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"value": "The consolidated financial statements of Akastor ASA and its subsidiaries(collectively referred as Akastor or the group, and separately as groupcompanies) for the year ended December 31, 2022 were approved by theboard of directors and CEO on March 22, 2023. The consolidated financialstatements will be authorized by the Annual General Meeting on April 19,2023.Note 2 | Basis for preparationGoing concern basis of accountingThe consolidated financial statements have been prepared on a goingconcern basis, which assumes that the group will be able to meet themandatory terms and conditions of the banking facilities as disclosed inNote 28 Capital management. Please refer to Board of Directors\u2019 report formore information about going concern assessment. Basis of measurementThe consolidated financial statements have been prepared on the historicalcost basis except for the following material items, which are measured onan alternative basis on each reporting date:Derivative financial instruments are measured at fair value.Non-derivative financial instruments at Fair Value through Profit or Loss (FVTPL) are measured at fair value.Debt instrument at Fair Value through Other Comprehensive Income (FVOCI) are measured at fair value.Contingent considerations assumed in business disposals are measured at fair value.Net defined benefit (asset) liability is recognized at fair value of plan assets less the present value of the defined benefit obligation.Functional and presentation currencyThe consolidated financial statements are presented in NOK, which isAkastor ASA\u2019s functional currency. All financial information presented inNOK has been rounded to the nearest million (NOK million), except whenotherwise stated. The subtotals and totals in some of the tables in theseconsolidated financial statements may not equal the sum of the amountsshown due to rounding.When the functional currency in a reporting unit is changed, the effect of thechange is accounted for prospectively.Use of estimates and judgementsThe preparation of financial statements in conformity with IFRS requiresmanagement to make judgements, estimates and assumptions that affectthe application of policies and reported amounts of assets and liabilities,income and expenses. Although management believes these assumptionsto be reasonable, given historical experience, actual amounts and resultscould differ from these estimates. The items involving a higher degree ofjudgement or complexity, and items where assumptions and estimates arematerial to the consolidated financial statements, are disclosed in Note 4Significant accounting estimates and judgements.The estimates and underlying assumptions are reviewed on an ongoingbasis. Revisions to accounting estimates are recognized in the period inwhich the estimate is revised and in any future periods affectedNote 3 | Significant accounting policiesSummary of significant accounting policiesThe principal accounting policies applied in the preparation of theseconsolidated financial statements are set out below. These policies havebeen consistently applied to all the years presented, unless otherwise stated..Basis of consolidationSubsidiariesSubsidiaries are entities controlled by the group. The group controlsan entity when it is exposed to, or has rights to, variable returns fromits involvement with the entity and has the ability to affect those returnsthrough its power over the entity. The financial statements of subsidiariesare included in the consolidated financial statements from the date on whichcontrol commences until the date of which control ceases.Business combinationsBusiness combinations are accounted for using the acquisition methodas of the acquisition date, which is the date when control is transferredto the group. The consideration transferred in the acquisition is generallymeasured at fair value, as are the identifiable net assets acquired. Anygoodwill that arises is tested annually for impairment.Transaction costs, other than those associated with the issue of debt orequity securities incurred in connection with a business combination areexpensed as incurred.Any contingent consideration payable is measured at fair value at theacquisition date. Changes in the fair value of the contingent considerationfrom acquisition of a subsidiary or non-controlling interest for transactionswill be recognized in Other income as gain or loss, except for the obligationthat is classified as equity.Non-controlling interestsNon-controlling interests are measured initially at their fair value at the dateof acquisition. Changes in the group\u2019s ownership interest in a subsidiary thatdo not result in a loss of control are accounted for as equity transactions.Loss of controlOn the loss of control, the group derecognizes the assets and liabilities ofthe subsidiary, any non-controlling interests and the other components ofequity. Any resulting gain or loss is recognized in the income statement.Any interest retained in the former subsidiary is measured at fair value whencontrol is lost. Subsequently it is accounted for as an equity-accountedinvestee or as an available-for-sale financial asset depending on the levelof influence retained.Any contingent consideration receivable is measured at fair value at thedisposal date. Changes in the fair value of the contingent considerationfrom divestment of a subsidiary for transactions will be recognized in Otherincome as gain or loss.Investments in joint venturesThe group\u2019s interests in equity-accounted investees comprise interests injoint ventures.A joint venture is an arrangement in which the group has joint control,whereby the group has rights to the net assets of the arrangement, ratherto its assets and obligations for its liabilities. Joint control is establishedby contractual agreement requiring unanimous consent of the ventures forstrategic, financial and operating decisions.Interests in joint ventures are accounted for using the equity method.They are initially recognized at cost, which includes transaction costs.Subsequent to initial recognition, the consolidated financial statementsinclude the group\u2019s share of the profit and loss and other comprehensiveincome of the equity-accounted investees. When the group\u2019s share oflosses exceeds its interest in an equity-accounted investee, the carryingamount of that interest, including any long-term investments, is reducedto zero, and further losses are not recognized except to the extent that thegroup incurs legal or constructive obligations or has made payments onbehalf of the investee.Transactions eliminated on consolidationIntra-group balances and transactions, and any unrealized gains andlosses or income and expenses arising from intra-group transactions, areeliminated in preparing the consolidated financial statements. Unrealizedgains arising from transactions with joint ventures are eliminated to theextent of the group\u2019s interest in the entity. Unrealized losses are eliminatedin the same way as unrealized gains, but only to the extent that there is noevidence of impairment.Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities,that are expected to be recovered primarily through sale rather than throughcontinuing use, are classified as held for sale. This condition is regarded asmet only when the sale is highly probable and the asset or disposal group isavailable for immediate sale in its present condition. Management must becommitted to the sale, which should be expected to qualify for recognitionas a completed sale within one year from the date of classification.Non-current assets and disposal groups classified as held for sale aremeasured at the lower of their carrying amount and fair value less costs tosell. Property, plant and equipment and intangible assets once classifiedas held for sale are not depreciated or amortized, but are considered in theoverall impairment testing of the disposal group.No reclassifications are made for years prior to the year when non-currentassets or disposal groups are classified as a held for sale.Discontinued operationsA discontinued operation is a component of the group\u2019s business thatrepresents a separate major line of business or geographical area ofoperations that has been disposed of or is held for sale, or is a subsidiaryacquired exclusively with a view to resale. Classification as a discontinuedoperation occurs upon disposal or when the operation meets the criteria tobe classified as held for sale, if earlier.In the consolidated income statement, income and expenses fromdiscontinued operations are reported separately from income and expensesfrom continuing operations, down to the level of profit after taxes. When anoperation is classified as a discontinued operation, the comparative incomestatement is restated as if the operation had been discontinued from thestart of the comparative year.The statement of cash flow includes the cash flow from discontinuedoperations prior to the disposal. Cash flows attributable to the operating,investing and financing activities of discontinued operations are presentedin the notes to the extent these represent cash flows with third parties.Foreign currencyForeign currency transactions and balancesTransactions in foreign currencies are translated at the exchange rate atthe date of the transaction. Monetary assets and liabilities denominatedin foreign currencies at the reporting date are translated to the functionalcurrency at the exchange rate on that date. Foreign exchange differencesarising on translation are recognized in the income statement. Non-monetary assets and liabilities measured in terms of historical cost in aforeign currency are translated using the exchange rate on the date of thetransaction. Non-monetary assets and liabilities denominated in foreigncurrencies that are measured at fair value are translated to the functionalcurrency at the exchange rates on the date the fair value is determined.Investments in foreign operationsItems included in the financial statements of each of the group\u2019s entitiesare measured using the currency of the primary economic environment inwhich the entity operates. The results and financial positions of all the groupentities that have a functional currency different from the group\u2019s presentationcurrency are translated into the presentation currency as follows: Assets and liabilities, including goodwill and fair value adjustments, are translated at the closing exchange rate at the reporting date.Income statements are translated at average exchange rate for the year, calculated on the basis of 12 monthly end rates.Exchange differences arising from the translation of the net investmentin foreign operations, and of related hedges, are included in othercomprehensive income as currency translation reserve. These translationdifferences are reclassified to the income statement upon disposal of therelated operations or when settlement is likely to occur in the near future.Monetary items that are receivable from or payable to a foreign operationare considered as part of the net investment in that foreign operation, whenthe settlement is neither planned nor likely to occur in the foreseeable future.Exchange differences arising from these monetary items are recognized inother comprehensive income.Current/non-current classificationAn asset is classified as current when it is expected to be realized or isintended for sale or consumption in the group\u2019s normal operating cycle, itis held primarily for the purpose of being traded, or it is expected/due tobe realized or settled within twelve months after the reporting date. Otherassets are classified as non-current.A liability is classified as current when it is expected to be settled in thegroup\u2019s normal operating cycle, is held primarily for the purpose of beingtraded, the liability is due to be settled within twelve months after thereporting period, or if the group does not have an unconditional right todefer settlement of the liability for at least twelve months after the reportingperiod. All other liabilities are classified as non-current.Financial assets, financial liabilities and equityOn initial recognition, a financial asset is classified as measured at amortizedcosts, FVOCI or FVTPL. The classification depends on the group\u2019s businessmodel for managing the financial assets and the contractual terms of thecash flows. A financial asset is measured at amortized costs if the business model is to hold the asset to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interests (SPPI criterion). A debt instrument is classified at FVOCI if the business model is both collecting contractual cash flows and selling the financial asset, and it meets the SPPI criterion. All financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL.Financial assets are not reclassified subsequent to their initial recognitionunless the group changes its business model for managing financial assets.Other investmentsOther investments include equity and debt investments in companies wherethe group has neither control nor significant influence, usually representedby less than 20 percent of the voting power. The investments are categorizedas financial assets measured at FVTPL or FVOCI and recognized at fairvalue at the reporting date. Subsequent to initial recognition, changes infinancial assets measured at FVTPL are recognized in profit and loss. When a debt instrument is classified as financial asset measured at FVOCI,interest income calculated using the effective interest method, foreignexchange gains and losses and impairment losses are recognized in profitand loss. Other changes in fair value are recognized in other comprehensiveincome and presented as part of fair value reserve. When financial assetmeasured at FVOCI is derecognized, the gain or loss accumulated in othercomprehensive income is reclassified to profit and loss. Trade and other receivablesTrade and other receivables are generally classified as financial assetsmeasured at amortized costs. They are recognized at the original invoicedamount, less loss allowance made for credit losses. The interest rateelement is disregarded if insignificant, which is the case for the majority ofthe group\u2019s trade receivables.Interest-bearing receivablesInterest-bearing receivables include loans to related parties and aregenerally classified as financial assets measured at amortized costs.Such financial assets are recognized initially at fair value and subsequentmeasurement at amortized cost using the effective interest method, lessany impairment losses.Cash and cash equivalentsCash and cash equivalents include cash on hand, demand deposits held atbanks and other short-term highly liquid investments with original maturityof three months or less.Trade and other payablesTrade payables are recognized at the original invoiced amount. Otherpayables are recognized initially at fair value. Trade and other payablesare valued at amortized cost using the effective interest rate method. Theinterest rate element is disregarded if it is insignificant, which is the case forthe majority of the group\u2019s trade payables.Interest-bearing borrowingsInterest-bearing borrowings are recognized initially at fair value lessattributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortized cost with any differencebetween cost and redemption value being recognized in the incomestatement over the period of the borrowings on an effective interest basis.Share capitalOrdinary shares are classified as equity. Repurchase of share capital isrecognized as a reduction in equity and is classified as treasury shares.Finance income and expenseFinance income and expense include interest income and expense, foreignexchange gains and losses, dividend income, gains and losses on derivatives,as well as change in fair value of financial assets measured at FVTPL.Interest income and expenses include calculated interest using the effectiveinterest method, in addition to discounting effects from assets and liabilitiesmeasured at fair value. Gains and losses on derivatives include effectsfrom derivatives that do not qualify for hedge accounting and embeddedderivatives, in addition to the ineffective portion of qualifying hedges.Revenue from contract with customersIFRS 15 Revenue from Contracts with customers establishes a five-step methodthat applies to all customer contracts. Under the standard, only approvedcustomer contracts with a firm commitment are basis for revenue recognition.The deliveries in the contracts are reviewed to identify distinct performanceobligations, and revenue is recognized in line with how the entity satisfies theseperformance obligations \u2013 either over time or at a point in time. This assessmentmay involve significant judgement. For contracts with customers for which theperformance obligations are satisfied over time, revenue is recognized overtime using a cost progress method or as time and material are delivered to thecustomer. For contracts with customers for which the performance obligationsare satisfied at a point in time, revenue is recognized at the point in timewhen the customer obtains control of the product or the service. Majority of the group\u2019s revenue is service revenue generated from rendering ofservices to customers. The customers simultaneously receive and consumethe benefits provided by these services. The invoicing is usually based onthe service provided at regular basis. Under some service contracts, theinvoices are based on hours or days performed at agreed rates. The grouphas assessed that these performance obligations are satisfied over time. Therevenue is recognized according to progress, or using the invoiced amountswhen the invoiced amounts directly correspond with the value of the servicesthat are transferred to the customers.Income taxIncome tax recognized in the income statement comprises current anddeferred tax. Income tax is recognized in the income statement exceptto the extent that it relates to items recognized directly in equity or othercomprehensive income.Current tax is the expected tax payable or receivable on the taxable incomeor loss for the year, using tax rates enacted or substantially enacted at thereporting date, and any adjustment to tax payable in respect of previousyears. Current tax payable also includes any tax liability arising from thedeclaration of dividends, recognized at the same time as the liability to paythe related dividend.Deferred tax is recognized in respect of temporary differences betweenthe carrying amounts of assets and liabilities for financial reporting and theamounts used for taxation purposes. Deferred tax is not recognized for:Goodwill not deductible for tax purposesThe initial recognition of assets or liabilities that affects neither accounting nor taxable profitTemporary differences relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable futureDeferred tax is measured at the tax rates that are expected to be applied totemporary differences when they reverse, based on the tax rates that havebeen enacted or substantively enacted at the reporting date.Deferred tax assets and liabilities are offset if there is a legally enforceableright to offset current tax liabilities and assets, and they relate to incometaxes levied by the same tax authority on the same taxable entity, or ondifferent taxable entities which intend either to settle current tax liabilitiesand assets on a net basis, or to realize the tax assets and settle the liabilitiessimultaneously.Deferred tax assets are recognized for unused tax losses, tax creditsand deductible temporary differences, to the extent that it is probable thatfuture taxable profits will be available against which they can be utilized.Measurement of deferred tax assets are reviewed at each reporting date.ImpairmentTrade receivables and contract assetsLoss allowance is recognized in profit or loss and measured at lifetimeECLs. ECLs are a probability-weighted estimate of credit losses. LifetimeECLs are the ECLs that result from all possible default events over theexpected life of a financial asset. The group considers a financial asset to bein default when the group is unlikely to receive its outstanding contractualamount in full, or the contractual payments are more than 90 days past due.When estimating ECLs, the group considers reasonable and supportableinformation that is relevant and available without undue cost or effort, basedon the group\u2019s historical experience including forward-looking information.The loss allowance is recognized in financial items to the extent thatimpairment is caused by the insolvency of the customer. The gross carrying amount of trade receivable is written off when the grouphas no reasonable expectations of recovering a trade receivable in itsentirety or a portion thereof. The group individually makes an assessmentwith respect to the timing and amount of write-off based on whether thereis a reasonable expectation of recovery. Trade receivables that are writtenoff could still be subject to enforcement activities in order to comply with thegroup\u2019s procedures for recovery of amounts due.Debt instruments measured at amortized cost or at FVOCIDebt instruments measured at amortized cost or at FVOCI are consideredto be \u201ccredit-impaired\u201d when there is significant financial difficulty of theborrower or it is probable that the borrower will enter bankruptcy or otherfinancial reorganization. The loss allowance is charged to profit and loss. Non-financial assetsThe carrying amounts of the group\u2019s non-financial assets (other thanemployee benefit assets, inventories and deferred tax assets) are reviewedat the end of each reporting period to determine whether there is anyindication of impairment. If an indication of impairment exists, the asset\u2019srecoverable amount is estimated. Cash-generating units (CGU) containinggoodwill, intangible assets with an indefinite useful life and intangible assetsthat are not yet available for use are tested for impairment annually.The recoverable amount is the greater of fair value less costs to sell andvalue in use. In assessing value in use, the estimated future cash flowsare discounted to their present value using a pre-tax discount rate thatreflects current market assessments of the time value of money and therisks specific to the asset. For an asset that does not generate largelyindependent cash inflows, the recoverable amount is determined for theCGU to which the asset belongs.An impairment loss is recognized whenever the carrying amount of anasset or a CGU exceeds its recoverable amount. Impairment losses arerecognized in the income statement.An impairment loss recognized in respect of a CGU (or a group of CGUs)containing goodwill is allocated first to goodwill and then to the other assetsin the CGU(s) on a pro rata basis.An impairment loss on goodwill is not reversed. An impairment loss onother assets is reversed if there has been a change in the estimates usedto determine the recoverable amount, and the change can be objectivelyrelated to an event occurring after the impairment is recognized. Animpairment loss is reversed only to the extent that the asset\u2019s carryingamount does not exceed the carrying amount that would have beendetermined, net of depreciation or amortization, if no impairment loss hadbeen recognized.ProvisionsA provision is recognized when the group has a present obligation as aresult of a past event that can be estimated reliably and it is probable thatthe group will be required to settle the obligation. If the effect is material,provisions are determined by discounting the expected future cash flows ata market based pre-tax rate that reflects current market assessments of thetime value of money and, where appropriate, the liability-specific risks. Theunwinding of the discount is recognized as finance expense.Onerous contractsProvision for onerous contracts is recognized when the expected benefits tobe derived by the group from a contract are lower than the unavoidable costsof meeting the obligations under the contract. The provision is measured atthe lower of the expected cost of terminating the contract and the expected netcost of continuing with the contract. Before a provision is recognized, the grouprecognizes any impairment loss on the assets associated with the contract.LeasesAs a lesseeRight-of-use assetsThe group recognizes right-of-use asset at the lease commencement date.The right-of-use asset is initially measured at cost, which comprises theinitial amount of the lease liability adjusted for any prepaid lease paymentsmade at or before the commencement date, plus any initial direct costs.Subsequently, the right-of-use asset is depreciated on a straight-line basisover the shorter of its estimated useful life and the lease term. In addition,the right-of-asset is subject to impairment assessment of non-financialassets and adjusted for certain remeasurement of the lease liability.Lease liabilitiesAt the lease commencement date, the group recognizes lease liabilitymeasured at the present value of the lease payments over the lease term,discounted using the group's incremental interest rate. Generally, the leasepayments include fixed payments and variable lease payments that dependon an index or rate.The lease liability is subsequently increased by the interest cost on thelease liability and decreased by lease payment made. It is remeasuredwhen there is a change in future lease payments arising from a change inan index or rate, or as appropriate, changes in the assessment of whetheran extension option is reasonably certain to be exercised or a terminationoption is reasonably certain not to be exercised.Short term leases and leases of low-value assetsThe group applies the recognition exemption to its leases that have a leaseterm of 12 months or less from the commencement date and do not containa purchase option (short-term leases). The group also applies recognitionexemption to leases that are considered of low-value assets, mainly ITequipment and office equipment. Lease payments associated with the short-term leases and leases of low -value assets are recognized as expenseson a straight -line basis over the lease term.Lease termThe group determines the lease term as the non-cancellable term of thelease, together with any periods covered by an option to extend the leaseif it is reasonably certain to be exercised, or any period covered by anoption to terminate the lease if it is reasonably certain not to be exercised.The group applies judgment in evaluating whether it is reasonably certainto exercise extension option, considering all relevant factors that createeconomic incentive to exercise the extension option.As a lessorWhen the group acts as a lessor, it determines at lease inception whethereach lease is a finance lease or an operating lease.To classify each lease, the group makes an overall assessment of whetherthe lease transfers substantially all of the risks and rewards incidental toownership of the underlying asset. If this is the case, then the lease is afinance lease; if not, then it is an operating lease. As part of this assessment,the group considers certain indicators such as whether the lease is for themajor part of the economic life of the asset.When the group is an intermediate lessor, it accounts for its interests in thehead lease and the sub-lease separately. It assesses the lease classificationof a sub-lease with reference to the right-of-use asset arising from the headlease, not with reference to the underlying asset.The group recognizes lease payments received under operating leasesas income on a straight line basis over the lease term as part of \u201cLeaserevenue\u201d.Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulateddepreciation and impairment losses. The cost of self-constructed assetsincludes the cost of materials, direct labour, borrowing costs on qualifyingassets, production overheads and the estimated costs of dismantling andremoving the assets and restoring the site on which they are located.If the components of property, plant and equipment have different usefullives, they are accounted for as separate components.Subsequent costsThe group capitalizes the cost of a replacement part or a component ofproperty, plant and equipment when that cost is incurred if it is probablethat the future economic benefits embodied with the item will flow to thegroup and the cost of the item can be measured reliably. All other costs areexpensed as incurred.DepreciationDepreciation is normally recognized on a straight-line basis over theestimated useful lives of property, plant and equipment. Intangible assetsGoodwillGoodwill that arises from the acquisition of subsidiaries is presented asintangible asset. For the measurement of goodwill at initial recognition, seeBusiness combinations.Goodwill is measured at cost less accumulated impairment losses. Inrespect of equity-accounted investees, the carrying amount of goodwill isincluded in the carrying amount of the investment, and any impairment lossis allocated to the carrying amount of the equity-accounted investee as awhole.When the group disposes of an operation within a CGU or group of CGUsto which goodwill has been allocated, a portion of the goodwill is includedin the carrying amount of the operation when determining the gain or losson disposal. The portion of the goodwill allocated is measured based onthe relative values of the operation disposed of and the portion of the CGUretained at the date of partial disposal, unless it can be demonstrated thatanother method better reflects the goodwill associated with the operationdisposed of. The same principle is used for allocation of goodwill when thegroup reorganizes its businesses.Research and developmentExpenditures on research activities undertaken with the prospect ofobtaining new scientific or technical knowledge and understanding isrecognized in the income statement as incurred.Development activities involve a plan or design for the production of new orsubstantially improved products or processes. Development expenditure iscapitalized only if development costs can be measured reliably, the productor process is technically and commercially feasible, future economicbenefits are probable and the group intends to and has sufficient resourcesto complete development and to use or sell the asset. The capitalizedexpenditure includes cost of materials, direct labour overhead costs thatare directly attributable to preparing the asset for it intended use andcapitalized interest on qualifying assets. Other development expendituresare recognized in the income statement as an expense as incurred.Capitalized development expenditure is measured at cost less accumulatedamortization and accumulated impairment losses.Other intangible assetsAcquired intangible assets are measured at cost less accumulatedamortization and impairment losses.Subsequent expendituresSubsequent expenditures on intangible assets are capitalized only whenthey increase the future economic benefits embodied in the specific asset towhich they relate. All other expenditures are expensed as incurred.AmortizationAmortization is recognized in the income statement on a straight-line basisover the estimated useful lives of intangible assets unless such usefullives are indefinite. Intangible assets are amortized from the date they areavailable for use.Employee benefitsDefined contribution plansObligations for contributions to defined contribution pension plans arerecognized as an expense in the income statement as incurred.Defined benefit plansThe group\u2019s net obligation in respect of defined benefit pension plans iscalculated separately for each plan by estimating the amount of futurebenefit that employees have earned in the current and prior periods;discounting that amount and deducting the fair value of any plan assets.The calculation of defined benefit obligations is performed annually by aqualified actuary using the projected unit credit method. The discountrate is the yield at the reporting date on government bonds or high-qualitycorporate bonds with maturities consistent with the terms of the obligations.Remeasurement of the net defined benefit liability, which comprisesactuarial gains and losses, the return on plan assets (excluding interest)and the effect of the asset ceiling (if any, excluding interest), are recognizedimmediately in other comprehensive income. The group determines the netinterest expense (income) on the net defined benefit liability (asset) for theperiod by applying the discount rate used to measure the defined benefitobligation at the beginning of the annual period to the then-net definedbenefit liability (asset), taking into account any changes in the net definedbenefit liability (asset) during the period as a result of contributions andbenefit payments. Net interest expense and other expenses related todefined benefit plans are recognized in the income statement.When the benefits of a plan are changed or when a plan is curtailed, theresulting change in benefit that relates to past service or the gain or loss oncurtailment is recognized immediately in the income statement. The grouprecognizes gains and losses on the settlement of a defined benefit planwhen the settlement occurs.Fair value measurementWhen available, the group measures the fair value of a financial instrumentusing the quoted price in an active market for that instrument. If there is noquoted price in an active market, then the group uses valuation techniquesthat maximize the use of relevant observable inputs and minimize the useof unobservable inputs. The chosen valuation technique incorporates allof the factors that market participants would take into account in pricing atransaction.The best evidence of the fair value of a financial instrument on initialrecognition is normally the transaction price. If the group determines thatthe fair value on initial recognition differs from the transaction price andthe fair value is evidenced neither by a quoted price in an active marketfor an identical asset or liability nor based on a valuation technique thatuses only data from observable markets, the financial instrument is initiallymeasured at fair value, and the difference between the fair value on initialrecognition and the transaction price is recognized as a deferred gain orloss. Subsequently, the deferred gain or loss is recognized in profit or losson an appropriate basis over the life of the instrument. Note 4 | Significant accounting estimates and judgementsEstimates and judgements are continually reviewed and are based onhistorical experiences and expectations of future events. The resultingaccounting estimates will, by definition, seldom accurately match actualresults, but are based on the best estimate at the time. Estimates andassumptions that have a significant risk of causing material adjustments tothe carrying amounts of assets and liabilities within the next financial yearare discussed below.Fair value measurementThe group has invested in significant financial assets that require themeasurement of fair value. If there is no quoted price in an active market,then the group uses valuation techniques that maximize the use ofrelevant observable inputs and minimize the use of unobservable inputs.The chosen valuation technique incorporates all of the factors that marketparticipants would take into account in pricing a transaction. The fair valuemeasurement requires a high degree of judgment. Judgements includeconsiderations of inputs such as cash flow projection, discount rate andvolatility. Further information about the fair value measurement using level3 inputs is included in Note 30 Financial Instruments. Impairment of financial assets The group has invested in significant debt instruments measured at fairvalue through other comprehensive income (FVOCI). The impairment ofthese financial assets are subject to expected credit loss. The loss allowanceis recognized in profit and loss and reduces the fair value loss otherwiserecognized in OCI. The loss allowance is based on assumptions of expectedcash flows from the debt instruments. When making these assumptions, thegroup uses judgements selecting the similar inputs as used in the fair valuemeasurement since the valuation model also considers the present value ofexpected cash flows from such investments. Key assumptions include theexpected disposal value of the investments and discount factor. Deferred and contingent considerationsDeferred and contingent considerations resulting from businesscombinations and disposals are measured at fair value at transaction date.When a deferred and contingent consideration meets the definition of afinancial asset or liability, it is subsequently remeasured at fair value at thereporting date. The determination of fair value is based on discounted cashflows. Key assumptions made by the management include the probability ofmeeting each performance target and the discount factor.Income taxesThe group is subject to income taxes in numerous jurisdictions. Significantjudgement is required to determine the worldwide provision for incometaxes. There are many transactions and calculations for which the ultimatetax determination is uncertain during the ordinary course of business.Provisions for anticipated tax audit issues are based on estimates ofeventual additional taxes.Valuation of deferred tax assets is dependent on management\u2019s assessmentof future recoverability of the deferred tax benefit. Expected recoverabilitymay result from expected taxable income in the near future, plannedtransactions or planned tax optimizing measures. Economic conditions maychange and lead to a different conclusion regarding recoverability, and suchchange may affect the results for each future reporting period.Tax authorities in different jurisdictions may challenge calculation of incometaxes from prior periods. Such processes may lead to changes to priorperiods\u2019 taxable income, resulting in changes to income tax expense. Whentax authorities challenge income tax calculations, management is requiredto make estimates of the probability and amount of possible tax adjustments.Such estimates may change as additional information becomes known.Further details about income taxes are included in Note 12 Income tax.Pension benefitsThe present value of the pension obligations depends on a number of factorsdetermined on the basis of actuarial assumptions. These assumptionsinclude financial factors such as the discount rate, expected salary growth,inflation and return on assets as well as demographical factors concerningmortality, employee turnover, disability and early retirement. Assumptionsabout all these factors are based on the situation at the time the assessmentis made. However, it is reasonably certain that such factors will change overthe very long periods for which pension calculations are made. Any changesin these assumptions will affect the calculated pension obligations withimmediate recognition in other comprehensive income. Further informationabout the pension obligations and the assumptions used are included inNote 25 Employee benefits - pension.Lease termsSome of the property leases, in which the group is a lessee, containextension or termination options exercisable before the end of the non-cancellable period. These options are used to provide operational flexibilityfor the group. In determining the lease term, the group considers all factsand circumstances that create an economic incentive to exercise anextension option, or not exercise a termination option. Extension options (orperiods after termination options) are only included in the lease term if thelease is reasonably certain to be extended (or not terminated). The mostrelevant factors to be considered as \u201ccreating economic incentive\u201d includesignificant leasehold improvement, alternatives for the leased property andthe costs and business disruption required to replace the leased assets.Most extension options in offices leases have not been included in the leaseterm, because the group expects to be able to replace the assets withoutsignificant cost or business disruption. Most of the early termination optionsare not considered in the lease term either as the group assesses it asreasonably certain that the leases will not be terminated early. The lease term assessment requires management\u2019s judgment and is madeat the commencement of the leases. The lease term is reassessed if anoption is actually exercised or the group becomes obliged to exercise it. Theassessment of reasonable certainty is only revised if a significant event or asignificant change in circumstances occurs, which affects this assessment,and that is within the group\u2019s control. Please see Note 31 Leases for moreinformation about the leases where the group is a lessee. Legal disputes and contingent liabilitiesGiven the scope of the group\u2019s worldwide operations, group companiesare inevitably involved in legal disputes in the course of their businessactivities. In addition, as an investment company, Akastor and its portfoliocompanies from time to time engage in mergers, acquisitions and othertransactions that could expose the companies to financial and othernon-operational risks, such as indemnity claims and price adjustmentmechanisms resulting in recognition of deferred settlement obligations.Provisions have been made to cover the expected outcome of the legalclaims and disputes to the extent negative outcomes are likely and reliableestimates can be made. However, the final outcomes of these cases aresubject to uncertainties, and resulting liabilities may exceed provisionsrecognized. The group follows the development of these disputes on case-by-case basis and makes assessment based on all available evidence asat the reporting date.Note 5 | Discontinued operationsDiscontinued operations MHWirth SDS business to HMH in return for the other 50% of the shares and USD On October 1, 2021, Akastor completed the transaction to bring together 200 million in consideration, of which USD 120 million was paid in cash at Akastor\u2019s wholly owned subsidiary, MHWirth AS (MHWirth) and Baker closing. HMH has issued shareholder notes to Akastor and Baker Hughes Hughes\u2019 Subsea Drilling Systems (SDS) business to create a joint venture representing the balance of the consideration owed to them. The notes are company HMH Holding B.V. (HMH). HMH delivers a global full-service subordinated to HMH\u2019s external debt financing. HMH financed the cash offshore drilling equipment offering that provides customers with a broad consideration payable to Baker Hughes and Akastor by way of a USD 220 portfolio of products and services.million bank facility. HMH is owned 50/50 by Akastor and Baker Hughes. Akastor contributed Following the transaction, MHWirth was deconsolidated and classified as its shares in MHWirth to HMH in return for 50% of the shares of HMH and discontinued operations. HMH is classified as a joint venture to the group USD 120 million in consideration, of which USD 100 million (before certain and accounted for using the equity method. See Note 17 Equity-accounted adjustments) was paid in cash at closing. Baker Hughes contributed the investees for more information. Results of discontinued operationsAmounts in NOK million 2022 2021Revenue 2 024Expenses (2 096)Net financial items (27)Profit (loss) before tax (99)Income tax 3Profit (loss) from operating activities, net of tax (96)Gain (loss) on sale of discontinued operations 4 1 236Net profit (loss) from discontinued operations 4 1 140Basic/diluted earnings (loss) per share from discontinued operations (NOK) 0.02 4.20Gain on sale of discontinued operations in 2022 was related to re-assessment of contingent considerations related to divestments from prior years. Gain on sale from the disposal in 2021 included gain of NOK 1 240 million for MHWirth divestment, offset by loss of NOK 4 million on divestments from previous years. The gain in 2021 included currency translation differences of NOK 362 million that were reclassified from Other Comprehensive Income to the income statement as part of gain from the disposal of MHWirth. Cash flows from (used in) discontinued operationsAmounts in NOK million 2021Net cash from operating activities 50Net cash from investing activities (incl. net cash proceeds from sale of the operations) 592Net cash from financing activities (49)Net cash flow from discontinued operations 593Note 6 | Disposal group held for sale and disposal of subsidiaries Disposal group held for sale In December 2022, Akastor entered into a share purchase agreement with Diamond Key International Pty. Ltd. (\u201cDKI\u201d) for the sale of all shares in CoolSorption A/S (\u201cCool Sorption\u201d) for DKK 20.4 million on a cash and debt free basis. Cool Sorption is a specialist supplier of Vapour Recovery Units (VRU) andsystems and is included in \u201cOther holdings\u201d in segment reporting. Accordingly, Cool Sorption is presented as a disposal group held for sale as of December31, 2022. The sale transaction was completed in February 2023. Disposal of entitiesDisposal of AGR Wind Services in 2022 In February 2022, Akastor completed the transaction to establish a jointventure company, F\u00f8n Engergy Services, together with IKM Group. Akastortransferred the shares in AGR Wind Services AS (\u201cAGR Wind\u201d) to F\u00f8nEnergy Services. As compensation for the transfer, Akastor, through itssubsidiary AGR AS, received 45% ownership in F\u00f8n Energy Services. Thecompany offers integrated Operations and Maintenance (O&M) solutionsto developers, operators, suppliers and owners of offshore renewablesinfrastructure, and in particular offshore wind farms. F\u00f8n Energy Services isclassified as a joint venture to the group and accounted for using the equitymethod.The disposal of AGR Wind Services resulted in an accounting gain of NOK21 million, included as Other revenue and income in the income statementfor 2022.Disposal of AGR Well Management Limited (UK) in 2021On December 22, 2021, Akastor completed the transfer of the shares inAGR Well Management Limited (\u201cAGR Well Management\u201d), a wholly-owned subsidiary, to SpotOn Energy Holding AS (\u201cSpotOn Energy\u201d). Ascompensation for the transfer, Akastor, through its subsidiary AGR AS,received 20% ownership in SpotOn Energy, which is expected to strengthenthe cooperation between AGR and SpotOn Energy going forward. SpotOnEnergy is accounted as an associated company to the group. Thetransaction resulted in an accounting loss of NOK 11 million, included asOther revenue and income in the income statement for 2021. Assets and liabilities of disposal group held for saleAmounts in NOK million 2022Deferred tax assets 6Intangible assets 1Trade and other receivables 35Assets held for sale 43Provision, current 1Trade and other payables 31Liabilities held for sale 32Note 7 | Operating segmentsBasis for segmentationAs of December 31, 2022, Akastor has three reportable segments whichare the strategic business units of the group. The strategic business unitsare managed separately and offer different products and services dueto different market segments and different strategies for their projects,products and services:HMH is a premier drilling solutions provider, which was formed as an independent company in October 2021 through the merger of Baker Hughes' Subsea Drilling Systems business and Akastor's wholly owned subsidiary, MHWirth AS. HMH combines integrated delivery capabilities, capital, renowned industry expertise and delivers the full range of offshore drilling equipment products and packages at scale. AKOFS Offshore is a global provider of vessel-based subsea well construction and intervention services to the oil and gas industry, covering all phases from conceptual development to project execution and offshore operations.AGR is a well design and drilling project management, HSEQ, reservoir and field management service company delivering solutions for the entire field life cycle. The company also provides rig procurement, tailored training, software and technical manpower for clients globally.HMH and AKOFS Offshore are classified as joint ventures and accountedfor using the equity method, see Note 17 Equity-accounted investees. Thesegment information of the two joint ventures are presented at 100% basis.Further, Akastor holds 100 percent ownership in Cool Sorption (divested inFebruary 2023), 100 percent in DDW Offshore AS, 15 percent economicinterest in NES Fircroft and 93 percent of Aker Pensjonskasse, equityinstruments in Awilco Drilling, as well as economic interests in four drillingequipment contracts with Jurong Shipyard (DRU contracts). These areincluded in \u201cOther holdings\u201d. Measurement of segment performanceSegment performance is measured by operating profit before depreciation,amortization and impairment (EBITDA) which is reviewed by the group\u2019sExecutive Management Group (the chief operating decision maker).Segment profit, together with key financial information as described below,gives the Executive Management Group relevant information in evaluatingthe results of the operating segments and is relevant in evaluating the resultsof the segments relative to other entities operating within these industries. Information about reportable segmentsEquity-accounted Consolidated investeesentitiesTotal Adjustment AKOFS Off-Other operating of JVs and Total Amounts in NOK million Note HMH (JV)shore (JV) AGRholdingssegmentseliminationAkastor2022Income statementExternal revenue and other income 8 6 477 1 425 789 269 8 961 (7 902) 1 059Total revenue and other income 6 477 1 425 789 269 8 961 (7 902) 1 059Operating profit before depreciation, amortization and impairment (EBITDA) 762 458 81 (91) 1 209 (1 220) (10)Depreciation and amortization 14, 15, 31 (457) (376) (14) (31) (878) 833 (45)Impairment - - - (20) (20) - (20)Operating profit (loss) (EBIT) 306 81 66 (142) 311 (387) (76)AssetsCurrent operating assets 4 725 578 167 779 6 249 (5 312) 937Non-current operating assets 7 158 4 517 253 1 088 13 016 (8 197) 4 819Finance lease receivables 31 - - - 218 218 - 218Assets held for sale 6 - - - 43 43 - 43Segment assets 11 883 5 095 419 2 130 19 527 (13 510) 6 017LiabilitiesCurrent operating liabilities 3 235 393 148 555 4 331 (3 637) 693Non-current operating liabilities 452 6 13 549 1 020 (458) 562Lease liabilities 31 344 1 245 13 72 1 675 (1 590) 85Liabilities held for sale 6 - - - 32 32 - 32Segment liabilities 4 032 1 644 173 1 208 7 058 (5 685) 1 372Net current operating assets 1 490 185 19 224 1 918 (1 675) 243Net capital employed 7 852 3 451 246 921 12 469 (7 824) 4 645Equity-accounted Consolidated investeesentitiesTotal Adjustment AKOFS Off-Other operating of JVs and Total 1)Amounts in NOK million Note HMH (JV) shore (JV) AGRholdingssegmentseliminationAkastor2021Income statementExternal revenue and other income 8 1 419 1 269 723 230 3 641 (2 688) 953Inter-segment revenue - - - 2 2 (2) -Total revenue and other income 1 419 1 269 723 232 3 643 (2 690) 953Operating profit before depreciation, amortization and impairment (EBITDA) 215 320 33 (32) 534 (534 ) -Depreciation and amortization 14, 15, 31 (116) (365) (16) (59) (556) 481 (76)Impairment - (88) (7) - (95) 88 (7)Operating profit (loss) (EBIT) 99 (134) 9 (92) (117) 35 (82)AssetsCurrent operating assets 3 701 610 149 736 5 195 (4 318) 877Non-current operating assets 6 736 4 249 228 2 045 13 257 (7 576) 5 681Finance lease receivables 31 - - - 241 241 - 241Segment assets 10 436 4 859 376 3 021 18 693 (11 894) 6 799LiabilitiesCurrent operating liabilities 2 655 387 158 496 3 696 (3 049) 647Non-current operating liabilities 582 7 13 901 1 503 (589) 914Lease liabilities 31 381 1 163 13 142 1 699 (1 544) 155Segment liabilities 3 619 1 556 184 1 539 6 898 (5 182) 1 716Net current operating assets 1 045 224 (9) 239 1 499 (1 269) 231Net capital employed 6 817 3 303 192 1 483 11 796 (6 712) 5 0841) HMH was established as a joint venture to Akastor as of October 1, 2021.The income statement information is presented at 100% basis for the period October 1- December 31, 2021. Segment assets and liabilities refer to financial positions in HMH at 100% basis as of December 31, 2021.Reconciliations of information on reportable segments to IFRS measuresAmounts in NOK million Note 2022 2021AssetsTotal segment assets 6 017 6 799Derivative financial instruments - 10Cash and cash equivalents 21 119 89Non-current interest-bearing receivables 19 668 315Consolidated assets 6 804 7 212LiabilitiesTotal segment liabilities 1 372 1 716Current borrowings 23 1 142 16Non-current borrowings 23 198 1 372Consolidated liabilities 2 712 3 103Geographical informationGeographical revenue is presented on the basis of geographical location of the group companies selling to the customers. Non-current segment assets and capital expenditures are based on the geographical location of the assets. Non-current assets exclud-ing deferred tax assets and Revenue and other incomefinancial instrumentsAmounts in NOK million 20222021 2022 2021Norway 779 663 1 036 1 180Netherlands - - 2 886 2 650United Kingdom 91 128 3 3Denmark 82 79 - 1Australia 104 75 12 9Other countries 2 8 - 3Total 1 059 953 3 913 3 847Major customerRevenues from one customer of AGR represent approximately NOK 154 million (NOK 150 million in 2021) of the group\u2019s total revenue. Note 8 | Revenue and other incomeRevenue typesThe group generates revenue primarily from provision of consultancy and engineering services to its customers in AGR, a supplier of well-, reservoir- and software services to the offshore drilling industry. Other sources of revenue are mainly lease revenue from charter lease of vessels in DDW Offshore.Amounts in NOK million Note 2022 2021Revenue from contracts with customers 880 834Other revenue and incomeLease revenue 31 155 76Other revenue 1 3Gain (loss) on disposal of subsidiaries 21 (11)Gain on disposals of assets 2 51Total revenue and other income 1 059 953Disaggregation of revenue from contracts with customersRevenue from contracts with customer is disaggregated in the following table by major contract and revenue types and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with revenue information as shown in Note 7 Operating segments.Other Total Amounts in NOK million AGRholdingsAkastor2022Major contract/revenue typesConstruction revenue - 48 48Sale of standard products 17 - 17Service revenue 751 63 814Total Revenue from contracts with customers 768 111 880Timing of revenue recognitionTransferred over time 751 111 862Transferred at point in time 17 - 17Total Revenue from contracts with customers 768 111 880Other revenue and income 21 158 179Total external revenue and other income in segment reporting 789 269 1 059Other Total Amounts in NOK million AGRholdingsAkastor2021Major contract/revenue typesConstruction revenue - 47 47Sale of standard products 16 - 16Service revenue 718 53 771Total Revenue from contracts with customers 734 100 834Timing of revenue recognitionTransferred over time 718 100 818Transferred at point in time 16 - 16Total Revenue from contracts with customers 734 100 834Other revenue and income (11) 130 120Total external revenue and other income in segment reporting 723 230 953Contract balancesAmounts in NOK million Note 2022 2021Receivables, which are included in \u201ctrade and other receivables\u201d 115 117Contract assets 20 61 47Contract liabilities 27 25 21Contract assets relate to the group\u2019s rights to consideration for work completed, but not yet invoiced at the reporting date. The contract assets are transferred to receivables when the rights to payment become unconditional, which usually occurs when invoices are issued to the customers. No impairment on contract assets was recognized in 2022 or 2021.Contract liabilities relate to advance consideration received from customer for work not yet performed. Revenue recognized in 2022 that was included in contract liabilities in the beginning of the year was NOK 14 million (NOK 11 million in 2021).Transaction price allocated to the remaining performance obligationsThe following table includes revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of December 31, 2022. Amounts in NOK million 2023 Later TotalTransaction price allocated 599 53 652The amounts disclosed above do not include variable consideration which is constrained. The group applies the practical expedient and does not adjust the transaction price allocated to performance obligations for the effects of a significant financing component if the group expects, at contract inception, that the period between when the group transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.Note 9 | Salaries, wages and social security costsAmounts in NOK million Note 2022 2021Salaries and wages including holiday allowance 298 299Social security tax/ national insurance contribution 43 43Pension cost 25 12 11Other employee costs 15 13Salaries, wages and social security costs 366 367Note 10 | Other operating expensesAmounts in NOK million 2022 2021External consultants and hired-ins inclusive audit fees 79 55Rental and other costs for premises and equipment 8 7Office supplies and travel expenses 17 8Other 6 9Total other operating expenses 109 78Fees to the auditorsThe table below summarizes audit fees (exclusive VAT), as well as fees for audit related services, tax services and other services incurred by the group during 2022 and 2021. Akastor ASA Subsidiaries TotalAmounts in NOK million 2022 2021 2022 2021 2022 2021Audit 1 2 1 2 3 4Other assurance services - - - 1 - 1Total 1 2 2 3 3 5Note 11 | Finance income and costsAmounts in NOK million Note 2022 2021Interest income on bank deposits measured at amortized cost 35 17Interest income on debt instruments at FVOCI 103 89Interest income on finance lease receivables 31 21 12Net foreign exchange gain 166 55Dividend income from equity instrument 79 74Net changes in fair value of financial assets at FVTPL 58 11 1)Liquidation of foreign entity- 110Other finance income 27 2Finance income 490 369Interest expense on financial liabilities measured at amortized cost (140) (112)Unwind of discounting effect (24) (24)Interest expense on lease liabilities 31 (6) (9)2)Impairment loss on receivables (166) -Loss on foreign currency forward contracts (58) (17)Other financial expenses (16) (12)Financial expenses (410) (175)Net finance income 80 1941) Relates to currency translation differences that were reclassified from Other Comprehensive Income to the income statement as result of liquidation.2) Impairment related to loss allowance on debt instruments measured at FVOCI. See Note 30 Financial instruments for information of the finance income and expense generating items.Note 12 | Income taxIncome tax expenseAmounts in NOK million 20222021Current tax expenseCurrent year (3) (1)Total current tax expense (3) (1)Deferred tax expenseOrigination and reversal of temporary differences (13) 25Write down of tax loss and deferred tax assets (22) (30)Recognition of previously unrecognized deferred tax assets 37 26Total deferred tax income (expense) 2 21Total tax income (expense) (2) 20Effective tax rateThe table below reconciles the reported income tax expense to the expected income tax expense according to the corporate income tax rate in Norway. Amounts in NOK million 2022 2021Profit (loss) before tax, continuing operations (259) (235)Tax income (expense) using the company's domestic tax rate 57 22.0% 52 22.0%Tax effects of:Difference between local tax rate and Norwegian tax rate (1) (0.4%) - -1)Permanent differences (74) (28.6%) (32) (13.5%)Prior year adjustments (deferred tax) 1 0.5% 4 1.8%2)Recognition of previously unrecognized deferred tax assets 37 14.5% 26 11.1%3)Write down of tax loss or deferred tax assets (22) (8.6%) (30) (12.7%)Total tax income (expenses) (2) (0.7%) 20 8.5%1) Relates mainly to net profit and loss after tax from equity-accounted investees and profit and loss recognized on various tax-exempted investments.2) Relates mainly to previously not recognized tax loss carry-forward in Norway.3) The impairment relates mainly to deferred tax assets in Akastor Corporate entities in Norway.Recognized deferred tax assets and liabilitiesAssets Liabilities NetAmounts in NOK million 2022 2021 2022 2021 2022 2021PPE and Intangible assets 5 2 (1) (1) 4 1 Pensions 2 2 - - 2 2Provisions 2 1 - - 2 1Other items 9 6 (19) (9) (10) (3) Tax loss carry-forwards 36 37 - - 36 37 Total before set offs 53 48 (20) (10) 33 38 Set-off of tax (16) (5) 16 5 - - Total deferred tax assets(liabilities) 37 42 (4) (4) 33 38 The group has made an evaluation of taxable profit for the next five years based on management\u2019s projection. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available, against which the deductible temporary difference can be utilized. Change in net recognized deferred tax assets (liabilities)Projects PPE and under Tax loss intangible construc-Provi-Other carry-for-Amounts in NOK millionassetstion Pensionssionsitemswards TotalBalance as of December 31, 2020 30 (50) 65 28 204 43 320Disposal of subsidiaries as of January 1, 2021 (29) 51 (57) (26) (207) (27) (294)Recognized in profit and loss - - - (1) - 22 21Recognized in other comprehensive income - - (6) - - - (6)Currency translation differences - (2) (1) - - (1) (3)Balance as of December 31, 2021 - - 2 1 (3) 37 38Recognized in profit and loss 3 - - 1 (10) 7 2Classified as held for sale - - - - 3 (9) (6)Balance as of December 31, 2022 4 - 2 2 (10) 36 33Tax loss carry-forwards and deductible temporary differences for which no deferred tax assets are recognizedDeferred tax assets have not been recognized in respect of tax loss carry-forwards or deductible temporary differences when the group evaluates that it is not probable that future taxable profit will be available against which the group can utilize these benefits based on forecasts and realistic expectations. Expiry date of unrecognized tax loss carry-forwardsAmounts in NOK million 2022 2021Expiry within one year 14 -Expiry in more than one year or later 375 350Indefinite 1 350 1 772Total 1 739 2 121Unrecognized other deductible temporary differences are NOK 1 169 million in 2022 (NOK 1 022 million in 2021).Note 13 | Earnings per shareAkastor ASA holds 1 985 164 treasury shares at year end 2022 (2 390 215 in 2021). Treasury shares are not included in the weighted average number of ordinary shares.Amounts in NOK million 2022 2021Profit (loss) from continuing operations (261) (215)Non-controlling interests (19) (6)Profit (loss) attributable to ordinary shares from continuing operations (280) (221)Profit (loss) from discontinued operations 4 1 140Profit (loss) attributable to ordinary shares (276) 919Basic/ diluted earnings per shareThe calculation of basic/diluted earnings per share is based on the profit (loss) attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding.2022 2021Issued ordinary shares as of January 1 274 000 000 274 000 000Weighted average number of issued ordinary shares for the year adjusted for treasury shares 271 002 629 271 609 785Basic/ diluted earnings (loss) per share (NOK) (1.01) 3.38Basic/ diluted earnings (loss) per share for continuing operations (NOK) (1.03) (0.81)Basic/ diluted earnings (loss) per share for discontinued operations (NOK) 0.02 4.20Note 14 | Property, plant and equipmentThe table below includes discontinued operations until these met the criteria to be classified as held for sale.Machinery, Buildings equipment, Under Amounts in NOK million Noteand land Vesselssoftwareconstruction TotalHistorical costBalance as of January 1, 2021 671 366 1 343 4 2 384Additions - 65 11 3 79Reclassifications - - 10 - 10Transfer from assets under construction - - 1 (1) -Disposals and scrapping - (156) (8) - (164)Disposal of subsidiaries (654) - (1 248) (6) (1 908)Currency translation differences (17) 8 (7) (1) (17)Balance as of December 31, 2021 - 282 101 - 384Additions - (2) 1 - (1)Disposals and scrapping - - - - -Reclassification to held for sale 6 - - (9) - (9)Currency translation differences - 35 - - 35Balance as of December 31, 2022 - 315 93 - 408Accumulated depreciationBalance as of January 1, 2021 (310) (7) (1 051) - (1 368)1)Depreciation for the year (2) (30) (13) - (46)Disposals and scrapping - - 7 - 7Disposal of subsidiaries 305 - 957 - 1 262Currency translation differences 7 (1) 6 - 12Balance as of December 31, 2021 - (38) (94) - (133)Depreciation for the year - (18) (3) - (21)Impairment - (21) - - (21)Reclassifications to held for sale 6 - - 9 - 9Currency translation differences - (6) - - (6)Balance as of December 31, 2022 - (83) (88) - (171)Book value as of December 31, 2021 - 244 7 - 251Book value as of December 31, 2022 - 232 5 - 2371) Includes depreciation of NOK 12 million from discontinued operations in 2021DepreciationEstimates for useful life, depreciation method and residual values are reviewed annually. The group has not identified material assets expected to have a significant shorter useful life due to climate-related risks. Assets are mainly depreciated on a straight-line basis over their expected economic lives as follows:Machinery, equipment and software 3\u201315 yearsVessels 20\u201325 yearsNote 15 | Intangible assets and goodwillDevelopment Amounts in NOK million Notecosts Goodwill Other TotalHistorical costBalance as of 1 January 2021 583 1 392 270 2 246Reclassification (10) - - (10)Capitalized development 24 - 1 24Adjustment from business combina-tions prior years - (1) - (1)Disposals of subsidiaries (544) (1 263) (244) (2 051)Currency translation differences (4) (10) (3) (16)Balance as of December 31, 2021 50 118 24 192Reclassification 1 - - 1Capitalized development 9 - - 9Reclassification to held for sale 6 (14) - - (14)Currency translation differences - 1 - 1Balance as of December 31, 2022 47 119 24 190Accumulated amortization and impairmentBalance as of 1 January 2021 (411) (86) (154) (651)1)Amortization for the year (10) - (6) (16)2)Impairment - (69) (86) (155)Disposal of subsidiaries 390 146 233 770Currency translation differences 3 (1) 3 5Balance as of December 31, 2021 (28) (10) (9) (47)Amortization for the year (6) - (3) (10)Reclassification to held for sale 13 - - 13Balance as of December 31, 2022 (22) (10) (13) (44)Net book value as of 31 December 2021 22 109 15 145Net book value as of 31 December 2022 25 109 11 1461) Includes amortization of NOK 6 million from discontinued operations in 20212) Includes impairment of NOK 149 million from discontinued operations in 2021Research and development costsNOK 9 million has been capitalized in 2022 (NOK 24 million in 2021) related to development activities. No research and development costs were expensedduring the year (NOK 1 million in 2021). AmortizationIntangible assets all have finite useful lives and are amortized over the expected economic life, ranging between 5-10 years.Note 16 | Impairment testing of goodwill Goodwill originates from acquisitions. For the purpose of impairment testing, goodwill has been allocated to the group\u2019s cash-generating units (portfolio companies) as shown in the table below, which represents the lowest level at which goodwill is monitored in management reporting. Amounts in NOK million 2022 2021AGR 109 109 Total goodwill 109 109Impairment testing for cash-generating units containing significant margins and other cost components based on historical experience as goodwill well as assessment of future market development and conditions. These The recoverable amounts of cash-generating units (portfolio companies) assumptions require a high degree of judgement, given the significant are determined based on value-in-use calculations. Discounted cash flow degree of uncertainty regarding oilfield service activities in the forecast models are applied to determine the value in use for the portfolio companies period.with goodwill. The management has made cash flow projections based on budget and strategic forecast for the periods 2023-2027. Beyond the Terminal value growth rate The group uses a constant growth rate not explicit forecast period of five years, the cash flows are extrapolated using exceeding 2% (including inflation) for periods beyond the management\u2019s a constant growth rate. forecast period of five years. The growth rates used do not exceed the growth rates for the industry in which the portfolio company operates. Key assumptions used in the calculation of value in use are discussed below. The values assigned to the key assumptions represent Discount rates are estimated based on Weighted Average Cost of Capital management's assessment of future trends in the relevant industries as well (WACC) for the industry in which the portfolio company operates. The as management\u2019s expectations regarding margin, and have been based on risk-free interest rates used in the discount rates are based on the 10 year historical data from both external and internal sources.state treasury bond rate at the time of the impairment testing. Optimal debt leverage is estimated for each portfolio company. The discount rates are EBITDA used in the value-in-use calculations represents the operating further adjusted to reflect any additional short to medium term market risk earnings before depreciation and amortization and is estimated based considering current industry conditions.on the expected future performance of the existing businesses in their main markets. Assumptions are made regarding revenue growth, gross Discount rate after tax Discount rate pre taxDiscount rate assumptions used in impairment testing 2022 2021 2022 2021AGR 15.0% 13.0% 18.4% 16.3%Sensitivity to changes in assumptionsThe group has performed sensitivity calculations to identify any reasonably For the portfolio companies containing goodwill, the recoverable amounts possible change in key assumptions that could cause the carrying amount are higher than the carrying amounts based on the value in use analysis to exceed the recoverable amount. In AGR, if the average revenue growth and consequently no impairment loss of goodwill was recognized in 2022 in the forecast period were reduced by more than 10%, or if the average or 2021. EBITDA margin in the forecast period were reduced by more than 2%, the estimated recoverable amount would be lower than the carrying amount and it would result in impairment in AGR. Note 17 | Equity-accounted investeesEquity-accounted investees include joint ventures that are accounted for using the equity method. Such investments are defined as related parties to Akastor. See Note 33 Related parties for significant agreements and transactions with joint ventures and any guarantees provided on behalf of or from such entities.Total equity- F\u00f8n Energy accounted Amounts in NOK million HMH AKOFS OffshoreServicesinvesteesCountry Netherlands Norway NorwayOwnership and voting rights 50% 50% 45%Balance as of January 1, 2022 2 650 759 - 3 408Acquisitions - - 26 26Share of net profit (loss) (82) (179) (2) (263)Share of other comprehensive income (25) (51) - (76)Currency translation differences 321 86 - 407Balance as of December 31, 2022 2 863 615 24 3 502HMHF\u00f8n Energy ServicesOn October 1, 2021, Akastor completed the transaction to bring together In February 2022, Akastor, through its subsidiary AGR AS, completed the Akastor\u2019s wholly owned subsidiary, MHWirth AS (MHWirth) and Baker transaction to establish a joint venture company, F\u00f8n Engergy Services, Hughes\u2019 Subsea Drilling Systems (SDS) business to create a joint venture together with IKM Group. Following the transaction, Akastor and IKM each company HMH Holding B.V. (HMH). Following the transaction, Akastor and holds 45% of the shares in F\u00f8n Energy Services, and have joint control Baker Hughes each holds 50% of the shares in HMH, and have joint control over the company. See Note 6 for more information about the transaction. over the company. See Note 5 Discontinued operations for more information The company offers integrated Operations and Maintenance (O&M) about the transaction. HMH is a provider of drilling systems, equipment and solutions to developers, operators, suppliers and owners of offshore aftermarket services.renewables infrastructure, and in particular offshore wind farms. AKOFS OffshoreAKOFS Offshore is a joint venture where Akastor, MITSUI & CO., Ltd. (\"Mitsui\") and Mitsui O.S.K. Lines, Ltd. (\"MOL\") hold 50%, 25% and 25% of the shares respectively, and have joint control over the company. The company is a subsea well installation and intervention services provider. Summary of financial information for significant equity-accounted investee (100 percent basis)1)HMH AKOFSAmounts in NOK million 2022 2021 2022 2021Current assets 5 645 6 265 888 951 \u2013 Cash and cash equivalents 468 817 310 337 Non-current assets 7 193 6 906 4 517 4 249 Current liabilities (3 770) (4 092) (1 844) (1 536) \u2013 Current financial liabilities (excluding trade and other payables and provisions) (476) (1 384) (1 451) (1 149)Non-current liabilities (3 341) (3 781) (2 331) (2 146) \u2013 Non-current financial liabilities (excluding trade and other payables and provisions) (2 889) (3 199) (2 325) (2 140)Net assets (100%) 5 726 5 299 1 230 1 517 Akastor's share of net assets (50%) 2 863 2 650 615 759 Akastor's carrying amount of the investment 2 863 2 650 615 759Revenue 6 477 1 419 1 425 1 269 Depreciation, amortization and impairment (457) (116) (376) (453)Interest income - - 5 -Interest expense (364) (57) (302) (269)Income tax expense (78) (23) (6) (65)Profit (loss) for the year (164) 12 (358) (516)Other comprehensive income (loss) (50) - (102) (15)Total comprehensive income (loss) (100%) (215) 12 (459) (531)Total comprehensive income (loss) (50%) (107) 6 (230) (266)2)Impairment of goodwill - - - (124)Elimination of unrealized gain on downstream sales - - - 30Akastor's share of total comprehensive income (loss) (107) 6 (230) (360)1) Income statement information for HMH in 2021 was related to the period between October 1 \u2013 December 31, 2021 after the formation of the company.2) Goodwill in AKOFS Offshore was impaired in 2021 as a result of reassessment of valuation of the vessels in AKOFS Offshore.Note 18 | Other investmentsAmounts in NOK million Note 2022 2021NES Fircroft investment 636 621 Aker Pensjonskasse 33 158 158 Awilco Drilling investment 10 10 Odfjell Drilling warrants 34 807 Other equity securities 31 29 Total other investments 30 869 1 625 Shares in Step Oiltools B.V. 162 147Total current investments 30 162 147NES Fircroft Odfjell Drilling warrantsAkastor holds around 15% economic ownership interest in NES Fircroft, In November 2022, Akastor sold the preference shares in Odfjell Drilling a global technical and engineering staffing provider. The investment, for a total consideration of USD 95.2 million, of which USD 75.2 million consisting mainly of debt instruments, is measured at fair value. See was settled in cash while the remaining USD 20 million was settled through Note 30 Financial instruments for more information about the fair value a seller\u2019s credit agreement towards Odfjell Drilling, see Note 19 for more measurement of debt instruments in NES Fircroft. information. Akastor retains warrants for 6 837 492 common shares in Odfjell Drilling, divided by six exercisable tranches until May 31, 2024. Aker PensjonskasseOdfjell Drilling is listed on the Oslo Stock Exchange.Aker Pensjonskasse was established by Aker ASA to manage the retirement plan for employees and retirees in Akastor as well as related Shares in Step Oiltools B.V.Aker companies. Akastor holds 93.4 percent of the paid-in capital in Aker Step Oiltools was included in the transaction scope when HMH was Pensjonskasse. The ownership does not constitute control since Akastor established and thus forms part of the MHWirth business contributed from does not have the power to govern the financial and operating policies so Akastor to the joint venture HMH in 2021. However, the legal ownership in as to obtain benefits from the activities in this entity.shares in Step Oiltools B.V. remains with Akastor as of December 31, 2022. The ownership does not constitute control since Akastor is not exposed to Awilco Drilling variable returns from the legal ownership. See also Note 24 Other liabilities Akastor holds 6.8% of the common shares in Awilco Drilling, which is listed for more information about the liabilities related to Step Oiltools. on the Oslo Euronext Growth.Note 19 | Non-current interest-bearing receivablesAmounts in NOK million Note 2022 2021Receivables from AKOFS Offshore 226 113Receivables from HMH 218 180Seller\u2019s credit to Odfjell Drilling 200 -Receivables from Aker Pensjonskasse 22 22Receivable from F\u00f8n Energy Services 2 -Total non- current interest-bearing receivables 668 315In November 2022, Akastor sold the preference shares in Odfjell Drilling for a total consideration of USD 95.2 million, of which USD 75.2 million was settled in cash while the remaining USD 20 million was settled through a seller\u2019s credit agreement towards Odfjell Drilling. The seller\u2019s credit agreement has maturity date on July 31, 2024, with 10% p.a. cash interest (step-up of interest to 13% p.a. from January 1, 2024). Note 20 | Trade and other receivablesAmounts in NOK million Note 2022 2021Trade receivables 204 191 Less provision for impairment (64) (57)Trade receivables, net of provision 140 135 Other receivables 556 673 Trade and other receivables 30 696 808 Advances to suppliers 2 - Contract assets 8 61 47 Prepaid expenses 11 16 Public duty and tax refund - 2 Total 769 872Other receivables relate mainly to Akastor\u2019s economic interest in four drilling equipment contracts with Jurong Shipyard (DRU contracts). This position was carved out from MHWirth in connection with the merger with Baker Hughes\u2019 SDS business. The contracts were terminated by Jurong and dispute over termination fees is being resolved through arbitration process with outcome expected in 2023. In 2022, the group reassessed both receivables and accrued expenses following the formal termination of the last two contracts. An impairment of NOK 174 million, with a corresponding reversal of accrued expenses, was recognized in 2022 (NOK 214 million in 2021). Net financial position related to the contracts was not impacted by the reassessment.Book value of trade and other receivables is approximately equal to fair value.Aging of trade receivablesAmounts in NOK million 2022 2021Not overdue 145 126 Past due 0-30 days 3 8 Past due 31-90 days 1 - Past due more than 90 days 56 57 Total trade receivables 204 191 The past due receivables are monitored regularly and impairment analysis is performed on an individual basis for major customers. As of December 31, 2022, trade receivables of a face value of NOK 64 million were impaired. See below for the movements in the provision for impairment of receivables.Amounts in NOK million 2022 2021Balance as of January 1 57 131 Unused amounts reversed - (8)Disposal of subsidiaries - (68)Currency translation differences 7 2 Balance as of December 31 64 57 Note 21 | Cash and cash equivalentsAmounts in NOK million 2022 2021Restricted cash 2 -Interest-bearing deposits 117 89 Total cash and cash equivalents 119 89 Additional undrawn committed bank revolving credit facilities amount to NOK 304 million, that together with cash and cash equivalents gives a total liquidity reserve of NOK 423 million as of December 31, 2022. See also Note 23 Borrowings.Note 22 | Capital and reservesShare capitalAkastor ASA has one class of shares, ordinary shares, with equal rights forall shares. The holders of ordinary shares are entitled to receive dividendsand are entitled to one vote per share at General Meetings. Total outstandingshares are 274 000 000 at par value NOK 0.592 per share (NOK 0.592 in2021). All issued shares are fully paid.Treasury shares Sale of 405 051 treasury shares to employees was carried out in 2022 inconnection with the company\u2019s variable pay program. As of December 31,2022, Akastor ASA holds 1 985 164 treasury shares (2 390 215 treasuryshares in 2021), representing 0.72 percent of total outstanding shares.The Board of Directors has not proposed dividend for 2022 or 2021.Hedging reserveAs of December 31, 2022, the group had no cash flow hedges. The hedgingreserve is related to share of other comprehensive income in equityaccounted investees.Fair value reserveThe fair value reserve comprises the cumulative net changes in the fairvalue of financial assets classified as Fair Value through OCI (FVOCI) untilthese assets are impaired or derecognized. Currency translation reserveThe currency translation reserve includes exchange differences arisingfrom the translation of the net investments in foreign operations, foreignexchange gain or loss on loans defined as part of net investments in foreignoperations, as well as the group\u2019s share of currency translation differencesin equity accounted investees. Upon the disposal of investments in foreignoperations during 2021, the accumulated currency translation differencesrelated to the disposed entities were reclassified from the currencytranslation reserve to the income statement. Note 23 | BorrowingsBelow are contractual terms of the group\u2019s interest-bearing loans and borrowings which are measured at amortized cost. For more information about the group\u2019s exposure to interest rates, foreign currency and liquidity risk, see Note 29 Financial risk management and exposures. Nominal Carrying currency amount 1) 2)Amounts in million Currencyvalue(NOK) Maturity Interest terms 2022Revolving credit facility (USD 66 million) USD 66 656 Feb 2024 USD LIBOR + margin 5.5%Revolving credit facility (NOK 250 million) NOK 200 198 Feb 2024 NIBOR + margin 5.5%3)Subordinated Aker facility (NOK 250 million) NOK 16 16 Mar 2024 NIBOR + margin 10%Term loan AGR NOK 180 198 Apr 2027 Fixed rate 4%Term loan DDW Offshore USD 27 272 Feb 2024 USD LIBOR + margin 4.25%Total borrowings 1 340 Current borrowings 1 142Non-current borrowings 198Total borrowings 1 340 2021Revolving credit facility (USD 89 million) USD 83 721 Feb 2023 USD LIBOR + margin 5.5%Revolving credit facility (NOK 250 million) NOK - - Feb 2023 NIBOR + margin 5.5%Subordinated Aker facility (NOK 250 million) NOK 3 3 Mar 2023 NIBOR + margin 10%Term loan AGR NOK 180 185 Apr 2027 Fixed rate 4%Term loan DDW Offshore USD 53 467 Oct 2023 USD LIBOR + margin 4.25%Overdraft NOK 11Total borrowings 1 387Current borrowings 16 Non-current borrowings 1 372 Total borrowings 1 387 1) In February and March 2023, the maturity date of Revolving credit facilities, Aker facility and DDW Offshore term loan was extended to February/March 2024. The borrowings are classified as current reflecting the maturity date as at the reporting date.2) Commitment fee is 40 percent of the margin for revolving credit facilities and Aker facility.3) In March 2023, Aker facility was increased to NOK 450 million (NIBOR + margin 12%). For information about contractual maturities of borrowings including interest payments and the period in which they mature, see Note 29 Financial risk management and exposures.Bank debtThe revolving credit facilities are provided by a bank syndicate consistingof high-quality Nordic and international banks, with DNB acting as agent.The terms and conditions include restrictions which are customary forthese kinds of facilities, including inter alia negative pledge provisions andrestrictions on acquisitions, disposals and mergers, dividend distributionand change of control provisions. For information about financial covenants,see Note 28 Capital management. The term loan facility of NOK 180 million to AGR is provided by Nordea andDNB. The lenders have no recourse to Akastor ASA. This facility includesrestrictions which are customary for these kinds of facilities.The term loan of USD 27 million to DDW Offshore is provided by GIEK, DNBand BNP Paribas and matures in February 2024. The Facility is guaranteedby Akastor ASA and the lenders benefit from first priority mortgages in thevessels. This facility includes restrictions which are customary for thesekinds of secured financing.Reconciliation of liabilities arising from financing activitiesRevolving Subordi-Term loan credit nated Aker Term loan \u2013 DDW Total Amounts in NOK millionfacilitiesfacility AGROffshore OverdraftborrowingsBalance as of December 31, 2020 1 119 - 173 455 - 1 746Proceeds from borrowings 1 056 - - - 11 1 067Repayment of borrowings (1 472) - - - - (1 472)Changes from financing cash flows (416) - - - 11 (405)Changes in capitalized borrowing costs 7 - - - - 7Accrued interest (incl. commitment fees) 5 3 13 - - 20Foreign exchange movements 6 - - 13 - 18Balance as of December 31, 2021 721 3 185 467 11 1 387Proceeds from borrowings 736 20 - - - 756 Repayment of borrowings (711) (20) - (254) (11) (996)Changes from financing cash flows 25 - - (254) (11) (240)Changes in capitalized borrowing costs 13 - - - - 13Accrued interest (incl. commitment fees) (1) 13 13 9 - 33Foreign exchange movements 96 - - 50 - 146Balance as of December 31, 2022 854 16 198 272 - 1 340See Note 31 Leases for reconciliation of liabilities arising from leasing activities.Note 24 | Other liabilitiesAmounts in NOK million Note 2022 2021Deferred gain 30 51Deferred settlement obligations 30 326 377Liability for profit split 30 102 200Other liabilities 30 1 1Total other non-current liabilities 459 628Liability related to Step Oitools 30 162 148Total other current liabilities 162 148 Deferred gain In May 2018, Akastor invested in preferred equity and warrants in OdfjellDrilling. On initial recognition, the investment in warrants was recognized atfair value and the difference between the fair value and the transaction price,NOK 117 million, was recognized as \u201cDeferred gain\u201d. The deferred gain issubsequently amortized and recognized to profit and loss at straight-linebasis over six years. See Note 18 Other investments for more informationabout the warrant investment. Deferred settlement obligationsDeferred settlement obligations represent contingent considerationsresulting from disposal of subsidiaries. The obligations are mainly relatedto provision for indemnity liabilities for pension plans in connection withMHWirth divestment as well as guaranteed preferred return to Mitsui andMOL in connection with AKOFS Offshore divestment. Liability for profit splitDDW Offshore AS has obligation to share 50 percent of the sale proceedsfrom disposal of two of its vessels with its lenders prior to April 2024. Liability related to Step Oiltools Step Oiltools was included in the transaction scope when HMH wasestablished and thus forms part of the MHWirth business contributed fromAkastor to the joint venture HMH in 2021. However, the legal ownership inshares in Step Oiltools B.V. remains with Akastor as of December 31, 2022.Since Akastor is not exposed to variable returns from the legal ownership,the liability reflects the obligation to transfer Step Oiltools or its assets toHMH when the ownership structure is resolved. See also Note 18 Otherinvestments for more information about the Step Oiltools shares. Note 25 | Employee benefits \u2013 pensionAkastor\u2019s pension costs represent the future pension entitlement earned byemployees in the financial year. In a defined contribution plan the companyis responsible for paying an agreed contribution to the employee\u2019s pensionassets. In such a plan, this annual contribution is also the cost. In a definedbenefit plan, it is the company\u2019s responsibility to provide a certain pension.The measurement of the cost and the pension liability for such arrangementsis subject to actuarial valuations. Akastor has over a long time periodgradually moved from defined benefit arrangements to defined contributionplans. Consequently, the impact of the remaining defined benefit plans isgradually reduced.Pension plans in NorwayThe main pension arrangement in Norway is a general pension plan organizedby the Norwegian Government. This arrangement provides the maingeneral pension entitlement of all Norwegians. All pension arrangements byemployers consequently represent limited additional pension entitlements.Norwegian employers are obliged to provide an employment pension plan,which can be organized as a defined benefit plan or as a defined contributionplan. The Norwegian companies in Akastor have closed the earlier definedbenefit plans in 2008 and are now providing defined contribution plans for allemployees.Defined benefit planEmployees who were 58 years or older in 2008, when the change took place,are still in the defined benefit plan, which is a funded plan. There are no longerany active employees in this plan. The estimated contributions expected to bepaid to the Norwegian plan during 2023 amount to NOK 6 million.Compensation planTo ensure that the employees were treated fairly on the change over to thecontribution plan in 2008, the company introduced a compensation plan.The basis for deciding the compensation amount is the difference betweencalculated pension capital in the defined benefit plan and the value of thedefined benefit plan at the age of 67 years. The compensation amount willbe adjusted annually in accordance with the adjustment of the employees\u2019pensionable income, and accrued interest according to market interest. Ifthe employee leaves the company voluntarily before the age of 67 years,the compensation amount will be reduced.AFP \u2013 early retirement arrangementAFP is an early retirement arrangement organized by Norwegian employers,the main Labor Union organization in Norway (LO) and the NorwegianGovernment. The AFP plan is providing additional lifelong pensions toemployees that retire before the general retirement age, to compensatefor the reduction of the ordinary pension entitlements. The employees aregiven a choice of retirement age, with lower pension at earlier retirement. The Norwegian Accounting Standards Board has issued a commentconcluding that the AFP plan is a multi-employer defined benefit plan. TheAFP plan exposes the participating entities to actuarial risk associatedwith employees of other entities with the result that there is no consistentand reliable basis for allocating the obligation, plan assets and costs toindividual participating entities. Sufficient information is not available to usedefined benefit accounting and the AFP plan is accounted for as a definedcontribution plan. Pension plans outside NorwayPension plans outside Norway are predominately defined contribution plans.Pension costAmounts in NOK million Note 2022 2021Defined benefit plans 1 1Defined contribution plans including AFP 11 10Total pension cost 9 12 11Net employee defined benefit obligationsAmounts in NOK million 2022 2021Defined benefit plans Norway 94 94Defined benefit plans USA 2 15Total employee benefit obligations 96 108Movement in net defined benefit (asset) liabilityPension obligation Pension asset Net pension obligationAmounts in NOK million 2022 2021 2022 2021 2022 2021Balance as of January 1 332 639 (224) (251) 108 388 Disposal of subsidiaries as of January 1, 2021 - (279) - 28 - (251)Included in profit or loss Service cost 1 1 - - 1 1 Interest cost (income) 4 2 (2) (1) 2 2 Total 4 3 (2) (1) 2 2 Included in OCI Remeasurements (loss) gain: Actuarial loss (gain) arising from:\u2013 demographic assumptions 2 6 - - 2 5 \u2013 financial assumptions (18) (10) (3) (2) (21) (12) \u2013 experience adjustments 4 (5) - - 4 (5) Return on plan assets excluding interest income - - 25 - 25 -Effect of movements in exchange rates 7 3 (6) (3) - -Total (5) (6) 16 (5) 11 (11)OtherBenefits paid by the plan (30) (25) 24 20 (6) (5)Contributions paid into the plan - - (20) (15) (20) (15)Total (30) (25) 5 5 (26) (20)Balance as of December 31 301 332 (205) (224) 96 108Plan assetsAmounts in NOK million 2022 2021Plan assets at fair value Norwegian plan Government 2 5 Finance 14 15 Private and Government enterprise 23 26 Municipalities 10 15 Bonds 48 60Fund/private equity 56 60 Total plan assets Norway at fair value 104 120 Equity securities 25 29 Debt securities 76 75Total plan assets US at fair value 101 104Total plan assets at fair value 205 224 The equity portfolio is invested globally. The fair value of the equities is The investment in fund/private equity is mainly funds that invests in listed based on their quoted prices at the reporting date without any deduction for securities and where the fund value is based on quoted prices.estimated future selling cost.The investments in bonds are done in the Norwegian market and most of the bonds are not listed on any exchange. The market value as at year end is based on official prices provided by the Norwegian Securities Dealers Association. The Bond investments have on average a high credit rating. Most of the investments are in Norwegian municipalities with a credit rating of AA.Defined benefit obligation \u2013 actuarial assumptionsThe group\u2019s significant defined benefit plans are in Norway. The followings are the principal actuarial assumptions at the reporting date for the plans in Norway.Norway2022 2021Discount rate 3.20% 1.90%Asset return 2.00% 1.90%Salary progression 3.75% 2.75%Pension indexation 1.7 -3.5% 0 -2.5%Mortality table K2013 K2013The information below relates only to Norwegian plans as these represent in the pension indexations. The total effect of fluctuations in economic the majority of the plans.assumptions is consequently unlikely to be very significant.The discount rates and other assumptions in 2022 and 2021 are based Assumptions regarding future mortality have been based on published on the Norwegian high quality corporate bond rate and recommendations statistics and mortality tables. The current life expectancy underlying the from the Norwegian Accounting Standards Board. It should be expected values of the defined benefit obligation at the reporting date is shown below.that fluctuations in the discount rates would also lead to fluctuations Years 2022 2021Life expectancy of male pensioners 22.7 22.6Life expectancy of female pensioners 26.0 25.9As of December 31, 2022, the weighted-average duration of the defined benefit obligation was 4.1 years.Sensitivity analysisReasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation as of December 31, 2022 by the amounts shown below.Amounts in NOK million Increase DecreaseDiscount rate (1% movement) (8) 9Future salary growth (1% movement) - -Future pension growth (1% movement) 9 (7)The change in discount rate assumptions would affect plan assets in the income statement in next period as it would change the estimated asset return but have no effect on pension assets as of year-end. Note 26 | ProvisionsAmounts in NOK million 2022 2021Provision, current 31 20 Provision, non-current 3 26 Total provisions 34 47 Development of significant provisionsOnerous Amounts in NOK million Warranties contracts Other TotalBalance as of December 31, 2021 10 31 6 47Provisions utilized - (3) (2) (4)Provisions reversed (9) - - (9)Unwind of discount - 1 - 1Reclassification to held for sale (1) - - (1)Balance as of December 31, 2022 - 29 5 34Expected timing of paymentWithin the next twelve months - 27 4 31After the next twelve months - 3 1 3Total - 29 5 34Onerous contractsProvision for onerous contracts relates mainly to unavoidable operational costs for vacant properties where the group is committed under lease contracts. Note 27 | Trade and other payables Amounts in NOK million Note 2022 20211)Trade creditors 67 99 Accrued expenses 179 3772)Liability for profit split 89 -Trade and other payables 30 335 476Public duty and tax payables 46 46 Contract liabilities 8 25 21 Deferred settlement obligations 30 91 82 Total trade and other payables 498 6251) Trade creditors are due within one year.2) Relates to obligation in DDW Offshore AS to share 50 percent of the sale proceeds from disposal of two of its vessels in 2023.Book value of trade creditors and other current liabilities is approximately equal to fair value.Note 28 | Capital managementAkastor\u2019s capital management is designed to ensure that the group hassufficient financial flexibility to carry out its strategic targets, both short-term and long-term. Akastor is targeting to maintain a financial structurethat, through solidity and cash flow, secures the group\u2019s strong long-termcreditworthiness, as well as maximize value creation for its shareholdersthrough:Investing in projects and business areas which will increase the company\u2019s Return On Capital Employed (ROCE) over time.Optimizing the company\u2019s capital structure to ensure both sufficient and timely funding over time to finance its activities at the lowest cost.Investment policyAkastor\u2019s capital management is based on a rigorous investment selectionprocess which considers not only Akastor\u2019s weighted average cost ofcapital and strategic orientation but also external factors such as marketexpectations.Funding policyLiquidity planningAkastor has a strong focus on its liquidity situation to meet its capital needsand ensure solvency for its financial obligations. Akastor had a liquidityreserve per year end 2022 of NOK 423 million, composed of an undrawncommitted credit facility of NOK 304 million and cash and cash equivalentsof NOK 119 million.Funding of operationsAkastor\u2019s group funding policy is that subsidiaries should finance theiroperations with the treasury department (Akastor Treasury). This ensuresoptimal availability and transfer of cash within the group and better controlof the company\u2019s overall debt as well as cheaper funding for its operations.However, AGR is financed directly through a NOK 180 million Term Loanmaturing in 2027, and DDW Offshore is financed directly through a USD 27million Term loan maturing in 2024.Funding durationAkastor emphasizes financial flexibility and steers its capital structureaccordingly to limit its liquidity and refinancing risks. In this perspective,loans and other external borrowings are to be renegotiated well in advanceof their due date and generally for periods of 3 to 5 years. However, as aresult of MHWirth divestment in 2021 and the required refinancing carriedout in connection with this, corporate facilities currently have a shorterduration as realization of assets are expected to be carried out in the shortto medium term.Funding costAkastor aims to have diversified funding sources in order to reach thelowest possible cost of capital. These funding sources might include:The use of banks based on syndicated credit facilities.The issue of debt instruments in the Norwegian capital market.The issue of debt instruments in foreign capital markets.Ratios used in monitoring of capital/covenantsAkastor monitors capital on the basis of a gearing ratio (net debt/equity) andequity ratio (equity/total assets). These ratios are similar to covenants asdefined in the loan agreement entered into in 2021 for the revolving creditfacilities which are shown below. See Note 23 Borrowings for details aboutthese loans.The company\u2019s gearing ratio shall not exceed 0.5 times and is calculated from the consolidated total borrowings to the consolidated Equity.Equity ratio shall not be lower than 32.5%, calculated from the consolidated total equity to consolidated total assets.Minimum liquidity amount shall exceed NOK 150 million on consolidated level.The ratios are calculated based on net debt including cash and borrowings,consolidated equity and consolidated total assets, however adjusted forcertain items as defined in the loan agreement. Covenants ratios are basedon accounting principles as of December 31, 2022. The covenants are monitored on a regular basis by the Akastor Treasurydepartment to ensure compliance with the loan agreements which aretested and reported on a quarterly basis. Akastor was in compliance with itscovenants as of December 31, 2022. In February 2023, the group extendedthe maturity of the corporate revolving credit facilities to February/March2024. In March 2023, the subordinated Aker facility was increased withNOK 200 million to NOK 450 million (NIBOR + 12% margin). AGR\u2019s external financing has one financial covenant the Liquidity shall benot less than NOK 20 million. Note 29 | Financial risk management and exposuresThe group is exposed to a variety of financial risks: currency risk, interest Currency riskrate risk, price risk, credit risk, liquidity risk and capital risk. The capital The group operates internationally and is exposed to currency risk market risk affects the value of financial instruments held. The objective of on commercial transactions, recognized assets and liabilities and net financial risk management is to manage and control financial risk exposures investments in foreign operations. Commercial transactions and recognized and thereby increase the predictability of earnings and minimize potential assets and liabilities are subject to currency risk when payments are adverse effects on the group\u2019s financial performance. denominated in a currency other than the respective functional currency of the group company. The group\u2019s exposure to currency risk is primarily Risk management is present in every project. It is the responsibility of the against USD. project managers, with the support of Akastor Treasury, to identify, evaluate and hedge financial risks under policies approved by the Board of Directors. Exposure to currency riskThe group has well-established principles for overall risk management, as Changes in currency rates change the values of borrowings, receivables well as policies for the use of derivatives and financial investments. There and cash balances. have not been any changes in these policies during the year.2022 2021Amounts in million USD USDCash and cash equivalents - (5)Intercompany loans 48 43 Loans and receivables 109 43 Deferred settlement assets and obligations (42) (50)Balance sheet exposure 115 31Forward exchange contracts - (75)Net exposure 115 (43)Net exposure (NOK million) 1 141 (383)Sensitivity analysisof the reporting period. The analysis assumes that all other variables, in A strengthening of USD against NOK as of December 31 would have particular interest rates, remain constant and ignores any impact of forecast affected the measurement of financial instruments denominated in a foreign sales and purchases. Figures in the table below only include the effect in currency and increased (decreased) income statement by the amounts income statement for change in currency regarding financial instruments shown below. This analysis is based on foreign currency exchange rate and do not include effect from operating cost and revenue.variances that the group considered to be reasonably possible at the end Effect of weakening of NOK against USD:2022 2021 Amounts in NOK million Profit (loss) after tax Profit (loss) after taxUSD (10%) 114 USD (10%) (38)A strengthening of the NOK against USD as of December 31 would have interest rate risk. Borrowings and receivables issued at fixed rates expose had the equal but opposite effect on the above amounts, on the basis that the group to fair value interest rate risk. However, as these borrowings are all other variables remain constant. The sensitivity analysis does not include measured at amortized cost, interest rate variations do not affect profit and effects on the consolidated result and equity from changed exchange rates loss when held to maturity.used for consolidation of foreign subsidiaries.An increase of 100 basis points in interest rates during 2022 would have The primary currency-related risk is the risk of reduced competitiveness increased (decreased) profit and loss by the amounts shown on the table abroad in the case of a strengthened NOK. This risk relates to future below. This analysis assumes that all other variables, in particular foreign commercial contracts and is not included in the sensitivity analysis above.currency rates, remain constant. The analysis is performed on the same basis as for 2021.Interest rate riskThe group\u2019s interest rate risk arises from cash balances, interest-bearing borrowings and interest-bearing receivables. Borrowings and receivables issued at variable rates as well as cash expose the group to cash flow Effect of increase of 100 basis points in interest rates on profit (loss) before taxAmounts in NOK million 2022 2021Cash and cash equivalents 1 2Interest-bearing receivables 4 2Borrowings (17) (19)Net (12) (16)A decrease of 100 basis points in interest rates during 2022 would havehad the equal but opposite effect on the above amounts, on the basis thatall other variables remain constant. There are no effects on equity as thereare no interest swaps.Guarantee obligationsThe group has provided the following guarantees on behalf of subsidiariesand related parties as of December 31, 2022 (estimated remaining exposureas of December 31, 2022):Performance guarantees on behalf of group companies of NOK 17 million (NOK 361 million in 2021)Performance guarantees on behalf of related parties of NOK 2.2 billion (NOK 2.6 million in 2021)Parent company indemnity guarantees for fulfillment of lease obligations and finance obligations of NOK 2.6 billion (NOK 3.0 billion in 2021)Financial guarantees including counter guarantees for bank/surety bonds and guarantees for pension obligations to employees of NOK 0.2 billion (NOK 0.3 billion in 2021)Although guarantees are financial instruments, they are consideredcontingent obligations and the notional amounts are not included in thefinancial statements. See more information about guarantees for relatedparties in Note 33 Related parties. Price riskThe group is exposed to fluctuations in market prices in the operationalareas related to contracts, including changes in market prices for rawmaterials, equipment and development in wages. These risks are to theextent possible managed in bid processes by locking in committed pricesfrom vendors as a basis for offers to customer or through escalation clauseswith customers. Credit riskCredit risk is the risk of financial losses to the group if customer orcounterparty to financial investments/instruments fails to meet contractualobligations and arise principally from investment securities and receivables.Assessment of credit risk related to customers and subcontractors is animportant requirement in the bid phase and throughout the contract period.Such assessments are based on credit ratings, income statement andbalance sheet reviews and using credit assessment tools available (e.g.Dun & Bradstreet and Credit Watch). Sales to customers are settled in cash.The group evaluates that significant credit risk concentrations are relatedto receivables and contract assets from major corporate customers. Themaximum exposure to credit risk at the reporting date equals the carryingamounts of financial assets (see Note 30 Financial instruments) andcontract assets (see Note 8 Revenue and other income). The group doesnot hold collateral as security.Based on estimates of incurred losses in respect of trade receivables andcontract assets, the group establishes a provision for impairment losses.Provisions for loss on debtors are based on individual assessments.Provisions for loss on trade receivables and contract assets were NOK 278million in 2022 (NOK 271 million in 2021). Liquidity riskLiquidity risk is the risk that the group will encounter difficulty in meeting theobligations associated with its financial liabilities. The group manages itsliquidity to ensure that it will always have sufficient liquidity reserves to meetits liabilities when due.Prudent liquidity risk management includes maintaining sufficient cash, theavailability of funding from an adequate amount of committed credit facilitiesand the ability to close out market positions. Due to the dynamic nature ofthe underlying businesses, Akastor Treasury maintains flexibility in fundingby maintaining availability under committed credit lines. Akastor is an investment company with limited upstream cash flow fromits portfolio companies and therefore to a large degree depends onrealization of assets to reduce debt and improve liquidity. In order to mitigaterefinancing risk when the corporate financing facilities mature and secureavailable liquidity, the group is in accordance with its strategy focusing onrealization of holdings. The outcome related to the DRU arbitration processis a key milestone in this regard. If realization processes planned should bedelayed or if proceeds come in at a lower value than anticipated, refinancingrisk would increase and other sources of capital could be required. The group policy for the purpose of optimizing availability and flexibilityof cash within the group is to operate a centrally managed cash poolingarrangement. An important condition for the participants (business units)in such cash pooling arrangements is that the group as an owner of suchpools is financially viable and is able to prove its capability to service itsobligations concerning repayment of any net deposits made by businessunits. Management monitors rolling monthly forecasts of the group\u2019s liquidityreserve on the basis of expected cash flow. Financial liabilities and the period in which they matureThe following is the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements. Book Total cash 6 months 6\u201312 More than 1)Amounts in NOK million Notevalueflow and lessmonths 1\u20132 years 2\u20135 years5 years20222)Borrowings 23 1 340 1 403 59 334 852 157 - Lease liabilities 31 85 89 27 22 34 6 1 Other non-current liabilities 24 103 110 - - 110 - -Other current liabilities 24 162 162 - 162 - - - Deferred settlement obligations 24, 27 417 429 103 8 91 102 126 Trade and other payables 27 335 335 272 63 - - - Total financial liabilities 2 442 2 528 461 589 1 087 265 127 3)Financial guarantees 5 058 198 1 555 3 640 665 20212)Borrowings 23 1 387 1 522 48 32 1 237 111 94 Lease liabilities 31 155 168 42 41 46 39 1 Other non-current liabilities 24 201 221 - - 221 - - Deferred settlement obligations 24, 27 459 481 8 60 82 163 168 Trade and other payables 27 476 476 240 236 - - - Total financial liabilities 2 678 2 868 338 369 1 586 313 263 3)Financial guarantees 6 247 581 4 497 3 315 1 851 1) Nominal currency value including interest.2) The interest costs are calculated using the last fixing rate known by year end (plus applicable margin).3) Financial guarantees are not recognized on the consolidated balance sheet. The undiscounted cash flows potentially payable under financial guarantees are classified on the basis of expiry date.Note 30 | Financial instruments Accounting classifications and fair valuesThe following table shows the carrying amounts and fair values of financialassets and financial liabilities, including their levels in the fair valuehierarchy. It does not include fair value information for financial assets andfinancial liabilities not measured at fair value if the carrying amount is areasonable approximation of fair value. For financial instruments measuredat fair value, the levels in the fair value hierarchy are as shown below.Level 1 - fair values are based on prices quoted in an active market foridentical assets or liabilities.Level 2 - fair values are based on inputs other than quoted prices includedin Level 1 that are observable for the asset or liability, either directly orindirectly.Level 3 - fair values are based on unobservable inputs, mainly based oninternal assumptions used in the absence of quoted prices from an activemarket or other observable price inputs.Financial instruments Level in Carrying measured at fair value Amounts in NOK million Noteamountfair value hierarchy2022Financial assets measured at fair valueFair value through P&L (mandatorily at FVTPL)Equity securities 18 40 40 Level 11)Equity securities 18 321 321 Level 3Warrants 18 34 34 Level 3Fair value through Other comprehensive income1)Debt instruments 18 636 636 Level 3Financial assets not measured at fair valueFinancial assets at amortized costCash and cash equivalents 21 119 Non-current interest-bearing receivables 19 668 Trade and other receivables 20 696 Financial assets 2 514 Financial liabilities not measured at fair valueFinancial liabilities at amortized cost2)Borrowings 23 (1 340) (1 342) Level 2Other financial liabilitiesOther non-current liabilities 24 (103)Trade and other payables 27 (335)Financial liabilities measured at fair valueFair value through profit & lossOther current liabilities 24 (162) (162) Level 3Deferred settlement obligations 24, 27 (417) (417) Level 3Financial liabilities (2 357)1) Investments in level 3 in the hierarchy relate to equity securities and debt securities with no active market. These investments are measured at the best estimate of fair value. 2) For credit facilities and other loans with floating interest, notional amounts are used as approximation of fair values.Financial instruments Level in Carrying measured at fair value Amounts in NOK million Noteamountfair value hierarchy2021Financial assets measured at fair valueFair value \u2013 hedging instrumentsDerivative financial instruments 10 10 Level 2Fair value through P&L (mandatorily at FVTPL)Equity securities 18 10 10 Level 1 1)Equity securities 18 1 125 1 125 Level 3Warrants 18 18 18 Level 3Contingent considerations 17 20 20 Level 3 Fair value through Other comprehensive income1)Debt instruments 18 619 619 Level 3Financial assets not measured at fair valueFinancial assets at amortized costCash and cash equivalents 21 89 Non-current interest-bearing receivables 19 315 Trade and other receivables 20 808 Financial assets 3 013 Financial liabilities not measured at fair valueFinancial liabilities at amortized cost2)Borrowings 23 (1 387) (1 402) Level 2 Other financial liabilitiesOther non-current liabilities 24 (201)Other current liabilities 24 (148)Trade and other payables 27 (476)Financial liabilities measured at fair valueFair value through profit & lossDeferred settlement obligations 24, 27 (459) (459) Level 3Financial liabilities (2 671)1) Investments in level 3 in the hierarchy relate to equity securities and debt securities with no active market. These investments are measured at the best estimate of fair value. 2) For credit facilities and other loans with floating interest, notional amounts are used as approximation of fair values.Reconciliation of Level 3 financial assets and financial liabilitiesAmounts in NOK million Assets LiabilitiesBalance as of December 31, 2020 1 480 (274)Addition 189 (220)Settlements (37) 27 Net gain (loss) in the income statement 196 4 Fair value through OCI (20) - Disposal of subsidiaries (26) 3Balance as of December 31, 2021 1 782 (459)Settlements (982) 59 Net gain (loss) in the income statement 220 (16)Reclassifications (29) (162)Balance as of December 31, 2022 991 (579)Measurement of fair values at level 3Debt instruments at FVOCIFinancial assets measured at FVOCI are related to debt instrumentsin NES Fircroft. The valuation model considers the present value of theexpected cash flows from the ultimate disposal of the investments weightedwith different probabilities. The expected disposal value is determined byforecast EBITDA at the time of disposal and market multiples, adjusted byforecast net debt of the investee. The estimated fair value would increase(decrease) if:The forecast EBITDA were higher (lower);The market multiples applied were higher (lower); orThe net debt of the investees at the date of disposal were lower (higher). Warrants measured at FVTPLThe financial asset relates to warrant investment in Odfjell Drilling. Thevaluation is obtained from external valuation experts, using a Monte Carlosimulation model where the simulated stock prices are based on a lognormalstock price model assumed to follow a Geometric Brownian Motion. The keyinputs to the valuation model consist of the stock price of Odfjell Drilling(listed on the Oslo Stock Exchange under ticker ODL) at the valuation date,as well as assumption of future volatility based on the share\u2019s historicalprices. The estimated fair value is mostly sensitive to the ODL share priceand would increase (decrease) if the ODL share price were higher (lower). Deferred settlement obligationsThese liabilities relate to contingent considerations and obligations frombusiness disposals. Final amounts to be paid depend on future earningsin the disposed companies or outcome of indemnity claims and priceadjustment mechanisms. Liabilities depending on future earnings: The recognized amounts are determined based on recent forecasts and strategy figures for the entity, thus the final realized values are sensitive to the above inputs as driven by market conditions. Liabilities depending on outcome of indemnity claims and price adjustment mechanisms: Provisions are made based on all available evidence as at the reporting date.The credit exposure on the Level 3 asset is limited to the amount recognizedand the credit risk is not considered to be significant due to the nature ofthe arrangement.Note 31 | LeasesGroup as lesseeThe group leases office buildings on a number of locations. The leasestypically run for a period of 3-10 years and some of the leases haveextension options. The group applies the short-term lease recognition exemptions for leasesof property or machinery with lease term of 12 months or less. Leases ofIT equipment and office equipment are considered as leases of low-valueassets. The right-of-use assets and lease liabilities are not recognized forshort-term leases or leases of low-value assets.The lease agreements do not impose any covenants or restrictions. Right-of-use assetsAmounts in NOK million 2022 2021Balance as of January 1 41 468 Additions 4 9 1)Depreciation(15) (43)Reversal of impairment 1 -Disposal of subsidiaries - (416)Remeasurement (4) 25Currency translation differences - (2) Balance as of December 31 27 41 1) Includes depreciation related to discontinued operations of NOK 11 million in 2021 The right-of-use assets are related to leases of office buildings. Lease liabilitiesAmounts in NOK million 2022 2021Balance as of January 1 155 592 Cash payments (78) (112)Additions 4 9 Remeasurement 5 64 Disposal of subsidiaries - (397)Currency translation differences - (1)Balance as of December 31 85 155Current lease liabilities 48 82Non-current lease liabilities 37 72Amounts recognized in the income statement and cash flow statementAmounts in NOK million 2022 2021Expenses related to leases of low-value items (3) (2)Interest on lease liabilities (6) (9)Total amounts recognized in the income statement (9) (11)Payments for leases expensed (3) (2)Interest paid for lease liabilities (6) (26)Principal payments of lease liabilities (78) (112)Total cash outflow for leases (87) (139)Some property leases contain extension or termination options exercisablebefore the end of the non-cancellable period. They are used to maximizeoperational flexibility in terms of managing the assets used in the group\u2019soperations. The extension and termination options held are exercisableonly by the group and not by the respective lessor. The group assesses atlease commencement date whether it is reasonably certain to exercise theextension or termination options. Most extension options in offices leases have not been included in the leaseliability, because the group expects to be able to replace the assets withoutsignificant cost or business disruption. Most of the early termination optionsare not considered in the lease term either as the group assesses it asreasonably certain that the leases will not be terminated early. If the grouphad exercised the extension options in significant property leases as ofDecember 31, 2022, the group estimates potential future lease payments(undiscounted) of approximately NOK 37 million, which are not included inthe lease liabilities. Group as lessorThe group subleases out some of the property leases which are presentedas part of the right-of-use assets. DDW Offshore leases out some of itsvessels. Finance leasesSome of the subleases of right-of-use assets are classified as finance lease,with reference to the right-of-use assets arising from the head leases. In2021, DDW Offshore entered into bareboat charter agreements and forwardsale of two vessels, which are classified as finance lease. The grouprecognized a gain of NOK 51 million from the transaction as \u201cgain fromdisposal of assets\u201d, see Note 8 Revenue and other income. The following table sets out a maturity analysis of finance lease receivables,showing the undiscounted lease payments to be received after the reportingdate. Amounts in NOK million 2022 2021Due within one year 213 64Due in one to two years 18 189Due in two to three years - 18Total undiscounted lease receivable 232 271Unearned interest income 13 31Total finance lease receivables 218 241Current finance lease receivables 208 64Non-current finance lease receivables 10 176Operating leasesMost of the leases are classified as operating leases except for the finance leases identified above. The lease income from subleasing right-of-use assets in 2022 was NOK 10 million (NOK 28 million in 2021). The following table sets out future undiscounted sublease income under the non-cancellable lease periods. Amounts in NOK million 2022 2021Due within one year 104 23Due in one to two years 2 -Total 106 23Note 32 | Group companiesThis note gives an overview of subsidiaries of Akastor ASA. For information about other investments in the group, refer to Note 17 Equity-accounted investees and Note 18 Other investments. If not stated otherwise, ownership equals share of voting rights.Group companies as of December 31 Ownership (%)Company Country 2022 2021Akastor ASA Norway1)AGRAGR (Australia) Pty Ltd Australia 64 64AGR AS Norway 64 64AGR Energy Services AS Norway 64 64AGR Software AS Norway 58 58AGR Consultancy Services AS Norway 64 64AGR Mexico Well Management S. de R. L. de C. V Mexico 64 64AGR Consultancy Solutions Ltd UK 64 64SpotOn Well Management Ltd UK 64 -AGR Group Americas, Inc USA 64 64AGR Energy Services Inc USA 64 642)AGR Wind Services AS Norway - 52Other companiesCool Sorption A/S Denmark 100 100Well Systems Servicing Ltd Nigeria 100 100AKA SPH AS Norway 100 100DDW Offshore AS Norway 100 100Akastor AS Norway 100 100Mercury HoldCo AS Norway 100 100Akastor Real Estate AS Norway 100 100KOP Surface Products Singapore Pte Ltd Singapore 100 100Aker Cool Sorption Siam Ltd Thailand 100 1003)Frontica Business Solutions Ltd UK - 100AK Willfab Inc USA 100 100Mercury HoldCo Inc USA 100 1001) Akastor holds 100 percent of the shares and 64 percent of the economic interests2) Disposed in 20223) Liquidated in 2022Note 33 | Related parties Related party relationships are those involving control (either direct or settled firstly by ordinary dividend from AKOFS Offshore, with any shortfall indirect), joint control or significant influence. Related parties are in a being guaranteed by Akastor. Akastor ASA has issued a bank guarantee for position to enter into transactions with the company that would not be payment of preferred return for a total amount of NOK 131 million relating undertaken between unrelated parties. to the remaining period. Akastor ASA is a parent company with control of around 20 companies Akastor has issued a financial guarantee of NOK 152 million in favour of around the world. These subsidiaries are listed in Note 32 Group finance institutions for fulfilment of lease obligations related to Avium Subsea companies. Any transactions between the parent company and the AS. Akastor has issued a financial parent company indemnity guarantee of subsidiaries are shown line by line in the separate financial statements NOK 1.4 billion in favour of OCY Wayfarer Limited for fulfilment of lease of the parent company, and are eliminated in the consolidated financial obligations related to AKOFS 3 AS. In addition, Akastor is guaranteeing statements.the performance of AKOFS Norway Operations AS (operating AKOFS Seafarer) under the 5 years charter agreement with Equinor. The remaining Joint ventures are accounted for using the equity method, see Note 17 contract value of this charter agreement is NOK 2.1 billion. Avium Subsea Equity-accounted investees. AS, AKOFS 3 AS and AKOFS Seafarer AS are wholly owned subsidiaries of AKOFS Offshore. The largest shareholder of Akastor, Aker Holding AS, is wholly-owned by Aker ASA, which in turn is controlled by Kjell Inge R\u00f8kke through TRG HMHHolding AS and The Resource Group TRG AS. Akastor is an associated In October 2021, Akastor completed the transaction to bring together company to Aker ASA as per year end 2022 and 2021. Akastor\u2019s wholly owned subsidiary, MHWirth AS (MHWirth) and Baker Hughes\u2019 Subsea Drilling Systems (SDS) business to create a joint venture Below are descriptions of significant related party agreements. company HMH. Following the transaction, Akastor and Baker Hughes each holds 50% of the shares in HMH, and have joint control over the company. Significant agreements with related parties to Aker ASASee Note 5 Discontinued operations and Note 17 Equity-accounted Aker Holding AS investees for more information.In connection with the refinancing of its corporate credit facilities, Akastor entered into a subordinated loan agreement with Aker Holding AS, a As of December 31, 2022, Akastor has interest-bearing receivables of wholly owned subsidiary to Aker ASA. The agreement provides credit NOK 218 million against HMH (fixed interest rate 8.0 percent), see also facility of NOK 250 million (NIBOR + margin 10.0 percent) available to Note 19 Non-current interest-bearing receivables. Further, Akastor has a Akastor. In February/March 2023, the facility was extended to March 2024 liability of NOK 162 million towards HMH related to Step Oiltools, see also and increased to NOK 450 million (NIBOR + margin 12.0 percent). The Note 24 Other liabilities for more information. Akastor has issued financial carrying amount of the loan from Aker Holding AS was NOK 16 million as of guarantees of NOK 539 million for MHWirth AS, a wholly owned subsidiary December 31, 2022, see Note 23 Borrowings for more information. of HMH, for fulfilment of lease obligations and performance under certain operational support frame agreements. The Resource Group TRG AS AK Wilfab Inc, a wholly owned subsidiary of Akastor, is together with Aker Other related partiesSolutions Inc and The Resource Group TRG AS sponsoring the US pension Aker Pensjonskasse plan named the Kvaerner Consolidated Retirement Plan. Akastor holds one Aker Pensjonskasse was established by Aker ASA to manage the retirement third of the liability of the sponsors for the underfunded element of the plan plan for employees and retirees in Akastor as well as related Aker companies. and The Resource Group TRG AS holds two thirds of the ultimate liability. Akastor holds 93.4 percent of the paid-in capital in Aker Pensjonskasse and Aker ASA guarantees for The Resource Group TRG AS\u2019 liability and covers Akastor\u2019s share of paid-in equity was NOK 158 million at the end of 2022 for all its expenses related to the pension plan.(NOK 158 million in 2021). Akastor\u2019s premium paid to Aker Pensjonskasse amounts to NOK 6 million in 2022 (NOK 8 million in 2021). Akastor also Related party transactions with joint ventureshas an interest-bearing receivable against Aker Pensjonskasse of NOK 22 AKOFS Offshoremillion and an additional financing commitment NOK 10 million (3% interest As of December 31, 2022, Akastor has interest-bearing receivables of NOK of drawn amount and 1% interest of committed amount).226 million against AKOFS Offshore, including term loan of NOK 173 million (LIBOR + margin 2.5/5.5 percent) and drawn working capital facility of NOK Even though Akastor owns 93.4 percent in Aker Pensjonskasse, the 53 million (NIBOR + margin 5.5 percent). Akastor has made available a ownership does not constitute control since Akastor does not have the NOK 100 million working capital revolving facility to AKOFS Seafarer AS power to govern the financial and operating policies so as to obtain benefits from contract commencement with Equinor. from the activities in this entity.As part of the joint venture shareholders agreement, the other two investors, Grants to employee representative\u2019s collective fund Mitsui and MOL, are entitled to a guaranteed preferred equity return, in Aker ASA has signed an agreement with employee representatives that respect of the operations of AKOFS Seafarer, amounting to a total of USD regulate use of grants from Akastor ASA for activities related to professional 46 million for the period 2020-2025. The payment of preferred return will be development. The grant in 2022 was NOK 510 000 (NOK 510 000 in 2021).Compensation to key managementThe key management personnel of Akastor includes the Board of Directors and the executive management team. The figures below represent remuneration expenses recognized in the year. Detailed remuneration disclosures are provided in Remuneration Report 2022.Amounts in NOK million 2022 2021Base salary 7 7Variable pay and other benefits 8 15Post-employment benefits (pension expenses to company) 1 -Remuneration to Board of Directors 3 3Total 19 26The balance of accrued expenses related to key management remuneration amounted to NOK 16 million as of December 31, 2022, of which NOK 5 million is contingent on continuous employment after a three-year period. Note 34 | Events after reporting date In February 2023, the maturity of Akastor\u2019s corporate credit facilities was extended to February/March 2024. In March 2023, the subordinated Aker facility was increased with NOK 200 million to NOK 450 million. In March 2023, Akastor entered into a share purchase agreement with ABL Group ASA (\u201cABL Group\u201d) for the sale of all shares in AGR against a combination of shares in ABL Group and cash. Certain defined assets are excluded from the transaction and will be retained by Akastor. This includes AGR\u2019s ownership in F\u00f8n Energy Services AS. The transaction is expected to generate an accounting gain upon completion in 2023. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-7-2": {
"value": "The consolidated financial statements of Akastor ASA and its subsidiaries(collectively referred as Akastor or the group, and separately as groupcompanies) for the year ended December 31, 2022 were approved by theboard of directors and CEO on March 22, 2023. The consolidated financialstatements will be authorized by the Annual General Meeting on April 19,2023.",
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"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-13-1": {
"value": "an oilfield services investment company with a portfolio ofindustrial holdings and other investments",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-17-2": {
"value": "Note 2 | Basis for preparationBasis of measurementThe consolidated financial statements have been prepared on the historicalcost basis except for the following material items, which are measured onan alternative basis on each reporting date:Derivative financial instruments are measured at fair value.Non-derivative financial instruments at Fair Value through Profit or Loss (FVTPL) are measured at fair value.Debt instrument at Fair Value through Other Comprehensive Income (FVOCI) are measured at fair value.Contingent considerations assumed in business disposals are measured at fair value.Net defined benefit (asset) liability is recognized at fair value of plan assets less the present value of the defined benefit obligation.Use of estimates and judgementsThe preparation of financial statements in conformity with IFRS requiresmanagement to make judgements, estimates and assumptions that affectthe application of policies and reported amounts of assets and liabilities,income and expenses. Although management believes these assumptionsto be reasonable, given historical experience, actual amounts and resultscould differ from these estimates. The items involving a higher degree ofjudgement or complexity, and items where assumptions and estimates arematerial to the consolidated financial statements, are disclosed in Note 4Significant accounting estimates and judgements.The estimates and underlying assumptions are reviewed on an ongoingbasis. Revisions to accounting estimates are recognized in the period inwhich the estimate is revised and in any future periods affected",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-18-1": {
"value": "Basis of accountingThe consolidated financial statements have been prepared in accordancewith International Financial Reporting Standards as adopted by theEuropean Union (IFRS), their interpretations adopted by the InternationalAccounting Standards Board (IASB) and the additional requirements of theNorwegian Accounting Act as of December 31, 2022.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-24-2": {
"value": "Going concern basis of accountingThe consolidated financial statements have been prepared on a goingconcern basis, which assumes that the group will be able to meet themandatory terms and conditions of the banking facilities as disclosed inNote 28 Capital management. Please refer to Board of Directors\u2019 report formore information about going concern assessment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-43-2": {
"value": "Functional and presentation currencyThe consolidated financial statements are presented in NOK, which isAkastor ASA\u2019s functional currency. All financial information presented inNOK has been rounded to the nearest million (NOK million), except whenotherwise stated. The subtotals and totals in some of the tables in theseconsolidated financial statements may not equal the sum of the amountsshown due to rounding.When the functional currency in a reporting unit is changed, the effect of thechange is accounted for prospectively.",
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"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-65-2": {
"value": "Note 3 | Significant accounting policiesSummary of significant accounting policiesThe principal accounting policies applied in the preparation of theseconsolidated financial statements are set out below. These policies havebeen consistently applied to all the years presented, unless otherwise stated..SubsidiariesSubsidiaries are entities controlled by the group. The group controlsan entity when it is exposed to, or has rights to, variable returns fromits involvement with the entity and has the ability to affect those returnsthrough its power over the entity. The financial statements of subsidiariesare included in the consolidated financial statements from the date on whichcontrol commences until the date of which control ceases.Business combinationsBusiness combinations are accounted for using the acquisition methodas of the acquisition date, which is the date when control is transferredto the group. The consideration transferred in the acquisition is generallymeasured at fair value, as are the identifiable net assets acquired. Anygoodwill that arises is tested annually for impairment.Transaction costs, other than those associated with the issue of debt orequity securities incurred in connection with a business combination areexpensed as incurred.Any contingent consideration payable is measured at fair value at theacquisition date. Changes in the fair value of the contingent considerationfrom acquisition of a subsidiary or non-controlling interest for transactionswill be recognized in Other income as gain or loss, except for the obligationthat is classified as equity.Non-controlling interestsNon-controlling interests are measured initially at their fair value at the dateof acquisition. Changes in the group\u2019s ownership interest in a subsidiary thatdo not result in a loss of control are accounted for as equity transactions.Investments in joint venturesThe group\u2019s interests in equity-accounted investees comprise interests injoint ventures.A joint venture is an arrangement in which the group has joint control,whereby the group has rights to the net assets of the arrangement, ratherto its assets and obligations for its liabilities. Joint control is establishedby contractual agreement requiring unanimous consent of the ventures forstrategic, financial and operating decisions.Interests in joint ventures are accounted for using the equity method.They are initially recognized at cost, which includes transaction costs.Subsequent to initial recognition, the consolidated financial statementsinclude the group\u2019s share of the profit and loss and other comprehensiveincome of the equity-accounted investees. When the group\u2019s share oflosses exceeds its interest in an equity-accounted investee, the carryingamount of that interest, including any long-term investments, is reducedto zero, and further losses are not recognized except to the extent that thegroup incurs legal or constructive obligations or has made payments onbehalf of the investee.Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities,that are expected to be recovered primarily through sale rather than throughcontinuing use, are classified as held for sale. This condition is regarded asmet only when the sale is highly probable and the asset or disposal group isavailable for immediate sale in its present condition. Management must becommitted to the sale, which should be expected to qualify for recognitionas a completed sale within one year from the date of classification.Non-current assets and disposal groups classified as held for sale aremeasured at the lower of their carrying amount and fair value less costs tosell. Property, plant and equipment and intangible assets once classifiedas held for sale are not depreciated or amortized, but are considered in theoverall impairment testing of the disposal group.No reclassifications are made for years prior to the year when non-currentassets or disposal groups are classified as a held for sale.Discontinued operationsA discontinued operation is a component of the group\u2019s business thatrepresents a separate major line of business or geographical area ofoperations that has been disposed of or is held for sale, or is a subsidiaryacquired exclusively with a view to resale. Classification as a discontinuedoperation occurs upon disposal or when the operation meets the criteria tobe classified as held for sale, if earlier.In the consolidated income statement, income and expenses fromdiscontinued operations are reported separately from income and expensesfrom continuing operations, down to the level of profit after taxes. When anoperation is classified as a discontinued operation, the comparative incomestatement is restated as if the operation had been discontinued from thestart of the comparative year.The statement of cash flow includes the cash flow from discontinuedoperations prior to the disposal. Cash flows attributable to the operating,investing and financing activities of discontinued operations are presentedin the notes to the extent these represent cash flows with third parties.Foreign currencyForeign currency transactions and balancesTransactions in foreign currencies are translated at the exchange rate atthe date of the transaction. Monetary assets and liabilities denominatedin foreign currencies at the reporting date are translated to the functionalcurrency at the exchange rate on that date. Foreign exchange differencesarising on translation are recognized in the income statement. Non-monetary assets and liabilities measured in terms of historical cost in aforeign currency are translated using the exchange rate on the date of thetransaction. Non-monetary assets and liabilities denominated in foreigncurrencies that are measured at fair value are translated to the functionalcurrency at the exchange rates on the date the fair value is determined.Investments in foreign operationsItems included in the financial statements of each of the group\u2019s entitiesare measured using the currency of the primary economic environment inwhich the entity operates. The results and financial positions of all the groupentities that have a functional currency different from the group\u2019s presentationcurrency are translated into the presentation currency as follows: Assets and liabilities, including goodwill and fair value adjustments, are translated at the closing exchange rate at the reporting date.Income statements are translated at average exchange rate for the year, calculated on the basis of 12 monthly end rates.Exchange differences arising from the translation of the net investmentin foreign operations, and of related hedges, are included in othercomprehensive income as currency translation reserve. These translationdifferences are reclassified to the income statement upon disposal of therelated operations or when settlement is likely to occur in the near future.Monetary items that are receivable from or payable to a foreign operationare considered as part of the net investment in that foreign operation, whenthe settlement is neither planned nor likely to occur in the foreseeable future.Exchange differences arising from these monetary items are recognized inother comprehensive income.Current/non-current classificationAn asset is classified as current when it is expected to be realized or isintended for sale or consumption in the group\u2019s normal operating cycle, itis held primarily for the purpose of being traded, or it is expected/due tobe realized or settled within twelve months after the reporting date. Otherassets are classified as non-current.A liability is classified as current when it is expected to be settled in thegroup\u2019s normal operating cycle, is held primarily for the purpose of beingtraded, the liability is due to be settled within twelve months after thereporting period, or if the group does not have an unconditional right todefer settlement of the liability for at least twelve months after the reportingperiod. All other liabilities are classified as non-current.Financial assets, financial liabilities and equityOn initial recognition, a financial asset is classified as measured at amortizedcosts, FVOCI or FVTPL. The classification depends on the group\u2019s businessmodel for managing the financial assets and the contractual terms of thecash flows. A financial asset is measured at amortized costs if the business model is to hold the asset to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interests (SPPI criterion). A debt instrument is classified at FVOCI if the business model is both collecting contractual cash flows and selling the financial asset, and it meets the SPPI criterion. All financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL.Financial assets are not reclassified subsequent to their initial recognitionunless the group changes its business model for managing financial assets.Other investmentsOther investments include equity and debt investments in companies wherethe group has neither control nor significant influence, usually representedby less than 20 percent of the voting power. The investments are categorizedas financial assets measured at FVTPL or FVOCI and recognized at fairvalue at the reporting date. Subsequent to initial recognition, changes infinancial assets measured at FVTPL are recognized in profit and loss. When a debt instrument is classified as financial asset measured at FVOCI,interest income calculated using the effective interest method, foreignexchange gains and losses and impairment losses are recognized in profitand loss. Other changes in fair value are recognized in other comprehensiveincome and presented as part of fair value reserve. When financial assetmeasured at FVOCI is derecognized, the gain or loss accumulated in othercomprehensive income is reclassified to profit and loss. Trade and other receivablesTrade and other receivables are generally classified as financial assetsmeasured at amortized costs. They are recognized at the original invoicedamount, less loss allowance made for credit losses. The interest rateelement is disregarded if insignificant, which is the case for the majority ofthe group\u2019s trade receivables.Interest-bearing receivablesInterest-bearing receivables include loans to related parties and aregenerally classified as financial assets measured at amortized costs.Such financial assets are recognized initially at fair value and subsequentmeasurement at amortized cost using the effective interest method, lessany impairment losses.Cash and cash equivalentsCash and cash equivalents include cash on hand, demand deposits held atbanks and other short-term highly liquid investments with original maturityof three months or less.Trade and other payablesTrade payables are recognized at the original invoiced amount. Otherpayables are recognized initially at fair value. Trade and other payablesare valued at amortized cost using the effective interest rate method. Theinterest rate element is disregarded if it is insignificant, which is the case forthe majority of the group\u2019s trade payables.Interest-bearing borrowingsInterest-bearing borrowings are recognized initially at fair value lessattributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortized cost with any differencebetween cost and redemption value being recognized in the incomestatement over the period of the borrowings on an effective interest basis.Share capitalOrdinary shares are classified as equity. Repurchase of share capital isrecognized as a reduction in equity and is classified as treasury shares.Finance income and expenseFinance income and expense include interest income and expense, foreignexchange gains and losses, dividend income, gains and losses on derivatives,as well as change in fair value of financial assets measured at FVTPL.Interest income and expenses include calculated interest using the effectiveinterest method, in addition to discounting effects from assets and liabilitiesmeasured at fair value. Gains and losses on derivatives include effectsfrom derivatives that do not qualify for hedge accounting and embeddedderivatives, in addition to the ineffective portion of qualifying hedges.Revenue from contract with customersIFRS 15 Revenue from Contracts with customers establishes a five-step methodthat applies to all customer contracts. Under the standard, only approvedcustomer contracts with a firm commitment are basis for revenue recognition.The deliveries in the contracts are reviewed to identify distinct performanceobligations, and revenue is recognized in line with how the entity satisfies theseperformance obligations \u2013 either over time or at a point in time. This assessmentmay involve significant judgement. For contracts with customers for which theperformance obligations are satisfied over time, revenue is recognized overtime using a cost progress method or as time and material are delivered to thecustomer. For contracts with customers for which the performance obligationsare satisfied at a point in time, revenue is recognized at the point in timewhen the customer obtains control of the product or the service. Majority of the group\u2019s revenue is service revenue generated from rendering ofservices to customers. The customers simultaneously receive and consumethe benefits provided by these services. The invoicing is usually based onthe service provided at regular basis. Under some service contracts, theinvoices are based on hours or days performed at agreed rates. The grouphas assessed that these performance obligations are satisfied over time. Therevenue is recognized according to progress, or using the invoiced amountswhen the invoiced amounts directly correspond with the value of the servicesthat are transferred to the customers.Income taxIncome tax recognized in the income statement comprises current anddeferred tax. Income tax is recognized in the income statement exceptto the extent that it relates to items recognized directly in equity or othercomprehensive income.Current tax is the expected tax payable or receivable on the taxable incomeor loss for the year, using tax rates enacted or substantially enacted at thereporting date, and any adjustment to tax payable in respect of previousyears. Current tax payable also includes any tax liability arising from thedeclaration of dividends, recognized at the same time as the liability to paythe related dividend.Deferred tax is recognized in respect of temporary differences betweenthe carrying amounts of assets and liabilities for financial reporting and theamounts used for taxation purposes. Deferred tax is not recognized for:Goodwill not deductible for tax purposesThe initial recognition of assets or liabilities that affects neither accounting nor taxable profitTemporary differences relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable futureDeferred tax is measured at the tax rates that are expected to be applied totemporary differences when they reverse, based on the tax rates that havebeen enacted or substantively enacted at the reporting date.Deferred tax assets and liabilities are offset if there is a legally enforceableright to offset current tax liabilities and assets, and they relate to incometaxes levied by the same tax authority on the same taxable entity, or ondifferent taxable entities which intend either to settle current tax liabilitiesand assets on a net basis, or to realize the tax assets and settle the liabilitiessimultaneously.Deferred tax assets are recognized for unused tax losses, tax creditsand deductible temporary differences, to the extent that it is probable thatfuture taxable profits will be available against which they can be utilized.Measurement of deferred tax assets are reviewed at each reporting date.ImpairmentTrade receivables and contract assetsLoss allowance is recognized in profit or loss and measured at lifetimeECLs. ECLs are a probability-weighted estimate of credit losses. LifetimeECLs are the ECLs that result from all possible default events over theexpected life of a financial asset. The group considers a financial asset to bein default when the group is unlikely to receive its outstanding contractualamount in full, or the contractual payments are more than 90 days past due.When estimating ECLs, the group considers reasonable and supportableinformation that is relevant and available without undue cost or effort, basedon the group\u2019s historical experience including forward-looking information.The loss allowance is recognized in financial items to the extent thatimpairment is caused by the insolvency of the customer. The gross carrying amount of trade receivable is written off when the grouphas no reasonable expectations of recovering a trade receivable in itsentirety or a portion thereof. The group individually makes an assessmentwith respect to the timing and amount of write-off based on whether thereis a reasonable expectation of recovery. Trade receivables that are writtenoff could still be subject to enforcement activities in order to comply with thegroup\u2019s procedures for recovery of amounts due.Debt instruments measured at amortized cost or at FVOCIDebt instruments measured at amortized cost or at FVOCI are consideredto be \u201ccredit-impaired\u201d when there is significant financial difficulty of theborrower or it is probable that the borrower will enter bankruptcy or otherfinancial reorganization. The loss allowance is charged to profit and loss. Non-financial assetsThe carrying amounts of the group\u2019s non-financial assets (other thanemployee benefit assets, inventories and deferred tax assets) are reviewedat the end of each reporting period to determine whether there is anyindication of impairment. If an indication of impairment exists, the asset\u2019srecoverable amount is estimated. Cash-generating units (CGU) containinggoodwill, intangible assets with an indefinite useful life and intangible assetsthat are not yet available for use are tested for impairment annually.The recoverable amount is the greater of fair value less costs to sell andvalue in use. In assessing value in use, the estimated future cash flowsare discounted to their present value using a pre-tax discount rate thatreflects current market assessments of the time value of money and therisks specific to the asset. For an asset that does not generate largelyindependent cash inflows, the recoverable amount is determined for theCGU to which the asset belongs.An impairment loss is recognized whenever the carrying amount of anasset or a CGU exceeds its recoverable amount. Impairment losses arerecognized in the income statement.An impairment loss recognized in respect of a CGU (or a group of CGUs)containing goodwill is allocated first to goodwill and then to the other assetsin the CGU(s) on a pro rata basis.An impairment loss on goodwill is not reversed. An impairment loss onother assets is reversed if there has been a change in the estimates usedto determine the recoverable amount, and the change can be objectivelyrelated to an event occurring after the impairment is recognized. Animpairment loss is reversed only to the extent that the asset\u2019s carryingamount does not exceed the carrying amount that would have beendetermined, net of depreciation or amortization, if no impairment loss hadbeen recognized.ProvisionsA provision is recognized when the group has a present obligation as aresult of a past event that can be estimated reliably and it is probable thatthe group will be required to settle the obligation. If the effect is material,provisions are determined by discounting the expected future cash flows ata market based pre-tax rate that reflects current market assessments of thetime value of money and, where appropriate, the liability-specific risks. Theunwinding of the discount is recognized as finance expense.Onerous contractsProvision for onerous contracts is recognized when the expected benefits tobe derived by the group from a contract are lower than the unavoidable costsof meeting the obligations under the contract. The provision is measured atthe lower of the expected cost of terminating the contract and the expected netcost of continuing with the contract. Before a provision is recognized, the grouprecognizes any impairment loss on the assets associated with the contract.LeasesAs a lesseeRight-of-use assetsThe group recognizes right-of-use asset at the lease commencement date.The right-of-use asset is initially measured at cost, which comprises theinitial amount of the lease liability adjusted for any prepaid lease paymentsmade at or before the commencement date, plus any initial direct costs.Subsequently, the right-of-use asset is depreciated on a straight-line basisover the shorter of its estimated useful life and the lease term. In addition,the right-of-asset is subject to impairment assessment of non-financialassets and adjusted for certain remeasurement of the lease liability.Lease liabilitiesAt the lease commencement date, the group recognizes lease liabilitymeasured at the present value of the lease payments over the lease term,discounted using the group's incremental interest rate. Generally, the leasepayments include fixed payments and variable lease payments that dependon an index or rate.The lease liability is subsequently increased by the interest cost on thelease liability and decreased by lease payment made. It is remeasuredwhen there is a change in future lease payments arising from a change inan index or rate, or as appropriate, changes in the assessment of whetheran extension option is reasonably certain to be exercised or a terminationoption is reasonably certain not to be exercised.Short term leases and leases of low-value assetsThe group applies the recognition exemption to its leases that have a leaseterm of 12 months or less from the commencement date and do not containa purchase option (short-term leases). The group also applies recognitionexemption to leases that are considered of low-value assets, mainly ITequipment and office equipment. Lease payments associated with the short-term leases and leases of low -value assets are recognized as expenseson a straight -line basis over the lease term.Lease termThe group determines the lease term as the non-cancellable term of thelease, together with any periods covered by an option to extend the leaseif it is reasonably certain to be exercised, or any period covered by anoption to terminate the lease if it is reasonably certain not to be exercised.The group applies judgment in evaluating whether it is reasonably certainto exercise extension option, considering all relevant factors that createeconomic incentive to exercise the extension option.As a lessorWhen the group acts as a lessor, it determines at lease inception whethereach lease is a finance lease or an operating lease.To classify each lease, the group makes an overall assessment of whetherthe lease transfers substantially all of the risks and rewards incidental toownership of the underlying asset. If this is the case, then the lease is afinance lease; if not, then it is an operating lease. As part of this assessment,the group considers certain indicators such as whether the lease is for themajor part of the economic life of the asset.When the group is an intermediate lessor, it accounts for its interests in thehead lease and the sub-lease separately. It assesses the lease classificationof a sub-lease with reference to the right-of-use asset arising from the headlease, not with reference to the underlying asset.The group recognizes lease payments received under operating leasesas income on a straight line basis over the lease term as part of \u201cLeaserevenue\u201d.Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulateddepreciation and impairment losses. The cost of self-constructed assetsincludes the cost of materials, direct labour, borrowing costs on qualifyingassets, production overheads and the estimated costs of dismantling andremoving the assets and restoring the site on which they are located.If the components of property, plant and equipment have different usefullives, they are accounted for as separate components.Subsequent costsThe group capitalizes the cost of a replacement part or a component ofproperty, plant and equipment when that cost is incurred if it is probablethat the future economic benefits embodied with the item will flow to thegroup and the cost of the item can be measured reliably. All other costs areexpensed as incurred.DepreciationDepreciation is normally recognized on a straight-line basis over theestimated useful lives of property, plant and equipment. Intangible assetsGoodwillGoodwill that arises from the acquisition of subsidiaries is presented asintangible asset. For the measurement of goodwill at initial recognition, seeBusiness combinations.Goodwill is measured at cost less accumulated impairment losses. Inrespect of equity-accounted investees, the carrying amount of goodwill isincluded in the carrying amount of the investment, and any impairment lossis allocated to the carrying amount of the equity-accounted investee as awhole.When the group disposes of an operation within a CGU or group of CGUsto which goodwill has been allocated, a portion of the goodwill is includedin the carrying amount of the operation when determining the gain or losson disposal. The portion of the goodwill allocated is measured based onthe relative values of the operation disposed of and the portion of the CGUretained at the date of partial disposal, unless it can be demonstrated thatanother method better reflects the goodwill associated with the operationdisposed of. The same principle is used for allocation of goodwill when thegroup reorganizes its businesses.Research and developmentExpenditures on research activities undertaken with the prospect ofobtaining new scientific or technical knowledge and understanding isrecognized in the income statement as incurred.Development activities involve a plan or design for the production of new orsubstantially improved products or processes. Development expenditure iscapitalized only if development costs can be measured reliably, the productor process is technically and commercially feasible, future economicbenefits are probable and the group intends to and has sufficient resourcesto complete development and to use or sell the asset. The capitalizedexpenditure includes cost of materials, direct labour overhead costs thatare directly attributable to preparing the asset for it intended use andcapitalized interest on qualifying assets. Other development expendituresare recognized in the income statement as an expense as incurred.Capitalized development expenditure is measured at cost less accumulatedamortization and accumulated impairment losses.Other intangible assetsAcquired intangible assets are measured at cost less accumulatedamortization and impairment losses.Subsequent expendituresSubsequent expenditures on intangible assets are capitalized only whenthey increase the future economic benefits embodied in the specific asset towhich they relate. All other expenditures are expensed as incurred.AmortizationAmortization is recognized in the income statement on a straight-line basisover the estimated useful lives of intangible assets unless such usefullives are indefinite. Intangible assets are amortized from the date they areavailable for use.Employee benefitsDefined contribution plansObligations for contributions to defined contribution pension plans arerecognized as an expense in the income statement as incurred.Defined benefit plansThe group\u2019s net obligation in respect of defined benefit pension plans iscalculated separately for each plan by estimating the amount of futurebenefit that employees have earned in the current and prior periods;discounting that amount and deducting the fair value of any plan assets.The calculation of defined benefit obligations is performed annually by aqualified actuary using the projected unit credit method. The discountrate is the yield at the reporting date on government bonds or high-qualitycorporate bonds with maturities consistent with the terms of the obligations.Remeasurement of the net defined benefit liability, which comprisesactuarial gains and losses, the return on plan assets (excluding interest)and the effect of the asset ceiling (if any, excluding interest), are recognizedimmediately in other comprehensive income. The group determines the netinterest expense (income) on the net defined benefit liability (asset) for theperiod by applying the discount rate used to measure the defined benefitobligation at the beginning of the annual period to the then-net definedbenefit liability (asset), taking into account any changes in the net definedbenefit liability (asset) during the period as a result of contributions andbenefit payments. Net interest expense and other expenses related todefined benefit plans are recognized in the income statement.When the benefits of a plan are changed or when a plan is curtailed, theresulting change in benefit that relates to past service or the gain or loss oncurtailment is recognized immediately in the income statement. The grouprecognizes gains and losses on the settlement of a defined benefit planwhen the settlement occurs.Fair value measurementWhen available, the group measures the fair value of a financial instrumentusing the quoted price in an active market for that instrument. If there is noquoted price in an active market, then the group uses valuation techniquesthat maximize the use of relevant observable inputs and minimize the useof unobservable inputs. The chosen valuation technique incorporates allof the factors that market participants would take into account in pricing atransaction.The best evidence of the fair value of a financial instrument on initialrecognition is normally the transaction price. If the group determines thatthe fair value on initial recognition differs from the transaction price andthe fair value is evidenced neither by a quoted price in an active marketfor an identical asset or liability nor based on a valuation technique thatuses only data from observable markets, the financial instrument is initiallymeasured at fair value, and the difference between the fair value on initialrecognition and the transaction price is recognized as a deferred gain orloss. Subsequently, the deferred gain or loss is recognized in profit or losson an appropriate basis over the life of the instrument. Measurement of segment performanceSegment performance is measured by operating profit before depreciation,amortization and impairment (EBITDA) which is reviewed by the group\u2019sExecutive Management Group (the chief operating decision maker).Segment profit, together with key financial information as described below,gives the Executive Management Group relevant information in evaluatingthe results of the operating segments and is relevant in evaluating the resultsof the segments relative to other entities operating within these industries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-2": {
"value": "Basis of consolidationSubsidiariesSubsidiaries are entities controlled by the group. The group controlsan entity when it is exposed to, or has rights to, variable returns fromits involvement with the entity and has the ability to affect those returnsthrough its power over the entity. The financial statements of subsidiariesare included in the consolidated financial statements from the date on whichcontrol commences until the date of which control ceases.Business combinationsBusiness combinations are accounted for using the acquisition methodas of the acquisition date, which is the date when control is transferredto the group. The consideration transferred in the acquisition is generallymeasured at fair value, as are the identifiable net assets acquired. Anygoodwill that arises is tested annually for impairment.Transaction costs, other than those associated with the issue of debt orequity securities incurred in connection with a business combination areexpensed as incurred.Any contingent consideration payable is measured at fair value at theacquisition date. Changes in the fair value of the contingent considerationfrom acquisition of a subsidiary or non-controlling interest for transactionswill be recognized in Other income as gain or loss, except for the obligationthat is classified as equity.Non-controlling interestsNon-controlling interests are measured initially at their fair value at the dateof acquisition. Changes in the group\u2019s ownership interest in a subsidiary thatdo not result in a loss of control are accounted for as equity transactions.Loss of controlOn the loss of control, the group derecognizes the assets and liabilities ofthe subsidiary, any non-controlling interests and the other components ofequity. Any resulting gain or loss is recognized in the income statement.Any interest retained in the former subsidiary is measured at fair value whencontrol is lost. Subsequently it is accounted for as an equity-accountedinvestee or as an available-for-sale financial asset depending on the levelof influence retained.Any contingent consideration receivable is measured at fair value at thedisposal date. Changes in the fair value of the contingent considerationfrom divestment of a subsidiary for transactions will be recognized in Otherincome as gain or loss.Transactions eliminated on consolidationIntra-group balances and transactions, and any unrealized gains andlosses or income and expenses arising from intra-group transactions, areeliminated in preparing the consolidated financial statements. Unrealizedgains arising from transactions with joint ventures are eliminated to theextent of the group\u2019s interest in the entity. Unrealized losses are eliminatedin the same way as unrealized gains, but only to the extent that there is noevidence of impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-71-4": {
"value": "SubsidiariesSubsidiaries are entities controlled by the group. The group controlsan entity when it is exposed to, or has rights to, variable returns fromits involvement with the entity and has the ability to affect those returnsthrough its power over the entity. The financial statements of subsidiariesare included in the consolidated financial statements from the date on whichcontrol commences until the date of which control ceases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-78-4": {
"value": "Business combinationsBusiness combinations are accounted for using the acquisition methodas of the acquisition date, which is the date when control is transferredto the group. The consideration transferred in the acquisition is generallymeasured at fair value, as are the identifiable net assets acquired. Anygoodwill that arises is tested annually for impairment.Transaction costs, other than those associated with the issue of debt orequity securities incurred in connection with a business combination areexpensed as incurred.Any contingent consideration payable is measured at fair value at theacquisition date. Changes in the fair value of the contingent considerationfrom acquisition of a subsidiary or non-controlling interest for transactionswill be recognized in Other income as gain or loss, except for the obligationthat is classified as equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-78-5": {
"value": "Business combinationsBusiness combinations are accounted for using the acquisition methodas of the acquisition date, which is the date when control is transferredto the group. The consideration transferred in the acquisition is generallymeasured at fair value, as are the identifiable net assets acquired. Anygoodwill that arises is tested annually for impairment.Transaction costs, other than those associated with the issue of debt orequity securities incurred in connection with a business combination areexpensed as incurred.Any contingent consideration payable is measured at fair value at theacquisition date. Changes in the fair value of the contingent considerationfrom acquisition of a subsidiary or non-controlling interest for transactionswill be recognized in Other income as gain or loss, except for the obligationthat is classified as equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-4": {
"value": "Non-controlling interestsNon-controlling interests are measured initially at their fair value at the dateof acquisition. Changes in the group\u2019s ownership interest in a subsidiary thatdo not result in a loss of control are accounted for as equity transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-3": {
"value": "Investments in joint venturesThe group\u2019s interests in equity-accounted investees comprise interests injoint ventures.A joint venture is an arrangement in which the group has joint control,whereby the group has rights to the net assets of the arrangement, ratherto its assets and obligations for its liabilities. Joint control is establishedby contractual agreement requiring unanimous consent of the ventures forstrategic, financial and operating decisions.Interests in joint ventures are accounted for using the equity method.They are initially recognized at cost, which includes transaction costs.Subsequent to initial recognition, the consolidated financial statementsinclude the group\u2019s share of the profit and loss and other comprehensiveincome of the equity-accounted investees. When the group\u2019s share oflosses exceeds its interest in an equity-accounted investee, the carryingamount of that interest, including any long-term investments, is reducedto zero, and further losses are not recognized except to the extent that thegroup incurs legal or constructive obligations or has made payments onbehalf of the investee.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-4": {
"value": "Investments in joint venturesThe group\u2019s interests in equity-accounted investees comprise interests injoint ventures.A joint venture is an arrangement in which the group has joint control,whereby the group has rights to the net assets of the arrangement, ratherto its assets and obligations for its liabilities. Joint control is establishedby contractual agreement requiring unanimous consent of the ventures forstrategic, financial and operating decisions.Interests in joint ventures are accounted for using the equity method.They are initially recognized at cost, which includes transaction costs.Subsequent to initial recognition, the consolidated financial statementsinclude the group\u2019s share of the profit and loss and other comprehensiveincome of the equity-accounted investees. When the group\u2019s share oflosses exceeds its interest in an equity-accounted investee, the carryingamount of that interest, including any long-term investments, is reducedto zero, and further losses are not recognized except to the extent that thegroup incurs legal or constructive obligations or has made payments onbehalf of the investee.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-134-3": {
"value": "Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities,that are expected to be recovered primarily through sale rather than throughcontinuing use, are classified as held for sale. This condition is regarded asmet only when the sale is highly probable and the asset or disposal group isavailable for immediate sale in its present condition. Management must becommitted to the sale, which should be expected to qualify for recognitionas a completed sale within one year from the date of classification.Non-current assets and disposal groups classified as held for sale aremeasured at the lower of their carrying amount and fair value less costs tosell. Property, plant and equipment and intangible assets once classifiedas held for sale are not depreciated or amortized, but are considered in theoverall impairment testing of the disposal group.No reclassifications are made for years prior to the year when non-currentassets or disposal groups are classified as a held for sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-134-4": {
"value": "Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities,that are expected to be recovered primarily through sale rather than throughcontinuing use, are classified as held for sale. This condition is regarded asmet only when the sale is highly probable and the asset or disposal group isavailable for immediate sale in its present condition. Management must becommitted to the sale, which should be expected to qualify for recognitionas a completed sale within one year from the date of classification.Non-current assets and disposal groups classified as held for sale aremeasured at the lower of their carrying amount and fair value less costs tosell. Property, plant and equipment and intangible assets once classifiedas held for sale are not depreciated or amortized, but are considered in theoverall impairment testing of the disposal group.No reclassifications are made for years prior to the year when non-currentassets or disposal groups are classified as a held for sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-149-3": {
"value": "Discontinued operationsA discontinued operation is a component of the group\u2019s business thatrepresents a separate major line of business or geographical area ofoperations that has been disposed of or is held for sale, or is a subsidiaryacquired exclusively with a view to resale. Classification as a discontinuedoperation occurs upon disposal or when the operation meets the criteria tobe classified as held for sale, if earlier.In the consolidated income statement, income and expenses fromdiscontinued operations are reported separately from income and expensesfrom continuing operations, down to the level of profit after taxes. When anoperation is classified as a discontinued operation, the comparative incomestatement is restated as if the operation had been discontinued from thestart of the comparative year.The statement of cash flow includes the cash flow from discontinuedoperations prior to the disposal. Cash flows attributable to the operating,investing and financing activities of discontinued operations are presentedin the notes to the extent these represent cash flows with third parties.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-166-3": {
"value": "Foreign currencyForeign currency transactions and balancesTransactions in foreign currencies are translated at the exchange rate atthe date of the transaction. Monetary assets and liabilities denominatedin foreign currencies at the reporting date are translated to the functionalcurrency at the exchange rate on that date. Foreign exchange differencesarising on translation are recognized in the income statement. Non-monetary assets and liabilities measured in terms of historical cost in aforeign currency are translated using the exchange rate on the date of thetransaction. Non-monetary assets and liabilities denominated in foreigncurrencies that are measured at fair value are translated to the functionalcurrency at the exchange rates on the date the fair value is determined.Investments in foreign operationsItems included in the financial statements of each of the group\u2019s entitiesare measured using the currency of the primary economic environment inwhich the entity operates. The results and financial positions of all the groupentities that have a functional currency different from the group\u2019s presentationcurrency are translated into the presentation currency as follows: Assets and liabilities, including goodwill and fair value adjustments, are translated at the closing exchange rate at the reporting date.Income statements are translated at average exchange rate for the year, calculated on the basis of 12 monthly end rates.Exchange differences arising from the translation of the net investmentin foreign operations, and of related hedges, are included in othercomprehensive income as currency translation reserve. These translationdifferences are reclassified to the income statement upon disposal of therelated operations or when settlement is likely to occur in the near future.Monetary items that are receivable from or payable to a foreign operationare considered as part of the net investment in that foreign operation, whenthe settlement is neither planned nor likely to occur in the foreseeable future.Exchange differences arising from these monetary items are recognized inother comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-198-3": {
"value": "Current/non-current classificationAn asset is classified as current when it is expected to be realized or isintended for sale or consumption in the group\u2019s normal operating cycle, itis held primarily for the purpose of being traded, or it is expected/due tobe realized or settled within twelve months after the reporting date. Otherassets are classified as non-current.A liability is classified as current when it is expected to be settled in thegroup\u2019s normal operating cycle, is held primarily for the purpose of beingtraded, the liability is due to be settled within twelve months after thereporting period, or if the group does not have an unconditional right todefer settlement of the liability for at least twelve months after the reportingperiod. All other liabilities are classified as non-current.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-210-3": {
"value": "Financial assets, financial liabilities and equityAll financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-211-3": {
"value": "On initial recognition, a financial asset is classified as measured at amortizedcosts, FVOCI or FVTPL. The classification depends on the group\u2019s businessmodel for managing the financial assets and the contractual terms of thecash flows. A financial asset is measured at amortized costs if the business model is to hold the asset to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interests (SPPI criterion). A debt instrument is classified at FVOCI if the business model is both collecting contractual cash flows and selling the financial asset, and it meets the SPPI criterion. All financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL.Trade and other receivablesTrade and other receivables are generally classified as financial assetsmeasured at amortized costs. They are recognized at the original invoicedamount, less loss allowance made for credit losses. The interest rateelement is disregarded if insignificant, which is the case for the majority ofthe group\u2019s trade receivables.Interest-bearing receivablesInterest-bearing receivables include loans to related parties and aregenerally classified as financial assets measured at amortized costs.Such financial assets are recognized initially at fair value and subsequentmeasurement at amortized cost using the effective interest method, lessany impairment losses.Cash and cash equivalentsCash and cash equivalents include cash on hand, demand deposits held atbanks and other short-term highly liquid investments with original maturityof three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-222-5": {
"value": "All financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-224-3": {
"value": "Financial assets are not reclassified subsequent to their initial recognitionunless the group changes its business model for managing financial assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-226-3": {
"value": "Other investmentsOther investments include equity and debt investments in companies wherethe group has neither control nor significant influence, usually representedby less than 20 percent of the voting power. The investments are categorizedas financial assets measured at FVTPL or FVOCI and recognized at fairvalue at the reporting date. Subsequent to initial recognition, changes infinancial assets measured at FVTPL are recognized in profit and loss. When a debt instrument is classified as financial asset measured at FVOCI,interest income calculated using the effective interest method, foreignexchange gains and losses and impairment losses are recognized in profitand loss. Other changes in fair value are recognized in other comprehensiveincome and presented as part of fair value reserve. When financial assetmeasured at FVOCI is derecognized, the gain or loss accumulated in othercomprehensive income is reclassified to profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-256-3": {
"value": "Trade and other payablesTrade payables are recognized at the original invoiced amount. Otherpayables are recognized initially at fair value. Trade and other payablesare valued at amortized cost using the effective interest rate method. Theinterest rate element is disregarded if it is insignificant, which is the case forthe majority of the group\u2019s trade payables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-256-4": {
"value": "Trade and other payablesTrade payables are recognized at the original invoiced amount. Otherpayables are recognized initially at fair value. Trade and other payablesare valued at amortized cost using the effective interest rate method. Theinterest rate element is disregarded if it is insignificant, which is the case forthe majority of the group\u2019s trade payables.Interest-bearing borrowingsInterest-bearing borrowings are recognized initially at fair value lessattributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortized cost with any differencebetween cost and redemption value being recognized in the incomestatement over the period of the borrowings on an effective interest basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-262-4": {
"value": "Interest-bearing borrowingsInterest-bearing borrowings are recognized initially at fair value lessattributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortized cost with any differencebetween cost and redemption value being recognized in the incomestatement over the period of the borrowings on an effective interest basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-268-3": {
"value": "Share capitalOrdinary shares are classified as equity. Repurchase of share capital isrecognized as a reduction in equity and is classified as treasury shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-271-3": {
"value": "Finance income and expenseFinance income and expense include interest income and expense, foreignexchange gains and losses, dividend income, gains and losses on derivatives,as well as change in fair value of financial assets measured at FVTPL.Interest income and expenses include calculated interest using the effectiveinterest method, in addition to discounting effects from assets and liabilitiesmeasured at fair value. Gains and losses on derivatives include effectsfrom derivatives that do not qualify for hedge accounting and embeddedderivatives, in addition to the ineffective portion of qualifying hedges.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-280-3": {
"value": "Revenue from contract with customersIFRS 15 Revenue from Contracts with customers establishes a five-step methodthat applies to all customer contracts. Under the standard, only approvedcustomer contracts with a firm commitment are basis for revenue recognition.The deliveries in the contracts are reviewed to identify distinct performanceobligations, and revenue is recognized in line with how the entity satisfies theseperformance obligations \u2013 either over time or at a point in time. This assessmentmay involve significant judgement. For contracts with customers for which theperformance obligations are satisfied over time, revenue is recognized overtime using a cost progress method or as time and material are delivered to thecustomer. For contracts with customers for which the performance obligationsare satisfied at a point in time, revenue is recognized at the point in timewhen the customer obtains control of the product or the service. Majority of the group\u2019s revenue is service revenue generated from rendering ofservices to customers. The customers simultaneously receive and consumethe benefits provided by these services. The invoicing is usually based onthe service provided at regular basis. Under some service contracts, theinvoices are based on hours or days performed at agreed rates. The grouphas assessed that these performance obligations are satisfied over time. Therevenue is recognized according to progress, or using the invoiced amountswhen the invoiced amounts directly correspond with the value of the servicesthat are transferred to the customers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-302-3": {
"value": "Income taxIncome tax recognized in the income statement comprises current anddeferred tax. Income tax is recognized in the income statement exceptto the extent that it relates to items recognized directly in equity or othercomprehensive income.Current tax is the expected tax payable or receivable on the taxable incomeor loss for the year, using tax rates enacted or substantially enacted at thereporting date, and any adjustment to tax payable in respect of previousyears. Current tax payable also includes any tax liability arising from thedeclaration of dividends, recognized at the same time as the liability to paythe related dividend.Deferred tax is recognized in respect of temporary differences betweenthe carrying amounts of assets and liabilities for financial reporting and theamounts used for taxation purposes. Deferred tax is not recognized for:Goodwill not deductible for tax purposesThe initial recognition of assets or liabilities that affects neither accounting nor taxable profitTemporary differences relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable futureDeferred tax is measured at the tax rates that are expected to be applied totemporary differences when they reverse, based on the tax rates that havebeen enacted or substantively enacted at the reporting date.Deferred tax assets and liabilities are offset if there is a legally enforceableright to offset current tax liabilities and assets, and they relate to incometaxes levied by the same tax authority on the same taxable entity, or ondifferent taxable entities which intend either to settle current tax liabilitiesand assets on a net basis, or to realize the tax assets and settle the liabilitiessimultaneously.Deferred tax assets are recognized for unused tax losses, tax creditsand deductible temporary differences, to the extent that it is probable thatfuture taxable profits will be available against which they can be utilized.Measurement of deferred tax assets are reviewed at each reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-302-4": {
"value": "Income taxIncome tax recognized in the income statement comprises current anddeferred tax. Income tax is recognized in the income statement exceptto the extent that it relates to items recognized directly in equity or othercomprehensive income.Current tax is the expected tax payable or receivable on the taxable incomeor loss for the year, using tax rates enacted or substantially enacted at thereporting date, and any adjustment to tax payable in respect of previousyears. Current tax payable also includes any tax liability arising from thedeclaration of dividends, recognized at the same time as the liability to paythe related dividend.Deferred tax is recognized in respect of temporary differences betweenthe carrying amounts of assets and liabilities for financial reporting and theamounts used for taxation purposes. Deferred tax is not recognized for:Goodwill not deductible for tax purposesThe initial recognition of assets or liabilities that affects neither accounting nor taxable profitTemporary differences relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable futureDeferred tax is measured at the tax rates that are expected to be applied totemporary differences when they reverse, based on the tax rates that havebeen enacted or substantively enacted at the reporting date.Deferred tax assets and liabilities are offset if there is a legally enforceableright to offset current tax liabilities and assets, and they relate to incometaxes levied by the same tax authority on the same taxable entity, or ondifferent taxable entities which intend either to settle current tax liabilitiesand assets on a net basis, or to realize the tax assets and settle the liabilitiessimultaneously.Deferred tax assets are recognized for unused tax losses, tax creditsand deductible temporary differences, to the extent that it is probable thatfuture taxable profits will be available against which they can be utilized.Measurement of deferred tax assets are reviewed at each reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-334-3": {
"value": "ImpairmentTrade receivables and contract assetsLoss allowance is recognized in profit or loss and measured at lifetimeECLs. ECLs are a probability-weighted estimate of credit losses. LifetimeECLs are the ECLs that result from all possible default events over theexpected life of a financial asset. The group considers a financial asset to bein default when the group is unlikely to receive its outstanding contractualamount in full, or the contractual payments are more than 90 days past due.When estimating ECLs, the group considers reasonable and supportableinformation that is relevant and available without undue cost or effort, basedon the group\u2019s historical experience including forward-looking information.The loss allowance is recognized in financial items to the extent thatimpairment is caused by the insolvency of the customer. The gross carrying amount of trade receivable is written off when the grouphas no reasonable expectations of recovering a trade receivable in itsentirety or a portion thereof. The group individually makes an assessmentwith respect to the timing and amount of write-off based on whether thereis a reasonable expectation of recovery. Trade receivables that are writtenoff could still be subject to enforcement activities in order to comply with thegroup\u2019s procedures for recovery of amounts due.Debt instruments measured at amortized cost or at FVOCIDebt instruments measured at amortized cost or at FVOCI are consideredto be \u201ccredit-impaired\u201d when there is significant financial difficulty of theborrower or it is probable that the borrower will enter bankruptcy or otherfinancial reorganization. The loss allowance is charged to profit and loss. Non-financial assetsThe carrying amounts of the group\u2019s non-financial assets (other thanemployee benefit assets, inventories and deferred tax assets) are reviewedat the end of each reporting period to determine whether there is anyindication of impairment. If an indication of impairment exists, the asset\u2019srecoverable amount is estimated. Cash-generating units (CGU) containinggoodwill, intangible assets with an indefinite useful life and intangible assetsthat are not yet available for use are tested for impairment annually.The recoverable amount is the greater of fair value less costs to sell andvalue in use. In assessing value in use, the estimated future cash flowsare discounted to their present value using a pre-tax discount rate thatreflects current market assessments of the time value of money and therisks specific to the asset. For an asset that does not generate largelyindependent cash inflows, the recoverable amount is determined for theCGU to which the asset belongs.An impairment loss is recognized whenever the carrying amount of anasset or a CGU exceeds its recoverable amount. Impairment losses arerecognized in the income statement.An impairment loss recognized in respect of a CGU (or a group of CGUs)containing goodwill is allocated first to goodwill and then to the other assetsin the CGU(s) on a pro rata basis.An impairment loss on goodwill is not reversed. An impairment loss onother assets is reversed if there has been a change in the estimates usedto determine the recoverable amount, and the change can be objectivelyrelated to an event occurring after the impairment is recognized. Animpairment loss is reversed only to the extent that the asset\u2019s carryingamount does not exceed the carrying amount that would have beendetermined, net of depreciation or amortization, if no impairment loss hadbeen recognized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-335-4": {
"value": "Trade receivables and contract assetsLoss allowance is recognized in profit or loss and measured at lifetimeECLs. ECLs are a probability-weighted estimate of credit losses. LifetimeECLs are the ECLs that result from all possible default events over theexpected life of a financial asset. The group considers a financial asset to bein default when the group is unlikely to receive its outstanding contractualamount in full, or the contractual payments are more than 90 days past due.When estimating ECLs, the group considers reasonable and supportableinformation that is relevant and available without undue cost or effort, basedon the group\u2019s historical experience including forward-looking information.The loss allowance is recognized in financial items to the extent thatimpairment is caused by the insolvency of the customer. The gross carrying amount of trade receivable is written off when the grouphas no reasonable expectations of recovering a trade receivable in itsentirety or a portion thereof. The group individually makes an assessmentwith respect to the timing and amount of write-off based on whether thereis a reasonable expectation of recovery. Trade receivables that are writtenoff could still be subject to enforcement activities in order to comply with thegroup\u2019s procedures for recovery of amounts due.Debt instruments measured at amortized cost or at FVOCIDebt instruments measured at amortized cost or at FVOCI are consideredto be \u201ccredit-impaired\u201d when there is significant financial difficulty of theborrower or it is probable that the borrower will enter bankruptcy or otherfinancial reorganization. The loss allowance is charged to profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-359-4": {
"value": "Non-financial assetsThe carrying amounts of the group\u2019s non-financial assets (other thanemployee benefit assets, inventories and deferred tax assets) are reviewedat the end of each reporting period to determine whether there is anyindication of impairment. If an indication of impairment exists, the asset\u2019srecoverable amount is estimated. Cash-generating units (CGU) containinggoodwill, intangible assets with an indefinite useful life and intangible assetsthat are not yet available for use are tested for impairment annually.The recoverable amount is the greater of fair value less costs to sell andvalue in use. In assessing value in use, the estimated future cash flowsare discounted to their present value using a pre-tax discount rate thatreflects current market assessments of the time value of money and therisks specific to the asset. For an asset that does not generate largelyindependent cash inflows, the recoverable amount is determined for theCGU to which the asset belongs.An impairment loss is recognized whenever the carrying amount of anasset or a CGU exceeds its recoverable amount. Impairment losses arerecognized in the income statement.An impairment loss recognized in respect of a CGU (or a group of CGUs)containing goodwill is allocated first to goodwill and then to the other assetsin the CGU(s) on a pro rata basis.An impairment loss on goodwill is not reversed. An impairment loss onother assets is reversed if there has been a change in the estimates usedto determine the recoverable amount, and the change can be objectivelyrelated to an event occurring after the impairment is recognized. Animpairment loss is reversed only to the extent that the asset\u2019s carryingamount does not exceed the carrying amount that would have beendetermined, net of depreciation or amortization, if no impairment loss hadbeen recognized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-388-3": {
"value": "ProvisionsA provision is recognized when the group has a present obligation as aresult of a past event that can be estimated reliably and it is probable thatthe group will be required to settle the obligation. If the effect is material,provisions are determined by discounting the expected future cash flows ata market based pre-tax rate that reflects current market assessments of thetime value of money and, where appropriate, the liability-specific risks. Theunwinding of the discount is recognized as finance expense.Onerous contractsProvision for onerous contracts is recognized when the expected benefits tobe derived by the group from a contract are lower than the unavoidable costsof meeting the obligations under the contract. The provision is measured atthe lower of the expected cost of terminating the contract and the expected netcost of continuing with the contract. Before a provision is recognized, the grouprecognizes any impairment loss on the assets associated with the contract.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-403-3": {
"value": "LeasesAs a lesseeRight-of-use assetsThe group recognizes right-of-use asset at the lease commencement date.The right-of-use asset is initially measured at cost, which comprises theinitial amount of the lease liability adjusted for any prepaid lease paymentsmade at or before the commencement date, plus any initial direct costs.Subsequently, the right-of-use asset is depreciated on a straight-line basisover the shorter of its estimated useful life and the lease term. In addition,the right-of-asset is subject to impairment assessment of non-financialassets and adjusted for certain remeasurement of the lease liability.Lease liabilitiesAt the lease commencement date, the group recognizes lease liabilitymeasured at the present value of the lease payments over the lease term,discounted using the group's incremental interest rate. Generally, the leasepayments include fixed payments and variable lease payments that dependon an index or rate.The lease liability is subsequently increased by the interest cost on thelease liability and decreased by lease payment made. It is remeasuredwhen there is a change in future lease payments arising from a change inan index or rate, or as appropriate, changes in the assessment of whetheran extension option is reasonably certain to be exercised or a terminationoption is reasonably certain not to be exercised.Short term leases and leases of low-value assetsThe group applies the recognition exemption to its leases that have a leaseterm of 12 months or less from the commencement date and do not containa purchase option (short-term leases). The group also applies recognitionexemption to leases that are considered of low-value assets, mainly ITequipment and office equipment. Lease payments associated with the short-term leases and leases of low -value assets are recognized as expenseson a straight -line basis over the lease term.Lease termThe group determines the lease term as the non-cancellable term of thelease, together with any periods covered by an option to extend the leaseif it is reasonably certain to be exercised, or any period covered by anoption to terminate the lease if it is reasonably certain not to be exercised.The group applies judgment in evaluating whether it is reasonably certainto exercise extension option, considering all relevant factors that createeconomic incentive to exercise the extension option.As a lessorWhen the group acts as a lessor, it determines at lease inception whethereach lease is a finance lease or an operating lease.To classify each lease, the group makes an overall assessment of whetherthe lease transfers substantially all of the risks and rewards incidental toownership of the underlying asset. If this is the case, then the lease is afinance lease; if not, then it is an operating lease. As part of this assessment,the group considers certain indicators such as whether the lease is for themajor part of the economic life of the asset.When the group is an intermediate lessor, it accounts for its interests in thehead lease and the sub-lease separately. It assesses the lease classificationof a sub-lease with reference to the right-of-use asset arising from the headlease, not with reference to the underlying asset.The group recognizes lease payments received under operating leasesas income on a straight line basis over the lease term as part of \u201cLeaserevenue\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-458-3": {
"value": "Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulateddepreciation and impairment losses. The cost of self-constructed assetsincludes the cost of materials, direct labour, borrowing costs on qualifyingassets, production overheads and the estimated costs of dismantling andremoving the assets and restoring the site on which they are located.If the components of property, plant and equipment have different usefullives, they are accounted for as separate components.Subsequent costsThe group capitalizes the cost of a replacement part or a component ofproperty, plant and equipment when that cost is incurred if it is probablethat the future economic benefits embodied with the item will flow to thegroup and the cost of the item can be measured reliably. All other costs areexpensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-472-3": {
"value": "DepreciationDepreciation is normally recognized on a straight-line basis over theestimated useful lives of property, plant and equipment. Research and developmentExpenditures on research activities undertaken with the prospect ofobtaining new scientific or technical knowledge and understanding isrecognized in the income statement as incurred.Development activities involve a plan or design for the production of new orsubstantially improved products or processes. Development expenditure iscapitalized only if development costs can be measured reliably, the productor process is technically and commercially feasible, future economicbenefits are probable and the group intends to and has sufficient resourcesto complete development and to use or sell the asset. The capitalizedexpenditure includes cost of materials, direct labour overhead costs thatare directly attributable to preparing the asset for it intended use andcapitalized interest on qualifying assets. Other development expendituresare recognized in the income statement as an expense as incurred.Capitalized development expenditure is measured at cost less accumulatedamortization and accumulated impairment losses.AmortizationAmortization is recognized in the income statement on a straight-line basisover the estimated useful lives of intangible assets unless such usefullives are indefinite. Intangible assets are amortized from the date they areavailable for use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-472-4": {
"value": "DepreciationDepreciation is normally recognized on a straight-line basis over theestimated useful lives of property, plant and equipment. AmortizationAmortization is recognized in the income statement on a straight-line basisover the estimated useful lives of intangible assets unless such usefullives are indefinite. Intangible assets are amortized from the date they areavailable for use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-475-3": {
"value": "Intangible assetsGoodwillGoodwill that arises from the acquisition of subsidiaries is presented asintangible asset. For the measurement of goodwill at initial recognition, seeBusiness combinations.Goodwill is measured at cost less accumulated impairment losses. Inrespect of equity-accounted investees, the carrying amount of goodwill isincluded in the carrying amount of the investment, and any impairment lossis allocated to the carrying amount of the equity-accounted investee as awhole.When the group disposes of an operation within a CGU or group of CGUsto which goodwill has been allocated, a portion of the goodwill is includedin the carrying amount of the operation when determining the gain or losson disposal. The portion of the goodwill allocated is measured based onthe relative values of the operation disposed of and the portion of the CGUretained at the date of partial disposal, unless it can be demonstrated thatanother method better reflects the goodwill associated with the operationdisposed of. The same principle is used for allocation of goodwill when thegroup reorganizes its businesses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-476-4": {
"value": "GoodwillGoodwill that arises from the acquisition of subsidiaries is presented asintangible asset. For the measurement of goodwill at initial recognition, seeBusiness combinations.Goodwill is measured at cost less accumulated impairment losses. Inrespect of equity-accounted investees, the carrying amount of goodwill isincluded in the carrying amount of the investment, and any impairment lossis allocated to the carrying amount of the equity-accounted investee as awhole.When the group disposes of an operation within a CGU or group of CGUsto which goodwill has been allocated, a portion of the goodwill is includedin the carrying amount of the operation when determining the gain or losson disposal. The portion of the goodwill allocated is measured based onthe relative values of the operation disposed of and the portion of the CGUretained at the date of partial disposal, unless it can be demonstrated thatanother method better reflects the goodwill associated with the operationdisposed of. The same principle is used for allocation of goodwill when thegroup reorganizes its businesses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-494-4": {
"value": "Research and developmentExpenditures on research activities undertaken with the prospect ofobtaining new scientific or technical knowledge and understanding isrecognized in the income statement as incurred.Development activities involve a plan or design for the production of new orsubstantially improved products or processes. Development expenditure iscapitalized only if development costs can be measured reliably, the productor process is technically and commercially feasible, future economicbenefits are probable and the group intends to and has sufficient resourcesto complete development and to use or sell the asset. The capitalizedexpenditure includes cost of materials, direct labour overhead costs thatare directly attributable to preparing the asset for it intended use andcapitalized interest on qualifying assets. Other development expendituresare recognized in the income statement as an expense as incurred.Capitalized development expenditure is measured at cost less accumulatedamortization and accumulated impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-510-3": {
"value": "Other intangible assetsAcquired intangible assets are measured at cost less accumulatedamortization and impairment losses.Subsequent expendituresSubsequent expenditures on intangible assets are capitalized only whenthey increase the future economic benefits embodied in the specific asset towhich they relate. All other expenditures are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-522-3": {
"value": "Employee benefitsDefined contribution plansObligations for contributions to defined contribution pension plans arerecognized as an expense in the income statement as incurred.Defined benefit plansThe group\u2019s net obligation in respect of defined benefit pension plans iscalculated separately for each plan by estimating the amount of futurebenefit that employees have earned in the current and prior periods;discounting that amount and deducting the fair value of any plan assets.The calculation of defined benefit obligations is performed annually by aqualified actuary using the projected unit credit method. The discountrate is the yield at the reporting date on government bonds or high-qualitycorporate bonds with maturities consistent with the terms of the obligations.Remeasurement of the net defined benefit liability, which comprisesactuarial gains and losses, the return on plan assets (excluding interest)and the effect of the asset ceiling (if any, excluding interest), are recognizedimmediately in other comprehensive income. The group determines the netinterest expense (income) on the net defined benefit liability (asset) for theperiod by applying the discount rate used to measure the defined benefitobligation at the beginning of the annual period to the then-net definedbenefit liability (asset), taking into account any changes in the net definedbenefit liability (asset) during the period as a result of contributions andbenefit payments. Net interest expense and other expenses related todefined benefit plans are recognized in the income statement.When the benefits of a plan are changed or when a plan is curtailed, theresulting change in benefit that relates to past service or the gain or loss oncurtailment is recognized immediately in the income statement. The grouprecognizes gains and losses on the settlement of a defined benefit planwhen the settlement occurs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-551-3": {
"value": "Fair value measurementWhen available, the group measures the fair value of a financial instrumentusing the quoted price in an active market for that instrument. If there is noquoted price in an active market, then the group uses valuation techniquesthat maximize the use of relevant observable inputs and minimize the useof unobservable inputs. The chosen valuation technique incorporates allof the factors that market participants would take into account in pricing atransaction.The best evidence of the fair value of a financial instrument on initialrecognition is normally the transaction price. If the group determines thatthe fair value on initial recognition differs from the transaction price andthe fair value is evidenced neither by a quoted price in an active marketfor an identical asset or liability nor based on a valuation technique thatuses only data from observable markets, the financial instrument is initiallymeasured at fair value, and the difference between the fair value on initialrecognition and the transaction price is recognized as a deferred gain orloss. Subsequently, the deferred gain or loss is recognized in profit or losson an appropriate basis over the life of the instrument. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-569-2": {
"value": "Note 4 | Significant accounting estimates and judgementsEstimates and judgements are continually reviewed and are based onhistorical experiences and expectations of future events. The resultingaccounting estimates will, by definition, seldom accurately match actualresults, but are based on the best estimate at the time. Estimates andassumptions that have a significant risk of causing material adjustments tothe carrying amounts of assets and liabilities within the next financial yearare discussed below.Fair value measurementThe group has invested in significant financial assets that require themeasurement of fair value. If there is no quoted price in an active market,then the group uses valuation techniques that maximize the use ofrelevant observable inputs and minimize the use of unobservable inputs.The chosen valuation technique incorporates all of the factors that marketparticipants would take into account in pricing a transaction. The fair valuemeasurement requires a high degree of judgment. Judgements includeconsiderations of inputs such as cash flow projection, discount rate andvolatility. Further information about the fair value measurement using level3 inputs is included in Note 30 Financial Instruments. Impairment of financial assets The group has invested in significant debt instruments measured at fairvalue through other comprehensive income (FVOCI). The impairment ofthese financial assets are subject to expected credit loss. The loss allowanceis recognized in profit and loss and reduces the fair value loss otherwiserecognized in OCI. The loss allowance is based on assumptions of expectedcash flows from the debt instruments. When making these assumptions, thegroup uses judgements selecting the similar inputs as used in the fair valuemeasurement since the valuation model also considers the present value ofexpected cash flows from such investments. Key assumptions include theexpected disposal value of the investments and discount factor. Deferred and contingent considerationsDeferred and contingent considerations resulting from businesscombinations and disposals are measured at fair value at transaction date.When a deferred and contingent consideration meets the definition of afinancial asset or liability, it is subsequently remeasured at fair value at thereporting date. The determination of fair value is based on discounted cashflows. Key assumptions made by the management include the probability ofmeeting each performance target and the discount factor.Income taxesThe group is subject to income taxes in numerous jurisdictions. Significantjudgement is required to determine the worldwide provision for incometaxes. There are many transactions and calculations for which the ultimatetax determination is uncertain during the ordinary course of business.Provisions for anticipated tax audit issues are based on estimates ofeventual additional taxes.Valuation of deferred tax assets is dependent on management\u2019s assessmentof future recoverability of the deferred tax benefit. Expected recoverabilitymay result from expected taxable income in the near future, plannedtransactions or planned tax optimizing measures. Economic conditions maychange and lead to a different conclusion regarding recoverability, and suchchange may affect the results for each future reporting period.Tax authorities in different jurisdictions may challenge calculation of incometaxes from prior periods. Such processes may lead to changes to priorperiods\u2019 taxable income, resulting in changes to income tax expense. Whentax authorities challenge income tax calculations, management is requiredto make estimates of the probability and amount of possible tax adjustments.Such estimates may change as additional information becomes known.Further details about income taxes are included in Note 12 Income tax.Pension benefitsThe present value of the pension obligations depends on a number of factorsdetermined on the basis of actuarial assumptions. These assumptionsinclude financial factors such as the discount rate, expected salary growth,inflation and return on assets as well as demographical factors concerningmortality, employee turnover, disability and early retirement. Assumptionsabout all these factors are based on the situation at the time the assessmentis made. However, it is reasonably certain that such factors will change overthe very long periods for which pension calculations are made. Any changesin these assumptions will affect the calculated pension obligations withimmediate recognition in other comprehensive income. Further informationabout the pension obligations and the assumptions used are included inNote 25 Employee benefits - pension.Lease termsSome of the property leases, in which the group is a lessee, containextension or termination options exercisable before the end of the non-cancellable period. These options are used to provide operational flexibilityfor the group. In determining the lease term, the group considers all factsand circumstances that create an economic incentive to exercise anextension option, or not exercise a termination option. Extension options (orperiods after termination options) are only included in the lease term if thelease is reasonably certain to be extended (or not terminated). The mostrelevant factors to be considered as \u201ccreating economic incentive\u201d includesignificant leasehold improvement, alternatives for the leased property andthe costs and business disruption required to replace the leased assets.Most extension options in offices leases have not been included in the leaseterm, because the group expects to be able to replace the assets withoutsignificant cost or business disruption. Most of the early termination optionsare not considered in the lease term either as the group assesses it asreasonably certain that the leases will not be terminated early. The lease term assessment requires management\u2019s judgment and is madeat the commencement of the leases. The lease term is reassessed if anoption is actually exercised or the group becomes obliged to exercise it. Theassessment of reasonable certainty is only revised if a significant event or asignificant change in circumstances occurs, which affects this assessment,and that is within the group\u2019s control. Please see Note 31 Leases for moreinformation about the leases where the group is a lessee. Legal disputes and contingent liabilitiesGiven the scope of the group\u2019s worldwide operations, group companiesare inevitably involved in legal disputes in the course of their businessactivities. In addition, as an investment company, Akastor and its portfoliocompanies from time to time engage in mergers, acquisitions and othertransactions that could expose the companies to financial and othernon-operational risks, such as indemnity claims and price adjustmentmechanisms resulting in recognition of deferred settlement obligations.Provisions have been made to cover the expected outcome of the legalclaims and disputes to the extent negative outcomes are likely and reliableestimates can be made. However, the final outcomes of these cases aresubject to uncertainties, and resulting liabilities may exceed provisionsrecognized. The group follows the development of these disputes on case-by-case basis and makes assessment based on all available evidence asat the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-577-3": {
"value": "Fair value measurementThe group has invested in significant financial assets that require themeasurement of fair value. If there is no quoted price in an active market,then the group uses valuation techniques that maximize the use ofrelevant observable inputs and minimize the use of unobservable inputs.The chosen valuation technique incorporates all of the factors that marketparticipants would take into account in pricing a transaction. The fair valuemeasurement requires a high degree of judgment. Judgements includeconsiderations of inputs such as cash flow projection, discount rate andvolatility. Further information about the fair value measurement using level3 inputs is included in Note 30 Financial Instruments. Impairment of financial assets The group has invested in significant debt instruments measured at fairvalue through other comprehensive income (FVOCI). The impairment ofthese financial assets are subject to expected credit loss. The loss allowanceis recognized in profit and loss and reduces the fair value loss otherwiserecognized in OCI. The loss allowance is based on assumptions of expectedcash flows from the debt instruments. When making these assumptions, thegroup uses judgements selecting the similar inputs as used in the fair valuemeasurement since the valuation model also considers the present value ofexpected cash flows from such investments. Key assumptions include theexpected disposal value of the investments and discount factor. Deferred and contingent considerationsDeferred and contingent considerations resulting from businesscombinations and disposals are measured at fair value at transaction date.When a deferred and contingent consideration meets the definition of afinancial asset or liability, it is subsequently remeasured at fair value at thereporting date. The determination of fair value is based on discounted cashflows. Key assumptions made by the management include the probability ofmeeting each performance target and the discount factor.Income taxesThe group is subject to income taxes in numerous jurisdictions. Significantjudgement is required to determine the worldwide provision for incometaxes. There are many transactions and calculations for which the ultimatetax determination is uncertain during the ordinary course of business.Provisions for anticipated tax audit issues are based on estimates ofeventual additional taxes.Valuation of deferred tax assets is dependent on management\u2019s assessmentof future recoverability of the deferred tax benefit. Expected recoverabilitymay result from expected taxable income in the near future, plannedtransactions or planned tax optimizing measures. Economic conditions maychange and lead to a different conclusion regarding recoverability, and suchchange may affect the results for each future reporting period.Tax authorities in different jurisdictions may challenge calculation of incometaxes from prior periods. Such processes may lead to changes to priorperiods\u2019 taxable income, resulting in changes to income tax expense. Whentax authorities challenge income tax calculations, management is requiredto make estimates of the probability and amount of possible tax adjustments.Such estimates may change as additional information becomes known.Further details about income taxes are included in Note 12 Income tax.Pension benefitsThe present value of the pension obligations depends on a number of factorsdetermined on the basis of actuarial assumptions. These assumptionsinclude financial factors such as the discount rate, expected salary growth,inflation and return on assets as well as demographical factors concerningmortality, employee turnover, disability and early retirement. Assumptionsabout all these factors are based on the situation at the time the assessmentis made. However, it is reasonably certain that such factors will change overthe very long periods for which pension calculations are made. Any changesin these assumptions will affect the calculated pension obligations withimmediate recognition in other comprehensive income. Further informationabout the pension obligations and the assumptions used are included inNote 25 Employee benefits - pension.Lease termsSome of the property leases, in which the group is a lessee, containextension or termination options exercisable before the end of the non-cancellable period. These options are used to provide operational flexibilityfor the group. In determining the lease term, the group considers all factsand circumstances that create an economic incentive to exercise anextension option, or not exercise a termination option. Extension options (orperiods after termination options) are only included in the lease term if thelease is reasonably certain to be extended (or not terminated). The mostrelevant factors to be considered as \u201ccreating economic incentive\u201d includesignificant leasehold improvement, alternatives for the leased property andthe costs and business disruption required to replace the leased assets.Most extension options in offices leases have not been included in the leaseterm, because the group expects to be able to replace the assets withoutsignificant cost or business disruption. Most of the early termination optionsare not considered in the lease term either as the group assesses it asreasonably certain that the leases will not be terminated early. The lease term assessment requires management\u2019s judgment and is madeat the commencement of the leases. The lease term is reassessed if anoption is actually exercised or the group becomes obliged to exercise it. Theassessment of reasonable certainty is only revised if a significant event or asignificant change in circumstances occurs, which affects this assessment,and that is within the group\u2019s control. Please see Note 31 Leases for moreinformation about the leases where the group is a lessee. Legal disputes and contingent liabilitiesGiven the scope of the group\u2019s worldwide operations, group companiesare inevitably involved in legal disputes in the course of their businessactivities. In addition, as an investment company, Akastor and its portfoliocompanies from time to time engage in mergers, acquisitions and othertransactions that could expose the companies to financial and othernon-operational risks, such as indemnity claims and price adjustmentmechanisms resulting in recognition of deferred settlement obligations.Provisions have been made to cover the expected outcome of the legalclaims and disputes to the extent negative outcomes are likely and reliableestimates can be made. However, the final outcomes of these cases aresubject to uncertainties, and resulting liabilities may exceed provisionsrecognized. The group follows the development of these disputes on case-by-case basis and makes assessment based on all available evidence asat the reporting date.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-577-4": {
"value": "Fair value measurementThe group has invested in significant financial assets that require themeasurement of fair value. If there is no quoted price in an active market,then the group uses valuation techniques that maximize the use ofrelevant observable inputs and minimize the use of unobservable inputs.The chosen valuation technique incorporates all of the factors that marketparticipants would take into account in pricing a transaction. The fair valuemeasurement requires a high degree of judgment. Judgements includeconsiderations of inputs such as cash flow projection, discount rate andvolatility. Further information about the fair value measurement using level3 inputs is included in Note 30 Financial Instruments. Impairment of financial assets The group has invested in significant debt instruments measured at fairvalue through other comprehensive income (FVOCI). The impairment ofthese financial assets are subject to expected credit loss. The loss allowanceis recognized in profit and loss and reduces the fair value loss otherwiserecognized in OCI. The loss allowance is based on assumptions of expectedcash flows from the debt instruments. When making these assumptions, thegroup uses judgements selecting the similar inputs as used in the fair valuemeasurement since the valuation model also considers the present value ofexpected cash flows from such investments. Key assumptions include theexpected disposal value of the investments and discount factor. Deferred and contingent considerationsDeferred and contingent considerations resulting from businesscombinations and disposals are measured at fair value at transaction date.When a deferred and contingent consideration meets the definition of afinancial asset or liability, it is subsequently remeasured at fair value at thereporting date. The determination of fair value is based on discounted cashflows. Key assumptions made by the management include the probability ofmeeting each performance target and the discount factor.Income taxesThe group is subject to income taxes in numerous jurisdictions. Significantjudgement is required to determine the worldwide provision for incometaxes. There are many transactions and calculations for which the ultimatetax determination is uncertain during the ordinary course of business.Provisions for anticipated tax audit issues are based on estimates ofeventual additional taxes.Valuation of deferred tax assets is dependent on management\u2019s assessmentof future recoverability of the deferred tax benefit. Expected recoverabilitymay result from expected taxable income in the near future, plannedtransactions or planned tax optimizing measures. Economic conditions maychange and lead to a different conclusion regarding recoverability, and suchchange may affect the results for each future reporting period.Tax authorities in different jurisdictions may challenge calculation of incometaxes from prior periods. Such processes may lead to changes to priorperiods\u2019 taxable income, resulting in changes to income tax expense. Whentax authorities challenge income tax calculations, management is requiredto make estimates of the probability and amount of possible tax adjustments.Such estimates may change as additional information becomes known.Further details about income taxes are included in Note 12 Income tax.Pension benefitsThe present value of the pension obligations depends on a number of factorsdetermined on the basis of actuarial assumptions. These assumptionsinclude financial factors such as the discount rate, expected salary growth,inflation and return on assets as well as demographical factors concerningmortality, employee turnover, disability and early retirement. Assumptionsabout all these factors are based on the situation at the time the assessmentis made. However, it is reasonably certain that such factors will change overthe very long periods for which pension calculations are made. Any changesin these assumptions will affect the calculated pension obligations withimmediate recognition in other comprehensive income. Further informationabout the pension obligations and the assumptions used are included inNote 25 Employee benefits - pension.Lease termsSome of the property leases, in which the group is a lessee, containextension or termination options exercisable before the end of the non-cancellable period. These options are used to provide operational flexibilityfor the group. In determining the lease term, the group considers all factsand circumstances that create an economic incentive to exercise anextension option, or not exercise a termination option. Extension options (orperiods after termination options) are only included in the lease term if thelease is reasonably certain to be extended (or not terminated). The mostrelevant factors to be considered as \u201ccreating economic incentive\u201d includesignificant leasehold improvement, alternatives for the leased property andthe costs and business disruption required to replace the leased assets.Most extension options in offices leases have not been included in the leaseterm, because the group expects to be able to replace the assets withoutsignificant cost or business disruption. Most of the early termination optionsare not considered in the lease term either as the group assesses it asreasonably certain that the leases will not be terminated early. The lease term assessment requires management\u2019s judgment and is madeat the commencement of the leases. The lease term is reassessed if anoption is actually exercised or the group becomes obliged to exercise it. Theassessment of reasonable certainty is only revised if a significant event or asignificant change in circumstances occurs, which affects this assessment,and that is within the group\u2019s control. Please see Note 31 Leases for moreinformation about the leases where the group is a lessee. Legal disputes and contingent liabilitiesGiven the scope of the group\u2019s worldwide operations, group companiesare inevitably involved in legal disputes in the course of their businessactivities. In addition, as an investment company, Akastor and its portfoliocompanies from time to time engage in mergers, acquisitions and othertransactions that could expose the companies to financial and othernon-operational risks, such as indemnity claims and price adjustmentmechanisms resulting in recognition of deferred settlement obligations.Provisions have been made to cover the expected outcome of the legalclaims and disputes to the extent negative outcomes are likely and reliableestimates can be made. However, the final outcomes of these cases aresubject to uncertainties, and resulting liabilities may exceed provisionsrecognized. The group follows the development of these disputes on case-by-case basis and makes assessment based on all available evidence asat the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-680-2": {
"value": "Note 5 | Discontinued operationsDiscontinued operations MHWirth SDS business to HMH in return for the other 50% of the shares and USD On October 1, 2021, Akastor completed the transaction to bring together 200 million in consideration, of which USD 120 million was paid in cash at Akastor\u2019s wholly owned subsidiary, MHWirth AS (MHWirth) and Baker closing. HMH has issued shareholder notes to Akastor and Baker Hughes Hughes\u2019 Subsea Drilling Systems (SDS) business to create a joint venture representing the balance of the consideration owed to them. The notes are company HMH Holding B.V. (HMH). HMH delivers a global full-service subordinated to HMH\u2019s external debt financing. HMH financed the cash offshore drilling equipment offering that provides customers with a broad consideration payable to Baker Hughes and Akastor by way of a USD 220 portfolio of products and services.million bank facility. HMH is owned 50/50 by Akastor and Baker Hughes. Akastor contributed Following the transaction, MHWirth was deconsolidated and classified as its shares in MHWirth to HMH in return for 50% of the shares of HMH and discontinued operations. HMH is classified as a joint venture to the group USD 120 million in consideration, of which USD 100 million (before certain and accounted for using the equity method. See Note 17 Equity-accounted adjustments) was paid in cash at closing. Baker Hughes contributed the investees for more information. Results of discontinued operationsAmounts in NOK million 2022 2021Revenue 2 024Expenses (2 096)Net financial items (27)Profit (loss) before tax (99)Income tax 3Profit (loss) from operating activities, net of tax (96)Gain (loss) on sale of discontinued operations 4 1 236Net profit (loss) from discontinued operations 4 1 140Basic/diluted earnings (loss) per share from discontinued operations (NOK) 0.02 4.20Gain on sale of discontinued operations in 2022 was related to re-assessment of contingent considerations related to divestments from prior years. Gain on sale from the disposal in 2021 included gain of NOK 1 240 million for MHWirth divestment, offset by loss of NOK 4 million on divestments from previous years. The gain in 2021 included currency translation differences of NOK 362 million that were reclassified from Other Comprehensive Income to the income statement as part of gain from the disposal of MHWirth. Cash flows from (used in) discontinued operationsAmounts in NOK million 2021Net cash from operating activities 50Net cash from investing activities (incl. net cash proceeds from sale of the operations) 592Net cash from financing activities (49)Net cash flow from discontinued operations 593",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-680-3": {
"value": "Note 5 | Discontinued operationsDiscontinued operations MHWirth SDS business to HMH in return for the other 50% of the shares and USD On October 1, 2021, Akastor completed the transaction to bring together 200 million in consideration, of which USD 120 million was paid in cash at Akastor\u2019s wholly owned subsidiary, MHWirth AS (MHWirth) and Baker closing. HMH has issued shareholder notes to Akastor and Baker Hughes Hughes\u2019 Subsea Drilling Systems (SDS) business to create a joint venture representing the balance of the consideration owed to them. The notes are company HMH Holding B.V. (HMH). HMH delivers a global full-service subordinated to HMH\u2019s external debt financing. HMH financed the cash offshore drilling equipment offering that provides customers with a broad consideration payable to Baker Hughes and Akastor by way of a USD 220 portfolio of products and services.million bank facility. HMH is owned 50/50 by Akastor and Baker Hughes. Akastor contributed Following the transaction, MHWirth was deconsolidated and classified as its shares in MHWirth to HMH in return for 50% of the shares of HMH and discontinued operations. HMH is classified as a joint venture to the group USD 120 million in consideration, of which USD 100 million (before certain and accounted for using the equity method. See Note 17 Equity-accounted adjustments) was paid in cash at closing. Baker Hughes contributed the investees for more information. Results of discontinued operationsAmounts in NOK million 2022 2021Revenue 2 024Expenses (2 096)Net financial items (27)Profit (loss) before tax (99)Income tax 3Profit (loss) from operating activities, net of tax (96)Gain (loss) on sale of discontinued operations 4 1 236Net profit (loss) from discontinued operations 4 1 140Basic/diluted earnings (loss) per share from discontinued operations (NOK) 0.02 4.20Gain on sale of discontinued operations in 2022 was related to re-assessment of contingent considerations related to divestments from prior years. Gain on sale from the disposal in 2021 included gain of NOK 1 240 million for MHWirth divestment, offset by loss of NOK 4 million on divestments from previous years. The gain in 2021 included currency translation differences of NOK 362 million that were reclassified from Other Comprehensive Income to the income statement as part of gain from the disposal of MHWirth. Cash flows from (used in) discontinued operationsAmounts in NOK million 2021Net cash from operating activities 50Net cash from investing activities (incl. net cash proceeds from sale of the operations) 592Net cash from financing activities (49)Net cash flow from discontinued operations 593",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-681-2": {
"value": "Note 6 | Disposal group held for sale and disposal of subsidiaries Disposal group held for sale In December 2022, Akastor entered into a share purchase agreement with Diamond Key International Pty. Ltd. (\u201cDKI\u201d) for the sale of all shares in CoolSorption A/S (\u201cCool Sorption\u201d) for DKK 20.4 million on a cash and debt free basis. Cool Sorption is a specialist supplier of Vapour Recovery Units (VRU) andsystems and is included in \u201cOther holdings\u201d in segment reporting. Accordingly, Cool Sorption is presented as a disposal group held for sale as of December31, 2022. The sale transaction was completed in February 2023. Assets and liabilities of disposal group held for saleAmounts in NOK million 2022Deferred tax assets 6Intangible assets 1Trade and other receivables 35Assets held for sale 43Provision, current 1Trade and other payables 31Liabilities held for sale 32",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-687-2": {
"value": "Disposal of entitiesDisposal of AGR Wind Services in 2022 In February 2022, Akastor completed the transaction to establish a jointventure company, F\u00f8n Engergy Services, together with IKM Group. Akastortransferred the shares in AGR Wind Services AS (\u201cAGR Wind\u201d) to F\u00f8nEnergy Services. As compensation for the transfer, Akastor, through itssubsidiary AGR AS, received 45% ownership in F\u00f8n Energy Services. Thecompany offers integrated Operations and Maintenance (O&M) solutionsto developers, operators, suppliers and owners of offshore renewablesinfrastructure, and in particular offshore wind farms. F\u00f8n Energy Services isclassified as a joint venture to the group and accounted for using the equitymethod.The disposal of AGR Wind Services resulted in an accounting gain of NOK21 million, included as Other revenue and income in the income statementfor 2022.Disposal of AGR Well Management Limited (UK) in 2021On December 22, 2021, Akastor completed the transfer of the shares inAGR Well Management Limited (\u201cAGR Well Management\u201d), a wholly-owned subsidiary, to SpotOn Energy Holding AS (\u201cSpotOn Energy\u201d). Ascompensation for the transfer, Akastor, through its subsidiary AGR AS,received 20% ownership in SpotOn Energy, which is expected to strengthenthe cooperation between AGR and SpotOn Energy going forward. SpotOnEnergy is accounted as an associated company to the group. Thetransaction resulted in an accounting loss of NOK 11 million, included asOther revenue and income in the income statement for 2021. Note 32 | Group companiesThis note gives an overview of subsidiaries of Akastor ASA. For information about other investments in the group, refer to Note 17 Equity-accounted investees and Note 18 Other investments. If not stated otherwise, ownership equals share of voting rights.Group companies as of December 31 Ownership (%)Company Country 2022 2021Akastor ASA Norway1)AGRAGR (Australia) Pty Ltd Australia 64 64AGR AS Norway 64 64AGR Energy Services AS Norway 64 64AGR Software AS Norway 58 58AGR Consultancy Services AS Norway 64 64AGR Mexico Well Management S. de R. L. de C. V Mexico 64 64AGR Consultancy Solutions Ltd UK 64 64SpotOn Well Management Ltd UK 64 -AGR Group Americas, Inc USA 64 64AGR Energy Services Inc USA 64 642)AGR Wind Services AS Norway - 52Other companiesCool Sorption A/S Denmark 100 100Well Systems Servicing Ltd Nigeria 100 100AKA SPH AS Norway 100 100DDW Offshore AS Norway 100 100Akastor AS Norway 100 100Mercury HoldCo AS Norway 100 100Akastor Real Estate AS Norway 100 100KOP Surface Products Singapore Pte Ltd Singapore 100 100Aker Cool Sorption Siam Ltd Thailand 100 1003)Frontica Business Solutions Ltd UK - 100AK Willfab Inc USA 100 100Mercury HoldCo Inc USA 100 1001) Akastor holds 100 percent of the shares and 64 percent of the economic interests2) Disposed in 20223) Liquidated in 2022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-687-3": {
"value": "Disposal of entitiesDisposal of AGR Wind Services in 2022 In February 2022, Akastor completed the transaction to establish a jointventure company, F\u00f8n Engergy Services, together with IKM Group. Akastortransferred the shares in AGR Wind Services AS (\u201cAGR Wind\u201d) to F\u00f8nEnergy Services. As compensation for the transfer, Akastor, through itssubsidiary AGR AS, received 45% ownership in F\u00f8n Energy Services. Thecompany offers integrated Operations and Maintenance (O&M) solutionsto developers, operators, suppliers and owners of offshore renewablesinfrastructure, and in particular offshore wind farms. F\u00f8n Energy Services isclassified as a joint venture to the group and accounted for using the equitymethod.The disposal of AGR Wind Services resulted in an accounting gain of NOK21 million, included as Other revenue and income in the income statementfor 2022.Disposal of AGR Well Management Limited (UK) in 2021On December 22, 2021, Akastor completed the transfer of the shares inAGR Well Management Limited (\u201cAGR Well Management\u201d), a wholly-owned subsidiary, to SpotOn Energy Holding AS (\u201cSpotOn Energy\u201d). Ascompensation for the transfer, Akastor, through its subsidiary AGR AS,received 20% ownership in SpotOn Energy, which is expected to strengthenthe cooperation between AGR and SpotOn Energy going forward. SpotOnEnergy is accounted as an associated company to the group. Thetransaction resulted in an accounting loss of NOK 11 million, included asOther revenue and income in the income statement for 2021. Note 32 | Group companiesThis note gives an overview of subsidiaries of Akastor ASA. For information about other investments in the group, refer to Note 17 Equity-accounted investees and Note 18 Other investments. If not stated otherwise, ownership equals share of voting rights.Group companies as of December 31 Ownership (%)Company Country 2022 2021Akastor ASA Norway1)AGRAGR (Australia) Pty Ltd Australia 64 64AGR AS Norway 64 64AGR Energy Services AS Norway 64 64AGR Software AS Norway 58 58AGR Consultancy Services AS Norway 64 64AGR Mexico Well Management S. de R. L. de C. V Mexico 64 64AGR Consultancy Solutions Ltd UK 64 64SpotOn Well Management Ltd UK 64 -AGR Group Americas, Inc USA 64 64AGR Energy Services Inc USA 64 642)AGR Wind Services AS Norway - 52Other companiesCool Sorption A/S Denmark 100 100Well Systems Servicing Ltd Nigeria 100 100AKA SPH AS Norway 100 100DDW Offshore AS Norway 100 100Akastor AS Norway 100 100Mercury HoldCo AS Norway 100 100Akastor Real Estate AS Norway 100 100KOP Surface Products Singapore Pte Ltd Singapore 100 100Aker Cool Sorption Siam Ltd Thailand 100 1003)Frontica Business Solutions Ltd UK - 100AK Willfab Inc USA 100 100Mercury HoldCo Inc USA 100 1001) Akastor holds 100 percent of the shares and 64 percent of the economic interests2) Disposed in 20223) Liquidated in 2022",
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"value": "Note 7 | Operating segmentsBasis for segmentationAs of December 31, 2022, Akastor has three reportable segments whichare the strategic business units of the group. The strategic business unitsare managed separately and offer different products and services dueto different market segments and different strategies for their projects,products and services:HMH is a premier drilling solutions provider, which was formed as an independent company in October 2021 through the merger of Baker Hughes' Subsea Drilling Systems business and Akastor's wholly owned subsidiary, MHWirth AS. HMH combines integrated delivery capabilities, capital, renowned industry expertise and delivers the full range of offshore drilling equipment products and packages at scale. AKOFS Offshore is a global provider of vessel-based subsea well construction and intervention services to the oil and gas industry, covering all phases from conceptual development to project execution and offshore operations.AGR is a well design and drilling project management, HSEQ, reservoir and field management service company delivering solutions for the entire field life cycle. The company also provides rig procurement, tailored training, software and technical manpower for clients globally.HMH and AKOFS Offshore are classified as joint ventures and accountedfor using the equity method, see Note 17 Equity-accounted investees. Thesegment information of the two joint ventures are presented at 100% basis.Further, Akastor holds 100 percent ownership in Cool Sorption (divested inFebruary 2023), 100 percent in DDW Offshore AS, 15 percent economicinterest in NES Fircroft and 93 percent of Aker Pensjonskasse, equityinstruments in Awilco Drilling, as well as economic interests in four drillingequipment contracts with Jurong Shipyard (DRU contracts). These areincluded in \u201cOther holdings\u201d. Information about reportable segmentsEquity-accounted Consolidated investeesentitiesTotal Adjustment AKOFS Off-Other operating of JVs and Total Amounts in NOK million Note HMH (JV)shore (JV) AGRholdingssegmentseliminationAkastor2022Income statementExternal revenue and other income 8 6 477 1 425 789 269 8 961 (7 902) 1 059Total revenue and other income 6 477 1 425 789 269 8 961 (7 902) 1 059Operating profit before depreciation, amortization and impairment (EBITDA) 762 458 81 (91) 1 209 (1 220) (10)Depreciation and amortization 14, 15, 31 (457) (376) (14) (31) (878) 833 (45)Impairment - - - (20) (20) - (20)Operating profit (loss) (EBIT) 306 81 66 (142) 311 (387) (76)AssetsCurrent operating assets 4 725 578 167 779 6 249 (5 312) 937Non-current operating assets 7 158 4 517 253 1 088 13 016 (8 197) 4 819Finance lease receivables 31 - - - 218 218 - 218Assets held for sale 6 - - - 43 43 - 43Segment assets 11 883 5 095 419 2 130 19 527 (13 510) 6 017LiabilitiesCurrent operating liabilities 3 235 393 148 555 4 331 (3 637) 693Non-current operating liabilities 452 6 13 549 1 020 (458) 562Lease liabilities 31 344 1 245 13 72 1 675 (1 590) 85Liabilities held for sale 6 - - - 32 32 - 32Segment liabilities 4 032 1 644 173 1 208 7 058 (5 685) 1 372Net current operating assets 1 490 185 19 224 1 918 (1 675) 243Net capital employed 7 852 3 451 246 921 12 469 (7 824) 4 645Equity-accounted Consolidated investeesentitiesTotal Adjustment AKOFS Off-Other operating of JVs and Total 1)Amounts in NOK million Note HMH (JV) shore (JV) AGRholdingssegmentseliminationAkastor2021Income statementExternal revenue and other income 8 1 419 1 269 723 230 3 641 (2 688) 953Inter-segment revenue - - - 2 2 (2) -Total revenue and other income 1 419 1 269 723 232 3 643 (2 690) 953Operating profit before depreciation, amortization and impairment (EBITDA) 215 320 33 (32) 534 (534 ) -Depreciation and amortization 14, 15, 31 (116) (365) (16) (59) (556) 481 (76)Impairment - (88) (7) - (95) 88 (7)Operating profit (loss) (EBIT) 99 (134) 9 (92) (117) 35 (82)AssetsCurrent operating assets 3 701 610 149 736 5 195 (4 318) 877Non-current operating assets 6 736 4 249 228 2 045 13 257 (7 576) 5 681Finance lease receivables 31 - - - 241 241 - 241Segment assets 10 436 4 859 376 3 021 18 693 (11 894) 6 799LiabilitiesCurrent operating liabilities 2 655 387 158 496 3 696 (3 049) 647Non-current operating liabilities 582 7 13 901 1 503 (589) 914Lease liabilities 31 381 1 163 13 142 1 699 (1 544) 155Segment liabilities 3 619 1 556 184 1 539 6 898 (5 182) 1 716Net current operating assets 1 045 224 (9) 239 1 499 (1 269) 231Net capital employed 6 817 3 303 192 1 483 11 796 (6 712) 5 0841) HMH was established as a joint venture to Akastor as of October 1, 2021.The income statement information is presented at 100% basis for the period October 1- December 31, 2021. Segment assets and liabilities refer to financial positions in HMH at 100% basis as of December 31, 2021.Reconciliations of information on reportable segments to IFRS measuresAmounts in NOK million Note 2022 2021AssetsTotal segment assets 6 017 6 799Derivative financial instruments - 10Cash and cash equivalents 21 119 89Non-current interest-bearing receivables 19 668 315Consolidated assets 6 804 7 212LiabilitiesTotal segment liabilities 1 372 1 716Current borrowings 23 1 142 16Non-current borrowings 23 198 1 372Consolidated liabilities 2 712 3 103Geographical informationGeographical revenue is presented on the basis of geographical location of the group companies selling to the customers. Non-current segment assets and capital expenditures are based on the geographical location of the assets. Non-current assets exclud-ing deferred tax assets and Revenue and other incomefinancial instrumentsAmounts in NOK million 20222021 2022 2021Norway 779 663 1 036 1 180Netherlands - - 2 886 2 650United Kingdom 91 128 3 3Denmark 82 79 - 1Australia 104 75 12 9Other countries 2 8 - 3Total 1 059 953 3 913 3 847Major customerRevenues from one customer of AGR represent approximately NOK 154 million (NOK 150 million in 2021) of the group\u2019s total revenue. ",
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"value": "Measurement of segment performanceSegment performance is measured by operating profit before depreciation,amortization and impairment (EBITDA) which is reviewed by the group\u2019sExecutive Management Group (the chief operating decision maker).Segment profit, together with key financial information as described below,gives the Executive Management Group relevant information in evaluatingthe results of the operating segments and is relevant in evaluating the resultsof the segments relative to other entities operating within these industries. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-756-2": {
"value": "Note 8 | Revenue and other incomeRevenue typesThe group generates revenue primarily from provision of consultancy and engineering services to its customers in AGR, a supplier of well-, reservoir- and software services to the offshore drilling industry. Other sources of revenue are mainly lease revenue from charter lease of vessels in DDW Offshore.Amounts in NOK million Note 2022 2021Revenue from contracts with customers 880 834Other revenue and incomeLease revenue 31 155 76Other revenue 1 3Gain (loss) on disposal of subsidiaries 21 (11)Gain on disposals of assets 2 51Total revenue and other income 1 059 953Disaggregation of revenue from contracts with customersRevenue from contracts with customer is disaggregated in the following table by major contract and revenue types and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with revenue information as shown in Note 7 Operating segments.Other Total Amounts in NOK million AGRholdingsAkastor2022Major contract/revenue typesConstruction revenue - 48 48Sale of standard products 17 - 17Service revenue 751 63 814Total Revenue from contracts with customers 768 111 880Timing of revenue recognitionTransferred over time 751 111 862Transferred at point in time 17 - 17Total Revenue from contracts with customers 768 111 880Other revenue and income 21 158 179Total external revenue and other income in segment reporting 789 269 1 059Other Total Amounts in NOK million AGRholdingsAkastor2021Major contract/revenue typesConstruction revenue - 47 47Sale of standard products 16 - 16Service revenue 718 53 771Total Revenue from contracts with customers 734 100 834Timing of revenue recognitionTransferred over time 718 100 818Transferred at point in time 16 - 16Total Revenue from contracts with customers 734 100 834Other revenue and income (11) 130 120Total external revenue and other income in segment reporting 723 230 953Contract balancesAmounts in NOK million Note 2022 2021Receivables, which are included in \u201ctrade and other receivables\u201d 115 117Contract assets 20 61 47Contract liabilities 27 25 21Contract assets relate to the group\u2019s rights to consideration for work completed, but not yet invoiced at the reporting date. The contract assets are transferred to receivables when the rights to payment become unconditional, which usually occurs when invoices are issued to the customers. No impairment on contract assets was recognized in 2022 or 2021.Contract liabilities relate to advance consideration received from customer for work not yet performed. Revenue recognized in 2022 that was included in contract liabilities in the beginning of the year was NOK 14 million (NOK 11 million in 2021).Transaction price allocated to the remaining performance obligationsThe following table includes revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of December 31, 2022. Amounts in NOK million 2023 Later TotalTransaction price allocated 599 53 652The amounts disclosed above do not include variable consideration which is constrained. The group applies the practical expedient and does not adjust the transaction price allocated to performance obligations for the effects of a significant financing component if the group expects, at contract inception, that the period between when the group transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.",
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"pp-value-756-3": {
"value": "Note 8 | Revenue and other incomeRevenue typesThe group generates revenue primarily from provision of consultancy and engineering services to its customers in AGR, a supplier of well-, reservoir- and software services to the offshore drilling industry. Other sources of revenue are mainly lease revenue from charter lease of vessels in DDW Offshore.Amounts in NOK million Note 2022 2021Revenue from contracts with customers 880 834Other revenue and incomeLease revenue 31 155 76Other revenue 1 3Gain (loss) on disposal of subsidiaries 21 (11)Gain on disposals of assets 2 51Total revenue and other income 1 059 953Disaggregation of revenue from contracts with customersRevenue from contracts with customer is disaggregated in the following table by major contract and revenue types and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with revenue information as shown in Note 7 Operating segments.Other Total Amounts in NOK million AGRholdingsAkastor2022Major contract/revenue typesConstruction revenue - 48 48Sale of standard products 17 - 17Service revenue 751 63 814Total Revenue from contracts with customers 768 111 880Timing of revenue recognitionTransferred over time 751 111 862Transferred at point in time 17 - 17Total Revenue from contracts with customers 768 111 880Other revenue and income 21 158 179Total external revenue and other income in segment reporting 789 269 1 059Other Total Amounts in NOK million AGRholdingsAkastor2021Major contract/revenue typesConstruction revenue - 47 47Sale of standard products 16 - 16Service revenue 718 53 771Total Revenue from contracts with customers 734 100 834Timing of revenue recognitionTransferred over time 718 100 818Transferred at point in time 16 - 16Total Revenue from contracts with customers 734 100 834Other revenue and income (11) 130 120Total external revenue and other income in segment reporting 723 230 953Contract balancesAmounts in NOK million Note 2022 2021Receivables, which are included in \u201ctrade and other receivables\u201d 115 117Contract assets 20 61 47Contract liabilities 27 25 21Contract assets relate to the group\u2019s rights to consideration for work completed, but not yet invoiced at the reporting date. The contract assets are transferred to receivables when the rights to payment become unconditional, which usually occurs when invoices are issued to the customers. No impairment on contract assets was recognized in 2022 or 2021.Contract liabilities relate to advance consideration received from customer for work not yet performed. Revenue recognized in 2022 that was included in contract liabilities in the beginning of the year was NOK 14 million (NOK 11 million in 2021).Transaction price allocated to the remaining performance obligationsThe following table includes revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of December 31, 2022. Amounts in NOK million 2023 Later TotalTransaction price allocated 599 53 652The amounts disclosed above do not include variable consideration which is constrained. The group applies the practical expedient and does not adjust the transaction price allocated to performance obligations for the effects of a significant financing component if the group expects, at contract inception, that the period between when the group transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.",
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"pp-value-756-4": {
"value": "Note 8 | Revenue and other incomeRevenue typesThe group generates revenue primarily from provision of consultancy and engineering services to its customers in AGR, a supplier of well-, reservoir- and software services to the offshore drilling industry. Other sources of revenue are mainly lease revenue from charter lease of vessels in DDW Offshore.Amounts in NOK million Note 2022 2021Revenue from contracts with customers 880 834Other revenue and incomeLease revenue 31 155 76Other revenue 1 3Gain (loss) on disposal of subsidiaries 21 (11)Gain on disposals of assets 2 51Total revenue and other income 1 059 953Disaggregation of revenue from contracts with customersRevenue from contracts with customer is disaggregated in the following table by major contract and revenue types and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with revenue information as shown in Note 7 Operating segments.Other Total Amounts in NOK million AGRholdingsAkastor2022Major contract/revenue typesConstruction revenue - 48 48Sale of standard products 17 - 17Service revenue 751 63 814Total Revenue from contracts with customers 768 111 880Timing of revenue recognitionTransferred over time 751 111 862Transferred at point in time 17 - 17Total Revenue from contracts with customers 768 111 880Other revenue and income 21 158 179Total external revenue and other income in segment reporting 789 269 1 059Other Total Amounts in NOK million AGRholdingsAkastor2021Major contract/revenue typesConstruction revenue - 47 47Sale of standard products 16 - 16Service revenue 718 53 771Total Revenue from contracts with customers 734 100 834Timing of revenue recognitionTransferred over time 718 100 818Transferred at point in time 16 - 16Total Revenue from contracts with customers 734 100 834Other revenue and income (11) 130 120Total external revenue and other income in segment reporting 723 230 953Contract balancesAmounts in NOK million Note 2022 2021Receivables, which are included in \u201ctrade and other receivables\u201d 115 117Contract assets 20 61 47Contract liabilities 27 25 21Contract assets relate to the group\u2019s rights to consideration for work completed, but not yet invoiced at the reporting date. The contract assets are transferred to receivables when the rights to payment become unconditional, which usually occurs when invoices are issued to the customers. No impairment on contract assets was recognized in 2022 or 2021.Contract liabilities relate to advance consideration received from customer for work not yet performed. Revenue recognized in 2022 that was included in contract liabilities in the beginning of the year was NOK 14 million (NOK 11 million in 2021).Transaction price allocated to the remaining performance obligationsThe following table includes revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of December 31, 2022. Amounts in NOK million 2023 Later TotalTransaction price allocated 599 53 652The amounts disclosed above do not include variable consideration which is constrained. The group applies the practical expedient and does not adjust the transaction price allocated to performance obligations for the effects of a significant financing component if the group expects, at contract inception, that the period between when the group transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.",
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"value": "Note 9 | Salaries, wages and social security costsAmounts in NOK million Note 2022 2021Salaries and wages including holiday allowance 298 299Social security tax/ national insurance contribution 43 43Pension cost 25 12 11Other employee costs 15 13Salaries, wages and social security costs 366 367Research and development costsNOK 9 million has been capitalized in 2022 (NOK 24 million in 2021) related to development activities. No research and development costs were expensedduring the year (NOK 1 million in 2021). AmortizationIntangible assets all have finite useful lives and are amortized over the expected economic life, ranging between 5-10 years.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-758-3": {
"value": "Note 9 | Salaries, wages and social security costsAmounts in NOK million Note 2022 2021Salaries and wages including holiday allowance 298 299Social security tax/ national insurance contribution 43 43Pension cost 25 12 11Other employee costs 15 13Salaries, wages and social security costs 366 367AmortizationIntangible assets all have finite useful lives and are amortized over the expected economic life, ranging between 5-10 years.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Note 10 | Other operating expensesAmounts in NOK million 2022 2021External consultants and hired-ins inclusive audit fees 79 55Rental and other costs for premises and equipment 8 7Office supplies and travel expenses 17 8Other 6 9Total other operating expenses 109 78Fees to the auditorsThe table below summarizes audit fees (exclusive VAT), as well as fees for audit related services, tax services and other services incurred by the group during 2022 and 2021. Akastor ASA Subsidiaries TotalAmounts in NOK million 2022 2021 2022 2021 2022 2021Audit 1 2 1 2 3 4Other assurance services - - - 1 - 1Total 1 2 2 3 3 5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Note 10 | Other operating expensesAmounts in NOK million 2022 2021External consultants and hired-ins inclusive audit fees 79 55Rental and other costs for premises and equipment 8 7Office supplies and travel expenses 17 8Other 6 9Total other operating expenses 109 78Fees to the auditorsThe table below summarizes audit fees (exclusive VAT), as well as fees for audit related services, tax services and other services incurred by the group during 2022 and 2021. Akastor ASA Subsidiaries TotalAmounts in NOK million 2022 2021 2022 2021 2022 2021Audit 1 2 1 2 3 4Other assurance services - - - 1 - 1Total 1 2 2 3 3 5",
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"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Note 10 | Other operating expensesAmounts in NOK million 2022 2021External consultants and hired-ins inclusive audit fees 79 55Rental and other costs for premises and equipment 8 7Office supplies and travel expenses 17 8Other 6 9Total other operating expenses 109 78Fees to the auditorsThe table below summarizes audit fees (exclusive VAT), as well as fees for audit related services, tax services and other services incurred by the group during 2022 and 2021. Akastor ASA Subsidiaries TotalAmounts in NOK million 2022 2021 2022 2021 2022 2021Audit 1 2 1 2 3 4Other assurance services - - - 1 - 1Total 1 2 2 3 3 5",
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"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Note 10 | Other operating expensesAmounts in NOK million 2022 2021External consultants and hired-ins inclusive audit fees 79 55Rental and other costs for premises and equipment 8 7Office supplies and travel expenses 17 8Other 6 9Total other operating expenses 109 78Fees to the auditorsThe table below summarizes audit fees (exclusive VAT), as well as fees for audit related services, tax services and other services incurred by the group during 2022 and 2021. Akastor ASA Subsidiaries TotalAmounts in NOK million 2022 2021 2022 2021 2022 2021Audit 1 2 1 2 3 4Other assurance services - - - 1 - 1Total 1 2 2 3 3 5",
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"value": "Note 11 | Finance income and costsAmounts in NOK million Note 2022 2021Interest income on bank deposits measured at amortized cost 35 17Interest income on debt instruments at FVOCI 103 89Interest income on finance lease receivables 31 21 12Net foreign exchange gain 166 55Dividend income from equity instrument 79 74Net changes in fair value of financial assets at FVTPL 58 11 1)Liquidation of foreign entity- 110Other finance income 27 2Finance income 490 369Interest expense on financial liabilities measured at amortized cost (140) (112)Unwind of discounting effect (24) (24)Interest expense on lease liabilities 31 (6) (9)2)Impairment loss on receivables (166) -Loss on foreign currency forward contracts (58) (17)Other financial expenses (16) (12)Financial expenses (410) (175)Net finance income 80 1941) Relates to currency translation differences that were reclassified from Other Comprehensive Income to the income statement as result of liquidation.2) Impairment related to loss allowance on debt instruments measured at FVOCI. See Note 30 Financial instruments for information of the finance income and expense generating items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-761-3": {
"value": "Note 11 | Finance income and costsAmounts in NOK million Note 2022 2021Interest income on bank deposits measured at amortized cost 35 17Interest income on debt instruments at FVOCI 103 89Interest income on finance lease receivables 31 21 12Net foreign exchange gain 166 55Dividend income from equity instrument 79 74Net changes in fair value of financial assets at FVTPL 58 11 1)Liquidation of foreign entity- 110Other finance income 27 2Finance income 490 369Interest expense on financial liabilities measured at amortized cost (140) (112)Unwind of discounting effect (24) (24)Interest expense on lease liabilities 31 (6) (9)2)Impairment loss on receivables (166) -Loss on foreign currency forward contracts (58) (17)Other financial expenses (16) (12)Financial expenses (410) (175)Net finance income 80 1941) Relates to currency translation differences that were reclassified from Other Comprehensive Income to the income statement as result of liquidation.2) Impairment related to loss allowance on debt instruments measured at FVOCI. See Note 30 Financial instruments for information of the finance income and expense generating items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-761-4": {
"value": "Note 11 | Finance income and costsAmounts in NOK million Note 2022 2021Interest income on bank deposits measured at amortized cost 35 17Interest income on debt instruments at FVOCI 103 89Interest income on finance lease receivables 31 21 12Net foreign exchange gain 166 55Dividend income from equity instrument 79 74Net changes in fair value of financial assets at FVTPL 58 11 1)Liquidation of foreign entity- 110Other finance income 27 2Finance income 490 369Interest expense on financial liabilities measured at amortized cost (140) (112)Unwind of discounting effect (24) (24)Interest expense on lease liabilities 31 (6) (9)2)Impairment loss on receivables (166) -Loss on foreign currency forward contracts (58) (17)Other financial expenses (16) (12)Financial expenses (410) (175)Net finance income 80 1941) Relates to currency translation differences that were reclassified from Other Comprehensive Income to the income statement as result of liquidation.2) Impairment related to loss allowance on debt instruments measured at FVOCI. See Note 30 Financial instruments for information of the finance income and expense generating items.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-761-5": {
"value": "Note 11 | Finance income and costsAmounts in NOK million Note 2022 2021Interest income on bank deposits measured at amortized cost 35 17Interest income on debt instruments at FVOCI 103 89Interest income on finance lease receivables 31 21 12Net foreign exchange gain 166 55Dividend income from equity instrument 79 74Net changes in fair value of financial assets at FVTPL 58 11 1)Liquidation of foreign entity- 110Other finance income 27 2Finance income 490 369Interest expense on financial liabilities measured at amortized cost (140) (112)Unwind of discounting effect (24) (24)Interest expense on lease liabilities 31 (6) (9)2)Impairment loss on receivables (166) -Loss on foreign currency forward contracts (58) (17)Other financial expenses (16) (12)Financial expenses (410) (175)Net finance income 80 1941) Relates to currency translation differences that were reclassified from Other Comprehensive Income to the income statement as result of liquidation.2) Impairment related to loss allowance on debt instruments measured at FVOCI. See Note 30 Financial instruments for information of the finance income and expense generating items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-761-6": {
"value": "Note 11 | Finance income and costsAmounts in NOK million Note 2022 2021Interest income on bank deposits measured at amortized cost 35 17Interest income on debt instruments at FVOCI 103 89Interest income on finance lease receivables 31 21 12Net foreign exchange gain 166 55Dividend income from equity instrument 79 74Net changes in fair value of financial assets at FVTPL 58 11 1)Liquidation of foreign entity- 110Other finance income 27 2Finance income 490 369Interest expense on financial liabilities measured at amortized cost (140) (112)Unwind of discounting effect (24) (24)Interest expense on lease liabilities 31 (6) (9)2)Impairment loss on receivables (166) -Loss on foreign currency forward contracts (58) (17)Other financial expenses (16) (12)Financial expenses (410) (175)Net finance income 80 1941) Relates to currency translation differences that were reclassified from Other Comprehensive Income to the income statement as result of liquidation.2) Impairment related to loss allowance on debt instruments measured at FVOCI. See Note 30 Financial instruments for information of the finance income and expense generating items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-761-7": {
"value": "Note 11 | Finance income and costsAmounts in NOK million Note 2022 2021Interest income on bank deposits measured at amortized cost 35 17Interest income on debt instruments at FVOCI 103 89Interest income on finance lease receivables 31 21 12Net foreign exchange gain 166 55Dividend income from equity instrument 79 74Net changes in fair value of financial assets at FVTPL 58 11 1)Liquidation of foreign entity- 110Other finance income 27 2Finance income 490 369Interest expense on financial liabilities measured at amortized cost (140) (112)Unwind of discounting effect (24) (24)Interest expense on lease liabilities 31 (6) (9)2)Impairment loss on receivables (166) -Loss on foreign currency forward contracts (58) (17)Other financial expenses (16) (12)Financial expenses (410) (175)Net finance income 80 1941) Relates to currency translation differences that were reclassified from Other Comprehensive Income to the income statement as result of liquidation.2) Impairment related to loss allowance on debt instruments measured at FVOCI. See Note 30 Financial instruments for information of the finance income and expense generating items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-761-8": {
"value": "Note 11 | Finance income and costsAmounts in NOK million Note 2022 2021Interest income on bank deposits measured at amortized cost 35 17Interest income on debt instruments at FVOCI 103 89Interest income on finance lease receivables 31 21 12Net foreign exchange gain 166 55Dividend income from equity instrument 79 74Net changes in fair value of financial assets at FVTPL 58 11 1)Liquidation of foreign entity- 110Other finance income 27 2Finance income 490 369Interest expense on financial liabilities measured at amortized cost (140) (112)Unwind of discounting effect (24) (24)Interest expense on lease liabilities 31 (6) (9)2)Impairment loss on receivables (166) -Loss on foreign currency forward contracts (58) (17)Other financial expenses (16) (12)Financial expenses (410) (175)Net finance income 80 1941) Relates to currency translation differences that were reclassified from Other Comprehensive Income to the income statement as result of liquidation.2) Impairment related to loss allowance on debt instruments measured at FVOCI. See Note 30 Financial instruments for information of the finance income and expense generating items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-762-2": {
"value": "Note 12 | Income taxIncome tax expenseAmounts in NOK million 20222021Current tax expenseCurrent year (3) (1)Total current tax expense (3) (1)Deferred tax expenseOrigination and reversal of temporary differences (13) 25Write down of tax loss and deferred tax assets (22) (30)Recognition of previously unrecognized deferred tax assets 37 26Total deferred tax income (expense) 2 21Total tax income (expense) (2) 20Effective tax rateThe table below reconciles the reported income tax expense to the expected income tax expense according to the corporate income tax rate in Norway. Amounts in NOK million 2022 2021Profit (loss) before tax, continuing operations (259) (235)Tax income (expense) using the company's domestic tax rate 57 22.0% 52 22.0%Tax effects of:Difference between local tax rate and Norwegian tax rate (1) (0.4%) - -1)Permanent differences (74) (28.6%) (32) (13.5%)Prior year adjustments (deferred tax) 1 0.5% 4 1.8%2)Recognition of previously unrecognized deferred tax assets 37 14.5% 26 11.1%3)Write down of tax loss or deferred tax assets (22) (8.6%) (30) (12.7%)Total tax income (expenses) (2) (0.7%) 20 8.5%1) Relates mainly to net profit and loss after tax from equity-accounted investees and profit and loss recognized on various tax-exempted investments.2) Relates mainly to previously not recognized tax loss carry-forward in Norway.3) The impairment relates mainly to deferred tax assets in Akastor Corporate entities in Norway.Recognized deferred tax assets and liabilitiesAssets Liabilities NetAmounts in NOK million 2022 2021 2022 2021 2022 2021PPE and Intangible assets 5 2 (1) (1) 4 1 Pensions 2 2 - - 2 2Provisions 2 1 - - 2 1Other items 9 6 (19) (9) (10) (3) Tax loss carry-forwards 36 37 - - 36 37 Total before set offs 53 48 (20) (10) 33 38 Set-off of tax (16) (5) 16 5 - - Total deferred tax assets(liabilities) 37 42 (4) (4) 33 38 The group has made an evaluation of taxable profit for the next five years based on management\u2019s projection. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available, against which the deductible temporary difference can be utilized. Change in net recognized deferred tax assets (liabilities)Projects PPE and under Tax loss intangible construc-Provi-Other carry-for-Amounts in NOK millionassetstion Pensionssionsitemswards TotalBalance as of December 31, 2020 30 (50) 65 28 204 43 320Disposal of subsidiaries as of January 1, 2021 (29) 51 (57) (26) (207) (27) (294)Recognized in profit and loss - - - (1) - 22 21Recognized in other comprehensive income - - (6) - - - (6)Currency translation differences - (2) (1) - - (1) (3)Balance as of December 31, 2021 - - 2 1 (3) 37 38Recognized in profit and loss 3 - - 1 (10) 7 2Classified as held for sale - - - - 3 (9) (6)Balance as of December 31, 2022 4 - 2 2 (10) 36 33Tax loss carry-forwards and deductible temporary differences for which no deferred tax assets are recognizedDeferred tax assets have not been recognized in respect of tax loss carry-forwards or deductible temporary differences when the group evaluates that it is not probable that future taxable profit will be available against which the group can utilize these benefits based on forecasts and realistic expectations. Expiry date of unrecognized tax loss carry-forwardsAmounts in NOK million 2022 2021Expiry within one year 14 -Expiry in more than one year or later 375 350Indefinite 1 350 1 772Total 1 739 2 121Unrecognized other deductible temporary differences are NOK 1 169 million in 2022 (NOK 1 022 million in 2021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-764-2": {
"value": "Note 13 | Earnings per shareAkastor ASA holds 1 985 164 treasury shares at year end 2022 (2 390 215 in 2021). Treasury shares are not included in the weighted average number of ordinary shares.Amounts in NOK million 2022 2021Profit (loss) from continuing operations (261) (215)Non-controlling interests (19) (6)Profit (loss) attributable to ordinary shares from continuing operations (280) (221)Profit (loss) from discontinued operations 4 1 140Profit (loss) attributable to ordinary shares (276) 919Basic/ diluted earnings per shareThe calculation of basic/diluted earnings per share is based on the profit (loss) attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding.2022 2021Issued ordinary shares as of January 1 274 000 000 274 000 000Weighted average number of issued ordinary shares for the year adjusted for treasury shares 271 002 629 271 609 785Basic/ diluted earnings (loss) per share (NOK) (1.01) 3.38Basic/ diluted earnings (loss) per share for continuing operations (NOK) (1.03) (0.81)Basic/ diluted earnings (loss) per share for discontinued operations (NOK) 0.02 4.20",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-765-2": {
"value": "Note 14 | Property, plant and equipmentThe table below includes discontinued operations until these met the criteria to be classified as held for sale.Machinery, Buildings equipment, Under Amounts in NOK million Noteand land Vesselssoftwareconstruction TotalHistorical costBalance as of January 1, 2021 671 366 1 343 4 2 384Additions - 65 11 3 79Reclassifications - - 10 - 10Transfer from assets under construction - - 1 (1) -Disposals and scrapping - (156) (8) - (164)Disposal of subsidiaries (654) - (1 248) (6) (1 908)Currency translation differences (17) 8 (7) (1) (17)Balance as of December 31, 2021 - 282 101 - 384Additions - (2) 1 - (1)Disposals and scrapping - - - - -Reclassification to held for sale 6 - - (9) - (9)Currency translation differences - 35 - - 35Balance as of December 31, 2022 - 315 93 - 408Accumulated depreciationBalance as of January 1, 2021 (310) (7) (1 051) - (1 368)1)Depreciation for the year (2) (30) (13) - (46)Disposals and scrapping - - 7 - 7Disposal of subsidiaries 305 - 957 - 1 262Currency translation differences 7 (1) 6 - 12Balance as of December 31, 2021 - (38) (94) - (133)Depreciation for the year - (18) (3) - (21)Impairment - (21) - - (21)Reclassifications to held for sale 6 - - 9 - 9Currency translation differences - (6) - - (6)Balance as of December 31, 2022 - (83) (88) - (171)Book value as of December 31, 2021 - 244 7 - 251Book value as of December 31, 2022 - 232 5 - 2371) Includes depreciation of NOK 12 million from discontinued operations in 2021DepreciationEstimates for useful life, depreciation method and residual values are reviewed annually. The group has not identified material assets expected to have a significant shorter useful life due to climate-related risks. Assets are mainly depreciated on a straight-line basis over their expected economic lives as follows:Machinery, equipment and software 3\u201315 yearsVessels 20\u201325 years",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-765-3": {
"value": "Note 14 | Property, plant and equipmentThe table below includes discontinued operations until these met the criteria to be classified as held for sale.Machinery, Buildings equipment, Under Amounts in NOK million Noteand land Vesselssoftwareconstruction TotalHistorical costBalance as of January 1, 2021 671 366 1 343 4 2 384Additions - 65 11 3 79Reclassifications - - 10 - 10Transfer from assets under construction - - 1 (1) -Disposals and scrapping - (156) (8) - (164)Disposal of subsidiaries (654) - (1 248) (6) (1 908)Currency translation differences (17) 8 (7) (1) (17)Balance as of December 31, 2021 - 282 101 - 384Additions - (2) 1 - (1)Disposals and scrapping - - - - -Reclassification to held for sale 6 - - (9) - (9)Currency translation differences - 35 - - 35Balance as of December 31, 2022 - 315 93 - 408Accumulated depreciationBalance as of January 1, 2021 (310) (7) (1 051) - (1 368)1)Depreciation for the year (2) (30) (13) - (46)Disposals and scrapping - - 7 - 7Disposal of subsidiaries 305 - 957 - 1 262Currency translation differences 7 (1) 6 - 12Balance as of December 31, 2021 - (38) (94) - (133)Depreciation for the year - (18) (3) - (21)Impairment - (21) - - (21)Reclassifications to held for sale 6 - - 9 - 9Currency translation differences - (6) - - (6)Balance as of December 31, 2022 - (83) (88) - (171)Book value as of December 31, 2021 - 244 7 - 251Book value as of December 31, 2022 - 232 5 - 2371) Includes depreciation of NOK 12 million from discontinued operations in 2021DepreciationEstimates for useful life, depreciation method and residual values are reviewed annually. The group has not identified material assets expected to have a significant shorter useful life due to climate-related risks. Assets are mainly depreciated on a straight-line basis over their expected economic lives as follows:Machinery, equipment and software 3\u201315 yearsVessels 20\u201325 yearsNote 15 | Intangible assets and goodwillDevelopment Amounts in NOK million Notecosts Goodwill Other TotalHistorical costBalance as of 1 January 2021 583 1 392 270 2 246Reclassification (10) - - (10)Capitalized development 24 - 1 24Adjustment from business combina-tions prior years - (1) - (1)Disposals of subsidiaries (544) (1 263) (244) (2 051)Currency translation differences (4) (10) (3) (16)Balance as of December 31, 2021 50 118 24 192Reclassification 1 - - 1Capitalized development 9 - - 9Reclassification to held for sale 6 (14) - - (14)Currency translation differences - 1 - 1Balance as of December 31, 2022 47 119 24 190Accumulated amortization and impairmentBalance as of 1 January 2021 (411) (86) (154) (651)1)Amortization for the year (10) - (6) (16)2)Impairment - (69) (86) (155)Disposal of subsidiaries 390 146 233 770Currency translation differences 3 (1) 3 5Balance as of December 31, 2021 (28) (10) (9) (47)Amortization for the year (6) - (3) (10)Reclassification to held for sale 13 - - 13Balance as of December 31, 2022 (22) (10) (13) (44)Net book value as of 31 December 2021 22 109 15 145Net book value as of 31 December 2022 25 109 11 1461) Includes amortization of NOK 6 million from discontinued operations in 20212) Includes impairment of NOK 149 million from discontinued operations in 2021AmortizationIntangible assets all have finite useful lives and are amortized over the expected economic life, ranging between 5-10 years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-766-3": {
"value": "Note 15 | Intangible assets and goodwillDevelopment Amounts in NOK million Notecosts Goodwill Other TotalHistorical costBalance as of 1 January 2021 583 1 392 270 2 246Reclassification (10) - - (10)Capitalized development 24 - 1 24Adjustment from business combina-tions prior years - (1) - (1)Disposals of subsidiaries (544) (1 263) (244) (2 051)Currency translation differences (4) (10) (3) (16)Balance as of December 31, 2021 50 118 24 192Reclassification 1 - - 1Capitalized development 9 - - 9Reclassification to held for sale 6 (14) - - (14)Currency translation differences - 1 - 1Balance as of December 31, 2022 47 119 24 190Accumulated amortization and impairmentBalance as of 1 January 2021 (411) (86) (154) (651)1)Amortization for the year (10) - (6) (16)2)Impairment - (69) (86) (155)Disposal of subsidiaries 390 146 233 770Currency translation differences 3 (1) 3 5Balance as of December 31, 2021 (28) (10) (9) (47)Amortization for the year (6) - (3) (10)Reclassification to held for sale 13 - - 13Balance as of December 31, 2022 (22) (10) (13) (44)Net book value as of 31 December 2021 22 109 15 145Net book value as of 31 December 2022 25 109 11 1461) Includes amortization of NOK 6 million from discontinued operations in 20212) Includes impairment of NOK 149 million from discontinued operations in 2021Note 16 | Impairment testing of goodwill Goodwill originates from acquisitions. For the purpose of impairment testing, goodwill has been allocated to the group\u2019s cash-generating units (portfolio companies) as shown in the table below, which represents the lowest level at which goodwill is monitored in management reporting. Amounts in NOK million 2022 2021AGR 109 109 Total goodwill 109 109Impairment testing for cash-generating units containing significant margins and other cost components based on historical experience as goodwill well as assessment of future market development and conditions. These The recoverable amounts of cash-generating units (portfolio companies) assumptions require a high degree of judgement, given the significant are determined based on value-in-use calculations. Discounted cash flow degree of uncertainty regarding oilfield service activities in the forecast models are applied to determine the value in use for the portfolio companies period.with goodwill. The management has made cash flow projections based on budget and strategic forecast for the periods 2023-2027. Beyond the Terminal value growth rate The group uses a constant growth rate not explicit forecast period of five years, the cash flows are extrapolated using exceeding 2% (including inflation) for periods beyond the management\u2019s a constant growth rate. forecast period of five years. The growth rates used do not exceed the growth rates for the industry in which the portfolio company operates. Key assumptions used in the calculation of value in use are discussed below. The values assigned to the key assumptions represent Discount rates are estimated based on Weighted Average Cost of Capital management's assessment of future trends in the relevant industries as well (WACC) for the industry in which the portfolio company operates. The as management\u2019s expectations regarding margin, and have been based on risk-free interest rates used in the discount rates are based on the 10 year historical data from both external and internal sources.state treasury bond rate at the time of the impairment testing. Optimal debt leverage is estimated for each portfolio company. The discount rates are EBITDA used in the value-in-use calculations represents the operating further adjusted to reflect any additional short to medium term market risk earnings before depreciation and amortization and is estimated based considering current industry conditions.on the expected future performance of the existing businesses in their main markets. Assumptions are made regarding revenue growth, gross Discount rate after tax Discount rate pre taxDiscount rate assumptions used in impairment testing 2022 2021 2022 2021AGR 15.0% 13.0% 18.4% 16.3%Sensitivity to changes in assumptionsThe group has performed sensitivity calculations to identify any reasonably For the portfolio companies containing goodwill, the recoverable amounts possible change in key assumptions that could cause the carrying amount are higher than the carrying amounts based on the value in use analysis to exceed the recoverable amount. In AGR, if the average revenue growth and consequently no impairment loss of goodwill was recognized in 2022 in the forecast period were reduced by more than 10%, or if the average or 2021. EBITDA margin in the forecast period were reduced by more than 2%, the estimated recoverable amount would be lower than the carrying amount and it would result in impairment in AGR. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-766-4": {
"value": "Note 15 | Intangible assets and goodwillDevelopment Amounts in NOK million Notecosts Goodwill Other TotalHistorical costBalance as of 1 January 2021 583 1 392 270 2 246Reclassification (10) - - (10)Capitalized development 24 - 1 24Adjustment from business combina-tions prior years - (1) - (1)Disposals of subsidiaries (544) (1 263) (244) (2 051)Currency translation differences (4) (10) (3) (16)Balance as of December 31, 2021 50 118 24 192Reclassification 1 - - 1Capitalized development 9 - - 9Reclassification to held for sale 6 (14) - - (14)Currency translation differences - 1 - 1Balance as of December 31, 2022 47 119 24 190Accumulated amortization and impairmentBalance as of 1 January 2021 (411) (86) (154) (651)1)Amortization for the year (10) - (6) (16)2)Impairment - (69) (86) (155)Disposal of subsidiaries 390 146 233 770Currency translation differences 3 (1) 3 5Balance as of December 31, 2021 (28) (10) (9) (47)Amortization for the year (6) - (3) (10)Reclassification to held for sale 13 - - 13Balance as of December 31, 2022 (22) (10) (13) (44)Net book value as of 31 December 2021 22 109 15 145Net book value as of 31 December 2022 25 109 11 1461) Includes amortization of NOK 6 million from discontinued operations in 20212) Includes impairment of NOK 149 million from discontinued operations in 2021",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-766-5": {
"value": "Note 15 | Intangible assets and goodwillDevelopment Amounts in NOK million Notecosts Goodwill Other TotalHistorical costBalance as of 1 January 2021 583 1 392 270 2 246Reclassification (10) - - (10)Capitalized development 24 - 1 24Adjustment from business combina-tions prior years - (1) - (1)Disposals of subsidiaries (544) (1 263) (244) (2 051)Currency translation differences (4) (10) (3) (16)Balance as of December 31, 2021 50 118 24 192Reclassification 1 - - 1Capitalized development 9 - - 9Reclassification to held for sale 6 (14) - - (14)Currency translation differences - 1 - 1Balance as of December 31, 2022 47 119 24 190Accumulated amortization and impairmentBalance as of 1 January 2021 (411) (86) (154) (651)1)Amortization for the year (10) - (6) (16)2)Impairment - (69) (86) (155)Disposal of subsidiaries 390 146 233 770Currency translation differences 3 (1) 3 5Balance as of December 31, 2021 (28) (10) (9) (47)Amortization for the year (6) - (3) (10)Reclassification to held for sale 13 - - 13Balance as of December 31, 2022 (22) (10) (13) (44)Net book value as of 31 December 2021 22 109 15 145Net book value as of 31 December 2022 25 109 11 1461) Includes amortization of NOK 6 million from discontinued operations in 20212) Includes impairment of NOK 149 million from discontinued operations in 2021Note 16 | Impairment testing of goodwill Goodwill originates from acquisitions. For the purpose of impairment testing, goodwill has been allocated to the group\u2019s cash-generating units (portfolio companies) as shown in the table below, which represents the lowest level at which goodwill is monitored in management reporting. Amounts in NOK million 2022 2021AGR 109 109 Total goodwill 109 109Impairment testing for cash-generating units containing significant margins and other cost components based on historical experience as goodwill well as assessment of future market development and conditions. These The recoverable amounts of cash-generating units (portfolio companies) assumptions require a high degree of judgement, given the significant are determined based on value-in-use calculations. Discounted cash flow degree of uncertainty regarding oilfield service activities in the forecast models are applied to determine the value in use for the portfolio companies period.with goodwill. The management has made cash flow projections based on budget and strategic forecast for the periods 2023-2027. Beyond the Terminal value growth rate The group uses a constant growth rate not explicit forecast period of five years, the cash flows are extrapolated using exceeding 2% (including inflation) for periods beyond the management\u2019s a constant growth rate. forecast period of five years. The growth rates used do not exceed the growth rates for the industry in which the portfolio company operates. Key assumptions used in the calculation of value in use are discussed below. The values assigned to the key assumptions represent Discount rates are estimated based on Weighted Average Cost of Capital management's assessment of future trends in the relevant industries as well (WACC) for the industry in which the portfolio company operates. The as management\u2019s expectations regarding margin, and have been based on risk-free interest rates used in the discount rates are based on the 10 year historical data from both external and internal sources.state treasury bond rate at the time of the impairment testing. Optimal debt leverage is estimated for each portfolio company. The discount rates are EBITDA used in the value-in-use calculations represents the operating further adjusted to reflect any additional short to medium term market risk earnings before depreciation and amortization and is estimated based considering current industry conditions.on the expected future performance of the existing businesses in their main markets. Assumptions are made regarding revenue growth, gross Discount rate after tax Discount rate pre taxDiscount rate assumptions used in impairment testing 2022 2021 2022 2021AGR 15.0% 13.0% 18.4% 16.3%Sensitivity to changes in assumptionsThe group has performed sensitivity calculations to identify any reasonably For the portfolio companies containing goodwill, the recoverable amounts possible change in key assumptions that could cause the carrying amount are higher than the carrying amounts based on the value in use analysis to exceed the recoverable amount. In AGR, if the average revenue growth and consequently no impairment loss of goodwill was recognized in 2022 in the forecast period were reduced by more than 10%, or if the average or 2021. EBITDA margin in the forecast period were reduced by more than 2%, the estimated recoverable amount would be lower than the carrying amount and it would result in impairment in AGR. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-766-6": {
"value": "Note 15 | Intangible assets and goodwillDevelopment Amounts in NOK million Notecosts Goodwill Other TotalHistorical costBalance as of 1 January 2021 583 1 392 270 2 246Reclassification (10) - - (10)Capitalized development 24 - 1 24Adjustment from business combina-tions prior years - (1) - (1)Disposals of subsidiaries (544) (1 263) (244) (2 051)Currency translation differences (4) (10) (3) (16)Balance as of December 31, 2021 50 118 24 192Reclassification 1 - - 1Capitalized development 9 - - 9Reclassification to held for sale 6 (14) - - (14)Currency translation differences - 1 - 1Balance as of December 31, 2022 47 119 24 190Accumulated amortization and impairmentBalance as of 1 January 2021 (411) (86) (154) (651)1)Amortization for the year (10) - (6) (16)2)Impairment - (69) (86) (155)Disposal of subsidiaries 390 146 233 770Currency translation differences 3 (1) 3 5Balance as of December 31, 2021 (28) (10) (9) (47)Amortization for the year (6) - (3) (10)Reclassification to held for sale 13 - - 13Balance as of December 31, 2022 (22) (10) (13) (44)Net book value as of 31 December 2021 22 109 15 145Net book value as of 31 December 2022 25 109 11 1461) Includes amortization of NOK 6 million from discontinued operations in 20212) Includes impairment of NOK 149 million from discontinued operations in 2021Research and development costsNOK 9 million has been capitalized in 2022 (NOK 24 million in 2021) related to development activities. No research and development costs were expensedduring the year (NOK 1 million in 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-772-4": {
"value": "Note 16 | Impairment testing of goodwill Goodwill originates from acquisitions. For the purpose of impairment testing, goodwill has been allocated to the group\u2019s cash-generating units (portfolio companies) as shown in the table below, which represents the lowest level at which goodwill is monitored in management reporting. Amounts in NOK million 2022 2021AGR 109 109 Total goodwill 109 109Impairment testing for cash-generating units containing significant margins and other cost components based on historical experience as goodwill well as assessment of future market development and conditions. These The recoverable amounts of cash-generating units (portfolio companies) assumptions require a high degree of judgement, given the significant are determined based on value-in-use calculations. Discounted cash flow degree of uncertainty regarding oilfield service activities in the forecast models are applied to determine the value in use for the portfolio companies period.with goodwill. The management has made cash flow projections based on budget and strategic forecast for the periods 2023-2027. Beyond the Terminal value growth rate The group uses a constant growth rate not explicit forecast period of five years, the cash flows are extrapolated using exceeding 2% (including inflation) for periods beyond the management\u2019s a constant growth rate. forecast period of five years. The growth rates used do not exceed the growth rates for the industry in which the portfolio company operates. Key assumptions used in the calculation of value in use are discussed below. The values assigned to the key assumptions represent Discount rates are estimated based on Weighted Average Cost of Capital management's assessment of future trends in the relevant industries as well (WACC) for the industry in which the portfolio company operates. The as management\u2019s expectations regarding margin, and have been based on risk-free interest rates used in the discount rates are based on the 10 year historical data from both external and internal sources.state treasury bond rate at the time of the impairment testing. Optimal debt leverage is estimated for each portfolio company. The discount rates are EBITDA used in the value-in-use calculations represents the operating further adjusted to reflect any additional short to medium term market risk earnings before depreciation and amortization and is estimated based considering current industry conditions.on the expected future performance of the existing businesses in their main markets. Assumptions are made regarding revenue growth, gross Discount rate after tax Discount rate pre taxDiscount rate assumptions used in impairment testing 2022 2021 2022 2021AGR 15.0% 13.0% 18.4% 16.3%Sensitivity to changes in assumptionsThe group has performed sensitivity calculations to identify any reasonably For the portfolio companies containing goodwill, the recoverable amounts possible change in key assumptions that could cause the carrying amount are higher than the carrying amounts based on the value in use analysis to exceed the recoverable amount. In AGR, if the average revenue growth and consequently no impairment loss of goodwill was recognized in 2022 in the forecast period were reduced by more than 10%, or if the average or 2021. EBITDA margin in the forecast period were reduced by more than 2%, the estimated recoverable amount would be lower than the carrying amount and it would result in impairment in AGR. ",
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"value": "Note 17 | Equity-accounted investeesEquity-accounted investees include joint ventures that are accounted for using the equity method. Such investments are defined as related parties to Akastor. See Note 33 Related parties for significant agreements and transactions with joint ventures and any guarantees provided on behalf of or from such entities.Total equity- F\u00f8n Energy accounted Amounts in NOK million HMH AKOFS OffshoreServicesinvesteesCountry Netherlands Norway NorwayOwnership and voting rights 50% 50% 45%Balance as of January 1, 2022 2 650 759 - 3 408Acquisitions - - 26 26Share of net profit (loss) (82) (179) (2) (263)Share of other comprehensive income (25) (51) - (76)Currency translation differences 321 86 - 407Balance as of December 31, 2022 2 863 615 24 3 502HMHF\u00f8n Energy ServicesOn October 1, 2021, Akastor completed the transaction to bring together In February 2022, Akastor, through its subsidiary AGR AS, completed the Akastor\u2019s wholly owned subsidiary, MHWirth AS (MHWirth) and Baker transaction to establish a joint venture company, F\u00f8n Engergy Services, Hughes\u2019 Subsea Drilling Systems (SDS) business to create a joint venture together with IKM Group. Following the transaction, Akastor and IKM each company HMH Holding B.V. (HMH). Following the transaction, Akastor and holds 45% of the shares in F\u00f8n Energy Services, and have joint control Baker Hughes each holds 50% of the shares in HMH, and have joint control over the company. See Note 6 for more information about the transaction. over the company. See Note 5 Discontinued operations for more information The company offers integrated Operations and Maintenance (O&M) about the transaction. HMH is a provider of drilling systems, equipment and solutions to developers, operators, suppliers and owners of offshore aftermarket services.renewables infrastructure, and in particular offshore wind farms. AKOFS OffshoreAKOFS Offshore is a joint venture where Akastor, MITSUI & CO., Ltd. (\"Mitsui\") and Mitsui O.S.K. Lines, Ltd. (\"MOL\") hold 50%, 25% and 25% of the shares respectively, and have joint control over the company. The company is a subsea well installation and intervention services provider. Summary of financial information for significant equity-accounted investee (100 percent basis)1)HMH AKOFSAmounts in NOK million 2022 2021 2022 2021Current assets 5 645 6 265 888 951 \u2013 Cash and cash equivalents 468 817 310 337 Non-current assets 7 193 6 906 4 517 4 249 Current liabilities (3 770) (4 092) (1 844) (1 536) \u2013 Current financial liabilities (excluding trade and other payables and provisions) (476) (1 384) (1 451) (1 149)Non-current liabilities (3 341) (3 781) (2 331) (2 146) \u2013 Non-current financial liabilities (excluding trade and other payables and provisions) (2 889) (3 199) (2 325) (2 140)Net assets (100%) 5 726 5 299 1 230 1 517 Akastor's share of net assets (50%) 2 863 2 650 615 759 Akastor's carrying amount of the investment 2 863 2 650 615 759Revenue 6 477 1 419 1 425 1 269 Depreciation, amortization and impairment (457) (116) (376) (453)Interest income - - 5 -Interest expense (364) (57) (302) (269)Income tax expense (78) (23) (6) (65)Profit (loss) for the year (164) 12 (358) (516)Other comprehensive income (loss) (50) - (102) (15)Total comprehensive income (loss) (100%) (215) 12 (459) (531)Total comprehensive income (loss) (50%) (107) 6 (230) (266)2)Impairment of goodwill - - - (124)Elimination of unrealized gain on downstream sales - - - 30Akastor's share of total comprehensive income (loss) (107) 6 (230) (360)1) Income statement information for HMH in 2021 was related to the period between October 1 \u2013 December 31, 2021 after the formation of the company.2) Goodwill in AKOFS Offshore was impaired in 2021 as a result of reassessment of valuation of the vessels in AKOFS Offshore.",
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"value": "Note 17 | Equity-accounted investeesEquity-accounted investees include joint ventures that are accounted for using the equity method. Such investments are defined as related parties to Akastor. See Note 33 Related parties for significant agreements and transactions with joint ventures and any guarantees provided on behalf of or from such entities.Total equity- F\u00f8n Energy accounted Amounts in NOK million HMH AKOFS OffshoreServicesinvesteesCountry Netherlands Norway NorwayOwnership and voting rights 50% 50% 45%Balance as of January 1, 2022 2 650 759 - 3 408Acquisitions - - 26 26Share of net profit (loss) (82) (179) (2) (263)Share of other comprehensive income (25) (51) - (76)Currency translation differences 321 86 - 407Balance as of December 31, 2022 2 863 615 24 3 502HMHF\u00f8n Energy ServicesOn October 1, 2021, Akastor completed the transaction to bring together In February 2022, Akastor, through its subsidiary AGR AS, completed the Akastor\u2019s wholly owned subsidiary, MHWirth AS (MHWirth) and Baker transaction to establish a joint venture company, F\u00f8n Engergy Services, Hughes\u2019 Subsea Drilling Systems (SDS) business to create a joint venture together with IKM Group. Following the transaction, Akastor and IKM each company HMH Holding B.V. (HMH). Following the transaction, Akastor and holds 45% of the shares in F\u00f8n Energy Services, and have joint control Baker Hughes each holds 50% of the shares in HMH, and have joint control over the company. See Note 6 for more information about the transaction. over the company. See Note 5 Discontinued operations for more information The company offers integrated Operations and Maintenance (O&M) about the transaction. HMH is a provider of drilling systems, equipment and solutions to developers, operators, suppliers and owners of offshore aftermarket services.renewables infrastructure, and in particular offshore wind farms. AKOFS OffshoreAKOFS Offshore is a joint venture where Akastor, MITSUI & CO., Ltd. (\"Mitsui\") and Mitsui O.S.K. Lines, Ltd. (\"MOL\") hold 50%, 25% and 25% of the shares respectively, and have joint control over the company. The company is a subsea well installation and intervention services provider. Summary of financial information for significant equity-accounted investee (100 percent basis)1)HMH AKOFSAmounts in NOK million 2022 2021 2022 2021Current assets 5 645 6 265 888 951 \u2013 Cash and cash equivalents 468 817 310 337 Non-current assets 7 193 6 906 4 517 4 249 Current liabilities (3 770) (4 092) (1 844) (1 536) \u2013 Current financial liabilities (excluding trade and other payables and provisions) (476) (1 384) (1 451) (1 149)Non-current liabilities (3 341) (3 781) (2 331) (2 146) \u2013 Non-current financial liabilities (excluding trade and other payables and provisions) (2 889) (3 199) (2 325) (2 140)Net assets (100%) 5 726 5 299 1 230 1 517 Akastor's share of net assets (50%) 2 863 2 650 615 759 Akastor's carrying amount of the investment 2 863 2 650 615 759Revenue 6 477 1 419 1 425 1 269 Depreciation, amortization and impairment (457) (116) (376) (453)Interest income - - 5 -Interest expense (364) (57) (302) (269)Income tax expense (78) (23) (6) (65)Profit (loss) for the year (164) 12 (358) (516)Other comprehensive income (loss) (50) - (102) (15)Total comprehensive income (loss) (100%) (215) 12 (459) (531)Total comprehensive income (loss) (50%) (107) 6 (230) (266)2)Impairment of goodwill - - - (124)Elimination of unrealized gain on downstream sales - - - 30Akastor's share of total comprehensive income (loss) (107) 6 (230) (360)1) Income statement information for HMH in 2021 was related to the period between October 1 \u2013 December 31, 2021 after the formation of the company.2) Goodwill in AKOFS Offshore was impaired in 2021 as a result of reassessment of valuation of the vessels in AKOFS Offshore.",
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"value": "Note 17 | Equity-accounted investeesEquity-accounted investees include joint ventures that are accounted for using the equity method. Such investments are defined as related parties to Akastor. See Note 33 Related parties for significant agreements and transactions with joint ventures and any guarantees provided on behalf of or from such entities.Total equity- F\u00f8n Energy accounted Amounts in NOK million HMH AKOFS OffshoreServicesinvesteesCountry Netherlands Norway NorwayOwnership and voting rights 50% 50% 45%Balance as of January 1, 2022 2 650 759 - 3 408Acquisitions - - 26 26Share of net profit (loss) (82) (179) (2) (263)Share of other comprehensive income (25) (51) - (76)Currency translation differences 321 86 - 407Balance as of December 31, 2022 2 863 615 24 3 502HMHF\u00f8n Energy ServicesOn October 1, 2021, Akastor completed the transaction to bring together In February 2022, Akastor, through its subsidiary AGR AS, completed the Akastor\u2019s wholly owned subsidiary, MHWirth AS (MHWirth) and Baker transaction to establish a joint venture company, F\u00f8n Engergy Services, Hughes\u2019 Subsea Drilling Systems (SDS) business to create a joint venture together with IKM Group. Following the transaction, Akastor and IKM each company HMH Holding B.V. (HMH). Following the transaction, Akastor and holds 45% of the shares in F\u00f8n Energy Services, and have joint control Baker Hughes each holds 50% of the shares in HMH, and have joint control over the company. See Note 6 for more information about the transaction. over the company. See Note 5 Discontinued operations for more information The company offers integrated Operations and Maintenance (O&M) about the transaction. HMH is a provider of drilling systems, equipment and solutions to developers, operators, suppliers and owners of offshore aftermarket services.renewables infrastructure, and in particular offshore wind farms. AKOFS OffshoreAKOFS Offshore is a joint venture where Akastor, MITSUI & CO., Ltd. (\"Mitsui\") and Mitsui O.S.K. Lines, Ltd. (\"MOL\") hold 50%, 25% and 25% of the shares respectively, and have joint control over the company. The company is a subsea well installation and intervention services provider. Summary of financial information for significant equity-accounted investee (100 percent basis)1)HMH AKOFSAmounts in NOK million 2022 2021 2022 2021Current assets 5 645 6 265 888 951 \u2013 Cash and cash equivalents 468 817 310 337 Non-current assets 7 193 6 906 4 517 4 249 Current liabilities (3 770) (4 092) (1 844) (1 536) \u2013 Current financial liabilities (excluding trade and other payables and provisions) (476) (1 384) (1 451) (1 149)Non-current liabilities (3 341) (3 781) (2 331) (2 146) \u2013 Non-current financial liabilities (excluding trade and other payables and provisions) (2 889) (3 199) (2 325) (2 140)Net assets (100%) 5 726 5 299 1 230 1 517 Akastor's share of net assets (50%) 2 863 2 650 615 759 Akastor's carrying amount of the investment 2 863 2 650 615 759Revenue 6 477 1 419 1 425 1 269 Depreciation, amortization and impairment (457) (116) (376) (453)Interest income - - 5 -Interest expense (364) (57) (302) (269)Income tax expense (78) (23) (6) (65)Profit (loss) for the year (164) 12 (358) (516)Other comprehensive income (loss) (50) - (102) (15)Total comprehensive income (loss) (100%) (215) 12 (459) (531)Total comprehensive income (loss) (50%) (107) 6 (230) (266)2)Impairment of goodwill - - - (124)Elimination of unrealized gain on downstream sales - - - 30Akastor's share of total comprehensive income (loss) (107) 6 (230) (360)1) Income statement information for HMH in 2021 was related to the period between October 1 \u2013 December 31, 2021 after the formation of the company.2) Goodwill in AKOFS Offshore was impaired in 2021 as a result of reassessment of valuation of the vessels in AKOFS Offshore.Note 33 | Related parties Related party relationships are those involving control (either direct or settled firstly by ordinary dividend from AKOFS Offshore, with any shortfall indirect), joint control or significant influence. Related parties are in a being guaranteed by Akastor. Akastor ASA has issued a bank guarantee for position to enter into transactions with the company that would not be payment of preferred return for a total amount of NOK 131 million relating undertaken between unrelated parties. to the remaining period. Akastor ASA is a parent company with control of around 20 companies Akastor has issued a financial guarantee of NOK 152 million in favour of around the world. These subsidiaries are listed in Note 32 Group finance institutions for fulfilment of lease obligations related to Avium Subsea companies. Any transactions between the parent company and the AS. Akastor has issued a financial parent company indemnity guarantee of subsidiaries are shown line by line in the separate financial statements NOK 1.4 billion in favour of OCY Wayfarer Limited for fulfilment of lease of the parent company, and are eliminated in the consolidated financial obligations related to AKOFS 3 AS. In addition, Akastor is guaranteeing statements.the performance of AKOFS Norway Operations AS (operating AKOFS Seafarer) under the 5 years charter agreement with Equinor. The remaining Joint ventures are accounted for using the equity method, see Note 17 contract value of this charter agreement is NOK 2.1 billion. Avium Subsea Equity-accounted investees. AS, AKOFS 3 AS and AKOFS Seafarer AS are wholly owned subsidiaries of AKOFS Offshore. The largest shareholder of Akastor, Aker Holding AS, is wholly-owned by Aker ASA, which in turn is controlled by Kjell Inge R\u00f8kke through TRG HMHHolding AS and The Resource Group TRG AS. Akastor is an associated In October 2021, Akastor completed the transaction to bring together company to Aker ASA as per year end 2022 and 2021. Akastor\u2019s wholly owned subsidiary, MHWirth AS (MHWirth) and Baker Hughes\u2019 Subsea Drilling Systems (SDS) business to create a joint venture Below are descriptions of significant related party agreements. company HMH. Following the transaction, Akastor and Baker Hughes each holds 50% of the shares in HMH, and have joint control over the company. Significant agreements with related parties to Aker ASASee Note 5 Discontinued operations and Note 17 Equity-accounted Aker Holding AS investees for more information.In connection with the refinancing of its corporate credit facilities, Akastor entered into a subordinated loan agreement with Aker Holding AS, a As of December 31, 2022, Akastor has interest-bearing receivables of wholly owned subsidiary to Aker ASA. The agreement provides credit NOK 218 million against HMH (fixed interest rate 8.0 percent), see also facility of NOK 250 million (NIBOR + margin 10.0 percent) available to Note 19 Non-current interest-bearing receivables. Further, Akastor has a Akastor. In February/March 2023, the facility was extended to March 2024 liability of NOK 162 million towards HMH related to Step Oiltools, see also and increased to NOK 450 million (NIBOR + margin 12.0 percent). The Note 24 Other liabilities for more information. Akastor has issued financial carrying amount of the loan from Aker Holding AS was NOK 16 million as of guarantees of NOK 539 million for MHWirth AS, a wholly owned subsidiary December 31, 2022, see Note 23 Borrowings for more information. of HMH, for fulfilment of lease obligations and performance under certain operational support frame agreements. The Resource Group TRG AS AK Wilfab Inc, a wholly owned subsidiary of Akastor, is together with Aker Other related partiesSolutions Inc and The Resource Group TRG AS sponsoring the US pension Aker Pensjonskasse plan named the Kvaerner Consolidated Retirement Plan. Akastor holds one Aker Pensjonskasse was established by Aker ASA to manage the retirement third of the liability of the sponsors for the underfunded element of the plan plan for employees and retirees in Akastor as well as related Aker companies. and The Resource Group TRG AS holds two thirds of the ultimate liability. Akastor holds 93.4 percent of the paid-in capital in Aker Pensjonskasse and Aker ASA guarantees for The Resource Group TRG AS\u2019 liability and covers Akastor\u2019s share of paid-in equity was NOK 158 million at the end of 2022 for all its expenses related to the pension plan.(NOK 158 million in 2021). Akastor\u2019s premium paid to Aker Pensjonskasse amounts to NOK 6 million in 2022 (NOK 8 million in 2021). Akastor also Related party transactions with joint ventureshas an interest-bearing receivable against Aker Pensjonskasse of NOK 22 AKOFS Offshoremillion and an additional financing commitment NOK 10 million (3% interest As of December 31, 2022, Akastor has interest-bearing receivables of NOK of drawn amount and 1% interest of committed amount).226 million against AKOFS Offshore, including term loan of NOK 173 million (LIBOR + margin 2.5/5.5 percent) and drawn working capital facility of NOK Even though Akastor owns 93.4 percent in Aker Pensjonskasse, the 53 million (NIBOR + margin 5.5 percent). Akastor has made available a ownership does not constitute control since Akastor does not have the NOK 100 million working capital revolving facility to AKOFS Seafarer AS power to govern the financial and operating policies so as to obtain benefits from contract commencement with Equinor. from the activities in this entity.As part of the joint venture shareholders agreement, the other two investors, Grants to employee representative\u2019s collective fund Mitsui and MOL, are entitled to a guaranteed preferred equity return, in Aker ASA has signed an agreement with employee representatives that respect of the operations of AKOFS Seafarer, amounting to a total of USD regulate use of grants from Akastor ASA for activities related to professional 46 million for the period 2020-2025. The payment of preferred return will be development. The grant in 2022 was NOK 510 000 (NOK 510 000 in 2021).Compensation to key managementThe key management personnel of Akastor includes the Board of Directors and the executive management team. The figures below represent remuneration expenses recognized in the year. Detailed remuneration disclosures are provided in Remuneration Report 2022.Amounts in NOK million 2022 2021Base salary 7 7Variable pay and other benefits 8 15Post-employment benefits (pension expenses to company) 1 -Remuneration to Board of Directors 3 3Total 19 26The balance of accrued expenses related to key management remuneration amounted to NOK 16 million as of December 31, 2022, of which NOK 5 million is contingent on continuous employment after a three-year period. ",
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"pp-value-775-2": {
"value": "Note 18 | Other investmentsAmounts in NOK million Note 2022 2021NES Fircroft investment 636 621 Aker Pensjonskasse 33 158 158 Awilco Drilling investment 10 10 Odfjell Drilling warrants 34 807 Other equity securities 31 29 Total other investments 30 869 1 625 Shares in Step Oiltools B.V. 162 147Total current investments 30 162 147NES Fircroft Odfjell Drilling warrantsAkastor holds around 15% economic ownership interest in NES Fircroft, In November 2022, Akastor sold the preference shares in Odfjell Drilling a global technical and engineering staffing provider. The investment, for a total consideration of USD 95.2 million, of which USD 75.2 million consisting mainly of debt instruments, is measured at fair value. See was settled in cash while the remaining USD 20 million was settled through Note 30 Financial instruments for more information about the fair value a seller\u2019s credit agreement towards Odfjell Drilling, see Note 19 for more measurement of debt instruments in NES Fircroft. information. Akastor retains warrants for 6 837 492 common shares in Odfjell Drilling, divided by six exercisable tranches until May 31, 2024. Aker PensjonskasseOdfjell Drilling is listed on the Oslo Stock Exchange.Aker Pensjonskasse was established by Aker ASA to manage the retirement plan for employees and retirees in Akastor as well as related Shares in Step Oiltools B.V.Aker companies. Akastor holds 93.4 percent of the paid-in capital in Aker Step Oiltools was included in the transaction scope when HMH was Pensjonskasse. The ownership does not constitute control since Akastor established and thus forms part of the MHWirth business contributed from does not have the power to govern the financial and operating policies so Akastor to the joint venture HMH in 2021. However, the legal ownership in as to obtain benefits from the activities in this entity.shares in Step Oiltools B.V. remains with Akastor as of December 31, 2022. The ownership does not constitute control since Akastor is not exposed to Awilco Drilling variable returns from the legal ownership. See also Note 24 Other liabilities Akastor holds 6.8% of the common shares in Awilco Drilling, which is listed for more information about the liabilities related to Step Oiltools. on the Oslo Euronext Growth.",
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"pp-value-775-3": {
"value": "Note 18 | Other investmentsAmounts in NOK million Note 2022 2021NES Fircroft investment 636 621 Aker Pensjonskasse 33 158 158 Awilco Drilling investment 10 10 Odfjell Drilling warrants 34 807 Other equity securities 31 29 Total other investments 30 869 1 625 Shares in Step Oiltools B.V. 162 147Total current investments 30 162 147NES Fircroft Odfjell Drilling warrantsAkastor holds around 15% economic ownership interest in NES Fircroft, In November 2022, Akastor sold the preference shares in Odfjell Drilling a global technical and engineering staffing provider. The investment, for a total consideration of USD 95.2 million, of which USD 75.2 million consisting mainly of debt instruments, is measured at fair value. See was settled in cash while the remaining USD 20 million was settled through Note 30 Financial instruments for more information about the fair value a seller\u2019s credit agreement towards Odfjell Drilling, see Note 19 for more measurement of debt instruments in NES Fircroft. information. Akastor retains warrants for 6 837 492 common shares in Odfjell Drilling, divided by six exercisable tranches until May 31, 2024. Aker PensjonskasseOdfjell Drilling is listed on the Oslo Stock Exchange.Aker Pensjonskasse was established by Aker ASA to manage the retirement plan for employees and retirees in Akastor as well as related Shares in Step Oiltools B.V.Aker companies. Akastor holds 93.4 percent of the paid-in capital in Aker Step Oiltools was included in the transaction scope when HMH was Pensjonskasse. The ownership does not constitute control since Akastor established and thus forms part of the MHWirth business contributed from does not have the power to govern the financial and operating policies so Akastor to the joint venture HMH in 2021. However, the legal ownership in as to obtain benefits from the activities in this entity.shares in Step Oiltools B.V. remains with Akastor as of December 31, 2022. The ownership does not constitute control since Akastor is not exposed to Awilco Drilling variable returns from the legal ownership. See also Note 24 Other liabilities Akastor holds 6.8% of the common shares in Awilco Drilling, which is listed for more information about the liabilities related to Step Oiltools. on the Oslo Euronext Growth.",
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"pp-value-776-2": {
"value": "Note 19 | Non-current interest-bearing receivablesAmounts in NOK million Note 2022 2021Receivables from AKOFS Offshore 226 113Receivables from HMH 218 180Seller\u2019s credit to Odfjell Drilling 200 -Receivables from Aker Pensjonskasse 22 22Receivable from F\u00f8n Energy Services 2 -Total non- current interest-bearing receivables 668 315In November 2022, Akastor sold the preference shares in Odfjell Drilling for a total consideration of USD 95.2 million, of which USD 75.2 million was settled in cash while the remaining USD 20 million was settled through a seller\u2019s credit agreement towards Odfjell Drilling. The seller\u2019s credit agreement has maturity date on July 31, 2024, with 10% p.a. cash interest (step-up of interest to 13% p.a. from January 1, 2024). ",
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"value": "Note 20 | Trade and other receivablesAmounts in NOK million Note 2022 2021Trade receivables 204 191 Less provision for impairment (64) (57)Trade receivables, net of provision 140 135 Other receivables 556 673 Trade and other receivables 30 696 808 Advances to suppliers 2 - Contract assets 8 61 47 Prepaid expenses 11 16 Public duty and tax refund - 2 Total 769 872Other receivables relate mainly to Akastor\u2019s economic interest in four drilling equipment contracts with Jurong Shipyard (DRU contracts). This position was carved out from MHWirth in connection with the merger with Baker Hughes\u2019 SDS business. The contracts were terminated by Jurong and dispute over termination fees is being resolved through arbitration process with outcome expected in 2023. In 2022, the group reassessed both receivables and accrued expenses following the formal termination of the last two contracts. An impairment of NOK 174 million, with a corresponding reversal of accrued expenses, was recognized in 2022 (NOK 214 million in 2021). Net financial position related to the contracts was not impacted by the reassessment.Book value of trade and other receivables is approximately equal to fair value.Aging of trade receivablesAmounts in NOK million 2022 2021Not overdue 145 126 Past due 0-30 days 3 8 Past due 31-90 days 1 - Past due more than 90 days 56 57 Total trade receivables 204 191 The past due receivables are monitored regularly and impairment analysis is performed on an individual basis for major customers. As of December 31, 2022, trade receivables of a face value of NOK 64 million were impaired. See below for the movements in the provision for impairment of receivables.Amounts in NOK million 2022 2021Balance as of January 1 57 131 Unused amounts reversed - (8)Disposal of subsidiaries - (68)Currency translation differences 7 2 Balance as of December 31 64 57 ",
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},
"pp-value-777-3": {
"value": "Note 20 | Trade and other receivablesAmounts in NOK million Note 2022 2021Trade receivables 204 191 Less provision for impairment (64) (57)Trade receivables, net of provision 140 135 Other receivables 556 673 Trade and other receivables 30 696 808 Advances to suppliers 2 - Contract assets 8 61 47 Prepaid expenses 11 16 Public duty and tax refund - 2 Total 769 872Other receivables relate mainly to Akastor\u2019s economic interest in four drilling equipment contracts with Jurong Shipyard (DRU contracts). This position was carved out from MHWirth in connection with the merger with Baker Hughes\u2019 SDS business. The contracts were terminated by Jurong and dispute over termination fees is being resolved through arbitration process with outcome expected in 2023. In 2022, the group reassessed both receivables and accrued expenses following the formal termination of the last two contracts. An impairment of NOK 174 million, with a corresponding reversal of accrued expenses, was recognized in 2022 (NOK 214 million in 2021). Net financial position related to the contracts was not impacted by the reassessment.Book value of trade and other receivables is approximately equal to fair value.Aging of trade receivablesAmounts in NOK million 2022 2021Not overdue 145 126 Past due 0-30 days 3 8 Past due 31-90 days 1 - Past due more than 90 days 56 57 Total trade receivables 204 191 The past due receivables are monitored regularly and impairment analysis is performed on an individual basis for major customers. As of December 31, 2022, trade receivables of a face value of NOK 64 million were impaired. See below for the movements in the provision for impairment of receivables.Amounts in NOK million 2022 2021Balance as of January 1 57 131 Unused amounts reversed - (8)Disposal of subsidiaries - (68)Currency translation differences 7 2 Balance as of December 31 64 57 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-777-4": {
"value": "Note 20 | Trade and other receivablesAmounts in NOK million Note 2022 2021Trade receivables 204 191 Less provision for impairment (64) (57)Trade receivables, net of provision 140 135 Other receivables 556 673 Trade and other receivables 30 696 808 Advances to suppliers 2 - Contract assets 8 61 47 Prepaid expenses 11 16 Public duty and tax refund - 2 Total 769 872Other receivables relate mainly to Akastor\u2019s economic interest in four drilling equipment contracts with Jurong Shipyard (DRU contracts). This position was carved out from MHWirth in connection with the merger with Baker Hughes\u2019 SDS business. The contracts were terminated by Jurong and dispute over termination fees is being resolved through arbitration process with outcome expected in 2023. In 2022, the group reassessed both receivables and accrued expenses following the formal termination of the last two contracts. An impairment of NOK 174 million, with a corresponding reversal of accrued expenses, was recognized in 2022 (NOK 214 million in 2021). Net financial position related to the contracts was not impacted by the reassessment.Book value of trade and other receivables is approximately equal to fair value.Aging of trade receivablesAmounts in NOK million 2022 2021Not overdue 145 126 Past due 0-30 days 3 8 Past due 31-90 days 1 - Past due more than 90 days 56 57 Total trade receivables 204 191 The past due receivables are monitored regularly and impairment analysis is performed on an individual basis for major customers. As of December 31, 2022, trade receivables of a face value of NOK 64 million were impaired. See below for the movements in the provision for impairment of receivables.Amounts in NOK million 2022 2021Balance as of January 1 57 131 Unused amounts reversed - (8)Disposal of subsidiaries - (68)Currency translation differences 7 2 Balance as of December 31 64 57 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-778-2": {
"value": "Note 21 | Cash and cash equivalentsAmounts in NOK million 2022 2021Restricted cash 2 -Interest-bearing deposits 117 89 Total cash and cash equivalents 119 89 Additional undrawn committed bank revolving credit facilities amount to NOK 304 million, that together with cash and cash equivalents gives a total liquidity reserve of NOK 423 million as of December 31, 2022. See also Note 23 Borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-778-3": {
"value": "Note 21 | Cash and cash equivalentsAmounts in NOK million 2022 2021Restricted cash 2 -Interest-bearing deposits 117 89 Total cash and cash equivalents 119 89 Additional undrawn committed bank revolving credit facilities amount to NOK 304 million, that together with cash and cash equivalents gives a total liquidity reserve of NOK 423 million as of December 31, 2022. See also Note 23 Borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14739": {
"value": "Note 22 | Capital and reserves",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-780-2": {
"value": "Share capitalAkastor ASA has one class of shares, ordinary shares, with equal rights forall shares. The holders of ordinary shares are entitled to receive dividendsand are entitled to one vote per share at General Meetings. Total outstandingshares are 274 000 000 at par value NOK 0.592 per share (NOK 0.592 in2021). All issued shares are fully paid.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-786-2": {
"value": "Treasury shares Sale of 405 051 treasury shares to employees was carried out in 2022 inconnection with the company\u2019s variable pay program. As of December 31,2022, Akastor ASA holds 1 985 164 treasury shares (2 390 215 treasuryshares in 2021), representing 0.72 percent of total outstanding shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14791": {
"value": "The Board of Directors has not proposed dividend for 2022 or 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-792-2": {
"value": "Hedging reserveAs of December 31, 2022, the group had no cash flow hedges. The hedgingreserve is related to share of other comprehensive income in equityaccounted investees.Fair value reserveThe fair value reserve comprises the cumulative net changes in the fairvalue of financial assets classified as Fair Value through OCI (FVOCI) untilthese assets are impaired or derecognized. Currency translation reserveThe currency translation reserve includes exchange differences arisingfrom the translation of the net investments in foreign operations, foreignexchange gain or loss on loans defined as part of net investments in foreignoperations, as well as the group\u2019s share of currency translation differencesin equity accounted investees. Upon the disposal of investments in foreignoperations during 2021, the accumulated currency translation differencesrelated to the disposed entities were reclassified from the currencytranslation reserve to the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-809-2": {
"value": "Note 23 | BorrowingsBelow are contractual terms of the group\u2019s interest-bearing loans and borrowings which are measured at amortized cost. For more information about the group\u2019s exposure to interest rates, foreign currency and liquidity risk, see Note 29 Financial risk management and exposures. Nominal Carrying currency amount 1) 2)Amounts in million Currencyvalue(NOK) Maturity Interest terms 2022Revolving credit facility (USD 66 million) USD 66 656 Feb 2024 USD LIBOR + margin 5.5%Revolving credit facility (NOK 250 million) NOK 200 198 Feb 2024 NIBOR + margin 5.5%3)Subordinated Aker facility (NOK 250 million) NOK 16 16 Mar 2024 NIBOR + margin 10%Term loan AGR NOK 180 198 Apr 2027 Fixed rate 4%Term loan DDW Offshore USD 27 272 Feb 2024 USD LIBOR + margin 4.25%Total borrowings 1 340 Current borrowings 1 142Non-current borrowings 198Total borrowings 1 340 2021Revolving credit facility (USD 89 million) USD 83 721 Feb 2023 USD LIBOR + margin 5.5%Revolving credit facility (NOK 250 million) NOK - - Feb 2023 NIBOR + margin 5.5%Subordinated Aker facility (NOK 250 million) NOK 3 3 Mar 2023 NIBOR + margin 10%Term loan AGR NOK 180 185 Apr 2027 Fixed rate 4%Term loan DDW Offshore USD 53 467 Oct 2023 USD LIBOR + margin 4.25%Overdraft NOK 11Total borrowings 1 387Current borrowings 16 Non-current borrowings 1 372 Total borrowings 1 387 1) In February and March 2023, the maturity date of Revolving credit facilities, Aker facility and DDW Offshore term loan was extended to February/March 2024. The borrowings are classified as current reflecting the maturity date as at the reporting date.2) Commitment fee is 40 percent of the margin for revolving credit facilities and Aker facility.3) In March 2023, Aker facility was increased to NOK 450 million (NIBOR + margin 12%). For information about contractual maturities of borrowings including interest payments and the period in which they mature, see Note 29 Financial risk management and exposures.Bank debtThe revolving credit facilities are provided by a bank syndicate consistingof high-quality Nordic and international banks, with DNB acting as agent.The terms and conditions include restrictions which are customary forthese kinds of facilities, including inter alia negative pledge provisions andrestrictions on acquisitions, disposals and mergers, dividend distributionand change of control provisions. For information about financial covenants,see Note 28 Capital management. The term loan facility of NOK 180 million to AGR is provided by Nordea andDNB. The lenders have no recourse to Akastor ASA. This facility includesrestrictions which are customary for these kinds of facilities.The term loan of USD 27 million to DDW Offshore is provided by GIEK, DNBand BNP Paribas and matures in February 2024. The Facility is guaranteedby Akastor ASA and the lenders benefit from first priority mortgages in thevessels. This facility includes restrictions which are customary for thesekinds of secured financing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-809-3": {
"value": "Note 23 | BorrowingsBelow are contractual terms of the group\u2019s interest-bearing loans and borrowings which are measured at amortized cost. For more information about the group\u2019s exposure to interest rates, foreign currency and liquidity risk, see Note 29 Financial risk management and exposures. Nominal Carrying currency amount 1) 2)Amounts in million Currencyvalue(NOK) Maturity Interest terms 2022Revolving credit facility (USD 66 million) USD 66 656 Feb 2024 USD LIBOR + margin 5.5%Revolving credit facility (NOK 250 million) NOK 200 198 Feb 2024 NIBOR + margin 5.5%3)Subordinated Aker facility (NOK 250 million) NOK 16 16 Mar 2024 NIBOR + margin 10%Term loan AGR NOK 180 198 Apr 2027 Fixed rate 4%Term loan DDW Offshore USD 27 272 Feb 2024 USD LIBOR + margin 4.25%Total borrowings 1 340 Current borrowings 1 142Non-current borrowings 198Total borrowings 1 340 2021Revolving credit facility (USD 89 million) USD 83 721 Feb 2023 USD LIBOR + margin 5.5%Revolving credit facility (NOK 250 million) NOK - - Feb 2023 NIBOR + margin 5.5%Subordinated Aker facility (NOK 250 million) NOK 3 3 Mar 2023 NIBOR + margin 10%Term loan AGR NOK 180 185 Apr 2027 Fixed rate 4%Term loan DDW Offshore USD 53 467 Oct 2023 USD LIBOR + margin 4.25%Overdraft NOK 11Total borrowings 1 387Current borrowings 16 Non-current borrowings 1 372 Total borrowings 1 387 1) In February and March 2023, the maturity date of Revolving credit facilities, Aker facility and DDW Offshore term loan was extended to February/March 2024. The borrowings are classified as current reflecting the maturity date as at the reporting date.2) Commitment fee is 40 percent of the margin for revolving credit facilities and Aker facility.3) In March 2023, Aker facility was increased to NOK 450 million (NIBOR + margin 12%). For information about contractual maturities of borrowings including interest payments and the period in which they mature, see Note 29 Financial risk management and exposures.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-826-2": {
"value": "Reconciliation of liabilities arising from financing activitiesRevolving Subordi-Term loan credit nated Aker Term loan \u2013 DDW Total Amounts in NOK millionfacilitiesfacility AGROffshore OverdraftborrowingsBalance as of December 31, 2020 1 119 - 173 455 - 1 746Proceeds from borrowings 1 056 - - - 11 1 067Repayment of borrowings (1 472) - - - - (1 472)Changes from financing cash flows (416) - - - 11 (405)Changes in capitalized borrowing costs 7 - - - - 7Accrued interest (incl. commitment fees) 5 3 13 - - 20Foreign exchange movements 6 - - 13 - 18Balance as of December 31, 2021 721 3 185 467 11 1 387Proceeds from borrowings 736 20 - - - 756 Repayment of borrowings (711) (20) - (254) (11) (996)Changes from financing cash flows 25 - - (254) (11) (240)Changes in capitalized borrowing costs 13 - - - - 13Accrued interest (incl. commitment fees) (1) 13 13 9 - 33Foreign exchange movements 96 - - 50 - 146Balance as of December 31, 2022 854 16 198 272 - 1 340See Note 31 Leases for reconciliation of liabilities arising from leasing activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-827-2": {
"value": "Note 24 | Other liabilitiesAmounts in NOK million Note 2022 2021Deferred gain 30 51Deferred settlement obligations 30 326 377Liability for profit split 30 102 200Other liabilities 30 1 1Total other non-current liabilities 459 628Liability related to Step Oitools 30 162 148Total other current liabilities 162 148 Deferred gain In May 2018, Akastor invested in preferred equity and warrants in OdfjellDrilling. On initial recognition, the investment in warrants was recognized atfair value and the difference between the fair value and the transaction price,NOK 117 million, was recognized as \u201cDeferred gain\u201d. The deferred gain issubsequently amortized and recognized to profit and loss at straight-linebasis over six years. See Note 18 Other investments for more informationabout the warrant investment. Deferred settlement obligationsDeferred settlement obligations represent contingent considerationsresulting from disposal of subsidiaries. The obligations are mainly relatedto provision for indemnity liabilities for pension plans in connection withMHWirth divestment as well as guaranteed preferred return to Mitsui andMOL in connection with AKOFS Offshore divestment. Liability for profit splitDDW Offshore AS has obligation to share 50 percent of the sale proceedsfrom disposal of two of its vessels with its lenders prior to April 2024. Liability related to Step Oiltools Step Oiltools was included in the transaction scope when HMH wasestablished and thus forms part of the MHWirth business contributed fromAkastor to the joint venture HMH in 2021. However, the legal ownership inshares in Step Oiltools B.V. remains with Akastor as of December 31, 2022.Since Akastor is not exposed to variable returns from the legal ownership,the liability reflects the obligation to transfer Step Oiltools or its assets toHMH when the ownership structure is resolved. See also Note 18 Otherinvestments for more information about the Step Oiltools shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-827-3": {
"value": "Note 24 | Other liabilitiesAmounts in NOK million Note 2022 2021Deferred gain 30 51Deferred settlement obligations 30 326 377Liability for profit split 30 102 200Other liabilities 30 1 1Total other non-current liabilities 459 628Liability related to Step Oitools 30 162 148Total other current liabilities 162 148 Deferred gain In May 2018, Akastor invested in preferred equity and warrants in OdfjellDrilling. On initial recognition, the investment in warrants was recognized atfair value and the difference between the fair value and the transaction price,NOK 117 million, was recognized as \u201cDeferred gain\u201d. The deferred gain issubsequently amortized and recognized to profit and loss at straight-linebasis over six years. See Note 18 Other investments for more informationabout the warrant investment. Deferred settlement obligationsDeferred settlement obligations represent contingent considerationsresulting from disposal of subsidiaries. The obligations are mainly relatedto provision for indemnity liabilities for pension plans in connection withMHWirth divestment as well as guaranteed preferred return to Mitsui andMOL in connection with AKOFS Offshore divestment. Liability for profit splitDDW Offshore AS has obligation to share 50 percent of the sale proceedsfrom disposal of two of its vessels with its lenders prior to April 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-827-4": {
"value": "Note 24 | Other liabilitiesAmounts in NOK million Note 2022 2021Deferred gain 30 51Deferred settlement obligations 30 326 377Liability for profit split 30 102 200Other liabilities 30 1 1Total other non-current liabilities 459 628Liability related to Step Oitools 30 162 148Total other current liabilities 162 148 Liability related to Step Oiltools Step Oiltools was included in the transaction scope when HMH wasestablished and thus forms part of the MHWirth business contributed fromAkastor to the joint venture HMH in 2021. However, the legal ownership inshares in Step Oiltools B.V. remains with Akastor as of December 31, 2022.Since Akastor is not exposed to variable returns from the legal ownership,the liability reflects the obligation to transfer Step Oiltools or its assets toHMH when the ownership structure is resolved. See also Note 18 Otherinvestments for more information about the Step Oiltools shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-854-2": {
"value": "Note 25 | Employee benefits \u2013 pensionAkastor\u2019s pension costs represent the future pension entitlement earned byemployees in the financial year. In a defined contribution plan the companyis responsible for paying an agreed contribution to the employee\u2019s pensionassets. In such a plan, this annual contribution is also the cost. In a definedbenefit plan, it is the company\u2019s responsibility to provide a certain pension.The measurement of the cost and the pension liability for such arrangementsis subject to actuarial valuations. Akastor has over a long time periodgradually moved from defined benefit arrangements to defined contributionplans. Consequently, the impact of the remaining defined benefit plans isgradually reduced.Pension plans in NorwayThe main pension arrangement in Norway is a general pension plan organizedby the Norwegian Government. This arrangement provides the maingeneral pension entitlement of all Norwegians. All pension arrangements byemployers consequently represent limited additional pension entitlements.Norwegian employers are obliged to provide an employment pension plan,which can be organized as a defined benefit plan or as a defined contributionplan. The Norwegian companies in Akastor have closed the earlier definedbenefit plans in 2008 and are now providing defined contribution plans for allemployees.Defined benefit planEmployees who were 58 years or older in 2008, when the change took place,are still in the defined benefit plan, which is a funded plan. There are no longerany active employees in this plan. The estimated contributions expected to bepaid to the Norwegian plan during 2023 amount to NOK 6 million.Compensation planTo ensure that the employees were treated fairly on the change over to thecontribution plan in 2008, the company introduced a compensation plan.The basis for deciding the compensation amount is the difference betweencalculated pension capital in the defined benefit plan and the value of thedefined benefit plan at the age of 67 years. The compensation amount willbe adjusted annually in accordance with the adjustment of the employees\u2019pensionable income, and accrued interest according to market interest. Ifthe employee leaves the company voluntarily before the age of 67 years,the compensation amount will be reduced.AFP \u2013 early retirement arrangementAFP is an early retirement arrangement organized by Norwegian employers,the main Labor Union organization in Norway (LO) and the NorwegianGovernment. The AFP plan is providing additional lifelong pensions toemployees that retire before the general retirement age, to compensatefor the reduction of the ordinary pension entitlements. The employees aregiven a choice of retirement age, with lower pension at earlier retirement. The Norwegian Accounting Standards Board has issued a commentconcluding that the AFP plan is a multi-employer defined benefit plan. TheAFP plan exposes the participating entities to actuarial risk associatedwith employees of other entities with the result that there is no consistentand reliable basis for allocating the obligation, plan assets and costs toindividual participating entities. Sufficient information is not available to usedefined benefit accounting and the AFP plan is accounted for as a definedcontribution plan. Pension plans outside NorwayPension plans outside Norway are predominately defined contribution plans.Pension costAmounts in NOK million Note 2022 2021Defined benefit plans 1 1Defined contribution plans including AFP 11 10Total pension cost 9 12 11Net employee defined benefit obligationsAmounts in NOK million 2022 2021Defined benefit plans Norway 94 94Defined benefit plans USA 2 15Total employee benefit obligations 96 108Movement in net defined benefit (asset) liabilityPension obligation Pension asset Net pension obligationAmounts in NOK million 2022 2021 2022 2021 2022 2021Balance as of January 1 332 639 (224) (251) 108 388 Disposal of subsidiaries as of January 1, 2021 - (279) - 28 - (251)Included in profit or loss Service cost 1 1 - - 1 1 Interest cost (income) 4 2 (2) (1) 2 2 Total 4 3 (2) (1) 2 2 Included in OCI Remeasurements (loss) gain: Actuarial loss (gain) arising from:\u2013 demographic assumptions 2 6 - - 2 5 \u2013 financial assumptions (18) (10) (3) (2) (21) (12) \u2013 experience adjustments 4 (5) - - 4 (5) Return on plan assets excluding interest income - - 25 - 25 -Effect of movements in exchange rates 7 3 (6) (3) - -Total (5) (6) 16 (5) 11 (11)OtherBenefits paid by the plan (30) (25) 24 20 (6) (5)Contributions paid into the plan - - (20) (15) (20) (15)Total (30) (25) 5 5 (26) (20)Balance as of December 31 301 332 (205) (224) 96 108Plan assetsAmounts in NOK million 2022 2021Plan assets at fair value Norwegian plan Government 2 5 Finance 14 15 Private and Government enterprise 23 26 Municipalities 10 15 Bonds 48 60Fund/private equity 56 60 Total plan assets Norway at fair value 104 120 Equity securities 25 29 Debt securities 76 75Total plan assets US at fair value 101 104Total plan assets at fair value 205 224 The equity portfolio is invested globally. The fair value of the equities is The investment in fund/private equity is mainly funds that invests in listed based on their quoted prices at the reporting date without any deduction for securities and where the fund value is based on quoted prices.estimated future selling cost.The investments in bonds are done in the Norwegian market and most of the bonds are not listed on any exchange. The market value as at year end is based on official prices provided by the Norwegian Securities Dealers Association. The Bond investments have on average a high credit rating. Most of the investments are in Norwegian municipalities with a credit rating of AA.Defined benefit obligation \u2013 actuarial assumptionsThe group\u2019s significant defined benefit plans are in Norway. The followings are the principal actuarial assumptions at the reporting date for the plans in Norway.Norway2022 2021Discount rate 3.20% 1.90%Asset return 2.00% 1.90%Salary progression 3.75% 2.75%Pension indexation 1.7 -3.5% 0 -2.5%Mortality table K2013 K2013The information below relates only to Norwegian plans as these represent in the pension indexations. The total effect of fluctuations in economic the majority of the plans.assumptions is consequently unlikely to be very significant.The discount rates and other assumptions in 2022 and 2021 are based Assumptions regarding future mortality have been based on published on the Norwegian high quality corporate bond rate and recommendations statistics and mortality tables. The current life expectancy underlying the from the Norwegian Accounting Standards Board. It should be expected values of the defined benefit obligation at the reporting date is shown below.that fluctuations in the discount rates would also lead to fluctuations Years 2022 2021Life expectancy of male pensioners 22.7 22.6Life expectancy of female pensioners 26.0 25.9As of December 31, 2022, the weighted-average duration of the defined benefit obligation was 4.1 years.Sensitivity analysisReasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation as of December 31, 2022 by the amounts shown below.Amounts in NOK million Increase DecreaseDiscount rate (1% movement) (8) 9Future salary growth (1% movement) - -Future pension growth (1% movement) 9 (7)The change in discount rate assumptions would affect plan assets in the income statement in next period as it would change the estimated asset return but have no effect on pension assets as of year-end. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-910-2": {
"value": "Note 26 | ProvisionsAmounts in NOK million 2022 2021Provision, current 31 20 Provision, non-current 3 26 Total provisions 34 47 Development of significant provisionsOnerous Amounts in NOK million Warranties contracts Other TotalBalance as of December 31, 2021 10 31 6 47Provisions utilized - (3) (2) (4)Provisions reversed (9) - - (9)Unwind of discount - 1 - 1Reclassification to held for sale (1) - - (1)Balance as of December 31, 2022 - 29 5 34Expected timing of paymentWithin the next twelve months - 27 4 31After the next twelve months - 3 1 3Total - 29 5 34Onerous contractsProvision for onerous contracts relates mainly to unavoidable operational costs for vacant properties where the group is committed under lease contracts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-910-3": {
"value": "Note 26 | ProvisionsAmounts in NOK million 2022 2021Provision, current 31 20 Provision, non-current 3 26 Total provisions 34 47 Development of significant provisionsOnerous Amounts in NOK million Warranties contracts Other TotalBalance as of December 31, 2021 10 31 6 47Provisions utilized - (3) (2) (4)Provisions reversed (9) - - (9)Unwind of discount - 1 - 1Reclassification to held for sale (1) - - (1)Balance as of December 31, 2022 - 29 5 34Expected timing of paymentWithin the next twelve months - 27 4 31After the next twelve months - 3 1 3Total - 29 5 34Onerous contractsProvision for onerous contracts relates mainly to unavoidable operational costs for vacant properties where the group is committed under lease contracts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-911-2": {
"value": "Note 27 | Trade and other payables Amounts in NOK million Note 2022 20211)Trade creditors 67 99 Accrued expenses 179 3772)Liability for profit split 89 -Trade and other payables 30 335 476Public duty and tax payables 46 46 Contract liabilities 8 25 21 Deferred settlement obligations 30 91 82 Total trade and other payables 498 6251) Trade creditors are due within one year.2) Relates to obligation in DDW Offshore AS to share 50 percent of the sale proceeds from disposal of two of its vessels in 2023.Book value of trade creditors and other current liabilities is approximately equal to fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-911-3": {
"value": "Note 27 | Trade and other payables Amounts in NOK million Note 2022 20211)Trade creditors 67 99 Accrued expenses 179 3772)Liability for profit split 89 -Trade and other payables 30 335 476Public duty and tax payables 46 46 Contract liabilities 8 25 21 Deferred settlement obligations 30 91 82 Total trade and other payables 498 6251) Trade creditors are due within one year.2) Relates to obligation in DDW Offshore AS to share 50 percent of the sale proceeds from disposal of two of its vessels in 2023.Book value of trade creditors and other current liabilities is approximately equal to fair value.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-912-2": {
"value": "Note 28 | Capital managementAkastor\u2019s capital management is designed to ensure that the group hassufficient financial flexibility to carry out its strategic targets, both short-term and long-term. Akastor is targeting to maintain a financial structurethat, through solidity and cash flow, secures the group\u2019s strong long-termcreditworthiness, as well as maximize value creation for its shareholdersthrough:Investing in projects and business areas which will increase the company\u2019s Return On Capital Employed (ROCE) over time.Optimizing the company\u2019s capital structure to ensure both sufficient and timely funding over time to finance its activities at the lowest cost.Investment policyAkastor\u2019s capital management is based on a rigorous investment selectionprocess which considers not only Akastor\u2019s weighted average cost ofcapital and strategic orientation but also external factors such as marketexpectations.Funding policyLiquidity planningAkastor has a strong focus on its liquidity situation to meet its capital needsand ensure solvency for its financial obligations. Akastor had a liquidityreserve per year end 2022 of NOK 423 million, composed of an undrawncommitted credit facility of NOK 304 million and cash and cash equivalentsof NOK 119 million.Funding of operationsAkastor\u2019s group funding policy is that subsidiaries should finance theiroperations with the treasury department (Akastor Treasury). This ensuresoptimal availability and transfer of cash within the group and better controlof the company\u2019s overall debt as well as cheaper funding for its operations.However, AGR is financed directly through a NOK 180 million Term Loanmaturing in 2027, and DDW Offshore is financed directly through a USD 27million Term loan maturing in 2024.Funding durationAkastor emphasizes financial flexibility and steers its capital structureaccordingly to limit its liquidity and refinancing risks. In this perspective,loans and other external borrowings are to be renegotiated well in advanceof their due date and generally for periods of 3 to 5 years. However, as aresult of MHWirth divestment in 2021 and the required refinancing carriedout in connection with this, corporate facilities currently have a shorterduration as realization of assets are expected to be carried out in the shortto medium term.Funding costAkastor aims to have diversified funding sources in order to reach thelowest possible cost of capital. These funding sources might include:The use of banks based on syndicated credit facilities.The issue of debt instruments in the Norwegian capital market.The issue of debt instruments in foreign capital markets.Ratios used in monitoring of capital/covenantsAkastor monitors capital on the basis of a gearing ratio (net debt/equity) andequity ratio (equity/total assets). These ratios are similar to covenants asdefined in the loan agreement entered into in 2021 for the revolving creditfacilities which are shown below. See Note 23 Borrowings for details aboutthese loans.The company\u2019s gearing ratio shall not exceed 0.5 times and is calculated from the consolidated total borrowings to the consolidated Equity.Equity ratio shall not be lower than 32.5%, calculated from the consolidated total equity to consolidated total assets.Minimum liquidity amount shall exceed NOK 150 million on consolidated level.The ratios are calculated based on net debt including cash and borrowings,consolidated equity and consolidated total assets, however adjusted forcertain items as defined in the loan agreement. Covenants ratios are basedon accounting principles as of December 31, 2022. The covenants are monitored on a regular basis by the Akastor Treasurydepartment to ensure compliance with the loan agreements which aretested and reported on a quarterly basis. Akastor was in compliance with itscovenants as of December 31, 2022. In February 2023, the group extendedthe maturity of the corporate revolving credit facilities to February/March2024. In March 2023, the subordinated Aker facility was increased withNOK 200 million to NOK 450 million (NIBOR + 12% margin). AGR\u2019s external financing has one financial covenant the Liquidity shall benot less than NOK 20 million. ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-986-2": {
"value": "Note 29 | Financial risk management and exposuresThe group is exposed to a variety of financial risks: currency risk, interest Currency riskrate risk, price risk, credit risk, liquidity risk and capital risk. The capital The group operates internationally and is exposed to currency risk market risk affects the value of financial instruments held. The objective of on commercial transactions, recognized assets and liabilities and net financial risk management is to manage and control financial risk exposures investments in foreign operations. Commercial transactions and recognized and thereby increase the predictability of earnings and minimize potential assets and liabilities are subject to currency risk when payments are adverse effects on the group\u2019s financial performance. denominated in a currency other than the respective functional currency of the group company. The group\u2019s exposure to currency risk is primarily Risk management is present in every project. It is the responsibility of the against USD. project managers, with the support of Akastor Treasury, to identify, evaluate and hedge financial risks under policies approved by the Board of Directors. Exposure to currency riskThe group has well-established principles for overall risk management, as Changes in currency rates change the values of borrowings, receivables well as policies for the use of derivatives and financial investments. There and cash balances. have not been any changes in these policies during the year.2022 2021Amounts in million USD USDCash and cash equivalents - (5)Intercompany loans 48 43 Loans and receivables 109 43 Deferred settlement assets and obligations (42) (50)Balance sheet exposure 115 31Forward exchange contracts - (75)Net exposure 115 (43)Net exposure (NOK million) 1 141 (383)Sensitivity analysisof the reporting period. The analysis assumes that all other variables, in A strengthening of USD against NOK as of December 31 would have particular interest rates, remain constant and ignores any impact of forecast affected the measurement of financial instruments denominated in a foreign sales and purchases. Figures in the table below only include the effect in currency and increased (decreased) income statement by the amounts income statement for change in currency regarding financial instruments shown below. This analysis is based on foreign currency exchange rate and do not include effect from operating cost and revenue.variances that the group considered to be reasonably possible at the end Effect of weakening of NOK against USD:2022 2021 Amounts in NOK million Profit (loss) after tax Profit (loss) after taxUSD (10%) 114 USD (10%) (38)A strengthening of the NOK against USD as of December 31 would have interest rate risk. Borrowings and receivables issued at fixed rates expose had the equal but opposite effect on the above amounts, on the basis that the group to fair value interest rate risk. However, as these borrowings are all other variables remain constant. The sensitivity analysis does not include measured at amortized cost, interest rate variations do not affect profit and effects on the consolidated result and equity from changed exchange rates loss when held to maturity.used for consolidation of foreign subsidiaries.An increase of 100 basis points in interest rates during 2022 would have The primary currency-related risk is the risk of reduced competitiveness increased (decreased) profit and loss by the amounts shown on the table abroad in the case of a strengthened NOK. This risk relates to future below. This analysis assumes that all other variables, in particular foreign commercial contracts and is not included in the sensitivity analysis above.currency rates, remain constant. The analysis is performed on the same basis as for 2021.Interest rate riskThe group\u2019s interest rate risk arises from cash balances, interest-bearing borrowings and interest-bearing receivables. Borrowings and receivables issued at variable rates as well as cash expose the group to cash flow Effect of increase of 100 basis points in interest rates on profit (loss) before taxAmounts in NOK million 2022 2021Cash and cash equivalents 1 2Interest-bearing receivables 4 2Borrowings (17) (19)Net (12) (16)A decrease of 100 basis points in interest rates during 2022 would havehad the equal but opposite effect on the above amounts, on the basis thatall other variables remain constant. There are no effects on equity as thereare no interest swaps.Credit riskCredit risk is the risk of financial losses to the group if customer orcounterparty to financial investments/instruments fails to meet contractualobligations and arise principally from investment securities and receivables.Assessment of credit risk related to customers and subcontractors is animportant requirement in the bid phase and throughout the contract period.Such assessments are based on credit ratings, income statement andbalance sheet reviews and using credit assessment tools available (e.g.Dun & Bradstreet and Credit Watch). Sales to customers are settled in cash.The group evaluates that significant credit risk concentrations are relatedto receivables and contract assets from major corporate customers. Themaximum exposure to credit risk at the reporting date equals the carryingamounts of financial assets (see Note 30 Financial instruments) andcontract assets (see Note 8 Revenue and other income). The group doesnot hold collateral as security.Based on estimates of incurred losses in respect of trade receivables andcontract assets, the group establishes a provision for impairment losses.Provisions for loss on debtors are based on individual assessments.Provisions for loss on trade receivables and contract assets were NOK 278million in 2022 (NOK 271 million in 2021). Liquidity riskLiquidity risk is the risk that the group will encounter difficulty in meeting theobligations associated with its financial liabilities. The group manages itsliquidity to ensure that it will always have sufficient liquidity reserves to meetits liabilities when due.Prudent liquidity risk management includes maintaining sufficient cash, theavailability of funding from an adequate amount of committed credit facilitiesand the ability to close out market positions. Due to the dynamic nature ofthe underlying businesses, Akastor Treasury maintains flexibility in fundingby maintaining availability under committed credit lines. Akastor is an investment company with limited upstream cash flow fromits portfolio companies and therefore to a large degree depends onrealization of assets to reduce debt and improve liquidity. In order to mitigaterefinancing risk when the corporate financing facilities mature and secureavailable liquidity, the group is in accordance with its strategy focusing onrealization of holdings. The outcome related to the DRU arbitration processis a key milestone in this regard. If realization processes planned should bedelayed or if proceeds come in at a lower value than anticipated, refinancingrisk would increase and other sources of capital could be required. The group policy for the purpose of optimizing availability and flexibilityof cash within the group is to operate a centrally managed cash poolingarrangement. An important condition for the participants (business units)in such cash pooling arrangements is that the group as an owner of suchpools is financially viable and is able to prove its capability to service itsobligations concerning repayment of any net deposits made by businessunits. Management monitors rolling monthly forecasts of the group\u2019s liquidityreserve on the basis of expected cash flow. Financial liabilities and the period in which they matureThe following is the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements. Book Total cash 6 months 6\u201312 More than 1)Amounts in NOK million Notevalueflow and lessmonths 1\u20132 years 2\u20135 years5 years20222)Borrowings 23 1 340 1 403 59 334 852 157 - Lease liabilities 31 85 89 27 22 34 6 1 Other non-current liabilities 24 103 110 - - 110 - -Other current liabilities 24 162 162 - 162 - - - Deferred settlement obligations 24, 27 417 429 103 8 91 102 126 Trade and other payables 27 335 335 272 63 - - - Total financial liabilities 2 442 2 528 461 589 1 087 265 127 3)Financial guarantees 5 058 198 1 555 3 640 665 20212)Borrowings 23 1 387 1 522 48 32 1 237 111 94 Lease liabilities 31 155 168 42 41 46 39 1 Other non-current liabilities 24 201 221 - - 221 - - Deferred settlement obligations 24, 27 459 481 8 60 82 163 168 Trade and other payables 27 476 476 240 236 - - - Total financial liabilities 2 678 2 868 338 369 1 586 313 263 3)Financial guarantees 6 247 581 4 497 3 315 1 851 1) Nominal currency value including interest.2) The interest costs are calculated using the last fixing rate known by year end (plus applicable margin).3) Financial guarantees are not recognized on the consolidated balance sheet. The undiscounted cash flows potentially payable under financial guarantees are classified on the basis of expiry date.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-996-2": {
"value": "Guarantee obligationsThe group has provided the following guarantees on behalf of subsidiariesand related parties as of December 31, 2022 (estimated remaining exposureas of December 31, 2022):Performance guarantees on behalf of group companies of NOK 17 million (NOK 361 million in 2021)Performance guarantees on behalf of related parties of NOK 2.2 billion (NOK 2.6 million in 2021)Parent company indemnity guarantees for fulfillment of lease obligations and finance obligations of NOK 2.6 billion (NOK 3.0 billion in 2021)Financial guarantees including counter guarantees for bank/surety bonds and guarantees for pension obligations to employees of NOK 0.2 billion (NOK 0.3 billion in 2021)Although guarantees are financial instruments, they are consideredcontingent obligations and the notional amounts are not included in thefinancial statements. See more information about guarantees for relatedparties in Note 33 Related parties. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-996-3": {
"value": "Guarantee obligationsThe group has provided the following guarantees on behalf of subsidiariesand related parties as of December 31, 2022 (estimated remaining exposureas of December 31, 2022):Performance guarantees on behalf of group companies of NOK 17 million (NOK 361 million in 2021)Performance guarantees on behalf of related parties of NOK 2.2 billion (NOK 2.6 million in 2021)Parent company indemnity guarantees for fulfillment of lease obligations and finance obligations of NOK 2.6 billion (NOK 3.0 billion in 2021)Financial guarantees including counter guarantees for bank/surety bonds and guarantees for pension obligations to employees of NOK 0.2 billion (NOK 0.3 billion in 2021)Although guarantees are financial instruments, they are consideredcontingent obligations and the notional amounts are not included in thefinancial statements. See more information about guarantees for relatedparties in Note 33 Related parties. ",
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"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-1014-2": {
"value": "Price riskThe group is exposed to fluctuations in market prices in the operationalareas related to contracts, including changes in market prices for rawmaterials, equipment and development in wages. These risks are to theextent possible managed in bid processes by locking in committed pricesfrom vendors as a basis for offers to customer or through escalation clauseswith customers. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-1021-3": {
"value": "Credit riskCredit risk is the risk of financial losses to the group if customer orcounterparty to financial investments/instruments fails to meet contractualobligations and arise principally from investment securities and receivables.Assessment of credit risk related to customers and subcontractors is animportant requirement in the bid phase and throughout the contract period.Such assessments are based on credit ratings, income statement andbalance sheet reviews and using credit assessment tools available (e.g.Dun & Bradstreet and Credit Watch). Sales to customers are settled in cash.The group evaluates that significant credit risk concentrations are relatedto receivables and contract assets from major corporate customers. Themaximum exposure to credit risk at the reporting date equals the carryingamounts of financial assets (see Note 30 Financial instruments) andcontract assets (see Note 8 Revenue and other income). The group doesnot hold collateral as security.Based on estimates of incurred losses in respect of trade receivables andcontract assets, the group establishes a provision for impairment losses.Provisions for loss on debtors are based on individual assessments.Provisions for loss on trade receivables and contract assets were NOK 278million in 2022 (NOK 271 million in 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-1041-3": {
"value": "Liquidity riskLiquidity risk is the risk that the group will encounter difficulty in meeting theobligations associated with its financial liabilities. The group manages itsliquidity to ensure that it will always have sufficient liquidity reserves to meetits liabilities when due.Prudent liquidity risk management includes maintaining sufficient cash, theavailability of funding from an adequate amount of committed credit facilitiesand the ability to close out market positions. Due to the dynamic nature ofthe underlying businesses, Akastor Treasury maintains flexibility in fundingby maintaining availability under committed credit lines. Akastor is an investment company with limited upstream cash flow fromits portfolio companies and therefore to a large degree depends onrealization of assets to reduce debt and improve liquidity. In order to mitigaterefinancing risk when the corporate financing facilities mature and secureavailable liquidity, the group is in accordance with its strategy focusing onrealization of holdings. The outcome related to the DRU arbitration processis a key milestone in this regard. If realization processes planned should bedelayed or if proceeds come in at a lower value than anticipated, refinancingrisk would increase and other sources of capital could be required. The group policy for the purpose of optimizing availability and flexibilityof cash within the group is to operate a centrally managed cash poolingarrangement. An important condition for the participants (business units)in such cash pooling arrangements is that the group as an owner of suchpools is financially viable and is able to prove its capability to service itsobligations concerning repayment of any net deposits made by businessunits. Management monitors rolling monthly forecasts of the group\u2019s liquidityreserve on the basis of expected cash flow. Financial liabilities and the period in which they matureThe following is the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements. Book Total cash 6 months 6\u201312 More than 1)Amounts in NOK million Notevalueflow and lessmonths 1\u20132 years 2\u20135 years5 years20222)Borrowings 23 1 340 1 403 59 334 852 157 - Lease liabilities 31 85 89 27 22 34 6 1 Other non-current liabilities 24 103 110 - - 110 - -Other current liabilities 24 162 162 - 162 - - - Deferred settlement obligations 24, 27 417 429 103 8 91 102 126 Trade and other payables 27 335 335 272 63 - - - Total financial liabilities 2 442 2 528 461 589 1 087 265 127 3)Financial guarantees 5 058 198 1 555 3 640 665 20212)Borrowings 23 1 387 1 522 48 32 1 237 111 94 Lease liabilities 31 155 168 42 41 46 39 1 Other non-current liabilities 24 201 221 - - 221 - - Deferred settlement obligations 24, 27 459 481 8 60 82 163 168 Trade and other payables 27 476 476 240 236 - - - Total financial liabilities 2 678 2 868 338 369 1 586 313 263 3)Financial guarantees 6 247 581 4 497 3 315 1 851 1) Nominal currency value including interest.2) The interest costs are calculated using the last fixing rate known by year end (plus applicable margin).3) Financial guarantees are not recognized on the consolidated balance sheet. The undiscounted cash flows potentially payable under financial guarantees are classified on the basis of expiry date.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-1069-2": {
"value": "Note 30 | Financial instruments Accounting classifications and fair valuesThe following table shows the carrying amounts and fair values of financialassets and financial liabilities, including their levels in the fair valuehierarchy. It does not include fair value information for financial assets andfinancial liabilities not measured at fair value if the carrying amount is areasonable approximation of fair value. For financial instruments measuredat fair value, the levels in the fair value hierarchy are as shown below.Level 1 - fair values are based on prices quoted in an active market foridentical assets or liabilities.Level 2 - fair values are based on inputs other than quoted prices includedin Level 1 that are observable for the asset or liability, either directly orindirectly.Level 3 - fair values are based on unobservable inputs, mainly based oninternal assumptions used in the absence of quoted prices from an activemarket or other observable price inputs.Financial instruments Level in Carrying measured at fair value Amounts in NOK million Noteamountfair value hierarchy2022Financial assets measured at fair valueFair value through P&L (mandatorily at FVTPL)Equity securities 18 40 40 Level 11)Equity securities 18 321 321 Level 3Warrants 18 34 34 Level 3Fair value through Other comprehensive income1)Debt instruments 18 636 636 Level 3Financial assets not measured at fair valueFinancial assets at amortized costCash and cash equivalents 21 119 Non-current interest-bearing receivables 19 668 Trade and other receivables 20 696 Financial assets 2 514 Financial liabilities not measured at fair valueFinancial liabilities at amortized cost2)Borrowings 23 (1 340) (1 342) Level 2Other financial liabilitiesOther non-current liabilities 24 (103)Trade and other payables 27 (335)Financial liabilities measured at fair valueFair value through profit & lossOther current liabilities 24 (162) (162) Level 3Deferred settlement obligations 24, 27 (417) (417) Level 3Financial liabilities (2 357)1) Investments in level 3 in the hierarchy relate to equity securities and debt securities with no active market. These investments are measured at the best estimate of fair value. 2) For credit facilities and other loans with floating interest, notional amounts are used as approximation of fair values.Financial instruments Level in Carrying measured at fair value Amounts in NOK million Noteamountfair value hierarchy2021Financial assets measured at fair valueFair value \u2013 hedging instrumentsDerivative financial instruments 10 10 Level 2Fair value through P&L (mandatorily at FVTPL)Equity securities 18 10 10 Level 1 1)Equity securities 18 1 125 1 125 Level 3Warrants 18 18 18 Level 3Contingent considerations 17 20 20 Level 3 Fair value through Other comprehensive income1)Debt instruments 18 619 619 Level 3Financial assets not measured at fair valueFinancial assets at amortized costCash and cash equivalents 21 89 Non-current interest-bearing receivables 19 315 Trade and other receivables 20 808 Financial assets 3 013 Financial liabilities not measured at fair valueFinancial liabilities at amortized cost2)Borrowings 23 (1 387) (1 402) Level 2 Other financial liabilitiesOther non-current liabilities 24 (201)Other current liabilities 24 (148)Trade and other payables 27 (476)Financial liabilities measured at fair valueFair value through profit & lossDeferred settlement obligations 24, 27 (459) (459) Level 3Financial liabilities (2 671)1) Investments in level 3 in the hierarchy relate to equity securities and debt securities with no active market. These investments are measured at the best estimate of fair value. 2) For credit facilities and other loans with floating interest, notional amounts are used as approximation of fair values.Reconciliation of Level 3 financial assets and financial liabilitiesAmounts in NOK million Assets LiabilitiesBalance as of December 31, 2020 1 480 (274)Addition 189 (220)Settlements (37) 27 Net gain (loss) in the income statement 196 4 Fair value through OCI (20) - Disposal of subsidiaries (26) 3Balance as of December 31, 2021 1 782 (459)Settlements (982) 59 Net gain (loss) in the income statement 220 (16)Reclassifications (29) (162)Balance as of December 31, 2022 991 (579)",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-1085-3": {
"value": "Financial instruments Level in Carrying measured at fair value Amounts in NOK million Noteamountfair value hierarchy2022Financial assets measured at fair valueFair value through P&L (mandatorily at FVTPL)Equity securities 18 40 40 Level 11)Equity securities 18 321 321 Level 3Warrants 18 34 34 Level 3Fair value through Other comprehensive income1)Debt instruments 18 636 636 Level 3Financial assets not measured at fair valueFinancial assets at amortized costCash and cash equivalents 21 119 Non-current interest-bearing receivables 19 668 Trade and other receivables 20 696 Financial assets 2 514 Financial liabilities not measured at fair valueFinancial liabilities at amortized cost2)Borrowings 23 (1 340) (1 342) Level 2Other financial liabilitiesOther non-current liabilities 24 (103)Trade and other payables 27 (335)Financial liabilities measured at fair valueFair value through profit & lossOther current liabilities 24 (162) (162) Level 3Deferred settlement obligations 24, 27 (417) (417) Level 3Financial liabilities (2 357)1) Investments in level 3 in the hierarchy relate to equity securities and debt securities with no active market. These investments are measured at the best estimate of fair value. 2) For credit facilities and other loans with floating interest, notional amounts are used as approximation of fair values.Financial instruments Level in Carrying measured at fair value Amounts in NOK million Noteamountfair value hierarchy2021Financial assets measured at fair valueFair value \u2013 hedging instrumentsDerivative financial instruments 10 10 Level 2Fair value through P&L (mandatorily at FVTPL)Equity securities 18 10 10 Level 1 1)Equity securities 18 1 125 1 125 Level 3Warrants 18 18 18 Level 3Contingent considerations 17 20 20 Level 3 Fair value through Other comprehensive income1)Debt instruments 18 619 619 Level 3Financial assets not measured at fair valueFinancial assets at amortized costCash and cash equivalents 21 89 Non-current interest-bearing receivables 19 315 Trade and other receivables 20 808 Financial assets 3 013 Financial liabilities not measured at fair valueFinancial liabilities at amortized cost2)Borrowings 23 (1 387) (1 402) Level 2 Other financial liabilitiesOther non-current liabilities 24 (201)Other current liabilities 24 (148)Trade and other payables 27 (476)Financial liabilities measured at fair valueFair value through profit & lossDeferred settlement obligations 24, 27 (459) (459) Level 3Financial liabilities (2 671)1) Investments in level 3 in the hierarchy relate to equity securities and debt securities with no active market. These investments are measured at the best estimate of fair value. 2) For credit facilities and other loans with floating interest, notional amounts are used as approximation of fair values.Reconciliation of Level 3 financial assets and financial liabilitiesAmounts in NOK million Assets LiabilitiesBalance as of December 31, 2020 1 480 (274)Addition 189 (220)Settlements (37) 27 Net gain (loss) in the income statement 196 4 Fair value through OCI (20) - Disposal of subsidiaries (26) 3Balance as of December 31, 2021 1 782 (459)Settlements (982) 59 Net gain (loss) in the income statement 220 (16)Reclassifications (29) (162)Balance as of December 31, 2022 991 (579)",
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"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
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"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-1085-4": {
"value": "Financial instruments Level in Carrying measured at fair value Amounts in NOK million Noteamountfair value hierarchy2022Financial assets measured at fair valueFair value through P&L (mandatorily at FVTPL)Equity securities 18 40 40 Level 11)Equity securities 18 321 321 Level 3Warrants 18 34 34 Level 3Fair value through Other comprehensive income1)Debt instruments 18 636 636 Level 3Financial assets not measured at fair valueFinancial assets at amortized costCash and cash equivalents 21 119 Non-current interest-bearing receivables 19 668 Trade and other receivables 20 696 Financial assets 2 514 Financial liabilities not measured at fair valueFinancial liabilities at amortized cost2)Borrowings 23 (1 340) (1 342) Level 2Other financial liabilitiesOther non-current liabilities 24 (103)Trade and other payables 27 (335)Financial liabilities measured at fair valueFair value through profit & lossOther current liabilities 24 (162) (162) Level 3Deferred settlement obligations 24, 27 (417) (417) Level 3Financial liabilities (2 357)1) Investments in level 3 in the hierarchy relate to equity securities and debt securities with no active market. These investments are measured at the best estimate of fair value. 2) For credit facilities and other loans with floating interest, notional amounts are used as approximation of fair values.Financial instruments Level in Carrying measured at fair value Amounts in NOK million Noteamountfair value hierarchy2021Financial assets measured at fair valueFair value \u2013 hedging instrumentsDerivative financial instruments 10 10 Level 2Fair value through P&L (mandatorily at FVTPL)Equity securities 18 10 10 Level 1 1)Equity securities 18 1 125 1 125 Level 3Warrants 18 18 18 Level 3Contingent considerations 17 20 20 Level 3 Fair value through Other comprehensive income1)Debt instruments 18 619 619 Level 3Financial assets not measured at fair valueFinancial assets at amortized costCash and cash equivalents 21 89 Non-current interest-bearing receivables 19 315 Trade and other receivables 20 808 Financial assets 3 013 Financial liabilities not measured at fair valueFinancial liabilities at amortized cost2)Borrowings 23 (1 387) (1 402) Level 2 Other financial liabilitiesOther non-current liabilities 24 (201)Other current liabilities 24 (148)Trade and other payables 27 (476)Financial liabilities measured at fair valueFair value through profit & lossDeferred settlement obligations 24, 27 (459) (459) Level 3Financial liabilities (2 671)1) Investments in level 3 in the hierarchy relate to equity securities and debt securities with no active market. These investments are measured at the best estimate of fair value. 2) For credit facilities and other loans with floating interest, notional amounts are used as approximation of fair values.Reconciliation of Level 3 financial assets and financial liabilitiesAmounts in NOK million Assets LiabilitiesBalance as of December 31, 2020 1 480 (274)Addition 189 (220)Settlements (37) 27 Net gain (loss) in the income statement 196 4 Fair value through OCI (20) - Disposal of subsidiaries (26) 3Balance as of December 31, 2021 1 782 (459)Settlements (982) 59 Net gain (loss) in the income statement 220 (16)Reclassifications (29) (162)Balance as of December 31, 2022 991 (579)",
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"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-1085-5": {
"value": "Financial instruments Level in Carrying measured at fair value Amounts in NOK million Noteamountfair value hierarchy2022Financial assets measured at fair valueFair value through P&L (mandatorily at FVTPL)Equity securities 18 40 40 Level 11)Equity securities 18 321 321 Level 3Warrants 18 34 34 Level 3Fair value through Other comprehensive income1)Debt instruments 18 636 636 Level 3Financial assets not measured at fair valueFinancial assets at amortized costCash and cash equivalents 21 119 Non-current interest-bearing receivables 19 668 Trade and other receivables 20 696 Financial assets 2 514 Financial liabilities not measured at fair valueFinancial liabilities at amortized cost2)Borrowings 23 (1 340) (1 342) Level 2Other financial liabilitiesOther non-current liabilities 24 (103)Trade and other payables 27 (335)Financial liabilities measured at fair valueFair value through profit & lossOther current liabilities 24 (162) (162) Level 3Deferred settlement obligations 24, 27 (417) (417) Level 3Financial liabilities (2 357)1) Investments in level 3 in the hierarchy relate to equity securities and debt securities with no active market. These investments are measured at the best estimate of fair value. 2) For credit facilities and other loans with floating interest, notional amounts are used as approximation of fair values.Financial instruments Level in Carrying measured at fair value Amounts in NOK million Noteamountfair value hierarchy2021Financial assets measured at fair valueFair value \u2013 hedging instrumentsDerivative financial instruments 10 10 Level 2Fair value through P&L (mandatorily at FVTPL)Equity securities 18 10 10 Level 1 1)Equity securities 18 1 125 1 125 Level 3Warrants 18 18 18 Level 3Contingent considerations 17 20 20 Level 3 Fair value through Other comprehensive income1)Debt instruments 18 619 619 Level 3Financial assets not measured at fair valueFinancial assets at amortized costCash and cash equivalents 21 89 Non-current interest-bearing receivables 19 315 Trade and other receivables 20 808 Financial assets 3 013 Financial liabilities not measured at fair valueFinancial liabilities at amortized cost2)Borrowings 23 (1 387) (1 402) Level 2 Other financial liabilitiesOther non-current liabilities 24 (201)Other current liabilities 24 (148)Trade and other payables 27 (476)Financial liabilities measured at fair valueFair value through profit & lossDeferred settlement obligations 24, 27 (459) (459) Level 3Financial liabilities (2 671)1) Investments in level 3 in the hierarchy relate to equity securities and debt securities with no active market. These investments are measured at the best estimate of fair value. 2) For credit facilities and other loans with floating interest, notional amounts are used as approximation of fair values.Reconciliation of Level 3 financial assets and financial liabilitiesAmounts in NOK million Assets LiabilitiesBalance as of December 31, 2020 1 480 (274)Addition 189 (220)Settlements (37) 27 Net gain (loss) in the income statement 196 4 Fair value through OCI (20) - Disposal of subsidiaries (26) 3Balance as of December 31, 2021 1 782 (459)Settlements (982) 59 Net gain (loss) in the income statement 220 (16)Reclassifications (29) (162)Balance as of December 31, 2022 991 (579)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1088-2": {
"value": "Measurement of fair values at level 3Debt instruments at FVOCIFinancial assets measured at FVOCI are related to debt instrumentsin NES Fircroft. The valuation model considers the present value of theexpected cash flows from the ultimate disposal of the investments weightedwith different probabilities. The expected disposal value is determined byforecast EBITDA at the time of disposal and market multiples, adjusted byforecast net debt of the investee. The estimated fair value would increase(decrease) if:The forecast EBITDA were higher (lower);The market multiples applied were higher (lower); orThe net debt of the investees at the date of disposal were lower (higher). Warrants measured at FVTPLThe financial asset relates to warrant investment in Odfjell Drilling. Thevaluation is obtained from external valuation experts, using a Monte Carlosimulation model where the simulated stock prices are based on a lognormalstock price model assumed to follow a Geometric Brownian Motion. The keyinputs to the valuation model consist of the stock price of Odfjell Drilling(listed on the Oslo Stock Exchange under ticker ODL) at the valuation date,as well as assumption of future volatility based on the share\u2019s historicalprices. The estimated fair value is mostly sensitive to the ODL share priceand would increase (decrease) if the ODL share price were higher (lower). Deferred settlement obligationsThese liabilities relate to contingent considerations and obligations frombusiness disposals. Final amounts to be paid depend on future earningsin the disposed companies or outcome of indemnity claims and priceadjustment mechanisms. Liabilities depending on future earnings: The recognized amounts are determined based on recent forecasts and strategy figures for the entity, thus the final realized values are sensitive to the above inputs as driven by market conditions. Liabilities depending on outcome of indemnity claims and price adjustment mechanisms: Provisions are made based on all available evidence as at the reporting date.The credit exposure on the Level 3 asset is limited to the amount recognizedand the credit risk is not considered to be significant due to the nature ofthe arrangement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1126-2": {
"value": "Note 31 | LeasesGroup as lesseeThe group leases office buildings on a number of locations. The leasestypically run for a period of 3-10 years and some of the leases haveextension options. The group applies the short-term lease recognition exemptions for leasesof property or machinery with lease term of 12 months or less. Leases ofIT equipment and office equipment are considered as leases of low-valueassets. The right-of-use assets and lease liabilities are not recognized forshort-term leases or leases of low-value assets.The lease agreements do not impose any covenants or restrictions. Right-of-use assetsAmounts in NOK million 2022 2021Balance as of January 1 41 468 Additions 4 9 1)Depreciation(15) (43)Reversal of impairment 1 -Disposal of subsidiaries - (416)Remeasurement (4) 25Currency translation differences - (2) Balance as of December 31 27 41 1) Includes depreciation related to discontinued operations of NOK 11 million in 2021 The right-of-use assets are related to leases of office buildings. Lease liabilitiesAmounts in NOK million 2022 2021Balance as of January 1 155 592 Cash payments (78) (112)Additions 4 9 Remeasurement 5 64 Disposal of subsidiaries - (397)Currency translation differences - (1)Balance as of December 31 85 155Current lease liabilities 48 82Non-current lease liabilities 37 72Amounts recognized in the income statement and cash flow statementAmounts in NOK million 2022 2021Expenses related to leases of low-value items (3) (2)Interest on lease liabilities (6) (9)Total amounts recognized in the income statement (9) (11)Payments for leases expensed (3) (2)Interest paid for lease liabilities (6) (26)Principal payments of lease liabilities (78) (112)Total cash outflow for leases (87) (139)Some property leases contain extension or termination options exercisablebefore the end of the non-cancellable period. They are used to maximizeoperational flexibility in terms of managing the assets used in the group\u2019soperations. The extension and termination options held are exercisableonly by the group and not by the respective lessor. The group assesses atlease commencement date whether it is reasonably certain to exercise theextension or termination options. Most extension options in offices leases have not been included in the leaseliability, because the group expects to be able to replace the assets withoutsignificant cost or business disruption. Most of the early termination optionsare not considered in the lease term either as the group assesses it asreasonably certain that the leases will not be terminated early. If the grouphad exercised the extension options in significant property leases as ofDecember 31, 2022, the group estimates potential future lease payments(undiscounted) of approximately NOK 37 million, which are not included inthe lease liabilities. Group as lessorThe group subleases out some of the property leases which are presentedas part of the right-of-use assets. DDW Offshore leases out some of itsvessels. Finance leasesSome of the subleases of right-of-use assets are classified as finance lease,with reference to the right-of-use assets arising from the head leases. In2021, DDW Offshore entered into bareboat charter agreements and forwardsale of two vessels, which are classified as finance lease. The grouprecognized a gain of NOK 51 million from the transaction as \u201cgain fromdisposal of assets\u201d, see Note 8 Revenue and other income. The following table sets out a maturity analysis of finance lease receivables,showing the undiscounted lease payments to be received after the reportingdate. Amounts in NOK million 2022 2021Due within one year 213 64Due in one to two years 18 189Due in two to three years - 18Total undiscounted lease receivable 232 271Unearned interest income 13 31Total finance lease receivables 218 241Current finance lease receivables 208 64Non-current finance lease receivables 10 176Operating leasesMost of the leases are classified as operating leases except for the finance leases identified above. The lease income from subleasing right-of-use assets in 2022 was NOK 10 million (NOK 28 million in 2021). The following table sets out future undiscounted sublease income under the non-cancellable lease periods. Amounts in NOK million 2022 2021Due within one year 104 23Due in one to two years 2 -Total 106 23",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1172-3": {
"value": "Amounts in NOK million 2022 2021Base salary 7 7Variable pay and other benefits 8 15Post-employment benefits (pension expenses to company) 1 -Remuneration to Board of Directors 3 3Total 19 26The balance of accrued expenses related to key management remuneration amounted to NOK 16 million as of December 31, 2022, of which NOK 5 million is contingent on continuous employment after a three-year period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1173-2": {
"value": "Note 34 | Events after reporting date In February 2023, the maturity of Akastor\u2019s corporate credit facilities was extended to February/March 2024. In March 2023, the subordinated Aker facility was increased with NOK 200 million to NOK 450 million. In March 2023, Akastor entered into a share purchase agreement with ABL Group ASA (\u201cABL Group\u201d) for the sale of all shares in AGR against a combination of shares in ABL Group and cash. Certain defined assets are excluded from the transaction and will be retained by Akastor. This includes AGR\u2019s ownership in F\u00f8n Energy Services AS. The transaction is expected to generate an accounting gain upon completion in 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}