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"s7_notes__6__5": {
"value": "NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 REPORTING ENTITY Kongsberg Automotive ASA (\u2018the Company\u2019 or \u2018the Parent Company\u2019) and its subsidiaries (together the \u201cgroup\u201d) develop, manufacture, and sell products to the automotive industry worldwide. The Company is a limited liability company incorporated and domiciled in Norway. The address of its registered office is Dyrmyrgata 48, NO-3601 Kongsberg, Norway. The Company is listed on the Oslo Stock Exchange. The group\u2019s consolidated financial statements were authorized for issue by the Board of Directors on March 11, 2024.NOTE 2 STATEMENT OF COMPLIANCE The group\u2019s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations as endorsed by the EU.NOTE 3 MATERIAL ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these consolidated financial state-ments are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.In addition, the group adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statements 2) from January 1, 2023. The amendments required the disclosure of \u201cmaterial,\u201d rather than \u201csignificant,\u201d accounting policies. Although the amendments did not result in any changes to the accounting policies themselves, they might have impacted the accounting policy information disclosed in Note 3 in certain instances.Basis of preparation The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or liability the group considers the characteristics of the asset or liability if market participants would do so. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such basis, except for share-based payment transactions that are within the scope of IFRS 2, leasing transactions within the scope of IFRS 16, and measurements that have some similarities to fair value but are not fair value, such as net realizable value in IAS 2 or value-in-use in IAS 36.In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurement are observable and the sig-nificance of the inputs to the fair value measurement in its entirety, which are described as follows:\u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities that the entity can access at the measurement date,\u2022 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly, and\u2022 Level 3 inputs are unobservable inputs for the asset or liability.Basis of consolidation The consolidated financial statements comprise the financial statements of Kongsberg Automotive ASA and its subsidiaries as of December 31 each year. The financial statements of subsidiaries are prepared for the same reporting periods as the Company, using consistent accounting principles.The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to December 31 each year. Control is achieved when the company:\u2022 has the power over the investee,\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and\u2022 has the ability to use its power to affect its returns.The company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the par-ent company obtains control directly or indirectly, and continue to be consolidated until the date when such control ceases. All intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the group are eliminated in full.Changes in the parent company\u2019s direct or indirect ownership interests in subsidiaries that do not result in losing control of the subsidiaries are accounted for as equity transactions. The carrying amounts of the controlling interests and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is rec-ognized directly in equity and attributed to owners of the parent company.If the parent company loses its direct or indirect control of a subsidiary, the group should recog-nize a gain or loss on the loss of control in the income statement, which is calculated as the difference between (i) the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All components of the other comprehensive income (OCI) that are attributable to the subsidiary are to be reclassified on the loss of control from the equity to the income statement or directly to retained earnings.Business combinations Business combinations are accounted for using the acquisition method. The consideration trans-ferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the group, liabilities incurred by the group to the former owners of the acquiree and the equity interests issued by the group in exchange for con-trol of the acquiree. Acquisition-related costs are recognized in the income statement as incurred.At the acquisition date, the identifiable assets acquired, and liabilities assumed are recognized at fair value, except as noted below:\u2022 Deferred tax assets or liabilities arising from assets acquired and liabilities assumed shall be recognized or measured in accordance with IAS 12,\u2022 Liabilities related to the acquiree\u2019s employee benefit arrangements shall be recognized and measured in accordance with IAS 19,\u2022 Right-of-use assets and lease liabilities shall be recognized and measured in accordance with IFRS 16,\u2022 A liability or an equity instrument related to share-based payment transactions of the acquiree or the replacement of an acquiree\u2019s share-based payment transactions with share-based payment transactions of the acquirer shall be measured in accordance with IFRS 2, and \u2022 Assets classified as held for sale and discounted operations are measured in accordance with IFRS 5.Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. Non-controlling interests that are present ownership interests and entitle their holder to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured at fair value or a non-controlling interests\u2019 proportionate share of the rec-ognized amounts of the acquiree\u2019s identifiable net assets. As of December 31, 2023, there is a non-controlling interest recognized only in one subsidiary. The group has chosen to measure it at the proportionate share of the recognized amounts of the acquiree\u2019s identifiable net assets.Goodwill Goodwill arising from business acquisitions is carried at cost established at the acquisition date, less accumulated impairment losses (if any).For purposes of impairment testing, goodwill is monitored by the Management at the level of each of the group\u2019s cash-generating units (CGUs), which are part of the respective operating seg-ments identified in note 7.A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of goodwill allocated to the unit and then the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognized directly in the income statement and is not reversed in subsequent periods. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the income statement on disposal.Investments in associates An associate is an entity over which the group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operat-ing policy decisions of the investee but does not constitute control or joint control over those policies.An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognized as goodwill, which is included within the carrying amount of the investment.Under the equity method, an investment in an associate is recognized initially in the consolidated statement of financial position at cost and adjusted thereafter to recognize the group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. The statement of profit or loss reflects the group\u2019s share of the results of operations of the associ-ate. The aggregate of the group\u2019s share of profit or loss of an associate and a joint venture is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate or joint venture.Functional and presentation currency In preparing the financial statements of each individual group entity, transactions in currencies other than the entity\u2019s functional currency are recognized using exchange rates at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the year-end exchange rates. Non-monetary items carried at fair value that are denominated in foreign currencies are translated using the exchange rates at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. For presentation purposes, the assets and liabilities of the group\u2019s foreign operations are trans-lated into Euro using the exchange rates at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising are recognized in other comprehensive income, accumulated in equity, and attributed to non-controlling interests as appropriate. On the disposal of a foreign operation, all the exchange differences accumulated in equity in respect of that operation attributable to the owners of the parent company are reclassified to the income statement. Goodwill and fair value adjustments to identifiable assets acquired and liabilities assumed through acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated using the exchange rate at the end of each reporting period. Exchange differences arising are recognized in comprehensive income. Exchange differences on monetary items are recognized in the income statement (in financial items) in the period in which they arise except for monetary items receivable from or payable to a foreign oper-ation for which the settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation). These are recognized initially in other comprehensive income and reclassified from equity to the income statement on the repayment day of the monetary items. The group presents its consolidated financial statements in Euros. The presentation currency of the parent company is Euro, while its functional currency is Norwegian Kroner. The reason for the use of Euros is to enable all amounts in the published financial statements of both the group and the company to be presented in the same currency. All financial information presented in Euro has been rounded to the nearest thousands, except when otherwise indicated.Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the group\u2019s Executive Committee (led by the CEO).Intangible assets other than goodwill Internally generated intangible assets \u2012 research and development expenditure Research expenditures are expensed as incurred. An internally generated intangible asset arising from the development of specific projects is recognized only when all the following criteria can be demonstrated:\u2022 the technical feasibility of completing the intangible asset so that it will be available for use or for sale,\u2022 the entity\u2019s intention to exercise the right to use or to sell the asset,\u2022 the entity\u2019s ability to use or sell the intangible asset,\u2022 the entity\u2019s asset will generate probable future economic benefits,\u2022 the availability of adequate resources to complete the development and to use or sell the asset,\u2022 the entity\u2019s ability to reliably measure the expenditure incurred during its development.The amount initially recognized for the internally generated asset is the sum of expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in the income statement in the period in which it is incurred.After initial recognition, internally generated intangible assets are reported at cost less accumu-lated amortization and accumulated impairment losses. The amortization period is five years.Software Costs associated with maintaining computer software are expensed as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognized as intangible assets when the abovementioned criteria are demonstrated to be fulfilled.Development expenses that do not meet these criteria are expensed as incurred and are not rec-ognized as an asset in a subsequent accounting period.Software costs are amortized over their estimated useful lives, which shall not exceed three years.Other intangible assets \u2013 acquired in a business combination Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at their fair value at the acquisition date, which is regarded as their cost.After initial recognition, intangible assets are reported at cost less accumulated amortization and accumulated impairment losses. The useful life of patents is considered to be up to 21 years; the useful life of customer relationships is estimated to be 10 years.Property, plant & equipment (PP&E) PP&E are stated at historical cost less accumulated depreciation and impairment losses. The assets are depreciated over their useful economic lives using the straight-line method. Historical costs include expenditures that are directly attributable to the acquisition of the asset and to make the non-current asset available for use. Subsequent costs, such as repair and mainte-nance costs, are expensed when incurred unless increased future economic benefits arise as a result of repair and maintenance work. Such costs are recognized in the Statement of Financial Position as additions to non-current assets. Straight-line depreciation is calculated at the following rates:\u2022 Land n/a \u2022 Buildings 3\u20134%\u2022 Production machinery and tooling 10\u201325%\u2022 Computer equipment 33%Right-of-use assets and lease liabilities The group leases various manufacturing facilities, offices, warehouses, equipment, and vehicles. Rental contracts are typically made for fixed periods of 6 months to 10 years but may have extension or termination options.Contracts may contain both lease and non-lease components. The group allocates the considera-tion in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. The group has applied the practical expedients provided by IFRS 16 to exclude low-value assets and short-term leases (term of up to 12 months). The lease payments associated with these leases are charged to the income statement on a straight-line basis and are reported under cash flow from operating activities in the statement of cash flows. In addition, the expedient to include non-lease components, such as service costs, in the lease calculation has been applied.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable,\u2022 variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date,\u2022 amounts expected to be payable by the group under residual value guarantees,\u2022 the exercise price of a purchase option if the group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.The lease payments should be discounted using:\u2022 the interest rate implicit in the lease; or\u2022 if the interest rate implicit in the lease cannot be readily determined, the lessee's incremental bor-rowing rate.The interest rate implicit in the lease is likely to be like the lessee\u2019s incremental borrowing rate in many cases. This is because both rates, as they are defined in IFRS 16, take into account the credit standing of the lessee, the length of the lease, the nature and quality of the collateral provided and the economic environment in which the transaction occurs.Management assessed that the fixed coupon of the bond issued in July 2018, reflected the incremen-tal borrowing rate on a group level and was appropriate for the implementation of the standard. The rate was reassessed and updated in 2022 referencing the risk-free rate adjusted for the group\u2019s credit risk premium and asset risk. The new rate was applied to lease adjustments and newly signed leases.The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.Lease payments are allocated between principal payments and finance cost. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. For the classification in the statement of cash flow the interest payments on the lease liabilities follow the same principles as other interests.Right-of-use assets are measured at cost comprising the following:\u2022 the amount of the initial measurement of lease liability,\u2022 any lease payments made at or before the commencement date less any lease incentives received,\u2022 any initial direct costs, and\u2022 restoration costs.Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The group assesses its right-of-use assets for impairment after any significant changes in operations as well as on an annual basis. This assessment of individual right-of-use assets for impairment is performed in addition to the group\u2019s overall impairment testing.Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less.The group uses tooling equipment which is owned by specific customers to produce parts for the customer. Under the new standard, these contracts do not constitute a lease as the group has no authority to direct the use of the equipment.Taxes on leases In most of the jurisdictions in which the group operates, tax deductions are received for lease pay-ments as they are paid, thus the tax base of the right-of-use asset as well as the lease liability is zero at the inception of the lease. Subsequently, as the straight-line depreciation of the assets exceeds the rate at which the debts reduce, a net liability arises resulting in a deductible temporary difference on which a deferred tax asset is recognized if recoverable.Impairment of PP&E, intangible assets (other than goodwill) and right-of-use assets The group tests on each reporting date whether these assets have suffered any impairment as well as if any indication arises, due to changes in circumstances, that the carrying amount is not fully recoverable. The recoverable amount of the asset is determined in order to assess the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individ-ual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.The recoverable amount of an asset is the greater of its fair value less costs of disposal and its value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recov-erable amount. An impairment loss is recognized immediately in the income statement. When an impairment loss subsequently reverses, the carrying amount of the asset or cash-generat-ing unit is increased to the revised estimate of its recoverable amount, but so that the increased car-rying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years.Assets held for sale and disposal groups held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use and they are available for immediate sale in their present condition.Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortized or depreciated. The restatement of prior year\u2019s balances in the statement of financial position is not required by IFRS 5.Discontinued operation A discontinued operation is a component of the group\u2019s business, that has either been disposed of or is classified as held for sale and \u2022 represents a separate major line of business or geographic area of operations;\u2022 is part of a single coordinated plan to dispose of a separate major line of business or geographic area of operations; or\u2022 is a subsidiary acquired exclusively with a view to resale.Intercompany transactions between continuing and discontinued operations are eliminated against the discontinued operation.Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held-for-sale.When an operation is classified as a discontinued operation, the comparative statement of com-prehensive income is re-presented as if the operation had been discontinued from the start of the comparative year.Inventories Inventories are stated at the lower of cost and net realizable value. Costs of inventories are deter-mined at standard cost with capitalizable variances being capitalized at balance sheet date. Costs of raw materials comprise purchase price, inbound freight, and import duties. Costs of finished and semi-finished goods include variable production costs and fixed costs allocated on normal capacity. Interest costs are not included. Net realizable value represents the estimated selling price for inven-tories less all estimated costs of completion and costs necessary to make the sale. Value adjustments are made for obsolete materials and excess stock.Financial instruments Financial assets and financial liabilities are recognized when a group entity becomes party to the contractual provisions of the instrument.Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in the income statement.Financial assets Subsequent measurement All recognized financial assets are subsequently measured at either amortized cost or fair value based on the business model for managing the financial assets and the contractual cash flow charac-teristics of the financial assets.The group holds loans and receivables (including trade receivables and other receivables, bank balances and cash) within the business model that aims to collect the contractual cash flows. Consequently, these assets are subsequently measured at amortized cost using the effective interest method, less any potential impairments.Amortized cost and effective interest method The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. Impairment of financial assets The group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost. For trade receivables the group applies the simplified approach which requires expected lifetime losses to be recognized from initial recognition of the receivables. See note 18 for further details.Derecognition The group derecognizes a financial asset when the contractual rights to the cash flow from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of owner-ship of the asset to another party.Financial liabilities The group recognizes and measures its financial liabilities (including borrowings and trade and other payables) at amortized cost using the effective interest method.The effective interest method is a method of calculating the amortized cost of a debt instrument and allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or dis-counts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.The group derecognizes financial liabilities when, and only when, the group\u2019s obligations are dis-charged, cancelled, or have expired. The difference between the carrying amount of the financial lia-bility derecognized and the consideration paid and payable is recognized in profit or loss.Taxes payable and deferred taxes The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The current tax payable is based on taxable profit for the year. Taxable profit differs from \u201cprofit before tax\u201d because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group\u2019s current income tax charge is calculated on the basis of the tax laws enacted in the countries in which the company\u2019s subsidiaries operate. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements, using tax rates that have been enacted or substantively enacted by the bal-ance sheet date and are expected to apply when the deferred tax asset is realized, or the deferred tax liability settled. Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available, against which the temporary differences can be utilized. Deferred tax positions are netted within the same tax entity.Employee benefits \u2012 retirement benefit cost and termination benefits Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions.For defined benefit retirement plans, the cost of providing benefits is determined using the pro-jected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable), and the return on plan assets (excluding interest), is reflected imme-diately in the statement of financial position with a charge or credit recognized in other comprehen-sive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to the income state-ment. Past service cost is recognized in the income statement when the amendment of a plan occurred. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset.Defined benefit costs are categorized as follows: \u2022 service cost (including current service cost, past service cost, as well as gains and losses on curtail-ment and settlements),\u2022 net interest expense or income on benefit obligations and/or plan assets,\u2022 remeasurement, and\u2022 administration costs.The group presents the first two components of defined benefit cost in the income statement in the line-item salaries and social expenses. Curtailment gains and losses are accounted for as past service costs.The retirement benefit obligation recognized in the statement of financial position represents the actual deficit or surplus in the group\u2019s defined benefit plans. Any surplus resulting from this calcula-tion is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.A liability for termination benefits is recognized at the earlier of when the entity can no longer withdraw the offer or the termination benefit or when the entity recognized any related restructur-ing costs.Pension plans in the group The Company and its Norwegian subsidiary Kongsberg Automotive AS have defined benefit and defined contribution pension plans. The plans were changed from defined benefit to defined contri-bution in 2004. The defined benefit plan was continued for employees who had already retired. Defined benefit pension plans also exist in two subsidiaries in Germany (closed pension plans for both German subsidiaries), one subsidiary in France, and one subsidiary in Switzerland. The other subsidiaries have either no pension plan or defined contribution pension plans for employees. The former early-retirement arrangement in Norway was replaced in 2011. Financing of the ear-ly-retirement arrangement is now done by an annual fee, which represents the final cost for the com-panies included. The arrangement is defined as a multi-employer plan and is accounted for as a defined contribution pension plan. Norwegian employees are included in this scheme. The defined contribution plans in Norway have legislative limitations when it comes to maxi-mum salary as a calculation basis for tax-deductibility. Norwegian employees with salaries that exceed this limit will be granted an addition to the pension that includes the salary above the maxi-mum limit. This obligation will only materialize if the person is employed in the Company at the time of retirement. This plan is accounted for as a defined benefit pension plan.In the case of defined contribution plans, the contributions are recognized as expenses in the period in which they occurred.Short-term and other long-term employee benefits A liability is recognized for benefits employees are entitled to in respect of wages and salaries, annual leave, and sick leave for the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for the service.Liabilities recognized in respect of short-term employee benefits are measured at the undis-counted amount of the benefits expected to be settled before twelve months after the end of the reporting period in exchange for the related service rendered during the financial reporting period.Liabilities recognized in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflow expected to be made by the group in respect of services provided by employees up to the reporting date.Share-based payments Equity-settled share-based payments to employees and others providing services are measured at the fair value of the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 19.In 2018 a new Long-Term Incentive Plan (LTIP) for management and key employees was imple-mented. The LTI plan for 2021 consists of two equity instruments, (i) Stock Options (SO) and (ii) Restricted Stock Units (RSU). Both instruments are based on a service condition to vest. The SO may be exercised at the earliest three years after the grant date. In addition, the SO is based on a perfor-mance condition, defined as the company\u2019s total shareholder return (TSR) versus a defined peer group. Regarding the RSU part, all RSU granted in 2021 vest at the end of 3 years from grant date. There is no obligation for the employer to settle the RSU in cash.The LTI plan for 2023 consists of two equity instruments, Performance Stock Units (PSU) and Restricted Stock Units (RSU). Both instruments are based on a service condition to vest. The PSU may be exercised at the earliest three years after the grant date. In addition, the PSU is based on 3 performance conditions: total shareholder return (TSR) versus a defined peer group, one financial target, and one ESG target. All RSU and PSU vest at the end of 3 years from grant date. There is no obligation for the employer to settle the RSU and/or PSU in cash.Whereas that performance condition has been reflected in the fair value of the SO, the service condition for the RSU must not be considered when determining the fair value of the RSU. Instead, the number of shares expected to vest will be re-estimated on a regular basis. The fair value of the SO as of grant date was determined based on a Monte-Carlo-Simulation. The fair value of RSU was the share price at the grant date. As both instruments are based on a service condition to vest, the expense is recorded on a pro rata basis.In 2020 the Long-Term Incentive Plan was suspended. In 2021 the Long-Term Incentive Plan was granted again as per the approved resolution of the Annual General Meeting 2021.Provisions Provisions are recognized when a) the group has a present obligation (legal or constructive) because of a past event, b) it is probable that the group will be required to settle the obligation and c) the amount of the obligation can be reliably estimated.The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, considering the risks and uncertainties sur-rounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recov-ered from a third party, a receivable is recognized as an asset if it is virtually certain that reimburse-ment will be received, and the amount of the receivable can be measured reliably.Onerous contracts Present obligations arising under onerous contracts are recognized and measured as provisions. An onerous contract is considered to exist where the group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under the contract.Restructuring provisions A restructuring provision is recognized when the group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restruc-turing by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.Warranties Provisions for expected cost of warranty obligations under local sale of goods legislation are recog-nized at the date of the sale of the relevant products, at management\u2019s best estimate of the expendi-ture required to settle the group\u2019s obligation.Government grants Government grants are not recognised until there is reasonable assurance that the group will comply with the conditions attached to them and that the grants will be received. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the group with no future related costs are recognised in profit or loss in the period in which they become receivable.Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.Repurchase of the Company\u2019s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in the income statement on the purchase, sale, issue or cancella-tion of the Company\u2019s own equity instruments.Revenue recognition The group is in the business of providing products to the global vehicle industry. In doing so the group provides services covering engineering and tooling, as well as the manufacturing and delivery of automotive parts. Engineering services is development of customized designs in collaboration with the customer. Tooling is the provision of tools such as cutting tools and molds needed in manu-facturing of parts. Tooling can be highly customized or developed to produce standardized products to a wider range of customers. Product parts are the continuous supply of automotive parts such as seat heaters, cables, driver control systems, and fluid transfer systems.Engineering, tooling, and product sales may be contracted in separate agreements (concluded at different points in time) or may be contracted in one agreement. In either case any binding obliga-tion for the customer with respect to parts is created only upon issuance of purchase orders. The group has determined that engineering, tooling, and the delivery of product parts are separate and distinct for the customer and therefore constitute separate performance obligations under IFRS 15, which are fulfilled upon transfer of control. As is normal in the automotive industry, the customer does not guarantee that it will purchase a minimum quantity of parts. The prices agreed in the con-tracts for the single performance obligations are considered to be the stand-alone selling prices and are therefore used for recognizing revenue. Engineering Before manufacturing and sale of automotive parts start, the group normally undertakes application engineering to tailor the design of a part to customer needs. Where the control resulting from the engineering is transferred to the customer, the group recognizes any consideration received from the customer as revenue. The group has determined that the performance obligation from the engineer-ing is satisfied at a point in time and upon transfer of control over the results of the engineering. Transfer of control normally takes place when engineering is complete, and the tooling phase is initi-ated. Consideration received from the customer may be agreed as installments following the pro-gress of the engineering, as a lump sum payment upon completion of the engineering phase or may be explicitly included in the piece price over a certain specific sales volume. Consideration received in advance is deferred and recognized as contract liability. Any consideration to be received through the allocation to the piece price is recognized as revenue and accrued as receivable upon transfer of control to the customer only if the consideration for the engineering is a guaranteed amount.Tooling After the engineering phase, and before manufacturing and sale of automotive parts start, the group manufactures, or has manufactured, the tooling for use in the subsequent production of automotive parts. Where the control of tooling is transferred to the customer, the group recognizes any consider-ation received from the customer as revenue. The group has determined that the tooling performance obligation is satisfied at a point in time and upon finally approved transfer of control over the tooling to the customer. Transfer of control normally takes place in connection with start of production of the automotive parts. Consideration from the customer may be agreed as installments following the manufacturing progress of the tooling, as a lump sum payment upon final approval of the tooling by the customer or may explicitly be included in the piece price. Revenue is recognized at a point in time upon transfer of control and final approval of the tooling by the customer. Consideration received in advance of transfer is deferred and recognized as contract liability. Any consideration to be received through piece price is recognized as revenue and accrued as a receivable upon approval of the tooling by the customer if the consideration for the tooling is a guaranteed amount.Product sales The sale of manufactured automotive products is satisfied upon transfer of control of the automotive products to the customer, which in general is upon delivery to the customer. Each delivery is consid-ered as a performance obligation that is satisfied at a point in time. Variable consideration Revenue will be recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.A few contracts with customers entitle the customer to price reductions after exceeding defined volume thresholds per year. Such variable considerations are estimated based on continuously updated volume projections. As is common industry practice, most of the contracts have variable elements in the form of year-on-year price reductions or staggered rebates. The group has determined that the price reductions reflect the competition in the industry and therefore are not to be considered as a loyalty bonus. Revenue recognition is therefore based on the sales price for each delivery to the customer.Warranty obligations Provisions for expected cost of warranty obligations under local sale of goods legislation are recog-nized at the date of the sale of the relevant products, at management's best estimate of the expendi-ture required to settle the group's obligation. As soon as a claim is raised and agreed to by KA, the provision to date is recognized for all sold parts and warranty costs are continued to be recorded on the ongoing sales until the underlying issue is solved. The estimate of warranty-related costs is reviewed and revised quarterly.Incremental contract costs Incremental costs are costs that would not have been incurred had that individual contract not been obtained, e.g., nomination fees. These costs are recognized as an asset if they are expected to be recovered from the customer through the awarded contract.An asset recognized as part of the capitalization of contract costs is amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. In case of nomination fees, the recognized amortization for the period shall be presented as a reduction of the external sales and recorded on the appropriate income statement account. NOTE 4 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS In application of its accounting policies the group is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities which are not readily available from other sources. The estimates and judgments are based on historical experience and other fac-tors, including expectations of future events that are deemed to be reasonable under the circum-stances. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.Critical judgments in applying accounting policies The following are the critical judgments that the group has made in the process of applying the group\u2019s accounting policies and that have the most significant effect on the amounts recognized in the financial statements.Lease extension and termination options The group has a number of leases with options to terminate early or extend the term of the lease. When determining the lease liability of the group, the following principles were applied to options. No leases will be terminated early as the leases are necessary for regular operations of the group unless there are clear indications otherwise. All extension options on buildings and equip-ment used in production, sales and engineering have been included in the lease liability as these are core operations which require significant investment to move and are therefore reasonably certain to be kept in use for as long as possible under current conditions, unless there are clear indications otherwise. Leases used in administrative and supporting functions were determined to be more flexible and were therefore individually assessed by management to determine if they met the reasonably certain criteria.Incremental borrowing rate used to discount the lease payments More than 90% of the value of right-of-use assets relate to buildings. As any lease building by any subsidiary (lessee) requires a guarantee from the group, the credit standing of any lessee does not exceed the group\u2019s credit standing.In addition, considering the average of the remaining lease term of all leases, the fixed coupon of the bond issued in 2018 was assessed to properly reflect the incremental borrowing rate at the group level at the date of initial application of the IFRS 16 standard.Consolidation of SPE On 25 September 2020, the Company entered into an accounts receivable securitization program (the \u201cProgram\u201d) where trade receivables generated by the Company\u2019s subsidiaries in the United States, Canada, Slovakia and Poland were sold to Kongsberg Automotive Finance B.V., a special purpose entity domiciled and incorporated in the Netherlands (the \u201cSPE\u201d). As sales of the Company\u2019s products to cus-tomers occurred, trade receivables were sold to the SPE at an agreed upon purchase price. Part of the con-sideration was received upfront in cash and part was deferred in the form of senior subordinated and junior subordinated loans notes issued by the SPE to the Parent Company and Kongsberg Automotive AS.In determining whether to consolidate the SPE, the Company has evaluated whether it has control over the SPE, in particular, whether it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.Receivables are sold to the SPE under a true sale opinion with legal interest transferred from the selling subsidiaries to the SPE. While the sale of receivables to the SPE is without credit recourse, the Company continues to be exposed to the variable returns from its involvement in the SPE as it is exposed to credit risk as a subordinated lender to the SPE and it earns a variable amount of remuner-ation as master servicer of the receivables, as well as any excess return from additional service fee, including the loss or gain due to the effect of foreign exchange rates.As master servicer, the company is responsible for the cash collection and management of any impaired receivables. Therefore, the Company is considered to have control over the SPE as it is exposed to variable returns and has the ability to affect those returns through its power over the investee.As a result of consolidating the SPE, the trade receivables purchased by the SPE are included in the Company\u2019s consolidated statement of financial position, along with loans (see Note 22) and cash held by the SPE.Key sources of estimation uncertainty The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.Impairment Determining whether goodwill and other assets are impaired requires an estimation of the value-in-use of the cash-generating units to which these assets have been allocated. The value-in-use calcula-tion requires the group to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment loss may arise.The cash-generating units in the group are the business units (Powertrain and Chassis segment: Driveline, On-Highway and Headrest; Specialty Products segment: Fluid Control System (consisting of Fluid Transfer System and Couplings), and Off-Highway). The forecasts of future cash flows are based on the group\u2019s best estimates of future revenues and expenses for the cash-generating units to which these assets have been allocated. Various assumptions and estimates can have significant effects on these calculations and include parameters such as macroeconomic assumptions, market growth, business volumes, margins, and cost effectiveness. Changes to any of these parameters, fol-lowing changes in the market conditions, competition, strategy or other factors, affect the forecasted cash flows and may result in impairment. The carrying amount of goodwill as at December 31, 2023 was MEUR 70.7 (2022: MEUR 72.6). No impairment losses were recognized in 2022. In 2023 impairment losses on other assets than the goodwill of MEUR 27.0 were recognized. Details of the impairment test are set out in note 16.Climate change Kongsberg Automotive faces both climate change-related risks and opportunities arising from cli-mate change itself and from actions taken in climate change mitigation. These are embedded in the Company\u2019s risk management and business strategy. The financial implications of risks of climate change can be classified into two types of risks: physical risks and transition risks. Physical risks are related to the increase and severity of extreme weather and long-term climate changes. Transition risks are related to decarbonization including new technological advances and requirements imposed by regulators or public opinion. Both are considered in the company\u2019s risk assessment as part of the annual budget process and in impairment testing at year end. There is still significant uncertainty about the future financial impact of climate risks and opportunities. During the budget process, several scenarios are considered, and the best estimate is included in the assumptions for the final budget.In addition to the annual assessment, climate change governance is embedded in the group\u2019s structure with operational and strategic climate change issues raised being reviewed regularly by the designated bodies. As at the year-end 2023, climate risk changes have not resulted in adjustments to the useful lives of long-term assets. Further, climate-related risk considerations have not resulted in adjustments of the carrying amounts of assets or liabilities.NOTE 5 NEW STANDARDS AND INTERPRETATIONS New and amended standards and interpretations The group applied for the first-time certain amendments to the standards, which are effective for annual periods beginning on or after January 1, 2023. The group has not chosen to adopt any stand-ards, interpretations or amendments early that have been issued but are not yet effective.New and amended IFRS Standards that are effective for the current year The adoption of the following standards and interpretations has not had any material impact on the disclosures or on the amounts reported in these financial statements:\u2022 IFRS 17 Insurance Contracts and Amendments to IFRS 17\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates\u2022 Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar Two Model Rules\u2022 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction\u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting PoliciesNew and amended standards and interpretations not yet adopted At the date of the authorization of these financial statements, the group has not applied the follow-ing new and revised IFRS Standards that have been issued but are not yet effective:\u2022 Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current (effective from January 1, 2024)\u2022 Amendments to IAS 1\u2013 Non-Current Liabilities with Covenants (effective from January 1, 2024)\u2022 Amendment to IFRS 16 \u2013 Lease liability in a Sale and Leaseback (effective from January 1, 2024)\u2022 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements (effective from January 1, 2024)\u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from January 1, 2025)\u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (optional)The group does not expect that the adoption of the standards listed above will have a material impact on the financial statements of the group in future periods. NOTE 6 SUBSIDIARIES CONSOLI-OWNED COUNTRY OF OWNER-DATION BY ENTITY NAME INCOR PORA TIONSHIPMETHODCOMPANYKongsberg Automotive Ltda Brazil 100% Full XKongsberg Inc Canada 100% FullKongsberg Automotive (Wuxi) Ltd China 100% Full XShanghai Kongsberg Automotive China 75% FullDong Feng Morse Co Ltd*Kongsberg Automotive SARL France 100% Full XKongsberg Driveline Systems SAS France 100% FullKongsberg Raufoss Distribution SAS France 100% FullSCI Immobili\u00e8re La Clusienne France 100% FullKongsberg 1 GmbH Germany 100% FullKongsberg Actuation Systems GmbH Germany 100% FullKongsberg Automotive GmbH Germany 100% FullKongsberg Driveline Systems GmbH Germany 100% FullKongsberg Actuation Systems LtdGreat Britain100% FullKongsberg Automotive LtdGreat Britain100% FullCTEX Seat Comfort (Holding) Ltd Great Britain100% Full XKongsberg Power Products Systems LtdGreat Britain100% FullKongsberg Automotive Hong Kong Ltd Hong Kong 100% FullKongsberg Automotive (India) Private Ltd India 100% Full XKongsberg Automotive Driveline System India Ltd India 100% Full XKongsberg Automotive Technology Center India 100% FullIndia Private LtdKongsberg Automotive Japan KK Japan 100% Full XKongsberg Automotive Ltd Korea 100% Full XKongsberg Driveline Systems S. de RL de CV Mexico 100% FullKongsberg Fluid Transfer Systems, S. de R.L. de CVMexico 100% FullKongsberg Actuation Systems BV Netherlands 100% FullCONSOLI-OWNED COUNTRY OF OWNER-DATION BY ENTITY NAME INCOR PORA TIONSHIPMETHODCOMPANYKongsberg Automotive AS Norway 100% FullKongsberg Automotive Holding 2 AS Norway 100% Full XKongsberg Automotive Sp. z.o.o Poland 100% FullKongsberg Automotive s.r.o Slovakia 100% FullKongsberg Actuation Systems SL Spain 100% FullKongsberg Automotive AB Sweden 100% FullKongsberg Power Products Systems AB Sweden 100% FullKA group AG Switzerland 100% FullKongsberg Driveline Systems I LLC. US 100% FullKongsberg Actuation Systems II LLC. US 100% FullKongsberg Holding III Inc. US 100% FullKongsberg Automotive Inc. US 100% FullKongsberg Power Products Systems I LLC. US 100% FullKongsberg Automotive Finance BV** Netherlands 100% FullChassis Autonomy AB Sweden 20% EquitySkriverform AS Norway 100% At costEntities divested / liquidated in 2022 & 2023:Liquidated Kongsberg Automotive (Shanghai) Co Ltd China 100%in 2023Divested Shanghai Lone Star Cable Co Ltd China 100%in 2022Divested Kongsberg Interior Systems Kft Hungary 100%in 2022Divested Kongsberg Automotive S. de RL de CV Mexico 100%in 2022Divested Kongsberg Interior Systems S. de RL de CV Mexico 100%in 2022Divested Kongsberg Interior Systems II LLC. US 100%in 2022* Non-controlling interest refers to the 25% not owned of Shanghai Kongsberg Automotive Dong Feng Morse Co Ltd** Special Purpose Entity (the \"SPE\") \u2013 consolidation is based on the assessment of control according to IFRS 10 (for further information see note 4)NOTE 7 SEGMENT INFORMATION Operating segments As of December 31, 2023, the group has two reportable segments, which are the strategic business segments: Powertrain & Chassis and Specialty Products. Following the sale of the Interior Products segment in 2022, this segment did not exist in the financial year ended on December 31, 2023 (please refer to note 12). The strategic business areas (segments) offer different products and services and are managed separately because they require different technology and marketing strategies. The group\u2019s risks and rates of return are affected predominantly by differences in the products manufactured. The seg-ments have different risk profiles in the short-term perspective, but over a long-term perspective the profiles are considered to be the same. The group\u2019s Executive Committee (led by the CEO) reviews the internal management reports from all strategic business areas on a monthly basis. Information regarding the results of each reportable segment is included below. Performance is measured by EBITDA and EBIT as included in the internal management reports issued on a monthly basis. Segment EBIT is used to measure performance as management believes that such information is the most relevant in evaluating the results of the segments (also relative to other entities that operate within these industries).Sales transactions and cost allocations between the business units are based on the arm\u2019s length principle. The results for each segment and the capital allocation elements comprise both items that are directly related to and recorded within the segment, as well as items that are allocated based on reasonable allocation keys.The following summary describes the operations of each of the group\u2019s reportable segments:Powertrain & Chassis Powertrain & Chassis is a global Tier 1 supplier of driver control and driveline products to the passen-ger and commercial vehicle automotive markets. The portfolio includes custom-engineered cable controls and complete shift systems, clutch actuation systems, vehicle dynamics, shift cables, and shift towers for transmissions.Specialty Products The Specialty Products segment designs and manufactures fluid handling systems for both the auto-motive and commercial vehicle markets, coupling systems for compressed-air circuits in heavy-duty vehicles, agriculture, outdoor power equipment and power electronics products. 2023POWER- TRAIN & SPECIALTY TOTAL MEURCHASSISPRODUCTSOTHERS*GROUPProduct sales 481.1 389.0 0.0 870.1 Tooling 3.3 4.6 0.0 7.9 Engineering 4.4 2.5 0.0 6.9Operating revenues 488.8 396.1 0.0 884.9 EBITDA (3.6) 47.4 (30.6) 13.2Depreciation (17.2) (13.3) (1.4) (31.9)Amortization (0.7) (0.3) 0.0 (1.0)Operating profit / (loss) (EBIT) (21.5) 33.8 (32.0) (19.7)Impairment losses, thereof: (27.0) 0.0 0.0 (27.0)\u2010 allocated to assets other than Goodwill (27.0) 0.0 0.0 (27.0)Timing of revenue recognitionPerformance obligations satisfied 488.8 396.1 0.0 884.9 at a point in time2023POWER- TRAIN & SPECIALTY TOTAL MEURCHASSISPRODUCTSOTHERS*GROUPAssets and liabilitiesGoodwill 16.2 54.5 0.0 70.7Other intangible assets 4.8 2.7 0.1 7.6 Property, plant and equipment 46.2 68.7 0.9 115.8 Right-of-use assets 16.7 33.2 5.1 55.0 Inventories 43.7 57.8 0.0 101.5 Trade receivables 95.8 65.5 0.2 161.5 Other assets 0.5 4.1 0.0 4.6 Segment assets 223.9 286.5 6.3 516.7 Unallocated assets 204.8 204.8Total assets 223.9 286.5 211.1 721.5 Trade payables 62.8 49.8 4.0 116.6 Accrued expenses 34.8 14.3 6.4 55.5Provisions 8.9 0.5 7.8 17.2Non-current lease liabilities 26.2 34.9 4.3 65.4Current lease liabilities 5.8 2.7 1.7 10.2Segment liabilities 138.5 102.2 24.2 264.9Unallocated liabilities 238.5 238.5Total liabilities 138.5 102.2 262.7 503.4Total equity 218.1 218.1Total equity and liabilities 138.5 102.2 480.8 721.5Capital expenditure (12.2) (16.1) (0.2) (28.5)* The column \u201cOthers\u201d mainly includes corporate expenses and balance sheet items related to tax, pension, and financing. See next section for specification of unallocated assets and liabilities.For segment reporting purposes, the revenues are only external revenues; the related expenses are adjusted accordingly. The EBIT thus excludes IC profit.2022POWER-INTERIOR TRAIN & SPECIALTY TOTAL MEURPRODUCTSCHASSISPRODUCTSOTHERS*GROUPProduct sales 62.0 457.2 437.5 0.0 956.7 Tooling 1.1 6.0 5.6 0.0 12.7 Engineering 0.7 2.8 2.1 0.0 5.6 Operating revenues 63.8 466.0 445.2 0.0 975.0 Revenues from discontinued operation 63.8 0.0 5.6 0.0 69.4 Revenues from continuing operations 0.0 466.0 439.6 0.0 905.6 EBITDA 16.3 31.4 100.1 (33.1) 114.7 Depreciation (0.2) (17.4) (13.8) (1.8) (33.2)Amortization 0.0 (1.3) (0.6) 0.0 (1.9)Operating profit / (loss) - EBIT 16.1 12.7 85.7 (34.9) 79.6 Operating (loss) / profit (EBIT) 15.7 0.0 0.8 0.0 16.5 from discontinued operationOperating (loss) / profit (EBIT) 0.4 12.7 84.9 (34.9) 63.1 from continuing operationsTiming of revenue recognitionPerformance obligations satisfied 0.0 466.0 439.6 0.0 905.6 at a point in time2022POWER-INTERIOR TRAIN & SPECIALTY TOTAL MEURPRODUCTSCHASSISPRODUCTSOTHERS*GROUPAssets and liabilitiesGoodwill 0.0 16.7 55.9 0.0 72.6 Other intangible assets 0.0 4.5 1.5 0.1 6.1 Property, plant and equipment 0.0 66.5 65.6 1.5 133.6 Right-of-use assets 0.0 30.1 26.5 4.1 60.7 Inventories 0.0 39.8 56.7 0.0 96.5 Trade receivables 1.2 104.0 60.6 0.7 166.5 Other assets 0.0 0.6 4.9 0.0 5.5 Segment assets 1.2 262.2 271.7 6.4 541.5 Unallocated assets 256.4 256.4 Total assets 1.2 262.2 271.7 262.8 797.9 Trade payables 2.3 60.8 49.4 9.5 122.0 Accrued expenses 4.1 33.5 12.2 4.7 54.5Provisions 5.3 4.5 0.4 0.3 10.5Non-current lease liabilities 0.0 30.3 26.9 3.2 60.4Current lease liabilities 0.0 5.8 2.3 1.2 9.3Segment liabilities 11.7 134.9 91.2 18.9 256.7Unallocated liabilities 260.7 260.7Total liabilities 11.7 134.9 91.2 279.6 517.4Total equity 280.5 280.5Total equity and liabilities 11.7 134.9 91.2 560.1 797.9Capital expenditure (2.5) (12.3) (14.0) (0.1) (28.9)* The column \u201cOthers\u201d mainly includes corporate expenses and balance sheet items related to tax, pension, and financing. See next section for specification of unallocated assets and liabilities.For segment reporting purposes, the revenues are only external revenues; the related expenses are adjusted accordingly. The EBIT thus excludes IC profit.Operating segments \u2013 reconciliation to total assets MEUR 2023 2022Segment assets of reportable segments 510.4 535.1 Assets of segment Other 6.3 6.4 Unallocated assets include:Deferred tax assets 11.4 14.3 Investments accounted for using the equity method 2.1 0.0 Other non-current assets 1.6 0.8 Cash and cash equivalents 164.7 212.9 Other current receivables 25.0 28.4 Total assets of the group 721.5 797.9Operating segments \u2013 reconciliation to total liabilities MEUR 2023 2022Trade payables of reportable segments 112.6 112.5 Non-current lease liabilities of reportable segments 61.1 57.2 Accrued expenses of reportable segments 49.1 49.8Provisions of reportable segments 9.4 0.2Current lease liabilities of reportable segments 8.5 8.1 Liabilities of segment Other 24.2 18.9 Unallocated liabilities include:Deferred tax liabilities 21.0 24.2 Retirement benefit obligations 12.0 12.5 Interest-bearing loans and borrowings 189.3 197.9 Other non-current interest-free liabilities 3.7 8.0 Current income tax liabilities 4.2 7.8 Other short term liabilities 8.3 10.3 Total liabilities of the group 503.4 517.4Operating segments \u2013 geographical areas The following segmentation of the group\u2019s geographical sales to external customers is based on the geographical locations of the cus-tomers. The segmentation of non-current assets is based on the geographical locations of its subsidiaries. Non-current assets comprise intangible assets (including goodwill), right-of-use assets and property, plant, and equipment.Sales to external customers by geographical location MEUR 2023 % 2022 %Europe 406.3 46% 364.4 40%North America 297.5 34% 309.7 34%South America 45.4 5% 80.3 9%Asia 129.5 15% 146.9 16%Other 6.2 0% 4.3 1%Revenues from continuing operations 884.9 905.6Revenues from discontinued operation 0.0 69.4Total operating revenues 884.9 975.0Intangible assets, PP&E, and RoU by geographical location MEUR 2023 % 2022 %Europe 147.4 59% 152.5 56%North America 80.4 32% 88.9 33%South America 2.1 1% 2.9 1%Asia 19.2 8% 28.7 10%Total Intangible assets, PP&E and RoU 249.1 273.0 Major customers Included are revenues from continuing operations of MEUR 97.5 in 2023 (2022: MEUR 74.7) which arose from sales to the group\u2019s largest customer. NO single customers contributed 10% or more each to the group\u2019s revenues in 2023.NOTE 8 SALARIES AND SOCIAL EXPENSES Specification of salaries and social expenses as recognized in the statement of comprehensive income MEUR 2023 2022Wages and salaries 179.0 178.2 Social security tax 39.6 28.5 Severance payments 8.0 0.0 Pension cost, defined benefit plans (0.2) 1.2 Pension cost, defined contribution plans 7.6 9.0 Other employee-related expenses* 31.0 36.8 Government support - wages and salaries (0.1) (0.4)Total salaries and social expenses 264.9 253.3*Other employee-related expenses include bonus costs.As of December 31, 2023, the group had 5,286 employees, while as of December 31, 2022, the number of employees was 5,270.NOTE 9 OTHER INCOME AND OTHER OPERATING EXPENSES Specification of other income as recognized in the statement of comprehensive income MEUR 2023 2022Gain on external sale of non-current assets 0.8 0.0 Gain on sale of major operations 0.0 44.1Corporate service income 0.7 3.1 Total other income 1.5 44.2Gain on sale of major operations - divestment of Powersport business On August 8, 2022, Kongsberg Automotive (KA) and BRP entered into a sale and purchase agreement to sell part of the Shawinigan plant of KA\u2019s Off-Highway business for a total enterprise value of MCAD 136.0 (MEUR 104.0). However, this transaction does not fulfill the requirements to be pre-sented as a discontinued operation. On October 3, 2022, Kongsberg Automotive (KA) successfully completed the sale of a part of the Shawinigan plant of KA\u2019s Off-Highway business to BRP for a total enterprise value of MCAD 136.0 (MEUR 104.0).Based on the final purchase price proceeds, the gain before tax on this sale transaction amounted to MEUR 41.1.Corporate service income After the completion of the sale transactions of the Interior segment (see note 12) and the sale of part of the Shawinigan plant of Off-Highway business (see above), Kongsberg Automotive and the Buyer Parties have entered into the Transition Services Agreements in which the Buyer Parties expressed the need to obtain the use of certain services from Kongsberg Automotive for a transition period after the completion of the sale transactions to effectuate an orderly transition of the operations and permit the Buyer Parties the opportunity to obtain alternative sources to provide such services after the transition period. Main services to be provided by Kongsberg Automotive were: (1) ERP support and hosting, (2) IT infrastructure and security support, (3) Finance services, (4) HR Payroll services and other services. For the provision of those services the Buyer Parties were obliged to pay all fees in full on the terms provided under the Transition Services Agreements.Specification of other operating expenses as recognized in the statement of comprehensive income MEUR 2023 2022Operating expensesFreight, packaging and customs duties charges 42.4 46.3 Facility costs 14.0 13.4 Consumables 21.2 24.8 Repairs and maintenance 14.0 14.2 Service costs / external services 9.0 7.5 Other costs 14.8 13.0 Government support - rent and other costs 0.0 (0.3)Administrative expensesUtilities 3.0 1.8 Service costs / external services 21.3 28.4 Consumables 5.6 4.9 Travel costs 2.4 1.9 Other costs 8.7 9.5 Total other operating expenses 156.4 165.4NOTE 10 FINANCIAL ITEMS Specification of financial items as recognized in the statement of comprehensive income MEUR 2023 2022Change in fair value of cash equivalents 2.8 0.6 Foreign currency gains * 0.0 2.4 Interest income 1.9 1.1 IFRS 16 interest income 0.1 0.4 Other financial income 0.0 0.5 Total financial income 4.8 5.0 Interest expense (10.8) (12.0)IFRS 16 interest expense (4.3) (4.6)Foreign currency losses * (13.3) 0.0 Account receivables securitization \u2013 expense (0.9) (1.0)Other financial expenses (1.5) (4.2)Total financial expenses (30.8) (21.8)Total financial items (26.0) (16.8)* Includes realized currency loss of MEUR 7.6 and unrealized currency loss of MEUR 5.7 (2022: realized currency gain of MEUR 2.8 and unrealized currency loss of MEUR 0.4) NOTE 11 TAXES Tax recognized in statement of income The major components of income tax expense: MEUR 2023 2022Current tax on profits for the year* (8.7) (19.3)Adjustments in respect of prior years / current tax (3.5) 7.0 Total current tax (12.2) (12.3)Current year change in deferred tax (2.3) (14.3)Impact of changes in tax rates 0.2 (0.3)Adjustments in respect of prior years / deferred tax 0.9 1.4 Total change in deferred tax (1.2) (13.2)Total income tax (expense) / credit (13.4) (25.5)* Includes withholding tax. Further details can be found in table below.Tax recognized in other comprehensive income MEUR 2023 2022Tax on pension remeasurement 0.1 (1.5) Tax in other comprehensive income 0.1 (1.5)Reconciliation of Norwegian nominal statutory tax rate to effective tax rate MEUR 2023 2022Profit / (loss) before taxes 45.7 46.3 Expected tax calculated at Norwegian tax rate 10.0 (10.0)Other permanent differences / currency 0.9 3.6 Effect of withholding tax (1.4) (3.4)Foreign tax rate differential (2.1) (1.8)Impact of changes in tax rates and legislation 0.2 (0.3)Losses not recognized as deferred tax assets (6.9) (11.9)Write down of deferred tax assets (11.2) (5.5)Adjustments in respect of prior years and other adjustments (2.9) 3.8 Income tax (expense) / credit (13.4) (25.5)Average effective tax rate -29% 55%Tax recognized in the statement of financial position Current income tax MEUR 2023 2022Current income tax receivables* 1.9 2.7 Current income tax liabilities (4.2) (7.8)Total (2.3) (5.1)*Included under \u201cTrade and other receivables\u201d.Deferred tax MEUR 2023 2022Deferred tax assets 11.4 14.8 Deferred tax liabilities (21.0) (24.7)Total (9.6) (9.9)Due to Norwegian group contribution, there is a reclassification between current tax and deferred tax of MEUR 3.6.Specification of deferred tax assets / (liabilities) recognized in the statement of financial position 2023FX DIFF AND RECLASSIFI-CATION DUE TO GROUP OPENING CHARGED CHANGES CONTRIBU-CLOSING MEURBALANCETO INCOMEIN R ATE OCITION BALANCEProperty, plant 1.3 (3.3) 0.0 0.0 0.0 (2.0) and equipmentIntangible assets (11.6) (2.0) 0.0 0.0 8.2 (5.4)Leases 1.4 0.1 0.0 0.0 0.0 1.5 Retirement benefits 1.4 (0.1) 0.0 0.1 0.0 1.4 obligationsLosses carried forward 9.9 (4.9) 0.0 0.0 (0.2) 4.8 Trade receivables 2.5 0.8 0.0 0.0 (0.1) 3.2 Accrued expenses 4.2 3.0 0.0 0.0 (0.1) 7.1 Accrued interest 1.2 (1.2) 0.0 0.0 0.0 0.0 Unrealized exchange differences on long-term (27.2) (0.5) 0.0 0.0 1.7 (26.0)receivables / payablesOther temporary differences7.0 6.7 0.2 0.0 (8.1) 5.8 Net deferred tax assets / (9.9) (1.4) 0.2 0.1 1.4 (9.6)(liabilities)2022FX DIFF AND RECLASSIFI-CATION DUE TO GROUP OPENING CHARGED CHANGES CONTRIBU-CLOSING MEURBALANCETO INCOMEIN R ATE OCITION BALANCEProperty, plant (2.3) 2.6 0.1 0.0 0.9 1.3 and equipmentIntangible assets (6.2) (5.3) 0.1 0.0 (0.2) (11.6)Leases 1.9 (0.5) 0.0 0.0 0.0 1.4 Retirement benefits 3.5 0.6 0.0 (1.5) (1.2) 1.4 obligationsLosses carried forward 8.0 7.8 (0.3) 0.0 (5.6) 9.9 Trade receivables 4.5 (1.9) 0.0 0.0 (0.1) 2.5 Accrued expenses 3.6 0.3 0.0 0.0 0.3 4.2 Accrued interest 1.6 (0.5) (0.1) 0.0 0.2 1.2 Unrealized exchange differences on long-term (22.7) (5.8) 0.0 0.0 1.3 (27.2)receivables / payablesOther temporary differences 12.4 (5.1) (0.1) 0.0 (0.2) 7.0 Net deferred tax assets / 4.3 (7.8) (0.3) (1.5) (4.6) (9.9)(liabilities)Measurement of deferred taxes Deferred tax assets and liabilities are measured at the tax rates enacted. Limitation and assumptions for the utilization of losses carried forward and deferred tax assets The carrying amount of deferred tax assets is reviewed at each balance sheet date and recognized for unused tax losses and unused tax credits to the extent that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. As part of the review, the group conducts comprehensive analyses of future profits within the legal entity as well as consider-ing possibilities for utilization within the group. As at the year-end, the estimates indicated that tax losses at MEUR 41.8 will not be deductible within the foreseeable future, resulting from a change of tax positions not recognized of MEUR 6.9 in the current year. OECD Pillar Two model rules The parent company Kongsberg Automotive ASA is incorporated in Norway, which has enacted the Pillar Two income taxes legislation in January 2024. The legislation is only effective from January 1, 2024, so there is no current tax impact for the fiscal year 2023. Under the new legislation, the parent company will be required to pay top-up tax in Norway on profits of its subsidiaries that are taxed at an effective tax rate of less than 15 per cent. The group is in the process of assessing its exposure to the Pillar Two legislation for the upcoming years. Based on the assessment to date, the group does not expect the impact of the Pillar Two legislation to be material to its consolidated financial statements.The temporary exception issued by the IASB in May 2023 from the accounting requirements for deferred taxes in IAS 12 is applied. Accordingly, the group neither recognizes nor discloses informa-tion about deferred tax assets or liabilities related to Pillar Two income taxes.Tax positions not recognized MEUR 2023 2022Tax positions not recognized 41.8 34.9 Total 41.8 34.9 Remaining lifetime of tax losses (gross tax value) MEUR 2023 2022Less than five years 19.6 5.6 5 - 10 years 7.9 16.3 10 - 15 years 0.0 0.0 Without time limit 19.0 24.0 Total 46.5 45.9NOTE 12 DISCONTINUED OPERATION & ASSETS AND LIABILITIES OF DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE Description Divesture of ICS and LDC businesses On October 28, 2021, two separate Sale and Purchase Agreements were signed to sell the Interior Comfort System business and the Light Duty Cable business with the cable-related part of Off-Highway business. As these businesses represent a separate major line of Kongsberg Automotive Group, they are presented as discontinued operation.On February 28, 2022, Kongsberg Automotive has successfully completed the sale of its Interior Comfort Systems (ICS) business unit to Lear Corporation for an enterprise value of MEUR 175.0. Proceeds from the true-up were received in October 2022.On April 6, 2022, Kongsberg Automotive has successfully completed the sale of its Light Duty Cable (LDC) business unit to Suprajit Engineering Limited for an enterprise value of MEUR 37.7. As of December 31, 2022, the LDC sale transaction to Suprajit was not yet fully concluded.The 2022 net profit from discontinued operation of MEUR 5.9 contains the gain before tax and realization of historical translation differences on the ICS and LDC sale of MEUR 28.5. Tax expense in 2022 was impacted by the valuation allowance on losses not usable in discontinued business. The profit from the discontinued operation is attributable entirely to the owners of the Company.Results of discontinued operation INTERIOR COMFORT LIGHT DUTY MEURSYSTEMCABLE* 2022Operating revenues 48.1 21.3 69.4Other income 29.2 (0.7) 28.5Operating expensesRaw material expenses (2.0) 0.7 (1.3)Change in inventories (25.1) (10.8) (35.9)Salaries and social expenses (13.5) (6.7) (20.2)Other operating expenses (15.0) (8.8) (23.8)Depreciation (0.2) 0.0 (0.2)Amortization 0.0 0.0 0.0Total operating expenses (55.8) (25.6) (81.4)Operating profit / (loss) 21.5 (5.0) 16.5Financial itemsFinancial income 2.2Financial expenses (0.4)Net financial items 1.8Profit before taxes 18.3Income taxes (12.4)Net profit from discontinued operation 5.9Translation differences on foreign operations (discontinued operation)Basic earnings per share, Euros 0.01Diluted earnings per share, Euros 0.01* includes the cable-related part of the Off-Highway business.Cash flows from discontinued operationINTERIOR COMFORT LIGHT DUTY MEURSYSTEMCABLE* 2022Net cash flow from (used by) operating activities 45.8 (7.9) 37.9 Net cash flow from investing activities 128.2 35.8 164.0 Net cash flow used by financing activities (1.3) (0.5) (1.8)Net cash flows for the year 172.7 27.4 200.1* includes the cable-related part of the Off-Highway business.Details of the sale of the Interior segmentINTERIOR COMFORT LIGHT DUTY MEURSYSTEMCABLE* 2022Consideration received 170.2 37.1 207.3 Enterprise value of the sold companies (5.6) (37.8) (43.4)Goodwill (3.3) 0.0 (3.3)Fixed assets (95.6) 0.0 (95.6)Inventory (28.8) 0.0 (28.8)Other net working capital (7.8) 0.0 (7.8)Carrying amount of net assets sold (141.0) (37.8) (178.8)Gain / (loss) on sale before income tax and 29.2 (0.7) 28.5realisation of historical translation differencesIncome tax expense on gain (7.3) (0.9) (8.2)Realisation of historical translation differences 1.4 1.2 2.6 Gain / (loss) on sale after income tax and 23.3 (0.4) 22.9realisation of historical translation differences* includes the cable-related part of the Off-Highway business.NOTE 13 INTANGIBLE ASSETS PATENTS CUSTOMER AND SOFT-RELATION-DEVELOP-WARE AND MEUR GOODWILLSHIPSMENTOTHER TOTALAcquisition costs 112.0 73.7 52.2 12.6 250.5 Accumulated amortization & impairment(27.9) (73.6) (47.3) (11.6) (160.4)Net book value at 31.12.2021 84.1 0.1 4.9 1.0 90.1 Cost at 01.01.2022 112.0 73.7 52.2 12.6 250.5 Additions 0.0 0.0 1.7 0.4 2.1 Derecognition of fully amortized assets (1.4) (55.8) (4.5) (3.1) (64.8)Disposals accumulated cost 0.0 0.0 0.0 0.0 0.0 (ordinary business)Disposals related to the sale of part (14.7) 0.0 0.0 (0.3) (15.0)of the OFH businessTranslation differences 2.0 2.3 (1.0) (0.4) 2.9 Acquisition costs at 31.12.2022 97.9 20.2 48.4 9.2 175.7 Accumulated amortization (27.9) (73.6) (47.3) (11.6) (160.4)& impairment at 01.01.2022Amortization 0.0 (0.1) (1.5) (0.3) (1.9)Derecognition of fully amortized assets 1.4 55.8 4.5 3.1 64.8 Disposals accumulated amortization 0.0 0.0 0.0 0.0 0.0 (ordinary business)Disposals related to the sale of part 1.4 0.0 0.0 0.3 1.7 of the OFH businessTranslation differences (0.2) (2.3) 0.9 0.4 (1.2)Accumulated amortization (25.3) (20.2) (43.4) (8.1) (97.0)& impairment at 31.12.2022Acquisition costs 97.9 20.2 48.4 9.2 175.7 Accumulated amortization & impairment(25.3) (20.2) (43.4) (8.1) (97.0)Net book value at 31.12.2022 72.6 0.0 5.0 1.1 78.7 PATENTS CUSTOMER AND SOFT-RELATION-DEVELOP-WARE AND MEUR GOODWILLSHIPSMENTOTHER TOTALCost at 01.01.2023 97.9 20.2 48.4 9.2 175.7 Additions0.0 0.0 3.2 0.0 3.2 Disposals accumulated cost 0.0 0.0 (6.6) 0.0 (6.6)Translation differences (2.0) (0.5) (0.9) (0.4) (3.8)Acquisition costs at 31.12.2023 95.9 19.7 44.1 8.8 168.5 Accumulated amortization (25.3) (20.2) (43.4) (8.1) (97.0)& impairment at 01.01.2023Amortization 0.0 0.0 (0.6) (0.4) (1.0)Impairment loss 0.0 0.0 (0.6) 0.0 (0.6)Disposals accumulated amortization0.0 0.0 6.6 0.0 6.6 Translation differences 0.1 0.5 0.7 0.5 1.8 Accumulated amortization (25.2) (19.7) (37.3) (8.0) (90.2)& impairment at 31.12.2023Acquisition costs 95.9 19.7 44.1 8.8 168.5 Accumulated amortization (25.2) (19.7) (37.3) (8.0) (90.2)& impairmentNet book value at 31.12.2023 70.7 0.0 6.8 0.8 78.3 Internally developed intangible assets MEUR 2023 2022Internally developed intangible assets at 01.01. 7.8 7.8 Additions during the year 3.0 1.7 Disposals during the year (2.4) 0.0 Amortization (0.7) (1.6)Translation differences (0.3) (0.1)Internally developed intangible assets at 31.12. 7.4 7.8 Non-capitalised development costs net of customer contribution (27.4) (35.0)Amortization of internally developed intangible assets (0.7) (1.6)Total recognized development cost in the reporting period* (28.1) (36.6)Cash investment in development (30.4) (36.7)* Net amount, gross amount MEUR 35.0 in 2023 (2022: MEUR 42.2). The internally developed intangible assets include capitalized costs related to the development of new products. These assets are included in \u201cPatents and Development\u201d. NOTE 14 PROPERTY, PLANT & EQUIPMENT (PP&E) EQUIP-MEUR LAND BUILDINGSMENT TOTALAcquisition costs 3.1 28.0 468.0 499.1 Accumulated depreciation & impairment (1.2) (22.3) (334.8) (358.3)Net book balue at 31.12.2021 1.9 5.7 133.2 140.8 Cost at 01.01.2022 3.1 28.0 468.0 499.1 Additions 0.0 0.9 23.5 24.4 Derecognition of fully depreciated assets 0.0 (0.4) (13.8) (14.2)Disposals accumulated cost (ordinary business) 0.0 0.0 (3.5) (3.5)Net 2022 effects from the sale of the Interior segment0.0 0.0 (6.3) (6.3)Disposals related to the sale of part 0.0 (1.1) (17.4) (18.5)of the OFH businessTranslation differences (0.1) (0.2) (4.4) (4.7)Acquisition costs at 31.12.2022 3.0 27.2 446.1 476.3 Accumulated depreciation & impairment (1.2) (22.3) (334.8) (358.3)at 01.01.2022Depreciation 0.0 (0.7) (22.4) (23.1)Impairment loss 0.0 0.0 (1.3) (1.3)Derecognition of fully depreciated assets 0.0 0.4 13.8 14.2 Disposals accumulated depreciation 0.0 0.0 4.4 4.4 (ordinary business)Net 2022 effects from the sale of the Interior segment0.0 0.0 5.7 5.7 Disposals related to the sale of part 0.0 1.1 10.6 11.7 of the OFH businessTranslation differences 0.0 0.3 3.7 4.0 Accumulated depreciation (1.2) (21.2) (320.3) (342.7)& impairment at 31.12.2022Acquisition costs 3.0 27.2 446.1 476.3 Accumulated depreciation & impairment (1.2) (21.2) (320.3) (342.7)Net book value at 31.12.2022 1.8 6.0 125.8 133.6 EQUIP-MEUR LAND BUILDINGSMENT TOTALCost at 01.01.2023 3.0 27.2 446.1 476.3 Additions 0.0 0.6 24.7 25.3 Disposals accumulated cost 0.0 0.0 (8.3) (8.3)Translation differences 0.0 (0.6) (11.2) (11.8)Acquisition costs at 31.12.2023 3.0 27.2 451.3 481.5 Accumulated depreciation (1.2) (21.2) (320.3) (342.7)& impairment at 01.01.2023Depreciation 0.0 (0.8) (21.3) (22.1)Impairment loss (0.4) (0.2) (16.8) (17.4)Disposals accumulated depreciation 0.0 0.0 7.7 7.7 Translation differences 0.0 0.5 8.3 8.8Accumulated depreciation (1.6) (21.7) (342.4) (365.7)& impairment at 31.12.2023Acquisition costs 3.0 27.2 451.3 481.5 Accumulated depreciation & impairment (1.6) (21.7) (342.4) (365.7)Net book value at 31.12.2023 1.4 5.5 108.9 115.8Impairment testing See note 16 for information related to impairment testing of intangible assets, PP&E and right-of-use assets.NOTE 15 RIGHT-OF-USE ASSETS EQUIP-MEUR BUILDINGSMENT TOTALAcquisition costs 91.8 5.6 97.4 Accumulated depreciation & impairment (27.6) (3.2) (30.8)Net book value at 31.12.2021 64.2 2.4 66.6 Cost 01.01.2022 91.8 5.6 97.4 Additions 8.2 1.8 10.0 Lease terminations (6.8) (1.2) (8.0)Translation differences (0.7) 0.0 (0.7)Acquisition costs at 31.12.2022 92.5 6.2 98.7 Accumulated depreciation & impairment 01.01.2022 (27.6) (3.2) (30.8)Depreciation (9.2) (0.9) (10.1)Lease terminations 1.4 1.4 2.8 Translation differences 0.1 0.0 0.1 Accumulated depreciation & impairment 31.12.2022(35.3) (2.7) (38.0)Acquisition costs 92.5 6.2 98.7 Accumulated depreciation & impairment (35.3) (2.7) (38.0)Net book value at 31.12.2022 57.2 3.5 60.7 EQUIP-MEUR BUILDINGSMENT TOTALCost at 01.01.2023 92.5 6.2 98.7 Additions 15.2 1.2 16.4 Lease terminations (4.3) (1.4) (5.7)Translation differences (0.1) 0.0 (0.1)Acquisition costs at 31.12.2023 103.3 6.0 109.3Accumulated depreciation & impairment at 01.01.2023 (35.3) (2.7) (38.0)Depreciation (9.0) (0.8) (9.8)Impairment loss (8.4) (0.6) (9.0)Lease terminations 1.5 1.2 2.7Translation differences (0.2) 0.0 (0.2)Accumulated depreciation & impairment at 31.12.2023(51.4) (2.9) (54.3)Acquisition costs 103.3 6.0 109.3Accumulated depreciation & impairment (51.4) (2.9) (54.3)Net book value at 31.12.2023 51.9 3.1 55.0Lease liabilities MEUR 2023 2022Non-current lease liabilities 65.4 60.4 Current lease liabilities 10.2 9.3 Total lease liabilities 75.6 69.7Maturity analysis \u2013 contractual undiscounted cash flows MEUR 2023 2022Within one year 14.5 13.6 One to five years 41.9 38.9 More than five years 45.6 46.2 Total undiscounted lease commitments 102.0 98.7 In 2023, the group had total cash outflows of approximately MEUR 14.1 for all leases, including non-material leases which are not part of the group\u2019s IFRS 16 reporting.Amounts related to leases recognized in the statement of comprehensive income MEUR MEUR 20232023 20222022Interest expense on lease liabilities (included in financial items) (4.3) (4.6)Interest income on subleases 0.1 0.4 Depreciation of right-of-use assets (9.8) (10.1)Expenses relating to low value and short-term leases (0.4) (0.4)Total expenses relating to leases (14.4) (14.7)NOTE 16 IMPAIRMENT LOSSES The group has performed impairment tests on the carrying values of all intangible assets (including goodwill), property, plant & equipment, and right-of-use assets (RoU) in accordance with the requirements of IAS 36. The group used the cash-generating unit\u2019s value-in-use to determine the recoverable amount. Value in use (VIU) was derived as the net present value (NPV) of projected future cash flows for each of the cash-generating units (CGUs). The business units Driveline, On-Highway, Couplings, Fluid Transfer Systems and Off-Highway were identified as the respective CGUs.Cash flow projections and assumptions (applicable for all business units except for Driveline) The model was based on a three-year projection of discounted cash flows plus a terminal value (cal-culated using Gordon\u2019s growth model with the perpetual growth of 1% (applicable for all business units except for Driveline)). The net discounted cash flows were calculated before tax.The projected cash flows were derived from the business plans set up by the management of the business units and reviewed as well as finally approved by the top management in the course of the budget and strategic planning process covering the period until 2026. The business plans were based on the group\u2019s three-year long-range plan (LRP), adjusted for relevant recent changes in internal short-term forecasts and market data. Adjustments were made to exclude significant cash flows related to restructuring not yet committed, future investments, or enhancements. Assumptions on labor inflation as well as on raw material price development were provided centrally. The input data on developments of the relevant markets were taken from well-known external sources, such as LMC Automotive, IHS and customers, in addition to all relevant internal information such as change in orders, customer portfolio, fitment rate for products, geographical development, market shares, etc.Discount rate assumptions (applicable for all business units except for Driveline) The required rate of return was calculated by using the WACC method. The input data of the WACC was chosen by an individual assessment of each parameter. Information from representative sources and peer groups was used to determine the best estimate. The WACC was calculated to be 10.0% pre-tax. The WACC used was the same for all CGUs, the reason being that the long-term risk profiles of the CGUs are not considered to be significantly different. The key parameters were set to reflect the underlying long-term period of the assets and time horizon of the forecast period of the business cases. The following parameters were applied:\u2022 Risk-free interest rate: 3.37%. Based on 10-year governmental Eurobond rate and US treasury 10-year yield, weighted 50/50. \u2022 Beta: 1.88. Based on an estimated unlevered beta for the automotive industry levered to the group\u2019s structure.\u2022 Market risk premium: 5.34% (post tax). Based on market sources.\u2022 Cost of debt: based on the market value of the group\u2019s debt.The discount rate has been adjusted to reflect the current market assessment of the risks specific to the group\u2019s business activity and was estimated based on the weighted average cost of capital for the group. Further changes to the discount rate may be necessary in the future to reflect changing risks for the industry and changes to the weighted average cost of capital.Sensitivity analysis and allocation of impairment as of 31.12.2023 The value in use is dependent on the free cash flow and discount rate. The cash flow will fluctuate in relation to changes in price, currency, and volume. Business awards, success of the vehicle model, prod-uct fitment rates, government regulations, and economic conditions, in turn influence the volume.On-Highway: The value-in-use is significantly higher than the carrying value. Hence, no reasonable change in any of the key assumptions would cause the recoverable amount to be lower than the carrying value.Couplings: The value-in-use is significantly higher than the carrying value. No reasonable change in any of the key assumptions would cause the recoverable amount to be lower than the carrying value.Fluid Transfer Systems: No reasonable change in any of the key assumptions would cause the recoverable amount to be lower than the carrying value.Off-Highway: No reasonable change in any of the key assumptions would cause the recoverable amount to be lower than the carrying value.Driveline: On December 19, 2023, the Board of Directors of Kongsberg Automotive resolved to initiate the wind-down process for the Driveline business unit due to anticipated declines in revenues and market share in the forthcoming years. Consequently, special assumptions were employed to assess the unit\u2019s value in use, omitting the calculation of terminal value due to its limited operational duration within the wind-down process. The value in use was determined by discounting the projected free cash flows over the next three years to their present value. The evaluation revealed that the carrying value of the business unit as of December 31, 2023, cannot be recovered at all by future cash flows leading to a full impairment recognition of MEUR 27.0 for all assets utilized in the operation of the Driveline business, with the exception of assets associated with the E-Actuators segment in China, which remains unaffected by the wind-down process and is anticipated to reinvigorate operations.Carrying value of the goodwill per business unit POWERTRAIN AND CHASSISSPECIALTY PRODUCTSFLUID ON- COU-TRANSFEROFF- MEUR HIGHWAY DRIVELINEPLINGSSYSTEMSHIGHWAY TOTALGoodwillGross book value 16.7 6.7 0.2 55.8 0.0 79.4as at 01.01.2023Accumulated impairment 0.0 (6.7) 0.0 0.0 0.0 (6.7)as of 01.01.2023Disposals related to the sale 0.0 0.0 0.0 0.0 0.0 0.0 of part of the OFH businessTranslation adjustments (0.4) 0.0 0.0 (1.6) 0.0 (2.0)Net book value 16.3 0.0 0.2 54.2 0.0 70.7as at 31.12.2023NOTE 17 INVENTORIES Specification of inventories MEUR 2023 2022Raw materials 59.8 60.4 Work in progress 20.0 19.2 Finished goods 21.7 16.9 Total inventories 101.5 96.5 Values displayed above are net of provisions for slow-moving and obsolete inventory shown below.Provision for slow-moving and obsolete inventory MEUR 2023 2022Book value at 01.01. (12.4) (12.9)Write-down (4.6) (4.0)Products sold (previously written down) 0.1 0.0 Reversal of prior write-downs 2.6 4.5 Foreign currency effects 0.1 0.0 Book value at 31.12. (14.2) (12.4)NOTE 18 TRADE AND OTHER RECEIVABLES Specification of trade and other receivables MEUR 2023 2022Trade receivables 161.5 166.5 Public duties 7.3 11.6 Other short-term receivables 8.5 6.3 Total trade and other receivables 177.3 184.4 Trade receivables maturity MEUR 2023 2022Not overdue 141.4 150.1 Overdue 1-20 days 8.8 10.3 Overdue 21-40 days 5.1 4.4 Overdue 41-80 days 1.7 2.5 Overdue 81-100 days 1.2 0.4 Overdue > 100 days 3.9 (0.5)Gross trade receivables 162.1 167.2 Total provision for bad debt (0.6) (0.7)Net trade receivables 161.5 166.5 The provision for bad debt has decreased by MEUR 0.1 compared to 31.12.2022. Trade receivables are subject to constant monitoring. The impairment of receivables is reflected through provision for bad debt. Monthly assessments of loss risk, including forward-looking information, are performed and cor-responding provisions are made at the entity level. The provision for bad debt reflects the total expected loss risk on the group\u2019s trade receivables. The oldest trade receivables, overdue > 100 days, represent the highest risk level. Most of the impaired trade receivables are included in that category. Expected losses on trade receivables were MEUR 0.6 in 2023 (2022: MEUR 0.7). The risk for losses on receivables other than trade receivables is assessed to be insignificant. For risk management see note 24.Receivables by currency MEUR 2023 2022EUR 74.0 58.5 USD 47.1 50.7 CNY 21.3 38.2 NOK 8.7 10.1 Other 26.2 26.9 Total receivables 177.3 184.4 Other current assets MEUR 2023 2022Tooling for sale 4.1 4.5 Customer development for sale 0.0 0.2 Prepayments 9.1 10.2 Capitalized financing costs / current 0.1 0.4 Contract costs / current 0.1 0.1 Total other current assets 13.4 15.4 Other non-current assets MEUR 2023 2022Investments accounted for using the equity method 2.1 0.0 Investments accounted for at cost 0.6 0.2 Contract costs / non-current 0.4 0.5 Net pension assets 0.2 0.0 Other non-current assets 0.8 0.7 Total other non-current assets 4.1 1.4 Investment accounted for using the equity method On July 11, 2023, Kongsberg Automotive signed an agreement to acquire 20% of the shares in Chassis Autonomy SBA AB via a directed rights issue. The agreement includes call options to acquire up to 100% of the total outstanding shares at fair market value in certain periods until 2027. Chassis Autonomy specializes in the design and development of steer-by-wire and brake-by-wire systems (that compromise the mechanical hardware, control electronics, and software) for use in highly automated (L3) and fully autonomous (L4 and L5) vehicles, agriculture, and construction applications.Share of profit/(loss) of equity-accounted investees It has been decided not to present the share of profit from equity accounted investees and any summa-rized financial information for the year ended on December 31, 2023, in the financial statements. This decision is based on the immateriality of their figures, which holds little relevance to external readers. Additionally, the cost and impracticability of compiling this data further support this decision.NOTE 19 SHARE CAPITAL Shares The share capital of the Company is NOK 951,423,131 comprising 951,423,131 ordinary shares with a par value of NOK 1.00. The Company holds 10,535,914 shares as treasury shares. For more information see the Statement of Changes in Equity. The Company is listed on the Oslo Stock Exchange with the ticker code \u201cKOA\u201d.2023 2022Number of shares 1,054,860,644 1,054,860,644in issue at 01.01.Cancelation of own shares(103,437,513) \u2012Number of shares 951,423,131 1,054,860,644 in issue at 31.12.Of these, treasury shares10,535,914 95,161,099Treasury shares The Company holds 10,535,914 treasury shares (2022: 95,161,099) as of December 31, 2023.On June 6, 2023, Kongsberg Automotive ASA\u2019s Board of Directors resolved to cancel its 103,437,513 treasury shares pur-chased back until January 27, 2023.On November 15, 2023, the Board of Directors of Kongsberg Automotive ASA resolved to initiate a new share purchase pro-gram. The company is expected to purchase back up to 2.5% of its outstanding shares in the open market limited to a maximum total consideration of up to MEUR 4.2 starting on November 15, 2023.Kongsberg Automotive ASA has purchased 10,535,914 shares from November 15, 2023 until December 31, 2023 as part of new share purchase program. The twenty largest shareholders in the Company as at 31.12.2023 were as follows: SHAREHOLDERS AND NOMINEES NO, OF SHARES % COUNTRY TYPE OF ACCOUNTMorgan Stanley & Co. Int. Plc.227,660,441 23.9%United Kingdom Nominee (multiple investors)Saxo Bank A/S35,558,132 3.7%Denmark Nominee (multiple investors)Nordnet Bank AB33,378,342 3.5%Sweden Nominee (multiple investors)Citibank, N.A.20,643,289 2.2%Ireland Nominee (multiple investors)Arild Vigen Christoffersen14,076,017 1.5%Norway OrdinaryNordnet Livsforsikring AS13,677,035 1.4%Norway OrdinaryDanske Bank A/S12,476,663 1.3%Denmark Nominee (multiple investors)Kongsberg Automotive ASA (own shares)10,535,914 1.1%Norway OrdinaryVerdipapirfondet KLP Aksjenorge7,401,392 0.8%Norway OrdinaryMorgan Stanley & Co. Int. Plc.7,386,333 0.8%Cayman Islands Nominee (multiple investors)J.P. Morgan SE7,303,771 0.8%Finland Nominee (multiple investors)Commuter 2 AS7,300,000 0.8%Norway OrdinaryKransekakebakeren AS6,884,868 0.7%Norway OrdinaryJohn Stien Invest AS5,002,113 0.5%Norway OrdinaryDaniel Avestruz4,400,000 0.5%Norway OrdinaryAvanza Bank AB4,212,457 0.4%Sweden Nominee (multiple investors)Clearstream Banking S.A.4,150,519 0.4%Luxembourg Nominee (multiple investors)Lars Rimestad4,100,000 0.4%Norway OrdinaryVerdipapirfondet Nordea Avkastning4,042,639 0.4%Norway OrdinaryVerdipapirfondet DnB Norge Indeks4,009,142 0.4%Norway OrdinaryTotal 20 largest shareholders 434,199,067 45.6%Other shareholders517,224,064 54.4%Number of shares in issue at 31.12.2023951,423,131 100.0%Number of shareholders23,685Foreign ownership44.4%Share options Options at NOK 62.0 (grant 2016) expire after 7 years. Options at NOK 3.0 (grant 2021) are Performance Stock Options and expire 10 years after the date of grant. The Company has no legal or constructive obligation to repurchase or settle the options in cash. Refer to note 3 for further information.Movements in share options (NOK) 2023 2022AVERAGE AVERAGE EXERCISE EXERCISE NOKPRICE OPTIONS PRICE OPTIONS Options at 01.01. 4.1 5,771,412 6.8 8,728,998 Granted \u2012 \u2012 \u2012 \u2012Forfeited 3.0 (750,831) 5.4 (2,671,041)Expired 20.5 (343,512) 59.0 (43,214)Adjusted (quantity) \u2012 \u2012 \u2012 (243,331)Options at 31.12. 3.0 4,677,069 4.1 5,771,412 Outstanding options at the end of the year (NOK) 2023 2022EXERCISE EXERCISE PRICE PRICE EXPIRY DATE(NOK) OPTIONS (NOK) OPTIONS 10.04.2023 (grant 2016) 62.0 \u2012 62.0 101,78510.06.2031 (grant 2021) 3.0 4,677,069 3.0 5,669,627Options at 31.12. 4,677,069 5,771,412Movements in restricted stock units (RSU) NOK 2023 2022RSU at 01.01. 14,567,343 7,990,418Granted 13,844,990 11,804,646Forfeited (358,318) (2,363,015)Released (1,508,473) (2,864,706)RSU at 31.12. 26,545,542 14,567,343Outstanding restricted stock units at the end of the year GRANT (VESTING DATE) 2023 2022Grant 2021 (10.06.2024) 3,292,149 \u2012Grant 2022 (02.06.2025) 9,523,243 3,926,605Grant 2023 (05.06.2026) 13,730,150 10,640,738RSU at 31.12. 26,545,542 14,567,343NOTE 20 EARNINGS AND DIVIDEND PER SHARE Earnings per share for the group 2023 2022Net profit attributable to equity shareholders (MEUR)(59.5) 26.5 Weighted average number of shares in issue (in millions)1,000.6 1,031.0 Weighted average total number of ordinary shares (in millions)1,061.9 1,061.9 Weighted average number of treasury shares held (in millions)(61.3) (30.9)Basic earnings per share, EUR(0.06) 0.03 Weighted average number of shares in issue (diluted) (in millions)1,028.9 1,050.4 Weighted average number of outstanding options & RSU/PSU (in millions)28.3 19.4 Diluted earnings per share, EUR(0.06) 0.03 Earnings per share for the continuing operations2023 2022Net profit attributable to equity shareholders (MEUR) (59.5) 20.6 from continuing operationsWeighted average number of shares in issue (in millions)1,000.6 1,031.0 Weighted average total number of ordinary shares (in millions)1,061.9 1,061.9 Weighted average number of treasury shares held (in millions)(61.3) (30.9)Basic earnings per share, EUR(0.06) 0.02 Weighted average number of shares in issue (diluted) (in millions)1,028.9 1,050.4 Weighted average number of outstanding options & RSU/PSU (in millions)28.3 19.4 Diluted earnings per share, EUR(0.06) 0.02Dividend per share EUR 2023 2022Dividend per share paid 0.0 0.0Dividend per share proposed 0.0 0.0No dividend is proposed for 2023.NOTE 21 RETIREMENT BENEFIT OBLIGATIONS Retirement benefit obligations recognized in statement of financial position MEUR 2023 2022Defined benefit pension obligation 11.3 12.0Top hat, retirement provisions and other employee obligations 0.7 0.5Retirement benefit obligations 12.0 12.5Defined benefit scheme \u2013 assumptions 2023 2022Discount rate 3.6% 3.4%Rate of return on plan assets 0.2% 0.4%Salary increases 1.1% 1.2%Increase in basic government pension amount 1.0% 1.0%Pension increase 0.5% 0.5%The assumptions for KA group are presented as a weighted average of the assumptions reported from respective subsidiaries.Defined benefit scheme \u2013 net periodic pension cost MEUR 2023 2022Service cost 0.6 1.1Interest on benefit obligations 0.4 0.2Effect of curtailment (1.2) (0.1)Net periodic pension cost (0.2) 1.2Remeasurement of net defined benefit liability 0.5 (6.2)Actual return on plan assets -0.1% 1.6%Defined benefit scheme \u2013 net pension liability MEUR 2023 2022Pension liabilities and assets:Projected benefit obligation (PBO) 16.1 17.7 Fair value of pension assets (4.8) (5.7)Unrecognized effects 0.0 0.0 Net pension liability before social security taxes 11.3 12.0 Social security taxes liabilities 0.0 0.0 Net pension liability 11.3 12.0 Specification of carrying value of net pension liability MEUR 2023 2022Retirement benefit obligation 16.1 17.7 Retirement benefit asset (4.8) (5.7)Net pension liability 11.3 12.0 Defined benefit scheme change in net pension liability MEUR 2023 2022Net pension liability 01.01. 12.0 18.4 Pension cost for the year (0.2) 1.2 Remeasurement of net defined benefit liability 0.5 (6.2)Paid pensions (0.6) (0.6)Pension plan contributions (0.6) (0.8)Translation differences 0.2 0.0 Net pension liability 31.12. 11.3 12.0 Defined benefit scheme \u2013 sensitivity analysis* DBO AS AT DBO AS AT MEUR31.12.202331.12.2022Actual valuation 11.3 12.0 Discount rate + 0.5% 10.7 11.4 Discount rate - 0.5% 11.9 12.7 Expected rate of salary increase + 0.5% 11.3 12.1 Expected rate of salary increase - 0.5% 11.2 12.0 Expected rate of pension increase + 0.5% 11.7 12.5 Expected rate of pension increase - 0.5% 10.8 11.6 * The sensitivity analysis does not include all schemes, however it covers the significant part of the pension liability.Defined benefit scheme \u2013 average expected lifetime Average expected lifetime at the balance sheet date for a person retiring on reaching age 65:\u2022 Male employee 21 years\u2022 Female employee 24 yearsAverage expected lifetime 20 years after the balance sheet date for a person retiring on reaching age 65:\u2022 Male employee 23 years\u2022 Female employee 26 yearsExpected pension payment The pension payment for 2024 is expected to be in line with the 2023 payment. NOTE 22 INTEREST-BEARING LIABILITIES Interest-bearing liabilities as presented in the statement of financial position MEUR 2023 2022Non-current interest-bearing loans and borrowings 190.6 200.0 Capitalized arrangement fees (1.3) (2.1)Interest-bearing lease liabilities 75.6 69.7 Total interest-bearing liabilities 264.9 267.6 On July 23, 2018, the Company completed an offering of MEUR 275.0 in an aggregate principal amount of 5.000% Senior Notes due 2025 (the \u201cNotes\u201d) pursuant to indentures among the Company, the guarantors party thereto, and The Law Debenture Trust Corporation plc, as trustee. On March 21, 2022, Kongsberg Automotive redeemed EUR 75.0 million of the notes at 102.5% of par.In Q2 2023 and Q3 2023, own bond notes at the amount of MEUR 3.6 and MEUR 5.8, respectively, were repurchased, resulting in a corresponding decrease in the outstanding balance of the bond notes.Kongsberg Automotive or its affiliates may, at any time and from time to time, seek to retire or pur-chase outstanding debt through cash purchases, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will be upon such terms and at such prices as Kongsberg Automotive may determine, and will depend on prevailing market conditions, its liquidity requirements, contractual requirements, and other factors. The amounts involved may be material.The group was in compliance with all applicable debt covenants at and for the year ended December 31, 2023.The indentures for our outstanding Senior Notes contain customary terms and conditions, includ-ing incur or guarantee additional indebtedness or issue certain preferred stock, pay dividends, redeem capital stock and make other distributions, make certain other restricted payments or restricted investments, prepay or redeem subordinated debt or equity, create or permit to exist cer-tain liens, impose restrictions on the ability of the Restricted Subsidiaries to pay dividends, transfer or sell certain assets, merge or consolidate with other entities, engage in certain transactions with affiliates and impair the security interests for the benefit of the Holders of the Notes.On September 25, 2020, the group entered into an Accounts Receivables Securitization Agreement with NORD/LB and Finacity Corporation (Finacity) to provide Kongsberg Automotive group with a committed MEUR 60 facility at an interest rate of 1.75% with a three-year tenure, effective on October 19, 2020. Effective from June 25, 2022, the maximum commitment was reduced from MEUR 60.0 to MEUR 25.0 of Senior Notes and depends on the size of the Accounts Receivable pool meeting invest-ment grade criteria.Other current interest-bearing liabilities consist of the Revolving Credit Facility (RCF) agreement entered into in July 2018. On July 06, 2023, the Revolving Credit Facility has been extended by 18 months and decreased from MEUR 50.0 to MEUR 30.0. In addition, the Company must again comply with the covenants from the original RCF agreement signed in July 2018 including a \u201cspringing cove-nant\u201d on total net leverage of 3.50:1, tested at the end of each quarter if cash utilizations exceed 40% of the total commitments under the RCF agreement.Specification of total interest-bearing liabilities by currency MEUR 2023 2022EUR 228.3 235.5 USD 11.7 8.7 Other currencies 26.2 25.5 Capitalized arrangement fees (1.3) (2.1)Total interest-bearing liabilities 264.9 267.6 Changes in liabilities arising from financing activities MEUR 2023 2022Opening balance at 01.01. 267.6 367.7 Changes arising from cash flows:Repayment of bond 0.0 (75.0)Repurchase of own bond notes (9.4) 0.0 Repayment of lease liabilities (9.8) (16.7)Repayment of debt (0.1) (21.6)Non-cash changes:Additions - lease liabilities 16.1 12.3 Amortization of capitalized arrangement fees 0.8 0.8 Reduction of capitalized arrangement fees due to the bond repayment 0.0 1.0 Other:Translation effect (0.3) (0.9)Closing balance at 31.12. 264.9 267.6 Liquidity reserve The liquidity reserve of the group consists of cash and cash equivalents in addition to undrawn credit facilities.MEUR 2023 2022Cash and cash equivalents 164.7 212.9 Restricted cash (0.5) (0.5)Undrawn revolving credit facility 30.0 50.0 Undrawn securitization facility 25.0 25.0 Liquidity reserve 219.2 287.4NOTE 23 OTHER NON-CURRENT INTEREST-FREE LIABILITIES Specification of other non-current interest-free liabilities MEUR 2023 2022Provision for employee litigations 0.5 1.4 Provision for customs claims 0.0 4.3 Provision for onerous contracts 2.0 1.9 Other non-current interest-free liabilities 1.2 0.4 Total other non-current interest-free liabilities 3.7 8.0 Provision for onerous contracts As a result of applying amendments to IAS37 and due to declining macroeconomic data as well as increasing energy and commodity prices, the group has recognized provisions for onerous programs to supply products within the Driveline business to several customers. It has been determined that the estimated unavoidable costs required to fulfil the contract have increased, which exceeded the future economic benefits. The onerous contracts are expected to be fulfilled by the end of 2024 and beginning of 2025.Provision for customs claims The prior disclosure for customs claims was successfully settled during the financial year 2023 resulting in the payment of MEUR 1.9 and the release of provision of MEUR 2.4.NOTE 24 RISK MANAGEMENT Finance risk management policies The group\u2019s overall financial risk management focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the group\u2019s financial performance. The group exploits derivative financial instruments for potential hedging of certain risk exposures; however, the current usage of such instruments is limited.Foreign exchange risk The group operates internationally in numerous countries and is exposed to foreign exchange risk arising from various currency exposures. The primary exposures are related to USD. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. As the group reports its financial results in EUR, changes in the relative strength of EUR to the currencies in which the group conducts business can adversely affect the group\u2019s financial development. Historically, changes in currency rates have influenced the top line development, however it has not had a significant impact on operating profit since the costs usu-ally offset the effects from the top line. Hence, the group seeks to align its revenue and cost base to reduce the currency exposure on a net-cash-flow basis.Management is monitoring the currency exposure on the group level. The group treasury uses the debt structure and profile to balance some of the net exposure of the cash flow from operations. The group\u2019s treasury function regularly evaluates the use of hedging instruments but currently has no usage of such instruments. The group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the group\u2019s foreign opera-tions is partially managed through borrowings denominated in the relevant foreign currencies.Sensitivity As of December 31, 2023, if the currency USD had weakened/strengthened by 5% against the EUR with all other variables being constant, revenues would vary by (1.6%) and 1.8% or MEUR (14.4) and MEUR 16.0 as well as operating loss would increase by MEUR 0.6 (-3.3%) and decrease by MEUR 0.7 (3.6%).Operational risks Operation and investment risks and uncertainties The group is usually contracted as a supplier with a long-term commitment. The commitment is usually based on the model platforms, which for passenger cars are typically 3 to 5 years, while on commercial vehicles it is typically 5 to 7 years and in some cases even longer. Purchase orders are achieved on a competitive bidding basis for either a specific period or indefinite time. Even if present commitments are cost-reimbursable, they can be adversely affected by many factors and short-term variances including shortages of materials, equipment and work force, political risk, customer default, labor conflicts, accidents, environmental pollution, the prices of raw materials, unforeseen problems, changes in circumstances that may lead to cancellations and other factors beyond the control of the group. In addition, some of the group\u2019s customer contracts may be reduced, suspended or terminated by the customer at any time upon the giving of notice. Customer contracts also permit the customer to vary the scope of work under the contract. As a result, the group may be required to renegotiate the terms or scope of such contracts at any time, which may result in the imposition of terms less favorable than the previous terms.Competition The group has significant competitors in each of its business areas and across the geographical mar-kets in which the group operates. The group believes that competition in the business areas in which it operates will continue in the future. The group continuously monitors its competitive environment as it is constantly exposed to potential strategic M&A activities by suppliers, customers or competi-tors that may negatively impact the group\u2019s market position.Volatility in prices of input factors The group\u2019s financial performance is dependent on prices of input factors, i.e. raw materials and dif-ferent semi-finished components with a varying degree of processing, used in the production of the various automotive parts. Some of the major raw materials are:\u2022 Steel including rod and sheet metal, cast iron and machined steel components\u2022 Polymer components of rubber, foam, plastic components and plastic raw materials\u2022 Copper\u2022 Zinc\u2022 AluminumThe prices can be subject to large fluctuations in response to relatively minor changes in supply and demand and a variety of additional factors beyond the control of the group, including government regulation, capacity, and general economic conditions.A substantial part of the group\u2019s products based on steel and brass (copper and zinc) is sold to truck manufacturers. Business practice in the truck industry allows the group to some extent to pass increases in steel, aluminum, and brass prices over to its customers. However, there is a time lag of three to six months before the group can adjust the price of its products to reflect fluctuations in the mentioned raw material prices, and a sudden change in market conditions could therefore impact the group\u2019s financial position, revenues, profits, and cash flow. When the market prices go down the adverse effect will occur. For products sold to passenger car applications, the group does not have the same opportunity to pass along increases in raw materials prices. Uninsured losses The group maintains a number of separate insurance policies to protect its core businesses against loss and/or liability to third parties. Risks insured include general liability, business interruption, workers\u2019 compensation and employee liability, professional indemnity, and material damage.Supply chain related risks and uncertainties The Company\u2019s ability to meet the customers\u2019 needs depends on the ability to maintain key manu-facturing and supply arrangements. The loss or disruption of such manufacturing and supply arrangements may be caused by the issues such as labor disputes, inability to procure sufficient raw or input materials, natural disasters, disease outbreaks or other external factors over which the Company has no control.Risks related to the Russia-Ukraine war The war in Ukraine has created considerable uncertainty, particularly with regard to the potential impact of the political actions, primarily where the duration, intensity and allocation of energy sup-plies as well as their impact on the supply chain are concerned. Due to the Russia-Ukraine war, the supply of energy, other raw materials and parts for the pro-duction process has resulted in greater constraints, especially in Europe. Higher energy and com-modity prices plus greater volatility added to the strain. Furthermore, rising inflation rates could reduce purchasing power, adversely affect the end-customer behavior, and put a damper on demand for the products offered to the customers. As consequence of this war, the following negative risks might arise in the nearest future: protec-tionist tendencies, turbulence in the financial markets, structural deficits in individual countries as well as high inflation and rising interest rates worldwide.The group\u2019s operations were not directly impacted by the conflict as none of group\u2019s plants is located in Ukraine and Russia and most of KA\u2019s customers do not have close economic ties with these countries. However, the group\u2019s financials have been impacted by the indirect consequences of this war, such as an increase in energy prices and rising freight.Climate change risk Kongsberg Automotive has put in place adequate procedures that enable Management and the Board of Directors to regularly review material climate change issues that may have a significant impact on the Company\u2019s operations from the operational and strategic point of view. The Company expects and is preparing for regulatory changes and policy measures targeted at reducing carbon emissions, especially as part of the commitments resulting from the Paris Agreement. The Company invests in sources of renewable energy, such as solar panels, to become more sustainable. Moreover, Kongsberg Automotive actively monitors its supply chains in relation to the potential disruptions caused by extreme weather events. In case of an occurrence of such unfavorable events, the Company works on mitigation actions together with its suppliers. In the group\u2019s assessment, there are no material phys-ical climate risks that the group is expected to face in the foreseeable future. In 2023, the Company\u2019s financial reporting was not significantly impacted by climate change risk.Interest rate risk Through its refinancing via senior secured notes with a fixed coupon, the group is not exposed to interest rate risk for the duration of the notes.Credit risk Credit risk is managed at the group and entity level. Credit risk arises mainly from trade with cus-tomers and outstanding receivables. The level of receivables overdue is monitored on a weekly basis. Historically the group has had limited losses on receivables. Applying forward-looking information, we do not see any material increase in the credit risk. Refer to note 18.The automotive industry consists of a limited number of vehicle manufacturers; hence the five biggest customers will be around 34.2% of total revenues in 2023. The group has a diversified customer base with one individual customers representing more than 10% of the group\u2019s revenues. In addition, the customer base consists of solvent vehicle manufacturers and Tier 1 suppliers. In the group\u2019s opinion there is no concentration risk. However, due to the number of vehicle manufacturers and hence customers, concentration risk could be considered to exist.Funding and liquidity risk Cash flow forecasting is performed by each operating entity of the group on a weekly basis for the following 15 weeks. The group keeps track of its liquidity requirements and monitors to ensure there is sufficient cash to meet operational needs while always maintaining sufficient headroom on its undrawn committed borrowing facility. Surplus cash held by the operating entities over and above balance required for working capital management is transferred to the group treasury. For unused liquidity reserve, see note 22.Capital risk management The group\u2019s objectives when managing capital are to safeguard the group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital and balance the risk profile. The group monitors capital based on the gearing ratio and the level of equity. These ratios are cal-culated as net debt divided by EBITDA and equity divided by the total balance. The group has a treasury policy regulating the levels on these key ratios.NOTE 25 TRADE AND OTHER PAYABLES Specification of trade and other payables as presented in the statement of financial position 2023 2022Trade payables 116.6 122.0 Accrued expenses 55.5 54.5 Provisions 17.2 10.5 Interest payable 4.6 4.6 Other short-term liabilities 3.7 5.7 Total trade and other payables 197.6 197.3Provisions RESTRUC-RESTRUC-PROVISION TURING TURING FOR AND OTHER TOTAL WARRANTY AND OTHER TOTAL WARRANTIESPROVISIONS2023RESERVEPROVISIONS2022Opening balance 8.4 2.1 10.5 6.9 1.9 8.8 P&L charge 5.9 8.6 14.5 11.7 0.5 12.2 Payments (4.8) (2.0) (6.8) (9.8) (0.2) (10.0)Release (0.2) (0.6) (0.8) (0.5) 0.0 (0.5)Translation effect (0.1) (0.1) (0.2) 0.1 (0.1) 0.0 Closing balance 9.2 8.0 17.2 8.4 2.1 10.5 Provision for restructuring relates mainly to the costs related to the workforce reduction as part of the cost optimization measures announced on October 23, 2023.Maturity structure OTHER ACCRUED INTEREST SHORT-TERM TRADE TOTAL MEURPROVISIONSEXPENSESPAYABLESLIABILITIESPAYABLES2023Repayable 0-3 months 14.9 35.2 4.6 3.6 100.9 159.2 after year-endRepayable 3-6 months 0.8 14.3 0.0 0.1 8.5 23.7 after year-endRepayable 6-9 months 0.2 3.3 0.0 0.0 4.6 8.1 after year-endRepayable 9-12 months 1.3 2.7 0.0 0.0 2.6 6.6 after year-endTotal 17.2 55.5 4.6 3.7 116.6 197.6 OTHER ACCRUED INTEREST SHORT-TERM TRADE TOTAL MEURPROVISIONSEXPENSESPAYABLESLIABILITIESPAYABLES2022Repayable 0-3 months 5.8 31.6 4.6 4.5 116.8 163.3 after year-endRepayable 3-6 months 2.7 13.4 0.0 0.6 5.0 21.8 after year-endRepayable 6-9 months 0.3 5.0 0.0 0.0 0.1 5.4 after year-endRepayable 9-12 months 1.6 4.4 0.0 0.6 0.1 6.7 after year-endTotal 10.5 54.5 4.6 5.7 122.0 197.3NOTE 26 FINANCIAL INSTRUMENTS Classification, measurement and fair value of financial instruments 2023LOANS, RECEIVABLES LOANS, RECEIVABLES FINANCIAL AND CASH AT AND CASH LIABILITIES AT MEURAMORTIZED COSTAT FAIR VALUEAMORTIZED COST TOTAL 2023Trade and other receivables 177.3 177.3 Cash and cash equivalents 124.2 40.5 164.7 Interest-bearing loans and borrowings (189.3) (189.3)Interest-bearing lease liabilities (75.6) (75.6)Trade payables and accrued expenses (172.1) (172.1)Total 301.5 40.5 (437.0) (95.0)Fair value 301.5 40.5 (435.3) (93.3)Unrecognized gain / (loss)* 1.7 1.7* Based on level 1 input. The bond was traded at 98.5% of its par value as at 31.12.2023 (90.1% as at 31.12.2022)2022LOANS, RECEIVABLES LOANS, RECEIVABLES FINANCIAL AND CASH AT AND CASH LIABILITIES AT MEURAMORTIZED COSTAT FAIR VALUEAMORTIZED COST TOTAL 2022Trade and other receivables 184.4 184.4 Cash and cash equivalents 119.2 93.7 212.9 Interest-bearing loans and borrowings (197.9) (197.9)Interest-bearing lease liabilities (69.7) (69.7)Trade payables and accrued expenses (176.5) (176.5)Total 303.6 93.7 (444.1) (46.8)Fair value 303.6 93.7 (427.7) (30.4)Unrecognized gain/ (loss)** 16.4 16.4 ** Based on level 1 inputNOTE 27 REMUNERATION AND FEES FOR MANAGEMENT, BOARD OF DIRECTORS (BOD) AND AUDITOR Remuneration and fees recognized in the statement of comprehensive income KEUR 2023* 2022***Total remuneration of the Board of Directors 302.4 297.0 Gross base salary to the CEO 686.1 741.1 CEO\u2019s short-term incentive 343.1 817.4 CEO\u2019s long-term incentive** 272.2 391.6 Pension costs to the CEO 56.3 107.5 Other remuneration to the CEO*** 71.4 54.5 Management salaries other than to the CEO 2,264.8 2,842.7 Bonus, LTI costs and other remuneration of management 1,285.3 1,222.7 other than the CEO***Pension costs of management other than the CEO 246.0 327.1 Termination benefits to former CEO*** 2,281.5 0.0Total \u2010 Board of Directors and Senior Management 7,809.1 6,801.6 Remuneration to nomination committee 47.9 20.1 * 2023 remuneration is based on former CEO during the period January 01-July 24, 2023, and current CEO from July 25, 2023. 2022 CEO remuneration is based on former CEO. ** Long-term incentive plans \u2012 share-based compensation. The amounts represent the expenses accounted for according to IFRS 2.*** Including social security costsSpecification of fees paid to the auditors KEUR 2023 2022Statutory audit services to the parent company (Deloitte) 213.7 180.6 Statutory audit services to subsidiaries (Deloitte) 664.8 559.1 Statutory audit services to subsidiaries (other) 95.6 52.1 Non-audit services (Deloitte) 29.5 22.3 Tax services (Deloitte) 486.2 438.2 Total 1,489.8 1,252.3NOTE 28 COMMITMENTS AND GUARANTEES Commitments The group\u2019s operating lease commitments are now disclosed in note 15. In relation to low-value and short-term leases that are not presented as lease liabilities, the group is committed to an expected expense of MEUR 0.3 in 2024.Guarantees The issued notes are guaranteed on a senior basis by:\u2022 Parent guarantor (Kongsberg Automotive ASA), \u2022 Kongsberg Automotive Holding 2 AS, Kongsberg Automotive AS, Kongsberg Automotive AB, Kongsberg Power Products Systems AB, Kongsberg Driveline Systems SAS, Kongsberg Raufoss Distribution SAS, Kongsberg Actuation Systems Ltd, Kongsberg Automotive Slovakia s.r.o., Kongsberg Automotive Sp. z.o.o., Kongsberg Inc., Kongsberg Holding III, Inc., Kongsberg Actuation Systems II, LLC, Kongsberg Power Products Systems I, LLC, Kongsberg Automotive, Inc., Kongsberg Driveline Systems I, LLC, and KA group AG.General information In 2023 total parent guarantees in the amount of around MEUR 60.5 and MUSD 10.0 were issued for entities in Slovakia, Poland, and Mexico.NOTE 29 CONTINGENT LIABILITIES The following is an overview of current material disputes involving either the Company Kongsberg Automotive ASA or its subsidiaries.Endeavor group, LLC v Kongsberg Power Products Systems I, LLC (U.S.) Kongsberg Power Products Systems I, LLC is contesting a claim by a neighboring property owner for compensation for use of a detention pond on the neighboring property in Willis, Texas. Water runoff from the Kongsberg property was diverted to the neighboring property at a time when both parcels were owned by a predecessor of Kongsberg. Kongsberg does not believe that the plaintiff is entitled to significant compensation. Kongsberg\u2019s main argument for acquittal is that the pond was clearly visible when the property was acquired by the plaintiff. The district court has ruled in our favor and fully acquitted Kongsberg. The plaintiff has, however, appealed the ruling. The decision of the court of appeals is not expected before 2024.NOTE 30 SUBSEQUENT EVENTS No significant subsequent events have been identified.NOTE 31 RELATED-PARTY TRANSACTIONS Kongsberg Automotive ASA is listed on the Oslo Stock Exchange and is the group's ultimate parent. The group has no material transactions with related parties.Key Management and BoD compensation See note 27 \u2013 it includes remuneration for the Senior Management and Board of Director.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__9": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__11": {
"value": "Dyrmyrgata 48, NO-3601 Kongsberg, Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__10": {
"value": "Dyrmyrgata 48, NO-3601 Kongsberg, Norway",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__7": {
"value": "Dyrmyrgata 48, NO-3601 Kongsberg, Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__15": {
"value": "NOTE 2 STATEMENT OF COMPLIANCE The group\u2019s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations as endorsed by the EU.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__16": {
"value": "NOTE 3 MATERIAL ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these consolidated financial state-ments are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.In addition, the group adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statements 2) from January 1, 2023. The amendments required the disclosure of \u201cmaterial,\u201d rather than \u201csignificant,\u201d accounting policies. Although the amendments did not result in any changes to the accounting policies themselves, they might have impacted the accounting policy information disclosed in Note 3 in certain instances.Basis of preparation The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or liability the group considers the characteristics of the asset or liability if market participants would do so. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such basis, except for share-based payment transactions that are within the scope of IFRS 2, leasing transactions within the scope of IFRS 16, and measurements that have some similarities to fair value but are not fair value, such as net realizable value in IAS 2 or value-in-use in IAS 36.In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurement are observable and the sig-nificance of the inputs to the fair value measurement in its entirety, which are described as follows:\u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities that the entity can access at the measurement date,\u2022 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly, and\u2022 Level 3 inputs are unobservable inputs for the asset or liability.Basis of consolidation The consolidated financial statements comprise the financial statements of Kongsberg Automotive ASA and its subsidiaries as of December 31 each year. The financial statements of subsidiaries are prepared for the same reporting periods as the Company, using consistent accounting principles.The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to December 31 each year. Control is achieved when the company:\u2022 has the power over the investee,\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and\u2022 has the ability to use its power to affect its returns.The company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the par-ent company obtains control directly or indirectly, and continue to be consolidated until the date when such control ceases. All intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the group are eliminated in full.Changes in the parent company\u2019s direct or indirect ownership interests in subsidiaries that do not result in losing control of the subsidiaries are accounted for as equity transactions. The carrying amounts of the controlling interests and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is rec-ognized directly in equity and attributed to owners of the parent company.If the parent company loses its direct or indirect control of a subsidiary, the group should recog-nize a gain or loss on the loss of control in the income statement, which is calculated as the difference between (i) the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All components of the other comprehensive income (OCI) that are attributable to the subsidiary are to be reclassified on the loss of control from the equity to the income statement or directly to retained earnings.Business combinations Business combinations are accounted for using the acquisition method. The consideration trans-ferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the group, liabilities incurred by the group to the former owners of the acquiree and the equity interests issued by the group in exchange for con-trol of the acquiree. Acquisition-related costs are recognized in the income statement as incurred.At the acquisition date, the identifiable assets acquired, and liabilities assumed are recognized at fair value, except as noted below:\u2022 Deferred tax assets or liabilities arising from assets acquired and liabilities assumed shall be recognized or measured in accordance with IAS 12,\u2022 Liabilities related to the acquiree\u2019s employee benefit arrangements shall be recognized and measured in accordance with IAS 19,\u2022 Right-of-use assets and lease liabilities shall be recognized and measured in accordance with IFRS 16,\u2022 A liability or an equity instrument related to share-based payment transactions of the acquiree or the replacement of an acquiree\u2019s share-based payment transactions with share-based payment transactions of the acquirer shall be measured in accordance with IFRS 2, and \u2022 Assets classified as held for sale and discounted operations are measured in accordance with IFRS 5.Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. Non-controlling interests that are present ownership interests and entitle their holder to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured at fair value or a non-controlling interests\u2019 proportionate share of the rec-ognized amounts of the acquiree\u2019s identifiable net assets. As of December 31, 2023, there is a non-controlling interest recognized only in one subsidiary. The group has chosen to measure it at the proportionate share of the recognized amounts of the acquiree\u2019s identifiable net assets.Goodwill Goodwill arising from business acquisitions is carried at cost established at the acquisition date, less accumulated impairment losses (if any).For purposes of impairment testing, goodwill is monitored by the Management at the level of each of the group\u2019s cash-generating units (CGUs), which are part of the respective operating seg-ments identified in note 7.A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of goodwill allocated to the unit and then the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognized directly in the income statement and is not reversed in subsequent periods. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the income statement on disposal.Investments in associates An associate is an entity over which the group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operat-ing policy decisions of the investee but does not constitute control or joint control over those policies.An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognized as goodwill, which is included within the carrying amount of the investment.Under the equity method, an investment in an associate is recognized initially in the consolidated statement of financial position at cost and adjusted thereafter to recognize the group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. The statement of profit or loss reflects the group\u2019s share of the results of operations of the associ-ate. The aggregate of the group\u2019s share of profit or loss of an associate and a joint venture is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate or joint venture.Functional and presentation currency In preparing the financial statements of each individual group entity, transactions in currencies other than the entity\u2019s functional currency are recognized using exchange rates at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the year-end exchange rates. Non-monetary items carried at fair value that are denominated in foreign currencies are translated using the exchange rates at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. For presentation purposes, the assets and liabilities of the group\u2019s foreign operations are trans-lated into Euro using the exchange rates at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising are recognized in other comprehensive income, accumulated in equity, and attributed to non-controlling interests as appropriate. On the disposal of a foreign operation, all the exchange differences accumulated in equity in respect of that operation attributable to the owners of the parent company are reclassified to the income statement. Goodwill and fair value adjustments to identifiable assets acquired and liabilities assumed through acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated using the exchange rate at the end of each reporting period. Exchange differences arising are recognized in comprehensive income. Exchange differences on monetary items are recognized in the income statement (in financial items) in the period in which they arise except for monetary items receivable from or payable to a foreign oper-ation for which the settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation). These are recognized initially in other comprehensive income and reclassified from equity to the income statement on the repayment day of the monetary items. The group presents its consolidated financial statements in Euros. The presentation currency of the parent company is Euro, while its functional currency is Norwegian Kroner. The reason for the use of Euros is to enable all amounts in the published financial statements of both the group and the company to be presented in the same currency. All financial information presented in Euro has been rounded to the nearest thousands, except when otherwise indicated.Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the group\u2019s Executive Committee (led by the CEO).Intangible assets other than goodwill Internally generated intangible assets \u2012 research and development expenditure Research expenditures are expensed as incurred. An internally generated intangible asset arising from the development of specific projects is recognized only when all the following criteria can be demonstrated:\u2022 the technical feasibility of completing the intangible asset so that it will be available for use or for sale,\u2022 the entity\u2019s intention to exercise the right to use or to sell the asset,\u2022 the entity\u2019s ability to use or sell the intangible asset,\u2022 the entity\u2019s asset will generate probable future economic benefits,\u2022 the availability of adequate resources to complete the development and to use or sell the asset,\u2022 the entity\u2019s ability to reliably measure the expenditure incurred during its development.The amount initially recognized for the internally generated asset is the sum of expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in the income statement in the period in which it is incurred.After initial recognition, internally generated intangible assets are reported at cost less accumu-lated amortization and accumulated impairment losses. The amortization period is five years.Software Costs associated with maintaining computer software are expensed as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognized as intangible assets when the abovementioned criteria are demonstrated to be fulfilled.Development expenses that do not meet these criteria are expensed as incurred and are not rec-ognized as an asset in a subsequent accounting period.Software costs are amortized over their estimated useful lives, which shall not exceed three years.Other intangible assets \u2013 acquired in a business combination Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at their fair value at the acquisition date, which is regarded as their cost.After initial recognition, intangible assets are reported at cost less accumulated amortization and accumulated impairment losses. The useful life of patents is considered to be up to 21 years; the useful life of customer relationships is estimated to be 10 years.Property, plant & equipment (PP&E) PP&E are stated at historical cost less accumulated depreciation and impairment losses. The assets are depreciated over their useful economic lives using the straight-line method. Historical costs include expenditures that are directly attributable to the acquisition of the asset and to make the non-current asset available for use. Subsequent costs, such as repair and mainte-nance costs, are expensed when incurred unless increased future economic benefits arise as a result of repair and maintenance work. Such costs are recognized in the Statement of Financial Position as additions to non-current assets. Straight-line depreciation is calculated at the following rates:\u2022 Land n/a \u2022 Buildings 3\u20134%\u2022 Production machinery and tooling 10\u201325%\u2022 Computer equipment 33%Right-of-use assets and lease liabilities The group leases various manufacturing facilities, offices, warehouses, equipment, and vehicles. Rental contracts are typically made for fixed periods of 6 months to 10 years but may have extension or termination options.Contracts may contain both lease and non-lease components. The group allocates the considera-tion in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. The group has applied the practical expedients provided by IFRS 16 to exclude low-value assets and short-term leases (term of up to 12 months). The lease payments associated with these leases are charged to the income statement on a straight-line basis and are reported under cash flow from operating activities in the statement of cash flows. In addition, the expedient to include non-lease components, such as service costs, in the lease calculation has been applied.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable,\u2022 variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date,\u2022 amounts expected to be payable by the group under residual value guarantees,\u2022 the exercise price of a purchase option if the group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.The lease payments should be discounted using:\u2022 the interest rate implicit in the lease; or\u2022 if the interest rate implicit in the lease cannot be readily determined, the lessee's incremental bor-rowing rate.The interest rate implicit in the lease is likely to be like the lessee\u2019s incremental borrowing rate in many cases. This is because both rates, as they are defined in IFRS 16, take into account the credit standing of the lessee, the length of the lease, the nature and quality of the collateral provided and the economic environment in which the transaction occurs.Management assessed that the fixed coupon of the bond issued in July 2018, reflected the incremen-tal borrowing rate on a group level and was appropriate for the implementation of the standard. The rate was reassessed and updated in 2022 referencing the risk-free rate adjusted for the group\u2019s credit risk premium and asset risk. The new rate was applied to lease adjustments and newly signed leases.The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.Lease payments are allocated between principal payments and finance cost. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. For the classification in the statement of cash flow the interest payments on the lease liabilities follow the same principles as other interests.Right-of-use assets are measured at cost comprising the following:\u2022 the amount of the initial measurement of lease liability,\u2022 any lease payments made at or before the commencement date less any lease incentives received,\u2022 any initial direct costs, and\u2022 restoration costs.Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The group assesses its right-of-use assets for impairment after any significant changes in operations as well as on an annual basis. This assessment of individual right-of-use assets for impairment is performed in addition to the group\u2019s overall impairment testing.Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less.The group uses tooling equipment which is owned by specific customers to produce parts for the customer. Under the new standard, these contracts do not constitute a lease as the group has no authority to direct the use of the equipment.Taxes on leases In most of the jurisdictions in which the group operates, tax deductions are received for lease pay-ments as they are paid, thus the tax base of the right-of-use asset as well as the lease liability is zero at the inception of the lease. Subsequently, as the straight-line depreciation of the assets exceeds the rate at which the debts reduce, a net liability arises resulting in a deductible temporary difference on which a deferred tax asset is recognized if recoverable.Impairment of PP&E, intangible assets (other than goodwill) and right-of-use assets The group tests on each reporting date whether these assets have suffered any impairment as well as if any indication arises, due to changes in circumstances, that the carrying amount is not fully recoverable. The recoverable amount of the asset is determined in order to assess the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individ-ual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.The recoverable amount of an asset is the greater of its fair value less costs of disposal and its value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recov-erable amount. An impairment loss is recognized immediately in the income statement. When an impairment loss subsequently reverses, the carrying amount of the asset or cash-generat-ing unit is increased to the revised estimate of its recoverable amount, but so that the increased car-rying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years.Assets held for sale and disposal groups held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use and they are available for immediate sale in their present condition.Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortized or depreciated. The restatement of prior year\u2019s balances in the statement of financial position is not required by IFRS 5.Discontinued operation A discontinued operation is a component of the group\u2019s business, that has either been disposed of or is classified as held for sale and \u2022 represents a separate major line of business or geographic area of operations;\u2022 is part of a single coordinated plan to dispose of a separate major line of business or geographic area of operations; or\u2022 is a subsidiary acquired exclusively with a view to resale.Intercompany transactions between continuing and discontinued operations are eliminated against the discontinued operation.Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held-for-sale.When an operation is classified as a discontinued operation, the comparative statement of com-prehensive income is re-presented as if the operation had been discontinued from the start of the comparative year.Inventories Inventories are stated at the lower of cost and net realizable value. Costs of inventories are deter-mined at standard cost with capitalizable variances being capitalized at balance sheet date. Costs of raw materials comprise purchase price, inbound freight, and import duties. Costs of finished and semi-finished goods include variable production costs and fixed costs allocated on normal capacity. Interest costs are not included. Net realizable value represents the estimated selling price for inven-tories less all estimated costs of completion and costs necessary to make the sale. Value adjustments are made for obsolete materials and excess stock.Financial instruments Financial assets and financial liabilities are recognized when a group entity becomes party to the contractual provisions of the instrument.Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in the income statement.Financial assets Subsequent measurement All recognized financial assets are subsequently measured at either amortized cost or fair value based on the business model for managing the financial assets and the contractual cash flow charac-teristics of the financial assets.The group holds loans and receivables (including trade receivables and other receivables, bank balances and cash) within the business model that aims to collect the contractual cash flows. Consequently, these assets are subsequently measured at amortized cost using the effective interest method, less any potential impairments.Amortized cost and effective interest method The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. Impairment of financial assets The group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost. For trade receivables the group applies the simplified approach which requires expected lifetime losses to be recognized from initial recognition of the receivables. See note 18 for further details.Derecognition The group derecognizes a financial asset when the contractual rights to the cash flow from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of owner-ship of the asset to another party.Financial liabilities The group recognizes and measures its financial liabilities (including borrowings and trade and other payables) at amortized cost using the effective interest method.The effective interest method is a method of calculating the amortized cost of a debt instrument and allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or dis-counts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.The group derecognizes financial liabilities when, and only when, the group\u2019s obligations are dis-charged, cancelled, or have expired. The difference between the carrying amount of the financial lia-bility derecognized and the consideration paid and payable is recognized in profit or loss.Taxes payable and deferred taxes The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The current tax payable is based on taxable profit for the year. Taxable profit differs from \u201cprofit before tax\u201d because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group\u2019s current income tax charge is calculated on the basis of the tax laws enacted in the countries in which the company\u2019s subsidiaries operate. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements, using tax rates that have been enacted or substantively enacted by the bal-ance sheet date and are expected to apply when the deferred tax asset is realized, or the deferred tax liability settled. Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available, against which the temporary differences can be utilized. Deferred tax positions are netted within the same tax entity.Employee benefits \u2012 retirement benefit cost and termination benefits Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions.For defined benefit retirement plans, the cost of providing benefits is determined using the pro-jected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable), and the return on plan assets (excluding interest), is reflected imme-diately in the statement of financial position with a charge or credit recognized in other comprehen-sive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to the income state-ment. Past service cost is recognized in the income statement when the amendment of a plan occurred. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset.Defined benefit costs are categorized as follows: \u2022 service cost (including current service cost, past service cost, as well as gains and losses on curtail-ment and settlements),\u2022 net interest expense or income on benefit obligations and/or plan assets,\u2022 remeasurement, and\u2022 administration costs.The group presents the first two components of defined benefit cost in the income statement in the line-item salaries and social expenses. Curtailment gains and losses are accounted for as past service costs.The retirement benefit obligation recognized in the statement of financial position represents the actual deficit or surplus in the group\u2019s defined benefit plans. Any surplus resulting from this calcula-tion is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.A liability for termination benefits is recognized at the earlier of when the entity can no longer withdraw the offer or the termination benefit or when the entity recognized any related restructur-ing costs.Pension plans in the group The Company and its Norwegian subsidiary Kongsberg Automotive AS have defined benefit and defined contribution pension plans. The plans were changed from defined benefit to defined contri-bution in 2004. The defined benefit plan was continued for employees who had already retired. Defined benefit pension plans also exist in two subsidiaries in Germany (closed pension plans for both German subsidiaries), one subsidiary in France, and one subsidiary in Switzerland. The other subsidiaries have either no pension plan or defined contribution pension plans for employees. The former early-retirement arrangement in Norway was replaced in 2011. Financing of the ear-ly-retirement arrangement is now done by an annual fee, which represents the final cost for the com-panies included. The arrangement is defined as a multi-employer plan and is accounted for as a defined contribution pension plan. Norwegian employees are included in this scheme. The defined contribution plans in Norway have legislative limitations when it comes to maxi-mum salary as a calculation basis for tax-deductibility. Norwegian employees with salaries that exceed this limit will be granted an addition to the pension that includes the salary above the maxi-mum limit. This obligation will only materialize if the person is employed in the Company at the time of retirement. This plan is accounted for as a defined benefit pension plan.In the case of defined contribution plans, the contributions are recognized as expenses in the period in which they occurred.Short-term and other long-term employee benefits A liability is recognized for benefits employees are entitled to in respect of wages and salaries, annual leave, and sick leave for the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for the service.Liabilities recognized in respect of short-term employee benefits are measured at the undis-counted amount of the benefits expected to be settled before twelve months after the end of the reporting period in exchange for the related service rendered during the financial reporting period.Liabilities recognized in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflow expected to be made by the group in respect of services provided by employees up to the reporting date.Share-based payments Equity-settled share-based payments to employees and others providing services are measured at the fair value of the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 19.In 2018 a new Long-Term Incentive Plan (LTIP) for management and key employees was imple-mented. The LTI plan for 2021 consists of two equity instruments, (i) Stock Options (SO) and (ii) Restricted Stock Units (RSU). Both instruments are based on a service condition to vest. The SO may be exercised at the earliest three years after the grant date. In addition, the SO is based on a perfor-mance condition, defined as the company\u2019s total shareholder return (TSR) versus a defined peer group. Regarding the RSU part, all RSU granted in 2021 vest at the end of 3 years from grant date. There is no obligation for the employer to settle the RSU in cash.The LTI plan for 2023 consists of two equity instruments, Performance Stock Units (PSU) and Restricted Stock Units (RSU). Both instruments are based on a service condition to vest. The PSU may be exercised at the earliest three years after the grant date. In addition, the PSU is based on 3 performance conditions: total shareholder return (TSR) versus a defined peer group, one financial target, and one ESG target. All RSU and PSU vest at the end of 3 years from grant date. There is no obligation for the employer to settle the RSU and/or PSU in cash.Whereas that performance condition has been reflected in the fair value of the SO, the service condition for the RSU must not be considered when determining the fair value of the RSU. Instead, the number of shares expected to vest will be re-estimated on a regular basis. The fair value of the SO as of grant date was determined based on a Monte-Carlo-Simulation. The fair value of RSU was the share price at the grant date. As both instruments are based on a service condition to vest, the expense is recorded on a pro rata basis.In 2020 the Long-Term Incentive Plan was suspended. In 2021 the Long-Term Incentive Plan was granted again as per the approved resolution of the Annual General Meeting 2021.Provisions Provisions are recognized when a) the group has a present obligation (legal or constructive) because of a past event, b) it is probable that the group will be required to settle the obligation and c) the amount of the obligation can be reliably estimated.The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, considering the risks and uncertainties sur-rounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recov-ered from a third party, a receivable is recognized as an asset if it is virtually certain that reimburse-ment will be received, and the amount of the receivable can be measured reliably.Onerous contracts Present obligations arising under onerous contracts are recognized and measured as provisions. An onerous contract is considered to exist where the group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under the contract.Restructuring provisions A restructuring provision is recognized when the group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restruc-turing by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.Warranties Provisions for expected cost of warranty obligations under local sale of goods legislation are recog-nized at the date of the sale of the relevant products, at management\u2019s best estimate of the expendi-ture required to settle the group\u2019s obligation.Government grants Government grants are not recognised until there is reasonable assurance that the group will comply with the conditions attached to them and that the grants will be received. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the group with no future related costs are recognised in profit or loss in the period in which they become receivable.Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.Repurchase of the Company\u2019s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in the income statement on the purchase, sale, issue or cancella-tion of the Company\u2019s own equity instruments.Revenue recognition The group is in the business of providing products to the global vehicle industry. In doing so the group provides services covering engineering and tooling, as well as the manufacturing and delivery of automotive parts. Engineering services is development of customized designs in collaboration with the customer. Tooling is the provision of tools such as cutting tools and molds needed in manu-facturing of parts. Tooling can be highly customized or developed to produce standardized products to a wider range of customers. Product parts are the continuous supply of automotive parts such as seat heaters, cables, driver control systems, and fluid transfer systems.Engineering, tooling, and product sales may be contracted in separate agreements (concluded at different points in time) or may be contracted in one agreement. In either case any binding obliga-tion for the customer with respect to parts is created only upon issuance of purchase orders. The group has determined that engineering, tooling, and the delivery of product parts are separate and distinct for the customer and therefore constitute separate performance obligations under IFRS 15, which are fulfilled upon transfer of control. As is normal in the automotive industry, the customer does not guarantee that it will purchase a minimum quantity of parts. The prices agreed in the con-tracts for the single performance obligations are considered to be the stand-alone selling prices and are therefore used for recognizing revenue. Engineering Before manufacturing and sale of automotive parts start, the group normally undertakes application engineering to tailor the design of a part to customer needs. Where the control resulting from the engineering is transferred to the customer, the group recognizes any consideration received from the customer as revenue. The group has determined that the performance obligation from the engineer-ing is satisfied at a point in time and upon transfer of control over the results of the engineering. Transfer of control normally takes place when engineering is complete, and the tooling phase is initi-ated. Consideration received from the customer may be agreed as installments following the pro-gress of the engineering, as a lump sum payment upon completion of the engineering phase or may be explicitly included in the piece price over a certain specific sales volume. Consideration received in advance is deferred and recognized as contract liability. Any consideration to be received through the allocation to the piece price is recognized as revenue and accrued as receivable upon transfer of control to the customer only if the consideration for the engineering is a guaranteed amount.Tooling After the engineering phase, and before manufacturing and sale of automotive parts start, the group manufactures, or has manufactured, the tooling for use in the subsequent production of automotive parts. Where the control of tooling is transferred to the customer, the group recognizes any consider-ation received from the customer as revenue. The group has determined that the tooling performance obligation is satisfied at a point in time and upon finally approved transfer of control over the tooling to the customer. Transfer of control normally takes place in connection with start of production of the automotive parts. Consideration from the customer may be agreed as installments following the manufacturing progress of the tooling, as a lump sum payment upon final approval of the tooling by the customer or may explicitly be included in the piece price. Revenue is recognized at a point in time upon transfer of control and final approval of the tooling by the customer. Consideration received in advance of transfer is deferred and recognized as contract liability. Any consideration to be received through piece price is recognized as revenue and accrued as a receivable upon approval of the tooling by the customer if the consideration for the tooling is a guaranteed amount.Product sales The sale of manufactured automotive products is satisfied upon transfer of control of the automotive products to the customer, which in general is upon delivery to the customer. Each delivery is consid-ered as a performance obligation that is satisfied at a point in time. Variable consideration Revenue will be recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.A few contracts with customers entitle the customer to price reductions after exceeding defined volume thresholds per year. Such variable considerations are estimated based on continuously updated volume projections. As is common industry practice, most of the contracts have variable elements in the form of year-on-year price reductions or staggered rebates. The group has determined that the price reductions reflect the competition in the industry and therefore are not to be considered as a loyalty bonus. Revenue recognition is therefore based on the sales price for each delivery to the customer.Warranty obligations Provisions for expected cost of warranty obligations under local sale of goods legislation are recog-nized at the date of the sale of the relevant products, at management's best estimate of the expendi-ture required to settle the group's obligation. As soon as a claim is raised and agreed to by KA, the provision to date is recognized for all sold parts and warranty costs are continued to be recorded on the ongoing sales until the underlying issue is solved. The estimate of warranty-related costs is reviewed and revised quarterly.Incremental contract costs Incremental costs are costs that would not have been incurred had that individual contract not been obtained, e.g., nomination fees. These costs are recognized as an asset if they are expected to be recovered from the customer through the awarded contract.An asset recognized as part of the capitalization of contract costs is amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. In case of nomination fees, the recognized amortization for the period shall be presented as a reduction of the external sales and recorded on the appropriate income statement account.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__17": {
"value": "Basis of preparation The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or liability the group considers the characteristics of the asset or liability if market participants would do so. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such basis, except for share-based payment transactions that are within the scope of IFRS 2, leasing transactions within the scope of IFRS 16, and measurements that have some similarities to fair value but are not fair value, such as net realizable value in IAS 2 or value-in-use in IAS 36.In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurement are observable and the sig-nificance of the inputs to the fair value measurement in its entirety, which are described as follows:\u2022 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets and liabilities that the entity can access at the measurement date,\u2022 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly, and\u2022 Level 3 inputs are unobservable inputs for the asset or liability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__18": {
"value": "Basis of consolidation The consolidated financial statements comprise the financial statements of Kongsberg Automotive ASA and its subsidiaries as of December 31 each year. The financial statements of subsidiaries are prepared for the same reporting periods as the Company, using consistent accounting principles.The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to December 31 each year. Control is achieved when the company:\u2022 has the power over the investee,\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and\u2022 has the ability to use its power to affect its returns.The company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the par-ent company obtains control directly or indirectly, and continue to be consolidated until the date when such control ceases. All intragroup assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the group are eliminated in full.Changes in the parent company\u2019s direct or indirect ownership interests in subsidiaries that do not result in losing control of the subsidiaries are accounted for as equity transactions. The carrying amounts of the controlling interests and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is rec-ognized directly in equity and attributed to owners of the parent company.If the parent company loses its direct or indirect control of a subsidiary, the group should recog-nize a gain or loss on the loss of control in the income statement, which is calculated as the difference between (i) the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All components of the other comprehensive income (OCI) that are attributable to the subsidiary are to be reclassified on the loss of control from the equity to the income statement or directly to retained earnings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__19": {
"value": "Business combinations Business combinations are accounted for using the acquisition method. The consideration trans-ferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the group, liabilities incurred by the group to the former owners of the acquiree and the equity interests issued by the group in exchange for con-trol of the acquiree. Acquisition-related costs are recognized in the income statement as incurred.At the acquisition date, the identifiable assets acquired, and liabilities assumed are recognized at fair value, except as noted below:\u2022 Deferred tax assets or liabilities arising from assets acquired and liabilities assumed shall be recognized or measured in accordance with IAS 12,\u2022 Liabilities related to the acquiree\u2019s employee benefit arrangements shall be recognized and measured in accordance with IAS 19,\u2022 Right-of-use assets and lease liabilities shall be recognized and measured in accordance with IFRS 16,\u2022 A liability or an equity instrument related to share-based payment transactions of the acquiree or the replacement of an acquiree\u2019s share-based payment transactions with share-based payment transactions of the acquirer shall be measured in accordance with IFRS 2, and \u2022 Assets classified as held for sale and discounted operations are measured in accordance with IFRS 5.Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. Non-controlling interests that are present ownership interests and entitle their holder to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured at fair value or a non-controlling interests\u2019 proportionate share of the rec-ognized amounts of the acquiree\u2019s identifiable net assets. As of December 31, 2023, there is a non-controlling interest recognized only in one subsidiary. The group has chosen to measure it at the proportionate share of the recognized amounts of the acquiree\u2019s identifiable net assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__20": {
"value": "Goodwill Goodwill arising from business acquisitions is carried at cost established at the acquisition date, less accumulated impairment losses (if any).For purposes of impairment testing, goodwill is monitored by the Management at the level of each of the group\u2019s cash-generating units (CGUs), which are part of the respective operating seg-ments identified in note 7.A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of goodwill allocated to the unit and then the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognized directly in the income statement and is not reversed in subsequent periods. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the income statement on disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__21": {
"value": "Investments in associates An associate is an entity over which the group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operat-ing policy decisions of the investee but does not constitute control or joint control over those policies.An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognized as goodwill, which is included within the carrying amount of the investment.Under the equity method, an investment in an associate is recognized initially in the consolidated statement of financial position at cost and adjusted thereafter to recognize the group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. The statement of profit or loss reflects the group\u2019s share of the results of operations of the associ-ate. The aggregate of the group\u2019s share of profit or loss of an associate and a joint venture is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate or joint venture.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__22": {
"value": "Functional and presentation currency In preparing the financial statements of each individual group entity, transactions in currencies other than the entity\u2019s functional currency are recognized using exchange rates at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the year-end exchange rates. Non-monetary items carried at fair value that are denominated in foreign currencies are translated using the exchange rates at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. For presentation purposes, the assets and liabilities of the group\u2019s foreign operations are trans-lated into Euro using the exchange rates at the end of each reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising are recognized in other comprehensive income, accumulated in equity, and attributed to non-controlling interests as appropriate. On the disposal of a foreign operation, all the exchange differences accumulated in equity in respect of that operation attributable to the owners of the parent company are reclassified to the income statement. Goodwill and fair value adjustments to identifiable assets acquired and liabilities assumed through acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated using the exchange rate at the end of each reporting period. Exchange differences arising are recognized in comprehensive income. Exchange differences on monetary items are recognized in the income statement (in financial items) in the period in which they arise except for monetary items receivable from or payable to a foreign oper-ation for which the settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation). These are recognized initially in other comprehensive income and reclassified from equity to the income statement on the repayment day of the monetary items. The group presents its consolidated financial statements in Euros. The presentation currency of the parent company is Euro, while its functional currency is Norwegian Kroner. The reason for the use of Euros is to enable all amounts in the published financial statements of both the group and the company to be presented in the same currency. All financial information presented in Euro has been rounded to the nearest thousands, except when otherwise indicated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__23": {
"value": "Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the group\u2019s Executive Committee (led by the CEO).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__24": {
"value": "Intangible assets other than goodwill Internally generated intangible assets \u2012 research and development expenditure Research expenditures are expensed as incurred. An internally generated intangible asset arising from the development of specific projects is recognized only when all the following criteria can be demonstrated:\u2022 the technical feasibility of completing the intangible asset so that it will be available for use or for sale,\u2022 the entity\u2019s intention to exercise the right to use or to sell the asset,\u2022 the entity\u2019s ability to use or sell the intangible asset,\u2022 the entity\u2019s asset will generate probable future economic benefits,\u2022 the availability of adequate resources to complete the development and to use or sell the asset,\u2022 the entity\u2019s ability to reliably measure the expenditure incurred during its development.The amount initially recognized for the internally generated asset is the sum of expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in the income statement in the period in which it is incurred.After initial recognition, internally generated intangible assets are reported at cost less accumu-lated amortization and accumulated impairment losses. The amortization period is five years.Software Costs associated with maintaining computer software are expensed as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognized as intangible assets when the abovementioned criteria are demonstrated to be fulfilled.Development expenses that do not meet these criteria are expensed as incurred and are not rec-ognized as an asset in a subsequent accounting period.Software costs are amortized over their estimated useful lives, which shall not exceed three years.Other intangible assets \u2013 acquired in a business combination Intangible assets acquired in a business combination and recognized separately from goodwill are initially recognized at their fair value at the acquisition date, which is regarded as their cost.After initial recognition, intangible assets are reported at cost less accumulated amortization and accumulated impairment losses. The useful life of patents is considered to be up to 21 years; the useful life of customer relationships is estimated to be 10 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__25": {
"value": "Property, plant & equipment (PP&E) PP&E are stated at historical cost less accumulated depreciation and impairment losses. The assets are depreciated over their useful economic lives using the straight-line method. Historical costs include expenditures that are directly attributable to the acquisition of the asset and to make the non-current asset available for use. Subsequent costs, such as repair and mainte-nance costs, are expensed when incurred unless increased future economic benefits arise as a result of repair and maintenance work. Such costs are recognized in the Statement of Financial Position as additions to non-current assets. Straight-line depreciation is calculated at the following rates:\u2022 Land n/a \u2022 Buildings 3\u20134%\u2022 Production machinery and tooling 10\u201325%\u2022 Computer equipment 33%",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__26": {
"value": "Right-of-use assets and lease liabilities The group leases various manufacturing facilities, offices, warehouses, equipment, and vehicles. Rental contracts are typically made for fixed periods of 6 months to 10 years but may have extension or termination options.Contracts may contain both lease and non-lease components. The group allocates the considera-tion in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. The group has applied the practical expedients provided by IFRS 16 to exclude low-value assets and short-term leases (term of up to 12 months). The lease payments associated with these leases are charged to the income statement on a straight-line basis and are reported under cash flow from operating activities in the statement of cash flows. In addition, the expedient to include non-lease components, such as service costs, in the lease calculation has been applied.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:\u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable,\u2022 variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date,\u2022 amounts expected to be payable by the group under residual value guarantees,\u2022 the exercise price of a purchase option if the group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.The lease payments should be discounted using:\u2022 the interest rate implicit in the lease; or\u2022 if the interest rate implicit in the lease cannot be readily determined, the lessee's incremental bor-rowing rate.The interest rate implicit in the lease is likely to be like the lessee\u2019s incremental borrowing rate in many cases. This is because both rates, as they are defined in IFRS 16, take into account the credit standing of the lessee, the length of the lease, the nature and quality of the collateral provided and the economic environment in which the transaction occurs.Management assessed that the fixed coupon of the bond issued in July 2018, reflected the incremen-tal borrowing rate on a group level and was appropriate for the implementation of the standard. The rate was reassessed and updated in 2022 referencing the risk-free rate adjusted for the group\u2019s credit risk premium and asset risk. The new rate was applied to lease adjustments and newly signed leases.The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.Lease payments are allocated between principal payments and finance cost. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. For the classification in the statement of cash flow the interest payments on the lease liabilities follow the same principles as other interests.Right-of-use assets are measured at cost comprising the following:\u2022 the amount of the initial measurement of lease liability,\u2022 any lease payments made at or before the commencement date less any lease incentives received,\u2022 any initial direct costs, and\u2022 restoration costs.Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The group assesses its right-of-use assets for impairment after any significant changes in operations as well as on an annual basis. This assessment of individual right-of-use assets for impairment is performed in addition to the group\u2019s overall impairment testing.Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less.The group uses tooling equipment which is owned by specific customers to produce parts for the customer. Under the new standard, these contracts do not constitute a lease as the group has no authority to direct the use of the equipment.Taxes on leases In most of the jurisdictions in which the group operates, tax deductions are received for lease pay-ments as they are paid, thus the tax base of the right-of-use asset as well as the lease liability is zero at the inception of the lease. Subsequently, as the straight-line depreciation of the assets exceeds the rate at which the debts reduce, a net liability arises resulting in a deductible temporary difference on which a deferred tax asset is recognized if recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__27": {
"value": "Impairment of PP&E, intangible assets (other than goodwill) and right-of-use assets The group tests on each reporting date whether these assets have suffered any impairment as well as if any indication arises, due to changes in circumstances, that the carrying amount is not fully recoverable. The recoverable amount of the asset is determined in order to assess the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individ-ual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.The recoverable amount of an asset is the greater of its fair value less costs of disposal and its value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recov-erable amount. An impairment loss is recognized immediately in the income statement. When an impairment loss subsequently reverses, the carrying amount of the asset or cash-generat-ing unit is increased to the revised estimate of its recoverable amount, but so that the increased car-rying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or cash-generating unit in prior years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__28": {
"value": "Assets held for sale and disposal groups held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use and they are available for immediate sale in their present condition.Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortized or depreciated. The restatement of prior year\u2019s balances in the statement of financial position is not required by IFRS 5.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__29": {
"value": "Discontinued operation A discontinued operation is a component of the group\u2019s business, that has either been disposed of or is classified as held for sale and \u2022 represents a separate major line of business or geographic area of operations;\u2022 is part of a single coordinated plan to dispose of a separate major line of business or geographic area of operations; or\u2022 is a subsidiary acquired exclusively with a view to resale.Intercompany transactions between continuing and discontinued operations are eliminated against the discontinued operation.Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held-for-sale.When an operation is classified as a discontinued operation, the comparative statement of com-prehensive income is re-presented as if the operation had been discontinued from the start of the comparative year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__30": {
"value": "Inventories Inventories are stated at the lower of cost and net realizable value. Costs of inventories are deter-mined at standard cost with capitalizable variances being capitalized at balance sheet date. Costs of raw materials comprise purchase price, inbound freight, and import duties. Costs of finished and semi-finished goods include variable production costs and fixed costs allocated on normal capacity. Interest costs are not included. Net realizable value represents the estimated selling price for inven-tories less all estimated costs of completion and costs necessary to make the sale. Value adjustments are made for obsolete materials and excess stock.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__31": {
"value": "Financial instruments Financial assets and financial liabilities are recognized when a group entity becomes party to the contractual provisions of the instrument.Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__32": {
"value": "Financial assets Subsequent measurement All recognized financial assets are subsequently measured at either amortized cost or fair value based on the business model for managing the financial assets and the contractual cash flow charac-teristics of the financial assets.The group holds loans and receivables (including trade receivables and other receivables, bank balances and cash) within the business model that aims to collect the contractual cash flows. Consequently, these assets are subsequently measured at amortized cost using the effective interest method, less any potential impairments.Amortized cost and effective interest method The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. Impairment of financial assets The group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost. For trade receivables the group applies the simplified approach which requires expected lifetime losses to be recognized from initial recognition of the receivables. See note 18 for further details.Derecognition The group derecognizes a financial asset when the contractual rights to the cash flow from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of owner-ship of the asset to another party.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__33": {
"value": "Financial liabilities The group recognizes and measures its financial liabilities (including borrowings and trade and other payables) at amortized cost using the effective interest method.The effective interest method is a method of calculating the amortized cost of a debt instrument and allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or dis-counts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.The group derecognizes financial liabilities when, and only when, the group\u2019s obligations are dis-charged, cancelled, or have expired. The difference between the carrying amount of the financial lia-bility derecognized and the consideration paid and payable is recognized in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__35": {
"value": "Taxes payable and deferred taxes The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The current tax payable is based on taxable profit for the year. Taxable profit differs from \u201cprofit before tax\u201d because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group\u2019s current income tax charge is calculated on the basis of the tax laws enacted in the countries in which the company\u2019s subsidiaries operate. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements, using tax rates that have been enacted or substantively enacted by the bal-ance sheet date and are expected to apply when the deferred tax asset is realized, or the deferred tax liability settled. Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available, against which the temporary differences can be utilized. Deferred tax positions are netted within the same tax entity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__34": {
"value": "Taxes payable and deferred taxes The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The current tax payable is based on taxable profit for the year. Taxable profit differs from \u201cprofit before tax\u201d because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group\u2019s current income tax charge is calculated on the basis of the tax laws enacted in the countries in which the company\u2019s subsidiaries operate. Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements, using tax rates that have been enacted or substantively enacted by the bal-ance sheet date and are expected to apply when the deferred tax asset is realized, or the deferred tax liability settled. Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available, against which the temporary differences can be utilized. Deferred tax positions are netted within the same tax entity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__36": {
"value": "Employee benefits \u2012 retirement benefit cost and termination benefits Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions.For defined benefit retirement plans, the cost of providing benefits is determined using the pro-jected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable), and the return on plan assets (excluding interest), is reflected imme-diately in the statement of financial position with a charge or credit recognized in other comprehen-sive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to the income state-ment. Past service cost is recognized in the income statement when the amendment of a plan occurred. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset.Defined benefit costs are categorized as follows: \u2022 service cost (including current service cost, past service cost, as well as gains and losses on curtail-ment and settlements),\u2022 net interest expense or income on benefit obligations and/or plan assets,\u2022 remeasurement, and\u2022 administration costs.The group presents the first two components of defined benefit cost in the income statement in the line-item salaries and social expenses. Curtailment gains and losses are accounted for as past service costs.The retirement benefit obligation recognized in the statement of financial position represents the actual deficit or surplus in the group\u2019s defined benefit plans. Any surplus resulting from this calcula-tion is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.A liability for termination benefits is recognized at the earlier of when the entity can no longer withdraw the offer or the termination benefit or when the entity recognized any related restructur-ing costs.Pension plans in the group The Company and its Norwegian subsidiary Kongsberg Automotive AS have defined benefit and defined contribution pension plans. The plans were changed from defined benefit to defined contri-bution in 2004. The defined benefit plan was continued for employees who had already retired. Defined benefit pension plans also exist in two subsidiaries in Germany (closed pension plans for both German subsidiaries), one subsidiary in France, and one subsidiary in Switzerland. The other subsidiaries have either no pension plan or defined contribution pension plans for employees. The former early-retirement arrangement in Norway was replaced in 2011. Financing of the ear-ly-retirement arrangement is now done by an annual fee, which represents the final cost for the com-panies included. The arrangement is defined as a multi-employer plan and is accounted for as a defined contribution pension plan. Norwegian employees are included in this scheme. The defined contribution plans in Norway have legislative limitations when it comes to maxi-mum salary as a calculation basis for tax-deductibility. Norwegian employees with salaries that exceed this limit will be granted an addition to the pension that includes the salary above the maxi-mum limit. This obligation will only materialize if the person is employed in the Company at the time of retirement. This plan is accounted for as a defined benefit pension plan.In the case of defined contribution plans, the contributions are recognized as expenses in the period in which they occurred.Short-term and other long-term employee benefits A liability is recognized for benefits employees are entitled to in respect of wages and salaries, annual leave, and sick leave for the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for the service.Liabilities recognized in respect of short-term employee benefits are measured at the undis-counted amount of the benefits expected to be settled before twelve months after the end of the reporting period in exchange for the related service rendered during the financial reporting period.Liabilities recognized in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflow expected to be made by the group in respect of services provided by employees up to the reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__37": {
"value": "Share-based payments Equity-settled share-based payments to employees and others providing services are measured at the fair value of the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 19.In 2018 a new Long-Term Incentive Plan (LTIP) for management and key employees was imple-mented. The LTI plan for 2021 consists of two equity instruments, (i) Stock Options (SO) and (ii) Restricted Stock Units (RSU). Both instruments are based on a service condition to vest. The SO may be exercised at the earliest three years after the grant date. In addition, the SO is based on a perfor-mance condition, defined as the company\u2019s total shareholder return (TSR) versus a defined peer group. Regarding the RSU part, all RSU granted in 2021 vest at the end of 3 years from grant date. There is no obligation for the employer to settle the RSU in cash.The LTI plan for 2023 consists of two equity instruments, Performance Stock Units (PSU) and Restricted Stock Units (RSU). Both instruments are based on a service condition to vest. The PSU may be exercised at the earliest three years after the grant date. In addition, the PSU is based on 3 performance conditions: total shareholder return (TSR) versus a defined peer group, one financial target, and one ESG target. All RSU and PSU vest at the end of 3 years from grant date. There is no obligation for the employer to settle the RSU and/or PSU in cash.Whereas that performance condition has been reflected in the fair value of the SO, the service condition for the RSU must not be considered when determining the fair value of the RSU. Instead, the number of shares expected to vest will be re-estimated on a regular basis. The fair value of the SO as of grant date was determined based on a Monte-Carlo-Simulation. The fair value of RSU was the share price at the grant date. As both instruments are based on a service condition to vest, the expense is recorded on a pro rata basis.In 2020 the Long-Term Incentive Plan was suspended. In 2021 the Long-Term Incentive Plan was granted again as per the approved resolution of the Annual General Meeting 2021.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__38": {
"value": "Provisions Provisions are recognized when a) the group has a present obligation (legal or constructive) because of a past event, b) it is probable that the group will be required to settle the obligation and c) the amount of the obligation can be reliably estimated.The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, considering the risks and uncertainties sur-rounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recov-ered from a third party, a receivable is recognized as an asset if it is virtually certain that reimburse-ment will be received, and the amount of the receivable can be measured reliably.Onerous contracts Present obligations arising under onerous contracts are recognized and measured as provisions. An onerous contract is considered to exist where the group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under the contract.Restructuring provisions A restructuring provision is recognized when the group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that it will carry out the restruc-turing by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.Warranties Provisions for expected cost of warranty obligations under local sale of goods legislation are recog-nized at the date of the sale of the relevant products, at management\u2019s best estimate of the expendi-ture required to settle the group\u2019s obligation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__39": {
"value": "Government grants Government grants are not recognised until there is reasonable assurance that the group will comply with the conditions attached to them and that the grants will be received. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the group with no future related costs are recognised in profit or loss in the period in which they become receivable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__40": {
"value": "Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.Repurchase of the Company\u2019s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in the income statement on the purchase, sale, issue or cancella-tion of the Company\u2019s own equity instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__41": {
"value": "Revenue recognition The group is in the business of providing products to the global vehicle industry. In doing so the group provides services covering engineering and tooling, as well as the manufacturing and delivery of automotive parts. Engineering services is development of customized designs in collaboration with the customer. Tooling is the provision of tools such as cutting tools and molds needed in manu-facturing of parts. Tooling can be highly customized or developed to produce standardized products to a wider range of customers. Product parts are the continuous supply of automotive parts such as seat heaters, cables, driver control systems, and fluid transfer systems.Engineering, tooling, and product sales may be contracted in separate agreements (concluded at different points in time) or may be contracted in one agreement. In either case any binding obliga-tion for the customer with respect to parts is created only upon issuance of purchase orders. The group has determined that engineering, tooling, and the delivery of product parts are separate and distinct for the customer and therefore constitute separate performance obligations under IFRS 15, which are fulfilled upon transfer of control. As is normal in the automotive industry, the customer does not guarantee that it will purchase a minimum quantity of parts. The prices agreed in the con-tracts for the single performance obligations are considered to be the stand-alone selling prices and are therefore used for recognizing revenue. Engineering Before manufacturing and sale of automotive parts start, the group normally undertakes application engineering to tailor the design of a part to customer needs. Where the control resulting from the engineering is transferred to the customer, the group recognizes any consideration received from the customer as revenue. The group has determined that the performance obligation from the engineer-ing is satisfied at a point in time and upon transfer of control over the results of the engineering. Transfer of control normally takes place when engineering is complete, and the tooling phase is initi-ated. Consideration received from the customer may be agreed as installments following the pro-gress of the engineering, as a lump sum payment upon completion of the engineering phase or may be explicitly included in the piece price over a certain specific sales volume. Consideration received in advance is deferred and recognized as contract liability. Any consideration to be received through the allocation to the piece price is recognized as revenue and accrued as receivable upon transfer of control to the customer only if the consideration for the engineering is a guaranteed amount.Tooling After the engineering phase, and before manufacturing and sale of automotive parts start, the group manufactures, or has manufactured, the tooling for use in the subsequent production of automotive parts. Where the control of tooling is transferred to the customer, the group recognizes any consider-ation received from the customer as revenue. The group has determined that the tooling performance obligation is satisfied at a point in time and upon finally approved transfer of control over the tooling to the customer. Transfer of control normally takes place in connection with start of production of the automotive parts. Consideration from the customer may be agreed as installments following the manufacturing progress of the tooling, as a lump sum payment upon final approval of the tooling by the customer or may explicitly be included in the piece price. Revenue is recognized at a point in time upon transfer of control and final approval of the tooling by the customer. Consideration received in advance of transfer is deferred and recognized as contract liability. Any consideration to be received through piece price is recognized as revenue and accrued as a receivable upon approval of the tooling by the customer if the consideration for the tooling is a guaranteed amount.Product sales The sale of manufactured automotive products is satisfied upon transfer of control of the automotive products to the customer, which in general is upon delivery to the customer. Each delivery is consid-ered as a performance obligation that is satisfied at a point in time. Variable consideration Revenue will be recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.A few contracts with customers entitle the customer to price reductions after exceeding defined volume thresholds per year. Such variable considerations are estimated based on continuously updated volume projections. As is common industry practice, most of the contracts have variable elements in the form of year-on-year price reductions or staggered rebates. The group has determined that the price reductions reflect the competition in the industry and therefore are not to be considered as a loyalty bonus. Revenue recognition is therefore based on the sales price for each delivery to the customer.Warranty obligations Provisions for expected cost of warranty obligations under local sale of goods legislation are recog-nized at the date of the sale of the relevant products, at management's best estimate of the expendi-ture required to settle the group's obligation. As soon as a claim is raised and agreed to by KA, the provision to date is recognized for all sold parts and warranty costs are continued to be recorded on the ongoing sales until the underlying issue is solved. The estimate of warranty-related costs is reviewed and revised quarterly.Incremental contract costs Incremental costs are costs that would not have been incurred had that individual contract not been obtained, e.g., nomination fees. These costs are recognized as an asset if they are expected to be recovered from the customer through the awarded contract.An asset recognized as part of the capitalization of contract costs is amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. In case of nomination fees, the recognized amortization for the period shall be presented as a reduction of the external sales and recorded on the appropriate income statement account.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__42": {
"value": "NOTE 4 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS In application of its accounting policies the group is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities which are not readily available from other sources. The estimates and judgments are based on historical experience and other fac-tors, including expectations of future events that are deemed to be reasonable under the circum-stances. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.Critical judgments in applying accounting policies The following are the critical judgments that the group has made in the process of applying the group\u2019s accounting policies and that have the most significant effect on the amounts recognized in the financial statements.Lease extension and termination options The group has a number of leases with options to terminate early or extend the term of the lease. When determining the lease liability of the group, the following principles were applied to options. No leases will be terminated early as the leases are necessary for regular operations of the group unless there are clear indications otherwise. All extension options on buildings and equip-ment used in production, sales and engineering have been included in the lease liability as these are core operations which require significant investment to move and are therefore reasonably certain to be kept in use for as long as possible under current conditions, unless there are clear indications otherwise. Leases used in administrative and supporting functions were determined to be more flexible and were therefore individually assessed by management to determine if they met the reasonably certain criteria.Incremental borrowing rate used to discount the lease payments More than 90% of the value of right-of-use assets relate to buildings. As any lease building by any subsidiary (lessee) requires a guarantee from the group, the credit standing of any lessee does not exceed the group\u2019s credit standing.In addition, considering the average of the remaining lease term of all leases, the fixed coupon of the bond issued in 2018 was assessed to properly reflect the incremental borrowing rate at the group level at the date of initial application of the IFRS 16 standard.Consolidation of SPE On 25 September 2020, the Company entered into an accounts receivable securitization program (the \u201cProgram\u201d) where trade receivables generated by the Company\u2019s subsidiaries in the United States, Canada, Slovakia and Poland were sold to Kongsberg Automotive Finance B.V., a special purpose entity domiciled and incorporated in the Netherlands (the \u201cSPE\u201d). As sales of the Company\u2019s products to cus-tomers occurred, trade receivables were sold to the SPE at an agreed upon purchase price. Part of the con-sideration was received upfront in cash and part was deferred in the form of senior subordinated and junior subordinated loans notes issued by the SPE to the Parent Company and Kongsberg Automotive AS.In determining whether to consolidate the SPE, the Company has evaluated whether it has control over the SPE, in particular, whether it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.Receivables are sold to the SPE under a true sale opinion with legal interest transferred from the selling subsidiaries to the SPE. While the sale of receivables to the SPE is without credit recourse, the Company continues to be exposed to the variable returns from its involvement in the SPE as it is exposed to credit risk as a subordinated lender to the SPE and it earns a variable amount of remuner-ation as master servicer of the receivables, as well as any excess return from additional service fee, including the loss or gain due to the effect of foreign exchange rates.As master servicer, the company is responsible for the cash collection and management of any impaired receivables. Therefore, the Company is considered to have control over the SPE as it is exposed to variable returns and has the ability to affect those returns through its power over the investee.As a result of consolidating the SPE, the trade receivables purchased by the SPE are included in the Company\u2019s consolidated statement of financial position, along with loans (see Note 22) and cash held by the SPE.Key sources of estimation uncertainty The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.Impairment Determining whether goodwill and other assets are impaired requires an estimation of the value-in-use of the cash-generating units to which these assets have been allocated. The value-in-use calcula-tion requires the group to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment loss may arise.The cash-generating units in the group are the business units (Powertrain and Chassis segment: Driveline, On-Highway and Headrest; Specialty Products segment: Fluid Control System (consisting of Fluid Transfer System and Couplings), and Off-Highway). The forecasts of future cash flows are based on the group\u2019s best estimates of future revenues and expenses for the cash-generating units to which these assets have been allocated. Various assumptions and estimates can have significant effects on these calculations and include parameters such as macroeconomic assumptions, market growth, business volumes, margins, and cost effectiveness. Changes to any of these parameters, fol-lowing changes in the market conditions, competition, strategy or other factors, affect the forecasted cash flows and may result in impairment. The carrying amount of goodwill as at December 31, 2023 was MEUR 70.7 (2022: MEUR 72.6). No impairment losses were recognized in 2022. In 2023 impairment losses on other assets than the goodwill of MEUR 27.0 were recognized. Details of the impairment test are set out in note 16.Climate change Kongsberg Automotive faces both climate change-related risks and opportunities arising from cli-mate change itself and from actions taken in climate change mitigation. These are embedded in the Company\u2019s risk management and business strategy. The financial implications of risks of climate change can be classified into two types of risks: physical risks and transition risks. Physical risks are related to the increase and severity of extreme weather and long-term climate changes. Transition risks are related to decarbonization including new technological advances and requirements imposed by regulators or public opinion. Both are considered in the company\u2019s risk assessment as part of the annual budget process and in impairment testing at year end. There is still significant uncertainty about the future financial impact of climate risks and opportunities. During the budget process, several scenarios are considered, and the best estimate is included in the assumptions for the final budget.In addition to the annual assessment, climate change governance is embedded in the group\u2019s structure with operational and strategic climate change issues raised being reviewed regularly by the designated bodies. As at the year-end 2023, climate risk changes have not resulted in adjustments to the useful lives of long-term assets. Further, climate-related risk considerations have not resulted in adjustments of the carrying amounts of assets or liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__44": {
"value": "NOTE 5 NEW STANDARDS AND INTERPRETATIONS New and amended standards and interpretations The group applied for the first-time certain amendments to the standards, which are effective for annual periods beginning on or after January 1, 2023. The group has not chosen to adopt any stand-ards, interpretations or amendments early that have been issued but are not yet effective.New and amended IFRS Standards that are effective for the current year The adoption of the following standards and interpretations has not had any material impact on the disclosures or on the amounts reported in these financial statements:\u2022 IFRS 17 Insurance Contracts and Amendments to IFRS 17\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates\u2022 Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar Two Model Rules\u2022 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction\u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting PoliciesNew and amended standards and interpretations not yet adopted At the date of the authorization of these financial statements, the group has not applied the follow-ing new and revised IFRS Standards that have been issued but are not yet effective:\u2022 Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current (effective from January 1, 2024)\u2022 Amendments to IAS 1\u2013 Non-Current Liabilities with Covenants (effective from January 1, 2024)\u2022 Amendment to IFRS 16 \u2013 Lease liability in a Sale and Leaseback (effective from January 1, 2024)\u2022 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements (effective from January 1, 2024)\u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from January 1, 2025)\u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (optional)The group does not expect that the adoption of the standards listed above will have a material impact on the financial statements of the group in future periods.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__43": {
"value": "NOTE 5 NEW STANDARDS AND INTERPRETATIONS New and amended standards and interpretations The group applied for the first-time certain amendments to the standards, which are effective for annual periods beginning on or after January 1, 2023. The group has not chosen to adopt any stand-ards, interpretations or amendments early that have been issued but are not yet effective.New and amended IFRS Standards that are effective for the current year The adoption of the following standards and interpretations has not had any material impact on the disclosures or on the amounts reported in these financial statements:\u2022 IFRS 17 Insurance Contracts and Amendments to IFRS 17\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates\u2022 Amendments to IAS 12 \u2013 International Tax Reform \u2013 Pillar Two Model Rules\u2022 Amendments to IAS 12 \u2013 Deferred tax related to assets and liabilities arising from a single transaction\u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting PoliciesNew and amended standards and interpretations not yet adopted At the date of the authorization of these financial statements, the group has not applied the follow-ing new and revised IFRS Standards that have been issued but are not yet effective:\u2022 Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current (effective from January 1, 2024)\u2022 Amendments to IAS 1\u2013 Non-Current Liabilities with Covenants (effective from January 1, 2024)\u2022 Amendment to IFRS 16 \u2013 Lease liability in a Sale and Leaseback (effective from January 1, 2024)\u2022 Amendments to IAS 7 and IFRS 7 \u2013 Supplier Finance Arrangements (effective from January 1, 2024)\u2022 Amendments to IAS 21 \u2013 Lack of Exchangeability (effective from January 1, 2025)\u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (optional)The group does not expect that the adoption of the standards listed above will have a material impact on the financial statements of the group in future periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s7_notes__6__45": {
"value": "NOTE 6 SUBSIDIARIES CONSOLI-OWNED COUNTRY OF OWNER-DATION BY ENTITY NAME INCOR PORA TIONSHIPMETHODCOMPANYKongsberg Automotive Ltda Brazil 100% Full XKongsberg Inc Canada 100% FullKongsberg Automotive (Wuxi) Ltd China 100% Full XShanghai Kongsberg Automotive China 75% FullDong Feng Morse Co Ltd*Kongsberg Automotive SARL France 100% Full XKongsberg Driveline Systems SAS France 100% FullKongsberg Raufoss Distribution SAS France 100% FullSCI Immobili\u00e8re La Clusienne France 100% FullKongsberg 1 GmbH Germany 100% FullKongsberg Actuation Systems GmbH Germany 100% FullKongsberg Automotive GmbH Germany 100% FullKongsberg Driveline Systems GmbH Germany 100% FullKongsberg Actuation Systems LtdGreat Britain100% FullKongsberg Automotive LtdGreat Britain100% FullCTEX Seat Comfort (Holding) Ltd Great Britain100% Full XKongsberg Power Products Systems LtdGreat Britain100% FullKongsberg Automotive Hong Kong Ltd Hong Kong 100% FullKongsberg Automotive (India) Private Ltd India 100% Full XKongsberg Automotive Driveline System India Ltd India 100% Full XKongsberg Automotive Technology Center India 100% FullIndia Private LtdKongsberg Automotive Japan KK Japan 100% Full XKongsberg Automotive Ltd Korea 100% Full XKongsberg Driveline Systems S. de RL de CV Mexico 100% FullKongsberg Fluid Transfer Systems, S. de R.L. de CVMexico 100% FullKongsberg Actuation Systems BV Netherlands 100% FullCONSOLI-OWNED COUNTRY OF OWNER-DATION BY ENTITY NAME INCOR PORA TIONSHIPMETHODCOMPANYKongsberg Automotive AS Norway 100% FullKongsberg Automotive Holding 2 AS Norway 100% Full XKongsberg Automotive Sp. z.o.o Poland 100% FullKongsberg Automotive s.r.o Slovakia 100% FullKongsberg Actuation Systems SL Spain 100% FullKongsberg Automotive AB Sweden 100% FullKongsberg Power Products Systems AB Sweden 100% FullKA group AG Switzerland 100% FullKongsberg Driveline Systems I LLC. US 100% FullKongsberg Actuation Systems II LLC. US 100% FullKongsberg Holding III Inc. US 100% FullKongsberg Automotive Inc. US 100% FullKongsberg Power Products Systems I LLC. US 100% FullKongsberg Automotive Finance BV** Netherlands 100% FullChassis Autonomy AB Sweden 20% EquitySkriverform AS Norway 100% At costEntities divested / liquidated in 2022 & 2023:Liquidated Kongsberg Automotive (Shanghai) Co Ltd China 100%in 2023Divested Shanghai Lone Star Cable Co Ltd China 100%in 2022Divested Kongsberg Interior Systems Kft Hungary 100%in 2022Divested Kongsberg Automotive S. de RL de CV Mexico 100%in 2022Divested Kongsberg Interior Systems S. de RL de CV Mexico 100%in 2022Divested Kongsberg Interior Systems II LLC. US 100%in 2022* Non-controlling interest refers to the 25% not owned of Shanghai Kongsberg Automotive Dong Feng Morse Co Ltd** Special Purpose Entity (the \"SPE\") \u2013 consolidation is based on the assessment of control according to IFRS 10 (for further information see note 4)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s7_notes__6__46": {
"value": "NOTE 7 SEGMENT INFORMATION Operating segments As of December 31, 2023, the group has two reportable segments, which are the strategic business segments: Powertrain & Chassis and Specialty Products. Following the sale of the Interior Products segment in 2022, this segment did not exist in the financial year ended on December 31, 2023 (please refer to note 12). The strategic business areas (segments) offer different products and services and are managed separately because they require different technology and marketing strategies. The group\u2019s risks and rates of return are affected predominantly by differences in the products manufactured. The seg-ments have different risk profiles in the short-term perspective, but over a long-term perspective the profiles are considered to be the same. The group\u2019s Executive Committee (led by the CEO) reviews the internal management reports from all strategic business areas on a monthly basis. Information regarding the results of each reportable segment is included below. Performance is measured by EBITDA and EBIT as included in the internal management reports issued on a monthly basis. Segment EBIT is used to measure performance as management believes that such information is the most relevant in evaluating the results of the segments (also relative to other entities that operate within these industries).Sales transactions and cost allocations between the business units are based on the arm\u2019s length principle. The results for each segment and the capital allocation elements comprise both items that are directly related to and recorded within the segment, as well as items that are allocated based on reasonable allocation keys.The following summary describes the operations of each of the group\u2019s reportable segments:Powertrain & Chassis Powertrain & Chassis is a global Tier 1 supplier of driver control and driveline products to the passen-ger and commercial vehicle automotive markets. The portfolio includes custom-engineered cable controls and complete shift systems, clutch actuation systems, vehicle dynamics, shift cables, and shift towers for transmissions.Specialty Products The Specialty Products segment designs and manufactures fluid handling systems for both the auto-motive and commercial vehicle markets, coupling systems for compressed-air circuits in heavy-duty vehicles, agriculture, outdoor power equipment and power electronics products. 2023POWER- TRAIN & SPECIALTY TOTAL MEURCHASSISPRODUCTSOTHERS*GROUPProduct sales 481.1 389.0 0.0 870.1 Tooling 3.3 4.6 0.0 7.9 Engineering 4.4 2.5 0.0 6.9Operating revenues 488.8 396.1 0.0 884.9 EBITDA (3.6) 47.4 (30.6) 13.2Depreciation (17.2) (13.3) (1.4) (31.9)Amortization (0.7) (0.3) 0.0 (1.0)Operating profit / (loss) (EBIT) (21.5) 33.8 (32.0) (19.7)Impairment losses, thereof: (27.0) 0.0 0.0 (27.0)\u2010 allocated to assets other than Goodwill (27.0) 0.0 0.0 (27.0)Timing of revenue recognitionPerformance obligations satisfied 488.8 396.1 0.0 884.9 at a point in time2023POWER- TRAIN & SPECIALTY TOTAL MEURCHASSISPRODUCTSOTHERS*GROUPAssets and liabilitiesGoodwill 16.2 54.5 0.0 70.7Other intangible assets 4.8 2.7 0.1 7.6 Property, plant and equipment 46.2 68.7 0.9 115.8 Right-of-use assets 16.7 33.2 5.1 55.0 Inventories 43.7 57.8 0.0 101.5 Trade receivables 95.8 65.5 0.2 161.5 Other assets 0.5 4.1 0.0 4.6 Segment assets 223.9 286.5 6.3 516.7 Unallocated assets 204.8 204.8Total assets 223.9 286.5 211.1 721.5 Trade payables 62.8 49.8 4.0 116.6 Accrued expenses 34.8 14.3 6.4 55.5Provisions 8.9 0.5 7.8 17.2Non-current lease liabilities 26.2 34.9 4.3 65.4Current lease liabilities 5.8 2.7 1.7 10.2Segment liabilities 138.5 102.2 24.2 264.9Unallocated liabilities 238.5 238.5Total liabilities 138.5 102.2 262.7 503.4Total equity 218.1 218.1Total equity and liabilities 138.5 102.2 480.8 721.5Capital expenditure (12.2) (16.1) (0.2) (28.5)* The column \u201cOthers\u201d mainly includes corporate expenses and balance sheet items related to tax, pension, and financing. See next section for specification of unallocated assets and liabilities.For segment reporting purposes, the revenues are only external revenues; the related expenses are adjusted accordingly. The EBIT thus excludes IC profit.2022POWER-INTERIOR TRAIN & SPECIALTY TOTAL MEURPRODUCTSCHASSISPRODUCTSOTHERS*GROUPProduct sales 62.0 457.2 437.5 0.0 956.7 Tooling 1.1 6.0 5.6 0.0 12.7 Engineering 0.7 2.8 2.1 0.0 5.6 Operating revenues 63.8 466.0 445.2 0.0 975.0 Revenues from discontinued operation 63.8 0.0 5.6 0.0 69.4 Revenues from continuing operations 0.0 466.0 439.6 0.0 905.6 EBITDA 16.3 31.4 100.1 (33.1) 114.7 Depreciation (0.2) (17.4) (13.8) (1.8) (33.2)Amortization 0.0 (1.3) (0.6) 0.0 (1.9)Operating profit / (loss) - EBIT 16.1 12.7 85.7 (34.9) 79.6 Operating (loss) / profit (EBIT) 15.7 0.0 0.8 0.0 16.5 from discontinued operationOperating (loss) / profit (EBIT) 0.4 12.7 84.9 (34.9) 63.1 from continuing operationsTiming of revenue recognitionPerformance obligations satisfied 0.0 466.0 439.6 0.0 905.6 at a point in time2022POWER-INTERIOR TRAIN & SPECIALTY TOTAL MEURPRODUCTSCHASSISPRODUCTSOTHERS*GROUPAssets and liabilitiesGoodwill 0.0 16.7 55.9 0.0 72.6 Other intangible assets 0.0 4.5 1.5 0.1 6.1 Property, plant and equipment 0.0 66.5 65.6 1.5 133.6 Right-of-use assets 0.0 30.1 26.5 4.1 60.7 Inventories 0.0 39.8 56.7 0.0 96.5 Trade receivables 1.2 104.0 60.6 0.7 166.5 Other assets 0.0 0.6 4.9 0.0 5.5 Segment assets 1.2 262.2 271.7 6.4 541.5 Unallocated assets 256.4 256.4 Total assets 1.2 262.2 271.7 262.8 797.9 Trade payables 2.3 60.8 49.4 9.5 122.0 Accrued expenses 4.1 33.5 12.2 4.7 54.5Provisions 5.3 4.5 0.4 0.3 10.5Non-current lease liabilities 0.0 30.3 26.9 3.2 60.4Current lease liabilities 0.0 5.8 2.3 1.2 9.3Segment liabilities 11.7 134.9 91.2 18.9 256.7Unallocated liabilities 260.7 260.7Total liabilities 11.7 134.9 91.2 279.6 517.4Total equity 280.5 280.5Total equity and liabilities 11.7 134.9 91.2 560.1 797.9Capital expenditure (2.5) (12.3) (14.0) (0.1) (28.9)* The column \u201cOthers\u201d mainly includes corporate expenses and balance sheet items related to tax, pension, and financing. See next section for specification of unallocated assets and liabilities.For segment reporting purposes, the revenues are only external revenues; the related expenses are adjusted accordingly. The EBIT thus excludes IC profit.Operating segments \u2013 reconciliation to total assets MEUR 2023 2022Segment assets of reportable segments 510.4 535.1 Assets of segment Other 6.3 6.4 Unallocated assets include:Deferred tax assets 11.4 14.3 Investments accounted for using the equity method 2.1 0.0 Other non-current assets 1.6 0.8 Cash and cash equivalents 164.7 212.9 Other current receivables 25.0 28.4 Total assets of the group 721.5 797.9Operating segments \u2013 reconciliation to total liabilities MEUR 2023 2022Trade payables of reportable segments 112.6 112.5 Non-current lease liabilities of reportable segments 61.1 57.2 Accrued expenses of reportable segments 49.1 49.8Provisions of reportable segments 9.4 0.2Current lease liabilities of reportable segments 8.5 8.1 Liabilities of segment Other 24.2 18.9 Unallocated liabilities include:Deferred tax liabilities 21.0 24.2 Retirement benefit obligations 12.0 12.5 Interest-bearing loans and borrowings 189.3 197.9 Other non-current interest-free liabilities 3.7 8.0 Current income tax liabilities 4.2 7.8 Other short term liabilities 8.3 10.3 Total liabilities of the group 503.4 517.4Operating segments \u2013 geographical areas The following segmentation of the group\u2019s geographical sales to external customers is based on the geographical locations of the cus-tomers. The segmentation of non-current assets is based on the geographical locations of its subsidiaries. Non-current assets comprise intangible assets (including goodwill), right-of-use assets and property, plant, and equipment.Sales to external customers by geographical location MEUR 2023 % 2022 %Europe 406.3 46% 364.4 40%North America 297.5 34% 309.7 34%South America 45.4 5% 80.3 9%Asia 129.5 15% 146.9 16%Other 6.2 0% 4.3 1%Revenues from continuing operations 884.9 905.6Revenues from discontinued operation 0.0 69.4Total operating revenues 884.9 975.0Intangible assets, PP&E, and RoU by geographical location MEUR 2023 % 2022 %Europe 147.4 59% 152.5 56%North America 80.4 32% 88.9 33%South America 2.1 1% 2.9 1%Asia 19.2 8% 28.7 10%Total Intangible assets, PP&E and RoU 249.1 273.0 Major customers Included are revenues from continuing operations of MEUR 97.5 in 2023 (2022: MEUR 74.7) which arose from sales to the group\u2019s largest customer. NO single customers contributed 10% or more each to the group\u2019s revenues in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__47": {
"value": "NOTE 8 SALARIES AND SOCIAL EXPENSES Specification of salaries and social expenses as recognized in the statement of comprehensive income MEUR 2023 2022Wages and salaries 179.0 178.2 Social security tax 39.6 28.5 Severance payments 8.0 0.0 Pension cost, defined benefit plans (0.2) 1.2 Pension cost, defined contribution plans 7.6 9.0 Other employee-related expenses* 31.0 36.8 Government support - wages and salaries (0.1) (0.4)Total salaries and social expenses 264.9 253.3*Other employee-related expenses include bonus costs.As of December 31, 2023, the group had 5,286 employees, while as of December 31, 2022, the number of employees was 5,270.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__49": {
"value": "NOTE 9 OTHER INCOME AND OTHER OPERATING EXPENSES Specification of other income as recognized in the statement of comprehensive income MEUR 2023 2022Gain on external sale of non-current assets 0.8 0.0 Gain on sale of major operations 0.0 44.1Corporate service income 0.7 3.1 Total other income 1.5 44.2Gain on sale of major operations - divestment of Powersport business On August 8, 2022, Kongsberg Automotive (KA) and BRP entered into a sale and purchase agreement to sell part of the Shawinigan plant of KA\u2019s Off-Highway business for a total enterprise value of MCAD 136.0 (MEUR 104.0). However, this transaction does not fulfill the requirements to be pre-sented as a discontinued operation. On October 3, 2022, Kongsberg Automotive (KA) successfully completed the sale of a part of the Shawinigan plant of KA\u2019s Off-Highway business to BRP for a total enterprise value of MCAD 136.0 (MEUR 104.0).Based on the final purchase price proceeds, the gain before tax on this sale transaction amounted to MEUR 41.1.Corporate service income After the completion of the sale transactions of the Interior segment (see note 12) and the sale of part of the Shawinigan plant of Off-Highway business (see above), Kongsberg Automotive and the Buyer Parties have entered into the Transition Services Agreements in which the Buyer Parties expressed the need to obtain the use of certain services from Kongsberg Automotive for a transition period after the completion of the sale transactions to effectuate an orderly transition of the operations and permit the Buyer Parties the opportunity to obtain alternative sources to provide such services after the transition period. Main services to be provided by Kongsberg Automotive were: (1) ERP support and hosting, (2) IT infrastructure and security support, (3) Finance services, (4) HR Payroll services and other services. For the provision of those services the Buyer Parties were obliged to pay all fees in full on the terms provided under the Transition Services Agreements.Specification of other operating expenses as recognized in the statement of comprehensive income MEUR 2023 2022Operating expensesFreight, packaging and customs duties charges 42.4 46.3 Facility costs 14.0 13.4 Consumables 21.2 24.8 Repairs and maintenance 14.0 14.2 Service costs / external services 9.0 7.5 Other costs 14.8 13.0 Government support - rent and other costs 0.0 (0.3)Administrative expensesUtilities 3.0 1.8 Service costs / external services 21.3 28.4 Consumables 5.6 4.9 Travel costs 2.4 1.9 Other costs 8.7 9.5 Total other operating expenses 156.4 165.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__48": {
"value": "NOTE 9 OTHER INCOME AND OTHER OPERATING EXPENSES Specification of other income as recognized in the statement of comprehensive income MEUR 2023 2022Gain on external sale of non-current assets 0.8 0.0 Gain on sale of major operations 0.0 44.1Corporate service income 0.7 3.1 Total other income 1.5 44.2Gain on sale of major operations - divestment of Powersport business On August 8, 2022, Kongsberg Automotive (KA) and BRP entered into a sale and purchase agreement to sell part of the Shawinigan plant of KA\u2019s Off-Highway business for a total enterprise value of MCAD 136.0 (MEUR 104.0). However, this transaction does not fulfill the requirements to be pre-sented as a discontinued operation. On October 3, 2022, Kongsberg Automotive (KA) successfully completed the sale of a part of the Shawinigan plant of KA\u2019s Off-Highway business to BRP for a total enterprise value of MCAD 136.0 (MEUR 104.0).Based on the final purchase price proceeds, the gain before tax on this sale transaction amounted to MEUR 41.1.Corporate service income After the completion of the sale transactions of the Interior segment (see note 12) and the sale of part of the Shawinigan plant of Off-Highway business (see above), Kongsberg Automotive and the Buyer Parties have entered into the Transition Services Agreements in which the Buyer Parties expressed the need to obtain the use of certain services from Kongsberg Automotive for a transition period after the completion of the sale transactions to effectuate an orderly transition of the operations and permit the Buyer Parties the opportunity to obtain alternative sources to provide such services after the transition period. Main services to be provided by Kongsberg Automotive were: (1) ERP support and hosting, (2) IT infrastructure and security support, (3) Finance services, (4) HR Payroll services and other services. For the provision of those services the Buyer Parties were obliged to pay all fees in full on the terms provided under the Transition Services Agreements.Specification of other operating expenses as recognized in the statement of comprehensive income MEUR 2023 2022Operating expensesFreight, packaging and customs duties charges 42.4 46.3 Facility costs 14.0 13.4 Consumables 21.2 24.8 Repairs and maintenance 14.0 14.2 Service costs / external services 9.0 7.5 Other costs 14.8 13.0 Government support - rent and other costs 0.0 (0.3)Administrative expensesUtilities 3.0 1.8 Service costs / external services 21.3 28.4 Consumables 5.6 4.9 Travel costs 2.4 1.9 Other costs 8.7 9.5 Total other operating expenses 156.4 165.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s7_notes__6__50": {
"value": "NOTE 10 FINANCIAL ITEMS Specification of financial items as recognized in the statement of comprehensive income MEUR 2023 2022Change in fair value of cash equivalents 2.8 0.6 Foreign currency gains * 0.0 2.4 Interest income 1.9 1.1 IFRS 16 interest income 0.1 0.4 Other financial income 0.0 0.5 Total financial income 4.8 5.0 Interest expense (10.8) (12.0)IFRS 16 interest expense (4.3) (4.6)Foreign currency losses * (13.3) 0.0 Account receivables securitization \u2013 expense (0.9) (1.0)Other financial expenses (1.5) (4.2)Total financial expenses (30.8) (21.8)Total financial items (26.0) (16.8)* Includes realized currency loss of MEUR 7.6 and unrealized currency loss of MEUR 5.7 (2022: realized currency gain of MEUR 2.8 and unrealized currency loss of MEUR 0.4)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__52": {
"value": "NOTE 11 TAXES Tax recognized in statement of income The major components of income tax expense: MEUR 2023 2022Current tax on profits for the year* (8.7) (19.3)Adjustments in respect of prior years / current tax (3.5) 7.0 Total current tax (12.2) (12.3)Current year change in deferred tax (2.3) (14.3)Impact of changes in tax rates 0.2 (0.3)Adjustments in respect of prior years / deferred tax 0.9 1.4 Total change in deferred tax (1.2) (13.2)Total income tax (expense) / credit (13.4) (25.5)* Includes withholding tax. Further details can be found in table below.Tax recognized in other comprehensive income MEUR 2023 2022Tax on pension remeasurement 0.1 (1.5) Tax in other comprehensive income 0.1 (1.5)Reconciliation of Norwegian nominal statutory tax rate to effective tax rate MEUR 2023 2022Profit / (loss) before taxes 45.7 46.3 Expected tax calculated at Norwegian tax rate 10.0 (10.0)Other permanent differences / currency 0.9 3.6 Effect of withholding tax (1.4) (3.4)Foreign tax rate differential (2.1) (1.8)Impact of changes in tax rates and legislation 0.2 (0.3)Losses not recognized as deferred tax assets (6.9) (11.9)Write down of deferred tax assets (11.2) (5.5)Adjustments in respect of prior years and other adjustments (2.9) 3.8 Income tax (expense) / credit (13.4) (25.5)Average effective tax rate -29% 55%Tax recognized in the statement of financial position Current income tax MEUR 2023 2022Current income tax receivables* 1.9 2.7 Current income tax liabilities (4.2) (7.8)Total (2.3) (5.1)*Included under \u201cTrade and other receivables\u201d.Deferred tax MEUR 2023 2022Deferred tax assets 11.4 14.8 Deferred tax liabilities (21.0) (24.7)Total (9.6) (9.9)Due to Norwegian group contribution, there is a reclassification between current tax and deferred tax of MEUR 3.6.Specification of deferred tax assets / (liabilities) recognized in the statement of financial position 2023FX DIFF AND RECLASSIFI-CATION DUE TO GROUP OPENING CHARGED CHANGES CONTRIBU-CLOSING MEURBALANCETO INCOMEIN R ATE OCITION BALANCEProperty, plant 1.3 (3.3) 0.0 0.0 0.0 (2.0) and equipmentIntangible assets (11.6) (2.0) 0.0 0.0 8.2 (5.4)Leases 1.4 0.1 0.0 0.0 0.0 1.5 Retirement benefits 1.4 (0.1) 0.0 0.1 0.0 1.4 obligationsLosses carried forward 9.9 (4.9) 0.0 0.0 (0.2) 4.8 Trade receivables 2.5 0.8 0.0 0.0 (0.1) 3.2 Accrued expenses 4.2 3.0 0.0 0.0 (0.1) 7.1 Accrued interest 1.2 (1.2) 0.0 0.0 0.0 0.0 Unrealized exchange differences on long-term (27.2) (0.5) 0.0 0.0 1.7 (26.0)receivables / payablesOther temporary differences7.0 6.7 0.2 0.0 (8.1) 5.8 Net deferred tax assets / (9.9) (1.4) 0.2 0.1 1.4 (9.6)(liabilities)2022FX DIFF AND RECLASSIFI-CATION DUE TO GROUP OPENING CHARGED CHANGES CONTRIBU-CLOSING MEURBALANCETO INCOMEIN R ATE OCITION BALANCEProperty, plant (2.3) 2.6 0.1 0.0 0.9 1.3 and equipmentIntangible assets (6.2) (5.3) 0.1 0.0 (0.2) (11.6)Leases 1.9 (0.5) 0.0 0.0 0.0 1.4 Retirement benefits 3.5 0.6 0.0 (1.5) (1.2) 1.4 obligationsLosses carried forward 8.0 7.8 (0.3) 0.0 (5.6) 9.9 Trade receivables 4.5 (1.9) 0.0 0.0 (0.1) 2.5 Accrued expenses 3.6 0.3 0.0 0.0 0.3 4.2 Accrued interest 1.6 (0.5) (0.1) 0.0 0.2 1.2 Unrealized exchange differences on long-term (22.7) (5.8) 0.0 0.0 1.3 (27.2)receivables / payablesOther temporary differences 12.4 (5.1) (0.1) 0.0 (0.2) 7.0 Net deferred tax assets / 4.3 (7.8) (0.3) (1.5) (4.6) (9.9)(liabilities)Measurement of deferred taxes Deferred tax assets and liabilities are measured at the tax rates enacted. Limitation and assumptions for the utilization of losses carried forward and deferred tax assets The carrying amount of deferred tax assets is reviewed at each balance sheet date and recognized for unused tax losses and unused tax credits to the extent that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. As part of the review, the group conducts comprehensive analyses of future profits within the legal entity as well as consider-ing possibilities for utilization within the group. As at the year-end, the estimates indicated that tax losses at MEUR 41.8 will not be deductible within the foreseeable future, resulting from a change of tax positions not recognized of MEUR 6.9 in the current year. OECD Pillar Two model rules The parent company Kongsberg Automotive ASA is incorporated in Norway, which has enacted the Pillar Two income taxes legislation in January 2024. The legislation is only effective from January 1, 2024, so there is no current tax impact for the fiscal year 2023. Under the new legislation, the parent company will be required to pay top-up tax in Norway on profits of its subsidiaries that are taxed at an effective tax rate of less than 15 per cent. The group is in the process of assessing its exposure to the Pillar Two legislation for the upcoming years. Based on the assessment to date, the group does not expect the impact of the Pillar Two legislation to be material to its consolidated financial statements.The temporary exception issued by the IASB in May 2023 from the accounting requirements for deferred taxes in IAS 12 is applied. Accordingly, the group neither recognizes nor discloses informa-tion about deferred tax assets or liabilities related to Pillar Two income taxes.Tax positions not recognized MEUR 2023 2022Tax positions not recognized 41.8 34.9 Total 41.8 34.9 Remaining lifetime of tax losses (gross tax value) MEUR 2023 2022Less than five years 19.6 5.6 5 - 10 years 7.9 16.3 10 - 15 years 0.0 0.0 Without time limit 19.0 24.0 Total 46.5 45.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__51": {
"value": "NOTE 11 TAXES Tax recognized in statement of income The major components of income tax expense: MEUR 2023 2022Current tax on profits for the year* (8.7) (19.3)Adjustments in respect of prior years / current tax (3.5) 7.0 Total current tax (12.2) (12.3)Current year change in deferred tax (2.3) (14.3)Impact of changes in tax rates 0.2 (0.3)Adjustments in respect of prior years / deferred tax 0.9 1.4 Total change in deferred tax (1.2) (13.2)Total income tax (expense) / credit (13.4) (25.5)* Includes withholding tax. Further details can be found in table below.Tax recognized in other comprehensive income MEUR 2023 2022Tax on pension remeasurement 0.1 (1.5) Tax in other comprehensive income 0.1 (1.5)Reconciliation of Norwegian nominal statutory tax rate to effective tax rate MEUR 2023 2022Profit / (loss) before taxes 45.7 46.3 Expected tax calculated at Norwegian tax rate 10.0 (10.0)Other permanent differences / currency 0.9 3.6 Effect of withholding tax (1.4) (3.4)Foreign tax rate differential (2.1) (1.8)Impact of changes in tax rates and legislation 0.2 (0.3)Losses not recognized as deferred tax assets (6.9) (11.9)Write down of deferred tax assets (11.2) (5.5)Adjustments in respect of prior years and other adjustments (2.9) 3.8 Income tax (expense) / credit (13.4) (25.5)Average effective tax rate -29% 55%Tax recognized in the statement of financial position Current income tax MEUR 2023 2022Current income tax receivables* 1.9 2.7 Current income tax liabilities (4.2) (7.8)Total (2.3) (5.1)*Included under \u201cTrade and other receivables\u201d.Deferred tax MEUR 2023 2022Deferred tax assets 11.4 14.8 Deferred tax liabilities (21.0) (24.7)Total (9.6) (9.9)Due to Norwegian group contribution, there is a reclassification between current tax and deferred tax of MEUR 3.6.Specification of deferred tax assets / (liabilities) recognized in the statement of financial position 2023FX DIFF AND RECLASSIFI-CATION DUE TO GROUP OPENING CHARGED CHANGES CONTRIBU-CLOSING MEURBALANCETO INCOMEIN R ATE OCITION BALANCEProperty, plant 1.3 (3.3) 0.0 0.0 0.0 (2.0) and equipmentIntangible assets (11.6) (2.0) 0.0 0.0 8.2 (5.4)Leases 1.4 0.1 0.0 0.0 0.0 1.5 Retirement benefits 1.4 (0.1) 0.0 0.1 0.0 1.4 obligationsLosses carried forward 9.9 (4.9) 0.0 0.0 (0.2) 4.8 Trade receivables 2.5 0.8 0.0 0.0 (0.1) 3.2 Accrued expenses 4.2 3.0 0.0 0.0 (0.1) 7.1 Accrued interest 1.2 (1.2) 0.0 0.0 0.0 0.0 Unrealized exchange differences on long-term (27.2) (0.5) 0.0 0.0 1.7 (26.0)receivables / payablesOther temporary differences7.0 6.7 0.2 0.0 (8.1) 5.8 Net deferred tax assets / (9.9) (1.4) 0.2 0.1 1.4 (9.6)(liabilities)2022FX DIFF AND RECLASSIFI-CATION DUE TO GROUP OPENING CHARGED CHANGES CONTRIBU-CLOSING MEURBALANCETO INCOMEIN R ATE OCITION BALANCEProperty, plant (2.3) 2.6 0.1 0.0 0.9 1.3 and equipmentIntangible assets (6.2) (5.3) 0.1 0.0 (0.2) (11.6)Leases 1.9 (0.5) 0.0 0.0 0.0 1.4 Retirement benefits 3.5 0.6 0.0 (1.5) (1.2) 1.4 obligationsLosses carried forward 8.0 7.8 (0.3) 0.0 (5.6) 9.9 Trade receivables 4.5 (1.9) 0.0 0.0 (0.1) 2.5 Accrued expenses 3.6 0.3 0.0 0.0 0.3 4.2 Accrued interest 1.6 (0.5) (0.1) 0.0 0.2 1.2 Unrealized exchange differences on long-term (22.7) (5.8) 0.0 0.0 1.3 (27.2)receivables / payablesOther temporary differences 12.4 (5.1) (0.1) 0.0 (0.2) 7.0 Net deferred tax assets / 4.3 (7.8) (0.3) (1.5) (4.6) (9.9)(liabilities)Measurement of deferred taxes Deferred tax assets and liabilities are measured at the tax rates enacted. Limitation and assumptions for the utilization of losses carried forward and deferred tax assets The carrying amount of deferred tax assets is reviewed at each balance sheet date and recognized for unused tax losses and unused tax credits to the extent that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. As part of the review, the group conducts comprehensive analyses of future profits within the legal entity as well as consider-ing possibilities for utilization within the group. As at the year-end, the estimates indicated that tax losses at MEUR 41.8 will not be deductible within the foreseeable future, resulting from a change of tax positions not recognized of MEUR 6.9 in the current year. OECD Pillar Two model rules The parent company Kongsberg Automotive ASA is incorporated in Norway, which has enacted the Pillar Two income taxes legislation in January 2024. The legislation is only effective from January 1, 2024, so there is no current tax impact for the fiscal year 2023. Under the new legislation, the parent company will be required to pay top-up tax in Norway on profits of its subsidiaries that are taxed at an effective tax rate of less than 15 per cent. The group is in the process of assessing its exposure to the Pillar Two legislation for the upcoming years. Based on the assessment to date, the group does not expect the impact of the Pillar Two legislation to be material to its consolidated financial statements.The temporary exception issued by the IASB in May 2023 from the accounting requirements for deferred taxes in IAS 12 is applied. Accordingly, the group neither recognizes nor discloses informa-tion about deferred tax assets or liabilities related to Pillar Two income taxes.Tax positions not recognized MEUR 2023 2022Tax positions not recognized 41.8 34.9 Total 41.8 34.9 Remaining lifetime of tax losses (gross tax value) MEUR 2023 2022Less than five years 19.6 5.6 5 - 10 years 7.9 16.3 10 - 15 years 0.0 0.0 Without time limit 19.0 24.0 Total 46.5 45.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__53": {
"value": "NOTE 12 DISCONTINUED OPERATION & ASSETS AND LIABILITIES OF DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE Description Divesture of ICS and LDC businesses On October 28, 2021, two separate Sale and Purchase Agreements were signed to sell the Interior Comfort System business and the Light Duty Cable business with the cable-related part of Off-Highway business. As these businesses represent a separate major line of Kongsberg Automotive Group, they are presented as discontinued operation.On February 28, 2022, Kongsberg Automotive has successfully completed the sale of its Interior Comfort Systems (ICS) business unit to Lear Corporation for an enterprise value of MEUR 175.0. Proceeds from the true-up were received in October 2022.On April 6, 2022, Kongsberg Automotive has successfully completed the sale of its Light Duty Cable (LDC) business unit to Suprajit Engineering Limited for an enterprise value of MEUR 37.7. As of December 31, 2022, the LDC sale transaction to Suprajit was not yet fully concluded.The 2022 net profit from discontinued operation of MEUR 5.9 contains the gain before tax and realization of historical translation differences on the ICS and LDC sale of MEUR 28.5. Tax expense in 2022 was impacted by the valuation allowance on losses not usable in discontinued business. The profit from the discontinued operation is attributable entirely to the owners of the Company.Results of discontinued operation INTERIOR COMFORT LIGHT DUTY MEURSYSTEMCABLE* 2022Operating revenues 48.1 21.3 69.4Other income 29.2 (0.7) 28.5Operating expensesRaw material expenses (2.0) 0.7 (1.3)Change in inventories (25.1) (10.8) (35.9)Salaries and social expenses (13.5) (6.7) (20.2)Other operating expenses (15.0) (8.8) (23.8)Depreciation (0.2) 0.0 (0.2)Amortization 0.0 0.0 0.0Total operating expenses (55.8) (25.6) (81.4)Operating profit / (loss) 21.5 (5.0) 16.5Financial itemsFinancial income 2.2Financial expenses (0.4)Net financial items 1.8Profit before taxes 18.3Income taxes (12.4)Net profit from discontinued operation 5.9Translation differences on foreign operations (discontinued operation)Basic earnings per share, Euros 0.01Diluted earnings per share, Euros 0.01* includes the cable-related part of the Off-Highway business.Cash flows from discontinued operationINTERIOR COMFORT LIGHT DUTY MEURSYSTEMCABLE* 2022Net cash flow from (used by) operating activities 45.8 (7.9) 37.9 Net cash flow from investing activities 128.2 35.8 164.0 Net cash flow used by financing activities (1.3) (0.5) (1.8)Net cash flows for the year 172.7 27.4 200.1* includes the cable-related part of the Off-Highway business.Details of the sale of the Interior segmentINTERIOR COMFORT LIGHT DUTY MEURSYSTEMCABLE* 2022Consideration received 170.2 37.1 207.3 Enterprise value of the sold companies (5.6) (37.8) (43.4)Goodwill (3.3) 0.0 (3.3)Fixed assets (95.6) 0.0 (95.6)Inventory (28.8) 0.0 (28.8)Other net working capital (7.8) 0.0 (7.8)Carrying amount of net assets sold (141.0) (37.8) (178.8)Gain / (loss) on sale before income tax and 29.2 (0.7) 28.5realisation of historical translation differencesIncome tax expense on gain (7.3) (0.9) (8.2)Realisation of historical translation differences 1.4 1.2 2.6 Gain / (loss) on sale after income tax and 23.3 (0.4) 22.9realisation of historical translation differences* includes the cable-related part of the Off-Highway business.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__54": {
"value": "NOTE 13 INTANGIBLE ASSETS PATENTS CUSTOMER AND SOFT-RELATION-DEVELOP-WARE AND MEUR GOODWILLSHIPSMENTOTHER TOTALAcquisition costs 112.0 73.7 52.2 12.6 250.5 Accumulated amortization & impairment(27.9) (73.6) (47.3) (11.6) (160.4)Net book value at 31.12.2021 84.1 0.1 4.9 1.0 90.1 Cost at 01.01.2022 112.0 73.7 52.2 12.6 250.5 Additions 0.0 0.0 1.7 0.4 2.1 Derecognition of fully amortized assets (1.4) (55.8) (4.5) (3.1) (64.8)Disposals accumulated cost 0.0 0.0 0.0 0.0 0.0 (ordinary business)Disposals related to the sale of part (14.7) 0.0 0.0 (0.3) (15.0)of the OFH businessTranslation differences 2.0 2.3 (1.0) (0.4) 2.9 Acquisition costs at 31.12.2022 97.9 20.2 48.4 9.2 175.7 Accumulated amortization (27.9) (73.6) (47.3) (11.6) (160.4)& impairment at 01.01.2022Amortization 0.0 (0.1) (1.5) (0.3) (1.9)Derecognition of fully amortized assets 1.4 55.8 4.5 3.1 64.8 Disposals accumulated amortization 0.0 0.0 0.0 0.0 0.0 (ordinary business)Disposals related to the sale of part 1.4 0.0 0.0 0.3 1.7 of the OFH businessTranslation differences (0.2) (2.3) 0.9 0.4 (1.2)Accumulated amortization (25.3) (20.2) (43.4) (8.1) (97.0)& impairment at 31.12.2022Acquisition costs 97.9 20.2 48.4 9.2 175.7 Accumulated amortization & impairment(25.3) (20.2) (43.4) (8.1) (97.0)Net book value at 31.12.2022 72.6 0.0 5.0 1.1 78.7 PATENTS CUSTOMER AND SOFT-RELATION-DEVELOP-WARE AND MEUR GOODWILLSHIPSMENTOTHER TOTALCost at 01.01.2023 97.9 20.2 48.4 9.2 175.7 Additions0.0 0.0 3.2 0.0 3.2 Disposals accumulated cost 0.0 0.0 (6.6) 0.0 (6.6)Translation differences (2.0) (0.5) (0.9) (0.4) (3.8)Acquisition costs at 31.12.2023 95.9 19.7 44.1 8.8 168.5 Accumulated amortization (25.3) (20.2) (43.4) (8.1) (97.0)& impairment at 01.01.2023Amortization 0.0 0.0 (0.6) (0.4) (1.0)Impairment loss 0.0 0.0 (0.6) 0.0 (0.6)Disposals accumulated amortization0.0 0.0 6.6 0.0 6.6 Translation differences 0.1 0.5 0.7 0.5 1.8 Accumulated amortization (25.2) (19.7) (37.3) (8.0) (90.2)& impairment at 31.12.2023Acquisition costs 95.9 19.7 44.1 8.8 168.5 Accumulated amortization (25.2) (19.7) (37.3) (8.0) (90.2)& impairmentNet book value at 31.12.2023 70.7 0.0 6.8 0.8 78.3 Internally developed intangible assets MEUR 2023 2022Internally developed intangible assets at 01.01. 7.8 7.8 Additions during the year 3.0 1.7 Disposals during the year (2.4) 0.0 Amortization (0.7) (1.6)Translation differences (0.3) (0.1)Internally developed intangible assets at 31.12. 7.4 7.8 Non-capitalised development costs net of customer contribution (27.4) (35.0)Amortization of internally developed intangible assets (0.7) (1.6)Total recognized development cost in the reporting period* (28.1) (36.6)Cash investment in development (30.4) (36.7)* Net amount, gross amount MEUR 35.0 in 2023 (2022: MEUR 42.2). The internally developed intangible assets include capitalized costs related to the development of new products. These assets are included in \u201cPatents and Development\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__55": {
"value": "NOTE 14 PROPERTY, PLANT & EQUIPMENT (PP&E) EQUIP-MEUR LAND BUILDINGSMENT TOTALAcquisition costs 3.1 28.0 468.0 499.1 Accumulated depreciation & impairment (1.2) (22.3) (334.8) (358.3)Net book balue at 31.12.2021 1.9 5.7 133.2 140.8 Cost at 01.01.2022 3.1 28.0 468.0 499.1 Additions 0.0 0.9 23.5 24.4 Derecognition of fully depreciated assets 0.0 (0.4) (13.8) (14.2)Disposals accumulated cost (ordinary business) 0.0 0.0 (3.5) (3.5)Net 2022 effects from the sale of the Interior segment0.0 0.0 (6.3) (6.3)Disposals related to the sale of part 0.0 (1.1) (17.4) (18.5)of the OFH businessTranslation differences (0.1) (0.2) (4.4) (4.7)Acquisition costs at 31.12.2022 3.0 27.2 446.1 476.3 Accumulated depreciation & impairment (1.2) (22.3) (334.8) (358.3)at 01.01.2022Depreciation 0.0 (0.7) (22.4) (23.1)Impairment loss 0.0 0.0 (1.3) (1.3)Derecognition of fully depreciated assets 0.0 0.4 13.8 14.2 Disposals accumulated depreciation 0.0 0.0 4.4 4.4 (ordinary business)Net 2022 effects from the sale of the Interior segment0.0 0.0 5.7 5.7 Disposals related to the sale of part 0.0 1.1 10.6 11.7 of the OFH businessTranslation differences 0.0 0.3 3.7 4.0 Accumulated depreciation (1.2) (21.2) (320.3) (342.7)& impairment at 31.12.2022Acquisition costs 3.0 27.2 446.1 476.3 Accumulated depreciation & impairment (1.2) (21.2) (320.3) (342.7)Net book value at 31.12.2022 1.8 6.0 125.8 133.6 EQUIP-MEUR LAND BUILDINGSMENT TOTALCost at 01.01.2023 3.0 27.2 446.1 476.3 Additions 0.0 0.6 24.7 25.3 Disposals accumulated cost 0.0 0.0 (8.3) (8.3)Translation differences 0.0 (0.6) (11.2) (11.8)Acquisition costs at 31.12.2023 3.0 27.2 451.3 481.5 Accumulated depreciation (1.2) (21.2) (320.3) (342.7)& impairment at 01.01.2023Depreciation 0.0 (0.8) (21.3) (22.1)Impairment loss (0.4) (0.2) (16.8) (17.4)Disposals accumulated depreciation 0.0 0.0 7.7 7.7 Translation differences 0.0 0.5 8.3 8.8Accumulated depreciation (1.6) (21.7) (342.4) (365.7)& impairment at 31.12.2023Acquisition costs 3.0 27.2 451.3 481.5 Accumulated depreciation & impairment (1.6) (21.7) (342.4) (365.7)Net book value at 31.12.2023 1.4 5.5 108.9 115.8Impairment testing See note 16 for information related to impairment testing of intangible assets, PP&E and right-of-use assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__56": {
"value": "NOTE 15 RIGHT-OF-USE ASSETS EQUIP-MEUR BUILDINGSMENT TOTALAcquisition costs 91.8 5.6 97.4 Accumulated depreciation & impairment (27.6) (3.2) (30.8)Net book value at 31.12.2021 64.2 2.4 66.6 Cost 01.01.2022 91.8 5.6 97.4 Additions 8.2 1.8 10.0 Lease terminations (6.8) (1.2) (8.0)Translation differences (0.7) 0.0 (0.7)Acquisition costs at 31.12.2022 92.5 6.2 98.7 Accumulated depreciation & impairment 01.01.2022 (27.6) (3.2) (30.8)Depreciation (9.2) (0.9) (10.1)Lease terminations 1.4 1.4 2.8 Translation differences 0.1 0.0 0.1 Accumulated depreciation & impairment 31.12.2022(35.3) (2.7) (38.0)Acquisition costs 92.5 6.2 98.7 Accumulated depreciation & impairment (35.3) (2.7) (38.0)Net book value at 31.12.2022 57.2 3.5 60.7 EQUIP-MEUR BUILDINGSMENT TOTALCost at 01.01.2023 92.5 6.2 98.7 Additions 15.2 1.2 16.4 Lease terminations (4.3) (1.4) (5.7)Translation differences (0.1) 0.0 (0.1)Acquisition costs at 31.12.2023 103.3 6.0 109.3Accumulated depreciation & impairment at 01.01.2023 (35.3) (2.7) (38.0)Depreciation (9.0) (0.8) (9.8)Impairment loss (8.4) (0.6) (9.0)Lease terminations 1.5 1.2 2.7Translation differences (0.2) 0.0 (0.2)Accumulated depreciation & impairment at 31.12.2023(51.4) (2.9) (54.3)Acquisition costs 103.3 6.0 109.3Accumulated depreciation & impairment (51.4) (2.9) (54.3)Net book value at 31.12.2023 51.9 3.1 55.0Lease liabilities MEUR 2023 2022Non-current lease liabilities 65.4 60.4 Current lease liabilities 10.2 9.3 Total lease liabilities 75.6 69.7Maturity analysis \u2013 contractual undiscounted cash flows MEUR 2023 2022Within one year 14.5 13.6 One to five years 41.9 38.9 More than five years 45.6 46.2 Total undiscounted lease commitments 102.0 98.7 In 2023, the group had total cash outflows of approximately MEUR 14.1 for all leases, including non-material leases which are not part of the group\u2019s IFRS 16 reporting.Amounts related to leases recognized in the statement of comprehensive income MEUR MEUR 20232023 20222022Interest expense on lease liabilities (included in financial items) (4.3) (4.6)Interest income on subleases 0.1 0.4 Depreciation of right-of-use assets (9.8) (10.1)Expenses relating to low value and short-term leases (0.4) (0.4)Total expenses relating to leases (14.4) (14.7)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__57": {
"value": "NOTE 16 IMPAIRMENT LOSSES The group has performed impairment tests on the carrying values of all intangible assets (including goodwill), property, plant & equipment, and right-of-use assets (RoU) in accordance with the requirements of IAS 36. The group used the cash-generating unit\u2019s value-in-use to determine the recoverable amount. Value in use (VIU) was derived as the net present value (NPV) of projected future cash flows for each of the cash-generating units (CGUs). The business units Driveline, On-Highway, Couplings, Fluid Transfer Systems and Off-Highway were identified as the respective CGUs.Cash flow projections and assumptions (applicable for all business units except for Driveline) The model was based on a three-year projection of discounted cash flows plus a terminal value (cal-culated using Gordon\u2019s growth model with the perpetual growth of 1% (applicable for all business units except for Driveline)). The net discounted cash flows were calculated before tax.The projected cash flows were derived from the business plans set up by the management of the business units and reviewed as well as finally approved by the top management in the course of the budget and strategic planning process covering the period until 2026. The business plans were based on the group\u2019s three-year long-range plan (LRP), adjusted for relevant recent changes in internal short-term forecasts and market data. Adjustments were made to exclude significant cash flows related to restructuring not yet committed, future investments, or enhancements. Assumptions on labor inflation as well as on raw material price development were provided centrally. The input data on developments of the relevant markets were taken from well-known external sources, such as LMC Automotive, IHS and customers, in addition to all relevant internal information such as change in orders, customer portfolio, fitment rate for products, geographical development, market shares, etc.Discount rate assumptions (applicable for all business units except for Driveline) The required rate of return was calculated by using the WACC method. The input data of the WACC was chosen by an individual assessment of each parameter. Information from representative sources and peer groups was used to determine the best estimate. The WACC was calculated to be 10.0% pre-tax. The WACC used was the same for all CGUs, the reason being that the long-term risk profiles of the CGUs are not considered to be significantly different. The key parameters were set to reflect the underlying long-term period of the assets and time horizon of the forecast period of the business cases. The following parameters were applied:\u2022 Risk-free interest rate: 3.37%. Based on 10-year governmental Eurobond rate and US treasury 10-year yield, weighted 50/50. \u2022 Beta: 1.88. Based on an estimated unlevered beta for the automotive industry levered to the group\u2019s structure.\u2022 Market risk premium: 5.34% (post tax). Based on market sources.\u2022 Cost of debt: based on the market value of the group\u2019s debt.The discount rate has been adjusted to reflect the current market assessment of the risks specific to the group\u2019s business activity and was estimated based on the weighted average cost of capital for the group. Further changes to the discount rate may be necessary in the future to reflect changing risks for the industry and changes to the weighted average cost of capital.Sensitivity analysis and allocation of impairment as of 31.12.2023 The value in use is dependent on the free cash flow and discount rate. The cash flow will fluctuate in relation to changes in price, currency, and volume. Business awards, success of the vehicle model, prod-uct fitment rates, government regulations, and economic conditions, in turn influence the volume.On-Highway: The value-in-use is significantly higher than the carrying value. Hence, no reasonable change in any of the key assumptions would cause the recoverable amount to be lower than the carrying value.Couplings: The value-in-use is significantly higher than the carrying value. No reasonable change in any of the key assumptions would cause the recoverable amount to be lower than the carrying value.Fluid Transfer Systems: No reasonable change in any of the key assumptions would cause the recoverable amount to be lower than the carrying value.Off-Highway: No reasonable change in any of the key assumptions would cause the recoverable amount to be lower than the carrying value.Driveline: On December 19, 2023, the Board of Directors of Kongsberg Automotive resolved to initiate the wind-down process for the Driveline business unit due to anticipated declines in revenues and market share in the forthcoming years. Consequently, special assumptions were employed to assess the unit\u2019s value in use, omitting the calculation of terminal value due to its limited operational duration within the wind-down process. The value in use was determined by discounting the projected free cash flows over the next three years to their present value. The evaluation revealed that the carrying value of the business unit as of December 31, 2023, cannot be recovered at all by future cash flows leading to a full impairment recognition of MEUR 27.0 for all assets utilized in the operation of the Driveline business, with the exception of assets associated with the E-Actuators segment in China, which remains unaffected by the wind-down process and is anticipated to reinvigorate operations.Carrying value of the goodwill per business unit POWERTRAIN AND CHASSISSPECIALTY PRODUCTSFLUID ON- COU-TRANSFEROFF- MEUR HIGHWAY DRIVELINEPLINGSSYSTEMSHIGHWAY TOTALGoodwillGross book value 16.7 6.7 0.2 55.8 0.0 79.4as at 01.01.2023Accumulated impairment 0.0 (6.7) 0.0 0.0 0.0 (6.7)as of 01.01.2023Disposals related to the sale 0.0 0.0 0.0 0.0 0.0 0.0 of part of the OFH businessTranslation adjustments (0.4) 0.0 0.0 (1.6) 0.0 (2.0)Net book value 16.3 0.0 0.2 54.2 0.0 70.7as at 31.12.2023",
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"s7_notes__6__58": {
"value": "NOTE 17 INVENTORIES Specification of inventories MEUR 2023 2022Raw materials 59.8 60.4 Work in progress 20.0 19.2 Finished goods 21.7 16.9 Total inventories 101.5 96.5 Values displayed above are net of provisions for slow-moving and obsolete inventory shown below.Provision for slow-moving and obsolete inventory MEUR 2023 2022Book value at 01.01. (12.4) (12.9)Write-down (4.6) (4.0)Products sold (previously written down) 0.1 0.0 Reversal of prior write-downs 2.6 4.5 Foreign currency effects 0.1 0.0 Book value at 31.12. (14.2) (12.4)",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__59": {
"value": "NOTE 18 TRADE AND OTHER RECEIVABLES Specification of trade and other receivables MEUR 2023 2022Trade receivables 161.5 166.5 Public duties 7.3 11.6 Other short-term receivables 8.5 6.3 Total trade and other receivables 177.3 184.4 Trade receivables maturity MEUR 2023 2022Not overdue 141.4 150.1 Overdue 1-20 days 8.8 10.3 Overdue 21-40 days 5.1 4.4 Overdue 41-80 days 1.7 2.5 Overdue 81-100 days 1.2 0.4 Overdue > 100 days 3.9 (0.5)Gross trade receivables 162.1 167.2 Total provision for bad debt (0.6) (0.7)Net trade receivables 161.5 166.5 The provision for bad debt has decreased by MEUR 0.1 compared to 31.12.2022. Trade receivables are subject to constant monitoring. The impairment of receivables is reflected through provision for bad debt. Monthly assessments of loss risk, including forward-looking information, are performed and cor-responding provisions are made at the entity level. The provision for bad debt reflects the total expected loss risk on the group\u2019s trade receivables. The oldest trade receivables, overdue > 100 days, represent the highest risk level. Most of the impaired trade receivables are included in that category. Expected losses on trade receivables were MEUR 0.6 in 2023 (2022: MEUR 0.7). The risk for losses on receivables other than trade receivables is assessed to be insignificant. For risk management see note 24.Receivables by currency MEUR 2023 2022EUR 74.0 58.5 USD 47.1 50.7 CNY 21.3 38.2 NOK 8.7 10.1 Other 26.2 26.9 Total receivables 177.3 184.4 Other current assets MEUR 2023 2022Tooling for sale 4.1 4.5 Customer development for sale 0.0 0.2 Prepayments 9.1 10.2 Capitalized financing costs / current 0.1 0.4 Contract costs / current 0.1 0.1 Total other current assets 13.4 15.4 Other non-current assets MEUR 2023 2022Investments accounted for using the equity method 2.1 0.0 Investments accounted for at cost 0.6 0.2 Contract costs / non-current 0.4 0.5 Net pension assets 0.2 0.0 Other non-current assets 0.8 0.7 Total other non-current assets 4.1 1.4 Investment accounted for using the equity method On July 11, 2023, Kongsberg Automotive signed an agreement to acquire 20% of the shares in Chassis Autonomy SBA AB via a directed rights issue. The agreement includes call options to acquire up to 100% of the total outstanding shares at fair market value in certain periods until 2027. Chassis Autonomy specializes in the design and development of steer-by-wire and brake-by-wire systems (that compromise the mechanical hardware, control electronics, and software) for use in highly automated (L3) and fully autonomous (L4 and L5) vehicles, agriculture, and construction applications.Share of profit/(loss) of equity-accounted investees It has been decided not to present the share of profit from equity accounted investees and any summa-rized financial information for the year ended on December 31, 2023, in the financial statements. This decision is based on the immateriality of their figures, which holds little relevance to external readers. Additionally, the cost and impracticability of compiling this data further support this decision.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__60": {
"value": "NOTE 19 SHARE CAPITAL Shares The share capital of the Company is NOK 951,423,131 comprising 951,423,131 ordinary shares with a par value of NOK 1.00. The Company holds 10,535,914 shares as treasury shares. For more information see the Statement of Changes in Equity. The Company is listed on the Oslo Stock Exchange with the ticker code \u201cKOA\u201d.2023 2022Number of shares 1,054,860,644 1,054,860,644in issue at 01.01.Cancelation of own shares(103,437,513) \u2012Number of shares 951,423,131 1,054,860,644 in issue at 31.12.Of these, treasury shares10,535,914 95,161,099Treasury shares The Company holds 10,535,914 treasury shares (2022: 95,161,099) as of December 31, 2023.On June 6, 2023, Kongsberg Automotive ASA\u2019s Board of Directors resolved to cancel its 103,437,513 treasury shares pur-chased back until January 27, 2023.On November 15, 2023, the Board of Directors of Kongsberg Automotive ASA resolved to initiate a new share purchase pro-gram. The company is expected to purchase back up to 2.5% of its outstanding shares in the open market limited to a maximum total consideration of up to MEUR 4.2 starting on November 15, 2023.Kongsberg Automotive ASA has purchased 10,535,914 shares from November 15, 2023 until December 31, 2023 as part of new share purchase program. The twenty largest shareholders in the Company as at 31.12.2023 were as follows: SHAREHOLDERS AND NOMINEES NO, OF SHARES % COUNTRY TYPE OF ACCOUNTMorgan Stanley & Co. Int. Plc.227,660,441 23.9%United Kingdom Nominee (multiple investors)Saxo Bank A/S35,558,132 3.7%Denmark Nominee (multiple investors)Nordnet Bank AB33,378,342 3.5%Sweden Nominee (multiple investors)Citibank, N.A.20,643,289 2.2%Ireland Nominee (multiple investors)Arild Vigen Christoffersen14,076,017 1.5%Norway OrdinaryNordnet Livsforsikring AS13,677,035 1.4%Norway OrdinaryDanske Bank A/S12,476,663 1.3%Denmark Nominee (multiple investors)Kongsberg Automotive ASA (own shares)10,535,914 1.1%Norway OrdinaryVerdipapirfondet KLP Aksjenorge7,401,392 0.8%Norway OrdinaryMorgan Stanley & Co. Int. Plc.7,386,333 0.8%Cayman Islands Nominee (multiple investors)J.P. Morgan SE7,303,771 0.8%Finland Nominee (multiple investors)Commuter 2 AS7,300,000 0.8%Norway OrdinaryKransekakebakeren AS6,884,868 0.7%Norway OrdinaryJohn Stien Invest AS5,002,113 0.5%Norway OrdinaryDaniel Avestruz4,400,000 0.5%Norway OrdinaryAvanza Bank AB4,212,457 0.4%Sweden Nominee (multiple investors)Clearstream Banking S.A.4,150,519 0.4%Luxembourg Nominee (multiple investors)Lars Rimestad4,100,000 0.4%Norway OrdinaryVerdipapirfondet Nordea Avkastning4,042,639 0.4%Norway OrdinaryVerdipapirfondet DnB Norge Indeks4,009,142 0.4%Norway OrdinaryTotal 20 largest shareholders 434,199,067 45.6%Other shareholders517,224,064 54.4%Number of shares in issue at 31.12.2023951,423,131 100.0%Number of shareholders23,685Foreign ownership44.4%Share options Options at NOK 62.0 (grant 2016) expire after 7 years. Options at NOK 3.0 (grant 2021) are Performance Stock Options and expire 10 years after the date of grant. The Company has no legal or constructive obligation to repurchase or settle the options in cash. Refer to note 3 for further information.Movements in share options (NOK) 2023 2022AVERAGE AVERAGE EXERCISE EXERCISE NOKPRICE OPTIONS PRICE OPTIONS Options at 01.01. 4.1 5,771,412 6.8 8,728,998 Granted \u2012 \u2012 \u2012 \u2012Forfeited 3.0 (750,831) 5.4 (2,671,041)Expired 20.5 (343,512) 59.0 (43,214)Adjusted (quantity) \u2012 \u2012 \u2012 (243,331)Options at 31.12. 3.0 4,677,069 4.1 5,771,412 Outstanding options at the end of the year (NOK) 2023 2022EXERCISE EXERCISE PRICE PRICE EXPIRY DATE(NOK) OPTIONS (NOK) OPTIONS 10.04.2023 (grant 2016) 62.0 \u2012 62.0 101,78510.06.2031 (grant 2021) 3.0 4,677,069 3.0 5,669,627Options at 31.12. 4,677,069 5,771,412Movements in restricted stock units (RSU) NOK 2023 2022RSU at 01.01. 14,567,343 7,990,418Granted 13,844,990 11,804,646Forfeited (358,318) (2,363,015)Released (1,508,473) (2,864,706)RSU at 31.12. 26,545,542 14,567,343Outstanding restricted stock units at the end of the year GRANT (VESTING DATE) 2023 2022Grant 2021 (10.06.2024) 3,292,149 \u2012Grant 2022 (02.06.2025) 9,523,243 3,926,605Grant 2023 (05.06.2026) 13,730,150 10,640,738RSU at 31.12. 26,545,542 14,567,343",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__61": {
"value": "NOTE 20 EARNINGS AND DIVIDEND PER SHARE Earnings per share for the group 2023 2022Net profit attributable to equity shareholders (MEUR)(59.5) 26.5 Weighted average number of shares in issue (in millions)1,000.6 1,031.0 Weighted average total number of ordinary shares (in millions)1,061.9 1,061.9 Weighted average number of treasury shares held (in millions)(61.3) (30.9)Basic earnings per share, EUR(0.06) 0.03 Weighted average number of shares in issue (diluted) (in millions)1,028.9 1,050.4 Weighted average number of outstanding options & RSU/PSU (in millions)28.3 19.4 Diluted earnings per share, EUR(0.06) 0.03 Earnings per share for the continuing operations2023 2022Net profit attributable to equity shareholders (MEUR) (59.5) 20.6 from continuing operationsWeighted average number of shares in issue (in millions)1,000.6 1,031.0 Weighted average total number of ordinary shares (in millions)1,061.9 1,061.9 Weighted average number of treasury shares held (in millions)(61.3) (30.9)Basic earnings per share, EUR(0.06) 0.02 Weighted average number of shares in issue (diluted) (in millions)1,028.9 1,050.4 Weighted average number of outstanding options & RSU/PSU (in millions)28.3 19.4 Diluted earnings per share, EUR(0.06) 0.02Dividend per share EUR 2023 2022Dividend per share paid 0.0 0.0Dividend per share proposed 0.0 0.0No dividend is proposed for 2023.",
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"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__62": {
"value": "NOTE 21 RETIREMENT BENEFIT OBLIGATIONS Retirement benefit obligations recognized in statement of financial position MEUR 2023 2022Defined benefit pension obligation 11.3 12.0Top hat, retirement provisions and other employee obligations 0.7 0.5Retirement benefit obligations 12.0 12.5Defined benefit scheme \u2013 assumptions 2023 2022Discount rate 3.6% 3.4%Rate of return on plan assets 0.2% 0.4%Salary increases 1.1% 1.2%Increase in basic government pension amount 1.0% 1.0%Pension increase 0.5% 0.5%The assumptions for KA group are presented as a weighted average of the assumptions reported from respective subsidiaries.Defined benefit scheme \u2013 net periodic pension cost MEUR 2023 2022Service cost 0.6 1.1Interest on benefit obligations 0.4 0.2Effect of curtailment (1.2) (0.1)Net periodic pension cost (0.2) 1.2Remeasurement of net defined benefit liability 0.5 (6.2)Actual return on plan assets -0.1% 1.6%Defined benefit scheme \u2013 net pension liability MEUR 2023 2022Pension liabilities and assets:Projected benefit obligation (PBO) 16.1 17.7 Fair value of pension assets (4.8) (5.7)Unrecognized effects 0.0 0.0 Net pension liability before social security taxes 11.3 12.0 Social security taxes liabilities 0.0 0.0 Net pension liability 11.3 12.0 Specification of carrying value of net pension liability MEUR 2023 2022Retirement benefit obligation 16.1 17.7 Retirement benefit asset (4.8) (5.7)Net pension liability 11.3 12.0 Defined benefit scheme change in net pension liability MEUR 2023 2022Net pension liability 01.01. 12.0 18.4 Pension cost for the year (0.2) 1.2 Remeasurement of net defined benefit liability 0.5 (6.2)Paid pensions (0.6) (0.6)Pension plan contributions (0.6) (0.8)Translation differences 0.2 0.0 Net pension liability 31.12. 11.3 12.0 Defined benefit scheme \u2013 sensitivity analysis* DBO AS AT DBO AS AT MEUR31.12.202331.12.2022Actual valuation 11.3 12.0 Discount rate + 0.5% 10.7 11.4 Discount rate - 0.5% 11.9 12.7 Expected rate of salary increase + 0.5% 11.3 12.1 Expected rate of salary increase - 0.5% 11.2 12.0 Expected rate of pension increase + 0.5% 11.7 12.5 Expected rate of pension increase - 0.5% 10.8 11.6 * The sensitivity analysis does not include all schemes, however it covers the significant part of the pension liability.Defined benefit scheme \u2013 average expected lifetime Average expected lifetime at the balance sheet date for a person retiring on reaching age 65:\u2022 Male employee 21 years\u2022 Female employee 24 yearsAverage expected lifetime 20 years after the balance sheet date for a person retiring on reaching age 65:\u2022 Male employee 23 years\u2022 Female employee 26 yearsExpected pension payment The pension payment for 2024 is expected to be in line with the 2023 payment.",
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"language": "en",
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"s7_notes__6__64": {
"value": "NOTE 22 INTEREST-BEARING LIABILITIES Interest-bearing liabilities as presented in the statement of financial position MEUR 2023 2022Non-current interest-bearing loans and borrowings 190.6 200.0 Capitalized arrangement fees (1.3) (2.1)Interest-bearing lease liabilities 75.6 69.7 Total interest-bearing liabilities 264.9 267.6 On July 23, 2018, the Company completed an offering of MEUR 275.0 in an aggregate principal amount of 5.000% Senior Notes due 2025 (the \u201cNotes\u201d) pursuant to indentures among the Company, the guarantors party thereto, and The Law Debenture Trust Corporation plc, as trustee. On March 21, 2022, Kongsberg Automotive redeemed EUR 75.0 million of the notes at 102.5% of par.In Q2 2023 and Q3 2023, own bond notes at the amount of MEUR 3.6 and MEUR 5.8, respectively, were repurchased, resulting in a corresponding decrease in the outstanding balance of the bond notes.Kongsberg Automotive or its affiliates may, at any time and from time to time, seek to retire or pur-chase outstanding debt through cash purchases, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will be upon such terms and at such prices as Kongsberg Automotive may determine, and will depend on prevailing market conditions, its liquidity requirements, contractual requirements, and other factors. The amounts involved may be material.The group was in compliance with all applicable debt covenants at and for the year ended December 31, 2023.The indentures for our outstanding Senior Notes contain customary terms and conditions, includ-ing incur or guarantee additional indebtedness or issue certain preferred stock, pay dividends, redeem capital stock and make other distributions, make certain other restricted payments or restricted investments, prepay or redeem subordinated debt or equity, create or permit to exist cer-tain liens, impose restrictions on the ability of the Restricted Subsidiaries to pay dividends, transfer or sell certain assets, merge or consolidate with other entities, engage in certain transactions with affiliates and impair the security interests for the benefit of the Holders of the Notes.On September 25, 2020, the group entered into an Accounts Receivables Securitization Agreement with NORD/LB and Finacity Corporation (Finacity) to provide Kongsberg Automotive group with a committed MEUR 60 facility at an interest rate of 1.75% with a three-year tenure, effective on October 19, 2020. Effective from June 25, 2022, the maximum commitment was reduced from MEUR 60.0 to MEUR 25.0 of Senior Notes and depends on the size of the Accounts Receivable pool meeting invest-ment grade criteria.Other current interest-bearing liabilities consist of the Revolving Credit Facility (RCF) agreement entered into in July 2018. On July 06, 2023, the Revolving Credit Facility has been extended by 18 months and decreased from MEUR 50.0 to MEUR 30.0. In addition, the Company must again comply with the covenants from the original RCF agreement signed in July 2018 including a \u201cspringing cove-nant\u201d on total net leverage of 3.50:1, tested at the end of each quarter if cash utilizations exceed 40% of the total commitments under the RCF agreement.Specification of total interest-bearing liabilities by currency MEUR 2023 2022EUR 228.3 235.5 USD 11.7 8.7 Other currencies 26.2 25.5 Capitalized arrangement fees (1.3) (2.1)Total interest-bearing liabilities 264.9 267.6 Changes in liabilities arising from financing activities MEUR 2023 2022Opening balance at 01.01. 267.6 367.7 Changes arising from cash flows:Repayment of bond 0.0 (75.0)Repurchase of own bond notes (9.4) 0.0 Repayment of lease liabilities (9.8) (16.7)Repayment of debt (0.1) (21.6)Non-cash changes:Additions - lease liabilities 16.1 12.3 Amortization of capitalized arrangement fees 0.8 0.8 Reduction of capitalized arrangement fees due to the bond repayment 0.0 1.0 Other:Translation effect (0.3) (0.9)Closing balance at 31.12. 264.9 267.6 Liquidity reserve The liquidity reserve of the group consists of cash and cash equivalents in addition to undrawn credit facilities.MEUR 2023 2022Cash and cash equivalents 164.7 212.9 Restricted cash (0.5) (0.5)Undrawn revolving credit facility 30.0 50.0 Undrawn securitization facility 25.0 25.0 Liquidity reserve 219.2 287.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__63": {
"value": "NOTE 22 INTEREST-BEARING LIABILITIES Interest-bearing liabilities as presented in the statement of financial position MEUR 2023 2022Non-current interest-bearing loans and borrowings 190.6 200.0 Capitalized arrangement fees (1.3) (2.1)Interest-bearing lease liabilities 75.6 69.7 Total interest-bearing liabilities 264.9 267.6 On July 23, 2018, the Company completed an offering of MEUR 275.0 in an aggregate principal amount of 5.000% Senior Notes due 2025 (the \u201cNotes\u201d) pursuant to indentures among the Company, the guarantors party thereto, and The Law Debenture Trust Corporation plc, as trustee. On March 21, 2022, Kongsberg Automotive redeemed EUR 75.0 million of the notes at 102.5% of par.In Q2 2023 and Q3 2023, own bond notes at the amount of MEUR 3.6 and MEUR 5.8, respectively, were repurchased, resulting in a corresponding decrease in the outstanding balance of the bond notes.Kongsberg Automotive or its affiliates may, at any time and from time to time, seek to retire or pur-chase outstanding debt through cash purchases, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will be upon such terms and at such prices as Kongsberg Automotive may determine, and will depend on prevailing market conditions, its liquidity requirements, contractual requirements, and other factors. The amounts involved may be material.The group was in compliance with all applicable debt covenants at and for the year ended December 31, 2023.The indentures for our outstanding Senior Notes contain customary terms and conditions, includ-ing incur or guarantee additional indebtedness or issue certain preferred stock, pay dividends, redeem capital stock and make other distributions, make certain other restricted payments or restricted investments, prepay or redeem subordinated debt or equity, create or permit to exist cer-tain liens, impose restrictions on the ability of the Restricted Subsidiaries to pay dividends, transfer or sell certain assets, merge or consolidate with other entities, engage in certain transactions with affiliates and impair the security interests for the benefit of the Holders of the Notes.On September 25, 2020, the group entered into an Accounts Receivables Securitization Agreement with NORD/LB and Finacity Corporation (Finacity) to provide Kongsberg Automotive group with a committed MEUR 60 facility at an interest rate of 1.75% with a three-year tenure, effective on October 19, 2020. Effective from June 25, 2022, the maximum commitment was reduced from MEUR 60.0 to MEUR 25.0 of Senior Notes and depends on the size of the Accounts Receivable pool meeting invest-ment grade criteria.Other current interest-bearing liabilities consist of the Revolving Credit Facility (RCF) agreement entered into in July 2018. On July 06, 2023, the Revolving Credit Facility has been extended by 18 months and decreased from MEUR 50.0 to MEUR 30.0. In addition, the Company must again comply with the covenants from the original RCF agreement signed in July 2018 including a \u201cspringing cove-nant\u201d on total net leverage of 3.50:1, tested at the end of each quarter if cash utilizations exceed 40% of the total commitments under the RCF agreement.Specification of total interest-bearing liabilities by currency MEUR 2023 2022EUR 228.3 235.5 USD 11.7 8.7 Other currencies 26.2 25.5 Capitalized arrangement fees (1.3) (2.1)Total interest-bearing liabilities 264.9 267.6 Changes in liabilities arising from financing activities MEUR 2023 2022Opening balance at 01.01. 267.6 367.7 Changes arising from cash flows:Repayment of bond 0.0 (75.0)Repurchase of own bond notes (9.4) 0.0 Repayment of lease liabilities (9.8) (16.7)Repayment of debt (0.1) (21.6)Non-cash changes:Additions - lease liabilities 16.1 12.3 Amortization of capitalized arrangement fees 0.8 0.8 Reduction of capitalized arrangement fees due to the bond repayment 0.0 1.0 Other:Translation effect (0.3) (0.9)Closing balance at 31.12. 264.9 267.6 Liquidity reserve The liquidity reserve of the group consists of cash and cash equivalents in addition to undrawn credit facilities.MEUR 2023 2022Cash and cash equivalents 164.7 212.9 Restricted cash (0.5) (0.5)Undrawn revolving credit facility 30.0 50.0 Undrawn securitization facility 25.0 25.0 Liquidity reserve 219.2 287.4",
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"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s7_notes__6__66": {
"value": "NOTE 24 RISK MANAGEMENT Finance risk management policies The group\u2019s overall financial risk management focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the group\u2019s financial performance. The group exploits derivative financial instruments for potential hedging of certain risk exposures; however, the current usage of such instruments is limited.Foreign exchange risk The group operates internationally in numerous countries and is exposed to foreign exchange risk arising from various currency exposures. The primary exposures are related to USD. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. As the group reports its financial results in EUR, changes in the relative strength of EUR to the currencies in which the group conducts business can adversely affect the group\u2019s financial development. Historically, changes in currency rates have influenced the top line development, however it has not had a significant impact on operating profit since the costs usu-ally offset the effects from the top line. Hence, the group seeks to align its revenue and cost base to reduce the currency exposure on a net-cash-flow basis.Management is monitoring the currency exposure on the group level. The group treasury uses the debt structure and profile to balance some of the net exposure of the cash flow from operations. The group\u2019s treasury function regularly evaluates the use of hedging instruments but currently has no usage of such instruments. The group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the group\u2019s foreign opera-tions is partially managed through borrowings denominated in the relevant foreign currencies.Sensitivity As of December 31, 2023, if the currency USD had weakened/strengthened by 5% against the EUR with all other variables being constant, revenues would vary by (1.6%) and 1.8% or MEUR (14.4) and MEUR 16.0 as well as operating loss would increase by MEUR 0.6 (-3.3%) and decrease by MEUR 0.7 (3.6%).Operational risks Operation and investment risks and uncertainties The group is usually contracted as a supplier with a long-term commitment. The commitment is usually based on the model platforms, which for passenger cars are typically 3 to 5 years, while on commercial vehicles it is typically 5 to 7 years and in some cases even longer. Purchase orders are achieved on a competitive bidding basis for either a specific period or indefinite time. Even if present commitments are cost-reimbursable, they can be adversely affected by many factors and short-term variances including shortages of materials, equipment and work force, political risk, customer default, labor conflicts, accidents, environmental pollution, the prices of raw materials, unforeseen problems, changes in circumstances that may lead to cancellations and other factors beyond the control of the group. In addition, some of the group\u2019s customer contracts may be reduced, suspended or terminated by the customer at any time upon the giving of notice. Customer contracts also permit the customer to vary the scope of work under the contract. As a result, the group may be required to renegotiate the terms or scope of such contracts at any time, which may result in the imposition of terms less favorable than the previous terms.Competition The group has significant competitors in each of its business areas and across the geographical mar-kets in which the group operates. The group believes that competition in the business areas in which it operates will continue in the future. The group continuously monitors its competitive environment as it is constantly exposed to potential strategic M&A activities by suppliers, customers or competi-tors that may negatively impact the group\u2019s market position.Volatility in prices of input factors The group\u2019s financial performance is dependent on prices of input factors, i.e. raw materials and dif-ferent semi-finished components with a varying degree of processing, used in the production of the various automotive parts. Some of the major raw materials are:\u2022 Steel including rod and sheet metal, cast iron and machined steel components\u2022 Polymer components of rubber, foam, plastic components and plastic raw materials\u2022 Copper\u2022 Zinc\u2022 AluminumThe prices can be subject to large fluctuations in response to relatively minor changes in supply and demand and a variety of additional factors beyond the control of the group, including government regulation, capacity, and general economic conditions.A substantial part of the group\u2019s products based on steel and brass (copper and zinc) is sold to truck manufacturers. Business practice in the truck industry allows the group to some extent to pass increases in steel, aluminum, and brass prices over to its customers. However, there is a time lag of three to six months before the group can adjust the price of its products to reflect fluctuations in the mentioned raw material prices, and a sudden change in market conditions could therefore impact the group\u2019s financial position, revenues, profits, and cash flow. When the market prices go down the adverse effect will occur. For products sold to passenger car applications, the group does not have the same opportunity to pass along increases in raw materials prices. Uninsured losses The group maintains a number of separate insurance policies to protect its core businesses against loss and/or liability to third parties. Risks insured include general liability, business interruption, workers\u2019 compensation and employee liability, professional indemnity, and material damage.Supply chain related risks and uncertainties The Company\u2019s ability to meet the customers\u2019 needs depends on the ability to maintain key manu-facturing and supply arrangements. The loss or disruption of such manufacturing and supply arrangements may be caused by the issues such as labor disputes, inability to procure sufficient raw or input materials, natural disasters, disease outbreaks or other external factors over which the Company has no control.Risks related to the Russia-Ukraine war The war in Ukraine has created considerable uncertainty, particularly with regard to the potential impact of the political actions, primarily where the duration, intensity and allocation of energy sup-plies as well as their impact on the supply chain are concerned. Due to the Russia-Ukraine war, the supply of energy, other raw materials and parts for the pro-duction process has resulted in greater constraints, especially in Europe. Higher energy and com-modity prices plus greater volatility added to the strain. Furthermore, rising inflation rates could reduce purchasing power, adversely affect the end-customer behavior, and put a damper on demand for the products offered to the customers. As consequence of this war, the following negative risks might arise in the nearest future: protec-tionist tendencies, turbulence in the financial markets, structural deficits in individual countries as well as high inflation and rising interest rates worldwide.The group\u2019s operations were not directly impacted by the conflict as none of group\u2019s plants is located in Ukraine and Russia and most of KA\u2019s customers do not have close economic ties with these countries. However, the group\u2019s financials have been impacted by the indirect consequences of this war, such as an increase in energy prices and rising freight.Climate change risk Kongsberg Automotive has put in place adequate procedures that enable Management and the Board of Directors to regularly review material climate change issues that may have a significant impact on the Company\u2019s operations from the operational and strategic point of view. The Company expects and is preparing for regulatory changes and policy measures targeted at reducing carbon emissions, especially as part of the commitments resulting from the Paris Agreement. The Company invests in sources of renewable energy, such as solar panels, to become more sustainable. Moreover, Kongsberg Automotive actively monitors its supply chains in relation to the potential disruptions caused by extreme weather events. In case of an occurrence of such unfavorable events, the Company works on mitigation actions together with its suppliers. In the group\u2019s assessment, there are no material phys-ical climate risks that the group is expected to face in the foreseeable future. In 2023, the Company\u2019s financial reporting was not significantly impacted by climate change risk.Interest rate risk Through its refinancing via senior secured notes with a fixed coupon, the group is not exposed to interest rate risk for the duration of the notes.Credit risk Credit risk is managed at the group and entity level. Credit risk arises mainly from trade with cus-tomers and outstanding receivables. The level of receivables overdue is monitored on a weekly basis. Historically the group has had limited losses on receivables. Applying forward-looking information, we do not see any material increase in the credit risk. Refer to note 18.The automotive industry consists of a limited number of vehicle manufacturers; hence the five biggest customers will be around 34.2% of total revenues in 2023. The group has a diversified customer base with one individual customers representing more than 10% of the group\u2019s revenues. In addition, the customer base consists of solvent vehicle manufacturers and Tier 1 suppliers. In the group\u2019s opinion there is no concentration risk. However, due to the number of vehicle manufacturers and hence customers, concentration risk could be considered to exist.Funding and liquidity risk Cash flow forecasting is performed by each operating entity of the group on a weekly basis for the following 15 weeks. The group keeps track of its liquidity requirements and monitors to ensure there is sufficient cash to meet operational needs while always maintaining sufficient headroom on its undrawn committed borrowing facility. Surplus cash held by the operating entities over and above balance required for working capital management is transferred to the group treasury. For unused liquidity reserve, see note 22.Capital risk management The group\u2019s objectives when managing capital are to safeguard the group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital and balance the risk profile. The group monitors capital based on the gearing ratio and the level of equity. These ratios are cal-culated as net debt divided by EBITDA and equity divided by the total balance. The group has a treasury policy regulating the levels on these key ratios.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__65": {
"value": "NOTE 23 OTHER NON-CURRENT INTEREST-FREE LIABILITIES Specification of other non-current interest-free liabilities MEUR 2023 2022Provision for employee litigations 0.5 1.4 Provision for customs claims 0.0 4.3 Provision for onerous contracts 2.0 1.9 Other non-current interest-free liabilities 1.2 0.4 Total other non-current interest-free liabilities 3.7 8.0 Provision for onerous contracts As a result of applying amendments to IAS37 and due to declining macroeconomic data as well as increasing energy and commodity prices, the group has recognized provisions for onerous programs to supply products within the Driveline business to several customers. It has been determined that the estimated unavoidable costs required to fulfil the contract have increased, which exceeded the future economic benefits. The onerous contracts are expected to be fulfilled by the end of 2024 and beginning of 2025.Provision for customs claims The prior disclosure for customs claims was successfully settled during the financial year 2023 resulting in the payment of MEUR 1.9 and the release of provision of MEUR 2.4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__67": {
"value": "NOTE 25 TRADE AND OTHER PAYABLES Specification of trade and other payables as presented in the statement of financial position 2023 2022Trade payables 116.6 122.0 Accrued expenses 55.5 54.5 Provisions 17.2 10.5 Interest payable 4.6 4.6 Other short-term liabilities 3.7 5.7 Total trade and other payables 197.6 197.3Provisions RESTRUC-RESTRUC-PROVISION TURING TURING FOR AND OTHER TOTAL WARRANTY AND OTHER TOTAL WARRANTIESPROVISIONS2023RESERVEPROVISIONS2022Opening balance 8.4 2.1 10.5 6.9 1.9 8.8 P&L charge 5.9 8.6 14.5 11.7 0.5 12.2 Payments (4.8) (2.0) (6.8) (9.8) (0.2) (10.0)Release (0.2) (0.6) (0.8) (0.5) 0.0 (0.5)Translation effect (0.1) (0.1) (0.2) 0.1 (0.1) 0.0 Closing balance 9.2 8.0 17.2 8.4 2.1 10.5 Provision for restructuring relates mainly to the costs related to the workforce reduction as part of the cost optimization measures announced on October 23, 2023.Maturity structure OTHER ACCRUED INTEREST SHORT-TERM TRADE TOTAL MEURPROVISIONSEXPENSESPAYABLESLIABILITIESPAYABLES2023Repayable 0-3 months 14.9 35.2 4.6 3.6 100.9 159.2 after year-endRepayable 3-6 months 0.8 14.3 0.0 0.1 8.5 23.7 after year-endRepayable 6-9 months 0.2 3.3 0.0 0.0 4.6 8.1 after year-endRepayable 9-12 months 1.3 2.7 0.0 0.0 2.6 6.6 after year-endTotal 17.2 55.5 4.6 3.7 116.6 197.6 OTHER ACCRUED INTEREST SHORT-TERM TRADE TOTAL MEURPROVISIONSEXPENSESPAYABLESLIABILITIESPAYABLES2022Repayable 0-3 months 5.8 31.6 4.6 4.5 116.8 163.3 after year-endRepayable 3-6 months 2.7 13.4 0.0 0.6 5.0 21.8 after year-endRepayable 6-9 months 0.3 5.0 0.0 0.0 0.1 5.4 after year-endRepayable 9-12 months 1.6 4.4 0.0 0.6 0.1 6.7 after year-endTotal 10.5 54.5 4.6 5.7 122.0 197.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__69": {
"value": "NOTE 26 FINANCIAL INSTRUMENTS Classification, measurement and fair value of financial instruments 2023LOANS, RECEIVABLES LOANS, RECEIVABLES FINANCIAL AND CASH AT AND CASH LIABILITIES AT MEURAMORTIZED COSTAT FAIR VALUEAMORTIZED COST TOTAL 2023Trade and other receivables 177.3 177.3 Cash and cash equivalents 124.2 40.5 164.7 Interest-bearing loans and borrowings (189.3) (189.3)Interest-bearing lease liabilities (75.6) (75.6)Trade payables and accrued expenses (172.1) (172.1)Total 301.5 40.5 (437.0) (95.0)Fair value 301.5 40.5 (435.3) (93.3)Unrecognized gain / (loss)* 1.7 1.7* Based on level 1 input. The bond was traded at 98.5% of its par value as at 31.12.2023 (90.1% as at 31.12.2022)2022LOANS, RECEIVABLES LOANS, RECEIVABLES FINANCIAL AND CASH AT AND CASH LIABILITIES AT MEURAMORTIZED COSTAT FAIR VALUEAMORTIZED COST TOTAL 2022Trade and other receivables 184.4 184.4 Cash and cash equivalents 119.2 93.7 212.9 Interest-bearing loans and borrowings (197.9) (197.9)Interest-bearing lease liabilities (69.7) (69.7)Trade payables and accrued expenses (176.5) (176.5)Total 303.6 93.7 (444.1) (46.8)Fair value 303.6 93.7 (427.7) (30.4)Unrecognized gain/ (loss)** 16.4 16.4 ** Based on level 1 input",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__68": {
"value": "NOTE 26 FINANCIAL INSTRUMENTS Classification, measurement and fair value of financial instruments 2023LOANS, RECEIVABLES LOANS, RECEIVABLES FINANCIAL AND CASH AT AND CASH LIABILITIES AT MEURAMORTIZED COSTAT FAIR VALUEAMORTIZED COST TOTAL 2023Trade and other receivables 177.3 177.3 Cash and cash equivalents 124.2 40.5 164.7 Interest-bearing loans and borrowings (189.3) (189.3)Interest-bearing lease liabilities (75.6) (75.6)Trade payables and accrued expenses (172.1) (172.1)Total 301.5 40.5 (437.0) (95.0)Fair value 301.5 40.5 (435.3) (93.3)Unrecognized gain / (loss)* 1.7 1.7* Based on level 1 input. The bond was traded at 98.5% of its par value as at 31.12.2023 (90.1% as at 31.12.2022)2022LOANS, RECEIVABLES LOANS, RECEIVABLES FINANCIAL AND CASH AT AND CASH LIABILITIES AT MEURAMORTIZED COSTAT FAIR VALUEAMORTIZED COST TOTAL 2022Trade and other receivables 184.4 184.4 Cash and cash equivalents 119.2 93.7 212.9 Interest-bearing loans and borrowings (197.9) (197.9)Interest-bearing lease liabilities (69.7) (69.7)Trade payables and accrued expenses (176.5) (176.5)Total 303.6 93.7 (444.1) (46.8)Fair value 303.6 93.7 (427.7) (30.4)Unrecognized gain/ (loss)** 16.4 16.4 ** Based on level 1 input",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__70": {
"value": "NOTE 27 REMUNERATION AND FEES FOR MANAGEMENT, BOARD OF DIRECTORS (BOD) AND AUDITOR Remuneration and fees recognized in the statement of comprehensive income KEUR 2023* 2022***Total remuneration of the Board of Directors 302.4 297.0 Gross base salary to the CEO 686.1 741.1 CEO\u2019s short-term incentive 343.1 817.4 CEO\u2019s long-term incentive** 272.2 391.6 Pension costs to the CEO 56.3 107.5 Other remuneration to the CEO*** 71.4 54.5 Management salaries other than to the CEO 2,264.8 2,842.7 Bonus, LTI costs and other remuneration of management 1,285.3 1,222.7 other than the CEO***Pension costs of management other than the CEO 246.0 327.1 Termination benefits to former CEO*** 2,281.5 0.0Total \u2010 Board of Directors and Senior Management 7,809.1 6,801.6 Remuneration to nomination committee 47.9 20.1 * 2023 remuneration is based on former CEO during the period January 01-July 24, 2023, and current CEO from July 25, 2023. 2022 CEO remuneration is based on former CEO. ** Long-term incentive plans \u2012 share-based compensation. The amounts represent the expenses accounted for according to IFRS 2.*** Including social security costsSpecification of fees paid to the auditors KEUR 2023 2022Statutory audit services to the parent company (Deloitte) 213.7 180.6 Statutory audit services to subsidiaries (Deloitte) 664.8 559.1 Statutory audit services to subsidiaries (other) 95.6 52.1 Non-audit services (Deloitte) 29.5 22.3 Tax services (Deloitte) 486.2 438.2 Total 1,489.8 1,252.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s7_notes__6__71": {
"value": "NOTE 28 COMMITMENTS AND GUARANTEES Commitments The group\u2019s operating lease commitments are now disclosed in note 15. In relation to low-value and short-term leases that are not presented as lease liabilities, the group is committed to an expected expense of MEUR 0.3 in 2024.Guarantees The issued notes are guaranteed on a senior basis by:\u2022 Parent guarantor (Kongsberg Automotive ASA), \u2022 Kongsberg Automotive Holding 2 AS, Kongsberg Automotive AS, Kongsberg Automotive AB, Kongsberg Power Products Systems AB, Kongsberg Driveline Systems SAS, Kongsberg Raufoss Distribution SAS, Kongsberg Actuation Systems Ltd, Kongsberg Automotive Slovakia s.r.o., Kongsberg Automotive Sp. z.o.o., Kongsberg Inc., Kongsberg Holding III, Inc., Kongsberg Actuation Systems II, LLC, Kongsberg Power Products Systems I, LLC, Kongsberg Automotive, Inc., Kongsberg Driveline Systems I, LLC, and KA group AG.General information In 2023 total parent guarantees in the amount of around MEUR 60.5 and MUSD 10.0 were issued for entities in Slovakia, Poland, and Mexico.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__72": {
"value": "NOTE 29 CONTINGENT LIABILITIES The following is an overview of current material disputes involving either the Company Kongsberg Automotive ASA or its subsidiaries.Endeavor group, LLC v Kongsberg Power Products Systems I, LLC (U.S.) Kongsberg Power Products Systems I, LLC is contesting a claim by a neighboring property owner for compensation for use of a detention pond on the neighboring property in Willis, Texas. Water runoff from the Kongsberg property was diverted to the neighboring property at a time when both parcels were owned by a predecessor of Kongsberg. Kongsberg does not believe that the plaintiff is entitled to significant compensation. Kongsberg\u2019s main argument for acquittal is that the pond was clearly visible when the property was acquired by the plaintiff. The district court has ruled in our favor and fully acquitted Kongsberg. The plaintiff has, however, appealed the ruling. The decision of the court of appeals is not expected before 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__73": {
"value": "NOTE 30 SUBSEQUENT EVENTS No significant subsequent events have been identified.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__74": {
"value": "NOTE 31 RELATED-PARTY TRANSACTIONS Kongsberg Automotive ASA is listed on the Oslo Stock Exchange and is the group's ultimate parent. The group has no material transactions with related parties.Key Management and BoD compensation See note 27 \u2013 it includes remuneration for the Senior Management and Board of Director.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJDCG21",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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}
}