes in the
\u00a0
software increase the future
\u00a0
economic benefits from
\u00a0
the
software.
1.10
\u00a0
Property, plant and equipment
Property, plant and
\u00a0
equipment are carried
\u00a0
at cost less accumulated
\u00a0
depreciation and accumulated
impairment losses.
The cost of the asset, less its estimated residual value, is
\u00a0
depreciated on a straight-line basis over the
estimated useful life
\u00a0
of the asset.
\u00a0
Estimates of residual
\u00a0
values are
\u00a0
applicable for the
\u00a0
Group\u2019s leasing
offering where assets are sold at the end
\u00a0
of the lease. The estimated useful
\u00a0
lives, residual values and
depreciation methods are
\u00a0
reviewed at the
\u00a0
end of
\u00a0
each reporting
\u00a0
period, with
\u00a0
the effect of
\u00a0
any changes
in estimates accounted for on a prospective basis.
An item of property, plant
\u00a0
and equipment is derecognised upon
\u00a0
disposal, or when no future
\u00a0
economic
benefits are expected to arise from the continued use of the
\u00a0
asset. Any gain or loss that arises on the
disposal or
\u00a0
retirement of
\u00a0
an item
\u00a0
of property,
\u00a0
plant and
\u00a0
equipment is
\u00a0
determined as
\u00a0
the difference
between the
\u00a0
sales proceeds
\u00a0
and the
\u00a0
carrying amount
\u00a0
of the
\u00a0
asset and
\u00a0
is recognised
\u00a0
in the
\u00a0
income
statement.
1.11
\u00a0
Impairment of intangible assets and property, plant and equipment
Goodwill and intangible
\u00a0
assets that have an
\u00a0
indefinite useful life are
\u00a0
not subject to amortisation
\u00a0
and
are tested annually for impairment,
\u00a0
or more frequently if events
\u00a0
or changes in circumstances
\u00a0
indicate
that the carrying
\u00a0
amount might be impaired.
\u00a0
Other assets are tested
\u00a0
for impairment whenever events
or
\u00a0
changes
\u00a0
in
\u00a0
circumstances
\u00a0
indicate
\u00a0
that
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
may
\u00a0
not
\u00a0
be
\u00a0
recoverable.
\u00a0
An
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
as
\u00a0
the
\u00a0
amount
\u00a0
by
\u00a0
which
\u00a0
the
\u00a0
asset\u2019s
\u00a0
carrying
\u00a0
amount
\u00a0
exceeds
\u00a0
its
recoverable
\u00a0
amount.
\u00a0
The
\u00a0
recoverable
\u00a0
amount
\u00a0
is
\u00a0
the
\u00a0
higher
\u00a0
of
\u00a0
an
\u00a0
asset\u2019s
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
costs
\u00a0
of
disposal, and value
\u00a0
in use. For
\u00a0
the purposes of
\u00a0
assessing impairment,
\u00a0
assets are grouped
\u00a0
at the lowest
levels for
\u00a0
which
\u00a0
there are
\u00a0
separately
\u00a0
identifiable cash
\u00a0
inflows which
\u00a0
are largely
\u00a0
independent
\u00a0
of the
cash
\u00a0
inflows
\u00a0
from
\u00a0
other
\u00a0
assets
\u00a0
or
\u00a0
Groups
\u00a0
of
\u00a0
assets
\u00a0
(cash-generating
\u00a0
units).
\u00a0
Non-financial
\u00a0
assets,
other
\u00a0
than
\u00a0
goodwill,
\u00a0
that
\u00a0
have
\u00a0
historically
\u00a0
been
\u00a0
impaired
\u00a0
are
\u00a0
reviewed
\u00a0
for
\u00a0
possible
\u00a0
reversal
\u00a0
of
\u00a0
the
impairment at the end of each reporting period.
1.12
\u00a0
Inventories
\u00a0
Inventories are measured
\u00a0
at the lower
\u00a0
of cost and
\u00a0
net realisable value. Cost
\u00a0
is determined using the
FIFO or weighted average method, depending on the nature of the inventories.
1.13
\u00a0
Trade receivables
\u00a0
Trade receivables are initially measured
\u00a0
at fair value and
\u00a0
subsequently measured at amortised
\u00a0
cost
using
\u00a0
the
\u00a0
effective
\u00a0
interest
\u00a0
method,
\u00a0
less
\u00a0
provision
\u00a0
for
\u00a0
impairment.
\u00a0
The
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
a
\u00a0
trade
receivable
\u00a0
is
\u00a0
written
\u00a0
off
\u00a0
when
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
no
\u00a0
reasonable
\u00a0
expectations
\u00a0
of
\u00a0
recovering
\u00a0
the
\u00a0
trade
receivable in its entirety or a portion thereof.
1.14
\u00a0
Cash and cash equivalents
\u00a0
Cash and cash equivalents in the consolidated statement of financial position comprise all cash and
bank deposits.
1.15
\u00a0
Financial instruments
\u00a0
Financial
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
include
\u00a0
investment
\u00a0
in
\u00a0
shares,
\u00a0
trade
\u00a0
receivables,
\u00a0
other
\u00a0
receivables,
borrowings, trade payables, other current and non-current liabilities.
\u00a0
Financial assets and financial liabilities)
\u00a0
are recognised initially on the date when
\u00a0
the Group becomes
a party to the contractual provisions of the instrument.
\u00a0
The Group classifies, at initial recognition, its financial instruments in one of the following categories:
\u00a0
\u25cf
Financial assets or financial liabilities at fair value through profit or loss,
\u00a0
\u25cf
Financial asset at amortised cost,
\u00a0
\u25cf
Financial liabilities at amortised cost
The classification
\u00a0
depends on
\u00a0
the Group\u2019s
\u00a0
business model
\u00a0
for managing
\u00a0
them and
\u00a0
the contractual
cash-flow characteristics of the instrument.
\u00a0
Financial
\u00a0
assets
\u00a0
or
\u00a0
financial
\u00a0
liabilities
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
profit
\u00a0
or
\u00a0
loss
\u00a0
are
\u00a0
financial
\u00a0
assets
\u00a0
and
liabilities held for trading and acquired primarily with a view of selling in the near term.
Financial assets at
\u00a0
amortised cost are
\u00a0
financial assets held
\u00a0
to collect the
\u00a0
contractual cash flow
\u00a0
and
where the
\u00a0
cash flows
\u00a0
are solely
\u00a0
payment of
\u00a0
principal and
\u00a0
interest on
\u00a0
the outstanding
\u00a0
principal. The
category is included
\u00a0
in the consolidated
\u00a0
statement of financial
\u00a0
position financial line
\u00a0
items Other non-
current assets, Trade receivables, Other receivables and Cash and cash equivalents. Financial assets
at
\u00a0
amortised
\u00a0
cost
\u00a0
are
\u00a0
recognised
\u00a0
initially
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
plus
\u00a0
directly
\u00a0
attributable
\u00a0
transaction
\u00a0
costs.
Subsequently, if the asset
\u00a0
is non-current it is measured
\u00a0
at amortised cost using the
\u00a0
effective interest
method, reduced by any impairment loss.
\u00a0
The carrying amounts of line items
\u00a0
classified as current are
assumed
\u00a0
to be
\u00a0
the same
\u00a0
as their
\u00a0
fair values,
\u00a0
due
\u00a0
to their
\u00a0
short-term nature.
\u00a0
Short-term loans
\u00a0
and
receivables are for practical reasons not amortised unless the effect is material.
The
\u00a0
category
\u00a0
financial
\u00a0
liabilities
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
is
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
consolidated
\u00a0
statement
\u00a0
of
financial position line
\u00a0
items Non-current interest-bearing borrowings,
\u00a0
Other non-current debt,
\u00a0
Current
interest-bearing borrowings, Trade payables
\u00a0
and Other current liabilities. Items
\u00a0
in the Other financial
liabilities-category are
\u00a0
recognised initially
\u00a0
at fair
\u00a0
value. Subsequently,
\u00a0
if they
\u00a0
are non-current,
\u00a0
other
financial
\u00a0
liabilities
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
using
\u00a0
the
\u00a0
effective
\u00a0
interest
\u00a0
method.
\u00a0
Effective
interest is
\u00a0
recognised in
\u00a0
the income
\u00a0
statement as
\u00a0
financial expenses.
\u00a0
Current items
\u00a0
in the
\u00a0
category
are for practical reasons not amortised unless the effect is material.
Financial assets
\u00a0
are derecognised
\u00a0
when the
\u00a0
contractual rights
\u00a0
to the
\u00a0
cash
\u00a0
flows from
\u00a0
the financial
asset
\u00a0
expire
\u00a0
and
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
transferred
\u00a0
substantially
\u00a0
all
\u00a0
the
\u00a0
risks
\u00a0
and
\u00a0
rewards
\u00a0
of
\u00a0
ownership.
Financial
\u00a0
liabilities
\u00a0
are
\u00a0
derecognised
\u00a0
when
\u00a0
the
\u00a0
obligation
\u00a0
is
\u00a0
discharged,
\u00a0
cancelled,
\u00a0
or
\u00a0
expires.
\u00a0
Any
rights and
\u00a0
obligations created
\u00a0
or retained
\u00a0
in such
\u00a0
a transfer
\u00a0
are recognised
\u00a0
separately as
\u00a0
assets or
liabilities. The Group
\u00a0
assesses quarterly
\u00a0
whether there
\u00a0
is objective
\u00a0
evidence that a
\u00a0
financial asset or
Group of financial assets is impaired.
For
\u00a0
trade
\u00a0
and
\u00a0
other
\u00a0
receivables,
\u00a0
default
\u00a0
in
\u00a0
payments,
\u00a0
significant
\u00a0
financial
\u00a0
difficulties
\u00a0
of
\u00a0
the
\u00a0
debtor,
probability that the debtor will enter bankruptcy or
\u00a0
debt settlement negotiations are considered to be
indicators that the Group will not be able to
\u00a0
collect all amounts due according to the original
\u00a0
terms of
the receivables. For
\u00a0
trade receivables the
\u00a0
loss allowance is measured
\u00a0
at the lifetime expected
\u00a0
credit
loss. The loss is recognised as other operating expenses in the income statement.
\u00a0
The fair
\u00a0
value of
\u00a0
financial instruments is
\u00a0
based on
\u00a0
quoted prices
\u00a0
as at the
\u00a0
balance sheet date
\u00a0
in an
active market, if
\u00a0
such markets exist.
\u00a0
If an active
\u00a0
market does not
\u00a0
exist, fair value
\u00a0
is established by
\u00a0
using
valuation techniques that are
\u00a0
expected to provide a
\u00a0
reliable estimate of the
\u00a0
fair value. The
\u00a0
fair value
of unlisted securities is based on cash
\u00a0
flows discounted using an applicable risk-free
\u00a0
market interest
rate and a risk premium specific to the unlisted securities.
\u00a0
Financial
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
are
\u00a0
classified
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
valuation
Level
\u00a0
1:
\u00a0
Valuation
\u00a0
based
\u00a0
on
\u00a0
quoted
\u00a0
prices
\u00a0
(unadjusted)
\u00a0
in
\u00a0
active
\u00a0
markets
\u00a0
for
\u00a0
identical
\u00a0
assets
\u00a0
or
Level 2: Valuation based on inputs
\u00a0
other than quoted prices included within
\u00a0
level 1 that are observable
for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
\u00a0
Level 3: Valuation based on inputs for the asset or liability that are unobservable market data.
\u00a0
If one
\u00a0
or more
\u00a0
of the
\u00a0
significant inputs
\u00a0
are not
\u00a0
based on
\u00a0
observable market
\u00a0
data, the
\u00a0
instrument is
included in level
\u00a0
3. Changes in fair
\u00a0
value recognised in other
\u00a0
comprehensive income are
\u00a0
recognised
in
\u00a0
the
\u00a0
line-item
\u00a0
Exchange
\u00a0
differences
\u00a0
on
\u00a0
converting
\u00a0
foreign
\u00a0
operations.
\u00a0
Changes
\u00a0
in
\u00a0
fair
\u00a0
value
recognised in profit
\u00a0
or loss are
\u00a0
presented in the
\u00a0
line item, Financial
\u00a0
expenses and Other
\u00a0
income and
expenses.
1.16
\u00a0
Accounts payables
These amounts
\u00a0
represent liabilities for
\u00a0
goods and
\u00a0
services provided
\u00a0
to the Group
\u00a0
prior to the
\u00a0
end of
the balance sheet date which are
\u00a0
unpaid. The amounts are unsecured payables
\u00a0
and are usually paid
within
\u00a0
30
\u00a0
days
\u00a0
of
\u00a0
recognition.
\u00a0
Trade
\u00a0
and
\u00a0
other
\u00a0
payables
\u00a0
are
\u00a0
presented
\u00a0
as
\u00a0
trade
\u00a0
payables,
\u00a0
unless
payment is not
\u00a0
due within 12 months
\u00a0
of the reporting period.
\u00a0
They are recognised initially
\u00a0
at their fair
value and subsequently measured at amortised cost using the effective interest method.
1.17
\u00a0
Dividend and interest income
\u00a0
Dividend income from
\u00a0
investments is recognised
\u00a0
when the shareholder\u2019s
\u00a0
right to receive
\u00a0
payment has
been established
\u00a0
(provided it
\u00a0
is probable
\u00a0
that the
\u00a0
economic benefits
\u00a0
will flow
\u00a0
to the
\u00a0
Group and
\u00a0
the
amount of income can be measured reliably).
The
\u00a0
income
\u00a0
tax
\u00a0
expense
\u00a0
or
\u00a0
credit
\u00a0
for
\u00a0
the
\u00a0
period
\u00a0
is
\u00a0
the
\u00a0
tax
\u00a0
payable
\u00a0
on
\u00a0
the
\u00a0
current
\u00a0
period\u2019s
\u00a0
taxable
income,
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
applicable
\u00a0
income
\u00a0
tax
\u00a0
rate
\u00a0
for
\u00a0
each
\u00a0
jurisdiction,
\u00a0
adjusted
\u00a0
for
\u00a0
changes
\u00a0
in
deferred tax assets and liabilities attributable to temporary differences, and for unused tax losses.
\u00a0
Tax payable
The current income tax charge
\u00a0
is calculated based on the
\u00a0
tax laws enacted, or substantively
\u00a0
enacted,
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period
\u00a0
in
\u00a0
Norway,
\u00a0
Sweden,
\u00a0
Denmark
\u00a0
and
\u00a0
Poland,
\u00a0
where
\u00a0
subsidiaries
generate
\u00a0
taxable
\u00a0
income.
\u00a0
Management
\u00a0
periodically
\u00a0
evaluates
\u00a0
positions
\u00a0
taken
\u00a0
in
\u00a0
tax
\u00a0
returns,
\u00a0
with
respect
\u00a0
to
\u00a0
situations
\u00a0
in
\u00a0
which
\u00a0
applicable
\u00a0
tax
\u00a0
regulation
\u00a0
is
\u00a0
subject
\u00a0
to
\u00a0
interpretation.
\u00a0
Management
establishes
\u00a0
provisions
\u00a0
where
\u00a0
appropriate,
\u00a0
based
\u00a0
on
\u00a0
amounts
\u00a0
expected
\u00a0
to
\u00a0
be
\u00a0
paid
\u00a0
to
\u00a0
the
\u00a0
tax
Deferred income tax
\u00a0
is provided on
\u00a0
temporary differences arising
\u00a0
between the tax
\u00a0
bases of assets
\u00a0
and
liabilities, and their carrying amounts in the consolidated financial statements. However,
\u00a0
deferred tax
liabilities are not
\u00a0
recognised if they
\u00a0
arise from the
\u00a0
initial recognition of
\u00a0
goodwill. Deferred income
\u00a0
tax
is determined using
\u00a0
tax rates (and laws)
\u00a0
that have been enacted,
\u00a0
or substantially enacted, by
\u00a0
the end
of
\u00a0
the
\u00a0
reporting
\u00a0
period,
\u00a0
and
\u00a0
are
\u00a0
expected
\u00a0
to
\u00a0
apply
\u00a0
when
\u00a0
the
\u00a0
related
\u00a0
deferred
\u00a0
income
\u00a0
tax
\u00a0
asset
\u00a0
is
realised, or the deferred income tax liability is settled.
Deferred tax assets are
\u00a0
recognised only if it is probable
\u00a0
that future taxable amounts will be
\u00a0
available
to utilise the temporary differences and losses.
\u00a0
Deferred tax assets and
\u00a0
liabilities are offset when
\u00a0
there is a legally enforceable
\u00a0
right to offset current
tax assets
\u00a0
and liabilities,
\u00a0
and when
\u00a0
the deferred
\u00a0
tax balances
\u00a0
relate to
\u00a0
the same
\u00a0
taxation authority.
Current tax assets and tax
\u00a0
liabilities are offset where the
\u00a0
entity has a legally
\u00a0
enforceable right to offset
and intends to either settle
\u00a0
on a net basis, or
\u00a0
to realise the asset and settle
\u00a0
the liability simultaneously.
Current and deferred tax is recognised in the income statement, except to the extent that it relates to
items
\u00a0
recognised
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income,
\u00a0
or
\u00a0
directly
\u00a0
in
\u00a0
equity.
\u00a0
In
\u00a0
this
\u00a0
case,
\u00a0
the
\u00a0
tax
\u00a0
is
\u00a0
also
recognised in other comprehensive income or directly in equity, respectively.
The nominal value of treasury shares is reported in the balance sheet, as a deduction to other equity.
Transaction costs in relation to equity transactions are charged to equity after deducting tax.
1.20
\u00a0
Share-based payments
\u00a0
Share-based
\u00a0
payments
\u00a0
are
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
remuneration
\u00a0
to
\u00a0
executive
\u00a0
management
\u00a0
and
\u00a0
other
\u00a0
key
The fair value of options granted is recognised as an employee benefit
\u00a0
expense with a corresponding
increase in equity. The total
\u00a0
amount to be expensed is
\u00a0
determined by reference to the
\u00a0
fair value of the
The
\u00a0
total expense
\u00a0
is recognised
\u00a0
over
\u00a0
the vesting
\u00a0
period, which
\u00a0
is the
\u00a0
period
\u00a0
over which
\u00a0
the vesting
conditions
\u00a0
are
\u00a0
satisfied. At
\u00a0
the
\u00a0
end
\u00a0
of each
\u00a0
period,
\u00a0
the estimate
\u00a0
of the
\u00a0
number of
\u00a0
options
\u00a0
that
\u00a0
are
expected to
\u00a0
vest based
\u00a0
on the
\u00a0
non-market vesting
\u00a0
and service
\u00a0
conditions is
\u00a0
revised. The
\u00a0
revision, if
any, of the
\u00a0
original estimates is
\u00a0
recognised in the
\u00a0
income statement, with
\u00a0
a corresponding adjustment
to equity.
Social
\u00a0
security
\u00a0
tax
\u00a0
is
\u00a0
provided
\u00a0
for
\u00a0
at
\u00a0
each
\u00a0
balance
\u00a0
sheet
\u00a0
date
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
intrinsic
\u00a0
value
\u00a0
of
\u00a0
the
options.
1.21
\u00a0
Retirement benefit plan
\u00a0
The Group
\u00a0
has defined
\u00a0
contribution plans.
\u00a0
A defined
\u00a0
contribution plan
\u00a0
is a
\u00a0
retirement plan
\u00a0
in which
the Group
\u00a0
pays fixed
\u00a0
contributions to
\u00a0
a separate legal
\u00a0
entity. The
\u00a0
Group has
\u00a0
no legal
\u00a0
or other
\u00a0
obligation
to pay
\u00a0
additional contributions
\u00a0
if the
\u00a0
entity does
\u00a0
not have
\u00a0
sufficient assets
\u00a0
to pay
\u00a0
all employee
\u00a0
benefits
associated with earnings in present and previous
\u00a0
periods. Pre-paid contributions are recorded in the
accounts
\u00a0
as
\u00a0
an
\u00a0
asset,
\u00a0
to
\u00a0
the
\u00a0
extent
\u00a0
the
\u00a0
contribution
\u00a0
may
\u00a0
be
\u00a0
refunded
\u00a0
or
\u00a0
may
\u00a0
reduce
\u00a0
future
contributions.
Borrowings
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
at
\u00a0
fair
\u00a0
value,
\u00a0
net
\u00a0
of
\u00a0
transaction
\u00a0
costs
\u00a0
incurred.
\u00a0
Borrowings
\u00a0
are
subsequently measured at amortised cost.
1.23
\u00a0
Provisions
\u00a0
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result
of a
\u00a0
past event,
\u00a0
it is
\u00a0
probable that
\u00a0
the Group
\u00a0
will be
\u00a0
required to
\u00a0
settle the
\u00a0
obligation, and
\u00a0
a reliable
estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best
\u00a0
estimate of the consideration required to settle the
present
\u00a0
obligation
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period,
\u00a0
and
\u00a0
considers
\u00a0
the
\u00a0
risks
\u00a0
and
\u00a0
uncertainties
surrounding the obligation. When a
\u00a0
provision is measured using
\u00a0
the cash flows estimated
\u00a0
to settle the
present obligation,
\u00a0
its carrying
\u00a0
amount is
\u00a0
the present
\u00a0
value of
\u00a0
those cash
\u00a0
flows (where
\u00a0
the effect
\u00a0
of
the time value of money is material).
When some or
\u00a0
all the economic
\u00a0
benefits required to
\u00a0
settle a provision are
\u00a0
expected to be
\u00a0
recovered
from a
\u00a0
third party, a
\u00a0
receivable is recognised
\u00a0
as an
\u00a0
asset if it
\u00a0
is virtually certain
\u00a0
that reimbursement
will be received, and the amount of the receivable can be measured reliably.
1.24
\u00a0
Cash flow statement
\u00a0
The cash flow statement
\u00a0
is presented using
\u00a0
the indirect method.
\u00a0
The Group\u2019s activities
\u00a0
are divided into
operational,
\u00a0
investment
\u00a0
and
\u00a0
financing
\u00a0
activities.
\u00a0
Cash
\u00a0
investment
\u00a0
in
\u00a0
new
\u00a0
business
\u00a0
is
\u00a0
classified
\u00a0
as
payment for the acquisition of subsidiaries, net of cash acquired in the cash flow statement.
1.25
\u00a0
Segment information
\u00a0
The
\u00a0
division
\u00a0
into
\u00a0
operating
\u00a0
segments
\u00a0
corresponds
\u00a0
to
\u00a0
the
\u00a0
management
\u00a0
structure
\u00a0
and
\u00a0
the
\u00a0
internal
reporting to the Group\u2019s chief operating decision maker (CODM),
\u00a0
defined as the CEO. Companies are
allocated to a segment based on the geographical location of the company.
All leases are accounted for by recognising a right-of-use asset and a lease liability except for:
\u00a0
\u25cf
Leases of low value assets; and
\u25cf
Leases with a duration of 12 months or less
Lease liabilities
Lease liabilities are measured at the
\u00a0
present value of the contractual payments
\u00a0
due to the lessor over
the lease term, with the discount rate
\u00a0
determined by reference to the rate inherent
\u00a0
in the lease. If the
inherent
\u00a0
interest
\u00a0
rate
\u00a0
is
\u00a0
not
\u00a0
readily
\u00a0
determinable,
\u00a0
the
\u00a0
Group\u2019s
\u00a0
incremental
\u00a0
borrowing
\u00a0
rate
\u00a0
on
commencement of the lease is used. Variable lease
\u00a0
payments are only included in the measurement
of the
\u00a0
lease liability if
\u00a0
they depend on
\u00a0
an index or
\u00a0
rate. In such
\u00a0
cases, the initial
\u00a0
measurement of the
lease liability assumes the
\u00a0
variable element will be regulated
\u00a0
throughout the lease term.
\u00a0
The estimate
is based upon management judgement. On initial recognition, the carrying value of
\u00a0
the lease liability
will include the following if applicable:
\u00a0
\u25cf
The exercise
\u00a0
price of
\u00a0
any purchase
\u00a0
option granted
\u00a0
in favour
\u00a0
of the
\u00a0
Group if
\u00a0
it is
\u00a0
reasonably
certain to exercise that option;
\u00a0
\u25cf
Any penalties payable for
\u00a0
terminating the lease, if the
\u00a0
term of the lease
\u00a0
has been estimated
based on the termination option being exercised.
\u00a0
Subsequent
\u00a0
to
\u00a0
initial
\u00a0
measurement
\u00a0
lease
\u00a0
liabilities
\u00a0
increase
\u00a0
as
\u00a0
a
\u00a0
result
\u00a0
of
\u00a0
interest
\u00a0
charged
\u00a0
at
\u00a0
a
constant rate on the balance outstanding and are reduced for lease payments made.
Right-of-use assets
Right-of-use assets are initially measured at the amount of the lease liability.
Right-of-use assets are depreciated on
\u00a0
a straight-line basis over
\u00a0
the remaining term of
\u00a0
the lease. The
remaining term of the lease is for
\u00a0
all leases held by the
\u00a0
Group assessed to be equal to
\u00a0
the economic
life of the asset.
Leases of low value assets and short-term leases
Payments associated with
\u00a0
short-term leases
\u00a0
of equipment and
\u00a0
vehicles and
\u00a0
all leases
\u00a0
of low-value
assets are recognised
\u00a0
on a
\u00a0
straight-line basis as
\u00a0
an expense in
\u00a0
profit or loss
\u00a0
on the financial
\u00a0
statement
line item Other operational costs. Short-term leases are leases with a lease term of 12 months or less.
1.27
\u00a0
Use of estimates in the preparation of financial statements
\u00a0
Management
\u00a0
has
\u00a0
used
\u00a0
estimates
\u00a0
and
\u00a0
assumptions
\u00a0
that
\u00a0
affect
\u00a0
the
\u00a0
assets,
\u00a0
liabilities,
\u00a0
revenues,
expenses
\u00a0
and
\u00a0
information
\u00a0
regarding
\u00a0
potential
\u00a0
liabilities.
\u00a0
Future
\u00a0
events
\u00a0
may
\u00a0
lead
\u00a0
to
\u00a0
the
\u00a0
estimates
changing. Estimates and underlying assumptions are assessed continuously. Changes in accounting
estimates are recognised in the period when the change occurs.
See Note 18 for a description of assets and liabilities subject to significant estimation uncertainty.
1.28
\u00a0
Earnings per share
i) Basic earnings per share
Basic earnings per share are calculated by dividing:
\u00a0
\u25cf
The profit attributable
\u00a0
to owners of
\u00a0
the company, excluding
\u00a0
any costs of
\u00a0
servicing equity other
than ordinary shares.
\u00a0
\u25cf
By the
\u00a0
weighted average
\u00a0
number of
\u00a0
ordinary shares
\u00a0
outstanding during
\u00a0
the financial
\u00a0
year,
excluding treasury shares.
ii) Diluted earnings per share
Diluted earnings per share adjust the
\u00a0
figures used in the determination of
\u00a0
basic earnings per share, to
\u25cf
The
\u00a0
after-income
\u00a0
tax
\u00a0
effect
\u00a0
of
\u00a0
interest
\u00a0
and
\u00a0
other
\u00a0
financing
\u00a0
costs
\u00a0
associated
\u00a0
with
\u00a0
dilutive
potential ordinary shares, and
\u00a0
\u25cf
The
\u00a0
weighted
\u00a0
average
\u00a0
number
\u00a0
of
\u00a0
additional
\u00a0
ordinary
\u00a0
shares
\u00a0
that
\u00a0
would
\u00a0
have
\u00a0
been
outstanding, assuming the conversion of all dilutive potential ordinary shares.
As at year
\u00a0
end 2022
\u00a0
the Group
\u00a0
has options
\u00a0
outstanding that
\u00a0
are in the
\u00a0
money. Basic
\u00a0
earnings per share
and diluted earnings per share therefore differ.
1.29
\u00a0
Government grants
Government grants, including the
\u00a0
Norwegian Skattefunn tax incentive
\u00a0
scheme, are recognised in
\u00a0
the
same year as the government grants are
\u00a0
received. Grants are recognised as deductions against the
costs that they are intended to compensate.
Investment
\u00a0
grants
\u00a0
are
\u00a0
capitalised
\u00a0
and
\u00a0
recognised
\u00a0
systematically
\u00a0
over
\u00a0
the
\u00a0
asset\u2019s
\u00a0
useful
\u00a0
life.
Investment grants are recognised either as deferred income or as a deduction of the asset\u2019s carrying
amount.
1.30
\u00a0
New standards and interpretations not yet effective
\u00a0
The Group has
\u00a0
elected not to
\u00a0
early-adopt any standards
\u00a0
or interpretations that
\u00a0
have an effective
\u00a0
date
after the balance
\u00a0
sheet date. Standards
\u00a0
and amendments that
\u00a0
are issued,
\u00a0
but not yet
\u00a0
effective, are
not expected to have a material effect on the Group\u2019s financial statements.
Note 2. Segments
Techstep
\u00a0
has
\u00a0
four
\u00a0
segments,
\u00a0
which
\u00a0
are
\u00a0
represented
\u00a0
by
\u00a0
the
\u00a0
four
\u00a0
geographic
\u00a0
locations
\u00a0
where
\u00a0
the
Group's entities are
\u00a0
incorporated. The entities
\u00a0
are controlled and
\u00a0
owned by the
\u00a0
Techstep Group. The
segment HQ comprises Techstep ASA.
Eliminations comprise intersegment sales. Transactions between operating segments are conducted
on normal commercial terms.
1) Norway
\u25cf
Techstep Norway
\u00a0
AS: The
\u00a0
offerings of
\u00a0
the company
\u00a0
are mobile
\u00a0
hardware, servicing,
\u00a0
support
and mobility consultancy services. The company is located in Oslo and Sandefjord.
\u00a0
\u25cf
Mytos AS: A
\u00a0
Norwegian-based software as a
\u00a0
services company with
\u00a0
mainly recurring revenue.
Mytos offers a full range of
\u00a0
mobile expense management (TEM) modules, all with
\u00a0
proprietary
software and highly
\u00a0
user-friendly implementation and
\u00a0
operation. The company
\u00a0
is located in
Oslo.
\u25cf
Techstep Finance AS: Provides financing and
\u00a0
remarketing services. The company is
\u00a0
located in
2) Sweden
\u25cf
Techstep
\u00a0
AB
\u00a0
(formerly
\u00a0
Techstep
\u00a0
Sweden
\u00a0
AB
\u00a0
and
\u00a0
Optidev
\u00a0
AB):
\u00a0
The
\u00a0
company
\u00a0
offers
\u00a0
mobile
hardware, mobility consultancy services
\u00a0
and Enterprise Mobility
\u00a0
Management (EMM) services,
including Mobile
\u00a0
Security, system
\u00a0
design, implementation,
\u00a0
mobile device
\u00a0
management. The
company
\u00a0
also
\u00a0
develops
\u00a0
and
\u00a0
provides
\u00a0
enterprise
\u00a0
mobility
\u00a0
software
\u00a0
and
\u00a0
solutions,
predominantly
\u00a0
to
\u00a0
customers
\u00a0
in
\u00a0
the
\u00a0
transportation,
\u00a0
logistics
\u00a0
and
\u00a0
public
\u00a0
safety
\u00a0
sectors
\u00a0
in
Sweden, Norway
\u00a0
and Denmark.
\u00a0
The company
\u00a0
is located
\u00a0
in Karlstad,
\u00a0
Bor\u00e5s Gothenburg
\u00a0
and
Stockholm.
\u25cf
Techstep Finance AB: Provides financing and remarketing services.
3) Denmark
\u25cf
Techstep
\u00a0
Denmark
\u00a0
ApS:
\u00a0
Established
\u00a0
to
\u00a0
invoice
\u00a0
Danish
\u00a0
customers.
\u00a0
The
\u00a0
company
\u00a0
is
\u00a0
fully
supported from Norway and does not have any employees.
\u25cf
Optidev ApS: Established as a sales office for Techstep AB (formerly Optidev AB).
4) Poland
\u25cf
Famoc S.A.: A Polish software-as-a-services
\u00a0
company with mainly recurring revenue.
\u00a0
Famoc
offers
\u00a0
a
\u00a0
portfolio
\u00a0
of
\u00a0
solutions
\u00a0
for
\u00a0
the
\u00a0
mobile
\u00a0
device
\u00a0
lifecycle
\u00a0
management
\u00a0
market.
\u00a0
The
company is located in Gdansk.
\u25cf
Famoc Software Ltd: An Ireland based company acting as a reseller of Famoc S.A. software to
customers outside Poland.
\u25cf
Santa Maria
\u00a0
Private Ventures sp.
\u00a0
z.o.o.: A holding
\u00a0
company owning
\u00a0
shares in Famoc
\u00a0
S.A. and
Famoc Software sp. z.o.o.
5) Headquarters (HQ)
\u25cf
Techstep ASA
FY 2022
Norway
Sweden
Denmark
Poland
HQ
Elim-
inations
Total
Operating revenues from external
customers
787 272
476 582
34 794
24 478
-
-
1 323 126
Operating revenues from other segments
32 881
41 588
-
3 448
67 555
(145 473)
-
Operating revenues
820 153
518 170
34 794
27 926
67 555
(145 473)
1 323 126
Cost of goods sold
(539 551)
(324 274)
(27 806)
(7 779)
-
36 403
(863 007)
Salaries and personnel costs
(89 565)
(111 032)
(2 356)
(7 831)
(60 936)
6 693
(265 027)
Other operational costs
(97 750)
(55 148)
(1 703)
(7 878)
(46 277)
99 130
(109 626)
Depreciation
(60 761)
(42 142)
(1 166)
(766)
(4 387)
-
(109 222)
Amortisation
(22 054)
(23 685)
-
(8 655)
(4 107)
9
(58 492)
Impairment
-
-
-
-
-
-
-
Other income
19 600
20 047
-
165
246
-
40 058
Other expenses
(4 900)
(2 360)
(76)
(388)
(2 292)
-
(10 015)
Operating profit (loss)
25 171
(20 423)
1 687
(5 206)
(50 197)
(3 238)
(52 205)
Financial income
(35 122)
19
0
41
45 127
(4 465)
5 601
Financial expenses
(2 965)
(4 317)
(87)
(109)
(42 914)
32 827
(17 565)
Profit (loss) before tax
(12 915)
(24 721)
1 600
(5 275)
(47 983)
25 124
(64 170)
FY 2021
Norway
Sweden
Denmark
Poland
HQ
Elim-
inations
Total
Operating revenues from external
customers
813 205
435 838
41 441
14 607
-
-
1 305 090
Operating revenues from other segments
72 317
41 404
7
2 718
37 148
(153 593)
-
Operating revenues
885 522
477 241
41 448
17 325
37 148
(153 593)
1 305 090
Cost of goods sold
(573 144)
(280 461)
(34 671)
(6 770)
-
49 741
(845 305)
Salaries and personnel costs
(130 854)
(115 246)
(2 981)
(8 540)
(24 549)
550
(281 620)
Other operational costs
(54 309)
(44 341)
(1 121)
3 108
(87 220)
75 334
(108 549)
Depreciation
(69 208)
(38 139)
(473)
(403)
(6)
-
(108 229)
Amortisation
(20 118)
(27 709)
-
(6 896)
-
-
(54 723)
Impairment
(3 815)
-
-
-
-
3 815
-
Other income
-
-
-
22
-
-
22
Other expenses
(6 728)
-
-
(0)
(9 716)
(764)
(17 209)
Operating profit (loss)
27 346
(28 655)
2 202
(2 155)
(84 344)
(24 917)
(110 522)
Financial income
(34 758)
(104)
3
4
75 879
(28 792)
12 232
Financial expenses
(4 591)
(3 112)
(106)
(4)
(15 536)
2 890
(20 460)
Profit (loss) before tax
(12 003)
(31 871)
2 099
(2 155)
(24 001)
(50 820)
(118 750)
Operating revenues and non-current assets by geographical area
In the presentation
\u00a0
of geographical information,
\u00a0
the operating revenues
\u00a0
are attributed according
\u00a0
to
the
\u00a0
location
\u00a0
of
\u00a0
Group
\u00a0
companies.
\u00a0
There
\u00a0
are
\u00a0
no
\u00a0
significant
\u00a0
differences
\u00a0
between
\u00a0
the
\u00a0
attribution
\u00a0
of
operating revenues based on the locations of the Group companies, and an attribution based on the
customers'
\u00a0
location.
\u00a0
Non-current
\u00a0
assets
\u00a0
are
\u00a0
attributed
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
geographical
\u00a0
location
\u00a0
of
\u00a0
the
assets.
Non-current assets
2022
2021
Norway
562 482
511 701
Sweden
326 032
348 700
Denmark
1 331
1 388
Poland
101 332
96 979
Total
991 176
958 768
xx
Note 3. Revenues from contracts with customers
In
\u00a0
the
\u00a0
following
\u00a0
tables,
\u00a0
Total
\u00a0
revenue
\u00a0
is
\u00a0
disaggregated
\u00a0
by
\u00a0
major
\u00a0
revenue
\u00a0
streams
\u00a0
divided
\u00a0
into
\u00a0
the
reportable segments as shown in Note 2.
Hardware revenue comprises hardware
\u00a0
and related bonuses. Bonus
\u00a0
are additional revenues related
to hardware sales.
Solutions
\u00a0
revenue
\u00a0
comprises
\u00a0
own
\u00a0
software,
\u00a0
third
\u00a0
party
\u00a0
licenses,
\u00a0
consulting
\u00a0
services
\u00a0
and
\u00a0
related
commissions. Commissions are related to services rendered to third party connection providers.
2022
Norway
Sweden
Denmark
Poland
HQ
Eliminations
Group
Total revenues
820 154
518 170
34 794
27 926
67 555
-145 474
1 323 126
Hardware
Hardware revenues
531 897
252 711
16 372
477
0
-16 313
785 144
Leasing
87 966
54 657
5 587
0
0
-5 185
143 026
Bonus
41 766
7 708
0
0
0
0
49 473
Total
661 629
315 076
21 960
477
0
-21 498
977 643
Solutions
Advisory & Services
69 914
170 988
12 307
306
0
-12 735
240 780
Own Software
44 164
25 247
669
27 143
0
-5 631
91 593
Total
114 078
196 235
12 976
27 449
0
-18 366
332 372
Other revenues
Commission*
13 036
64
0
0
0
0
13 100
Other
31 412
6 796
-142
0
67 555
-105 609
11
Total
44 448
6 859
-142
0
67 555
-105 609
13 111
*reclassified from Solutions
2021*
Norway
Sweden
Denmark
Poland
HQ
Eliminations
Group
Total revenues
789 491
456 826
41 448
17 325
58 360
-58 360
1 305 090
Hardware
Hardware revenues
524 718
221 641
24 790
365
0
0
771 513
Leasing
82 947
46 557
4 732
0
0
0
134 237
Bonus
37 044
12 119
0
0
0
0
49 163
Total
644 709
280 317
29 522
365
0
0
954 912
Solutions
Advisory & Services
86 400
155 216
11 255
1 458
0
0
254 329
Own Software
39 090
18 505
689
15 503
0
0
73 787
Total
125 490
173 721
11 944
16 960
0
0
328 116
Other revenues
Commission**
17 791
2 372
0
0
0
0
20 164
Other
1 501
415
-18
0
58 360
-58 360
1 898
Total
19 292
2 788
-18
0
58 360
-58 360
22 062
*The above table is restated in accordance with new segment reporting
**reclassified from Solution
Contract assets and contract liabilities
\u00a0
Most of the
\u00a0
Group's solution revenues
\u00a0
are annual. The
\u00a0
majority of the
\u00a0
contracts follows the
\u00a0
calendar
year. The contract assets and
\u00a0
liabilities related to Solutions
\u00a0
as at the balance sheet
\u00a0
date are therefore
immaterial. This also applies to the unfulfilled performance obligations.
Sale of hardware and licenses does not lead to material contract assets or liabilities.
Contract assets and
\u00a0
liabilities originate from
\u00a0
sale of support.
\u00a0
Customers are invoiced
\u00a0
in advance for
monthly or quarterly support subscriptions. The Group also has customers who are invoiced after the
services
\u00a0
are
\u00a0
rendered,
\u00a0
monthly
\u00a0
or
\u00a0
annually.
\u00a0
Contracts
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
vary
\u00a0
to
\u00a0
an
\u00a0
extent
throughout the reporting period.
Other arrangements with customers do exist but are deemed immaterial.
Deferred revenue
The Group's revenue from
\u00a0
sale of hardware is
\u00a0
divided into two streams:
\u00a0
The customer purchases
\u00a0
the
hardware and the performance obligation is settled when the hardware
\u00a0
is delivered, or the customer
enters into a leasing agreement, where the hardware will be returned at the end of the lease.
The contracts
\u00a0
where the Group
\u00a0
acts as
\u00a0
a lessor last
\u00a0
from 18
\u00a0
- 36 months.
\u00a0
Revenue is
\u00a0
recognised linearly
over the contract period as the performance obligation is settled.
At the commencement of the
\u00a0
lease agreements the Group receives full
\u00a0
settlement from the financing
partners as described under section 1.6
Revenue recognition
in the accounting policies
.
received
\u00a0
is
\u00a0
split between
\u00a0
deferred
\u00a0
revenue
\u00a0
specified below,
\u00a0
and
\u00a0
residual obligation
\u00a0
(amount
\u00a0
to
\u00a0
be
repaid). The residual obligation is specified in note 16 (non-current) and note 17 (current)
Changes in deferred revenue during the year
2022
2021
Opening balance deferred revenue as at 1 January
135 320
78 783
Additions from business combinations
0
0
Net movement
16 800
57 190
Translation differences
(552)
(653)
Closing balance deferred revenue as at 31 December
151 568
135 320
Of the
\u00a0
total deferred
\u00a0
revenue as at
\u00a0
31 December
\u00a0
2022, NOK
\u00a0
50.9 million will
\u00a0
be recognised
\u00a0
in 2024 or
later.
The material amount in deferred
\u00a0
revenue is related to contracts
\u00a0
with customers where the customer
has a return option and management\u2019s assessment is
\u00a0
that this option will be utilised. Such
\u00a0
contracts
are accounted for as operational leases, where the Group is the lessor.
Payment terms and customer base
Customers have payment terms varying from 15-90 days.
Of
\u00a0
the
\u00a0
Group's
\u00a0
total
\u00a0
customer
\u00a0
base
\u00a0
as
\u00a0
at
\u00a0
31
\u00a0
December
\u00a0
2022,
\u00a0
the
\u00a0
five
\u00a0
largest
\u00a0
customers
\u00a0
represent
approximately
\u00a0
24
\u00a0
%
\u00a0
(21
\u00a0
%)
\u00a0
of
\u00a0
total
\u00a0
revenue
\u00a0
in
\u00a0
2022,
\u00a0
and
\u00a0
the
\u00a0
ten
\u00a0
largest
\u00a0
customers
\u00a0
represent
approximately 31
\u00a0
% (27
\u00a0
%) of
\u00a0
total revenue.
\u00a0
Figures for
\u00a0
2021 is
\u00a0
restated in
\u00a0
order to
\u00a0
be comparable
\u00a0
to
2022 figures.
Unsatisfied performance obligations
The
\u00a0
Group
\u00a0
has
\u00a0
unsatisfied
\u00a0
performance
\u00a0
obligations
\u00a0
resulting
\u00a0
from
\u00a0
fixed
\u00a0
price
\u00a0
long-term
\u00a0
contracts
such as Smart
\u00a0
Device and Smart
\u00a0
Works. The unsatisfied
\u00a0
performance obligations are
\u00a0
satisfied through
passage of time. As at the balance
\u00a0
sheet date the Group\u2019s unsatisfied performance obligations were
NOK 151.6
\u00a0
million of
\u00a0
which NOK
\u00a0
100.7 million
\u00a0
will be
\u00a0
accounted for
\u00a0
as revenue
\u00a0
in 2023.
\u00a0
The remaining
balance will be accounted for as revenue in 2024 or later.
The amounts disclosed do not include variable considerations.
The Group\u2019s Annual Recurring Revenue metric, refer to Alternative performance measures, is a part of
the unsatisfied performance obligations disclosed above until the earliest
\u00a0
possible cancellation date
for the customer. The disclosed ARR figure and the unsatisfied performance obligations are
\u00a0
therefore
not directly comparable.
Management assessments
Recognition of revenue from combined customer contracts
Consolidated
\u00a0
operating
\u00a0
revenues
\u00a0
include
\u00a0
both
\u00a0
sales
\u00a0
of
\u00a0
hardware
\u00a0
and
\u00a0
IT-related
\u00a0
services,
\u00a0
often
derived from recognition of multiple elements in the same customer contract. Revenue is recognised
when control over the goods and services have been transferred to the customer.
\u00a0
Determining the transaction price for combined contracts
The
\u00a0
Group
\u00a0
determines
\u00a0
the
\u00a0
transaction
\u00a0
price
\u00a0
in
\u00a0
respect
\u00a0
of
\u00a0
each
\u00a0
performance
\u00a0
obligations
\u00a0
within
\u00a0
its
contracts with customers
\u00a0
when the stand-alone
\u00a0
selling price for
\u00a0
each performance obligation is
\u00a0
not
readily
\u00a0
available
\u00a0
by
\u00a0
assessing
\u00a0
the
\u00a0
stand-alone
\u00a0
selling
\u00a0
prices
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
Group\u2019s
\u00a0
customer
contracts for comparable
\u00a0
products and services.
\u00a0
This relates
\u00a0
to contracts with
\u00a0
customers where third-
party licenses are
\u00a0
bundled with support and
\u00a0
maintenance services. The
\u00a0
income related to
\u00a0
the third-
party license
\u00a0
is determined
\u00a0
based on
\u00a0
the abovementioned
\u00a0
stand-alone selling
\u00a0
prices. The
\u00a0
residual
income is allocated to support and
\u00a0
maintenance. The revenue recognition is either at
\u00a0
a point in time
or over time depending on the services rendered.
Variable considerations such
\u00a0
as commissions,
\u00a0
vendor discounts, rebates
\u00a0
and other contractual
\u00a0
bonus
elements may arise based on contracts with vendors and partners. Variable considerations requiring
management
\u00a0
assessment
\u00a0
are
\u00a0
related
\u00a0
to
\u00a0
achieving
\u00a0
certain
\u00a0
thresholds
\u00a0
in
\u00a0
the
\u00a0
agreement.
\u00a0
In
determining the impact of variable considerations, the Group uses the most likely
\u00a0
amount prescribed
in IFRS 15 whereby the transaction price is
\u00a0
determined by reference to the single most
\u00a0
likely amount in
a range of possible consideration amounts.
Note 6. Other income and other expenses
Other income
2022
2021
Gain on sale of business
40 058
0
Other non-recurring income
0
22
Total
40 058
22
2022
On 3 January
\u00a0
the divestment
\u00a0
of the
\u00a0
Voice and
\u00a0
Contact centre
\u00a0
business was
\u00a0
completed for
\u00a0
the total
consideration of NOK 65.5 million. The settlement
\u00a0
was received in December 2021. The gain
\u00a0
of NOK 40.1
million has
\u00a0
been recognised
\u00a0
in the
\u00a0
income statement
\u00a0
of the
\u00a0
line item
\u00a0
Other income
\u00a0
in Q1
\u00a0
2022. NOK
24.5 million has been derecognised from the statement
\u00a0
of financial position\u2019s line item Assets held for
sale.
Other expenses
2022
2021
Acquisition related costs
(604)
(10 120)
Other non-recurring expenses
(9 411)
(7 088)
Total
(10 015)
(17 209)
2022
Acquisition-related costs
\u00a0
are
\u00a0
related to
\u00a0
the acquisition
\u00a0
of
\u00a0
Crypho AS
\u00a0
and
\u00a0
the remaining
\u00a0
20% of
\u00a0
the
shares in Techstep Finance AS. Other non-recurring expenses are related to restructuring.
2021
Acquisition-related costs
\u00a0
are related
\u00a0
to the
\u00a0
acquisition of
\u00a0
Famoc and
\u00a0
other non-recurring
\u00a0
expenses
are related to severance packages to former CEO and Managing director in Techstep Norway AS.
Note 7. Financial income and expenses
2022
2021
Interest income
979
1 368
Other financial income
4 622
10 864
Total financial income
5 601
12 232
Interest expenses interest bearing debt
(12 850)
(8 021)
Interest expenses leasing
(1 177)
(1 247)
Other financial expenses
(3 537)
(11 192)
Total financial expenses
(17 565)
(20 460)
x
Note 5. Other operational costs
2022
2021
Office rental and operations
6 525
6 143
Human resources
6 469
8 305
Sales and marketing
12 853
15 809
IT expenses
48 073
46 491
Fees for external services*
24 554
21 427
Factoring expenses
0
502
Communication
2 354
1 882
Travel expenses
4 224
1 916
Other costs*
4 573
6 074
Total operating costs
109 626
108 549
* 2021 figures are restated by a reclassification of NOK 3 million from Other costs to Fees for external
services.
Note 10. Tangible assets
Right of
use
assets
Equipment*
Other
fixed
assets
Total
Accumulated cost as at 1 January 2022
63 881
292 234
31 090
387 205
Additions
12 500
126 507
5 943
144 950
Additions arising from business combinations
0
0
83
83
Disposals
(2 673)
(76 928)
(15 641)
(95 242)
Translation differences
(103)
(4 236)
(11)
(4 350)
Accumulated cost as at 31 December 2022
73 605
337 577
21 464
432 646
Accumulated cost as at 1 January 2021
69 045
279 256
35 058
383 359
Additions
7 407
140 212
1 179
148 798
Additions arising from business combinations
845
-
869
1 714
Disposals
(12 152)
(122 605)
(4 979)
(139 736)
Translation differences
(1 264)
(4 629)
(1 037)
(6 930)
Accumulated cost as at 31 December 2021
63 881
292 234
31 090
387 205
Accumulated depreciation as at 1 January 2022
(33 613)
(149 468)
(25 081)
(208 163)
Additions arising from business combinations
(0)
(0)
-
(0)
Current year depreciation
(13 763)
(92 840)
(2 620)
(109 222)
Disposals
2 673
64 004
14 082
80 759
Translation differences
837
1 429
(223)
2 043
Accumulated depreciation as at 31 December
2022
(43 866)
(176 874)
(13 842)
(234 583)
Accumulated depreciation as at 1 January 2021
(28 813)
(153 906)
(27 018)
(209 737)
Additions arising from business combinations
-
-
(766)
(766)
Depreciation
(13 443)
(92 167)
(2 619)
(108 229)
Disposals
5 386
95 875
4 982
106 242
Translation differences
3 256
731
341
4 327
Accumulated depreciation as at 31 December
2021
(33 613)
(149 468)
(25 081)
(208 163)
Book value of assets 31 December 2022
29 738
160 703
7 622
198 064
Book value of assets 31 December 2021
30 267
142 766
6 009
179 043
2-10
years
2 years
3-5 years
Estimated economic life
Depreciation method
linear
linear
linear
xx
Note 13. Trade receivables and other receivables
Trade receivables and other receivables shown at maturity as at 31 December 2022:
Days outstanding
Book
Value
not
over-
due
0-30
days over-
due
30-60 days
over-due
60-90 days
over-due
> 90 days
over-due
Trade receivables
215 566
202 105
9 434
2 239
1 558
228
Other current receivables
33 801
33 801
-
-
-
-
Less provision for bad debt
(1 792)
(747)
(185)
(274)
(358)
(228)
Total trade receivables and
other short-term receivables
247 575
235 159
9 249
1 965
1 200
-
Expected loss rate
-
0%
2%
12%
23%
100%
The company has reassessed its loss allowance for 2022 and aligned the expected loss rate with
historical and expected credit losses.
Trade receivables and other receivables shown at maturity as at 31 December 2021:
Days outstanding
Book
Value
not
over-
due
0-30
days over-
due
30-60 days
over-due
60-90 days
over-due
> 90 days
over-due
Trade receivables
232 106
138 315
79 860
9 757
2 897
1 278
Other current receivables
31 435
31 435
-
-
-
-
Less provision for bad debt
(1 877)
(401)
(399)
(288)
(232)
(557)
Total trade receivables and
other short-term receivables
261 664
169 349
79 461
9 469
2 665
721
Expected loss rate
-
0%
1%
3%
8%
75%
xx
Changes in the provision for bad debt during the year
2022
2021
Opening balance provision for bad debt as at 1 January
(1 877)
(3 416)
Net change in the provision during the year
85
1 539
Closing balance provision for bad debt as at 31 December
(1 792)
(1 877)
Other short-term receivables
2022
2021
Accrued revenues
9 655
9 230
Prepaid expenses
17 183
10 104
Other current receivables
6 964
12 101
Total
33 801
31 435
xx
2022
2021
Actual losses on receivables
182
1 809
xx
Note 14. Cash and cash equivalents
The Group\u2019s cash and cash equivalents consists of
2022
2021
Cash and bank deposits
61 119
50 350
Total
61 119
50 350
Of which is restricted
5 196
6 196
The Group\u2019s cash and cash equivalents consist in their entirety of short-term bank deposits.
The carrying amounts of the Group\u2019s cash and cash equivalents
\u00a0
by currency
2022
2021
NOK
27 547
27 734
SEK
22 885
12 350
Other
10 687
10 267
total
61 119
50 350
xx
Note 15. Borrowings
The Group's interest-bearing liabilities consist of:
2022
2021
Current
Non-
current
Current
Non-
current
Seller credits related to business combinations
27 789
0
27 574
31 986
Bank loan
27 771
90 665
25 055
65 416
Bank overdraft
27 762
0
21 919
0
Total interest-bearing debt
83 322
90 665
74 548
97 402
*Refer to note 14. Net bank overdraft facility comprises bank overdrafts in cash pool and bank
deposits in cash pool.
The table below sets out expected nominal payments on borrowings:
Due within
Total
1 year
1-5 years
over 5
years
Annual interst rate
Bank overdraft facilities*
27 762
27 762
0
0
1-month NIBOR + 2.25%
Bank acquisition loan
66 340
23 167
43 174
0
3-month NIBOR + 2.50%
Bank loan, other
62 249
10 828
39 203
12 218
3-month NIBOR + 2.50%
Seller credits related with
business combinations
27 789
27 789
0
0
Trade payables
205 797
205 797
0
0
Tax payable
3 315
3 315
0
0
Public duties
41 100
41 100
0
0
Other current liabilities
102 780
102 780
0
0
Total
537 132
442 538
82 377
12 218
*Refer to Note 14. for reconciliation of net cash position
The Group has several overdraft facilities.
The Norwegian overdraft facility has a credit limit of NOK 75 million. In addition to interest, a quarterly
commission is charged in the amount of NOK 0.1 million (NOK 0.1 million).
The Swedish overdraft facilities have a total credit limit of SEK 14 million. The annual interest rate is
4.95 %. The facilities were not utilised as at year-end 2022.
\u00a0
The Polish overdraft facility has a total credit limit of PLN 1.3 million. The facility was not utilised as at
The Group discontinued its factoring facility in 2021. The factoring facility was replaced by an
increased overdraft facility.
Pledges in relation to the loans to financial institutions
The Group's bank loans, overdraft facilities and factoring facility are secured borrowings.
Book value of assets pledged as collateral is as follows:
2022
2021
Trade receivables
215 566
232 106
Inventories
23 431
19 391
Property, plant and equipment
7 622
6 009
Total book value of assets pledged as collateral:
246 619
257 505
Covenants
The Group's bank loans are subject to the following material covenants:
Equity share shall equal minimum 30 %.
NIBD/EBITDA ratio shall be maximum 2.5.
Withdrawal on cash pool/inventory plus accounts receivables ratio shall be maximum 60%.
Reconciliation of interest-bearing debt
2022
2021
Balance as of 1 January
171 950
193 027
Cash flow from financing activities
Proceeds from borrowings
55 768
35 145
Payments of borrowings
(29 019)
(41 783)
Net cash flow from financing activities
26 749
(6 638)
Additions arising from business
combinations
2 344
1 384
Non-cash settlements
(25 215)
0
Effects from exchange rate fluctuations
(286)
(1 013)
Other
(1 556)
(14 810)
Balance as of 31 December
173 987
171 950
Note 9. Leases
Amounts recognised in the balance sheet
The balance sheet shows the following amounts relating to leases:
Right-of-use assets
Buildings
Equipment
Vehicles
Total
As at 1 January 2022
25 990
1 329
2 948
30 267
Additions
10 940
611
950
12 500
Additions from business combinations
-
-
-
-
Depreciation
(10 665)
(944)
(2 154)
(13 763)
Variable lease payment adjustment
-
-
-
-
Translation differences
(757)
1 145
346
734
As at 31 December 2022
25 508
2 141
2 090
29 738
Buildings
Equipment
Vehicles
Total
As at 1 January 2021
35 624
1 812
2 796
40 232
Additions
4 963
-
2 444
7 407
Additions from business combinations
845
-
-
845
Depreciation
(10 849)
(483)
(2 111)
(13 443)
Variable lease payment adjustment
528
-
-
528
Translation differences
(5 121)
-
(181)
(5 302)
As at 31 December 2021
25 990
1 329
2 948
30 267
Lease liabilities
Buildings
Equipment
Vehicles
Total
As at 1 January 2022
28 412
1 423
3 001
32 835
Additions
10 911
576
986
12 473
Additions from business combinations
-
-
-
-
Interest expense
909
120
148
1 177
Lease payments
(12 081)
(1 049)
(2 293)
(15 423)
Variable lease payment adjustment
-
-
-
-
Translation differences
(695)
1 189
324
818
As at 31 December 2022
27 457
2 259
2 165
31 880
Buildings
Equipment
Vehicles
Total
As at 1 January 2021
35 775
1 853
2 922
40 550
Additions
4 963
-
2 444
7 407
Additions from business combinations
845
-
-
845
Interest expense
1 025
58
164
1 246
Lease payments
(13 357)
(488)
(2 395)
(16 240)
Variable lease payment adjustment
528
-
-
528
Translation differences
(1 367)
-
(134)
(1 501)
As at 31 December 2021
28 412
1 423
3 002
32 835
Lease liabilities
2022
2021
Non-current
16 738
22 204
Current
15 142
10 631
Total
31 880
32 835
Maturity analysis nominal payments of lease liabilities 2022
Up to 1 year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Lease liabilities
15 496
12 258
5 886
0
Maturity analysis nominal payments of lease liabilities 2021
Up to 1 year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Lease liabilities
13 652
11 841
10 467
0
Amounts recognised in the statement of profit or loss
The statement of profit or loss shows the following amounts relating to leases:
2022
2021
Depreciation charge
Buildings
10 665
10 849
Equipment
944
483
Vehicles
2 154
2 111
Licences
0
0
Total
13 763
13 443
Interest charge
1 177
1 247
Other charges*
3 006
5 282
*Other charges comprise office expenses such as electricity, cleaning, security, shared costs and
miscellaneous.
Description of the Group\u2019s leasing activities
The
\u00a0
Group
\u00a0
leases
\u00a0
offices,
\u00a0
equipment
\u00a0
and
\u00a0
vehicles.
\u00a0
Rental
\u00a0
contracts
\u00a0
are
\u00a0
typically
\u00a0
made
\u00a0
for
\u00a0
fixed
periods of 12 months to 5 years but may have extension options.
Incremental borrowing rate
To
\u00a0
determine
\u00a0
the
\u00a0
incremental
\u00a0
borrowing
\u00a0
rate,
\u00a0
the
\u00a0
Group,
\u00a0
where
\u00a0
possible,
\u00a0
uses
\u00a0
recent
\u00a0
third-party
financing received by the
\u00a0
individual lessee as
\u00a0
a starting point,
\u00a0
adjusted to reflect changes
\u00a0
in financing
conditions since third party financing was received using a build-up approach that starts with a risk-
free interest rate
\u00a0
adjusted for
\u00a0
credit risk for
\u00a0
leases held
\u00a0
by the Group,
\u00a0
which does not
\u00a0
have recent third-
party financing, and
\u00a0
makes adjustments
\u00a0
specific to the
\u00a0
lease, e.g. term,
\u00a0
country, currency and
\u00a0
security.
Extension and termination options
Currently the Group
\u00a0
has not included any
\u00a0
extension or termination
\u00a0
options in the liabilities.
\u00a0
The options
are most widely used in rental of
\u00a0
office buildings. All the Group\u2019s contracts
\u00a0
have from 1-4 years left of
the rental period.
\u00a0
The Group assesses
\u00a0
that premises with
\u00a0
less than 2
\u00a0
years will be
\u00a0
vacated at end
\u00a0
of
lease.
\u00a0
For
\u00a0
premises
\u00a0
with
\u00a0
longer
\u00a0
contracts
\u00a0
it
\u00a0
is
\u00a0
assessed
\u00a0
as
\u00a0
uncertain
\u00a0
whether
\u00a0
the
\u00a0
extension
\u00a0
or
termination options will be utilised.
The majority of extension and
\u00a0
termination options held are exercisable
\u00a0
only by the Group and
\u00a0
not by
the respective lessors.
Critical judgements in determining the lease term
In determining
\u00a0
the
\u00a0
lease
\u00a0
term, management
\u00a0
considers all
\u00a0
facts
\u00a0
and
\u00a0
circumstances
\u00a0
that create
\u00a0
an
economic
\u00a0
incentive to
\u00a0
exercise
\u00a0
an
\u00a0
extension option,
\u00a0
or not
\u00a0
exercise
\u00a0
a termination
\u00a0
option. Extension
options
\u00a0
(or
\u00a0
periods
\u00a0
after
\u00a0
termination
\u00a0
options)
\u00a0
are
\u00a0
only
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
lease
\u00a0
term
\u00a0
if
\u00a0
the
\u00a0
lease
\u00a0
is
reasonably certain
\u00a0
to be
\u00a0
extended (or
\u00a0
not terminated).
\u00a0
The lease
\u00a0
term is
\u00a0
reassessed if
\u00a0
an option
\u00a0
is
actually exercised (or not
\u00a0
exercised) or the Group
\u00a0
becomes obliged to
\u00a0
exercise (or not
\u00a0
exercise) it. The
assessment
\u00a0
of
\u00a0
reasonable
\u00a0
certainty
\u00a0
is
\u00a0
only
\u00a0
revised
\u00a0
if
\u00a0
a
\u00a0
significant
\u00a0
event
\u00a0
or
\u00a0
a
\u00a0
significant
\u00a0
change
\u00a0
in
circumstances
\u00a0
occurs,
\u00a0
which
\u00a0
affects
\u00a0
this
\u00a0
assessment,
\u00a0
and
\u00a0
that
\u00a0
is
\u00a0
within
\u00a0
the
\u00a0
control
\u00a0
of
\u00a0
the
\u00a0
lessee.
During the current financial year such an event has not occurred.
Note 17. Other current liabilities
Other current liabilities
note
2022
2021
Accrued personnel expenses (bonus, holiday pay etc.)
40 373
37 439
Accrued cost
19 650
16 975
Provision for onerous lease contracts
2 708
-
Deferred revenue
3
151 568
135 320
Prepaid revenue
19 133
15 343
Lease liabilities
9
15 142
10 631
Residual obligations
16 591
9 797
Other current financial and non-financial liabilities
22
4 325
69 600
Total other current liabilities
269 490
295 106
xx
Note 16. Other non-current debt
Other non-current debt consists of the following:
note
2022
2021
Lease liabilities
9
16 738
22 204
Residual obligations
20 817
20 207
Deferred revenue
-
894
Total other non-current debt
37 555
43 305
xx
Note 18. Critical estimates
The
\u00a0
preparation
\u00a0
of
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
in
\u00a0
conformity
\u00a0
with
\u00a0
IFRS
\u00a0
requires
\u00a0
the
\u00a0
use
\u00a0
of
certain
\u00a0
critical
\u00a0
accounting
\u00a0
estimates.
\u00a0
It
\u00a0
also
\u00a0
requires
\u00a0
management
\u00a0
to
\u00a0
exercise
\u00a0
its
\u00a0
judgment
\u00a0
in
\u00a0
the
process of applying the Group\u2019s accounting policies.
\u00a0
Changes in assumptions may
\u00a0
have a significant impact
\u00a0
on the consolidated financial
\u00a0
statements in
the period the
\u00a0
assumptions are changed.
\u00a0
Estimates and judgments
\u00a0
are continually evaluated
\u00a0
and are
based
\u00a0
on
\u00a0
historical
\u00a0
experience
\u00a0
as
\u00a0
adjusted
\u00a0
for
\u00a0
current
\u00a0
market
\u00a0
conditions
\u00a0
and
\u00a0
other
\u00a0
factors.
Management believes the underlying assumptions are appropriate.
\u00a0
Management
\u00a0
makes
\u00a0
estimates
\u00a0
and
\u00a0
assumptions
\u00a0
concerning
\u00a0
the
\u00a0
future.
\u00a0
The
\u00a0
resulting
\u00a0
accounting
estimates will, by definition, seldom equal the related
\u00a0
actual results. The estimates, assumptions and
management judgments that have a significant risk of
\u00a0
causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are outlined below.
\u00a0
Detailed information
\u00a0
and judgement about
\u00a0
each of
\u00a0
these estimates
\u00a0
is included in
\u00a0
other notes together
with information about the basis of calculation for each affected line
\u00a0
item in the financial statements.
\u00a0
Impairment of intangible assets
\u00a0
Goodwill and customer
\u00a0
relationship are recognised
\u00a0
based on the acquisition
\u00a0
method used to
\u00a0
account
for business
\u00a0
combinations. Customer
\u00a0
relationships acquired
\u00a0
in previous
\u00a0
periods were
\u00a0
recognised at
fair value
\u00a0
at the
\u00a0
acquisition date,
\u00a0
have a
\u00a0
finite useful
\u00a0
life and
\u00a0
are subsequently
\u00a0
carried at
\u00a0
cost less
accumulated amortisation and impairment losses.
\u00a0
Goodwill and intangible
\u00a0
assets that have an
\u00a0
indefinite useful life are
\u00a0
not subject to amortisation
\u00a0
and
are tested annually for impairment,
\u00a0
or more frequently if events
\u00a0
or changes in circumstances
\u00a0
indicate
that they might be impaired.
\u00a0
The
\u00a0
recognised
\u00a0
values
\u00a0
of
\u00a0
goodwill
\u00a0
and
\u00a0
customer
\u00a0
relationships
\u00a0
are
\u00a0
material
\u00a0
to
\u00a0
the
\u00a0
2022
\u00a0
financial
statements
\u00a0
as
\u00a0
a
\u00a0
whole,
\u00a0
and
\u00a0
it
\u00a0
is
\u00a0
important
\u00a0
that
\u00a0
the
\u00a0
user
\u00a0
of
\u00a0
the
\u00a0
Group\u2019s
\u00a0
financial
\u00a0
statements
understands the existence of an inherent uncertainty pertaining to the recognised values.
\u00a0
Impairment test related to goodwill and customer relationships is further described in Note 19.
The Group tests whether goodwill
\u00a0
has suffered any impairment on
\u00a0
an annual basis. For the
\u00a0
2022 and
2021 reporting period,
\u00a0
the recoverable amount
\u00a0
of the cash
\u00a0
generating units (CGUs)
\u00a0
was determined
based
\u00a0
on
\u00a0
value-in-use
\u00a0
calculations.
\u00a0
This
\u00a0
calculation
\u00a0
requires
\u00a0
management
\u00a0
to
\u00a0
estimate
\u00a0
the
\u00a0
future
cash flows expected
\u00a0
to arise from
\u00a0
the CGUs and
\u00a0
a suitable discount
\u00a0
rate to calculate
\u00a0
present value.
Estimated future cash flows
\u00a0
are based on financial
\u00a0
budgets and forecasts approved
\u00a0
by management
covering
\u00a0
a three-year
\u00a0
period. Cash
\u00a0
flows beyond
\u00a0
the three-year
\u00a0
period are
\u00a0
extrapolated using
\u00a0
the
estimated growth
\u00a0
rates. Details
\u00a0
of recognised goodwill
\u00a0
are provided
\u00a0
in Note
\u00a0
19, including
\u00a0
discount rates
calculations and sensitivity disclosures.
\u00a0
Customer relationships
\u00a0
The Group
\u00a0
estimates the
\u00a0
useful life
\u00a0
of the
\u00a0
customer relationship
\u00a0
to be
\u00a0
at least
\u00a0
5 years
\u00a0
based on
\u00a0
the
expected future
\u00a0
revenue generated
\u00a0
from the customer
\u00a0
base. However,
\u00a0
the actual useful
\u00a0
life may
\u00a0
be
shorter
\u00a0
or
\u00a0
longer
\u00a0
than
\u00a0
5
\u00a0
years,
\u00a0
based
\u00a0
on
\u00a0
management
\u00a0
assessments
\u00a0
of
\u00a0
technical
\u00a0
innovations,
technical obsolescence of existing products and competitor actions.
\u00a0
Recognition of income tax
\u00a0
The
\u00a0
Group
\u00a0
is
\u00a0
mainly
\u00a0
subject
\u00a0
to
\u00a0
income
\u00a0
taxes
\u00a0
in
\u00a0
three
\u00a0
jurisdictions,
\u00a0
and
\u00a0
significant
\u00a0
estimates
\u00a0
are
required
\u00a0
in
\u00a0
determining
\u00a0
the
\u00a0
provision
\u00a0
for
\u00a0
income
\u00a0
taxes
\u00a0
and
\u00a0
related
\u00a0
tax
\u00a0
balances.
\u00a0
There
\u00a0
are
\u00a0
many
transactions
\u00a0
and
\u00a0
calculations
\u00a0
for
\u00a0
which
\u00a0
the
\u00a0
ultimate
\u00a0
tax
\u00a0
determination
\u00a0
is
\u00a0
uncertain.
\u00a0
The
\u00a0
Group
recognises liabilities for
\u00a0
anticipated tax audit
\u00a0
issues based on
\u00a0
estimates of whether
\u00a0
additional taxes
will
\u00a0
be
\u00a0
due.
\u00a0
Where
\u00a0
the
\u00a0
final
\u00a0
tax
\u00a0
outcome
\u00a0
of
\u00a0
these
\u00a0
matters
\u00a0
is
\u00a0
different
\u00a0
from
\u00a0
the
\u00a0
amounts
\u00a0
that
\u00a0
were
initially recorded, such differences will impact the current tax and deferred tax provisions.
\u00a0
Deferred tax assets
\u00a0
are recognized
\u00a0
when it
\u00a0
is probable
\u00a0
the company will
\u00a0
have a sufficient
\u00a0
taxable profit
in
\u00a0
subsequent
\u00a0
periods
\u00a0
to
\u00a0
utilize
\u00a0
the
\u00a0
tax
\u00a0
asset.
\u00a0
Assessment
\u00a0
of
\u00a0
future
\u00a0
ability
\u00a0
to
\u00a0
utilise
\u00a0
tax
\u00a0
positions
\u00a0
is
based on
\u00a0
judgements of
\u00a0
the level
\u00a0
of taxable
\u00a0
profit, the
\u00a0
expected timing
\u00a0
of utilisation
\u00a0
and
\u00a0
expected
temporary differences.
\u00a0
The Group has
\u00a0
at the balance
\u00a0
sheet date tax
\u00a0
losses carried forward
\u00a0
which are not
\u00a0
included in the
\u00a0
basis
for the
\u00a0
recognised deferred
\u00a0
tax asset,
\u00a0
as significant
\u00a0
uncertainty pertaining to
\u00a0
the possible
\u00a0
utilisation
of these losses has been identified.
Note 20. Financial risk management
The Group's
\u00a0
financial risk is
\u00a0
related to
\u00a0
credit risk,
\u00a0
liquidity risk, currency
\u00a0
risk and
\u00a0
interest rate risk.
\u00a0
The
Group's
\u00a0
risk
\u00a0
management
\u00a0
aims
\u00a0
to
\u00a0
support
\u00a0
value
\u00a0
creation
\u00a0
and
\u00a0
ensure
\u00a0
a
\u00a0
solid
\u00a0
financial
\u00a0
platform,
through
\u00a0
transparent
\u00a0
and
\u00a0
strategic
\u00a0
management
\u00a0
of
\u00a0
both
\u00a0
financial
\u00a0
and
\u00a0
operational
\u00a0
risk
\u00a0
factors.
Operational risk relates mainly to major projects, which are continuously reviewed by management.
\u00a0
The Group\u2019s capital consists of net interest-bearing debt (NIBD)
\u00a0
and equity:
2022
2021
Non-current interest-bearing borrowings
90 665
97 402
Current interest-bearing borrowings
83 322
74 548
Cash and cash equivalents*
61 119
50 350
NIBD
112 868
121 600
Group equity
571 520
555 586
Net gearing (NIBD/equity)
20%
22%
Undrawn credit facilities
64 238
72 081
xx
A) Capital management
The Group\u2019s
\u00a0
capital structure's
\u00a0
primary focus
\u00a0
is to
\u00a0
ensure sufficient
\u00a0
free liquidity
\u00a0
in the
\u00a0
form of
\u00a0
cash
and
\u00a0
cash
\u00a0
equivalents along
\u00a0
with
\u00a0
bank
\u00a0
overdraft facilities
\u00a0
to
\u00a0
ensure
\u00a0
that
\u00a0
the
\u00a0
Group can
\u00a0
continually
service its obligations and at the same time be able to make strategic acquisitions.
B) Credit risk
Credit risk is the risk that customers are unable to settle their obligations as they mature. Credit risk is
considered part of the business risk and
\u00a0
is included in ongoing operations. The Group
\u00a0
has established
procedures
\u00a0
for credit
\u00a0
rating major
\u00a0
private customers,
\u00a0
and
\u00a0
the risk
\u00a0
that customers
\u00a0
do
\u00a0
not
\u00a0
have the
financial means to meet
\u00a0
their obligations is considered low.
\u00a0
Historically, only minor losses have
\u00a0
been
realised as a result of customers experiencing financial difficulties.
\u00a0
The customer
\u00a0
base comprises
\u00a0
many medium-sized
\u00a0
customers, along
\u00a0
with a
\u00a0
few larger
\u00a0
customers.
The
\u00a0
customer portfolio
\u00a0
is
\u00a0
considered
\u00a0
to be
\u00a0
well diversified
\u00a0
across
\u00a0
industries, as
\u00a0
well as
\u00a0
private and
public
\u00a0
customers.
\u00a0
The
\u00a0
risk
\u00a0
level
\u00a0
is
\u00a0
considered
\u00a0
satisfactory.
\u00a0
The
\u00a0
bulk
\u00a0
of
\u00a0
the
\u00a0
Group's
\u00a0
customers
\u00a0
are
Norwegian and Swedish, which constitutes a geographic concentration of risk.
\u00a0
No single
\u00a0
customer represents
\u00a0
10% or
\u00a0
more of
\u00a0
trade receivables
\u00a0
as at
\u00a0
31 December
\u00a0
2022 or
\u00a0
as at
\u00a0
31
December 2021. No single customer represents 10% or more of the Group's revenues in 2022 or 2021.
\u00a0
The
\u00a0
maximum
\u00a0
credit
\u00a0
exposure
\u00a0
consists
\u00a0
of
\u00a0
the
\u00a0
carrying
\u00a0
value
\u00a0
of
\u00a0
receivables
\u00a0
and
\u00a0
cash
\u00a0
and
\u00a0
cash
equivalents. All receivables are due within one year. Normally, payment is 14 days after invoicing.
\u00a0
Provisions for losses on trade
\u00a0
receivables are based on portfolio
\u00a0
assessment of Trade receivables
\u00a0
as
disclosed in note 13.
Historically, actual losses on trade receivables
\u00a0
have been immaterial, as was also the
\u00a0
case in 2022. It
is management\u2019s
\u00a0
assessment that
\u00a0
the Group's
\u00a0
overall credit
\u00a0
risk is
\u00a0
satisfactory. Please
\u00a0
also refer
\u00a0
to
Note 13, Trade receivables and other receivables.
C) Liquidity risk
Liquidity risk
\u00a0
is the
\u00a0
risk of not
\u00a0
being able to
\u00a0
pay the
\u00a0
Group's financial
\u00a0
obligations upon
\u00a0
maturity. Liquidity
risk arises from
\u00a0
a mismatch between
\u00a0
cash flows from
\u00a0
operations and financial
\u00a0
commitments. Liquidity
budgets are
\u00a0
prepared based
\u00a0
on the
\u00a0
Group's financial
\u00a0
budgets. The
\u00a0
budgets are
\u00a0
prepared annually
and are updated with
\u00a0
new forecasts throughout the
\u00a0
year. Transforming from a
\u00a0
transactional model to
a recurring
\u00a0
revenue model,
\u00a0
which by
\u00a0
definition postpones
\u00a0
incoming cash
\u00a0
flows, puts
\u00a0
a higher
\u00a0
strain
on the liquidity position
\u00a0
of the Group.
\u00a0
The Group's liquidity is
\u00a0
closely monitored by
\u00a0
management and
the Board of Directors. If
\u00a0
the need arises, the Group
\u00a0
has access to multiple funding sources
\u00a0
to balance
the transformation.
For details regarding the Group's interest-bearing borrowings refer to Note 15 Borrowings.
D) Currency risk
The
\u00a0
material
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
Group's
\u00a0
operations
\u00a0
is
\u00a0
conducted
\u00a0
in
\u00a0
the
\u00a0
Nordics.
\u00a0
The
\u00a0
Group
\u00a0
is
\u00a0
thus
\u00a0
not
materially affected by
\u00a0
operational currency
\u00a0
fluctuations other
\u00a0
than fluctuations
\u00a0
between NOK and
\u00a0
SEK.
The bulk
\u00a0
of the
\u00a0
Group's goods
\u00a0
and services
\u00a0
is billed
\u00a0
in NOK
\u00a0
or SEK
\u00a0
as appropriate.
\u00a0
To a
\u00a0
minor extent,
some solutions
\u00a0
revenue and
\u00a0
expenses are
\u00a0
invoiced in
\u00a0
PLN, EUR
\u00a0
and USD.
\u00a0
The Group
\u00a0
does not
\u00a0
hedge
cash
\u00a0
flows
\u00a0
in
\u00a0
foreign
\u00a0
currencies.
\u00a0
The
\u00a0
Group
\u00a0
has
\u00a0
low
\u00a0
cash
\u00a0
holdings,
\u00a0
trade
\u00a0
receivables
\u00a0
and
\u00a0
trade
payables in currencies other than NOK and SEK.
\u00a0
Therefore,
\u00a0
the
\u00a0
consequences
\u00a0
on
\u00a0
the
\u00a0
Group's
\u00a0
profit
\u00a0
and
\u00a0
equity
\u00a0
from
\u00a0
changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
between
\u00a0
NOK
\u00a0
and
\u00a0
foreign
\u00a0
currencies,
\u00a0
and
\u00a0
SEK
\u00a0
and
\u00a0
foreign
\u00a0
currencies
\u00a0
is
\u00a0
limited
\u00a0
and
\u00a0
deemed
acceptable. There is limited trade between Norway and Sweden and currency risk is
\u00a0
considered to be
low overall. Group
\u00a0
values related
\u00a0
to foreign
\u00a0
operations are subject
\u00a0
to currency
\u00a0
fluctuations. As such,
there
\u00a0
will be
\u00a0
variations in
\u00a0
the
\u00a0
financial statement
\u00a0
the line
\u00a0
item Exchange
\u00a0
differences on
\u00a0
translating
foreign operations in the consolidated statement of comprehensive income.
\u00a0
E) Interest rate risk
Interest
\u00a0
rate
\u00a0
changes
\u00a0
have
\u00a0
an
\u00a0
effect
\u00a0
on
\u00a0
consolidated
\u00a0
operating
\u00a0
income
\u00a0
and
\u00a0
cash
\u00a0
flows
\u00a0
from
operating activities. The Group's interest rate risk is related to floating
\u00a0
interest rates on bank accounts
and
\u00a0
deposits,
\u00a0
in
\u00a0
addition
\u00a0
to
\u00a0
floating
\u00a0
rate
\u00a0
debt
\u00a0
in
\u00a0
credit
\u00a0
institutions.
\u00a0
The
\u00a0
Group
\u00a0
has
\u00a0
no
\u00a0
fixed-rate
deposits or
\u00a0
debt, and
\u00a0
is therefore
\u00a0
not exposed
\u00a0
to fair
\u00a0
value interest
\u00a0
rate risk.
\u00a0
The Group
\u00a0
assesses its
capital structure on an ongoing basis.
\u00a0
Interest rate sensitivity
Increase/
decrease in
basis points
Increased
interest
rate effect
on profit
before tax
Decreased
interest
rate effect
on profit
before tax
Based on net interest-bearing items 31.12.2022
+/- 100
-1 230
1 230
Based on net interest-bearing items 31.12.2021
+/- 100
-1 276
1 276
F) Categories of financial instruments
This
\u00a0
section
\u00a0
explains
\u00a0
the
\u00a0
judgements
\u00a0
and
\u00a0
estimates
\u00a0
made
\u00a0
in
\u00a0
determining
\u00a0
the
\u00a0
fair
\u00a0
values
\u00a0
of
\u00a0
the
financial instruments that
\u00a0
are recognised and
\u00a0
measured at fair
\u00a0
value in the
\u00a0
financial statements. To
provide
\u00a0
an
\u00a0
indication
\u00a0
of
\u00a0
the
\u00a0
reliability
\u00a0
of
\u00a0
the
\u00a0
inputs
\u00a0
used
\u00a0
in
\u00a0
determining
\u00a0
fair
\u00a0
value,
\u00a0
the
\u00a0
Group
\u00a0
has
classified its financial
\u00a0
instruments into the three
\u00a0
levels prescribed under the
\u00a0
accounting standards. An
explanation of each level is included in note 1 accounting principles.
\u00a0
The fair value of
\u00a0
all financial assets and financial
\u00a0
liabilities are assessed to,
\u00a0
for all material purposes,
be
\u00a0
equal
\u00a0
to
\u00a0
book
\u00a0
value.
\u00a0
To
\u00a0
assess
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
shares
\u00a0
and
\u00a0
investments
\u00a0
held
\u00a0
by
\u00a0
the
\u00a0
Group
management assesses
\u00a0
the underlying
\u00a0
values in
\u00a0
the companies
\u00a0
where the
\u00a0
Group holds
\u00a0
shares. The
change in fair value is accounted for over profit and loss.
The Group has the following categories of financial
instruments as at 31 December 2022:
Financial
assets at fair
value through
profit or loss
Financial
assets at
amortised
cost
Total
Level in fair
value
hierarchy
ASSETS
Shares and investments
608
0
608
3
Other non-current assets
0
2 655
2 655
Accounts receivables
0
213 773
213 773
Other receivables
0
33 801
33 801
Cash and cash equivalents
0
61 119
61 119
Total assets
608
311 349
311 957
Financial
liabilities at
fair value
through profit
or loss
Financial
liabilities at
amortised
cost
Total
Level in fair
value
hierarchy
LIABILITIES
Non-current interest-bearing borrowings
0
90 665
90 665
Other non-current debt
0
37 555
37 555
Current interest-bearing borrowings
0
83 322
83 322
Accounts payables
0
205 797
205 797
Current lease liabilities
0
15 142
15 142
Other current financial liabilities
0
76 614
76 614
Total liabilities
0
553 510
553 510
The Group has the following categories of financial
instruments as at 31 December 2021:
Financial
assets at fair
profit or loss
Financial
assets at
amortised
cost
Total
Level in fair
value
hierarchy
ASSETS
Shares and investments
590
0
590
3
Other non-current assets
0
1 224
1 224
Accounts receivables
0
230 229
230 229
Other receivables
0
31 435
31 435
Cash and cash equivalents
0
50 350
50 350
Total assets
590
313 238
313 828
Financial
liabilities at
fair value
through profit
or loss
Financial
liabilities at
amortised
cost
Total
Level in fair
value
hierarchy
LIABILITIES
Non-current interest-bearing debt
0
97 402
97 402
Other non-current debt
0
43 305
43 305
Current interest-bearing borrowings
0
74 548
74 548
Accounts payables
0
193 833
193 833
Current lease liabilities
0
10 631
10 631
Other current financial liabilities
0
62 215
62 215
Total liabilities
0
522 164
522 164
xx
Note 21. Legal disputes and contingencies
The Group has no ongoing legal disputes.
Note 22. Changes in Group structure and business combinations
2022
Acquisition of Crypho AS
On
\u00a0
1
\u00a0
June,
\u00a0
Techstep
\u00a0
acquired
\u00a0
100%
\u00a0
of
\u00a0
the
\u00a0
share
\u00a0
in
\u00a0
Crypho
\u00a0
AS.
\u00a0
The
\u00a0
company
\u00a0
has
\u00a0
an
\u00a0
end-to
\u00a0
end
encrypted
\u00a0
enterprise
\u00a0
software
\u00a0
as
\u00a0
a
\u00a0
service
\u00a0
(SaaS)
\u00a0
messaging
\u00a0
and
\u00a0
file-sharing
\u00a0
application.
\u00a0
The
transaction
\u00a0
was
\u00a0
partly
\u00a0
settled
\u00a0
in
\u00a0
368 902
\u00a0
consideration
\u00a0
shares
\u00a0
in
\u00a0
Techstep
\u00a0
ASA.
\u00a0
At
\u00a0
the
\u00a0
time
\u00a0
of
completion, this corresponded
\u00a0
to NOK 1.1
\u00a0
million. The earnout
\u00a0
(refer to table
\u00a0
below) is to
\u00a0
be settled in
Techstep shares.
The
\u00a0
table below
\u00a0
summarises
\u00a0
the consideration
\u00a0
transferred and
\u00a0
the amounts
\u00a0
recognised for
\u00a0
assets
acquired and liabilities assumed after the business combinations:
Consideration and amount recognised
Total
Cash payments
3 673
Consideration shares
1 059
Seller credit
1 818
Total
6 550
Consideration and amount recognised
Total
Consideration shares
1 059
Seller credit
1 818
Total
2 877
Net assets
Total
Intangible assets
3 566
Property plant and equipment
83
Trade and other receivables
28
Cash and cash equivalents
294
Other non-current liabilities
(5 831)
Current liabilities
(217)
Net assets
(2 076)
Excess value
4 953
Purchase price allocation
Total
Goodwill
4 953
Total
4 953
*Settlement of shareholder loans:
\u00a0
Crypho had shareholder loans
\u00a0
of NOK 3.7 million. In
\u00a0
conjunction with
closing of
\u00a0
the
\u00a0
transaction,
\u00a0
Techstep
\u00a0
became
\u00a0
the debtor.
\u00a0
The
\u00a0
shareholder
\u00a0
loans were
\u00a0
subsequently
settled with 1 129 118 shares in Techstep ASA.
Acquisition of last 20% of shares in Techstep Finance AS
On 14
\u00a0
February, the
\u00a0
company acquired
\u00a0
the remaining
\u00a0
20% of
\u00a0
the shares
\u00a0
in Techstep
\u00a0
Finance AS
\u00a0
for
NOK 9.0 million. The amount was settled in cash. Goddwill
\u00a0
of NOK 7.4 million was recognized. Following
the transaction, Techstep
\u00a0
owns 100% of
\u00a0
the shares
\u00a0
in Techstep
\u00a0
Finance AS.
\u00a0
Techstep Finance
\u00a0
AB is a
100%-owned
\u00a0
subsidiary
\u00a0
of
\u00a0
Techstep
\u00a0
Finance
\u00a0
AS
\u00a0
and
\u00a0
the
\u00a0
ownership
\u00a0
in
\u00a0
Techstep
\u00a0
Finance
\u00a0
AB
\u00a0
has
increased correspondingly.
Divestment of Voice and Contact centre business unit
On 3 January, the divestment
\u00a0
of the Voice and Contact
\u00a0
center business unit was completed
\u00a0
for a total
consideration of NOK 65.5 million. The settlement
\u00a0
was received in December 2021. The gain
\u00a0
of NOK 40.1
million has been
\u00a0
recognized in the
\u00a0
income statement
\u00a0
as Other
\u00a0
income in 2022.
\u00a0
NOK 24.5 million
\u00a0
has
been derecognised from Assets held for sale.
2021
Divestment
Techstep divested its Voice & Contact Centre
\u00a0
business units (\"VCC\") in Norway and Sweden
\u00a0
for a total
combined consideration of NOK 65.7 million,
\u00a0
settled in cash. The proceeds were received
\u00a0
at the end of
2021, while the transaction closed 3 January 2022.
In the 2022 financial accounts, the proceeds of NOK 65.7
\u00a0
million are accounted for as other short term
debt (NOK 65.7
\u00a0
million) on the
\u00a0
line item Other
\u00a0
current liabilities in
\u00a0
the statement of
\u00a0
financial position.
The amount was used to reduce the Group\u2019s bank overdraft. The bank overdraft is included in the line
item Current interest-bearing
\u00a0
liabilities. In relation
\u00a0
to the transition
\u00a0
the Group has
\u00a0
identified assets and
liabilities of the
\u00a0
net amount NOK
\u00a0
24.5 million which
\u00a0
are classified as
\u00a0
held for sale
\u00a0
in the statement
\u00a0
of
financial position.
\u00a0
Assets classified
\u00a0
as held
\u00a0
for sale
\u00a0
are reclassified
\u00a0
from Goodwill
\u00a0
(NOK 24.1
\u00a0
million)
and net other assets (NOK 0.4 million).
In
\u00a0
2022
\u00a0
the
\u00a0
Group
\u00a0
recognised
\u00a0
a
\u00a0
gain
\u00a0
from
\u00a0
the
\u00a0
divestment
\u00a0
amounting
\u00a0
to
\u00a0
NOK
\u00a0
40.2
\u00a0
million
\u00a0
in
\u00a0
the
consolidated income statement.
\u00a0
The remaining NOK
\u00a0
24.5 million was
\u00a0
recognised towards the
\u00a0
assets
held for sale.
Acquisition
Techstep
\u00a0
acquired
\u00a0
100
\u00a0
%
\u00a0
of
\u00a0
the
\u00a0
shares
\u00a0
in
\u00a0
Famoc
\u00a0
S.A,
\u00a0
Famoc
\u00a0
Software
\u00a0
Ltd.
\u00a0
And
\u00a0
Santa
\u00a0
Rita
\u00a0
Private
Venture 1
\u00a0
July 2021.
\u00a0
The transaction
\u00a0
was settled
\u00a0
partly in
\u00a0
3 679
\u00a0
211 consideration
\u00a0
shares in
\u00a0
Techstep
ASA. At the time of completion, this corresponded to NOK 15.8 million.
The
\u00a0
tables below
\u00a0
summarise the
\u00a0
consideration transferred
\u00a0
and the
\u00a0
amounts recognised
\u00a0
for assets
acquired and liabilities assumed after the business combinations:
Consideration and amount recognised
Total
Cash payments
82 444
Consideration shares
15 821
Seller credit
11 976
Total
110 240
Net assets
Total
Intangible assets
3 271
Property plant and equipment
106
Right of use assets
845
Other non-current assets
628
Trade and other receivables
7 846
Cash and cash equivalents
8 473
Other non-current liabilities
(2 244)
Current liabilities
(1 779)
Net assets
17 146
Excess value
93 094
Purchase price allocation
Total
Technology
17 150
Customer relations
18 735
Deferred tax
(6 844)
Goodwill
0
Total
93 094
The
\u00a0
goodwill
\u00a0
of
\u00a0
NOK
\u00a0
64.1
\u00a0
million
\u00a0
relates
\u00a0
to
\u00a0
the
\u00a0
know-how
\u00a0
within
\u00a0
the
\u00a0
mobility
\u00a0
space.
\u00a0
The
\u00a0
acquired
company broadens the Group's product offering. There
\u00a0
are synergies with existing Group companies
by cross-selling of products. None of the goodwill recognised is
\u00a0
expected to be deductible for income
tax purposes. The business combinations are carried out as part of the Group's growth strategy.
Note 23. Related party transactions
The following are considered related parties to the Group:
All the members of the
\u00a0
Board of Directors and Group management,
\u00a0
including close family members,
as defined by the Norwegian Accounting Act and associated regulations.
\u00a0
The following companies are considered as related parties to the Group during 2021 and 2022:
Company
Relationship
Role
Crayon Holding ASA and
subsidiaries
Jens Rugseth
Board
\u00a0
member
\u00a0
(Chairman
\u00a0
of
\u00a0
the
\u00a0
Board
\u00a0
until
February 2023)
Stobor Invest AB
\u00c5ke Fredrik
Logenius
Chief operation officer
Consolidated income statement
Revenue from
Expenses to
2022
2021
2022
2021
Crayon
2 060
678
3 536
2 534
Stobor Invest AB*
-
-
1 557
2 431
Receivables
Payables
Balance as at 31 December
2022
2021
2022
2021
Crayon
172
199
243
247
Stobor Invest AB*
-
-
27 789
43 777
xx
Note 24. Earnings per share
2022
2021
Weighted average number of shares outstanding
273 101 621
188 677 089
Weighted average number of shares outstanding (Diluted)
273 463 567
191 369 892
Profit attributable to owners of the parent
(68 926)
(103 050)
Earnings per share
(0.25)
(0.55)
Earnings per share (Diluted)
(0.25)
(0.55)
The Group has
\u00a0
issued stock options
\u00a0
to some members
\u00a0
of the executive
\u00a0
management Group and
\u00a0
other
key employees, refer to note 28 Remuneration to the board and executive management for details.
Note 26. Group structure
As at 31 December 2022 the Group consisted of the following companies:
Company
Location
Segment
Ownership
Oslo
Headquarters
100%
Techstep Norway AS
Oslo
Norway
100%
Mytos AS
Oslo
Norway
100%
Techstep Finance AS
Oslo
Norway
100%
Techstep AB
Karlstad/Bor\u00e5s
Sweden
100%
Techstep Finance AB
Karlstad
Sweden
100%
Techstep ApS
Denmark
Denmark
100%
Optidev ApS
Vejle
Denmark
100%
Techstep Polen S.A
Gdansk
Poland
100%
Techstep Ireland Ltd.
Cork
Poland
100%
Santa Rita Private Venture
Gdansk
Poland
100%
Note 27. Remuneration to auditor
Auditor remuneration
2022
Audit
services
Other
attestation
services
Tax
advisory
services
Other non-
audit
services
Total
BDO
2 704
62
-
123
2 889
Other
218
-
41
144
403
Total
2 922
62
41
267
3 292
2021
Audit
services
Other
attestation
services
Tax
advisory
services
Other non-
audit
services
Total
BDO
2 017
335
-
-
2 352
Other
554
-
-
-
554
Total
2 571
335
-
-
2 906
Xx
Note 29. Events after the reporting period
On 1
\u00a0
February 2023,
\u00a0
Techstep strengthened its
\u00a0
executive management
\u00a0
team by
\u00a0
appointing Ellen
\u00a0
Solum
as new CFO and Anita Huun taking on a new role as Chief Commercial Officer. Together they will help
Techstep further sharpen its focus on both commercial growth, cost efficiencies and profitability.
\u00a0
On
\u00a0
15
\u00a0
February,
\u00a0
the
\u00a0
extraordinary
\u00a0
general
\u00a0
meeting
\u00a0
approved
\u00a0
changes
\u00a0
to
\u00a0
the
\u00a0
Board.
\u00a0
Jens
\u00a0
Rugseth
stepped
\u00a0
down
\u00a0
as
\u00a0
Chairperson
\u00a0
and
\u00a0
will
\u00a0
continue
\u00a0
as
\u00a0
an
\u00a0
ordinary
\u00a0
Board
\u00a0
member.
\u00a0
Board
\u00a0
member
Michael Jacobs was elected as new Chairperson of the Board
There are no other subsequent events to report after the reporting period.
Note 19. Impairment of intangible assets
For impairment
\u00a0
testing goodwill,
\u00a0
customer relationships
\u00a0
and technology
\u00a0
acquired through
\u00a0
business
combinations are allocated to the CGUs as shown in the table below.
Goodwill
Customer relationships
Technology
2022
2021
2022
2021
2022
2021
Norway
344 452
243 467
-
284
-
-
Crypho
4 952
-
-
-
-
-
Sweden
189 588
195 445
42 586
63 171
8 923
12 424
Mytos
-
93 570
-
343
-
-
Poland
62 091
60 067
12 986
16 152
11 802
14 680
Total
601 083
592 549
55 572
79 950
20 725
27 104
Cash generating units
\u00a0
Norway
: Comprises the companies
\u00a0
Techstep Norway AS, Techstep
\u00a0
Finance AS and
\u00a0
Mytos AS. The cash
flows from Mytos
\u00a0
have been more
\u00a0
integrated with Techstep
\u00a0
Norway AS and
\u00a0
for the 2022
\u00a0
impairment
test
\u00a0
Mytos
\u00a0
was
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
Norway CGU.
\u00a0
All
\u00a0
initial
\u00a0
input
\u00a0
into Techstep
\u00a0
Finance
\u00a0
AS
\u00a0
is created
\u00a0
by
Techstep Norway
\u00a0
AS, and
\u00a0
Techstep Finance
\u00a0
AS is
\u00a0
therefore not
\u00a0
considered to
\u00a0
be a
\u00a0
cash generating
Goodwill allocated
\u00a0
to Norway is
\u00a0
mainly related
\u00a0
to acquisition of
\u00a0
Nordialog, Techstep
\u00a0
Finance AS
\u00a0
and
Crypho
: Crypho AS has an end-to-end encrypted enterprise software as a
\u00a0
service (SaaS) messaging
and file-sharing application.
\u00a0
The company was
\u00a0
acquired in June
\u00a0
2022, and during
\u00a0
the six months
\u00a0
of
ownership in 2022 there has not been material changes in the valuation.
\u00a0
Sweden:
Comprise
\u00a0
the
\u00a0
companies
\u00a0
Techstep
\u00a0
AB,
\u00a0
Techstep
\u00a0
Finance
\u00a0
AB
\u00a0
and
\u00a0
Optidev
\u00a0
ApS.
\u00a0
The
companies
\u00a0
are
\u00a0
followed
\u00a0
up
\u00a0
as
\u00a0
Sweden,
\u00a0
and
\u00a0
are
\u00a0
integrated
\u00a0
with
\u00a0
each
\u00a0
other.
\u00a0
Similar
\u00a0
to
\u00a0
Norway,
Techstep Finance AB is not considered to be a cash generating unit by itself.
Goodwill
\u00a0
allocated
\u00a0
to
\u00a0
Sweden
\u00a0
is
\u00a0
mainly
\u00a0
related
\u00a0
to
\u00a0
acquisition
\u00a0
of
\u00a0
Techstep
\u00a0
AB,
\u00a0
Optidev
\u00a0
AB
\u00a0
and
eConnectivity.
Poland:
Comprise the companies
\u00a0
Famoc S.A.
\u00a0
and Famoc ltd.
\u00a0
Goodwill allocated
\u00a0
to Poland is
\u00a0
related
to the acquisition of Famoc.
\u00a0
Goodwill, Customer relationships and Technology
\u00a0
are monitored by management
\u00a0
at the level defined
in the table
\u00a0
above. These CGU
\u00a0
represent the lowest
\u00a0
level within the
\u00a0
Group at which
\u00a0
the goodwill and
other intangible assets are monitored for internal management purposes.
\u00a0
Goodwill is initially recognised at the
\u00a0
date of an acquisition of a
\u00a0
business combination and represents
the excess of the
\u00a0
consideration transferred, the
\u00a0
amount of any
\u00a0
non-controlling interest in
\u00a0
the acquiree
and the
\u00a0
fair value
\u00a0
as at
\u00a0
the acquisition date
\u00a0
of any
\u00a0
previous equity
\u00a0
interest in
\u00a0
the acquiree
\u00a0
over the
fair value
\u00a0
of the
\u00a0
identifiable
\u00a0
net assets
\u00a0
acquired.
\u00a0
Other intangible
\u00a0
assets are
\u00a0
recognised
\u00a0
at the
\u00a0
fair
value as at the acquisition date.
Goodwill and intangible
\u00a0
assets that have an
\u00a0
indefinite useful life are
\u00a0
not subject to amortisation
\u00a0
and
are tested annually for impairment,
\u00a0
or more frequently if events
\u00a0
or changes in circumstances
\u00a0
indicate
that
\u00a0
they
\u00a0
might
\u00a0
be
\u00a0
impaired.
\u00a0
Impairment
\u00a0
reviews
\u00a0
are
\u00a0
undertaken
\u00a0
by
\u00a0
calculating
\u00a0
the
\u00a0
recoverable
amount of the CGU containing goodwill and other intangible
\u00a0
assets. The carrying amount of the CGU
is then compared
\u00a0
to the recoverable
\u00a0
amount of the
\u00a0
CGU, which is
\u00a0
the higher of
\u00a0
value in use
\u00a0
and the
fair value less costs of disposal. Any impairment is recognised
\u00a0
immediately as an expense and is not
subsequently reversed.
The estimate of
\u00a0
the recoverable amount
\u00a0
of the CGU
\u00a0
is largely based
\u00a0
on management\u2019s assumption
pertaining to the Group\u2019s future cash flow projections.
For the 2022 and
\u00a0
2021 reporting period, the
\u00a0
recoverable amount of the
\u00a0
cash generating units (CGUs)
was
\u00a0
determined
\u00a0
based
\u00a0
on
\u00a0
value-in-use
\u00a0
calculations
\u00a0
which
\u00a0
require
\u00a0
the
\u00a0
use
\u00a0
of
\u00a0
several
\u00a0
key
assumptions. The calculations
\u00a0
use cash flow
\u00a0
projections based on
\u00a0
financial budgets and
\u00a0
prognoses
in
\u00a0
the
\u00a0
strategic
\u00a0
plan
\u00a0
approved
\u00a0
by
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors
\u00a0
covering
\u00a0
a
\u00a0
three-year
\u00a0
period.
\u00a0
Cash
\u00a0
flows
beyond the three-year period are calculated using the estimated growth rates stated below.
Please refer to the table \u201cKey assumptions for estimating future performance\u201d for further details.
Key assumptions for estimating future performance
Norway
Sweden
Poland
Material
factors that
affect the
cash flow
from
operations
The cash generating unit
provides the customer with
the entire managed mobility
offering, consisting of
Hardware,
\u00a0
third party
software within the mobility
space, consultancy,
maintenance and support,
and all of the Groups\u2019 own
software, including
Fakturakontroll.
\u00a0
All of the
products are offered stand-
alone or through bundles. The
CGU retains cash flows from
the traditional hardware
business, which is expected to
decrease over the next years.
All increase in cash flow is
primarily expected in own
software.
The Cash flows are based
upon expected future
performance using the 2023
budget as a baseline. Free
cash flows are expected to
increase in the years to come
as the organisation settles
and becomes more effective.
The cash generating unit
provides the market with a
comprehensive service stack
comparable to the Norwegian
counterpart. The company is
moving towards offering a full
suite of managed mobility,
including the Origo platform
adapted to the Swedish
market.
The cash flows are based
upon expected future
performance using the 2023
budget as a baseline. Free
cash flows are expected to
increase in the years to come
as the organisation settles
and becomes more effective.
The cash generating unit is
based in Poland and delivers
software solutions for mobility
management to SMEs and
enterprises throughout Europe.
The software has a good fit with
the Groups other offerings and
integration of the product into
the Nordic offerings is being
undertaken.
The CGU has stable free cash
flows.
.
The CGU operates
\u00a0
in a stable
economy with a high
penetration of use of
advanced mobile devices.
The market related to other
service offerings from the
CGU is expected to grow in
the future.
Third party independent
agencies have reported an
expected compound average
growth rate in the markets
the CGU operates far above
The CGU operates
\u00a0
in a stable
economy with a high
penetration of use of
advanced mobile devices.
The market related to other
service offerings from the
CGU is expected to grow in
the future.
Third party independent
agencies have reported an
expected compound average
growth rate in the markets
the CGU operates far above
The CGU operates from Poland,
however, it has customers in
many geographies where both
economic and market
conditions differ.
A strength is that the CGU is
diversified, however the risk
profiles of the individual
customers vary.
the growth estimates used in
the impairment assessment.
the growth estimates used in
the impairment assessment.
Capital expenditure is
assumed to be equal to
depreciation in the terminal
year.
Capital expenditure is
assumed to be equal to
depreciation in the terminal
year.
Capital expenditure is assumed
to be equal to depreciation in
the terminal year.
Main budget
and long
term
assumptions
The budget and long term
plan is based on the
continued transition from old
to new revenue streams. The
budget for 2023 is at the
same level as results
delivered in 2022, however
there is an underlying shift
from old to new revenue
streams. There is a risk that
there is a lag in the transition
and that the result delivered
will be lower. The budget is a
building block in the long-
term strategy plan, which has
an ambition of an increase in
Refer to sensitivity analysis
below regarding reductions in
free cash flows and impact
on impairment.
The budget and long term
plan in Sweden is based on
the same underlying value
chains as in Norway, where
investments related to
processes and systems are
taken in 2022. The systems,
products and processes will
be rolled out in Sweden and
the group will scale better on
new systems.
Refer to sensitivity analysis
below regarding reductions in
free cash flows and impact
on impairment.
The budget and long-term plan
in the CGU is related to the
integration in the Group,
standardizing the product
offering into the smart
packaging, and growing sales
through direct and partner-
sales channels.
Refer to sensitivity analysis
below regarding reductions in
free cash flows and impact on
impairment.
The calculations of the CGU carrying amount use cash flow projections based on financial budgets
and forecasts approved by management covering a three-year period. Cash flow for year four and
five were calculated using estimated growth rates. In year six a terminal value is calculated.
\u00a0
Discount rates
The pre-tax discount rate applied
\u00a0
for the impairment testing
\u00a0
is set between 11.2% -
\u00a0
13.7% depending on
the geographic area.
\u00a0
This rate of
\u00a0
return is calculated
\u00a0
based on the
\u00a0
weighted average of
\u00a0
required rates
of return
\u00a0
on the Group\u2019s
\u00a0
equity and debt
\u00a0
(WACC) using the
\u00a0
capital asset pricing
\u00a0
model (CAPM).
\u00a0
The
post-tax rates are converted to pre-tax rates by using nominal tax rate in the relevant countries.
The required rate of return on debt is estimated based on a long-term risk-free interest rate, to which
a premium
\u00a0
is added
\u00a0
to reflect
\u00a0
the creditors'
\u00a0
risk when
\u00a0
lending funds
\u00a0
to the
\u00a0
Group. The
\u00a0
discount rate
includes a
\u00a0
small business
\u00a0
premium (operational
\u00a0
risk) and
\u00a0
the expected
\u00a0
future levels
\u00a0
of inflation.
\u00a0
For
impairment
\u00a0
reviews
\u00a0
performed
\u00a0
at
\u00a0
year
\u00a0
end
\u00a0
2022
\u00a0
and
\u00a0
2021,
\u00a0
these
\u00a0
assumptions
\u00a0
have
\u00a0
been
\u00a0
applied
consistently across the Group.\"
2022
2021
Equity ratio
50%
42%
Growth in terminal value
2.0%
0.5 %
WACC
11.2% - 13.7%
11.9 %
Sensitivity
A sensitivity analysis would result in the following impairment indications.
\u00a0
The sensitivities are applied
in all years throughout the forecasting period.
Impact on impairment
Norway
Sweden
Poland
10% decline in free cash flow
No impairment
No impairment
No impairment
1 % increase in WACC
No impairment
No impairment
No impairment
Note 12. Inventories
Book value of inventories
2022
2021
Inventories
24 473
20 068
Less write-down of inventories
(1 042)
(678)
Total inventories
23 431
19 391
xx
Note 11. Intangible assets
Goodwill
Customer
relationships
Other
intangible
assets
Total
Accumulated cost as at 1 January 2022
736 389
385 121
148 288
1 269 797
Additions
-
-
52 250
52 250
Additions arising from business combinations
12 367
-
3 566
15 933
Disposals
-
-
(125)
(125)
Translation differences
(10 588)
(2 805)
636
(12 757)
Accumulated cost as at 31 December 2022
738 168
382 316
204 614
1 325 099
Accumulated cost as at 1 January 2021
715 212
376 652
83 394
1 175 257
Additions
-
-
48 883
48 883
Additions arising from business combinations
64 052
18 735
22 087
104 874
Disposals
(1 571)
(1 571)
Translation differences
(18 821)
(8 902)
(4 504)
(32 227)
Reclassified as held for sale
(24 054)
(1 364)
-
(25 418)
Accumulated cost as at 31 December 2021
736 389
385 121
148 288
1 269 797
Accumulated amortisation and impairment as at 1
\u00a0
January
2022
(143 840)
(305 171)
(45 024)
(494 034)
Additions arising from business combinations
-
-
(0)
(0)
Current year amortisation
-
(22 964)
(35 528)
(58 492)
Disposals
-
-
62
62
Translation differences
6 755
1 391
2 600
10 747
Accumulated amortisation and impairment
\u00a0
as at 31 December 2022
(137 085)
(326 744)
(77 889)
(541 718)
Accumulated amortisation and impairment as
(143 840)
(276 577)
(21 577)
(441 993)
Additions arising from business combinations
-
-
(1 666)
(1 666)
Amortisation
(0)
(31 260)
(23 463)
(54 723)
Translation differences
0
2 666
1 681
4 348
Accumulated amortisation and impairment
as at 31 December 2021
(143 840)
(305 171)
(45 024)
(494 034)
Book value as at 31 December 2022
601 084
55 572
126 725
783 381
Book value as at 31 December 2021
592 549
79 950
103 264
775 763
Estimated economic lifetime in years
Indefinite
5 years
3-5 years
Depreciation method
none
linear
linear
For a description of movement in the categories Goodwill and Customer relationships, refer to Note
19 Impairment of intangible assets and Note 22 Changes in Group structure and Business
combinations.
Note 25. Shares, capital structure and shareholders
The
\u00a0
company\u2019s
\u00a0
share
\u00a0
capital
\u00a0
as
\u00a0
at
\u00a0
31
\u00a0
December
\u00a0
2022
\u00a0
was
\u00a0
NOK
\u00a0
305,131,075
\u00a0
based
\u00a0
on
\u00a0
305,131,075
ordinary shares with a par value of NOK 1.00.
\u00a0
Each share
\u00a0
gives the
\u00a0
right to one
\u00a0
vote at
\u00a0
the company\u2019s
\u00a0
general meeting.
\u00a0
At the
\u00a0
date of
\u00a0
this report,
Techstep holds 1,914 treasury shares.
\u00a0
The development in share capital and other paid-in equity is set
\u00a0
out in the consolidated statement of
changes in equity.
Development in the number of issued and outstanding shares:
Shares outstanding
Treasury shares*
Issued
Number of shares 1 January 2022
209 629 830
1 914
209 629 830
Employee share purchase programme
854 940
854 940
Private placement
92 631 820
92 631 820
Consideration shares
2 014 480
2 014 480
Number of shares 31 December 2022
305 131 070
1 914
305 131 070
Number of shares 1 January 2021
183 295 472
1 914
183 295 472
Employee share purchase programme
432 925
432 925
Private placement
22 222 222
22 222 222
Consideration shares
3 679 211
3 679 211
Number of shares 31 December 2021
209 629 830
1 914
209 629 830
*Treasury shares are included in the column Other equity in the statement of changes in equity.
Techstep has issued consideration shares in relation to the following:
\u25cf
854 940 new shares related to employee share purchase programme
\u25cf
53 244 140 new shares in relation to private placement
\u00a0
\u25cf
2 014 480 new shares related to the Crypho acquisition
Techstep issued consideration shares in relation to the following:
\u25cf
432 925 new shares related to employee share purchase programme
\u25cf
22 222 222 new shares in relation to private placement
\u00a0
\u25cf
3 679 211 new shares related to the Famoc acquisition
As at 30 December 2022, Techstep\u2019s 20 largest shareholders were as follows:
Shareholder
Number of
shares
Ownership
DATUM AS
1
58 354 776
19.12%
KARBON INVEST AS
2
43 718 974
14.33%
Swedbank AB
33 478 881
10.97%
DNB Markets Aksjehandel/-analyse
14 770 000
4.84%
STEENCO AS
8 695 652
2.85%
AS CLIPPER
8 695 652
2.85%
VERDIPAPIRFONDET DNB SMB
6 851 311
2.25%
MIDDELBORG INVEST AS
6 341 228
2.08%
CIPRIANO AS
5 999 158
1.97%
Saxo Bank A/S
5 674 201
1.86%
Tigerstaden AS
4 795 000
1.57%
DNB BANK ASA
4 285 438
1.40%
CAMIKO AS
3 480 151
1.14%
TVENGE
3 000 000
0.98%
TIGERSTADEN MARINE AS
2 500 000
0.82%
SPECTER INVEST AS
2 490 000
0.82%
GIMLE INVEST AS
2 485 987
0.81%
NORDHOLMEN AS
2 462 551
0.81%
PIKA HOLDING AS
2 143 455
0.70%
Carnegie Investment Bank AB
2 072 173
0.68%
Total number owned by top 20
222 294 588
72.85 %
Total number of shares
305
131 075
100.00%
1)
Datum AS is controlled by deputy Board member Jan Haudemann-Andersen.
\u00a0
2)
Karbon Invest AS is owned by Board member Jens Rugseth
\u00a0
Duo Jag AS, which
\u00a0
is partly owned by
\u00a0
Board member Ingrid Leisner,
\u00a0
owns 601 562 shares
\u00a0
in Techstep
ASA.
At the Annual
\u00a0
General meeting 22
\u00a0
June 2020,
\u00a0
4 269 883 share
\u00a0
options (2.5% of
\u00a0
existing shares) were
granted under the 2020 programme. The share options became exercisable (vested) on
\u00a0
22 June 2021
and must be exercised by 22 June 2024. The exercise price is NOK 3.00.
At the
\u00a0
Annual General
\u00a0
Meeting 22
\u00a0
April 2021,
\u00a0
4 593 307
\u00a0
share
\u00a0
options (2.5%
\u00a0
of existing
\u00a0
shares)
\u00a0
were
granted under the 2021
\u00a0
programme. The share options
\u00a0
vest 1/3 each year
\u00a0
from 22 April 2022 and
\u00a0
are
fully vested on 22 April 2024. The options must be exercised by 22 April 2026. The exercise price is NOK
5.80.
The
\u00a0
exercise
\u00a0
price
\u00a0
will
\u00a0
be
\u00a0
adjusted
\u00a0
for
\u00a0
any
\u00a0
dividends
\u00a0
paid
\u00a0
or
\u00a0
accrued
\u00a0
before
\u00a0
exercise.
\u00a0
Each
\u00a0
option
holder's aggregated gross profit from exercising the options shall be limited to the amount equal to 3
years\u2019 gross
\u00a0
base salary
\u00a0
at the
\u00a0
time of
\u00a0
exercising the
\u00a0
options. The
\u00a0
exercise of
\u00a0
share options
\u00a0
can be
settled in cash, and/or with new or existing treasury shares.
CEO B\u00f8rge Astrup was awarded 4 500 000 share options at an extraordinary general meeting held 22
September 2021.
\u00a0
The options
\u00a0
vest in
\u00a0
three tranches
\u00a0
with 1/3
\u00a0
per tranche,
\u00a0
on 1
\u00a0
September 2024,
\u00a0
2025
and 2026.
\u00a0
The exercise
\u00a0
period is
\u00a0
two years
\u00a0
from the
\u00a0
applicable vesting
\u00a0
date. The
\u00a0
strike price
\u00a0
is NOK
4.75, NOK 5.75 and NOK
\u00a0
6.75 for the respective tranches. If
\u00a0
the average, weighted Techstep share price
for seven
\u00a0
calendar days
\u00a0
exceeds NOK
\u00a0
30 per
\u00a0
share, then
\u00a0
the Company
\u00a0
may require
\u00a0
that all
\u00a0
vested
options are exercised by B\u00f8rge Astrup.
At
\u00a0
the
\u00a0
Annual
\u00a0
General
\u00a0
Meeting
\u00a0
21
\u00a0
April
\u00a0
2022,
\u00a0
3 170
\u00a0
648
\u00a0
share
\u00a0
options
\u00a0
(1.4%
\u00a0
of
\u00a0
existing
\u00a0
shares)
\u00a0
were
granted under the 2022
\u00a0
programme. The granted share options
\u00a0
vest 1/3 each year from
\u00a0
21 April 2023
and are fully vested on
\u00a0
21 April 2025. The options must
\u00a0
be exercised within 5 years.
\u00a0
The exercise price
is NOK 3.245. The exercise
\u00a0
price will be adjusted for
\u00a0
any dividends paid or accrued
\u00a0
before exercise. The
exercise of share options can be settled in cash, and/or with new or existing treasury shares.
\u00a0
As at 31 December 2022, the total number of outstanding share options was 10 075 764 (3.3%).
Overview of share options held by members of the management group as at 31 December 2022:
Name
Position
Shares
Share Options
B\u00f8rge Astrup
CEO
1 455 362
4 500 000
Ellen Solum
CFO
0
0
Mads V\u00e5rdal
Chief Product Officer
5 019
1 497 374
Anita Huun
Chief Commercial Officer
125 324
838 518
Fredrik Logenius
Chief Operating Officer
23 817 225
570 306
Bartosz Leoszewski
Chief Technology Officer
397 952
340 647
David Landerborn
Chief Delivery & Advisory
Officer
294 162
229 659
Ellen Skaarn\u00e6s
Chief People Officer
54 209
340 647
Sheena Lim
Chief Marketing Officer
21 331
340 647
x
Note 4. Payroll
2022
2021
Salaries and holiday pay
200 928
213 848
Social security tax
44 652
45 535
Pension costs including social security tax
14 515
16 512
Other personnel costs
4 932
5 725
Total personnel costs
265 027
281 621
Number of employees at year end
315
341
All companies in the Group have defined contribution pension plans covering all employees.
Regarding remuneration to executive management, please refer to Note 28 Remuneration to
management.
Note 28. Remuneration to the board and executive management
Total remuneration to the Executive Management Team
Name of director
Position
year
Fixed
Variabl
e
Option
progra
mme
Pension
expense
Total
remuner
ation
Proportion
of fixed and
variable
remunerati
on
Base
Salary
Fees
Fringe
benefit
s
One-
year
variabl
e
B\u00f8rge Astrup
Chief Executive
Officer
2022
3 105
-
15
-
2 355
117
0.6/0.4
2021
1 250
-
6
417
787
47
0.5/0.5
Jens Haviken
1
2022
-
1 300
-
-
-
-
1/0
Chief Executive
Officer
2021
2 697
1 221
11
-
382
114
0.9/0.1
Anita Huun
2
Chief Financial
Officer
2022
1 890
-
14
-
240
112
0.9/0.1
2021
-
-
-
-
-
-
-
Marius Drefvelin
3
Chief Financial
Officer
2022
776
-
8
-
-
29
1/0
2021
2 344
-
57
350
305
111
0.8/0.2
Mads V\u00e5rdal
Chief Product
Officer
2022
1 677
-
15
-
548
116
0.8/0.2
2021
1 683
-
14
269
685
110
0.7/0.3
Erik Haugen
4
Chief
Transformation
Officer
2022
932
-
9
-
-
89
1/0
2021
1 389
-
14
265
685
112
0.6/0.4
Fredrik Logenius
Chief Operating
Officer
2022
912
-
103
-
272
269
0.8/0.2
2021
965
-
80
191
183
269
0.8/0.2
Bartosz
Leoszewski
5
Chief Technology
Officer
2022
1 145
-
2
-
98
13
0.9/0.1
2021
480
-
-
127
-
-
0.8/0.2
Ellen Skarn\u00e6s
Chief People Officer
2022
1 087
-
15
-
98
100
0.9/0.1
2021
1 062
-
16
117
-
81
0.9/0.1
Gunnar Aasen
6
Chief Revenue
Officer
2022
1 650
-
15
-
-
119
1/0
2021
494
-
4
78
-
39
0.9/0.1
Sheena Lim
7
Chief Marketing
Officer
2022
1 167
-
12
-
98
103
0.9/0.1
2021
-
-
-
-
-
-
-
David Landerborn
8
Chief Delivery &
Advisory
2022
914
-
75
-
175
155
0.9/0.1
2021
962
-
81
-
182
151
0.9/0.1
1. Mr Haviken resigned as CEO 1 July 2021. He received parts
\u00a0
of his severance payment in 2022, which is presented
under the column \u201cFees\u201d
2. Ms Huun was appointed CFO 7 February 2022. On 1 February
\u00a0
2023, she took on the role as Chief Commercial
Officer, however, Ms Huun will leave Techstep 31 August
\u00a0
2023
3. Mr Drefvelin resigned as CFO 28 February 2022
5. Mr Haugen was appointed Chief Transformation
\u00a0
Officer in Q4 2021. Prior to the appointment he served
\u00a0
as Chief
Commercial Officer. Mr Haugen resigned as Chief Transformation
\u00a0
Officer 31 August 2022
6. Mr Aasen will leave Techstep 31 March 2023
7. Ms Lim was appointed Chief Marketing Officer 1
\u00a0
March 2022.
8. Mr Landerborn was appointed Chief Delivery
\u00a0
& Advisory Officer 1 December 2022. Prior to the appointment
\u00a0
he
served as Operations Manager
Total remuneration to the Board of Directors
Name
Position
2022
2021
Jens Rugseth
1
Chairman
500
500
Michael Jacobs
2
Member
167
-
Harald Arnet
Member
250
83
Ingrid Leisner
Member, Chairman Of the audit committee
320
300
Anders Brandt
Member
77
250
Melissa Mullholland
Member, Member of the audit committee
300
207
Einar J Greve
Deputy Chairman
-
125
Toril Nag
Member, Member of the audit committee
-
78
Total Remuneration
1 614
1 543
1. Mr. Rugseth resigned as Chairman of the Board
\u00a0
in January 2023
2. Mr. Jacobs as appointed Chairman of the Board in
\u00a0
January 2023
For detailed information
\u00a0
on remuneration to
\u00a0
executive management and
\u00a0
the Board of
\u00a0
Directors, see
the
\u00a0
separate
\u00a0
remuneration
\u00a0
report
\u00a0
for
\u00a0
2022
\u00a0
published
\u00a0
on
\u00a0
the
\u00a0
company\u2019s
\u00a0
website
(
). The
\u00a0
company has
\u00a0
established guidelines
\u00a0
for remuneration
\u00a0
to executive
management which were approved by the company\u2019s general meeting on 21 April 2022.
Note 8. Tax
Income tax expense
2022
2021
Current tax
(5 426)
(2 770)
Change in deferred tax
981
18 860
Tax expense
(4 445)
16 091
Reconciliation of relationship between accounting profit
\u00a0
and tax expense
Profit before tax
(64 170)
(118 750)
Tax at the Norwegian tax rate of 22%
14 117
26 125
Tax effect permanent differences
(4 124)
(6 620)
Difference in tax rates
(1 019)
(467)
Deferred tax asset not recognised
(10 435)
-
Other
(2 984)
(2 947)
Income tax expense
(4 445)
16 091
Effective tax rate
-7%
40%
Amounts recognised directly in equity
Deferred tax: Share issue cost
(823)
(1 109)
Total
(823)
(1 109)
Tax losses
Unused tax losses for which no deferred tax asset
\u00a0
has been recognised, see note 18*
(563 406)
(493 774)
Potential tax asset at 22% tax rate
(123 949)
(108 630)
Deferred tax
The balance comprises temporary differences attributable
\u00a0
to:
Property, plant and equipment
158 320
111 638
Inventories
(951)
4 784
Trade receivables and other receivables
(721)
(320)
Leasing
(1 748)
(2 309)
Other current liabilities
4 282
(330)
Tax loss carried forward
(86 285)
(49 500)
Carry forward interest
(3 779)
(1 991)
for which no deferred tax asset has been recognised
-
-
Total basis for deferred tax
69 118
61 973
Tax rate deferred tax
22%
22%
Net deferred tax with applicable year's tax rate
15 206
13 634
Change in deferred tax due to change in tax rate
-
27
Difference in tax rates
(1 140)
(765)
Adjustment, prior years
-
(401)
Net deferred tax (+)/ deferred tax asset (-)
14 066
12 495
Net deferred tax related to Norway
(6 412)
(11 295)
Net deferred tax related to Sweden
15 827
17 784
Net deferred tax related to Polen
4 651
6 006
Total deferred tax (+)/ deferred tax asset (-)
14 066
12 495
Deferred tax asset
(6 470)
(2 149)
Deferred tax liability
20 536
14 645
Total deferred tax (+)/ deferred tax asset (-)
14 066
12 495
*Unused tax losses 2021 are adjusted according to final
\u00a0
tax reporting 2021
Notes to the consolidated financial statements
Note 1. General information and summary of significant accounting
\u00a0
policies
Techstep ASA
\u00a0
(the Company or Company) is
\u00a0
a
public limited liability company
domiciled in Norway
.
The address
\u00a0
of its
\u00a0
registered office
\u00a0
is
Brynsall\u00e9en 4, NO-0667 Oslo
. The
\u00a0
shares are
\u00a0
listed on
\u00a0
the Oslo
Stock Exchange under
\u00a0
the TECH ticker.
\u00a0
The Techstep Group (Group)
\u00a0
consists of
Techstep ASA
Techstep Group is
\u00a0
a Nordic enabler
\u00a0
of the mobile workplace,
\u00a0
delivering a full range
\u00a0
of hardware and
services to facilitate mobile workplaces.
\u00a0
The
\u00a0
consolidated financial
\u00a0
statements for
\u00a0
Techstep Group
\u00a0
for the
\u00a0
year
\u00a0
2022 were
\u00a0
approved by
\u00a0
the
Board of Directors on 27 April 2023
\u00a0
and will be presented for approval by
\u00a0
the Annual General Meeting
on 23 May 2023.
1.1
\u00a0
Basis for preparation
\u00a0
The consolidated
\u00a0
financial statements
\u00a0
have
\u00a0
been prepared
\u00a0
and presented
\u00a0
in accordance
\u00a0
with the
International
\u00a0
Financial
\u00a0
Reporting
\u00a0
Standards
\u00a0
(IFRS)
\u00a0
as
\u00a0
adopted
\u00a0
by
\u00a0
the
\u00a0
EU.
\u00a0
The
\u00a0
financial
\u00a0
statements
have
\u00a0
been
\u00a0
prepared
\u00a0
on
\u00a0
a historical
\u00a0
cost
\u00a0
basis,
\u00a0
except
\u00a0
for
\u00a0
shares
\u00a0
and
\u00a0
investments
\u00a0
that
\u00a0
have
\u00a0
been
measured at fair value.
1.2
\u00a0
Change in accounting principles
There are
\u00a0
no new
\u00a0
or amended
\u00a0
accounting standards
\u00a0
that required
\u00a0
the Group
\u00a0
to change
\u00a0
its accounting
policies for the 2022 financial year.
1.3
\u00a0
Functional and presentation currency
\u00a0
Items included in
\u00a0
the financial
\u00a0
statements of each
\u00a0
of the
\u00a0
Group\u2019s entities
\u00a0
are measured in
\u00a0
the currency
of
\u00a0
the
\u00a0
primary
\u00a0
economic
\u00a0
environment
\u00a0
in
\u00a0
which
\u00a0
the
\u00a0
entity
\u00a0
operates
\u00a0
(\u2018the
\u00a0
functional
\u00a0
currency\u2019).
\u00a0
The
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
NOK,
\u00a0
which
\u00a0
is
\u00a0
Techstep
\u00a0
ASA\u2019s
\u00a0
functional
\u00a0
and
presentation
\u00a0
currency.
\u00a0
The
\u00a0
figures
\u00a0
presented
\u00a0
in
\u00a0
the
\u00a0
annual
\u00a0
accounts
\u00a0
are
\u00a0
in
\u00a0
NOK
\u00a0
thousand
\u00a0
unless
otherwise stated.
1.4
\u00a0
Consolidation principles and subsidiaries
Subsidiaries
The
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
incorporate
\u00a0
the
\u00a0
financial
\u00a0
statements
\u00a0
of
\u00a0
Techstep
\u00a0
ASA
\u00a0
(the
Company)
\u00a0
and
\u00a0
entities
\u00a0
controlled
\u00a0
by
\u00a0
the
\u00a0
Company
\u00a0
(its
\u00a0
subsidiaries).
\u00a0
The
\u00a0
Group
\u00a0
controls
\u00a0
an
\u00a0
entity
when the Group is
\u00a0
exposed to, or
\u00a0
has rights to,
\u00a0
variable returns from its
\u00a0
involvement with the
\u00a0
entity and
has the ability
\u00a0
to affect those returns
\u00a0
through its power
\u00a0
to direct the activities
\u00a0
of the entity. Subsidiaries
are fully consolidated from the date on which control is transferred to the Group.
The income and expenses of
\u00a0
Group subsidiaries acquired or disposed of
\u00a0
during the year, are included
in the
\u00a0
consolidated income
\u00a0
statement from
\u00a0
the effective
\u00a0
date of
\u00a0
acquisition and
\u00a0
up to
\u00a0
the effective
date of disposal, as appropriate.
Intercompany
\u00a0
transactions,
\u00a0
balances
\u00a0
and
\u00a0
gains
\u00a0
on
\u00a0
transactions
\u00a0
between
\u00a0
Group
\u00a0
companies
\u00a0
are
eliminated.
\u00a0
Unrealised
\u00a0
losses
\u00a0
are
\u00a0
also
\u00a0
eliminated,
\u00a0
unless
\u00a0
the
\u00a0
transaction
\u00a0
provides
\u00a0
evidence
\u00a0
of
\u00a0
an
impairment of the transferred asset.
Non-controlling
\u00a0
interests
\u00a0
in
\u00a0
the
\u00a0
results
\u00a0
and
\u00a0
equity
\u00a0
of
\u00a0
subsidiaries
\u00a0
are
\u00a0
shown
\u00a0
separately
\u00a0
in
\u00a0
the
consolidated income statement, the consolidated
\u00a0
statement of comprehensive income, statement
\u00a0
of
changes in equity, and the consolidated statement of financial position, respectively.
1.5
\u00a0
Transactions in foreign currencies
\u00a0
Transactions and balances
Foreign currency
\u00a0
transactions are
\u00a0
converted into
\u00a0
the functional
\u00a0
currency, using
\u00a0
the exchange
\u00a0
rates
on the dates of
\u00a0
the transactions. Foreign exchange gains and
\u00a0
losses resulting from the settlement
\u00a0
of
such transactions, and from the conversion of monetary assets and liabilities denominated in
\u00a0
foreign
currencies at year-end exchange rates, are recognised in the consolidated income statement.
Foreign exchange gains and losses are presented in the consolidated income statement, as financial
Group companies
The results and financial
\u00a0
position of foreign operations
\u00a0
that have a functional
\u00a0
currency that is
\u00a0
different
from the presentation currency, are converted into the presentation currency as follows:
\u25cf
Assets and liabilities
\u00a0
for each
\u00a0
balance sheet presented
\u00a0
are translated at
\u00a0
the closing rate
\u00a0
on
the date of that balance sheet.
\u25cf
Income
\u00a0
and
\u00a0
expenses
\u00a0
for
\u00a0
the
\u00a0
consolidated
\u00a0
income
\u00a0
statement
\u00a0
and
\u00a0
statement
\u00a0
of
comprehensive
\u00a0
income
\u00a0
are
\u00a0
translated
\u00a0
at
\u00a0
average
\u00a0
exchange
\u00a0
rates
\u00a0
(unless
\u00a0
this
\u00a0
is
\u00a0
not
\u00a0
a
reasonable approximation of the cumulative effect of the rates prevailing on the transaction
dates, in which case income and expenses are converted on the dates of the transactions).
\u25cf
All resulting exchange rate differences are recognised in other comprehensive income.
When consolidated,
\u00a0
translation differences
\u00a0
arising from
\u00a0
the translation
\u00a0
of net
\u00a0
investment in
\u00a0
foreign
entities are recognised in other comprehensive income.
Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as
the assets and liabilities of the foreign operation and converted at the closing rate.
1.6
\u00a0
Revenue recognition
Revenue from contracts with customers is recognised when a performance obligation
\u00a0
in the contract
is
\u00a0
satisfied.
\u00a0
The
\u00a0
amount
\u00a0
recognised
\u00a0
reflects
\u00a0
the
\u00a0
consideration
\u00a0
to
\u00a0
which
\u00a0
the
\u00a0
Group
\u00a0
expects
\u00a0
to
\u00a0
be
entitled in exchange
\u00a0
for those goods
\u00a0
and services. For
\u00a0
contracts with several
\u00a0
performance obligations,
the transaction
\u00a0
price is
\u00a0
allocated to
\u00a0
each performance
\u00a0
obligation on
\u00a0
a relative
\u00a0
stand-alone selling
price basis.
Revenue from hardware sales
\u00a0
A major part of the Group\u2019s revenue arises from the sale of hardware
\u00a0
to its customers. The delivery of
the hardware in question is identified as the performance obligation. The customers obtain control of
the
\u00a0
hardware
\u00a0
when
\u00a0
the
\u00a0
item
\u00a0
is
\u00a0
shipped
\u00a0
to
\u00a0
the
\u00a0
customers.
\u00a0
Revenue
\u00a0
is
\u00a0
recognised
\u00a0
at
\u00a0
the
\u00a0
time
\u00a0
of
shipment as the performance obligations are then satisfied.
\u00a0
The sale of certain items of hardware triggers
\u00a0
a right to a bonus from partners and
\u00a0
suppliers. Bonuses
accounted for as revenue are driven by volumes sold of the underlying item. Bonuses are recognised
as revenue when the performance obligations for the sale of hardware are satisfied.
Revenue from Advisory & Service
\u00a0
Revenue from
\u00a0
Advisory &
\u00a0
Services includes
\u00a0
revenues from
\u00a0
support and
\u00a0
maintenance services
\u00a0
to its
customers.
\u00a0
These
\u00a0
services
\u00a0
are
\u00a0
organised
\u00a0
as
\u00a0
subscription
\u00a0
programmes
\u00a0
where
\u00a0
the
\u00a0
customers
\u00a0
have
access to
\u00a0
support and
\u00a0
maintenance for
\u00a0
a monthly
\u00a0
fee. The
\u00a0
performance obligations
\u00a0
related to
\u00a0
support
and maintenance are satisfied on an
\u00a0
ongoing basis, and revenue related to
\u00a0
the sales of services are
thus recognised on a linear basis over time.
\u00a0
The
\u00a0
sale
\u00a0
of
\u00a0
support
\u00a0
and
\u00a0
maintenance
\u00a0
that
\u00a0
exceed
\u00a0
the
\u00a0
subscription
\u00a0
programme
\u00a0
is
\u00a0
recognised
\u00a0
as
revenue based on time and material.
Revenue from Advisory & Services
\u00a0
also includes sales of 3.
\u00a0
party software licenses. Management has
assessed the
\u00a0
customer contracts
\u00a0
related to
\u00a0
software licenses
\u00a0
and have
\u00a0
found the
\u00a0
sale of
\u00a0
software
licenses to be distinct performance obligations as software licenses. Customers can benefit from
\u00a0
the
license on its own and it can be a stand-alone delivery with no other goods or services.
\u00a0
The Group provides both right-to-use licenses and right-to-access licenses.
\u00a0
For right-to-use licenses, the performance
\u00a0
obligation is satisfied when the
\u00a0
customer gains access to
the software license,
\u00a0
and revenue from
\u00a0
the sale of
\u00a0
licenses is thus
\u00a0
recognised at the
\u00a0
point in time
\u00a0
when
the software is transferred to the customer.
\u00a0
For right-to-access licences the performance obligation is satisfied over time.
\u00a0
The
\u00a0
sale
\u00a0
of
\u00a0
certain
\u00a0
of
\u00a0
licenses
\u00a0
triggers
\u00a0
a
\u00a0
right
\u00a0
to
\u00a0
a
\u00a0
commission
\u00a0
from
\u00a0
partners
\u00a0
and
\u00a0
suppliers.
\u00a0
The
commissions
\u00a0
accounted
\u00a0
for
\u00a0
as
\u00a0
revenue
\u00a0
are
\u00a0
driven
\u00a0
by
\u00a0
volumes
\u00a0
sold
\u00a0
of
\u00a0
the
\u00a0
underlying
\u00a0
item.
Commissions are recognised as revenue when
\u00a0
the performance obligations for the
\u00a0
sale of the license
is satisfied.
Own Software
The
\u00a0
Group
\u00a0
develops
\u00a0
and
\u00a0
sells
\u00a0
own
\u00a0
software.
\u00a0
The
\u00a0
customer
\u00a0
buys
\u00a0
a
\u00a0
right
\u00a0
to
\u00a0
access
\u00a0
the
\u00a0
software
developed by Techstep. The performance obligation is satisfied over time.
\u00a0
Bundles
As
\u00a0
a
\u00a0
part
\u00a0
of
\u00a0
several
\u00a0
product
\u00a0
bundles
\u00a0
and
\u00a0
as
\u00a0
a
\u00a0
stand-alone
\u00a0
product,
\u00a0
the
\u00a0
Group
\u00a0
offers
\u00a0
a
\u00a0
leasing
alternative to
\u00a0
customers (Hardware-as-a-service).
\u00a0
The Group
\u00a0
uses external
\u00a0
funding to
\u00a0
finance
\u00a0
the
offering. The
\u00a0
Group sells the
\u00a0
devices up
\u00a0
front to an
\u00a0
external funder and
\u00a0
receives payment in
\u00a0
full. The
devices are delivered to the end-users, and the end users are
\u00a0
invoiced over the contract period from
the
\u00a0
funder.
\u00a0
The
\u00a0
Group
\u00a0
has
\u00a0
no
\u00a0
credit
\u00a0
risk
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
end
\u00a0
user.
\u00a0
The
\u00a0
funder
\u00a0
is
\u00a0
in
\u00a0
the
\u00a0
following
description the customer.
The
\u00a0
Group
\u00a0
has contracts
\u00a0
with
\u00a0
customers
\u00a0
whereupon
\u00a0
the
\u00a0
customer
\u00a0
can,
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of the
\u00a0
contract
period, require that the Group repurchases the devices at a
\u00a0
predetermined price. This price is always
lower than the original selling price.
When
\u00a0
the
\u00a0
Group
\u00a0
enters
\u00a0
into
\u00a0
contracts
\u00a0
containing
\u00a0
repurchase-options
\u00a0
management
\u00a0
assesses
whether
\u00a0
or
\u00a0
not
\u00a0
the
\u00a0
customer
\u00a0
has
\u00a0
a
\u00a0
significant
\u00a0
economic
\u00a0
incentive
\u00a0
to
\u00a0
utilise
\u00a0
the
\u00a0
option.
\u00a0
Where
\u00a0
it
\u00a0
is
determined that the customer has a significant
\u00a0
economic incentive to utilise the option, the
\u00a0
contract
is determined to
\u00a0
be a lease
\u00a0
and the transaction
\u00a0
is accounted for
\u00a0
as a lease
\u00a0
in accordance with
\u00a0
IFRS
16.
Leasing - Lessor accounting
For each leasing contract
\u00a0
the Group enters into with
\u00a0
customers, management assesses
\u00a0
whether the
contract
\u00a0
shall
\u00a0
be
\u00a0
classified
\u00a0
as
\u00a0
an
\u00a0
operational
\u00a0
or
\u00a0
financial
\u00a0
lease
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
substance
\u00a0
of
\u00a0
the
transaction.
\u00a0
As
\u00a0
at
\u00a0
the
\u00a0
balance
\u00a0
sheet
\u00a0
date,
\u00a0
the
\u00a0
Group
\u00a0
only
\u00a0
has
\u00a0
operational
\u00a0
lease
\u00a0
contracts
\u00a0
with
customers.
Leasing contracts
\u00a0
with repurchase
\u00a0
agreements are
\u00a0
accounted
\u00a0
for as
\u00a0
operating leases
\u00a0
with rentals
payable
\u00a0
up
\u00a0
front
\u00a0
at
\u00a0
the
\u00a0
inception
\u00a0
of
\u00a0
the
\u00a0
lease.
\u00a0
There
\u00a0
are
\u00a0
no
\u00a0
other
\u00a0
variable
\u00a0
lease
\u00a0
payments.
\u00a0
The
repurchase obligation is
\u00a0
fixed at
\u00a0
the inception of
\u00a0
the lease. At
\u00a0
the end
\u00a0
of the
\u00a0
lease period the
\u00a0
Group
expects to repurchase the devices from the customer.
Payment
\u00a0
received
\u00a0
from
\u00a0
the
\u00a0
customer
\u00a0
is
\u00a0
accounted
\u00a0
for
\u00a0
as
\u00a0
deferred
\u00a0
revenue
\u00a0
and
\u00a0
recognised
\u00a0
as
revenue on a straight-line
\u00a0
basis over the
\u00a0
lease term, less
\u00a0
the agreed-upon residual value
\u00a0
(repurchase
The respective leased
\u00a0
assets are
\u00a0
included in the
\u00a0
balance sheet based
\u00a0
on their nature
\u00a0
and depreciated
over the lease term to the expected second-hand market value.
1.7
\u00a0
Other income and other expenses
\u00a0
Other income
\u00a0
and expenses
\u00a0
of a
\u00a0
special nature
\u00a0
are presented
\u00a0
in the
\u00a0
separate line
\u00a0
items \u201cOther
\u00a0
income
and other expenses within
\u00a0
operating profit (loss)\u201d respectively. Such
\u00a0
items are characterised by
\u00a0
being
of
\u00a0
a
\u00a0
non-recurring
\u00a0
nature
\u00a0
and
\u00a0
outside
\u00a0
ordinary
\u00a0
business
\u00a0
of
\u00a0
Techstep
\u00a0
Group.
\u00a0
Other
\u00a0
income
\u00a0
and
expenses will
\u00a0
include items
\u00a0
such as
\u00a0
restructuring costs
\u00a0
related to
\u00a0
executive management,
\u00a0
acquisition-
related costs, gains or losses on the both sale and remeasurement of assets or liabilities.
\u00a0
Acquisition-
related costs
\u00a0
may include
\u00a0
both costs
\u00a0
related to
\u00a0
acquisitions closed
\u00a0
and transactions
\u00a0
that were
\u00a0
not
completed.
1.8
\u00a0
Business combinations
\u00a0
Acquisitions
\u00a0
of
\u00a0
businesses
\u00a0
are
\u00a0
accounted
\u00a0
for
\u00a0
using
\u00a0
the
\u00a0
acquisition
\u00a0
method.
\u00a0
The
\u00a0
consideration
transferred in a business combination is
\u00a0
measured at fair value, which is calculated as the
\u00a0
sum of the
acquisition-date fair value
\u00a0
of the assets
\u00a0
transferred by the
\u00a0
Group, liabilities incurred
\u00a0
by the Group
\u00a0
in
relation to the
\u00a0
former owners of
\u00a0
the acquiree, and
\u00a0
the equity interests
\u00a0
issued by the
\u00a0
Group in
\u00a0
exchange
for control of the acquiree. Acquisition-related costs are expensed as incurred.
On the acquisition
\u00a0
date, the
\u00a0
identifiable assets acquired,
\u00a0
and the
\u00a0
liabilities assumed
\u00a0
are recognised
at their fair value, except for:
\u25cf
Deferred
\u00a0
tax assets
\u00a0
or liabilities
\u00a0
are
\u00a0
recognised
\u00a0
and
\u00a0
measured
\u00a0
in accordance
\u00a0
with IAS
\u00a0
12
\u00a0
-
\u25cf
Liabilities or assets related to
\u00a0
employee benefit arrangements are recognised and
\u00a0
measured
in accordance with IAS 19 - Employee benefits.
\u00a0
The
\u00a0
Group
\u00a0
recognises
\u00a0
any
\u00a0
non-controlling
\u00a0
interest
\u00a0
in
\u00a0
the
\u00a0
acquired
\u00a0
entity
\u00a0
on
\u00a0
an
\u00a0
acquisition-by-
acquisition
\u00a0
basis,
\u00a0
at
\u00a0
the
\u00a0
non-controlling
\u00a0
interest\u2019s
\u00a0
proportionate
\u00a0
share
\u00a0
of
\u00a0
the
\u00a0
acquired
\u00a0
entity\u2019s
\u00a0
net
identifiable assets.
\u00a0
Goodwill
\u00a0
is
\u00a0
measured
\u00a0
as
\u00a0
the
\u00a0
excess
\u00a0
of
\u00a0
the
\u00a0
consideration
\u00a0
transferred,
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
any
\u00a0
non-
controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest
in
\u00a0
the
\u00a0
acquiree
\u00a0
(if
\u00a0
any),
\u00a0
over
\u00a0
the
\u00a0
net
\u00a0
of
\u00a0
the
\u00a0
acquisition-date
\u00a0
amounts
\u00a0
of
\u00a0
the
\u00a0
identifiable
\u00a0
assets
acquired and the liabilities assumed.
Where settlement of
\u00a0
any part of
\u00a0
a cash consideration is
\u00a0
deferred, the amounts
\u00a0
payable in the
\u00a0
future
are discounted to their present
\u00a0
value as at the date
\u00a0
of exchange. The discount rate used
\u00a0
is the entity\u2019s
incremental
\u00a0
borrowing
\u00a0
rate,
\u00a0
i.e.
\u00a0
the
\u00a0
rate
\u00a0
at
\u00a0
which
\u00a0
a
\u00a0
similar
\u00a0
borrowing
\u00a0
could
\u00a0
be
\u00a0
obtained
\u00a0
from
\u00a0
an
independent financier under comparable terms and conditions.
\u00a0
Changes
\u00a0
in
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
contingent
\u00a0
consideration
\u00a0
that
\u00a0
qualify
\u00a0
as
\u00a0
measurement
\u00a0
period
adjustments,
\u00a0
are
\u00a0
adjusted
\u00a0
retrospectively,
\u00a0
with
\u00a0
corresponding
\u00a0
adjustments
\u00a0
against
\u00a0
goodwill.
\u00a0
The
measurement
\u00a0
period
\u00a0
cannot
\u00a0
exceed
\u00a0
one
\u00a0
year
\u00a0
from
\u00a0
the
\u00a0
acquisition
\u00a0
date.
\u00a0
Measurement
\u00a0
period
adjustments
\u00a0
are
\u00a0
adjustments
\u00a0
that
\u00a0
arise
\u00a0
from
\u00a0
additional
\u00a0
information
\u00a0
obtained
\u00a0
during
\u00a0
the
measurement period about facts and circumstances that existed on the acquisition date.
Changes in the fair value of contingent consideration not classified as equity that does not qualify as
a
\u00a0
measurement
\u00a0
period
\u00a0
adjustment
\u00a0
are
\u00a0
remeasured
\u00a0
at
\u00a0
subsequent
\u00a0
reporting
\u00a0
dates.
\u00a0
The
corresponding gain or
\u00a0
loss is
\u00a0
recognised in the
\u00a0
consolidated income statement
\u00a0
on the
\u00a0
line items
\u00a0
Other
income or other expenses as appropriate.
When a business combination is achieved in stages, the Group\u2019s previously held equity interest in the
acquiree
\u00a0
is remeasured
\u00a0
at fair
\u00a0
value on
\u00a0
the acquisition
\u00a0
date
\u00a0
(i.e. the
\u00a0
date when
\u00a0
the Group
\u00a0
obtains
control)
\u00a0
and
\u00a0
the
\u00a0
resulting
\u00a0
gain
\u00a0
or
\u00a0
loss,
\u00a0
if
\u00a0
any,
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
consolidated
\u00a0
income
\u00a0
statement.
Amounts arising from interests in the acquiree prior to the acquisition date that have been previously
recognised in
\u00a0
other comprehensive
\u00a0
income, are
\u00a0
reclassified to
\u00a0
the consolidated
\u00a0
income statement
where such treatment would be appropriate.
1.9
\u00a0
Intangible assets
\u00a0
Intangible
\u00a0
assets
\u00a0
with
\u00a0
finite
\u00a0
useful
\u00a0
lives
\u00a0
that
\u00a0
are
\u00a0
acquired
\u00a0
separately,
\u00a0
are
\u00a0
carried
\u00a0
at
\u00a0
cost
\u00a0
less
accumulated
\u00a0
amortisation
\u00a0
and
\u00a0
accumulated
\u00a0
impairment
\u00a0
losses.
\u00a0
Amortisation
\u00a0
is
\u00a0
recognised
\u00a0
on
\u00a0
a
straight-line basis over
\u00a0
their estimated useful
\u00a0
lives. The estimated
\u00a0
useful life and
\u00a0
amortisation method
is reviewed
\u00a0
at the
\u00a0
end of
\u00a0
each reporting
\u00a0
period, with
\u00a0
the effect
\u00a0
of any
\u00a0
changes on
\u00a0
estimates being
accounted for on a prospective basis.
\u00a0
Intangible
\u00a0
assets
\u00a0
with
\u00a0
indefinite
\u00a0
useful
\u00a0
lives
\u00a0
that
\u00a0
are
\u00a0
acquired
\u00a0
separately,
\u00a0
are
\u00a0
carried
\u00a0
at
\u00a0
cost
\u00a0
less
accumulated impairment losses.
\u00a0
The costs of intangible assets acquired through acquisitions are recorded at fair value as at the date
of acquisition.
Software expenses
\u00a0
related to
\u00a0
the purchase
\u00a0
of new
\u00a0
computer programmes
\u00a0
are accounted
\u00a0
for as
\u00a0
an
intangible asset
\u00a0
if these
\u00a0
expenses are
\u00a0
not part
\u00a0
of hardware
\u00a0
acquisition costs.
\u00a0
Costs incurred
\u00a0
due to
updates
\u00a0
and
\u00a0
general
\u00a0
maintenance
\u00a0
of
\u00a0
the
\u00a0
software,
\u00a0
are
\u00a0
accounted
\u00a0
for
\u00a0
as
\u00a0
running
\u00a0
costs
\u00a0
over
\u00a0
the
income statement, unless
\u00a0
the changes in the
\u00a0
software increase the future
\u00a0
economic benefits from
\u00a0
the
software.
1.10
\u00a0
Property, plant and equipment
Property, plant and
\u00a0
equipment are carried
\u00a0
at cost less accumulated
\u00a0
depreciation and accumulated
impairment losses.
The cost of the asset, less its estimated residual value, is
\u00a0
depreciated on a straight-line basis over the
estimated useful life
\u00a0
of the asset.
\u00a0
Estimates of residual
\u00a0
values are
\u00a0
applicable for the
\u00a0
Group\u2019s leasing
offering where assets are sold at the end
\u00a0
of the lease. The estimated useful
\u00a0
lives, residual values and
depreciation methods are
\u00a0
reviewed at the
\u00a0
end of
\u00a0
each reporting
\u00a0
period, with
\u00a0
the effect of
\u00a0
any changes
in estimates accounted for on a prospective basis.
An item of property, plant
\u00a0
and equipment is derecognised upon
\u00a0
disposal, or when no future
\u00a0
economic
benefits are expected to arise from the continued use of the
\u00a0
asset. Any gain or loss that arises on the
disposal or
\u00a0
retirement of
\u00a0
an item
\u00a0
of property,
\u00a0
plant and
\u00a0
equipment is
\u00a0
determined as
\u00a0
the difference
between the
\u00a0
sales proceeds
\u00a0
and the
\u00a0
carrying amount
\u00a0
of the
\u00a0
asset and
\u00a0
is recognised
\u00a0
in the
\u00a0
income
statement.
1.11
\u00a0
Impairment of intangible assets and property, plant and equipment
Goodwill and intangible
\u00a0
assets that have an
\u00a0
indefinite useful life are
\u00a0
not subject to amortisation
\u00a0
and
are tested annually for impairment,
\u00a0
or more frequently if events
\u00a0
or changes in circumstances
\u00a0
indicate
that the carrying
\u00a0
amount might be impaired.
\u00a0
Other assets are tested
\u00a0
for impairment whenever events
or
\u00a0
changes
\u00a0
in
\u00a0
circumstances
\u00a0
indicate
\u00a0
that
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
may
\u00a0
not
\u00a0
be
\u00a0
recoverable.
\u00a0
An
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
as
\u00a0
the
\u00a0
amount
\u00a0
by
\u00a0
which
\u00a0
the
\u00a0
asset\u2019s
\u00a0
carrying
\u00a0
amount
\u00a0
exceeds
\u00a0
its
recoverable
\u00a0
amount.
\u00a0
The
\u00a0
recoverable
\u00a0
amount
\u00a0
is
\u00a0
the
\u00a0
higher
\u00a0
of
\u00a0
an
\u00a0
asset\u2019s
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
costs
\u00a0
of
disposal, and value
\u00a0
in use. For
\u00a0
the purposes of
\u00a0
assessing impairment,
\u00a0
assets are grouped
\u00a0
at the lowest
levels for
\u00a0
which
\u00a0
there are
\u00a0
separately
\u00a0
identifiable cash
\u00a0
inflows which
\u00a0
are largely
\u00a0
independent
\u00a0
of the
cash
\u00a0
inflows
\u00a0
from
\u00a0
other
\u00a0
assets
\u00a0
or
\u00a0
Groups
\u00a0
of
\u00a0
assets
\u00a0
(cash-generating
\u00a0
units).
\u00a0
Non-financial
\u00a0
assets,
other
\u00a0
than
\u00a0
goodwill,
\u00a0
that
\u00a0
have
\u00a0
historically
\u00a0
been
\u00a0
impaired
\u00a0
are
\u00a0
reviewed
\u00a0
for
\u00a0
possible
\u00a0
reversal
\u00a0
of
\u00a0
the
impairment at the end of each reporting period.
1.12
\u00a0
Inventories
\u00a0
Inventories are measured
\u00a0
at the lower
\u00a0
of cost and
\u00a0
net realisable value. Cost
\u00a0
is determined using the
FIFO or weighted average method, depending on the nature of the inventories.
1.13
\u00a0
Trade receivables
\u00a0
Trade receivables are initially measured
\u00a0
at fair value and
\u00a0
subsequently measured at amortised
\u00a0
cost
using
\u00a0
the
\u00a0
effective
\u00a0
interest
\u00a0
method,
\u00a0
less
\u00a0
provision
\u00a0
for
\u00a0
impairment.
\u00a0
The
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
a
\u00a0
trade
receivable
\u00a0
is
\u00a0
written
\u00a0
off
\u00a0
when
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
no
\u00a0
reasonable
\u00a0
expectations
\u00a0
of
\u00a0
recovering
\u00a0
the
\u00a0
trade
receivable in its entirety or a portion thereof.
1.14
\u00a0
Cash and cash equivalents
\u00a0
Cash and cash equivalents in the consolidated statement of financial position comprise all cash and
bank deposits.
1.15
\u00a0
Financial instruments
\u00a0
Financial
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
include
\u00a0
investment
\u00a0
in
\u00a0
shares,
\u00a0
trade
\u00a0
receivables,
\u00a0
other
\u00a0
receivables,
borrowings, trade payables, other current and non-current liabilities.
\u00a0
Financial assets and financial liabilities)
\u00a0
are recognised initially on the date when
\u00a0
the Group becomes
a party to the contractual provisions of the instrument.
\u00a0
The Group classifies, at initial recognition, its financial instruments in one of the following categories:
\u00a0
\u25cf
Financial assets or financial liabilities at fair value through profit or loss,
\u00a0
\u25cf
Financial asset at amortised cost,
\u00a0
\u25cf
Financial liabilities at amortised cost
The classification
\u00a0
depends on
\u00a0
the Group\u2019s
\u00a0
business model
\u00a0
for managing
\u00a0
them and
\u00a0
the contractual
cash-flow characteristics of the instrument.
\u00a0
Financial
\u00a0
assets
\u00a0
or
\u00a0
financial
\u00a0
liabilities
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
profit
\u00a0
or
\u00a0
loss
\u00a0
are
\u00a0
financial
\u00a0
assets
\u00a0
and
liabilities held for trading and acquired primarily with a view of selling in the near term.
Financial assets at
\u00a0
amortised cost are
\u00a0
financial assets held
\u00a0
to collect the
\u00a0
contractual cash flow
\u00a0
and
where the
\u00a0
cash flows
\u00a0
are solely
\u00a0
payment of
\u00a0
principal and
\u00a0
interest on
\u00a0
the outstanding
\u00a0
principal. The
category is included
\u00a0
in the consolidated
\u00a0
statement of financial
\u00a0
position financial line
\u00a0
items Other non-
current assets, Trade receivables, Other receivables and Cash and cash equivalents. Financial assets
at
\u00a0
amortised
\u00a0
cost
\u00a0
are
\u00a0
recognised
\u00a0
initially
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
plus
\u00a0
directly
\u00a0
attributable
\u00a0
transaction
\u00a0
costs.
Subsequently, if the asset
\u00a0
is non-current it is measured
\u00a0
at amortised cost using the
\u00a0
effective interest
method, reduced by any impairment loss.
\u00a0
The carrying amounts of line items
\u00a0
classified as current are
assumed
\u00a0
to be
\u00a0
the same
\u00a0
as their
\u00a0
fair values,
\u00a0
due
\u00a0
to their
\u00a0
short-term nature.
\u00a0
Short-term loans
\u00a0
and
receivables are for practical reasons not amortised unless the effect is material.
The
\u00a0
category
\u00a0
financial
\u00a0
liabilities
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
is
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
consolidated
\u00a0
statement
\u00a0
of
financial position line
\u00a0
items Non-current interest-bearing borrowings,
\u00a0
Other non-current debt,
\u00a0
Current
interest-bearing borrowings, Trade payables
\u00a0
and Other current liabilities. Items
\u00a0
in the Other financial
liabilities-category are
\u00a0
recognised initially
\u00a0
at fair
\u00a0
value. Subsequently,
\u00a0
if they
\u00a0
are non-current,
\u00a0
other
financial
\u00a0
liabilities
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
using
\u00a0
the
\u00a0
effective
\u00a0
interest
\u00a0
method.
\u00a0
Effective
interest is
\u00a0
recognised in
\u00a0
the income
\u00a0
statement as
\u00a0
financial expenses.
\u00a0
Current items
\u00a0
in the
\u00a0
category
are for practical reasons not amortised unless the effect is material.
Financial assets
\u00a0
are derecognised
\u00a0
when the
\u00a0
contractual rights
\u00a0
to the
\u00a0
cash
\u00a0
flows from
\u00a0
the financial
asset
\u00a0
expire
\u00a0
and
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
transferred
\u00a0
substantially
\u00a0
all
\u00a0
the
\u00a0
risks
\u00a0
and
\u00a0
rewards
\u00a0
of
\u00a0
ownership.
Financial
\u00a0
liabilities
\u00a0
are
\u00a0
derecognised
\u00a0
when
\u00a0
the
\u00a0
obligation
\u00a0
is
\u00a0
discharged,
\u00a0
cancelled,
\u00a0
or
\u00a0
expires.
\u00a0
Any
rights and
\u00a0
obligations created
\u00a0
or retained
\u00a0
in such
\u00a0
a transfer
\u00a0
are recognised
\u00a0
separately as
\u00a0
assets or
liabilities. The Group
\u00a0
assesses quarterly
\u00a0
whether there
\u00a0
is objective
\u00a0
evidence that a
\u00a0
financial asset or
Group of financial assets is impaired.
For
\u00a0
trade
\u00a0
and
\u00a0
other
\u00a0
receivables,
\u00a0
default
\u00a0
in
\u00a0
payments,
\u00a0
significant
\u00a0
financial
\u00a0
difficulties
\u00a0
of
\u00a0
the
\u00a0
debtor,
probability that the debtor will enter bankruptcy or
\u00a0
debt settlement negotiations are considered to be
indicators that the Group will not be able to
\u00a0
collect all amounts due according to the original
\u00a0
terms of
the receivables. For
\u00a0
trade receivables the
\u00a0
loss allowance is measured
\u00a0
at the lifetime expected
\u00a0
credit
loss. The loss is recognised as other operating expenses in the income statement.
\u00a0
The fair
\u00a0
value of
\u00a0
financial instruments is
\u00a0
based on
\u00a0
quoted prices
\u00a0
as at the
\u00a0
balance sheet date
\u00a0
in an
active market, if
\u00a0
such markets exist.
\u00a0
If an active
\u00a0
market does not
\u00a0
exist, fair value
\u00a0
is established by
\u00a0
using
valuation techniques that are
\u00a0
expected to provide a
\u00a0
reliable estimate of the
\u00a0
fair value. The
\u00a0
fair value
of unlisted securities is based on cash
\u00a0
flows discounted using an applicable risk-free
\u00a0
market interest
rate and a risk premium specific to the unlisted securities.
\u00a0
Financial
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
are
\u00a0
classified
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
valuation
Level
\u00a0
1:
\u00a0
Valuation
\u00a0
based
\u00a0
on
\u00a0
quoted
\u00a0
prices
\u00a0
(unadjusted)
\u00a0
in
\u00a0
active
\u00a0
markets
\u00a0
for
\u00a0
identical
\u00a0
assets
\u00a0
or
Level 2: Valuation based on inputs
\u00a0
other than quoted prices included within
\u00a0
level 1 that are observable
for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
\u00a0
Level 3: Valuation based on inputs for the asset or liability that are unobservable market data.
\u00a0
If one
\u00a0
or more
\u00a0
of the
\u00a0
significant inputs
\u00a0
are not
\u00a0
based on
\u00a0
observable market
\u00a0
data, the
\u00a0
instrument is
included in level
\u00a0
3. Changes in fair
\u00a0
value recognised in other
\u00a0
comprehensive income are
\u00a0
recognised
in
\u00a0
the
\u00a0
line-item
\u00a0
Exchange
\u00a0
differences
\u00a0
on
\u00a0
converting
\u00a0
foreign
\u00a0
operations.
\u00a0
Changes
\u00a0
in
\u00a0
fair
\u00a0
value
recognised in profit
\u00a0
or loss are
\u00a0
presented in the
\u00a0
line item, Financial
\u00a0
expenses and Other
\u00a0
income and
expenses.
1.16
\u00a0
Accounts payables
These amounts
\u00a0
represent liabilities for
\u00a0
goods and
\u00a0
services provided
\u00a0
to the Group
\u00a0
prior to the
\u00a0
end of
the balance sheet date which are
\u00a0
unpaid. The amounts are unsecured payables
\u00a0
and are usually paid
within
\u00a0
30
\u00a0
days
\u00a0
of
\u00a0
recognition.
\u00a0
Trade
\u00a0
and
\u00a0
other
\u00a0
payables
\u00a0
are
\u00a0
presented
\u00a0
as
\u00a0
trade
\u00a0
payables,
\u00a0
unless
payment is not
\u00a0
due within 12 months
\u00a0
of the reporting period.
\u00a0
They are recognised initially
\u00a0
at their fair
value and subsequently measured at amortised cost using the effective interest method.
1.17
\u00a0
Dividend and interest income
\u00a0
Dividend income from
\u00a0
investments is recognised
\u00a0
when the shareholder\u2019s
\u00a0
right to receive
\u00a0
payment has
been established
\u00a0
(provided it
\u00a0
is probable
\u00a0
that the
\u00a0
economic benefits
\u00a0
will flow
\u00a0
to the
\u00a0
Group and
\u00a0
the
amount of income can be measured reliably).
The
\u00a0
income
\u00a0
tax
\u00a0
expense
\u00a0
or
\u00a0
credit
\u00a0
for
\u00a0
the
\u00a0
period
\u00a0
is
\u00a0
the
\u00a0
tax
\u00a0
payable
\u00a0
on
\u00a0
the
\u00a0
current
\u00a0
period\u2019s
\u00a0
taxable
income,
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
applicable
\u00a0
income
\u00a0
tax
\u00a0
rate
\u00a0
for
\u00a0
each
\u00a0
jurisdiction,
\u00a0
adjusted
\u00a0
for
\u00a0
changes
\u00a0
in
deferred tax assets and liabilities attributable to temporary differences, and for unused tax losses.
\u00a0
Tax payable
The current income tax charge
\u00a0
is calculated based on the
\u00a0
tax laws enacted, or substantively
\u00a0
enacted,
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period
\u00a0
in
\u00a0
Norway,
\u00a0
Sweden,
\u00a0
Denmark
\u00a0
and
\u00a0
Poland,
\u00a0
where
\u00a0
subsidiaries
generate
\u00a0
taxable
\u00a0
income.
\u00a0
Management
\u00a0
periodically
\u00a0
evaluates
\u00a0
positions
\u00a0
taken
\u00a0
in
\u00a0
tax
\u00a0
returns,
\u00a0
with
respect
\u00a0
to
\u00a0
situations
\u00a0
in
\u00a0
which
\u00a0
applicable
\u00a0
tax
\u00a0
regulation
\u00a0
is
\u00a0
subject
\u00a0
to
\u00a0
interpretation.
\u00a0
Management
establishes
\u00a0
provisions
\u00a0
where
\u00a0
appropriate,
\u00a0
based
\u00a0
on
\u00a0
amounts
\u00a0
expected
\u00a0
to
\u00a0
be
\u00a0
paid
\u00a0
to
\u00a0
the
\u00a0
tax
Deferred income tax
\u00a0
is provided on
\u00a0
temporary differences arising
\u00a0
between the tax
\u00a0
bases of assets
\u00a0
and
liabilities, and their carrying amounts in the consolidated financial statements. However,
\u00a0
deferred tax
liabilities are not
\u00a0
recognised if they
\u00a0
arise from the
\u00a0
initial recognition of
\u00a0
goodwill. Deferred income
\u00a0
tax
is determined using
\u00a0
tax rates (and laws)
\u00a0
that have been enacted,
\u00a0
or substantially enacted, by
\u00a0
the end
of
\u00a0
the
\u00a0
reporting
\u00a0
period,
\u00a0
and
\u00a0
are
\u00a0
expected
\u00a0
to
\u00a0
apply
\u00a0
when
\u00a0
the
\u00a0
related
\u00a0
deferred
\u00a0
income
\u00a0
tax
\u00a0
asset
\u00a0
is
realised, or the deferred income tax liability is settled.
Deferred tax assets are
\u00a0
recognised only if it is probable
\u00a0
that future taxable amounts will be
\u00a0
available
to utilise the temporary differences and losses.
\u00a0
Deferred tax assets and
\u00a0
liabilities are offset when
\u00a0
there is a legally enforceable
\u00a0
right to offset current
tax assets
\u00a0
and liabilities,
\u00a0
and when
\u00a0
the deferred
\u00a0
tax balances
\u00a0
relate to
\u00a0
the same
\u00a0
taxation authority.
Current tax assets and tax
\u00a0
liabilities are offset where the
\u00a0
entity has a legally
\u00a0
enforceable right to offset
and intends to either settle
\u00a0
on a net basis, or
\u00a0
to realise the asset and settle
\u00a0
the liability simultaneously.
Current and deferred tax is recognised in the income statement, except to the extent that it relates to
items
\u00a0
recognised
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income,
\u00a0
or
\u00a0
directly
\u00a0
in
\u00a0
equity.
\u00a0
In
\u00a0
this
\u00a0
case,
\u00a0
the
\u00a0
tax
\u00a0
is
\u00a0
also
recognised in other comprehensive income or directly in equity, respectively.
The nominal value of treasury shares is reported in the balance sheet, as a deduction to other equity.
Transaction costs in relation to equity transactions are charged to equity after deducting tax.
1.20
\u00a0
Share-based payments
\u00a0
Share-based
\u00a0
payments
\u00a0
are
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
remuneration
\u00a0
to
\u00a0
executive
\u00a0
management
\u00a0
and
\u00a0
other
\u00a0
key
The fair value of options granted is recognised as an employee benefit
\u00a0
expense with a corresponding
increase in equity. The total
\u00a0
amount to be expensed is
\u00a0
determined by reference to the
\u00a0
fair value of the
The
\u00a0
total expense
\u00a0
is recognised
\u00a0
over
\u00a0
the vesting
\u00a0
period, which
\u00a0
is the
\u00a0
period
\u00a0
over which
\u00a0
the vesting
conditions
\u00a0
are
\u00a0
satisfied. At
\u00a0
the
\u00a0
end
\u00a0
of each
\u00a0
period,
\u00a0
the estimate
\u00a0
of the
\u00a0
number of
\u00a0
options
\u00a0
that
\u00a0
are
expected to
\u00a0
vest based
\u00a0
on the
\u00a0
non-market vesting
\u00a0
and service
\u00a0
conditions is
\u00a0
revised. The
\u00a0
revision, if
any, of the
\u00a0
original estimates is
\u00a0
recognised in the
\u00a0
income statement, with
\u00a0
a corresponding adjustment
to equity.
Social
\u00a0
security
\u00a0
tax
\u00a0
is
\u00a0
provided
\u00a0
for
\u00a0
at
\u00a0
each
\u00a0
balance
\u00a0
sheet
\u00a0
date
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
intrinsic
\u00a0
value
\u00a0
of
\u00a0
the
options.
1.21
\u00a0
Retirement benefit plan
\u00a0
The Group
\u00a0
has defined
\u00a0
contribution plans.
\u00a0
A defined
\u00a0
contribution plan
\u00a0
is a
\u00a0
retirement plan
\u00a0
in which
the Group
\u00a0
pays fixed
\u00a0
contributions to
\u00a0
a separate legal
\u00a0
entity. The
\u00a0
Group has
\u00a0
no legal
\u00a0
or other
\u00a0
obligation
to pay
\u00a0
additional contributions
\u00a0
if the
\u00a0
entity does
\u00a0
not have
\u00a0
sufficient assets
\u00a0
to pay
\u00a0
all employee
\u00a0
benefits
associated with earnings in present and previous
\u00a0
periods. Pre-paid contributions are recorded in the
accounts
\u00a0
as
\u00a0
an
\u00a0
asset,
\u00a0
to
\u00a0
the
\u00a0
extent
\u00a0
the
\u00a0
contribution
\u00a0
may
\u00a0
be
\u00a0
refunded
\u00a0
or
\u00a0
may
\u00a0
reduce
\u00a0
future
contributions.
Borrowings
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
at
\u00a0
fair
\u00a0
value,
\u00a0
net
\u00a0
of
\u00a0
transaction
\u00a0
costs
\u00a0
incurred.
\u00a0
Borrowings
\u00a0
are
subsequently measured at amortised cost.
1.23
\u00a0
Provisions
\u00a0
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result
of a
\u00a0
past event,
\u00a0
it is
\u00a0
probable that
\u00a0
the Group
\u00a0
will be
\u00a0
required to
\u00a0
settle the
\u00a0
obligation, and
\u00a0
a reliable
estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best
\u00a0
estimate of the consideration required to settle the
present
\u00a0
obligation
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period,
\u00a0
and
\u00a0
considers
\u00a0
the
\u00a0
risks
\u00a0
and
\u00a0
uncertainties
surrounding the obligation. When a
\u00a0
provision is measured using
\u00a0
the cash flows estimated
\u00a0
to settle the
present obligation,
\u00a0
its carrying
\u00a0
amount is
\u00a0
the present
\u00a0
value of
\u00a0
those cash
\u00a0
flows (where
\u00a0
the effect
\u00a0
of
the time value of money is material).
When some or
\u00a0
all the economic
\u00a0
benefits required to
\u00a0
settle a provision are
\u00a0
expected to be
\u00a0
recovered
from a
\u00a0
third party, a
\u00a0
receivable is recognised
\u00a0
as an
\u00a0
asset if it
\u00a0
is virtually certain
\u00a0
that reimbursement
will be received, and the amount of the receivable can be measured reliably.
1.24
\u00a0
Cash flow statement
\u00a0
The cash flow statement
\u00a0
is presented using
\u00a0
the indirect method.
\u00a0
The Group\u2019s activities
\u00a0
are divided into
operational,
\u00a0
investment
\u00a0
and
\u00a0
financing
\u00a0
activities.
\u00a0
Cash
\u00a0
investment
\u00a0
in
\u00a0
new
\u00a0
business
\u00a0
is
\u00a0
classified
\u00a0
as
payment for the acquisition of subsidiaries, net of cash acquired in the cash flow statement.
1.25
\u00a0
Segment information
\u00a0
The
\u00a0
division
\u00a0
into
\u00a0
operating
\u00a0
segments
\u00a0
corresponds
\u00a0
to
\u00a0
the
\u00a0
management
\u00a0
structure
\u00a0
and
\u00a0
the
\u00a0
internal
reporting to the Group\u2019s chief operating decision maker (CODM),
\u00a0
defined as the CEO. Companies are
allocated to a segment based on the geographical location of the company.
All leases are accounted for by recognising a right-of-use asset and a lease liability except for:
\u00a0
\u25cf
Leases of low value assets; and
\u25cf
Leases with a duration of 12 months or less
Lease liabilities
Lease liabilities are measured at the
\u00a0
present value of the contractual payments
\u00a0
due to the lessor over
the lease term, with the discount rate
\u00a0
determined by reference to the rate inherent
\u00a0
in the lease. If the
inherent
\u00a0
interest
\u00a0
rate
\u00a0
is
\u00a0
not
\u00a0
readily
\u00a0
determinable,
\u00a0
the
\u00a0
Group\u2019s
\u00a0
incremental
\u00a0
borrowing
\u00a0
rate
\u00a0
on
commencement of the lease is used. Variable lease
\u00a0
payments are only included in the measurement
of the
\u00a0
lease liability if
\u00a0
they depend on
\u00a0
an index or
\u00a0
rate. In such
\u00a0
cases, the initial
\u00a0
measurement of the
lease liability assumes the
\u00a0
variable element will be regulated
\u00a0
throughout the lease term.
\u00a0
The estimate
is based upon management judgement. On initial recognition, the carrying value of
\u00a0
the lease liability
will include the following if applicable:
\u00a0
\u25cf
The exercise
\u00a0
price of
\u00a0
any purchase
\u00a0
option granted
\u00a0
in favour
\u00a0
of the
\u00a0
Group if
\u00a0
it is
\u00a0
reasonably
certain to exercise that option;
\u00a0
\u25cf
Any penalties payable for
\u00a0
terminating the lease, if the
\u00a0
term of the lease
\u00a0
has been estimated
based on the termination option being exercised.
\u00a0
Subsequent
\u00a0
to
\u00a0
initial
\u00a0
measurement
\u00a0
lease
\u00a0
liabilities
\u00a0
increase
\u00a0
as
\u00a0
a
\u00a0
result
\u00a0
of
\u00a0
interest
\u00a0
charged
\u00a0
at
\u00a0
a
constant rate on the balance outstanding and are reduced for lease payments made.
Right-of-use assets
Right-of-use assets are initially measured at the amount of the lease liability.
Right-of-use assets are depreciated on
\u00a0
a straight-line basis over
\u00a0
the remaining term of
\u00a0
the lease. The
remaining term of the lease is for
\u00a0
all leases held by the
\u00a0
Group assessed to be equal to
\u00a0
the economic
life of the asset.
Leases of low value assets and short-term leases
Payments associated with
\u00a0
short-term leases
\u00a0
of equipment and
\u00a0
vehicles and
\u00a0
all leases
\u00a0
of low-value
assets are recognised
\u00a0
on a
\u00a0
straight-line basis as
\u00a0
an expense in
\u00a0
profit or loss
\u00a0
on the financial
\u00a0
statement
line item Other operational costs. Short-term leases are leases with a lease term of 12 months or less.
1.27
\u00a0
Use of estimates in the preparation of financial statements
\u00a0
Management
\u00a0
has
\u00a0
used
\u00a0
estimates
\u00a0
and
\u00a0
assumptions
\u00a0
that
\u00a0
affect
\u00a0
the
\u00a0
assets,
\u00a0
liabilities,
\u00a0
revenues,
expenses
\u00a0
and
\u00a0
information
\u00a0
regarding
\u00a0
potential
\u00a0
liabilities.
\u00a0
Future
\u00a0
events
\u00a0
may
\u00a0
lead
\u00a0
to
\u00a0
the
\u00a0
estimates
changing. Estimates and underlying assumptions are assessed continuously. Changes in accounting
estimates are recognised in the period when the change occurs.
See Note 18 for a description of assets and liabilities subject to significant estimation uncertainty.
1.28
\u00a0
Earnings per share
i) Basic earnings per share
Basic earnings per share are calculated by dividing:
\u00a0
\u25cf
The profit attributable
\u00a0
to owners of
\u00a0
the company, excluding
\u00a0
any costs of
\u00a0
servicing equity other
than ordinary shares.
\u00a0
\u25cf
By the
\u00a0
weighted average
\u00a0
number of
\u00a0
ordinary shares
\u00a0
outstanding during
\u00a0
the financial
\u00a0
year,
excluding treasury shares.
ii) Diluted earnings per share
Diluted earnings per share adjust the
\u00a0
figures used in the determination of
\u00a0
basic earnings per share, to
\u25cf
The
\u00a0
after-income
\u00a0
tax
\u00a0
effect
\u00a0
of
\u00a0
interest
\u00a0
and
\u00a0
other
\u00a0
financing
\u00a0
costs
\u00a0
associated
\u00a0
with
\u00a0
dilutive
potential ordinary shares, and
\u00a0
\u25cf
The
\u00a0
weighted
\u00a0
average
\u00a0
number
\u00a0
of
\u00a0
additional
\u00a0
ordinary
\u00a0
shares
\u00a0
that
\u00a0
would
\u00a0
have
\u00a0
been
outstanding, assuming the conversion of all dilutive potential ordinary shares.
As at year
\u00a0
end 2022
\u00a0
the Group
\u00a0
has options
\u00a0
outstanding that
\u00a0
are in the
\u00a0
money. Basic
\u00a0
earnings per share
and diluted earnings per share therefore differ.
1.29
\u00a0
Government grants
Government grants, including the
\u00a0
Norwegian Skattefunn tax incentive
\u00a0
scheme, are recognised in
\u00a0
the
same year as the government grants are
\u00a0
received. Grants are recognised as deductions against the
costs that they are intended to compensate.
Investment
\u00a0
grants
\u00a0
are
\u00a0
capitalised
\u00a0
and
\u00a0
recognised
\u00a0
systematically
\u00a0
over
\u00a0
the
\u00a0
asset\u2019s
\u00a0
useful
\u00a0
life.
Investment grants are recognised either as deferred income or as a deduction of the asset\u2019s carrying
amount.
1.30
\u00a0
New standards and interpretations not yet effective
\u00a0
The Group has
\u00a0
elected not to
\u00a0
early-adopt any standards
\u00a0
or interpretations that
\u00a0
have an effective
\u00a0
date
after the balance
\u00a0
sheet date. Standards
\u00a0
and amendments that
\u00a0
are issued,
\u00a0
but not yet
\u00a0
effective, are
not expected to have a material effect on the Group\u2019s financial statements.
Techstep ASA
\u00a0
(the Company or Company) is
\u00a0
a
public limited liability company
domiciled in Norway
.
The address
\u00a0
of its
\u00a0
registered office
\u00a0
is
Brynsall\u00e9en 4, NO-0667 Oslo
. The
\u00a0
shares are
\u00a0
listed on
\u00a0
the Oslo
Stock Exchange under
\u00a0
the TECH ticker.
\u00a0
The Techstep Group (Group)
\u00a0
consists of
Techstep ASA
Techstep Group is
\u00a0
a Nordic enabler
\u00a0
of the mobile workplace,
\u00a0
delivering a full range
\u00a0
of hardware and
services to facilitate mobile workplaces.
\u00a0
The
\u00a0
consolidated financial
\u00a0
statements for
\u00a0
Techstep Group
\u00a0
for the
\u00a0
year
\u00a0
2022 were
\u00a0
approved by
\u00a0
the
Board of Directors on 27 April 2023
\u00a0
and will be presented for approval by
\u00a0
the Annual General Meeting
on 23 May 2023.
The
\u00a0
consolidated financial
\u00a0
statements for
\u00a0
Techstep Group
\u00a0
for the
\u00a0
year
\u00a0
2022 were
\u00a0
approved by
\u00a0
the
Board of Directors on 27 April 2023
\u00a0
and will be presented for approval by
\u00a0
the Annual General Meeting
on 23 May 2023.
1.1
\u00a0
Basis for preparation
\u00a0
The consolidated
\u00a0
financial statements
\u00a0
have
\u00a0
been prepared
\u00a0
and presented
\u00a0
in accordance
\u00a0
with the
International
\u00a0
Financial
\u00a0
Reporting
\u00a0
Standards
\u00a0
(IFRS)
\u00a0
as
\u00a0
adopted
\u00a0
by
\u00a0
the
\u00a0
EU.
\u00a0
The
\u00a0
financial
\u00a0
statements
have
\u00a0
been
\u00a0
prepared
\u00a0
on
\u00a0
a historical
\u00a0
cost
\u00a0
basis,
\u00a0
except
\u00a0
for
\u00a0
shares
\u00a0
and
\u00a0
investments
\u00a0
that
\u00a0
have
\u00a0
been
measured at fair value.
1.1
\u00a0
Basis for preparation
\u00a0
The consolidated
\u00a0
financial statements
\u00a0
have
\u00a0
been prepared
\u00a0
and presented
\u00a0
in accordance
\u00a0
with the
International
\u00a0
Financial
\u00a0
Reporting
\u00a0
Standards
\u00a0
(IFRS)
\u00a0
as
\u00a0
adopted
\u00a0
by
\u00a0
the
\u00a0
EU.
\u00a0
The
\u00a0
financial
\u00a0
statements
have
\u00a0
been
\u00a0
prepared
\u00a0
on
\u00a0
a historical
\u00a0
cost
\u00a0
basis,
\u00a0
except
\u00a0
for
\u00a0
shares
\u00a0
and
\u00a0
investments
\u00a0
that
\u00a0
have
\u00a0
been
measured at fair value.
1.2
\u00a0
Change in accounting principles
There are
\u00a0
no new
\u00a0
or amended
\u00a0
accounting standards
\u00a0
that required
\u00a0
the Group
\u00a0
to change
\u00a0
its accounting
policies for the 2022 financial year.
1.3
\u00a0
Functional and presentation currency
\u00a0
Items included in
\u00a0
the financial
\u00a0
statements of each
\u00a0
of the
\u00a0
Group\u2019s entities
\u00a0
are measured in
\u00a0
the currency
of
\u00a0
the
\u00a0
primary
\u00a0
economic
\u00a0
environment
\u00a0
in
\u00a0
which
\u00a0
the
\u00a0
entity
\u00a0
operates
\u00a0
(\u2018the
\u00a0
functional
\u00a0
currency\u2019).
\u00a0
The
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
are
\u00a0
presented
\u00a0
in
\u00a0
NOK,
\u00a0
which
\u00a0
is
\u00a0
Techstep
\u00a0
ASA\u2019s
\u00a0
functional
\u00a0
and
presentation
\u00a0
currency.
\u00a0
The
\u00a0
figures
\u00a0
presented
\u00a0
in
\u00a0
the
\u00a0
annual
\u00a0
accounts
\u00a0
are
\u00a0
in
\u00a0
NOK
\u00a0
thousand
\u00a0
unless
otherwise stated.
1.4
\u00a0
Consolidation principles and subsidiaries
Subsidiaries
The
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
incorporate
\u00a0
the
\u00a0
financial
\u00a0
statements
\u00a0
of
\u00a0
Techstep
\u00a0
ASA
\u00a0
(the
Company)
\u00a0
and
\u00a0
entities
\u00a0
controlled
\u00a0
by
\u00a0
the
\u00a0
Company
\u00a0
(its
\u00a0
subsidiaries).
\u00a0
The
\u00a0
Group
\u00a0
controls
\u00a0
an
\u00a0
entity
when the Group is
\u00a0
exposed to, or
\u00a0
has rights to,
\u00a0
variable returns from its
\u00a0
involvement with the
\u00a0
entity and
has the ability
\u00a0
to affect those returns
\u00a0
through its power
\u00a0
to direct the activities
\u00a0
of the entity. Subsidiaries
are fully consolidated from the date on which control is transferred to the Group.
The income and expenses of
\u00a0
Group subsidiaries acquired or disposed of
\u00a0
during the year, are included
in the
\u00a0
consolidated income
\u00a0
statement from
\u00a0
the effective
\u00a0
date of
\u00a0
acquisition and
\u00a0
up to
\u00a0
the effective
date of disposal, as appropriate.
Intercompany
\u00a0
transactions,
\u00a0
balances
\u00a0
and
\u00a0
gains
\u00a0
on
\u00a0
transactions
\u00a0
between
\u00a0
Group
\u00a0
companies
\u00a0
are
eliminated.
\u00a0
Unrealised
\u00a0
losses
\u00a0
are
\u00a0
also
\u00a0
eliminated,
\u00a0
unless
\u00a0
the
\u00a0
transaction
\u00a0
provides
\u00a0
evidence
\u00a0
of
\u00a0
an
impairment of the transferred asset.
Non-controlling
\u00a0
interests
\u00a0
in
\u00a0
the
\u00a0
results
\u00a0
and
\u00a0
equity
\u00a0
of
\u00a0
subsidiaries
\u00a0
are
\u00a0
shown
\u00a0
separately
\u00a0
in
\u00a0
the
consolidated income statement, the consolidated
\u00a0
statement of comprehensive income, statement
\u00a0
of
changes in equity, and the consolidated statement of financial position, respectively.
1.5
\u00a0
Transactions in foreign currencies
\u00a0
Transactions and balances
Foreign currency
\u00a0
transactions are
\u00a0
converted into
\u00a0
the functional
\u00a0
currency, using
\u00a0
the exchange
\u00a0
rates
on the dates of
\u00a0
the transactions. Foreign exchange gains and
\u00a0
losses resulting from the settlement
\u00a0
of
such transactions, and from the conversion of monetary assets and liabilities denominated in
\u00a0
foreign
currencies at year-end exchange rates, are recognised in the consolidated income statement.
Foreign exchange gains and losses are presented in the consolidated income statement, as financial
Group companies
The results and financial
\u00a0
position of foreign operations
\u00a0
that have a functional
\u00a0
currency that is
\u00a0
different
from the presentation currency, are converted into the presentation currency as follows:
\u25cf
Assets and liabilities
\u00a0
for each
\u00a0
balance sheet presented
\u00a0
are translated at
\u00a0
the closing rate
\u00a0
on
the date of that balance sheet.
\u25cf
Income
\u00a0
and
\u00a0
expenses
\u00a0
for
\u00a0
the
\u00a0
consolidated
\u00a0
income
\u00a0
statement
\u00a0
and
\u00a0
statement
\u00a0
of
comprehensive
\u00a0
income
\u00a0
are
\u00a0
translated
\u00a0
at
\u00a0
average
\u00a0
exchange
\u00a0
rates
\u00a0
(unless
\u00a0
this
\u00a0
is
\u00a0
not
\u00a0
a
reasonable approximation of the cumulative effect of the rates prevailing on the transaction
dates, in which case income and expenses are converted on the dates of the transactions).
\u25cf
All resulting exchange rate differences are recognised in other comprehensive income.
When consolidated,
\u00a0
translation differences
\u00a0
arising from
\u00a0
the translation
\u00a0
of net
\u00a0
investment in
\u00a0
foreign
entities are recognised in other comprehensive income.
Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as
the assets and liabilities of the foreign operation and converted at the closing rate.
1.6
\u00a0
Revenue recognition
Revenue from contracts with customers is recognised when a performance obligation
\u00a0
in the contract
is
\u00a0
satisfied.
\u00a0
The
\u00a0
amount
\u00a0
recognised
\u00a0
reflects
\u00a0
the
\u00a0
consideration
\u00a0
to
\u00a0
which
\u00a0
the
\u00a0
Group
\u00a0
expects
\u00a0
to
\u00a0
be
entitled in exchange
\u00a0
for those goods
\u00a0
and services. For
\u00a0
contracts with several
\u00a0
performance obligations,
the transaction
\u00a0
price is
\u00a0
allocated to
\u00a0
each performance
\u00a0
obligation on
\u00a0
a relative
\u00a0
stand-alone selling
price basis.
Revenue from hardware sales
\u00a0
A major part of the Group\u2019s revenue arises from the sale of hardware
\u00a0
to its customers. The delivery of
the hardware in question is identified as the performance obligation. The customers obtain control of
the
\u00a0
hardware
\u00a0
when
\u00a0
the
\u00a0
item
\u00a0
is
\u00a0
shipped
\u00a0
to
\u00a0
the
\u00a0
customers.
\u00a0
Revenue
\u00a0
is
\u00a0
recognised
\u00a0
at
\u00a0
the
\u00a0
time
\u00a0
of
shipment as the performance obligations are then satisfied.
\u00a0
The sale of certain items of hardware triggers
\u00a0
a right to a bonus from partners and
\u00a0
suppliers. Bonuses
accounted for as revenue are driven by volumes sold of the underlying item. Bonuses are recognised
as revenue when the performance obligations for the sale of hardware are satisfied.
Revenue from Advisory & Service
\u00a0
Revenue from
\u00a0
Advisory &
\u00a0
Services includes
\u00a0
revenues from
\u00a0
support and
\u00a0
maintenance services
\u00a0
to its
customers.
\u00a0
These
\u00a0
services
\u00a0
are
\u00a0
organised
\u00a0
as
\u00a0
subscription
\u00a0
programmes
\u00a0
where
\u00a0
the
\u00a0
customers
\u00a0
have
access to
\u00a0
support and
\u00a0
maintenance for
\u00a0
a monthly
\u00a0
fee. The
\u00a0
performance obligations
\u00a0
related to
\u00a0
support
and maintenance are satisfied on an
\u00a0
ongoing basis, and revenue related to
\u00a0
the sales of services are
thus recognised on a linear basis over time.
\u00a0
The
\u00a0
sale
\u00a0
of
\u00a0
support
\u00a0
and
\u00a0
maintenance
\u00a0
that
\u00a0
exceed
\u00a0
the
\u00a0
subscription
\u00a0
programme
\u00a0
is
\u00a0
recognised
\u00a0
as
revenue based on time and material.
Revenue from Advisory & Services
\u00a0
also includes sales of 3.
\u00a0
party software licenses. Management has
assessed the
\u00a0
customer contracts
\u00a0
related to
\u00a0
software licenses
\u00a0
and have
\u00a0
found the
\u00a0
sale of
\u00a0
software
licenses to be distinct performance obligations as software licenses. Customers can benefit from
\u00a0
the
license on its own and it can be a stand-alone delivery with no other goods or services.
\u00a0
The Group provides both right-to-use licenses and right-to-access licenses.
\u00a0
For right-to-use licenses, the performance
\u00a0
obligation is satisfied when the
\u00a0
customer gains access to
the software license,
\u00a0
and revenue from
\u00a0
the sale of
\u00a0
licenses is thus
\u00a0
recognised at the
\u00a0
point in time
\u00a0
when
the software is transferred to the customer.
\u00a0
For right-to-access licences the performance obligation is satisfied over time.
\u00a0
The
\u00a0
sale
\u00a0
of
\u00a0
certain
\u00a0
of
\u00a0
licenses
\u00a0
triggers
\u00a0
a
\u00a0
right
\u00a0
to
\u00a0
a
\u00a0
commission
\u00a0
from
\u00a0
partners
\u00a0
and
\u00a0
suppliers.
\u00a0
The
commissions
\u00a0
accounted
\u00a0
for
\u00a0
as
\u00a0
revenue
\u00a0
are
\u00a0
driven
\u00a0
by
\u00a0
volumes
\u00a0
sold
\u00a0
of
\u00a0
the
\u00a0
underlying
\u00a0
item.
Commissions are recognised as revenue when
\u00a0
the performance obligations for the
\u00a0
sale of the license
is satisfied.
Own Software
The
\u00a0
Group
\u00a0
develops
\u00a0
and
\u00a0
sells
\u00a0
own
\u00a0
software.
\u00a0
The
\u00a0
customer
\u00a0
buys
\u00a0
a
\u00a0
right
\u00a0
to
\u00a0
access
\u00a0
the
\u00a0
software
developed by Techstep. The performance obligation is satisfied over time.
\u00a0
Bundles
As
\u00a0
a
\u00a0
part
\u00a0
of
\u00a0
several
\u00a0
product
\u00a0
bundles
\u00a0
and
\u00a0
as
\u00a0
a
\u00a0
stand-alone
\u00a0
product,
\u00a0
the
\u00a0
Group
\u00a0
offers
\u00a0
a
\u00a0
leasing
alternative to
\u00a0
customers (Hardware-as-a-service).
\u00a0
The Group
\u00a0
uses external
\u00a0
funding to
\u00a0
finance
\u00a0
the
offering. The
\u00a0
Group sells the
\u00a0
devices up
\u00a0
front to an
\u00a0
external funder and
\u00a0
receives payment in
\u00a0
full. The
devices are delivered to the end-users, and the end users are
\u00a0
invoiced over the contract period from
the
\u00a0
funder.
\u00a0
The
\u00a0
Group
\u00a0
has
\u00a0
no
\u00a0
credit
\u00a0
risk
\u00a0
related
\u00a0
to
\u00a0
the
\u00a0
end
\u00a0
user.
\u00a0
The
\u00a0
funder
\u00a0
is
\u00a0
in
\u00a0
the
\u00a0
following
description the customer.
The
\u00a0
Group
\u00a0
has contracts
\u00a0
with
\u00a0
customers
\u00a0
whereupon
\u00a0
the
\u00a0
customer
\u00a0
can,
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of the
\u00a0
contract
period, require that the Group repurchases the devices at a
\u00a0
predetermined price. This price is always
lower than the original selling price.
When
\u00a0
the
\u00a0
Group
\u00a0
enters
\u00a0
into
\u00a0
contracts
\u00a0
containing
\u00a0
repurchase-options
\u00a0
management
\u00a0
assesses
whether
\u00a0
or
\u00a0
not
\u00a0
the
\u00a0
customer
\u00a0
has
\u00a0
a
\u00a0
significant
\u00a0
economic
\u00a0
incentive
\u00a0
to
\u00a0
utilise
\u00a0
the
\u00a0
option.
\u00a0
Where
\u00a0
it
\u00a0
is
determined that the customer has a significant
\u00a0
economic incentive to utilise the option, the
\u00a0
contract
is determined to
\u00a0
be a lease
\u00a0
and the transaction
\u00a0
is accounted for
\u00a0
as a lease
\u00a0
in accordance with
\u00a0
IFRS
16.
Leasing - Lessor accounting
For each leasing contract
\u00a0
the Group enters into with
\u00a0
customers, management assesses
\u00a0
whether the
contract
\u00a0
shall
\u00a0
be
\u00a0
classified
\u00a0
as
\u00a0
an
\u00a0
operational
\u00a0
or
\u00a0
financial
\u00a0
lease
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
substance
\u00a0
of
\u00a0
the
transaction.
\u00a0
As
\u00a0
at
\u00a0
the
\u00a0
balance
\u00a0
sheet
\u00a0
date,
\u00a0
the
\u00a0
Group
\u00a0
only
\u00a0
has
\u00a0
operational
\u00a0
lease
\u00a0
contracts
\u00a0
with
customers.
Leasing contracts
\u00a0
with repurchase
\u00a0
agreements are
\u00a0
accounted
\u00a0
for as
\u00a0
operating leases
\u00a0
with rentals
payable
\u00a0
up
\u00a0
front
\u00a0
at
\u00a0
the
\u00a0
inception
\u00a0
of
\u00a0
the
\u00a0
lease.
\u00a0
There
\u00a0
are
\u00a0
no
\u00a0
other
\u00a0
variable
\u00a0
lease
\u00a0
payments.
\u00a0
The
repurchase obligation is
\u00a0
fixed at
\u00a0
the inception of
\u00a0
the lease. At
\u00a0
the end
\u00a0
of the
\u00a0
lease period the
\u00a0
Group
expects to repurchase the devices from the customer.
Payment
\u00a0
received
\u00a0
from
\u00a0
the
\u00a0
customer
\u00a0
is
\u00a0
accounted
\u00a0
for
\u00a0
as
\u00a0
deferred
\u00a0
revenue
\u00a0
and
\u00a0
recognised
\u00a0
as
revenue on a straight-line
\u00a0
basis over the
\u00a0
lease term, less
\u00a0
the agreed-upon residual value
\u00a0
(repurchase
The respective leased
\u00a0
assets are
\u00a0
included in the
\u00a0
balance sheet based
\u00a0
on their nature
\u00a0
and depreciated
over the lease term to the expected second-hand market value.
1.7
\u00a0
Other income and other expenses
\u00a0
Other income
\u00a0
and expenses
\u00a0
of a
\u00a0
special nature
\u00a0
are presented
\u00a0
in the
\u00a0
separate line
\u00a0
items \u201cOther
\u00a0
income
and other expenses within
\u00a0
operating profit (loss)\u201d respectively. Such
\u00a0
items are characterised by
\u00a0
being
of
\u00a0
a
\u00a0
non-recurring
\u00a0
nature
\u00a0
and
\u00a0
outside
\u00a0
ordinary
\u00a0
business
\u00a0
of
\u00a0
Techstep
\u00a0
Group.
\u00a0
Other
\u00a0
income
\u00a0
and
expenses will
\u00a0
include items
\u00a0
such as
\u00a0
restructuring costs
\u00a0
related to
\u00a0
executive management,
\u00a0
acquisition-
related costs, gains or losses on the both sale and remeasurement of assets or liabilities.
\u00a0
Acquisition-
related costs
\u00a0
may include
\u00a0
both costs
\u00a0
related to
\u00a0
acquisitions closed
\u00a0
and transactions
\u00a0
that were
\u00a0
not
completed.
1.8
\u00a0
Business combinations
\u00a0
Acquisitions
\u00a0
of
\u00a0
businesses
\u00a0
are
\u00a0
accounted
\u00a0
for
\u00a0
using
\u00a0
the
\u00a0
acquisition
\u00a0
method.
\u00a0
The
\u00a0
consideration
transferred in a business combination is
\u00a0
measured at fair value, which is calculated as the
\u00a0
sum of the
acquisition-date fair value
\u00a0
of the assets
\u00a0
transferred by the
\u00a0
Group, liabilities incurred
\u00a0
by the Group
\u00a0
in
relation to the
\u00a0
former owners of
\u00a0
the acquiree, and
\u00a0
the equity interests
\u00a0
issued by the
\u00a0
Group in
\u00a0
exchange
for control of the acquiree. Acquisition-related costs are expensed as incurred.
On the acquisition
\u00a0
date, the
\u00a0
identifiable assets acquired,
\u00a0
and the
\u00a0
liabilities assumed
\u00a0
are recognised
at their fair value, except for:
\u25cf
Deferred
\u00a0
tax assets
\u00a0
or liabilities
\u00a0
are
\u00a0
recognised
\u00a0
and
\u00a0
measured
\u00a0
in accordance
\u00a0
with IAS
\u00a0
12
\u00a0
-
\u25cf
Liabilities or assets related to
\u00a0
employee benefit arrangements are recognised and
\u00a0
measured
in accordance with IAS 19 - Employee benefits.
\u00a0
The
\u00a0
Group
\u00a0
recognises
\u00a0
any
\u00a0
non-controlling
\u00a0
interest
\u00a0
in
\u00a0
the
\u00a0
acquired
\u00a0
entity
\u00a0
on
\u00a0
an
\u00a0
acquisition-by-
acquisition
\u00a0
basis,
\u00a0
at
\u00a0
the
\u00a0
non-controlling
\u00a0
interest\u2019s
\u00a0
proportionate
\u00a0
share
\u00a0
of
\u00a0
the
\u00a0
acquired
\u00a0
entity\u2019s
\u00a0
net
identifiable assets.
\u00a0
Goodwill
\u00a0
is
\u00a0
measured
\u00a0
as
\u00a0
the
\u00a0
excess
\u00a0
of
\u00a0
the
\u00a0
consideration
\u00a0
transferred,
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
any
\u00a0
non-
controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest
in
\u00a0
the
\u00a0
acquiree
\u00a0
(if
\u00a0
any),
\u00a0
over
\u00a0
the
\u00a0
net
\u00a0
of
\u00a0
the
\u00a0
acquisition-date
\u00a0
amounts
\u00a0
of
\u00a0
the
\u00a0
identifiable
\u00a0
assets
acquired and the liabilities assumed.
Where settlement of
\u00a0
any part of
\u00a0
a cash consideration is
\u00a0
deferred, the amounts
\u00a0
payable in the
\u00a0
future
are discounted to their present
\u00a0
value as at the date
\u00a0
of exchange. The discount rate used
\u00a0
is the entity\u2019s
incremental
\u00a0
borrowing
\u00a0
rate,
\u00a0
i.e.
\u00a0
the
\u00a0
rate
\u00a0
at
\u00a0
which
\u00a0
a
\u00a0
similar
\u00a0
borrowing
\u00a0
could
\u00a0
be
\u00a0
obtained
\u00a0
from
\u00a0
an
independent financier under comparable terms and conditions.
\u00a0
Changes
\u00a0
in
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
contingent
\u00a0
consideration
\u00a0
that
\u00a0
qualify
\u00a0
as
\u00a0
measurement
\u00a0
period
adjustments,
\u00a0
are
\u00a0
adjusted
\u00a0
retrospectively,
\u00a0
with
\u00a0
corresponding
\u00a0
adjustments
\u00a0
against
\u00a0
goodwill.
\u00a0
The
measurement
\u00a0
period
\u00a0
cannot
\u00a0
exceed
\u00a0
one
\u00a0
year
\u00a0
from
\u00a0
the
\u00a0
acquisition
\u00a0
date.
\u00a0
Measurement
\u00a0
period
adjustments
\u00a0
are
\u00a0
adjustments
\u00a0
that
\u00a0
arise
\u00a0
from
\u00a0
additional
\u00a0
information
\u00a0
obtained
\u00a0
during
\u00a0
the
measurement period about facts and circumstances that existed on the acquisition date.
Changes in the fair value of contingent consideration not classified as equity that does not qualify as
a
\u00a0
measurement
\u00a0
period
\u00a0
adjustment
\u00a0
are
\u00a0
remeasured
\u00a0
at
\u00a0
subsequent
\u00a0
reporting
\u00a0
dates.
\u00a0
The
corresponding gain or
\u00a0
loss is
\u00a0
recognised in the
\u00a0
consolidated income statement
\u00a0
on the
\u00a0
line items
\u00a0
Other
income or other expenses as appropriate.
When a business combination is achieved in stages, the Group\u2019s previously held equity interest in the
acquiree
\u00a0
is remeasured
\u00a0
at fair
\u00a0
value on
\u00a0
the acquisition
\u00a0
date
\u00a0
(i.e. the
\u00a0
date when
\u00a0
the Group
\u00a0
obtains
control)
\u00a0
and
\u00a0
the
\u00a0
resulting
\u00a0
gain
\u00a0
or
\u00a0
loss,
\u00a0
if
\u00a0
any,
\u00a0
is
\u00a0
recognised
\u00a0
in
\u00a0
the
\u00a0
consolidated
\u00a0
income
\u00a0
statement.
Amounts arising from interests in the acquiree prior to the acquisition date that have been previously
recognised in
\u00a0
other comprehensive
\u00a0
income, are
\u00a0
reclassified to
\u00a0
the consolidated
\u00a0
income statement
where such treatment would be appropriate.
Goodwill
\u00a0
is
\u00a0
measured
\u00a0
as
\u00a0
the
\u00a0
excess
\u00a0
of
\u00a0
the
\u00a0
consideration
\u00a0
transferred,
\u00a0
the
\u00a0
amount
\u00a0
of
\u00a0
any
\u00a0
non-
controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest
in
\u00a0
the
\u00a0
acquiree
\u00a0
(if
\u00a0
any),
\u00a0
over
\u00a0
the
\u00a0
net
\u00a0
of
\u00a0
the
\u00a0
acquisition-date
\u00a0
amounts
\u00a0
of
\u00a0
the
\u00a0
identifiable
\u00a0
assets
acquired and the liabilities assumed.
Where settlement of
\u00a0
any part of
\u00a0
a cash consideration is
\u00a0
deferred, the amounts
\u00a0
payable in the
\u00a0
future
are discounted to their present
\u00a0
value as at the date
\u00a0
of exchange. The discount rate used
\u00a0
is the entity\u2019s
incremental
\u00a0
borrowing
\u00a0
rate,
\u00a0
i.e.
\u00a0
the
\u00a0
rate
\u00a0
at
\u00a0
which
\u00a0
a
\u00a0
similar
\u00a0
borrowing
\u00a0
could
\u00a0
be
\u00a0
obtained
\u00a0
from
\u00a0
an
independent financier under comparable terms and conditions.
\u00a0
Changes
\u00a0
in
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
contingent
\u00a0
consideration
\u00a0
that
\u00a0
qualify
\u00a0
as
\u00a0
measurement
\u00a0
period
adjustments,
\u00a0
are
\u00a0
adjusted
\u00a0
retrospectively,
\u00a0
with
\u00a0
corresponding
\u00a0
adjustments
\u00a0
against
\u00a0
goodwill.
\u00a0
The
measurement
\u00a0
period
\u00a0
cannot
\u00a0
exceed
\u00a0
one
\u00a0
year
\u00a0
from
\u00a0
the
\u00a0
acquisition
\u00a0
date.
\u00a0
Measurement
\u00a0
period
adjustments
\u00a0
are
\u00a0
adjustments
\u00a0
that
\u00a0
arise
\u00a0
from
\u00a0
additional
\u00a0
information
\u00a0
obtained
\u00a0
during
\u00a0
the
measurement period about facts and circumstances that existed on the acquisition date.
Changes in the fair value of contingent consideration not classified as equity that does not qualify as
a
\u00a0
measurement
\u00a0
period
\u00a0
adjustment
\u00a0
are
\u00a0
remeasured
\u00a0
at
\u00a0
subsequent
\u00a0
reporting
\u00a0
dates.
\u00a0
The
corresponding gain or
\u00a0
loss is
\u00a0
recognised in the
\u00a0
consolidated income statement
\u00a0
on the
\u00a0
line items
\u00a0
Other
income or other expenses as appropriate.
1.9
\u00a0
Intangible assets
\u00a0
Intangible
\u00a0
assets
\u00a0
with
\u00a0
finite
\u00a0
useful
\u00a0
lives
\u00a0
that
\u00a0
are
\u00a0
acquired
\u00a0
separately,
\u00a0
are
\u00a0
carried
\u00a0
at
\u00a0
cost
\u00a0
less
accumulated
\u00a0
amortisation
\u00a0
and
\u00a0
accumulated
\u00a0
impairment
\u00a0
losses.
\u00a0
Amortisation
\u00a0
is
\u00a0
recognised
\u00a0
on
\u00a0
a
straight-line basis over
\u00a0
their estimated useful
\u00a0
lives. The estimated
\u00a0
useful life and
\u00a0
amortisation method
is reviewed
\u00a0
at the
\u00a0
end of
\u00a0
each reporting
\u00a0
period, with
\u00a0
the effect
\u00a0
of any
\u00a0
changes on
\u00a0
estimates being
accounted for on a prospective basis.
\u00a0
Intangible
\u00a0
assets
\u00a0
with
\u00a0
indefinite
\u00a0
useful
\u00a0
lives
\u00a0
that
\u00a0
are
\u00a0
acquired
\u00a0
separately,
\u00a0
are
\u00a0
carried
\u00a0
at
\u00a0
cost
\u00a0
less
accumulated impairment losses.
\u00a0
The costs of intangible assets acquired through acquisitions are recorded at fair value as at the date
of acquisition.
Software expenses
\u00a0
related to
\u00a0
the purchase
\u00a0
of new
\u00a0
computer programmes
\u00a0
are accounted
\u00a0
for as
\u00a0
an
intangible asset
\u00a0
if these
\u00a0
expenses are
\u00a0
not part
\u00a0
of hardware
\u00a0
acquisition costs.
\u00a0
Costs incurred
\u00a0
due to
updates
\u00a0
and
\u00a0
general
\u00a0
maintenance
\u00a0
of
\u00a0
the
\u00a0
software,
\u00a0
are
\u00a0
accounted
\u00a0
for
\u00a0
as
\u00a0
running
\u00a0
costs
\u00a0
over
\u00a0
the
income statement, unless
\u00a0
the changes in the
\u00a0
software increase the future
\u00a0
economic benefits from
\u00a0
the
software.
1.10
\u00a0
Property, plant and equipment
Property, plant and
\u00a0
equipment are carried
\u00a0
at cost less accumulated
\u00a0
depreciation and accumulated
impairment losses.
The cost of the asset, less its estimated residual value, is
\u00a0
depreciated on a straight-line basis over the
estimated useful life
\u00a0
of the asset.
\u00a0
Estimates of residual
\u00a0
values are
\u00a0
applicable for the
\u00a0
Group\u2019s leasing
offering where assets are sold at the end
\u00a0
of the lease. The estimated useful
\u00a0
lives, residual values and
depreciation methods are
\u00a0
reviewed at the
\u00a0
end of
\u00a0
each reporting
\u00a0
period, with
\u00a0
the effect of
\u00a0
any changes
in estimates accounted for on a prospective basis.
An item of property, plant
\u00a0
and equipment is derecognised upon
\u00a0
disposal, or when no future
\u00a0
economic
benefits are expected to arise from the continued use of the
\u00a0
asset. Any gain or loss that arises on the
disposal or
\u00a0
retirement of
\u00a0
an item
\u00a0
of property,
\u00a0
plant and
\u00a0
equipment is
\u00a0
determined as
\u00a0
the difference
between the
\u00a0
sales proceeds
\u00a0
and the
\u00a0
carrying amount
\u00a0
of the
\u00a0
asset and
\u00a0
is recognised
\u00a0
in the
\u00a0
income
statement.
The cost of the asset, less its estimated residual value, is
\u00a0
depreciated on a straight-line basis over the
estimated useful life
\u00a0
of the asset.
\u00a0
Estimates of residual
\u00a0
values are
\u00a0
applicable for the
\u00a0
Group\u2019s leasing
offering where assets are sold at the end
\u00a0
of the lease. The estimated useful
\u00a0
lives, residual values and
depreciation methods are
\u00a0
reviewed at the
\u00a0
end of
\u00a0
each reporting
\u00a0
period, with
\u00a0
the effect of
\u00a0
any changes
in estimates accounted for on a prospective basis.
1.11
\u00a0
Impairment of intangible assets and property, plant and equipment
Goodwill and intangible
\u00a0
assets that have an
\u00a0
indefinite useful life are
\u00a0
not subject to amortisation
\u00a0
and
are tested annually for impairment,
\u00a0
or more frequently if events
\u00a0
or changes in circumstances
\u00a0
indicate
that the carrying
\u00a0
amount might be impaired.
\u00a0
Other assets are tested
\u00a0
for impairment whenever events
or
\u00a0
changes
\u00a0
in
\u00a0
circumstances
\u00a0
indicate
\u00a0
that
\u00a0
the
\u00a0
carrying
\u00a0
amount
\u00a0
may
\u00a0
not
\u00a0
be
\u00a0
recoverable.
\u00a0
An
impairment
\u00a0
loss
\u00a0
is
\u00a0
recognised
\u00a0
as
\u00a0
the
\u00a0
amount
\u00a0
by
\u00a0
which
\u00a0
the
\u00a0
asset\u2019s
\u00a0
carrying
\u00a0
amount
\u00a0
exceeds
\u00a0
its
recoverable
\u00a0
amount.
\u00a0
The
\u00a0
recoverable
\u00a0
amount
\u00a0
is
\u00a0
the
\u00a0
higher
\u00a0
of
\u00a0
an
\u00a0
asset\u2019s
\u00a0
fair
\u00a0
value
\u00a0
less
\u00a0
costs
\u00a0
of
disposal, and value
\u00a0
in use. For
\u00a0
the purposes of
\u00a0
assessing impairment,
\u00a0
assets are grouped
\u00a0
at the lowest
levels for
\u00a0
which
\u00a0
there are
\u00a0
separately
\u00a0
identifiable cash
\u00a0
inflows which
\u00a0
are largely
\u00a0
independent
\u00a0
of the
cash
\u00a0
inflows
\u00a0
from
\u00a0
other
\u00a0
assets
\u00a0
or
\u00a0
Groups
\u00a0
of
\u00a0
assets
\u00a0
(cash-generating
\u00a0
units).
\u00a0
Non-financial
\u00a0
assets,
other
\u00a0
than
\u00a0
goodwill,
\u00a0
that
\u00a0
have
\u00a0
historically
\u00a0
been
\u00a0
impaired
\u00a0
are
\u00a0
reviewed
\u00a0
for
\u00a0
possible
\u00a0
reversal
\u00a0
of
\u00a0
the
impairment at the end of each reporting period.
1.12
\u00a0
Inventories
\u00a0
Inventories are measured
\u00a0
at the lower
\u00a0
of cost and
\u00a0
net realisable value. Cost
\u00a0
is determined using the
FIFO or weighted average method, depending on the nature of the inventories.
1.13
\u00a0
Trade receivables
\u00a0
Trade receivables are initially measured
\u00a0
at fair value and
\u00a0
subsequently measured at amortised
\u00a0
cost
using
\u00a0
the
\u00a0
effective
\u00a0
interest
\u00a0
method,
\u00a0
less
\u00a0
provision
\u00a0
for
\u00a0
impairment.
\u00a0
The
\u00a0
carrying
\u00a0
amount
\u00a0
of
\u00a0
a
\u00a0
trade
receivable
\u00a0
is
\u00a0
written
\u00a0
off
\u00a0
when
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
no
\u00a0
reasonable
\u00a0
expectations
\u00a0
of
\u00a0
recovering
\u00a0
the
\u00a0
trade
receivable in its entirety or a portion thereof.
1.14
\u00a0
Cash and cash equivalents
\u00a0
Cash and cash equivalents in the consolidated statement of financial position comprise all cash and
bank deposits.
1.15
\u00a0
Financial instruments
\u00a0
Financial
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
include
\u00a0
investment
\u00a0
in
\u00a0
shares,
\u00a0
trade
\u00a0
receivables,
\u00a0
other
\u00a0
receivables,
borrowings, trade payables, other current and non-current liabilities.
\u00a0
Financial assets and financial liabilities)
\u00a0
are recognised initially on the date when
\u00a0
the Group becomes
a party to the contractual provisions of the instrument.
\u00a0
The Group classifies, at initial recognition, its financial instruments in one of the following categories:
\u00a0
\u25cf
Financial assets or financial liabilities at fair value through profit or loss,
\u00a0
\u25cf
Financial asset at amortised cost,
\u00a0
\u25cf
Financial liabilities at amortised cost
The classification
\u00a0
depends on
\u00a0
the Group\u2019s
\u00a0
business model
\u00a0
for managing
\u00a0
them and
\u00a0
the contractual
cash-flow characteristics of the instrument.
\u00a0
Financial
\u00a0
assets
\u00a0
or
\u00a0
financial
\u00a0
liabilities
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
profit
\u00a0
or
\u00a0
loss
\u00a0
are
\u00a0
financial
\u00a0
assets
\u00a0
and
liabilities held for trading and acquired primarily with a view of selling in the near term.
Financial assets at
\u00a0
amortised cost are
\u00a0
financial assets held
\u00a0
to collect the
\u00a0
contractual cash flow
\u00a0
and
where the
\u00a0
cash flows
\u00a0
are solely
\u00a0
payment of
\u00a0
principal and
\u00a0
interest on
\u00a0
the outstanding
\u00a0
principal. The
category is included
\u00a0
in the consolidated
\u00a0
statement of financial
\u00a0
position financial line
\u00a0
items Other non-
current assets, Trade receivables, Other receivables and Cash and cash equivalents. Financial assets
at
\u00a0
amortised
\u00a0
cost
\u00a0
are
\u00a0
recognised
\u00a0
initially
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
plus
\u00a0
directly
\u00a0
attributable
\u00a0
transaction
\u00a0
costs.
Subsequently, if the asset
\u00a0
is non-current it is measured
\u00a0
at amortised cost using the
\u00a0
effective interest
method, reduced by any impairment loss.
\u00a0
The carrying amounts of line items
\u00a0
classified as current are
assumed
\u00a0
to be
\u00a0
the same
\u00a0
as their
\u00a0
fair values,
\u00a0
due
\u00a0
to their
\u00a0
short-term nature.
\u00a0
Short-term loans
\u00a0
and
receivables are for practical reasons not amortised unless the effect is material.
The
\u00a0
category
\u00a0
financial
\u00a0
liabilities
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
is
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
consolidated
\u00a0
statement
\u00a0
of
financial position line
\u00a0
items Non-current interest-bearing borrowings,
\u00a0
Other non-current debt,
\u00a0
Current
interest-bearing borrowings, Trade payables
\u00a0
and Other current liabilities. Items
\u00a0
in the Other financial
liabilities-category are
\u00a0
recognised initially
\u00a0
at fair
\u00a0
value. Subsequently,
\u00a0
if they
\u00a0
are non-current,
\u00a0
other
financial
\u00a0
liabilities
\u00a0
are
\u00a0
measured
\u00a0
at
\u00a0
amortised
\u00a0
cost
\u00a0
using
\u00a0
the
\u00a0
effective
\u00a0
interest
\u00a0
method.
\u00a0
Effective
interest is
\u00a0
recognised in
\u00a0
the income
\u00a0
statement as
\u00a0
financial expenses.
\u00a0
Current items
\u00a0
in the
\u00a0
category
are for practical reasons not amortised unless the effect is material.
Financial assets
\u00a0
are derecognised
\u00a0
when the
\u00a0
contractual rights
\u00a0
to the
\u00a0
cash
\u00a0
flows from
\u00a0
the financial
asset
\u00a0
expire
\u00a0
and
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
transferred
\u00a0
substantially
\u00a0
all
\u00a0
the
\u00a0
risks
\u00a0
and
\u00a0
rewards
\u00a0
of
\u00a0
ownership.
Financial
\u00a0
liabilities
\u00a0
are
\u00a0
derecognised
\u00a0
when
\u00a0
the
\u00a0
obligation
\u00a0
is
\u00a0
discharged,
\u00a0
cancelled,
\u00a0
or
\u00a0
expires.
\u00a0
Any
rights and
\u00a0
obligations created
\u00a0
or retained
\u00a0
in such
\u00a0
a transfer
\u00a0
are recognised
\u00a0
separately as
\u00a0
assets or
liabilities. The Group
\u00a0
assesses quarterly
\u00a0
whether there
\u00a0
is objective
\u00a0
evidence that a
\u00a0
financial asset or
Group of financial assets is impaired.
For
\u00a0
trade
\u00a0
and
\u00a0
other
\u00a0
receivables,
\u00a0
default
\u00a0
in
\u00a0
payments,
\u00a0
significant
\u00a0
financial
\u00a0
difficulties
\u00a0
of
\u00a0
the
\u00a0
debtor,
probability that the debtor will enter bankruptcy or
\u00a0
debt settlement negotiations are considered to be
indicators that the Group will not be able to
\u00a0
collect all amounts due according to the original
\u00a0
terms of
the receivables. For
\u00a0
trade receivables the
\u00a0
loss allowance is measured
\u00a0
at the lifetime expected
\u00a0
credit
loss. The loss is recognised as other operating expenses in the income statement.
\u00a0
The fair
\u00a0
value of
\u00a0
financial instruments is
\u00a0
based on
\u00a0
quoted prices
\u00a0
as at the
\u00a0
balance sheet date
\u00a0
in an
active market, if
\u00a0
such markets exist.
\u00a0
If an active
\u00a0
market does not
\u00a0
exist, fair value
\u00a0
is established by
\u00a0
using
valuation techniques that are
\u00a0
expected to provide a
\u00a0
reliable estimate of the
\u00a0
fair value. The
\u00a0
fair value
of unlisted securities is based on cash
\u00a0
flows discounted using an applicable risk-free
\u00a0
market interest
rate and a risk premium specific to the unlisted securities.
\u00a0
Financial
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
are
\u00a0
classified
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
valuation
Level
\u00a0
1:
\u00a0
Valuation
\u00a0
based
\u00a0
on
\u00a0
quoted
\u00a0
prices
\u00a0
(unadjusted)
\u00a0
in
\u00a0
active
\u00a0
markets
\u00a0
for
\u00a0
identical
\u00a0
assets
\u00a0
or
Level 2: Valuation based on inputs
\u00a0
other than quoted prices included within
\u00a0
level 1 that are observable
for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
\u00a0
Level 3: Valuation based on inputs for the asset or liability that are unobservable market data.
\u00a0
If one
\u00a0
or more
\u00a0
of the
\u00a0
significant inputs
\u00a0
are not
\u00a0
based on
\u00a0
observable market
\u00a0
data, the
\u00a0
instrument is
included in level
\u00a0
3. Changes in fair
\u00a0
value recognised in other
\u00a0
comprehensive income are
\u00a0
recognised
in
\u00a0
the
\u00a0
line-item
\u00a0
Exchange
\u00a0
differences
\u00a0
on
\u00a0
converting
\u00a0
foreign
\u00a0
operations.
\u00a0
Changes
\u00a0
in
\u00a0
fair
\u00a0
value
recognised in profit
\u00a0
or loss are
\u00a0
presented in the
\u00a0
line item, Financial
\u00a0
expenses and Other
\u00a0
income and
expenses.
Financial
\u00a0
assets
\u00a0
or
\u00a0
financial
\u00a0
liabilities
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
through
\u00a0
profit
\u00a0
or
\u00a0
loss
\u00a0
are
\u00a0
financial
\u00a0
assets
\u00a0
and
liabilities held for trading and acquired primarily with a view of selling in the near term.
Financial
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
measured
\u00a0
at
\u00a0
fair
\u00a0
value
\u00a0
are
\u00a0
classified
\u00a0
according
\u00a0
to
\u00a0
the
\u00a0
valuation
Level
\u00a0
1:
\u00a0
Valuation
\u00a0
based
\u00a0
on
\u00a0
quoted
\u00a0
prices
\u00a0
(unadjusted)
\u00a0
in
\u00a0
active
\u00a0
markets
\u00a0
for
\u00a0
identical
\u00a0
assets
\u00a0
or
Level 2: Valuation based on inputs
\u00a0
other than quoted prices included within
\u00a0
level 1 that are observable
for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
\u00a0
Level 3: Valuation based on inputs for the asset or liability that are unobservable market data.
\u00a0
If one
\u00a0
or more
\u00a0
of the
\u00a0
significant inputs
\u00a0
are not
\u00a0
based on
\u00a0
observable market
\u00a0
data, the
\u00a0
instrument is
included in level
\u00a0
3. Changes in fair
\u00a0
value recognised in other
\u00a0
comprehensive income are
\u00a0
recognised
in
\u00a0
the
\u00a0
line-item
\u00a0
Exchange
\u00a0
differences
\u00a0
on
\u00a0
converting
\u00a0
foreign
\u00a0
operations.
\u00a0
Changes
\u00a0
in
\u00a0
fair
\u00a0
value
recognised in profit
\u00a0
or loss are
\u00a0
presented in the
\u00a0
line item, Financial
\u00a0
expenses and Other
\u00a0
income and
expenses.
1.16
\u00a0
Accounts payables
These amounts
\u00a0
represent liabilities for
\u00a0
goods and
\u00a0
services provided
\u00a0
to the Group
\u00a0
prior to the
\u00a0
end of
the balance sheet date which are
\u00a0
unpaid. The amounts are unsecured payables
\u00a0
and are usually paid
within
\u00a0
30
\u00a0
days
\u00a0
of
\u00a0
recognition.
\u00a0
Trade
\u00a0
and
\u00a0
other
\u00a0
payables
\u00a0
are
\u00a0
presented
\u00a0
as
\u00a0
trade
\u00a0
payables,
\u00a0
unless
payment is not
\u00a0
due within 12 months
\u00a0
of the reporting period.
\u00a0
They are recognised initially
\u00a0
at their fair
value and subsequently measured at amortised cost using the effective interest method.
1.17
\u00a0
Dividend and interest income
\u00a0
Dividend income from
\u00a0
investments is recognised
\u00a0
when the shareholder\u2019s
\u00a0
right to receive
\u00a0
payment has
been established
\u00a0
(provided it
\u00a0
is probable
\u00a0
that the
\u00a0
economic benefits
\u00a0
will flow
\u00a0
to the
\u00a0
Group and
\u00a0
the
amount of income can be measured reliably).
The
\u00a0
income
\u00a0
tax
\u00a0
expense
\u00a0
or
\u00a0
credit
\u00a0
for
\u00a0
the
\u00a0
period
\u00a0
is
\u00a0
the
\u00a0
tax
\u00a0
payable
\u00a0
on
\u00a0
the
\u00a0
current
\u00a0
period\u2019s
\u00a0
taxable
income,
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
applicable
\u00a0
income
\u00a0
tax
\u00a0
rate
\u00a0
for
\u00a0
each
\u00a0
jurisdiction,
\u00a0
adjusted
\u00a0
for
\u00a0
changes
\u00a0
in
deferred tax assets and liabilities attributable to temporary differences, and for unused tax losses.
\u00a0
Tax payable
The current income tax charge
\u00a0
is calculated based on the
\u00a0
tax laws enacted, or substantively
\u00a0
enacted,
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period
\u00a0
in
\u00a0
Norway,
\u00a0
Sweden,
\u00a0
Denmark
\u00a0
and
\u00a0
Poland,
\u00a0
where
\u00a0
subsidiaries
generate
\u00a0
taxable
\u00a0
income.
\u00a0
Management
\u00a0
periodically
\u00a0
evaluates
\u00a0
positions
\u00a0
taken
\u00a0
in
\u00a0
tax
\u00a0
returns,
\u00a0
with
respect
\u00a0
to
\u00a0
situations
\u00a0
in
\u00a0
which
\u00a0
applicable
\u00a0
tax
\u00a0
regulation
\u00a0
is
\u00a0
subject
\u00a0
to
\u00a0
interpretation.
\u00a0
Management
establishes
\u00a0
provisions
\u00a0
where
\u00a0
appropriate,
\u00a0
based
\u00a0
on
\u00a0
amounts
\u00a0
expected
\u00a0
to
\u00a0
be
\u00a0
paid
\u00a0
to
\u00a0
the
\u00a0
tax
Deferred income tax
\u00a0
is provided on
\u00a0
temporary differences arising
\u00a0
between the tax
\u00a0
bases of assets
\u00a0
and
liabilities, and their carrying amounts in the consolidated financial statements. However,
\u00a0
deferred tax
liabilities are not
\u00a0
recognised if they
\u00a0
arise from the
\u00a0
initial recognition of
\u00a0
goodwill. Deferred income
\u00a0
tax
is determined using
\u00a0
tax rates (and laws)
\u00a0
that have been enacted,
\u00a0
or substantially enacted, by
\u00a0
the end
of
\u00a0
the
\u00a0
reporting
\u00a0
period,
\u00a0
and
\u00a0
are
\u00a0
expected
\u00a0
to
\u00a0
apply
\u00a0
when
\u00a0
the
\u00a0
related
\u00a0
deferred
\u00a0
income
\u00a0
tax
\u00a0
asset
\u00a0
is
realised, or the deferred income tax liability is settled.
Deferred tax assets are
\u00a0
recognised only if it is probable
\u00a0
that future taxable amounts will be
\u00a0
available
to utilise the temporary differences and losses.
\u00a0
Deferred tax assets and
\u00a0
liabilities are offset when
\u00a0
there is a legally enforceable
\u00a0
right to offset current
tax assets
\u00a0
and liabilities,
\u00a0
and when
\u00a0
the deferred
\u00a0
tax balances
\u00a0
relate to
\u00a0
the same
\u00a0
taxation authority.
Current tax assets and tax
\u00a0
liabilities are offset where the
\u00a0
entity has a legally
\u00a0
enforceable right to offset
and intends to either settle
\u00a0
on a net basis, or
\u00a0
to realise the asset and settle
\u00a0
the liability simultaneously.
Current and deferred tax is recognised in the income statement, except to the extent that it relates to
items
\u00a0
recognised
\u00a0
in
\u00a0
other
\u00a0
comprehensive
\u00a0
income,
\u00a0
or
\u00a0
directly
\u00a0
in
\u00a0
equity.
\u00a0
In
\u00a0
this
\u00a0
case,
\u00a0
the
\u00a0
tax
\u00a0
is
\u00a0
also
recognised in other comprehensive income or directly in equity, respectively.
Deferred income tax
\u00a0
is provided on
\u00a0
temporary differences arising
\u00a0
between the tax
\u00a0
bases of assets
\u00a0
and
liabilities, and their carrying amounts in the consolidated financial statements. However,
\u00a0
deferred tax
liabilities are not
\u00a0
recognised if they
\u00a0
arise from the
\u00a0
initial recognition of
\u00a0
goodwill. Deferred income
\u00a0
tax
is determined using
\u00a0
tax rates (and laws)
\u00a0
that have been enacted,
\u00a0
or substantially enacted, by
\u00a0
the end
of
\u00a0
the
\u00a0
reporting
\u00a0
period,
\u00a0
and
\u00a0
are
\u00a0
expected
\u00a0
to
\u00a0
apply
\u00a0
when
\u00a0
the
\u00a0
related
\u00a0
deferred
\u00a0
income
\u00a0
tax
\u00a0
asset
\u00a0
is
realised, or the deferred income tax liability is settled.
Deferred tax assets are
\u00a0
recognised only if it is probable
\u00a0
that future taxable amounts will be
\u00a0
available
to utilise the temporary differences and losses.
\u00a0
Deferred tax assets and
\u00a0
liabilities are offset when
\u00a0
there is a legally enforceable
\u00a0
right to offset current
tax assets
\u00a0
and liabilities,
\u00a0
and when
\u00a0
the deferred
\u00a0
tax balances
\u00a0
relate to
\u00a0
the same
\u00a0
taxation authority.
Current tax assets and tax
\u00a0
liabilities are offset where the
\u00a0
entity has a legally
\u00a0
enforceable right to offset
and intends to either settle
\u00a0
on a net basis, or
\u00a0
to realise the asset and settle
\u00a0
the liability simultaneously.
The nominal value of treasury shares is reported in the balance sheet, as a deduction to other equity.
Transaction costs in relation to equity transactions are charged to equity after deducting tax.
1.20
\u00a0
Share-based payments
\u00a0
Share-based
\u00a0
payments
\u00a0
are
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
remuneration
\u00a0
to
\u00a0
executive
\u00a0
management
\u00a0
and
\u00a0
other
\u00a0
key
The fair value of options granted is recognised as an employee benefit
\u00a0
expense with a corresponding
increase in equity. The total
\u00a0
amount to be expensed is
\u00a0
determined by reference to the
\u00a0
fair value of the
The
\u00a0
total expense
\u00a0
is recognised
\u00a0
over
\u00a0
the vesting
\u00a0
period, which
\u00a0
is the
\u00a0
period
\u00a0
over which
\u00a0
the vesting
conditions
\u00a0
are
\u00a0
satisfied. At
\u00a0
the
\u00a0
end
\u00a0
of each
\u00a0
period,
\u00a0
the estimate
\u00a0
of the
\u00a0
number of
\u00a0
options
\u00a0
that
\u00a0
are
expected to
\u00a0
vest based
\u00a0
on the
\u00a0
non-market vesting
\u00a0
and service
\u00a0
conditions is
\u00a0
revised. The
\u00a0
revision, if
any, of the
\u00a0
original estimates is
\u00a0
recognised in the
\u00a0
income statement, with
\u00a0
a corresponding adjustment
to equity.
Social
\u00a0
security
\u00a0
tax
\u00a0
is
\u00a0
provided
\u00a0
for
\u00a0
at
\u00a0
each
\u00a0
balance
\u00a0
sheet
\u00a0
date
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
intrinsic
\u00a0
value
\u00a0
of
\u00a0
the
options.
1.21
\u00a0
Retirement benefit plan
\u00a0
The Group
\u00a0
has defined
\u00a0
contribution plans.
\u00a0
A defined
\u00a0
contribution plan
\u00a0
is a
\u00a0
retirement plan
\u00a0
in which
the Group
\u00a0
pays fixed
\u00a0
contributions to
\u00a0
a separate legal
\u00a0
entity. The
\u00a0
Group has
\u00a0
no legal
\u00a0
or other
\u00a0
obligation
to pay
\u00a0
additional contributions
\u00a0
if the
\u00a0
entity does
\u00a0
not have
\u00a0
sufficient assets
\u00a0
to pay
\u00a0
all employee
\u00a0
benefits
associated with earnings in present and previous
\u00a0
periods. Pre-paid contributions are recorded in the
accounts
\u00a0
as
\u00a0
an
\u00a0
asset,
\u00a0
to
\u00a0
the
\u00a0
extent
\u00a0
the
\u00a0
contribution
\u00a0
may
\u00a0
be
\u00a0
refunded
\u00a0
or
\u00a0
may
\u00a0
reduce
\u00a0
future
contributions.
Borrowings
\u00a0
are
\u00a0
initially
\u00a0
recognised
\u00a0
at
\u00a0
fair
\u00a0
value,
\u00a0
net
\u00a0
of
\u00a0
transaction
\u00a0
costs
\u00a0
incurred.
\u00a0
Borrowings
\u00a0
are
subsequently measured at amortised cost.
1.23
\u00a0
Provisions
\u00a0
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result
of a
\u00a0
past event,
\u00a0
it is
\u00a0
probable that
\u00a0
the Group
\u00a0
will be
\u00a0
required to
\u00a0
settle the
\u00a0
obligation, and
\u00a0
a reliable
estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best
\u00a0
estimate of the consideration required to settle the
present
\u00a0
obligation
\u00a0
at
\u00a0
the
\u00a0
end
\u00a0
of
\u00a0
the
\u00a0
reporting
\u00a0
period,
\u00a0
and
\u00a0
considers
\u00a0
the
\u00a0
risks
\u00a0
and
\u00a0
uncertainties
surrounding the obligation. When a
\u00a0
provision is measured using
\u00a0
the cash flows estimated
\u00a0
to settle the
present obligation,
\u00a0
its carrying
\u00a0
amount is
\u00a0
the present
\u00a0
value of
\u00a0
those cash
\u00a0
flows (where
\u00a0
the effect
\u00a0
of
the time value of money is material).
When some or
\u00a0
all the economic
\u00a0
benefits required to
\u00a0
settle a provision are
\u00a0
expected to be
\u00a0
recovered
from a
\u00a0
third party, a
\u00a0
receivable is recognised
\u00a0
as an
\u00a0
asset if it
\u00a0
is virtually certain
\u00a0
that reimbursement
will be received, and the amount of the receivable can be measured reliably.
1.24
\u00a0
Cash flow statement
\u00a0
The cash flow statement
\u00a0
is presented using
\u00a0
the indirect method.
\u00a0
The Group\u2019s activities
\u00a0
are divided into
operational,
\u00a0
investment
\u00a0
and
\u00a0
financing
\u00a0
activities.
\u00a0
Cash
\u00a0
investment
\u00a0
in
\u00a0
new
\u00a0
business
\u00a0
is
\u00a0
classified
\u00a0
as
payment for the acquisition of subsidiaries, net of cash acquired in the cash flow statement.
1.25
\u00a0
Segment information
\u00a0
The
\u00a0
division
\u00a0
into
\u00a0
operating
\u00a0
segments
\u00a0
corresponds
\u00a0
to
\u00a0
the
\u00a0
management
\u00a0
structure
\u00a0
and
\u00a0
the
\u00a0
internal
reporting to the Group\u2019s chief operating decision maker (CODM),
\u00a0
defined as the CEO. Companies are
allocated to a segment based on the geographical location of the company.
All leases are accounted for by recognising a right-of-use asset and a lease liability except for:
\u00a0
\u25cf
Leases of low value assets; and
\u25cf
Leases with a duration of 12 months or less
Lease liabilities
Lease liabilities are measured at the
\u00a0
present value of the contractual payments
\u00a0
due to the lessor over
the lease term, with the discount rate
\u00a0
determined by reference to the rate inherent
\u00a0
in the lease. If the
inherent
\u00a0
interest
\u00a0
rate
\u00a0
is
\u00a0
not
\u00a0
readily
\u00a0
determinable,
\u00a0
the
\u00a0
Group\u2019s
\u00a0
incremental
\u00a0
borrowing
\u00a0
rate
\u00a0
on
commencement of the lease is used. Variable lease
\u00a0
payments are only included in the measurement
of the
\u00a0
lease liability if
\u00a0
they depend on
\u00a0
an index or
\u00a0
rate. In such
\u00a0
cases, the initial
\u00a0
measurement of the
lease liability assumes the
\u00a0
variable element will be regulated
\u00a0
throughout the lease term.
\u00a0
The estimate
is based upon management judgement. On initial recognition, the carrying value of
\u00a0
the lease liability
will include the following if applicable:
\u00a0
\u25cf
The exercise
\u00a0
price of
\u00a0
any purchase
\u00a0
option granted
\u00a0
in favour
\u00a0
of the
\u00a0
Group if
\u00a0
it is
\u00a0
reasonably
certain to exercise that option;
\u00a0
\u25cf
Any penalties payable for
\u00a0
terminating the lease, if the
\u00a0
term of the lease
\u00a0
has been estimated
based on the termination option being exercised.
\u00a0
Subsequent
\u00a0
to
\u00a0
initial
\u00a0
measurement
\u00a0
lease
\u00a0
liabilities
\u00a0
increase
\u00a0
as
\u00a0
a
\u00a0
result
\u00a0
of
\u00a0
interest
\u00a0
charged
\u00a0
at
\u00a0
a
constant rate on the balance outstanding and are reduced for lease payments made.
Right-of-use assets
Right-of-use assets are initially measured at the amount of the lease liability.
Right-of-use assets are depreciated on
\u00a0
a straight-line basis over
\u00a0
the remaining term of
\u00a0
the lease. The
remaining term of the lease is for
\u00a0
all leases held by the
\u00a0
Group assessed to be equal to
\u00a0
the economic
life of the asset.
Leases of low value assets and short-term leases
Payments associated with
\u00a0
short-term leases
\u00a0
of equipment and
\u00a0
vehicles and
\u00a0
all leases
\u00a0
of low-value
assets are recognised
\u00a0
on a
\u00a0
straight-line basis as
\u00a0
an expense in
\u00a0
profit or loss
\u00a0
on the financial
\u00a0
statement
line item Other operational costs. Short-term leases are leases with a lease term of 12 months or less.
1.28
\u00a0
Earnings per share
i) Basic earnings per share
Basic earnings per share are calculated by dividing:
\u00a0
\u25cf
The profit attributable
\u00a0
to owners of
\u00a0
the company, excluding
\u00a0
any costs of
\u00a0
servicing equity other
than ordinary shares.
\u00a0
\u25cf
By the
\u00a0
weighted average
\u00a0
number of
\u00a0
ordinary shares
\u00a0
outstanding during
\u00a0
the financial
\u00a0
year,
excluding treasury shares.
ii) Diluted earnings per share
Diluted earnings per share adjust the
\u00a0
figures used in the determination of
\u00a0
basic earnings per share, to
\u25cf
The
\u00a0
after-income
\u00a0
tax
\u00a0
effect
\u00a0
of
\u00a0
interest
\u00a0
and
\u00a0
other
\u00a0
financing
\u00a0
costs
\u00a0
associated
\u00a0
with
\u00a0
dilutive
potential ordinary shares, and
\u00a0
\u25cf
The
\u00a0
weighted
\u00a0
average
\u00a0
number
\u00a0
of
\u00a0
additional
\u00a0
ordinary
\u00a0
shares
\u00a0
that
\u00a0
would
\u00a0
have
\u00a0
been
outstanding, assuming the conversion of all dilutive potential ordinary shares.
As at year
\u00a0
end 2022
\u00a0
the Group
\u00a0
has options
\u00a0
outstanding that
\u00a0
are in the
\u00a0
money. Basic
\u00a0
earnings per share
and diluted earnings per share therefore differ.
1.29
\u00a0
Government grants
Government grants, including the
\u00a0
Norwegian Skattefunn tax incentive
\u00a0
scheme, are recognised in
\u00a0
the
same year as the government grants are
\u00a0
received. Grants are recognised as deductions against the
costs that they are intended to compensate.
Investment
\u00a0
grants
\u00a0
are
\u00a0
capitalised
\u00a0
and
\u00a0
recognised
\u00a0
systematically
\u00a0
over
\u00a0
the
\u00a0
asset\u2019s
\u00a0
useful
\u00a0
life.
Investment grants are recognised either as deferred income or as a deduction of the asset\u2019s carrying
amount.
Note 2. Segments
Techstep
\u00a0
has
\u00a0
four
\u00a0
segments,
\u00a0
which
\u00a0
are
\u00a0
represented
\u00a0
by
\u00a0
the
\u00a0
four
\u00a0
geographic
\u00a0
locations
\u00a0
where
\u00a0
the
Group's entities are
\u00a0
incorporated. The entities
\u00a0
are controlled and
\u00a0
owned by the
\u00a0
Techstep Group. The
segment HQ comprises Techstep ASA.
Eliminations comprise intersegment sales. Transactions between operating segments are conducted
on normal commercial terms.
1) Norway
\u25cf
Techstep Norway
\u00a0
AS: The
\u00a0
offerings of
\u00a0
the company
\u00a0
are mobile
\u00a0
hardware, servicing,
\u00a0
support
and mobility consultancy services. The company is located in Oslo and Sandefjord.
\u00a0
\u25cf
Mytos AS: A
\u00a0
Norwegian-based software as a
\u00a0
services company with
\u00a0
mainly recurring revenue.
Mytos offers a full range of
\u00a0
mobile expense management (TEM) modules, all with
\u00a0
proprietary
software and highly
\u00a0
user-friendly implementation and
\u00a0
operation. The company
\u00a0
is located in
Oslo.
\u25cf
Techstep Finance AS: Provides financing and
\u00a0
remarketing services. The company is
\u00a0
located in
2) Sweden
\u25cf
Techstep
\u00a0
AB
\u00a0
(formerly
\u00a0
Techstep
\u00a0
Sweden
\u00a0
AB
\u00a0
and
\u00a0
Optidev
\u00a0
AB):
\u00a0
The
\u00a0
company
\u00a0
offers
\u00a0
mobile
hardware, mobility consultancy services
\u00a0
and Enterprise Mobility
\u00a0
Management (EMM) services,
including Mobile
\u00a0
Security, system
\u00a0
design, implementation,
\u00a0
mobile device
\u00a0
management. The
company
\u00a0
also
\u00a0
develops
\u00a0
and
\u00a0
provides
\u00a0
enterprise
\u00a0
mobility
\u00a0
software
\u00a0
and
\u00a0
solutions,
predominantly
\u00a0
to
\u00a0
customers
\u00a0
in
\u00a0
the
\u00a0
transportation,
\u00a0
logistics
\u00a0
and
\u00a0
public
\u00a0
safety
\u00a0
sectors
\u00a0
in
Sweden, Norway
\u00a0
and Denmark.
\u00a0
The company
\u00a0
is located
\u00a0
in Karlstad,
\u00a0
Bor\u00e5s Gothenburg
\u00a0
and
Stockholm.
\u25cf
Techstep Finance AB: Provides financing and remarketing services.
3) Denmark
\u25cf
Techstep
\u00a0
Denmark
\u00a0
ApS:
\u00a0
Established
\u00a0
to
\u00a0
invoice
\u00a0
Danish
\u00a0
customers.
\u00a0
The
\u00a0
company
\u00a0
is
\u00a0
fully
supported from Norway and does not have any employees.
\u25cf
Optidev ApS: Established as a sales office for Techstep AB (formerly Optidev AB).
4) Poland
\u25cf
Famoc S.A.: A Polish software-as-a-services
\u00a0
company with mainly recurring revenue.
\u00a0
Famoc
offers
\u00a0
a
\u00a0
portfolio
\u00a0
of
\u00a0
solutions
\u00a0
for
\u00a0
the
\u00a0
mobile
\u00a0
device
\u00a0
lifecycle
\u00a0
management
\u00a0
market.
\u00a0
The
company is located in Gdansk.
\u25cf
Famoc Software Ltd: An Ireland based company acting as a reseller of Famoc S.A. software to
customers outside Poland.
\u25cf
Santa Maria
\u00a0
Private Ventures sp.
\u00a0
z.o.o.: A holding
\u00a0
company owning
\u00a0
shares in Famoc
\u00a0
S.A. and
Famoc Software sp. z.o.o.
5) Headquarters (HQ)
\u25cf
Techstep ASA
FY 2022
Norway
Sweden
Denmark
Poland
HQ
Elim-
inations
Total
Operating revenues from external
customers
787 272
476 582
34 794
24 478
-
-
1 323 126
Operating revenues from other segments
32 881
41 588
-
3 448
67 555
(145 473)
-
Operating revenues
820 153
518 170
34 794
27 926
67 555
(145 473)
1 323 126
Cost of goods sold
(539 551)
(324 274)
(27 806)
(7 779)
-
36 403
(863 007)
Salaries and personnel costs
(89 565)
(111 032)
(2 356)
(7 831)
(60 936)
6 693
(265 027)
Other operational costs
(97 750)
(55 148)
(1 703)
(7 878)
(46 277)
99 130
(109 626)
Depreciation
(60 761)
(42 142)
(1 166)
(766)
(4 387)
-
(109 222)
Amortisation
(22 054)
(23 685)
-
(8 655)
(4 107)
9
(58 492)
Impairment
-
-
-
-
-
-
-
Other income
19 600
20 047
-
165
246
-
40 058
Other expenses
(4 900)
(2 360)
(76)
(388)
(2 292)
-
(10 015)
Operating profit (loss)
25 171
(20 423)
1 687
(5 206)
(50 197)
(3 238)
(52 205)
Financial income
(35 122)
19
0
41
45 127
(4 465)
5 601
Financial expenses
(2 965)
(4 317)
(87)
(109)
(42 914)
32 827
(17 565)
Profit (loss) before tax
(12 915)
(24 721)
1 600
(5 275)
(47 983)
25 124
(64 170)
FY 2021
Norway
Sweden
Denmark
Poland
HQ
Elim-
inations
Total
Operating revenues from external
customers
813 205
435 838
41 441
14 607
-
-
1 305 090
Operating revenues from other segments
72 317
41 404
7
2 718
37 148
(153 593)
-
Operating revenues
885 522
477 241
41 448
17 325
37 148
(153 593)
1 305 090
Cost of goods sold
(573 144)
(280 461)
(34 671)
(6 770)
-
49 741
(845 305)
Salaries and personnel costs
(130 854)
(115 246)
(2 981)
(8 540)
(24 549)
550
(281 620)
Other operational costs
(54 309)
(44 341)
(1 121)
3 108
(87 220)
75 334
(108 549)
Depreciation
(69 208)
(38 139)
(473)
(403)
(6)
-
(108 229)
Amortisation
(20 118)
(27 709)
-
(6 896)
-
-
(54 723)
Impairment
(3 815)
-
-
-
-
3 815
-
Other income
-
-
-
22
-
-
22
Other expenses
(6 728)
-
-
(0)
(9 716)
(764)
(17 209)
Operating profit (loss)
27 346
(28 655)
2 202
(2 155)
(84 344)
(24 917)
(110 522)
Financial income
(34 758)
(104)
3
4
75 879
(28 792)
12 232
Financial expenses
(4 591)
(3 112)
(106)
(4)
(15 536)
2 890
(20 460)
Profit (loss) before tax
(12 003)
(31 871)
2 099
(2 155)
(24 001)
(50 820)
(118 750)
Operating revenues and non-current assets by geographical area
In the presentation
\u00a0
of geographical information,
\u00a0
the operating revenues
\u00a0
are attributed according
\u00a0
to
the
\u00a0
location
\u00a0
of
\u00a0
Group
\u00a0
companies.
\u00a0
There
\u00a0
are
\u00a0
no
\u00a0
significant
\u00a0
differences
\u00a0
between
\u00a0
the
\u00a0
attribution
\u00a0
of
operating revenues based on the locations of the Group companies, and an attribution based on the
customers'
\u00a0
location.
\u00a0
Non-current
\u00a0
assets
\u00a0
are
\u00a0
attributed
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
geographical
\u00a0
location
\u00a0
of
\u00a0
the
assets.
Non-current assets
2022
2021
Norway
562 482
511 701
Sweden
326 032
348 700
Denmark
1 331
1 388
Poland
101 332
96 979
Total
991 176
958 768
xx
Note 3. Revenues from contracts with customers
In
\u00a0
the
\u00a0
following
\u00a0
tables,
\u00a0
Total
\u00a0
revenue
\u00a0
is
\u00a0
disaggregated
\u00a0
by
\u00a0
major
\u00a0
revenue
\u00a0
streams
\u00a0
divided
\u00a0
into
\u00a0
the
reportable segments as shown in Note 2.
Hardware revenue comprises hardware
\u00a0
and related bonuses. Bonus
\u00a0
are additional revenues related
to hardware sales.
Solutions
\u00a0
revenue
\u00a0
comprises
\u00a0
own
\u00a0
software,
\u00a0
third
\u00a0
party
\u00a0
licenses,
\u00a0
consulting
\u00a0
services
\u00a0
and
\u00a0
related
commissions. Commissions are related to services rendered to third party connection providers.
2022
Norway
Sweden
Denmark
Poland
HQ
Eliminations
Group
Total revenues
820 154
518 170
34 794
27 926
67 555
-145 474
1 323 126
Hardware
Hardware revenues
531 897
252 711
16 372
477
0
-16 313
785 144
Leasing
87 966
54 657
5 587
0
0
-5 185
143 026
Bonus
41 766
7 708
0
0
0
0
49 473
Total
661 629
315 076
21 960
477
0
-21 498
977 643
Solutions
Advisory & Services
69 914
170 988
12 307
306
0
-12 735
240 780
Own Software
44 164
25 247
669
27 143
0
-5 631
91 593
Total
114 078
196 235
12 976
27 449
0
-18 366
332 372
Other revenues
Commission*
13 036
64
0
0
0
0
13 100
Other
31 412
6 796
-142
0
67 555
-105 609
11
Total
44 448
6 859
-142
0
67 555
-105 609
13 111
*reclassified from Solutions
2021*
Norway
Sweden
Denmark
Poland
HQ
Eliminations
Group
Total revenues
789 491
456 826
41 448
17 325
58 360
-58 360
1 305 090
Hardware
Hardware revenues
524 718
221 641
24 790
365
0
0
771 513
Leasing
82 947
46 557
4 732
0
0
0
134 237
Bonus
37 044
12 119
0
0
0
0
49 163
Total
644 709
280 317
29 522
365
0
0
954 912
Solutions
Advisory & Services
86 400
155 216
11 255
1 458
0
0
254 329
Own Software
39 090
18 505
689
15 503
0
0
73 787
Total
125 490
173 721
11 944
16 960
0
0
328 116
Other revenues
Commission**
17 791
2 372
0
0
0
0
20 164
Other
1 501
415
-18
0
58 360
-58 360
1 898
Total
19 292
2 788
-18
0
58 360
-58 360
22 062
*The above table is restated in accordance with new segment reporting
**reclassified from Solution
Contract assets and contract liabilities
\u00a0
Most of the
\u00a0
Group's solution revenues
\u00a0
are annual. The
\u00a0
majority of the
\u00a0
contracts follows the
\u00a0
calendar
year. The contract assets and
\u00a0
liabilities related to Solutions
\u00a0
as at the balance sheet
\u00a0
date are therefore
immaterial. This also applies to the unfulfilled performance obligations.
Sale of hardware and licenses does not lead to material contract assets or liabilities.
Contract assets and
\u00a0
liabilities originate from
\u00a0
sale of support.
\u00a0
Customers are invoiced
\u00a0
in advance for
monthly or quarterly support subscriptions. The Group also has customers who are invoiced after the
services
\u00a0
are
\u00a0
rendered,
\u00a0
monthly
\u00a0
or
\u00a0
annually.
\u00a0
Contracts
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
vary
\u00a0
to
\u00a0
an
\u00a0
extent
throughout the reporting period.
Other arrangements with customers do exist but are deemed immaterial.
Deferred revenue
The Group's revenue from
\u00a0
sale of hardware is
\u00a0
divided into two streams:
\u00a0
The customer purchases
\u00a0
the
hardware and the performance obligation is settled when the hardware
\u00a0
is delivered, or the customer
enters into a leasing agreement, where the hardware will be returned at the end of the lease.
The contracts
\u00a0
where the Group
\u00a0
acts as
\u00a0
a lessor last
\u00a0
from 18
\u00a0
- 36 months.
\u00a0
Revenue is
\u00a0
recognised linearly
over the contract period as the performance obligation is settled.
At the commencement of the
\u00a0
lease agreements the Group receives full
\u00a0
settlement from the financing
partners as described under section 1.6
Revenue recognition
in the accounting policies
.
received
\u00a0
is
\u00a0
split between
\u00a0
deferred
\u00a0
revenue
\u00a0
specified below,
\u00a0
and
\u00a0
residual obligation
\u00a0
(amount
\u00a0
to
\u00a0
be
repaid). The residual obligation is specified in note 16 (non-current) and note 17 (current)
Changes in deferred revenue during the year
2022
2021
Opening balance deferred revenue as at 1 January
135 320
78 783
Additions from business combinations
0
0
Net movement
16 800
57 190
Translation differences
(552)
(653)
Closing balance deferred revenue as at 31 December
151 568
135 320
Of the
\u00a0
total deferred
\u00a0
revenue as at
\u00a0
31 December
\u00a0
2022, NOK
\u00a0
50.9 million will
\u00a0
be recognised
\u00a0
in 2024 or
later.
The material amount in deferred
\u00a0
revenue is related to contracts
\u00a0
with customers where the customer
has a return option and management\u2019s assessment is
\u00a0
that this option will be utilised. Such
\u00a0
contracts
are accounted for as operational leases, where the Group is the lessor.
Payment terms and customer base
Customers have payment terms varying from 15-90 days.
Of
\u00a0
the
\u00a0
Group's
\u00a0
total
\u00a0
customer
\u00a0
base
\u00a0
as
\u00a0
at
\u00a0
31
\u00a0
December
\u00a0
2022,
\u00a0
the
\u00a0
five
\u00a0
largest
\u00a0
customers
\u00a0
represent
approximately
\u00a0
24
\u00a0
%
\u00a0
(21
\u00a0
%)
\u00a0
of
\u00a0
total
\u00a0
revenue
\u00a0
in
\u00a0
2022,
\u00a0
and
\u00a0
the
\u00a0
ten
\u00a0
largest
\u00a0
customers
\u00a0
represent
approximately 31
\u00a0
% (27
\u00a0
%) of
\u00a0
total revenue.
\u00a0
Figures for
\u00a0
2021 is
\u00a0
restated in
\u00a0
order to
\u00a0
be comparable
\u00a0
to
2022 figures.
Unsatisfied performance obligations
The
\u00a0
Group
\u00a0
has
\u00a0
unsatisfied
\u00a0
performance
\u00a0
obligations
\u00a0
resulting
\u00a0
from
\u00a0
fixed
\u00a0
price
\u00a0
long-term
\u00a0
contracts
such as Smart
\u00a0
Device and Smart
\u00a0
Works. The unsatisfied
\u00a0
performance obligations are
\u00a0
satisfied through
passage of time. As at the balance
\u00a0
sheet date the Group\u2019s unsatisfied performance obligations were
NOK 151.6
\u00a0
million of
\u00a0
which NOK
\u00a0
100.7 million
\u00a0
will be
\u00a0
accounted for
\u00a0
as revenue
\u00a0
in 2023.
\u00a0
The remaining
balance will be accounted for as revenue in 2024 or later.
The amounts disclosed do not include variable considerations.
The Group\u2019s Annual Recurring Revenue metric, refer to Alternative performance measures, is a part of
the unsatisfied performance obligations disclosed above until the earliest
\u00a0
possible cancellation date
for the customer. The disclosed ARR figure and the unsatisfied performance obligations are
\u00a0
therefore
not directly comparable.
Management assessments
Recognition of revenue from combined customer contracts
Consolidated
\u00a0
operating
\u00a0
revenues
\u00a0
include
\u00a0
both
\u00a0
sales
\u00a0
of
\u00a0
hardware
\u00a0
and
\u00a0
IT-related
\u00a0
services,
\u00a0
often
derived from recognition of multiple elements in the same customer contract. Revenue is recognised
when control over the goods and services have been transferred to the customer.
\u00a0
Determining the transaction price for combined contracts
The
\u00a0
Group
\u00a0
determines
\u00a0
the
\u00a0
transaction
\u00a0
price
\u00a0
in
\u00a0
respect
\u00a0
of
\u00a0
each
\u00a0
performance
\u00a0
obligations
\u00a0
within
\u00a0
its
contracts with customers
\u00a0
when the stand-alone
\u00a0
selling price for
\u00a0
each performance obligation is
\u00a0
not
readily
\u00a0
available
\u00a0
by
\u00a0
assessing
\u00a0
the
\u00a0
stand-alone
\u00a0
selling
\u00a0
prices
\u00a0
based
\u00a0
on
\u00a0
the
\u00a0
Group\u2019s
\u00a0
customer
contracts for comparable
\u00a0
products and services.
\u00a0
This relates
\u00a0
to contracts with
\u00a0
customers where third-
party licenses are
\u00a0
bundled with support and
\u00a0
maintenance services. The
\u00a0
income related to
\u00a0
the third-
party license
\u00a0
is determined
\u00a0
based on
\u00a0
the abovementioned
\u00a0
stand-alone selling
\u00a0
prices. The
\u00a0
residual
income is allocated to support and
\u00a0
maintenance. The revenue recognition is either at
\u00a0
a point in time
or over time depending on the services rendered.
Variable considerations such
\u00a0
as commissions,
\u00a0
vendor discounts, rebates
\u00a0
and other contractual
\u00a0
bonus
elements may arise based on contracts with vendors and partners. Variable considerations requiring
management
\u00a0
assessment
\u00a0
are
\u00a0
related
\u00a0
to
\u00a0
achieving
\u00a0
certain
\u00a0
thresholds
\u00a0
in
\u00a0
the
\u00a0
agreement.
\u00a0
In
determining the impact of variable considerations, the Group uses the most likely
\u00a0
amount prescribed
in IFRS 15 whereby the transaction price is
\u00a0
determined by reference to the single most
\u00a0
likely amount in
a range of possible consideration amounts.
Deferred revenue
The Group's revenue from
\u00a0
sale of hardware is
\u00a0
divided into two streams:
\u00a0
The customer purchases
\u00a0
the
hardware and the performance obligation is settled when the hardware
\u00a0
is delivered, or the customer
enters into a leasing agreement, where the hardware will be returned at the end of the lease.
The contracts
\u00a0
where the Group
\u00a0
acts as
\u00a0
a lessor last
\u00a0
from 18
\u00a0
- 36 months.
\u00a0
Revenue is
\u00a0
recognised linearly
over the contract period as the performance obligation is settled.
At the commencement of the
\u00a0
lease agreements the Group receives full
\u00a0
settlement from the financing
partners as described under section 1.6
Revenue recognition
in the accounting policies
.
received
\u00a0
is
\u00a0
split between
\u00a0
deferred
\u00a0
revenue
\u00a0
specified below,
\u00a0
and
\u00a0
residual obligation
\u00a0
(amount
\u00a0
to
\u00a0
be
repaid). The residual obligation is specified in note 16 (non-current) and note 17 (current)
Changes in deferred revenue during the year
2022
2021
Opening balance deferred revenue as at 1 January
135 320
78 783
Additions from business combinations
0
0
Net movement
16 800
57 190
Translation differences
(552)
(653)
Closing balance deferred revenue as at 31 December
151 568
135 320
Of the
\u00a0
total deferred
\u00a0
revenue as at
\u00a0
31 December
\u00a0
2022, NOK
\u00a0
50.9 million will
\u00a0
be recognised
\u00a0
in 2024 or
later.
The material amount in deferred
\u00a0
revenue is related to contracts
\u00a0
with customers where the customer
has a return option and management\u2019s assessment is
\u00a0
that this option will be utilised. Such
\u00a0
contracts
are accounted for as operational leases, where the Group is the lessor.
Note 4. Payroll
2022
2021
Salaries and holiday pay
200 928
213 848
Social security tax
44 652
45 535
Pension costs including social security tax
14 515
16 512
Other personnel costs
4 932
5 725
Total personnel costs
265 027
281 621
Number of employees at year end
315
341
All companies in the Group have defined contribution pension plans covering all employees.
Regarding remuneration to executive management, please refer to Note 28 Remuneration to
management.
Note 5. Other operational costs
2022
2021
Office rental and operations
6 525
6 143
Human resources
6 469
8 305
Sales and marketing
12 853
15 809
IT expenses
48 073
46 491
Fees for external services*
24 554
21 427
Factoring expenses
0
502
Communication
2 354
1 882
Travel expenses
4 224
1 916
Other costs*
4 573
6 074
Total operating costs
109 626
108 549
* 2021 figures are restated by a reclassification of NOK 3 million from Other costs to Fees for external
services.
Note 5. Other operational costs
2022
2021
Office rental and operations
6 525
6 143
Human resources
6 469
8 305
Sales and marketing
12 853
15 809
IT expenses
48 073
46 491
Fees for external services*
24 554
21 427
Factoring expenses
0
502
Communication
2 354
1 882
Travel expenses
4 224
1 916
Other costs*
4 573
6 074
Total operating costs
109 626
108 549
* 2021 figures are restated by a reclassification of NOK 3 million from Other costs to Fees for external
services.
Note 7. Financial income and expenses
2022
2021
Interest income
979
1 368
Other financial income
4 622
10 864
Total financial income
5 601
12 232
Interest expenses interest bearing debt
(12 850)
(8 021)
Interest expenses leasing
(1 177)
(1 247)
Other financial expenses
(3 537)
(11 192)
Total financial expenses
(17 565)
(20 460)
x
Other financial income and expenses mainly comprise agio and disagio, respectively.
Note 8. Tax
Income tax expense
2022
2021
Current tax
(5 426)
(2 770)
Change in deferred tax
981
18 860
Tax expense
(4 445)
16 091
Reconciliation of relationship between accounting profit
\u00a0
and tax expense
Profit before tax
(64 170)
(118 750)
Tax at the Norwegian tax rate of 22%
14 117
26 125
Tax effect permanent differences
(4 124)
(6 620)
Difference in tax rates
(1 019)
(467)
Deferred tax asset not recognised
(10 435)
-
Other
(2 984)
(2 947)
Income tax expense
(4 445)
16 091
Effective tax rate
-7%
40%
Amounts recognised directly in equity
Deferred tax: Share issue cost
(823)
(1 109)
Total
(823)
(1 109)
Tax losses
Unused tax losses for which no deferred tax asset
\u00a0
has been recognised, see note 18*
(563 406)
(493 774)
Potential tax asset at 22% tax rate
(123 949)
(108 630)
Deferred tax
The balance comprises temporary differences attributable
\u00a0
to:
Property, plant and equipment
158 320
111 638
Inventories
(951)
4 784
Trade receivables and other receivables
(721)
(320)
Leasing
(1 748)
(2 309)
Other current liabilities
4 282
(330)
Tax loss carried forward
(86 285)
(49 500)
Carry forward interest
(3 779)
(1 991)
for which no deferred tax asset has been recognised
-
-
Total basis for deferred tax
69 118
61 973
Tax rate deferred tax
22%
22%
Net deferred tax with applicable year's tax rate
15 206
13 634
Change in deferred tax due to change in tax rate
-
27
Difference in tax rates
(1 140)
(765)
Adjustment, prior years
-
(401)
Net deferred tax (+)/ deferred tax asset (-)
14 066
12 495
Net deferred tax related to Norway
(6 412)
(11 295)
Net deferred tax related to Sweden
15 827
17 784
Net deferred tax related to Polen
4 651
6 006
Total deferred tax (+)/ deferred tax asset (-)
14 066
12 495
Deferred tax asset
(6 470)
(2 149)
Deferred tax liability
20 536
14 645
Total deferred tax (+)/ deferred tax asset (-)
14 066
12 495
*Unused tax losses 2021 are adjusted according to final
\u00a0
tax reporting 2021
Note 8. Tax
Income tax expense
2022
2021
Current tax
(5 426)
(2 770)
Change in deferred tax
981
18 860
Tax expense
(4 445)
16 091
Reconciliation of relationship between accounting profit
\u00a0
and tax expense
Profit before tax
(64 170)
(118 750)
Tax at the Norwegian tax rate of 22%
14 117
26 125
Tax effect permanent differences
(4 124)
(6 620)
Difference in tax rates
(1 019)
(467)
Deferred tax asset not recognised
(10 435)
-
Other
(2 984)
(2 947)
Income tax expense
(4 445)
16 091
Effective tax rate
-7%
40%
Amounts recognised directly in equity
Deferred tax: Share issue cost
(823)
(1 109)
Total
(823)
(1 109)
Tax losses
Unused tax losses for which no deferred tax asset
\u00a0
has been recognised, see note 18*
(563 406)
(493 774)
Potential tax asset at 22% tax rate
(123 949)
(108 630)
Deferred tax
The balance comprises temporary differences attributable
\u00a0
to:
Property, plant and equipment
158 320
111 638
Inventories
(951)
4 784
Trade receivables and other receivables
(721)
(320)
Leasing
(1 748)
(2 309)
Other current liabilities
4 282
(330)
Tax loss carried forward
(86 285)
(49 500)
Carry forward interest
(3 779)
(1 991)
for which no deferred tax asset has been recognised
-
-
Total basis for deferred tax
69 118
61 973
Tax rate deferred tax
22%
22%
Net deferred tax with applicable year's tax rate
15 206
13 634
Change in deferred tax due to change in tax rate
-
27
Difference in tax rates
(1 140)
(765)
Adjustment, prior years
-
(401)
Net deferred tax (+)/ deferred tax asset (-)
14 066
12 495
Net deferred tax related to Norway
(6 412)
(11 295)
Net deferred tax related to Sweden
15 827
17 784
Net deferred tax related to Polen
4 651
6 006
Total deferred tax (+)/ deferred tax asset (-)
14 066
12 495
Deferred tax asset
(6 470)
(2 149)
Deferred tax liability
20 536
14 645
Total deferred tax (+)/ deferred tax asset (-)
14 066
12 495
*Unused tax losses 2021 are adjusted according to final
\u00a0
tax reporting 2021
Note 9. Leases
Amounts recognised in the balance sheet
The balance sheet shows the following amounts relating to leases:
Right-of-use assets
Buildings
Equipment
Vehicles
Total
As at 1 January 2022
25 990
1 329
2 948
30 267
Additions
10 940
611
950
12 500
Additions from business combinations
-
-
-
-
Depreciation
(10 665)
(944)
(2 154)
(13 763)
Variable lease payment adjustment
-
-
-
-
Translation differences
(757)
1 145
346
734
As at 31 December 2022
25 508
2 141
2 090
29 738
Buildings
Equipment
Vehicles
Total
As at 1 January 2021
35 624
1 812
2 796
40 232
Additions
4 963
-
2 444
7 407
Additions from business combinations
845
-
-
845
Depreciation
(10 849)
(483)
(2 111)
(13 443)
Variable lease payment adjustment
528
-
-
528
Translation differences
(5 121)
-
(181)
(5 302)
As at 31 December 2021
25 990
1 329
2 948
30 267
Lease liabilities
Buildings
Equipment
Vehicles
Total
As at 1 January 2022
28 412
1 423
3 001
32 835
Additions
10 911
576
986
12 473
Additions from business combinations
-
-
-
-
Interest expense
909
120
148
1 177
Lease payments
(12 081)
(1 049)
(2 293)
(15 423)
Variable lease payment adjustment
-
-
-
-
Translation differences
(695)
1 189
324
818
As at 31 December 2022
27 457
2 259
2 165
31 880
Buildings
Equipment
Vehicles
Total
As at 1 January 2021
35 775
1 853
2 922
40 550
Additions
4 963
-
2 444
7 407
Additions from business combinations
845
-
-
845
Interest expense
1 025
58
164
1 246
Lease payments
(13 357)
(488)
(2 395)
(16 240)
Variable lease payment adjustment
528
-
-
528
Translation differences
(1 367)
-
(134)
(1 501)
As at 31 December 2021
28 412
1 423
3 002
32 835
Lease liabilities
2022
2021
Non-current
16 738
22 204
Current
15 142
10 631
Total
31 880
32 835
Maturity analysis nominal payments of lease liabilities 2022
Up to 1 year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Lease liabilities
15 496
12 258
5 886
0
Maturity analysis nominal payments of lease liabilities 2021
Up to 1 year
Between 1
and 2 years
Between 2
and 5 years
Over 5 years
Lease liabilities
13 652
11 841
10 467
0
Amounts recognised in the statement of profit or loss
The statement of profit or loss shows the following amounts relating to leases:
2022
2021
Depreciation charge
Buildings
10 665
10 849
Equipment
944
483
Vehicles
2 154
2 111
Licences
0
0
Total
13 763
13 443
Interest charge
1 177
1 247
Other charges*
3 006
5 282
*Other charges comprise office expenses such as electricity, cleaning, security, shared costs and
miscellaneous.
Description of the Group\u2019s leasing activities
The
\u00a0
Group
\u00a0
leases
\u00a0
offices,
\u00a0
equipment
\u00a0
and
\u00a0
vehicles.
\u00a0
Rental
\u00a0
contracts
\u00a0
are
\u00a0
typically
\u00a0
made
\u00a0
for
\u00a0
fixed
periods of 12 months to 5 years but may have extension options.
Incremental borrowing rate
To
\u00a0
determine
\u00a0
the
\u00a0
incremental
\u00a0
borrowing
\u00a0
rate,
\u00a0
the
\u00a0
Group,
\u00a0
where
\u00a0
possible,
\u00a0
uses
\u00a0
recent
\u00a0
third-party
financing received by the
\u00a0
individual lessee as
\u00a0
a starting point,
\u00a0
adjusted to reflect changes
\u00a0
in financing
conditions since third party financing was received using a build-up approach that starts with a risk-
free interest rate
\u00a0
adjusted for
\u00a0
credit risk for
\u00a0
leases held
\u00a0
by the Group,
\u00a0
which does not
\u00a0
have recent third-
party financing, and
\u00a0
makes adjustments
\u00a0
specific to the
\u00a0
lease, e.g. term,
\u00a0
country, currency and
\u00a0
security.
Extension and termination options
Currently the Group
\u00a0
has not included any
\u00a0
extension or termination
\u00a0
options in the liabilities.
\u00a0
The options
are most widely used in rental of
\u00a0
office buildings. All the Group\u2019s contracts
\u00a0
have from 1-4 years left of
the rental period.
\u00a0
The Group assesses
\u00a0
that premises with
\u00a0
less than 2
\u00a0
years will be
\u00a0
vacated at end
\u00a0
of
lease.
\u00a0
For
\u00a0
premises
\u00a0
with
\u00a0
longer
\u00a0
contracts
\u00a0
it
\u00a0
is
\u00a0
assessed
\u00a0
as
\u00a0
uncertain
\u00a0
whether
\u00a0
the
\u00a0
extension
\u00a0
or
termination options will be utilised.
The majority of extension and
\u00a0
termination options held are exercisable
\u00a0
only by the Group and
\u00a0
not by
the respective lessors.
Critical judgements in determining the lease term
In determining
\u00a0
the
\u00a0
lease
\u00a0
term, management
\u00a0
considers all
\u00a0
facts
\u00a0
and
\u00a0
circumstances
\u00a0
that create
\u00a0
an
economic
\u00a0
incentive to
\u00a0
exercise
\u00a0
an
\u00a0
extension option,
\u00a0
or not
\u00a0
exercise
\u00a0
a termination
\u00a0
option. Extension
options
\u00a0
(or
\u00a0
periods
\u00a0
after
\u00a0
termination
\u00a0
options)
\u00a0
are
\u00a0
only
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
lease
\u00a0
term
\u00a0
if
\u00a0
the
\u00a0
lease
\u00a0
is
reasonably certain
\u00a0
to be
\u00a0
extended (or
\u00a0
not terminated).
\u00a0
The lease
\u00a0
term is
\u00a0
reassessed if
\u00a0
an option
\u00a0
is
actually exercised (or not
\u00a0
exercised) or the Group
\u00a0
becomes obliged to
\u00a0
exercise (or not
\u00a0
exercise) it. The
assessment
\u00a0
of
\u00a0
reasonable
\u00a0
certainty
\u00a0
is
\u00a0
only
\u00a0
revised
\u00a0
if
\u00a0
a
\u00a0
significant
\u00a0
event
\u00a0
or
\u00a0
a
\u00a0
significant
\u00a0
change
\u00a0
in
circumstances
\u00a0
occurs,
\u00a0
which
\u00a0
affects
\u00a0
this
\u00a0
assessment,
\u00a0
and
\u00a0
that
\u00a0
is
\u00a0
within
\u00a0
the
\u00a0
control
\u00a0
of
\u00a0
the
\u00a0
lessee.
During the current financial year such an event has not occurred.
The Group companies
\u00a0
have not received
\u00a0
any rent concessions
\u00a0
during the pandemic.
\u00a0
The amendment
made to IFRS 16 regarding rent concessions is not applicable for the Group.
Note 10. Tangible assets
Right of
use
assets
Equipment*
Other
fixed
assets
Total
Accumulated cost as at 1 January 2022
63 881
292 234
31 090
387 205
Additions
12 500
126 507
5 943
144 950
Additions arising from business combinations
0
0
83
83
Disposals
(2 673)
(76 928)
(15 641)
(95 242)
Translation differences
(103)
(4 236)
(11)
(4 350)
Accumulated cost as at 31 December 2022
73 605
337 577
21 464
432 646
Accumulated cost as at 1 January 2021
69 045
279 256
35 058
383 359
Additions
7 407
140 212
1 179
148 798
Additions arising from business combinations
845
-
869
1 714
Disposals
(12 152)
(122 605)
(4 979)
(139 736)
Translation differences
(1 264)
(4 629)
(1 037)
(6 930)
Accumulated cost as at 31 December 2021
63 881
292 234
31 090
387 205
Accumulated depreciation as at 1 January 2022
(33 613)
(149 468)
(25 081)
(208 163)
Additions arising from business combinations
(0)
(0)
-
(0)
Current year depreciation
(13 763)
(92 840)
(2 620)
(109 222)
Disposals
2 673
64 004
14 082
80 759
Translation differences
837
1 429
(223)
2 043
Accumulated depreciation as at 31 December
2022
(43 866)
(176 874)
(13 842)
(234 583)
Accumulated depreciation as at 1 January 2021
(28 813)
(153 906)
(27 018)
(209 737)
Additions arising from business combinations
-
-
(766)
(766)
Depreciation
(13 443)
(92 167)
(2 619)
(108 229)
Disposals
5 386
95 875
4 982
106 242
Translation differences
3 256
731
341
4 327
Accumulated depreciation as at 31 December
2021
(33 613)
(149 468)
(25 081)
(208 163)
Book value of assets 31 December 2022
29 738
160 703
7 622
198 064
Book value of assets 31 December 2021
30 267
142 766
6 009
179 043
2-10
years
2 years
3-5 years
Estimated economic life
Depreciation method
linear
linear
linear
xx
*Equipment comprise mobile phones, tablets and other
\u00a0
equipment where the Group is the lessor.
Note 11. Intangible assets
Goodwill
Customer
relationships
Other
intangible
assets
Total
Accumulated cost as at 1 January 2022
736 389
385 121
148 288
1 269 797
Additions
-
-
52 250
52 250
Additions arising from business combinations
12 367
-
3 566
15 933
Disposals
-
-
(125)
(125)
Translation differences
(10 588)
(2 805)
636
(12 757)
Accumulated cost as at 31 December 2022
738 168
382 316
204 614
1 325 099
Accumulated cost as at 1 January 2021
715 212
376 652
83 394
1 175 257
Additions
-
-
48 883
48 883
Additions arising from business combinations
64 052
18 735
22 087
104 874
Disposals
(1 571)
(1 571)
Translation differences
(18 821)
(8 902)
(4 504)
(32 227)
Reclassified as held for sale
(24 054)
(1 364)
-
(25 418)
Accumulated cost as at 31 December 2021
736 389
385 121
148 288
1 269 797
Accumulated amortisation and impairment as at 1
\u00a0
January
2022
(143 840)
(305 171)
(45 024)
(494 034)
Additions arising from business combinations
-
-
(0)
(0)
Current year amortisation
-
(22 964)
(35 528)
(58 492)
Disposals
-
-
62
62
Translation differences
6 755
1 391
2 600
10 747
Accumulated amortisation and impairment
\u00a0
as at 31 December 2022
(137 085)
(326 744)
(77 889)
(541 718)
Accumulated amortisation and impairment as
(143 840)
(276 577)
(21 577)
(441 993)
Additions arising from business combinations
-
-
(1 666)
(1 666)
Amortisation
(0)
(31 260)
(23 463)
(54 723)
Translation differences
0
2 666
1 681
4 348
Accumulated amortisation and impairment
as at 31 December 2021
(143 840)
(305 171)
(45 024)
(494 034)
Book value as at 31 December 2022
601 084
55 572
126 725
783 381
Book value as at 31 December 2021
592 549
79 950
103 264
775 763
Estimated economic lifetime in years
Indefinite
5 years
3-5 years
Depreciation method
none
linear
linear
For a description of movement in the categories Goodwill and Customer relationships, refer to Note
19 Impairment of intangible assets and Note 22 Changes in Group structure and Business
combinations.
Note 10. Tangible assets
Right of
use
assets
Equipment*
Other
fixed
assets
Total
Accumulated cost as at 1 January 2022
63 881
292 234
31 090
387 205
Additions
12 500
126 507
5 943
144 950
Additions arising from business combinations
0
0
83
83
Disposals
(2 673)
(76 928)
(15 641)
(95 242)
Translation differences
(103)
(4 236)
(11)
(4 350)
Accumulated cost as at 31 December 2022
73 605
337 577
21 464
432 646
Accumulated cost as at 1 January 2021
69 045
279 256
35 058
383 359
Additions
7 407
140 212
1 179
148 798
Additions arising from business combinations
845
-
869
1 714
Disposals
(12 152)
(122 605)
(4 979)
(139 736)
Translation differences
(1 264)
(4 629)
(1 037)
(6 930)
Accumulated cost as at 31 December 2021
63 881
292 234
31 090
387 205
Accumulated depreciation as at 1 January 2022
(33 613)
(149 468)
(25 081)
(208 163)
Additions arising from business combinations
(0)
(0)
-
(0)
Current year depreciation
(13 763)
(92 840)
(2 620)
(109 222)
Disposals
2 673
64 004
14 082
80 759
Translation differences
837
1 429
(223)
2 043
Accumulated depreciation as at 31 December
2022
(43 866)
(176 874)
(13 842)
(234 583)
Accumulated depreciation as at 1 January 2021
(28 813)
(153 906)
(27 018)
(209 737)
Additions arising from business combinations
-
-
(766)
(766)
Depreciation
(13 443)
(92 167)
(2 619)
(108 229)
Disposals
5 386
95 875
4 982
106 242
Translation differences
3 256
731
341
4 327
Accumulated depreciation as at 31 December
2021
(33 613)
(149 468)
(25 081)
(208 163)
Book value of assets 31 December 2022
29 738
160 703
7 622
198 064
Book value of assets 31 December 2021
30 267
142 766
6 009
179 043
2-10
years
2 years
3-5 years
Estimated economic life
Depreciation method
linear
linear
linear
xx
*Equipment comprise mobile phones, tablets and other
\u00a0
equipment where the Group is the lessor.
Note 11. Intangible assets
Goodwill
Customer
relationships
Other
intangible
assets
Total
Accumulated cost as at 1 January 2022
736 389
385 121
148 288
1 269 797
Additions
-
-
52 250
52 250
Additions arising from business combinations
12 367
-
3 566
15 933
Disposals
-
-
(125)
(125)
Translation differences
(10 588)
(2 805)
636
(12 757)
Accumulated cost as at 31 December 2022
738 168
382 316
204 614
1 325 099
Accumulated cost as at 1 January 2021
715 212
376 652
83 394
1 175 257
Additions
-
-
48 883
48 883
Additions arising from business combinations
64 052
18 735
22 087
104 874
Disposals
(1 571)
(1 571)
Translation differences
(18 821)
(8 902)
(4 504)
(32 227)
Reclassified as held for sale
(24 054)
(1 364)
-
(25 418)
Accumulated cost as at 31 December 2021
736 389
385 121
148 288
1 269 797
Accumulated amortisation and impairment as at 1
\u00a0
January
2022
(143 840)
(305 171)
(45 024)
(494 034)
Additions arising from business combinations
-
-
(0)
(0)
Current year amortisation
-
(22 964)
(35 528)
(58 492)
Disposals
-
-
62
62
Translation differences
6 755
1 391
2 600
10 747
Accumulated amortisation and impairment
\u00a0
as at 31 December 2022
(137 085)
(326 744)
(77 889)
(541 718)
Accumulated amortisation and impairment as
(143 840)
(276 577)
(21 577)
(441 993)
Additions arising from business combinations
-
-
(1 666)
(1 666)
Amortisation
(0)
(31 260)
(23 463)
(54 723)
Translation differences
0
2 666
1 681
4 348
Accumulated amortisation and impairment
as at 31 December 2021
(143 840)
(305 171)
(45 024)
(494 034)
Book value as at 31 December 2022
601 084
55 572
126 725
783 381
Book value as at 31 December 2021
592 549
79 950
103 264
775 763
Estimated economic lifetime in years
Indefinite
5 years
3-5 years
Depreciation method
none
linear
linear
For a description of movement in the categories Goodwill and Customer relationships, refer to Note
19 Impairment of intangible assets and Note 22 Changes in Group structure and Business
combinations.
Note 12. Inventories
Book value of inventories
2022
2021
Inventories
24 473
20 068
Less write-down of inventories
(1 042)
(678)
Total inventories
23 431
19 391
xx
Note 13. Trade receivables and other receivables
Trade receivables and other receivables shown at maturity as at 31 December 2022:
Days outstanding
Book
Value
not
over-
due
0-30
days over-
due
30-60 days
over-due
60-90 days
over-due
> 90 days
over-due
Trade receivables
215 566
202 105
9 434
2 239
1 558
228
Other current receivables
33 801
33 801
-
-
-
-
Less provision for bad debt
(1 792)
(747)
(185)
(274)
(358)
(228)
Total trade receivables and
other short-term receivables
247 575
235 159
9 249
1 965
1 200
-
Expected loss rate
-
0%
2%
12%
23%
100%
The company has reassessed its loss allowance for 2022 and aligned the expected loss rate with
historical and expected credit losses.
Trade receivables and other receivables shown at maturity as at 31 December 2021:
Days outstanding
Book
Value
not
over-
due
0-30
days over-
due
30-60 days
over-due
60-90 days
over-due
> 90 days
over-due
Trade receivables
232 106
138 315
79 860
9 757
2 897
1 278
Other current receivables
31 435
31 435
-
-
-
-
Less provision for bad debt
(1 877)
(401)
(399)
(288)
(232)
(557)
Total trade receivables and
other short-term receivables
261 664
169 349
79 461
9 469
2 665
721
Expected loss rate
-
0%
1%
3%
8%
75%
xx
Changes in the provision for bad debt during the year
2022
2021
Opening balance provision for bad debt as at 1 January
(1 877)
(3 416)
Net change in the provision during the year
85
1 539
Closing balance provision for bad debt as at 31 December
(1 792)
(1 877)
Other short-term receivables
2022
2021
Accrued revenues
9 655
9 230
Prepaid expenses
17 183
10 104
Other current receivables
6 964
12 101
Total
33 801
31 435
xx
2022
2021
Actual losses on receivables
182
1 809
xx
Trade receivables and other receivables shown at maturity as at 31 December 2022:
Days outstanding
Book
Value
not
over-
due
0-30
days over-
due
30-60 days
over-due
60-90 days
over-due
> 90 days
over-due
Trade receivables
215 566
202 105
9 434
2 239
1 558
228
Other current receivables
33 801
33 801
-
-
-
-
Less provision for bad debt
(1 792)
(747)
(185)
(274)
(358)
(228)
Total trade receivables and
other short-term receivables
247 575
235 159
9 249
1 965
1 200
-
Expected loss rate
-
0%
2%
12%
23%
100%
The company has reassessed its loss allowance for 2022 and aligned the expected loss rate with
historical and expected credit losses.
Trade receivables and other receivables shown at maturity as at 31 December 2021:
Days outstanding
Book
Value
not
over-
due
0-30
days over-
due
30-60 days
over-due
60-90 days
over-due
> 90 days
over-due
Trade receivables
232 106
138 315
79 860
9 757
2 897
1 278
Other current receivables
31 435
31 435
-
-
-
-
Less provision for bad debt
(1 877)
(401)
(399)
(288)
(232)
(557)
Total trade receivables and
other short-term receivables
261 664
169 349
79 461
9 469
2 665
721
Expected loss rate
-
0%
1%
3%
8%
75%
xx
Changes in the provision for bad debt during the year
2022
2021
Opening balance provision for bad debt as at 1 January
(1 877)
(3 416)
Net change in the provision during the year
85
1 539
Closing balance provision for bad debt as at 31 December
(1 792)
(1 877)
Other short-term receivables
2022
2021
Accrued revenues
9 655
9 230
Prepaid expenses
17 183
10 104
Other current receivables
6 964
12 101
Total
33 801
31 435
xx
Changes in the provision for bad debt during the year
2022
2021
Opening balance provision for bad debt as at 1 January
(1 877)
(3 416)
Net change in the provision during the year
85
1 539
Closing balance provision for bad debt as at 31 December
(1 792)
(1 877)
Other short-term receivables
2022
2021
Accrued revenues
9 655
9 230
Prepaid expenses
17 183
10 104
Other current receivables
6 964
12 101
Total
33 801
31 435
xx
Note 14. Cash and cash equivalents
The Group\u2019s cash and cash equivalents consists of
2022
2021
Cash and bank deposits
61 119
50 350
Total
61 119
50 350
Of which is restricted
5 196
6 196
The Group\u2019s cash and cash equivalents consist in their entirety of short-term bank deposits.
The carrying amounts of the Group\u2019s cash and cash equivalents
\u00a0
by currency
2022
2021
NOK
27 547
27 734
SEK
22 885
12 350
Other
10 687
10 267
total
61 119
50 350
xx
The Group has a credit facility of NOK 75 million related to the cash pool.
The Group\u2019s cash and cash equivalents consists of
2022
2021
Cash and bank deposits
61 119
50 350
Total
61 119
50 350
Of which is restricted
5 196
6 196
The Group\u2019s cash and cash equivalents consist in their entirety of short-term bank deposits.
Note 15. Borrowings
The Group's interest-bearing liabilities consist of:
2022
2021
Current
Non-
current
Current
Non-
current
Seller credits related to business combinations
27 789
0
27 574
31 986
Bank loan
27 771
90 665
25 055
65 416
Bank overdraft
27 762
0
21 919
0
Total interest-bearing debt
83 322
90 665
74 548
97 402
*Refer to note 14. Net bank overdraft facility comprises bank overdrafts in cash pool and bank
deposits in cash pool.
The table below sets out expected nominal payments on borrowings:
Due within
Total
1 year
1-5 years
over 5
years
Annual interst rate
Bank overdraft facilities*
27 762
27 762
0
0
1-month NIBOR + 2.25%
Bank acquisition loan
66 340
23 167
43 174
0
3-month NIBOR + 2.50%
Bank loan, other
62 249
10 828
39 203
12 218
3-month NIBOR + 2.50%
Seller credits related with
business combinations
27 789
27 789
0
0
Trade payables
205 797
205 797
0
0
Tax payable
3 315
3 315
0
0
Public duties
41 100
41 100
0
0
Other current liabilities
102 780
102 780
0
0
Total
537 132
442 538
82 377
12 218
*Refer to Note 14. for reconciliation of net cash position
The Group has several overdraft facilities.
The Norwegian overdraft facility has a credit limit of NOK 75 million. In addition to interest, a quarterly
commission is charged in the amount of NOK 0.1 million (NOK 0.1 million).
The Swedish overdraft facilities have a total credit limit of SEK 14 million. The annual interest rate is
4.95 %. The facilities were not utilised as at year-end 2022.
\u00a0
The Polish overdraft facility has a total credit limit of PLN 1.3 million. The facility was not utilised as at
The Group discontinued its factoring facility in 2021. The factoring facility was replaced by an
increased overdraft facility.
Pledges in relation to the loans to financial institutions
The Group's bank loans, overdraft facilities and factoring facility are secured borrowings.
Book value of assets pledged as collateral is as follows:
2022
2021
Trade receivables
215 566
232 106
Inventories
23 431
19 391
Property, plant and equipment
7 622
6 009
Total book value of assets pledged as collateral:
246 619
257 505
Covenants
The Group's bank loans are subject to the following material covenants:
Equity share shall equal minimum 30 %.
NIBD/EBITDA ratio shall be maximum 2.5.
Withdrawal on cash pool/inventory plus accounts receivables ratio shall be maximum 60%.
Reconciliation of interest-bearing debt
2022
2021
Balance as of 1 January
171 950
193 027
Cash flow from financing activities
Proceeds from borrowings
55 768
35 145
Payments of borrowings
(29 019)
(41 783)
Net cash flow from financing activities
26 749
(6 638)
Additions arising from business
combinations
2 344
1 384
Non-cash settlements
(25 215)
0
Effects from exchange rate fluctuations
(286)
(1 013)
Other
(1 556)
(14 810)
Balance as of 31 December
173 987
171 950
The Group's interest-bearing liabilities consist of:
2022
2021
Current
Non-
current
Current
Non-
current
Seller credits related to business combinations
27 789
0
27 574
31 986
Bank loan
27 771
90 665
25 055
65 416
Bank overdraft
27 762
0
21 919
0
Total interest-bearing debt
83 322
90 665
74 548
97 402
*Refer to note 14. Net bank overdraft facility comprises bank overdrafts in cash pool and bank
deposits in cash pool.
The table below sets out expected nominal payments on borrowings:
Due within
Total
1 year
1-5 years
over 5
years
Annual interst rate
Bank overdraft facilities*
27 762
27 762
0
0
1-month NIBOR + 2.25%
Bank acquisition loan
66 340
23 167
43 174
0
3-month NIBOR + 2.50%
Bank loan, other
62 249
10 828
39 203
12 218
3-month NIBOR + 2.50%
Seller credits related with
business combinations
27 789
27 789
0
0
Trade payables
205 797
205 797
0
0
Tax payable
3 315
3 315
0
0
Public duties
41 100
41 100
0
0
Other current liabilities
102 780
102 780
0
0
Total
537 132
442 538
82 377
12 218
*Refer to Note 14. for reconciliation of net cash position
The Group has several overdraft facilities.
The Norwegian overdraft facility has a credit limit of NOK 75 million. In addition to interest, a quarterly
commission is charged in the amount of NOK 0.1 million (NOK 0.1 million).
The Swedish overdraft facilities have a total credit limit of SEK 14 million. The annual interest rate is
4.95 %. The facilities were not utilised as at year-end 2022.
\u00a0
The Polish overdraft facility has a total credit limit of PLN 1.3 million. The facility was not utilised as at
The Group discontinued its factoring facility in 2021. The factoring facility was replaced by an
increased overdraft facility.
The table below sets out expected nominal payments on borrowings:
Due within
Total
1 year
1-5 years
over 5
years
Annual interst rate
Bank overdraft facilities*
27 762
27 762
0
0
1-month NIBOR + 2.25%
Bank acquisition loan
66 340
23 167
43 174
0
3-month NIBOR + 2.50%
Bank loan, other
62 249
10 828
39 203
12 218
3-month NIBOR + 2.50%
Seller credits related with
business combinations
27 789
27 789
0
0
Trade payables
205 797
205 797
0
0
Tax payable
3 315
3 315
0
0
Public duties
41 100
41 100
0
0
Other current liabilities
102 780
102 780
0
0
Total
537 132
442 538
82 377
12 218
*Refer to Note 14. for reconciliation of net cash position
Note 16. Other non-current debt
Other non-current debt consists of the following:
note
2022
2021
Lease liabilities
9
16 738
22 204
Residual obligations
20 817
20 207
Deferred revenue
-
894
Total other non-current debt
37 555
43 305
xx
Residual obligations are related to contracts with customers where the contract contains a buyback
obligation. The buyback price is fixed at contract inception.
Note 17. Other current liabilities
Other current liabilities
note
2022
2021
Accrued personnel expenses (bonus, holiday pay etc.)
40 373
37 439
Accrued cost
19 650
16 975
Provision for onerous lease contracts
2 708
-
Deferred revenue
3
151 568
135 320
Prepaid revenue
19 133
15 343
Lease liabilities
9
15 142
10 631
Residual obligations
16 591
9 797
Other current financial and non-financial liabilities
22
4 325
69 600
Total other current liabilities
269 490
295 106
xx
Other current liabilities
note
2022
2021
Accrued personnel expenses (bonus, holiday pay etc.)
40 373
37 439
Accrued cost
19 650
16 975
Provision for onerous lease contracts
2 708
-
Deferred revenue
3
151 568
135 320
Prepaid revenue
19 133
15 343
Lease liabilities
9
15 142
10 631
Residual obligations
16 591
9 797
Other current financial and non-financial liabilities
22
4 325
69 600
Total other current liabilities
269 490
295 106
Note 18. Critical estimates
The
\u00a0
preparation
\u00a0
of
\u00a0
consolidated
\u00a0
financial
\u00a0
statements
\u00a0
in
\u00a0
conformity
\u00a0
with
\u00a0
IFRS
\u00a0
requires
\u00a0
the
\u00a0
use
\u00a0
of
certain
\u00a0
critical
\u00a0
accounting
\u00a0
estimates.
\u00a0
It
\u00a0
also
\u00a0
requires
\u00a0
management
\u00a0
to
\u00a0
exercise
\u00a0
its
\u00a0
judgment
\u00a0
in
\u00a0
the
process of applying the Group\u2019s accounting policies.
\u00a0
Changes in assumptions may
\u00a0
have a significant impact
\u00a0
on the consolidated financial
\u00a0
statements in
the period the
\u00a0
assumptions are changed.
\u00a0
Estimates and judgments
\u00a0
are continually evaluated
\u00a0
and are
based
\u00a0
on
\u00a0
historical
\u00a0
experience
\u00a0
as
\u00a0
adjusted
\u00a0
for
\u00a0
current
\u00a0
market
\u00a0
conditions
\u00a0
and
\u00a0
other
\u00a0
factors.
Management believes the underlying assumptions are appropriate.
\u00a0
Management
\u00a0
makes
\u00a0
estimates
\u00a0
and
\u00a0
assumptions
\u00a0
concerning
\u00a0
the
\u00a0
future.
\u00a0
The
\u00a0
resulting
\u00a0
accounting
estimates will, by definition, seldom equal the related
\u00a0
actual results. The estimates, assumptions and
management judgments that have a significant risk of
\u00a0
causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are outlined below.
\u00a0
Detailed information
\u00a0
and judgement about
\u00a0
each of
\u00a0
these estimates
\u00a0
is included in
\u00a0
other notes together
with information about the basis of calculation for each affected line
\u00a0
item in the financial statements.
\u00a0
Impairment of intangible assets
\u00a0
Goodwill and customer
\u00a0
relationship are recognised
\u00a0
based on the acquisition
\u00a0
method used to
\u00a0
account
for business
\u00a0
combinations. Customer
\u00a0
relationships acquired
\u00a0
in previous
\u00a0
periods were
\u00a0
recognised at
fair value
\u00a0
at the
\u00a0
acquisition date,
\u00a0
have a
\u00a0
finite useful
\u00a0
life and
\u00a0
are subsequently
\u00a0
carried at
\u00a0
cost less
accumulated amortisation and impairment losses.
\u00a0
Goodwill and intangible
\u00a0
assets that have an
\u00a0
indefinite useful life are
\u00a0
not subject to amortisation
\u00a0
and
are tested annually for impairment,
\u00a0
or more frequently if events
\u00a0
or changes in circumstances
\u00a0
indicate
that they might be impaired.
\u00a0
The
\u00a0
recognised
\u00a0
values
\u00a0
of
\u00a0
goodwill
\u00a0
and
\u00a0
customer
\u00a0
relationships
\u00a0
are
\u00a0
material
\u00a0
to
\u00a0
the
\u00a0
2022
\u00a0
financial
statements
\u00a0
as
\u00a0
a
\u00a0
whole,
\u00a0
and
\u00a0
it
\u00a0
is
\u00a0
important
\u00a0
that
\u00a0
the
\u00a0
user
\u00a0
of
\u00a0
the
\u00a0
Group\u2019s
\u00a0
financial
\u00a0
statements
understands the existence of an inherent uncertainty pertaining to the recognised values.
\u00a0
Impairment test related to goodwill and customer relationships is further described in Note 19.
The Group tests whether goodwill
\u00a0
has suffered any impairment on
\u00a0
an annual basis. For the
\u00a0
2022 and
2021 reporting period,
\u00a0
the recoverable amount
\u00a0
of the cash
\u00a0
generating units (CGUs)
\u00a0
was determined
based
\u00a0
on
\u00a0
value-in-use
\u00a0
calculations.
\u00a0
This
\u00a0
calculation
\u00a0
requires
\u00a0
management
\u00a0
to
\u00a0
estimate
\u00a0
the
\u00a0
future
cash flows expected
\u00a0
to arise from
\u00a0
the CGUs and
\u00a0
a suitable discount
\u00a0
rate to calculate
\u00a0
present value.
Estimated future cash flows
\u00a0
are based on financial
\u00a0
budgets and forecasts approved
\u00a0
by management
covering
\u00a0
a three-year
\u00a0
period. Cash
\u00a0
flows beyond
\u00a0
the three-year
\u00a0
period are
\u00a0
extrapolated using
\u00a0
the
estimated growth
\u00a0
rates. Details
\u00a0
of recognised goodwill
\u00a0
are provided
\u00a0
in Note
\u00a0
19, including
\u00a0
discount rates
calculations and sensitivity disclosures.
\u00a0
Customer relationships
\u00a0
The Group
\u00a0
estimates the
\u00a0
useful life
\u00a0
of the
\u00a0
customer relationship
\u00a0
to be
\u00a0
at least
\u00a0
5 years
\u00a0
based on
\u00a0
the
expected future
\u00a0
revenue generated
\u00a0
from the customer
\u00a0
base. However,
\u00a0
the actual useful
\u00a0
life may
\u00a0
be
shorter
\u00a0
or
\u00a0
longer
\u00a0
than
\u00a0
5
\u00a0
years,
\u00a0
based
\u00a0
on
\u00a0
management
\u00a0
assessments
\u00a0
of
\u00a0
technical
\u00a0
innovations,
technical obsolescence of existing products and competitor actions.
\u00a0
Recognition of income tax
\u00a0
The
\u00a0
Group
\u00a0
is
\u00a0
mainly
\u00a0
subject
\u00a0
to
\u00a0
income
\u00a0
taxes
\u00a0
in
\u00a0
three
\u00a0
jurisdictions,
\u00a0
and
\u00a0
significant
\u00a0
estimates
\u00a0
are
required
\u00a0
in
\u00a0
determining
\u00a0
the
\u00a0
provision
\u00a0
for
\u00a0
income
\u00a0
taxes
\u00a0
and
\u00a0
related
\u00a0
tax
\u00a0
balances.
\u00a0
There
\u00a0
are
\u00a0
many
transactions
\u00a0
and
\u00a0
calculations
\u00a0
for
\u00a0
which
\u00a0
the
\u00a0
ultimate
\u00a0
tax
\u00a0
determination
\u00a0
is
\u00a0
uncertain.
\u00a0
The
\u00a0
Group
recognises liabilities for
\u00a0
anticipated tax audit
\u00a0
issues based on
\u00a0
estimates of whether
\u00a0
additional taxes
will
\u00a0
be
\u00a0
due.
\u00a0
Where
\u00a0
the
\u00a0
final
\u00a0
tax
\u00a0
outcome
\u00a0
of
\u00a0
these
\u00a0
matters
\u00a0
is
\u00a0
different
\u00a0
from
\u00a0
the
\u00a0
amounts
\u00a0
that
\u00a0
were
initially recorded, such differences will impact the current tax and deferred tax provisions.
\u00a0
Deferred tax assets
\u00a0
are recognized
\u00a0
when it
\u00a0
is probable
\u00a0
the company will
\u00a0
have a sufficient
\u00a0
taxable profit
in
\u00a0
subsequent
\u00a0
periods
\u00a0
to
\u00a0
utilize
\u00a0
the
\u00a0
tax
\u00a0
asset.
\u00a0
Assessment
\u00a0
of
\u00a0
future
\u00a0
ability
\u00a0
to
\u00a0
utilise
\u00a0
tax
\u00a0
positions
\u00a0
is
based on
\u00a0
judgements of
\u00a0
the level
\u00a0
of taxable
\u00a0
profit, the
\u00a0
expected timing
\u00a0
of utilisation
\u00a0
and
\u00a0
expected
temporary differences.
\u00a0
The Group has
\u00a0
at the balance
\u00a0
sheet date tax
\u00a0
losses carried forward
\u00a0
which are not
\u00a0
included in the
\u00a0
basis
for the
\u00a0
recognised deferred
\u00a0
tax asset,
\u00a0
as significant
\u00a0
uncertainty pertaining to
\u00a0
the possible
\u00a0
utilisation
of these losses has been identified.
1.27
\u00a0
Use of estimates in the preparation of financial statements
\u00a0
Management
\u00a0
has
\u00a0
used
\u00a0
estimates
\u00a0
and
\u00a0
assumptions
\u00a0
that
\u00a0
affect
\u00a0
the
\u00a0
assets,
\u00a0
liabilities,
\u00a0
revenues,
expenses
\u00a0
and
\u00a0
information
\u00a0
regarding
\u00a0
potential
\u00a0
liabilities.
\u00a0
Future
\u00a0
events
\u00a0
may
\u00a0
lead
\u00a0
to
\u00a0
the
\u00a0
estimates
changing. Estimates and underlying assumptions are assessed continuously. Changes in accounting
estimates are recognised in the period when the change occurs.
See Note 18 for a description of assets and liabilities subject to significant estimation uncertainty.
Note 19. Impairment of intangible assets
For impairment
\u00a0
testing goodwill,
\u00a0
customer relationships
\u00a0
and technology
\u00a0
acquired through
\u00a0
business
combinations are allocated to the CGUs as shown in the table below.
Goodwill
Customer relationships
Technology
2022
2021
2022
2021
2022
2021
Norway
344 452
243 467
-
284
-
-
Crypho
4 952
-
-
-
-
-
Sweden
189 588
195 445
42 586
63 171
8 923
12 424
Mytos
-
93 570
-
343
-
-
Poland
62 091
60 067
12 986
16 152
11 802
14 680
Total
601 083
592 549
55 572
79 950
20 725
27 104
Cash generating units
\u00a0
Norway
: Comprises the companies
\u00a0
Techstep Norway AS, Techstep
\u00a0
Finance AS and
\u00a0
Mytos AS. The cash
flows from Mytos
\u00a0
have been more
\u00a0
integrated with Techstep
\u00a0
Norway AS and
\u00a0
for the 2022
\u00a0
impairment
test
\u00a0
Mytos
\u00a0
was
\u00a0
included
\u00a0
in
\u00a0
the
\u00a0
Norway CGU.
\u00a0
All
\u00a0
initial
\u00a0
input
\u00a0
into Techstep
\u00a0
Finance
\u00a0
AS
\u00a0
is created
\u00a0
by
Techstep Norway
\u00a0
AS, and
\u00a0
Techstep Finance
\u00a0
AS is
\u00a0
therefore not
\u00a0
considered to
\u00a0
be a
\u00a0
cash generating
Goodwill allocated
\u00a0
to Norway is
\u00a0
mainly related
\u00a0
to acquisition of
\u00a0
Nordialog, Techstep
\u00a0
Finance AS
\u00a0
and
Crypho
: Crypho AS has an end-to-end encrypted enterprise software as a
\u00a0
service (SaaS) messaging
and file-sharing application.
\u00a0
The company was
\u00a0
acquired in June
\u00a0
2022, and during
\u00a0
the six months
\u00a0
of
ownership in 2022 there has not been material changes in the valuation.
\u00a0
Sweden:
Comprise
\u00a0
the
\u00a0
companies
\u00a0
Techstep
\u00a0
AB,
\u00a0
Techstep
\u00a0
Finance
\u00a0
AB
\u00a0
and
\u00a0
Optidev
\u00a0
ApS.
\u00a0
The
companies
\u00a0
are
\u00a0
followed
\u00a0
up
\u00a0
as
\u00a0
Sweden,
\u00a0
and
\u00a0
are
\u00a0
integrated
\u00a0
with
\u00a0
each
\u00a0
other.
\u00a0
Similar
\u00a0
to
\u00a0
Norway,
Techstep Finance AB is not considered to be a cash generating unit by itself.
Goodwill
\u00a0
allocated
\u00a0
to
\u00a0
Sweden
\u00a0
is
\u00a0
mainly
\u00a0
related
\u00a0
to
\u00a0
acquisition
\u00a0
of
\u00a0
Techstep
\u00a0
AB,
\u00a0
Optidev
\u00a0
AB
\u00a0
and
eConnectivity.
Poland:
Comprise the companies
\u00a0
Famoc S.A.
\u00a0
and Famoc ltd.
\u00a0
Goodwill allocated
\u00a0
to Poland is
\u00a0
related
to the acquisition of Famoc.
\u00a0
Goodwill, Customer relationships and Technology
\u00a0
are monitored by management
\u00a0
at the level defined
in the table
\u00a0
above. These CGU
\u00a0
represent the lowest
\u00a0
level within the
\u00a0
Group at which
\u00a0
the goodwill and
other intangible assets are monitored for internal management purposes.
\u00a0
Goodwill is initially recognised at the
\u00a0
date of an acquisition of a
\u00a0
business combination and represents
the excess of the
\u00a0
consideration transferred, the
\u00a0
amount of any
\u00a0
non-controlling interest in
\u00a0
the acquiree
and the
\u00a0
fair value
\u00a0
as at
\u00a0
the acquisition date
\u00a0
of any
\u00a0
previous equity
\u00a0
interest in
\u00a0
the acquiree
\u00a0
over the
fair value
\u00a0
of the
\u00a0
identifiable
\u00a0
net assets
\u00a0
acquired.
\u00a0
Other intangible
\u00a0
assets are
\u00a0
recognised
\u00a0
at the
\u00a0
fair
value as at the acquisition date.
Goodwill and intangible
\u00a0
assets that have an
\u00a0
indefinite useful life are
\u00a0
not subject to amortisation
\u00a0
and
are tested annually for impairment,
\u00a0
or more frequently if events
\u00a0
or changes in circumstances
\u00a0
indicate
that
\u00a0
they
\u00a0
might
\u00a0
be
\u00a0
impaired.
\u00a0
Impairment
\u00a0
reviews
\u00a0
are
\u00a0
undertaken
\u00a0
by
\u00a0
calculating
\u00a0
the
\u00a0
recoverable
amount of the CGU containing goodwill and other intangible
\u00a0
assets. The carrying amount of the CGU
is then compared
\u00a0
to the recoverable
\u00a0
amount of the
\u00a0
CGU, which is
\u00a0
the higher of
\u00a0
value in use
\u00a0
and the
fair value less costs of disposal. Any impairment is recognised
\u00a0
immediately as an expense and is not
subsequently reversed.
The estimate of
\u00a0
the recoverable amount
\u00a0
of the CGU
\u00a0
is largely based
\u00a0
on management\u2019s assumption
pertaining to the Group\u2019s future cash flow projections.
For the 2022 and
\u00a0
2021 reporting period, the
\u00a0
recoverable amount of the
\u00a0
cash generating units (CGUs)
was
\u00a0
determined
\u00a0
based
\u00a0
on
\u00a0
value-in-use
\u00a0
calculations
\u00a0
which
\u00a0
require
\u00a0
the
\u00a0
use
\u00a0
of
\u00a0
several
\u00a0
key
assumptions. The calculations
\u00a0
use cash flow
\u00a0
projections based on
\u00a0
financial budgets and
\u00a0
prognoses
in
\u00a0
the
\u00a0
strategic
\u00a0
plan
\u00a0
approved
\u00a0
by
\u00a0
the
\u00a0
Board
\u00a0
of
\u00a0
Directors
\u00a0
covering
\u00a0
a
\u00a0
three-year
\u00a0
period.
\u00a0
Cash
\u00a0
flows
beyond the three-year period are calculated using the estimated growth rates stated below.
Please refer to the table \u201cKey assumptions for estimating future performance\u201d for further details.
Key assumptions for estimating future performance
Norway
Sweden
Poland
Material
factors that
affect the
cash flow
from
operations
The cash generating unit
provides the customer with
the entire managed mobility
offering, consisting of
Hardware,
\u00a0
third party
software within the mobility
space, consultancy,
maintenance and support,
and all of the Groups\u2019 own
software, including
Fakturakontroll.
\u00a0
All of the
products are offered stand-
alone or through bundles. The
CGU retains cash flows from
the traditional hardware
business, which is expected to
decrease over the next years.
All increase in cash flow is
primarily expected in own
software.
The Cash flows are based
upon expected future
performance using the 2023
budget as a baseline. Free
cash flows are expected to
increase in the years to come
as the organisation settles
and becomes more effective.
The cash generating unit
provides the market with a
comprehensive service stack
comparable to the Norwegian
counterpart. The company is
moving towards offering a full
suite of managed mobility,
including the Origo platform
adapted to the Swedish
market.
The cash flows are based
upon expected future
performance using the 2023
budget as a baseline. Free
cash flows are expected to
increase in the years to come
as the organisation settles
and becomes more effective.
The cash generating unit is
based in Poland and delivers
software solutions for mobility
management to SMEs and
enterprises throughout Europe.
The software has a good fit with
the Groups other offerings and
integration of the product into
the Nordic offerings is being
undertaken.
The CGU has stable free cash
flows.
.
The CGU operates
\u00a0
in a stable
economy with a high
penetration of use of
advanced mobile devices.
The market related to other
service offerings from the
CGU is expected to grow in
the future.
Third party independent
agencies have reported an
expected compound average
growth rate in the markets
the CGU operates far above
The CGU operates
\u00a0
in a stable
economy with a high
penetration of use of
advanced mobile devices.
The market related to other
service offerings from the
CGU is expected to grow in
the future.
Third party independent
agencies have reported an
expected compound average
growth rate in the markets
the CGU operates far above
The CGU operates from Poland,
however, it has customers in
many geographies where both
economic and market
conditions differ.
A strength is that the CGU is
diversified, however the risk
profiles of the individual
customers vary.
the growth estimates used in
the impairment assessment.
the growth estimates used in
the impairment assessment.
Capital expenditure is
assumed to be equal to
depreciation in the terminal
year.
Capital expenditure is
assumed to be equal to
depreciation in the terminal
year.
Capital expenditure is assumed
to be equal to depreciation in
the terminal year.
Main budget
and long
term
assumptions
The budget and long term
plan is based on the
continued transition from old
to new revenue streams. The
budget for 2023 is at the
same level as results
delivered in 2022, however
there is an underlying shift
from old to new revenue
streams. There is a risk that
there is a lag in the transition
and that the result delivered
will be lower. The budget is a
building block in the long-
term strategy plan, which has
an ambition of an increase in
Refer to sensitivity analysis
below regarding reductions in
free cash flows and impact
on impairment.
The budget and long term
plan in Sweden is based on
the same underlying value
chains as in Norway, where
investments related to
processes and systems are
taken in 2022. The systems,
products and processes will
be rolled out in Sweden and
the group will scale better on
new systems.
Refer to sensitivity analysis
below regarding reductions in
free cash flows and impact
on impairment.
The budget and long-term plan
in the CGU is related to the
integration in the Group,
standardizing the product
offering into the smart
packaging, and growing sales
through direct and partner-
sales channels.
Refer to sensitivity analysis
below regarding reductions in
free cash flows and impact on
impairment.
The calculations of the CGU carrying amount use cash flow projections based on financial budgets
and forecasts approved by management covering a three-year period. Cash flow for year four and
five were calculated using estimated growth rates. In year six a terminal value is calculated.
\u00a0
Discount rates
The pre-tax discount rate applied
\u00a0
for the impairment testing
\u00a0
is set between 11.2% -
\u00a0
13.7% depending on
the geographic area.
\u00a0
This rate of
\u00a0
return is calculated
\u00a0
based on the
\u00a0
weighted average of
\u00a0
required rates
of return
\u00a0
on the Group\u2019s
\u00a0
equity and debt
\u00a0
(WACC) using the
\u00a0
capital asset pricing
\u00a0
model (CAPM).
\u00a0
The
post-tax rates are converted to pre-tax rates by using nominal tax rate in the relevant countries.
The required rate of return on debt is estimated based on a long-term risk-free interest rate, to which
a premium
\u00a0
is added
\u00a0
to reflect
\u00a0
the creditors'
\u00a0
risk when
\u00a0
lending funds
\u00a0
to the
\u00a0
Group. The
\u00a0
discount rate
includes a
\u00a0
small business
\u00a0
premium (operational
\u00a0
risk) and
\u00a0
the expected
\u00a0
future levels
\u00a0
of inflation.
\u00a0
For
impairment
\u00a0
reviews
\u00a0
performed
\u00a0
at
\u00a0
year
\u00a0
end
\u00a0
2022
\u00a0
and
\u00a0
2021,
\u00a0
these
\u00a0
assumptions
\u00a0
have
\u00a0
been
\u00a0
applied
consistently across the Group.\"
2022
2021
Equity ratio
50%
42%
Growth in terminal value
2.0%
0.5 %
WACC
11.2% - 13.7%
11.9 %
Sensitivity
A sensitivity analysis would result in the following impairment indications.
\u00a0
The sensitivities are applied
in all years throughout the forecasting period.
Impact on impairment
Norway
Sweden
Poland
10% decline in free cash flow
No impairment
No impairment
No impairment
1 % increase in WACC
No impairment
No impairment
No impairment
For impairment
\u00a0
testing goodwill,
\u00a0
customer relationships
\u00a0
and technology
\u00a0
acquired through
\u00a0
business
combinations are allocated to the CGUs as shown in the table below.
Goodwill
Customer relationships
Technology
2022
2021
2022
2021
2022
2021
Norway
344 452
243 467
-
284
-
-
Crypho
4 952
-
-
-
-
-
Sweden
189 588
195 445
42 586
63 171
8 923
12 424
Mytos
-
93 570
-
343
-
-
Poland
62 091
60 067
12 986
16 152
11 802
14 680
Total
601 083
592 549
55 572
79 950
20 725
27 104
Note 20. Financial risk management
The Group's
\u00a0
financial risk is
\u00a0
related to
\u00a0
credit risk,
\u00a0
liquidity risk, currency
\u00a0
risk and
\u00a0
interest rate risk.
\u00a0
The
Group's
\u00a0
risk
\u00a0
management
\u00a0
aims
\u00a0
to
\u00a0
support
\u00a0
value
\u00a0
creation
\u00a0
and
\u00a0
ensure
\u00a0
a
\u00a0
solid
\u00a0
financial
\u00a0
platform,
through
\u00a0
transparent
\u00a0
and
\u00a0
strategic
\u00a0
management
\u00a0
of
\u00a0
both
\u00a0
financial
\u00a0
and
\u00a0
operational
\u00a0
risk
\u00a0
factors.
Operational risk relates mainly to major projects, which are continuously reviewed by management.
\u00a0
The Group\u2019s capital consists of net interest-bearing debt (NIBD)
\u00a0
and equity:
2022
2021
Non-current interest-bearing borrowings
90 665
97 402
Current interest-bearing borrowings
83 322
74 548
Cash and cash equivalents*
61 119
50 350
NIBD
112 868
121 600
Group equity
571 520
555 586
Net gearing (NIBD/equity)
20%
22%
Undrawn credit facilities
64 238
72 081
xx
A) Capital management
The Group\u2019s
\u00a0
capital structure's
\u00a0
primary focus
\u00a0
is to
\u00a0
ensure sufficient
\u00a0
free liquidity
\u00a0
in the
\u00a0
form of
\u00a0
cash
and
\u00a0
cash
\u00a0
equivalents along
\u00a0
with
\u00a0
bank
\u00a0
overdraft facilities
\u00a0
to
\u00a0
ensure
\u00a0
that
\u00a0
the
\u00a0
Group can
\u00a0
continually
service its obligations and at the same time be able to make strategic acquisitions.
B) Credit risk
Credit risk is the risk that customers are unable to settle their obligations as they mature. Credit risk is
considered part of the business risk and
\u00a0
is included in ongoing operations. The Group
\u00a0
has established
procedures
\u00a0
for credit
\u00a0
rating major
\u00a0
private customers,
\u00a0
and
\u00a0
the risk
\u00a0
that customers
\u00a0
do
\u00a0
not
\u00a0
have the
financial means to meet
\u00a0
their obligations is considered low.
\u00a0
Historically, only minor losses have
\u00a0
been
realised as a result of customers experiencing financial difficulties.
\u00a0
The customer
\u00a0
base comprises
\u00a0
many medium-sized
\u00a0
customers, along
\u00a0
with a
\u00a0
few larger
\u00a0
customers.
The
\u00a0
customer portfolio
\u00a0
is
\u00a0
considered
\u00a0
to be
\u00a0
well diversified
\u00a0
across
\u00a0
industries, as
\u00a0
well as
\u00a0
private and
public
\u00a0
customers.
\u00a0
The
\u00a0
risk
\u00a0
level
\u00a0
is
\u00a0
considered
\u00a0
satisfactory.
\u00a0
The
\u00a0
bulk
\u00a0
of
\u00a0
the
\u00a0
Group's
\u00a0
customers
\u00a0
are
Norwegian and Swedish, which constitutes a geographic concentration of risk.
\u00a0
No single
\u00a0
customer represents
\u00a0
10% or
\u00a0
more of
\u00a0
trade receivables
\u00a0
as at
\u00a0
31 December
\u00a0
2022 or
\u00a0
as at
\u00a0
31
December 2021. No single customer represents 10% or more of the Group's revenues in 2022 or 2021.
\u00a0
The
\u00a0
maximum
\u00a0
credit
\u00a0
exposure
\u00a0
consists
\u00a0
of
\u00a0
the
\u00a0
carrying
\u00a0
value
\u00a0
of
\u00a0
receivables
\u00a0
and
\u00a0
cash
\u00a0
and
\u00a0
cash
equivalents. All receivables are due within one year. Normally, payment is 14 days after invoicing.
\u00a0
Provisions for losses on trade
\u00a0
receivables are based on portfolio
\u00a0
assessment of Trade receivables
\u00a0
as
disclosed in note 13.
Historically, actual losses on trade receivables
\u00a0
have been immaterial, as was also the
\u00a0
case in 2022. It
is management\u2019s
\u00a0
assessment that
\u00a0
the Group's
\u00a0
overall credit
\u00a0
risk is
\u00a0
satisfactory. Please
\u00a0
also refer
\u00a0
to
Note 13, Trade receivables and other receivables.
C) Liquidity risk
Liquidity risk
\u00a0
is the
\u00a0
risk of not
\u00a0
being able to
\u00a0
pay the
\u00a0
Group's financial
\u00a0
obligations upon
\u00a0
maturity. Liquidity
risk arises from
\u00a0
a mismatch between
\u00a0
cash flows from
\u00a0
operations and financial
\u00a0
commitments. Liquidity
budgets are
\u00a0
prepared based
\u00a0
on the
\u00a0
Group's financial
\u00a0
budgets. The
\u00a0
budgets are
\u00a0
prepared annually
and are updated with
\u00a0
new forecasts throughout the
\u00a0
year. Transforming from a
\u00a0
transactional model to
a recurring
\u00a0
revenue model,
\u00a0
which by
\u00a0
definition postpones
\u00a0
incoming cash
\u00a0
flows, puts
\u00a0
a higher
\u00a0
strain
on the liquidity position
\u00a0
of the Group.
\u00a0
The Group's liquidity is
\u00a0
closely monitored by
\u00a0
management and
the Board of Directors. If
\u00a0
the need arises, the Group
\u00a0
has access to multiple funding sources
\u00a0
to balance
the transformation.
For details regarding the Group's interest-bearing borrowings refer to Note 15 Borrowings.
D) Currency risk
The
\u00a0
material
\u00a0
part
\u00a0
of
\u00a0
the
\u00a0
Group's
\u00a0
operations
\u00a0
is
\u00a0
conducted
\u00a0
in
\u00a0
the
\u00a0
Nordics.
\u00a0
The
\u00a0
Group
\u00a0
is
\u00a0
thus
\u00a0
not
materially affected by
\u00a0
operational currency
\u00a0
fluctuations other
\u00a0
than fluctuations
\u00a0
between NOK and
\u00a0
SEK.
The bulk
\u00a0
of the
\u00a0
Group's goods
\u00a0
and services
\u00a0
is billed
\u00a0
in NOK
\u00a0
or SEK
\u00a0
as appropriate.
\u00a0
To a
\u00a0
minor extent,
some solutions
\u00a0
revenue and
\u00a0
expenses are
\u00a0
invoiced in
\u00a0
PLN, EUR
\u00a0
and USD.
\u00a0
The Group
\u00a0
does not
\u00a0
hedge
cash
\u00a0
flows
\u00a0
in
\u00a0
foreign
\u00a0
currencies.
\u00a0
The
\u00a0
Group
\u00a0
has
\u00a0
low
\u00a0
cash
\u00a0
holdings,
\u00a0
trade
\u00a0
receivables
\u00a0
and
\u00a0
trade
payables in currencies other than NOK and SEK.
\u00a0
Therefore,
\u00a0
the
\u00a0
consequences
\u00a0
on
\u00a0
the
\u00a0
Group's
\u00a0
profit
\u00a0
and
\u00a0
equity
\u00a0
from
\u00a0
changes
\u00a0
in
\u00a0
exchange
\u00a0
rates
between
\u00a0
NOK
\u00a0
and
\u00a0
foreign
\u00a0
currencies,
\u00a0
and
\u00a0
SEK
\u00a0
and
\u00a0
foreign
\u00a0
currencies
\u00a0
is
\u00a0
limited
\u00a0
and
\u00a0
deemed
acceptable. There is limited trade between Norway and Sweden and currency risk is
\u00a0
considered to be
low overall. Group
\u00a0
values related
\u00a0
to foreign
\u00a0
operations are subject
\u00a0
to currency
\u00a0
fluctuations. As such,
there
\u00a0
will be
\u00a0
variations in
\u00a0
the
\u00a0
financial statement
\u00a0
the line
\u00a0
item Exchange
\u00a0
differences on
\u00a0
translating
foreign operations in the consolidated statement of comprehensive income.
\u00a0
E) Interest rate risk
Interest
\u00a0
rate
\u00a0
changes
\u00a0
have
\u00a0
an
\u00a0
effect
\u00a0
on
\u00a0
consolidated
\u00a0
operating
\u00a0
income
\u00a0
and
\u00a0
cash
\u00a0
flows
\u00a0
from
operating activities. The Group's interest rate risk is related to floating
\u00a0
interest rates on bank accounts
and
\u00a0
deposits,
\u00a0
in
\u00a0
addition
\u00a0
to
\u00a0
floating
\u00a0
rate
\u00a0
debt
\u00a0
in
\u00a0
credit
\u00a0
institutions.
\u00a0
The
\u00a0
Group
\u00a0
has
\u00a0
no
\u00a0
fixed-rate
deposits or
\u00a0
debt, and
\u00a0
is therefore
\u00a0
not exposed
\u00a0
to fair
\u00a0
value interest
\u00a0
rate risk.
\u00a0
The Group
\u00a0
assesses its
capital structure on an ongoing basis.
\u00a0
Interest rate sensitivity
Increase/
decrease in
basis points
Increased
interest
rate effect
on profit
before tax
Decreased
interest
rate effect
on profit
before tax
Based on net interest-bearing items 31.12.2022
+/- 100
-1 230
1 230
Based on net interest-bearing items 31.12.2021
+/- 100
-1 276
1 276
F) Categories of financial instruments
This
\u00a0
section
\u00a0
explains
\u00a0
the
\u00a0
judgements
\u00a0
and
\u00a0
estimates
\u00a0
made
\u00a0
in
\u00a0
determining
\u00a0
the
\u00a0
fair
\u00a0
values
\u00a0
of
\u00a0
the
financial instruments that
\u00a0
are recognised and
\u00a0
measured at fair
\u00a0
value in the
\u00a0
financial statements. To
provide
\u00a0
an
\u00a0
indication
\u00a0
of
\u00a0
the
\u00a0
reliability
\u00a0
of
\u00a0
the
\u00a0
inputs
\u00a0
used
\u00a0
in
\u00a0
determining
\u00a0
fair
\u00a0
value,
\u00a0
the
\u00a0
Group
\u00a0
has
classified its financial
\u00a0
instruments into the three
\u00a0
levels prescribed under the
\u00a0
accounting standards. An
explanation of each level is included in note 1 accounting principles.
\u00a0
The fair value of
\u00a0
all financial assets and financial
\u00a0
liabilities are assessed to,
\u00a0
for all material purposes,
be
\u00a0
equal
\u00a0
to
\u00a0
book
\u00a0
value.
\u00a0
To
\u00a0
assess
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
shares
\u00a0
and
\u00a0
investments
\u00a0
held
\u00a0
by
\u00a0
the
\u00a0
Group
management assesses
\u00a0
the underlying
\u00a0
values in
\u00a0
the companies
\u00a0
where the
\u00a0
Group holds
\u00a0
shares. The
change in fair value is accounted for over profit and loss.
The Group has the following categories of financial
instruments as at 31 December 2022:
Financial
assets at fair
value through
profit or loss
Financial
assets at
amortised
cost
Total
Level in fair
value
hierarchy
ASSETS
Shares and investments
608
0
608
3
Other non-current assets
0
2 655
2 655
Accounts receivables
0
213 773
213 773
Other receivables
0
33 801
33 801
Cash and cash equivalents
0
61 119
61 119
Total assets
608
311 349
311 957
Financial
liabilities at
fair value
through profit
or loss
Financial
liabilities at
amortised
cost
Total
Level in fair
value
hierarchy
LIABILITIES
Non-current interest-bearing borrowings
0
90 665
90 665
Other non-current debt
0
37 555
37 555
Current interest-bearing borrowings
0
83 322
83 322
Accounts payables
0
205 797
205 797
Current lease liabilities
0
15 142
15 142
Other current financial liabilities
0
76 614
76 614
Total liabilities
0
553 510
553 510
The Group has the following categories of financial
instruments as at 31 December 2021:
Financial
assets at fair
profit or loss
Financial
assets at
amortised
cost
Total
Level in fair
value
hierarchy
ASSETS
Shares and investments
590
0
590
3
Other non-current assets
0
1 224
1 224
Accounts receivables
0
230 229
230 229
Other receivables
0
31 435
31 435
Cash and cash equivalents
0
50 350
50 350
Total assets
590
313 238
313 828
Financial
liabilities at
fair value
through profit
or loss
Financial
liabilities at
amortised
cost
Total
Level in fair
value
hierarchy
LIABILITIES
Non-current interest-bearing debt
0
97 402
97 402
Other non-current debt
0
43 305
43 305
Current interest-bearing borrowings
0
74 548
74 548
Accounts payables
0
193 833
193 833
Current lease liabilities
0
10 631
10 631
Other current financial liabilities
0
62 215
62 215
Total liabilities
0
522 164
522 164
xx
A) Capital management
The Group\u2019s
\u00a0
capital structure's
\u00a0
primary focus
\u00a0
is to
\u00a0
ensure sufficient
\u00a0
free liquidity
\u00a0
in the
\u00a0
form of
\u00a0
cash
and
\u00a0
cash
\u00a0
equivalents along
\u00a0
with
\u00a0
bank
\u00a0
overdraft facilities
\u00a0
to
\u00a0
ensure
\u00a0
that
\u00a0
the
\u00a0
Group can
\u00a0
continually
service its obligations and at the same time be able to make strategic acquisitions.
B) Credit risk
Credit risk is the risk that customers are unable to settle their obligations as they mature. Credit risk is
considered part of the business risk and
\u00a0
is included in ongoing operations. The Group
\u00a0
has established
procedures
\u00a0
for credit
\u00a0
rating major
\u00a0
private customers,
\u00a0
and
\u00a0
the risk
\u00a0
that customers
\u00a0
do
\u00a0
not
\u00a0
have the
financial means to meet
\u00a0
their obligations is considered low.
\u00a0
Historically, only minor losses have
\u00a0
been
realised as a result of customers experiencing financial difficulties.
\u00a0
The customer
\u00a0
base comprises
\u00a0
many medium-sized
\u00a0
customers, along
\u00a0
with a
\u00a0
few larger
\u00a0
customers.
The
\u00a0
customer portfolio
\u00a0
is
\u00a0
considered
\u00a0
to be
\u00a0
well diversified
\u00a0
across
\u00a0
industries, as
\u00a0
well as
\u00a0
private and
public
\u00a0
customers.
\u00a0
The
\u00a0
risk
\u00a0
level
\u00a0
is
\u00a0
considered
\u00a0
satisfactory.
\u00a0
The
\u00a0
bulk
\u00a0
of
\u00a0
the
\u00a0
Group's
\u00a0
customers
\u00a0
are
Norwegian and Swedish, which constitutes a geographic concentration of risk.
\u00a0
No single
\u00a0
customer represents
\u00a0
10% or
\u00a0
more of
\u00a0
trade receivables
\u00a0
as at
\u00a0
31 December
\u00a0
2022 or
\u00a0
as at
\u00a0
31
December 2021. No single customer represents 10% or more of the Group's revenues in 2022 or 2021.
\u00a0
The
\u00a0
maximum
\u00a0
credit
\u00a0
exposure
\u00a0
consists
\u00a0
of
\u00a0
the
\u00a0
carrying
\u00a0
value
\u00a0
of
\u00a0
receivables
\u00a0
and
\u00a0
cash
\u00a0
and
\u00a0
cash
equivalents. All receivables are due within one year. Normally, payment is 14 days after invoicing.
\u00a0
Provisions for losses on trade
\u00a0
receivables are based on portfolio
\u00a0
assessment of Trade receivables
\u00a0
as
disclosed in note 13.
Historically, actual losses on trade receivables
\u00a0
have been immaterial, as was also the
\u00a0
case in 2022. It
is management\u2019s
\u00a0
assessment that
\u00a0
the Group's
\u00a0
overall credit
\u00a0
risk is
\u00a0
satisfactory. Please
\u00a0
also refer
\u00a0
to
Note 13, Trade receivables and other receivables.
C) Liquidity risk
Liquidity risk
\u00a0
is the
\u00a0
risk of not
\u00a0
being able to
\u00a0
pay the
\u00a0
Group's financial
\u00a0
obligations upon
\u00a0
maturity. Liquidity
risk arises from
\u00a0
a mismatch between
\u00a0
cash flows from
\u00a0
operations and financial
\u00a0
commitments. Liquidity
budgets are
\u00a0
prepared based
\u00a0
on the
\u00a0
Group's financial
\u00a0
budgets. The
\u00a0
budgets are
\u00a0
prepared annually
and are updated with
\u00a0
new forecasts throughout the
\u00a0
year. Transforming from a
\u00a0
transactional model to
a recurring
\u00a0
revenue model,
\u00a0
which by
\u00a0
definition postpones
\u00a0
incoming cash
\u00a0
flows, puts
\u00a0
a higher
\u00a0
strain
on the liquidity position
\u00a0
of the Group.
\u00a0
The Group's liquidity is
\u00a0
closely monitored by
\u00a0
management and
the Board of Directors. If
\u00a0
the need arises, the Group
\u00a0
has access to multiple funding sources
\u00a0
to balance
the transformation.
For details regarding the Group's interest-bearing borrowings refer to Note 15 Borrowings.
F) Categories of financial instruments
This
\u00a0
section
\u00a0
explains
\u00a0
the
\u00a0
judgements
\u00a0
and
\u00a0
estimates
\u00a0
made
\u00a0
in
\u00a0
determining
\u00a0
the
\u00a0
fair
\u00a0
values
\u00a0
of
\u00a0
the
financial instruments that
\u00a0
are recognised and
\u00a0
measured at fair
\u00a0
value in the
\u00a0
financial statements. To
provide
\u00a0
an
\u00a0
indication
\u00a0
of
\u00a0
the
\u00a0
reliability
\u00a0
of
\u00a0
the
\u00a0
inputs
\u00a0
used
\u00a0
in
\u00a0
determining
\u00a0
fair
\u00a0
value,
\u00a0
the
\u00a0
Group
\u00a0
has
classified its financial
\u00a0
instruments into the three
\u00a0
levels prescribed under the
\u00a0
accounting standards. An
explanation of each level is included in note 1 accounting principles.
\u00a0
The fair value of
\u00a0
all financial assets and financial
\u00a0
liabilities are assessed to,
\u00a0
for all material purposes,
be
\u00a0
equal
\u00a0
to
\u00a0
book
\u00a0
value.
\u00a0
To
\u00a0
assess
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
shares
\u00a0
and
\u00a0
investments
\u00a0
held
\u00a0
by
\u00a0
the
\u00a0
Group
management assesses
\u00a0
the underlying
\u00a0
values in
\u00a0
the companies
\u00a0
where the
\u00a0
Group holds
\u00a0
shares. The
change in fair value is accounted for over profit and loss.
The Group has the following categories of financial
instruments as at 31 December 2022:
Financial
assets at fair
value through
profit or loss
Financial
assets at
amortised
cost
Total
Level in fair
value
hierarchy
ASSETS
Shares and investments
608
0
608
3
Other non-current assets
0
2 655
2 655
Accounts receivables
0
213 773
213 773
Other receivables
0
33 801
33 801
Cash and cash equivalents
0
61 119
61 119
Total assets
608
311 349
311 957
Financial
liabilities at
fair value
through profit
or loss
Financial
liabilities at
amortised
cost
Total
Level in fair
value
hierarchy
LIABILITIES
Non-current interest-bearing borrowings
0
90 665
90 665
Other non-current debt
0
37 555
37 555
Current interest-bearing borrowings
0
83 322
83 322
Accounts payables
0
205 797
205 797
Current lease liabilities
0
15 142
15 142
Other current financial liabilities
0
76 614
76 614
Total liabilities
0
553 510
553 510
The Group has the following categories of financial
instruments as at 31 December 2021:
Financial
assets at fair
profit or loss
Financial
assets at
amortised
cost
Total
Level in fair
value
hierarchy
ASSETS
Shares and investments
590
0
590
3
Other non-current assets
0
1 224
1 224
Accounts receivables
0
230 229
230 229
Other receivables
0
31 435
31 435
Cash and cash equivalents
0
50 350
50 350
Total assets
590
313 238
313 828
Financial
liabilities at
fair value
through profit
or loss
Financial
liabilities at
amortised
cost
Total
Level in fair
value
hierarchy
LIABILITIES
Non-current interest-bearing debt
0
97 402
97 402
Other non-current debt
0
43 305
43 305
Current interest-bearing borrowings
0
74 548
74 548
Accounts payables
0
193 833
193 833
Current lease liabilities
0
10 631
10 631
Other current financial liabilities
0
62 215
62 215
Total liabilities
0
522 164
522 164
xx
This
\u00a0
section
\u00a0
explains
\u00a0
the
\u00a0
judgements
\u00a0
and
\u00a0
estimates
\u00a0
made
\u00a0
in
\u00a0
determining
\u00a0
the
\u00a0
fair
\u00a0
values
\u00a0
of
\u00a0
the
financial instruments that
\u00a0
are recognised and
\u00a0
measured at fair
\u00a0
value in the
\u00a0
financial statements. To
provide
\u00a0
an
\u00a0
indication
\u00a0
of
\u00a0
the
\u00a0
reliability
\u00a0
of
\u00a0
the
\u00a0
inputs
\u00a0
used
\u00a0
in
\u00a0
determining
\u00a0
fair
\u00a0
value,
\u00a0
the
\u00a0
Group
\u00a0
has
classified its financial
\u00a0
instruments into the three
\u00a0
levels prescribed under the
\u00a0
accounting standards. An
explanation of each level is included in note 1 accounting principles.
\u00a0
The fair value of
\u00a0
all financial assets and financial
\u00a0
liabilities are assessed to,
\u00a0
for all material purposes,
be
\u00a0
equal
\u00a0
to
\u00a0
book
\u00a0
value.
\u00a0
To
\u00a0
assess
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
shares
\u00a0
and
\u00a0
investments
\u00a0
held
\u00a0
by
\u00a0
the
\u00a0
Group
management assesses
\u00a0
the underlying
\u00a0
values in
\u00a0
the companies
\u00a0
where the
\u00a0
Group holds
\u00a0
shares. The
change in fair value is accounted for over profit and loss.
The Group has the following categories of financial
instruments as at 31 December 2022:
Financial
assets at fair
value through
profit or loss
Financial
assets at
amortised
cost
Total
Level in fair
value
hierarchy
ASSETS
Shares and investments
608
0
608
3
Other non-current assets
0
2 655
2 655
Accounts receivables
0
213 773
213 773
Other receivables
0
33 801
33 801
Cash and cash equivalents
0
61 119
61 119
Total assets
608
311 349
311 957
Financial
liabilities at
fair value
through profit
or loss
Financial
liabilities at
amortised
cost
Total
Level in fair
value
hierarchy
LIABILITIES
Non-current interest-bearing borrowings
0
90 665
90 665
Other non-current debt
0
37 555
37 555
Current interest-bearing borrowings
0
83 322
83 322
Accounts payables
0
205 797
205 797
Current lease liabilities
0
15 142
15 142
Other current financial liabilities
0
76 614
76 614
Total liabilities
0
553 510
553 510
The Group has the following categories of financial
instruments as at 31 December 2021:
Financial
assets at fair
profit or loss
Financial
assets at
amortised
cost
Total
Level in fair
value
hierarchy
ASSETS
Shares and investments
590
0
590
3
Other non-current assets
0
1 224
1 224
Accounts receivables
0
230 229
230 229
Other receivables
0
31 435
31 435
Cash and cash equivalents
0
50 350
50 350
Total assets
590
313 238
313 828
Financial
liabilities at
fair value
through profit
or loss
Financial
liabilities at
amortised
cost
Total
Level in fair
value
hierarchy
LIABILITIES
Non-current interest-bearing debt
0
97 402
97 402
Other non-current debt
0
43 305
43 305
Current interest-bearing borrowings
0
74 548
74 548
Accounts payables
0
193 833
193 833
Current lease liabilities
0
10 631
10 631
Other current financial liabilities
0
62 215
62 215
Total liabilities
0
522 164
522 164
xx
This
\u00a0
section
\u00a0
explains
\u00a0
the
\u00a0
judgements
\u00a0
and
\u00a0
estimates
\u00a0
made
\u00a0
in
\u00a0
determining
\u00a0
the
\u00a0
fair
\u00a0
values
\u00a0
of
\u00a0
the
financial instruments that
\u00a0
are recognised and
\u00a0
measured at fair
\u00a0
value in the
\u00a0
financial statements. To
provide
\u00a0
an
\u00a0
indication
\u00a0
of
\u00a0
the
\u00a0
reliability
\u00a0
of
\u00a0
the
\u00a0
inputs
\u00a0
used
\u00a0
in
\u00a0
determining
\u00a0
fair
\u00a0
value,
\u00a0
the
\u00a0
Group
\u00a0
has
classified its financial
\u00a0
instruments into the three
\u00a0
levels prescribed under the
\u00a0
accounting standards. An
explanation of each level is included in note 1 accounting principles.
\u00a0
The fair value of
\u00a0
all financial assets and financial
\u00a0
liabilities are assessed to,
\u00a0
for all material purposes,
be
\u00a0
equal
\u00a0
to
\u00a0
book
\u00a0
value.
\u00a0
To
\u00a0
assess
\u00a0
the
\u00a0
fair
\u00a0
value
\u00a0
of
\u00a0
shares
\u00a0
and
\u00a0
investments
\u00a0
held
\u00a0
by
\u00a0
the
\u00a0
Group
management assesses
\u00a0
the underlying
\u00a0
values in
\u00a0
the companies
\u00a0
where the
\u00a0
Group holds
\u00a0
shares. The
change in fair value is accounted for over profit and loss.
The Group has the following categories of financial
instruments as at 31 December 2022:
Financial
assets at fair
value through
profit or loss
Financial
assets at
amortised
cost
Total
Level in fair
value
hierarchy
ASSETS
Shares and investments
608
0
608
3
Other non-current assets
0
2 655
2 655
Accounts receivables
0
213 773
213 773
Other receivables
0
33 801
33 801
Cash and cash equivalents
0
61 119
61 119
Total assets
608
311 349
311 957
Financial
liabilities at
fair value
through profit
or loss
Financial
liabilities at
amortised
cost
Total
Level in fair
value
hierarchy
LIABILITIES
Non-current interest-bearing borrowings
0
90 665
90 665
Other non-current debt
0
37 555
37 555
Current interest-bearing borrowings
0
83 322
83 322
Accounts payables
0
205 797
205 797
Current lease liabilities
0
15 142
15 142
Other current financial liabilities
0
76 614
76 614
Total liabilities
0
553 510
553 510
The Group has the following categories of financial
instruments as at 31 December 2021:
Financial
assets at fair
profit or loss
Financial
assets at
amortised
cost
Total
Level in fair
value
hierarchy
ASSETS
Shares and investments
590
0
590
3
Other non-current assets
0
1 224
1 224
Accounts receivables
0
230 229
230 229
Other receivables
0
31 435
31 435
Cash and cash equivalents
0
50 350
50 350
Total assets
590
313 238
313 828
Financial
liabilities at
fair value
through profit
or loss
Financial
liabilities at
amortised
cost
Total
Level in fair
value
hierarchy
LIABILITIES
Non-current interest-bearing debt
0
97 402
97 402
Other non-current debt
0
43 305
43 305
Current interest-bearing borrowings
0
74 548
74 548
Accounts payables
0
193 833
193 833
Current lease liabilities
0
10 631
10 631
Other current financial liabilities
0
62 215
62 215
Total liabilities
0
522 164
522 164
xx
Note 21. Legal disputes and contingencies
The Group has no ongoing legal disputes.
Note 22. Changes in Group structure and business combinations
2022
Acquisition of Crypho AS
On
\u00a0
1
\u00a0
June,
\u00a0
Techstep
\u00a0
acquired
\u00a0
100%
\u00a0
of
\u00a0
the
\u00a0
share
\u00a0
in
\u00a0
Crypho
\u00a0
AS.
\u00a0
The
\u00a0
company
\u00a0
has
\u00a0
an
\u00a0
end-to
\u00a0
end
encrypted
\u00a0
enterprise
\u00a0
software
\u00a0
as
\u00a0
a
\u00a0
service
\u00a0
(SaaS)
\u00a0
messaging
\u00a0
and
\u00a0
file-sharing
\u00a0
application.
\u00a0
The
transaction
\u00a0
was
\u00a0
partly
\u00a0
settled
\u00a0
in
\u00a0
368 902
\u00a0
consideration
\u00a0
shares
\u00a0
in
\u00a0
Techstep
\u00a0
ASA.
\u00a0
At
\u00a0
the
\u00a0
time
\u00a0
of
completion, this corresponded
\u00a0
to NOK 1.1
\u00a0
million. The earnout
\u00a0
(refer to table
\u00a0
below) is to
\u00a0
be settled in
Techstep shares.
The
\u00a0
table below
\u00a0
summarises
\u00a0
the consideration
\u00a0
transferred and
\u00a0
the amounts
\u00a0
recognised for
\u00a0
assets
acquired and liabilities assumed after the business combinations:
Consideration and amount recognised
Total
Cash payments
3 673
Consideration shares
1 059
Seller credit
1 818
Total
6 550
Consideration and amount recognised
Total
Consideration shares
1 059
Seller credit
1 818
Total
2 877
Net assets
Total
Intangible assets
3 566
Property plant and equipment
83
Trade and other receivables
28
Cash and cash equivalents
294
Other non-current liabilities
(5 831)
Current liabilities
(217)
Net assets
(2 076)
Excess value
4 953
Purchase price allocation
Total
Goodwill
4 953
Total
4 953
*Settlement of shareholder loans:
\u00a0
Crypho had shareholder loans
\u00a0
of NOK 3.7 million. In
\u00a0
conjunction with
closing of
\u00a0
the
\u00a0
transaction,
\u00a0
Techstep
\u00a0
became
\u00a0
the debtor.
\u00a0
The
\u00a0
shareholder
\u00a0
loans were
\u00a0
subsequently
settled with 1 129 118 shares in Techstep ASA.
Acquisition of last 20% of shares in Techstep Finance AS
On 14
\u00a0
February, the
\u00a0
company acquired
\u00a0
the remaining
\u00a0
20% of
\u00a0
the shares
\u00a0
in Techstep
\u00a0
Finance AS
\u00a0
for
NOK 9.0 million. The amount was settled in cash. Goddwill
\u00a0
of NOK 7.4 million was recognized. Following
the transaction, Techstep
\u00a0
owns 100% of
\u00a0
the shares
\u00a0
in Techstep
\u00a0
Finance AS.
\u00a0
Techstep Finance
\u00a0
AB is a
100%-owned
\u00a0
subsidiary
\u00a0
of
\u00a0
Techstep
\u00a0
Finance
\u00a0
AS
\u00a0
and
\u00a0
the
\u00a0
ownership
\u00a0
in
\u00a0
Techstep
\u00a0
Finance
\u00a0
AB
\u00a0
has
increased correspondingly.
Divestment of Voice and Contact centre business unit
On 3 January, the divestment
\u00a0
of the Voice and Contact
\u00a0
center business unit was completed
\u00a0
for a total
consideration of NOK 65.5 million. The settlement
\u00a0
was received in December 2021. The gain
\u00a0
of NOK 40.1
million has been
\u00a0
recognized in the
\u00a0
income statement
\u00a0
as Other
\u00a0
income in 2022.
\u00a0
NOK 24.5 million
\u00a0
has
been derecognised from Assets held for sale.
2021
Divestment
Techstep divested its Voice & Contact Centre
\u00a0
business units (\"VCC\") in Norway and Sweden
\u00a0
for a total
combined consideration of NOK 65.7 million,
\u00a0
settled in cash. The proceeds were received
\u00a0
at the end of
2021, while the transaction closed 3 January 2022.
In the 2022 financial accounts, the proceeds of NOK 65.7
\u00a0
million are accounted for as other short term
debt (NOK 65.7
\u00a0
million) on the
\u00a0
line item Other
\u00a0
current liabilities in
\u00a0
the statement of
\u00a0
financial position.
The amount was used to reduce the Group\u2019s bank overdraft. The bank overdraft is included in the line
item Current interest-bearing
\u00a0
liabilities. In relation
\u00a0
to the transition
\u00a0
the Group has
\u00a0
identified assets and
liabilities of the
\u00a0
net amount NOK
\u00a0
24.5 million which
\u00a0
are classified as
\u00a0
held for sale
\u00a0
in the statement
\u00a0
of
financial position.
\u00a0
Assets classified
\u00a0
as held
\u00a0
for sale
\u00a0
are reclassified
\u00a0
from Goodwill
\u00a0
(NOK 24.1
\u00a0
million)
and net other assets (NOK 0.4 million).
In
\u00a0
2022
\u00a0
the
\u00a0
Group
\u00a0
recognised
\u00a0
a
\u00a0
gain
\u00a0
from
\u00a0
the
\u00a0
divestment
\u00a0
amounting
\u00a0
to
\u00a0
NOK
\u00a0
40.2
\u00a0
million
\u00a0
in
\u00a0
the
consolidated income statement.
\u00a0
The remaining NOK
\u00a0
24.5 million was
\u00a0
recognised towards the
\u00a0
assets
held for sale.
Acquisition
Techstep
\u00a0
acquired
\u00a0
100
\u00a0
%
\u00a0
of
\u00a0
the
\u00a0
shares
\u00a0
in
\u00a0
Famoc
\u00a0
S.A,
\u00a0
Famoc
\u00a0
Software
\u00a0
Ltd.
\u00a0
And
\u00a0
Santa
\u00a0
Rita
\u00a0
Private
Venture 1
\u00a0
July 2021.
\u00a0
The transaction
\u00a0
was settled
\u00a0
partly in
\u00a0
3 679
\u00a0
211 consideration
\u00a0
shares in
\u00a0
Techstep
ASA. At the time of completion, this corresponded to NOK 15.8 million.
The
\u00a0
tables below
\u00a0
summarise the
\u00a0
consideration transferred
\u00a0
and the
\u00a0
amounts recognised
\u00a0
for assets
acquired and liabilities assumed after the business combinations:
Consideration and amount recognised
Total
Cash payments
82 444
Consideration shares
15 821
Seller credit
11 976
Total
110 240
Net assets
Total
Intangible assets
3 271
Property plant and equipment
106
Right of use assets
845
Other non-current assets
628
Trade and other receivables
7 846
Cash and cash equivalents
8 473
Other non-current liabilities
(2 244)
Current liabilities
(1 779)
Net assets
17 146
Excess value
93 094
Purchase price allocation
Total
Technology
17 150
Customer relations
18 735
Deferred tax
(6 844)
Goodwill
0
Total
93 094
The
\u00a0
goodwill
\u00a0
of
\u00a0
NOK
\u00a0
64.1
\u00a0
million
\u00a0
relates
\u00a0
to
\u00a0
the
\u00a0
know-how
\u00a0
within
\u00a0
the
\u00a0
mobility
\u00a0
space.
\u00a0
The
\u00a0
acquired
company broadens the Group's product offering. There
\u00a0
are synergies with existing Group companies
by cross-selling of products. None of the goodwill recognised is
\u00a0
expected to be deductible for income
tax purposes. The business combinations are carried out as part of the Group's growth strategy.
Note 23. Related party transactions
The following are considered related parties to the Group:
All the members of the
\u00a0
Board of Directors and Group management,
\u00a0
including close family members,
as defined by the Norwegian Accounting Act and associated regulations.
\u00a0
The following companies are considered as related parties to the Group during 2021 and 2022:
Company
Relationship
Role
Crayon Holding ASA and
subsidiaries
Jens Rugseth
Board
\u00a0
member
\u00a0
(Chairman
\u00a0
of
\u00a0
the
\u00a0
Board
\u00a0
until
February 2023)
Stobor Invest AB
\u00c5ke Fredrik
Logenius
Chief operation officer
Consolidated income statement
Revenue from
Expenses to
2022
2021
2022
2021
Crayon
2 060
678
3 536
2 534
Stobor Invest AB*
-
-
1 557
2 431
Receivables
Payables
Balance as at 31 December
2022
2021
2022
2021
Crayon
172
199
243
247
Stobor Invest AB*
-
-
27 789
43 777
xx
*Stobor Invest AB is 50% owned by COO \u00c5ke Fredrik Logenius. Payables to Stobor Invest AB are related
to settlement for Techstep's acquisition of Optidev AB in 2020.
On
\u00a0
6
\u00a0
May
\u00a0
Techstep
\u00a0
entered
\u00a0
into
\u00a0
an
\u00a0
agreement
\u00a0
to
\u00a0
acquire
\u00a0
the
\u00a0
entire
\u00a0
share
\u00a0
capital
\u00a0
of
\u00a0
Crypho
\u00a0
AS.
Following the
\u00a0
transaction, Karbon
\u00a0
Invest AS
\u00a0
agreed to
\u00a0
sell its
\u00a0
33.50% shareholding
\u00a0
in Crypho
\u00a0
AS and
subscribe for 123,579 new shares in Techstep
\u00a0
ASA
at a price of NOK 3.25 per
\u00a0
share (based on 90-day
VWAP)
.
Karbon Invest AS is indirectly controlled by Jens Rugseth.
\u00a0
All transactions with related parties are carried out at the arm\u2019s length principle.
Note 24. Earnings per share
2022
2021
Weighted average number of shares outstanding
273 101 621
188 677 089
Weighted average number of shares outstanding (Diluted)
273 463 567
191 369 892
Profit attributable to owners of the parent
(68 926)
(103 050)
Earnings per share
(0.25)
(0.55)
Earnings per share (Diluted)
(0.25)
(0.55)
The Group has
\u00a0
issued stock options
\u00a0
to some members
\u00a0
of the executive
\u00a0
management Group and
\u00a0
other
key employees, refer to note 28 Remuneration to the board and executive management for details.
For details regarding the issuance of shares in
\u00a0
2022 and 2021, refer to note 25
\u00a0
Shares, capital structure
and shareholders.
The
\u00a0
company\u2019s
\u00a0
share
\u00a0
capital
\u00a0
as
\u00a0
at
\u00a0
31
\u00a0
December
\u00a0
2022
\u00a0
was
\u00a0
NOK
\u00a0
305,131,075
\u00a0
based
\u00a0
on
\u00a0
305,131,075
ordinary shares with a par value of NOK 1.00.
\u00a0
Each share
\u00a0
gives the
\u00a0
right to one
\u00a0
vote at
\u00a0
the company\u2019s
\u00a0
general meeting.
\u00a0
At the
\u00a0
date of
\u00a0
this report,
Techstep holds 1,914 treasury shares.
\u00a0
The development in share capital and other paid-in equity is set
\u00a0
out in the consolidated statement of
changes in equity.
Development in the number of issued and outstanding shares:
Shares outstanding
Treasury shares*
Issued
Number of shares 1 January 2022
209 629 830
1 914
209 629 830
Employee share purchase programme
854 940
854 940
Private placement
92 631 820
92 631 820
Consideration shares
2 014 480
2 014 480
Number of shares 31 December 2022
305 131 070
1 914
305 131 070
Number of shares 1 January 2021
183 295 472
1 914
183 295 472
Employee share purchase programme
432 925
432 925
Private placement
22 222 222
22 222 222
Consideration shares
3 679 211
3 679 211
Number of shares 31 December 2021
209 629 830
1 914
209 629 830
*Treasury shares are included in the column Other equity in the statement of changes in equity.
Techstep has issued consideration shares in relation to the following:
\u25cf
854 940 new shares related to employee share purchase programme
\u25cf
53 244 140 new shares in relation to private placement
\u00a0
\u25cf
2 014 480 new shares related to the Crypho acquisition
Techstep issued consideration shares in relation to the following:
\u25cf
432 925 new shares related to employee share purchase programme
\u25cf
22 222 222 new shares in relation to private placement
\u00a0
\u25cf
3 679 211 new shares related to the Famoc acquisition
As at 30 December 2022, Techstep\u2019s 20 largest shareholders were as follows:
Shareholder
Number of
shares
Ownership
DATUM AS
1
58 354 776
19.12%
KARBON INVEST AS
2
43 718 974
14.33%
Swedbank AB
33 478 881
10.97%
DNB Markets Aksjehandel/-analyse
14 770 000
4.84%
STEENCO AS
8 695 652
2.85%
AS CLIPPER
8 695 652
2.85%
VERDIPAPIRFONDET DNB SMB
6 851 311
2.25%
MIDDELBORG INVEST AS
6 341 228
2.08%
CIPRIANO AS
5 999 158
1.97%
Saxo Bank A/S
5 674 201
1.86%
Tigerstaden AS
4 795 000
1.57%
DNB BANK ASA
4 285 438
1.40%
CAMIKO AS
3 480 151
1.14%
TVENGE
3 000 000
0.98%
TIGERSTADEN MARINE AS
2 500 000
0.82%
SPECTER INVEST AS
2 490 000
0.82%
GIMLE INVEST AS
2 485 987
0.81%
NORDHOLMEN AS
2 462 551
0.81%
PIKA HOLDING AS
2 143 455
0.70%
Carnegie Investment Bank AB
2 072 173
0.68%
Total number owned by top 20
222 294 588
72.85 %
Total number of shares
305
131 075
100.00%
1)
Datum AS is controlled by deputy Board member Jan Haudemann-Andersen.
\u00a0
2)
Karbon Invest AS is owned by Board member Jens Rugseth
\u00a0
Duo Jag AS, which
\u00a0
is partly owned by
\u00a0
Board member Ingrid Leisner,
\u00a0
owns 601 562 shares
\u00a0
in Techstep
ASA.
At the Annual
\u00a0
General meeting 22
\u00a0
June 2020,
\u00a0
4 269 883 share
\u00a0
options (2.5% of
\u00a0
existing shares) were
granted under the 2020 programme. The share options became exercisable (vested) on
\u00a0
22 June 2021
and must be exercised by 22 June 2024. The exercise price is NOK 3.00.
At the
\u00a0
Annual General
\u00a0
Meeting 22
\u00a0
April 2021,
\u00a0
4 593 307
\u00a0
share
\u00a0
options (2.5%
\u00a0
of existing
\u00a0
shares)
\u00a0
were
granted under the 2021
\u00a0
programme. The share options
\u00a0
vest 1/3 each year
\u00a0
from 22 April 2022 and
\u00a0
are
fully vested on 22 April 2024. The options must be exercised by 22 April 2026. The exercise price is NOK
5.80.
The
\u00a0
exercise
\u00a0
price
\u00a0
will
\u00a0
be
\u00a0
adjusted
\u00a0
for
\u00a0
any
\u00a0
dividends
\u00a0
paid
\u00a0
or
\u00a0
accrued
\u00a0
before
\u00a0
exercise.
\u00a0
Each
\u00a0
option
holder's aggregated gross profit from exercising the options shall be limited to the amount equal to 3
years\u2019 gross
\u00a0
base salary
\u00a0
at the
\u00a0
time of
\u00a0
exercising the
\u00a0
options. The
\u00a0
exercise of
\u00a0
share options
\u00a0
can be
settled in cash, and/or with new or existing treasury shares.
CEO B\u00f8rge Astrup was awarded 4 500 000 share options at an extraordinary general meeting held 22
September 2021.
\u00a0
The options
\u00a0
vest in
\u00a0
three tranches
\u00a0
with 1/3
\u00a0
per tranche,
\u00a0
on 1
\u00a0
September 2024,
\u00a0
2025
and 2026.
\u00a0
The exercise
\u00a0
period is
\u00a0
two years
\u00a0
from the
\u00a0
applicable vesting
\u00a0
date. The
\u00a0
strike price
\u00a0
is NOK
4.75, NOK 5.75 and NOK
\u00a0
6.75 for the respective tranches. If
\u00a0
the average, weighted Techstep share price
for seven
\u00a0
calendar days
\u00a0
exceeds NOK
\u00a0
30 per
\u00a0
share, then
\u00a0
the Company
\u00a0
may require
\u00a0
that all
\u00a0
vested
options are exercised by B\u00f8rge Astrup.
At
\u00a0
the
\u00a0
Annual
\u00a0
General
\u00a0
Meeting
\u00a0
21
\u00a0
April
\u00a0
2022,
\u00a0
3 170
\u00a0
648
\u00a0
share
\u00a0
options
\u00a0
(1.4%
\u00a0
of
\u00a0
existing
\u00a0
shares)
\u00a0
were
granted under the 2022
\u00a0
programme. The granted share options
\u00a0
vest 1/3 each year from
\u00a0
21 April 2023
and are fully vested on
\u00a0
21 April 2025. The options must
\u00a0
be exercised within 5 years.
\u00a0
The exercise price
is NOK 3.245. The exercise
\u00a0
price will be adjusted for
\u00a0
any dividends paid or accrued
\u00a0
before exercise. The
exercise of share options can be settled in cash, and/or with new or existing treasury shares.
\u00a0
As at 31 December 2022, the total number of outstanding share options was 10 075 764 (3.3%).
Overview of share options held by members of the management group as at 31 December 2022:
Name
Position
Shares
Share Options
B\u00f8rge Astrup
CEO
1 455 362
4 500 000
Ellen Solum
CFO
0
0
Mads V\u00e5rdal
Chief Product Officer
5 019
1 497 374
Anita Huun
Chief Commercial Officer
125 324
838 518
Fredrik Logenius
Chief Operating Officer
23 817 225
570 306
Bartosz Leoszewski
Chief Technology Officer
397 952
340 647
David Landerborn
Chief Delivery & Advisory
Officer
294 162
229 659
Ellen Skaarn\u00e6s
Chief People Officer
54 209
340 647
Sheena Lim
Chief Marketing Officer
21 331
340 647
x
The
\u00a0
company\u2019s
\u00a0
share
\u00a0
capital
\u00a0
as
\u00a0
at
\u00a0
31
\u00a0
December
\u00a0
2022
\u00a0
was
\u00a0
NOK
\u00a0
305,131,075
\u00a0
based
\u00a0
on
\u00a0
305,131,075
ordinary shares with a par value of NOK 1.00.
\u00a0
Each share
\u00a0
gives the
\u00a0
right to one
\u00a0
vote at
\u00a0
the company\u2019s
\u00a0
general meeting.
\u00a0
At the
\u00a0
date of
\u00a0
this report,
Techstep holds 1,914 treasury shares.
\u00a0
The development in share capital and other paid-in equity is set
\u00a0
out in the consolidated statement of
changes in equity.
Development in the number of issued and outstanding shares:
Shares outstanding
Treasury shares*
Issued
Number of shares 1 January 2022
209 629 830
1 914
209 629 830
Employee share purchase programme
854 940
854 940
Private placement
92 631 820
92 631 820
Consideration shares
2 014 480
2 014 480
Number of shares 31 December 2022
305 131 070
1 914
305 131 070
Number of shares 1 January 2021
183 295 472
1 914
183 295 472
Employee share purchase programme
432 925
432 925
Private placement
22 222 222
22 222 222
Consideration shares
3 679 211
3 679 211
Number of shares 31 December 2021
209 629 830
1 914
209 629 830
*Treasury shares are included in the column Other equity in the statement of changes in equity.
Techstep has issued consideration shares in relation to the following:
\u25cf
854 940 new shares related to employee share purchase programme
\u25cf
53 244 140 new shares in relation to private placement
\u00a0
\u25cf
2 014 480 new shares related to the Crypho acquisition
Techstep issued consideration shares in relation to the following:
\u25cf
432 925 new shares related to employee share purchase programme
\u25cf
22 222 222 new shares in relation to private placement
\u00a0
\u25cf
3 679 211 new shares related to the Famoc acquisition
As at 30 December 2022, Techstep\u2019s 20 largest shareholders were as follows:
Shareholder
Number of
shares
Ownership
DATUM AS
1
58 354 776
19.12%
KARBON INVEST AS
2
43 718 974
14.33%
Swedbank AB
33 478 881
10.97%
DNB Markets Aksjehandel/-analyse
14 770 000
4.84%
STEENCO AS
8 695 652
2.85%
AS CLIPPER
8 695 652
2.85%
VERDIPAPIRFONDET DNB SMB
6 851 311
2.25%
MIDDELBORG INVEST AS
6 341 228
2.08%
CIPRIANO AS
5 999 158
1.97%
Saxo Bank A/S
5 674 201
1.86%
Tigerstaden AS
4 795 000
1.57%
DNB BANK ASA
4 285 438
1.40%
CAMIKO AS
3 480 151
1.14%
TVENGE
3 000 000
0.98%
TIGERSTADEN MARINE AS
2 500 000
0.82%
SPECTER INVEST AS
2 490 000
0.82%
GIMLE INVEST AS
2 485 987
0.81%
NORDHOLMEN AS
2 462 551
0.81%
PIKA HOLDING AS
2 143 455
0.70%
Carnegie Investment Bank AB
2 072 173
0.68%
Total number owned by top 20
222 294 588
72.85 %
Total number of shares
305
131 075
100.00%
1)
Datum AS is controlled by deputy Board member Jan Haudemann-Andersen.
\u00a0
2)
Karbon Invest AS is owned by Board member Jens Rugseth
\u00a0
Duo Jag AS, which
\u00a0
is partly owned by
\u00a0
Board member Ingrid Leisner,
\u00a0
owns 601 562 shares
\u00a0
in Techstep
ASA.
At the Annual
\u00a0
General meeting 22
\u00a0
June 2020,
\u00a0
4 269 883 share
\u00a0
options (2.5% of
\u00a0
existing shares) were
granted under the 2020 programme. The share options became exercisable (vested) on
\u00a0
22 June 2021
and must be exercised by 22 June 2024. The exercise price is NOK 3.00.
At the
\u00a0
Annual General
\u00a0
Meeting 22
\u00a0
April 2021,
\u00a0
4 593 307
\u00a0
share
\u00a0
options (2.5%
\u00a0
of existing
\u00a0
shares)
\u00a0
were
granted under the 2021
\u00a0
programme. The share options
\u00a0
vest 1/3 each year
\u00a0
from 22 April 2022 and
\u00a0
are
fully vested on 22 April 2024. The options must be exercised by 22 April 2026. The exercise price is NOK
5.80.
The
\u00a0
exercise
\u00a0
price
\u00a0
will
\u00a0
be
\u00a0
adjusted
\u00a0
for
\u00a0
any
\u00a0
dividends
\u00a0
paid
\u00a0
or
\u00a0
accrued
\u00a0
before
\u00a0
exercise.
\u00a0
Each
\u00a0
option
holder's aggregated gross profit from exercising the options shall be limited to the amount equal to 3
years\u2019 gross
\u00a0
base salary
\u00a0
at the
\u00a0
time of
\u00a0
exercising the
\u00a0
options. The
\u00a0
exercise of
\u00a0
share options
\u00a0
can be
settled in cash, and/or with new or existing treasury shares.
CEO B\u00f8rge Astrup was awarded 4 500 000 share options at an extraordinary general meeting held 22
September 2021.
\u00a0
The options
\u00a0
vest in
\u00a0
three tranches
\u00a0
with 1/3
\u00a0
per tranche,
\u00a0
on 1
\u00a0
September 2024,
\u00a0
2025
and 2026.
\u00a0
The exercise
\u00a0
period is
\u00a0
two years
\u00a0
from the
\u00a0
applicable vesting
\u00a0
date. The
\u00a0
strike price
\u00a0
is NOK
4.75, NOK 5.75 and NOK
\u00a0
6.75 for the respective tranches. If
\u00a0
the average, weighted Techstep share price
for seven
\u00a0
calendar days
\u00a0
exceeds NOK
\u00a0
30 per
\u00a0
share, then
\u00a0
the Company
\u00a0
may require
\u00a0
that all
\u00a0
vested
options are exercised by B\u00f8rge Astrup.
At
\u00a0
the
\u00a0
Annual
\u00a0
General
\u00a0
Meeting
\u00a0
21
\u00a0
April
\u00a0
2022,
\u00a0
3 170
\u00a0
648
\u00a0
share
\u00a0
options
\u00a0
(1.4%
\u00a0
of
\u00a0
existing
\u00a0
shares)
\u00a0
were
granted under the 2022
\u00a0
programme. The granted share options
\u00a0
vest 1/3 each year from
\u00a0
21 April 2023
and are fully vested on
\u00a0
21 April 2025. The options must
\u00a0
be exercised within 5 years.
\u00a0
The exercise price
is NOK 3.245. The exercise
\u00a0
price will be adjusted for
\u00a0
any dividends paid or accrued
\u00a0
before exercise. The
exercise of share options can be settled in cash, and/or with new or existing treasury shares.
\u00a0
As at 31 December 2022, the total number of outstanding share options was 10 075 764 (3.3%).
Overview of share options held by members of the management group as at 31 December 2022:
Name
Position
Shares
Share Options
B\u00f8rge Astrup
CEO
1 455 362
4 500 000
Ellen Solum
CFO
0
0
Mads V\u00e5rdal
Chief Product Officer
5 019
1 497 374
Anita Huun
Chief Commercial Officer
125 324
838 518
Fredrik Logenius
Chief Operating Officer
23 817 225
570 306
Bartosz Leoszewski
Chief Technology Officer
397 952
340 647
David Landerborn
Chief Delivery & Advisory
Officer
294 162
229 659
Ellen Skaarn\u00e6s
Chief People Officer
54 209
340 647
Sheena Lim
Chief Marketing Officer
21 331
340 647
Note 26. Group structure
As at 31 December 2022 the Group consisted of the following companies:
Company
Location
Segment
Ownership
Oslo
Headquarters
100%
Techstep Norway AS
Oslo
Norway
100%
Mytos AS
Oslo
Norway
100%
Techstep Finance AS
Oslo
Norway
100%
Techstep AB
Karlstad/Bor\u00e5s
Sweden
100%
Techstep Finance AB
Karlstad
Sweden
100%
Techstep ApS
Denmark
Denmark
100%
Optidev ApS
Vejle
Denmark
100%
Techstep Polen S.A
Gdansk
Poland
100%
Techstep Ireland Ltd.
Cork
Poland
100%
Santa Rita Private Venture
Gdansk
Poland
100%
Note 27. Remuneration to auditor
Auditor remuneration
2022
Audit
services
Other
attestation
services
Tax
advisory
services
Other non-
audit
services
Total
BDO
2 704
62
-
123
2 889
Other
218
-
41
144
403
Total
2 922
62
41
267
3 292
2021
Audit
services
Other
attestation
services
Tax
advisory
services
Other non-
audit
services
Total
BDO
2 017
335
-
-
2 352
Other
554
-
-
-
554
Total
2 571
335
-
-
2 906
Xx
Note 28. Remuneration to the board and executive management
Total remuneration to the Executive Management Team
Name of director
Position
year
Fixed
Variabl
e
Option
progra
mme
Pension
expense
Total
remuner
ation
Proportion
of fixed and
variable
remunerati
on
Base
Salary
Fees
Fringe
benefit
s
One-
year
variabl
e
B\u00f8rge Astrup
Chief Executive
Officer
2022
3 105
-
15
-
2 355
117
0.6/0.4
2021
1 250
-
6
417
787
47
0.5/0.5
Jens Haviken
1
2022
-
1 300
-
-
-
-
1/0
Chief Executive
Officer
2021
2 697
1 221
11
-
382
114
0.9/0.1
Anita Huun
2
Chief Financial
Officer
2022
1 890
-
14
-
240
112
0.9/0.1
2021
-
-
-
-
-
-
-
Marius Drefvelin
3
Chief Financial
Officer
2022
776
-
8
-
-
29
1/0
2021
2 344
-
57
350
305
111
0.8/0.2
Mads V\u00e5rdal
Chief Product
Officer
2022
1 677
-
15
-
548
116
0.8/0.2
2021
1 683
-
14
269
685
110
0.7/0.3
Erik Haugen
4
Chief
Transformation
Officer
2022
932
-
9
-
-
89
1/0
2021
1 389
-
14
265
685
112
0.6/0.4
Fredrik Logenius
Chief Operating
Officer
2022
912
-
103
-
272
269
0.8/0.2
2021
965
-
80
191
183
269
0.8/0.2
Bartosz
Leoszewski
5
Chief Technology
Officer
2022
1 145
-
2
-
98
13
0.9/0.1
2021
480
-
-
127
-
-
0.8/0.2
Ellen Skarn\u00e6s
Chief People Officer
2022
1 087
-
15
-
98
100
0.9/0.1
2021
1 062
-
16
117
-
81
0.9/0.1
Gunnar Aasen
6
Chief Revenue
Officer
2022
1 650
-
15
-
-
119
1/0
2021
494
-
4
78
-
39
0.9/0.1
Sheena Lim
7
Chief Marketing
Officer
2022
1 167
-
12
-
98
103
0.9/0.1
2021
-
-
-
-
-
-
-
David Landerborn
8
Chief Delivery &
Advisory
2022
914
-
75
-
175
155
0.9/0.1
2021
962
-
81
-
182
151
0.9/0.1
1. Mr Haviken resigned as CEO 1 July 2021. He received parts
\u00a0
of his severance payment in 2022, which is presented
under the column \u201cFees\u201d
2. Ms Huun was appointed CFO 7 February 2022. On 1 February
\u00a0
2023, she took on the role as Chief Commercial
Officer, however, Ms Huun will leave Techstep 31 August
\u00a0
2023
3. Mr Drefvelin resigned as CFO 28 February 2022
5. Mr Haugen was appointed Chief Transformation
\u00a0
Officer in Q4 2021. Prior to the appointment he served
\u00a0
as Chief
Commercial Officer. Mr Haugen resigned as Chief Transformation
\u00a0
Officer 31 August 2022
6. Mr Aasen will leave Techstep 31 March 2023
7. Ms Lim was appointed Chief Marketing Officer 1
\u00a0
March 2022.
8. Mr Landerborn was appointed Chief Delivery
\u00a0
& Advisory Officer 1 December 2022. Prior to the appointment
\u00a0
he
served as Operations Manager
Total remuneration to the Board of Directors
Name
Position
2022
2021
Jens Rugseth
1
Chairman
500
500
Michael Jacobs
2
Member
167
-
Harald Arnet
Member
250
83
Ingrid Leisner
Member, Chairman Of the audit committee
320
300
Anders Brandt
Member
77
250
Melissa Mullholland
Member, Member of the audit committee
300
207
Einar J Greve
Deputy Chairman
-
125
Toril Nag
Member, Member of the audit committee
-
78
Total Remuneration
1 614
1 543
1. Mr. Rugseth resigned as Chairman of the Board
\u00a0
in January 2023
2. Mr. Jacobs as appointed Chairman of the Board in
\u00a0
January 2023
For detailed information
\u00a0
on remuneration to
\u00a0
executive management and
\u00a0
the Board of
\u00a0
Directors, see
the
\u00a0
separate
\u00a0
remuneration
\u00a0
report
\u00a0
for
\u00a0
2022
\u00a0
published
\u00a0
on
\u00a0
the
\u00a0
company\u2019s
\u00a0
website
(
). The
\u00a0
company has
\u00a0
established guidelines
\u00a0
for remuneration
\u00a0
to executive
management which were approved by the company\u2019s general meeting on 21 April 2022.
Note 29. Events after the reporting period
On 1
\u00a0
February 2023,
\u00a0
Techstep strengthened its
\u00a0
executive management
\u00a0
team by
\u00a0
appointing Ellen
\u00a0
Solum
as new CFO and Anita Huun taking on a new role as Chief Commercial Officer. Together they will help
Techstep further sharpen its focus on both commercial growth, cost efficiencies and profitability.
\u00a0
On
\u00a0
15
\u00a0
February,
\u00a0
the
\u00a0
extraordinary
\u00a0
general
\u00a0
meeting
\u00a0
approved
\u00a0
changes
\u00a0
to
\u00a0
the
\u00a0
Board.
\u00a0
Jens
\u00a0
Rugseth
stepped
\u00a0
down
\u00a0
as
\u00a0
Chairperson
\u00a0
and
\u00a0
will
\u00a0
continue
\u00a0
as
\u00a0
an
\u00a0
ordinary
\u00a0
Board
\u00a0
member.
\u00a0
Board
\u00a0
member
Michael Jacobs was elected as new Chairperson of the Board
There are no other subsequent events to report after the reporting period.