{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "nordicsemi": "http://www.nordicsemi.com/20231231", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.nordicsemi.com/20231231/nordicsemi-2023-12-31.xsd" ] }, "facts": { "f-1": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-2": { "value": "542869000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-3": { "value": "776734000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-4": { "value": "259157000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-5": { "value": "339941000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RawMaterialsAndConsumablesUsed", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-6": { "value": "283712000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-7": { "value": "436793000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-8": { "value": "152990000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-9": { "value": "161440000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-10": { "value": "81691000", "decimals": -3, "dimensions": { "concept": "ifrs-full:MiscellaneousOtherOperatingExpense", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-11": { "value": "69685000", "decimals": -3, "dimensions": { "concept": "ifrs-full:MiscellaneousOtherOperatingExpense", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-12": { "value": "44329000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DepreciationExpense", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-13": { "value": "44067000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DepreciationExpense", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-14": { "value": "4702000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-15": { "value": "161602000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-16": { "value": "9726000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-17": { "value": "6205000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-18": { "value": "3690000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-19": { "value": "1270000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-20": { "value": "1358000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-21": { "value": "619000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-22": { "value": "12096000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-23": { "value": "167155000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-24": { "value": "4447000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-25": { "value": "44817000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-26": { "value": "7650000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-27": { "value": "122339000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-28": { "value": "7650000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-29": { "value": "122339000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-30": { "value": "0.04", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-31": { "value": "0.64", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-32": { "value": "0.04", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-33": { "value": "0.63", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-34": { "value": "7650000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-35": { "value": "122339000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-36": { "value": "-37000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-37": { "value": "74000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-38": { "value": "-8000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-39": { "value": "13000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-40": { "value": "-29000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-41": { "value": "61000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-42": { "value": "1109000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-43": { "value": "-593000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-44": { "value": "1109000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-45": { "value": "-593000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-46": { "value": "1080000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-47": { "value": "-532000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-48": { "value": "8730000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-49": { "value": "121807000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-50": { "value": "8730000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-51": { "value": "121807000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-52": { "value": "10891000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-53": { "value": "2284000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-54": { "value": "38938000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-55": { "value": "26608000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-56": { "value": "19063000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComputerSoftware", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-57": { "value": "11655000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComputerSoftware", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-58": { "value": "5872000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-59": { "value": "4554000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-60": { "value": "54670000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-61": { "value": "21416000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-62": { "value": "29095000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-63": { "value": "35603000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-64": { "value": "6000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentsInSubsidiaries", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-65": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InvestmentsInSubsidiaries", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-66": { "value": "94473000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentAssets", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-67": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherNoncurrentAssets", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-68": { "value": "253008000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-69": { "value": "102120000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-70": { "value": "163090000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-71": { "value": "102091000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-72": { "value": "133316000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTradeReceivables", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-73": { "value": "175120000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTradeReceivables", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-74": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentFinancialAssets", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-75": { "value": "267000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentFinancialAssets", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-76": { "value": "21874000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentReceivables", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-77": { "value": "17539000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentReceivables", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-78": { "value": "290957000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-79": { "value": "379104000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-80": { "value": "609237000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-81": { "value": "674121000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-82": { "value": "862245000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-83": { "value": "776241000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-84": { "value": "317000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-85": { "value": "317000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-86": { "value": "235448000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-87": { "value": "235448000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-88": { "value": "366312000", "decimals": -3, "dimensions": { "concept": "nordicsemi:OtherComponentsOfEquity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-89": { "value": "347779000", "decimals": -3, "dimensions": { "concept": "nordicsemi:OtherComponentsOfEquity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-90": { "value": "602077000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-91": { "value": "583544000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-92": { "value": "661000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentProvisionsForEmployeeBenefits", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-93": { "value": "676000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentProvisionsForEmployeeBenefits", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-94": { "value": "97491000", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-95": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-96": { "value": "47864000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-97": { "value": "14861000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-98": { "value": "146016000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-99": { "value": "15537000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-100": { "value": "12201000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-101": { "value": "34229000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-102": { "value": "5640000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-103": { "value": "43758000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-104": { "value": "6334000", "decimals": -3, "dimensions": { "concept": "nordicsemi:PublicDuties", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-105": { "value": "6455000", "decimals": -3, "dimensions": { "concept": "nordicsemi:PublicDuties", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-106": { "value": "9897000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-107": { "value": "6280000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-108": { "value": "80079000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-109": { "value": "86439000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-110": { "value": "114151000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-111": { "value": "177160000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-112": { "value": "260168000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-113": { "value": "192697000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-114": { "value": "862245000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-115": { "value": "776241000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-116": { "value": "317000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ClassesOfShareCapitalMember", "unit": "iso4217:USD" } }, "f-117": { "value": "-2000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "f-118": { "value": "235448000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-119": { "value": "1830000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:USD" } }, "f-120": { "value": "-806000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-121": { "value": "221421000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-122": { "value": "458209000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-123": { "value": "122339000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-124": { "value": "122339000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-125": { "value": "-593000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-126": { "value": "61000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-127": { "value": "-532000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-128": { "value": "7769000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:USD" } }, "f-129": { "value": "7769000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-130": { "value": "-4240000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:USD" } }, "f-131": { "value": "-4240000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-132": { "value": "317000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ClassesOfShareCapitalMember", "unit": "iso4217:USD" } }, "f-133": { "value": "-2000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "f-134": { "value": "235448000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-135": { "value": "5359000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:USD" } }, "f-136": { "value": "-1399000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-137": { "value": "343820000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-138": { "value": "583544000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-139": { "value": "7650000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-140": { "value": "7650000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-141": { "value": "1109000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-142": { "value": "-29000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-143": { "value": "1080000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-144": { "value": "6660000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:USD" } }, "f-145": { "value": "6660000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-146": { "value": "3141000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:USD" } }, "f-147": { "value": "3141000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-148": { "value": "317000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ClassesOfShareCapitalMember", "unit": "iso4217:USD" } }, "f-149": { "value": "-1000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "f-150": { "value": "235448000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-151": { "value": "15160000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:USD" } }, "f-152": { "value": "-290000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-153": { "value": "351442000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-154": { "value": "602077000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-155": { "value": "12096000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-156": { "value": "167155000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-157": { "value": "41948000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-158": { "value": "16760000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-159": { "value": "44329000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-160": { "value": "44067000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-161": { "value": "41153000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-162": { "value": "74594000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-163": { "value": "6548000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-164": { "value": "7794000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-165": { "value": "-17000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-166": { "value": "104000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-167": { "value": "1379000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-168": { "value": "616000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-169": { "value": "9726000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-170": { "value": "5398000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-171": { "value": "-100000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInPrepaidExpenses", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-172": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInPrepaidExpenses", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-173": { "value": "-7987000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-174": { "value": "10165000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-175": { "value": "-119784000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-176": { "value": "142711000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-177": { "value": "25529000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-178": { "value": "24065000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-179": { "value": "21973000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForDevelopmentProjectExpenditure", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-180": { "value": "6489000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForDevelopmentProjectExpenditure", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-181": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-182": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-183": { "value": "6000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-184": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-185": { "value": "-53502000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-186": { "value": "-30554000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-187": { "value": "92935000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-188": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-189": { "value": "0", "decimals": -3, "dimensions": { "concept": "nordicsemi:CashSettlementOfOptionsContract", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-190": { "value": "4727000", "decimals": -3, "dimensions": { "concept": "nordicsemi:CashSettlementOfOptionsContract", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-191": { "value": "8426000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-192": { "value": "6609000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-193": { "value": "84509000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-194": { "value": "-11336000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-195": { "value": "630000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-196": { "value": "-1049000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-197": { "value": "-88147000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-198": { "value": "99772000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-199": { "value": "379104000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-200": { "value": "279331000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-201": { "value": "290957000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-202": { "value": "379104000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-204": { "value": "
Note 1: General information
Nordic Semiconductor ASA is a public limited company
whose ordinary shares are listed on the Oslo Stock
Exchange with ticker code NOD. The company is domiciled
in Norway, and the registered head office is at Otto
Nielsens veg 12, 7052 Trondheim.
Nordic Semiconductor is a Norwegian fabless
semiconductor company specializing in wireless
communication technology that powers the Internet of
Things (IoT). Nordic was established in 1983 and has more
than 1400 employees across the globe. The Group\u2019s
award-winning Bluetooth Low Energy solutions pioneered
ultra-low power wireless, making it the global market
leader. Nordic\u2019s technology range was later supplemented
by ANT+, Thread and Zigbee. In 2018, Nordic launched its
low power, compact LTE-M/NB-IoT cellular IoT solutions to
extend the penetration of IoT. The Nordic portfolio was
further complemented by Wi-Fi technology in 2021.
Nordic Semiconductor has only one reportable operating
segment, and this corresponds with the internal reporting
structure and management activities to monitor
profitability. The revenue is broken down into product
markets and geographical areas in which its distributors
are located, see Note 5: Revenues.
The financial accounts were audited and approved for
publication by the Board of Directors on March 19, 2024,
and will be presented for approval at the Annual General
Meeting on April 24th, 2024.
The consolidated financial statements incorporate the
results, cash flows, and assets and liabilities of the parent
company Nordic Semiconductor ASA and its wholly owned
subsidiaries.
A subsidiary is an entity that is controlled, either directly or
indirectly, by the parent company. Control exists when the
parent company 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 to direct
the relevant activities of the investee. Generally, such
power exists where the parent company holds a majority
of the voting rights of an investee.
Subsidiaries are consolidated from the date control is
obtained until the date that control ceases. All subsidiaries
are wholly owned by the parent company and there are
no non-controlling interests. Intercompany transactions,
balances, and unrealized gains on transactions between
group companies are eliminated.
2.4 Foreign currency translation
Each entity within the Group has a functional currency,
which is normally the currency in which the entity primarily
generates and expends cash.
At entity level, a foreign currency is a currency other than
the entity\u2019s functional currency. Transactions in the profit
and loss statement denominated in foreign currencies are
recorded in the entity\u2019s functional currency at the
exchange rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign
currencies are translated at the exchange rate prevailing
at the balance sheet date. Currency translation differences
arising at entity level are recognized in profit or loss.
The consolidated financial statements are presented in US
dollars (USD), which is the functional currency of the
parent company. On consolidation, assets and liabilities of
foreign operations are translated into USD (the
presentation currency) according to the exchange rates
prevailing on the balance sheet date. Profit or loss items
are translated according to monthly average exchange
rates. Changes in net assets resulting from exchange rate
movements are recognized in other comprehensive income
and taken to the currency translation reserve.
Note 4: Climate related risk
Cost of goods sold for sustainable solutions
Nordic see that customers and other stakeholders care
about the use of renewable energy solutions in the value
chain. Changes in attitude could potentially impact the
cost of production, such as cost of investments in new
production technologies and renewable energy certificates.
Nordic sees this as a possibility to obtain new customers or
enhance cooperation with existing while also balancing
pricing in order to maintain margins and managing the risk
of not being able to comply with various requirements.
Impairment of inventories
One of Nordic's primary tangible assets in the balance
sheet is inventory. This is dispersed across a few large
warehousing locations. Some locations are exposed to
weather phenomena such as typhoons, heatwaves and
more, which can impact the value of Nordic's inventory.
However, Nordic has proper safeguards in place to
mitigate this risk, and considers the risk to be\u00a0low.
Financing cost
Nordic has an undrawn sustainability linked RCF. The
interest is calculated as the aggregate of SOFR + Margin +
Credit adjustment spread. The applicable Margin shall be
adjusted based on the aggregate number of KPI meeting
their year-end KPI targets each\u00a0year.
The ESG indicators are :
\u25a0Percentage of reduction of scope 2 emission
\u25a0Percentage of increase of recycled plastic used
\u25a0CDP rating
Going-concern assumption
Management consider the potential implications of
climate-related risks for their going-concern assessment.
Given the rapidly changing circumstances (i.e
environmental development, expectations from
stakeholders, laws and regulations), the management has
to consider and monitor going-concern on an ongoing
basis.
Climate-related risks could give rise to events or conditions
that may cast significant doubt on Nordic\u2019s ability to
continue as a going concern.
These events may arise from physical risks such as
destruction of production plants in a tropical cyclone (i.e.
hurricanes, typhoons, and resulting floods) or large carbon
footprint in manufacturing of components. This could
trigger, for example, halt in production, litigation that
results in significant penalties for exceeding emission
targets, shift in customer preferences that results in loss of
major customers, halts in ability to obtain input material or
customer productions stops hindering stable revenue
generation.
Nordic has secured it's liquidity reserves to meet short-term
obligations. According to the Group liquidity policy, the
total liquidity amount should equal at least one year of
total R&D expenses.
To conclude, the expected impact of climate-related risks
on the going-concern assessment is expected to\u00a0be\u00a0low.
Note 5: Revenues
All figures in USD 1 000
5.1 Accounting policies
The Group is in the business of developing and selling
integrated circuits. Revenue from customers is mainly
generated from sale of products. Services delivered
consists of consulting services. The Group and the
customer do not receive financing from the sales, and
therefore there are no significant financing components to
be accounted for separately from the revenue transaction.
The normal credit term is 30-90 days upon delivery. In
other words, the contract does not require the customer to
pay in advance or require the customer to pay a
significant amount after delivery.
Sale of products
Sales of products are mostly made to distributors
(customers). Revenue from product sales is recognized
when control of the goods is transferred to the customer
The time of delivery is considered to be when the goods
are transferred to the transport carrier. Upon delivery, the
Group has the right of payment for the asset, the customer
has legal title to the asset, physical possession has been
transferred to the customer, and the customer has full
ownership of the asset.
Revenue recognized on the sale of products is measured
at the fair value of the consideration received or
receivable, excluding sales taxes and after making
allowance for variable considerations such as ship and
debit, product returns and end-customer rebates.
The parent company sells a large share of its products to a
related party for resale to the end customers (the
distributors). The transaction price and terms between the
related parties are established on an arm's length basis,
ensuring that the pricing is consistent with what would be
expected in transactions with unrelated parties. In
accordance with IFRS 15, revenue is recognized when
control of the goods is ultimately transferred to the end
customers (the distributors), which occurs when the title to
the goods passes to them.
'Ship and debit'
The Group sells products to certain distributors on \u201cship
and debit\u201d terms. Ship and debit is an arrangement
between the Group and distributor where the distributor
may be entitled to a refund if the distributor sells the
products to end customer at lower prices than those
quoted on the distributor price list. The distributor claims
(debits) the Group for the price difference on sold products
on a monthly basis.
Stock rotation rights
Some distributors are entitled to limited rights of return,
referred to as stock rotation rights. The Group tracks the
distributor's inventory and can initiate a stock rotation
earlier if a certain product is selling better with
another\u00a0distributor.
Stock rotation provisions are made if necessary, based on
most likely amount method. The most likely amount is the
single most likely amount in a range of possible
consideration amounts. As the products have similar
margin, there are most likely no significant losses for the
Group when stock rotations are initiated. The Group does
not make provisions or adjustments to revenue for stock
rotation unless we expect the goods returned to
be\u00a0obsolete.
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 5.5.
Assets and liabilities arising from rights of return
Right of return asset
The Group has no right to return inventories back
from\u00a0customers.
Refund liabilities
A refund liability is the obligation to refund some or all of
the consideration received (or receivable) from the
customer and is measured at the amount the Group
ultimately expects it will have to return to the customer.
The Group updates its estimates of refund liabilities (and
the corresponding change in the transaction price) at the
end of each reporting\u00a0period.
5.2 Significant accounting judgments
and critical estimates
Nordic Semiconductor predominantly sells to electronic
distributors under a distribution agreement. The distributors
will hold a given level of Nordic Semiconductor's inventory
that is subsequently shipped to an end customer. Nordic
Semiconductor uses a \u201csell in\u201d model in connection with
revenue recognition to distribution customers. Under a \u201csell
in\u201d model, management needs to make judgements and
estimates the amount that can affect the reported
amounts of revenues and expenses. The main judgments
are described\u00a0as\u00a0follows:
\u201cShip and debit\u201d
At the balance sheet date, the Group has to estimate ship
and debit on distributors inventory levels using the
expected value method. The Group estimate the refund
based on a average of historical discount to each
distributor and the expected sales mix to end-customers.
The ship and debit is recognized as reduction in revenue
and increase in refund liability. See note 5.5.
5.3 Disaggregated revenue information
Revenue classified by end product applications:
The Group focuses on the sale of standard components for wireless communication. These
wireless components are broken into the following end product areas: Consumer, Industrial,
Healthcare and Others. In 2023, wireless components accounted for 99.1% of sales versus
99.4% in 2022. In addition to standard components, the Group sells customer-specific ASIC
components (Application Specific Integrated Circuits) and related Consulting Services.
Most of Nordic\u2019s WiFi and PMIC customers are still in the development phase or in early
commercial phase. When WiFi and PMIC revenue materialize, Nordic will report the
revenue in the relevant end product\u00a0areas.
GROUP
PARENT
2023
2022
Revenue
2023
2022
302\u00a0486
483\u00a0799
Consumer
283\u00a0076
483\u00a0799
117\u00a0203
191\u00a0543
Industrial
109\u00a0682
191\u00a0543
103\u00a0325
67\u00a0623
Healthcare
96\u00a0695
67\u00a0623
15\u00a0153
29\u00a0163
Others
14\u00a0181
29\u00a0163
538\u00a0168
772\u00a0128
Wireless components
503\u00a0634
772\u00a0128
4\u00a0701
4\u00a0607
ASIC components
4\u00a0399
4\u00a0607
\u2014
\u2014
Management fee
-9
1\u00a0029
542\u00a0869
776\u00a0734
Total revenue from contracts with customers
508\u00a0026
777\u00a0763
Revenue classified by customers\u2019 location:
The Group also classifies its revenues on a geographical basis according to its customers\u2019
location.
GROUP
PARENT
2023
2022
2023
2022
59\u00a0933
97\u00a0868
Europe
56\u00a0086
98\u00a0679
120\u00a0571
107\u00a0966
Americas
112\u00a0833
108\u00a0123
362\u00a0365
570\u00a0899
Asia/Pacific
339\u00a0107
570\u00a0961
542\u00a0869
776\u00a0734
Total revenue from contracts with customers
508\u00a0026
777\u00a0763
The Group sells its components to distributors, which then sell components onward to
electronics manufacturers which build end products and sell them to customers across the
world. Two distributors were above 10% of revenue in 2023, with 37% and 18% of total
revenue respectively, one located in Asia and the other in the Americas. In comparison, two
distributors were above 10% of revenue in 2022, with 34% and 12% of total revenue
respectively, both distributors are in Asia.
Revenue from contracts with customers classified by timing of revenue recognition:
GROUP
PARENT
2023
2022
2023
2022
542\u00a0869
776\u00a0734
Goods transferred at a point in time
508\u00a0035
776\u00a0734
0
0
Services transferred over time
-9
1\u00a0029
542\u00a0869
776\u00a0734
Total revenue from contracts with customers
508\u00a0026
777\u00a0763
5.4 Contract balances
Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.
See note 25 for further details.
GROUP
PARENT
2023
2022
2023
2022
133\u00a0316
175\u00a0120
Trade receivables
983
175\u00a0120
5.5 Refund liabilities
GROUP
PARENT
2023
2022
2023
2022
30\u00a0010
30\u00a0694
Refund liability \u2013 from ship & debit
\u2014
30\u00a0694
25\u00a0294
23\u00a0382
Refund liability \u2013 from end-customer rebates
\u2014
23\u00a0382
5.6 Performance obligations
A performance obligation refers to a commitment to deliver a distinct good or service to a
customer. The performance obligations for the sale of components are normally satisfied
upon the time of delivery. Payment is generally due 30 to 90 days within delivery. For the
consulting services, the performance obligation is satisfied over-time and the customer is
generally invoiced at month-end for the work performed.
The Group has decided to use the 'right-to-invoice' practical expedient. This means that the
Group sidestep the need to determine the transaction price and allocate it to unsatisfied or
partially unsatisfied performance obligations. All performance obligations are expected to
be fully satisfied and recognized as revenue within\u00a0one\u00a0year.
Note 6: Cost of materials / inventory
All figures in USD 1 000
6.1 Accounting policies
The Group applies standard cost method to measure cost of inventories. Standard cost
variance is the difference between standard cost and actual cost. This variance is
impacting the cost of goods sold, and the variance is monitored on a regular basis.
Obsolete inventory is written down completely.
Inventory is valued at the lower of cost, according to the FIFO principle, and net realizable
value after deduction for obsolescence. Net realizable value is estimated as the selling
price less cost of completion and the cost necessary to make the sale. Cost of inventories
includes purchase price of raw materials, costs directly related to the conversion of
materials into finished goods (sub-contracting, yield loss and production overhead) and
other costs incurred in bringing the inventories to their present location and condition.
Nordic assess net realizable value for each inventory category: raw materials, work in
progress and finished goods separately as they have different useful life. Finished goods is
grouped in four main product categories with distinct technology: Proprietary, Bluetooth,
Wi-Fi, and cellular. Each of these four technologies are then divided into subcategories
where the different standardized chips with respective packaging is shared among a
variety of customers. On this category level, Nordic is applying the practical expedient in
IAS 2.29, stating that grouping of similar or related items with a similar purpose or end use
can be assessed together when assessing net realizable value. Nordic is basing the net
realizable value on orders from third parties, historical inventory turnover ratio and other
factors. This calculation is based on the most updated facts at any given point in time but
are prone to variation under changing circumstances. One exception from regular
calculation of net realizable value is related to items that are made from older parts and
cannot be easily sold to other customers. These items are written off completely item by
item if aging is more than 2 years.
6.2 Cost of materials / inventory
GROUP
PARENT
2023
2022
2023
2022
316\u00a0788
378\u00a0534
Purchased materials
316\u00a0788
378\u00a0534
-60\u00a0999
-40\u00a0136
Changes in inventory
-60\u00a0999
-40\u00a0136
3\u00a0368
1\u00a0544
Scrapping inventory
3\u00a0368
1\u00a0544
259\u00a0157
339\u00a0941
Cost of materials
259\u00a0157
339\u00a0941
95\u00a0043
34\u00a0356
Raw materials
95\u00a0043
34\u00a0356
9\u00a0907
25\u00a0380
Work in Progress
9\u00a0907
25\u00a0380
58\u00a0139
42\u00a0355
Finished goods
58\u00a0139
42\u00a0355
163\u00a0090
102\u00a0091
Total inventory
163\u00a0090
102\u00a0091
As Nordic Semiconductor is a fabless manufacturer, all inventories, including raw materials
and finished goods, are located at sub-contractors.
Note 7: Payroll expenses
All figures in USD 1 000
GROUP
PARENT
2023
2022
Combined expenses for salary and other
compensation are distributed as follows:
2023
2022
126\u00a0961
115\u00a0380
Salary and vacation pay
53\u00a0728
57\u00a0004
18\u00a0845
28\u00a0335
Other compensation
12\u00a0937
15\u00a0448
14\u00a0759
11\u00a0704
Payroll tax
9\u00a0217
8\u00a0692
-397
-424
Tax grant
-397
-424
11\u00a0502
10\u00a0898
Defined contribution pension
4\u00a0639
4\u00a0606
-18\u00a0680
-4\u00a0453
Capitalized development expenses (hourly costs)
-18\u00a0680
-4\u00a0453
152\u00a0990
161\u00a0440
Total
61\u00a0443
80\u00a0872
1\u00a0481
1\u00a0311
Weighted average number of full time employees
620
647
GROUP
PARENT
2023
2022
Employees as of December 31, are distributed as
follows:
2023
2022
631
612
Norway
631
612
318
322
Finland
\u2014
\u2014
113
115
Poland
\u2014
\u2014
47
49
India
\u2014
\u2014
72
57
USA
\u2014
\u2014
55
58
Taiwan
\u2014
\u2014
77
77
UK
\u2014
\u2014
55
41
Philippines
1
41
45
40
Sweden
\u2014
\u2014
28
28
China
\u2014
\u2014
12
15
Hong Kong
1
\u2014
3
4
South Korea
3
4
5
4
Germany
\u2014
\u2014
5
4
Japan
\u2014
\u2014
2
3
The Netherlands
2
3
16
0
Denmark
\u2014
\u2014
2
2
Australia
2
2
7
4
Singapore
\u2014
\u2014
1\u00a0493
1\u00a0435
Total
640
662
Note 8: Executive compensation
All figures in USD 1 000
Note 8.1: Management remuneration
Pursuant to the changes in the Public Limited Liability Companies Act, i.e., the addition of a new section 6-16 (b), and associated new regulations, Nordic will publish a separate
management remuneration report for presentation at the Annual General Meeting on 24 April 2024, containing detailed information on remuneration to Executive Management Team
(EMT) for the reporting year 2023. The remuneration report includes detailed information on EMTs remuneration complementing the numbers presented below. This includes an overview of
the operational, financial, environmental, social and governance targets that form basis for the short-term incentives.
EMT members\u2019 salaries and other benefits, including long term incentive plans are presented in the table below. Unless otherwise stated, Nordic did not have any loans to or guarantees
made on behalf of any of the EMT members in 2023 and 2022.
The remuneration paid or awarded to the CEO and other members of the EMT was aligned with Nordics\u2019s remuneration policy. The policy is available in its full at nordicsemi.com.
Total compensation* expensed during the year for the CEO and other executives:
2023
Salary
Bonus
Options &
PSU**
RSUs &
PSUs
Other Comp.
Pension
expenses
Total
Svenn-Tore Larsen, CEO**
1\u00a0707
\u2014
\u2014
-66
1
73
1\u00a0716
P\u00e5l Elstad, CFO/EVP Finance
250
\u2014
\u2014
104
3
39
397
Svein Egil Nielsen, CTO/EVP R&D and Strategy
283
\u2014
\u2014
117
5
46
450
Geir Langeland, EVP Sales & Marketing
266
\u2014
\u2014
128
4
42
440
Ole Fredrik Morken, EVP Supply Chain***
241
\u2014
\u2014
79
3
27
351
St\u00e5le Ytterdal, SVP IR & Strategic Sales
168
\u2014
\u2014
69
3
22
262
Kjetil Holstad, EVP Product Management
213
\u2014
\u2014
79
4
26
322
Katarina Finneng, EVP People & Communication
209
\u2014
\u2014
86
3
31
329
Linda Pettersson, SVP Legal & Compliance****
154
\u2014
\u2014
16
1
20
192
Ola Bostr\u00f6m, SVP Quality & Sustainability****
165
\u2014
\u2014
34
3
20
222
Total
3\u00a0656
\u2014
\u2014
646
31
349
4\u00a0681
2022
Salary
Bonus
Options &
PSU**
RSUs &
PSUs
Other Comp.
Pension
expenses
Total
Svenn-Tore Larsen, CEO
461
185
71
267
2
87
1\u00a0072
P\u00e5l Elstad, CFO/EVP Finance
273
98
34
124
4
42
575
Svein Egil Nielsen, CTO/EVP R&D and Strategy
308
112
41
140
4
52
657
Geir Langeland, EVP Sales & Marketing
290
118
36
150
4
50
648
Ebbe R\u00f8mcke, SVP Quality & Sustainability****
189
65
23
83
2
26
387
Ole Fredrik Morken, EVP Supply Chain***
303
74
29
98
3
31
538
Marianne Frydenlund, SVP Legal****
121
\u2014
19
\u2014
1
9
150
St\u00e5le Ytterdal, SVP IR & Strategic Sales
203
65
25
84
4
25
406
Kjetil Holstad, EVP Product Management
203
73
20
87
3
30
417
Katarina Finneng, EVP People & Communication
227
83
1
103
3
35
453
Linda Pettersson, SVP Legal & Compliance****
136
40
\u2014
4
2
17
198
Ola Bostr\u00f6m, SVP Quality & Sustainability****
160
44
\u2014
28
3
20
257
Total
2\u00a0873
958
299
1\u00a0168
35
425
5\u00a0758
*Management compensation is paid in NOK. Exchange rate for 2023: 10.56 and 2022: 9.62
**CEO, Svenn-Tore Larsen resigned after 2023, the salary cost also includes after pay. Upon resignation Svenn-Tore Larsen exited the here presented RSU/PSU agreements as part of the termination.
***Includes expat allowances
****Marianne Frydenlund and Ebbe R\u00f8mcke were no longer a part of the EMT by year end 2022. Linda Pettersson and Ola Bostr\u00f6m joined the EMT during 2022, in July and August respectively
The Group has granted EMT members the following RSUs and performance shares (PSUs):*
EMT member
2023
2022
Svenn-Tore Larsen, CEO
9 184 RSUs
9 184 PSUs
6 532 RSUs
6 532 PSUs
P\u00e5l Elstad, CFO/EVP Finance
4 520 RSUs
4 520 PSUs
3 193 RSUs
3 193 PSUs
Katarina Finneng, EVP People & Communication
3 769 RSUs
3 769 PSUs
2 662 RSUs
2 662 PSUs
Svein Egil Nielsen, CTO/EVP R&D and Strategy
5 110 RSUs
5 110 PSUs
3 609 RSUs
3 609 PSUs
Geir Langeland, EVP Sales & Marketing
4 783 RSUs
4 783 PSUs
3 379 RSUs
3 379 PSUs
Ebbe R\u00f8mcke, SVP Quality & Sustainability
\u2014
\u2014
2 111 RSUs
2 111 PSUs
Ole Fredrik Morken, EVP Supply Chain**
3 439 RSUs
3 439 PSUs
2 429 RSUs
2 429 PSUs
St\u00e5le Ytterdal, SVP IR & Strategic Sales
2 955 RSUs
2 955 PSUs
2 087 RSUs
2 087 PSUs
Kjetil Holstad, EVP Product Management
4 332 RSUs
4 332 PSUs
2 380 RSUs
2 380 PSUs
Ola Bost\u00f8m
2 946 RSUs
2 946 PSUs
Linda Petterson
2 823 RSUs
2 823 PSUs
*Overview of outstanding RSU and PSU for the respective EMT members are presented in the remuneration report
During 2023 the executives exercised the following RSU ans PSU:
Executives
Grant year
Number of
options
exercised
Share price
at time of
release
in NOK
Cash
payout in
USD 1000
Svenn-Tore Larsen, CEO
2020 RSU
10\u00a0621
113.17
114
2020 PSU
19\u00a0119
113.17
205
P\u00e5l Elstad, CFO/EVP Finance
2020 RSU
6\u00a0345
113.17
68
2020 PSU
11\u00a0422
113.17
122
Svein Egil Nielsen, CTO/EVP R&D and
Strategy
2020 RSU
7\u00a0172
113.17
77
2020 PSU
12\u00a0911
113.17
138
Geir Langeland, EVP Sales & Marketing
2020 RSU
6\u00a0621
113.17
71
2020 PSU
11\u00a0918
113.17
128
Katarina Finneng, EVP People &
Communication
2020 RSU
5\u00a0241
113.17
56
2020 PSU
9\u00a0434
113.17
101
Ole Fredrik Morken, EVP Supply Chain**
2020 RSU
5\u00a0241
113.17
56
2020 PSU
9\u00a0434
113.17
101
Ola Bostr\u00f8m, SVP Quality & Sustainability
2020 RSU
1\u00a0704
113.17
18
2020 PSU
\u2014
\u2014
\u2014
St\u00e5le Ytterdal, SVP IR & Strategic Sales
2020 RSU
4\u00a0414
113.17
47
2020 PSU
7\u00a0946
113.17
85
Kjetil Holstad, EVP Product Management
2020 RSU
4\u00a0276
113.17
46
2020 PSU
7\u00a0697
113.17
14
*The RSU for management vest after three years for management two years for employees
**Purchased shares, no cash payout from the company
Note 8.2: Board remuneration
Total compensation expensed for Board Members*
2023
2022
Birger Steen, Chair
126
165
Inger Berg \u00d8rstavik, Board Member
57
68
Endre Holen, Board Member
18
90
Snorre Kjesbu, Board member
38
\u2014
Jan Magnus Frykhammar, Board Member
41
80
\u00d8yvind Birkenes, Board Member
12
62
Annastiina Hintsa, Board Member
56
63
Anita Huun, Board Member
60
68
Jon Helge Nistad, Board Employee Representative (Board remuneration
only)
15
16
Susheel Nuguru, Board Employee Representative (Board remuneration
only)
\u2014
5
Morten Dammen, Board Employee Representative (Board remuneration
only)
15
16
Joel Stapleton, Board Employee Representative (Board remuneration only)
\u2014
5
Gro Fykse, Board Employee Representative (Board remuneration only)
15
10
Anja Dekens, Board Employee Representative (Board remuneration only)
15
10
Total
466
659
*Numbers noted in USD and converted from NOK using USD/NOK rate of 10.56 for 2022 and 9.62 for 2022
Note 9: Other operating expenses
All figures in USD 1 000
GROUP
PARENT
2023
2022
2023
2022
31\u00a0374
24\u00a0837
Service and maintenance
29\u00a0094
23\u00a0222
22\u00a0360
17\u00a0422
Other consultancy fees
15\u00a0470
12\u00a0318
3\u00a0140
2\u00a0301
Office expenses
1\u00a0349
1\u00a0088
1\u00a0748
1\u00a0956
Office equipment
1\u00a0201
1\u00a0246
11\u00a0746
11\u00a0401
Material and components
8\u00a0747
9\u00a0720
-70
-57
Tax grant
-70
-57
-3\u00a0293
-2\u00a0034
Capitalized development expenses
-3\u00a0293
-2\u00a0036
2\u00a0712
3\u00a0585
Travel and meeting expenses
1\u00a0262
1\u00a0799
11\u00a0974
10\u00a0274
Other operating expenses
10\u00a0751
8\u00a0448
\u2014
\u2014
Other operating expenses intercompany
110\u00a0402
110\u00a0581
81\u00a0691
69\u00a0685
Total other operating expenses
174\u00a0914
166\u00a0328
Auditor remuneration, excl. of VAT
Fees to the auditor are included in consultancy fees above.
GROUP
PARENT
2023
2022
2023
2022
159
109
Audit services
119
93
\u2014
14
Other attestation Services
\u2014
14
35
4
Tax advisory Services
26
\u2014
36
\u2014
Other Non Audit service
36
\u2014
230
128
Total revenues
181
107
Note 10: Net financial items
All figures in USD 1 000
GROUP
PARENT
2023
2022
2023
2022
9\u00a0670
5\u00a0230
Interest income
9\u00a0313
5\u00a0203
57
972
Other financial income
48
968
9\u00a0726
6\u00a0202
Financial income
9\u00a0361
6\u00a0171
1\u00a0550
621
Interest expenses on lease liabilities
1\u00a0229
478
756
\u2014
Bond interest expense
756
\u2014
1\u00a0384
646
Other financial expense
1\u00a0380
616
3\u00a0690
1\u00a0267
Financial expense
3\u00a0365
1\u00a0094
1\u00a0358
619
Foreign exchange gain(loss)
1\u00a0362
672
7\u00a0394
5\u00a0554
Net financial
7\u00a0358
5\u00a0749
Note 11: Tax
All figures in USD 1 000
11.1 Accounting policies
Income tax expenses consist of taxes due and changes to the net deferred tax assets or
liabilities.
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (\u201cOCI\u201d)
or directly in equity is recognized outside profit or loss.
The parent company pays its tax obligation in NOK and the fluctuations between the NOK
and the USD impact the financial items. The Group\u2019s legal entities that do not have their
tax base in USD are exposed to changes in the USD/tax base currency rates. Effects within
the current year are classified as tax\u00a0expense.
Grants received, including those for R&D, are often in the form of tax refunds and are
classified as operating grants. These operating grants are recognized in the financial
statements concurrently with the expenses they are intended to offset. Tax refunds are
typically accounted for as a reduction in payroll expenses, as detailed in Note 7.
However, in some jurisdictions, there are tax incentives that reduce taxable income or tax
rate. These are treated as income tax, and is recognized as a reduction in tax expense
rather than as government grants.
The accounting for such incentives is in accordance with the relevant tax laws and
accounting standards applicable in the respective country.
11.2 Tax
GROUP
PARENT
2023
2022
Tax consists of
2023
2022
6\u00a0339
43\u00a0723
Current tax expense
3\u00a0366
41\u00a0151
-1\u00a0892
1\u00a0094
Change in deferred tax
-1\u00a0251
1\u00a0312
4\u00a0447
44\u00a0817
Tax expense (income)
2\u00a0116
42\u00a0463
GROUP
PARENT
2023
2022
Reconciliation of nominal and actual tax expense
2023
2022
-12\u00a0096
-167\u00a0155
Profit before tax
13\u00a0841
-159\u00a0405
2\u00a0661
36\u00a0774
Computed tax at parent's nominal tax rate of 22%
-3\u00a0045
35\u00a0069
-702
-42
Differences due to different tax rates
\u2014
-42
1\u00a0256
-518
Non taxable income/non deductible expenses
360
-1\u00a0527
\u2014
-726
Credit for tax paid
\u2014
-98
-2\u00a0646
\u2014
Tax incentives
\u2014
\u2014
-1\u00a0082
265
Adjustment previous years
-392
\u2014
4\u00a0960
9\u00a0064
Currency translation differences
5\u00a0193
9\u00a0061
\u2014
\u2014
Other items
\u2014
\u2014
4\u00a0447
44\u00a0817
Total tax expense (income)
2\u00a0114
42\u00a0463
GROUP
Deferred taxes:
Balance sheet
Income
statement
Other. Comp.
income
31.12.2023
31.12.2022
2023
2022
2023
2022
Inventory
751
757
-17
600
\u2014
\u2014
Fixed Assets
4\u00a0188
3\u00a0267
-1\u00a0167
-1\u00a0178
\u2014
\u2014
Right-of-use assets
-10\u00a0394
-2\u00a0438
8\u00a0031
-458
\u2014
\u2014
Lease liabilities
10\u00a0606
2\u00a0616
-8\u00a0071
313
\u2014
\u2014
Social security tax (RSUs)
130
0
145
1\u00a0547
\u2014
\u2014
Pension obligation
89
95
3
-3
-8
13
Financial instruments
\u2014
\u2014
-57
\u2014
\u2014
\u2014
Accruals
202
341
120
212
\u2014
\u2014
Deferred tax benefit - gross
5\u00a0890
4\u00a0637
-1\u00a0985
1\u00a0033
-8
13
Gain and loss account
18
24
5
6
\u2014
\u2014
Net other tax-obligations
\u2014
\u2014
\u2014
73
\u2014
\u2014
Financial instrument
0
59
\u2014
-161
\u2014
\u2014
Deferred tax obligation - gross
18
83
5
-82
0
0
Currency effect of translation to USD
98
-21
Net deferred tax benefit (obligation)
5\u00a0872
4\u00a0554
Deferred tax expense (income)
-1\u00a0892
1\u00a0094
-8
13
The Group has not recognized net deferred tax benefit of USD 2.799m related to the
subsidiary in Poland and USD 135 related to the subsidiary in India.
PARENT
Deferred taxes:
Balance sheet
Income
statement
Other. Comp.
income
31.12.2023
31.12.2022
2023
2022
2023
2022
Inventory
751
757
-17
600
\u2014
\u2014
Fixed Assets
3\u00a0774
2\u00a0836
-1\u00a0026
-1\u00a0008
\u2014
\u2014
Leasing
209
173
-42
-140
\u2014
\u2014
Social security tax (RSUs)
130
0
145
1\u00a0547
\u2014
\u2014
Pension obligation
89
95
3
-3
-8
13
Financial instrument
\u2014
0
-57
0
\u2014
\u2014
Accruals
13
30
16
240
\u2014
\u2014
Deferred tax benefit - gross
4\u00a0967
3\u00a0891
-978
1\u00a0236
-8
13
Gain and loss account
18
24
5
6
\u2014
\u2014
Net other tax-obligations
\u2014
0
276
70
\u2014
\u2014
Financial instrument
0
59
0
-161
\u2014
\u2014
Deferred tax obligation - gross
18
83
281
-85
0
0
Currency effect of translation to USD
8
-9
Net deferred tax benefit (obligation)
4\u00a0948
3\u00a0808
Deferred tax expense (income)
-1\u00a0251
1\u00a0312
-8
13
GROUP
PARENT
2023
2022
Reconciliation of net deferred tax obligation
2023
2022
4\u00a0554
6\u00a0331
Opening balance as of 1.1
3\u00a0808
5\u00a0748
1\u00a0892
-1\u00a0083
Tax expense recognized in the P&L
1\u00a0251
-1\u00a0312
8
-13
Tax expense recognized in OCI
8
-13
-582
-681
Currency effect from translation to USD
-119
-615
5\u00a0872
4\u00a0554
Net deferred tax benefit (obligation) as of 31.12
4\u00a0948
3\u00a0808
GROUP
PARENT
2023
2022
Net deferred tax recognized in OCI as of 31.12
2023
2022
-8
13
Net gain on actuarial gains and losses
-8
13
-8
13
Total tax expense (income) in OCI
-8
13
Note 12: Goodwill and intangible assets
All figures in USD 1 000
12.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets are measured initially
at cost. Subsequently, the intangible assets are measured
at cost less accumulated amortization. The assets, with
finite useful life, are amortized on a straight-line basis over
the asset's estimated useful lives. The amortization period
and the amortization method for intangible assets are
reviewed at least at the end of each reporting period.
Changes in the expected useful life or the expected
pattern of consumption of future economic benefits
embodied in the asset are considered to modify the
amortization period or method, as appropriate, and are
treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.
12.2 Significant accounting judgments
and critical estimates
Goodwill
Nordic allocates and monitors Goodwill on an operating
segment level since the group comprises only one
operating segment. As a result, the assessment for
impairment of Goodwill is conducted for the group as a
whole. Nordic's approach involves evaluating fair value
rather than value in use. Upon examining the market value
of equity as of December 31 and comparing it to the book
value of equity, it becomes evident that Goodwill and net
operating-related assets could be sold for an amount
significantly higher than their book values.
Valuation
Value
Market value
2\u00a0387\u00a0881
Book value
602\u00a0077
Capitalization of development costs
Determining whether development costs shall be
capitalized involves the use of judgement by management.
The company has to demonstrate all of the following:
\u25a0The product or the process is clearly defined and the
cost elements can be identified and measured\u00a0reliably;
\u25a0The technical feasibility is demonstrated;
\u25a0The product or the process will be sold or used in
the\u00a0business;
\u25a0The asset will generate future economic benefits;
\u25a0Sufficient technical, financial and other resources for
project completion are in place
Key factors in management judgment is whether a product
design meet specific functional and economic
requirements. Factors to consider are development/
technical risk, existence of a market for the product and its
market share. The company evaluate theses criteria in
relation to each specific project. Projects related to new
product developments are generally more difficult to
substantiate than projects in which the company has more
experience. Before mass production, the company do
extensive testing on the products to evaluate their quality
and functionality and send prototype samples to
customers. The expected period of benefits is also
dependent on the future technological development in the
market.
12.3 Goodwill and intangible assets
GROUP
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
31\u00a0121
57\u00a0015
2\u00a0284
90\u00a0421
Additions
11\u00a0520
21\u00a0973
50
33\u00a0544
Additions from business combinations
2\u00a0090
\u2014
8\u00a0557
10\u00a0647
Disposals
\u2014
\u2014
\u2014
\u2014
Acquisition cost as of 31.12
44\u00a0731
78\u00a0986
10\u00a0891
134\u00a0612
Accumulated depreciation
Opening balance
19\u00a0466
30\u00a0408
\u2014
49\u00a0874
Amortization expenses
6\u00a0202
9\u00a0644
\u2014
15\u00a0846
Disposals
\u2014
\u2014
\u2014
\u2014
Accumulated amortization as of 31.12
25\u00a0668
40\u00a0051
0
65\u00a0719
Net carrying value as of 31.12
19\u00a0063
38\u00a0938
10\u00a0891
68\u00a0892
PARENT
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
28\u00a0839
57\u00a0015
249
86\u00a0103
Additions
11\u00a0378
21\u00a0973
\u2014
33\u00a0351
Disposals
\u2014
\u2014
Acquisition cost as of 31.12
40\u00a0218
78\u00a0988
249
119\u00a0454
Accumulated depreciation
Opening balance
18\u00a0114
30\u00a0408
\u2014
48\u00a0522
Amortization expenses
5\u00a0094
9\u00a0644
\u2014
14\u00a0738
Disposals
\u2014
\u2014
\u2014
\u2014
Accumulated amortization as of 31.12
23\u00a0208
40\u00a0051
\u2014
63\u00a0259
Net carrying value as of 31.12
17\u00a0011
38\u00a0938
249
56\u00a0197
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Depreciation method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
91\u00a0689
Personnel expenses
34\u00a0641
45\u00a0476
Other operating expenses
36\u00a0386
137\u00a0165
Total cost recognized in income statement
71\u00a0027
159\u00a0138
Total cost for R&D (incl. capitalized development cost)
93\u00a0000
GROUP
2022
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
50\u00a0896
80\u00a0019
2\u00a0386
133\u00a0302
Additions
2\u00a0909
6\u00a0489
-102
9\u00a0296
Acquisition cost as of 31.12
31\u00a0121
57\u00a0015
2\u00a0284
90\u00a0424
Accumulated depreciation
Opening balance
35\u00a0132
48\u00a0477
\u2014
83\u00a0609
Amortization expenses
7\u00a0068
11\u00a0423
\u2014
18\u00a0492
Accumulated amortization as of 31.12
19\u00a0466
30\u00a0408
\u2014
49\u00a0874
Net carrying value as of 31.12
11\u00a0655
26\u00a0608
2\u00a0284
40\u00a0547
PARENT
2022
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
49\u00a0387
80\u00a0017
249
129\u00a0654
Additions
2\u00a0135
6\u00a0489
\u2014
8\u00a0624
Acquisition cost as of 31.12
28\u00a0839
57\u00a0015
249
86\u00a0103
Accumulated depreciation
Opening balance
34\u00a0155
48\u00a0476
\u2014
82\u00a0631
Amortization expenses
6\u00a0642
11\u00a0423
\u2014
18\u00a0065
Accumulated amortization as of 31.12
18\u00a0114
30\u00a0408
\u2014
48\u00a0522
Net carrying value as of 31.12
10\u00a0726
26\u00a0608
249
37\u00a0583
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Amortization method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
98\u00a0672
Personnel expenses
40\u00a0232
38\u00a0488
Other operating expenses
29\u00a0209
137\u00a0160
Total cost recognized in income statement
69\u00a0441
143\u00a0649
Total cost for R&D (incl. capitalized development cost)
75\u00a0930
Impairment of intangible assets
There have been no indications of possible impairment related to intangible assets during the current reporting period.
Change in estimate with respect to useful life
The useful life of the intangible assets have been reviewed during the year. Management has evaluated the current useful life estimates as appropriate.
Note 13: Fixed assets
All figures in USD 1 000
13.1 Accounting policies
Property, plant and equipment are measured at cost less accumulated depreciation and
impairment losses, if any. The assets are depreciated on a straight-line basis over its
estimated useful lives.
Expenditures classified as repair and maintenance costs are expensed when incurred.
Expenditures that increase the value of the fixed asset are capitalized and depreciated
over the remaining useful life of the fixed asset.
The assets\u2019 residual value and useful life are reviewed annually.
At the end of each reporting period, the Group assess whether there is any indication that
an fixed assets may be impaired. The recoverable amount of the fixed assets are normally
estimated on a stand-alone basis.
13.2 Fixed assets
GROUP
2023
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
39\u00a0843
44\u00a0673
6\u00a0138
333
90\u00a0987
Additions
6\u00a0823
5\u00a0017
707
\u2014
12\u00a0546
Additions from business combinations
21
14
15
\u2014
51
Acquisition cost as of 31.12
46\u00a0687
49\u00a0703
6\u00a0858
333
103\u00a0580
Opening balance
24\u00a0845
26\u00a0138
2\u00a0448
\u2014
53\u00a0431
Depreciation expenses
8\u00a0110
11\u00a0097
1\u00a0187
\u2014
20\u00a0389
Currency translation differences
481
158
22
\u2014
660
Accumulated depreciation as of 31.12
33\u00a0436
37\u00a0393
3\u00a0656
\u2014
74\u00a0480
Net carrying value as of 31.12
13\u00a0251
12\u00a0309
3\u00a0202
333
29\u00a0095
PARENT
2023
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
18\u00a0262
40\u00a0555
2\u00a0977
333
62\u00a0126
Additions
2\u00a0915
4\u00a0538
861
\u2014
8\u00a0313
Disposals
\u2014
-12
-259
\u2014
-271
Acquisition cost as of 31.12
21\u00a0177
45\u00a0080
3\u00a0578
333
70\u00a0167
Opening balance
12\u00a0212
23\u00a0127
1\u00a0517
\u2014
36\u00a0856
Depreciation expenses
3\u00a0512
10\u00a0751
571
\u2014
14\u00a0835
Disposals
\u2014
-5
-14
\u2014
-19
Accumulated depreciation as of 31.12
15\u00a0724
33\u00a0873
2\u00a0074
\u2014
51\u00a0672
Net carrying value as of 31.12
5\u00a0453
11\u00a0208
1\u00a0504
333
18\u00a0498
GROUP
2022
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
37\u00a0980
66\u00a0006
6\u00a0716
333
111\u00a0035
Additions
8\u00a0027
11\u00a0492
1\u00a0374
\u2014
20\u00a0892
Disposals
-6\u00a0163
-32\u00a0826
-1\u00a0950
\u2014
-40\u00a0939
Acquisition cost as of 31.12
39\u00a0843
44\u00a0673
6\u00a0138
333
90\u00a0989
Opening balance
25\u00a0192
47\u00a0999
3\u00a0958
\u2014
77\u00a0149
Depreciation expenses
7\u00a0485
10\u00a0781
990
\u2014
19\u00a0256
Disposals
-6\u00a0163
-32\u00a0825
-2\u00a0032
\u2014
-41\u00a0020
Accumulated depreciation as of 31.12
26\u00a0514
25\u00a0955
2\u00a0916
\u2014
55\u00a0384
Net carrying value as of 31.12
13\u00a0329
18\u00a0716
3\u00a0222
333
35\u00a0603
PARENT
2022
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
25\u00a0482
61\u00a0891
5\u00a0469
333
93\u00a0174
Additions
2\u00a0818
11\u00a0315
771
\u2014
14\u00a0903
Disposals
-10\u00a0038
-32\u00a0650
-3\u00a0262
\u2014
-45\u00a0950
Acquisition cost as of 31.12
18\u00a0262
40\u00a0555
2\u00a0977
333
62\u00a0126
Opening balance
15\u00a0563
45\u00a0382
3\u00a0404
\u2014
64\u00a0349
Depreciation expenses
4\u00a0402
10\u00a0334
577
\u2014
15\u00a0313
Disposals
-7\u00a0753
-32\u00a0589
-2\u00a0465
\u2014
-42\u00a0807
Accumulated depreciation as of 31.12
12\u00a0212
23\u00a0127
1\u00a0517
0
36\u00a0855
Net carrying value as of 31.12
6\u00a0050
17\u00a0429
1\u00a0460
333
25\u00a0271
GROUP AND PARENT
Estimated useful life
3 - 5 years
3 - 4 years
5 years
Depreciation method
Straight-line
Straight-line
Straight-line
No depreciation
Total depreciation expenses consist of depreciation of fixed assets and depreciation of
intangible assets (Note 12: Goodwill and intangible assets).
Non-depreciable property assets:
The parent company has an apartment in Trondheim for use by employees in the Oslo
office while in Trondheim. The apartment is assessed at acquisition cost. The residual value
is expected to be at least equal to the carrying amount.
Scrapped capital assets
All capital assets that are ready to be scrapped have been fully depreciated and have no
residual book value.
Impairment
There have been no indications of possible impairment related to fixed assets during the
current reporting period.
Change in estimate with respect to useful life
The useful life of the fixed assets have been reviewed during the year. Management has
evaluated the current useful life estimates as appropriate.
Note 14: Leases
All figures in USD 1 000.
14.1 Accounting policies
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use (RoU) assets representing the right to use the
underlying\u00a0assets.
Right-of-use assets
The Group recognizes RoU assets at the commencement date of the lease (i.e., the date
the underlying asset is available for use). RoU assets are measured at cost, less any
accumulated depreciation and impairment losses. The cost of RoU assets includes the
amount of lease liabilities recognized, initial direct costs incurred, and lease payments
made at or before the commencement date less any lease incentives received. RoU assets
are depreciated on a straight-line basis over the lease term.
At the end of each reporting period, the Group assess whether there is any indication that
an RoU asset may be impaired.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate (IBR) at the lease commencement date because the interest rate implicit in
the lease is not readily determinable. The Group estimates the IBR using observable inputs
(such as market interest rates) when available and is required to make certain entity
specific estimates (such as subsidiary's stand-alone credit rating).
After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a
change in an index or rate used to determine such lease payments) or a change in the
assessment of an option to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e.,
those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option) and low-value assets. The low value election is
made on a lease-by-lease basis, and it refers to underlying assets with a value in order of
USD 5 000 or less. Lease payments on short-term leases and leases of low value assets are
recognized as expense on a straight- line basis over the lease.
14.2 Leases
The Group is a lessee and has entered into agreements to lease office space, office
equipment, machinery and vehicles
The Group's office leases range between 1 to 14 years. Equipment and machinery leases
range between 1 to 5 years. Vehicles are leased for less than 3 years.
There are no leases with variable lease payments, other than lease payments linked to a
consumer price index.
Extension and termination options are included in a number of property and equipment
leases across the Group. These are used to maximize operational flexibility in terms of
managing the assets used in the Group\u2019s operations. The majority of extension and
termination options held are exercisable only by the Group and not by the respective
lessor. In calculating lease liability, the option to extend the lease term of the lease have
not been included. The Group could replace the lease assets without significant cost or
business disruption.
The Group also has certain leases with lease terms of 12 months or less and leases with
low value. The Group applies the \"short-term lease\" and \"lease of low-value assets\"
recognition exemptions for these leases.
In 2023, Nordic Semiconductor ASA signed an office rental agreement in Oslo with an
commencement date of 1 June 2023 and an office rental agreement in Trondheim with a
commencement date of 1 November 2023. Nordic Semiconductor ASA also agreed to
extend lease terms for 10 years on existing lease agreement in Trondheim.
In 2023, Nordic Semiconductor UK Limited signed an office rental agreement in Bristol with
an expected commencement date of 12 February 2024. There has been a delay in the
office move due to circumstances beyond the company's control.
Below is the contractual cash flow of leases with commencement date after balance sheet
date:
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Office space
\u2014
4\u00a0995
782
3\u00a0618
596
Office equipment
\u2014
431
86
344
\u2014
Short-term leases
\u2014
2
2
\u2014
\u2014
Total
\u2014
5\u00a0428
870
3\u00a0962
596
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Office space
\u2014
\u2014
\u2014
\u2014
\u2014
Office equipment
\u2014
431
86
344
\u2014
Short-term leases
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
431
86
344
\u2014
Minimum lease payments payable on leases are presented in note 26.
Amounts recognized in the balance sheet:
The balance sheet shows the following amounts relating to leases:
GROUP
PARENT
31.12.2023
31.12.2022
Right of use assets
31.12.2023
31.12.2022
54\u00a0670
21\u00a0416
Office space
45\u00a0527
12\u00a0076
54\u00a0670
21\u00a0416
Total
45\u00a0527
12\u00a0076
GROUP
PARENT
31.12.2023
31.12.2022
Lease liabilities
31.12.2023
31.12.2022
9\u00a0897
6\u00a0280
Current
5\u00a0963
2\u00a0813
47\u00a0864
14\u00a0861
Non-Current
42\u00a0127
8\u00a0711
57\u00a0762
21\u00a0141
Total
48\u00a0090
11\u00a0524
GROUP
PARENT
2023
2022
2023
2022
28\u00a0826
8\u00a0843
Additions to right-of-use assets
25\u00a0761
1\u00a0011
12\u00a0468
109
Adjustments to right-of-use assets
11\u00a0827
266
\u2014
\u2014
Disposals to the right-of-use assets
\u2014
-534
The statement of profit or loss shows the following amounts relating to leases:
GROUP
PARENT
2023
2022
Depreciation of right-of-use assets
2023
2022
8\u00a0094
5\u00a0974
Office space
4\u00a0138
3\u00a0427
\u2014
162
Office equipment and machinery
\u2014
162
8\u00a0094
6\u00a0135
Total depreciation
4\u00a0138
3\u00a0588
1\u00a0597
621
Interest expense
1\u00a0229
478
405
513
Expenses relating to short-term leases
138
235
735
644
Expenses relating to leases of low-value assets
293
303
10\u00a0831
7\u00a0914
Total amount recognized in profit and loss
5\u00a0798
4\u00a0603
9\u00a0567
7\u00a0766
The total cash outflow for leases
4\u00a0842
4\u00a0311
Below are the carrying amounts of lease liabilities and movements during the period:
GROUP
Cash flow information for lease liabilities
PARENT
21\u00a0141
Net liabilities as at 1 January 2023
11\u00a0524
-8\u00a0426
Lease payments
-4\u00a0410
41\u00a0294
Acquisitions and adjustments
37\u00a0588
\u2014
Disposals
\u2014
1\u00a0597
Interest
1\u00a0229
2\u00a0156
Foreign exchange adjustments
2\u00a0159
57\u00a0762
Net liabilities as at 31 December 2023
48\u00a0090
Note 15: Investments in subsidiaries and joint ventures
All figures in USD 1 000
Note 15.1: Subsidiaries
The following subsidiaries have been included in the financial statements:
Subsidiaries consolidated in
Established
Year
Location
Share
Ownership
Voting
Rights
Nordic Semiconductor Inc
2006
USA
100%
100%
Nordic Semiconductor Poland S.P z o.o
2013
Poland
100%
100%
Nordic Semiconductor Finland OY
2014
Finland
100%
100%
Nordic Semiconductor KK
2017
Japan
100%
100%
Nordic Semiconductor Germany GmbH
2018
Germany
100%
100%
Nordic Semiconductor Norway AS
2020
Norway
100%
100%
Nordic Semiconductor UK Limited
2020
UK
100%
100%
Nordic Semiconductor India Pvt. Ltd
2020
India
100%
100%
Nordic Semiconductor Sweden AB
2020
Sweden
100%
100%
Nordic Semiconductor Hong Kong Limited
2021
Hong Kong
100%
100%
Nordic Semiconductor (Shenzhen) Limited
2021
China
100%
100%
Nordic Semiconductor Singapore Pte Ltd
2022
Singapore
100%
100%
Nordic Semiconductor Denmark ApS
2022
Denmark
100%
100%
Nordic Semiconductor Philippines, Inc.
2022
Philippines
100%
100%
Subsidiaries as of 31 December 2023
Ownership
Share of
votes
Net profit
2023
Equity 31.
Dec 2023
Nordic Semiconductor Inc, USA
100%
100%
1\u00a0630
5\u00a0181
Nordic Semiconductor Poland S.P z o.o
100%
100%
5\u00a0047
8\u00a0623
Nordic Semiconductor Finland OY
100%
100%
4\u00a0439
22\u00a0584
Nordic Semiconductor KK
100%
100%
30
134
Nordic Semiconductor Germany GmbH
100%
100%
30
150
Nordic Semiconductor Norway AS
100%
100%
207
7\u00a0666
Nordic Semiconductor UK Limited
100%
100%
1\u00a0503
3\u00a0792
Nordic Semiconductor India Pvt. Ltd
100%
100%
432
1\u00a0965
Nordic Semiconductor Sweden AB
100%
100%
504
1\u00a0287
Nordic Semiconductor Hong Kong Limited
100%
100%
86
250
Nordic Semiconductor (Shenzhen) Limited
100%
100%
282
531
Nordic Semiconductor Singapore Pte Ltd
100%
100%
11\u00a0611
11\u00a0847
Nordic Semiconductor Denmark ApS
100%
100%
248
251
Nordic Semiconductor Philippines, Inc.
100%
100%
62
81
\u25a0All intellectual property (IP) is owned by Nordic Semiconductor ASA, which is the
ultimate parent company of the Group. All intercompany transactions are conducted in
accordance with the Group's transfer pricing policy.
\u25a0Nordic Semiconductor Inc is a market development, product promotion, and support
company, but since 2016 has run a small R&D department as well.
\u25a0Nordic Semiconductor Poland Sp. z.o.o. is an extension of the software development
team in the parent company.
\u25a0Nordic Semiconductor Finland OY is a development company working with mainly long
range technology. The R&D team in Finland works closely alongside the rest of the R&D
teams in the Group.
\u25a0Nordic Semiconductor KK is a market development, product promotion, and support
company,
\u25a0Nordic Semiconductor Germany GmbH is a market development, product promotion,
and support company,
\u25a0Nordic Semiconductor Norway AS is the parent company of Nordic Semiconductor UK
Limited, Nordic Semiconductor India Pvt. Ltd, Nordic Semiconductor Sweden AB, Nordic
Semiconductor Hong Kong Limited and Nordic Semiconductor (Shenzhen) Limited.
\u25a0Nordic Semiconductor UK limited is a development company working with Wi-Fi and
PMIC technology. The R&D team in the UK works closely alongside the rest of the R&D
teams in the Group.
\u25a0Nordic Semiconductor India Pvt. Ltd is a development company working with Wi-Fi
technology. The R&D team in India works closely alongside the rest of the R&D teams
in the Group.
\u25a0Nordic Semiconductor Sweden AB is a development company working mainly with Wi-
Fi technology. The R&D team in Sweden works closely alongside the rest of the R&D
teams in the Group.
\u25a0Nordic Semiconductor Hong Kong Limited is a market development, product
promotion, and support\u00a0company.
\u25a0Nordic Semiconductor (Shenzhen) Limited is a market development, product promotion,
and support company.
\u25a0Nordic Semiconductor Singapore Pte Ltd is Nordic's regional head office in the APAC
region, distributing the Group's products.
\u25a0Nordic Semiconductor Denmark ApS is a development company working across
technologies. The R&D team in the Denmark works closely alongside the rest of the
R&D teams in the Group.
\u25a0Nordic Semiconductor Philippines, Inc. is a development, supply chain and support
company. The R&D team in the Philippines is working across all technologies, and
works closely alongside the rest of the R&D teams in the Group.
Note 15.2: Joint ventures
Nordic Semiconductor ASA has a 20 % ownership in Quintauris GmbH. The investment is
accounted for in accordance with the equity method. The carrying value of joint ventures
are USD 6m at December 31, 2023
Note 17: Accounts receivable
All figures in USD 1 000
17.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 26 for further information.
17.2 Accounts receivable
GROUP
PARENT
2023
2022
2023
2022
133\u00a0316
175\u00a0120
Gross receivables
983
175\u00a0120
\u2014
\u2014
Provision for doubtful accounts
\u2014
\u2014
133\u00a0316
175\u00a0120
Accounts receivable, net
983
175\u00a0120
Note 18: Intercompany
All figures in USD 1 000
PARENT
2023
2022
Loans to group companies
6\u00a0145
\u2014
Receivables group companies
105\u00a0406
10\u00a0486
Total receivable
111\u00a0551
10\u00a0486
Accounts payable, group companies
55\u00a0148
31\u00a0994
Total payables
55\u00a0148
31\u00a0994
PARENT
2023
2022
Sale of goods
521\u00a0464
\u2014
Service fee for management services
\u2014
1\u00a0029
Total revenue
521\u00a0464
1\u00a0029
Cost of goods sold
268\u00a0237
\u2014
Total cost of goods sold
268\u00a0237
\u2014
Service fee for R&D and product promotion
110\u00a0402
110\u00a0581
Total other operating expenses
110\u00a0402
110\u00a0581
Interest income from loans to group companies
371
\u2014
Total financial income
371
\u2014
Note 19: Cash and cash equivalents
All figures in USD 1 000
19.1 Accounting policies
Cash and cash equivalents include cash at bank, short- term deposits with an original
maturity of three months or less and money market fund. Money market funds and short-
term time deposits are defined as cash equivalents because they are highly liquid and not
subject to material fluctuations in value. In 2023, the Group derecognized the short-term
bank deposits.
19.2 Cash and cash equivalents
GROUP
PARENT
2023
2022
Cash and cash equivalents as of the balance
sheet date were as follows:
2023
2022
189\u00a0853
277\u00a0700
Cash at bank
166\u00a0449
277\u00a0690
2\u00a0372
2\u00a0479
Restricted cash (withholding tax account)
2\u00a0372
2\u00a0479
\u2014
50\u00a0467
Short-term bank deposits
\u2014
50\u00a0467
98\u00a0731
48\u00a0458
Money market funds
98\u00a0731
48\u00a0458
290\u00a0957
379\u00a0104
Cash and cash equivalents in statement of
financial position
267\u00a0553
379\u00a0096
\u25a0Cash at banks earns interest at floating rates based on daily bank deposit rates.
\u25a0Nordic Semiconductor ASA presents total bank deposits in the international cash pool,
while Nordic Semiconductor OY presents its share of the international cash pool as a
receivable from the company. Nordic Semiconductor ASA and Nordic Semiconductor
OY participate in the cash pool, which is operated by Danske Bank.
\u25a0Restricted deposits are held by Nordic Semiconductor ASA. They are subject to
regulatory restrictions and are therefore not available for general use by the entities
within the Group.
\u25a0Interest on bank deposits is set to floating rates based
on daily bank deposit rates.
For information on credit and liquidity risk, see Note 26: Financial risk management.
Note 20: Share capital and shareholder information
20.1 Accounting policies
When treasury shares are purchased, the purchase price, including directly attributable costs are recognized as changes in equity. Treasury shares are presented as a reduction of equity.
Gains or losses on transactions in treasury shares are not recognized in the income\u00a0statement.
20.2 Share capital and shareholder information
Share capital
The share capital in Nordic Semiconductor as of December 31, 2023 consists of one share class with a total of 192,781,600 shares with a face value of NOK 0.01, with a total share capital of
NOK 1,927,816. Each share grants the same rights in the company, and in the event of any increase in capital, existing shareholders have preemptive rights for any new shares. During the
year the following changes have been made in the number of shares, share capital and share\u00a0premium:
GROUP
Number of shares
Share capital
(USD 1000)
Treasury shares
(USD 1000)
Share premium
(USD 1000)
2023
2022
2023
2022
2023
2022
2023
2022
Holdings as of 1.1
192\u00a0781\u00a0600
192\u00a0781\u00a0600
317
317
-2
-3
235\u00a0448
235\u00a0448
Change during the year
\u2014
\u2014
\u2014
\u2014
1
1
\u2014
\u2014
Holdings as of 31.12
192\u00a0781\u00a0600
192\u00a0781\u00a0600
317
317
-1
-2
235\u00a0448
235\u00a0448
Dividend
No dividend was paid during 2023.
Treasury shares
The company owned 382,102 treasury shares on December 31, 2023. On January 1, 2023, the company owned 1,206,513 treasury shares. Based on a resolution of the annual general
meeting of April 20, 2023, the Board has authority to purchase the company\u2019s own shares with a limit of a face value of NOK 192,000 through one or more transactions. This authority is
limited to 9.96% of the company\u2019s share capital, and the price per share that the company may pay for shares shall not be lower than the face value and not higher than NOK 350. This
authority applies until the company\u2019s annual general meeting in 2024, and by June 30, 2024 the latest. On February 5, 2024, the board authorized the Company to commence a share
repurchase program based on the aforementioned resolution of the annual general meeting. The purpose of the program is to have available shares to settle the company's obligations
under the Employee long-term equity linked incentive programs.
Long-term incentive plan
With reference to the annual general meeting, on April 20, 2023, Nordic Semiconductor approved a Restricted Stock Unit (RSU) program for all employees, and a combination of RSUs and
Performance Shares for Executive Management. See note 19 for further\u00a0information.
Shareholder overview
The largest shareholders in Nordic Semiconductor ASA were as follows as of December 31, 2023 based on data provided by an investor relations advisory service provider*, and is obtained
through an analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Nordic VPS share register.
Shareholder
Shares
Percentage
DNB Asset Management AS
19\u00a0780\u00a0570
10.3%
Accelerator Limited
17\u00a0472\u00a0950
9.1%
Capital Research and Management Company
16\u00a0965\u00a0562
8.8%
Folketrygdfondet
15\u00a0286\u00a0953
7.9%
Hardman Johnston Global Advisors LLC
7\u00a0275\u00a0215
3.8%
The Vanguard Group, Inc.
6\u00a0926\u00a0324
3.6%
Danske Bank Investment Management
5\u00a0144\u00a0263
2.7%
Invesco Advisers, Inc.
5\u00a0090\u00a0355
2.6%
BlackRock Fund Advisors
4\u00a0621\u00a0010
2.4%
RBC Global Asset Management (UK) Limited
3\u00a0982\u00a0945
2.1%
Eika Kapitalforvaltning AS
3\u00a0626\u00a0198
1.9%
Alfred Berg Kapitalforvaltning AS
3\u00a0442\u00a0656
1.8%
Skandia Fonder AB
3\u00a0134\u00a0377
1.6%
Swedbank Robur Fonder AB
2\u00a0980\u00a0000
1.5%
Robeco Institutional Asset Management B.V.
2\u00a0903\u00a0864
1.5%
KLP Kapitalforvaltning AS
2\u00a0369\u00a0838
1.2%
E. \u00d6hman J :or Fonder AB
2\u00a0001\u00a0406
1.0%
Svenn Tore Larsen
1\u00a0947\u00a0142
1.0%
Alden AS
1\u00a0850\u00a0000
1.0%
TTC Invest AS
1\u00a0772\u00a0000
0.9%
Total for the 20 largest shareholders
128\u00a0573\u00a0628
66.7%
Other shareholders
64\u00a0207\u00a0972
33.3%
Total shares outstanding
192\u00a0781\u00a0600
100.0%
*Every reasonable effort has been made to verify the data, however neither Nordic nor the investor relations advisory service provider can guarantee the accuracy of the analysis.
Shares held by the Board of Directors and Executive Management were as follows as of December 31, 2023:
Board of Directors
Shares
Executive Management
Shares
Birger Steen
208\u00a0745
Svenn-Tore Larsen
1\u00a0947\u00a0142
Anita Huun
13\u00a0919
Geir Langeland
219\u00a0653
Inger Berg \u00d8rstavik
5\u00a0919
Ole Fredrik Morken
205\u00a0345
Annastiina Hintsa
4\u00a0919
St\u00e5le Ytterdal
141\u00a0632
Snorre Kjesbu
661
Ola Bostr\u00f8m
3\u00a0511
Jon Helge Nistad
749
P\u00e5l Elstad
49\u00a0417
Anja Dekens
433
Svein-Egil Nielsen
42\u00a0285
Morten Dammen
1\u00a0953
Kjetil Holstad
16\u00a0401
Linda Pettersson
0
Katarina Finneng
4\u00a0337
Total
237\u00a0298
Total
2\u00a0629\u00a0723
Note 21: Shares outstanding
Basis for calculation of basic earnings per share
2023
2022
Earnings for the year (USD \u2018000)
7\u00a0650
122\u00a0339
Weighted average number of outstanding shares (\u2018000)
192\u00a0085
191\u00a0365
Earnings per share (USD)
0.04
0.64
Basis for calculation of fully diluted earnings per share
Earnings for the year (USD \u2018000)
7\u00a0650
122\u00a0339
Weighted average number of outstanding shares (\u2018000)
193\u00a0350
192\u00a0739
Earnings per share (USD)
0.04
0.63
The number of shares was as follows:
Date
Shares issued
Shares outstanding
01.01.2023
Opening balance
192\u00a0781\u00a0600
191\u00a0575\u00a0087
31.12.2023
Closing balance
192\u00a0781\u00a0600
192\u00a0399\u00a0498
Options and Restricted Stock Units (\"RSUs\" granted to employees are considered to be
potential ordinary shares. They have been included in the determination of diluted earnings
per share. The options and RSUs have not been included in the determination of basic
earning per share. Details relating to the options are set out in note 23.
Note 22: Pensions
Defined benefit plan
The total pension liability from defined benefit plans was USD 660,895 for the Group. This
amount consists of liabilities in Norway, the Philippines, Poland and India.
The Norwegian company in the Group is required to have mandatory employment pension
for employees in Norway, according to the Mandatory Employment Pension Act. The
defined benefit plan was closed for new members effective January 1, 2008 and from this
point a new defined contribution plan was established.
Nordic has set up a pension plan for the the Philippines office as of January 2014. The
retirement plan is unfunded and of the defined benefit type which provides a retirement
benefit calculated based on number of years of credited service. At the end of 2023 the
pension liability was USD\u00a0210,944.
In Finland, earnings-related pensions are financed with insurance contributions paid by
employers and employee. In Poland, the employers and employee contribute to a social
security plan including pensions and disability insurance. In addition, the company offers a
employee capital plan (PPK) financed jointly by the employee, the employer and the
government.
In India, the company provides for gratuity, a defined benefit plan (the \u201cGratuity Plan\u201d)
covering eligible employees in accordance with the Payment of Gratuity Act, 1972. The
amount of gratuity payable on retirement/termination is the employees last drawn basic
salary per month computed proportionately for 15 days salary multiplied for the number of
years of service.
Defined contribution pension plan
All employees in Norway have a defined contribution pension plan from January 1, 2016.
The main benefit is a contribution of 7% of salary up to 7.1 basis points (G) and 18% of
salary between 7.1 and 12 basis points. In addition to this, the company offers a disability
pension of approximately 66% of salary including estimated social security based on 40
years of full employment. In 2023, the cost of the defined contribution pension was USD
380,865, and the plan had 708 members.
The Indian company has a defined contribution plan namely provident fund. Contributions
are made to provident fund at the rate of 12% of eligible salary as per regulations. The
contributions are made to registered provident fund administered by the Government. The
obligation of the Company is limited to the amount contributed and it has no further
contractual nor any constructive obligation.
In Poland, each employees who get retired are entitled to retirement and pension
severance pay from employer. This is regulated by the Polish Labor Code.
Note 23: Long-term incentive plans
23.1 Accounting policies
Share based compensation
The Group grants restricted stock units and other awards over its ordinary shares to all
employees. The cost of equity-settled transactions is determined by the fair value at the
date when the grant is made using an appropriate valuation model, further details of
which are given in note 23.2.
That cost is recognized in employee benefits expense, together with a corresponding
increase in equity (other paid in capital), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting period).
Social security tax is accrued over the vesting period based on the actual value of the stock
unit.
23.2 Long-term incentive plans
On April 29, 2020, Nordic Semiconductor granted 754,224 Restricted Stock Units (RSUs) and
Performance shares to 775 employees. A share price of NOK 58.4 was used as basis for the
calculation of RSUs and Performance Shares, which was the weighted average share price
the five trading days after the Annual General Meeting. The RSUs vest after two and three
years. The performance shares are issued conditional upon the achievement of a certain
set of objectives. The performance shares vest and will be delivered at par value upon the
completion of the performance period, which is three\u00a0years.
On April 28, 2021, Nordic Semiconductor granted 452,353 Restricted Stock Units (RSUs) and
Performance shares to 1,087 employees. A share price of NOK 182.2 was used as basis for
the calculation of RSUs and Performance Shares, which was the weighted average share
price the five trading days after the Annual General Meeting. The RSUs vest after two and
three years. The performance shares are issued conditional upon the achievement of a
certain set of objectives. The performance shares vest and will be delivered at par value
upon the completion of the performance period, which is three\u00a0years.
On April 28, 2022, Nordic Semiconductor granted 486,677 Restricted Stock Units (RSUs) and
Performance shares to 1,288 employees. A share price of NOK 183.8 was used as basis for
the calculation of RSUs and Performance Shares, which was the weighted average share
price the five trading days after the Annual General Meeting. The RSUs vest after two and
three years. The performance shares are issued conditional upon the achievement of a
certain set of objectives. The performance shares vest and will be delivered at par value
upon the completion of the performance period, which is three\u00a0years.
With reference to the Annual general meeting held on April 20, 2023, Nordic
Semiconductor, on July 12, 2023, granted 1,002,323 RSUs and performance shares to
employees, including management. The shares vest over two and three years. The Annual
General Meeting of Nordic Semiconductor ASA approved the issue of RSUs and
Performance Shares of an aggregate nominal value of up to 1% of the company\u2019s
outstanding share capital.
A summary of share options transactions during 2023 and 2022
below:
2023
2022
Outstanding options 1.1
\u2014
545\u00a0203
Granted
\u2014
\u2014
Forfeited
\u2014
705
Exercised
\u2014
544\u00a0498
Expired
\u2014
\u2014
Outstanding options 31.12
\u2014
\u2014
Of which exercisable
\u2014
\u2014
A summary of RSUs transactions during 2023 and 2022 below:
2023
2022
Outstanding RSUs 1.1
1\u00a0002\u00a0504
1\u00a0058\u00a0947
Granted
958\u00a0462
486\u00a0677
Forfeited
146\u00a0600
50\u00a0340
Released
409\u00a0801
492\u00a0780
Outstanding RSUs 31.12
1\u00a0404\u00a0565
1\u00a0002\u00a0504
A summary of performance shares during 2023 and 2022 below:
2023
2022
Outstanding performance shares 1.1
109\u00a0632
142\u00a0990
Granted
43\u00a0861
30\u00a0376
Forfeited
21\u00a0929
7\u00a0921
Performance adjusted
43\u00a0371
55\u00a0813
Released
97\u00a0578
111\u00a0626
Outstanding performance shares 31.12
77\u00a0357
109\u00a0632
The fair value of the options, RSUs and performance shares are set on the grant date and
expensed over the vesting period. USD 6,548 thousand was expensed during 2023 and
USD 7,797 thousand in 2022. The strike price of the RSUs and PSUs are nil and the shares
are delivered free of payment.
The fair value per RSU and performance share without market condition granted in 2023
was NOK 140.25. The fair value of the performance shares with Relative Total Shareholder
Return performance condition granted in 2023 was NOK 223.3539. The valuation is based
on a Monte Carlo simulation model with the following assumptions:
Share price on the grant date
The closing share price of the company and peer group companies (SOX Index) were NOK
140.25 and USD 3,721.47, respectively.
Risk-free interest rate
The risk-free interest rate is set equal to the relevant interest rate on government bonds on
the date of grant in 2023 i.e. 4.05 % in Norway.
Volatility
It is assumed that historic volatility is an indication of future volatility. The expected volatility
is therefore stipulated to be the same as the historic volatility, which equaled 50.72% on the
date of grant in 2023 for the company and 34.95% for the SOX\u00a0Index.
Expected lifetime
Performance shares vest on the July 12, 2026. Performance end date is December 31, 2025,
so as of vesting date the quantity to vest is known.
Correlation coefficients
Correlation coefficient quantifies the degree to which the companies\u2019 share prices jointly
react to the news flow. The historic correlation coefficients has been calculated by using
daily share price logarithmic returns of peer group. companies in local\u00a0currency.
Note 24: Current liabilities
All figures in USD 1 000
GROUP
PARENT
2023
2022
2023
2022
12\u00a0201
34\u00a0229
Accounts payable
15\u00a0403
32\u00a0335
\u2014
\u2014
Accounts payable from subsidiaries
55\u00a0148
31\u00a0994
5\u00a0640
43\u00a0758
Taxes payable
3\u00a0939
42\u00a0837
1\u00a0390
14\u00a0542
Employee benefit obligations
319
7\u00a0333
6\u00a0334
6\u00a0455
Social security tax and payroll tax
4\u00a0579
4\u00a0745
11\u00a0113
10\u00a0129
Holiday pay
6\u00a0405
5\u00a0991
30\u00a0010
30\u00a0694
Ship and debit
\u2014
30\u00a0694
25\u00a0294
23\u00a0382
End-customer rebate
\u2014
23\u00a0382
4\u00a0398
\u2014
Restructuring costs
2\u00a0811
\u2014
9\u00a0897
6\u00a0280
Current lease liabilities
5\u00a0963
2\u00a0813
741
\u2014
Accrued interest bond
741
\u2014
5\u00a0514
7\u00a0547
Accrued expenses
3\u00a0325
5\u00a0450
1\u00a0620
145
Other current liabilities
147
74
114\u00a0151
177\u00a0160
Total current liabilities
98\u00a0778
187\u00a0648
Restructuring cost, including termination benefit cost
In October 2023, Nordic communicated a detailed restructuring plan including downsizing
to secure long-term health of the company in a challenging economic environment. The
process was finalized in December 2023.
The provision for restructuring cost at the balance sheet date include incremental costs that
are directly associated with the restructuring, such as the cost of outplacement and
termination benefits.
The cost of outplacement is recognized as the best estimate of the expenditure required to
settle the present obligation at the balance sheet date. Nordic measure termination
benefits on initial recognition (at undiscounted amount), and measure and recognize
subsequent changes, in accordance with the nature of the employee benefit.
The termination benefit is a result of employee's decision to accept an offer of benefits in
exchange for the termination of employment. The termination benefits includes a lump sum
payment, enhancement of post\u2011employment benefits (such as pensions and insurance
plans) and salary till end of the notice period.
The benefit is settled during the specified notice period (within 12 months after balance
sheet date).
Note 25: Financial instruments
All figures in USD 1 000.
25.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund and currency swap at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process
25.2 Financial instruments
Capital structure
Nordic Semiconductor's strategy relating to its capital structure is to maintain sufficient cash
and cash equivalents to meet the Group\u2019s requirements for ongoing operations and for
new investments. Management believes that it is especially important to retain a strong
credit rating and significant liquidity as the Group competes in a global market against
larger companies.
Nordic Semiconductor manages its capital structure and makes revisions in light of changes
in the overall economy and its operating assumptions. In order to maintain or amend the
capital structure, Nordic may purchase its own shares on the market, pay dividends to
shareholders, pay back capital to shareholders or issue new shares.
Nordic Semiconductor targets to have an equity ratio above 50% at all times, measured as
total equity divided by total assets.
GROUP
PARENT
2023
2022
2023
2022
602\u00a0077
583\u00a0544
Total equity
554\u00a0883
561\u00a0074
862\u00a0245
776\u00a0241
Total assets
793\u00a0682
757\u00a0864
70%
75%
Equity share
70%
74%
Financial assets
The Group holds the following financial assets at amortized cost:
GROUP
PARENT
2023
2022
Amortized cost
2023
2022
133\u00a0316
175\u00a0120
Accounts receivable
984
175\u00a0120
4\u00a0389
5\u00a0562
Other current receivables
113\u00a0795
12\u00a0989
192\u00a0225
280\u00a0178
Cash at bank
168\u00a0822
270\u00a0783
\u2014
50\u00a0467
Short-term bank deposits
\u2014
50\u00a0467
329\u00a0930
511\u00a0328
Total financial assets at amortized
cost
283\u00a0601
509\u00a0359
GROUP
PARENT
2023
2022
Fair value through profit or loss
2023
2022
98\u00a0731
48\u00a0458
Money market fund
98\u00a0731
48\u00a0458
\u2014
267
Currency swap
\u2014
267
98\u00a0731
48\u00a0725
Total financial assets at fair value
through profit or loss
98\u00a0731
48\u00a0725
In Q1 2023, the Group terminated the currency swap and sold its position in money market
fund that was acquired in 2022. In Q4 2023, The Group allocated the proceeds from the
bond issuance into a money market fund.
Changes in financial assets at fair value through profit or loss:
GROUP
PARENT
2023
2022
2023
2022
48\u00a0725
53\u00a0259
As at 1 January
48\u00a0725
53\u00a0259
-44\u00a0205
\u2014
Disposal of financial instruments
-44\u00a0205
\u2014
93\u00a0064
\u2014
Acquisition of financial instruments
93\u00a0064
\u2014
426
1\u00a0073
Changes in fair value
426
1\u00a0073
721
-5\u00a0607
Currency translation differences
721
-5\u00a0607
98\u00a0731
48\u00a0725
As at 31 December
98\u00a0731
48\u00a0725
Financial liabilities
The Group holds the following financial liabilities:
GROUP
PARENT
2023
2022
Amortized cost
2023
2022
97\u00a0491
\u2014
Bond
97\u00a0491
\u2014
12\u00a0201
34\u00a0229
Accounts payable
15\u00a0403
32\u00a0335
741
\u2014
Current financial liabilities
741
\u2014
79\u00a0345
86\u00a0439
Other current liabilities
68\u00a0153
104\u00a0918
47\u00a0864
14\u00a0861
Non-current lease liabilities
42\u00a0127
8\u00a0711
9\u00a0897
6\u00a0280
Current lease liabilities
5\u00a0963
2\u00a0813
247\u00a0539
141\u00a0809
Total financial liabilities at amortized cost
229\u00a0878
148\u00a0777
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facilities (\"RCF\"), which enables it to borrow up to
USD 200m any time with an interest rate equal to SOFR + margin. The line of credit expires
in June 2025. As of December 31, 2023, Nordic has not drawn on any of the credit lines. The
security is provided by inventory, receivables and operating equipment with book values as
follows; inventories USD 163m, accounts receivable USD 133m and operating equipment
USD 29m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 41.4m for the office in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group has terminated the investments in term deposit, money market fund and
currency swap acquired in 2022. In 2023, The Group has invested USD 93m into a money
market fund using the following method and assumptions:
\u25a0Money market fund is classified as cash equivalents due to its high liquidity and
insignificant risk of change in value. The asset is measured at quoted market price in an
active market at the balance sheet date. See note 19 for information on cash and
cash\u00a0equivalents.
Note 26: Financial risk management
All figures in USD 1 000.
The Group's finance department is responsible for carrying out the policies and guidelines
for financial risk management approved by the Board.
The Group is mainly exposed to counterparty credit risk, liquidity risk, and market risk
(including interest rate risk and foreign currency risk).
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial
instrument or customer contract, leading to a financial loss. The Group is exposed to credit
risk from its operating activities (primarily accounts receivables and prepayments) and from
its financing activities, including foreign exchange transactions, cash and cash equivalents
with banks and other financial institutions and other financial\u00a0instruments.
The Group is exposed to credit risk related to a prepayment of USD 100m. There are no
indications that the wafer manufacturer will not be able to fulfil their part of the
agreement, and no expected credit loss is reflected in the financial statement.
The Group\u2019s sale of components takes place through its distribution partners within defined
geographic regions, where Asia is the dominant region. The Group depends on a relatively
small number of customers. Customer credit risk is managed by each region subject to the
Group\u2019s established policy, procedures and control relating to customer credit risk
management. Credit quality of a customer is assessed based on an extensive credit
evaluation and individual credit limits are defined in accordance with this assessment.
Outstanding accounts receivables are regularly monitored and assurance from distributors
that end customer sales is secured through letter of credits\u00a0is\u00a0obtained.
Age distribution of customer receivables was:
GROUP
PARENT
2023
2022
Gross total
2023
2022
93\u00a0606
143\u00a0750
Not due
630
143\u00a0750
37\u00a0107
30\u00a0241
Past due 0-30 days
10
30\u00a0241
2\u00a0332
846
Past due 31-120 days
73
846
271
283
Over 120 days
271
283
133\u00a0316
175\u00a0120
Total
983
175\u00a0120
The Group make an allowance for expected credit losses on customer receivables based
on internal, historical credit loss data and past due receivables, adjusted for forward-
looking factors specific to the debtors and the economic\u00a0environment.
The Group has a limited number of customers, regular contact and long-term relationships
with most of its customer base. Some of the customers are dependent on Nordic
Semiconductor to stay in business. Historically there has not been any significant credit
losses. 71 percent of trade receivables were within terms at the balance sheet date. On that
basis, expected credit loss for trade receivables are limited and allowances for doubtful
accounts at 31 December 2023 was 0m.
The maximum exposure to credit risk on the balance sheet date was:
GROUP
PARENT
2023
2022
2023
2022
133\u00a0316
175\u00a0120
Accounts receivable
983
175\u00a0120
21\u00a0874
17\u00a0539
Other current receivables
128\u00a0785
21\u00a0884
290\u00a0957
379\u00a0104
Cash and cash equivalents
267\u00a0553
369\u00a0709
\u2014
50\u00a0467
Short-term bank deposits
\u2014
50\u00a0467
446\u00a0147
622\u00a0230
Total
397\u00a0321
617\u00a0180
The credit risk in table above is diversified over a range of distributors, vendors, and\u00a0banks.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting financial
obligations when due and to close out market positions.
Overall, cash flows are being monitored at both Group and entity level. The Group seeks
to minimize risk when investing its cash balances and. Investments can only be made in
securities which have been approved by the Board.
As of 31 December 2023, cash and cash equivalents amounted to USD 291.0m (USD
379.1m), see note 19 for details. The total balance includes money market fund at fair value
USD 98.7m.
The Group has no externally imposed capital requirements or agreements, and has no
contracts or legal requirements which are not being upheld. The Group has the following
due dates with regard to contracts for financial liabilities as of December 31,\u00a02023:
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond
97\u00a0491
98\u00a0305
\u2014
98\u00a0305
\u2014
Current financial liabilities*
741
34\u00a0435
7\u00a0480
26\u00a0955
\u2014
Accounts payable
12\u00a0201
12\u00a0201
12\u00a0201
\u2014
\u2014
Other current liabilities
92\u00a0053
92\u00a0053
92\u00a0053
\u2014
\u2014
Lease liabilities**
57\u00a0762
77\u00a0422
10\u00a0318
30\u00a0059
37\u00a0045
Total
260\u00a0247
314\u00a0416
122\u00a0052
155\u00a0319
37\u00a0045
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond
97\u00a0491
98\u00a0305
\u2014
98\u00a0305
\u2014
Current financial liabilities*
741
34\u00a0435
7\u00a0480
26\u00a0955
\u2014
Accounts payable
15\u00a0403
15\u00a0403
15\u00a0403
\u2014
\u2014
Accounts payable
subsidiaries
55\u00a0148
55\u00a0148
55\u00a0148
\u2014
\u2014
Other current liabilities
22\u00a0258
22\u00a0258
22\u00a0258
\u2014
\u2014
Lease liabilities**
48\u00a0090
66\u00a0530
6\u00a0029
23\u00a0764
36\u00a0736
Total
239\u00a0130
292\u00a0078
106\u00a0317
149\u00a0025
36\u00a0736
*Current financial liabilities is interest on bond. The contractual cash flow is calculated using forward yield
curve. Estimated interest payments are based on the contractual cash flow of the bond at 31 December 2023.
**Lease liabilities is mainly office facility rent in Trondheim, lease ending 31 December 2037 and in Oslo,
leasing ending 31 December 2032
Interest rate risk
The Group\u2019s liquidity requirements and risk assessment determine its investment strategy
and interest rate exposure.
The Group\u2019s policy is to maintain a short-term investment horizon for its surplus cash. The
investment portfolio should not have an average duration longer than six (6)\u00a0months.
The Group has a sustainability linked revolving credit facility, which enables it to borrow up
to USD 200 million with an interest rate equal to SOFR + margin. The line of credit expires
in June 2025, with option to extend. The security for the credit line is provided by inventory,
receivables and operating equipment.
The Group has issued a 5-year senior unsecured bond with initial issue amount of NOK
1,000m. The interest rate is 3 months Nibor + 3 %.
Interest rate sensitivity analysis
The interest rate sensitivity analysis is showing the effects of changes in market interest rate
on borrowing interest costs. The analysis is based on the following assumptions:
\u25a0Revolving credit facility - The profit before tax is not impacted by changes in market
interest rate as the credit facility as of December 31, 2023 is not utilized.
\u25a0Bond - The profit before tax is impacted by changes in market interest rate. The table
below demonstrates the sensitivity to a possible change in interest rates. With all other
variables held constant, the Group\u2019s profit before tax is affected through the impact on
floating rate borrowings, as follows:
2023
2022
Interest rate (3 months NIBOR)
Effect on profit before tax
Effect on profit before tax
+50 basis points
-48
\u2014
-50 basis points
48
\u2014
Foreign currency risk
The Group is subject to foreign currency risk as it operates internationally with
development and commercial activities.
Foreign exchange risk arises from future commercial transactions and recognized assets
and liabilities denominated in a currency that is not the functional currency of the relevant
group entity.
The primary functional currency for the Group is USD. The vast majority of the Group's
revenues and cost of goods sold are denominated in USD. However, approximately 40% of
the Group\u2019s operating expenses (excluding depreciation and amortization) are
denominated in NOK and 20% are denominated in EUR. The Group does not use hedging
instruments to minimize its exposure to foreign currency risk from operating activities
affecting profit and loss.
Below is a sensitivity analysis of changes in the NOK exchange rate on Group balance
sheet items, and their impact on profit and loss:
Profit before tax
NOK exchange rate +/- 10%
+/- 4 537
Issued bond and money market fund is nominated in NOK The impact on profit and loss due to changes in
the NOK exchange rate on these financial instruments is about 0.
The tables below show the exposure in sales to foreign currency risk in the most significant currencies:
GROUP
2023
2022
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
542\u00a0830
542\u00a0830
100.0%
776\u00a0712
776\u00a0712
100.0%
EUR
11
11
\u2014%
6
6
\u2014%
Other
282
28
\u2014%
130
16
\u2014%
Total
542\u00a0869
100.0%
776\u00a0734
100.0%
PARENT
2023
2022
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
507\u00a0986
507\u00a0986
100.0%
777\u00a0106
777\u00a0106
99.9%
EUR
11
11
\u2014%
356
369
\u2014%
Other
282
28
\u2014%
4\u00a0532
287
\u2014%
Total
508\u00a0026
100.0%
777\u00a0764
100.0%
The tables below show the exposure at the end of reporting period in the most
significant\u00a0currencies:
All amounts stated in USD 1000.
GROUP
2023
2022
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
133\u00a0313
12\u00a0102
175\u00a0120
30\u00a0640
EUR
\u2014
599
\u2014
1\u00a0955
NOK
3
2\u00a0842
\u2014
1\u00a0106
Other
\u2014
-14\u00a0802
\u2014
528
Total
133\u00a0316
741
175\u00a0120
34\u00a0229
PARENT
2023
2022
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
981
12\u00a0092
175\u00a0120
30\u00a0640
EUR
\u2014
297
\u2014
499
NOK
3
2\u00a0842
\u2014
1\u00a0106
Other
\u2014
-14\u00a0490
\u2014
90
Total
983
741
175\u00a0120
32\u00a0335
Determination of fair value
As of December 31, 2023 the Group had no other financial assets or financial liabilities than
the bond where there is considered to be a difference between book value and fair due to
bond discounts/premiums. The bond is classified as Level 1 in the fair value hierarchy, as it
is a listed financial liability with observable prices.
Below is an overview of Nordic\u2019s financial instruments with difference between book
value and fair value:
GROUP
2023
2022
Book value
Fair market
value
Book value
Fair market
value
Financial liabilities
Bond
97\u00a0491
99\u00a0178
\u2014
\u2014
PARENT
2023
2022
Book value
Fair market
value
Book value
Fair market
value
Financial liabilities
Bond
97\u00a0491
99\u00a0178
\u2014
\u2014
Book value is a reasonable estimate of fair value in cases where these numbers
are\u00a0identical.
Note 28: Events after the balance sheet date
No events have occurred since December 31, 2023 with any significant effect that will
impact the evaluation of the submitted accounts.
Note 29: Related party transactions
Nordic Semiconductor ASA, the ultimate parent company of the Group, is listed on Oslo
Stock Exchange. The Group has no material transactions with related parties.
The ultimate parent company has transactions with its wholly-owned subsidiaries, see Note
18: Intercompany for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-203": { "value": "
Note 1: General information
Nordic Semiconductor ASA is a public limited company
whose ordinary shares are listed on the Oslo Stock
Exchange with ticker code NOD. The company is domiciled
in Norway, and the registered head office is at Otto
Nielsens veg 12, 7052 Trondheim.
Nordic Semiconductor is a Norwegian fabless
semiconductor company specializing in wireless
communication technology that powers the Internet of
Things (IoT). Nordic was established in 1983 and has more
than 1400 employees across the globe. The Group\u2019s
award-winning Bluetooth Low Energy solutions pioneered
ultra-low power wireless, making it the global market
leader. Nordic\u2019s technology range was later supplemented
by ANT+, Thread and Zigbee. In 2018, Nordic launched its
low power, compact LTE-M/NB-IoT cellular IoT solutions to
extend the penetration of IoT. The Nordic portfolio was
further complemented by Wi-Fi technology in 2021.
Nordic Semiconductor has only one reportable operating
segment, and this corresponds with the internal reporting
structure and management activities to monitor
profitability. The revenue is broken down into product
markets and geographical areas in which its distributors
are located, see Note 5: Revenues.
The financial accounts were audited and approved for
publication by the Board of Directors on March 19, 2024,
and will be presented for approval at the Annual General
Meeting on April 24th, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-205": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-206": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-207": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-208": { "value": "Otto Nielsens veg 12, 7052 Trondheim", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-209": { "value": "Otto Nielsens veg 12, 7052 Trondheim", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-210": { "value": "Nordic Semiconductor is a Norwegian fabless semiconductor company specializing in wireless communication technology that powers the Internet of Things (IoT). Nordic was established in 1983 and has more than 1400 employees across the globe. The Group\u2019s award-winning Bluetooth Low Energy solutions pioneered ultra-low power wireless, making it the global market leader. Nordic\u2019s technology range was later supplemented by ANT+, Thread and Zigbee. In 2018, Nordic launched its low power, compact LTE-M/NB-IoT cellular IoT solutions to extend the penetration of IoT. The Nordic portfolio was further complemented by Wi-Fi technology in 2021.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-211": { "value": "global", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-212": { "value": "
Nordic Semiconductor has only one reportable operating
segment, and this corresponds with the internal reporting
structure and management activities to monitor
profitability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-213": { "value": "
Note 2: Basis for preparation
2.1 Compliance with IFRS
The financial accounts for the Group have been prepared
in accordance with IFRS\u00ae Accounting Standards as
adopted by EU and Norwegian authorities, and are
effective as of December 31, 2023.
2.2 Accounting standards adopted in
2023
In 2023, there are few revisions by the International
Accounting Standards Board to the financial reporting
requirements in accounting policies. The Group has
adopted the following amendments:
Amendments to IAS 1 and IFRS Practice Statement
2\u00a0Disclosure of Accounting Policies
The amendments clarifies how to apply the concept of
materiality in deciding which accounting policies to disclose
in the financial statement. The amendments are effective
for annual periods beginning on or after 1\u00a0January 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-214": { "value": "
2.1 Compliance with IFRS
The financial accounts for the Group have been prepared
in accordance with IFRS\u00ae Accounting Standards as
adopted by EU and Norwegian authorities, and are
effective as of December 31, 2023.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-215": { "value": "
2.3 Basis for consolidation
The consolidated financial statements incorporate the
results, cash flows, and assets and liabilities of the parent
company Nordic Semiconductor ASA and its wholly owned
subsidiaries.
A subsidiary is an entity that is controlled, either directly or
indirectly, by the parent company. Control exists when the
parent company 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 to direct
the relevant activities of the investee. Generally, such
power exists where the parent company holds a majority
of the voting rights of an investee.
Subsidiaries are consolidated from the date control is
obtained until the date that control ceases. All subsidiaries
are wholly owned by the parent company and there are
no non-controlling interests. Intercompany transactions,
balances, and unrealized gains on transactions between
group companies are eliminated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-216": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-217": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-218": { "value": "
A subsidiary is an entity that is controlled, either directly or
indirectly, by the parent company. Control exists when the
parent company 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 to direct
the relevant activities of the investee. Generally, such
power exists where the parent company holds a majority
of the voting rights of an investee.
Subsidiaries are consolidated from the date control is
obtained until the date that control ceases. All subsidiaries
are wholly owned by the parent company and there are
no non-controlling interests. Intercompany transactions,
balances, and unrealized gains on transactions between
group companies are eliminated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-220": { "value": "
2.4 Foreign currency translation
Each entity within the Group has a functional currency,
which is normally the currency in which the entity primarily
generates and expends cash.
At entity level, a foreign currency is a currency other than
the entity\u2019s functional currency. Transactions in the profit
and loss statement denominated in foreign currencies are
recorded in the entity\u2019s functional currency at the
exchange rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign
currencies are translated at the exchange rate prevailing
at the balance sheet date. Currency translation differences
arising at entity level are recognized in profit or loss.
The consolidated financial statements are presented in US
dollars (USD), which is the functional currency of the
parent company. On consolidation, assets and liabilities of
foreign operations are translated into USD (the
presentation currency) according to the exchange rates
prevailing on the balance sheet date. Profit or loss items
are translated according to monthly average exchange
rates. Changes in net assets resulting from exchange rate
movements are recognized in other comprehensive income
and taken to the currency translation reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-219": { "value": "
2.4 Foreign currency translation
Each entity within the Group has a functional currency,
which is normally the currency in which the entity primarily
generates and expends cash.
At entity level, a foreign currency is a currency other than
the entity\u2019s functional currency. Transactions in the profit
and loss statement denominated in foreign currencies are
recorded in the entity\u2019s functional currency at the
exchange rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign
currencies are translated at the exchange rate prevailing
at the balance sheet date. Currency translation differences
arising at entity level are recognized in profit or loss.
The consolidated financial statements are presented in US
dollars (USD), which is the functional currency of the
parent company. On consolidation, assets and liabilities of
foreign operations are translated into USD (the
presentation currency) according to the exchange rates
prevailing on the balance sheet date. Profit or loss items
are translated according to monthly average exchange
rates. Changes in net assets resulting from exchange rate
movements are recognized in other comprehensive income
and taken to the currency translation reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-221": { "value": "
Note 3: Significant accounting judgments and critical
estimates
The preparation of financial statements requires that
management uses
\u25a0judgements, apart from those involving estimations, in
the process of applying accounting policies that have
the most significant effect on the amounts reported in
the financial statements and its disclosures, and
\u25a0estimates, including information about the key
assumptions concerning the future - and other key
sources of estimation uncertainty at the balance sheet
date - that have significant risk of causing a material
adjustment to the carrying amounts of assets and
liabilities within the next financial year.
The most important areas where judgements and
estimates have an impact are listed below. Detailed
information of these judgements and estimates are
disclosed in the relevant notes.
\u25a0Calculation of 'Ship and Debit' rebate (see Note 5:
Revenues)
\u25a0Fair value assessment used in testing for impairment of
goodwill (see Note 12: Goodwill and intangible assets)
\u25a0Capitalization of development costs (see Note 12:
Goodwill and intangible assets)
Management bases its judgments and estimates on
historical experience and other factors, including
expectations on future events, deemed to be reasonable
and sensible given the specific circumstances. Estimates
are reassessed whether needed based on changes in the
underlying assumptions. Changes in accounting estimates
are recognized in the period in which such changes occur.
If such changes also apply to future periods, the effect is
distributed between current and future periods.
5.2 Significant accounting judgments
and critical estimates
Nordic Semiconductor predominantly sells to electronic
distributors under a distribution agreement. The distributors
will hold a given level of Nordic Semiconductor's inventory
that is subsequently shipped to an end customer. Nordic
Semiconductor uses a \u201csell in\u201d model in connection with
revenue recognition to distribution customers. Under a \u201csell
in\u201d model, management needs to make judgements and
estimates the amount that can affect the reported
amounts of revenues and expenses. The main judgments
are described\u00a0as\u00a0follows:
\u201cShip and debit\u201d
At the balance sheet date, the Group has to estimate ship
and debit on distributors inventory levels using the
expected value method. The Group estimate the refund
based on a average of historical discount to each
distributor and the expected sales mix to end-customers.
The ship and debit is recognized as reduction in revenue
and increase in refund liability. See note 5.5.
12.2 Significant accounting judgments
and critical estimates
Goodwill
Nordic allocates and monitors Goodwill on an operating
segment level since the group comprises only one
operating segment. As a result, the assessment for
impairment of Goodwill is conducted for the group as a
whole. Nordic's approach involves evaluating fair value
rather than value in use. Upon examining the market value
of equity as of December 31 and comparing it to the book
value of equity, it becomes evident that Goodwill and net
operating-related assets could be sold for an amount
significantly higher than their book values.
Valuation
Value
Market value
2\u00a0387\u00a0881
Book value
602\u00a0077
Capitalization of development costs
Determining whether development costs shall be
capitalized involves the use of judgement by management.
The company has to demonstrate all of the following:
\u25a0The product or the process is clearly defined and the
cost elements can be identified and measured\u00a0reliably;
\u25a0The technical feasibility is demonstrated;
\u25a0The product or the process will be sold or used in
the\u00a0business;
\u25a0The asset will generate future economic benefits;
\u25a0Sufficient technical, financial and other resources for
project completion are in place
Key factors in management judgment is whether a product
design meet specific functional and economic
requirements. Factors to consider are development/
technical risk, existence of a market for the product and its
market share. The company evaluate theses criteria in
relation to each specific project. Projects related to new
product developments are generally more difficult to
substantiate than projects in which the company has more
experience. Before mass production, the company do
extensive testing on the products to evaluate their quality
and functionality and send prototype samples to
customers. The expected period of benefits is also
dependent on the future technological development in the
market.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-223": { "value": "
Note 5: Revenues
All figures in USD 1 000
5.1 Accounting policies
The Group is in the business of developing and selling
integrated circuits. Revenue from customers is mainly
generated from sale of products. Services delivered
consists of consulting services. The Group and the
customer do not receive financing from the sales, and
therefore there are no significant financing components to
be accounted for separately from the revenue transaction.
The normal credit term is 30-90 days upon delivery. In
other words, the contract does not require the customer to
pay in advance or require the customer to pay a
significant amount after delivery.
Sale of products
Sales of products are mostly made to distributors
(customers). Revenue from product sales is recognized
when control of the goods is transferred to the customer
The time of delivery is considered to be when the goods
are transferred to the transport carrier. Upon delivery, the
Group has the right of payment for the asset, the customer
has legal title to the asset, physical possession has been
transferred to the customer, and the customer has full
ownership of the asset.
Revenue recognized on the sale of products is measured
at the fair value of the consideration received or
receivable, excluding sales taxes and after making
allowance for variable considerations such as ship and
debit, product returns and end-customer rebates.
The parent company sells a large share of its products to a
related party for resale to the end customers (the
distributors). The transaction price and terms between the
related parties are established on an arm's length basis,
ensuring that the pricing is consistent with what would be
expected in transactions with unrelated parties. In
accordance with IFRS 15, revenue is recognized when
control of the goods is ultimately transferred to the end
customers (the distributors), which occurs when the title to
the goods passes to them.
'Ship and debit'
The Group sells products to certain distributors on \u201cship
and debit\u201d terms. Ship and debit is an arrangement
between the Group and distributor where the distributor
may be entitled to a refund if the distributor sells the
products to end customer at lower prices than those
quoted on the distributor price list. The distributor claims
(debits) the Group for the price difference on sold products
on a monthly basis.
Stock rotation rights
Some distributors are entitled to limited rights of return,
referred to as stock rotation rights. The Group tracks the
distributor's inventory and can initiate a stock rotation
earlier if a certain product is selling better with
another\u00a0distributor.
Stock rotation provisions are made if necessary, based on
most likely amount method. The most likely amount is the
single most likely amount in a range of possible
consideration amounts. As the products have similar
margin, there are most likely no significant losses for the
Group when stock rotations are initiated. The Group does
not make provisions or adjustments to revenue for stock
rotation unless we expect the goods returned to
be\u00a0obsolete.
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 5.5.
Assets and liabilities arising from rights of return
Right of return asset
The Group has no right to return inventories back
from\u00a0customers.
Refund liabilities
A refund liability is the obligation to refund some or all of
the consideration received (or receivable) from the
customer and is measured at the amount the Group
ultimately expects it will have to return to the customer.
The Group updates its estimates of refund liabilities (and
the corresponding change in the transaction price) at the
end of each reporting\u00a0period.
5.2 Significant accounting judgments
and critical estimates
Nordic Semiconductor predominantly sells to electronic
distributors under a distribution agreement. The distributors
will hold a given level of Nordic Semiconductor's inventory
that is subsequently shipped to an end customer. Nordic
Semiconductor uses a \u201csell in\u201d model in connection with
revenue recognition to distribution customers. Under a \u201csell
in\u201d model, management needs to make judgements and
estimates the amount that can affect the reported
amounts of revenues and expenses. The main judgments
are described\u00a0as\u00a0follows:
\u201cShip and debit\u201d
At the balance sheet date, the Group has to estimate ship
and debit on distributors inventory levels using the
expected value method. The Group estimate the refund
based on a average of historical discount to each
distributor and the expected sales mix to end-customers.
The ship and debit is recognized as reduction in revenue
and increase in refund liability. See note 5.5.
5.3 Disaggregated revenue information
Revenue classified by end product applications:
The Group focuses on the sale of standard components for wireless communication. These
wireless components are broken into the following end product areas: Consumer, Industrial,
Healthcare and Others. In 2023, wireless components accounted for 99.1% of sales versus
99.4% in 2022. In addition to standard components, the Group sells customer-specific ASIC
components (Application Specific Integrated Circuits) and related Consulting Services.
Most of Nordic\u2019s WiFi and PMIC customers are still in the development phase or in early
commercial phase. When WiFi and PMIC revenue materialize, Nordic will report the
revenue in the relevant end product\u00a0areas.
GROUP
PARENT
2023
2022
Revenue
2023
2022
302\u00a0486
483\u00a0799
Consumer
283\u00a0076
483\u00a0799
117\u00a0203
191\u00a0543
Industrial
109\u00a0682
191\u00a0543
103\u00a0325
67\u00a0623
Healthcare
96\u00a0695
67\u00a0623
15\u00a0153
29\u00a0163
Others
14\u00a0181
29\u00a0163
538\u00a0168
772\u00a0128
Wireless components
503\u00a0634
772\u00a0128
4\u00a0701
4\u00a0607
ASIC components
4\u00a0399
4\u00a0607
\u2014
\u2014
Management fee
-9
1\u00a0029
542\u00a0869
776\u00a0734
Total revenue from contracts with customers
508\u00a0026
777\u00a0763
Revenue classified by customers\u2019 location:
The Group also classifies its revenues on a geographical basis according to its customers\u2019
location.
GROUP
PARENT
2023
2022
2023
2022
59\u00a0933
97\u00a0868
Europe
56\u00a0086
98\u00a0679
120\u00a0571
107\u00a0966
Americas
112\u00a0833
108\u00a0123
362\u00a0365
570\u00a0899
Asia/Pacific
339\u00a0107
570\u00a0961
542\u00a0869
776\u00a0734
Total revenue from contracts with customers
508\u00a0026
777\u00a0763
The Group sells its components to distributors, which then sell components onward to
electronics manufacturers which build end products and sell them to customers across the
world. Two distributors were above 10% of revenue in 2023, with 37% and 18% of total
revenue respectively, one located in Asia and the other in the Americas. In comparison, two
distributors were above 10% of revenue in 2022, with 34% and 12% of total revenue
respectively, both distributors are in Asia.
Revenue from contracts with customers classified by timing of revenue recognition:
GROUP
PARENT
2023
2022
2023
2022
542\u00a0869
776\u00a0734
Goods transferred at a point in time
508\u00a0035
776\u00a0734
0
0
Services transferred over time
-9
1\u00a0029
542\u00a0869
776\u00a0734
Total revenue from contracts with customers
508\u00a0026
777\u00a0763
5.4 Contract balances
Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.
See note 25 for further details.
GROUP
PARENT
2023
2022
2023
2022
133\u00a0316
175\u00a0120
Trade receivables
983
175\u00a0120
5.5 Refund liabilities
GROUP
PARENT
2023
2022
2023
2022
30\u00a0010
30\u00a0694
Refund liability \u2013 from ship & debit
\u2014
30\u00a0694
25\u00a0294
23\u00a0382
Refund liability \u2013 from end-customer rebates
\u2014
23\u00a0382
5.6 Performance obligations
A performance obligation refers to a commitment to deliver a distinct good or service to a
customer. The performance obligations for the sale of components are normally satisfied
upon the time of delivery. Payment is generally due 30 to 90 days within delivery. For the
consulting services, the performance obligation is satisfied over-time and the customer is
generally invoiced at month-end for the work performed.
The Group has decided to use the 'right-to-invoice' practical expedient. This means that the
Group sidestep the need to determine the transaction price and allocate it to unsatisfied or
partially unsatisfied performance obligations. All performance obligations are expected to
be fully satisfied and recognized as revenue within\u00a0one\u00a0year.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-222": { "value": "
Note 5: Revenues
All figures in USD 1 000
5.1 Accounting policies
The Group is in the business of developing and selling
integrated circuits. Revenue from customers is mainly
generated from sale of products. Services delivered
consists of consulting services. The Group and the
customer do not receive financing from the sales, and
therefore there are no significant financing components to
be accounted for separately from the revenue transaction.
The normal credit term is 30-90 days upon delivery. In
other words, the contract does not require the customer to
pay in advance or require the customer to pay a
significant amount after delivery.
Sale of products
Sales of products are mostly made to distributors
(customers). Revenue from product sales is recognized
when control of the goods is transferred to the customer
The time of delivery is considered to be when the goods
are transferred to the transport carrier. Upon delivery, the
Group has the right of payment for the asset, the customer
has legal title to the asset, physical possession has been
transferred to the customer, and the customer has full
ownership of the asset.
Revenue recognized on the sale of products is measured
at the fair value of the consideration received or
receivable, excluding sales taxes and after making
allowance for variable considerations such as ship and
debit, product returns and end-customer rebates.
The parent company sells a large share of its products to a
related party for resale to the end customers (the
distributors). The transaction price and terms between the
related parties are established on an arm's length basis,
ensuring that the pricing is consistent with what would be
expected in transactions with unrelated parties. In
accordance with IFRS 15, revenue is recognized when
control of the goods is ultimately transferred to the end
customers (the distributors), which occurs when the title to
the goods passes to them.
'Ship and debit'
The Group sells products to certain distributors on \u201cship
and debit\u201d terms. Ship and debit is an arrangement
between the Group and distributor where the distributor
may be entitled to a refund if the distributor sells the
products to end customer at lower prices than those
quoted on the distributor price list. The distributor claims
(debits) the Group for the price difference on sold products
on a monthly basis.
Stock rotation rights
Some distributors are entitled to limited rights of return,
referred to as stock rotation rights. The Group tracks the
distributor's inventory and can initiate a stock rotation
earlier if a certain product is selling better with
another\u00a0distributor.
Stock rotation provisions are made if necessary, based on
most likely amount method. The most likely amount is the
single most likely amount in a range of possible
consideration amounts. As the products have similar
margin, there are most likely no significant losses for the
Group when stock rotations are initiated. The Group does
not make provisions or adjustments to revenue for stock
rotation unless we expect the goods returned to
be\u00a0obsolete.
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 5.5.
Assets and liabilities arising from rights of return
Right of return asset
The Group has no right to return inventories back
from\u00a0customers.
Refund liabilities
A refund liability is the obligation to refund some or all of
the consideration received (or receivable) from the
customer and is measured at the amount the Group
ultimately expects it will have to return to the customer.
The Group updates its estimates of refund liabilities (and
the corresponding change in the transaction price) at the
end of each reporting\u00a0period.
5.2 Significant accounting judgments
and critical estimates
Nordic Semiconductor predominantly sells to electronic
distributors under a distribution agreement. The distributors
will hold a given level of Nordic Semiconductor's inventory
that is subsequently shipped to an end customer. Nordic
Semiconductor uses a \u201csell in\u201d model in connection with
revenue recognition to distribution customers. Under a \u201csell
in\u201d model, management needs to make judgements and
estimates the amount that can affect the reported
amounts of revenues and expenses. The main judgments
are described\u00a0as\u00a0follows:
\u201cShip and debit\u201d
At the balance sheet date, the Group has to estimate ship
and debit on distributors inventory levels using the
expected value method. The Group estimate the refund
based on a average of historical discount to each
distributor and the expected sales mix to end-customers.
The ship and debit is recognized as reduction in revenue
and increase in refund liability. See note 5.5.
5.3 Disaggregated revenue information
Revenue classified by end product applications:
The Group focuses on the sale of standard components for wireless communication. These
wireless components are broken into the following end product areas: Consumer, Industrial,
Healthcare and Others. In 2023, wireless components accounted for 99.1% of sales versus
99.4% in 2022. In addition to standard components, the Group sells customer-specific ASIC
components (Application Specific Integrated Circuits) and related Consulting Services.
Most of Nordic\u2019s WiFi and PMIC customers are still in the development phase or in early
commercial phase. When WiFi and PMIC revenue materialize, Nordic will report the
revenue in the relevant end product\u00a0areas.
GROUP
PARENT
2023
2022
Revenue
2023
2022
302\u00a0486
483\u00a0799
Consumer
283\u00a0076
483\u00a0799
117\u00a0203
191\u00a0543
Industrial
109\u00a0682
191\u00a0543
103\u00a0325
67\u00a0623
Healthcare
96\u00a0695
67\u00a0623
15\u00a0153
29\u00a0163
Others
14\u00a0181
29\u00a0163
538\u00a0168
772\u00a0128
Wireless components
503\u00a0634
772\u00a0128
4\u00a0701
4\u00a0607
ASIC components
4\u00a0399
4\u00a0607
\u2014
\u2014
Management fee
-9
1\u00a0029
542\u00a0869
776\u00a0734
Total revenue from contracts with customers
508\u00a0026
777\u00a0763
Revenue classified by customers\u2019 location:
The Group also classifies its revenues on a geographical basis according to its customers\u2019
location.
GROUP
PARENT
2023
2022
2023
2022
59\u00a0933
97\u00a0868
Europe
56\u00a0086
98\u00a0679
120\u00a0571
107\u00a0966
Americas
112\u00a0833
108\u00a0123
362\u00a0365
570\u00a0899
Asia/Pacific
339\u00a0107
570\u00a0961
542\u00a0869
776\u00a0734
Total revenue from contracts with customers
508\u00a0026
777\u00a0763
The Group sells its components to distributors, which then sell components onward to
electronics manufacturers which build end products and sell them to customers across the
world. Two distributors were above 10% of revenue in 2023, with 37% and 18% of total
revenue respectively, one located in Asia and the other in the Americas. In comparison, two
distributors were above 10% of revenue in 2022, with 34% and 12% of total revenue
respectively, both distributors are in Asia.
Revenue from contracts with customers classified by timing of revenue recognition:
GROUP
PARENT
2023
2022
2023
2022
542\u00a0869
776\u00a0734
Goods transferred at a point in time
508\u00a0035
776\u00a0734
0
0
Services transferred over time
-9
1\u00a0029
542\u00a0869
776\u00a0734
Total revenue from contracts with customers
508\u00a0026
777\u00a0763
5.4 Contract balances
Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.
See note 25 for further details.
GROUP
PARENT
2023
2022
2023
2022
133\u00a0316
175\u00a0120
Trade receivables
983
175\u00a0120
5.5 Refund liabilities
GROUP
PARENT
2023
2022
2023
2022
30\u00a0010
30\u00a0694
Refund liability \u2013 from ship & debit
\u2014
30\u00a0694
25\u00a0294
23\u00a0382
Refund liability \u2013 from end-customer rebates
\u2014
23\u00a0382
5.6 Performance obligations
A performance obligation refers to a commitment to deliver a distinct good or service to a
customer. The performance obligations for the sale of components are normally satisfied
upon the time of delivery. Payment is generally due 30 to 90 days within delivery. For the
consulting services, the performance obligation is satisfied over-time and the customer is
generally invoiced at month-end for the work performed.
The Group has decided to use the 'right-to-invoice' practical expedient. This means that the
Group sidestep the need to determine the transaction price and allocate it to unsatisfied or
partially unsatisfied performance obligations. All performance obligations are expected to
be fully satisfied and recognized as revenue within\u00a0one\u00a0year.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-225": { "value": "
5.1 Accounting policies
The Group is in the business of developing and selling
integrated circuits. Revenue from customers is mainly
generated from sale of products. Services delivered
consists of consulting services. The Group and the
customer do not receive financing from the sales, and
therefore there are no significant financing components to
be accounted for separately from the revenue transaction.
The normal credit term is 30-90 days upon delivery. In
other words, the contract does not require the customer to
pay in advance or require the customer to pay a
significant amount after delivery.
Sale of products
Sales of products are mostly made to distributors
(customers). Revenue from product sales is recognized
when control of the goods is transferred to the customer
The time of delivery is considered to be when the goods
are transferred to the transport carrier. Upon delivery, the
Group has the right of payment for the asset, the customer
has legal title to the asset, physical possession has been
transferred to the customer, and the customer has full
ownership of the asset.
Revenue recognized on the sale of products is measured
at the fair value of the consideration received or
receivable, excluding sales taxes and after making
allowance for variable considerations such as ship and
debit, product returns and end-customer rebates.
The parent company sells a large share of its products to a
related party for resale to the end customers (the
distributors). The transaction price and terms between the
related parties are established on an arm's length basis,
ensuring that the pricing is consistent with what would be
expected in transactions with unrelated parties. In
accordance with IFRS 15, revenue is recognized when
control of the goods is ultimately transferred to the end
customers (the distributors), which occurs when the title to
the goods passes to them.
'Ship and debit'
The Group sells products to certain distributors on \u201cship
and debit\u201d terms. Ship and debit is an arrangement
between the Group and distributor where the distributor
may be entitled to a refund if the distributor sells the
products to end customer at lower prices than those
quoted on the distributor price list. The distributor claims
(debits) the Group for the price difference on sold products
on a monthly basis.
Stock rotation rights
Some distributors are entitled to limited rights of return,
referred to as stock rotation rights. The Group tracks the
distributor's inventory and can initiate a stock rotation
earlier if a certain product is selling better with
another\u00a0distributor.
Stock rotation provisions are made if necessary, based on
most likely amount method. The most likely amount is the
single most likely amount in a range of possible
consideration amounts. As the products have similar
margin, there are most likely no significant losses for the
Group when stock rotations are initiated. The Group does
not make provisions or adjustments to revenue for stock
rotation unless we expect the goods returned to
be\u00a0obsolete.
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 5.5.
Assets and liabilities arising from rights of return
Right of return asset
The Group has no right to return inventories back
from\u00a0customers.
Refund liabilities
A refund liability is the obligation to refund some or all of
the consideration received (or receivable) from the
customer and is measured at the amount the Group
ultimately expects it will have to return to the customer.
The Group updates its estimates of refund liabilities (and
the corresponding change in the transaction price) at the
end of each reporting\u00a0period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-224": { "value": "
5.1 Accounting policies
The Group is in the business of developing and selling
integrated circuits. Revenue from customers is mainly
generated from sale of products. Services delivered
consists of consulting services. The Group and the
customer do not receive financing from the sales, and
therefore there are no significant financing components to
be accounted for separately from the revenue transaction.
The normal credit term is 30-90 days upon delivery. In
other words, the contract does not require the customer to
pay in advance or require the customer to pay a
significant amount after delivery.
Sale of products
Sales of products are mostly made to distributors
(customers). Revenue from product sales is recognized
when control of the goods is transferred to the customer
The time of delivery is considered to be when the goods
are transferred to the transport carrier. Upon delivery, the
Group has the right of payment for the asset, the customer
has legal title to the asset, physical possession has been
transferred to the customer, and the customer has full
ownership of the asset.
Revenue recognized on the sale of products is measured
at the fair value of the consideration received or
receivable, excluding sales taxes and after making
allowance for variable considerations such as ship and
debit, product returns and end-customer rebates.
The parent company sells a large share of its products to a
related party for resale to the end customers (the
distributors). The transaction price and terms between the
related parties are established on an arm's length basis,
ensuring that the pricing is consistent with what would be
expected in transactions with unrelated parties. In
accordance with IFRS 15, revenue is recognized when
control of the goods is ultimately transferred to the end
customers (the distributors), which occurs when the title to
the goods passes to them.
'Ship and debit'
The Group sells products to certain distributors on \u201cship
and debit\u201d terms. Ship and debit is an arrangement
between the Group and distributor where the distributor
may be entitled to a refund if the distributor sells the
products to end customer at lower prices than those
quoted on the distributor price list. The distributor claims
(debits) the Group for the price difference on sold products
on a monthly basis.
Stock rotation rights
Some distributors are entitled to limited rights of return,
referred to as stock rotation rights. The Group tracks the
distributor's inventory and can initiate a stock rotation
earlier if a certain product is selling better with
another\u00a0distributor.
Stock rotation provisions are made if necessary, based on
most likely amount method. The most likely amount is the
single most likely amount in a range of possible
consideration amounts. As the products have similar
margin, there are most likely no significant losses for the
Group when stock rotations are initiated. The Group does
not make provisions or adjustments to revenue for stock
rotation unless we expect the goods returned to
be\u00a0obsolete.
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 5.5.
Assets and liabilities arising from rights of return
Right of return asset
The Group has no right to return inventories back
from\u00a0customers.
Refund liabilities
A refund liability is the obligation to refund some or all of
the consideration received (or receivable) from the
customer and is measured at the amount the Group
ultimately expects it will have to return to the customer.
The Group updates its estimates of refund liabilities (and
the corresponding change in the transaction price) at the
end of each reporting\u00a0period.
6.1 Accounting policies
The Group applies standard cost method to measure cost of inventories. Standard cost
variance is the difference between standard cost and actual cost. This variance is
impacting the cost of goods sold, and the variance is monitored on a regular basis.
Obsolete inventory is written down completely.
Inventory is valued at the lower of cost, according to the FIFO principle, and net realizable
value after deduction for obsolescence. Net realizable value is estimated as the selling
price less cost of completion and the cost necessary to make the sale. Cost of inventories
includes purchase price of raw materials, costs directly related to the conversion of
materials into finished goods (sub-contracting, yield loss and production overhead) and
other costs incurred in bringing the inventories to their present location and condition.
Nordic assess net realizable value for each inventory category: raw materials, work in
progress and finished goods separately as they have different useful life. Finished goods is
grouped in four main product categories with distinct technology: Proprietary, Bluetooth,
Wi-Fi, and cellular. Each of these four technologies are then divided into subcategories
where the different standardized chips with respective packaging is shared among a
variety of customers. On this category level, Nordic is applying the practical expedient in
IAS 2.29, stating that grouping of similar or related items with a similar purpose or end use
can be assessed together when assessing net realizable value. Nordic is basing the net
realizable value on orders from third parties, historical inventory turnover ratio and other
factors. This calculation is based on the most updated facts at any given point in time but
are prone to variation under changing circumstances. One exception from regular
calculation of net realizable value is related to items that are made from older parts and
cannot be easily sold to other customers. These items are written off completely item by
item if aging is more than 2 years.
11.1 Accounting policies
Income tax expenses consist of taxes due and changes to the net deferred tax assets or
liabilities.
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (\u201cOCI\u201d)
or directly in equity is recognized outside profit or loss.
The parent company pays its tax obligation in NOK and the fluctuations between the NOK
and the USD impact the financial items. The Group\u2019s legal entities that do not have their
tax base in USD are exposed to changes in the USD/tax base currency rates. Effects within
the current year are classified as tax\u00a0expense.
Grants received, including those for R&D, are often in the form of tax refunds and are
classified as operating grants. These operating grants are recognized in the financial
statements concurrently with the expenses they are intended to offset. Tax refunds are
typically accounted for as a reduction in payroll expenses, as detailed in Note 7.
However, in some jurisdictions, there are tax incentives that reduce taxable income or tax
rate. These are treated as income tax, and is recognized as a reduction in tax expense
rather than as government grants.
The accounting for such incentives is in accordance with the relevant tax laws and
accounting standards applicable in the respective country.
12.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets are measured initially
at cost. Subsequently, the intangible assets are measured
at cost less accumulated amortization. The assets, with
finite useful life, are amortized on a straight-line basis over
the asset's estimated useful lives. The amortization period
and the amortization method for intangible assets are
reviewed at least at the end of each reporting period.
Changes in the expected useful life or the expected
pattern of consumption of future economic benefits
embodied in the asset are considered to modify the
amortization period or method, as appropriate, and are
treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.
13.1 Accounting policies
Property, plant and equipment are measured at cost less accumulated depreciation and
impairment losses, if any. The assets are depreciated on a straight-line basis over its
estimated useful lives.
Expenditures classified as repair and maintenance costs are expensed when incurred.
Expenditures that increase the value of the fixed asset are capitalized and depreciated
over the remaining useful life of the fixed asset.
The assets\u2019 residual value and useful life are reviewed annually.
At the end of each reporting period, the Group assess whether there is any indication that
an fixed assets may be impaired. The recoverable amount of the fixed assets are normally
estimated on a stand-alone basis.
14.1 Accounting policies
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use (RoU) assets representing the right to use the
underlying\u00a0assets.
Right-of-use assets
The Group recognizes RoU assets at the commencement date of the lease (i.e., the date
the underlying asset is available for use). RoU assets are measured at cost, less any
accumulated depreciation and impairment losses. The cost of RoU assets includes the
amount of lease liabilities recognized, initial direct costs incurred, and lease payments
made at or before the commencement date less any lease incentives received. RoU assets
are depreciated on a straight-line basis over the lease term.
At the end of each reporting period, the Group assess whether there is any indication that
an RoU asset may be impaired.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate (IBR) at the lease commencement date because the interest rate implicit in
the lease is not readily determinable. The Group estimates the IBR using observable inputs
(such as market interest rates) when available and is required to make certain entity
specific estimates (such as subsidiary's stand-alone credit rating).
After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a
change in an index or rate used to determine such lease payments) or a change in the
assessment of an option to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e.,
those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option) and low-value assets. The low value election is
made on a lease-by-lease basis, and it refers to underlying assets with a value in order of
USD 5 000 or less. Lease payments on short-term leases and leases of low value assets are
recognized as expense on a straight- line basis over the lease.
17.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 26 for further information.
19.1 Accounting policies
Cash and cash equivalents include cash at bank, short- term deposits with an original
maturity of three months or less and money market fund. Money market funds and short-
term time deposits are defined as cash equivalents because they are highly liquid and not
subject to material fluctuations in value. In 2023, the Group derecognized the short-term
bank deposits.
20.1 Accounting policies
When treasury shares are purchased, the purchase price, including directly attributable costs are recognized as changes in equity. Treasury shares are presented as a reduction of equity.
Gains or losses on transactions in treasury shares are not recognized in the income\u00a0statement.
23.1 Accounting policies
Share based compensation
The Group grants restricted stock units and other awards over its ordinary shares to all
employees. The cost of equity-settled transactions is determined by the fair value at the
date when the grant is made using an appropriate valuation model, further details of
which are given in note 23.2.
That cost is recognized in employee benefits expense, together with a corresponding
increase in equity (other paid in capital), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting period).
Social security tax is accrued over the vesting period based on the actual value of the stock
unit.
25.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund and currency swap at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-226": { "value": "
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 5.5.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-228": { "value": "
Note 6: Cost of materials / inventory
All figures in USD 1 000
6.1 Accounting policies
The Group applies standard cost method to measure cost of inventories. Standard cost
variance is the difference between standard cost and actual cost. This variance is
impacting the cost of goods sold, and the variance is monitored on a regular basis.
Obsolete inventory is written down completely.
Inventory is valued at the lower of cost, according to the FIFO principle, and net realizable
value after deduction for obsolescence. Net realizable value is estimated as the selling
price less cost of completion and the cost necessary to make the sale. Cost of inventories
includes purchase price of raw materials, costs directly related to the conversion of
materials into finished goods (sub-contracting, yield loss and production overhead) and
other costs incurred in bringing the inventories to their present location and condition.
Nordic assess net realizable value for each inventory category: raw materials, work in
progress and finished goods separately as they have different useful life. Finished goods is
grouped in four main product categories with distinct technology: Proprietary, Bluetooth,
Wi-Fi, and cellular. Each of these four technologies are then divided into subcategories
where the different standardized chips with respective packaging is shared among a
variety of customers. On this category level, Nordic is applying the practical expedient in
IAS 2.29, stating that grouping of similar or related items with a similar purpose or end use
can be assessed together when assessing net realizable value. Nordic is basing the net
realizable value on orders from third parties, historical inventory turnover ratio and other
factors. This calculation is based on the most updated facts at any given point in time but
are prone to variation under changing circumstances. One exception from regular
calculation of net realizable value is related to items that are made from older parts and
cannot be easily sold to other customers. These items are written off completely item by
item if aging is more than 2 years.
6.2 Cost of materials / inventory
GROUP
PARENT
2023
2022
2023
2022
316\u00a0788
378\u00a0534
Purchased materials
316\u00a0788
378\u00a0534
-60\u00a0999
-40\u00a0136
Changes in inventory
-60\u00a0999
-40\u00a0136
3\u00a0368
1\u00a0544
Scrapping inventory
3\u00a0368
1\u00a0544
259\u00a0157
339\u00a0941
Cost of materials
259\u00a0157
339\u00a0941
95\u00a0043
34\u00a0356
Raw materials
95\u00a0043
34\u00a0356
9\u00a0907
25\u00a0380
Work in Progress
9\u00a0907
25\u00a0380
58\u00a0139
42\u00a0355
Finished goods
58\u00a0139
42\u00a0355
163\u00a0090
102\u00a0091
Total inventory
163\u00a0090
102\u00a0091
As Nordic Semiconductor is a fabless manufacturer, all inventories, including raw materials
and finished goods, are located at sub-contractors.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-227": { "value": "
Note 6: Cost of materials / inventory
All figures in USD 1 000
6.1 Accounting policies
The Group applies standard cost method to measure cost of inventories. Standard cost
variance is the difference between standard cost and actual cost. This variance is
impacting the cost of goods sold, and the variance is monitored on a regular basis.
Obsolete inventory is written down completely.
Inventory is valued at the lower of cost, according to the FIFO principle, and net realizable
value after deduction for obsolescence. Net realizable value is estimated as the selling
price less cost of completion and the cost necessary to make the sale. Cost of inventories
includes purchase price of raw materials, costs directly related to the conversion of
materials into finished goods (sub-contracting, yield loss and production overhead) and
other costs incurred in bringing the inventories to their present location and condition.
Nordic assess net realizable value for each inventory category: raw materials, work in
progress and finished goods separately as they have different useful life. Finished goods is
grouped in four main product categories with distinct technology: Proprietary, Bluetooth,
Wi-Fi, and cellular. Each of these four technologies are then divided into subcategories
where the different standardized chips with respective packaging is shared among a
variety of customers. On this category level, Nordic is applying the practical expedient in
IAS 2.29, stating that grouping of similar or related items with a similar purpose or end use
can be assessed together when assessing net realizable value. Nordic is basing the net
realizable value on orders from third parties, historical inventory turnover ratio and other
factors. This calculation is based on the most updated facts at any given point in time but
are prone to variation under changing circumstances. One exception from regular
calculation of net realizable value is related to items that are made from older parts and
cannot be easily sold to other customers. These items are written off completely item by
item if aging is more than 2 years.
6.2 Cost of materials / inventory
GROUP
PARENT
2023
2022
2023
2022
316\u00a0788
378\u00a0534
Purchased materials
316\u00a0788
378\u00a0534
-60\u00a0999
-40\u00a0136
Changes in inventory
-60\u00a0999
-40\u00a0136
3\u00a0368
1\u00a0544
Scrapping inventory
3\u00a0368
1\u00a0544
259\u00a0157
339\u00a0941
Cost of materials
259\u00a0157
339\u00a0941
95\u00a0043
34\u00a0356
Raw materials
95\u00a0043
34\u00a0356
9\u00a0907
25\u00a0380
Work in Progress
9\u00a0907
25\u00a0380
58\u00a0139
42\u00a0355
Finished goods
58\u00a0139
42\u00a0355
163\u00a0090
102\u00a0091
Total inventory
163\u00a0090
102\u00a0091
As Nordic Semiconductor is a fabless manufacturer, all inventories, including raw materials
and finished goods, are located at sub-contractors.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-229": { "value": "
6.1 Accounting policies
The Group applies standard cost method to measure cost of inventories. Standard cost
variance is the difference between standard cost and actual cost. This variance is
impacting the cost of goods sold, and the variance is monitored on a regular basis.
Obsolete inventory is written down completely.
Inventory is valued at the lower of cost, according to the FIFO principle, and net realizable
value after deduction for obsolescence. Net realizable value is estimated as the selling
price less cost of completion and the cost necessary to make the sale. Cost of inventories
includes purchase price of raw materials, costs directly related to the conversion of
materials into finished goods (sub-contracting, yield loss and production overhead) and
other costs incurred in bringing the inventories to their present location and condition.
Nordic assess net realizable value for each inventory category: raw materials, work in
progress and finished goods separately as they have different useful life. Finished goods is
grouped in four main product categories with distinct technology: Proprietary, Bluetooth,
Wi-Fi, and cellular. Each of these four technologies are then divided into subcategories
where the different standardized chips with respective packaging is shared among a
variety of customers. On this category level, Nordic is applying the practical expedient in
IAS 2.29, stating that grouping of similar or related items with a similar purpose or end use
can be assessed together when assessing net realizable value. Nordic is basing the net
realizable value on orders from third parties, historical inventory turnover ratio and other
factors. This calculation is based on the most updated facts at any given point in time but
are prone to variation under changing circumstances. One exception from regular
calculation of net realizable value is related to items that are made from older parts and
cannot be easily sold to other customers. These items are written off completely item by
item if aging is more than 2 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-230": { "value": "
Note 7: Payroll expenses
All figures in USD 1 000
GROUP
PARENT
2023
2022
Combined expenses for salary and other
compensation are distributed as follows:
2023
2022
126\u00a0961
115\u00a0380
Salary and vacation pay
53\u00a0728
57\u00a0004
18\u00a0845
28\u00a0335
Other compensation
12\u00a0937
15\u00a0448
14\u00a0759
11\u00a0704
Payroll tax
9\u00a0217
8\u00a0692
-397
-424
Tax grant
-397
-424
11\u00a0502
10\u00a0898
Defined contribution pension
4\u00a0639
4\u00a0606
-18\u00a0680
-4\u00a0453
Capitalized development expenses (hourly costs)
-18\u00a0680
-4\u00a0453
152\u00a0990
161\u00a0440
Total
61\u00a0443
80\u00a0872
1\u00a0481
1\u00a0311
Weighted average number of full time employees
620
647
GROUP
PARENT
2023
2022
Employees as of December 31, are distributed as
follows:
2023
2022
631
612
Norway
631
612
318
322
Finland
\u2014
\u2014
113
115
Poland
\u2014
\u2014
47
49
India
\u2014
\u2014
72
57
USA
\u2014
\u2014
55
58
Taiwan
\u2014
\u2014
77
77
UK
\u2014
\u2014
55
41
Philippines
1
41
45
40
Sweden
\u2014
\u2014
28
28
China
\u2014
\u2014
12
15
Hong Kong
1
\u2014
3
4
South Korea
3
4
5
4
Germany
\u2014
\u2014
5
4
Japan
\u2014
\u2014
2
3
The Netherlands
2
3
16
0
Denmark
\u2014
\u2014
2
2
Australia
2
2
7
4
Singapore
\u2014
\u2014
1\u00a0493
1\u00a0435
Total
640
662
Note 22: Pensions
Defined benefit plan
The total pension liability from defined benefit plans was USD 660,895 for the Group. This
amount consists of liabilities in Norway, the Philippines, Poland and India.
The Norwegian company in the Group is required to have mandatory employment pension
for employees in Norway, according to the Mandatory Employment Pension Act. The
defined benefit plan was closed for new members effective January 1, 2008 and from this
point a new defined contribution plan was established.
Nordic has set up a pension plan for the the Philippines office as of January 2014. The
retirement plan is unfunded and of the defined benefit type which provides a retirement
benefit calculated based on number of years of credited service. At the end of 2023 the
pension liability was USD\u00a0210,944.
In Finland, earnings-related pensions are financed with insurance contributions paid by
employers and employee. In Poland, the employers and employee contribute to a social
security plan including pensions and disability insurance. In addition, the company offers a
employee capital plan (PPK) financed jointly by the employee, the employer and the
government.
In India, the company provides for gratuity, a defined benefit plan (the \u201cGratuity Plan\u201d)
covering eligible employees in accordance with the Payment of Gratuity Act, 1972. The
amount of gratuity payable on retirement/termination is the employees last drawn basic
salary per month computed proportionately for 15 days salary multiplied for the number of
years of service.
Defined contribution pension plan
All employees in Norway have a defined contribution pension plan from January 1, 2016.
The main benefit is a contribution of 7% of salary up to 7.1 basis points (G) and 18% of
salary between 7.1 and 12 basis points. In addition to this, the company offers a disability
pension of approximately 66% of salary including estimated social security based on 40
years of full employment. In 2023, the cost of the defined contribution pension was USD
380,865, and the plan had 708 members.
The Indian company has a defined contribution plan namely provident fund. Contributions
are made to provident fund at the rate of 12% of eligible salary as per regulations. The
contributions are made to registered provident fund administered by the Government. The
obligation of the Company is limited to the amount contributed and it has no further
contractual nor any constructive obligation.
In Poland, each employees who get retired are entitled to retirement and pension
severance pay from employer. This is regulated by the Polish Labor Code.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-231": { "value": "
Note 8: Executive compensation
All figures in USD 1 000
Note 8.1: Management remuneration
Pursuant to the changes in the Public Limited Liability Companies Act, i.e., the addition of a new section 6-16 (b), and associated new regulations, Nordic will publish a separate
management remuneration report for presentation at the Annual General Meeting on 24 April 2024, containing detailed information on remuneration to Executive Management Team
(EMT) for the reporting year 2023. The remuneration report includes detailed information on EMTs remuneration complementing the numbers presented below. This includes an overview of
the operational, financial, environmental, social and governance targets that form basis for the short-term incentives.
EMT members\u2019 salaries and other benefits, including long term incentive plans are presented in the table below. Unless otherwise stated, Nordic did not have any loans to or guarantees
made on behalf of any of the EMT members in 2023 and 2022.
The remuneration paid or awarded to the CEO and other members of the EMT was aligned with Nordics\u2019s remuneration policy. The policy is available in its full at nordicsemi.com.
Total compensation* expensed during the year for the CEO and other executives:
2023
Salary
Bonus
Options &
PSU**
RSUs &
PSUs
Other Comp.
Pension
expenses
Total
Svenn-Tore Larsen, CEO**
1\u00a0707
\u2014
\u2014
-66
1
73
1\u00a0716
P\u00e5l Elstad, CFO/EVP Finance
250
\u2014
\u2014
104
3
39
397
Svein Egil Nielsen, CTO/EVP R&D and Strategy
283
\u2014
\u2014
117
5
46
450
Geir Langeland, EVP Sales & Marketing
266
\u2014
\u2014
128
4
42
440
Ole Fredrik Morken, EVP Supply Chain***
241
\u2014
\u2014
79
3
27
351
St\u00e5le Ytterdal, SVP IR & Strategic Sales
168
\u2014
\u2014
69
3
22
262
Kjetil Holstad, EVP Product Management
213
\u2014
\u2014
79
4
26
322
Katarina Finneng, EVP People & Communication
209
\u2014
\u2014
86
3
31
329
Linda Pettersson, SVP Legal & Compliance****
154
\u2014
\u2014
16
1
20
192
Ola Bostr\u00f6m, SVP Quality & Sustainability****
165
\u2014
\u2014
34
3
20
222
Total
3\u00a0656
\u2014
\u2014
646
31
349
4\u00a0681
2022
Salary
Bonus
Options &
PSU**
RSUs &
PSUs
Other Comp.
Pension
expenses
Total
Svenn-Tore Larsen, CEO
461
185
71
267
2
87
1\u00a0072
P\u00e5l Elstad, CFO/EVP Finance
273
98
34
124
4
42
575
Svein Egil Nielsen, CTO/EVP R&D and Strategy
308
112
41
140
4
52
657
Geir Langeland, EVP Sales & Marketing
290
118
36
150
4
50
648
Ebbe R\u00f8mcke, SVP Quality & Sustainability****
189
65
23
83
2
26
387
Ole Fredrik Morken, EVP Supply Chain***
303
74
29
98
3
31
538
Marianne Frydenlund, SVP Legal****
121
\u2014
19
\u2014
1
9
150
St\u00e5le Ytterdal, SVP IR & Strategic Sales
203
65
25
84
4
25
406
Kjetil Holstad, EVP Product Management
203
73
20
87
3
30
417
Katarina Finneng, EVP People & Communication
227
83
1
103
3
35
453
Linda Pettersson, SVP Legal & Compliance****
136
40
\u2014
4
2
17
198
Ola Bostr\u00f6m, SVP Quality & Sustainability****
160
44
\u2014
28
3
20
257
Total
2\u00a0873
958
299
1\u00a0168
35
425
5\u00a0758
*Management compensation is paid in NOK. Exchange rate for 2023: 10.56 and 2022: 9.62
**CEO, Svenn-Tore Larsen resigned after 2023, the salary cost also includes after pay. Upon resignation Svenn-Tore Larsen exited the here presented RSU/PSU agreements as part of the termination.
***Includes expat allowances
****Marianne Frydenlund and Ebbe R\u00f8mcke were no longer a part of the EMT by year end 2022. Linda Pettersson and Ola Bostr\u00f6m joined the EMT during 2022, in July and August respectively
The Group has granted EMT members the following RSUs and performance shares (PSUs):*
EMT member
2023
2022
Svenn-Tore Larsen, CEO
9 184 RSUs
9 184 PSUs
6 532 RSUs
6 532 PSUs
P\u00e5l Elstad, CFO/EVP Finance
4 520 RSUs
4 520 PSUs
3 193 RSUs
3 193 PSUs
Katarina Finneng, EVP People & Communication
3 769 RSUs
3 769 PSUs
2 662 RSUs
2 662 PSUs
Svein Egil Nielsen, CTO/EVP R&D and Strategy
5 110 RSUs
5 110 PSUs
3 609 RSUs
3 609 PSUs
Geir Langeland, EVP Sales & Marketing
4 783 RSUs
4 783 PSUs
3 379 RSUs
3 379 PSUs
Ebbe R\u00f8mcke, SVP Quality & Sustainability
\u2014
\u2014
2 111 RSUs
2 111 PSUs
Ole Fredrik Morken, EVP Supply Chain**
3 439 RSUs
3 439 PSUs
2 429 RSUs
2 429 PSUs
St\u00e5le Ytterdal, SVP IR & Strategic Sales
2 955 RSUs
2 955 PSUs
2 087 RSUs
2 087 PSUs
Kjetil Holstad, EVP Product Management
4 332 RSUs
4 332 PSUs
2 380 RSUs
2 380 PSUs
Ola Bost\u00f8m
2 946 RSUs
2 946 PSUs
Linda Petterson
2 823 RSUs
2 823 PSUs
*Overview of outstanding RSU and PSU for the respective EMT members are presented in the remuneration report
During 2023 the executives exercised the following RSU ans PSU:
Executives
Grant year
Number of
options
exercised
Share price
at time of
release
in NOK
Cash
payout in
USD 1000
Svenn-Tore Larsen, CEO
2020 RSU
10\u00a0621
113.17
114
2020 PSU
19\u00a0119
113.17
205
P\u00e5l Elstad, CFO/EVP Finance
2020 RSU
6\u00a0345
113.17
68
2020 PSU
11\u00a0422
113.17
122
Svein Egil Nielsen, CTO/EVP R&D and
Strategy
2020 RSU
7\u00a0172
113.17
77
2020 PSU
12\u00a0911
113.17
138
Geir Langeland, EVP Sales & Marketing
2020 RSU
6\u00a0621
113.17
71
2020 PSU
11\u00a0918
113.17
128
Katarina Finneng, EVP People &
Communication
2020 RSU
5\u00a0241
113.17
56
2020 PSU
9\u00a0434
113.17
101
Ole Fredrik Morken, EVP Supply Chain**
2020 RSU
5\u00a0241
113.17
56
2020 PSU
9\u00a0434
113.17
101
Ola Bostr\u00f8m, SVP Quality & Sustainability
2020 RSU
1\u00a0704
113.17
18
2020 PSU
\u2014
\u2014
\u2014
St\u00e5le Ytterdal, SVP IR & Strategic Sales
2020 RSU
4\u00a0414
113.17
47
2020 PSU
7\u00a0946
113.17
85
Kjetil Holstad, EVP Product Management
2020 RSU
4\u00a0276
113.17
46
2020 PSU
7\u00a0697
113.17
14
*The RSU for management vest after three years for management two years for employees
**Purchased shares, no cash payout from the company
Note 8.2: Board remuneration
Total compensation expensed for Board Members*
2023
2022
Birger Steen, Chair
126
165
Inger Berg \u00d8rstavik, Board Member
57
68
Endre Holen, Board Member
18
90
Snorre Kjesbu, Board member
38
\u2014
Jan Magnus Frykhammar, Board Member
41
80
\u00d8yvind Birkenes, Board Member
12
62
Annastiina Hintsa, Board Member
56
63
Anita Huun, Board Member
60
68
Jon Helge Nistad, Board Employee Representative (Board remuneration
only)
15
16
Susheel Nuguru, Board Employee Representative (Board remuneration
only)
\u2014
5
Morten Dammen, Board Employee Representative (Board remuneration
only)
15
16
Joel Stapleton, Board Employee Representative (Board remuneration only)
\u2014
5
Gro Fykse, Board Employee Representative (Board remuneration only)
15
10
Anja Dekens, Board Employee Representative (Board remuneration only)
15
10
Total
466
659
*Numbers noted in USD and converted from NOK using USD/NOK rate of 10.56 for 2022 and 9.62 for 2022
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-233": { "value": "
Note 9: Other operating expenses
All figures in USD 1 000
GROUP
PARENT
2023
2022
2023
2022
31\u00a0374
24\u00a0837
Service and maintenance
29\u00a0094
23\u00a0222
22\u00a0360
17\u00a0422
Other consultancy fees
15\u00a0470
12\u00a0318
3\u00a0140
2\u00a0301
Office expenses
1\u00a0349
1\u00a0088
1\u00a0748
1\u00a0956
Office equipment
1\u00a0201
1\u00a0246
11\u00a0746
11\u00a0401
Material and components
8\u00a0747
9\u00a0720
-70
-57
Tax grant
-70
-57
-3\u00a0293
-2\u00a0034
Capitalized development expenses
-3\u00a0293
-2\u00a0036
2\u00a0712
3\u00a0585
Travel and meeting expenses
1\u00a0262
1\u00a0799
11\u00a0974
10\u00a0274
Other operating expenses
10\u00a0751
8\u00a0448
\u2014
\u2014
Other operating expenses intercompany
110\u00a0402
110\u00a0581
81\u00a0691
69\u00a0685
Total other operating expenses
174\u00a0914
166\u00a0328
Auditor remuneration, excl. of VAT
Fees to the auditor are included in consultancy fees above.
GROUP
PARENT
2023
2022
2023
2022
159
109
Audit services
119
93
\u2014
14
Other attestation Services
\u2014
14
35
4
Tax advisory Services
26
\u2014
36
\u2014
Other Non Audit service
36
\u2014
230
128
Total revenues
181
107
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-232": { "value": "
Note 9: Other operating expenses
All figures in USD 1 000
GROUP
PARENT
2023
2022
2023
2022
31\u00a0374
24\u00a0837
Service and maintenance
29\u00a0094
23\u00a0222
22\u00a0360
17\u00a0422
Other consultancy fees
15\u00a0470
12\u00a0318
3\u00a0140
2\u00a0301
Office expenses
1\u00a0349
1\u00a0088
1\u00a0748
1\u00a0956
Office equipment
1\u00a0201
1\u00a0246
11\u00a0746
11\u00a0401
Material and components
8\u00a0747
9\u00a0720
-70
-57
Tax grant
-70
-57
-3\u00a0293
-2\u00a0034
Capitalized development expenses
-3\u00a0293
-2\u00a0036
2\u00a0712
3\u00a0585
Travel and meeting expenses
1\u00a0262
1\u00a0799
11\u00a0974
10\u00a0274
Other operating expenses
10\u00a0751
8\u00a0448
\u2014
\u2014
Other operating expenses intercompany
110\u00a0402
110\u00a0581
81\u00a0691
69\u00a0685
Total other operating expenses
174\u00a0914
166\u00a0328
Auditor remuneration, excl. of VAT
Fees to the auditor are included in consultancy fees above.
GROUP
PARENT
2023
2022
2023
2022
159
109
Audit services
119
93
\u2014
14
Other attestation Services
\u2014
14
35
4
Tax advisory Services
26
\u2014
36
\u2014
Other Non Audit service
36
\u2014
230
128
Total revenues
181
107
Note 10: Net financial items
All figures in USD 1 000
GROUP
PARENT
2023
2022
2023
2022
9\u00a0670
5\u00a0230
Interest income
9\u00a0313
5\u00a0203
57
972
Other financial income
48
968
9\u00a0726
6\u00a0202
Financial income
9\u00a0361
6\u00a0171
1\u00a0550
621
Interest expenses on lease liabilities
1\u00a0229
478
756
\u2014
Bond interest expense
756
\u2014
1\u00a0384
646
Other financial expense
1\u00a0380
616
3\u00a0690
1\u00a0267
Financial expense
3\u00a0365
1\u00a0094
1\u00a0358
619
Foreign exchange gain(loss)
1\u00a0362
672
7\u00a0394
5\u00a0554
Net financial
7\u00a0358
5\u00a0749
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-237": { "value": "
Note 10: Net financial items
All figures in USD 1 000
GROUP
PARENT
2023
2022
2023
2022
9\u00a0670
5\u00a0230
Interest income
9\u00a0313
5\u00a0203
57
972
Other financial income
48
968
9\u00a0726
6\u00a0202
Financial income
9\u00a0361
6\u00a0171
1\u00a0550
621
Interest expenses on lease liabilities
1\u00a0229
478
756
\u2014
Bond interest expense
756
\u2014
1\u00a0384
646
Other financial expense
1\u00a0380
616
3\u00a0690
1\u00a0267
Financial expense
3\u00a0365
1\u00a0094
1\u00a0358
619
Foreign exchange gain(loss)
1\u00a0362
672
7\u00a0394
5\u00a0554
Net financial
7\u00a0358
5\u00a0749
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-236": { "value": "
Note 10: Net financial items
All figures in USD 1 000
GROUP
PARENT
2023
2022
2023
2022
9\u00a0670
5\u00a0230
Interest income
9\u00a0313
5\u00a0203
57
972
Other financial income
48
968
9\u00a0726
6\u00a0202
Financial income
9\u00a0361
6\u00a0171
1\u00a0550
621
Interest expenses on lease liabilities
1\u00a0229
478
756
\u2014
Bond interest expense
756
\u2014
1\u00a0384
646
Other financial expense
1\u00a0380
616
3\u00a0690
1\u00a0267
Financial expense
3\u00a0365
1\u00a0094
1\u00a0358
619
Foreign exchange gain(loss)
1\u00a0362
672
7\u00a0394
5\u00a0554
Net financial
7\u00a0358
5\u00a0749
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-235": { "value": "
Note 10: Net financial items
All figures in USD 1 000
GROUP
PARENT
2023
2022
2023
2022
9\u00a0670
5\u00a0230
Interest income
9\u00a0313
5\u00a0203
57
972
Other financial income
48
968
9\u00a0726
6\u00a0202
Financial income
9\u00a0361
6\u00a0171
1\u00a0550
621
Interest expenses on lease liabilities
1\u00a0229
478
756
\u2014
Bond interest expense
756
\u2014
1\u00a0384
646
Other financial expense
1\u00a0380
616
3\u00a0690
1\u00a0267
Financial expense
3\u00a0365
1\u00a0094
1\u00a0358
619
Foreign exchange gain(loss)
1\u00a0362
672
7\u00a0394
5\u00a0554
Net financial
7\u00a0358
5\u00a0749
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-234": { "value": "
Note 10: Net financial items
All figures in USD 1 000
GROUP
PARENT
2023
2022
2023
2022
9\u00a0670
5\u00a0230
Interest income
9\u00a0313
5\u00a0203
57
972
Other financial income
48
968
9\u00a0726
6\u00a0202
Financial income
9\u00a0361
6\u00a0171
1\u00a0550
621
Interest expenses on lease liabilities
1\u00a0229
478
756
\u2014
Bond interest expense
756
\u2014
1\u00a0384
646
Other financial expense
1\u00a0380
616
3\u00a0690
1\u00a0267
Financial expense
3\u00a0365
1\u00a0094
1\u00a0358
619
Foreign exchange gain(loss)
1\u00a0362
672
7\u00a0394
5\u00a0554
Net financial
7\u00a0358
5\u00a0749
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-239": { "value": "
Note 11: Tax
All figures in USD 1 000
11.1 Accounting policies
Income tax expenses consist of taxes due and changes to the net deferred tax assets or
liabilities.
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (\u201cOCI\u201d)
or directly in equity is recognized outside profit or loss.
The parent company pays its tax obligation in NOK and the fluctuations between the NOK
and the USD impact the financial items. The Group\u2019s legal entities that do not have their
tax base in USD are exposed to changes in the USD/tax base currency rates. Effects within
the current year are classified as tax\u00a0expense.
Grants received, including those for R&D, are often in the form of tax refunds and are
classified as operating grants. These operating grants are recognized in the financial
statements concurrently with the expenses they are intended to offset. Tax refunds are
typically accounted for as a reduction in payroll expenses, as detailed in Note 7.
However, in some jurisdictions, there are tax incentives that reduce taxable income or tax
rate. These are treated as income tax, and is recognized as a reduction in tax expense
rather than as government grants.
The accounting for such incentives is in accordance with the relevant tax laws and
accounting standards applicable in the respective country.
11.2 Tax
GROUP
PARENT
2023
2022
Tax consists of
2023
2022
6\u00a0339
43\u00a0723
Current tax expense
3\u00a0366
41\u00a0151
-1\u00a0892
1\u00a0094
Change in deferred tax
-1\u00a0251
1\u00a0312
4\u00a0447
44\u00a0817
Tax expense (income)
2\u00a0116
42\u00a0463
GROUP
PARENT
2023
2022
Reconciliation of nominal and actual tax expense
2023
2022
-12\u00a0096
-167\u00a0155
Profit before tax
13\u00a0841
-159\u00a0405
2\u00a0661
36\u00a0774
Computed tax at parent's nominal tax rate of 22%
-3\u00a0045
35\u00a0069
-702
-42
Differences due to different tax rates
\u2014
-42
1\u00a0256
-518
Non taxable income/non deductible expenses
360
-1\u00a0527
\u2014
-726
Credit for tax paid
\u2014
-98
-2\u00a0646
\u2014
Tax incentives
\u2014
\u2014
-1\u00a0082
265
Adjustment previous years
-392
\u2014
4\u00a0960
9\u00a0064
Currency translation differences
5\u00a0193
9\u00a0061
\u2014
\u2014
Other items
\u2014
\u2014
4\u00a0447
44\u00a0817
Total tax expense (income)
2\u00a0114
42\u00a0463
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-238": { "value": "
Note 11: Tax
All figures in USD 1 000
11.1 Accounting policies
Income tax expenses consist of taxes due and changes to the net deferred tax assets or
liabilities.
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (\u201cOCI\u201d)
or directly in equity is recognized outside profit or loss.
The parent company pays its tax obligation in NOK and the fluctuations between the NOK
and the USD impact the financial items. The Group\u2019s legal entities that do not have their
tax base in USD are exposed to changes in the USD/tax base currency rates. Effects within
the current year are classified as tax\u00a0expense.
Grants received, including those for R&D, are often in the form of tax refunds and are
classified as operating grants. These operating grants are recognized in the financial
statements concurrently with the expenses they are intended to offset. Tax refunds are
typically accounted for as a reduction in payroll expenses, as detailed in Note 7.
However, in some jurisdictions, there are tax incentives that reduce taxable income or tax
rate. These are treated as income tax, and is recognized as a reduction in tax expense
rather than as government grants.
The accounting for such incentives is in accordance with the relevant tax laws and
accounting standards applicable in the respective country.
11.2 Tax
GROUP
PARENT
2023
2022
Tax consists of
2023
2022
6\u00a0339
43\u00a0723
Current tax expense
3\u00a0366
41\u00a0151
-1\u00a0892
1\u00a0094
Change in deferred tax
-1\u00a0251
1\u00a0312
4\u00a0447
44\u00a0817
Tax expense (income)
2\u00a0116
42\u00a0463
GROUP
PARENT
2023
2022
Reconciliation of nominal and actual tax expense
2023
2022
-12\u00a0096
-167\u00a0155
Profit before tax
13\u00a0841
-159\u00a0405
2\u00a0661
36\u00a0774
Computed tax at parent's nominal tax rate of 22%
-3\u00a0045
35\u00a0069
-702
-42
Differences due to different tax rates
\u2014
-42
1\u00a0256
-518
Non taxable income/non deductible expenses
360
-1\u00a0527
\u2014
-726
Credit for tax paid
\u2014
-98
-2\u00a0646
\u2014
Tax incentives
\u2014
\u2014
-1\u00a0082
265
Adjustment previous years
-392
\u2014
4\u00a0960
9\u00a0064
Currency translation differences
5\u00a0193
9\u00a0061
\u2014
\u2014
Other items
\u2014
\u2014
4\u00a0447
44\u00a0817
Total tax expense (income)
2\u00a0114
42\u00a0463
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-240": { "value": "
11.1 Accounting policies
Income tax expenses consist of taxes due and changes to the net deferred tax assets or
liabilities.
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (\u201cOCI\u201d)
or directly in equity is recognized outside profit or loss.
The parent company pays its tax obligation in NOK and the fluctuations between the NOK
and the USD impact the financial items. The Group\u2019s legal entities that do not have their
tax base in USD are exposed to changes in the USD/tax base currency rates. Effects within
the current year are classified as tax\u00a0expense.
Grants received, including those for R&D, are often in the form of tax refunds and are
classified as operating grants. These operating grants are recognized in the financial
statements concurrently with the expenses they are intended to offset. Tax refunds are
typically accounted for as a reduction in payroll expenses, as detailed in Note 7.
However, in some jurisdictions, there are tax incentives that reduce taxable income or tax
rate. These are treated as income tax, and is recognized as a reduction in tax expense
rather than as government grants.
The accounting for such incentives is in accordance with the relevant tax laws and
accounting standards applicable in the respective country.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-241": { "value": "
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (\u201cOCI\u201d)
or directly in equity is recognized outside profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-242": { "value": "
GROUP
Deferred taxes:
Balance sheet
Income
statement
Other. Comp.
income
31.12.2023
31.12.2022
2023
2022
2023
2022
Inventory
751
757
-17
600
\u2014
\u2014
Fixed Assets
4\u00a0188
3\u00a0267
-1\u00a0167
-1\u00a0178
\u2014
\u2014
Right-of-use assets
-10\u00a0394
-2\u00a0438
8\u00a0031
-458
\u2014
\u2014
Lease liabilities
10\u00a0606
2\u00a0616
-8\u00a0071
313
\u2014
\u2014
Social security tax (RSUs)
130
0
145
1\u00a0547
\u2014
\u2014
Pension obligation
89
95
3
-3
-8
13
Financial instruments
\u2014
\u2014
-57
\u2014
\u2014
\u2014
Accruals
202
341
120
212
\u2014
\u2014
Deferred tax benefit - gross
5\u00a0890
4\u00a0637
-1\u00a0985
1\u00a0033
-8
13
Gain and loss account
18
24
5
6
\u2014
\u2014
Net other tax-obligations
\u2014
\u2014
\u2014
73
\u2014
\u2014
Financial instrument
0
59
\u2014
-161
\u2014
\u2014
Deferred tax obligation - gross
18
83
5
-82
0
0
Currency effect of translation to USD
98
-21
Net deferred tax benefit (obligation)
5\u00a0872
4\u00a0554
Deferred tax expense (income)
-1\u00a0892
1\u00a0094
-8
13
The Group has not recognized net deferred tax benefit of USD 2.799m related to the
subsidiary in Poland and USD 135 related to the subsidiary in India.
PARENT
Deferred taxes:
Balance sheet
Income
statement
Other. Comp.
income
31.12.2023
31.12.2022
2023
2022
2023
2022
Inventory
751
757
-17
600
\u2014
\u2014
Fixed Assets
3\u00a0774
2\u00a0836
-1\u00a0026
-1\u00a0008
\u2014
\u2014
Leasing
209
173
-42
-140
\u2014
\u2014
Social security tax (RSUs)
130
0
145
1\u00a0547
\u2014
\u2014
Pension obligation
89
95
3
-3
-8
13
Financial instrument
\u2014
0
-57
0
\u2014
\u2014
Accruals
13
30
16
240
\u2014
\u2014
Deferred tax benefit - gross
4\u00a0967
3\u00a0891
-978
1\u00a0236
-8
13
Gain and loss account
18
24
5
6
\u2014
\u2014
Net other tax-obligations
\u2014
0
276
70
\u2014
\u2014
Financial instrument
0
59
0
-161
\u2014
\u2014
Deferred tax obligation - gross
18
83
281
-85
0
0
Currency effect of translation to USD
8
-9
Net deferred tax benefit (obligation)
4\u00a0948
3\u00a0808
Deferred tax expense (income)
-1\u00a0251
1\u00a0312
-8
13
GROUP
PARENT
2023
2022
Reconciliation of net deferred tax obligation
2023
2022
4\u00a0554
6\u00a0331
Opening balance as of 1.1
3\u00a0808
5\u00a0748
1\u00a0892
-1\u00a0083
Tax expense recognized in the P&L
1\u00a0251
-1\u00a0312
8
-13
Tax expense recognized in OCI
8
-13
-582
-681
Currency effect from translation to USD
-119
-615
5\u00a0872
4\u00a0554
Net deferred tax benefit (obligation) as of 31.12
4\u00a0948
3\u00a0808
GROUP
PARENT
2023
2022
Net deferred tax recognized in OCI as of 31.12
2023
2022
-8
13
Net gain on actuarial gains and losses
-8
13
-8
13
Total tax expense (income) in OCI
-8
13
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-245": { "value": "
Note 12: Goodwill and intangible assets
All figures in USD 1 000
12.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets are measured initially
at cost. Subsequently, the intangible assets are measured
at cost less accumulated amortization. The assets, with
finite useful life, are amortized on a straight-line basis over
the asset's estimated useful lives. The amortization period
and the amortization method for intangible assets are
reviewed at least at the end of each reporting period.
Changes in the expected useful life or the expected
pattern of consumption of future economic benefits
embodied in the asset are considered to modify the
amortization period or method, as appropriate, and are
treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.
12.2 Significant accounting judgments
and critical estimates
Goodwill
Nordic allocates and monitors Goodwill on an operating
segment level since the group comprises only one
operating segment. As a result, the assessment for
impairment of Goodwill is conducted for the group as a
whole. Nordic's approach involves evaluating fair value
rather than value in use. Upon examining the market value
of equity as of December 31 and comparing it to the book
value of equity, it becomes evident that Goodwill and net
operating-related assets could be sold for an amount
significantly higher than their book values.
Valuation
Value
Market value
2\u00a0387\u00a0881
Book value
602\u00a0077
Capitalization of development costs
Determining whether development costs shall be
capitalized involves the use of judgement by management.
The company has to demonstrate all of the following:
\u25a0The product or the process is clearly defined and the
cost elements can be identified and measured\u00a0reliably;
\u25a0The technical feasibility is demonstrated;
\u25a0The product or the process will be sold or used in
the\u00a0business;
\u25a0The asset will generate future economic benefits;
\u25a0Sufficient technical, financial and other resources for
project completion are in place
Key factors in management judgment is whether a product
design meet specific functional and economic
requirements. Factors to consider are development/
technical risk, existence of a market for the product and its
market share. The company evaluate theses criteria in
relation to each specific project. Projects related to new
product developments are generally more difficult to
substantiate than projects in which the company has more
experience. Before mass production, the company do
extensive testing on the products to evaluate their quality
and functionality and send prototype samples to
customers. The expected period of benefits is also
dependent on the future technological development in the
market.
12.3 Goodwill and intangible assets
GROUP
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
31\u00a0121
57\u00a0015
2\u00a0284
90\u00a0421
Additions
11\u00a0520
21\u00a0973
50
33\u00a0544
Additions from business combinations
2\u00a0090
\u2014
8\u00a0557
10\u00a0647
Disposals
\u2014
\u2014
\u2014
\u2014
Acquisition cost as of 31.12
44\u00a0731
78\u00a0986
10\u00a0891
134\u00a0612
Accumulated depreciation
Opening balance
19\u00a0466
30\u00a0408
\u2014
49\u00a0874
Amortization expenses
6\u00a0202
9\u00a0644
\u2014
15\u00a0846
Disposals
\u2014
\u2014
\u2014
\u2014
Accumulated amortization as of 31.12
25\u00a0668
40\u00a0051
0
65\u00a0719
Net carrying value as of 31.12
19\u00a0063
38\u00a0938
10\u00a0891
68\u00a0892
PARENT
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
28\u00a0839
57\u00a0015
249
86\u00a0103
Additions
11\u00a0378
21\u00a0973
\u2014
33\u00a0351
Disposals
\u2014
\u2014
Acquisition cost as of 31.12
40\u00a0218
78\u00a0988
249
119\u00a0454
Accumulated depreciation
Opening balance
18\u00a0114
30\u00a0408
\u2014
48\u00a0522
Amortization expenses
5\u00a0094
9\u00a0644
\u2014
14\u00a0738
Disposals
\u2014
\u2014
\u2014
\u2014
Accumulated amortization as of 31.12
23\u00a0208
40\u00a0051
\u2014
63\u00a0259
Net carrying value as of 31.12
17\u00a0011
38\u00a0938
249
56\u00a0197
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Depreciation method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
91\u00a0689
Personnel expenses
34\u00a0641
45\u00a0476
Other operating expenses
36\u00a0386
137\u00a0165
Total cost recognized in income statement
71\u00a0027
159\u00a0138
Total cost for R&D (incl. capitalized development cost)
93\u00a0000
GROUP
2022
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
50\u00a0896
80\u00a0019
2\u00a0386
133\u00a0302
Additions
2\u00a0909
6\u00a0489
-102
9\u00a0296
Acquisition cost as of 31.12
31\u00a0121
57\u00a0015
2\u00a0284
90\u00a0424
Accumulated depreciation
Opening balance
35\u00a0132
48\u00a0477
\u2014
83\u00a0609
Amortization expenses
7\u00a0068
11\u00a0423
\u2014
18\u00a0492
Accumulated amortization as of 31.12
19\u00a0466
30\u00a0408
\u2014
49\u00a0874
Net carrying value as of 31.12
11\u00a0655
26\u00a0608
2\u00a0284
40\u00a0547
PARENT
2022
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
49\u00a0387
80\u00a0017
249
129\u00a0654
Additions
2\u00a0135
6\u00a0489
\u2014
8\u00a0624
Acquisition cost as of 31.12
28\u00a0839
57\u00a0015
249
86\u00a0103
Accumulated depreciation
Opening balance
34\u00a0155
48\u00a0476
\u2014
82\u00a0631
Amortization expenses
6\u00a0642
11\u00a0423
\u2014
18\u00a0065
Accumulated amortization as of 31.12
18\u00a0114
30\u00a0408
\u2014
48\u00a0522
Net carrying value as of 31.12
10\u00a0726
26\u00a0608
249
37\u00a0583
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Amortization method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
98\u00a0672
Personnel expenses
40\u00a0232
38\u00a0488
Other operating expenses
29\u00a0209
137\u00a0160
Total cost recognized in income statement
69\u00a0441
143\u00a0649
Total cost for R&D (incl. capitalized development cost)
75\u00a0930
Impairment of intangible assets
There have been no indications of possible impairment related to intangible assets during the current reporting period.
Change in estimate with respect to useful life
The useful life of the intangible assets have been reviewed during the year. Management has evaluated the current useful life estimates as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-244": { "value": "
Note 12: Goodwill and intangible assets
All figures in USD 1 000
12.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets are measured initially
at cost. Subsequently, the intangible assets are measured
at cost less accumulated amortization. The assets, with
finite useful life, are amortized on a straight-line basis over
the asset's estimated useful lives. The amortization period
and the amortization method for intangible assets are
reviewed at least at the end of each reporting period.
Changes in the expected useful life or the expected
pattern of consumption of future economic benefits
embodied in the asset are considered to modify the
amortization period or method, as appropriate, and are
treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.
12.2 Significant accounting judgments
and critical estimates
Goodwill
Nordic allocates and monitors Goodwill on an operating
segment level since the group comprises only one
operating segment. As a result, the assessment for
impairment of Goodwill is conducted for the group as a
whole. Nordic's approach involves evaluating fair value
rather than value in use. Upon examining the market value
of equity as of December 31 and comparing it to the book
value of equity, it becomes evident that Goodwill and net
operating-related assets could be sold for an amount
significantly higher than their book values.
Valuation
Value
Market value
2\u00a0387\u00a0881
Book value
602\u00a0077
Capitalization of development costs
Determining whether development costs shall be
capitalized involves the use of judgement by management.
The company has to demonstrate all of the following:
\u25a0The product or the process is clearly defined and the
cost elements can be identified and measured\u00a0reliably;
\u25a0The technical feasibility is demonstrated;
\u25a0The product or the process will be sold or used in
the\u00a0business;
\u25a0The asset will generate future economic benefits;
\u25a0Sufficient technical, financial and other resources for
project completion are in place
Key factors in management judgment is whether a product
design meet specific functional and economic
requirements. Factors to consider are development/
technical risk, existence of a market for the product and its
market share. The company evaluate theses criteria in
relation to each specific project. Projects related to new
product developments are generally more difficult to
substantiate than projects in which the company has more
experience. Before mass production, the company do
extensive testing on the products to evaluate their quality
and functionality and send prototype samples to
customers. The expected period of benefits is also
dependent on the future technological development in the
market.
12.3 Goodwill and intangible assets
GROUP
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
31\u00a0121
57\u00a0015
2\u00a0284
90\u00a0421
Additions
11\u00a0520
21\u00a0973
50
33\u00a0544
Additions from business combinations
2\u00a0090
\u2014
8\u00a0557
10\u00a0647
Disposals
\u2014
\u2014
\u2014
\u2014
Acquisition cost as of 31.12
44\u00a0731
78\u00a0986
10\u00a0891
134\u00a0612
Accumulated depreciation
Opening balance
19\u00a0466
30\u00a0408
\u2014
49\u00a0874
Amortization expenses
6\u00a0202
9\u00a0644
\u2014
15\u00a0846
Disposals
\u2014
\u2014
\u2014
\u2014
Accumulated amortization as of 31.12
25\u00a0668
40\u00a0051
0
65\u00a0719
Net carrying value as of 31.12
19\u00a0063
38\u00a0938
10\u00a0891
68\u00a0892
PARENT
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
28\u00a0839
57\u00a0015
249
86\u00a0103
Additions
11\u00a0378
21\u00a0973
\u2014
33\u00a0351
Disposals
\u2014
\u2014
Acquisition cost as of 31.12
40\u00a0218
78\u00a0988
249
119\u00a0454
Accumulated depreciation
Opening balance
18\u00a0114
30\u00a0408
\u2014
48\u00a0522
Amortization expenses
5\u00a0094
9\u00a0644
\u2014
14\u00a0738
Disposals
\u2014
\u2014
\u2014
\u2014
Accumulated amortization as of 31.12
23\u00a0208
40\u00a0051
\u2014
63\u00a0259
Net carrying value as of 31.12
17\u00a0011
38\u00a0938
249
56\u00a0197
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Depreciation method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
91\u00a0689
Personnel expenses
34\u00a0641
45\u00a0476
Other operating expenses
36\u00a0386
137\u00a0165
Total cost recognized in income statement
71\u00a0027
159\u00a0138
Total cost for R&D (incl. capitalized development cost)
93\u00a0000
GROUP
2022
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
50\u00a0896
80\u00a0019
2\u00a0386
133\u00a0302
Additions
2\u00a0909
6\u00a0489
-102
9\u00a0296
Acquisition cost as of 31.12
31\u00a0121
57\u00a0015
2\u00a0284
90\u00a0424
Accumulated depreciation
Opening balance
35\u00a0132
48\u00a0477
\u2014
83\u00a0609
Amortization expenses
7\u00a0068
11\u00a0423
\u2014
18\u00a0492
Accumulated amortization as of 31.12
19\u00a0466
30\u00a0408
\u2014
49\u00a0874
Net carrying value as of 31.12
11\u00a0655
26\u00a0608
2\u00a0284
40\u00a0547
PARENT
2022
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
49\u00a0387
80\u00a0017
249
129\u00a0654
Additions
2\u00a0135
6\u00a0489
\u2014
8\u00a0624
Acquisition cost as of 31.12
28\u00a0839
57\u00a0015
249
86\u00a0103
Accumulated depreciation
Opening balance
34\u00a0155
48\u00a0476
\u2014
82\u00a0631
Amortization expenses
6\u00a0642
11\u00a0423
\u2014
18\u00a0065
Accumulated amortization as of 31.12
18\u00a0114
30\u00a0408
\u2014
48\u00a0522
Net carrying value as of 31.12
10\u00a0726
26\u00a0608
249
37\u00a0583
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Amortization method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
98\u00a0672
Personnel expenses
40\u00a0232
38\u00a0488
Other operating expenses
29\u00a0209
137\u00a0160
Total cost recognized in income statement
69\u00a0441
143\u00a0649
Total cost for R&D (incl. capitalized development cost)
75\u00a0930
Impairment of intangible assets
There have been no indications of possible impairment related to intangible assets during the current reporting period.
Change in estimate with respect to useful life
The useful life of the intangible assets have been reviewed during the year. Management has evaluated the current useful life estimates as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-243": { "value": "
Note 12: Goodwill and intangible assets
All figures in USD 1 000
12.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets are measured initially
at cost. Subsequently, the intangible assets are measured
at cost less accumulated amortization. The assets, with
finite useful life, are amortized on a straight-line basis over
the asset's estimated useful lives. The amortization period
and the amortization method for intangible assets are
reviewed at least at the end of each reporting period.
Changes in the expected useful life or the expected
pattern of consumption of future economic benefits
embodied in the asset are considered to modify the
amortization period or method, as appropriate, and are
treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.
12.2 Significant accounting judgments
and critical estimates
Goodwill
Nordic allocates and monitors Goodwill on an operating
segment level since the group comprises only one
operating segment. As a result, the assessment for
impairment of Goodwill is conducted for the group as a
whole. Nordic's approach involves evaluating fair value
rather than value in use. Upon examining the market value
of equity as of December 31 and comparing it to the book
value of equity, it becomes evident that Goodwill and net
operating-related assets could be sold for an amount
significantly higher than their book values.
Valuation
Value
Market value
2\u00a0387\u00a0881
Book value
602\u00a0077
Capitalization of development costs
Determining whether development costs shall be
capitalized involves the use of judgement by management.
The company has to demonstrate all of the following:
\u25a0The product or the process is clearly defined and the
cost elements can be identified and measured\u00a0reliably;
\u25a0The technical feasibility is demonstrated;
\u25a0The product or the process will be sold or used in
the\u00a0business;
\u25a0The asset will generate future economic benefits;
\u25a0Sufficient technical, financial and other resources for
project completion are in place
Key factors in management judgment is whether a product
design meet specific functional and economic
requirements. Factors to consider are development/
technical risk, existence of a market for the product and its
market share. The company evaluate theses criteria in
relation to each specific project. Projects related to new
product developments are generally more difficult to
substantiate than projects in which the company has more
experience. Before mass production, the company do
extensive testing on the products to evaluate their quality
and functionality and send prototype samples to
customers. The expected period of benefits is also
dependent on the future technological development in the
market.
12.3 Goodwill and intangible assets
GROUP
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
31\u00a0121
57\u00a0015
2\u00a0284
90\u00a0421
Additions
11\u00a0520
21\u00a0973
50
33\u00a0544
Additions from business combinations
2\u00a0090
\u2014
8\u00a0557
10\u00a0647
Disposals
\u2014
\u2014
\u2014
\u2014
Acquisition cost as of 31.12
44\u00a0731
78\u00a0986
10\u00a0891
134\u00a0612
Accumulated depreciation
Opening balance
19\u00a0466
30\u00a0408
\u2014
49\u00a0874
Amortization expenses
6\u00a0202
9\u00a0644
\u2014
15\u00a0846
Disposals
\u2014
\u2014
\u2014
\u2014
Accumulated amortization as of 31.12
25\u00a0668
40\u00a0051
0
65\u00a0719
Net carrying value as of 31.12
19\u00a0063
38\u00a0938
10\u00a0891
68\u00a0892
PARENT
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
28\u00a0839
57\u00a0015
249
86\u00a0103
Additions
11\u00a0378
21\u00a0973
\u2014
33\u00a0351
Disposals
\u2014
\u2014
Acquisition cost as of 31.12
40\u00a0218
78\u00a0988
249
119\u00a0454
Accumulated depreciation
Opening balance
18\u00a0114
30\u00a0408
\u2014
48\u00a0522
Amortization expenses
5\u00a0094
9\u00a0644
\u2014
14\u00a0738
Disposals
\u2014
\u2014
\u2014
\u2014
Accumulated amortization as of 31.12
23\u00a0208
40\u00a0051
\u2014
63\u00a0259
Net carrying value as of 31.12
17\u00a0011
38\u00a0938
249
56\u00a0197
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Depreciation method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
91\u00a0689
Personnel expenses
34\u00a0641
45\u00a0476
Other operating expenses
36\u00a0386
137\u00a0165
Total cost recognized in income statement
71\u00a0027
159\u00a0138
Total cost for R&D (incl. capitalized development cost)
93\u00a0000
GROUP
2022
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
50\u00a0896
80\u00a0019
2\u00a0386
133\u00a0302
Additions
2\u00a0909
6\u00a0489
-102
9\u00a0296
Acquisition cost as of 31.12
31\u00a0121
57\u00a0015
2\u00a0284
90\u00a0424
Accumulated depreciation
Opening balance
35\u00a0132
48\u00a0477
\u2014
83\u00a0609
Amortization expenses
7\u00a0068
11\u00a0423
\u2014
18\u00a0492
Accumulated amortization as of 31.12
19\u00a0466
30\u00a0408
\u2014
49\u00a0874
Net carrying value as of 31.12
11\u00a0655
26\u00a0608
2\u00a0284
40\u00a0547
PARENT
2022
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
49\u00a0387
80\u00a0017
249
129\u00a0654
Additions
2\u00a0135
6\u00a0489
\u2014
8\u00a0624
Acquisition cost as of 31.12
28\u00a0839
57\u00a0015
249
86\u00a0103
Accumulated depreciation
Opening balance
34\u00a0155
48\u00a0476
\u2014
82\u00a0631
Amortization expenses
6\u00a0642
11\u00a0423
\u2014
18\u00a0065
Accumulated amortization as of 31.12
18\u00a0114
30\u00a0408
\u2014
48\u00a0522
Net carrying value as of 31.12
10\u00a0726
26\u00a0608
249
37\u00a0583
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Amortization method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
98\u00a0672
Personnel expenses
40\u00a0232
38\u00a0488
Other operating expenses
29\u00a0209
137\u00a0160
Total cost recognized in income statement
69\u00a0441
143\u00a0649
Total cost for R&D (incl. capitalized development cost)
75\u00a0930
Impairment of intangible assets
There have been no indications of possible impairment related to intangible assets during the current reporting period.
Change in estimate with respect to useful life
The useful life of the intangible assets have been reviewed during the year. Management has evaluated the current useful life estimates as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-246": { "value": "
12.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets are measured initially
at cost. Subsequently, the intangible assets are measured
at cost less accumulated amortization. The assets, with
finite useful life, are amortized on a straight-line basis over
the asset's estimated useful lives. The amortization period
and the amortization method for intangible assets are
reviewed at least at the end of each reporting period.
Changes in the expected useful life or the expected
pattern of consumption of future economic benefits
embodied in the asset are considered to modify the
amortization period or method, as appropriate, and are
treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-247": { "value": "
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-248": { "value": "
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets are measured initially
at cost. Subsequently, the intangible assets are measured
at cost less accumulated amortization. The assets, with
finite useful life, are amortized on a straight-line basis over
the asset's estimated useful lives. The amortization period
and the amortization method for intangible assets are
reviewed at least at the end of each reporting period.
Changes in the expected useful life or the expected
pattern of consumption of future economic benefits
embodied in the asset are considered to modify the
amortization period or method, as appropriate, and are
treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-249": { "value": "
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-250": { "value": "
GROUP
R&D expenses:
PARENT
91\u00a0689
Personnel expenses
34\u00a0641
45\u00a0476
Other operating expenses
36\u00a0386
137\u00a0165
Total cost recognized in income statement
71\u00a0027
159\u00a0138
Total cost for R&D (incl. capitalized development cost)
93\u00a0000
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-251": { "value": "
Note 13: Fixed assets
All figures in USD 1 000
13.1 Accounting policies
Property, plant and equipment are measured at cost less accumulated depreciation and
impairment losses, if any. The assets are depreciated on a straight-line basis over its
estimated useful lives.
Expenditures classified as repair and maintenance costs are expensed when incurred.
Expenditures that increase the value of the fixed asset are capitalized and depreciated
over the remaining useful life of the fixed asset.
The assets\u2019 residual value and useful life are reviewed annually.
At the end of each reporting period, the Group assess whether there is any indication that
an fixed assets may be impaired. The recoverable amount of the fixed assets are normally
estimated on a stand-alone basis.
13.2 Fixed assets
GROUP
2023
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
39\u00a0843
44\u00a0673
6\u00a0138
333
90\u00a0987
Additions
6\u00a0823
5\u00a0017
707
\u2014
12\u00a0546
Additions from business combinations
21
14
15
\u2014
51
Acquisition cost as of 31.12
46\u00a0687
49\u00a0703
6\u00a0858
333
103\u00a0580
Opening balance
24\u00a0845
26\u00a0138
2\u00a0448
\u2014
53\u00a0431
Depreciation expenses
8\u00a0110
11\u00a0097
1\u00a0187
\u2014
20\u00a0389
Currency translation differences
481
158
22
\u2014
660
Accumulated depreciation as of 31.12
33\u00a0436
37\u00a0393
3\u00a0656
\u2014
74\u00a0480
Net carrying value as of 31.12
13\u00a0251
12\u00a0309
3\u00a0202
333
29\u00a0095
PARENT
2023
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
18\u00a0262
40\u00a0555
2\u00a0977
333
62\u00a0126
Additions
2\u00a0915
4\u00a0538
861
\u2014
8\u00a0313
Disposals
\u2014
-12
-259
\u2014
-271
Acquisition cost as of 31.12
21\u00a0177
45\u00a0080
3\u00a0578
333
70\u00a0167
Opening balance
12\u00a0212
23\u00a0127
1\u00a0517
\u2014
36\u00a0856
Depreciation expenses
3\u00a0512
10\u00a0751
571
\u2014
14\u00a0835
Disposals
\u2014
-5
-14
\u2014
-19
Accumulated depreciation as of 31.12
15\u00a0724
33\u00a0873
2\u00a0074
\u2014
51\u00a0672
Net carrying value as of 31.12
5\u00a0453
11\u00a0208
1\u00a0504
333
18\u00a0498
GROUP
2022
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
37\u00a0980
66\u00a0006
6\u00a0716
333
111\u00a0035
Additions
8\u00a0027
11\u00a0492
1\u00a0374
\u2014
20\u00a0892
Disposals
-6\u00a0163
-32\u00a0826
-1\u00a0950
\u2014
-40\u00a0939
Acquisition cost as of 31.12
39\u00a0843
44\u00a0673
6\u00a0138
333
90\u00a0989
Opening balance
25\u00a0192
47\u00a0999
3\u00a0958
\u2014
77\u00a0149
Depreciation expenses
7\u00a0485
10\u00a0781
990
\u2014
19\u00a0256
Disposals
-6\u00a0163
-32\u00a0825
-2\u00a0032
\u2014
-41\u00a0020
Accumulated depreciation as of 31.12
26\u00a0514
25\u00a0955
2\u00a0916
\u2014
55\u00a0384
Net carrying value as of 31.12
13\u00a0329
18\u00a0716
3\u00a0222
333
35\u00a0603
PARENT
2022
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
25\u00a0482
61\u00a0891
5\u00a0469
333
93\u00a0174
Additions
2\u00a0818
11\u00a0315
771
\u2014
14\u00a0903
Disposals
-10\u00a0038
-32\u00a0650
-3\u00a0262
\u2014
-45\u00a0950
Acquisition cost as of 31.12
18\u00a0262
40\u00a0555
2\u00a0977
333
62\u00a0126
Opening balance
15\u00a0563
45\u00a0382
3\u00a0404
\u2014
64\u00a0349
Depreciation expenses
4\u00a0402
10\u00a0334
577
\u2014
15\u00a0313
Disposals
-7\u00a0753
-32\u00a0589
-2\u00a0465
\u2014
-42\u00a0807
Accumulated depreciation as of 31.12
12\u00a0212
23\u00a0127
1\u00a0517
0
36\u00a0855
Net carrying value as of 31.12
6\u00a0050
17\u00a0429
1\u00a0460
333
25\u00a0271
GROUP AND PARENT
Estimated useful life
3 - 5 years
3 - 4 years
5 years
Depreciation method
Straight-line
Straight-line
Straight-line
No depreciation
Total depreciation expenses consist of depreciation of fixed assets and depreciation of
intangible assets (Note 12: Goodwill and intangible assets).
Non-depreciable property assets:
The parent company has an apartment in Trondheim for use by employees in the Oslo
office while in Trondheim. The apartment is assessed at acquisition cost. The residual value
is expected to be at least equal to the carrying amount.
Scrapped capital assets
All capital assets that are ready to be scrapped have been fully depreciated and have no
residual book value.
Impairment
There have been no indications of possible impairment related to fixed assets during the
current reporting period.
Change in estimate with respect to useful life
The useful life of the fixed assets have been reviewed during the year. Management has
evaluated the current useful life estimates as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-252": { "value": "
13.1 Accounting policies
Property, plant and equipment are measured at cost less accumulated depreciation and
impairment losses, if any. The assets are depreciated on a straight-line basis over its
estimated useful lives.
Expenditures classified as repair and maintenance costs are expensed when incurred.
Expenditures that increase the value of the fixed asset are capitalized and depreciated
over the remaining useful life of the fixed asset.
The assets\u2019 residual value and useful life are reviewed annually.
At the end of each reporting period, the Group assess whether there is any indication that
an fixed assets may be impaired. The recoverable amount of the fixed assets are normally
estimated on a stand-alone basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-253": { "value": "
Note 14: Leases
All figures in USD 1 000.
14.1 Accounting policies
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use (RoU) assets representing the right to use the
underlying\u00a0assets.
Right-of-use assets
The Group recognizes RoU assets at the commencement date of the lease (i.e., the date
the underlying asset is available for use). RoU assets are measured at cost, less any
accumulated depreciation and impairment losses. The cost of RoU assets includes the
amount of lease liabilities recognized, initial direct costs incurred, and lease payments
made at or before the commencement date less any lease incentives received. RoU assets
are depreciated on a straight-line basis over the lease term.
At the end of each reporting period, the Group assess whether there is any indication that
an RoU asset may be impaired.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate (IBR) at the lease commencement date because the interest rate implicit in
the lease is not readily determinable. The Group estimates the IBR using observable inputs
(such as market interest rates) when available and is required to make certain entity
specific estimates (such as subsidiary's stand-alone credit rating).
After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a
change in an index or rate used to determine such lease payments) or a change in the
assessment of an option to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e.,
those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option) and low-value assets. The low value election is
made on a lease-by-lease basis, and it refers to underlying assets with a value in order of
USD 5 000 or less. Lease payments on short-term leases and leases of low value assets are
recognized as expense on a straight- line basis over the lease.
14.2 Leases
The Group is a lessee and has entered into agreements to lease office space, office
equipment, machinery and vehicles
The Group's office leases range between 1 to 14 years. Equipment and machinery leases
range between 1 to 5 years. Vehicles are leased for less than 3 years.
There are no leases with variable lease payments, other than lease payments linked to a
consumer price index.
Extension and termination options are included in a number of property and equipment
leases across the Group. These are used to maximize operational flexibility in terms of
managing the assets used in the Group\u2019s operations. The majority of extension and
termination options held are exercisable only by the Group and not by the respective
lessor. In calculating lease liability, the option to extend the lease term of the lease have
not been included. The Group could replace the lease assets without significant cost or
business disruption.
The Group also has certain leases with lease terms of 12 months or less and leases with
low value. The Group applies the \"short-term lease\" and \"lease of low-value assets\"
recognition exemptions for these leases.
In 2023, Nordic Semiconductor ASA signed an office rental agreement in Oslo with an
commencement date of 1 June 2023 and an office rental agreement in Trondheim with a
commencement date of 1 November 2023. Nordic Semiconductor ASA also agreed to
extend lease terms for 10 years on existing lease agreement in Trondheim.
In 2023, Nordic Semiconductor UK Limited signed an office rental agreement in Bristol with
an expected commencement date of 12 February 2024. There has been a delay in the
office move due to circumstances beyond the company's control.
Below is the contractual cash flow of leases with commencement date after balance sheet
date:
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Office space
\u2014
4\u00a0995
782
3\u00a0618
596
Office equipment
\u2014
431
86
344
\u2014
Short-term leases
\u2014
2
2
\u2014
\u2014
Total
\u2014
5\u00a0428
870
3\u00a0962
596
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Office space
\u2014
\u2014
\u2014
\u2014
\u2014
Office equipment
\u2014
431
86
344
\u2014
Short-term leases
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
431
86
344
\u2014
Minimum lease payments payable on leases are presented in note 26.
Amounts recognized in the balance sheet:
The balance sheet shows the following amounts relating to leases:
GROUP
PARENT
31.12.2023
31.12.2022
Right of use assets
31.12.2023
31.12.2022
54\u00a0670
21\u00a0416
Office space
45\u00a0527
12\u00a0076
54\u00a0670
21\u00a0416
Total
45\u00a0527
12\u00a0076
GROUP
PARENT
31.12.2023
31.12.2022
Lease liabilities
31.12.2023
31.12.2022
9\u00a0897
6\u00a0280
Current
5\u00a0963
2\u00a0813
47\u00a0864
14\u00a0861
Non-Current
42\u00a0127
8\u00a0711
57\u00a0762
21\u00a0141
Total
48\u00a0090
11\u00a0524
GROUP
PARENT
2023
2022
2023
2022
28\u00a0826
8\u00a0843
Additions to right-of-use assets
25\u00a0761
1\u00a0011
12\u00a0468
109
Adjustments to right-of-use assets
11\u00a0827
266
\u2014
\u2014
Disposals to the right-of-use assets
\u2014
-534
The statement of profit or loss shows the following amounts relating to leases:
GROUP
PARENT
2023
2022
Depreciation of right-of-use assets
2023
2022
8\u00a0094
5\u00a0974
Office space
4\u00a0138
3\u00a0427
\u2014
162
Office equipment and machinery
\u2014
162
8\u00a0094
6\u00a0135
Total depreciation
4\u00a0138
3\u00a0588
1\u00a0597
621
Interest expense
1\u00a0229
478
405
513
Expenses relating to short-term leases
138
235
735
644
Expenses relating to leases of low-value assets
293
303
10\u00a0831
7\u00a0914
Total amount recognized in profit and loss
5\u00a0798
4\u00a0603
9\u00a0567
7\u00a0766
The total cash outflow for leases
4\u00a0842
4\u00a0311
Below are the carrying amounts of lease liabilities and movements during the period:
GROUP
Cash flow information for lease liabilities
PARENT
21\u00a0141
Net liabilities as at 1 January 2023
11\u00a0524
-8\u00a0426
Lease payments
-4\u00a0410
41\u00a0294
Acquisitions and adjustments
37\u00a0588
\u2014
Disposals
\u2014
1\u00a0597
Interest
1\u00a0229
2\u00a0156
Foreign exchange adjustments
2\u00a0159
57\u00a0762
Net liabilities as at 31 December 2023
48\u00a0090
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-254": { "value": "
14.1 Accounting policies
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use (RoU) assets representing the right to use the
underlying\u00a0assets.
Right-of-use assets
The Group recognizes RoU assets at the commencement date of the lease (i.e., the date
the underlying asset is available for use). RoU assets are measured at cost, less any
accumulated depreciation and impairment losses. The cost of RoU assets includes the
amount of lease liabilities recognized, initial direct costs incurred, and lease payments
made at or before the commencement date less any lease incentives received. RoU assets
are depreciated on a straight-line basis over the lease term.
At the end of each reporting period, the Group assess whether there is any indication that
an RoU asset may be impaired.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments) less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate (IBR) at the lease commencement date because the interest rate implicit in
the lease is not readily determinable. The Group estimates the IBR using observable inputs
(such as market interest rates) when available and is required to make certain entity
specific estimates (such as subsidiary's stand-alone credit rating).
After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a
change in an index or rate used to determine such lease payments) or a change in the
assessment of an option to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e.,
those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option) and low-value assets. The low value election is
made on a lease-by-lease basis, and it refers to underlying assets with a value in order of
USD 5 000 or less. Lease payments on short-term leases and leases of low value assets are
recognized as expense on a straight- line basis over the lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-255": { "value": "
Note 15: Investments in subsidiaries and joint ventures
All figures in USD 1 000
Note 15.1: Subsidiaries
The following subsidiaries have been included in the financial statements:
Subsidiaries consolidated in
Established
Year
Location
Share
Ownership
Voting
Rights
Nordic Semiconductor Inc
2006
USA
100%
100%
Nordic Semiconductor Poland S.P z o.o
2013
Poland
100%
100%
Nordic Semiconductor Finland OY
2014
Finland
100%
100%
Nordic Semiconductor KK
2017
Japan
100%
100%
Nordic Semiconductor Germany GmbH
2018
Germany
100%
100%
Nordic Semiconductor Norway AS
2020
Norway
100%
100%
Nordic Semiconductor UK Limited
2020
UK
100%
100%
Nordic Semiconductor India Pvt. Ltd
2020
India
100%
100%
Nordic Semiconductor Sweden AB
2020
Sweden
100%
100%
Nordic Semiconductor Hong Kong Limited
2021
Hong Kong
100%
100%
Nordic Semiconductor (Shenzhen) Limited
2021
China
100%
100%
Nordic Semiconductor Singapore Pte Ltd
2022
Singapore
100%
100%
Nordic Semiconductor Denmark ApS
2022
Denmark
100%
100%
Nordic Semiconductor Philippines, Inc.
2022
Philippines
100%
100%
Subsidiaries as of 31 December 2023
Ownership
Share of
votes
Net profit
2023
Equity 31.
Dec 2023
Nordic Semiconductor Inc, USA
100%
100%
1\u00a0630
5\u00a0181
Nordic Semiconductor Poland S.P z o.o
100%
100%
5\u00a0047
8\u00a0623
Nordic Semiconductor Finland OY
100%
100%
4\u00a0439
22\u00a0584
Nordic Semiconductor KK
100%
100%
30
134
Nordic Semiconductor Germany GmbH
100%
100%
30
150
Nordic Semiconductor Norway AS
100%
100%
207
7\u00a0666
Nordic Semiconductor UK Limited
100%
100%
1\u00a0503
3\u00a0792
Nordic Semiconductor India Pvt. Ltd
100%
100%
432
1\u00a0965
Nordic Semiconductor Sweden AB
100%
100%
504
1\u00a0287
Nordic Semiconductor Hong Kong Limited
100%
100%
86
250
Nordic Semiconductor (Shenzhen) Limited
100%
100%
282
531
Nordic Semiconductor Singapore Pte Ltd
100%
100%
11\u00a0611
11\u00a0847
Nordic Semiconductor Denmark ApS
100%
100%
248
251
Nordic Semiconductor Philippines, Inc.
100%
100%
62
81
\u25a0All intellectual property (IP) is owned by Nordic Semiconductor ASA, which is the
ultimate parent company of the Group. All intercompany transactions are conducted in
accordance with the Group's transfer pricing policy.
\u25a0Nordic Semiconductor Inc is a market development, product promotion, and support
company, but since 2016 has run a small R&D department as well.
\u25a0Nordic Semiconductor Poland Sp. z.o.o. is an extension of the software development
team in the parent company.
\u25a0Nordic Semiconductor Finland OY is a development company working with mainly long
range technology. The R&D team in Finland works closely alongside the rest of the R&D
teams in the Group.
\u25a0Nordic Semiconductor KK is a market development, product promotion, and support
company,
\u25a0Nordic Semiconductor Germany GmbH is a market development, product promotion,
and support company,
\u25a0Nordic Semiconductor Norway AS is the parent company of Nordic Semiconductor UK
Limited, Nordic Semiconductor India Pvt. Ltd, Nordic Semiconductor Sweden AB, Nordic
Semiconductor Hong Kong Limited and Nordic Semiconductor (Shenzhen) Limited.
\u25a0Nordic Semiconductor UK limited is a development company working with Wi-Fi and
PMIC technology. The R&D team in the UK works closely alongside the rest of the R&D
teams in the Group.
\u25a0Nordic Semiconductor India Pvt. Ltd is a development company working with Wi-Fi
technology. The R&D team in India works closely alongside the rest of the R&D teams
in the Group.
\u25a0Nordic Semiconductor Sweden AB is a development company working mainly with Wi-
Fi technology. The R&D team in Sweden works closely alongside the rest of the R&D
teams in the Group.
\u25a0Nordic Semiconductor Hong Kong Limited is a market development, product
promotion, and support\u00a0company.
\u25a0Nordic Semiconductor (Shenzhen) Limited is a market development, product promotion,
and support company.
\u25a0Nordic Semiconductor Singapore Pte Ltd is Nordic's regional head office in the APAC
region, distributing the Group's products.
\u25a0Nordic Semiconductor Denmark ApS is a development company working across
technologies. The R&D team in the Denmark works closely alongside the rest of the
R&D teams in the Group.
\u25a0Nordic Semiconductor Philippines, Inc. is a development, supply chain and support
company. The R&D team in the Philippines is working across all technologies, and
works closely alongside the rest of the R&D teams in the Group.
Note 15.2: Joint ventures
Nordic Semiconductor ASA has a 20 % ownership in Quintauris GmbH. The investment is
accounted for in accordance with the equity method. The carrying value of joint ventures
are USD 6m at December 31, 2023
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-256": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-257": { "value": "
Note 16: Other long term receivables
All figures in USD 1 000
Nordic Semiconductor ASA has entered an capacity reservation agreement with a wafer
manufacturer. The company is committed to purchase wafers according to a purchase
reservation plan for the period Q4-2023 to Q2-2027.
Nordic has paid USD 100m to secure the quarterly reservation. The prepayment is every
quarter settled against committed wafer orders.
The balance of the prepayment as of December 31, 2023 is USD 100m, where USD 94.5m is
classified as Other long term assets and USD 5.5m is classified as Other current
receivables. A partial value of committed wafers not ordered can be expensed depending
on agreement terms.
See note 17.1 for information about the impairment assessment.
Note 17: Accounts receivable
All figures in USD 1 000
17.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 26 for further information.
17.2 Accounts receivable
GROUP
PARENT
2023
2022
2023
2022
133\u00a0316
175\u00a0120
Gross receivables
983
175\u00a0120
\u2014
\u2014
Provision for doubtful accounts
\u2014
\u2014
133\u00a0316
175\u00a0120
Accounts receivable, net
983
175\u00a0120
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-258": { "value": "
Note 17: Accounts receivable
All figures in USD 1 000
17.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 26 for further information.
17.2 Accounts receivable
GROUP
PARENT
2023
2022
2023
2022
133\u00a0316
175\u00a0120
Gross receivables
983
175\u00a0120
\u2014
\u2014
Provision for doubtful accounts
\u2014
\u2014
133\u00a0316
175\u00a0120
Accounts receivable, net
983
175\u00a0120
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-260": { "value": "
17.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 26 for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-259": { "value": "
17.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 26 for further information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-261": { "value": "
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 26 for further information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-263": { "value": "
Note 19: Cash and cash equivalents
All figures in USD 1 000
19.1 Accounting policies
Cash and cash equivalents include cash at bank, short- term deposits with an original
maturity of three months or less and money market fund. Money market funds and short-
term time deposits are defined as cash equivalents because they are highly liquid and not
subject to material fluctuations in value. In 2023, the Group derecognized the short-term
bank deposits.
19.2 Cash and cash equivalents
GROUP
PARENT
2023
2022
Cash and cash equivalents as of the balance
sheet date were as follows:
2023
2022
189\u00a0853
277\u00a0700
Cash at bank
166\u00a0449
277\u00a0690
2\u00a0372
2\u00a0479
Restricted cash (withholding tax account)
2\u00a0372
2\u00a0479
\u2014
50\u00a0467
Short-term bank deposits
\u2014
50\u00a0467
98\u00a0731
48\u00a0458
Money market funds
98\u00a0731
48\u00a0458
290\u00a0957
379\u00a0104
Cash and cash equivalents in statement of
financial position
267\u00a0553
379\u00a0096
\u25a0Cash at banks earns interest at floating rates based on daily bank deposit rates.
\u25a0Nordic Semiconductor ASA presents total bank deposits in the international cash pool,
while Nordic Semiconductor OY presents its share of the international cash pool as a
receivable from the company. Nordic Semiconductor ASA and Nordic Semiconductor
OY participate in the cash pool, which is operated by Danske Bank.
\u25a0Restricted deposits are held by Nordic Semiconductor ASA. They are subject to
regulatory restrictions and are therefore not available for general use by the entities
within the Group.
\u25a0Interest on bank deposits is set to floating rates based
on daily bank deposit rates.
For information on credit and liquidity risk, see Note 26: Financial risk management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-262": { "value": "
Note 19: Cash and cash equivalents
All figures in USD 1 000
19.1 Accounting policies
Cash and cash equivalents include cash at bank, short- term deposits with an original
maturity of three months or less and money market fund. Money market funds and short-
term time deposits are defined as cash equivalents because they are highly liquid and not
subject to material fluctuations in value. In 2023, the Group derecognized the short-term
bank deposits.
19.2 Cash and cash equivalents
GROUP
PARENT
2023
2022
Cash and cash equivalents as of the balance
sheet date were as follows:
2023
2022
189\u00a0853
277\u00a0700
Cash at bank
166\u00a0449
277\u00a0690
2\u00a0372
2\u00a0479
Restricted cash (withholding tax account)
2\u00a0372
2\u00a0479
\u2014
50\u00a0467
Short-term bank deposits
\u2014
50\u00a0467
98\u00a0731
48\u00a0458
Money market funds
98\u00a0731
48\u00a0458
290\u00a0957
379\u00a0104
Cash and cash equivalents in statement of
financial position
267\u00a0553
379\u00a0096
\u25a0Cash at banks earns interest at floating rates based on daily bank deposit rates.
\u25a0Nordic Semiconductor ASA presents total bank deposits in the international cash pool,
while Nordic Semiconductor OY presents its share of the international cash pool as a
receivable from the company. Nordic Semiconductor ASA and Nordic Semiconductor
OY participate in the cash pool, which is operated by Danske Bank.
\u25a0Restricted deposits are held by Nordic Semiconductor ASA. They are subject to
regulatory restrictions and are therefore not available for general use by the entities
within the Group.
\u25a0Interest on bank deposits is set to floating rates based
on daily bank deposit rates.
For information on credit and liquidity risk, see Note 26: Financial risk management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-264": { "value": "
19.1 Accounting policies
Cash and cash equivalents include cash at bank, short- term deposits with an original
maturity of three months or less and money market fund. Money market funds and short-
term time deposits are defined as cash equivalents because they are highly liquid and not
subject to material fluctuations in value. In 2023, the Group derecognized the short-term
bank deposits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-265": { "value": "
Note 20: Share capital and shareholder information
20.1 Accounting policies
When treasury shares are purchased, the purchase price, including directly attributable costs are recognized as changes in equity. Treasury shares are presented as a reduction of equity.
Gains or losses on transactions in treasury shares are not recognized in the income\u00a0statement.
20.2 Share capital and shareholder information
Share capital
The share capital in Nordic Semiconductor as of December 31, 2023 consists of one share class with a total of 192,781,600 shares with a face value of NOK 0.01, with a total share capital of
NOK 1,927,816. Each share grants the same rights in the company, and in the event of any increase in capital, existing shareholders have preemptive rights for any new shares. During the
year the following changes have been made in the number of shares, share capital and share\u00a0premium:
GROUP
Number of shares
Share capital
(USD 1000)
Treasury shares
(USD 1000)
Share premium
(USD 1000)
2023
2022
2023
2022
2023
2022
2023
2022
Holdings as of 1.1
192\u00a0781\u00a0600
192\u00a0781\u00a0600
317
317
-2
-3
235\u00a0448
235\u00a0448
Change during the year
\u2014
\u2014
\u2014
\u2014
1
1
\u2014
\u2014
Holdings as of 31.12
192\u00a0781\u00a0600
192\u00a0781\u00a0600
317
317
-1
-2
235\u00a0448
235\u00a0448
Dividend
No dividend was paid during 2023.
Treasury shares
The company owned 382,102 treasury shares on December 31, 2023. On January 1, 2023, the company owned 1,206,513 treasury shares. Based on a resolution of the annual general
meeting of April 20, 2023, the Board has authority to purchase the company\u2019s own shares with a limit of a face value of NOK 192,000 through one or more transactions. This authority is
limited to 9.96% of the company\u2019s share capital, and the price per share that the company may pay for shares shall not be lower than the face value and not higher than NOK 350. This
authority applies until the company\u2019s annual general meeting in 2024, and by June 30, 2024 the latest. On February 5, 2024, the board authorized the Company to commence a share
repurchase program based on the aforementioned resolution of the annual general meeting. The purpose of the program is to have available shares to settle the company's obligations
under the Employee long-term equity linked incentive programs.
Long-term incentive plan
With reference to the annual general meeting, on April 20, 2023, Nordic Semiconductor approved a Restricted Stock Unit (RSU) program for all employees, and a combination of RSUs and
Performance Shares for Executive Management. See note 19 for further\u00a0information.
Shareholder overview
The largest shareholders in Nordic Semiconductor ASA were as follows as of December 31, 2023 based on data provided by an investor relations advisory service provider*, and is obtained
through an analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Nordic VPS share register.
Shareholder
Shares
Percentage
DNB Asset Management AS
19\u00a0780\u00a0570
10.3%
Accelerator Limited
17\u00a0472\u00a0950
9.1%
Capital Research and Management Company
16\u00a0965\u00a0562
8.8%
Folketrygdfondet
15\u00a0286\u00a0953
7.9%
Hardman Johnston Global Advisors LLC
7\u00a0275\u00a0215
3.8%
The Vanguard Group, Inc.
6\u00a0926\u00a0324
3.6%
Danske Bank Investment Management
5\u00a0144\u00a0263
2.7%
Invesco Advisers, Inc.
5\u00a0090\u00a0355
2.6%
BlackRock Fund Advisors
4\u00a0621\u00a0010
2.4%
RBC Global Asset Management (UK) Limited
3\u00a0982\u00a0945
2.1%
Eika Kapitalforvaltning AS
3\u00a0626\u00a0198
1.9%
Alfred Berg Kapitalforvaltning AS
3\u00a0442\u00a0656
1.8%
Skandia Fonder AB
3\u00a0134\u00a0377
1.6%
Swedbank Robur Fonder AB
2\u00a0980\u00a0000
1.5%
Robeco Institutional Asset Management B.V.
2\u00a0903\u00a0864
1.5%
KLP Kapitalforvaltning AS
2\u00a0369\u00a0838
1.2%
E. \u00d6hman J :or Fonder AB
2\u00a0001\u00a0406
1.0%
Svenn Tore Larsen
1\u00a0947\u00a0142
1.0%
Alden AS
1\u00a0850\u00a0000
1.0%
TTC Invest AS
1\u00a0772\u00a0000
0.9%
Total for the 20 largest shareholders
128\u00a0573\u00a0628
66.7%
Other shareholders
64\u00a0207\u00a0972
33.3%
Total shares outstanding
192\u00a0781\u00a0600
100.0%
*Every reasonable effort has been made to verify the data, however neither Nordic nor the investor relations advisory service provider can guarantee the accuracy of the analysis.
Shares held by the Board of Directors and Executive Management were as follows as of December 31, 2023:
Board of Directors
Shares
Executive Management
Shares
Birger Steen
208\u00a0745
Svenn-Tore Larsen
1\u00a0947\u00a0142
Anita Huun
13\u00a0919
Geir Langeland
219\u00a0653
Inger Berg \u00d8rstavik
5\u00a0919
Ole Fredrik Morken
205\u00a0345
Annastiina Hintsa
4\u00a0919
St\u00e5le Ytterdal
141\u00a0632
Snorre Kjesbu
661
Ola Bostr\u00f8m
3\u00a0511
Jon Helge Nistad
749
P\u00e5l Elstad
49\u00a0417
Anja Dekens
433
Svein-Egil Nielsen
42\u00a0285
Morten Dammen
1\u00a0953
Kjetil Holstad
16\u00a0401
Linda Pettersson
0
Katarina Finneng
4\u00a0337
Total
237\u00a0298
Total
2\u00a0629\u00a0723
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-266": { "value": "
20.1 Accounting policies
When treasury shares are purchased, the purchase price, including directly attributable costs are recognized as changes in equity. Treasury shares are presented as a reduction of equity.
Gains or losses on transactions in treasury shares are not recognized in the income\u00a0statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-267": { "value": "
Dividend
No dividend was paid during 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-268": { "value": "
Treasury shares
The company owned 382,102 treasury shares on December 31, 2023. On January 1, 2023, the company owned 1,206,513 treasury shares. Based on a resolution of the annual general
meeting of April 20, 2023, the Board has authority to purchase the company\u2019s own shares with a limit of a face value of NOK 192,000 through one or more transactions. This authority is
limited to 9.96% of the company\u2019s share capital, and the price per share that the company may pay for shares shall not be lower than the face value and not higher than NOK 350. This
authority applies until the company\u2019s annual general meeting in 2024, and by June 30, 2024 the latest. On February 5, 2024, the board authorized the Company to commence a share
repurchase program based on the aforementioned resolution of the annual general meeting. The purpose of the program is to have available shares to settle the company's obligations
under the Employee long-term equity linked incentive programs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-269": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-270": { "value": "
Note 21: Shares outstanding
Basis for calculation of basic earnings per share
2023
2022
Earnings for the year (USD \u2018000)
7\u00a0650
122\u00a0339
Weighted average number of outstanding shares (\u2018000)
192\u00a0085
191\u00a0365
Earnings per share (USD)
0.04
0.64
Basis for calculation of fully diluted earnings per share
Earnings for the year (USD \u2018000)
7\u00a0650
122\u00a0339
Weighted average number of outstanding shares (\u2018000)
193\u00a0350
192\u00a0739
Earnings per share (USD)
0.04
0.63
The number of shares was as follows:
Date
Shares issued
Shares outstanding
01.01.2023
Opening balance
192\u00a0781\u00a0600
191\u00a0575\u00a0087
31.12.2023
Closing balance
192\u00a0781\u00a0600
192\u00a0399\u00a0498
Options and Restricted Stock Units (\"RSUs\" granted to employees are considered to be
potential ordinary shares. They have been included in the determination of diluted earnings
per share. The options and RSUs have not been included in the determination of basic
earning per share. Details relating to the options are set out in note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-271": { "value": "
Note 23: Long-term incentive plans
23.1 Accounting policies
Share based compensation
The Group grants restricted stock units and other awards over its ordinary shares to all
employees. The cost of equity-settled transactions is determined by the fair value at the
date when the grant is made using an appropriate valuation model, further details of
which are given in note 23.2.
That cost is recognized in employee benefits expense, together with a corresponding
increase in equity (other paid in capital), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting period).
Social security tax is accrued over the vesting period based on the actual value of the stock
unit.
23.2 Long-term incentive plans
On April 29, 2020, Nordic Semiconductor granted 754,224 Restricted Stock Units (RSUs) and
Performance shares to 775 employees. A share price of NOK 58.4 was used as basis for the
calculation of RSUs and Performance Shares, which was the weighted average share price
the five trading days after the Annual General Meeting. The RSUs vest after two and three
years. The performance shares are issued conditional upon the achievement of a certain
set of objectives. The performance shares vest and will be delivered at par value upon the
completion of the performance period, which is three\u00a0years.
On April 28, 2021, Nordic Semiconductor granted 452,353 Restricted Stock Units (RSUs) and
Performance shares to 1,087 employees. A share price of NOK 182.2 was used as basis for
the calculation of RSUs and Performance Shares, which was the weighted average share
price the five trading days after the Annual General Meeting. The RSUs vest after two and
three years. The performance shares are issued conditional upon the achievement of a
certain set of objectives. The performance shares vest and will be delivered at par value
upon the completion of the performance period, which is three\u00a0years.
On April 28, 2022, Nordic Semiconductor granted 486,677 Restricted Stock Units (RSUs) and
Performance shares to 1,288 employees. A share price of NOK 183.8 was used as basis for
the calculation of RSUs and Performance Shares, which was the weighted average share
price the five trading days after the Annual General Meeting. The RSUs vest after two and
three years. The performance shares are issued conditional upon the achievement of a
certain set of objectives. The performance shares vest and will be delivered at par value
upon the completion of the performance period, which is three\u00a0years.
With reference to the Annual general meeting held on April 20, 2023, Nordic
Semiconductor, on July 12, 2023, granted 1,002,323 RSUs and performance shares to
employees, including management. The shares vest over two and three years. The Annual
General Meeting of Nordic Semiconductor ASA approved the issue of RSUs and
Performance Shares of an aggregate nominal value of up to 1% of the company\u2019s
outstanding share capital.
A summary of share options transactions during 2023 and 2022
below:
2023
2022
Outstanding options 1.1
\u2014
545\u00a0203
Granted
\u2014
\u2014
Forfeited
\u2014
705
Exercised
\u2014
544\u00a0498
Expired
\u2014
\u2014
Outstanding options 31.12
\u2014
\u2014
Of which exercisable
\u2014
\u2014
A summary of RSUs transactions during 2023 and 2022 below:
2023
2022
Outstanding RSUs 1.1
1\u00a0002\u00a0504
1\u00a0058\u00a0947
Granted
958\u00a0462
486\u00a0677
Forfeited
146\u00a0600
50\u00a0340
Released
409\u00a0801
492\u00a0780
Outstanding RSUs 31.12
1\u00a0404\u00a0565
1\u00a0002\u00a0504
A summary of performance shares during 2023 and 2022 below:
2023
2022
Outstanding performance shares 1.1
109\u00a0632
142\u00a0990
Granted
43\u00a0861
30\u00a0376
Forfeited
21\u00a0929
7\u00a0921
Performance adjusted
43\u00a0371
55\u00a0813
Released
97\u00a0578
111\u00a0626
Outstanding performance shares 31.12
77\u00a0357
109\u00a0632
The fair value of the options, RSUs and performance shares are set on the grant date and
expensed over the vesting period. USD 6,548 thousand was expensed during 2023 and
USD 7,797 thousand in 2022. The strike price of the RSUs and PSUs are nil and the shares
are delivered free of payment.
The fair value per RSU and performance share without market condition granted in 2023
was NOK 140.25. The fair value of the performance shares with Relative Total Shareholder
Return performance condition granted in 2023 was NOK 223.3539. The valuation is based
on a Monte Carlo simulation model with the following assumptions:
Share price on the grant date
The closing share price of the company and peer group companies (SOX Index) were NOK
140.25 and USD 3,721.47, respectively.
Risk-free interest rate
The risk-free interest rate is set equal to the relevant interest rate on government bonds on
the date of grant in 2023 i.e. 4.05 % in Norway.
Volatility
It is assumed that historic volatility is an indication of future volatility. The expected volatility
is therefore stipulated to be the same as the historic volatility, which equaled 50.72% on the
date of grant in 2023 for the company and 34.95% for the SOX\u00a0Index.
Expected lifetime
Performance shares vest on the July 12, 2026. Performance end date is December 31, 2025,
so as of vesting date the quantity to vest is known.
Correlation coefficients
Correlation coefficient quantifies the degree to which the companies\u2019 share prices jointly
react to the news flow. The historic correlation coefficients has been calculated by using
daily share price logarithmic returns of peer group. companies in local\u00a0currency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-273": { "value": "
23.1 Accounting policies
Share based compensation
The Group grants restricted stock units and other awards over its ordinary shares to all
employees. The cost of equity-settled transactions is determined by the fair value at the
date when the grant is made using an appropriate valuation model, further details of
which are given in note 23.2.
That cost is recognized in employee benefits expense, together with a corresponding
increase in equity (other paid in capital), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting period).
Social security tax is accrued over the vesting period based on the actual value of the stock
unit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-272": { "value": "
23.1 Accounting policies
Share based compensation
The Group grants restricted stock units and other awards over its ordinary shares to all
employees. The cost of equity-settled transactions is determined by the fair value at the
date when the grant is made using an appropriate valuation model, further details of
which are given in note 23.2.
That cost is recognized in employee benefits expense, together with a corresponding
increase in equity (other paid in capital), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting period).
Social security tax is accrued over the vesting period based on the actual value of the stock
unit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-274": { "value": "
Note 24: Current liabilities
All figures in USD 1 000
GROUP
PARENT
2023
2022
2023
2022
12\u00a0201
34\u00a0229
Accounts payable
15\u00a0403
32\u00a0335
\u2014
\u2014
Accounts payable from subsidiaries
55\u00a0148
31\u00a0994
5\u00a0640
43\u00a0758
Taxes payable
3\u00a0939
42\u00a0837
1\u00a0390
14\u00a0542
Employee benefit obligations
319
7\u00a0333
6\u00a0334
6\u00a0455
Social security tax and payroll tax
4\u00a0579
4\u00a0745
11\u00a0113
10\u00a0129
Holiday pay
6\u00a0405
5\u00a0991
30\u00a0010
30\u00a0694
Ship and debit
\u2014
30\u00a0694
25\u00a0294
23\u00a0382
End-customer rebate
\u2014
23\u00a0382
4\u00a0398
\u2014
Restructuring costs
2\u00a0811
\u2014
9\u00a0897
6\u00a0280
Current lease liabilities
5\u00a0963
2\u00a0813
741
\u2014
Accrued interest bond
741
\u2014
5\u00a0514
7\u00a0547
Accrued expenses
3\u00a0325
5\u00a0450
1\u00a0620
145
Other current liabilities
147
74
114\u00a0151
177\u00a0160
Total current liabilities
98\u00a0778
187\u00a0648
Restructuring cost, including termination benefit cost
In October 2023, Nordic communicated a detailed restructuring plan including downsizing
to secure long-term health of the company in a challenging economic environment. The
process was finalized in December 2023.
The provision for restructuring cost at the balance sheet date include incremental costs that
are directly associated with the restructuring, such as the cost of outplacement and
termination benefits.
The cost of outplacement is recognized as the best estimate of the expenditure required to
settle the present obligation at the balance sheet date. Nordic measure termination
benefits on initial recognition (at undiscounted amount), and measure and recognize
subsequent changes, in accordance with the nature of the employee benefit.
The termination benefit is a result of employee's decision to accept an offer of benefits in
exchange for the termination of employment. The termination benefits includes a lump sum
payment, enhancement of post\u2011employment benefits (such as pensions and insurance
plans) and salary till end of the notice period.
The benefit is settled during the specified notice period (within 12 months after balance
sheet date).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-277": { "value": "
Note 25: Financial instruments
All figures in USD 1 000.
25.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund and currency swap at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process
25.2 Financial instruments
Capital structure
Nordic Semiconductor's strategy relating to its capital structure is to maintain sufficient cash
and cash equivalents to meet the Group\u2019s requirements for ongoing operations and for
new investments. Management believes that it is especially important to retain a strong
credit rating and significant liquidity as the Group competes in a global market against
larger companies.
Nordic Semiconductor manages its capital structure and makes revisions in light of changes
in the overall economy and its operating assumptions. In order to maintain or amend the
capital structure, Nordic may purchase its own shares on the market, pay dividends to
shareholders, pay back capital to shareholders or issue new shares.
Nordic Semiconductor targets to have an equity ratio above 50% at all times, measured as
total equity divided by total assets.
GROUP
PARENT
2023
2022
2023
2022
602\u00a0077
583\u00a0544
Total equity
554\u00a0883
561\u00a0074
862\u00a0245
776\u00a0241
Total assets
793\u00a0682
757\u00a0864
70%
75%
Equity share
70%
74%
Financial assets
The Group holds the following financial assets at amortized cost:
GROUP
PARENT
2023
2022
Amortized cost
2023
2022
133\u00a0316
175\u00a0120
Accounts receivable
984
175\u00a0120
4\u00a0389
5\u00a0562
Other current receivables
113\u00a0795
12\u00a0989
192\u00a0225
280\u00a0178
Cash at bank
168\u00a0822
270\u00a0783
\u2014
50\u00a0467
Short-term bank deposits
\u2014
50\u00a0467
329\u00a0930
511\u00a0328
Total financial assets at amortized
cost
283\u00a0601
509\u00a0359
GROUP
PARENT
2023
2022
Fair value through profit or loss
2023
2022
98\u00a0731
48\u00a0458
Money market fund
98\u00a0731
48\u00a0458
\u2014
267
Currency swap
\u2014
267
98\u00a0731
48\u00a0725
Total financial assets at fair value
through profit or loss
98\u00a0731
48\u00a0725
In Q1 2023, the Group terminated the currency swap and sold its position in money market
fund that was acquired in 2022. In Q4 2023, The Group allocated the proceeds from the
bond issuance into a money market fund.
Changes in financial assets at fair value through profit or loss:
GROUP
PARENT
2023
2022
2023
2022
48\u00a0725
53\u00a0259
As at 1 January
48\u00a0725
53\u00a0259
-44\u00a0205
\u2014
Disposal of financial instruments
-44\u00a0205
\u2014
93\u00a0064
\u2014
Acquisition of financial instruments
93\u00a0064
\u2014
426
1\u00a0073
Changes in fair value
426
1\u00a0073
721
-5\u00a0607
Currency translation differences
721
-5\u00a0607
98\u00a0731
48\u00a0725
As at 31 December
98\u00a0731
48\u00a0725
Financial liabilities
The Group holds the following financial liabilities:
GROUP
PARENT
2023
2022
Amortized cost
2023
2022
97\u00a0491
\u2014
Bond
97\u00a0491
\u2014
12\u00a0201
34\u00a0229
Accounts payable
15\u00a0403
32\u00a0335
741
\u2014
Current financial liabilities
741
\u2014
79\u00a0345
86\u00a0439
Other current liabilities
68\u00a0153
104\u00a0918
47\u00a0864
14\u00a0861
Non-current lease liabilities
42\u00a0127
8\u00a0711
9\u00a0897
6\u00a0280
Current lease liabilities
5\u00a0963
2\u00a0813
247\u00a0539
141\u00a0809
Total financial liabilities at amortized cost
229\u00a0878
148\u00a0777
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facilities (\"RCF\"), which enables it to borrow up to
USD 200m any time with an interest rate equal to SOFR + margin. The line of credit expires
in June 2025. As of December 31, 2023, Nordic has not drawn on any of the credit lines. The
security is provided by inventory, receivables and operating equipment with book values as
follows; inventories USD 163m, accounts receivable USD 133m and operating equipment
USD 29m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 41.4m for the office in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group has terminated the investments in term deposit, money market fund and
currency swap acquired in 2022. In 2023, The Group has invested USD 93m into a money
market fund using the following method and assumptions:
\u25a0Money market fund is classified as cash equivalents due to its high liquidity and
insignificant risk of change in value. The asset is measured at quoted market price in an
active market at the balance sheet date. See note 19 for information on cash and
cash\u00a0equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-276": { "value": "
Note 25: Financial instruments
All figures in USD 1 000.
25.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund and currency swap at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process
25.2 Financial instruments
Capital structure
Nordic Semiconductor's strategy relating to its capital structure is to maintain sufficient cash
and cash equivalents to meet the Group\u2019s requirements for ongoing operations and for
new investments. Management believes that it is especially important to retain a strong
credit rating and significant liquidity as the Group competes in a global market against
larger companies.
Nordic Semiconductor manages its capital structure and makes revisions in light of changes
in the overall economy and its operating assumptions. In order to maintain or amend the
capital structure, Nordic may purchase its own shares on the market, pay dividends to
shareholders, pay back capital to shareholders or issue new shares.
Nordic Semiconductor targets to have an equity ratio above 50% at all times, measured as
total equity divided by total assets.
GROUP
PARENT
2023
2022
2023
2022
602\u00a0077
583\u00a0544
Total equity
554\u00a0883
561\u00a0074
862\u00a0245
776\u00a0241
Total assets
793\u00a0682
757\u00a0864
70%
75%
Equity share
70%
74%
Financial assets
The Group holds the following financial assets at amortized cost:
GROUP
PARENT
2023
2022
Amortized cost
2023
2022
133\u00a0316
175\u00a0120
Accounts receivable
984
175\u00a0120
4\u00a0389
5\u00a0562
Other current receivables
113\u00a0795
12\u00a0989
192\u00a0225
280\u00a0178
Cash at bank
168\u00a0822
270\u00a0783
\u2014
50\u00a0467
Short-term bank deposits
\u2014
50\u00a0467
329\u00a0930
511\u00a0328
Total financial assets at amortized
cost
283\u00a0601
509\u00a0359
GROUP
PARENT
2023
2022
Fair value through profit or loss
2023
2022
98\u00a0731
48\u00a0458
Money market fund
98\u00a0731
48\u00a0458
\u2014
267
Currency swap
\u2014
267
98\u00a0731
48\u00a0725
Total financial assets at fair value
through profit or loss
98\u00a0731
48\u00a0725
In Q1 2023, the Group terminated the currency swap and sold its position in money market
fund that was acquired in 2022. In Q4 2023, The Group allocated the proceeds from the
bond issuance into a money market fund.
Changes in financial assets at fair value through profit or loss:
GROUP
PARENT
2023
2022
2023
2022
48\u00a0725
53\u00a0259
As at 1 January
48\u00a0725
53\u00a0259
-44\u00a0205
\u2014
Disposal of financial instruments
-44\u00a0205
\u2014
93\u00a0064
\u2014
Acquisition of financial instruments
93\u00a0064
\u2014
426
1\u00a0073
Changes in fair value
426
1\u00a0073
721
-5\u00a0607
Currency translation differences
721
-5\u00a0607
98\u00a0731
48\u00a0725
As at 31 December
98\u00a0731
48\u00a0725
Financial liabilities
The Group holds the following financial liabilities:
GROUP
PARENT
2023
2022
Amortized cost
2023
2022
97\u00a0491
\u2014
Bond
97\u00a0491
\u2014
12\u00a0201
34\u00a0229
Accounts payable
15\u00a0403
32\u00a0335
741
\u2014
Current financial liabilities
741
\u2014
79\u00a0345
86\u00a0439
Other current liabilities
68\u00a0153
104\u00a0918
47\u00a0864
14\u00a0861
Non-current lease liabilities
42\u00a0127
8\u00a0711
9\u00a0897
6\u00a0280
Current lease liabilities
5\u00a0963
2\u00a0813
247\u00a0539
141\u00a0809
Total financial liabilities at amortized cost
229\u00a0878
148\u00a0777
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facilities (\"RCF\"), which enables it to borrow up to
USD 200m any time with an interest rate equal to SOFR + margin. The line of credit expires
in June 2025. As of December 31, 2023, Nordic has not drawn on any of the credit lines. The
security is provided by inventory, receivables and operating equipment with book values as
follows; inventories USD 163m, accounts receivable USD 133m and operating equipment
USD 29m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 41.4m for the office in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group has terminated the investments in term deposit, money market fund and
currency swap acquired in 2022. In 2023, The Group has invested USD 93m into a money
market fund using the following method and assumptions:
\u25a0Money market fund is classified as cash equivalents due to its high liquidity and
insignificant risk of change in value. The asset is measured at quoted market price in an
active market at the balance sheet date. See note 19 for information on cash and
cash\u00a0equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-275": { "value": "
Note 25: Financial instruments
All figures in USD 1 000.
25.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund and currency swap at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process
25.2 Financial instruments
Capital structure
Nordic Semiconductor's strategy relating to its capital structure is to maintain sufficient cash
and cash equivalents to meet the Group\u2019s requirements for ongoing operations and for
new investments. Management believes that it is especially important to retain a strong
credit rating and significant liquidity as the Group competes in a global market against
larger companies.
Nordic Semiconductor manages its capital structure and makes revisions in light of changes
in the overall economy and its operating assumptions. In order to maintain or amend the
capital structure, Nordic may purchase its own shares on the market, pay dividends to
shareholders, pay back capital to shareholders or issue new shares.
Nordic Semiconductor targets to have an equity ratio above 50% at all times, measured as
total equity divided by total assets.
GROUP
PARENT
2023
2022
2023
2022
602\u00a0077
583\u00a0544
Total equity
554\u00a0883
561\u00a0074
862\u00a0245
776\u00a0241
Total assets
793\u00a0682
757\u00a0864
70%
75%
Equity share
70%
74%
Financial assets
The Group holds the following financial assets at amortized cost:
GROUP
PARENT
2023
2022
Amortized cost
2023
2022
133\u00a0316
175\u00a0120
Accounts receivable
984
175\u00a0120
4\u00a0389
5\u00a0562
Other current receivables
113\u00a0795
12\u00a0989
192\u00a0225
280\u00a0178
Cash at bank
168\u00a0822
270\u00a0783
\u2014
50\u00a0467
Short-term bank deposits
\u2014
50\u00a0467
329\u00a0930
511\u00a0328
Total financial assets at amortized
cost
283\u00a0601
509\u00a0359
GROUP
PARENT
2023
2022
Fair value through profit or loss
2023
2022
98\u00a0731
48\u00a0458
Money market fund
98\u00a0731
48\u00a0458
\u2014
267
Currency swap
\u2014
267
98\u00a0731
48\u00a0725
Total financial assets at fair value
through profit or loss
98\u00a0731
48\u00a0725
In Q1 2023, the Group terminated the currency swap and sold its position in money market
fund that was acquired in 2022. In Q4 2023, The Group allocated the proceeds from the
bond issuance into a money market fund.
Changes in financial assets at fair value through profit or loss:
GROUP
PARENT
2023
2022
2023
2022
48\u00a0725
53\u00a0259
As at 1 January
48\u00a0725
53\u00a0259
-44\u00a0205
\u2014
Disposal of financial instruments
-44\u00a0205
\u2014
93\u00a0064
\u2014
Acquisition of financial instruments
93\u00a0064
\u2014
426
1\u00a0073
Changes in fair value
426
1\u00a0073
721
-5\u00a0607
Currency translation differences
721
-5\u00a0607
98\u00a0731
48\u00a0725
As at 31 December
98\u00a0731
48\u00a0725
Financial liabilities
The Group holds the following financial liabilities:
GROUP
PARENT
2023
2022
Amortized cost
2023
2022
97\u00a0491
\u2014
Bond
97\u00a0491
\u2014
12\u00a0201
34\u00a0229
Accounts payable
15\u00a0403
32\u00a0335
741
\u2014
Current financial liabilities
741
\u2014
79\u00a0345
86\u00a0439
Other current liabilities
68\u00a0153
104\u00a0918
47\u00a0864
14\u00a0861
Non-current lease liabilities
42\u00a0127
8\u00a0711
9\u00a0897
6\u00a0280
Current lease liabilities
5\u00a0963
2\u00a0813
247\u00a0539
141\u00a0809
Total financial liabilities at amortized cost
229\u00a0878
148\u00a0777
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facilities (\"RCF\"), which enables it to borrow up to
USD 200m any time with an interest rate equal to SOFR + margin. The line of credit expires
in June 2025. As of December 31, 2023, Nordic has not drawn on any of the credit lines. The
security is provided by inventory, receivables and operating equipment with book values as
follows; inventories USD 163m, accounts receivable USD 133m and operating equipment
USD 29m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 41.4m for the office in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group has terminated the investments in term deposit, money market fund and
currency swap acquired in 2022. In 2023, The Group has invested USD 93m into a money
market fund using the following method and assumptions:
\u25a0Money market fund is classified as cash equivalents due to its high liquidity and
insignificant risk of change in value. The asset is measured at quoted market price in an
active market at the balance sheet date. See note 19 for information on cash and
cash\u00a0equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-278": { "value": "
25.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund and currency swap at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-279": { "value": "
All financial assets and liabilities are classified at amortized cost, except money market
fund and currency swap at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-280": { "value": "
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-282": { "value": "
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facilities (\"RCF\"), which enables it to borrow up to
USD 200m any time with an interest rate equal to SOFR + margin. The line of credit expires
in June 2025. As of December 31, 2023, Nordic has not drawn on any of the credit lines. The
security is provided by inventory, receivables and operating equipment with book values as
follows; inventories USD 163m, accounts receivable USD 133m and operating equipment
USD 29m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 41.4m for the office in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-281": { "value": "
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facilities (\"RCF\"), which enables it to borrow up to
USD 200m any time with an interest rate equal to SOFR + margin. The line of credit expires
in June 2025. As of December 31, 2023, Nordic has not drawn on any of the credit lines. The
security is provided by inventory, receivables and operating equipment with book values as
follows; inventories USD 163m, accounts receivable USD 133m and operating equipment
USD 29m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 41.4m for the office in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-284": { "value": "
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group has terminated the investments in term deposit, money market fund and
currency swap acquired in 2022. In 2023, The Group has invested USD 93m into a money
market fund using the following method and assumptions:
\u25a0Money market fund is classified as cash equivalents due to its high liquidity and
insignificant risk of change in value. The asset is measured at quoted market price in an
active market at the balance sheet date. See note 19 for information on cash and
cash\u00a0equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-283": { "value": "
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group has terminated the investments in term deposit, money market fund and
currency swap acquired in 2022. In 2023, The Group has invested USD 93m into a money
market fund using the following method and assumptions:
\u25a0Money market fund is classified as cash equivalents due to its high liquidity and
insignificant risk of change in value. The asset is measured at quoted market price in an
active market at the balance sheet date. See note 19 for information on cash and
cash\u00a0equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-285": { "value": "
Note 26: Financial risk management
All figures in USD 1 000.
The Group's finance department is responsible for carrying out the policies and guidelines
for financial risk management approved by the Board.
The Group is mainly exposed to counterparty credit risk, liquidity risk, and market risk
(including interest rate risk and foreign currency risk).
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial
instrument or customer contract, leading to a financial loss. The Group is exposed to credit
risk from its operating activities (primarily accounts receivables and prepayments) and from
its financing activities, including foreign exchange transactions, cash and cash equivalents
with banks and other financial institutions and other financial\u00a0instruments.
The Group is exposed to credit risk related to a prepayment of USD 100m. There are no
indications that the wafer manufacturer will not be able to fulfil their part of the
agreement, and no expected credit loss is reflected in the financial statement.
The Group\u2019s sale of components takes place through its distribution partners within defined
geographic regions, where Asia is the dominant region. The Group depends on a relatively
small number of customers. Customer credit risk is managed by each region subject to the
Group\u2019s established policy, procedures and control relating to customer credit risk
management. Credit quality of a customer is assessed based on an extensive credit
evaluation and individual credit limits are defined in accordance with this assessment.
Outstanding accounts receivables are regularly monitored and assurance from distributors
that end customer sales is secured through letter of credits\u00a0is\u00a0obtained.
Age distribution of customer receivables was:
GROUP
PARENT
2023
2022
Gross total
2023
2022
93\u00a0606
143\u00a0750
Not due
630
143\u00a0750
37\u00a0107
30\u00a0241
Past due 0-30 days
10
30\u00a0241
2\u00a0332
846
Past due 31-120 days
73
846
271
283
Over 120 days
271
283
133\u00a0316
175\u00a0120
Total
983
175\u00a0120
The Group make an allowance for expected credit losses on customer receivables based
on internal, historical credit loss data and past due receivables, adjusted for forward-
looking factors specific to the debtors and the economic\u00a0environment.
The Group has a limited number of customers, regular contact and long-term relationships
with most of its customer base. Some of the customers are dependent on Nordic
Semiconductor to stay in business. Historically there has not been any significant credit
losses. 71 percent of trade receivables were within terms at the balance sheet date. On that
basis, expected credit loss for trade receivables are limited and allowances for doubtful
accounts at 31 December 2023 was 0m.
The maximum exposure to credit risk on the balance sheet date was:
GROUP
PARENT
2023
2022
2023
2022
133\u00a0316
175\u00a0120
Accounts receivable
983
175\u00a0120
21\u00a0874
17\u00a0539
Other current receivables
128\u00a0785
21\u00a0884
290\u00a0957
379\u00a0104
Cash and cash equivalents
267\u00a0553
369\u00a0709
\u2014
50\u00a0467
Short-term bank deposits
\u2014
50\u00a0467
446\u00a0147
622\u00a0230
Total
397\u00a0321
617\u00a0180
The credit risk in table above is diversified over a range of distributors, vendors, and\u00a0banks.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting financial
obligations when due and to close out market positions.
Overall, cash flows are being monitored at both Group and entity level. The Group seeks
to minimize risk when investing its cash balances and. Investments can only be made in
securities which have been approved by the Board.
As of 31 December 2023, cash and cash equivalents amounted to USD 291.0m (USD
379.1m), see note 19 for details. The total balance includes money market fund at fair value
USD 98.7m.
The Group has no externally imposed capital requirements or agreements, and has no
contracts or legal requirements which are not being upheld. The Group has the following
due dates with regard to contracts for financial liabilities as of December 31,\u00a02023:
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond
97\u00a0491
98\u00a0305
\u2014
98\u00a0305
\u2014
Current financial liabilities*
741
34\u00a0435
7\u00a0480
26\u00a0955
\u2014
Accounts payable
12\u00a0201
12\u00a0201
12\u00a0201
\u2014
\u2014
Other current liabilities
92\u00a0053
92\u00a0053
92\u00a0053
\u2014
\u2014
Lease liabilities**
57\u00a0762
77\u00a0422
10\u00a0318
30\u00a0059
37\u00a0045
Total
260\u00a0247
314\u00a0416
122\u00a0052
155\u00a0319
37\u00a0045
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond
97\u00a0491
98\u00a0305
\u2014
98\u00a0305
\u2014
Current financial liabilities*
741
34\u00a0435
7\u00a0480
26\u00a0955
\u2014
Accounts payable
15\u00a0403
15\u00a0403
15\u00a0403
\u2014
\u2014
Accounts payable
subsidiaries
55\u00a0148
55\u00a0148
55\u00a0148
\u2014
\u2014
Other current liabilities
22\u00a0258
22\u00a0258
22\u00a0258
\u2014
\u2014
Lease liabilities**
48\u00a0090
66\u00a0530
6\u00a0029
23\u00a0764
36\u00a0736
Total
239\u00a0130
292\u00a0078
106\u00a0317
149\u00a0025
36\u00a0736
*Current financial liabilities is interest on bond. The contractual cash flow is calculated using forward yield
curve. Estimated interest payments are based on the contractual cash flow of the bond at 31 December 2023.
**Lease liabilities is mainly office facility rent in Trondheim, lease ending 31 December 2037 and in Oslo,
leasing ending 31 December 2032
Interest rate risk
The Group\u2019s liquidity requirements and risk assessment determine its investment strategy
and interest rate exposure.
The Group\u2019s policy is to maintain a short-term investment horizon for its surplus cash. The
investment portfolio should not have an average duration longer than six (6)\u00a0months.
The Group has a sustainability linked revolving credit facility, which enables it to borrow up
to USD 200 million with an interest rate equal to SOFR + margin. The line of credit expires
in June 2025, with option to extend. The security for the credit line is provided by inventory,
receivables and operating equipment.
The Group has issued a 5-year senior unsecured bond with initial issue amount of NOK
1,000m. The interest rate is 3 months Nibor + 3 %.
Interest rate sensitivity analysis
The interest rate sensitivity analysis is showing the effects of changes in market interest rate
on borrowing interest costs. The analysis is based on the following assumptions:
\u25a0Revolving credit facility - The profit before tax is not impacted by changes in market
interest rate as the credit facility as of December 31, 2023 is not utilized.
\u25a0Bond - The profit before tax is impacted by changes in market interest rate. The table
below demonstrates the sensitivity to a possible change in interest rates. With all other
variables held constant, the Group\u2019s profit before tax is affected through the impact on
floating rate borrowings, as follows:
2023
2022
Interest rate (3 months NIBOR)
Effect on profit before tax
Effect on profit before tax
+50 basis points
-48
\u2014
-50 basis points
48
\u2014
Foreign currency risk
The Group is subject to foreign currency risk as it operates internationally with
development and commercial activities.
Foreign exchange risk arises from future commercial transactions and recognized assets
and liabilities denominated in a currency that is not the functional currency of the relevant
group entity.
The primary functional currency for the Group is USD. The vast majority of the Group's
revenues and cost of goods sold are denominated in USD. However, approximately 40% of
the Group\u2019s operating expenses (excluding depreciation and amortization) are
denominated in NOK and 20% are denominated in EUR. The Group does not use hedging
instruments to minimize its exposure to foreign currency risk from operating activities
affecting profit and loss.
Below is a sensitivity analysis of changes in the NOK exchange rate on Group balance
sheet items, and their impact on profit and loss:
Profit before tax
NOK exchange rate +/- 10%
+/- 4 537
Issued bond and money market fund is nominated in NOK The impact on profit and loss due to changes in
the NOK exchange rate on these financial instruments is about 0.
The tables below show the exposure in sales to foreign currency risk in the most significant currencies:
GROUP
2023
2022
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
542\u00a0830
542\u00a0830
100.0%
776\u00a0712
776\u00a0712
100.0%
EUR
11
11
\u2014%
6
6
\u2014%
Other
282
28
\u2014%
130
16
\u2014%
Total
542\u00a0869
100.0%
776\u00a0734
100.0%
PARENT
2023
2022
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
507\u00a0986
507\u00a0986
100.0%
777\u00a0106
777\u00a0106
99.9%
EUR
11
11
\u2014%
356
369
\u2014%
Other
282
28
\u2014%
4\u00a0532
287
\u2014%
Total
508\u00a0026
100.0%
777\u00a0764
100.0%
The tables below show the exposure at the end of reporting period in the most
significant\u00a0currencies:
All amounts stated in USD 1000.
GROUP
2023
2022
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
133\u00a0313
12\u00a0102
175\u00a0120
30\u00a0640
EUR
\u2014
599
\u2014
1\u00a0955
NOK
3
2\u00a0842
\u2014
1\u00a0106
Other
\u2014
-14\u00a0802
\u2014
528
Total
133\u00a0316
741
175\u00a0120
34\u00a0229
PARENT
2023
2022
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
981
12\u00a0092
175\u00a0120
30\u00a0640
EUR
\u2014
297
\u2014
499
NOK
3
2\u00a0842
\u2014
1\u00a0106
Other
\u2014
-14\u00a0490
\u2014
90
Total
983
741
175\u00a0120
32\u00a0335
Determination of fair value
As of December 31, 2023 the Group had no other financial assets or financial liabilities than
the bond where there is considered to be a difference between book value and fair due to
bond discounts/premiums. The bond is classified as Level 1 in the fair value hierarchy, as it
is a listed financial liability with observable prices.
Below is an overview of Nordic\u2019s financial instruments with difference between book
value and fair value:
GROUP
2023
2022
Book value
Fair market
value
Book value
Fair market
value
Financial liabilities
Bond
97\u00a0491
99\u00a0178
\u2014
\u2014
PARENT
2023
2022
Book value
Fair market
value
Book value
Fair market
value
Financial liabilities
Bond
97\u00a0491
99\u00a0178
\u2014
\u2014
Book value is a reasonable estimate of fair value in cases where these numbers
are\u00a0identical.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-286": { "value": "
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial
instrument or customer contract, leading to a financial loss. The Group is exposed to credit
risk from its operating activities (primarily accounts receivables and prepayments) and from
its financing activities, including foreign exchange transactions, cash and cash equivalents
with banks and other financial institutions and other financial\u00a0instruments.
The Group is exposed to credit risk related to a prepayment of USD 100m. There are no
indications that the wafer manufacturer will not be able to fulfil their part of the
agreement, and no expected credit loss is reflected in the financial statement.
The Group\u2019s sale of components takes place through its distribution partners within defined
geographic regions, where Asia is the dominant region. The Group depends on a relatively
small number of customers. Customer credit risk is managed by each region subject to the
Group\u2019s established policy, procedures and control relating to customer credit risk
management. Credit quality of a customer is assessed based on an extensive credit
evaluation and individual credit limits are defined in accordance with this assessment.
Outstanding accounts receivables are regularly monitored and assurance from distributors
that end customer sales is secured through letter of credits\u00a0is\u00a0obtained.
Age distribution of customer receivables was:
GROUP
PARENT
2023
2022
Gross total
2023
2022
93\u00a0606
143\u00a0750
Not due
630
143\u00a0750
37\u00a0107
30\u00a0241
Past due 0-30 days
10
30\u00a0241
2\u00a0332
846
Past due 31-120 days
73
846
271
283
Over 120 days
271
283
133\u00a0316
175\u00a0120
Total
983
175\u00a0120
The Group make an allowance for expected credit losses on customer receivables based
on internal, historical credit loss data and past due receivables, adjusted for forward-
looking factors specific to the debtors and the economic\u00a0environment.
The Group has a limited number of customers, regular contact and long-term relationships
with most of its customer base. Some of the customers are dependent on Nordic
Semiconductor to stay in business. Historically there has not been any significant credit
losses. 71 percent of trade receivables were within terms at the balance sheet date. On that
basis, expected credit loss for trade receivables are limited and allowances for doubtful
accounts at 31 December 2023 was 0m.
The maximum exposure to credit risk on the balance sheet date was:
GROUP
PARENT
2023
2022
2023
2022
133\u00a0316
175\u00a0120
Accounts receivable
983
175\u00a0120
21\u00a0874
17\u00a0539
Other current receivables
128\u00a0785
21\u00a0884
290\u00a0957
379\u00a0104
Cash and cash equivalents
267\u00a0553
369\u00a0709
\u2014
50\u00a0467
Short-term bank deposits
\u2014
50\u00a0467
446\u00a0147
622\u00a0230
Total
397\u00a0321
617\u00a0180
The credit risk in table above is diversified over a range of distributors, vendors, and\u00a0banks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-287": { "value": "
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting financial
obligations when due and to close out market positions.
Overall, cash flows are being monitored at both Group and entity level. The Group seeks
to minimize risk when investing its cash balances and. Investments can only be made in
securities which have been approved by the Board.
As of 31 December 2023, cash and cash equivalents amounted to USD 291.0m (USD
379.1m), see note 19 for details. The total balance includes money market fund at fair value
USD 98.7m.
The Group has no externally imposed capital requirements or agreements, and has no
contracts or legal requirements which are not being upheld. The Group has the following
due dates with regard to contracts for financial liabilities as of December 31,\u00a02023:
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond
97\u00a0491
98\u00a0305
\u2014
98\u00a0305
\u2014
Current financial liabilities*
741
34\u00a0435
7\u00a0480
26\u00a0955
\u2014
Accounts payable
12\u00a0201
12\u00a0201
12\u00a0201
\u2014
\u2014
Other current liabilities
92\u00a0053
92\u00a0053
92\u00a0053
\u2014
\u2014
Lease liabilities**
57\u00a0762
77\u00a0422
10\u00a0318
30\u00a0059
37\u00a0045
Total
260\u00a0247
314\u00a0416
122\u00a0052
155\u00a0319
37\u00a0045
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond
97\u00a0491
98\u00a0305
\u2014
98\u00a0305
\u2014
Current financial liabilities*
741
34\u00a0435
7\u00a0480
26\u00a0955
\u2014
Accounts payable
15\u00a0403
15\u00a0403
15\u00a0403
\u2014
\u2014
Accounts payable
subsidiaries
55\u00a0148
55\u00a0148
55\u00a0148
\u2014
\u2014
Other current liabilities
22\u00a0258
22\u00a0258
22\u00a0258
\u2014
\u2014
Lease liabilities**
48\u00a0090
66\u00a0530
6\u00a0029
23\u00a0764
36\u00a0736
Total
239\u00a0130
292\u00a0078
106\u00a0317
149\u00a0025
36\u00a0736
*Current financial liabilities is interest on bond. The contractual cash flow is calculated using forward yield
curve. Estimated interest payments are based on the contractual cash flow of the bond at 31 December 2023.
**Lease liabilities is mainly office facility rent in Trondheim, lease ending 31 December 2037 and in Oslo,
leasing ending 31 December 2032
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-288": { "value": "
Interest rate risk
The Group\u2019s liquidity requirements and risk assessment determine its investment strategy
and interest rate exposure.
The Group\u2019s policy is to maintain a short-term investment horizon for its surplus cash. The
investment portfolio should not have an average duration longer than six (6)\u00a0months.
The Group has a sustainability linked revolving credit facility, which enables it to borrow up
to USD 200 million with an interest rate equal to SOFR + margin. The line of credit expires
in June 2025, with option to extend. The security for the credit line is provided by inventory,
receivables and operating equipment.
The Group has issued a 5-year senior unsecured bond with initial issue amount of NOK
1,000m. The interest rate is 3 months Nibor + 3 %.
Interest rate sensitivity analysis
The interest rate sensitivity analysis is showing the effects of changes in market interest rate
on borrowing interest costs. The analysis is based on the following assumptions:
\u25a0Revolving credit facility - The profit before tax is not impacted by changes in market
interest rate as the credit facility as of December 31, 2023 is not utilized.
\u25a0Bond - The profit before tax is impacted by changes in market interest rate. The table
below demonstrates the sensitivity to a possible change in interest rates. With all other
variables held constant, the Group\u2019s profit before tax is affected through the impact on
floating rate borrowings, as follows:
2023
2022
Interest rate (3 months NIBOR)
Effect on profit before tax
Effect on profit before tax
+50 basis points
-48
\u2014
-50 basis points
48
\u2014
Foreign currency risk
The Group is subject to foreign currency risk as it operates internationally with
development and commercial activities.
Foreign exchange risk arises from future commercial transactions and recognized assets
and liabilities denominated in a currency that is not the functional currency of the relevant
group entity.
The primary functional currency for the Group is USD. The vast majority of the Group's
revenues and cost of goods sold are denominated in USD. However, approximately 40% of
the Group\u2019s operating expenses (excluding depreciation and amortization) are
denominated in NOK and 20% are denominated in EUR. The Group does not use hedging
instruments to minimize its exposure to foreign currency risk from operating activities
affecting profit and loss.
Below is a sensitivity analysis of changes in the NOK exchange rate on Group balance
sheet items, and their impact on profit and loss:
Profit before tax
NOK exchange rate +/- 10%
+/- 4 537
Issued bond and money market fund is nominated in NOK The impact on profit and loss due to changes in
the NOK exchange rate on these financial instruments is about 0.
The tables below show the exposure in sales to foreign currency risk in the most significant currencies:
GROUP
2023
2022
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
542\u00a0830
542\u00a0830
100.0%
776\u00a0712
776\u00a0712
100.0%
EUR
11
11
\u2014%
6
6
\u2014%
Other
282
28
\u2014%
130
16
\u2014%
Total
542\u00a0869
100.0%
776\u00a0734
100.0%
PARENT
2023
2022
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
507\u00a0986
507\u00a0986
100.0%
777\u00a0106
777\u00a0106
99.9%
EUR
11
11
\u2014%
356
369
\u2014%
Other
282
28
\u2014%
4\u00a0532
287
\u2014%
Total
508\u00a0026
100.0%
777\u00a0764
100.0%
The tables below show the exposure at the end of reporting period in the most
significant\u00a0currencies:
All amounts stated in USD 1000.
GROUP
2023
2022
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
133\u00a0313
12\u00a0102
175\u00a0120
30\u00a0640
EUR
\u2014
599
\u2014
1\u00a0955
NOK
3
2\u00a0842
\u2014
1\u00a0106
Other
\u2014
-14\u00a0802
\u2014
528
Total
133\u00a0316
741
175\u00a0120
34\u00a0229
PARENT
2023
2022
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
981
12\u00a0092
175\u00a0120
30\u00a0640
EUR
\u2014
297
\u2014
499
NOK
3
2\u00a0842
\u2014
1\u00a0106
Other
\u2014
-14\u00a0490
\u2014
90
Total
983
741
175\u00a0120
32\u00a0335
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-289": { "value": "
Note 27: Business combination
On March 9, 2023, the Group obtained control of Mobile Semiconductor Inc. hereby
referred to as target, by acquiring all the shares in target. With this acquisition, the Group
expects to increase its product quality within its product lines.
Our provisional allocation of the purchase price to the identifiable assets and liabilities and
goodwill is set out below:
Amount in USD thousand
2023
Details of the business combination
Amount settled in cash
6\u00a0000
Fair value of immediate equity shares consideration
3\u00a0141
Fair value of contingent share consideration
1\u00a0360
Total
10\u00a0500
Amount in USD thousand
2023
Recognized amounts of identifiable net assets
Property plant and equipment
51
Intellectual property rights
2\u00a0090
Other current receivables
448
Cash and cash equivalents
310
Deferred tax liabilities
-564
Other current liabilities
-390
Net identifiable assets
1\u00a0943
Goodwill
8\u00a0557
Total
10\u00a0500
Consideration transferred
The acquisition was settled in cash of 6 000 000 and by 312 843 shares of Nordic
Semiconductor ASA. The fair value of the equity shares issued (USD 4 500 000) was based
on an agreed value of Nordic\u2019s shares on the acquisition date. Of the total shares, 218 348
have been transferred at closing whilst the remaining shares will be held back for up to
three years. The contingent consideration of value USD 1 360 000 will either be settled
directly to the shareholders of Mobile Semiconductor Inc., or dependent on certain
conditions settled in other matters. The contingent consideration will be settled at or prior
to Q1 2026. The fair value of acquired IP amounts to USD 2 089 500. Goodwill recognized
in the acquisition relates to the expected growth and the value of Mobile Semiconductor
Inc. collective know-how, which cannot separately be recognized as an intangible asset.
Amount in USD thousand
2023
2022
Balance, beginning of the year
2\u00a0284
2\u00a0386
Acquired through business combination
8\u00a0557
\u2014
Net exchange difference
50
-102
Balance, end of period
10\u00a0891
2\u00a0284
Goodwill is tested for impairment annually at the level of the cash generating segment to
which it is allocated. See note Note 12: Goodwill and intangible assets
Goodwill is deductive for tax purposes, with 20 % annual rate.
Mobile Semiconductor's contribution to the Group results
As Mobile Semiconductor has been merged with Nordic Semiconductor Inc., it is impractical
to disclose the contribution Mobile Semi makes to the group as it is not separately
recognized in the books. Had the acquisition date been January 1st, we would expect an
additional contribution on EBITDA of approximately USD -0.8m. Assuming this EBITDA
contribution for the full year we would expect a full year contribution to EBITDA with USD
-3.2m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-290": { "value": "
Note 28: Events after the balance sheet date
No events have occurred since December 31, 2023 with any significant effect that will
impact the evaluation of the submitted accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-291": { "value": "
Note 29: Related party transactions
Nordic Semiconductor ASA, the ultimate parent company of the Group, is listed on Oslo
Stock Exchange. The Group has no material transactions with related parties.
The ultimate parent company has transactions with its wholly-owned subsidiaries, see Note
18: Intercompany for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-292": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-293": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-294": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-295": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }