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"s10_notes__6__16": {
"value": "Note 1 GeneralHexagon Composites ASA is a public limited Company with its registered office in Norway. The company\u2019s head-quarter is at Korsegata 4B, 6002 Aalesund, Norway.The Board of directors authorized the annual report for publication on 29 March 2023.The Group\u2019s operations are described in note 4.",
"dimensions": {
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"language": "en",
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"s10_notes__6__15": {
"value": "Note 1 GeneralHexagon Composites ASA is a public limited Company with its registered office in Norway. The company\u2019s head-quarter is at Korsegata 4B, 6002 Aalesund, Norway.The Board of directors authorized the annual report for publication on 29 March 2023.The Group\u2019s operations are described in note 4.Note 2 Accounting policies2.1 Basis of preparation of annual financial statementsThe consolidated annual financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) which have been adopted by the EU and are mandatory for financial years beginning on or after 1 January 2022, and Norwegian disclosure require-ments listed in the Norwegian Accounting Act as of 31 December 2022.The consolidated financial statements have been prepared on a historical cost basis, with the excep-tion of financial instruments at fair value through profit or loss and fair value through OCI.2.2 Functional currency and presentation currencyThe functional currency is determined in each entity in the Group based on the currency within the enti-ty\u2019s primary economic environment. Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transac-tion and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Changes in the exchange rate are recognized continuously in the accounting period.The Group\u2019s presentation currency is NOK. This is also the Parent Company\u2019s functional currency. All figures are rounded to the nearest thousand unless otherwise specified. The statement of financial position figures of entities with a different functional currency are translated at the exchange rate prevail-ing at the end of the reporting period for balance sheet items, including goodwill, and the exchange rate at the date of the transaction for profit and loss items. The monthly average exchange rates are used as an approximation of the transaction exchange rate. Translation differences are recognized in other comprehensive income (\u201cOCI\u201d).When investments in foreign subsidiaries are sold, the accumulated translation differences relating to the subsidiary attributable to the equity holders of the parent are recognized in the statement of comprehensive income. When a loss of control, significant influence or joint control is present the accumulated exchange differences related to investments allocated to controlled interests is recognized in profit and loss.When a partial disposal of a subsidiary (not loss of control) is present the proportionate share of the accumulated exchange differences is allocated to non-controlling interests.2.3 Basis of consolidationThe Group\u2019s consolidated financial statements comprise Hexagon Composites ASA and its subsid-iaries as of 31 December 2022. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. An entity is assessed as being controlled by the Group when the Group is exposed to or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the Group\u2019s returns.Thus, the Group controls an entity if and only if the Group has all the following:\u2022 power over the entity;\u2022 exposure, or rights, to variable returns from its involvement with the entity; and\u2022 the ability to use its power over the entity to affect the amount of the group\u2019s returns.There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered as a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity, including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements. Reference is made to note 30 which contains a list of the subsidiaries and note 26 which lists investments in associates and joint ventures.The assessments are done for each individual investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control. Assets, liabilities, income, and expenses of a subsidiary acquired or disposed during the year are included in the consolidated financial statements from the date the Group obtains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other com-prehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.Non-controlling interests is presented separately as equity in the Group\u2019s balance sheet.Business combinations and goodwillBusiness combinations are accounted for by using the acquisition method. For description of the measurement of non-controlling interest, see below. Acquisition-related costs are expensed in the periods in which the costs are incurred, and the services are received and included in other operating expense.The consideration paid in a business combination is measured at fair value at the acquisition date and consists normally of cash, consideration shares, and contingent consideration. A contingent consider-ation is classified as a liability in accordance with IFRS 9. Subsequent changes in the fair value of such contingencies are recognized in profit or loss.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appro-priate classification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions at the acquisition date. The acquired assets and liabilities are accounted for by using fair value in the opening group balance, unless other measurement principles should be applied in accordance with IFRS 3. The initial accounting for a business combination can be changed if new information about the fair value at the acquisition date is present. The allocation can be amended within 12 months of the acquisition date. The non-controlling interest is set to the non-con-trolling interest\u2019s share of identifiable assets and liabilities. The measurement principle is done for each business combination separately.When the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition-date fair value and the resulting gain or loss, if any, is recognized in profit and loss net after transaction cost.Goodwill is recognized as the aggregate of the consideration transferred and the amount of any non-controlling interest less the fair value of net identifiable assets acquired as of the acquisition date. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units or groups of cash-generating units that are expected to benefit from synergies from the busi-ness combination.Change in ownership without loss of controlA change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recog-nized at fair value and the difference between the consideration and the carrying amount of the non-controlling interests is recognized in the equity attributable to the parent.Loss of controlIn cases where changes in the ownership interest of a subsidiary results in loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control ceases.The fair value of the consideration received, and any investment retained, is recognized at fair value. Gain or loss is recognized in profit and loss at the date when the control ceases.2.4 Investment in associates and joint venturesAssociates are entities over which the Group has significant influence, but not control or joint control, over financial and operating management (normally a holding of between 20 per cent and 50 per cent).A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.The considerations made in determining whether the Group has joint control or significant influence over an entity are similar to those necessary to determine control over subsidiaries. Associates and joint ventures are accounted for using the equity method from the date when significant influence or joint control is achieved until such influence ceases.Under the equity method, the investments in associates or joint ventures are initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment individually.The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transac-tions between the Group and the associate or joint venture are eliminated attributable to the interest in the associate or joint venture.If there are indications that the investment in the associate or joint venture is impaired, the Group will perform an impairment test of the carrying amount of the investment. Any impairment losses are rec-ognized as share of profit of an associate and a joint venture in the statement of profit or loss.If the Group\u2019s share of the loss equals or exceeds the carrying amount of the associate or joint venture, the carrying amount is set to zero and further loss is not recognized unless the Group has an obligation to make up for the loss.Upon loss of significant influence over the associate or joint control over the joint venture, and as such the equity method ceases, the Group measures and recognizes any retained investment at its fair value. A new measurement of remaining ownership interests will not be performed if the equity method is still applicable, for example by transition from an associate to a joint venture.2.5 Current versus non-current classificationThe Group presents assets and liabilities in the consolidated statement of financial position as either current or non-current.The Group classifies an asset as current when it:\u2022 Expects to realize the asset, or intends to sell or consume it, in its normal operating cycle\u2022 Holds the asset primarily for the purpose of trading\u2022 Expects to realize the asset within twelve months after the reporting periodOr\u2022 The asset is cash or a cash equivalent, unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.All other assets are classified as non-current, includ-ing deferred tax assets.The Group classifies a liability as current when it:\u2022 Expects to settle the liability in its normal operat-ing cycle\u2022 Holds the liability primarily for the purpose of trading\u2022 Is due to be settled within twelve months after the reporting periodOr\u2022 It does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.All other liabilities are classified as non-current, including deferred tax liabilities.2.6 Cash and cash equivalentsCash consist of cash in hand and at bank. Cash equivalents are short-term liquid investments that can be immediately converted into a known amount of cash and have a maximum term to maturity of three months. Any positive balances against bank overdrafts are included as a component of cash in the cash flow statement. The cash flow statement has been prepared using the indirect method. Bank overdrafts are reported under short-term loans in the balance sheet. Received interest income is classified as investment activities and interest pay-ments is classified as financing activities in the cash flow statement.2.7 InventoriesInventories are recognized at the lowest of cost and net selling price. The net selling price is the estimated selling price in the case of ordinary oper-ations minus the estimated completion, marketing and distribution cost. The cost is arrived at using the average cost price, and includes the costs incurred in acquiring the goods and the costs of bringing the goods to their current state and location. Goods produced by the Group itself include variable and fixed costs that can be allocated based on normal capacity utilization.2.8 Property, plant & equipmentProperty, plant and equipment are valued at their cost, less accumulated depreciation and impairment losses. When assets are sold or disposed, the carrying amount is derecognized and any gain or loss is recognized in the statement of profit and loss.The cost of property, plant and equipment includes the purchase price and all costs necessary to bring the asset to working condition for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognized in the statement of profit and loss, while other costs that are expected to provide future financial benefits are capitalized.The cost of property, plant & equipment is depreci-ated to the residual value over the asset\u2019s useful life. Depreciation is calculated using the straight-line method over the following useful life:\u2022 Buildings: 10\u201320 years\u2022 Plant, machinery and equipment: 3\u201315 years\u2022 Fixtures & fittings and vehicles 3\u201310 yearsIf an item of property, plant and equipment has different parts with different useful lives, the parts are depreciated separately if the cost is significant in relation to the total cost of the item.The depreciation period and method are assessed annually. A residual value is estimated at each year-end, and changes to the estimated residual value is recognized as a change in an estimate. When the carrying amount of property, plant and equipment exceeds the estimated recoverable amount, the value is written down to the recoverable amount.Assets under construction are classified as prop-erty, plant and equipment and are recognized at cost until the production or development process is completed. Assets under construction are not subject to depreciation until the assets are taken into use.2.9 LeasesAt the inception of a contract, The Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.The group as a lesseeFor contracts that constitute, or contain a lease, the Group separates lease components if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The Group then accounts for each lease component within the contract as a lease separately from non-lease com-ponents of the contract.At the lease commencement date, the Group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:\u2022 Short-term leases (defined as 12 months or less)\u2022 Low value assetsFor these leases, the Group recognizes the lease payments as other operating expenses in the state-ment of profit or loss when they incur.Lease liabilitiesThe lease liability is recognized at the commence-ment date of the lease. The Group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the com-mencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option. In calculating the present value of lease payments, the Group uses the interest rate implicitly defined in the lease contract if that interest rate is readily determinable, or its incremental borrowing rate in all other cases.The lease payments included in the measurement comprise of:\u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable\u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date\u2022 Amount expected to be payable by the Group under residual value guarantees\u2022 The exercise price of a purchase option, if the Group is reasonably certain to exercise that option\u2022 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate.The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease expenses in profit or loss.The Group presents its lease liabilities as separate line items in the statement of financial position.Right-of-use assetsThe Group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease lia-bilities. The cost of the right-of-use asset comprise:\u2022 The amount of the initial measurement of the lease liability recognized\u2022 Any lease payments made on or before the com-mencement date, less any incentives received\u2022 Any initial direct costs incurred by the Group. An estimate of the costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restor-ing the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depre-ciating the right-of-use asset, except that the right-of-use asset is depreciated from the com-mencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset, unless there is an option to purchase the asset which has been determined to be exercised with reasonably certainty, in which case the right of use asset is depreciated over the expected economic life of the underlying asset.The Group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.Sale- and leaseback transactionsIn the event of sale- and leaseback transactions, the Group first assesses whether transfer of control of the underlying asset represents a sale within the context of IFRS 15. The Group considers several factors for determining whether the buyer has obtained control of the asset, including, but not limited to, the existence of any repurchase options, any beneficial renewal options terms, the length of the lease term including any option periods compared to the expected remaining lifetime of the asset, and the lease liability compared to the market value of the asset.When the transfer of the asset is determined to be a true sale, the Group measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that related to the right-of-use being retained. The said proportionate share of the asset is derived from the recognized lease liability following the trans-action in percentage of the fair market value of the underlying asset being sold. Effectively, the Group recognizes the amount of a gain or a loss only related to the rights transferred to the buyer-lessor.In the event the transfer of the underlying asset to the buyer does not represent a true sale, the Group continues to carry the underlying asset and recognizes a financial liability equal to the transfer proceeds.The Group as a lessorFor contracts where the Group acts as a lessor, it classifies each of its leases as either an operating lease or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underly-ing asset. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset.For operating leases, the Group recognizes lease payments as rental income. Rental income is recog-nized mainly on a straight-line basis over the lease terms. The Group adds initial direct costs incurred in obtaining an operating lease to the carrying amount of the underlying asset and recognizes those costs as an expense over the lease term on the same basis as the rental income.2.10 Borrowing costBorrowing costs directly attributable to the acqui-sition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.2.11 Financial instrumentsA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.Financial assetThe Group\u2019s financial assets are derivatives, non-listed equity instruments, loans, trade receivables and cash and cash equivalents.The classification of financial assets at initial recog-nition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.The Group classified its financial assets in the following categories:\u2022 Financial assets at amortized cost\u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses\u2022 Financial assets at fair value through profit and lossFinancial assets at amortized costThe Group measures financial assets at amortized cost if both of the following conditions are met:\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and,\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the princi-pal amount outstandingFinancial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers.Financial assets at fair value through OCI (debt instruments)The Group measures debt instruments at fair value through OCI if both of the following conditions are met:\u2022 The financial asset is held where the business model objective of both holding to collect con-tractual cash flows and selling, and,\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the princi-pal amount outstandingFor debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. The Group does not hold any debt instruments at fair value through OCI.Financial assets at fair value through profit and lossFinancial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments.Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. The category includes foreign exchange contracts and interest rate swaps not designated as hedging instruments.Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; andeither1. the Group has transferred substantially all the risks and rewards of the asset, or2. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the assetFinancial liabilitiesFinancial liabilities are subsequently recognized at amortized cost, as loans and borrowings and payables. Contingent consideration in business combinations is recognized and measured at fair value and changes in fair value are recognized in the income statement. Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives assets.Loans, borrowings and payablesAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amor-tized 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 amorti-zation process.Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss.Payables are measured at their nominal amount when the effect of discounting is not material.Derecognition of financial liabilitiesA financial liability is derecognized when the obli-gation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecog-nition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.Hedges of a net investment in a foreign operationA hedge of a net investment in a foreign oper-ation is accounted for in a similar way as a cash flow hedge. Foreign exchange gains or losses on the hedging instruments relating to the effective portion of the hedge are recognized directly in OCI, while any foreign exchange gains and losses related to the ineffective portion are recognized in profit and loss. On disposal of the foreign entity, the cumulative value of foreign exchange gains or losses recognized directly in equity is transferred to profit and loss.Fair value hedges are not applicable to the group.Impairment of financial assetsThe Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.ECLs are recognized in two stages. For credit expo-sures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable informa-tion that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due.The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also con-sider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expecta-tion of recovering the contractual cash flows.A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.2.12 Intangible assetsIntangible assets acquired independently are measured on initial recognition at cost. The cost of intangible assets acquired as part of a business combination is recognized at fair value in the Group\u2019s opening balance at the date of acquisition. Capitalized intangible assets are recognized at cost less any amortization and impairment.Internally generated intangible assets, with the exception of capitalized development expenses, are not capitalized, but expensed as incurred.The useful life is either finite or indefinite. Intangible assets with a finite useful life are amortized over their useful economic life and tested for impairment if there are any indications that the intangible asset may be impaired. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in accounting estimate.Intangible assets with an indefinite economic life are not amortized, but are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life are not amortized. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively.Patents and licensesAmounts paid for patents and licenses are recognized in the balance sheet and are amortized on a straight-line basis over their expected useful life. The expected useful life of patents and licenses varies between 5 and 20 years.Research and development costExpenses relating to research activities are recognized in the income statement as they incur. Expenses relating to development activities (relating to the design and testing of new or improved products) are capitalized to the extent that the product or process is technical and commercially viable, and the Group has sufficient resources to complete the development work. Expenses that are capitalized include the costs of materials, direct salary costs and a share of the directly attributable overhead expenses. Capitalized development costs are recognized at their cost minus accumulated amortization and impairment losses. Other development costs are recognized in the statement of comprehensive income as incurred.Development costs that have previously been expensed are not recognized in subsequent periods. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset. Capitalized development costs with an indefinite useful life or related to projects under development are tested annually for impairment in accordance with IAS 36.Customer relationshipsPurchased customer contracts have a finite useful life and are recognized at cost less amortization. Customer contracts and technology are amortized using the straight-line method over their estimated useful lives.2.13 Impairment of non-financial assetsIntangible assets with an indefinite useful life are not amortized but tested annually for impairment. Items of property, plant and equipment, right of use assets and intangible assets are tested for impairment if there is reason to believe that future earnings do not justify the asset\u2019s carrying amount. The difference between the carrying amount and the recoverable amount is recognized as an impair-ment loss. The recoverable amount is the higher of the fair value less costs to sell and the value in use.When testing for impairment, non-current assets are grouped at the lowest level at which it is possi-ble to distinguish independent cash inflows (cash generating units, CGU). A CGU is the smallest identifiable group of assets that generates cash inflows which are largely independent of the cash inflows from other assets or groups of assets. At each reporting date, the Group considers the possibility of reversing previous impairment losses on non-financial assets (except goodwill and other intangible assets with an indefinite useful life).In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.2.14 ProvisionsProvisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable (more likely than not) that a financial settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is consid-erable, the provision is calculated by discounting estimated future cash flow using a discount rate before tax that reflects the market\u2019s pricing of the time value of money and, if relevant, risks specifi-cally associated with the obligation.Warranty provisions: The Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions related to these assurance-type warranties are recognized when the product is sold, or the service is provided to the customer. Initial recognition is based on historical information about warranties and a weighting of possible outcomes according to the likelihood of their occurrence. The initial estimate of warranty-related costs is revised annually.Onerous contracts: If the Group has a contract that is onerous, the present obligation under the contract is recognized and measured as a provision. However, before a separate provision for an onerous contract is established, the Group recognizes any impairment loss that has occurred on assets dedi-cated to that contract.2.15 EquityFinancial instruments are classified as liabilities or equity in accordance with the underlying economic realities. Interest, dividend, gains and losses relating to a financial instrument classified as a liability will be presented as an expense or income. Amounts distributed to holders of financial instruments that are classified as equity will be recorded directly in equity.(I) Own sharesIn the event of a purchase of own shares, the pur-chase price and any directly associated costs are recognized as a change in equity. Own shares are presented as a reduction in equity. Gains or losses on transactions involving own shares are recognized directly in equity.(II) Costs arising from equity transactionsTransaction costs directly related to an equity transaction are recognized directly in equity after deducting tax expenses.(III) Other equity(a) Translation differencesTranslation differences arising in connection with exchange-rate differences on consolidation of foreign entities are recognized in other compre-hensive income. Exchange-rate differences in monetary amounts (liabilities or receivables) which are in reality a part of a company\u2019s net investment in a foreign entity are also included as translation differences.If a foreign entity is sold, the accumulated transla-tion differences linked to the entity are reversed and recognized in profit or loss in the same period in which the gain or loss on sale is recognized.(b) Change in actuarial gains/losses (pension commitments)Actuarial gains or losses resulting from changes in assumptions and basic data are recognized directly in other comprehensive income.(c) DividendsProposed dividends are classified as other equity until they are approved by the general assembly of Hexagon Composites ASA.(IV) Other paid-in capital \u2013 Share-based paymentsThe Group has a share-based program for certain employees in senior and key positions. The fair value of the share instruments is measured at the date of the grant using the Black & Scholes model. The fair value of the issued options, performance share units (PSUs) and restricted share units (RSUs) is expensed as an employee cost with a corresponding increase in other paid in capital over the vesting period, which is over the agreed-upon future service time.(V) Hedging reserveForward exchange contracts and interest rate deriv-atives that qualify as hedging instruments (cash flow hedges) are recognized at fair value, with a corre-sponding entry in total comprehensive income, and transferred to the revaluation reserve (net of tax). Realized gains or losses are recognized in profit or loss to offset gains or losses on the items that were hedged.2.16 Revenue from contracts with customersThe Group\u2019s main revenues come from the sale of its own mass-produced standard products in the different segments:1. Hexagon Agility2. Hexagon Ragasco3. Hexagon Digital Wave4. Hexagon PurusRevenue from contracts with customers is recog-nized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The products are mainly sold in relation to separately identifiable contracts with customers.Sale of goods (cylinders, products, systems etc.)Revenue from sale of goods is recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the product. There are several credit terms, including upfront payment and secured payment, but normal credit term is 30 to 90 days upon delivery.The Group considers whether there are other prom-ises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of goods, the Group considers the effects of variable consideration and the existence of significant financing components.(i) Variable considerationSome contracts with customers provide rights of return, trade discounts or volume rebates. The Group uses the expected value method to estimate the goods that will not be returned as this best predicts the amount of variable consideration to which the Group will be entitled. For trade discounts and volume rebates the sale of goods are measured at the fair value of the consideration received or receivable, net of allowances for trade discounts and volume rebates. If revenue cannot be reliably meas-ured, the Group defers revenue recognition until the uncertainty is resolved. The Group performs the assessment on individual contracts to determine the estimated variable consideration and related constraints.(ii) Significant financing componentGenerally, the Group receives short-term advances from its customers. Using the practical expedient in IFRS 15, the Group does not adjust the promised amount of consideration for the effects of a signif-icant financing component if it expects, at contract inception, that the period between the transfer of the promised goods or services to the customer and when the customer pays for these goods or services will be one year or less.(iii) Warranty provisionThe Group typically provides warranties for general repairs and does not provide extended warranties or maintenance services in its contracts with customers. Such warranties are evaluated as assurance-type warranties which are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. See note 19 for an overview of the warranty provision.ServicesTo some extent the Group provides other services in relation to reinspection and testing of products and non-recurring engineering and design or development. These services are normally sold on their own and based on relative stand-alone selling prices. The Group recognizes revenue from services over time using an input method to measure pro-gress towards complete satisfaction of the service, because the customer simultaneously receives and consumes the benefits provided by the Group.Funded development contractsThe Group has entered into funded contracts with a limited number of customers for development services. The Group recognizes revenue over time as the services are performed. Progress is meas-ured using an input method to measure progress towards certain project milestones as the customer simultaneously receives and consumes the benefits provided by the Group.Contract balances(i) Contract assetsA contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consid-eration that is conditional.(ii) Trade receivableA receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due).(iii) Contract liabilityA contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consider-ation is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recog-nized when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group fulfils the performance obligation under the contract.Cost to obtain a contractThe Group has elected to apply the optional prac-tical expedient for costs to obtain a contract which allows the Group to immediately expense such costs when the related revenue is expected to be recognized within one year. When revenue will be recognized over several reporting periods the Group recognizes incremental costs of obtaining a contract with a customer as an asset, provided that the costs are expected to be recovered throughout the con-tract. The costs are amortized on a systematic basis that is consistent with the transfer of the related goods or services to the customer and subsequently re-assessed at the end of each reporting period.2.17 Employee benefitsDefined benefit pension plansDefined benefit plans are valued at the present value of accrued future pension benefits at the end of the reporting period. Pension plan assets are valued at their fair value.The current service cost and net interest income/costs are recognized immediately and is presented as a payroll & social security expense in the income statement. Net interest income/cost is calculated by using the discount rate of the liability at the begin-ning of the period on the net liability. Changes in net pension liabilities as a result of payments of pre-miums and pension payments have been taken into consideration. The difference between the actual return and the accounted return is recognized continuously through other comprehensive income. The pension cost is affecting the payroll & social security costs in the income statement. Actuarial gains and losses, including changes in value, both for assets and liabilities, are recognized trough other comprehensive income. Actuarial gains and losses are not reclassified over profit and loss.Multi-employer plansSome of the Norwegian employees participate in a new AFP pension scheme. The scheme is a defined benefit multi-employer pension plan, funded through premiums that are defined as a percentage of salary. The scheme\u2019s retirement benefit obliga-tion and plan assets cannot be reliably measured and allocated at present. For accounting purposes, the scheme is treated as a defined contribution plan, with premium payments expensed as incurred, and no pension liability recognized.Defined contribution pension plansPension premiums relating to defined contribution plans are recognized as an expense as they are incurred.Share-based paymentThe Group has share-based programs for senior- and key executives. The programs are settled in shares, and consist of share options, performance share units (PSUs) and restricted share units (RSUs). In addition, certain key executives have share based programs settled in cash. The fair value of the share-based programs is expensed over the vesting period which is over the agreed-upon future service period and, where applicable, the performance conditions are fulfilled. The fair value of the share options, PSUs and RSUs is measured at grant date and calculated using the Black & Scholes model.The cost of the employee share-based transaction is expensed over the vesting period. The value of the issued options, PSUs and RSUs of the transactions that are settled with equity instruments (settled with the company\u2019s own shares) is recognized as salary and personnel cost in profit and loss with a corre-sponding increase in other paid-in capital. The cash settlement options are however recognized with a corresponding change in provisions. Social security tax is recorded as a liability and is recognized over the estimated vesting period.Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions.When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss.2.18 Government grantsGovernment grants, including the Norwegian Skattefunn incentive scheme, are recognized when there is reasonable assurance that the Group will comply with the conditions stipulated for the grants, and that the grants will be received. Operating grants are recognized systematically during the grant period. Grants are deducted from the cost which the grant is meant to cover. Investment grants are capitalized and recognized systematically over the asset\u2019s useful life. Investment grants are recognized as deferred income. The Group currently has grants with the United States Department of Energy which is recognized as grant income.2.19 Income taxesThe tax expense consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calculated on all differences between the book value and tax value of assets and liabilities, with the exception of:\u2022 temporary differences linked to goodwill that are not tax deductible\u2022 temporary differences related to investments in subsidiaries, associates or joint ventures when the Group controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future.Deferred tax assets are recognized when it is prob-able that the Group will have a sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The Group recognize previously unrecognized deferred tax assets to the extent it has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce a deferred tax asset to the extent that the Group no longer regards it as probable that it can utilize the deferred tax asset.Deferred tax and deferred tax assets are meas-ured on the basis of the expected future tax rates applicable to the companies in the Group where temporary differences have arisen. Deferred tax assets and liabilities are recognized at their nominal value and classified as non-current assets and non-current liabilities in the balance sheet.Taxes payable and deferred taxes are recognized directly in equity to the extent that they relate to items recognized directly in equity.2.20 SegmentsFor management reporting purposes, the Group is organized into different business areas according to product/service range. The Group\u2019s segment report-ing format is business areas. Financial information relating to segments and geographical areas is presented in note 4.2.21 Contingent liabilities and contingent assetsContingent liabilities are not recognized in the annual accounts. Significant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred.Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain prob-ability that a benefit will be added to the Group.2.22 Events after the balance sheet dateNew information on the Group\u2019s financial position on the end of the reporting period which becomes known after the reporting period is recorded in the annual accounts. Events after the reporting period that do not affect the Group\u2019s financial position at the end of the reporting period but which will affect the Group\u2019s financial position in the future are disclosed if significant.2.23 New accounting standards, interpretations and amendments adopted by the groupThe Group has not early adopted any standard, interpretation or amendments that has been issued but is not yet effective. Standards, interpretations, and amendments that are issued up to the date of issuance of the consolidated financial statements, but not yet effective are considered not relevant and not to have an impact on the consolidated financial statements of the Group.Note 3 Estimation uncertainty and significant judgmentsThe management has used estimates and assumptions that have affected assets, liabilities, income, expenses and information on potential liabilities. This particularly applies to the depreciation of tangible and intangible fixed assets, impairment of goodwill and evaluations related to acquisitions. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience and other factors, including forecast events that are considered probable under current circumstance. Changes in accounting estimates are recognized during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods.The Group prepares estimates and makes assump-tions about the future. The accounting estimates based on this process are, by definition, rarely com-pletely in line with the final outcome. Estimates and assumptions represent a risk of material changes in the reported amounts of revenues, expenses, assets, liabilities and equity over the next financial year.The Group\u2019s most important accounting estimates are related to the following items:\u2022 Fair value of assets and liabilities at the time of acquisition\u2022 Impairment of goodwill\u2022 Depreciation and impairment of property, plant & equipment and intangible assets\u2022 Leases\u2022 Capitalized development cost\u2022 Contingent considerations\u2022 Unlisted equity investments\u2022 Revenue from contracts with customersFair value of assets and liabilities at the time of acquisitionThe Group is required to allocate the purchase price of acquired companies to the assets acquired and liabilities assumed based on their estimated fair values. Such valuations require management to make significant judgments in selecting valu-ation methods, estimates and assumptions. For the acquisitions of Wystrach GmbH and Wyrent GmbH in 2021 the Group engaged a third-party appraisal firm to assist the Group in determining the fair values of the assets acquired and liabilities assumed. The significant purchased intangible assets recorded by Hexagon Composites included customer relationships, trade name and technol-ogy. Critical estimates in the evaluations for such intangible assets include, but are not limited to, estimated average customer relationship based on customer attrition, applying a relief from royalty model using an appropriate royalty rate and expected developments in technology and markets.Management\u2019s estimates of fair value and useful lives are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Management\u2019s fair value estimates are based on reasonable, but not entirely certain, assumptions. See also note 5.Impairment of goodwillRecognized goodwill is assessed annually for impairment. Recoverable amounts from cash-gen-erating units are calculated based on their value in use. There is uncertainty associated with the assumptions used as a basis in the preparation of budgets for the calculation of value in use. These calculations require the use of estimates and assumptions about future income and expense trends. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate.See also note 11 for further information on impair-ment testing of goodwill.Depreciation and impairment of property, plant & equipment and intangible assetsGroup management determines the useful lives and depreciation rates for items of property, plant & equipment and intangible assets. The expected useful life of the Group\u2019s production equipment is largely dependent on technological development. The present depreciation period is 3\u201320 years, but an uncertainty exists for the interval between 10\u201320 years.Leases \u2013 Significant judgement in determining the lease term of contracts with renewal options and incremental borrowing rateThe group has several offices and other facilities leases with options to extend the lease. Renewal options are included in the calculation of the lease liability if management is reasonably certain to exer-cise the option to renew the contract. Management has used judgment when considering all relevant factors that create an economic incentive to extend the lease. In this assessment Management has considered the original lease term and the signifi-cance of the underlying assets, i.e. the offices and other facilities.In the event the Group cannot readily determine the interest rate implicit in the lease, the Group uses the incremental borrowing rate (IBR) to measure the lease liability. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic envi-ronment. The IBR therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions). 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 the subsidiary\u2019s stand-alone credit rating). See also note 24 Leases.Capitalized development costsThe Group capitalizes development costs for a project in accordance with the Groups accounting policy. Initial capitalization of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to project plan. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates to be applied and the expected period of benefits. For criteria for recognition, see note 2.12 and note 11.There is uncertainty about the date for when the criteria for recognition of intangible assets are satisfied and there is uncertainty associated with the valuation and allocation of the cost of acquisition for intangible assets.Contingent considerationsAs a part of business combinations, the purchase price consideration may have to be estimated dependent upon the content of the sale-and purchase agreement, herein e.g., contingent con-siderations. Such liabilities are subject to estimation uncertainty as they typically are dependent upon the financial performance of, and/or other quanti-tative and qualitative events of the acquired entity. Management uses significant judgement in the valuation of such liabilities such as, but not limited to, future profitability, discount rates and probability of certain target achievement. Any subsequent revaluations of said liabilities are recognized as fair value adjustments through profit and loss. See also note 5.Unlisted equity investmentsEstimating fair value of unlisted companies requires judgement by management. The fair value of unlisted equity investments is estimated by using commonly used valuation techniques or by implicit valuations derived from private placements under-taken in the companies.Revenue from contracts with customers \u2013 determining the timing of satisfaction of services and funded development contractsThe Group has concluded that revenue for services and funded development contracts is to be recognized over time because the customer simultaneously receives and consumes the benefits provided by the Group. The fact that another entity would not need to re-perform the installation or the defined milestones that the Group has provided to date demonstrates that the customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs.The Group determined that the input method is the best method in measuring progress of the services and funded development contracts because there is a direct relationship between the Group\u2019s effort (i.e., total costs incurred) and the transfer of service to the customer. The Group recognizes revenue on the basis of the total costs expended relative to the total expected costs to complete the service and funded development contract. See also note 4.Note 4 Operating segment and revenue breakdownThe Group\u2019s operation is divided into four strategic business areas, which are organized and managed separately. These four business areas are also defined as the group\u2019s reportable operating seg-ments as the different business areas sell different products, address different customer groups and have different risk profiles.The Hexagon Composites group is divided into the following reportable operating segmentsa. Hexagon Agility - global leader of (renewable) natural gas fuel systems and delivery solutions for the mobility market.b. Hexagon Ragasco - world\u2019s leading manufacturer of composite LPG cylinders.c. Hexagon Digital Wave - global leader in innova-tive cylinder testing and monitoring technology.d. Hexagon Purus - leading global provider of technology needed for zero emission mobilityThe executive management group is the Chief Operating Decision Makers (CODMs) and monitor the operating results of their respective business areas separately for the purpose of making deci-sions about resource allocation and performance assessment.No operating segments have been aggregated to form the above reportable operating segments. Transactions between the segments are based on arm\u2019s length basis.Other informationThe Group\u2019s customer base is relatively fragmented in terms of size and concentration such that it is not dependent upon any one single customer. No customer or customer group exceeded 10 per cent of annual sales in the group in 2022 and 2021.Geographical segmentsThe Group\u2019s activities are divided into the following regions: Europe, North America, South-East Asia, Middle East and Norway.Transactions in the different segments have been eliminated.Business segment data 2022Hexagon Hexagon Digital Corporate / Hexagon ex. Hexagon Group (NOK 1 000) Hexagon AgilityRagascoWaveeliminationPurus Hexagon Purus Elimination2022Revenue from external customers:Sale of cylinders and equipment (at a point in time) 3 204 885 701 029 89 297 3 141 3 998 352 909 715 67 4 908 134Sale of services and funded development (transferred over time) - - - - - 4 882 4 882Internal transactions 260 981 4 977 24 679 (1 601) 289 036 44 040 (333 076) -Other operating income 8 093 210 2 025 10 327 4 034 14 361Total revenue from contract with customers 3 473 959 706 216 116 001 1 540 4 297 716 962 670 (333 009) 4 927 377Rental income 3 919 - - 1 107 5 027 1 255 (1 353) 4 929Total revenue 3 477 878 706 216 116 001 2 648 4 302 743 963 925 (334 362) 4 932 306Operating profit for segment before depreciation/amortization (EBITDA) 208 988 123 256 6 715 8 709 347 667 (405 505) (5 353) (63 190)Operating profit for segment (EBIT) 28 186 86 362 1 193 (9 907) 105 834 (500 594) (593) (395 352)Profit/loss from associates (3 571) - - - (3 571) 51 888 - 48 317Net financial items (56 880) (301) (6 166) (14 543) (77 890) 7 808 - (70 082)Tax expense 12 691 16 685 258 (11 394) 18 240 (9 380) - 8 859Profit/loss for the year (44 956) 69 376 (5 231) (13 056) 6 134 (431 518) (593) (425 977)Segment assets 4 550 321 581 399 109 677 1 750 450 6 991 847 2 654 903 (1 743 009) 7 903 742Segment liabilities 2 104 101 391 626 46 015 1 077 791 3 619 533 967 282 (151 880) 4 434 935Investments in property, plant & equipment for the year 213 979 38 352 1 825 13 022 267 180 240 030 507 210Depreciation and impairment 91 911 29 252 2 109 2 534 125 806 33 779 159 585Investments in intangible assets for the year 4 940 - - 18 164 23 104 52 625 75 729Amortization and impairment 46 344 - - 12 812 59 156 36 906 96 062Additions of right-of-use assets for the year 121 532 - 293 1 695 123 520 122 472 245 992Depreciation and impairment 37 786 7 642 3 413 3 270 52 110 24 404 76 514Geographical information 2022Consolidated (NOK 1 000) Europe North America South America South-East Asia Middle East Norway2022Revenue divided among customer locations from external customers 2 064 775 2 567 103 105 204 105 270 30 816 59 139 4 932 306 1 Non current assets1 256 284 2 636 664 13 517 473 928 4 380 393Investments in property, plant & equipment for the year 171 320 287 003 10 460 38 427 507 210Investments in intangible assets for the year 1 621 5 246 3 043 65 819 75 7291 Non-current assets for this purpose consists of property, plant & equipment, right-of-use assets and intangible assets.Contract balances 2022 2021Trade receivables 865 403 880 396Contract assets 9 488 4 165Contract liabilitites 548 643 277 658Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days. In 2022, TNOK 13 165 (2021 TNOK 10 915) was recognized as provision for doubtful debtors on trade receivables.Contract assets are initially recognized for revenue earned from installation and project services as receipt of consideration is conditional on successful completion of installation or project. Upon comple-tion and acceptance by the customer, the amounts recognized as contract assets are reclassified to trade receivables. The higher amount in contract assets in 2022 is the result of normal fluctuations in this part of the business at the end of the year. All contracts are for period of one year or less or are build based on time incurred. As permitted under IFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed.Contract liabilities include short-term advances received for funded services & development and paid not delivered goods to external customers. The outstanding balances of these accounts increased in 2022 due to increasing activities in services & funded development projects. The entire contract liabilities was recognized in the subsequent period.Performance obligationsInformation related to the Group\u00b4s performance obligations and related revenue recognition is summarized below:Sale of goodsThe performance obligation is generally satisfied upon delivery of cylinders and other equipment. The normal credit term is 30 to 90 days upon delivery. Recognition of revenue at the point of delivery is only recognized for an amount of the consideration that reflects the estimated variable consideration the Group is expected to ultimately be entitled. The variable consideration is re-assessed at the end of each reporting period and recognized as (or when) the uncertainty is subsequently resolved and is estimated based on the expected value approach.Sale of servicesThe Group provides services in relation to reinspection and testing of products and non-recurring engineer-ing and design or development. These may be sold separately or bundled together with the sale of goods. The Group has determined that these services should be accounted for as a separate performance obliga-tion as the services are separately identifiable. The performance obligation is satisfied over time because the customer simultaneously receives and consumes the benefits provided by the Group. The Group recognizes revenue on the basis of the labor hours incurred relative to the total expected labor hours to complete the installation. When a contract includes separate performance obligations in relation to both sale of goods and installation, the consideration is allocated between the performance obligations based on observable stand-alone selling prices.Sale of funded development contractsThe Group has entered into contracts with a limited number of customers for development services. As the inputs (raw materials, labor hours etc.) are integrated into a combined output, the combined product has been determined to constitute one performance obligation. Further, the customization process & integration significantly modifies the assets under construction until delivery. The Group assessed that the performance obligation is satisfied over time because it has at all times an enforceable right to payment for performance completed to date, including a reasonable margin. Additionally, the asset has no alternative use for the Group as it is limited practically from readily directing the asset in its completed state, as the Group would suffer a significant loss from modifying the asset before it could be sold to another customer. The Group measures progress based on costs incurred relative to the total expected costs to complete the project as this measurement most faithfully depicts the Group\u2019s progress towards complete satisfaction of the performance obligation.Business segment data 2021Hexagon Hexagon Digital Corporate / Hexagon ex. Hexagon Group (NOK 1 000) Hexagon AgilityRagascoWaveeliminationPurus Hexagon Purus Elimination2021Revenue from external customers:Sale of cylinders and equipment (at a point in time) 2 410 469 575 245 47 213 3 084 3 036 012 494 222 947 3 531 181Sale of services and funded development (transferred over time) 70 - - - 70 3 441 3 511Internal transactions 202 693 2 495 9 029 21 018 235 235 7 495 (242 731) -Other operating income 2 608 398 942 17 3 965 880 4 845Total revenue from contract with customers 2 615 840 578 138 57 184 24 119 3 275 282 506 039 (241 784) 3 539 537Rental income 1 695 - - 766 2 461 1 679 (787) 3 354Total revenue 2 617 535 578 138 57 184 24 885 3 277 743 507 718 (242 571) 3 542 890Operating profit for segment before depreciation/amortization (EBITDA) 292 655 94 972 (10 677) 4 005 380 955 (271 777) (595) 108 584Operating profit for segment (EBIT) 138 508 60 325 (14 826) (12 634) 171 373 (324 874) (595) (154 096)Profit/loss from associates - - - - - (2 957) - (2 957)Net financial items (38 031) (5 785) (4 859) (76 575) (125 250) (19 441) - (144 691)Tax expense 39 104 11 017 206 (22 374) 27 953 (2 120) - 25 833Profit/loss for the year 61 373 43 523 (19 891) (66 835) 18 170 (345 152) (595) (327 577)Segment assets 3 819 260 516 251 83 882 1 263 465 5 682 859 2 101 745 (1 269 358) 6 515 246Segment liabilities 1 641 009 392 111 113 013 317 044 2 463 177 686 347 (118 580) 3 030 945Investments in property, plant & equipment for the year 146 378 39 418 6 784 946 193 527 107 711 301 238Depreciation and impairment 77 605 29 232 1 108 3 051 110 996 17 129 128 125Investments in intangible assets for the year 5 962 - - 16 059 22 020 37 735 59 755Amortization and impairment 41 599 - - 10 948 52 547 17 853 70 400Additions of right-of-use assets for the year 24 309 12 777 - 536 37 622 32 345 69 966Depreciation and impairment 34 944 5 415 3 041 2 640 46 039 18 116 64 155Geographical information 2021Consolidated (NOK 1 000) Europe North America South America South-East Asia Middle East Norway2021Revenue divided among customer locations from external customers 1 197 409 2 174 867 15 425 81 447 14 996 58 746 3 542 890 1 Non current assets1 109 628 2 121 649 7 897 438 284 3 677 458Investments in property, plant & equipment for the year 127 469 131 085 42 684 301 238Investments in intangible assets for the year 4 778 7 072 47 905 59 7551 Non-current assets for this purpose consists of property, plant & equipment, right-of-use assets and intangible assetsNote 5 Business combinations and changes in the Group`s structureIn 2022, there were no business combinations or changes to the Group\u2019s reporting- or segment structure.Acquisition of Wystrach in 2021On 10 November 2021, Hexagon Purus GmbH, a wholly owned subsidiary of Hexagon Purus acquired 100 per cent of the shares of Wystrach GmbH and Wyrent GmbH (together \u201cWystrach\u201d). Wystrach have been reported as a part of the Hexagon Purus segment in the Hexagon Group since November 2021.Wystrach is a leading European systems and solutions provider for storage and transport of compressed gases. The Company specializes in the design, manufacturing and assembly of hydrogen systems including steel system structures and high-pressure piping and has its production facilities in Weeze, Germany.The Transaction represented a step-change for Hexagon Purus and reinforced its position as a global leader in zero emission mobility solutions. Wystrach has brought significant systems assembly capacity and knowhow and complemented the capabilities of Hexagon Purus, improving control of the value chain and accelerating time to market. Combining two industry frontrunners has and will increase scale, organizational bandwidth and execu-tion capabilities and put Hexagon Purus in pole position to capitalize on the strong market growth expected for hydrogen storage solutions.The fair value of the identifiable assets and liabilities of Wystrach as at the date of acquisition were:Wystrach GmbHFair value recognised (NOK 1 000)on acquisitionAssetsIntangible assets:Customer relationships 78 654Technology 64 941Software and licenses 1 533Tangible assets:Land and land rights 22 260Buildings 66 780Technical equipment and machines 6 640Other equipment, factory and office equipment 17 340Right-of-use Assets 7 683Current assets:Inventories 170 560Trade receivable 49 691Other current assets 59 536Cash 1 277Total assets 546 895Fair value recognised (NOK 1 000)on acquisitionLiabilitiesLiabilities to banks 48 458Lease liabilities 7 683Accruals for pensions and similar obligations 980Deferred tax liabilities 44 837Provisions 481Trade payables 105 542Payments received on account of orders 58 031Income tax liabilities 7 436Other liabilities 60 880Total liabilities 334 328Net identifiable assets and liabilities at fair value 212 567Goodwill 187 369Purchase consideration 399 935Consideration shares issued in Hexagon Purus ASA 144 500Deferred payment 43 037Contingent liabilities 64 933Purchase consideration transferred / Paid in cash 147 466Less cash and cash equivalents acquired 1 277Acquisition, net of cash acquired 146 189The fair value of Wystrach was NOK 399.9 million. The acquisition was settled with MNOK 147.5 million in cash, NOK 144.5 million in consideration shares in Hexagon Purus ASA, NOK 43.0 million in deferred payment and contingent liabilities of NOK 64.9 million expected to be settled in cash in 2023 and 2024. Earn-out amounts are dependent upon revenue- and EBITDA targets of Wystrach in 2021, 2022 and 2023 and is recognised as a best estimate of target achievement. There have been no changes to the fair value assessment in 2022.In the Group\u2019s profit for 2021, Wystrach was included from 1 November. Wystrach\u2019s contribution to the Group\u2019s revenue and EBITDA in 2021 was NOK 140 million and NOK 18 million respectively. If the acquisition had taken place on 1 January 2021, the Group total revenue and profit after tax in 2021 would have amounted to NOK 3 697 million and NOK -339 million respectively.The goodwill recognized is primarily attributed to the expected synergies and other benefits from combining the assets and activities of Wystrach with the Hexagon Purus Group. The goodwill is not deductible for income tax purposes.Transaction costs of NOK 12.4 million were expensed as other operating expenses in the income statement and are part of operating cash flows in the statement of cash flows for 2021.Note 6 Net financial items(NOK 1 000) 2022 2021Interest income 15 207 4 394Unrealised gains from forward exchange contracts with actual gains or losses through profit and loss 26 523 1 121Foreign exchange items 230 043 118 466Other finance income - 1 611Total finance income 271 773 125 592Loss on exchange items 90 937 92 784Unrealised loss on forward exchange contracts and interest rate swaps with actual gains or losses through profit and loss 137 747 52 681 1 Cost associated with redemption of bond loan- 46 839Cost of interest on loans etc. 96 786 48 580Cost of interest on lease liabilities 9 537 7 980Other finance expense 6 846 21 421Total finance expense 341 855 270 283Net financial items (70 082) (144 691)1 This consists of MNOK 22.7 in cash for call premium and MNOK 24.2 non-cash impact for accelerated realisation of other charges being amortised over the original tenor of the bond.Note 7 TaxTax expense(NOK 1 000) Note 2022 2021Income tax payable in the income statement 60 363 32 039Change in deferred tax in income statement (51 503) (6 206)Tax expense 8 859 25 833Income tax payable in the balance sheet 53 057 47 201Income tax receivable in the balance sheet15 (1 992) (28 017)Net income tax payable (+) / receivable (-) in the balance sheet 51 065 19 183Prepaid taxes 38 474 22 389Settled taxes not paid (4 539) -Tax payable from acquired companies at acquisition date - (7 436)Effect on tax payable of group contributions in Norway 534 2 188FX translation effects (25 171) (4 285)Total income tax payable in the income statement 60 363 32 039Nominal tax rates in Norway 22% 22%Profit before tax (417 118) (301 744)Tax based on nominal tax rate in Norway (91 766) (66 384)Adjusted for tax effects of:Varying foreign tax rates vs. Norwegian tax rate (26 885) (15 875)Change in not capitalized loss due to uncertainty 141 207 94 863Other differences relating to foreign subsidiaries (7 918) 4 597Share of profit/loss from associates (11 213) 651Other non-taxable income and non-deductible expenses 4 875 11 666Tax expense from prior periods - (4 533)FX translation effects 559 849Tax expense 8 859 25 833Deferred tax assets and deferred tax liabilitiesBalance sheet Income statement(NOK 1 000) 2022 2021 2022 2021Deferred taxLoss carryforwards (254 038) (167 763) (86 275) (48 859)Interest deduction limitation reserve (33 123) - (33 123) -Pension (10) (168) 158 (611)Plant & equipment 77 210 66 549 10 662 21 167Intangible assets 107 581 118 887 (11 306) 31 778Inventories and trade receivables (31 765) (4 479) (27 286) 10 083Derivatives (42 437) (18 121) (24 316) (35 473)Provisions for liabilities/other current liabilities (35 764) (25 367) (10 397) (4 484)Other 148 450 91 346 57 104 7 820Deferred tax liabilities net (63 895) 60 883 (124 778) (18 579)Reduction of tax assets due to uncertainty 270 265 172 599 97 666 66 477Deferred tax assets / liabilities - net carrying amount 206 370 233 482 (27 112) 47 898Change in deferred tax from purchase of companies - 45 306Change in deferred tax from group contributions in Norway 534 2 188Change in deferred tax due to OCI (139) (81)Change in deferred tax on FX translation 23 996 6 691Net change in deferred tax in income statement (51 503) (6 206)Carrying amounts(NOK 1 000) 2022 2021Deferred tax asset - (13 678)Deferred tax liabilities 206 370 247 160Net recognised deferred tax assets/deferred tax liabilities 206 370 233 482Deferred tax recognised in the statement of comprehensive income are as follows:(NOK 1 000) 2022 2021Deferred tax asset - -Deferred tax liabilities 139 81Total 139 81Overview loss carried forward(NOK 1 000) 2022 2021Norway 579 687 351 005North America 497 004 322 005Europe 314 110 207 819Total 1 390 801 880 830The losses are carried forward indefinitely.Deferred tax assets are recognized when it is probable that the Group will have sufficient taxable profit in subsequent periods to utilize the tax assets.Note 8 Earnings per shareEarnings per share is calculated by dividing profit for the year by the weighted average number of shares outstanding.To calculate diluted earnings per share, the profit and weighted average number of shares outstanding is adjusted to accommodate all dilution effects associated with share options. All share options are taken into consideration in the \u201cdenominator\u201d, and adjustments are made for recognised option expenses in the numerator. There are 5 697 864 (6 456 404) instruments that could potentially dilute basic earnings per share in the future. These are not included in the calculation of the diluted earnings per share because they are antidilutive for the periods presented. See note 27 for further specification type of instruments.(NOK 1 000) Note 2022 2021Profit/loss for the year flowing to holders of ordinary sharesProfit/loss for the year (425 977) (327 577)Profit/loss for activities held for sale - -Profit/loss for the year (425 977) (327 577)Weighted average number of shares outstanding 31 Dec17Ordinary shares issued 1 Jan 201 619 712 201 619 712Own shares (650 418) (847 292)Issued new shares - -Outstanding number of shares 31 Dec 200 969 294 200 772 420Weighted average number of shares outstanding 31 Dec 200 870 857 200 270 205Profit/loss per share (2.12) (1.64)Diluted number of shares outstanding 31 Dec17Ordinary shares issued 1 Jan 201 619 712 201 619 712Own shares (650 418) (847 292)Issued new shares - -Outstanding shares 31 Dec adjusted for dilution effects 200 969 294 200 772 420Weighted average number of shares outstanding 31 Dec adjusted for dilution effects 200 870 857 200 270 205Diluted profit/loss per share (2.12) (1.64)Note 9 Payroll costs and number of employeesThe Group - payroll costs(NOK 1 000) Note 2022 2021 1 Salaries/fees1 266 800 876 046Bonuses and share-based payments 114 039 116 648Pension expense, defined-benefit plans18 (1 121) 481Pension expense, defined-contribution plans18 47 754 38 649Other social security expenses 67 788 69 474Payroll expenses 1 495 259 1 101 2981 Capitalized payroll expenses related to technology development projects amounted to MNOK 22.5 in 2022 and MNOK 18.5 in 2021.2022 2021Average number of full-time equivalents: 1 606 1 286Corporate management, R&D and supportNorway 15 13North America 27 33Hexagon AgilityNorth America 731 685Norway 34 21Germany 175 165Hexagon PurusNorway 18 8North America 126 83Germany 372 321China 11 8Hexagon Digital WaveNorth America 52 40Hexagon RagascoNorway 128 129North America 4 2Russia 5 5Total number of employees 31 December 1 698 1 513Note 10 Property, plant & equipmentLand and Plant and Fixtures & Assets under (NOK 1 000)buildingsequipmentfittings, vehiclesconstruction 2022 TotalCost of acquisitionCost of acquisition 1 January 2022 296 549 1 079 970 218 274 234 686 1 829 479Additions 1 265 33 248 43 714 428 983 507 210Transfer from assets under construction 12 918 157 128 19 383 (189 429) - 1 Disposals/scrap(113 892) (3 055) (41 841) (7 548) (166 336)Additions from purchase of companies - - - - -Translation differences 17 605 67 068 21 515 21 992 128 179Cost of acquisition 31 December 2022 214 445 1 334 359 261 045 488 683 2 298 532Accumulated depreciation and impairmentAccumulated depreciation 1 January 2022 67 896 645 665 105 293 - 818 855Depreciation for the year 21 476 103 557 33 809 - 158 842Impairment - - 743 - 743 1 Disposals/scrap(31 420) (1 709) (23 213) - (56 342)Translation differences 2 786 27 455 9 887 - 40 127Accumulated depreciation and impairment 31 December 2022 60 738 774 968 126 520 - 962 225Net carrying amount as of 31 December 2022 153 707 559 391 134 525 488 683 1 336 307Of which pledged - - - - -Useful life 10\u201320 years 3\u201315 years 3\u201310 yearsDepreciation method Straight-line Straight-line Straight-line1 On 31 December 2022, Agility North Carolina LLC, a wholly owned subsidiary of Hexagon within the Hexagon Agility segment, affected a sale- and leaseback transaction of its facility in Salisbury, North Carolina. The net carrying amount was MUSD 8.7 and is presented as disposals. See note 24 for more information.Land and Fixtures & Assets under (NOK 1 000)buildings Plant and equipmentfittings, vehiclesconstruction 2021 TotalCost of acquisitionCost of acquisition 1 January 2021 189 935 990 552 212 274 97 024 1 489 784Additions 8 557 38 601 20 141 233 938 301 238Transfer from assets under construction 2 421 63 129 29 898 (95 447) -Disposals/scrap (185) (36 936) (56 989) - (94 110)Additions from purchase of companies 89 040 10 239 13 741 - 113 020Translation differences 6 782 14 386 (791) (828) 19 548Cost of acquisition 31 December 2021 296 549 1 079 970 218 274 234 686 1 829 479Accumulated depreciation and impairmentAccumulated depreciation 1 January 2021 55 049 587 226 100 243 - 742 518Depreciation for the year 12 498 85 027 29 570 - 127 094Impairment - - 1 031 - 1 031Disposals/scrap (185) (31 556) (24 977) - (56 718)Translation differences 534 4 968 (573) - 4 929Accumulated depreciation and impairment 31 December 2021 67 896 645 665 105 293 - 818 855Net carrying amount as of 31 December 2021 228 653 434 305 112 981 234 686 1 010 625Of which pledged - - - - -Useful life 10\u201320 years 3\u201315 years 3\u201310 yearsDepreciation method Straight-line Straight-line Straight-lineAddition from purchase of companies of MNOK 113.0 relates to the acquisition of Wystrach GmbH, Germany (see note 5).Note 11 Intangible assetsHexagon Composites ASA has the following purchased and own-developed intangible assetsPatents and Technology-Customer (NOK 1 000) Goodwilllicencesdevelopmentrelationships 2022 TotalCost priceOpening balance 1 January 2022 1 573 061 239 453 354 061 540 994 2 707 569Additions - 13 722 62 008 - 75 729Disposals - (343) (74) - (418)Translation differences 144 036 23 250 12 186 17 880 197 351Cost of acquisition 31 December 2022 1 717 097 276 081 428 180 558 874 2 980 232Accumulated amortization and impairmentOpening balance 1 January 2022 274 51 279 118 270 153 221 323 045Amortization for the year - 17 201 31 245 47 617 96 062Disposals - (261) (74) - (336)Translation differences (274) 2 538 (5 769) (5 888) (9 393)Accumulated amortization and impairment 31 December 2022 - 70 757 143 672 194 950 409 379Net carrying amount 31 December 2022 1 717 097 205 324 284 508 363 924 2 570 853Useful life Indefinite 3\u201317 years 5\u201320 years 7\u201315 yearsAmortization method None Straight-line Straight-line Straight-lineHexagon Composites ASA has the following purchased and own-developed intangible assetsPatents and Technology-Customer (NOK 1 000) Goodwilllicencesdevelopmentrelationships 2021 TotalCost priceOpening balance 1 January 2021 1 370 132 215 435 244 151 456 522 2 286 240Additions from purchase of companies 187 369 1 533 64 941 78 654 332 497Additions - 17 175 42 580 - 59 755Disposals - (198) (45) - (242)Translation differences 15 561 5 508 2 433 5 818 29 319- - - - -Cost of acquisition 31 December 2021 1 573 061 239 453 354 061 540 994 2 707 569Accumulated amortization and impairmentOpening balance 1 January 2021 274 36 143 96 833 118 635 251 885Amortization for the year - 13 543 21 083 35 725 70 352Impairment - - 47 - 47Disposals - (198) - - (198)Translation differences - 1 791 307 (1 139) 959Accumulated amortization and impairment 31 December 2021 274 51 279 118 270 153 221 323 045Net carrying amount 31 December 2021 1 572 788 188 174 235 790 387 773 2 384 524Useful life Indefinite 3\u201317 years 5\u201320 years 7\u201315 yearsAmortization method None Straight-line Straight-line Straight-lineAddition from purchase of companies of MNOK 332.5 relates to the acquisition of Wystrach GmbH, Germany (see note 5).Research & development costs totalling MNOK 148.8 (MNOK 104.7) were expensed in 2022. The Group has received government grants of MNOK 7.6 (MNOK 11.7) in 2022. MNOK 7.6 (MNOK 11.7) has been offset against research and development costs.The Group has recognized goodwill as a result of several acquisitions of business enterprises. Each goodwill item is linked to a cash generating unit (CGU). When the acquired business enterprise is maintained as an independent business enterprise it is, as a starting point, the CGU. Entities that have considerable synergies and for which the type of activity is the same, are considered to be a unified CGU. This applies when acquired business enterprises are integrated with an existing Hexagon Composites company or the acquired business enterprise is, in operative terms, closely linked together with existing Hexagon Composites busi-nesses. In these instances, it is the linking enterprise that is the level of the CGU where goodwill is meas-ured and followed up. In the Group, four CGU\u2019s have been identified which capitalized goodwill has been linked to.Impairment testingGoodwill is not depreciated but is subject to impair-ment testing in the fourth quarter each year. If there are particular indications of possible impairment, the impairment test is carried out on a quarterly basis. The impairment test is carried out by the calculated recoverable amount being compared with invested capital for the unit in question. When the recoverable amount exceeds invested capital, capitalized goodwill is maintained. When the recoverable amount is lower than invested capital, capitalized goodwill is written down to its recover-able amount. Invested capital consists of the units\u2019 total assets less interest-free current liabilities and interest-free non-current liabilities. The recoverable amount is based on expected future cash flows for the relevant unit based on the management\u2019s approved budget and strategy figures for the next four years. These are estimated based on current sales and margins and the expected market devel-opment. For subsequent periods it is assumed that there will be an increase in the cash flows equivalent to expected general growth within the various business areas.The expected future investment requirements for the units are reflected in the calculations. These are in accordance with the management\u2019s approved budget and strategy. For the period beyond the next four years, it is assumed that the re-invest-ment requirement will be equivalent to expected depreciation. Changes in working capital have been assessed and adjusted in accordance with expected developments.When there are indications that a company\u2019s assets (including goodwill) may be impaired, an impairment test is conducted using the company\u2019s weighted average capital cost (WACC) as an esti-mate for the discount rate (= return on assets ratio). Correspondingly, WACC is also used for annual impairment testing. The WACC rate which is used to discount future cash flows is based on 10-year risk-free interest rates in the market, the company\u2019s borrowing interest, beta factor, equity ratio and market risk premium, adjusted for the liquidity risk and size of the company.Value in use is calculated by discounting future cash flows. Present value calculations are based on expected future cash flows for the different cash-generating units, as described above and the units are not expected to have a finite useful life. The projections take into account appropriate and typically modest forms of growth in the cash flows into perpetuity.Key assumptions used in value in use calculationsThe most important assumptions for calculating value in use are related to estimates for operating revenues, EBITDA margins, discount rates and growth rates beyond the forecast period of 5 years. A weighted average cost of capital after tax of 11.9 per cent (8.7 per cent last year) has been used for all Cash Generating units (CGUs).Following the spin-off and separate listing of Hexagon Purus in December 2020, the Hexagon Group has defined separate targets for the Hexagon businesses ex Purus (\u201cHexagon proforma\u201d), namely Hexagon Agility, Hexagon Ragasco and Hexagon Digital Wave. These are typically more mature busi-nesses with a longer historical basis for the forecast.Hexagon Purus is less mature, however is in the leading position, operating in an extreme growth environment. The addressable market and opportu-nity roadmap have been thoroughly studied and a business plan produced on the basis of maintaining a significant market share of the rapidly developing e-mobility market globally.All operating revenues and EBITDA margins are based on the stated forecast periods, past perfor-mance and management expectations of market development for the future. Growth rates are consistent with industry and market forecasts except where conservatively applied outside the primary forecast periods.Hexagon (ex Purus)Hexagon proforma primary forecast horizon is 5 years from 2023 to 2027 and from which projections are made, on a rolling 5 year basis, using prudently conservative growth rates which collectively approx-imate to 15 per cent. Hexagon proforma collectively employs targets of:\u2022 At least 15 per cent annual operating revenue growth\u2022 Attaining 15 per cent EBITDA marginThe differing CGUs within Hexagon proforma may have differing revenue growth and EBITDA margins at differing periods of time, but collectively are expected to attain the Hexagon proforma targets within the primary forecast horizon. Hexagon Digital Wave is in the middle of a transformational business plan, through digitalization, incorporating opex investments over the next three years which weigh on positive margins short-term and increase growth in revenues and margins longer-term. The Assumptions used per CGU in relation to the Hexagon proforma targets are as follows:\u2022 Hexagon Agility attaining > target revenue growth and > target EBITDA margin\u2022 Hexagon Ragasco attaining < target revenue growth and > target EBITDA margin\u2022 Hexagon Digital Wave > target revenue growth and > target EBITDA marginHexagon PurusThe Hexagon Purus business is in its early phase and should use a longer forecast period than the other more mature businesses, in order to develop and implement its addressable green technology and e-mobility activities and attain a steady state oper-ation and profit margins. To conform with IFRS 36 with a maximum 5 year forecast horizon, and given start-up companies do not by nature have previous history to rely on, terminal values and growth rates are applied at the end of year 5. With the focus of global climate change mitigation pointed towards promoting fuels that reduce GHG and Co2 emis-sions there is strong support that adoption rates will increase at an even faster rate than we have seen historically with CNG/RNG \u2013 and as already observed with the zero-emission regulation friendly European BEV adoption. Hexagon Purus\u2019 initial business plan projections are for significant growth: NOK 4 to 5 billion in revenues by 2025 and dou-ble-digit EBITDA margins in the longer-term.In this regard the following assumptions are used specifically in relation to the business activities for which the historical goodwill attributable to Hexagon Purus arose, being hydrogen cylinders, distribution, ground storage , marine, rail and other cylinder applications:\u2022 at target revenue growth and attaining target EBITDA marginThe goodwill items of the following cash generating units are subject to impairment testing2022 2021Hexagon Agility 1 124 360 1 010 062Hexagon Digital Wave 36 646 32 787Hexagon Purus 523 741 497 589Hexagon Ragasco 32 350 32 350Total goodwill 1 717 097 1 572 788The assumptions that were used as a basis for the calculations made at the end of 2022 resulted in comfortable headroom for all of the above.Other assumptions for the impairment testing of goodwillThe recoverable amount is calculated based on the general assumptions referred to above. The calcula-tions do not assume major changes in the nature of business activities compared with 2022.In the prognosis period, an increase in the operating profit equal to the general growth in the economy is, at a minimum, expected.The impairment testing is performed in the func-tional geographic currency of the CGU being USD for Hexagon Agility and Hexagon Digital Wave, and NOK for Hexagon Ragasco.Sensitivity analyses for the goodwillIn connection with the impairment testing of good-will, the Group has carried out sensitivity analyses. These sensitivity analyses are carried out for each cash-generating unit. The present value of the cash flow in the calculations made is, among other things, sensitive to changes in the discount rate. The sensitivity analysis uses the economic assumptions referred to above as its starting point. Calculations have been made based on one of the estimated economic assumptions being changed and in which the other economic assumptions remain unchanged.The sensitivity analyses for the CGU demonstrate that recoverable amounts of Hexagon Agility, Hexagon Ragasco, Hexagon Digital Wave and Hexagon Purus goodwill exceed the recognized value by a good margin, and a reasonable change in key assumption (+ 1.0 per cent for WACC and - 2.0 per cent on EBITDA margin) would not cause the carrying amount to exceed value in use.Note 12 Other non-current financial assets(NOK 1 000) 2022 2021 1 Cross-currency interest swap25 431 - 2 Loans to associated companies48 270 - 3 Equity investments at fair value67 727 379Total other non-current financial assets 141 429 3791 On 16 May 2022, Hexagon Composites ASA entered into three float-to-fix interest rate swaps, a USD 10 million swap with a 10 year maturity, a USD 10 million swap with a 7 year maturity, and a USD 33 million swap with a 5 year maturity. The swaps principal value represents approxi-mately 40 per cent of the Company\u2019s term loan (NOK 1 100 million) and revolving credit facility (NOK 350 million).2 Loans to associated companies includes accrued interests as per 31 December.3 NOK 67.3 million relates to the fair value of Norwegian Hydrogen AS, which was reclassified from an associated company to an equity invest-ment as per 27 August, 2022, following a private placement in Norwegian Hydrogen AS and where the Group\u2019s significant influence in the entity ceased. See also note 26 for further information and gain related to the reclassification.Note 13 Inventories(NOK 1 000) 2022 2021Raw materials and consumables 1 143 340 787 377Work in progress 176 940 115 226Finished goods 226 217 244 401Total inventories 1 546 497 1 147 004Provision for obsolete inventory in balance sheet (77 530) (38 529)Carrying amount of holdings used as pledged assets - -Note 14 Trade receivables(NOK 1 000) 2022 2021Trade receivables 878 568 891 311Provisions for expected credit loss (13 165) (10 915)Trade receivables after provision for losses 865 403 880 396Carrying amount of trade receivables used as pledged assets - -Losses on trade receivables are classified as other operating expenses in the income statement. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using a provision matrix:As of 31 December the Company had the following ageing of trade receivablesContract 30\u201360 60\u201390 assets Total Not due <30 daysdaysdays >90daysExpected credit loss rate 2022 - 1.5% 0.4% 0.2% 4.5% 16.7% 12.3%Estimated total gross carrying amount at default 2022 9 488 878 568 540 017 222 194 55 274 11 861 49 222Expected credit loss 2022 - 13 165 2 126 528 2 494 1 977 6 039Expected credit loss rate 2021 - 1.2% 0.2% 0.4% 6.7% 0.4% 9.9%Estimated total gross carrying amount at default 2021 4 165 891 311 578 086 141 610 59 367 60 867 51 381Expected credit loss 2021 - 10 915 1 071 569 3 948 217 5 109Changes in the provision for losses are as follows2022 2021Opening balance 1 January 10 915 13 293Additions from purchase of companies - 898Provision for losses for the year 1 897 595Actual losses during the year (358) (4 026)Translation differences 712 155Closing balance 31 December 13 165 10 915Credit risk and currency risk regarding trade receivables are described in more detail in note 25.Note 15 Other current assets(NOK 1 000) 2022 2021Prepaid expenses 80 757 90 202Prepayment to suppliers 61 188 -VAT refund 6 956 24 681Prepaid tax overseas 1 773 28 017Forward exchange contracts - 1 162 1 Other38 097 38 381Total other current assets 188 772 182 4431 Other in 2022 included receivables from the Skattefunn tax incentive scheme and other grants of NOK 4 820 thousand (7 837 thousand).Note 16 Bank deposits, cash and cash equivalents(NOK 1 000) 2022 2021Cash at bank and in hand 713 547 600 209Bank deposits, cash and cash equivalents 713 547 600 209Cash & cash equivalents in the cash flow analysis 713 547 600 209Undrawn Group overdraft facility 135 769 264 337Undrawn loan facilities 225 000 318 268 1 Restricted funds included in cash & cash equivalents9 283 8 9441 Restricted tax withholdings.Note 17 Share capital, shareholder information and dividend(NOK 1 000) 2022 2021Ordinary shares of NOK 0.10 each 201 619 712 201 619 712Total number of shares 201 619 712 201 619 712The Company\u2019s share capital consists of one class of shares and is fully paid-up.Changes in share capital and share premiumShare capital Share premium Number of shares(NOK 1 000)(NOK 1 000)2022 2021 2022 2021 2022 2021Ordinary sharesIssued and paid 1 January 201 619 712 201 619 712 20 162 20 162 2 075 999 2 075 999Issued new share capital - - - - - -Transaction cost - -Issued and paid 31 Dec 201 619 712 201 619 712 20 162 20 162 2 075 999 2 075 999Own shares1 January 847 292 1 851 723 85 185Change during period (196 874) (1 004 431) (20) (100)31 December 650 418 847 292 65 85As of 31 December 2022 the Company had 650 418 own shares (847 292). The cost of acquisition of NOK 18 789 thousand (NOK 20 690 thousand) is entered as a reduction in equity. The shares are held as \u201cown shares\u201d, and the Company is entitled to sell them in the future.20 Largest shareholders as of 31 December 2022 Number of shares ShareholdingMITSUI & CO LTD 45 833 321 22.73% 1 FLAKK COMPOSITES AS20 000 000 9.92%CLEARSTREAM BANKING S.A. 17 773 882 8.82%MP PENSJON PK 12 127 762 6.02%BR\u00d8DR. B\u00d8CKMANN AS 5 649 663 2.80%KTF FINANS AS 5 000 000 2.48%N\u00d8DINGEN AS 4 968 704 2.46%BROWN BROTHERS HARRIMAN & CO 4 470 699 2.22%FOLKETRYGDFONDET 3 840 921 1.91%STATE STREET BANK AND TRUST COMPANY 3 064 779 1.52%RBC INVESTOR SERVICES TRUST 2 452 081 1.22%JPMORGAN CHASE BANK, N.A., LONDON 2 225 619 1.10%THE NORTHERN TRUST COMPANY, LONDON 1 925 170 0.95%VERDIPAPIRFONDET STOREBRAND NORGE 1 923 872 0.95%RBC INVESTOR SERVICES TRUST 1 659 414 0.82%NORDNET BANK AB 1 433 020 0.71%SKANDINAVISKA ENSKILDA BANKEN AB 1 349 798 0.67%VERDIPAPIRFONDET KLP AKSJENORGE IN 1 310 044 0.65% 1 FLAKK INVEST AS1 300 000 0.64%SIX SIS AG 1 287 592 0.64%Total 20 largest shareholders 139 596 341 69.24%Remainder 62 023 371 30.76%Total 201 619 712 100.00%1 These shareholdings are controlled by the Chair of the Board, Knut Flakk.Ownership structureThe total number of shareholders as of 31 December 2022 was 5 666 of whom 452 were foreign shareholders. The number of shares held by foreign shareholders was 111 390 509 or 56.2 per cent.The Board proposes to the general assembly that there will be no dividend to be paid for the fiscal year 2022, the same as for 2021.Dividends are included as allocations to the owners in the period in which they are paid.The Board (unanimous) has a mandate to increase share capital by up to NOK 2 016 195 by issuing up to 20 161 950 shares (par value NOK 0.10). This authorization is valid until the next ordinary general assembly.Note 18 Pension and other non-current employee benefitsThe Norwegian companies in the Group are legally obliged to have occupational pension arrangements under the Norwegian Mandatory Occupational Pension act. The Norwegian pension arrangements satisfy the require-ments of this act. Plans in other jurisdictions follows local requirements and agreements. Below is a summary table of the pension cost in the Group for the various pension plans. Further details on the various plans are provided below:(NOK 1 000) 2022 2021Defined contribution pension plan 45 582 36 826Defined benefit pension plan (1 121) 481Multi-employer pension plan in Norway (new AFP) 2 172 1 823Total 46 633 39 130Defined contribution plans in the Group:The defined contribution pension plans in the Norwegian companies have contribution rates from 7 per cent for salaries in the range of 0 to 7.1 times the national insurance base rate (G) and from 8 per cent for salaries in the range from 7.1 G to 12 G. As of 31 December 2022 the Norwegian defined contribution pension plans had 195 (166) members.Our subsidiaries in the US and Canada offer defined contribution plans subject to US and Canadian statutory requirements. The defined contribution plans cover full-time employees and employer contributions range up to 6 per cent of defined compensation subject to employee contributions. For some of the plans, there can also be an additional payment at the end of the year in accordance with the terms of the defined contribution plan. As of 31 December 2022, 919 (740) members were covered by the plan. There are no defined contribution pension plan in Germany.The table below provides a split of expenses in the defined contribution plans:(NOK 1 000) 2022 2021Defined contribution pension plans - Norway 15 124 12 205Defined contribution pension plans - USA / Canada 30 458 24 621Total 45 582 36 826Defined benefit plans in the Group:There are historical defined benefit plans in Norway and Germany with a very limited participation. The obligation for the defined benefit pension plans is calculated on a straight-line basis. Unrealized gains and losses resulting from changes in actuarial assumptions are recognized in other comprehensive income. There are 10 active and 11 retired in the pension plans. The pension liabilities and assets are calculated by actuaries and presented below. Based on the limited participation, assets and liabilities, the plans are considered of low materiality and significance.(NOK 1 000) 2022 2021Pension assets 402 -Pension liabilities 2 321 4 645Multi-employer pension plan in Norway126 (121) of the Norwegian employees is a member of a new \u201cagreement-based early retirement plan\u201d (new AFP). The AFP plan is a lifelong supplement to the regular pension. Employees can take the new AFP scheme from the age of 62 or remain in employment and earn further benefits until the standard retirement age of 67. The AFP pension scheme is a defined benefit multi-employer pension plan, funded through premiums that are defined as a percentage of salary. The scheme\u2019s retirement benefit obligation and plan assets cannot be reliably meas-ured and allocated at present. For accounting purposes, the scheme is treated as a defined contribution plan, with premium payments expensed as incurred, and no obligation recognized in the balance sheet. Premiums are 2.5 per cent (2.5 per cent in 2021) for salaries in the range 1.0 - 7.1 times the national insurance base rate (G) and is expected to increase in the coming years. Total contribution for the arrangement was NOK 2 172 thousand in 2022 and NOK 1 823 thousand in 2021. Expected premium for 2023 is NOK 2 248 thousand.Note 19 ProvisionsNon-current provisions(NOK 1 000) 2022 2021Other non-current provisions 6 133 11 686Total non-current provisions 6 133 11 686Current provisions(NOK 1 000) 2022 2021Balance 1 January 66 747 89 301Additions from purchase of companies - 438Provisions for year 53 713 12 668Translation differences 6 708 785Provisions used during year (24 611) (36 445)Balance 31 December 102 557 66 747The Group seeks to minimize the level of warranty or other claims from third parties through a diligent focus on quality. The Group also seeks to consistently recognize any potential impact of unanticipated events. Provisions are made for both general and, if required, specific warranty claims on Low-Pressure and High-Pressure cylinders or on delivered systems. Such provisions are typically based on i) historical warranty costs levels for equivalent products and services, ii) our assessment of any ongoing third-party legal disputes or quality related matters in the ordinary course of business. In such cases, including products liability cases, the Group prepares estimates based on experience, professional judgment of legal counsel, and other assumptions it believes to be reasonable. The Group also recognizes an asset if insurance covers all or part of any recorded liability. As additional information becomes available, potential liability related to pending litigation is reassessed and related estimates are updated., and iii) a forward view based on the changing levels and complexity of our business activities within cylinder and systems business areas respectively.The warranty period is mostly one year from delivery with exceptions for individual contracts. The provision can thereby be expected to be related to activity and new contracts.Note 20 Interest-bearing liabilitiesCarrying amountFacility size (NOK 1 000) Interest rate conditions Currency Maturity(nok) 2022 2021SecuredTerm loan DNB and Danske Bank (bullet) Nibor 3 month + margin NOK 9 Dec 2024 1 100 000 1 100 000 1 100 000 4Revolving credit facility DNB and Danske Bank (bullet) Nibor 3 month + margin NOK 9 Dec 2026 350 000 350 000 31 732 4 Accordion facility DNB and Danske Bank (bullet) Nibor 3 month + margin NOK 31 Mar 2024325 000 100 000 -Overdraft facility DNB and Danske Bank Nibor 3 month + margin NOK 9 Dec 2024 250 000 130 002 - 1 Total DNB and Danske Bank2 025 000 1 680 002 1 131 732Bank loan Volksbank an der Niers AG 1.55% EUR 30 Sep 2036 N/A 7 356 7 677Bank loan Deutsche Bank AG 1.96% EUR 30 Mar 2037 N/A 16 881 15 469Bank loan Deutsche Bank AG 2.88% EUR 30 Jun 2033 N/A 14 524 17 547Bank loan Deutsche Bank AG 1.79% EUR 30 Nov 2025 N/A 5 586 5 865Overdraft facility Deutsche Bank Euribor 3 month + margin EUR 15 771 - 8 637 2 Total Deutsche Bank and Volkesbank15 771 44 347 55 194Total secured interest-bearing liabilities 1 724 348 1 186 927Other current interest bearing liabilities - 585 3 Amortized transaction costs loans(7 534) (7 820)Total interest-bearing liabilities 1 716 815 1 179 692hereof current:Overdraft facility 130 002 8 637Current interest bearing liabilities 100 000 585st1 year\u2019s instalments, classified as current 4 673 4 413Total current interest-bearing liailities 234 674 13 635Total non-current interest bearing liabilities 1 482 141 1 166 057Estimated repayment structure for non-current liabilities (NOK 1 000) as of 31 December 20212023 2024 2025 2026 2027 Thereafter234 674 1 104 672 3 134 354 422 3 103 24 3421 On December 9, 2021, Hexagon Composites ASA entered into a new Senior Secured bilateral loan facility with DNB and Danske Bank. The overall size of the committed facility was NOK 1 700 million, compris-ing a term loan of NOK 1 100 million, a multi-currency revolving credit facility (RCF) of NOK 350 million and an overdraft facility of NOK 250 million. The size of the uncommited facility amounted to a maximum of NOK 400 million, where NOK 325 was called upon and became committed as of 30 September 2022. At 31 December 2022 the total commitment under the facilities was NOK 2 025 million.2 The bank loans towards Volkesbank and Deutsche Bank relates to Wystrach. Wystrach has in addition an overdraft facility of MEUR 1.5 as of 31 December 2022.3 Costs associated with the loans are amortized over the duration of the loans using the effective interest method. Buy-back premium and rest amortization associated with the bond loan amounted to MNOK 22.7 and MNOK 24.2 respectively and was expensed in 2021 (see also note 6).4 Maturity includes extension options.CovenantsAs of 31 December 2022, financial covenants, related to equity ratio and leverage (NIBD/EBITDA) were in compliance with comfortable headrooms.Reconciliation for liabilities arising from financing activitiesNon-current Current interest interest-bearing bearing Lease (NOK 1 000)liabilitiesliabilitiesliabilities TotalLiabilities 1 January 2021 1 206 127 - 275 705 1 481 832Financing activities with cash settlementRepayment of non-current liabilities (1 265 825) - - (1 265 825)New interest bearing liabilities 1 134 459 4 595 - 1 139 054Repayment of lease liabilities - - (62 736) (62 736)Repayment of current liabilities - - - -Financing activities without cash settlementAdditions from acquisition of companies 43 831 4 627 7 899 56 358New lease liabilities - - 69 966 69 966stReclassification 1 year\u2019s instalments (4 413) 4 413 - -Exchange differences (3 419) - 1 897 (1 522)Other transactions without cash settlement 55 297 - - 55 297Liabilities 31 December 2021 1 166 057 13 635 292 732 1 472 424Non-current Current interest interest-bearing bearing Lease (NOK 1 000)liabilitiesliabilitiesliabilities TotalLiabilities 1 January 2022 1 166 057 13 635 292 732 1 472 424Financing activities with cash settlementRepayment of non-current liabilities - (4 560) - (4 560)New interest bearing liabilities 318 268 221 039 - 539 307Repayment of lease liabilities - - (73 947) (73 947)Repayment of current liabilities - - - -Financing activities without cash settlementAdditions from acquisition of companies - - - -New lease liabilities - - 307 333 307 333stReclassification 1 year\u2019s instalments (4 673) 4 673 - -Exchange differences 2 089 (113) 25 474 27 450Other transactions without cash settlement 399 - - 399Liabilities 31 December 2022 1 482 140 234 674 551 592 2 268 406Note 21 Other financial liabilities and provisions(NOK 1 000) 2022 2021Cross-currency swap 216 885 81 423Deferred payment from business combination - 43 490Contingent liabilities from business combination 39 789 65 616Total non-current financial liabilities 256 675 190 529Deferred payment from business combination 45 776 -Contingent liabilities from business combination 29 275 -Total current financial liabilities 75 051 -In 2019 the company entered into a cross-currency swap of USD 120.3 to effectively convert long-term financing from NOK to USD. During 2021 the swap was settled and re-issued with an USD denominated balance of 132.7 million. In relation with the refinancing of the Group in December 2021 the maturity of the swap was extended concurrent with the initial maturity of the bank loan. The value of the swap as of 31 December 2022 was NOK -216 885 thousand.Deferred payment from business combinations of NOK 43 490 thousand and contingent liabilities from business combinations of NOK 65 616 thousand in 2021 relates to the acquisition of Wystrach GmbH, Germany (see also note 5). As of 31 December 2022, the deferred payment and a portion of the contingent liability are classified as current. There have been no changes in the valuation of the contingent liabilities during the year. The change in the carrying values relates only to changes in foreign exchange rates, as the liability is denominated in EUR.Note 22 Current interest-bearing liabilities(NOK 1 000) 2022 2021Current interest-bearing liabilities overdraft facility 130 002 8 637Other current interest-bearing liabilities 100 000 585st1 year\u2019s instalments, non-current interest-bearing liabilities 4 673 4 413Total current interest-bearing liabilities 234 674 13 635st1 year\u2019s instalments, lease liabilities 70 574 62 455Total 305 248 76 090Current interest-bearing debt is subject to the same financial terms as the secured non-current interest-bearing debt disclosed in note 20. The overdraft facilities within the Group are generally priced on base rate + margin, in addition to periodic charges connected to the provision of the facilities.Note 23 Other current liabilities(NOK 1 000) 2022 2021Public duties payable 26 949 40 406Unpaid salaries, bonuses, holiday pay 111 892 118 282Accrued expenses and other current liabilities 204 313 161 463Total 343 154 320 150Note 24 LeasesFixtures & Right of use assetsLand and Plant and fittings, 2022 (NOK 1 000)buildingsequipmentvehiclesTotalAt costCost of acquisition 1 Jan 373 042 78 270 5 537 456 849Additions of right-of-use assets 241 082 1 505 3 404 245 992Expirations at maturity (52 166) - (262) (52 428)Disposals - - - -Transfers and reclassifications - - - -Additions from purchase of companies - - - -Translation differences 30 763 4 175 424 35 362Cost of acquisition 31 Dec 592 722 83 951 9 102 685 775Accumulated depreciation and impairmentAccumulated depreciation and impairment 1 Jan 136 613 34 391 3 536 174 540Depreciation for the year 62 113 12 775 1 626 76 514Impairments for the year - - - -Expirations at maturity (52 166) - (262) (52 428)Disposals - - - -Transfers and reclassifications - - - -Additions from purchase of companies - - - -Translation differences 11 670 2 041 205 13 917Accumulated depreciation and impairment 158 230 49 208 5 105 212 542Carrying amount of right-of-use assets as of 31 Dec 434 492 34 743 3 998 473 233Useful life 3\u201317 years 3\u20137 years 2\u20135 yearsDepreciation method Straight-line Straight-line Straight-lineSale- and leaseback transactionsOn 31 December 2022, Agility North Carolina LLC, a wholly owned subsidiary of Hexagon within the Hexagon Agility segment, affected a sale- and leaseback transaction of its facility in Salisbury, North Carolina. The facility consists of approximately 19 000 square metres for production and assembly of fuel systems, as well as approx-imately 144 000 square metres of land. The consideration received for the facility amounted to NOK 161 million, which resulted in an accounting gain of NOK 8 million net of transaction costs. The gain is presented as other operating income in the income statement.The lease agreement has a lease term of 16 years with options to extend for two 10 year periods. Initial recognition of lease liability per 31 December was NOK 135 million. Extension options are, due to uncertainty of exercising, not included in the lease liability calculation. Recognized right of use asset amounted to NOK 72 million representing a 84 per cent proportionate share (derived by the ratio of the recognized lease liability over the of the facility\u2019s fair market value), pre-sale book value of NOK 86 million.In addition to the affected sale-and leaseback transaction of the existing facility in Salisbury, North Carolina, the buyer also acquired the right to develop Agility\u2019s planned NOK 136 million expansion of the Salisbury facility. The expansion is estimated to commence in January 2025, where a separate lease agreement will be entered into with the buyer. Both the sale-and leaseback agreement and the outsourcing of the expansion project is affected according to Hexagon\u2019s preference of renting instead of owning its facilities.Fixtures & Right of use assetsLand and Plant and fittings, 2021 (NOK 1 000)buildingsequipmentvehiclesTotalAt costCost of acquisition 1 Jan (right-of-use asset) 349 678 30 983 6 892 387 553Additions of right-of-use assets 46 443 22 733 790 69 966Expirations at maturity (8 077) - (124) (8 201)Disposals - - - -Transfers and reclassifications (20 121) 20 324 (204) -Additions from purchase of companies - 7 101 798 7 899Translation differences 5 118 (2 872) (2 616) (369)Cost of acquisition 31 Dec 373 042 78 270 5 537 456 849Accumulated depreciation and impairmentAccumulated depreciation and impairment 1 Jan 109 986 6 663 4 352 121 002Depreciation for the year 52 509 10 245 1 401 64 155Impairments for the year - - - -Expirations at maturity (8 077) - (124) (8 201)Disposals - - - -Transfers and reclassifications (19 770) 18 868 902 -Additions from purchase of companies - - - -Translation differences 1 965 (1 385) (2 996) (2 416)Accumulated depreciation and impairment 136 613 34 391 3 536 174 540Carrying amount of right-of-use assets as of 31 Dec 236 429 43 879 2 001 282 309Useful life 3\u201317 years 3\u20137 years 2\u20135 yearsDepreciation method Straight-line Straight-line Straight-lineLease liabilities(NOK 1 000) 2022 Total 2021 TotalUndiscounted lease liabilities and maturity of cash outflowsLess than 1 year 100 831 73 5961\u20132 years 102 808 52 8662\u20133 years 79 016 50 6393\u20134 years 67 828 25 0664\u20135 years 59 817 21 300More than 5 years 345 007 106 946Total undiscounted lease liabilities at 31 December 755 305 330 413Summary of the lease liabilities(NOK 1 000) 2022 Total 2021 TotalAt initial application 1 January 292 732 275 705New lease liabilities recognised in the year 307 333 69 966Additions from purchase of companies - 7 899Transfers and reclassifications - -Cash payments for the principal portion of the lease liability (73 947) (62 736)Cash payments for the interest portion of the lease liability (9 537) (7 980)Interest expense on lease liabilities 9 537 7 980Currency exchange differences 25 474 1 897Total lease liabilities at 31 December 551 592 292 732Current lease liabilities 70 574 62 455Non-current lease liabilities 481 018 230 276Summary of cash outflows leases(NOK 1 000) 2022 Total 2021 TotalCash payments for leases 83 485 70 715Variable payments 12 650 10 427Cash payments related to short-term leases and leases of low value 1 666 1 386Total cash outflows for leases 97 801 82 528Some of the leases have options to extend the contract beyond the period used in the calculations. For most cases the probability of utilizing such options are not sufficiently high to include options in the calculation of the leases. The leases do not contain any termination options that are considered significant for the calculations.The leases do not contain any restrictions on the Group\u2019s dividend policy or financing, and there are no require-ments to financial performance or ratios. The Group does not have significant residual value guarantees related to its leases to disclose. No operational risks related to leases are identified.As of 31 December 2022, there was one significant lease agreement within the Hexagon Purus segment which had not yet commenced and thus not yet reflected in the balance sheet. This relates to a production facility currently under construction in Kassel, Germany, which is expected to commence in the second half of 2023. The construction cost of the building is estimated to approximately NOK 400 million and the Group is committed to enter into a 15 year lease with an option to buy after 10 years.The Group has entered into some minor short-term leasing agreement for mobile pipeline systems to customers. The carrying amount of assets leased to others under operating leases are as follows:The Group as a lessor(NOK 1 000) 2022 Total 2021 TotalCost price leased assets included in fixtures & fittings 9 484 31 552Total 9 484 31 552Accumulated depreciation of leased assets 3 832 4 487Book value leased assets per 31 December 5 652 27 064All leases are on short-term and the future minimum lease payment related to the fixed assets in 2023 are expected to be MNOK 2.0.Note 25 Market riskFinancial riskThe Group\u2019s principal financial liabilities, other than derivatives, comprise loans and borrowings, and trade and other payables. The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group\u2019s principal financial assets include trade receivables, cash and cash equivalents that derive directly form its opera-tions. The Group use some financial derivatives for hedging purposes.The Group is exposed to interest rate risk, liquidity risk, currency risk and credit risk. The Group\u2019s management regularly evaluates these risks and defines guidelines on appropriate financial risk governance framework for the Group. Procedures for risk management are adopted by the board and carried out by the chief financial officer in close cooperation with the subsidiaries.The Group may use financial instruments to hedge risks associated with interest rate and foreign currency fluctu-ations. The Group uses derivative financial instruments to minimize these risks under its strategy for interest and currency exposure. The accounting treatment of financial derivatives is described in note 2.The Group has the following financial assets and liabilities divided into different categories for accounting treatment and reconciled against the balance sheet items 31 December 2022Derivatives designated Equity as hedging instruments Financial Financial instruments designated instruments instruments through at fair value at fair value at amortized (NOK 1 000)profit or lossthrough OCIthrough P&Lcost TotalAssetsOther non-current financial assets 25 431 67 727 48 270 141 429Trade receivables 865 403 865 403Bank deposits, cash and cash equivalents 713 547 713 547Total financial assets 25 431 - 67 727 1 627 220 1 720 378LiabilitiesNon-current interest-bearing liabilities 1 482 140 1 482 140Other non-current financial liabilities 216 885 39 789 - 256 675Non-current lease liabilities 481 018 481 018Current lease liabilities 70 574 70 574Current interest-bearing liabilities 234 674 234 674Other current financial liabilities 29 275 45 776 75 051Trade payables 572 569 572 569Total financial liabilities 216 885 - 69 064 2 886 751 3 172 701The Group has the following financial assets and liabilities divided into different categories for accounting treatment and reconciled against the balance sheet items 31 December 2021Derivatives designated Equity as hedging instruments Financial Financial instruments designated instruments instruments through at fair value at fair value at amortized (NOK 1 000)profit or lossthrough OCIthrough P&Lcost TotalAssetsOther non-current financial assets 379 379Trade receivables 880 396 880 396Forward exchange contracts 1 162 1 162Bank deposits, cash and cash equivalents 600 209 600 209Total financial assets 1 162 - - 1 480 984 1 482 147LiabilitiesNon-current interest-bearing liabilities 1 166 057 1 166 057Other non-current financial liabilities 81 423 65 616 43 490 190 529Non-current lease liabilities 230 276 230 276Current lease liabilities 62 455 62 455Current interest-bearing liabilities 13 635 13 635Trade payables 392 747 392 747Total financial liabilities 81 423 - 65 616 1 908 660 2 055 699(i) Credit riskThe Group is mainly exposed to credit risk associated with trade receivables and contract assets. The Group minimizes its exposure to credit risk by ensuring that all parties requiring defined levels of credit (primarily trade receivables) are approved and undergo a credit check.The Group has a small number of large customers or counterparties who could be considered to be a Group due to similarities in credit risk. The risk associated with these counterparties is regularly reviewed and is minimized by measures such as use of credit insurance. The subsidiaries Hexagon Ragasco AS, Hexagon Composites GmbH and Hexagon Purus GmbH applies credit insurance to cover parts of the companies\u2019 receivables.Trade receivables amounted to NOK 878 568 thousand (891 311 thousand). Except of parts in Hexagon Ragasco AS, Hexagon Composites GmbH and Hexagon Purus GmbH these do not have credit insurance. However, these are partly covered through Letter of Credits and prepayments from customers.The Group has policies in place to ensure that sales of products are made to customers with an appropriate credit history and that outstanding amounts do not exceed the defined credit limits. Credit information is also used in the group\u2019s regular appraisal of new and existing customers.The Group has not issued guarantees for third party obligations.The carrying amount of the financial assets, including derivatives, in the balance sheet represents the maximum risk exposure. As counterparties in derivative transactions are normally banks, the credit risk associated with derivatives is considered to be negligible. The Group considers its maximum risk exposure to be the carrying amount of its trade receivables (see note 14) and contract assets (see note 4).An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e. geographical region, product type, customer type and rating, coverage by letter of credit or prepayments or other forms of credit insurance). The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current con-ditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity. Note 14 disclose the ageing of trade receivables.(ii) Interest rate riskThe Group is exposed to interest rate risk from its financing activities (see notes 20, 22 and 24). The majority of the Group\u2019s interest-bearing liabilities have variable interest rates, which means it is affected by changes in interest rates.The aim of the Group\u2019s interest rate risk management is to reduce interest expenses, while also keeping the volatility of future interest payments within acceptable limits. The Group\u2019s strategy is for its finance departments to regularly evaluate the interest rate exposure of Hexagon Composites liabilities based on a total assessment of interest expectations and risk profile. The total fixed-interest term must not exceed 10 years. The Group may use derivatives to adjust its effective interest rate exposure. As a starting point, all interest rate derivatives are adapted to the duration and other conditions of individual loans. The principal bank loan facility in the parent company has been drawn in Euro, NOK and USD, with EURIBOR/NIBOR/LIBOR base rates. As part of the NOK 1.1 billion financing of the acquisition of Hexagon Agility, a cross-currency hedge was established where the Group receives a variable rate equal to NIBOR + margin and pays a variable rate equal to LIBOR + margin. In addition to the cross currency swap, Hexagon Composites ASA entered into three float-to-fix interest rate swaps in May 2022 with a maturity of 5, 7 and 10 years and a total principal amount of USD 53 million.The following table shows the group\u2019s sensitivity to potential changes in interest rates. The calculations take into account all interest-bearing instruments and associated interest rate derivatives (if any) as of 31 December.Gains or losses on interest rate Change in interest Effect on profit/loss derivatives in comprehensive rates in base pointsbefore tax (NOK 1 000)income before tax (NOK 1 000)2022 +100 (11 944) -(100) 11 944 -2021 +100 (11 797) -(100) 11 797 -Based on the interest bearing liabilities which existed as of 31 December 2022, an interest rate increase of 1% would reduce profit after tax by NOK 9 316 thousand (9 202 thousand).The average effective interest rate on financial liabilities was as follows:2022 2021Bank overdrafts 1.4\u20135.7% 1.4%Bank loan 1.5\u20137.4% 1.5\u20132.9%Lease liabilities 1\u201310.5% 1\u20136.0%Bond loan NA 4.1%(iii) Liquidity riskLiquidity risk is the risk of the group not being in a position to fulfil its financial liabilities when they fall due. The group\u2019s strategy for managing liquidity risk is to set a level of available liquidity to enable it to discharge its finan-cial liabilities when they fall due, both under normal and unexpected circumstances, without risking unacceptable losses or damaging the group\u2019s reputation. Undrawn credit facilities are disclosed in note 16.The majority of excess liquidity is invested in bank depositsThe following table provides an overview of the maturity structure of the group\u2019s financial obligations based on undiscounted contractual payments. In cases where the counterparty is entitled to ask for early settlement, the amount is included in the earliest period in which the payment may be demanded. If the counterparty is entitled to ask for on-demand settlement, the amount is included in the first column (under 1 month):31 December 2022 Remaining periodLess than 1\u20133 3\u201312 1\u20135 More than (NOK 1 000)1 monthMonthsMonthsYears5 years TotalRepayment of interest-bearing liabilities 389 101 168 133 117 1 466 430 23 244 1 724 348Interest on interest-bearing liabilities 9 595 19 578 79 903 82 107 1 962 193 144Non-current financial liabilities - - - 256 675 - 256 675Current financial liabilities - 75 051 - - - 75 051Repayment of leases 5 900 11 715 52 959 224 637 256 381 551 592Interest on leases 2 626 5 196 22 481 90 978 82 432 203 713Trade payables 475 232 97 337 572 569Total 493 743 310 044 288 461 2 120 826 364 019 3 577 09231 December 2021 Remaining periodLess than 1\u20133 3\u201312 1\u20135 More than (NOK 1 000)1 monthMonthsMonthsYears5 years TotalRepayment of interest-bearing liabilities 368 1 103 12 164 1 150 862 23 014 1 187 512Interest on interest-bearing liabilities 3 020 6 126 27 091 72 944 1 850 111 031Non-current financial liabilities - - - 190 529 - 190 529Repayment of leases 6 019 11 850 49 369 130 482 95 011 292 731Interest on leases 698 1 356 5 466 18 227 11 935 37 682Trade payables 255 286 137 462 392 747Total 265 390 157 897 94 089 1 563 045 131 810 2 212 232See note 20 for information on long-term loans, and notes 21 and 22 for short-term liabilities.(iv) Foreign exchange riskAs the Group has production and sales in different countries with different functional currencies, it is exposed to currency risk associated with movements of the Norwegian krone against other currencies, while the Group\u2019s presentation currency is NOK. The carrying amount of the Group\u2019s net investments in foreign companies fluc-tuates as the Norwegian krone moves in relation to other relevant currencies. The Group\u2019s profit after tax is also affected by currency movements, as the results of foreign companies are translated to the Norwegian currency using the weighted average exchange rate for the period. The Group uses forward contracts to reduce its cur-rency risk from cash flows denominated in foreign currencies. Currency risk is calculated for each currency and takes into consideration assets and liabilities, off-balance sheet obligations and highly probable purchases and sales in the relevant currency.The following table shows the group\u2019s sensitivity to potential changes in the Norwegian krone, with all other conditions remaining constant. The calculation is based on the same movement of the krone against the relevant currencies. The effect on the profit/loss is caused by changes in the value of monetary items and currency deriva-tives. The effect on equity is caused by currency effects of net investments in foreign currencies.Effect on other comprehensive Movement of Effect on profit/loss income and expenses before NOK against USDbefore tax (NOK 1 000)tax (NOK 1 000)2022 +10% (15 575) (21 531)(10%) 15 575 21 5312021 +10% (9 275) (21 073)(10%) 9 275 21 073Effect on other comprehensive Movement of Effect on profit/loss income and expenses before NOK against EURbefore tax (NOK 1 000)tax (NOK 1 000)2022 +10% 14 105 67 365(10%) (14 105) (67 365)2021 +10% 15 557 62 376(10%) (15 557) (62 376)The fair values of derivatives classified as hedging instruments are reported under other current assets/liabilities or other non-current assets/liabilities depending on the recovery or settlement date for the associated hedged item.As of 31 December 2022, the group had the following forward contracts to hedge forecast sales to customers. Forward contracts are used to reduce currency risk associated with expected future sales. The terms of the con-tracts are as follows:Currency Amount Exchange Fair value Forward exchange contractssell/buy(1 000) Maturityrate31 Dec 2022Forward contracts to hedge 1 expected future salesEUR/NOK 100/1 050 2023 10.50\u201310.50 -Total -1 The forward contracts do not qualify for hedge accounting under IFRS 9.As of 31 December 2021, the Group had the following forward contracts to hedge future sales to customers.Currency Amount Exchange Fair value Forward exchange contractssell/buy(1 000) Maturityrate31 Dec 2021Forward contracts to hedge 1 expected future salesEUR/NOK 1 400/15 228 2022 10.38\u201311.22 1 130Forward contracts to hedge 1 expected future salesEUR/NOK 100/1 050 2023 10.50\u201310.50 32Total 1 1621 The forward contracts do not qualify for hedge accounting under IFRS 9.Net investments in foreign operationsAn intercompany interest-bearing loan from Hexagon Composites ASA of USD 105 091 thousand MNOK 1 035.9 at 31 December 2022 (MNOK 926.8 at 31 December 2021) has been designated as net investments in the subsidiary in the United States, Hexagon USA Holdings Inc. Settlement of this loan is neither planned nor is likely to occur in the foreseeable future. This borrowing is being used to reduce the exposure to the USD foreign exchange risk on this investment. Gains or losses on the retranslation of this borrowing are transferred to OCI to offset any gains or losses in the Group on translation of this loan in the Group.At 31 December 2022 there is recognized a hedging gain of NOK 85 078 thousand (hedging gain on NOK 23 509 thousand at 31 December 2021) in OCI related to this loan. Accumulated OCI effect in equity at 31 December 2022 is NOK 48 380 thousand (NOK -36 698 thousand at 31 December 2021). The hedging loss recognized in OCI is equal to the change in fair value used for measuring effectiveness. There is no ineffectiveness recognized in profit and loss.(v) Measurement of fair valueThe fair value of forward exchange contracts is calculated by comparing the agreed forward rate and the estimated equivalent forward rate prevailing on the balance sheet date with the same maturity multiplied by the fixed volume specified in the contract. Contingent considerations arising from business combinations are measured as a best estimate of target achievement at each reporting date. For the derivatives, the fair value is confirmed by the financial institution with which the Company has entered into the contract.The following of the Group\u2019s financial instruments are not measured at fair value: Cash & cash equivalents, trade receivable, other current receivables and payables and bank overdrafts. These items are recognized at nominal value in the balance sheet as of 31 December, without taking into account the discount rate which relates to future inflows and outflows. Loans to employees and non-current interest bearing liabilities are recognized in accordance with amortized cost.The carrying amount of cash and cash equivalents is approximately equal to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables and other current receivables and payables is approximately equal to fair value since they are short term and entered into on \u201cnormal\u201d terms and conditions. The carrying amount of bank overdrafts are assessed to be approximately equal to fair value because the floating interest rate are adjusted to reflect current conditions.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilitiesLevel 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.Carrying amount and fair value of financial assets and financial liabilities2022 2021(NOK 1 000) Level Book value Fair value Book value Fair valueFinancial assetsOther non-current financial assets 2 141 429 141 429 379 379Forward exchange contracts 2 - - 1 162 1 162Financial liabilitiesBank loans (incl. amortized costs) 2 1 482 140 1 489 674 1 166 057 1 173 877Bond loan (incl. amortized costs) 2 - - - -Lease liabilities 2 551 592 551 592 292 731 292 731Non-current contingent liabilities 3 39 789 39 789 65 616 65 616Other non-current financial liabilities 3 216 885 216 885 124 913 124 913Current interest-bearing liabilities 2 234 674 234 674 13 635 13 635The fair values of the Group\u2019s interest-bearing bank loans and finance leases are determined by using the DCF method using discount rate that reflects the issuer\u2019s borrowing rate as at the end of the reporting period. The own non-performance risk as at 31 December 2022 and 31 December 2021 was assessed to be insignificant.The Group enters into foreign exchange contracts with various counterparties, principally financial institutions with investment grade credit ratings. Foreign exchange forward contracts are valued using valuation techniques, which employ the use of market observable inputs. The most frequently applied valuation techniques include forward pricing models using present value calculations.Financial instruments apprised at fair value with gains and losses in the income statement2022 2021(NOK 1 000) Assets Liabilities Assets LiabilitiesLevel 1: Based on prices in an active market - - - 1 Level 2: Observable market data25 431 (216 885) - (80 261) 2 Level 3: Other than observable market data67 727 (69 064) 379 (65 616)Total financial instruments at fair value 93 158 (285 950) 379 (145 877)1 Level 2 relates to currency- and interest rate swaps shown in note 12 and 21, is estimated based on calculating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of the balance sheet date.2 Level 3 relates to contingent liabilities arising from acquisitions as shown in note 21 and unlisted equity investments at fair value as shown in note 12. The fair value of contingent liabilities is estimated based on expected achievement of earn-out targets and corresponding payments of acquired companies. The fair value of unlisted equity investments are estimated by using commonly used valuation techniques or by implicit valuations derived from private placements undertaken in the companies.Financial instruments apprised at fair value with gains and losses in the income statement(NOK 1 000) 2022 2021Level 1: Based on prices in an active market - -Level 2: Observable market data (191 455) (80 261)Level 3: Other than observable market data (39 789) (65 616)Total financial instruments at fair value (231 244) (145 877)Financial instruments appraised at fair value with gains and losses over other income and expenses in total comprehensive income(NOK 1 000) 2022 2021Level 1: Based on prices in an active market - -Level 2: Observable market data - -Level 3: Other than observable market data - -Total financial instruments at fair value - -Other information relating to financial instrumentsDuring the reporting period there were no financial assets or liabilities which were reclassified by changing the measurement method from amortized cost to fair value or vice versa, and there were no changes in the fair value measurement which caused transfers between level 1 and level 2, and no transfers to or from level 3.(vi) Capital structure and equityThe main goal of the Group\u2019s capital structure management is to ensure it maintains a strong credit rating (and therefore reasonable borrowing terms from lenders) and a level of equity which is reasonable in relation to the Group\u2019s operations.By achieving a good debt/equity ratio, the Group will be able to support its operations and in doing so maxi-mize the value of its shares. The Group\u2019s shareholders shall receive a competitive return on their shares, mainly through price increases in the Group\u2019s shares, but also in the form of dividends based on financial performance/investment needs.The Group manages and makes necessary changes to its capital structure by regularly assessing prevailing eco-nomic conditions and prospects of short and medium-term growth.Capital structure management is largely dealt with by means of new share issues. No changes to guidelines in this area were made in 2021 or 2022.Note 26 Investments in associated companiesOwnership share Ownership share Ownership share Companies Country Business segment1 Jan 202131 Dec 202131 Dec 2022 Accounting method 1 1 Norway Hexagon Purus 21% 18% 14% Equity method / Fair value Norwegian Hydrogen AS 2 Cryoshelter LH2 GmbHAustria Hexagon Purus - - 40% Equity method 2 Cryoshelter BioLNG GmbHAustria Hexagon Agility - - 40% Equity method 3 CIMC Hexagon Hydrogen Energy Systems Ltd.Hong Kong Hexagon Purus - - 49% Equity method 4 Hyon ASNorway Hexagon Purus 33% - - Equity method1 Classified as an associated company and accounted for using the equity method in the period 1 January\u201331 August 2022. As of 1 September, the investment is classified as an equity instrument at fair value through profit or loss.2 Acquired on 1 August 2022 and classified as associated companies effective from the same date3 Entity legally established in July 2022 and classified as an associated company effective from the same date4 On 28 June 2021, Hexagon Purus ASA sold all shares in Hyon ASIncome statement reconciliationCIMC Hexagon Hydrogen Norwegian Hydrogen AS Cryoshelter LH2 GmbH Cryoshelter BioLNG GmbHEnergy Systems Hyon AS Total(NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Share of profit after tax (2 845) (2 922) (2 439) - (2 579) - (5 988) - - (35) (13 851) (2 957)PPA amortizations associated companies - - - - (992) - - - - (992) -Gain on loss of significant influence 63 159 - - - - - - - - - 63 159 -Total profit/loss from investments in associated companies as per 31 Dec 60 314 (2 922) (2 439) - (3 571) - (5 988) - - (35) 48 317 (2 957)Balance sheet reconciliationCIMC Hexagon Hydrogen Norwegian Hydrogen AS Cryoshelter LH2 GmbH Cryoshelter BioLNG GmbHEnergy Systems Hyon AS Total(NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Carrying value as at 1 Jan 7 024 2 066 - - - - - - - - 7 024 2 066Purchase of shares - - 33 738 - 23 898 - - - - - 57 636 -Share capital contribution - 7 880 - - - - 7 743 - - 700 7 743 8 580Share of profit after tax incl. PPA amortizations (2 845) (2 922) (2 439) - (3 571) - (5 988) - - (35) (14 843) (2 957)Sale of shares - - - - - - - - - (665) - (665)Derecognition - loss of significant influence (4 179) - - - - - - - - - (4 179) -Currency translation effects - - (41) - (84) - 16 - - - (110) -Carrying value as per 31 Dec - 7 024 31 258 - 20 243 - 1 771 - - - 53 272 7 024Norwegian Hydrogen ASHexagon Purus ASA, a subsidiary of Hexagon Composites ASA, has been a shareholder of Norwegian Hydrogen AS since its inception in 2020. In December 2021, Norwegian Hydrogen conducted a capital raise in which Hexagon Purus\u2019 ownership was diluted from 21.0 per cent to 17.7 per cent. Despite having an ownership less than 20 per cent, the Company has in the period from 1 January 2022 to 31 August 2022 retained its classification of Norwegian Hydrogen as an associated company due to an assessment of still having significant influence in the entity. Important factors for this assessment have been Board of Directors representation and being the second largest shareholder of the entity in the same period. On 27 August 2022, Norwegian Hydrogen AS announced that Mitsui & Co. Ltd invests NOK 70 million in a private placement, and thus reducing Hexagon Purus\u2019 owner-ship from 17.7 per cent to 15.0 per cent. Following this private placement, the Company assessed that significant influence is no longer present, as the Company is now the third largest shareholder and the fact that the new shareholder has received two additional seats in the Board of Directors, resulting in diluted decisional and stra-tegical influence. The Company has consequently from this date reclassified the investment to a financial asset (equity instrument) measured at fair value. The fair value of Hexagon Purus\u2019 ownership Norwegian Hydrogen, derived from the said capital raise, is NOK 67.3 million, resulting in an accounting gain of NOK 63.1 million, rec-ognized in profit/loss from investments in associates in the income statement. At 31 December 2022, Hexagon Purus ownership share in Norwegian Hydrogen AS was 14 per cent, as a result of a second private placement in the company in October 2022.Cryoshelter LH2 GmbH and Cryoshelter BioLNG GmbHIn April 2022, Hexagon announced an agreement to acquire a 40 per cent stake in Cryoshelter GmbH, an Austria based company specialized in the development of cryogenic tank technology for liquid natural gas (LNG) and liquid hydrogen (LH2). Upon closing, Cryoshelter GmbH has been demerged into two separate legal entities, Cryoshelter BioLNG GmbH and Cryoshelter LH2 GmbH. On 1 August 2022, Hexagon Composites made a EUR 2.4 (NOK 24) million investment and acquired 40 per cent of the shares in Cryoshelter BioLNG GmbH, with options to acquire the remaining shares of the next 3\u201310 years. Hexagon Purus made a EUR 3.4 (NOK 34) million invest-ment and acquired 40 per cent of the shares in Cryoshelter LH2 GmbH, with options to acquire the remaining shares over the next 5\u201310 years. As of 1 August 2022, the said options do not give rise to any de-facto control and both investments are consequently accounted for by using the equity method effective from 1 August 2022. The table below shows the purchase price allocation of the two entities per 1 August 2022.Purchase price allocationCryoshelter Cryoshelter Total BioLNG GmbHLH2 GmbHCryoshelterNon-current assets 2 715 203 2 919Current assets 2 351 5 150 7 502Non-current liabilities 3 946 3 946 7 891Current liabilities 21 603 2 951 24 554Equity as per 1 August 2022 (20 482) (1 543) (22 025)Hexagon's share of equity (40%) (8 193) (617) (8 810) 1 Intangible assets (Technology) (40%) 22 942 19 702 42 644Goodwill (40%) 9 148 14 654 23 802Hexagon's carrying value of the investment 23 898 33 738 57 6361 Lifetime of technology asset set to 10 years for LNG technology and 15 years for LH2 technologyCIMC Hexagon Hydrogen Energy Systems Ltd.In 2021, Hexagon Purus entered into an agreement with CIMC Enric, encompassing cylinder and systems pro-duction for Fuel Cell Electric Vehicles (FCEVs) and hydrogen distribution in China and Southeast Asia. In July 2022, CIMC Hexagon Energy Systems Ltd. was legally established and registered in Hong Kong, where Hexagon Purus HK Holding AS, a wholly owned subsidiary of Hexagon Purus ASA, subscribed for 49 per cent of the shares and hold an equal amount of voting rights. CIMC Enric holds the remaining 51 per cent of the shares. The entity is classified as an associate company and accounted for via the equity method as of 1 July 2022. CIMC Hexagon Hydrogen Energy Technologies Ltd. was also legally established and registered in Hong Kong in July 2022. Hexagon Purus HK Holding AS holds a majority shareholding of 51 per cent in this entity while CIMC Enric holds the remaining 49 per cent. As Hexagon Purus controls the entity, the entity is thus consolidated in the Group accounts.Note 27 Share based paymentShare-based payment in Hexagon Composites ASAThe Company has a performance share units program (PSUs) and a restricted share units program (RSUs) cover-ing certain employees in senior positions. As at 31 December 2022, total 57 employees were included in the PSUs programs and 52 employees in the RSUs programs.22 May 2018 Hexagon Composites ASA issued 1 200 000 call options to senior executives and managers in the Group at NOK 20.85 per share, provided that the share price on the date of exercise was minimum NOK 25.36 per share. The options could be exercised in part or in full within three weeks following the official announcement of the financial results for the fourth quarter of 2020, first quarter of 2021 or second quarter of 2021. The exercise period was extended to 14 December 2021. During 2021, 1 140 000 of the options have been exercised at the weighted average share price of NOK 41.96.20 December 2018 Hexagon Composites ASA issued 100 000 Restricted Stock Units (RSUs) to certain employees of the Group. Subject to continued employment three years after date of grant, each employee would at such time receive such number of Hexagon shares as corresponds to the number of RSUs allocated. During 2021, 100 000 of the RSU\u2019s have been exercised at the weighted average share price of NOK 35.42.12 April 2019 Hexagon Composites ASA provisionally awarded 2 492 438 Performance Share Units (PSUs) to senior executive management in the Group. The PSUs are non-transferable and will vest on 11 February 2022 subject to satisfaction of the applicable vesting conditions (fulfilling Group EBITDA and revenue targets). The actual number of PSUs vested will depend on 2019 performance and attain minimum zero and maximum 2 492 438. Each vested PSU will give the holder the right to receive one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.10. During 2022, 1 078 628 of the options have been exercised at the weighted average share price of NOK 28.11.26 September 2019 Hexagon Composites ASA issued 49 994 Restricted Stock Units (RSUs) to certain employees of the Group. Subject to continued employment three years after date of grant, each employee will at such time receive such number of Hexagon shares as corresponds to the number of RSUs allocated. During 2022, 42 852 of the RSU\u2019s have been exercised at the weighted average share price of NOK 23.08.22 April 2020 Hexagon Composites ASA decided to provisionally award up to 3 711 634 Performance Share Units (\u201cPSUs\u201d) to executives. The PSUs are non-transferable and will vest in Q1 2023 subject to satisfaction of the applicable vesting conditions (fulfilling Group EBITDA and revenue targets). Each vested PSU will give the holder the right to receive one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.10.29 July 2020 Hexagon Composites ASA issued 70 000 Restricted Stock Units (RSUs) to certain employees of the Group. Subject to continued employment three years after date of grant, each employee will at such time receive such number of Hexagon shares as corresponds to the number of RSUs allocated.2 May 2021 Hexagon Composites ASA decided to provisionally award up to 1 734 990 Performance Share Units (\u201cPSUs\u201d) to executives. The PSUs are non-transferable and will vest in Q1 2024 subject to satisfaction of the applicable vesting conditions. Each vested PSU will give the holder the right to receive one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.10.20 August 2021 Hexagon Composites ASA issued 100 000 Restricted Stock Units (RSUs) to certain employees of the Group. Subject to continued employment three years after date of grant, each employee will at such time receive such number of Hexagon shares as corresponds to the number of RSUs allocated.2 May 2022 Hexagon Composites ASA decided to provisionally award up to 2 808 616 Performance Share Units (\u201cPSUs\u201d) to executives. The PSUs are non-transferable and will vest in Q1 2025 subject to satisfaction of the applicable vesting conditions. Each vested PSU will give the holder the right to receive one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.10.29 August 2022 Hexagon Composites ASA issued 175 000 Restricted Stock Units (RSUs) to certain employees of the Group. Subject to continued employment three years after date of grant, each employee will at such time receive such number of Hexagon shares as corresponds to the number of RSUs allocated.The fair value of the options, PSUs and RSUs was calculated on the grant date, based on the Black-Scholes model, and the cost is recognized over the service period. Cost associated with these programs were NOK 34.4 (25.5) million YTD 31 December. The fair value of all outstanding PSUs (5 028 864) and RSUs (334 500) is estimated to NOK 52.4 million per 31 December 2022.In addition to the above-mentioned instruments, the Company has issued bonus arrangements to certain exec-utives within the Group. The bonus arrangements are dependent upon the share price development of Hexagon Purus ASA and is converted to a given number of cash settlement options in Hexagon Purus ASA, for the purpose of calculating quarterly fair values using the Black-Scholes model. These cash settlement arrangements involved total expenses of NOK 5.0 (4.6) million in 2022 and a remaining unamortized accrual estimated to MNOK 8.0 as of 31 December 2022.Overview of options with equity settlementShare Share Options RSUs PSUsOptions RSUs PSUs2022 2022 2022 2021 2021 2021Outstanding options 1 January - 212 852 6 243 552 1 140 000 219 994 4 582 638Options granted - 200 000 2 660 082 - 100 000 1 734 990Options exercised - (42 852) (1 078 628) (1 140 000) (100 000) -Options lapsed/cancelled - (35 500) (2 796 142) - (7 142) (74 076)Share options outstanding 31 December - 334 500 5 028 864 - 212 852 6 243 552Exercisable at 31 December - - - - - -Weighted average exercised price (NOK) NA 23.08 28.11 41.96 35.42 NAThe following table list the input to the model used for the plan for year ended 31 DecemberRSUs Awarded PSUs Awarded RSUs Awarded PSUs Awarded2022 2022 2021 2021Weighted average fair values at the measurement date per share (NOK) 28.05 35.12 32.50 49.00Dividend yield (%) - - - -Expected volatility (%) - - - -Risk-free interest rate (%) - - - -Expected lifetime (years) 4.00 3.84 4.00 3.84Weighted average share price (NOK) - - - -Model used Black-Scholes Black-Scholes Black-Scholes Black-ScholesShare-based payment in Hexagon Purus ASAThe Company has a performance share units program (PSUs) and a restricted share units program (RSUs) covering certain employees in senior positions. As at 31 December 2022, total 37 employees were included in the PSUs programs and 42 employees in the RSUs programs.On 14 December 2020, the Company announced that key members of Hexagon Purus\u2019 executive management team exercised their right to purchase the maximum number of shares allowable in the management invest-ment program, equal to a total number of 210 621 shares. As part of this management investment program, the Company awarded up to 421 242 related PSUs and 210 621 Restricted Stock units (\u201cRSUs\u201d) to the executives. The instruments are non-transferable and will vest in 2024 when the Board of Directors approve the annual accounts for 2023, subject to satisfaction of the applicable vesting conditions. Each vested instrument will give the holder the right to receive one share in the Company.The second share-based long term incentive plan is an employee RSU program, where 561 000 RSUs are currently issued to key personnel and management employees of the Group. Subject to satisfaction of the applicable vesting conditions, each RSU entitles eligible employees to receive such number of Hexagon Purus shares as corresponds to the number of RSUs vested at the date on which the Company\u2019s Board of Directors approves the Company\u2019s annual accounts for the financial year of 2023.The third share-based long term incentive plan is an employee PSU program, where 988 686 PSUs are currently issued to key personnel and management employees of the Group. Subject to satisfaction of the applicable vesting conditions and share price development, each PSU entitles eligible employees to receive up to twice the number of Hexagon Purus shares as corresponds to the number of PSUs vested on March 3, 2025.The fourth share-based long term incentive plan is an employee RSU program, where 91 350 RSUs are currently issued to key personnel of the Group. Subject to satisfaction of the applicable vesting conditions, each RSU entitles eligible employees to receive such number of Hexagon Purus shares as corresponds to the number of RSUs on March 3, 2025.The fair value of the RSUs and PSUs are calculated on the grant date, using the Black-Scholes model and Monte Carlo simulation, and the cost is recognized over the service period. Cost of the RSU and PSU schemes, includ-ing social security, was NOK 15.8 (7.7) million year-to-date 31 December 2022. The unamortized fair value of all outstanding RSUs and PSUs as of 31 December 2022 is estimated to be NOK 38.0 million (NOK 18.8) million as of 31. December 2021).Overview of number of outstanding optionsRSUs PSUs RSUs PSUs2022 2022 2021 2021Outstanding options 1 January 771 621 421 242 695 621 421 242Options granted 96 350 988 686 91 000 -Options exercised - - - -Options lapsed/cancelled (36 090) - (15 000) -Share options outstanding 31 December 831 881 1 409 928 771 621 421 242Exercisable at 31 December - - - -Weighted average exercised price (NOK) NA NA NA NAThe following table list the input to the model used for the plan for year ended 31 DecemberRSUs Awarded PSUs Awarded RSUs Awarded PSUs Awarded2022 2022 2021 2021Weighted average fair values at the measurement date per share (NOK) 27.3\u201327.7 27.3\u201334.0 27.30 27.30Dividend yield (%) - - - -Expected volatility (%) 30% 30% 30% 30%Risk-free interest rate (%) - - - -Expected lifetime (years) 3.54 4.00 3.54 4.00Weighted average share price (NOK) - - - -Model used Black-Scholes Black-Scholes Black-Scholes Black-ScholesNote 28 Transactions with related partiesThe Group\u2019s related parties consist of associates, main shareholders, members of the Board and management. Transactions with associates are disclosed in note 26.There are no sales to, purchases from, loans to, receivables or liability/payables to members of the Board. There are no sales to, purchases from, loans to, receivables or liability/payables to key management personnel of the Group, except for any short-term postings related to salary payout and remuneration of out-of-the pocket expenses.All the transactions were carried out as part of normal business and at arm\u2019s length prices.The income statement includes the following amounts resulting from transactions with related parties(NOK 1 000) 2022 2021Sales revenue - -Other operating income - -Cost of materials - -Other operating expenses 4 773 3 437The balance sheet includes the following amounts resulting from transactions with related parties(NOK 1 000) 2022 2021Trade receivables - -Trade payables 473 449Remuneration of the Board and Executive management 2022Total Salaries Benefits Pension Value of remune ration 1 2 in kindpremiumshare options (NOK 1 000)and fees Bonuses2022Executive management 24 169 18 300 463 1 529 14 485 58 946Board of Directors 2 154 - - - - 2 154Total remuneration 26 323 18 300 463 1 529 14 485 61 1001 Bonuses relates to bonuses expensed in the year.2 The value of share options relates to recognized costs for the year. Executives hold other share-based instruments as well (see note Share based payments).Remuneration of the Board and Executive management 2021Total Salaries Benefits Pension Value of remune ration 1 2 in kindpremiumshare options (NOK 1 000)and fees Bonuses2021Executive management 24 840 15 342 144 1 355 11 588 53 270Board of Directors 1 990 - - - - 1 990Total remuneration 26 830 15 342 144 1 355 11 588 55 2601 Bonuses relates to bonuses expensed in the year.2 The value of share options relates to recognized costs for the year. Executives hold other share-based instruments as well (see note Share based payments).Pursuant to Section 6-16a and b of the Norwegian Public Limited Liabilities Companies Act, the Company will disclose a separate remuneration report regarding the determination of pay and benefits to the CEO and man-agement executives. Reference is made to the separate remuneration report which will be made available on the Company`s website.The Chairman of the Board has no agreement relating to termination benefits. In his employment agreement, the Group President has a period of notice of 6 months. He has an agreement for up to 12 months\u2019 severance pay. The management of the Group have a target-based bonus agreement.Group management participates in the Company\u2019s general pension arrangements, which are described in note 18, Pensions. The Group President and CFO participate in the Group\u2019s defined contribution plan.Group management participate in the Company\u2019s share-based incentive scheme, which are described in note 26, Share-based Payment. As of 31 December 2022 the Group President has 164 thousand (147 thousand) provisional performance share units (PSUs performance adjusted) outstanding. In addition he has 573 thousand cash set-tlement options (573 thousand). The CFO has 109 thousand (99 thousand) provisional performance share units (PSUs performance adjusted) outstanding.No loans have been made, or security provided for loans, to any member of Group management, the Board or other elected standing committees or any of their related parties.Shares owned by Board Members or related parties2022 2021 1 Knut Flakk, (Chair)27 868 314 27 834 969 2 Kristine Landmark (Deputy chair)10 000 10 000 3 Katsunori Mori (Board member)45 833 321 45 833 3211 Of the shares owned by Knut Flakk, 164 593 are privately owned, 500 000 are owned by his wife and 27 203 721 are owned through limited liability companies.2 The shares are owned by Kristine Landmark\u2019s husband.3 Shares owned by Mitsui & Co., Ltd., represented in the Board by Katsunori Mori.Shares held by key management personnel2022 2021 1 Jon Erik Engeset, Group President & CEO378 216 323 554David Bandele, Group Chief Financial Officer 152 654 115 4291 The shares owned by Jon Erik Engeset, 64 106 are privately owned and 259 448 are owned by related limited liability companies.Expensed auditor fees were divided among the following services (excl. VAT)(NOK 1 000) 2022 2021Statutory audit and auditing-related services 9 530 7 275Other attestation services 1 444 560Tax advice 4 245 4 491Other non-auditing services 470 863Total 15 689 13 189Note 29 Purchasing commitmentsThe Group has the following commitments resulting from purchasing materials(NOK 1 000) 2022 20212022 - 299 4432023 599 243 -Thereafter - -Total 599 243 299 443The Group has the following commitments resulting from contracts for investments in production facilities/machines(NOK 1 000) 2022 20212022 - 159 7472023 204 112 -Thereafter - -Total 204 112 159 747All contracts relate to investments in production facilities/machines.Note 30 List of subsidiaries and associatesThe following companies are included in the consolidated financial statementsCompany Home Country Registered office Business segment Owner ship VotesSubsidiariesHexagon Ragasco AS Norway Raufoss Hexagon Ragasco 100% 100%Hexagon Ragasco NA Inc. USA Lincoln, NE Hexagon Ragasco 100% 100%Composite Scandinavia AB Sweden Pite\u00e5 Hexagon Ragasco 100% 100%Hexagon Composites India Pvt. Ltd. India Bangalore Hexagon Ragasco 100% 100%Hexagon Composites Russia LLC Russia Nizhny Novgorod Hexagon Ragasco 100% 100%Hexagon USA Holdings Inc. USA Lincoln, NE Unallocated 100% 100%Hexagon R&D Services LLC USA Lincoln, NE Unallocated 100% 100%Hexagon Digital Wave LLC USA Centennial, CO Digital Wave 100% 100%Hexagon Agility Inc. USA Costa Mesa, CA Hexagon Agility 100% 100%Agility Fuel Solutions LLC USA Costa Mesa, CA Hexagon Agility 100% 100%Agility Fuel Systems LLC USA Costa Mesa, CA Hexagon Agility 100% 100%Agility California LLC USA Costa Mesa, CA Hexagon Agility 100% 100%Agility Canada ULC Canada Kelowna, BC Hexagon Agility 100% 100%Agility Fuel Solutions UK Ltd UK Hexagon Agility 100% 100%Agility North Carolina LLC USA Salisbury, NC Hexagon Agility 100% 100%AFS Salisbury LLC USA Costa Mesa, CA Hexagon Agility 100% 100%Agility Cylinders, LLC USA Lincoln, NE Hexagon Agility 100% 100%Agility Powertrain Systems, LLC USA Costa Mesa, CA Hexagon Agility 100% 100%Agility India Private Ltd India Bangalore Hexagon Agility 100% 100%Agility Fuel Solutions Norway AS Norway Raufoss Hexagon Agility 100% 100%Agility Fuel Solutions Brazil Ltda Brazil Sao Paulo Hexagon Agility 100% 100%Hexagon Lincoln LLC USA Lincoln, NE Hexagon Agility 100% 100%Hexagon Technical Services LLC USA Lincoln, NE Hexagon Agility 100% 100%Hexagon Mobile Pipeline GmbH Germany Kassel Hexagon Agility 100% 100%Hexagon Composites GmbH Germany Kassel Hexagon Agility 100% 100%Hexagon Operations GmbH Germany Kassel Hexagon Agility 100% 100%Company Home Country Registered office Business segment Owner ship VotesAssociates owned by Hexagon Composites ASACryoshelter BioLNG GmbH Austria Hexagon Agility 40% 40%Hexagon Purus ASA Norway Aalesund Hexagon Purus 73% 73%Hexagon Technology H2 AS Norway Aalesund Hexagon Purus 73% 73%Hexagon Purus HK Holding AS Norway Aalesund Hexagon Purus 73% 73%Hexagon Purus Beijing Ltd China Beijing Hexagon Purus 73% 73%CIMC Hexagon Hydrogen Energy Development Heibei & Co Ltd China Heibei Hexagon Purus 73% 73%CIMC Hexagon Hydrogen Energy Technologies Ltd Hong Kong Hong Kong Hexagon Purus 51% 51%CIMC Hexagon Hydrogen Energy Technologies Beijing Ltd. China Beijing Hexagon Purus 51% 51%CIMC Hexagon Hydrogen Energy Technologies Heibei Ltd. China Heibei Hexagon Purus 51% 51%Hexagon Purus Germany Holding GmbH Germany Herford Hexagon Purus 73% 73%Hexagon Purus GmbH Germany Kassel Hexagon Purus 73% 73%Wystrach GmbH Germany Weeze Hexagon Purus 73% 73%Wyrent GmbH Germany Weeze Hexagon Purus 73% 73%Hexagon Purus Real Estate GmbH Germany Herford Hexagon Purus 73% 73%xperion E&E US Holding Inc. USA Heath, OH Hexagon Purus 73% 73%xperion E&E USA LLC USA Heath, OH Hexagon Purus 73% 73%Hexagon Purus North America Holdings Inc. USA Lincoln, NE Hexagon Purus 73% 73%Hexagon Purus LLC USA Lincoln, NE Hexagon Purus 73% 73%Hexagon Masterworks Inc. USA Taneytown Hexagon Purus 73% 73%Hexagon Purus Systems USA, LLC USA Costa Mesa, CA Hexagon Purus 73% 73%Hexagon Purus Systems Canada, Ltd. Canada Kelowna Hexagon Purus 73% 73%Hexagon Purus Maritime AS Norway \u00c5lesund Hexagon Purus 73% 73%Hexagon Raufoss AS Norway Raufoss Unallocated 100% 100%Hexagon Technology AS Norway Aalesund Unallocated 100% 100%Hexagon Cylinders India Pvt. Ltd. India Unallocated 100% 100%Associates owned by Hexagon Purus ASACryoshelter LH2 GmbH Austria Hexagon Purus 40% 40%CIMC Hexagon Hydrogen Energy Systems LtdChina Hong Kong Hexagon Purus 49% 49%Cryoshelter BioLNG GmbH and Cryoshelter LH2 GmbH were acquired on 1 August 2022.Wystrach GmbH and Wyrent GmbH were acquired on 10 November 2021.Note 31 Exchange ratesAverage Exchange rate exchange rate Exchange rate 1 Jan 2022202231 Dec 2022USD 8.8194 9.6137 9.8573CAD 6.9400 7.3796 7.2810EUR 9.9888 10.1021 10.5138GBP 11.8875 11.8471 11.8541RUB 11.7100 9.6057 13.6700SEK 97.4500 95.057 94.5300HKD 1.1308 1.228 1.2642CNY 138.8400 142.737 142.8900Note 32 Climate riskClimate change is among the most important megatrends affecting businesses across all sectors today. The urgent need for a transition to a resource-efficient, low-carbon economy opens new business opportunities for Hexagon, as a solutions provider in this space. The transition to a low-carbon economy will continue to entail extensive policy, legal, technology, and market changes, with a potential to have significant impact on Hexagon\u2019s revenues. The Group has experienced an increasing demand for its near-zero- and zero emission energy solutions in the last couple of years due to an increased global focus on climate change and -mitigation. Hexagon expects this focus to continue and expects strong sustainability-driven demand in all its businesses in the years ahead. This climate-related opportunity has impacted the Company\u2019s goodwill impairment tests by being an important driver for future revenue- and activity growth in the financial planning in these tests. In addition, the climate-related opportunities also positively impact the Company\u2019s assessment of future economic benefits expected to materialize from capitalized development projects.Climate change also represents some level of physical risk to the Group in terms of severe climate events that could damage business facilities or disrupt supply chains. The general level of risk and potential impact from physical climate change for Hexagon is, however, considered relatively low \u2013 the Group does not have facilities on low-lying shorelines or floodplains or has a history of forest fires around its facilities. Hexagon has not identified material assets expected to have a significantly shorter life due to climate-related risks.Hexagon strives to maximize the positive climate impact of its technologies by enabling the avoidance of greenhouse gas emissions from both material production and waste management in the application of those technologies. The most critical factors in Hexagon\u2019s own greenhouse gas emissions are the production processes which, throughout the value chain, can be reduced to further strengthen Hexagon\u2019s business model. More information on climate and environmental risks and how these are managed can be found in the ESG Report.Note 33 Events after the balance sheet dateHexagon Purus \u2013 Capital raise of NOK 1 300 millionOn 1 March 2023, Hexagon Purus ASA successfully completed a Convertible Bond Private Placement and an Equity Private Placement raising total gross proceeds of NOK 1 300 million. Gross proceeds from the Convertible Bond Private Placement amounted to approximately NOK 800 million and is structured as a 5-year unsecured convertible bond with 6 per cent fixed interest rate paid semi-annually in kind. The settlement and delivery of the bonds was formally completed at an extraordinary general meeting in the Company on 16 March 2023. Gross proceeds from the Equity Private Placement amounted to approximately NOK 500 million, through issuance of 18 518 519 new shares. Hexagon Composites ASA waived its right to participate in the private placements but retains a controlling ownership share of 68.4 per cent following the Equity Private Placement, compared to 73.3 per cent prior to the transaction. The capital raises accommodate support for the Company\u2019s growth trajectory including its global expansion program and financial targets for 2025.Hexagon Purus \u2013 Memorandum of understanding with Mitsui as anchor investorIn addition to the announcement of the Convertible Bond Private Placement and the Equity Private Placement on 1 March 2023, Hexagon Purus ASA simultaneously announced a deeper strategic alliance with Mitsui & Co. Ltd (\u201cMitsui\u201d), whereby Mitsui, through a non-binding memorandum of understanding (\u201cMoU\u201d), intends to participate as an anchor investor in future capital raises in Hexagon Purus ASA. Mitsui subscribed for and was allocated NOK 500 million in the Convertible Bond Private Placement completed 1 March 2023, and the announced non-binding MoU includes future additional investments up to a total of NOK 1 500 million, subject to among other things, Hexagon Purus\u2019 fulfillment of commercial and operational milestones agreed between the parties in good faith.Hexagon Purus \u2013 Signs landmark long-term agreement with Hino Trucks for zero emission heavy-duty trucks in the U.S.The distribution agreement signed with Hino entails that Hexagon Purus will assemble complete battery electric heavy-duty trucks for the U.S. market using Hexagon Purus\u2019 proprietary zero-emission technology, including battery systems, auxiliary modules, power modules and the vehicle-level software. The agreement provides for up to 10 000 trucks by 2030. The potential total value over the course of this agreement could reach approximately USD 2.0 billion (approximately NOK 20 billion). Hexagon Agility \u2013 Received several orders for Mobile Pipeline modules totaling NOK 343 millionDuring January and February 2023, Hexagon Agility received three new larger orders from CORE Automated Fueling Solutions, RenewGas Transportation, and Certarus for Mobile Pipeline\u00ae TITAN modules worth NOK 46 million, NOK 44 million and NOK 253 million respectively. The latter order with Certarus represented also an inaugural order for Hexagon Agility\u2019s newly designed TITAN 450 modules.Hexagon Agility \u2013 Received fuel system orders for UPS heavy-duty renewable natural gas trucks worth approximately NOK 197 millionOn 17 February 2023, Hexagon Agility received new 2023-orders from UPS, under a master services agreement from October 2019, totaling USD 19 million (approximately NOK 197 million) for delivery of renewable natural gas (RNG) fuel systems for heavy duty trucks. UPS is the world\u2019s premier package delivery company and a leading provider of global supply chain management solutions.There have been no other significant events after the balance sheet date that have not already been disclosed in this report.",
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"value": "Note 2 Accounting policies2.1 Basis of preparation of annual financial statementsThe consolidated annual financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) which have been adopted by the EU and are mandatory for financial years beginning on or after 1 January 2022, and Norwegian disclosure require-ments listed in the Norwegian Accounting Act as of 31 December 2022.The consolidated financial statements have been prepared on a historical cost basis, with the excep-tion of financial instruments at fair value through profit or loss and fair value through OCI.2.2 Functional currency and presentation currencyThe functional currency is determined in each entity in the Group based on the currency within the enti-ty\u2019s primary economic environment. Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transac-tion and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Changes in the exchange rate are recognized continuously in the accounting period.The Group\u2019s presentation currency is NOK. This is also the Parent Company\u2019s functional currency. All figures are rounded to the nearest thousand unless otherwise specified. The statement of financial position figures of entities with a different functional currency are translated at the exchange rate prevail-ing at the end of the reporting period for balance sheet items, including goodwill, and the exchange rate at the date of the transaction for profit and loss items. The monthly average exchange rates are used as an approximation of the transaction exchange rate. Translation differences are recognized in other comprehensive income (\u201cOCI\u201d).When investments in foreign subsidiaries are sold, the accumulated translation differences relating to the subsidiary attributable to the equity holders of the parent are recognized in the statement of comprehensive income. When a loss of control, significant influence or joint control is present the accumulated exchange differences related to investments allocated to controlled interests is recognized in profit and loss.When a partial disposal of a subsidiary (not loss of control) is present the proportionate share of the accumulated exchange differences is allocated to non-controlling interests.2.3 Basis of consolidationThe Group\u2019s consolidated financial statements comprise Hexagon Composites ASA and its subsid-iaries as of 31 December 2022. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. An entity is assessed as being controlled by the Group when the Group is exposed to or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the Group\u2019s returns.Thus, the Group controls an entity if and only if the Group has all the following:\u2022 power over the entity;\u2022 exposure, or rights, to variable returns from its involvement with the entity; and\u2022 the ability to use its power over the entity to affect the amount of the group\u2019s returns.There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered as a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity, including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements. Reference is made to note 30 which contains a list of the subsidiaries and note 26 which lists investments in associates and joint ventures.The assessments are done for each individual investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control. Assets, liabilities, income, and expenses of a subsidiary acquired or disposed during the year are included in the consolidated financial statements from the date the Group obtains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other com-prehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.Non-controlling interests is presented separately as equity in the Group\u2019s balance sheet.Business combinations and goodwillBusiness combinations are accounted for by using the acquisition method. For description of the measurement of non-controlling interest, see below. Acquisition-related costs are expensed in the periods in which the costs are incurred, and the services are received and included in other operating expense.The consideration paid in a business combination is measured at fair value at the acquisition date and consists normally of cash, consideration shares, and contingent consideration. A contingent consider-ation is classified as a liability in accordance with IFRS 9. Subsequent changes in the fair value of such contingencies are recognized in profit or loss.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appro-priate classification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions at the acquisition date. The acquired assets and liabilities are accounted for by using fair value in the opening group balance, unless other measurement principles should be applied in accordance with IFRS 3. The initial accounting for a business combination can be changed if new information about the fair value at the acquisition date is present. The allocation can be amended within 12 months of the acquisition date. The non-controlling interest is set to the non-con-trolling interest\u2019s share of identifiable assets and liabilities. The measurement principle is done for each business combination separately.When the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition-date fair value and the resulting gain or loss, if any, is recognized in profit and loss net after transaction cost.Goodwill is recognized as the aggregate of the consideration transferred and the amount of any non-controlling interest less the fair value of net identifiable assets acquired as of the acquisition date. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units or groups of cash-generating units that are expected to benefit from synergies from the busi-ness combination.Change in ownership without loss of controlA change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recog-nized at fair value and the difference between the consideration and the carrying amount of the non-controlling interests is recognized in the equity attributable to the parent.Loss of controlIn cases where changes in the ownership interest of a subsidiary results in loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control ceases.The fair value of the consideration received, and any investment retained, is recognized at fair value. Gain or loss is recognized in profit and loss at the date when the control ceases.2.4 Investment in associates and joint venturesAssociates are entities over which the Group has significant influence, but not control or joint control, over financial and operating management (normally a holding of between 20 per cent and 50 per cent).A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.The considerations made in determining whether the Group has joint control or significant influence over an entity are similar to those necessary to determine control over subsidiaries. Associates and joint ventures are accounted for using the equity method from the date when significant influence or joint control is achieved until such influence ceases.Under the equity method, the investments in associates or joint ventures are initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment individually.The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transac-tions between the Group and the associate or joint venture are eliminated attributable to the interest in the associate or joint venture.If there are indications that the investment in the associate or joint venture is impaired, the Group will perform an impairment test of the carrying amount of the investment. Any impairment losses are rec-ognized as share of profit of an associate and a joint venture in the statement of profit or loss.If the Group\u2019s share of the loss equals or exceeds the carrying amount of the associate or joint venture, the carrying amount is set to zero and further loss is not recognized unless the Group has an obligation to make up for the loss.Upon loss of significant influence over the associate or joint control over the joint venture, and as such the equity method ceases, the Group measures and recognizes any retained investment at its fair value. A new measurement of remaining ownership interests will not be performed if the equity method is still applicable, for example by transition from an associate to a joint venture.2.5 Current versus non-current classificationThe Group presents assets and liabilities in the consolidated statement of financial position as either current or non-current.The Group classifies an asset as current when it:\u2022 Expects to realize the asset, or intends to sell or consume it, in its normal operating cycle\u2022 Holds the asset primarily for the purpose of trading\u2022 Expects to realize the asset within twelve months after the reporting periodOr\u2022 The asset is cash or a cash equivalent, unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.All other assets are classified as non-current, includ-ing deferred tax assets.The Group classifies a liability as current when it:\u2022 Expects to settle the liability in its normal operat-ing cycle\u2022 Holds the liability primarily for the purpose of trading\u2022 Is due to be settled within twelve months after the reporting periodOr\u2022 It does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.All other liabilities are classified as non-current, including deferred tax liabilities.2.6 Cash and cash equivalentsCash consist of cash in hand and at bank. Cash equivalents are short-term liquid investments that can be immediately converted into a known amount of cash and have a maximum term to maturity of three months. Any positive balances against bank overdrafts are included as a component of cash in the cash flow statement. The cash flow statement has been prepared using the indirect method. Bank overdrafts are reported under short-term loans in the balance sheet. Received interest income is classified as investment activities and interest pay-ments is classified as financing activities in the cash flow statement.2.7 InventoriesInventories are recognized at the lowest of cost and net selling price. The net selling price is the estimated selling price in the case of ordinary oper-ations minus the estimated completion, marketing and distribution cost. The cost is arrived at using the average cost price, and includes the costs incurred in acquiring the goods and the costs of bringing the goods to their current state and location. Goods produced by the Group itself include variable and fixed costs that can be allocated based on normal capacity utilization.2.8 Property, plant & equipmentProperty, plant and equipment are valued at their cost, less accumulated depreciation and impairment losses. When assets are sold or disposed, the carrying amount is derecognized and any gain or loss is recognized in the statement of profit and loss.The cost of property, plant and equipment includes the purchase price and all costs necessary to bring the asset to working condition for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognized in the statement of profit and loss, while other costs that are expected to provide future financial benefits are capitalized.The cost of property, plant & equipment is depreci-ated to the residual value over the asset\u2019s useful life. Depreciation is calculated using the straight-line method over the following useful life:\u2022 Buildings: 10\u201320 years\u2022 Plant, machinery and equipment: 3\u201315 years\u2022 Fixtures & fittings and vehicles 3\u201310 yearsIf an item of property, plant and equipment has different parts with different useful lives, the parts are depreciated separately if the cost is significant in relation to the total cost of the item.The depreciation period and method are assessed annually. A residual value is estimated at each year-end, and changes to the estimated residual value is recognized as a change in an estimate. When the carrying amount of property, plant and equipment exceeds the estimated recoverable amount, the value is written down to the recoverable amount.Assets under construction are classified as prop-erty, plant and equipment and are recognized at cost until the production or development process is completed. Assets under construction are not subject to depreciation until the assets are taken into use.2.9 LeasesAt the inception of a contract, The Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.The group as a lesseeFor contracts that constitute, or contain a lease, the Group separates lease components if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The Group then accounts for each lease component within the contract as a lease separately from non-lease com-ponents of the contract.At the lease commencement date, the Group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:\u2022 Short-term leases (defined as 12 months or less)\u2022 Low value assetsFor these leases, the Group recognizes the lease payments as other operating expenses in the state-ment of profit or loss when they incur.Lease liabilitiesThe lease liability is recognized at the commence-ment date of the lease. The Group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the com-mencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option. In calculating the present value of lease payments, the Group uses the interest rate implicitly defined in the lease contract if that interest rate is readily determinable, or its incremental borrowing rate in all other cases.The lease payments included in the measurement comprise of:\u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable\u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date\u2022 Amount expected to be payable by the Group under residual value guarantees\u2022 The exercise price of a purchase option, if the Group is reasonably certain to exercise that option\u2022 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate.The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease expenses in profit or loss.The Group presents its lease liabilities as separate line items in the statement of financial position.Right-of-use assetsThe Group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease lia-bilities. The cost of the right-of-use asset comprise:\u2022 The amount of the initial measurement of the lease liability recognized\u2022 Any lease payments made on or before the com-mencement date, less any incentives received\u2022 Any initial direct costs incurred by the Group. An estimate of the costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restor-ing the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depre-ciating the right-of-use asset, except that the right-of-use asset is depreciated from the com-mencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset, unless there is an option to purchase the asset which has been determined to be exercised with reasonably certainty, in which case the right of use asset is depreciated over the expected economic life of the underlying asset.The Group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.Sale- and leaseback transactionsIn the event of sale- and leaseback transactions, the Group first assesses whether transfer of control of the underlying asset represents a sale within the context of IFRS 15. The Group considers several factors for determining whether the buyer has obtained control of the asset, including, but not limited to, the existence of any repurchase options, any beneficial renewal options terms, the length of the lease term including any option periods compared to the expected remaining lifetime of the asset, and the lease liability compared to the market value of the asset.When the transfer of the asset is determined to be a true sale, the Group measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that related to the right-of-use being retained. The said proportionate share of the asset is derived from the recognized lease liability following the trans-action in percentage of the fair market value of the underlying asset being sold. Effectively, the Group recognizes the amount of a gain or a loss only related to the rights transferred to the buyer-lessor.In the event the transfer of the underlying asset to the buyer does not represent a true sale, the Group continues to carry the underlying asset and recognizes a financial liability equal to the transfer proceeds.The Group as a lessorFor contracts where the Group acts as a lessor, it classifies each of its leases as either an operating lease or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underly-ing asset. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset.For operating leases, the Group recognizes lease payments as rental income. Rental income is recog-nized mainly on a straight-line basis over the lease terms. The Group adds initial direct costs incurred in obtaining an operating lease to the carrying amount of the underlying asset and recognizes those costs as an expense over the lease term on the same basis as the rental income.2.10 Borrowing costBorrowing costs directly attributable to the acqui-sition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.2.11 Financial instrumentsA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.Financial assetThe Group\u2019s financial assets are derivatives, non-listed equity instruments, loans, trade receivables and cash and cash equivalents.The classification of financial assets at initial recog-nition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.The Group classified its financial assets in the following categories:\u2022 Financial assets at amortized cost\u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses\u2022 Financial assets at fair value through profit and lossFinancial assets at amortized costThe Group measures financial assets at amortized cost if both of the following conditions are met:\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and,\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the princi-pal amount outstandingFinancial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers.Financial assets at fair value through OCI (debt instruments)The Group measures debt instruments at fair value through OCI if both of the following conditions are met:\u2022 The financial asset is held where the business model objective of both holding to collect con-tractual cash flows and selling, and,\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the princi-pal amount outstandingFor debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. The Group does not hold any debt instruments at fair value through OCI.Financial assets at fair value through profit and lossFinancial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments.Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. The category includes foreign exchange contracts and interest rate swaps not designated as hedging instruments.Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; andeither1. the Group has transferred substantially all the risks and rewards of the asset, or2. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the assetFinancial liabilitiesFinancial liabilities are subsequently recognized at amortized cost, as loans and borrowings and payables. Contingent consideration in business combinations is recognized and measured at fair value and changes in fair value are recognized in the income statement. Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives assets.Loans, borrowings and payablesAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amor-tized 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 amorti-zation process.Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss.Payables are measured at their nominal amount when the effect of discounting is not material.Derecognition of financial liabilitiesA financial liability is derecognized when the obli-gation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecog-nition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.Hedges of a net investment in a foreign operationA hedge of a net investment in a foreign oper-ation is accounted for in a similar way as a cash flow hedge. Foreign exchange gains or losses on the hedging instruments relating to the effective portion of the hedge are recognized directly in OCI, while any foreign exchange gains and losses related to the ineffective portion are recognized in profit and loss. On disposal of the foreign entity, the cumulative value of foreign exchange gains or losses recognized directly in equity is transferred to profit and loss.Fair value hedges are not applicable to the group.Impairment of financial assetsThe Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.ECLs are recognized in two stages. For credit expo-sures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable informa-tion that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due.The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also con-sider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expecta-tion of recovering the contractual cash flows.A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.2.12 Intangible assetsIntangible assets acquired independently are measured on initial recognition at cost. The cost of intangible assets acquired as part of a business combination is recognized at fair value in the Group\u2019s opening balance at the date of acquisition. Capitalized intangible assets are recognized at cost less any amortization and impairment.Internally generated intangible assets, with the exception of capitalized development expenses, are not capitalized, but expensed as incurred.The useful life is either finite or indefinite. Intangible assets with a finite useful life are amortized over their useful economic life and tested for impairment if there are any indications that the intangible asset may be impaired. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in accounting estimate.Intangible assets with an indefinite economic life are not amortized, but are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life are not amortized. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively.Patents and licensesAmounts paid for patents and licenses are recognized in the balance sheet and are amortized on a straight-line basis over their expected useful life. The expected useful life of patents and licenses varies between 5 and 20 years.Research and development costExpenses relating to research activities are recognized in the income statement as they incur. Expenses relating to development activities (relating to the design and testing of new or improved products) are capitalized to the extent that the product or process is technical and commercially viable, and the Group has sufficient resources to complete the development work. Expenses that are capitalized include the costs of materials, direct salary costs and a share of the directly attributable overhead expenses. Capitalized development costs are recognized at their cost minus accumulated amortization and impairment losses. Other development costs are recognized in the statement of comprehensive income as incurred.Development costs that have previously been expensed are not recognized in subsequent periods. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset. Capitalized development costs with an indefinite useful life or related to projects under development are tested annually for impairment in accordance with IAS 36.Customer relationshipsPurchased customer contracts have a finite useful life and are recognized at cost less amortization. Customer contracts and technology are amortized using the straight-line method over their estimated useful lives.2.13 Impairment of non-financial assetsIntangible assets with an indefinite useful life are not amortized but tested annually for impairment. Items of property, plant and equipment, right of use assets and intangible assets are tested for impairment if there is reason to believe that future earnings do not justify the asset\u2019s carrying amount. The difference between the carrying amount and the recoverable amount is recognized as an impair-ment loss. The recoverable amount is the higher of the fair value less costs to sell and the value in use.When testing for impairment, non-current assets are grouped at the lowest level at which it is possi-ble to distinguish independent cash inflows (cash generating units, CGU). A CGU is the smallest identifiable group of assets that generates cash inflows which are largely independent of the cash inflows from other assets or groups of assets. At each reporting date, the Group considers the possibility of reversing previous impairment losses on non-financial assets (except goodwill and other intangible assets with an indefinite useful life).In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.2.14 ProvisionsProvisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable (more likely than not) that a financial settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is consid-erable, the provision is calculated by discounting estimated future cash flow using a discount rate before tax that reflects the market\u2019s pricing of the time value of money and, if relevant, risks specifi-cally associated with the obligation.Warranty provisions: The Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions related to these assurance-type warranties are recognized when the product is sold, or the service is provided to the customer. Initial recognition is based on historical information about warranties and a weighting of possible outcomes according to the likelihood of their occurrence. The initial estimate of warranty-related costs is revised annually.Onerous contracts: If the Group has a contract that is onerous, the present obligation under the contract is recognized and measured as a provision. However, before a separate provision for an onerous contract is established, the Group recognizes any impairment loss that has occurred on assets dedi-cated to that contract.2.15 EquityFinancial instruments are classified as liabilities or equity in accordance with the underlying economic realities. Interest, dividend, gains and losses relating to a financial instrument classified as a liability will be presented as an expense or income. Amounts distributed to holders of financial instruments that are classified as equity will be recorded directly in equity.(I) Own sharesIn the event of a purchase of own shares, the pur-chase price and any directly associated costs are recognized as a change in equity. Own shares are presented as a reduction in equity. Gains or losses on transactions involving own shares are recognized directly in equity.(II) Costs arising from equity transactionsTransaction costs directly related to an equity transaction are recognized directly in equity after deducting tax expenses.(III) Other equity(a) Translation differencesTranslation differences arising in connection with exchange-rate differences on consolidation of foreign entities are recognized in other compre-hensive income. Exchange-rate differences in monetary amounts (liabilities or receivables) which are in reality a part of a company\u2019s net investment in a foreign entity are also included as translation differences.If a foreign entity is sold, the accumulated transla-tion differences linked to the entity are reversed and recognized in profit or loss in the same period in which the gain or loss on sale is recognized.(b) Change in actuarial gains/losses (pension commitments)Actuarial gains or losses resulting from changes in assumptions and basic data are recognized directly in other comprehensive income.(c) DividendsProposed dividends are classified as other equity until they are approved by the general assembly of Hexagon Composites ASA.(IV) Other paid-in capital \u2013 Share-based paymentsThe Group has a share-based program for certain employees in senior and key positions. The fair value of the share instruments is measured at the date of the grant using the Black & Scholes model. The fair value of the issued options, performance share units (PSUs) and restricted share units (RSUs) is expensed as an employee cost with a corresponding increase in other paid in capital over the vesting period, which is over the agreed-upon future service time.(V) Hedging reserveForward exchange contracts and interest rate deriv-atives that qualify as hedging instruments (cash flow hedges) are recognized at fair value, with a corre-sponding entry in total comprehensive income, and transferred to the revaluation reserve (net of tax). Realized gains or losses are recognized in profit or loss to offset gains or losses on the items that were hedged.2.16 Revenue from contracts with customersThe Group\u2019s main revenues come from the sale of its own mass-produced standard products in the different segments:1. Hexagon Agility2. Hexagon Ragasco3. Hexagon Digital Wave4. Hexagon PurusRevenue from contracts with customers is recog-nized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The products are mainly sold in relation to separately identifiable contracts with customers.Sale of goods (cylinders, products, systems etc.)Revenue from sale of goods is recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the product. There are several credit terms, including upfront payment and secured payment, but normal credit term is 30 to 90 days upon delivery.The Group considers whether there are other prom-ises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of goods, the Group considers the effects of variable consideration and the existence of significant financing components.(i) Variable considerationSome contracts with customers provide rights of return, trade discounts or volume rebates. The Group uses the expected value method to estimate the goods that will not be returned as this best predicts the amount of variable consideration to which the Group will be entitled. For trade discounts and volume rebates the sale of goods are measured at the fair value of the consideration received or receivable, net of allowances for trade discounts and volume rebates. If revenue cannot be reliably meas-ured, the Group defers revenue recognition until the uncertainty is resolved. The Group performs the assessment on individual contracts to determine the estimated variable consideration and related constraints.(ii) Significant financing componentGenerally, the Group receives short-term advances from its customers. Using the practical expedient in IFRS 15, the Group does not adjust the promised amount of consideration for the effects of a signif-icant financing component if it expects, at contract inception, that the period between the transfer of the promised goods or services to the customer and when the customer pays for these goods or services will be one year or less.(iii) Warranty provisionThe Group typically provides warranties for general repairs and does not provide extended warranties or maintenance services in its contracts with customers. Such warranties are evaluated as assurance-type warranties which are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. See note 19 for an overview of the warranty provision.ServicesTo some extent the Group provides other services in relation to reinspection and testing of products and non-recurring engineering and design or development. These services are normally sold on their own and based on relative stand-alone selling prices. The Group recognizes revenue from services over time using an input method to measure pro-gress towards complete satisfaction of the service, because the customer simultaneously receives and consumes the benefits provided by the Group.Funded development contractsThe Group has entered into funded contracts with a limited number of customers for development services. The Group recognizes revenue over time as the services are performed. Progress is meas-ured using an input method to measure progress towards certain project milestones as the customer simultaneously receives and consumes the benefits provided by the Group.Contract balances(i) Contract assetsA contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consid-eration that is conditional.(ii) Trade receivableA receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due).(iii) Contract liabilityA contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consider-ation is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recog-nized when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group fulfils the performance obligation under the contract.Cost to obtain a contractThe Group has elected to apply the optional prac-tical expedient for costs to obtain a contract which allows the Group to immediately expense such costs when the related revenue is expected to be recognized within one year. When revenue will be recognized over several reporting periods the Group recognizes incremental costs of obtaining a contract with a customer as an asset, provided that the costs are expected to be recovered throughout the con-tract. The costs are amortized on a systematic basis that is consistent with the transfer of the related goods or services to the customer and subsequently re-assessed at the end of each reporting period.2.17 Employee benefitsDefined benefit pension plansDefined benefit plans are valued at the present value of accrued future pension benefits at the end of the reporting period. Pension plan assets are valued at their fair value.The current service cost and net interest income/costs are recognized immediately and is presented as a payroll & social security expense in the income statement. Net interest income/cost is calculated by using the discount rate of the liability at the begin-ning of the period on the net liability. Changes in net pension liabilities as a result of payments of pre-miums and pension payments have been taken into consideration. The difference between the actual return and the accounted return is recognized continuously through other comprehensive income. The pension cost is affecting the payroll & social security costs in the income statement. Actuarial gains and losses, including changes in value, both for assets and liabilities, are recognized trough other comprehensive income. Actuarial gains and losses are not reclassified over profit and loss.Multi-employer plansSome of the Norwegian employees participate in a new AFP pension scheme. The scheme is a defined benefit multi-employer pension plan, funded through premiums that are defined as a percentage of salary. The scheme\u2019s retirement benefit obliga-tion and plan assets cannot be reliably measured and allocated at present. For accounting purposes, the scheme is treated as a defined contribution plan, with premium payments expensed as incurred, and no pension liability recognized.Defined contribution pension plansPension premiums relating to defined contribution plans are recognized as an expense as they are incurred.Share-based paymentThe Group has share-based programs for senior- and key executives. The programs are settled in shares, and consist of share options, performance share units (PSUs) and restricted share units (RSUs). In addition, certain key executives have share based programs settled in cash. The fair value of the share-based programs is expensed over the vesting period which is over the agreed-upon future service period and, where applicable, the performance conditions are fulfilled. The fair value of the share options, PSUs and RSUs is measured at grant date and calculated using the Black & Scholes model.The cost of the employee share-based transaction is expensed over the vesting period. The value of the issued options, PSUs and RSUs of the transactions that are settled with equity instruments (settled with the company\u2019s own shares) is recognized as salary and personnel cost in profit and loss with a corre-sponding increase in other paid-in capital. The cash settlement options are however recognized with a corresponding change in provisions. Social security tax is recorded as a liability and is recognized over the estimated vesting period.Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions.When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss.2.18 Government grantsGovernment grants, including the Norwegian Skattefunn incentive scheme, are recognized when there is reasonable assurance that the Group will comply with the conditions stipulated for the grants, and that the grants will be received. Operating grants are recognized systematically during the grant period. Grants are deducted from the cost which the grant is meant to cover. Investment grants are capitalized and recognized systematically over the asset\u2019s useful life. Investment grants are recognized as deferred income. The Group currently has grants with the United States Department of Energy which is recognized as grant income.2.19 Income taxesThe tax expense consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calculated on all differences between the book value and tax value of assets and liabilities, with the exception of:\u2022 temporary differences linked to goodwill that are not tax deductible\u2022 temporary differences related to investments in subsidiaries, associates or joint ventures when the Group controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future.Deferred tax assets are recognized when it is prob-able that the Group will have a sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The Group recognize previously unrecognized deferred tax assets to the extent it has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce a deferred tax asset to the extent that the Group no longer regards it as probable that it can utilize the deferred tax asset.Deferred tax and deferred tax assets are meas-ured on the basis of the expected future tax rates applicable to the companies in the Group where temporary differences have arisen. Deferred tax assets and liabilities are recognized at their nominal value and classified as non-current assets and non-current liabilities in the balance sheet.Taxes payable and deferred taxes are recognized directly in equity to the extent that they relate to items recognized directly in equity.2.20 SegmentsFor management reporting purposes, the Group is organized into different business areas according to product/service range. The Group\u2019s segment report-ing format is business areas. Financial information relating to segments and geographical areas is presented in note 4.2.21 Contingent liabilities and contingent assetsContingent liabilities are not recognized in the annual accounts. Significant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred.Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain prob-ability that a benefit will be added to the Group.2.22 Events after the balance sheet dateNew information on the Group\u2019s financial position on the end of the reporting period which becomes known after the reporting period is recorded in the annual accounts. Events after the reporting period that do not affect the Group\u2019s financial position at the end of the reporting period but which will affect the Group\u2019s financial position in the future are disclosed if significant.2.23 New accounting standards, interpretations and amendments adopted by the groupThe Group has not early adopted any standard, interpretation or amendments that has been issued but is not yet effective. Standards, interpretations, and amendments that are issued up to the date of issuance of the consolidated financial statements, but not yet effective are considered not relevant and not to have an impact on the consolidated financial statements of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__19": {
"value": "2.1 Basis of preparation of annual financial statementsThe consolidated annual financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) which have been adopted by the EU and are mandatory for financial years beginning on or after 1 January 2022, and Norwegian disclosure require-ments listed in the Norwegian Accounting Act as of 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__18": {
"value": "2.1 Basis of preparation of annual financial statementsThe consolidated annual financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) which have been adopted by the EU and are mandatory for financial years beginning on or after 1 January 2022, and Norwegian disclosure require-ments listed in the Norwegian Accounting Act as of 31 December 2022.The consolidated financial statements have been prepared on a historical cost basis, with the excep-tion of financial instruments at fair value through profit or loss and fair value through OCI.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__21": {
"value": "2.2 Functional currency and presentation currencyThe functional currency is determined in each entity in the Group based on the currency within the enti-ty\u2019s primary economic environment. Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transac-tion and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Changes in the exchange rate are recognized continuously in the accounting period.The Group\u2019s presentation currency is NOK. This is also the Parent Company\u2019s functional currency. All figures are rounded to the nearest thousand unless otherwise specified. The statement of financial position figures of entities with a different functional currency are translated at the exchange rate prevail-ing at the end of the reporting period for balance sheet items, including goodwill, and the exchange rate at the date of the transaction for profit and loss items. The monthly average exchange rates are used as an approximation of the transaction exchange rate. Translation differences are recognized in other comprehensive income (\u201cOCI\u201d).When investments in foreign subsidiaries are sold, the accumulated translation differences relating to the subsidiary attributable to the equity holders of the parent are recognized in the statement of comprehensive income. When a loss of control, significant influence or joint control is present the accumulated exchange differences related to investments allocated to controlled interests is recognized in profit and loss.When a partial disposal of a subsidiary (not loss of control) is present the proportionate share of the accumulated exchange differences is allocated to non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__20-1": {
"value": "2.2 Functional currency and presentation currencyThe functional currency is determined in each entity in the Group based on the currency within the enti-ty\u2019s primary economic environment. Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transac-tion and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Changes in the exchange rate are recognized continuously in the accounting period.The Group\u2019s presentation currency is NOK. This is also the Parent Company\u2019s functional currency. All figures are rounded to the nearest thousand unless otherwise specified. The statement of financial position figures of entities with a different functional currency are translated at the exchange rate prevail-ing at the end of the reporting period for balance sheet items, including goodwill, and the exchange rate at the date of the transaction for profit and loss items. The monthly average exchange rates are used as an approximation of the transaction exchange rate. Translation differences are recognized in other comprehensive income (\u201cOCI\u201d).When investments in foreign subsidiaries are sold, the accumulated translation differences relating to the subsidiary attributable to the equity holders of the parent are recognized in the statement of comprehensive income. When a loss of control, significant influence or joint control is present the accumulated exchange differences related to investments allocated to controlled interests is recognized in profit and loss.When a partial disposal of a subsidiary (not loss of control) is present the proportionate share of the accumulated exchange differences is allocated to non-controlling interests.(III) Other equity(a) Translation differencesTranslation differences arising in connection with exchange-rate differences on consolidation of foreign entities are recognized in other compre-hensive income. Exchange-rate differences in monetary amounts (liabilities or receivables) which are in reality a part of a company\u2019s net investment in a foreign entity are also included as translation differences.If a foreign entity is sold, the accumulated transla-tion differences linked to the entity are reversed and recognized in profit or loss in the same period in which the gain or loss on sale is recognized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__22": {
"value": "2.3 Basis of consolidationThe Group\u2019s consolidated financial statements comprise Hexagon Composites ASA and its subsid-iaries as of 31 December 2022. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. An entity is assessed as being controlled by the Group when the Group is exposed to or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the Group\u2019s returns.Thus, the Group controls an entity if and only if the Group has all the following:\u2022 power over the entity;\u2022 exposure, or rights, to variable returns from its involvement with the entity; and\u2022 the ability to use its power over the entity to affect the amount of the group\u2019s returns.There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered as a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity, including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements. Reference is made to note 30 which contains a list of the subsidiaries and note 26 which lists investments in associates and joint ventures.The assessments are done for each individual investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control. Assets, liabilities, income, and expenses of a subsidiary acquired or disposed during the year are included in the consolidated financial statements from the date the Group obtains control until the date the Group ceases to control the subsidiary.Profit or loss and each component of other com-prehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.Non-controlling interests is presented separately as equity in the Group\u2019s balance sheet.Business combinations and goodwillBusiness combinations are accounted for by using the acquisition method. For description of the measurement of non-controlling interest, see below. Acquisition-related costs are expensed in the periods in which the costs are incurred, and the services are received and included in other operating expense.The consideration paid in a business combination is measured at fair value at the acquisition date and consists normally of cash, consideration shares, and contingent consideration. A contingent consider-ation is classified as a liability in accordance with IFRS 9. Subsequent changes in the fair value of such contingencies are recognized in profit or loss.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appro-priate classification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions at the acquisition date. The acquired assets and liabilities are accounted for by using fair value in the opening group balance, unless other measurement principles should be applied in accordance with IFRS 3. The initial accounting for a business combination can be changed if new information about the fair value at the acquisition date is present. The allocation can be amended within 12 months of the acquisition date. The non-controlling interest is set to the non-con-trolling interest\u2019s share of identifiable assets and liabilities. The measurement principle is done for each business combination separately.When the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition-date fair value and the resulting gain or loss, if any, is recognized in profit and loss net after transaction cost.Goodwill is recognized as the aggregate of the consideration transferred and the amount of any non-controlling interest less the fair value of net identifiable assets acquired as of the acquisition date. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units or groups of cash-generating units that are expected to benefit from synergies from the busi-ness combination.Change in ownership without loss of controlA change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recog-nized at fair value and the difference between the consideration and the carrying amount of the non-controlling interests is recognized in the equity attributable to the parent.Loss of controlIn cases where changes in the ownership interest of a subsidiary results in loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control ceases.The fair value of the consideration received, and any investment retained, is recognized at fair value. Gain or loss is recognized in profit and loss at the date when the control ceases.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__26": {
"value": "Business combinations and goodwillBusiness combinations are accounted for by using the acquisition method. For description of the measurement of non-controlling interest, see below. Acquisition-related costs are expensed in the periods in which the costs are incurred, and the services are received and included in other operating expense.The consideration paid in a business combination is measured at fair value at the acquisition date and consists normally of cash, consideration shares, and contingent consideration. A contingent consider-ation is classified as a liability in accordance with IFRS 9. Subsequent changes in the fair value of such contingencies are recognized in profit or loss.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appro-priate classification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions at the acquisition date. The acquired assets and liabilities are accounted for by using fair value in the opening group balance, unless other measurement principles should be applied in accordance with IFRS 3. The initial accounting for a business combination can be changed if new information about the fair value at the acquisition date is present. The allocation can be amended within 12 months of the acquisition date. The non-controlling interest is set to the non-con-trolling interest\u2019s share of identifiable assets and liabilities. The measurement principle is done for each business combination separately.When the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition-date fair value and the resulting gain or loss, if any, is recognized in profit and loss net after transaction cost.Goodwill is recognized as the aggregate of the consideration transferred and the amount of any non-controlling interest less the fair value of net identifiable assets acquired as of the acquisition date. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units or groups of cash-generating units that are expected to benefit from synergies from the busi-ness combination.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__25": {
"value": "Business combinations and goodwillBusiness combinations are accounted for by using the acquisition method. For description of the measurement of non-controlling interest, see below. Acquisition-related costs are expensed in the periods in which the costs are incurred, and the services are received and included in other operating expense.The consideration paid in a business combination is measured at fair value at the acquisition date and consists normally of cash, consideration shares, and contingent consideration. A contingent consider-ation is classified as a liability in accordance with IFRS 9. Subsequent changes in the fair value of such contingencies are recognized in profit or loss.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appro-priate classification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions at the acquisition date. The acquired assets and liabilities are accounted for by using fair value in the opening group balance, unless other measurement principles should be applied in accordance with IFRS 3. The initial accounting for a business combination can be changed if new information about the fair value at the acquisition date is present. The allocation can be amended within 12 months of the acquisition date. The non-controlling interest is set to the non-con-trolling interest\u2019s share of identifiable assets and liabilities. The measurement principle is done for each business combination separately.When the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition-date fair value and the resulting gain or loss, if any, is recognized in profit and loss net after transaction cost.Goodwill is recognized as the aggregate of the consideration transferred and the amount of any non-controlling interest less the fair value of net identifiable assets acquired as of the acquisition date. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units or groups of cash-generating units that are expected to benefit from synergies from the busi-ness combination.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__24-1": {
"value": "Business combinations and goodwillBusiness combinations are accounted for by using the acquisition method. For description of the measurement of non-controlling interest, see below. Acquisition-related costs are expensed in the periods in which the costs are incurred, and the services are received and included in other operating expense.The consideration paid in a business combination is measured at fair value at the acquisition date and consists normally of cash, consideration shares, and contingent consideration. A contingent consider-ation is classified as a liability in accordance with IFRS 9. Subsequent changes in the fair value of such contingencies are recognized in profit or loss.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appro-priate classification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions at the acquisition date. The acquired assets and liabilities are accounted for by using fair value in the opening group balance, unless other measurement principles should be applied in accordance with IFRS 3. The initial accounting for a business combination can be changed if new information about the fair value at the acquisition date is present. The allocation can be amended within 12 months of the acquisition date. The non-controlling interest is set to the non-con-trolling interest\u2019s share of identifiable assets and liabilities. The measurement principle is done for each business combination separately.When the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition-date fair value and the resulting gain or loss, if any, is recognized in profit and loss net after transaction cost.Goodwill is recognized as the aggregate of the consideration transferred and the amount of any non-controlling interest less the fair value of net identifiable assets acquired as of the acquisition date. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units or groups of cash-generating units that are expected to benefit from synergies from the busi-ness combination.2.12 Intangible assetsIntangible assets acquired independently are measured on initial recognition at cost. The cost of intangible assets acquired as part of a business combination is recognized at fair value in the Group\u2019s opening balance at the date of acquisition. Capitalized intangible assets are recognized at cost less any amortization and impairment.Internally generated intangible assets, with the exception of capitalized development expenses, are not capitalized, but expensed as incurred.The useful life is either finite or indefinite. Intangible assets with a finite useful life are amortized over their useful economic life and tested for impairment if there are any indications that the intangible asset may be impaired. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in accounting estimate.Intangible assets with an indefinite economic life are not amortized, but are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life are not amortized. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively.Patents and licensesAmounts paid for patents and licenses are recognized in the balance sheet and are amortized on a straight-line basis over their expected useful life. The expected useful life of patents and licenses varies between 5 and 20 years.Research and development costExpenses relating to research activities are recognized in the income statement as they incur. Expenses relating to development activities (relating to the design and testing of new or improved products) are capitalized to the extent that the product or process is technical and commercially viable, and the Group has sufficient resources to complete the development work. Expenses that are capitalized include the costs of materials, direct salary costs and a share of the directly attributable overhead expenses. Capitalized development costs are recognized at their cost minus accumulated amortization and impairment losses. Other development costs are recognized in the statement of comprehensive income as incurred.Development costs that have previously been expensed are not recognized in subsequent periods. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset. Capitalized development costs with an indefinite useful life or related to projects under development are tested annually for impairment in accordance with IAS 36.Customer relationshipsPurchased customer contracts have a finite useful life and are recognized at cost less amortization. Customer contracts and technology are amortized using the straight-line method over their estimated useful lives.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__23": {
"value": "Business combinations and goodwillBusiness combinations are accounted for by using the acquisition method. For description of the measurement of non-controlling interest, see below. Acquisition-related costs are expensed in the periods in which the costs are incurred, and the services are received and included in other operating expense.The consideration paid in a business combination is measured at fair value at the acquisition date and consists normally of cash, consideration shares, and contingent consideration. A contingent consider-ation is classified as a liability in accordance with IFRS 9. Subsequent changes in the fair value of such contingencies are recognized in profit or loss.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appro-priate classification and designation in accordance with the contractual terms, economic circumstances, and pertinent conditions at the acquisition date. The acquired assets and liabilities are accounted for by using fair value in the opening group balance, unless other measurement principles should be applied in accordance with IFRS 3. The initial accounting for a business combination can be changed if new information about the fair value at the acquisition date is present. The allocation can be amended within 12 months of the acquisition date. The non-controlling interest is set to the non-con-trolling interest\u2019s share of identifiable assets and liabilities. The measurement principle is done for each business combination separately.When the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition-date fair value and the resulting gain or loss, if any, is recognized in profit and loss net after transaction cost.Goodwill is recognized as the aggregate of the consideration transferred and the amount of any non-controlling interest less the fair value of net identifiable assets acquired as of the acquisition date. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units or groups of cash-generating units that are expected to benefit from synergies from the busi-ness combination.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__27": {
"value": "Change in ownership without loss of controlA change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recog-nized at fair value and the difference between the consideration and the carrying amount of the non-controlling interests is recognized in the equity attributable to the parent.Loss of controlIn cases where changes in the ownership interest of a subsidiary results in loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control ceases.The fair value of the consideration received, and any investment retained, is recognized at fair value. Gain or loss is recognized in profit and loss at the date when the control ceases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__30": {
"value": "2.4 Investment in associates and joint venturesAssociates are entities over which the Group has significant influence, but not control or joint control, over financial and operating management (normally a holding of between 20 per cent and 50 per cent).A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.The considerations made in determining whether the Group has joint control or significant influence over an entity are similar to those necessary to determine control over subsidiaries. Associates and joint ventures are accounted for using the equity method from the date when significant influence or joint control is achieved until such influence ceases.Under the equity method, the investments in associates or joint ventures are initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment individually.The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transac-tions between the Group and the associate or joint venture are eliminated attributable to the interest in the associate or joint venture.If there are indications that the investment in the associate or joint venture is impaired, the Group will perform an impairment test of the carrying amount of the investment. Any impairment losses are rec-ognized as share of profit of an associate and a joint venture in the statement of profit or loss.If the Group\u2019s share of the loss equals or exceeds the carrying amount of the associate or joint venture, the carrying amount is set to zero and further loss is not recognized unless the Group has an obligation to make up for the loss.Upon loss of significant influence over the associate or joint control over the joint venture, and as such the equity method ceases, the Group measures and recognizes any retained investment at its fair value. A new measurement of remaining ownership interests will not be performed if the equity method is still applicable, for example by transition from an associate to a joint venture.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__29": {
"value": "2.4 Investment in associates and joint venturesAssociates are entities over which the Group has significant influence, but not control or joint control, over financial and operating management (normally a holding of between 20 per cent and 50 per cent).A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.The considerations made in determining whether the Group has joint control or significant influence over an entity are similar to those necessary to determine control over subsidiaries. Associates and joint ventures are accounted for using the equity method from the date when significant influence or joint control is achieved until such influence ceases.Under the equity method, the investments in associates or joint ventures are initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment individually.The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transac-tions between the Group and the associate or joint venture are eliminated attributable to the interest in the associate or joint venture.If there are indications that the investment in the associate or joint venture is impaired, the Group will perform an impairment test of the carrying amount of the investment. Any impairment losses are rec-ognized as share of profit of an associate and a joint venture in the statement of profit or loss.If the Group\u2019s share of the loss equals or exceeds the carrying amount of the associate or joint venture, the carrying amount is set to zero and further loss is not recognized unless the Group has an obligation to make up for the loss.Upon loss of significant influence over the associate or joint control over the joint venture, and as such the equity method ceases, the Group measures and recognizes any retained investment at its fair value. A new measurement of remaining ownership interests will not be performed if the equity method is still applicable, for example by transition from an associate to a joint venture.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__28": {
"value": "2.4 Investment in associates and joint venturesAssociates are entities over which the Group has significant influence, but not control or joint control, over financial and operating management (normally a holding of between 20 per cent and 50 per cent).A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.The considerations made in determining whether the Group has joint control or significant influence over an entity are similar to those necessary to determine control over subsidiaries. Associates and joint ventures are accounted for using the equity method from the date when significant influence or joint control is achieved until such influence ceases.Under the equity method, the investments in associates or joint ventures are initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment individually.The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transac-tions between the Group and the associate or joint venture are eliminated attributable to the interest in the associate or joint venture.If there are indications that the investment in the associate or joint venture is impaired, the Group will perform an impairment test of the carrying amount of the investment. Any impairment losses are rec-ognized as share of profit of an associate and a joint venture in the statement of profit or loss.If the Group\u2019s share of the loss equals or exceeds the carrying amount of the associate or joint venture, the carrying amount is set to zero and further loss is not recognized unless the Group has an obligation to make up for the loss.Upon loss of significant influence over the associate or joint control over the joint venture, and as such the equity method ceases, the Group measures and recognizes any retained investment at its fair value. A new measurement of remaining ownership interests will not be performed if the equity method is still applicable, for example by transition from an associate to a joint venture.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__31-1": {
"value": "2.5 Current versus non-current classificationThe Group presents assets and liabilities in the consolidated statement of financial position as either current or non-current.The Group classifies an asset as current when it:\u2022 Expects to realize the asset, or intends to sell or consume it, in its normal operating cycle\u2022 Holds the asset primarily for the purpose of trading\u2022 Expects to realize the asset within twelve months after the reporting periodOr\u2022 The asset is cash or a cash equivalent, unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.All other assets are classified as non-current, includ-ing deferred tax assets.The Group classifies a liability as current when it:\u2022 Expects to settle the liability in its normal operat-ing cycle\u2022 Holds the liability primarily for the purpose of trading\u2022 Is due to be settled within twelve months after the reporting periodOr\u2022 It does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.All other liabilities are classified as non-current, including deferred tax liabilities.2.22 Events after the balance sheet dateNew information on the Group\u2019s financial position on the end of the reporting period which becomes known after the reporting period is recorded in the annual accounts. Events after the reporting period that do not affect the Group\u2019s financial position at the end of the reporting period but which will affect the Group\u2019s financial position in the future are disclosed if significant.2.23 New accounting standards, interpretations and amendments adopted by the groupThe Group has not early adopted any standard, interpretation or amendments that has been issued but is not yet effective. Standards, interpretations, and amendments that are issued up to the date of issuance of the consolidated financial statements, but not yet effective are considered not relevant and not to have an impact on the consolidated financial statements of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__32": {
"value": "2.6 Cash and cash equivalentsCash consist of cash in hand and at bank. Cash equivalents are short-term liquid investments that can be immediately converted into a known amount of cash and have a maximum term to maturity of three months. Any positive balances against bank overdrafts are included as a component of cash in the cash flow statement. The cash flow statement has been prepared using the indirect method. Bank overdrafts are reported under short-term loans in the balance sheet. Received interest income is classified as investment activities and interest pay-ments is classified as financing activities in the cash flow statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__33": {
"value": "2.7 InventoriesInventories are recognized at the lowest of cost and net selling price. The net selling price is the estimated selling price in the case of ordinary oper-ations minus the estimated completion, marketing and distribution cost. The cost is arrived at using the average cost price, and includes the costs incurred in acquiring the goods and the costs of bringing the goods to their current state and location. Goods produced by the Group itself include variable and fixed costs that can be allocated based on normal capacity utilization.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__35-1": {
"value": "2.8 Property, plant & equipmentProperty, plant and equipment are valued at their cost, less accumulated depreciation and impairment losses. When assets are sold or disposed, the carrying amount is derecognized and any gain or loss is recognized in the statement of profit and loss.The cost of property, plant and equipment includes the purchase price and all costs necessary to bring the asset to working condition for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognized in the statement of profit and loss, while other costs that are expected to provide future financial benefits are capitalized.The cost of property, plant & equipment is depreci-ated to the residual value over the asset\u2019s useful life. Depreciation is calculated using the straight-line method over the following useful life:\u2022 Buildings: 10\u201320 years\u2022 Plant, machinery and equipment: 3\u201315 years\u2022 Fixtures & fittings and vehicles 3\u201310 yearsIf an item of property, plant and equipment has different parts with different useful lives, the parts are depreciated separately if the cost is significant in relation to the total cost of the item.The depreciation period and method are assessed annually. A residual value is estimated at each year-end, and changes to the estimated residual value is recognized as a change in an estimate. When the carrying amount of property, plant and equipment exceeds the estimated recoverable amount, the value is written down to the recoverable amount.Assets under construction are classified as prop-erty, plant and equipment and are recognized at cost until the production or development process is completed. Assets under construction are not subject to depreciation until the assets are taken into use.Right-of-use assetsThe Group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease lia-bilities. The cost of the right-of-use asset comprise:\u2022 The amount of the initial measurement of the lease liability recognized\u2022 Any lease payments made on or before the com-mencement date, less any incentives received\u2022 Any initial direct costs incurred by the Group. An estimate of the costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restor-ing the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depre-ciating the right-of-use asset, except that the right-of-use asset is depreciated from the com-mencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset, unless there is an option to purchase the asset which has been determined to be exercised with reasonably certainty, in which case the right of use asset is depreciated over the expected economic life of the underlying asset.The Group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__34": {
"value": "2.8 Property, plant & equipmentProperty, plant and equipment are valued at their cost, less accumulated depreciation and impairment losses. When assets are sold or disposed, the carrying amount is derecognized and any gain or loss is recognized in the statement of profit and loss.The cost of property, plant and equipment includes the purchase price and all costs necessary to bring the asset to working condition for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognized in the statement of profit and loss, while other costs that are expected to provide future financial benefits are capitalized.The cost of property, plant & equipment is depreci-ated to the residual value over the asset\u2019s useful life. Depreciation is calculated using the straight-line method over the following useful life:\u2022 Buildings: 10\u201320 years\u2022 Plant, machinery and equipment: 3\u201315 years\u2022 Fixtures & fittings and vehicles 3\u201310 yearsIf an item of property, plant and equipment has different parts with different useful lives, the parts are depreciated separately if the cost is significant in relation to the total cost of the item.The depreciation period and method are assessed annually. A residual value is estimated at each year-end, and changes to the estimated residual value is recognized as a change in an estimate. When the carrying amount of property, plant and equipment exceeds the estimated recoverable amount, the value is written down to the recoverable amount.Assets under construction are classified as prop-erty, plant and equipment and are recognized at cost until the production or development process is completed. Assets under construction are not subject to depreciation until the assets are taken into use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__36-1": {
"value": "The cost of property, plant and equipment includes the purchase price and all costs necessary to bring the asset to working condition for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognized in the statement of profit and loss, while other costs that are expected to provide future financial benefits are capitalized.The cost of property, plant & equipment is depreci-ated to the residual value over the asset\u2019s useful life. Depreciation is calculated using the straight-line method over the following useful life:\u2022 Buildings: 10\u201320 years\u2022 Plant, machinery and equipment: 3\u201315 years\u2022 Fixtures & fittings and vehicles 3\u201310 yearsIf an item of property, plant and equipment has different parts with different useful lives, the parts are depreciated separately if the cost is significant in relation to the total cost of the item.The depreciation period and method are assessed annually. A residual value is estimated at each year-end, and changes to the estimated residual value is recognized as a change in an estimate. When the carrying amount of property, plant and equipment exceeds the estimated recoverable amount, the value is written down to the recoverable amount.Assets under construction are classified as prop-erty, plant and equipment and are recognized at cost until the production or development process is completed. Assets under construction are not subject to depreciation until the assets are taken into use.Research and development costExpenses relating to research activities are recognized in the income statement as they incur. Expenses relating to development activities (relating to the design and testing of new or improved products) are capitalized to the extent that the product or process is technical and commercially viable, and the Group has sufficient resources to complete the development work. Expenses that are capitalized include the costs of materials, direct salary costs and a share of the directly attributable overhead expenses. Capitalized development costs are recognized at their cost minus accumulated amortization and impairment losses. Other development costs are recognized in the statement of comprehensive income as incurred.Development costs that have previously been expensed are not recognized in subsequent periods. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset. Capitalized development costs with an indefinite useful life or related to projects under development are tested annually for impairment in accordance with IAS 36.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__37": {
"value": "2.9 LeasesAt the inception of a contract, The Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.The group as a lesseeFor contracts that constitute, or contain a lease, the Group separates lease components if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The Group then accounts for each lease component within the contract as a lease separately from non-lease com-ponents of the contract.At the lease commencement date, the Group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:\u2022 Short-term leases (defined as 12 months or less)\u2022 Low value assetsFor these leases, the Group recognizes the lease payments as other operating expenses in the state-ment of profit or loss when they incur.Lease liabilitiesThe lease liability is recognized at the commence-ment date of the lease. The Group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the com-mencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option. In calculating the present value of lease payments, the Group uses the interest rate implicitly defined in the lease contract if that interest rate is readily determinable, or its incremental borrowing rate in all other cases.The lease payments included in the measurement comprise of:\u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable\u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date\u2022 Amount expected to be payable by the Group under residual value guarantees\u2022 The exercise price of a purchase option, if the Group is reasonably certain to exercise that option\u2022 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate.The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease expenses in profit or loss.The Group presents its lease liabilities as separate line items in the statement of financial position.Right-of-use assetsThe Group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease lia-bilities. The cost of the right-of-use asset comprise:\u2022 The amount of the initial measurement of the lease liability recognized\u2022 Any lease payments made on or before the com-mencement date, less any incentives received\u2022 Any initial direct costs incurred by the Group. An estimate of the costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restor-ing the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depre-ciating the right-of-use asset, except that the right-of-use asset is depreciated from the com-mencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset, unless there is an option to purchase the asset which has been determined to be exercised with reasonably certainty, in which case the right of use asset is depreciated over the expected economic life of the underlying asset.The Group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.Sale- and leaseback transactionsIn the event of sale- and leaseback transactions, the Group first assesses whether transfer of control of the underlying asset represents a sale within the context of IFRS 15. The Group considers several factors for determining whether the buyer has obtained control of the asset, including, but not limited to, the existence of any repurchase options, any beneficial renewal options terms, the length of the lease term including any option periods compared to the expected remaining lifetime of the asset, and the lease liability compared to the market value of the asset.When the transfer of the asset is determined to be a true sale, the Group measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that related to the right-of-use being retained. The said proportionate share of the asset is derived from the recognized lease liability following the trans-action in percentage of the fair market value of the underlying asset being sold. Effectively, the Group recognizes the amount of a gain or a loss only related to the rights transferred to the buyer-lessor.In the event the transfer of the underlying asset to the buyer does not represent a true sale, the Group continues to carry the underlying asset and recognizes a financial liability equal to the transfer proceeds.The Group as a lessorFor contracts where the Group acts as a lessor, it classifies each of its leases as either an operating lease or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underly-ing asset. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset.For operating leases, the Group recognizes lease payments as rental income. Rental income is recog-nized mainly on a straight-line basis over the lease terms. The Group adds initial direct costs incurred in obtaining an operating lease to the carrying amount of the underlying asset and recognizes those costs as an expense over the lease term on the same basis as the rental income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__39": {
"value": "2.10 Borrowing costBorrowing costs directly attributable to the acqui-sition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__42-1": {
"value": "2.11 Financial instrumentsA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.Financial liabilitiesFinancial liabilities are subsequently recognized at amortized cost, as loans and borrowings and payables. Contingent consideration in business combinations is recognized and measured at fair value and changes in fair value are recognized in the income statement. Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives assets.Loans, borrowings and payablesAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amor-tized 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 amorti-zation process.Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss.Payables are measured at their nominal amount when the effect of discounting is not material.Derecognition of financial liabilitiesA financial liability is derecognized when the obli-gation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecog-nition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__41-1": {
"value": "2.11 Financial instrumentsA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.Financial assetThe Group\u2019s financial assets are derivatives, non-listed equity instruments, loans, trade receivables and cash and cash equivalents.The classification of financial assets at initial recog-nition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.The Group classified its financial assets in the following categories:\u2022 Financial assets at amortized cost\u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses\u2022 Financial assets at fair value through profit and lossFinancial assets at amortized costThe Group measures financial assets at amortized cost if both of the following conditions are met:\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and,\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the princi-pal amount outstandingFinancial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers.Financial assets at fair value through OCI (debt instruments)The Group measures debt instruments at fair value through OCI if both of the following conditions are met:\u2022 The financial asset is held where the business model objective of both holding to collect con-tractual cash flows and selling, and,\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the princi-pal amount outstandingFor debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. The Group does not hold any debt instruments at fair value through OCI.Financial assets at fair value through profit and lossFinancial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments.Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. The category includes foreign exchange contracts and interest rate swaps not designated as hedging instruments.Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; andeither1. the Group has transferred substantially all the risks and rewards of the asset, or2. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the assetImpairment of financial assetsThe Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.ECLs are recognized in two stages. For credit expo-sures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable informa-tion that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due.The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also con-sider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expecta-tion of recovering the contractual cash flows.A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__40-1": {
"value": "2.11 Financial instrumentsA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.Financial assetThe Group\u2019s financial assets are derivatives, non-listed equity instruments, loans, trade receivables and cash and cash equivalents.The classification of financial assets at initial recog-nition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.The Group classified its financial assets in the following categories:\u2022 Financial assets at amortized cost\u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses\u2022 Financial assets at fair value through profit and lossFinancial assets at amortized costThe Group measures financial assets at amortized cost if both of the following conditions are met:\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and,\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the princi-pal amount outstandingFinancial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers.Financial assets at fair value through OCI (debt instruments)The Group measures debt instruments at fair value through OCI if both of the following conditions are met:\u2022 The financial asset is held where the business model objective of both holding to collect con-tractual cash flows and selling, and,\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the princi-pal amount outstandingFor debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. The Group does not hold any debt instruments at fair value through OCI.Financial assets at fair value through profit and lossFinancial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments.Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. The category includes foreign exchange contracts and interest rate swaps not designated as hedging instruments.Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; andeither1. the Group has transferred substantially all the risks and rewards of the asset, or2. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the assetFinancial liabilitiesFinancial liabilities are subsequently recognized at amortized cost, as loans and borrowings and payables. Contingent consideration in business combinations is recognized and measured at fair value and changes in fair value are recognized in the income statement. Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives assets.Loans, borrowings and payablesAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amor-tized 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 amorti-zation process.Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss.Payables are measured at their nominal amount when the effect of discounting is not material.Derecognition of financial liabilitiesA financial liability is derecognized when the obli-gation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecog-nition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.Hedges of a net investment in a foreign operationA hedge of a net investment in a foreign oper-ation is accounted for in a similar way as a cash flow hedge. Foreign exchange gains or losses on the hedging instruments relating to the effective portion of the hedge are recognized directly in OCI, while any foreign exchange gains and losses related to the ineffective portion are recognized in profit and loss. On disposal of the foreign entity, the cumulative value of foreign exchange gains or losses recognized directly in equity is transferred to profit and loss.Fair value hedges are not applicable to the group.Impairment of financial assetsThe Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.ECLs are recognized in two stages. For credit expo-sures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable informa-tion that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due.The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also con-sider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expecta-tion of recovering the contractual cash flows.A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.2.15 EquityFinancial instruments are classified as liabilities or equity in accordance with the underlying economic realities. Interest, dividend, gains and losses relating to a financial instrument classified as a liability will be presented as an expense or income. Amounts distributed to holders of financial instruments that are classified as equity will be recorded directly in equity.(I) Own sharesIn the event of a purchase of own shares, the pur-chase price and any directly associated costs are recognized as a change in equity. Own shares are presented as a reduction in equity. Gains or losses on transactions involving own shares are recognized directly in equity.(II) Costs arising from equity transactionsTransaction costs directly related to an equity transaction are recognized directly in equity after deducting tax expenses.(III) Other equity(a) Translation differencesTranslation differences arising in connection with exchange-rate differences on consolidation of foreign entities are recognized in other compre-hensive income. Exchange-rate differences in monetary amounts (liabilities or receivables) which are in reality a part of a company\u2019s net investment in a foreign entity are also included as translation differences.If a foreign entity is sold, the accumulated transla-tion differences linked to the entity are reversed and recognized in profit or loss in the same period in which the gain or loss on sale is recognized.(b) Change in actuarial gains/losses (pension commitments)Actuarial gains or losses resulting from changes in assumptions and basic data are recognized directly in other comprehensive income.(c) DividendsProposed dividends are classified as other equity until they are approved by the general assembly of Hexagon Composites ASA.(IV) Other paid-in capital \u2013 Share-based paymentsThe Group has a share-based program for certain employees in senior and key positions. The fair value of the share instruments is measured at the date of the grant using the Black & Scholes model. The fair value of the issued options, performance share units (PSUs) and restricted share units (RSUs) is expensed as an employee cost with a corresponding increase in other paid in capital over the vesting period, which is over the agreed-upon future service time.(V) Hedging reserveForward exchange contracts and interest rate deriv-atives that qualify as hedging instruments (cash flow hedges) are recognized at fair value, with a corre-sponding entry in total comprehensive income, and transferred to the revaluation reserve (net of tax). Realized gains or losses are recognized in profit or loss to offset gains or losses on the items that were hedged.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__43-1": {
"value": "Financial assetThe Group\u2019s financial assets are derivatives, non-listed equity instruments, loans, trade receivables and cash and cash equivalents.The classification of financial assets at initial recog-nition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.The Group classified its financial assets in the following categories:\u2022 Financial assets at amortized cost\u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses\u2022 Financial assets at fair value through profit and lossFinancial assets at amortized costThe Group measures financial assets at amortized cost if both of the following conditions are met:\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and,\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the princi-pal amount outstandingFinancial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers.Financial assets at fair value through OCI (debt instruments)The Group measures debt instruments at fair value through OCI if both of the following conditions are met:\u2022 The financial asset is held where the business model objective of both holding to collect con-tractual cash flows and selling, and,\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the princi-pal amount outstandingFor debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. The Group does not hold any debt instruments at fair value through OCI.Financial assets at fair value through profit and lossFinancial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments.Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. The category includes foreign exchange contracts and interest rate swaps not designated as hedging instruments.Financial liabilitiesFinancial liabilities are subsequently recognized at amortized cost, as loans and borrowings and payables. Contingent consideration in business combinations is recognized and measured at fair value and changes in fair value are recognized in the income statement. Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives assets.Loans, borrowings and payablesAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amor-tized 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 amorti-zation process.Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss.Payables are measured at their nominal amount when the effect of discounting is not material.Hedges of a net investment in a foreign operationA hedge of a net investment in a foreign oper-ation is accounted for in a similar way as a cash flow hedge. Foreign exchange gains or losses on the hedging instruments relating to the effective portion of the hedge are recognized directly in OCI, while any foreign exchange gains and losses related to the ineffective portion are recognized in profit and loss. On disposal of the foreign entity, the cumulative value of foreign exchange gains or losses recognized directly in equity is transferred to profit and loss.Fair value hedges are not applicable to the group.(b) Change in actuarial gains/losses (pension commitments)Actuarial gains or losses resulting from changes in assumptions and basic data are recognized directly in other comprehensive income.(V) Hedging reserveForward exchange contracts and interest rate deriv-atives that qualify as hedging instruments (cash flow hedges) are recognized at fair value, with a corre-sponding entry in total comprehensive income, and transferred to the revaluation reserve (net of tax). Realized gains or losses are recognized in profit or loss to offset gains or losses on the items that were hedged.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__44-1": {
"value": "Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; andeither1. the Group has transferred substantially all the risks and rewards of the asset, or2. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the assetDerecognition of financial liabilitiesA financial liability is derecognized when the obli-gation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecog-nition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__48-1": {
"value": "Hedges of a net investment in a foreign operationA hedge of a net investment in a foreign oper-ation is accounted for in a similar way as a cash flow hedge. Foreign exchange gains or losses on the hedging instruments relating to the effective portion of the hedge are recognized directly in OCI, while any foreign exchange gains and losses related to the ineffective portion are recognized in profit and loss. On disposal of the foreign entity, the cumulative value of foreign exchange gains or losses recognized directly in equity is transferred to profit and loss.Fair value hedges are not applicable to the group.(V) Hedging reserveForward exchange contracts and interest rate deriv-atives that qualify as hedging instruments (cash flow hedges) are recognized at fair value, with a corre-sponding entry in total comprehensive income, and transferred to the revaluation reserve (net of tax). Realized gains or losses are recognized in profit or loss to offset gains or losses on the items that were hedged.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__52-1": {
"value": "Impairment of financial assetsThe Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.ECLs are recognized in two stages. For credit expo-sures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable informa-tion that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due.The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also con-sider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expecta-tion of recovering the contractual cash flows.A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.2.13 Impairment of non-financial assetsIntangible assets with an indefinite useful life are not amortized but tested annually for impairment. Items of property, plant and equipment, right of use assets and intangible assets are tested for impairment if there is reason to believe that future earnings do not justify the asset\u2019s carrying amount. The difference between the carrying amount and the recoverable amount is recognized as an impair-ment loss. The recoverable amount is the higher of the fair value less costs to sell and the value in use.When testing for impairment, non-current assets are grouped at the lowest level at which it is possi-ble to distinguish independent cash inflows (cash generating units, CGU). A CGU is the smallest identifiable group of assets that generates cash inflows which are largely independent of the cash inflows from other assets or groups of assets. At each reporting date, the Group considers the possibility of reversing previous impairment losses on non-financial assets (except goodwill and other intangible assets with an indefinite useful life).In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__51": {
"value": "Impairment of financial assetsThe Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.ECLs are recognized in two stages. For credit expo-sures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable informa-tion that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due.The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also con-sider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expecta-tion of recovering the contractual cash flows.A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__54": {
"value": "2.12 Intangible assetsIntangible assets acquired independently are measured on initial recognition at cost. The cost of intangible assets acquired as part of a business combination is recognized at fair value in the Group\u2019s opening balance at the date of acquisition. Capitalized intangible assets are recognized at cost less any amortization and impairment.Internally generated intangible assets, with the exception of capitalized development expenses, are not capitalized, but expensed as incurred.The useful life is either finite or indefinite. Intangible assets with a finite useful life are amortized over their useful economic life and tested for impairment if there are any indications that the intangible asset may be impaired. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in accounting estimate.Intangible assets with an indefinite economic life are not amortized, but are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life are not amortized. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively.Patents and licensesAmounts paid for patents and licenses are recognized in the balance sheet and are amortized on a straight-line basis over their expected useful life. The expected useful life of patents and licenses varies between 5 and 20 years.Research and development costExpenses relating to research activities are recognized in the income statement as they incur. Expenses relating to development activities (relating to the design and testing of new or improved products) are capitalized to the extent that the product or process is technical and commercially viable, and the Group has sufficient resources to complete the development work. Expenses that are capitalized include the costs of materials, direct salary costs and a share of the directly attributable overhead expenses. Capitalized development costs are recognized at their cost minus accumulated amortization and impairment losses. Other development costs are recognized in the statement of comprehensive income as incurred.Development costs that have previously been expensed are not recognized in subsequent periods. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset. Capitalized development costs with an indefinite useful life or related to projects under development are tested annually for impairment in accordance with IAS 36.Customer relationshipsPurchased customer contracts have a finite useful life and are recognized at cost less amortization. Customer contracts and technology are amortized using the straight-line method over their estimated useful lives.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__56": {
"value": "Research and development costExpenses relating to research activities are recognized in the income statement as they incur. Expenses relating to development activities (relating to the design and testing of new or improved products) are capitalized to the extent that the product or process is technical and commercially viable, and the Group has sufficient resources to complete the development work. Expenses that are capitalized include the costs of materials, direct salary costs and a share of the directly attributable overhead expenses. Capitalized development costs are recognized at their cost minus accumulated amortization and impairment losses. Other development costs are recognized in the statement of comprehensive income as incurred.Development costs that have previously been expensed are not recognized in subsequent periods. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset. Capitalized development costs with an indefinite useful life or related to projects under development are tested annually for impairment in accordance with IAS 36.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__58": {
"value": "2.13 Impairment of non-financial assetsIntangible assets with an indefinite useful life are not amortized but tested annually for impairment. Items of property, plant and equipment, right of use assets and intangible assets are tested for impairment if there is reason to believe that future earnings do not justify the asset\u2019s carrying amount. The difference between the carrying amount and the recoverable amount is recognized as an impair-ment loss. The recoverable amount is the higher of the fair value less costs to sell and the value in use.When testing for impairment, non-current assets are grouped at the lowest level at which it is possi-ble to distinguish independent cash inflows (cash generating units, CGU). A CGU is the smallest identifiable group of assets that generates cash inflows which are largely independent of the cash inflows from other assets or groups of assets. At each reporting date, the Group considers the possibility of reversing previous impairment losses on non-financial assets (except goodwill and other intangible assets with an indefinite useful life).In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__59-1": {
"value": "2.14 ProvisionsProvisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable (more likely than not) that a financial settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is consid-erable, the provision is calculated by discounting estimated future cash flow using a discount rate before tax that reflects the market\u2019s pricing of the time value of money and, if relevant, risks specifi-cally associated with the obligation.Warranty provisions: The Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions related to these assurance-type warranties are recognized when the product is sold, or the service is provided to the customer. Initial recognition is based on historical information about warranties and a weighting of possible outcomes according to the likelihood of their occurrence. The initial estimate of warranty-related costs is revised annually.Onerous contracts: If the Group has a contract that is onerous, the present obligation under the contract is recognized and measured as a provision. However, before a separate provision for an onerous contract is established, the Group recognizes any impairment loss that has occurred on assets dedi-cated to that contract.(iii) Warranty provisionThe Group typically provides warranties for general repairs and does not provide extended warranties or maintenance services in its contracts with customers. Such warranties are evaluated as assurance-type warranties which are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. See note 19 for an overview of the warranty provision.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__61": {
"value": "(I) Own sharesIn the event of a purchase of own shares, the pur-chase price and any directly associated costs are recognized as a change in equity. Own shares are presented as a reduction in equity. Gains or losses on transactions involving own shares are recognized directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__64": {
"value": "(c) DividendsProposed dividends are classified as other equity until they are approved by the general assembly of Hexagon Composites ASA.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__65-1": {
"value": "(IV) Other paid-in capital \u2013 Share-based paymentsThe Group has a share-based program for certain employees in senior and key positions. The fair value of the share instruments is measured at the date of the grant using the Black & Scholes model. The fair value of the issued options, performance share units (PSUs) and restricted share units (RSUs) is expensed as an employee cost with a corresponding increase in other paid in capital over the vesting period, which is over the agreed-upon future service time.Share-based paymentThe Group has share-based programs for senior- and key executives. The programs are settled in shares, and consist of share options, performance share units (PSUs) and restricted share units (RSUs). In addition, certain key executives have share based programs settled in cash. The fair value of the share-based programs is expensed over the vesting period which is over the agreed-upon future service period and, where applicable, the performance conditions are fulfilled. The fair value of the share options, PSUs and RSUs is measured at grant date and calculated using the Black & Scholes model.The cost of the employee share-based transaction is expensed over the vesting period. The value of the issued options, PSUs and RSUs of the transactions that are settled with equity instruments (settled with the company\u2019s own shares) is recognized as salary and personnel cost in profit and loss with a corre-sponding increase in other paid-in capital. The cash settlement options are however recognized with a corresponding change in provisions. Social security tax is recorded as a liability and is recognized over the estimated vesting period.Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions.When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__68": {
"value": "2.16 Revenue from contracts with customersThe Group\u2019s main revenues come from the sale of its own mass-produced standard products in the different segments:1. Hexagon Agility2. Hexagon Ragasco3. Hexagon Digital Wave4. Hexagon PurusRevenue from contracts with customers is recog-nized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The products are mainly sold in relation to separately identifiable contracts with customers.Sale of goods (cylinders, products, systems etc.)Revenue from sale of goods is recognized at the point in time when control of the asset is transferred to the customer, generally on delivery of the product. There are several credit terms, including upfront payment and secured payment, but normal credit term is 30 to 90 days upon delivery.The Group considers whether there are other prom-ises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of goods, the Group considers the effects of variable consideration and the existence of significant financing components.(i) Variable considerationSome contracts with customers provide rights of return, trade discounts or volume rebates. The Group uses the expected value method to estimate the goods that will not be returned as this best predicts the amount of variable consideration to which the Group will be entitled. For trade discounts and volume rebates the sale of goods are measured at the fair value of the consideration received or receivable, net of allowances for trade discounts and volume rebates. If revenue cannot be reliably meas-ured, the Group defers revenue recognition until the uncertainty is resolved. The Group performs the assessment on individual contracts to determine the estimated variable consideration and related constraints.(ii) Significant financing componentGenerally, the Group receives short-term advances from its customers. Using the practical expedient in IFRS 15, the Group does not adjust the promised amount of consideration for the effects of a signif-icant financing component if it expects, at contract inception, that the period between the transfer of the promised goods or services to the customer and when the customer pays for these goods or services will be one year or less.(iii) Warranty provisionThe Group typically provides warranties for general repairs and does not provide extended warranties or maintenance services in its contracts with customers. Such warranties are evaluated as assurance-type warranties which are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. See note 19 for an overview of the warranty provision.ServicesTo some extent the Group provides other services in relation to reinspection and testing of products and non-recurring engineering and design or development. These services are normally sold on their own and based on relative stand-alone selling prices. The Group recognizes revenue from services over time using an input method to measure pro-gress towards complete satisfaction of the service, because the customer simultaneously receives and consumes the benefits provided by the Group.Funded development contractsThe Group has entered into funded contracts with a limited number of customers for development services. The Group recognizes revenue over time as the services are performed. Progress is meas-ured using an input method to measure progress towards certain project milestones as the customer simultaneously receives and consumes the benefits provided by the Group.Contract balances(i) Contract assetsA contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consid-eration that is conditional.(ii) Trade receivableA receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due).(iii) Contract liabilityA contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consider-ation is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recog-nized when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group fulfils the performance obligation under the contract.Cost to obtain a contractThe Group has elected to apply the optional prac-tical expedient for costs to obtain a contract which allows the Group to immediately expense such costs when the related revenue is expected to be recognized within one year. When revenue will be recognized over several reporting periods the Group recognizes incremental costs of obtaining a contract with a customer as an asset, provided that the costs are expected to be recovered throughout the con-tract. The costs are amortized on a systematic basis that is consistent with the transfer of the related goods or services to the customer and subsequently re-assessed at the end of each reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__70": {
"value": "(ii) Trade receivableA receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__71": {
"value": "2.17 Employee benefitsDefined benefit pension plansDefined benefit plans are valued at the present value of accrued future pension benefits at the end of the reporting period. Pension plan assets are valued at their fair value.The current service cost and net interest income/costs are recognized immediately and is presented as a payroll & social security expense in the income statement. Net interest income/cost is calculated by using the discount rate of the liability at the begin-ning of the period on the net liability. Changes in net pension liabilities as a result of payments of pre-miums and pension payments have been taken into consideration. The difference between the actual return and the accounted return is recognized continuously through other comprehensive income. The pension cost is affecting the payroll & social security costs in the income statement. Actuarial gains and losses, including changes in value, both for assets and liabilities, are recognized trough other comprehensive income. Actuarial gains and losses are not reclassified over profit and loss.Multi-employer plansSome of the Norwegian employees participate in a new AFP pension scheme. The scheme is a defined benefit multi-employer pension plan, funded through premiums that are defined as a percentage of salary. The scheme\u2019s retirement benefit obliga-tion and plan assets cannot be reliably measured and allocated at present. For accounting purposes, the scheme is treated as a defined contribution plan, with premium payments expensed as incurred, and no pension liability recognized.Defined contribution pension plansPension premiums relating to defined contribution plans are recognized as an expense as they are incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__73": {
"value": "2.18 Government grantsGovernment grants, including the Norwegian Skattefunn incentive scheme, are recognized when there is reasonable assurance that the Group will comply with the conditions stipulated for the grants, and that the grants will be received. Operating grants are recognized systematically during the grant period. Grants are deducted from the cost which the grant is meant to cover. Investment grants are capitalized and recognized systematically over the asset\u2019s useful life. Investment grants are recognized as deferred income. The Group currently has grants with the United States Department of Energy which is recognized as grant income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__75": {
"value": "2.19 Income taxesThe tax expense consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calculated on all differences between the book value and tax value of assets and liabilities, with the exception of:\u2022 temporary differences linked to goodwill that are not tax deductible\u2022 temporary differences related to investments in subsidiaries, associates or joint ventures when the Group controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future.Deferred tax assets are recognized when it is prob-able that the Group will have a sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The Group recognize previously unrecognized deferred tax assets to the extent it has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce a deferred tax asset to the extent that the Group no longer regards it as probable that it can utilize the deferred tax asset.Deferred tax and deferred tax assets are meas-ured on the basis of the expected future tax rates applicable to the companies in the Group where temporary differences have arisen. Deferred tax assets and liabilities are recognized at their nominal value and classified as non-current assets and non-current liabilities in the balance sheet.Taxes payable and deferred taxes are recognized directly in equity to the extent that they relate to items recognized directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__74": {
"value": "2.19 Income taxesThe tax expense consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calculated on all differences between the book value and tax value of assets and liabilities, with the exception of:\u2022 temporary differences linked to goodwill that are not tax deductible\u2022 temporary differences related to investments in subsidiaries, associates or joint ventures when the Group controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future.Deferred tax assets are recognized when it is prob-able that the Group will have a sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The Group recognize previously unrecognized deferred tax assets to the extent it has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce a deferred tax asset to the extent that the Group no longer regards it as probable that it can utilize the deferred tax asset.Deferred tax and deferred tax assets are meas-ured on the basis of the expected future tax rates applicable to the companies in the Group where temporary differences have arisen. Deferred tax assets and liabilities are recognized at their nominal value and classified as non-current assets and non-current liabilities in the balance sheet.Taxes payable and deferred taxes are recognized directly in equity to the extent that they relate to items recognized directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__76": {
"value": "2.20 SegmentsFor management reporting purposes, the Group is organized into different business areas according to product/service range. The Group\u2019s segment report-ing format is business areas. Financial information relating to segments and geographical areas is presented in note 4.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__77": {
"value": "2.21 Contingent liabilities and contingent assetsContingent liabilities are not recognized in the annual accounts. Significant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred.Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain prob-ability that a benefit will be added to the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__80": {
"value": "Note 3 Estimation uncertainty and significant judgmentsThe management has used estimates and assumptions that have affected assets, liabilities, income, expenses and information on potential liabilities. This particularly applies to the depreciation of tangible and intangible fixed assets, impairment of goodwill and evaluations related to acquisitions. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience and other factors, including forecast events that are considered probable under current circumstance. Changes in accounting estimates are recognized during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods.The Group prepares estimates and makes assump-tions about the future. The accounting estimates based on this process are, by definition, rarely com-pletely in line with the final outcome. Estimates and assumptions represent a risk of material changes in the reported amounts of revenues, expenses, assets, liabilities and equity over the next financial year.The Group\u2019s most important accounting estimates are related to the following items:\u2022 Fair value of assets and liabilities at the time of acquisition\u2022 Impairment of goodwill\u2022 Depreciation and impairment of property, plant & equipment and intangible assets\u2022 Leases\u2022 Capitalized development cost\u2022 Contingent considerations\u2022 Unlisted equity investments\u2022 Revenue from contracts with customersFair value of assets and liabilities at the time of acquisitionThe Group is required to allocate the purchase price of acquired companies to the assets acquired and liabilities assumed based on their estimated fair values. Such valuations require management to make significant judgments in selecting valu-ation methods, estimates and assumptions. For the acquisitions of Wystrach GmbH and Wyrent GmbH in 2021 the Group engaged a third-party appraisal firm to assist the Group in determining the fair values of the assets acquired and liabilities assumed. The significant purchased intangible assets recorded by Hexagon Composites included customer relationships, trade name and technol-ogy. Critical estimates in the evaluations for such intangible assets include, but are not limited to, estimated average customer relationship based on customer attrition, applying a relief from royalty model using an appropriate royalty rate and expected developments in technology and markets.Management\u2019s estimates of fair value and useful lives are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Management\u2019s fair value estimates are based on reasonable, but not entirely certain, assumptions. See also note 5.Impairment of goodwillRecognized goodwill is assessed annually for impairment. Recoverable amounts from cash-gen-erating units are calculated based on their value in use. There is uncertainty associated with the assumptions used as a basis in the preparation of budgets for the calculation of value in use. These calculations require the use of estimates and assumptions about future income and expense trends. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate.See also note 11 for further information on impair-ment testing of goodwill.Depreciation and impairment of property, plant & equipment and intangible assetsGroup management determines the useful lives and depreciation rates for items of property, plant & equipment and intangible assets. The expected useful life of the Group\u2019s production equipment is largely dependent on technological development. The present depreciation period is 3\u201320 years, but an uncertainty exists for the interval between 10\u201320 years.Leases \u2013 Significant judgement in determining the lease term of contracts with renewal options and incremental borrowing rateThe group has several offices and other facilities leases with options to extend the lease. Renewal options are included in the calculation of the lease liability if management is reasonably certain to exer-cise the option to renew the contract. Management has used judgment when considering all relevant factors that create an economic incentive to extend the lease. In this assessment Management has considered the original lease term and the signifi-cance of the underlying assets, i.e. the offices and other facilities.In the event the Group cannot readily determine the interest rate implicit in the lease, the Group uses the incremental borrowing rate (IBR) to measure the lease liability. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic envi-ronment. The IBR therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions). 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 the subsidiary\u2019s stand-alone credit rating). See also note 24 Leases.Capitalized development costsThe Group capitalizes development costs for a project in accordance with the Groups accounting policy. Initial capitalization of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to project plan. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates to be applied and the expected period of benefits. For criteria for recognition, see note 2.12 and note 11.There is uncertainty about the date for when the criteria for recognition of intangible assets are satisfied and there is uncertainty associated with the valuation and allocation of the cost of acquisition for intangible assets.Contingent considerationsAs a part of business combinations, the purchase price consideration may have to be estimated dependent upon the content of the sale-and purchase agreement, herein e.g., contingent con-siderations. Such liabilities are subject to estimation uncertainty as they typically are dependent upon the financial performance of, and/or other quanti-tative and qualitative events of the acquired entity. Management uses significant judgement in the valuation of such liabilities such as, but not limited to, future profitability, discount rates and probability of certain target achievement. Any subsequent revaluations of said liabilities are recognized as fair value adjustments through profit and loss. See also note 5.Unlisted equity investmentsEstimating fair value of unlisted companies requires judgement by management. The fair value of unlisted equity investments is estimated by using commonly used valuation techniques or by implicit valuations derived from private placements under-taken in the companies.Revenue from contracts with customers \u2013 determining the timing of satisfaction of services and funded development contractsThe Group has concluded that revenue for services and funded development contracts is to be recognized over time because the customer simultaneously receives and consumes the benefits provided by the Group. The fact that another entity would not need to re-perform the installation or the defined milestones that the Group has provided to date demonstrates that the customer simultaneously receives and consumes the benefits of the Group\u2019s performance as it performs.The Group determined that the input method is the best method in measuring progress of the services and funded development contracts because there is a direct relationship between the Group\u2019s effort (i.e., total costs incurred) and the transfer of service to the customer. The Group recognizes revenue on the basis of the total costs expended relative to the total expected costs to complete the service and funded development contract. See also note 4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__84": {
"value": "Note 4 Operating segment and revenue breakdownThe Group\u2019s operation is divided into four strategic business areas, which are organized and managed separately. These four business areas are also defined as the group\u2019s reportable operating seg-ments as the different business areas sell different products, address different customer groups and have different risk profiles.The Hexagon Composites group is divided into the following reportable operating segmentsa. Hexagon Agility - global leader of (renewable) natural gas fuel systems and delivery solutions for the mobility market.b. Hexagon Ragasco - world\u2019s leading manufacturer of composite LPG cylinders.c. Hexagon Digital Wave - global leader in innova-tive cylinder testing and monitoring technology.d. Hexagon Purus - leading global provider of technology needed for zero emission mobilityThe executive management group is the Chief Operating Decision Makers (CODMs) and monitor the operating results of their respective business areas separately for the purpose of making deci-sions about resource allocation and performance assessment.No operating segments have been aggregated to form the above reportable operating segments. Transactions between the segments are based on arm\u2019s length basis.Other informationThe Group\u2019s customer base is relatively fragmented in terms of size and concentration such that it is not dependent upon any one single customer. No customer or customer group exceeded 10 per cent of annual sales in the group in 2022 and 2021.Geographical segmentsThe Group\u2019s activities are divided into the following regions: Europe, North America, South-East Asia, Middle East and Norway.Transactions in the different segments have been eliminated.Business segment data 2022Hexagon Hexagon Digital Corporate / Hexagon ex. Hexagon Group (NOK 1 000) Hexagon AgilityRagascoWaveeliminationPurus Hexagon Purus Elimination2022Revenue from external customers:Sale of cylinders and equipment (at a point in time) 3 204 885 701 029 89 297 3 141 3 998 352 909 715 67 4 908 134Sale of services and funded development (transferred over time) - - - - - 4 882 4 882Internal transactions 260 981 4 977 24 679 (1 601) 289 036 44 040 (333 076) -Other operating income 8 093 210 2 025 10 327 4 034 14 361Total revenue from contract with customers 3 473 959 706 216 116 001 1 540 4 297 716 962 670 (333 009) 4 927 377Rental income 3 919 - - 1 107 5 027 1 255 (1 353) 4 929Total revenue 3 477 878 706 216 116 001 2 648 4 302 743 963 925 (334 362) 4 932 306Operating profit for segment before depreciation/amortization (EBITDA) 208 988 123 256 6 715 8 709 347 667 (405 505) (5 353) (63 190)Operating profit for segment (EBIT) 28 186 86 362 1 193 (9 907) 105 834 (500 594) (593) (395 352)Profit/loss from associates (3 571) - - - (3 571) 51 888 - 48 317Net financial items (56 880) (301) (6 166) (14 543) (77 890) 7 808 - (70 082)Tax expense 12 691 16 685 258 (11 394) 18 240 (9 380) - 8 859Profit/loss for the year (44 956) 69 376 (5 231) (13 056) 6 134 (431 518) (593) (425 977)Segment assets 4 550 321 581 399 109 677 1 750 450 6 991 847 2 654 903 (1 743 009) 7 903 742Segment liabilities 2 104 101 391 626 46 015 1 077 791 3 619 533 967 282 (151 880) 4 434 935Investments in property, plant & equipment for the year 213 979 38 352 1 825 13 022 267 180 240 030 507 210Depreciation and impairment 91 911 29 252 2 109 2 534 125 806 33 779 159 585Investments in intangible assets for the year 4 940 - - 18 164 23 104 52 625 75 729Amortization and impairment 46 344 - - 12 812 59 156 36 906 96 062Additions of right-of-use assets for the year 121 532 - 293 1 695 123 520 122 472 245 992Depreciation and impairment 37 786 7 642 3 413 3 270 52 110 24 404 76 514Geographical information 2022Consolidated (NOK 1 000) Europe North America South America South-East Asia Middle East Norway2022Revenue divided among customer locations from external customers 2 064 775 2 567 103 105 204 105 270 30 816 59 139 4 932 306 1 Non current assets1 256 284 2 636 664 13 517 473 928 4 380 393Investments in property, plant & equipment for the year 171 320 287 003 10 460 38 427 507 210Investments in intangible assets for the year 1 621 5 246 3 043 65 819 75 7291 Non-current assets for this purpose consists of property, plant & equipment, right-of-use assets and intangible assets.Contract balances 2022 2021Trade receivables 865 403 880 396Contract assets 9 488 4 165Contract liabilitites 548 643 277 658Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days. In 2022, TNOK 13 165 (2021 TNOK 10 915) was recognized as provision for doubtful debtors on trade receivables.Contract assets are initially recognized for revenue earned from installation and project services as receipt of consideration is conditional on successful completion of installation or project. Upon comple-tion and acceptance by the customer, the amounts recognized as contract assets are reclassified to trade receivables. The higher amount in contract assets in 2022 is the result of normal fluctuations in this part of the business at the end of the year. All contracts are for period of one year or less or are build based on time incurred. As permitted under IFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed.Contract liabilities include short-term advances received for funded services & development and paid not delivered goods to external customers. The outstanding balances of these accounts increased in 2022 due to increasing activities in services & funded development projects. The entire contract liabilities was recognized in the subsequent period.Performance obligationsInformation related to the Group\u00b4s performance obligations and related revenue recognition is summarized below:Sale of goodsThe performance obligation is generally satisfied upon delivery of cylinders and other equipment. The normal credit term is 30 to 90 days upon delivery. Recognition of revenue at the point of delivery is only recognized for an amount of the consideration that reflects the estimated variable consideration the Group is expected to ultimately be entitled. The variable consideration is re-assessed at the end of each reporting period and recognized as (or when) the uncertainty is subsequently resolved and is estimated based on the expected value approach.Sale of servicesThe Group provides services in relation to reinspection and testing of products and non-recurring engineer-ing and design or development. These may be sold separately or bundled together with the sale of goods. The Group has determined that these services should be accounted for as a separate performance obliga-tion as the services are separately identifiable. The performance obligation is satisfied over time because the customer simultaneously receives and consumes the benefits provided by the Group. The Group recognizes revenue on the basis of the labor hours incurred relative to the total expected labor hours to complete the installation. When a contract includes separate performance obligations in relation to both sale of goods and installation, the consideration is allocated between the performance obligations based on observable stand-alone selling prices.Sale of funded development contractsThe Group has entered into contracts with a limited number of customers for development services. As the inputs (raw materials, labor hours etc.) are integrated into a combined output, the combined product has been determined to constitute one performance obligation. Further, the customization process & integration significantly modifies the assets under construction until delivery. The Group assessed that the performance obligation is satisfied over time because it has at all times an enforceable right to payment for performance completed to date, including a reasonable margin. Additionally, the asset has no alternative use for the Group as it is limited practically from readily directing the asset in its completed state, as the Group would suffer a significant loss from modifying the asset before it could be sold to another customer. The Group measures progress based on costs incurred relative to the total expected costs to complete the project as this measurement most faithfully depicts the Group\u2019s progress towards complete satisfaction of the performance obligation.Business segment data 2021Hexagon Hexagon Digital Corporate / Hexagon ex. Hexagon Group (NOK 1 000) Hexagon AgilityRagascoWaveeliminationPurus Hexagon Purus Elimination2021Revenue from external customers:Sale of cylinders and equipment (at a point in time) 2 410 469 575 245 47 213 3 084 3 036 012 494 222 947 3 531 181Sale of services and funded development (transferred over time) 70 - - - 70 3 441 3 511Internal transactions 202 693 2 495 9 029 21 018 235 235 7 495 (242 731) -Other operating income 2 608 398 942 17 3 965 880 4 845Total revenue from contract with customers 2 615 840 578 138 57 184 24 119 3 275 282 506 039 (241 784) 3 539 537Rental income 1 695 - - 766 2 461 1 679 (787) 3 354Total revenue 2 617 535 578 138 57 184 24 885 3 277 743 507 718 (242 571) 3 542 890Operating profit for segment before depreciation/amortization (EBITDA) 292 655 94 972 (10 677) 4 005 380 955 (271 777) (595) 108 584Operating profit for segment (EBIT) 138 508 60 325 (14 826) (12 634) 171 373 (324 874) (595) (154 096)Profit/loss from associates - - - - - (2 957) - (2 957)Net financial items (38 031) (5 785) (4 859) (76 575) (125 250) (19 441) - (144 691)Tax expense 39 104 11 017 206 (22 374) 27 953 (2 120) - 25 833Profit/loss for the year 61 373 43 523 (19 891) (66 835) 18 170 (345 152) (595) (327 577)Segment assets 3 819 260 516 251 83 882 1 263 465 5 682 859 2 101 745 (1 269 358) 6 515 246Segment liabilities 1 641 009 392 111 113 013 317 044 2 463 177 686 347 (118 580) 3 030 945Investments in property, plant & equipment for the year 146 378 39 418 6 784 946 193 527 107 711 301 238Depreciation and impairment 77 605 29 232 1 108 3 051 110 996 17 129 128 125Investments in intangible assets for the year 5 962 - - 16 059 22 020 37 735 59 755Amortization and impairment 41 599 - - 10 948 52 547 17 853 70 400Additions of right-of-use assets for the year 24 309 12 777 - 536 37 622 32 345 69 966Depreciation and impairment 34 944 5 415 3 041 2 640 46 039 18 116 64 155Geographical information 2021Consolidated (NOK 1 000) Europe North America South America South-East Asia Middle East Norway2021Revenue divided among customer locations from external customers 1 197 409 2 174 867 15 425 81 447 14 996 58 746 3 542 890 1 Non current assets1 109 628 2 121 649 7 897 438 284 3 677 458Investments in property, plant & equipment for the year 127 469 131 085 42 684 301 238Investments in intangible assets for the year 4 778 7 072 47 905 59 7551 Non-current assets for this purpose consists of property, plant & equipment, right-of-use assets and intangible assets",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__83": {
"value": "Note 4 Operating segment and revenue breakdownThe Group\u2019s operation is divided into four strategic business areas, which are organized and managed separately. These four business areas are also defined as the group\u2019s reportable operating seg-ments as the different business areas sell different products, address different customer groups and have different risk profiles.The Hexagon Composites group is divided into the following reportable operating segmentsa. Hexagon Agility - global leader of (renewable) natural gas fuel systems and delivery solutions for the mobility market.b. Hexagon Ragasco - world\u2019s leading manufacturer of composite LPG cylinders.c. Hexagon Digital Wave - global leader in innova-tive cylinder testing and monitoring technology.d. Hexagon Purus - leading global provider of technology needed for zero emission mobilityThe executive management group is the Chief Operating Decision Makers (CODMs) and monitor the operating results of their respective business areas separately for the purpose of making deci-sions about resource allocation and performance assessment.No operating segments have been aggregated to form the above reportable operating segments. Transactions between the segments are based on arm\u2019s length basis.Other informationThe Group\u2019s customer base is relatively fragmented in terms of size and concentration such that it is not dependent upon any one single customer. No customer or customer group exceeded 10 per cent of annual sales in the group in 2022 and 2021.Geographical segmentsThe Group\u2019s activities are divided into the following regions: Europe, North America, South-East Asia, Middle East and Norway.Transactions in the different segments have been eliminated.Business segment data 2022Hexagon Hexagon Digital Corporate / Hexagon ex. Hexagon Group (NOK 1 000) Hexagon AgilityRagascoWaveeliminationPurus Hexagon Purus Elimination2022Revenue from external customers:Sale of cylinders and equipment (at a point in time) 3 204 885 701 029 89 297 3 141 3 998 352 909 715 67 4 908 134Sale of services and funded development (transferred over time) - - - - - 4 882 4 882Internal transactions 260 981 4 977 24 679 (1 601) 289 036 44 040 (333 076) -Other operating income 8 093 210 2 025 10 327 4 034 14 361Total revenue from contract with customers 3 473 959 706 216 116 001 1 540 4 297 716 962 670 (333 009) 4 927 377Rental income 3 919 - - 1 107 5 027 1 255 (1 353) 4 929Total revenue 3 477 878 706 216 116 001 2 648 4 302 743 963 925 (334 362) 4 932 306Operating profit for segment before depreciation/amortization (EBITDA) 208 988 123 256 6 715 8 709 347 667 (405 505) (5 353) (63 190)Operating profit for segment (EBIT) 28 186 86 362 1 193 (9 907) 105 834 (500 594) (593) (395 352)Profit/loss from associates (3 571) - - - (3 571) 51 888 - 48 317Net financial items (56 880) (301) (6 166) (14 543) (77 890) 7 808 - (70 082)Tax expense 12 691 16 685 258 (11 394) 18 240 (9 380) - 8 859Profit/loss for the year (44 956) 69 376 (5 231) (13 056) 6 134 (431 518) (593) (425 977)Segment assets 4 550 321 581 399 109 677 1 750 450 6 991 847 2 654 903 (1 743 009) 7 903 742Segment liabilities 2 104 101 391 626 46 015 1 077 791 3 619 533 967 282 (151 880) 4 434 935Investments in property, plant & equipment for the year 213 979 38 352 1 825 13 022 267 180 240 030 507 210Depreciation and impairment 91 911 29 252 2 109 2 534 125 806 33 779 159 585Investments in intangible assets for the year 4 940 - - 18 164 23 104 52 625 75 729Amortization and impairment 46 344 - - 12 812 59 156 36 906 96 062Additions of right-of-use assets for the year 121 532 - 293 1 695 123 520 122 472 245 992Depreciation and impairment 37 786 7 642 3 413 3 270 52 110 24 404 76 514Geographical information 2022Consolidated (NOK 1 000) Europe North America South America South-East Asia Middle East Norway2022Revenue divided among customer locations from external customers 2 064 775 2 567 103 105 204 105 270 30 816 59 139 4 932 306 1 Non current assets1 256 284 2 636 664 13 517 473 928 4 380 393Investments in property, plant & equipment for the year 171 320 287 003 10 460 38 427 507 210Investments in intangible assets for the year 1 621 5 246 3 043 65 819 75 7291 Non-current assets for this purpose consists of property, plant & equipment, right-of-use assets and intangible assets.Contract balances 2022 2021Trade receivables 865 403 880 396Contract assets 9 488 4 165Contract liabilitites 548 643 277 658Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days. In 2022, TNOK 13 165 (2021 TNOK 10 915) was recognized as provision for doubtful debtors on trade receivables.Contract assets are initially recognized for revenue earned from installation and project services as receipt of consideration is conditional on successful completion of installation or project. Upon comple-tion and acceptance by the customer, the amounts recognized as contract assets are reclassified to trade receivables. The higher amount in contract assets in 2022 is the result of normal fluctuations in this part of the business at the end of the year. All contracts are for period of one year or less or are build based on time incurred. As permitted under IFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed.Contract liabilities include short-term advances received for funded services & development and paid not delivered goods to external customers. The outstanding balances of these accounts increased in 2022 due to increasing activities in services & funded development projects. The entire contract liabilities was recognized in the subsequent period.Performance obligationsInformation related to the Group\u00b4s performance obligations and related revenue recognition is summarized below:Sale of goodsThe performance obligation is generally satisfied upon delivery of cylinders and other equipment. The normal credit term is 30 to 90 days upon delivery. Recognition of revenue at the point of delivery is only recognized for an amount of the consideration that reflects the estimated variable consideration the Group is expected to ultimately be entitled. The variable consideration is re-assessed at the end of each reporting period and recognized as (or when) the uncertainty is subsequently resolved and is estimated based on the expected value approach.Sale of servicesThe Group provides services in relation to reinspection and testing of products and non-recurring engineer-ing and design or development. These may be sold separately or bundled together with the sale of goods. The Group has determined that these services should be accounted for as a separate performance obliga-tion as the services are separately identifiable. The performance obligation is satisfied over time because the customer simultaneously receives and consumes the benefits provided by the Group. The Group recognizes revenue on the basis of the labor hours incurred relative to the total expected labor hours to complete the installation. When a contract includes separate performance obligations in relation to both sale of goods and installation, the consideration is allocated between the performance obligations based on observable stand-alone selling prices.Sale of funded development contractsThe Group has entered into contracts with a limited number of customers for development services. As the inputs (raw materials, labor hours etc.) are integrated into a combined output, the combined product has been determined to constitute one performance obligation. Further, the customization process & integration significantly modifies the assets under construction until delivery. The Group assessed that the performance obligation is satisfied over time because it has at all times an enforceable right to payment for performance completed to date, including a reasonable margin. Additionally, the asset has no alternative use for the Group as it is limited practically from readily directing the asset in its completed state, as the Group would suffer a significant loss from modifying the asset before it could be sold to another customer. The Group measures progress based on costs incurred relative to the total expected costs to complete the project as this measurement most faithfully depicts the Group\u2019s progress towards complete satisfaction of the performance obligation.Business segment data 2021Hexagon Hexagon Digital Corporate / Hexagon ex. Hexagon Group (NOK 1 000) Hexagon AgilityRagascoWaveeliminationPurus Hexagon Purus Elimination2021Revenue from external customers:Sale of cylinders and equipment (at a point in time) 2 410 469 575 245 47 213 3 084 3 036 012 494 222 947 3 531 181Sale of services and funded development (transferred over time) 70 - - - 70 3 441 3 511Internal transactions 202 693 2 495 9 029 21 018 235 235 7 495 (242 731) -Other operating income 2 608 398 942 17 3 965 880 4 845Total revenue from contract with customers 2 615 840 578 138 57 184 24 119 3 275 282 506 039 (241 784) 3 539 537Rental income 1 695 - - 766 2 461 1 679 (787) 3 354Total revenue 2 617 535 578 138 57 184 24 885 3 277 743 507 718 (242 571) 3 542 890Operating profit for segment before depreciation/amortization (EBITDA) 292 655 94 972 (10 677) 4 005 380 955 (271 777) (595) 108 584Operating profit for segment (EBIT) 138 508 60 325 (14 826) (12 634) 171 373 (324 874) (595) (154 096)Profit/loss from associates - - - - - (2 957) - (2 957)Net financial items (38 031) (5 785) (4 859) (76 575) (125 250) (19 441) - (144 691)Tax expense 39 104 11 017 206 (22 374) 27 953 (2 120) - 25 833Profit/loss for the year 61 373 43 523 (19 891) (66 835) 18 170 (345 152) (595) (327 577)Segment assets 3 819 260 516 251 83 882 1 263 465 5 682 859 2 101 745 (1 269 358) 6 515 246Segment liabilities 1 641 009 392 111 113 013 317 044 2 463 177 686 347 (118 580) 3 030 945Investments in property, plant & equipment for the year 146 378 39 418 6 784 946 193 527 107 711 301 238Depreciation and impairment 77 605 29 232 1 108 3 051 110 996 17 129 128 125Investments in intangible assets for the year 5 962 - - 16 059 22 020 37 735 59 755Amortization and impairment 41 599 - - 10 948 52 547 17 853 70 400Additions of right-of-use assets for the year 24 309 12 777 - 536 37 622 32 345 69 966Depreciation and impairment 34 944 5 415 3 041 2 640 46 039 18 116 64 155Geographical information 2021Consolidated (NOK 1 000) Europe North America South America South-East Asia Middle East Norway2021Revenue divided among customer locations from external customers 1 197 409 2 174 867 15 425 81 447 14 996 58 746 3 542 890 1 Non current assets1 109 628 2 121 649 7 897 438 284 3 677 458Investments in property, plant & equipment for the year 127 469 131 085 42 684 301 238Investments in intangible assets for the year 4 778 7 072 47 905 59 7551 Non-current assets for this purpose consists of property, plant & equipment, right-of-use assets and intangible assets",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__82-1": {
"value": "Note 4 Operating segment and revenue breakdownThe Group\u2019s operation is divided into four strategic business areas, which are organized and managed separately. These four business areas are also defined as the group\u2019s reportable operating seg-ments as the different business areas sell different products, address different customer groups and have different risk profiles.The Hexagon Composites group is divided into the following reportable operating segmentsa. Hexagon Agility - global leader of (renewable) natural gas fuel systems and delivery solutions for the mobility market.b. Hexagon Ragasco - world\u2019s leading manufacturer of composite LPG cylinders.c. Hexagon Digital Wave - global leader in innova-tive cylinder testing and monitoring technology.d. Hexagon Purus - leading global provider of technology needed for zero emission mobilityThe executive management group is the Chief Operating Decision Makers (CODMs) and monitor the operating results of their respective business areas separately for the purpose of making deci-sions about resource allocation and performance assessment.No operating segments have been aggregated to form the above reportable operating segments. Transactions between the segments are based on arm\u2019s length basis.Other informationThe Group\u2019s customer base is relatively fragmented in terms of size and concentration such that it is not dependent upon any one single customer. No customer or customer group exceeded 10 per cent of annual sales in the group in 2022 and 2021.Geographical segmentsThe Group\u2019s activities are divided into the following regions: Europe, North America, South-East Asia, Middle East and Norway.Transactions in the different segments have been eliminated.Business segment data 2022Hexagon Hexagon Digital Corporate / Hexagon ex. Hexagon Group (NOK 1 000) Hexagon AgilityRagascoWaveeliminationPurus Hexagon Purus Elimination2022Revenue from external customers:Sale of cylinders and equipment (at a point in time) 3 204 885 701 029 89 297 3 141 3 998 352 909 715 67 4 908 134Sale of services and funded development (transferred over time) - - - - - 4 882 4 882Internal transactions 260 981 4 977 24 679 (1 601) 289 036 44 040 (333 076) -Other operating income 8 093 210 2 025 10 327 4 034 14 361Total revenue from contract with customers 3 473 959 706 216 116 001 1 540 4 297 716 962 670 (333 009) 4 927 377Rental income 3 919 - - 1 107 5 027 1 255 (1 353) 4 929Total revenue 3 477 878 706 216 116 001 2 648 4 302 743 963 925 (334 362) 4 932 306Operating profit for segment before depreciation/amortization (EBITDA) 208 988 123 256 6 715 8 709 347 667 (405 505) (5 353) (63 190)Operating profit for segment (EBIT) 28 186 86 362 1 193 (9 907) 105 834 (500 594) (593) (395 352)Profit/loss from associates (3 571) - - - (3 571) 51 888 - 48 317Net financial items (56 880) (301) (6 166) (14 543) (77 890) 7 808 - (70 082)Tax expense 12 691 16 685 258 (11 394) 18 240 (9 380) - 8 859Profit/loss for the year (44 956) 69 376 (5 231) (13 056) 6 134 (431 518) (593) (425 977)Segment assets 4 550 321 581 399 109 677 1 750 450 6 991 847 2 654 903 (1 743 009) 7 903 742Segment liabilities 2 104 101 391 626 46 015 1 077 791 3 619 533 967 282 (151 880) 4 434 935Investments in property, plant & equipment for the year 213 979 38 352 1 825 13 022 267 180 240 030 507 210Depreciation and impairment 91 911 29 252 2 109 2 534 125 806 33 779 159 585Investments in intangible assets for the year 4 940 - - 18 164 23 104 52 625 75 729Amortization and impairment 46 344 - - 12 812 59 156 36 906 96 062Additions of right-of-use assets for the year 121 532 - 293 1 695 123 520 122 472 245 992Depreciation and impairment 37 786 7 642 3 413 3 270 52 110 24 404 76 514Geographical information 2022Consolidated (NOK 1 000) Europe North America South America South-East Asia Middle East Norway2022Revenue divided among customer locations from external customers 2 064 775 2 567 103 105 204 105 270 30 816 59 139 4 932 306 1 Non current assets1 256 284 2 636 664 13 517 473 928 4 380 393Investments in property, plant & equipment for the year 171 320 287 003 10 460 38 427 507 210Investments in intangible assets for the year 1 621 5 246 3 043 65 819 75 7291 Non-current assets for this purpose consists of property, plant & equipment, right-of-use assets and intangible assets.Business segment data 2021Hexagon Hexagon Digital Corporate / Hexagon ex. Hexagon Group (NOK 1 000) Hexagon AgilityRagascoWaveeliminationPurus Hexagon Purus Elimination2021Revenue from external customers:Sale of cylinders and equipment (at a point in time) 2 410 469 575 245 47 213 3 084 3 036 012 494 222 947 3 531 181Sale of services and funded development (transferred over time) 70 - - - 70 3 441 3 511Internal transactions 202 693 2 495 9 029 21 018 235 235 7 495 (242 731) -Other operating income 2 608 398 942 17 3 965 880 4 845Total revenue from contract with customers 2 615 840 578 138 57 184 24 119 3 275 282 506 039 (241 784) 3 539 537Rental income 1 695 - - 766 2 461 1 679 (787) 3 354Total revenue 2 617 535 578 138 57 184 24 885 3 277 743 507 718 (242 571) 3 542 890Operating profit for segment before depreciation/amortization (EBITDA) 292 655 94 972 (10 677) 4 005 380 955 (271 777) (595) 108 584Operating profit for segment (EBIT) 138 508 60 325 (14 826) (12 634) 171 373 (324 874) (595) (154 096)Profit/loss from associates - - - - - (2 957) - (2 957)Net financial items (38 031) (5 785) (4 859) (76 575) (125 250) (19 441) - (144 691)Tax expense 39 104 11 017 206 (22 374) 27 953 (2 120) - 25 833Profit/loss for the year 61 373 43 523 (19 891) (66 835) 18 170 (345 152) (595) (327 577)Segment assets 3 819 260 516 251 83 882 1 263 465 5 682 859 2 101 745 (1 269 358) 6 515 246Segment liabilities 1 641 009 392 111 113 013 317 044 2 463 177 686 347 (118 580) 3 030 945Investments in property, plant & equipment for the year 146 378 39 418 6 784 946 193 527 107 711 301 238Depreciation and impairment 77 605 29 232 1 108 3 051 110 996 17 129 128 125Investments in intangible assets for the year 5 962 - - 16 059 22 020 37 735 59 755Amortization and impairment 41 599 - - 10 948 52 547 17 853 70 400Additions of right-of-use assets for the year 24 309 12 777 - 536 37 622 32 345 69 966Depreciation and impairment 34 944 5 415 3 041 2 640 46 039 18 116 64 155Geographical information 2021Consolidated (NOK 1 000) Europe North America South America South-East Asia Middle East Norway2021Revenue divided among customer locations from external customers 1 197 409 2 174 867 15 425 81 447 14 996 58 746 3 542 890 1 Non current assets1 109 628 2 121 649 7 897 438 284 3 677 458Investments in property, plant & equipment for the year 127 469 131 085 42 684 301 238Investments in intangible assets for the year 4 778 7 072 47 905 59 7551 Non-current assets for this purpose consists of property, plant & equipment, right-of-use assets and intangible assets",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__81-1": {
"value": "Note 4 Operating segment and revenue breakdownThe Group\u2019s operation is divided into four strategic business areas, which are organized and managed separately. These four business areas are also defined as the group\u2019s reportable operating seg-ments as the different business areas sell different products, address different customer groups and have different risk profiles.The Hexagon Composites group is divided into the following reportable operating segmentsa. Hexagon Agility - global leader of (renewable) natural gas fuel systems and delivery solutions for the mobility market.b. Hexagon Ragasco - world\u2019s leading manufacturer of composite LPG cylinders.c. Hexagon Digital Wave - global leader in innova-tive cylinder testing and monitoring technology.d. Hexagon Purus - leading global provider of technology needed for zero emission mobilityThe executive management group is the Chief Operating Decision Makers (CODMs) and monitor the operating results of their respective business areas separately for the purpose of making deci-sions about resource allocation and performance assessment.No operating segments have been aggregated to form the above reportable operating segments. Transactions between the segments are based on arm\u2019s length basis.Other informationThe Group\u2019s customer base is relatively fragmented in terms of size and concentration such that it is not dependent upon any one single customer. No customer or customer group exceeded 10 per cent of annual sales in the group in 2022 and 2021.Geographical segmentsThe Group\u2019s activities are divided into the following regions: Europe, North America, South-East Asia, Middle East and Norway.Transactions in the different segments have been eliminated.Business segment data 2022Hexagon Hexagon Digital Corporate / Hexagon ex. Hexagon Group (NOK 1 000) Hexagon AgilityRagascoWaveeliminationPurus Hexagon Purus Elimination2022Revenue from external customers:Sale of cylinders and equipment (at a point in time) 3 204 885 701 029 89 297 3 141 3 998 352 909 715 67 4 908 134Sale of services and funded development (transferred over time) - - - - - 4 882 4 882Internal transactions 260 981 4 977 24 679 (1 601) 289 036 44 040 (333 076) -Other operating income 8 093 210 2 025 10 327 4 034 14 361Total revenue from contract with customers 3 473 959 706 216 116 001 1 540 4 297 716 962 670 (333 009) 4 927 377Rental income 3 919 - - 1 107 5 027 1 255 (1 353) 4 929Total revenue 3 477 878 706 216 116 001 2 648 4 302 743 963 925 (334 362) 4 932 306Operating profit for segment before depreciation/amortization (EBITDA) 208 988 123 256 6 715 8 709 347 667 (405 505) (5 353) (63 190)Operating profit for segment (EBIT) 28 186 86 362 1 193 (9 907) 105 834 (500 594) (593) (395 352)Profit/loss from associates (3 571) - - - (3 571) 51 888 - 48 317Net financial items (56 880) (301) (6 166) (14 543) (77 890) 7 808 - (70 082)Tax expense 12 691 16 685 258 (11 394) 18 240 (9 380) - 8 859Profit/loss for the year (44 956) 69 376 (5 231) (13 056) 6 134 (431 518) (593) (425 977)Segment assets 4 550 321 581 399 109 677 1 750 450 6 991 847 2 654 903 (1 743 009) 7 903 742Segment liabilities 2 104 101 391 626 46 015 1 077 791 3 619 533 967 282 (151 880) 4 434 935Investments in property, plant & equipment for the year 213 979 38 352 1 825 13 022 267 180 240 030 507 210Depreciation and impairment 91 911 29 252 2 109 2 534 125 806 33 779 159 585Investments in intangible assets for the year 4 940 - - 18 164 23 104 52 625 75 729Amortization and impairment 46 344 - - 12 812 59 156 36 906 96 062Additions of right-of-use assets for the year 121 532 - 293 1 695 123 520 122 472 245 992Depreciation and impairment 37 786 7 642 3 413 3 270 52 110 24 404 76 514Geographical information 2022Consolidated (NOK 1 000) Europe North America South America South-East Asia Middle East Norway2022Revenue divided among customer locations from external customers 2 064 775 2 567 103 105 204 105 270 30 816 59 139 4 932 306 1 Non current assets1 256 284 2 636 664 13 517 473 928 4 380 393Investments in property, plant & equipment for the year 171 320 287 003 10 460 38 427 507 210Investments in intangible assets for the year 1 621 5 246 3 043 65 819 75 7291 Non-current assets for this purpose consists of property, plant & equipment, right-of-use assets and intangible assets.Business segment data 2021Hexagon Hexagon Digital Corporate / Hexagon ex. Hexagon Group (NOK 1 000) Hexagon AgilityRagascoWaveeliminationPurus Hexagon Purus Elimination2021Revenue from external customers:Sale of cylinders and equipment (at a point in time) 2 410 469 575 245 47 213 3 084 3 036 012 494 222 947 3 531 181Sale of services and funded development (transferred over time) 70 - - - 70 3 441 3 511Internal transactions 202 693 2 495 9 029 21 018 235 235 7 495 (242 731) -Other operating income 2 608 398 942 17 3 965 880 4 845Total revenue from contract with customers 2 615 840 578 138 57 184 24 119 3 275 282 506 039 (241 784) 3 539 537Rental income 1 695 - - 766 2 461 1 679 (787) 3 354Total revenue 2 617 535 578 138 57 184 24 885 3 277 743 507 718 (242 571) 3 542 890Operating profit for segment before depreciation/amortization (EBITDA) 292 655 94 972 (10 677) 4 005 380 955 (271 777) (595) 108 584Operating profit for segment (EBIT) 138 508 60 325 (14 826) (12 634) 171 373 (324 874) (595) (154 096)Profit/loss from associates - - - - - (2 957) - (2 957)Net financial items (38 031) (5 785) (4 859) (76 575) (125 250) (19 441) - (144 691)Tax expense 39 104 11 017 206 (22 374) 27 953 (2 120) - 25 833Profit/loss for the year 61 373 43 523 (19 891) (66 835) 18 170 (345 152) (595) (327 577)Segment assets 3 819 260 516 251 83 882 1 263 465 5 682 859 2 101 745 (1 269 358) 6 515 246Segment liabilities 1 641 009 392 111 113 013 317 044 2 463 177 686 347 (118 580) 3 030 945Investments in property, plant & equipment for the year 146 378 39 418 6 784 946 193 527 107 711 301 238Depreciation and impairment 77 605 29 232 1 108 3 051 110 996 17 129 128 125Investments in intangible assets for the year 5 962 - - 16 059 22 020 37 735 59 755Amortization and impairment 41 599 - - 10 948 52 547 17 853 70 400Additions of right-of-use assets for the year 24 309 12 777 - 536 37 622 32 345 69 966Depreciation and impairment 34 944 5 415 3 041 2 640 46 039 18 116 64 155Geographical information 2021Consolidated (NOK 1 000) Europe North America South America South-East Asia Middle East Norway2021Revenue divided among customer locations from external customers 1 197 409 2 174 867 15 425 81 447 14 996 58 746 3 542 890 1 Non current assets1 109 628 2 121 649 7 897 438 284 3 677 458Investments in property, plant & equipment for the year 127 469 131 085 42 684 301 238Investments in intangible assets for the year 4 778 7 072 47 905 59 7551 Non-current assets for this purpose consists of property, plant & equipment, right-of-use assets and intangible assets",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__11": {
"value": "The Hexagon Composites group is divided into the following reportable operating segmentsa. Hexagon Agility - global leader of (renewable) natural gas fuel systems and delivery solutions for the mobility market.b. Hexagon Ragasco - world\u2019s leading manufacturer of composite LPG cylinders.c. Hexagon Digital Wave - global leader in innova-tive cylinder testing and monitoring technology.d. Hexagon Purus - leading global provider of technology needed for zero emission mobility",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__85": {
"value": "Contract balances 2022 2021Trade receivables 865 403 880 396Contract assets 9 488 4 165Contract liabilitites 548 643 277 658Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days. In 2022, TNOK 13 165 (2021 TNOK 10 915) was recognized as provision for doubtful debtors on trade receivables.Contract assets are initially recognized for revenue earned from installation and project services as receipt of consideration is conditional on successful completion of installation or project. Upon comple-tion and acceptance by the customer, the amounts recognized as contract assets are reclassified to trade receivables. The higher amount in contract assets in 2022 is the result of normal fluctuations in this part of the business at the end of the year. All contracts are for period of one year or less or are build based on time incurred. As permitted under IFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed.Contract liabilities include short-term advances received for funded services & development and paid not delivered goods to external customers. The outstanding balances of these accounts increased in 2022 due to increasing activities in services & funded development projects. The entire contract liabilities was recognized in the subsequent period.Performance obligationsInformation related to the Group\u00b4s performance obligations and related revenue recognition is summarized below:Sale of goodsThe performance obligation is generally satisfied upon delivery of cylinders and other equipment. The normal credit term is 30 to 90 days upon delivery. Recognition of revenue at the point of delivery is only recognized for an amount of the consideration that reflects the estimated variable consideration the Group is expected to ultimately be entitled. The variable consideration is re-assessed at the end of each reporting period and recognized as (or when) the uncertainty is subsequently resolved and is estimated based on the expected value approach.Sale of servicesThe Group provides services in relation to reinspection and testing of products and non-recurring engineer-ing and design or development. These may be sold separately or bundled together with the sale of goods. The Group has determined that these services should be accounted for as a separate performance obliga-tion as the services are separately identifiable. The performance obligation is satisfied over time because the customer simultaneously receives and consumes the benefits provided by the Group. The Group recognizes revenue on the basis of the labor hours incurred relative to the total expected labor hours to complete the installation. When a contract includes separate performance obligations in relation to both sale of goods and installation, the consideration is allocated between the performance obligations based on observable stand-alone selling prices.Sale of funded development contractsThe Group has entered into contracts with a limited number of customers for development services. As the inputs (raw materials, labor hours etc.) are integrated into a combined output, the combined product has been determined to constitute one performance obligation. Further, the customization process & integration significantly modifies the assets under construction until delivery. The Group assessed that the performance obligation is satisfied over time because it has at all times an enforceable right to payment for performance completed to date, including a reasonable margin. Additionally, the asset has no alternative use for the Group as it is limited practically from readily directing the asset in its completed state, as the Group would suffer a significant loss from modifying the asset before it could be sold to another customer. The Group measures progress based on costs incurred relative to the total expected costs to complete the project as this measurement most faithfully depicts the Group\u2019s progress towards complete satisfaction of the performance obligation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__88": {
"value": "Note 5 Business combinations and changes in the Group`s structureIn 2022, there were no business combinations or changes to the Group\u2019s reporting- or segment structure.Acquisition of Wystrach in 2021On 10 November 2021, Hexagon Purus GmbH, a wholly owned subsidiary of Hexagon Purus acquired 100 per cent of the shares of Wystrach GmbH and Wyrent GmbH (together \u201cWystrach\u201d). Wystrach have been reported as a part of the Hexagon Purus segment in the Hexagon Group since November 2021.Wystrach is a leading European systems and solutions provider for storage and transport of compressed gases. The Company specializes in the design, manufacturing and assembly of hydrogen systems including steel system structures and high-pressure piping and has its production facilities in Weeze, Germany.The Transaction represented a step-change for Hexagon Purus and reinforced its position as a global leader in zero emission mobility solutions. Wystrach has brought significant systems assembly capacity and knowhow and complemented the capabilities of Hexagon Purus, improving control of the value chain and accelerating time to market. Combining two industry frontrunners has and will increase scale, organizational bandwidth and execu-tion capabilities and put Hexagon Purus in pole position to capitalize on the strong market growth expected for hydrogen storage solutions.The fair value of the identifiable assets and liabilities of Wystrach as at the date of acquisition were:Wystrach GmbHFair value recognised (NOK 1 000)on acquisitionAssetsIntangible assets:Customer relationships 78 654Technology 64 941Software and licenses 1 533Tangible assets:Land and land rights 22 260Buildings 66 780Technical equipment and machines 6 640Other equipment, factory and office equipment 17 340Right-of-use Assets 7 683Current assets:Inventories 170 560Trade receivable 49 691Other current assets 59 536Cash 1 277Total assets 546 895Fair value recognised (NOK 1 000)on acquisitionLiabilitiesLiabilities to banks 48 458Lease liabilities 7 683Accruals for pensions and similar obligations 980Deferred tax liabilities 44 837Provisions 481Trade payables 105 542Payments received on account of orders 58 031Income tax liabilities 7 436Other liabilities 60 880Total liabilities 334 328Net identifiable assets and liabilities at fair value 212 567Goodwill 187 369Purchase consideration 399 935Consideration shares issued in Hexagon Purus ASA 144 500Deferred payment 43 037Contingent liabilities 64 933Purchase consideration transferred / Paid in cash 147 466Less cash and cash equivalents acquired 1 277Acquisition, net of cash acquired 146 189The fair value of Wystrach was NOK 399.9 million. The acquisition was settled with MNOK 147.5 million in cash, NOK 144.5 million in consideration shares in Hexagon Purus ASA, NOK 43.0 million in deferred payment and contingent liabilities of NOK 64.9 million expected to be settled in cash in 2023 and 2024. Earn-out amounts are dependent upon revenue- and EBITDA targets of Wystrach in 2021, 2022 and 2023 and is recognised as a best estimate of target achievement. There have been no changes to the fair value assessment in 2022.In the Group\u2019s profit for 2021, Wystrach was included from 1 November. Wystrach\u2019s contribution to the Group\u2019s revenue and EBITDA in 2021 was NOK 140 million and NOK 18 million respectively. If the acquisition had taken place on 1 January 2021, the Group total revenue and profit after tax in 2021 would have amounted to NOK 3 697 million and NOK -339 million respectively.The goodwill recognized is primarily attributed to the expected synergies and other benefits from combining the assets and activities of Wystrach with the Hexagon Purus Group. The goodwill is not deductible for income tax purposes.Transaction costs of NOK 12.4 million were expensed as other operating expenses in the income statement and are part of operating cash flows in the statement of cash flows for 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__91": {
"value": "Note 6 Net financial items(NOK 1 000) 2022 2021Interest income 15 207 4 394Unrealised gains from forward exchange contracts with actual gains or losses through profit and loss 26 523 1 121Foreign exchange items 230 043 118 466Other finance income - 1 611Total finance income 271 773 125 592Loss on exchange items 90 937 92 784Unrealised loss on forward exchange contracts and interest rate swaps with actual gains or losses through profit and loss 137 747 52 681 1 Cost associated with redemption of bond loan- 46 839Cost of interest on loans etc. 96 786 48 580Cost of interest on lease liabilities 9 537 7 980Other finance expense 6 846 21 421Total finance expense 341 855 270 283Net financial items (70 082) (144 691)1 This consists of MNOK 22.7 in cash for call premium and MNOK 24.2 non-cash impact for accelerated realisation of other charges being amortised over the original tenor of the bond.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__90": {
"value": "Note 6 Net financial items(NOK 1 000) 2022 2021Interest income 15 207 4 394Unrealised gains from forward exchange contracts with actual gains or losses through profit and loss 26 523 1 121Foreign exchange items 230 043 118 466Other finance income - 1 611Total finance income 271 773 125 592Loss on exchange items 90 937 92 784Unrealised loss on forward exchange contracts and interest rate swaps with actual gains or losses through profit and loss 137 747 52 681 1 Cost associated with redemption of bond loan- 46 839Cost of interest on loans etc. 96 786 48 580Cost of interest on lease liabilities 9 537 7 980Other finance expense 6 846 21 421Total finance expense 341 855 270 283Net financial items (70 082) (144 691)1 This consists of MNOK 22.7 in cash for call premium and MNOK 24.2 non-cash impact for accelerated realisation of other charges being amortised over the original tenor of the bond.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__89": {
"value": "Note 6 Net financial items(NOK 1 000) 2022 2021Interest income 15 207 4 394Unrealised gains from forward exchange contracts with actual gains or losses through profit and loss 26 523 1 121Foreign exchange items 230 043 118 466Other finance income - 1 611Total finance income 271 773 125 592Loss on exchange items 90 937 92 784Unrealised loss on forward exchange contracts and interest rate swaps with actual gains or losses through profit and loss 137 747 52 681 1 Cost associated with redemption of bond loan- 46 839Cost of interest on loans etc. 96 786 48 580Cost of interest on lease liabilities 9 537 7 980Other finance expense 6 846 21 421Total finance expense 341 855 270 283Net financial items (70 082) (144 691)1 This consists of MNOK 22.7 in cash for call premium and MNOK 24.2 non-cash impact for accelerated realisation of other charges being amortised over the original tenor of the bond.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__94": {
"value": "Note 7 TaxTax expense(NOK 1 000) Note 2022 2021Income tax payable in the income statement 60 363 32 039Change in deferred tax in income statement (51 503) (6 206)Tax expense 8 859 25 833Income tax payable in the balance sheet 53 057 47 201Income tax receivable in the balance sheet15 (1 992) (28 017)Net income tax payable (+) / receivable (-) in the balance sheet 51 065 19 183Prepaid taxes 38 474 22 389Settled taxes not paid (4 539) -Tax payable from acquired companies at acquisition date - (7 436)Effect on tax payable of group contributions in Norway 534 2 188FX translation effects (25 171) (4 285)Total income tax payable in the income statement 60 363 32 039Nominal tax rates in Norway 22% 22%Profit before tax (417 118) (301 744)Tax based on nominal tax rate in Norway (91 766) (66 384)Adjusted for tax effects of:Varying foreign tax rates vs. Norwegian tax rate (26 885) (15 875)Change in not capitalized loss due to uncertainty 141 207 94 863Other differences relating to foreign subsidiaries (7 918) 4 597Share of profit/loss from associates (11 213) 651Other non-taxable income and non-deductible expenses 4 875 11 666Tax expense from prior periods - (4 533)FX translation effects 559 849Tax expense 8 859 25 833Deferred tax assets and deferred tax liabilitiesBalance sheet Income statement(NOK 1 000) 2022 2021 2022 2021Deferred taxLoss carryforwards (254 038) (167 763) (86 275) (48 859)Interest deduction limitation reserve (33 123) - (33 123) -Pension (10) (168) 158 (611)Plant & equipment 77 210 66 549 10 662 21 167Intangible assets 107 581 118 887 (11 306) 31 778Inventories and trade receivables (31 765) (4 479) (27 286) 10 083Derivatives (42 437) (18 121) (24 316) (35 473)Provisions for liabilities/other current liabilities (35 764) (25 367) (10 397) (4 484)Other 148 450 91 346 57 104 7 820Deferred tax liabilities net (63 895) 60 883 (124 778) (18 579)Reduction of tax assets due to uncertainty 270 265 172 599 97 666 66 477Deferred tax assets / liabilities - net carrying amount 206 370 233 482 (27 112) 47 898Change in deferred tax from purchase of companies - 45 306Change in deferred tax from group contributions in Norway 534 2 188Change in deferred tax due to OCI (139) (81)Change in deferred tax on FX translation 23 996 6 691Net change in deferred tax in income statement (51 503) (6 206)Carrying amounts(NOK 1 000) 2022 2021Deferred tax asset - (13 678)Deferred tax liabilities 206 370 247 160Net recognised deferred tax assets/deferred tax liabilities 206 370 233 482Deferred tax recognised in the statement of comprehensive income are as follows:(NOK 1 000) 2022 2021Deferred tax asset - -Deferred tax liabilities 139 81Total 139 81Overview loss carried forward(NOK 1 000) 2022 2021Norway 579 687 351 005North America 497 004 322 005Europe 314 110 207 819Total 1 390 801 880 830The losses are carried forward indefinitely.Deferred tax assets are recognized when it is probable that the Group will have sufficient taxable profit in subsequent periods to utilize the tax assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__93": {
"value": "Note 7 TaxTax expense(NOK 1 000) Note 2022 2021Income tax payable in the income statement 60 363 32 039Change in deferred tax in income statement (51 503) (6 206)Tax expense 8 859 25 833Income tax payable in the balance sheet 53 057 47 201Income tax receivable in the balance sheet15 (1 992) (28 017)Net income tax payable (+) / receivable (-) in the balance sheet 51 065 19 183Prepaid taxes 38 474 22 389Settled taxes not paid (4 539) -Tax payable from acquired companies at acquisition date - (7 436)Effect on tax payable of group contributions in Norway 534 2 188FX translation effects (25 171) (4 285)Total income tax payable in the income statement 60 363 32 039Nominal tax rates in Norway 22% 22%Profit before tax (417 118) (301 744)Tax based on nominal tax rate in Norway (91 766) (66 384)Adjusted for tax effects of:Varying foreign tax rates vs. Norwegian tax rate (26 885) (15 875)Change in not capitalized loss due to uncertainty 141 207 94 863Other differences relating to foreign subsidiaries (7 918) 4 597Share of profit/loss from associates (11 213) 651Other non-taxable income and non-deductible expenses 4 875 11 666Tax expense from prior periods - (4 533)FX translation effects 559 849Tax expense 8 859 25 833Deferred tax assets and deferred tax liabilitiesBalance sheet Income statement(NOK 1 000) 2022 2021 2022 2021Deferred taxLoss carryforwards (254 038) (167 763) (86 275) (48 859)Interest deduction limitation reserve (33 123) - (33 123) -Pension (10) (168) 158 (611)Plant & equipment 77 210 66 549 10 662 21 167Intangible assets 107 581 118 887 (11 306) 31 778Inventories and trade receivables (31 765) (4 479) (27 286) 10 083Derivatives (42 437) (18 121) (24 316) (35 473)Provisions for liabilities/other current liabilities (35 764) (25 367) (10 397) (4 484)Other 148 450 91 346 57 104 7 820Deferred tax liabilities net (63 895) 60 883 (124 778) (18 579)Reduction of tax assets due to uncertainty 270 265 172 599 97 666 66 477Deferred tax assets / liabilities - net carrying amount 206 370 233 482 (27 112) 47 898Change in deferred tax from purchase of companies - 45 306Change in deferred tax from group contributions in Norway 534 2 188Change in deferred tax due to OCI (139) (81)Change in deferred tax on FX translation 23 996 6 691Net change in deferred tax in income statement (51 503) (6 206)Carrying amounts(NOK 1 000) 2022 2021Deferred tax asset - (13 678)Deferred tax liabilities 206 370 247 160Net recognised deferred tax assets/deferred tax liabilities 206 370 233 482Deferred tax recognised in the statement of comprehensive income are as follows:(NOK 1 000) 2022 2021Deferred tax asset - -Deferred tax liabilities 139 81Total 139 81Overview loss carried forward(NOK 1 000) 2022 2021Norway 579 687 351 005North America 497 004 322 005Europe 314 110 207 819Total 1 390 801 880 830The losses are carried forward indefinitely.Deferred tax assets are recognized when it is probable that the Group will have sufficient taxable profit in subsequent periods to utilize the tax assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__92": {
"value": "Note 7 TaxTax expense(NOK 1 000) Note 2022 2021Income tax payable in the income statement 60 363 32 039Change in deferred tax in income statement (51 503) (6 206)Tax expense 8 859 25 833Income tax payable in the balance sheet 53 057 47 201Income tax receivable in the balance sheet15 (1 992) (28 017)Net income tax payable (+) / receivable (-) in the balance sheet 51 065 19 183Prepaid taxes 38 474 22 389Settled taxes not paid (4 539) -Tax payable from acquired companies at acquisition date - (7 436)Effect on tax payable of group contributions in Norway 534 2 188FX translation effects (25 171) (4 285)Total income tax payable in the income statement 60 363 32 039Nominal tax rates in Norway 22% 22%Profit before tax (417 118) (301 744)Tax based on nominal tax rate in Norway (91 766) (66 384)Adjusted for tax effects of:Varying foreign tax rates vs. Norwegian tax rate (26 885) (15 875)Change in not capitalized loss due to uncertainty 141 207 94 863Other differences relating to foreign subsidiaries (7 918) 4 597Share of profit/loss from associates (11 213) 651Other non-taxable income and non-deductible expenses 4 875 11 666Tax expense from prior periods - (4 533)FX translation effects 559 849Tax expense 8 859 25 833Deferred tax assets and deferred tax liabilitiesBalance sheet Income statement(NOK 1 000) 2022 2021 2022 2021Deferred taxLoss carryforwards (254 038) (167 763) (86 275) (48 859)Interest deduction limitation reserve (33 123) - (33 123) -Pension (10) (168) 158 (611)Plant & equipment 77 210 66 549 10 662 21 167Intangible assets 107 581 118 887 (11 306) 31 778Inventories and trade receivables (31 765) (4 479) (27 286) 10 083Derivatives (42 437) (18 121) (24 316) (35 473)Provisions for liabilities/other current liabilities (35 764) (25 367) (10 397) (4 484)Other 148 450 91 346 57 104 7 820Deferred tax liabilities net (63 895) 60 883 (124 778) (18 579)Reduction of tax assets due to uncertainty 270 265 172 599 97 666 66 477Deferred tax assets / liabilities - net carrying amount 206 370 233 482 (27 112) 47 898Change in deferred tax from purchase of companies - 45 306Change in deferred tax from group contributions in Norway 534 2 188Change in deferred tax due to OCI (139) (81)Change in deferred tax on FX translation 23 996 6 691Net change in deferred tax in income statement (51 503) (6 206)Carrying amounts(NOK 1 000) 2022 2021Deferred tax asset - (13 678)Deferred tax liabilities 206 370 247 160Net recognised deferred tax assets/deferred tax liabilities 206 370 233 482Deferred tax recognised in the statement of comprehensive income are as follows:(NOK 1 000) 2022 2021Deferred tax asset - -Deferred tax liabilities 139 81Total 139 81Overview loss carried forward(NOK 1 000) 2022 2021Norway 579 687 351 005North America 497 004 322 005Europe 314 110 207 819Total 1 390 801 880 830The losses are carried forward indefinitely.Deferred tax assets are recognized when it is probable that the Group will have sufficient taxable profit in subsequent periods to utilize the tax assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__96": {
"value": "Note 8 Earnings per shareEarnings per share is calculated by dividing profit for the year by the weighted average number of shares outstanding.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__95": {
"value": "Note 8 Earnings per shareEarnings per share is calculated by dividing profit for the year by the weighted average number of shares outstanding.To calculate diluted earnings per share, the profit and weighted average number of shares outstanding is adjusted to accommodate all dilution effects associated with share options. All share options are taken into consideration in the \u201cdenominator\u201d, and adjustments are made for recognised option expenses in the numerator. There are 5 697 864 (6 456 404) instruments that could potentially dilute basic earnings per share in the future. These are not included in the calculation of the diluted earnings per share because they are antidilutive for the periods presented. See note 27 for further specification type of instruments.(NOK 1 000) Note 2022 2021Profit/loss for the year flowing to holders of ordinary sharesProfit/loss for the year (425 977) (327 577)Profit/loss for activities held for sale - -Profit/loss for the year (425 977) (327 577)Weighted average number of shares outstanding 31 Dec17Ordinary shares issued 1 Jan 201 619 712 201 619 712Own shares (650 418) (847 292)Issued new shares - -Outstanding number of shares 31 Dec 200 969 294 200 772 420Weighted average number of shares outstanding 31 Dec 200 870 857 200 270 205Profit/loss per share (2.12) (1.64)Diluted number of shares outstanding 31 Dec17Ordinary shares issued 1 Jan 201 619 712 201 619 712Own shares (650 418) (847 292)Issued new shares - -Outstanding shares 31 Dec adjusted for dilution effects 200 969 294 200 772 420Weighted average number of shares outstanding 31 Dec adjusted for dilution effects 200 870 857 200 270 205Diluted profit/loss per share (2.12) (1.64)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__98": {
"value": "Note 9 Payroll costs and number of employeesThe Group - payroll costs(NOK 1 000) Note 2022 2021 1 Salaries/fees1 266 800 876 046Bonuses and share-based payments 114 039 116 648Pension expense, defined-benefit plans18 (1 121) 481Pension expense, defined-contribution plans18 47 754 38 649Other social security expenses 67 788 69 474Payroll expenses 1 495 259 1 101 2981 Capitalized payroll expenses related to technology development projects amounted to MNOK 22.5 in 2022 and MNOK 18.5 in 2021.2022 2021Average number of full-time equivalents: 1 606 1 286Corporate management, R&D and supportNorway 15 13North America 27 33Hexagon AgilityNorth America 731 685Norway 34 21Germany 175 165Hexagon PurusNorway 18 8North America 126 83Germany 372 321China 11 8Hexagon Digital WaveNorth America 52 40Hexagon RagascoNorway 128 129North America 4 2Russia 5 5Total number of employees 31 December 1 698 1 513",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__97-1": {
"value": "Note 9 Payroll costs and number of employeesThe Group - payroll costs(NOK 1 000) Note 2022 2021 1 Salaries/fees1 266 800 876 046Bonuses and share-based payments 114 039 116 648Pension expense, defined-benefit plans18 (1 121) 481Pension expense, defined-contribution plans18 47 754 38 649Other social security expenses 67 788 69 474Payroll expenses 1 495 259 1 101 2981 Capitalized payroll expenses related to technology development projects amounted to MNOK 22.5 in 2022 and MNOK 18.5 in 2021.2022 2021Average number of full-time equivalents: 1 606 1 286Corporate management, R&D and supportNorway 15 13North America 27 33Hexagon AgilityNorth America 731 685Norway 34 21Germany 175 165Hexagon PurusNorway 18 8North America 126 83Germany 372 321China 11 8Hexagon Digital WaveNorth America 52 40Hexagon RagascoNorway 128 129North America 4 2Russia 5 5Total number of employees 31 December 1 698 1 513Note 18 Pension and other non-current employee benefitsThe Norwegian companies in the Group are legally obliged to have occupational pension arrangements under the Norwegian Mandatory Occupational Pension act. The Norwegian pension arrangements satisfy the require-ments of this act. Plans in other jurisdictions follows local requirements and agreements. Below is a summary table of the pension cost in the Group for the various pension plans. Further details on the various plans are provided below:(NOK 1 000) 2022 2021Defined contribution pension plan 45 582 36 826Defined benefit pension plan (1 121) 481Multi-employer pension plan in Norway (new AFP) 2 172 1 823Total 46 633 39 130Defined contribution plans in the Group:The defined contribution pension plans in the Norwegian companies have contribution rates from 7 per cent for salaries in the range of 0 to 7.1 times the national insurance base rate (G) and from 8 per cent for salaries in the range from 7.1 G to 12 G. As of 31 December 2022 the Norwegian defined contribution pension plans had 195 (166) members.Our subsidiaries in the US and Canada offer defined contribution plans subject to US and Canadian statutory requirements. The defined contribution plans cover full-time employees and employer contributions range up to 6 per cent of defined compensation subject to employee contributions. For some of the plans, there can also be an additional payment at the end of the year in accordance with the terms of the defined contribution plan. As of 31 December 2022, 919 (740) members were covered by the plan. There are no defined contribution pension plan in Germany.The table below provides a split of expenses in the defined contribution plans:(NOK 1 000) 2022 2021Defined contribution pension plans - Norway 15 124 12 205Defined contribution pension plans - USA / Canada 30 458 24 621Total 45 582 36 826Defined benefit plans in the Group:There are historical defined benefit plans in Norway and Germany with a very limited participation. The obligation for the defined benefit pension plans is calculated on a straight-line basis. Unrealized gains and losses resulting from changes in actuarial assumptions are recognized in other comprehensive income. There are 10 active and 11 retired in the pension plans. The pension liabilities and assets are calculated by actuaries and presented below. Based on the limited participation, assets and liabilities, the plans are considered of low materiality and significance.(NOK 1 000) 2022 2021Pension assets 402 -Pension liabilities 2 321 4 645Multi-employer pension plan in Norway126 (121) of the Norwegian employees is a member of a new \u201cagreement-based early retirement plan\u201d (new AFP). The AFP plan is a lifelong supplement to the regular pension. Employees can take the new AFP scheme from the age of 62 or remain in employment and earn further benefits until the standard retirement age of 67. The AFP pension scheme is a defined benefit multi-employer pension plan, funded through premiums that are defined as a percentage of salary. The scheme\u2019s retirement benefit obligation and plan assets cannot be reliably meas-ured and allocated at present. For accounting purposes, the scheme is treated as a defined contribution plan, with premium payments expensed as incurred, and no obligation recognized in the balance sheet. Premiums are 2.5 per cent (2.5 per cent in 2021) for salaries in the range 1.0 - 7.1 times the national insurance base rate (G) and is expected to increase in the coming years. Total contribution for the arrangement was NOK 2 172 thousand in 2022 and NOK 1 823 thousand in 2021. Expected premium for 2023 is NOK 2 248 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__101-1": {
"value": "Note 10 Property, plant & equipmentLand and Plant and Fixtures & Assets under (NOK 1 000)buildingsequipmentfittings, vehiclesconstruction 2022 TotalCost of acquisitionCost of acquisition 1 January 2022 296 549 1 079 970 218 274 234 686 1 829 479Additions 1 265 33 248 43 714 428 983 507 210Transfer from assets under construction 12 918 157 128 19 383 (189 429) - 1 Disposals/scrap(113 892) (3 055) (41 841) (7 548) (166 336)Additions from purchase of companies - - - - -Translation differences 17 605 67 068 21 515 21 992 128 179Cost of acquisition 31 December 2022 214 445 1 334 359 261 045 488 683 2 298 532Accumulated depreciation and impairmentAccumulated depreciation 1 January 2022 67 896 645 665 105 293 - 818 855Depreciation for the year 21 476 103 557 33 809 - 158 842Impairment - - 743 - 743 1 Disposals/scrap(31 420) (1 709) (23 213) - (56 342)Translation differences 2 786 27 455 9 887 - 40 127Accumulated depreciation and impairment 31 December 2022 60 738 774 968 126 520 - 962 225Net carrying amount as of 31 December 2022 153 707 559 391 134 525 488 683 1 336 307Of which pledged - - - - -Useful life 10\u201320 years 3\u201315 years 3\u201310 yearsDepreciation method Straight-line Straight-line Straight-line1 On 31 December 2022, Agility North Carolina LLC, a wholly owned subsidiary of Hexagon within the Hexagon Agility segment, affected a sale- and leaseback transaction of its facility in Salisbury, North Carolina. The net carrying amount was MUSD 8.7 and is presented as disposals. See note 24 for more information.Land and Fixtures & Assets under (NOK 1 000)buildings Plant and equipmentfittings, vehiclesconstruction 2021 TotalCost of acquisitionCost of acquisition 1 January 2021 189 935 990 552 212 274 97 024 1 489 784Additions 8 557 38 601 20 141 233 938 301 238Transfer from assets under construction 2 421 63 129 29 898 (95 447) -Disposals/scrap (185) (36 936) (56 989) - (94 110)Additions from purchase of companies 89 040 10 239 13 741 - 113 020Translation differences 6 782 14 386 (791) (828) 19 548Cost of acquisition 31 December 2021 296 549 1 079 970 218 274 234 686 1 829 479Accumulated depreciation and impairmentAccumulated depreciation 1 January 2021 55 049 587 226 100 243 - 742 518Depreciation for the year 12 498 85 027 29 570 - 127 094Impairment - - 1 031 - 1 031Disposals/scrap (185) (31 556) (24 977) - (56 718)Translation differences 534 4 968 (573) - 4 929Accumulated depreciation and impairment 31 December 2021 67 896 645 665 105 293 - 818 855Net carrying amount as of 31 December 2021 228 653 434 305 112 981 234 686 1 010 625Of which pledged - - - - -Useful life 10\u201320 years 3\u201315 years 3\u201310 yearsDepreciation method Straight-line Straight-line Straight-lineAddition from purchase of companies of MNOK 113.0 relates to the acquisition of Wystrach GmbH, Germany (see note 5).Note 11 Intangible assetsHexagon Composites ASA has the following purchased and own-developed intangible assetsPatents and Technology-Customer (NOK 1 000) Goodwilllicencesdevelopmentrelationships 2022 TotalCost priceOpening balance 1 January 2022 1 573 061 239 453 354 061 540 994 2 707 569Additions - 13 722 62 008 - 75 729Disposals - (343) (74) - (418)Translation differences 144 036 23 250 12 186 17 880 197 351Cost of acquisition 31 December 2022 1 717 097 276 081 428 180 558 874 2 980 232Accumulated amortization and impairmentOpening balance 1 January 2022 274 51 279 118 270 153 221 323 045Amortization for the year - 17 201 31 245 47 617 96 062Disposals - (261) (74) - (336)Translation differences (274) 2 538 (5 769) (5 888) (9 393)Accumulated amortization and impairment 31 December 2022 - 70 757 143 672 194 950 409 379Net carrying amount 31 December 2022 1 717 097 205 324 284 508 363 924 2 570 853Useful life Indefinite 3\u201317 years 5\u201320 years 7\u201315 yearsAmortization method None Straight-line Straight-line Straight-lineHexagon Composites ASA has the following purchased and own-developed intangible assetsPatents and Technology-Customer (NOK 1 000) Goodwilllicencesdevelopmentrelationships 2021 TotalCost priceOpening balance 1 January 2021 1 370 132 215 435 244 151 456 522 2 286 240Additions from purchase of companies 187 369 1 533 64 941 78 654 332 497Additions - 17 175 42 580 - 59 755Disposals - (198) (45) - (242)Translation differences 15 561 5 508 2 433 5 818 29 319- - - - -Cost of acquisition 31 December 2021 1 573 061 239 453 354 061 540 994 2 707 569Accumulated amortization and impairmentOpening balance 1 January 2021 274 36 143 96 833 118 635 251 885Amortization for the year - 13 543 21 083 35 725 70 352Impairment - - 47 - 47Disposals - (198) - - (198)Translation differences - 1 791 307 (1 139) 959Accumulated amortization and impairment 31 December 2021 274 51 279 118 270 153 221 323 045Net carrying amount 31 December 2021 1 572 788 188 174 235 790 387 773 2 384 524Useful life Indefinite 3\u201317 years 5\u201320 years 7\u201315 yearsAmortization method None Straight-line Straight-line Straight-lineAddition from purchase of companies of MNOK 332.5 relates to the acquisition of Wystrach GmbH, Germany (see note 5).Research & development costs totalling MNOK 148.8 (MNOK 104.7) were expensed in 2022. The Group has received government grants of MNOK 7.6 (MNOK 11.7) in 2022. MNOK 7.6 (MNOK 11.7) has been offset against research and development costs.The Group has recognized goodwill as a result of several acquisitions of business enterprises. Each goodwill item is linked to a cash generating unit (CGU). When the acquired business enterprise is maintained as an independent business enterprise it is, as a starting point, the CGU. Entities that have considerable synergies and for which the type of activity is the same, are considered to be a unified CGU. This applies when acquired business enterprises are integrated with an existing Hexagon Composites company or the acquired business enterprise is, in operative terms, closely linked together with existing Hexagon Composites busi-nesses. In these instances, it is the linking enterprise that is the level of the CGU where goodwill is meas-ured and followed up. In the Group, four CGU\u2019s have been identified which capitalized goodwill has been linked to.Impairment testingGoodwill is not depreciated but is subject to impair-ment testing in the fourth quarter each year. If there are particular indications of possible impairment, the impairment test is carried out on a quarterly basis. The impairment test is carried out by the calculated recoverable amount being compared with invested capital for the unit in question. When the recoverable amount exceeds invested capital, capitalized goodwill is maintained. When the recoverable amount is lower than invested capital, capitalized goodwill is written down to its recover-able amount. Invested capital consists of the units\u2019 total assets less interest-free current liabilities and interest-free non-current liabilities. The recoverable amount is based on expected future cash flows for the relevant unit based on the management\u2019s approved budget and strategy figures for the next four years. These are estimated based on current sales and margins and the expected market devel-opment. For subsequent periods it is assumed that there will be an increase in the cash flows equivalent to expected general growth within the various business areas.The expected future investment requirements for the units are reflected in the calculations. These are in accordance with the management\u2019s approved budget and strategy. For the period beyond the next four years, it is assumed that the re-invest-ment requirement will be equivalent to expected depreciation. Changes in working capital have been assessed and adjusted in accordance with expected developments.When there are indications that a company\u2019s assets (including goodwill) may be impaired, an impairment test is conducted using the company\u2019s weighted average capital cost (WACC) as an esti-mate for the discount rate (= return on assets ratio). Correspondingly, WACC is also used for annual impairment testing. The WACC rate which is used to discount future cash flows is based on 10-year risk-free interest rates in the market, the company\u2019s borrowing interest, beta factor, equity ratio and market risk premium, adjusted for the liquidity risk and size of the company.Value in use is calculated by discounting future cash flows. Present value calculations are based on expected future cash flows for the different cash-generating units, as described above and the units are not expected to have a finite useful life. The projections take into account appropriate and typically modest forms of growth in the cash flows into perpetuity.Key assumptions used in value in use calculationsThe most important assumptions for calculating value in use are related to estimates for operating revenues, EBITDA margins, discount rates and growth rates beyond the forecast period of 5 years. A weighted average cost of capital after tax of 11.9 per cent (8.7 per cent last year) has been used for all Cash Generating units (CGUs).Following the spin-off and separate listing of Hexagon Purus in December 2020, the Hexagon Group has defined separate targets for the Hexagon businesses ex Purus (\u201cHexagon proforma\u201d), namely Hexagon Agility, Hexagon Ragasco and Hexagon Digital Wave. These are typically more mature busi-nesses with a longer historical basis for the forecast.Hexagon Purus is less mature, however is in the leading position, operating in an extreme growth environment. The addressable market and opportu-nity roadmap have been thoroughly studied and a business plan produced on the basis of maintaining a significant market share of the rapidly developing e-mobility market globally.All operating revenues and EBITDA margins are based on the stated forecast periods, past perfor-mance and management expectations of market development for the future. Growth rates are consistent with industry and market forecasts except where conservatively applied outside the primary forecast periods.Hexagon (ex Purus)Hexagon proforma primary forecast horizon is 5 years from 2023 to 2027 and from which projections are made, on a rolling 5 year basis, using prudently conservative growth rates which collectively approx-imate to 15 per cent. Hexagon proforma collectively employs targets of:\u2022 At least 15 per cent annual operating revenue growth\u2022 Attaining 15 per cent EBITDA marginThe differing CGUs within Hexagon proforma may have differing revenue growth and EBITDA margins at differing periods of time, but collectively are expected to attain the Hexagon proforma targets within the primary forecast horizon. Hexagon Digital Wave is in the middle of a transformational business plan, through digitalization, incorporating opex investments over the next three years which weigh on positive margins short-term and increase growth in revenues and margins longer-term. The Assumptions used per CGU in relation to the Hexagon proforma targets are as follows:\u2022 Hexagon Agility attaining > target revenue growth and > target EBITDA margin\u2022 Hexagon Ragasco attaining < target revenue growth and > target EBITDA margin\u2022 Hexagon Digital Wave > target revenue growth and > target EBITDA marginHexagon PurusThe Hexagon Purus business is in its early phase and should use a longer forecast period than the other more mature businesses, in order to develop and implement its addressable green technology and e-mobility activities and attain a steady state oper-ation and profit margins. To conform with IFRS 36 with a maximum 5 year forecast horizon, and given start-up companies do not by nature have previous history to rely on, terminal values and growth rates are applied at the end of year 5. With the focus of global climate change mitigation pointed towards promoting fuels that reduce GHG and Co2 emis-sions there is strong support that adoption rates will increase at an even faster rate than we have seen historically with CNG/RNG \u2013 and as already observed with the zero-emission regulation friendly European BEV adoption. Hexagon Purus\u2019 initial business plan projections are for significant growth: NOK 4 to 5 billion in revenues by 2025 and dou-ble-digit EBITDA margins in the longer-term.In this regard the following assumptions are used specifically in relation to the business activities for which the historical goodwill attributable to Hexagon Purus arose, being hydrogen cylinders, distribution, ground storage , marine, rail and other cylinder applications:\u2022 at target revenue growth and attaining target EBITDA marginThe goodwill items of the following cash generating units are subject to impairment testing2022 2021Hexagon Agility 1 124 360 1 010 062Hexagon Digital Wave 36 646 32 787Hexagon Purus 523 741 497 589Hexagon Ragasco 32 350 32 350Total goodwill 1 717 097 1 572 788The assumptions that were used as a basis for the calculations made at the end of 2022 resulted in comfortable headroom for all of the above.Other assumptions for the impairment testing of goodwillThe recoverable amount is calculated based on the general assumptions referred to above. The calcula-tions do not assume major changes in the nature of business activities compared with 2022.In the prognosis period, an increase in the operating profit equal to the general growth in the economy is, at a minimum, expected.The impairment testing is performed in the func-tional geographic currency of the CGU being USD for Hexagon Agility and Hexagon Digital Wave, and NOK for Hexagon Ragasco.Sensitivity analyses for the goodwillIn connection with the impairment testing of good-will, the Group has carried out sensitivity analyses. These sensitivity analyses are carried out for each cash-generating unit. The present value of the cash flow in the calculations made is, among other things, sensitive to changes in the discount rate. The sensitivity analysis uses the economic assumptions referred to above as its starting point. Calculations have been made based on one of the estimated economic assumptions being changed and in which the other economic assumptions remain unchanged.The sensitivity analyses for the CGU demonstrate that recoverable amounts of Hexagon Agility, Hexagon Ragasco, Hexagon Digital Wave and Hexagon Purus goodwill exceed the recognized value by a good margin, and a reasonable change in key assumption (+ 1.0 per cent for WACC and - 2.0 per cent on EBITDA margin) would not cause the carrying amount to exceed value in use.",
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"s10_notes__6__100-1": {
"value": "Note 10 Property, plant & equipmentLand and Plant and Fixtures & Assets under (NOK 1 000)buildingsequipmentfittings, vehiclesconstruction 2022 TotalCost of acquisitionCost of acquisition 1 January 2022 296 549 1 079 970 218 274 234 686 1 829 479Additions 1 265 33 248 43 714 428 983 507 210Transfer from assets under construction 12 918 157 128 19 383 (189 429) - 1 Disposals/scrap(113 892) (3 055) (41 841) (7 548) (166 336)Additions from purchase of companies - - - - -Translation differences 17 605 67 068 21 515 21 992 128 179Cost of acquisition 31 December 2022 214 445 1 334 359 261 045 488 683 2 298 532Accumulated depreciation and impairmentAccumulated depreciation 1 January 2022 67 896 645 665 105 293 - 818 855Depreciation for the year 21 476 103 557 33 809 - 158 842Impairment - - 743 - 743 1 Disposals/scrap(31 420) (1 709) (23 213) - (56 342)Translation differences 2 786 27 455 9 887 - 40 127Accumulated depreciation and impairment 31 December 2022 60 738 774 968 126 520 - 962 225Net carrying amount as of 31 December 2022 153 707 559 391 134 525 488 683 1 336 307Of which pledged - - - - -Useful life 10\u201320 years 3\u201315 years 3\u201310 yearsDepreciation method Straight-line Straight-line Straight-line1 On 31 December 2022, Agility North Carolina LLC, a wholly owned subsidiary of Hexagon within the Hexagon Agility segment, affected a sale- and leaseback transaction of its facility in Salisbury, North Carolina. The net carrying amount was MUSD 8.7 and is presented as disposals. See note 24 for more information.Land and Fixtures & Assets under (NOK 1 000)buildings Plant and equipmentfittings, vehiclesconstruction 2021 TotalCost of acquisitionCost of acquisition 1 January 2021 189 935 990 552 212 274 97 024 1 489 784Additions 8 557 38 601 20 141 233 938 301 238Transfer from assets under construction 2 421 63 129 29 898 (95 447) -Disposals/scrap (185) (36 936) (56 989) - (94 110)Additions from purchase of companies 89 040 10 239 13 741 - 113 020Translation differences 6 782 14 386 (791) (828) 19 548Cost of acquisition 31 December 2021 296 549 1 079 970 218 274 234 686 1 829 479Accumulated depreciation and impairmentAccumulated depreciation 1 January 2021 55 049 587 226 100 243 - 742 518Depreciation for the year 12 498 85 027 29 570 - 127 094Impairment - - 1 031 - 1 031Disposals/scrap (185) (31 556) (24 977) - (56 718)Translation differences 534 4 968 (573) - 4 929Accumulated depreciation and impairment 31 December 2021 67 896 645 665 105 293 - 818 855Net carrying amount as of 31 December 2021 228 653 434 305 112 981 234 686 1 010 625Of which pledged - - - - -Useful life 10\u201320 years 3\u201315 years 3\u201310 yearsDepreciation method Straight-line Straight-line Straight-lineAddition from purchase of companies of MNOK 113.0 relates to the acquisition of Wystrach GmbH, Germany (see note 5).Note 11 Intangible assetsHexagon Composites ASA has the following purchased and own-developed intangible assetsPatents and Technology-Customer (NOK 1 000) Goodwilllicencesdevelopmentrelationships 2022 TotalCost priceOpening balance 1 January 2022 1 573 061 239 453 354 061 540 994 2 707 569Additions - 13 722 62 008 - 75 729Disposals - (343) (74) - (418)Translation differences 144 036 23 250 12 186 17 880 197 351Cost of acquisition 31 December 2022 1 717 097 276 081 428 180 558 874 2 980 232Accumulated amortization and impairmentOpening balance 1 January 2022 274 51 279 118 270 153 221 323 045Amortization for the year - 17 201 31 245 47 617 96 062Disposals - (261) (74) - (336)Translation differences (274) 2 538 (5 769) (5 888) (9 393)Accumulated amortization and impairment 31 December 2022 - 70 757 143 672 194 950 409 379Net carrying amount 31 December 2022 1 717 097 205 324 284 508 363 924 2 570 853Useful life Indefinite 3\u201317 years 5\u201320 years 7\u201315 yearsAmortization method None Straight-line Straight-line Straight-lineHexagon Composites ASA has the following purchased and own-developed intangible assetsPatents and Technology-Customer (NOK 1 000) Goodwilllicencesdevelopmentrelationships 2021 TotalCost priceOpening balance 1 January 2021 1 370 132 215 435 244 151 456 522 2 286 240Additions from purchase of companies 187 369 1 533 64 941 78 654 332 497Additions - 17 175 42 580 - 59 755Disposals - (198) (45) - (242)Translation differences 15 561 5 508 2 433 5 818 29 319- - - - -Cost of acquisition 31 December 2021 1 573 061 239 453 354 061 540 994 2 707 569Accumulated amortization and impairmentOpening balance 1 January 2021 274 36 143 96 833 118 635 251 885Amortization for the year - 13 543 21 083 35 725 70 352Impairment - - 47 - 47Disposals - (198) - - (198)Translation differences - 1 791 307 (1 139) 959Accumulated amortization and impairment 31 December 2021 274 51 279 118 270 153 221 323 045Net carrying amount 31 December 2021 1 572 788 188 174 235 790 387 773 2 384 524Useful life Indefinite 3\u201317 years 5\u201320 years 7\u201315 yearsAmortization method None Straight-line Straight-line Straight-lineAddition from purchase of companies of MNOK 332.5 relates to the acquisition of Wystrach GmbH, Germany (see note 5).Research & development costs totalling MNOK 148.8 (MNOK 104.7) were expensed in 2022. The Group has received government grants of MNOK 7.6 (MNOK 11.7) in 2022. MNOK 7.6 (MNOK 11.7) has been offset against research and development costs.The Group has recognized goodwill as a result of several acquisitions of business enterprises. Each goodwill item is linked to a cash generating unit (CGU). When the acquired business enterprise is maintained as an independent business enterprise it is, as a starting point, the CGU. Entities that have considerable synergies and for which the type of activity is the same, are considered to be a unified CGU. This applies when acquired business enterprises are integrated with an existing Hexagon Composites company or the acquired business enterprise is, in operative terms, closely linked together with existing Hexagon Composites busi-nesses. In these instances, it is the linking enterprise that is the level of the CGU where goodwill is meas-ured and followed up. In the Group, four CGU\u2019s have been identified which capitalized goodwill has been linked to.Impairment testingGoodwill is not depreciated but is subject to impair-ment testing in the fourth quarter each year. If there are particular indications of possible impairment, the impairment test is carried out on a quarterly basis. The impairment test is carried out by the calculated recoverable amount being compared with invested capital for the unit in question. When the recoverable amount exceeds invested capital, capitalized goodwill is maintained. When the recoverable amount is lower than invested capital, capitalized goodwill is written down to its recover-able amount. Invested capital consists of the units\u2019 total assets less interest-free current liabilities and interest-free non-current liabilities. The recoverable amount is based on expected future cash flows for the relevant unit based on the management\u2019s approved budget and strategy figures for the next four years. These are estimated based on current sales and margins and the expected market devel-opment. For subsequent periods it is assumed that there will be an increase in the cash flows equivalent to expected general growth within the various business areas.The expected future investment requirements for the units are reflected in the calculations. These are in accordance with the management\u2019s approved budget and strategy. For the period beyond the next four years, it is assumed that the re-invest-ment requirement will be equivalent to expected depreciation. Changes in working capital have been assessed and adjusted in accordance with expected developments.When there are indications that a company\u2019s assets (including goodwill) may be impaired, an impairment test is conducted using the company\u2019s weighted average capital cost (WACC) as an esti-mate for the discount rate (= return on assets ratio). Correspondingly, WACC is also used for annual impairment testing. The WACC rate which is used to discount future cash flows is based on 10-year risk-free interest rates in the market, the company\u2019s borrowing interest, beta factor, equity ratio and market risk premium, adjusted for the liquidity risk and size of the company.Value in use is calculated by discounting future cash flows. Present value calculations are based on expected future cash flows for the different cash-generating units, as described above and the units are not expected to have a finite useful life. The projections take into account appropriate and typically modest forms of growth in the cash flows into perpetuity.Key assumptions used in value in use calculationsThe most important assumptions for calculating value in use are related to estimates for operating revenues, EBITDA margins, discount rates and growth rates beyond the forecast period of 5 years. A weighted average cost of capital after tax of 11.9 per cent (8.7 per cent last year) has been used for all Cash Generating units (CGUs).Following the spin-off and separate listing of Hexagon Purus in December 2020, the Hexagon Group has defined separate targets for the Hexagon businesses ex Purus (\u201cHexagon proforma\u201d), namely Hexagon Agility, Hexagon Ragasco and Hexagon Digital Wave. These are typically more mature busi-nesses with a longer historical basis for the forecast.Hexagon Purus is less mature, however is in the leading position, operating in an extreme growth environment. The addressable market and opportu-nity roadmap have been thoroughly studied and a business plan produced on the basis of maintaining a significant market share of the rapidly developing e-mobility market globally.All operating revenues and EBITDA margins are based on the stated forecast periods, past perfor-mance and management expectations of market development for the future. Growth rates are consistent with industry and market forecasts except where conservatively applied outside the primary forecast periods.Hexagon (ex Purus)Hexagon proforma primary forecast horizon is 5 years from 2023 to 2027 and from which projections are made, on a rolling 5 year basis, using prudently conservative growth rates which collectively approx-imate to 15 per cent. Hexagon proforma collectively employs targets of:\u2022 At least 15 per cent annual operating revenue growth\u2022 Attaining 15 per cent EBITDA marginThe differing CGUs within Hexagon proforma may have differing revenue growth and EBITDA margins at differing periods of time, but collectively are expected to attain the Hexagon proforma targets within the primary forecast horizon. Hexagon Digital Wave is in the middle of a transformational business plan, through digitalization, incorporating opex investments over the next three years which weigh on positive margins short-term and increase growth in revenues and margins longer-term. The Assumptions used per CGU in relation to the Hexagon proforma targets are as follows:\u2022 Hexagon Agility attaining > target revenue growth and > target EBITDA margin\u2022 Hexagon Ragasco attaining < target revenue growth and > target EBITDA margin\u2022 Hexagon Digital Wave > target revenue growth and > target EBITDA marginHexagon PurusThe Hexagon Purus business is in its early phase and should use a longer forecast period than the other more mature businesses, in order to develop and implement its addressable green technology and e-mobility activities and attain a steady state oper-ation and profit margins. To conform with IFRS 36 with a maximum 5 year forecast horizon, and given start-up companies do not by nature have previous history to rely on, terminal values and growth rates are applied at the end of year 5. With the focus of global climate change mitigation pointed towards promoting fuels that reduce GHG and Co2 emis-sions there is strong support that adoption rates will increase at an even faster rate than we have seen historically with CNG/RNG \u2013 and as already observed with the zero-emission regulation friendly European BEV adoption. Hexagon Purus\u2019 initial business plan projections are for significant growth: NOK 4 to 5 billion in revenues by 2025 and dou-ble-digit EBITDA margins in the longer-term.In this regard the following assumptions are used specifically in relation to the business activities for which the historical goodwill attributable to Hexagon Purus arose, being hydrogen cylinders, distribution, ground storage , marine, rail and other cylinder applications:\u2022 at target revenue growth and attaining target EBITDA marginThe goodwill items of the following cash generating units are subject to impairment testing2022 2021Hexagon Agility 1 124 360 1 010 062Hexagon Digital Wave 36 646 32 787Hexagon Purus 523 741 497 589Hexagon Ragasco 32 350 32 350Total goodwill 1 717 097 1 572 788The assumptions that were used as a basis for the calculations made at the end of 2022 resulted in comfortable headroom for all of the above.Other assumptions for the impairment testing of goodwillThe recoverable amount is calculated based on the general assumptions referred to above. The calcula-tions do not assume major changes in the nature of business activities compared with 2022.In the prognosis period, an increase in the operating profit equal to the general growth in the economy is, at a minimum, expected.The impairment testing is performed in the func-tional geographic currency of the CGU being USD for Hexagon Agility and Hexagon Digital Wave, and NOK for Hexagon Ragasco.Sensitivity analyses for the goodwillIn connection with the impairment testing of good-will, the Group has carried out sensitivity analyses. These sensitivity analyses are carried out for each cash-generating unit. The present value of the cash flow in the calculations made is, among other things, sensitive to changes in the discount rate. The sensitivity analysis uses the economic assumptions referred to above as its starting point. Calculations have been made based on one of the estimated economic assumptions being changed and in which the other economic assumptions remain unchanged.The sensitivity analyses for the CGU demonstrate that recoverable amounts of Hexagon Agility, Hexagon Ragasco, Hexagon Digital Wave and Hexagon Purus goodwill exceed the recognized value by a good margin, and a reasonable change in key assumption (+ 1.0 per cent for WACC and - 2.0 per cent on EBITDA margin) would not cause the carrying amount to exceed value in use.",
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"s10_notes__6__99": {
"value": "Note 10 Property, plant & equipmentLand and Plant and Fixtures & Assets under (NOK 1 000)buildingsequipmentfittings, vehiclesconstruction 2022 TotalCost of acquisitionCost of acquisition 1 January 2022 296 549 1 079 970 218 274 234 686 1 829 479Additions 1 265 33 248 43 714 428 983 507 210Transfer from assets under construction 12 918 157 128 19 383 (189 429) - 1 Disposals/scrap(113 892) (3 055) (41 841) (7 548) (166 336)Additions from purchase of companies - - - - -Translation differences 17 605 67 068 21 515 21 992 128 179Cost of acquisition 31 December 2022 214 445 1 334 359 261 045 488 683 2 298 532Accumulated depreciation and impairmentAccumulated depreciation 1 January 2022 67 896 645 665 105 293 - 818 855Depreciation for the year 21 476 103 557 33 809 - 158 842Impairment - - 743 - 743 1 Disposals/scrap(31 420) (1 709) (23 213) - (56 342)Translation differences 2 786 27 455 9 887 - 40 127Accumulated depreciation and impairment 31 December 2022 60 738 774 968 126 520 - 962 225Net carrying amount as of 31 December 2022 153 707 559 391 134 525 488 683 1 336 307Of which pledged - - - - -Useful life 10\u201320 years 3\u201315 years 3\u201310 yearsDepreciation method Straight-line Straight-line Straight-line1 On 31 December 2022, Agility North Carolina LLC, a wholly owned subsidiary of Hexagon within the Hexagon Agility segment, affected a sale- and leaseback transaction of its facility in Salisbury, North Carolina. The net carrying amount was MUSD 8.7 and is presented as disposals. See note 24 for more information.Land and Fixtures & Assets under (NOK 1 000)buildings Plant and equipmentfittings, vehiclesconstruction 2021 TotalCost of acquisitionCost of acquisition 1 January 2021 189 935 990 552 212 274 97 024 1 489 784Additions 8 557 38 601 20 141 233 938 301 238Transfer from assets under construction 2 421 63 129 29 898 (95 447) -Disposals/scrap (185) (36 936) (56 989) - (94 110)Additions from purchase of companies 89 040 10 239 13 741 - 113 020Translation differences 6 782 14 386 (791) (828) 19 548Cost of acquisition 31 December 2021 296 549 1 079 970 218 274 234 686 1 829 479Accumulated depreciation and impairmentAccumulated depreciation 1 January 2021 55 049 587 226 100 243 - 742 518Depreciation for the year 12 498 85 027 29 570 - 127 094Impairment - - 1 031 - 1 031Disposals/scrap (185) (31 556) (24 977) - (56 718)Translation differences 534 4 968 (573) - 4 929Accumulated depreciation and impairment 31 December 2021 67 896 645 665 105 293 - 818 855Net carrying amount as of 31 December 2021 228 653 434 305 112 981 234 686 1 010 625Of which pledged - - - - -Useful life 10\u201320 years 3\u201315 years 3\u201310 yearsDepreciation method Straight-line Straight-line Straight-lineAddition from purchase of companies of MNOK 113.0 relates to the acquisition of Wystrach GmbH, Germany (see note 5).",
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},
"s10_notes__6__104": {
"value": "Note 11 Intangible assetsHexagon Composites ASA has the following purchased and own-developed intangible assetsPatents and Technology-Customer (NOK 1 000) Goodwilllicencesdevelopmentrelationships 2022 TotalCost priceOpening balance 1 January 2022 1 573 061 239 453 354 061 540 994 2 707 569Additions - 13 722 62 008 - 75 729Disposals - (343) (74) - (418)Translation differences 144 036 23 250 12 186 17 880 197 351Cost of acquisition 31 December 2022 1 717 097 276 081 428 180 558 874 2 980 232Accumulated amortization and impairmentOpening balance 1 January 2022 274 51 279 118 270 153 221 323 045Amortization for the year - 17 201 31 245 47 617 96 062Disposals - (261) (74) - (336)Translation differences (274) 2 538 (5 769) (5 888) (9 393)Accumulated amortization and impairment 31 December 2022 - 70 757 143 672 194 950 409 379Net carrying amount 31 December 2022 1 717 097 205 324 284 508 363 924 2 570 853Useful life Indefinite 3\u201317 years 5\u201320 years 7\u201315 yearsAmortization method None Straight-line Straight-line Straight-lineHexagon Composites ASA has the following purchased and own-developed intangible assetsPatents and Technology-Customer (NOK 1 000) Goodwilllicencesdevelopmentrelationships 2021 TotalCost priceOpening balance 1 January 2021 1 370 132 215 435 244 151 456 522 2 286 240Additions from purchase of companies 187 369 1 533 64 941 78 654 332 497Additions - 17 175 42 580 - 59 755Disposals - (198) (45) - (242)Translation differences 15 561 5 508 2 433 5 818 29 319- - - - -Cost of acquisition 31 December 2021 1 573 061 239 453 354 061 540 994 2 707 569Accumulated amortization and impairmentOpening balance 1 January 2021 274 36 143 96 833 118 635 251 885Amortization for the year - 13 543 21 083 35 725 70 352Impairment - - 47 - 47Disposals - (198) - - (198)Translation differences - 1 791 307 (1 139) 959Accumulated amortization and impairment 31 December 2021 274 51 279 118 270 153 221 323 045Net carrying amount 31 December 2021 1 572 788 188 174 235 790 387 773 2 384 524Useful life Indefinite 3\u201317 years 5\u201320 years 7\u201315 yearsAmortization method None Straight-line Straight-line Straight-lineAddition from purchase of companies of MNOK 332.5 relates to the acquisition of Wystrach GmbH, Germany (see note 5).Research & development costs totalling MNOK 148.8 (MNOK 104.7) were expensed in 2022. The Group has received government grants of MNOK 7.6 (MNOK 11.7) in 2022. MNOK 7.6 (MNOK 11.7) has been offset against research and development costs.The Group has recognized goodwill as a result of several acquisitions of business enterprises. Each goodwill item is linked to a cash generating unit (CGU). When the acquired business enterprise is maintained as an independent business enterprise it is, as a starting point, the CGU. Entities that have considerable synergies and for which the type of activity is the same, are considered to be a unified CGU. This applies when acquired business enterprises are integrated with an existing Hexagon Composites company or the acquired business enterprise is, in operative terms, closely linked together with existing Hexagon Composites busi-nesses. In these instances, it is the linking enterprise that is the level of the CGU where goodwill is meas-ured and followed up. In the Group, four CGU\u2019s have been identified which capitalized goodwill has been linked to.Impairment testingGoodwill is not depreciated but is subject to impair-ment testing in the fourth quarter each year. If there are particular indications of possible impairment, the impairment test is carried out on a quarterly basis. The impairment test is carried out by the calculated recoverable amount being compared with invested capital for the unit in question. When the recoverable amount exceeds invested capital, capitalized goodwill is maintained. When the recoverable amount is lower than invested capital, capitalized goodwill is written down to its recover-able amount. Invested capital consists of the units\u2019 total assets less interest-free current liabilities and interest-free non-current liabilities. The recoverable amount is based on expected future cash flows for the relevant unit based on the management\u2019s approved budget and strategy figures for the next four years. These are estimated based on current sales and margins and the expected market devel-opment. For subsequent periods it is assumed that there will be an increase in the cash flows equivalent to expected general growth within the various business areas.The expected future investment requirements for the units are reflected in the calculations. These are in accordance with the management\u2019s approved budget and strategy. For the period beyond the next four years, it is assumed that the re-invest-ment requirement will be equivalent to expected depreciation. Changes in working capital have been assessed and adjusted in accordance with expected developments.When there are indications that a company\u2019s assets (including goodwill) may be impaired, an impairment test is conducted using the company\u2019s weighted average capital cost (WACC) as an esti-mate for the discount rate (= return on assets ratio). Correspondingly, WACC is also used for annual impairment testing. The WACC rate which is used to discount future cash flows is based on 10-year risk-free interest rates in the market, the company\u2019s borrowing interest, beta factor, equity ratio and market risk premium, adjusted for the liquidity risk and size of the company.Value in use is calculated by discounting future cash flows. Present value calculations are based on expected future cash flows for the different cash-generating units, as described above and the units are not expected to have a finite useful life. The projections take into account appropriate and typically modest forms of growth in the cash flows into perpetuity.Key assumptions used in value in use calculationsThe most important assumptions for calculating value in use are related to estimates for operating revenues, EBITDA margins, discount rates and growth rates beyond the forecast period of 5 years. A weighted average cost of capital after tax of 11.9 per cent (8.7 per cent last year) has been used for all Cash Generating units (CGUs).Following the spin-off and separate listing of Hexagon Purus in December 2020, the Hexagon Group has defined separate targets for the Hexagon businesses ex Purus (\u201cHexagon proforma\u201d), namely Hexagon Agility, Hexagon Ragasco and Hexagon Digital Wave. These are typically more mature busi-nesses with a longer historical basis for the forecast.Hexagon Purus is less mature, however is in the leading position, operating in an extreme growth environment. The addressable market and opportu-nity roadmap have been thoroughly studied and a business plan produced on the basis of maintaining a significant market share of the rapidly developing e-mobility market globally.All operating revenues and EBITDA margins are based on the stated forecast periods, past perfor-mance and management expectations of market development for the future. Growth rates are consistent with industry and market forecasts except where conservatively applied outside the primary forecast periods.Hexagon (ex Purus)Hexagon proforma primary forecast horizon is 5 years from 2023 to 2027 and from which projections are made, on a rolling 5 year basis, using prudently conservative growth rates which collectively approx-imate to 15 per cent. Hexagon proforma collectively employs targets of:\u2022 At least 15 per cent annual operating revenue growth\u2022 Attaining 15 per cent EBITDA marginThe differing CGUs within Hexagon proforma may have differing revenue growth and EBITDA margins at differing periods of time, but collectively are expected to attain the Hexagon proforma targets within the primary forecast horizon. Hexagon Digital Wave is in the middle of a transformational business plan, through digitalization, incorporating opex investments over the next three years which weigh on positive margins short-term and increase growth in revenues and margins longer-term. The Assumptions used per CGU in relation to the Hexagon proforma targets are as follows:\u2022 Hexagon Agility attaining > target revenue growth and > target EBITDA margin\u2022 Hexagon Ragasco attaining < target revenue growth and > target EBITDA margin\u2022 Hexagon Digital Wave > target revenue growth and > target EBITDA marginHexagon PurusThe Hexagon Purus business is in its early phase and should use a longer forecast period than the other more mature businesses, in order to develop and implement its addressable green technology and e-mobility activities and attain a steady state oper-ation and profit margins. To conform with IFRS 36 with a maximum 5 year forecast horizon, and given start-up companies do not by nature have previous history to rely on, terminal values and growth rates are applied at the end of year 5. With the focus of global climate change mitigation pointed towards promoting fuels that reduce GHG and Co2 emis-sions there is strong support that adoption rates will increase at an even faster rate than we have seen historically with CNG/RNG \u2013 and as already observed with the zero-emission regulation friendly European BEV adoption. Hexagon Purus\u2019 initial business plan projections are for significant growth: NOK 4 to 5 billion in revenues by 2025 and dou-ble-digit EBITDA margins in the longer-term.In this regard the following assumptions are used specifically in relation to the business activities for which the historical goodwill attributable to Hexagon Purus arose, being hydrogen cylinders, distribution, ground storage , marine, rail and other cylinder applications:\u2022 at target revenue growth and attaining target EBITDA marginThe goodwill items of the following cash generating units are subject to impairment testing2022 2021Hexagon Agility 1 124 360 1 010 062Hexagon Digital Wave 36 646 32 787Hexagon Purus 523 741 497 589Hexagon Ragasco 32 350 32 350Total goodwill 1 717 097 1 572 788The assumptions that were used as a basis for the calculations made at the end of 2022 resulted in comfortable headroom for all of the above.Other assumptions for the impairment testing of goodwillThe recoverable amount is calculated based on the general assumptions referred to above. The calcula-tions do not assume major changes in the nature of business activities compared with 2022.In the prognosis period, an increase in the operating profit equal to the general growth in the economy is, at a minimum, expected.The impairment testing is performed in the func-tional geographic currency of the CGU being USD for Hexagon Agility and Hexagon Digital Wave, and NOK for Hexagon Ragasco.Sensitivity analyses for the goodwillIn connection with the impairment testing of good-will, the Group has carried out sensitivity analyses. These sensitivity analyses are carried out for each cash-generating unit. The present value of the cash flow in the calculations made is, among other things, sensitive to changes in the discount rate. The sensitivity analysis uses the economic assumptions referred to above as its starting point. Calculations have been made based on one of the estimated economic assumptions being changed and in which the other economic assumptions remain unchanged.The sensitivity analyses for the CGU demonstrate that recoverable amounts of Hexagon Agility, Hexagon Ragasco, Hexagon Digital Wave and Hexagon Purus goodwill exceed the recognized value by a good margin, and a reasonable change in key assumption (+ 1.0 per cent for WACC and - 2.0 per cent on EBITDA margin) would not cause the carrying amount to exceed value in use.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__103": {
"value": "Note 11 Intangible assetsHexagon Composites ASA has the following purchased and own-developed intangible assetsPatents and Technology-Customer (NOK 1 000) Goodwilllicencesdevelopmentrelationships 2022 TotalCost priceOpening balance 1 January 2022 1 573 061 239 453 354 061 540 994 2 707 569Additions - 13 722 62 008 - 75 729Disposals - (343) (74) - (418)Translation differences 144 036 23 250 12 186 17 880 197 351Cost of acquisition 31 December 2022 1 717 097 276 081 428 180 558 874 2 980 232Accumulated amortization and impairmentOpening balance 1 January 2022 274 51 279 118 270 153 221 323 045Amortization for the year - 17 201 31 245 47 617 96 062Disposals - (261) (74) - (336)Translation differences (274) 2 538 (5 769) (5 888) (9 393)Accumulated amortization and impairment 31 December 2022 - 70 757 143 672 194 950 409 379Net carrying amount 31 December 2022 1 717 097 205 324 284 508 363 924 2 570 853Useful life Indefinite 3\u201317 years 5\u201320 years 7\u201315 yearsAmortization method None Straight-line Straight-line Straight-lineHexagon Composites ASA has the following purchased and own-developed intangible assetsPatents and Technology-Customer (NOK 1 000) Goodwilllicencesdevelopmentrelationships 2021 TotalCost priceOpening balance 1 January 2021 1 370 132 215 435 244 151 456 522 2 286 240Additions from purchase of companies 187 369 1 533 64 941 78 654 332 497Additions - 17 175 42 580 - 59 755Disposals - (198) (45) - (242)Translation differences 15 561 5 508 2 433 5 818 29 319- - - - -Cost of acquisition 31 December 2021 1 573 061 239 453 354 061 540 994 2 707 569Accumulated amortization and impairmentOpening balance 1 January 2021 274 36 143 96 833 118 635 251 885Amortization for the year - 13 543 21 083 35 725 70 352Impairment - - 47 - 47Disposals - (198) - - (198)Translation differences - 1 791 307 (1 139) 959Accumulated amortization and impairment 31 December 2021 274 51 279 118 270 153 221 323 045Net carrying amount 31 December 2021 1 572 788 188 174 235 790 387 773 2 384 524Useful life Indefinite 3\u201317 years 5\u201320 years 7\u201315 yearsAmortization method None Straight-line Straight-line Straight-lineAddition from purchase of companies of MNOK 332.5 relates to the acquisition of Wystrach GmbH, Germany (see note 5).Research & development costs totalling MNOK 148.8 (MNOK 104.7) were expensed in 2022. The Group has received government grants of MNOK 7.6 (MNOK 11.7) in 2022. MNOK 7.6 (MNOK 11.7) has been offset against research and development costs.The Group has recognized goodwill as a result of several acquisitions of business enterprises. Each goodwill item is linked to a cash generating unit (CGU). When the acquired business enterprise is maintained as an independent business enterprise it is, as a starting point, the CGU. Entities that have considerable synergies and for which the type of activity is the same, are considered to be a unified CGU. This applies when acquired business enterprises are integrated with an existing Hexagon Composites company or the acquired business enterprise is, in operative terms, closely linked together with existing Hexagon Composites busi-nesses. In these instances, it is the linking enterprise that is the level of the CGU where goodwill is meas-ured and followed up. In the Group, four CGU\u2019s have been identified which capitalized goodwill has been linked to.Impairment testingGoodwill is not depreciated but is subject to impair-ment testing in the fourth quarter each year. If there are particular indications of possible impairment, the impairment test is carried out on a quarterly basis. The impairment test is carried out by the calculated recoverable amount being compared with invested capital for the unit in question. When the recoverable amount exceeds invested capital, capitalized goodwill is maintained. When the recoverable amount is lower than invested capital, capitalized goodwill is written down to its recover-able amount. Invested capital consists of the units\u2019 total assets less interest-free current liabilities and interest-free non-current liabilities. The recoverable amount is based on expected future cash flows for the relevant unit based on the management\u2019s approved budget and strategy figures for the next four years. These are estimated based on current sales and margins and the expected market devel-opment. For subsequent periods it is assumed that there will be an increase in the cash flows equivalent to expected general growth within the various business areas.The expected future investment requirements for the units are reflected in the calculations. These are in accordance with the management\u2019s approved budget and strategy. For the period beyond the next four years, it is assumed that the re-invest-ment requirement will be equivalent to expected depreciation. Changes in working capital have been assessed and adjusted in accordance with expected developments.When there are indications that a company\u2019s assets (including goodwill) may be impaired, an impairment test is conducted using the company\u2019s weighted average capital cost (WACC) as an esti-mate for the discount rate (= return on assets ratio). Correspondingly, WACC is also used for annual impairment testing. The WACC rate which is used to discount future cash flows is based on 10-year risk-free interest rates in the market, the company\u2019s borrowing interest, beta factor, equity ratio and market risk premium, adjusted for the liquidity risk and size of the company.Value in use is calculated by discounting future cash flows. Present value calculations are based on expected future cash flows for the different cash-generating units, as described above and the units are not expected to have a finite useful life. The projections take into account appropriate and typically modest forms of growth in the cash flows into perpetuity.Key assumptions used in value in use calculationsThe most important assumptions for calculating value in use are related to estimates for operating revenues, EBITDA margins, discount rates and growth rates beyond the forecast period of 5 years. A weighted average cost of capital after tax of 11.9 per cent (8.7 per cent last year) has been used for all Cash Generating units (CGUs).Following the spin-off and separate listing of Hexagon Purus in December 2020, the Hexagon Group has defined separate targets for the Hexagon businesses ex Purus (\u201cHexagon proforma\u201d), namely Hexagon Agility, Hexagon Ragasco and Hexagon Digital Wave. These are typically more mature busi-nesses with a longer historical basis for the forecast.Hexagon Purus is less mature, however is in the leading position, operating in an extreme growth environment. The addressable market and opportu-nity roadmap have been thoroughly studied and a business plan produced on the basis of maintaining a significant market share of the rapidly developing e-mobility market globally.All operating revenues and EBITDA margins are based on the stated forecast periods, past perfor-mance and management expectations of market development for the future. Growth rates are consistent with industry and market forecasts except where conservatively applied outside the primary forecast periods.Hexagon (ex Purus)Hexagon proforma primary forecast horizon is 5 years from 2023 to 2027 and from which projections are made, on a rolling 5 year basis, using prudently conservative growth rates which collectively approx-imate to 15 per cent. Hexagon proforma collectively employs targets of:\u2022 At least 15 per cent annual operating revenue growth\u2022 Attaining 15 per cent EBITDA marginThe differing CGUs within Hexagon proforma may have differing revenue growth and EBITDA margins at differing periods of time, but collectively are expected to attain the Hexagon proforma targets within the primary forecast horizon. Hexagon Digital Wave is in the middle of a transformational business plan, through digitalization, incorporating opex investments over the next three years which weigh on positive margins short-term and increase growth in revenues and margins longer-term. The Assumptions used per CGU in relation to the Hexagon proforma targets are as follows:\u2022 Hexagon Agility attaining > target revenue growth and > target EBITDA margin\u2022 Hexagon Ragasco attaining < target revenue growth and > target EBITDA margin\u2022 Hexagon Digital Wave > target revenue growth and > target EBITDA marginHexagon PurusThe Hexagon Purus business is in its early phase and should use a longer forecast period than the other more mature businesses, in order to develop and implement its addressable green technology and e-mobility activities and attain a steady state oper-ation and profit margins. To conform with IFRS 36 with a maximum 5 year forecast horizon, and given start-up companies do not by nature have previous history to rely on, terminal values and growth rates are applied at the end of year 5. With the focus of global climate change mitigation pointed towards promoting fuels that reduce GHG and Co2 emis-sions there is strong support that adoption rates will increase at an even faster rate than we have seen historically with CNG/RNG \u2013 and as already observed with the zero-emission regulation friendly European BEV adoption. Hexagon Purus\u2019 initial business plan projections are for significant growth: NOK 4 to 5 billion in revenues by 2025 and dou-ble-digit EBITDA margins in the longer-term.In this regard the following assumptions are used specifically in relation to the business activities for which the historical goodwill attributable to Hexagon Purus arose, being hydrogen cylinders, distribution, ground storage , marine, rail and other cylinder applications:\u2022 at target revenue growth and attaining target EBITDA marginThe goodwill items of the following cash generating units are subject to impairment testing2022 2021Hexagon Agility 1 124 360 1 010 062Hexagon Digital Wave 36 646 32 787Hexagon Purus 523 741 497 589Hexagon Ragasco 32 350 32 350Total goodwill 1 717 097 1 572 788The assumptions that were used as a basis for the calculations made at the end of 2022 resulted in comfortable headroom for all of the above.Other assumptions for the impairment testing of goodwillThe recoverable amount is calculated based on the general assumptions referred to above. The calcula-tions do not assume major changes in the nature of business activities compared with 2022.In the prognosis period, an increase in the operating profit equal to the general growth in the economy is, at a minimum, expected.The impairment testing is performed in the func-tional geographic currency of the CGU being USD for Hexagon Agility and Hexagon Digital Wave, and NOK for Hexagon Ragasco.Sensitivity analyses for the goodwillIn connection with the impairment testing of good-will, the Group has carried out sensitivity analyses. These sensitivity analyses are carried out for each cash-generating unit. The present value of the cash flow in the calculations made is, among other things, sensitive to changes in the discount rate. The sensitivity analysis uses the economic assumptions referred to above as its starting point. Calculations have been made based on one of the estimated economic assumptions being changed and in which the other economic assumptions remain unchanged.The sensitivity analyses for the CGU demonstrate that recoverable amounts of Hexagon Agility, Hexagon Ragasco, Hexagon Digital Wave and Hexagon Purus goodwill exceed the recognized value by a good margin, and a reasonable change in key assumption (+ 1.0 per cent for WACC and - 2.0 per cent on EBITDA margin) would not cause the carrying amount to exceed value in use.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__102": {
"value": "Note 11 Intangible assetsHexagon Composites ASA has the following purchased and own-developed intangible assetsPatents and Technology-Customer (NOK 1 000) Goodwilllicencesdevelopmentrelationships 2022 TotalCost priceOpening balance 1 January 2022 1 573 061 239 453 354 061 540 994 2 707 569Additions - 13 722 62 008 - 75 729Disposals - (343) (74) - (418)Translation differences 144 036 23 250 12 186 17 880 197 351Cost of acquisition 31 December 2022 1 717 097 276 081 428 180 558 874 2 980 232Accumulated amortization and impairmentOpening balance 1 January 2022 274 51 279 118 270 153 221 323 045Amortization for the year - 17 201 31 245 47 617 96 062Disposals - (261) (74) - (336)Translation differences (274) 2 538 (5 769) (5 888) (9 393)Accumulated amortization and impairment 31 December 2022 - 70 757 143 672 194 950 409 379Net carrying amount 31 December 2022 1 717 097 205 324 284 508 363 924 2 570 853Useful life Indefinite 3\u201317 years 5\u201320 years 7\u201315 yearsAmortization method None Straight-line Straight-line Straight-lineHexagon Composites ASA has the following purchased and own-developed intangible assetsPatents and Technology-Customer (NOK 1 000) Goodwilllicencesdevelopmentrelationships 2021 TotalCost priceOpening balance 1 January 2021 1 370 132 215 435 244 151 456 522 2 286 240Additions from purchase of companies 187 369 1 533 64 941 78 654 332 497Additions - 17 175 42 580 - 59 755Disposals - (198) (45) - (242)Translation differences 15 561 5 508 2 433 5 818 29 319- - - - -Cost of acquisition 31 December 2021 1 573 061 239 453 354 061 540 994 2 707 569Accumulated amortization and impairmentOpening balance 1 January 2021 274 36 143 96 833 118 635 251 885Amortization for the year - 13 543 21 083 35 725 70 352Impairment - - 47 - 47Disposals - (198) - - (198)Translation differences - 1 791 307 (1 139) 959Accumulated amortization and impairment 31 December 2021 274 51 279 118 270 153 221 323 045Net carrying amount 31 December 2021 1 572 788 188 174 235 790 387 773 2 384 524Useful life Indefinite 3\u201317 years 5\u201320 years 7\u201315 yearsAmortization method None Straight-line Straight-line Straight-lineAddition from purchase of companies of MNOK 332.5 relates to the acquisition of Wystrach GmbH, Germany (see note 5).Research & development costs totalling MNOK 148.8 (MNOK 104.7) were expensed in 2022. The Group has received government grants of MNOK 7.6 (MNOK 11.7) in 2022. MNOK 7.6 (MNOK 11.7) has been offset against research and development costs.The Group has recognized goodwill as a result of several acquisitions of business enterprises. Each goodwill item is linked to a cash generating unit (CGU). When the acquired business enterprise is maintained as an independent business enterprise it is, as a starting point, the CGU. Entities that have considerable synergies and for which the type of activity is the same, are considered to be a unified CGU. This applies when acquired business enterprises are integrated with an existing Hexagon Composites company or the acquired business enterprise is, in operative terms, closely linked together with existing Hexagon Composites busi-nesses. In these instances, it is the linking enterprise that is the level of the CGU where goodwill is meas-ured and followed up. In the Group, four CGU\u2019s have been identified which capitalized goodwill has been linked to.Impairment testingGoodwill is not depreciated but is subject to impair-ment testing in the fourth quarter each year. If there are particular indications of possible impairment, the impairment test is carried out on a quarterly basis. The impairment test is carried out by the calculated recoverable amount being compared with invested capital for the unit in question. When the recoverable amount exceeds invested capital, capitalized goodwill is maintained. When the recoverable amount is lower than invested capital, capitalized goodwill is written down to its recover-able amount. Invested capital consists of the units\u2019 total assets less interest-free current liabilities and interest-free non-current liabilities. The recoverable amount is based on expected future cash flows for the relevant unit based on the management\u2019s approved budget and strategy figures for the next four years. These are estimated based on current sales and margins and the expected market devel-opment. For subsequent periods it is assumed that there will be an increase in the cash flows equivalent to expected general growth within the various business areas.The expected future investment requirements for the units are reflected in the calculations. These are in accordance with the management\u2019s approved budget and strategy. For the period beyond the next four years, it is assumed that the re-invest-ment requirement will be equivalent to expected depreciation. Changes in working capital have been assessed and adjusted in accordance with expected developments.When there are indications that a company\u2019s assets (including goodwill) may be impaired, an impairment test is conducted using the company\u2019s weighted average capital cost (WACC) as an esti-mate for the discount rate (= return on assets ratio). Correspondingly, WACC is also used for annual impairment testing. The WACC rate which is used to discount future cash flows is based on 10-year risk-free interest rates in the market, the company\u2019s borrowing interest, beta factor, equity ratio and market risk premium, adjusted for the liquidity risk and size of the company.Value in use is calculated by discounting future cash flows. Present value calculations are based on expected future cash flows for the different cash-generating units, as described above and the units are not expected to have a finite useful life. The projections take into account appropriate and typically modest forms of growth in the cash flows into perpetuity.Key assumptions used in value in use calculationsThe most important assumptions for calculating value in use are related to estimates for operating revenues, EBITDA margins, discount rates and growth rates beyond the forecast period of 5 years. A weighted average cost of capital after tax of 11.9 per cent (8.7 per cent last year) has been used for all Cash Generating units (CGUs).Following the spin-off and separate listing of Hexagon Purus in December 2020, the Hexagon Group has defined separate targets for the Hexagon businesses ex Purus (\u201cHexagon proforma\u201d), namely Hexagon Agility, Hexagon Ragasco and Hexagon Digital Wave. These are typically more mature busi-nesses with a longer historical basis for the forecast.Hexagon Purus is less mature, however is in the leading position, operating in an extreme growth environment. The addressable market and opportu-nity roadmap have been thoroughly studied and a business plan produced on the basis of maintaining a significant market share of the rapidly developing e-mobility market globally.All operating revenues and EBITDA margins are based on the stated forecast periods, past perfor-mance and management expectations of market development for the future. Growth rates are consistent with industry and market forecasts except where conservatively applied outside the primary forecast periods.Hexagon (ex Purus)Hexagon proforma primary forecast horizon is 5 years from 2023 to 2027 and from which projections are made, on a rolling 5 year basis, using prudently conservative growth rates which collectively approx-imate to 15 per cent. Hexagon proforma collectively employs targets of:\u2022 At least 15 per cent annual operating revenue growth\u2022 Attaining 15 per cent EBITDA marginThe differing CGUs within Hexagon proforma may have differing revenue growth and EBITDA margins at differing periods of time, but collectively are expected to attain the Hexagon proforma targets within the primary forecast horizon. Hexagon Digital Wave is in the middle of a transformational business plan, through digitalization, incorporating opex investments over the next three years which weigh on positive margins short-term and increase growth in revenues and margins longer-term. The Assumptions used per CGU in relation to the Hexagon proforma targets are as follows:\u2022 Hexagon Agility attaining > target revenue growth and > target EBITDA margin\u2022 Hexagon Ragasco attaining < target revenue growth and > target EBITDA margin\u2022 Hexagon Digital Wave > target revenue growth and > target EBITDA marginHexagon PurusThe Hexagon Purus business is in its early phase and should use a longer forecast period than the other more mature businesses, in order to develop and implement its addressable green technology and e-mobility activities and attain a steady state oper-ation and profit margins. To conform with IFRS 36 with a maximum 5 year forecast horizon, and given start-up companies do not by nature have previous history to rely on, terminal values and growth rates are applied at the end of year 5. With the focus of global climate change mitigation pointed towards promoting fuels that reduce GHG and Co2 emis-sions there is strong support that adoption rates will increase at an even faster rate than we have seen historically with CNG/RNG \u2013 and as already observed with the zero-emission regulation friendly European BEV adoption. Hexagon Purus\u2019 initial business plan projections are for significant growth: NOK 4 to 5 billion in revenues by 2025 and dou-ble-digit EBITDA margins in the longer-term.In this regard the following assumptions are used specifically in relation to the business activities for which the historical goodwill attributable to Hexagon Purus arose, being hydrogen cylinders, distribution, ground storage , marine, rail and other cylinder applications:\u2022 at target revenue growth and attaining target EBITDA marginThe goodwill items of the following cash generating units are subject to impairment testing2022 2021Hexagon Agility 1 124 360 1 010 062Hexagon Digital Wave 36 646 32 787Hexagon Purus 523 741 497 589Hexagon Ragasco 32 350 32 350Total goodwill 1 717 097 1 572 788The assumptions that were used as a basis for the calculations made at the end of 2022 resulted in comfortable headroom for all of the above.Other assumptions for the impairment testing of goodwillThe recoverable amount is calculated based on the general assumptions referred to above. The calcula-tions do not assume major changes in the nature of business activities compared with 2022.In the prognosis period, an increase in the operating profit equal to the general growth in the economy is, at a minimum, expected.The impairment testing is performed in the func-tional geographic currency of the CGU being USD for Hexagon Agility and Hexagon Digital Wave, and NOK for Hexagon Ragasco.Sensitivity analyses for the goodwillIn connection with the impairment testing of good-will, the Group has carried out sensitivity analyses. These sensitivity analyses are carried out for each cash-generating unit. The present value of the cash flow in the calculations made is, among other things, sensitive to changes in the discount rate. The sensitivity analysis uses the economic assumptions referred to above as its starting point. Calculations have been made based on one of the estimated economic assumptions being changed and in which the other economic assumptions remain unchanged.The sensitivity analyses for the CGU demonstrate that recoverable amounts of Hexagon Agility, Hexagon Ragasco, Hexagon Digital Wave and Hexagon Purus goodwill exceed the recognized value by a good margin, and a reasonable change in key assumption (+ 1.0 per cent for WACC and - 2.0 per cent on EBITDA margin) would not cause the carrying amount to exceed value in use.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__108": {
"value": "Research & development costs totalling MNOK 148.8 (MNOK 104.7) were expensed in 2022. The Group has received government grants of MNOK 7.6 (MNOK 11.7) in 2022. MNOK 7.6 (MNOK 11.7) has been offset against research and development costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__107": {
"value": "Research & development costs totalling MNOK 148.8 (MNOK 104.7) were expensed in 2022. The Group has received government grants of MNOK 7.6 (MNOK 11.7) in 2022. MNOK 7.6 (MNOK 11.7) has been offset against research and development costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__110": {
"value": "Note 12 Other non-current financial assets(NOK 1 000) 2022 2021 1 Cross-currency interest swap25 431 - 2 Loans to associated companies48 270 - 3 Equity investments at fair value67 727 379Total other non-current financial assets 141 429 3791 On 16 May 2022, Hexagon Composites ASA entered into three float-to-fix interest rate swaps, a USD 10 million swap with a 10 year maturity, a USD 10 million swap with a 7 year maturity, and a USD 33 million swap with a 5 year maturity. The swaps principal value represents approxi-mately 40 per cent of the Company\u2019s term loan (NOK 1 100 million) and revolving credit facility (NOK 350 million).2 Loans to associated companies includes accrued interests as per 31 December.3 NOK 67.3 million relates to the fair value of Norwegian Hydrogen AS, which was reclassified from an associated company to an equity invest-ment as per 27 August, 2022, following a private placement in Norwegian Hydrogen AS and where the Group\u2019s significant influence in the entity ceased. See also note 26 for further information and gain related to the reclassification.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__109-1": {
"value": "Note 12 Other non-current financial assets(NOK 1 000) 2022 2021 1 Cross-currency interest swap25 431 - 2 Loans to associated companies48 270 - 3 Equity investments at fair value67 727 379Total other non-current financial assets 141 429 3791 On 16 May 2022, Hexagon Composites ASA entered into three float-to-fix interest rate swaps, a USD 10 million swap with a 10 year maturity, a USD 10 million swap with a 7 year maturity, and a USD 33 million swap with a 5 year maturity. The swaps principal value represents approxi-mately 40 per cent of the Company\u2019s term loan (NOK 1 100 million) and revolving credit facility (NOK 350 million).2 Loans to associated companies includes accrued interests as per 31 December.3 NOK 67.3 million relates to the fair value of Norwegian Hydrogen AS, which was reclassified from an associated company to an equity invest-ment as per 27 August, 2022, following a private placement in Norwegian Hydrogen AS and where the Group\u2019s significant influence in the entity ceased. See also note 26 for further information and gain related to the reclassification.Note 15 Other current assets(NOK 1 000) 2022 2021Prepaid expenses 80 757 90 202Prepayment to suppliers 61 188 -VAT refund 6 956 24 681Prepaid tax overseas 1 773 28 017Forward exchange contracts - 1 162 1 Other38 097 38 381Total other current assets 188 772 182 4431 Other in 2022 included receivables from the Skattefunn tax incentive scheme and other grants of NOK 4 820 thousand (7 837 thousand).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__111": {
"value": "Note 13 Inventories(NOK 1 000) 2022 2021Raw materials and consumables 1 143 340 787 377Work in progress 176 940 115 226Finished goods 226 217 244 401Total inventories 1 546 497 1 147 004Provision for obsolete inventory in balance sheet (77 530) (38 529)Carrying amount of holdings used as pledged assets - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__114-1": {
"value": "Note 14 Trade receivables(NOK 1 000) 2022 2021Trade receivables 878 568 891 311Provisions for expected credit loss (13 165) (10 915)Trade receivables after provision for losses 865 403 880 396Carrying amount of trade receivables used as pledged assets - -Losses on trade receivables are classified as other operating expenses in the income statement. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using a provision matrix:As of 31 December the Company had the following ageing of trade receivablesContract 30\u201360 60\u201390 assets Total Not due <30 daysdaysdays >90daysExpected credit loss rate 2022 - 1.5% 0.4% 0.2% 4.5% 16.7% 12.3%Estimated total gross carrying amount at default 2022 9 488 878 568 540 017 222 194 55 274 11 861 49 222Expected credit loss 2022 - 13 165 2 126 528 2 494 1 977 6 039Expected credit loss rate 2021 - 1.2% 0.2% 0.4% 6.7% 0.4% 9.9%Estimated total gross carrying amount at default 2021 4 165 891 311 578 086 141 610 59 367 60 867 51 381Expected credit loss 2021 - 10 915 1 071 569 3 948 217 5 109Changes in the provision for losses are as follows2022 2021Opening balance 1 January 10 915 13 293Additions from purchase of companies - 898Provision for losses for the year 1 897 595Actual losses during the year (358) (4 026)Translation differences 712 155Closing balance 31 December 13 165 10 915Credit risk and currency risk regarding trade receivables are described in more detail in note 25.Note 19 ProvisionsNon-current provisions(NOK 1 000) 2022 2021Other non-current provisions 6 133 11 686Total non-current provisions 6 133 11 686Current provisions(NOK 1 000) 2022 2021Balance 1 January 66 747 89 301Additions from purchase of companies - 438Provisions for year 53 713 12 668Translation differences 6 708 785Provisions used during year (24 611) (36 445)Balance 31 December 102 557 66 747The Group seeks to minimize the level of warranty or other claims from third parties through a diligent focus on quality. The Group also seeks to consistently recognize any potential impact of unanticipated events. Provisions are made for both general and, if required, specific warranty claims on Low-Pressure and High-Pressure cylinders or on delivered systems. Such provisions are typically based on i) historical warranty costs levels for equivalent products and services, ii) our assessment of any ongoing third-party legal disputes or quality related matters in the ordinary course of business. In such cases, including products liability cases, the Group prepares estimates based on experience, professional judgment of legal counsel, and other assumptions it believes to be reasonable. The Group also recognizes an asset if insurance covers all or part of any recorded liability. As additional information becomes available, potential liability related to pending litigation is reassessed and related estimates are updated., and iii) a forward view based on the changing levels and complexity of our business activities within cylinder and systems business areas respectively.The warranty period is mostly one year from delivery with exceptions for individual contracts. The provision can thereby be expected to be related to activity and new contracts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__113": {
"value": "Note 14 Trade receivables(NOK 1 000) 2022 2021Trade receivables 878 568 891 311Provisions for expected credit loss (13 165) (10 915)Trade receivables after provision for losses 865 403 880 396Carrying amount of trade receivables used as pledged assets - -Losses on trade receivables are classified as other operating expenses in the income statement. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using a provision matrix:As of 31 December the Company had the following ageing of trade receivablesContract 30\u201360 60\u201390 assets Total Not due <30 daysdaysdays >90daysExpected credit loss rate 2022 - 1.5% 0.4% 0.2% 4.5% 16.7% 12.3%Estimated total gross carrying amount at default 2022 9 488 878 568 540 017 222 194 55 274 11 861 49 222Expected credit loss 2022 - 13 165 2 126 528 2 494 1 977 6 039Expected credit loss rate 2021 - 1.2% 0.2% 0.4% 6.7% 0.4% 9.9%Estimated total gross carrying amount at default 2021 4 165 891 311 578 086 141 610 59 367 60 867 51 381Expected credit loss 2021 - 10 915 1 071 569 3 948 217 5 109Changes in the provision for losses are as follows2022 2021Opening balance 1 January 10 915 13 293Additions from purchase of companies - 898Provision for losses for the year 1 897 595Actual losses during the year (358) (4 026)Translation differences 712 155Closing balance 31 December 13 165 10 915Credit risk and currency risk regarding trade receivables are described in more detail in note 25.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__112": {
"value": "Note 14 Trade receivables(NOK 1 000) 2022 2021Trade receivables 878 568 891 311Provisions for expected credit loss (13 165) (10 915)Trade receivables after provision for losses 865 403 880 396Carrying amount of trade receivables used as pledged assets - -Losses on trade receivables are classified as other operating expenses in the income statement. Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using a provision matrix:As of 31 December the Company had the following ageing of trade receivablesContract 30\u201360 60\u201390 assets Total Not due <30 daysdaysdays >90daysExpected credit loss rate 2022 - 1.5% 0.4% 0.2% 4.5% 16.7% 12.3%Estimated total gross carrying amount at default 2022 9 488 878 568 540 017 222 194 55 274 11 861 49 222Expected credit loss 2022 - 13 165 2 126 528 2 494 1 977 6 039Expected credit loss rate 2021 - 1.2% 0.2% 0.4% 6.7% 0.4% 9.9%Estimated total gross carrying amount at default 2021 4 165 891 311 578 086 141 610 59 367 60 867 51 381Expected credit loss 2021 - 10 915 1 071 569 3 948 217 5 109Changes in the provision for losses are as follows2022 2021Opening balance 1 January 10 915 13 293Additions from purchase of companies - 898Provision for losses for the year 1 897 595Actual losses during the year (358) (4 026)Translation differences 712 155Closing balance 31 December 13 165 10 915Credit risk and currency risk regarding trade receivables are described in more detail in note 25.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__117": {
"value": "Note 15 Other current assets(NOK 1 000) 2022 2021Prepaid expenses 80 757 90 202Prepayment to suppliers 61 188 -VAT refund 6 956 24 681Prepaid tax overseas 1 773 28 017Forward exchange contracts - 1 162 1 Other38 097 38 381Total other current assets 188 772 182 4431 Other in 2022 included receivables from the Skattefunn tax incentive scheme and other grants of NOK 4 820 thousand (7 837 thousand).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__116": {
"value": "Note 15 Other current assets(NOK 1 000) 2022 2021Prepaid expenses 80 757 90 202Prepayment to suppliers 61 188 -VAT refund 6 956 24 681Prepaid tax overseas 1 773 28 017Forward exchange contracts - 1 162 1 Other38 097 38 381Total other current assets 188 772 182 4431 Other in 2022 included receivables from the Skattefunn tax incentive scheme and other grants of NOK 4 820 thousand (7 837 thousand).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__119": {
"value": "Note 16 Bank deposits, cash and cash equivalents(NOK 1 000) 2022 2021Cash at bank and in hand 713 547 600 209Bank deposits, cash and cash equivalents 713 547 600 209Cash & cash equivalents in the cash flow analysis 713 547 600 209Undrawn Group overdraft facility 135 769 264 337Undrawn loan facilities 225 000 318 268 1 Restricted funds included in cash & cash equivalents9 283 8 9441 Restricted tax withholdings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__118": {
"value": "Note 16 Bank deposits, cash and cash equivalents(NOK 1 000) 2022 2021Cash at bank and in hand 713 547 600 209Bank deposits, cash and cash equivalents 713 547 600 209Cash & cash equivalents in the cash flow analysis 713 547 600 209Undrawn Group overdraft facility 135 769 264 337Undrawn loan facilities 225 000 318 268 1 Restricted funds included in cash & cash equivalents9 283 8 9441 Restricted tax withholdings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__121": {
"value": "Note 17 Share capital, shareholder information and dividend(NOK 1 000) 2022 2021Ordinary shares of NOK 0.10 each 201 619 712 201 619 712Total number of shares 201 619 712 201 619 712The Company\u2019s share capital consists of one class of shares and is fully paid-up.Changes in share capital and share premiumShare capital Share premium Number of shares(NOK 1 000)(NOK 1 000)2022 2021 2022 2021 2022 2021Ordinary sharesIssued and paid 1 January 201 619 712 201 619 712 20 162 20 162 2 075 999 2 075 999Issued new share capital - - - - - -Transaction cost - -Issued and paid 31 Dec 201 619 712 201 619 712 20 162 20 162 2 075 999 2 075 999Own shares1 January 847 292 1 851 723 85 185Change during period (196 874) (1 004 431) (20) (100)31 December 650 418 847 292 65 85As of 31 December 2022 the Company had 650 418 own shares (847 292). The cost of acquisition of NOK 18 789 thousand (NOK 20 690 thousand) is entered as a reduction in equity. The shares are held as \u201cown shares\u201d, and the Company is entitled to sell them in the future.20 Largest shareholders as of 31 December 2022 Number of shares ShareholdingMITSUI & CO LTD 45 833 321 22.73% 1 FLAKK COMPOSITES AS20 000 000 9.92%CLEARSTREAM BANKING S.A. 17 773 882 8.82%MP PENSJON PK 12 127 762 6.02%BR\u00d8DR. B\u00d8CKMANN AS 5 649 663 2.80%KTF FINANS AS 5 000 000 2.48%N\u00d8DINGEN AS 4 968 704 2.46%BROWN BROTHERS HARRIMAN & CO 4 470 699 2.22%FOLKETRYGDFONDET 3 840 921 1.91%STATE STREET BANK AND TRUST COMPANY 3 064 779 1.52%RBC INVESTOR SERVICES TRUST 2 452 081 1.22%JPMORGAN CHASE BANK, N.A., LONDON 2 225 619 1.10%THE NORTHERN TRUST COMPANY, LONDON 1 925 170 0.95%VERDIPAPIRFONDET STOREBRAND NORGE 1 923 872 0.95%RBC INVESTOR SERVICES TRUST 1 659 414 0.82%NORDNET BANK AB 1 433 020 0.71%SKANDINAVISKA ENSKILDA BANKEN AB 1 349 798 0.67%VERDIPAPIRFONDET KLP AKSJENORGE IN 1 310 044 0.65% 1 FLAKK INVEST AS1 300 000 0.64%SIX SIS AG 1 287 592 0.64%Total 20 largest shareholders 139 596 341 69.24%Remainder 62 023 371 30.76%Total 201 619 712 100.00%1 These shareholdings are controlled by the Chair of the Board, Knut Flakk.Ownership structureThe total number of shareholders as of 31 December 2022 was 5 666 of whom 452 were foreign shareholders. The number of shares held by foreign shareholders was 111 390 509 or 56.2 per cent.The Board proposes to the general assembly that there will be no dividend to be paid for the fiscal year 2022, the same as for 2021.Dividends are included as allocations to the owners in the period in which they are paid.The Board (unanimous) has a mandate to increase share capital by up to NOK 2 016 195 by issuing up to 20 161 950 shares (par value NOK 0.10). This authorization is valid until the next ordinary general assembly.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__120": {
"value": "Note 17 Share capital, shareholder information and dividend(NOK 1 000) 2022 2021Ordinary shares of NOK 0.10 each 201 619 712 201 619 712Total number of shares 201 619 712 201 619 712The Company\u2019s share capital consists of one class of shares and is fully paid-up.Changes in share capital and share premiumShare capital Share premium Number of shares(NOK 1 000)(NOK 1 000)2022 2021 2022 2021 2022 2021Ordinary sharesIssued and paid 1 January 201 619 712 201 619 712 20 162 20 162 2 075 999 2 075 999Issued new share capital - - - - - -Transaction cost - -Issued and paid 31 Dec 201 619 712 201 619 712 20 162 20 162 2 075 999 2 075 999Own shares1 January 847 292 1 851 723 85 185Change during period (196 874) (1 004 431) (20) (100)31 December 650 418 847 292 65 85As of 31 December 2022 the Company had 650 418 own shares (847 292). The cost of acquisition of NOK 18 789 thousand (NOK 20 690 thousand) is entered as a reduction in equity. The shares are held as \u201cown shares\u201d, and the Company is entitled to sell them in the future.20 Largest shareholders as of 31 December 2022 Number of shares ShareholdingMITSUI & CO LTD 45 833 321 22.73% 1 FLAKK COMPOSITES AS20 000 000 9.92%CLEARSTREAM BANKING S.A. 17 773 882 8.82%MP PENSJON PK 12 127 762 6.02%BR\u00d8DR. B\u00d8CKMANN AS 5 649 663 2.80%KTF FINANS AS 5 000 000 2.48%N\u00d8DINGEN AS 4 968 704 2.46%BROWN BROTHERS HARRIMAN & CO 4 470 699 2.22%FOLKETRYGDFONDET 3 840 921 1.91%STATE STREET BANK AND TRUST COMPANY 3 064 779 1.52%RBC INVESTOR SERVICES TRUST 2 452 081 1.22%JPMORGAN CHASE BANK, N.A., LONDON 2 225 619 1.10%THE NORTHERN TRUST COMPANY, LONDON 1 925 170 0.95%VERDIPAPIRFONDET STOREBRAND NORGE 1 923 872 0.95%RBC INVESTOR SERVICES TRUST 1 659 414 0.82%NORDNET BANK AB 1 433 020 0.71%SKANDINAVISKA ENSKILDA BANKEN AB 1 349 798 0.67%VERDIPAPIRFONDET KLP AKSJENORGE IN 1 310 044 0.65% 1 FLAKK INVEST AS1 300 000 0.64%SIX SIS AG 1 287 592 0.64%Total 20 largest shareholders 139 596 341 69.24%Remainder 62 023 371 30.76%Total 201 619 712 100.00%1 These shareholdings are controlled by the Chair of the Board, Knut Flakk.Ownership structureThe total number of shareholders as of 31 December 2022 was 5 666 of whom 452 were foreign shareholders. The number of shares held by foreign shareholders was 111 390 509 or 56.2 per cent.The Board proposes to the general assembly that there will be no dividend to be paid for the fiscal year 2022, the same as for 2021.Dividends are included as allocations to the owners in the period in which they are paid.The Board (unanimous) has a mandate to increase share capital by up to NOK 2 016 195 by issuing up to 20 161 950 shares (par value NOK 0.10). This authorization is valid until the next ordinary general assembly.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__122": {
"value": "As of 31 December 2022 the Company had 650 418 own shares (847 292). The cost of acquisition of NOK 18 789 thousand (NOK 20 690 thousand) is entered as a reduction in equity. The shares are held as \u201cown shares\u201d, and the Company is entitled to sell them in the future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__123": {
"value": "The Board proposes to the general assembly that there will be no dividend to be paid for the fiscal year 2022, the same as for 2021.Dividends are included as allocations to the owners in the period in which they are paid.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__129-1": {
"value": "Note 20 Interest-bearing liabilitiesReconciliation for liabilities arising from financing activitiesNon-current Current interest interest-bearing bearing Lease (NOK 1 000)liabilitiesliabilitiesliabilities TotalLiabilities 1 January 2021 1 206 127 - 275 705 1 481 832Financing activities with cash settlementRepayment of non-current liabilities (1 265 825) - - (1 265 825)New interest bearing liabilities 1 134 459 4 595 - 1 139 054Repayment of lease liabilities - - (62 736) (62 736)Repayment of current liabilities - - - -Financing activities without cash settlementAdditions from acquisition of companies 43 831 4 627 7 899 56 358New lease liabilities - - 69 966 69 966stReclassification 1 year\u2019s instalments (4 413) 4 413 - -Exchange differences (3 419) - 1 897 (1 522)Other transactions without cash settlement 55 297 - - 55 297Liabilities 31 December 2021 1 166 057 13 635 292 732 1 472 424Non-current Current interest interest-bearing bearing Lease (NOK 1 000)liabilitiesliabilitiesliabilities TotalLiabilities 1 January 2022 1 166 057 13 635 292 732 1 472 424Financing activities with cash settlementRepayment of non-current liabilities - (4 560) - (4 560)New interest bearing liabilities 318 268 221 039 - 539 307Repayment of lease liabilities - - (73 947) (73 947)Repayment of current liabilities - - - -Financing activities without cash settlementAdditions from acquisition of companies - - - -New lease liabilities - - 307 333 307 333stReclassification 1 year\u2019s instalments (4 673) 4 673 - -Exchange differences 2 089 (113) 25 474 27 450Other transactions without cash settlement 399 - - 399Liabilities 31 December 2022 1 482 140 234 674 551 592 2 268 406Note 22 Current interest-bearing liabilities(NOK 1 000) 2022 2021Current interest-bearing liabilities overdraft facility 130 002 8 637Other current interest-bearing liabilities 100 000 585st1 year\u2019s instalments, non-current interest-bearing liabilities 4 673 4 413Total current interest-bearing liabilities 234 674 13 635st1 year\u2019s instalments, lease liabilities 70 574 62 455Total 305 248 76 090Note 24 LeasesFixtures & Right of use assetsLand and Plant and fittings, 2022 (NOK 1 000)buildingsequipmentvehiclesTotalAt costCost of acquisition 1 Jan 373 042 78 270 5 537 456 849Additions of right-of-use assets 241 082 1 505 3 404 245 992Expirations at maturity (52 166) - (262) (52 428)Disposals - - - -Transfers and reclassifications - - - -Additions from purchase of companies - - - -Translation differences 30 763 4 175 424 35 362Cost of acquisition 31 Dec 592 722 83 951 9 102 685 775Accumulated depreciation and impairmentAccumulated depreciation and impairment 1 Jan 136 613 34 391 3 536 174 540Depreciation for the year 62 113 12 775 1 626 76 514Impairments for the year - - - -Expirations at maturity (52 166) - (262) (52 428)Disposals - - - -Transfers and reclassifications - - - -Additions from purchase of companies - - - -Translation differences 11 670 2 041 205 13 917Accumulated depreciation and impairment 158 230 49 208 5 105 212 542Carrying amount of right-of-use assets as of 31 Dec 434 492 34 743 3 998 473 233Useful life 3\u201317 years 3\u20137 years 2\u20135 yearsDepreciation method Straight-line Straight-line Straight-lineSale- and leaseback transactionsOn 31 December 2022, Agility North Carolina LLC, a wholly owned subsidiary of Hexagon within the Hexagon Agility segment, affected a sale- and leaseback transaction of its facility in Salisbury, North Carolina. The facility consists of approximately 19 000 square metres for production and assembly of fuel systems, as well as approx-imately 144 000 square metres of land. The consideration received for the facility amounted to NOK 161 million, which resulted in an accounting gain of NOK 8 million net of transaction costs. The gain is presented as other operating income in the income statement.The lease agreement has a lease term of 16 years with options to extend for two 10 year periods. Initial recognition of lease liability per 31 December was NOK 135 million. Extension options are, due to uncertainty of exercising, not included in the lease liability calculation. Recognized right of use asset amounted to NOK 72 million representing a 84 per cent proportionate share (derived by the ratio of the recognized lease liability over the of the facility\u2019s fair market value), pre-sale book value of NOK 86 million.In addition to the affected sale-and leaseback transaction of the existing facility in Salisbury, North Carolina, the buyer also acquired the right to develop Agility\u2019s planned NOK 136 million expansion of the Salisbury facility. The expansion is estimated to commence in January 2025, where a separate lease agreement will be entered into with the buyer. Both the sale-and leaseback agreement and the outsourcing of the expansion project is affected according to Hexagon\u2019s preference of renting instead of owning its facilities.Fixtures & Right of use assetsLand and Plant and fittings, 2021 (NOK 1 000)buildingsequipmentvehiclesTotalAt costCost of acquisition 1 Jan (right-of-use asset) 349 678 30 983 6 892 387 553Additions of right-of-use assets 46 443 22 733 790 69 966Expirations at maturity (8 077) - (124) (8 201)Disposals - - - -Transfers and reclassifications (20 121) 20 324 (204) -Additions from purchase of companies - 7 101 798 7 899Translation differences 5 118 (2 872) (2 616) (369)Cost of acquisition 31 Dec 373 042 78 270 5 537 456 849Accumulated depreciation and impairmentAccumulated depreciation and impairment 1 Jan 109 986 6 663 4 352 121 002Depreciation for the year 52 509 10 245 1 401 64 155Impairments for the year - - - -Expirations at maturity (8 077) - (124) (8 201)Disposals - - - -Transfers and reclassifications (19 770) 18 868 902 -Additions from purchase of companies - - - -Translation differences 1 965 (1 385) (2 996) (2 416)Accumulated depreciation and impairment 136 613 34 391 3 536 174 540Carrying amount of right-of-use assets as of 31 Dec 236 429 43 879 2 001 282 309Useful life 3\u201317 years 3\u20137 years 2\u20135 yearsDepreciation method Straight-line Straight-line Straight-lineLease liabilities(NOK 1 000) 2022 Total 2021 TotalUndiscounted lease liabilities and maturity of cash outflowsLess than 1 year 100 831 73 5961\u20132 years 102 808 52 8662\u20133 years 79 016 50 6393\u20134 years 67 828 25 0664\u20135 years 59 817 21 300More than 5 years 345 007 106 946Total undiscounted lease liabilities at 31 December 755 305 330 413Summary of the lease liabilities(NOK 1 000) 2022 Total 2021 TotalAt initial application 1 January 292 732 275 705New lease liabilities recognised in the year 307 333 69 966Additions from purchase of companies - 7 899Transfers and reclassifications - -Cash payments for the principal portion of the lease liability (73 947) (62 736)Cash payments for the interest portion of the lease liability (9 537) (7 980)Interest expense on lease liabilities 9 537 7 980Currency exchange differences 25 474 1 897Total lease liabilities at 31 December 551 592 292 732Current lease liabilities 70 574 62 455Non-current lease liabilities 481 018 230 276Summary of cash outflows leases(NOK 1 000) 2022 Total 2021 TotalCash payments for leases 83 485 70 715Variable payments 12 650 10 427Cash payments related to short-term leases and leases of low value 1 666 1 386Total cash outflows for leases 97 801 82 528Some of the leases have options to extend the contract beyond the period used in the calculations. For most cases the probability of utilizing such options are not sufficiently high to include options in the calculation of the leases. The leases do not contain any termination options that are considered significant for the calculations.The leases do not contain any restrictions on the Group\u2019s dividend policy or financing, and there are no require-ments to financial performance or ratios. The Group does not have significant residual value guarantees related to its leases to disclose. No operational risks related to leases are identified.As of 31 December 2022, there was one significant lease agreement within the Hexagon Purus segment which had not yet commenced and thus not yet reflected in the balance sheet. This relates to a production facility currently under construction in Kassel, Germany, which is expected to commence in the second half of 2023. The construction cost of the building is estimated to approximately NOK 400 million and the Group is committed to enter into a 15 year lease with an option to buy after 10 years.The Group has entered into some minor short-term leasing agreement for mobile pipeline systems to customers. The carrying amount of assets leased to others under operating leases are as follows:The Group as a lessor(NOK 1 000) 2022 Total 2021 TotalCost price leased assets included in fixtures & fittings 9 484 31 552Total 9 484 31 552Accumulated depreciation of leased assets 3 832 4 487Book value leased assets per 31 December 5 652 27 064All leases are on short-term and the future minimum lease payment related to the fixed assets in 2023 are expected to be MNOK 2.0.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__128": {
"value": "Note 20 Interest-bearing liabilitiesCarrying amountFacility size (NOK 1 000) Interest rate conditions Currency Maturity(nok) 2022 2021SecuredTerm loan DNB and Danske Bank (bullet) Nibor 3 month + margin NOK 9 Dec 2024 1 100 000 1 100 000 1 100 000 4Revolving credit facility DNB and Danske Bank (bullet) Nibor 3 month + margin NOK 9 Dec 2026 350 000 350 000 31 732 4 Accordion facility DNB and Danske Bank (bullet) Nibor 3 month + margin NOK 31 Mar 2024325 000 100 000 -Overdraft facility DNB and Danske Bank Nibor 3 month + margin NOK 9 Dec 2024 250 000 130 002 - 1 Total DNB and Danske Bank2 025 000 1 680 002 1 131 732Bank loan Volksbank an der Niers AG 1.55% EUR 30 Sep 2036 N/A 7 356 7 677Bank loan Deutsche Bank AG 1.96% EUR 30 Mar 2037 N/A 16 881 15 469Bank loan Deutsche Bank AG 2.88% EUR 30 Jun 2033 N/A 14 524 17 547Bank loan Deutsche Bank AG 1.79% EUR 30 Nov 2025 N/A 5 586 5 865Overdraft facility Deutsche Bank Euribor 3 month + margin EUR 15 771 - 8 637 2 Total Deutsche Bank and Volkesbank15 771 44 347 55 194Total secured interest-bearing liabilities 1 724 348 1 186 927Other current interest bearing liabilities - 585 3 Amortized transaction costs loans(7 534) (7 820)Total interest-bearing liabilities 1 716 815 1 179 692hereof current:Overdraft facility 130 002 8 637Current interest bearing liabilities 100 000 585st1 year\u2019s instalments, classified as current 4 673 4 413Total current interest-bearing liailities 234 674 13 635Total non-current interest bearing liabilities 1 482 141 1 166 057Estimated repayment structure for non-current liabilities (NOK 1 000) as of 31 December 20212023 2024 2025 2026 2027 Thereafter234 674 1 104 672 3 134 354 422 3 103 24 3421 On December 9, 2021, Hexagon Composites ASA entered into a new Senior Secured bilateral loan facility with DNB and Danske Bank. The overall size of the committed facility was NOK 1 700 million, compris-ing a term loan of NOK 1 100 million, a multi-currency revolving credit facility (RCF) of NOK 350 million and an overdraft facility of NOK 250 million. The size of the uncommited facility amounted to a maximum of NOK 400 million, where NOK 325 was called upon and became committed as of 30 September 2022. At 31 December 2022 the total commitment under the facilities was NOK 2 025 million.2 The bank loans towards Volkesbank and Deutsche Bank relates to Wystrach. Wystrach has in addition an overdraft facility of MEUR 1.5 as of 31 December 2022.3 Costs associated with the loans are amortized over the duration of the loans using the effective interest method. Buy-back premium and rest amortization associated with the bond loan amounted to MNOK 22.7 and MNOK 24.2 respectively and was expensed in 2021 (see also note 6).4 Maturity includes extension options.CovenantsAs of 31 December 2022, financial covenants, related to equity ratio and leverage (NIBD/EBITDA) were in compliance with comfortable headrooms.Reconciliation for liabilities arising from financing activitiesNon-current Current interest interest-bearing bearing Lease (NOK 1 000)liabilitiesliabilitiesliabilities TotalLiabilities 1 January 2021 1 206 127 - 275 705 1 481 832Financing activities with cash settlementRepayment of non-current liabilities (1 265 825) - - (1 265 825)New interest bearing liabilities 1 134 459 4 595 - 1 139 054Repayment of lease liabilities - - (62 736) (62 736)Repayment of current liabilities - - - -Financing activities without cash settlementAdditions from acquisition of companies 43 831 4 627 7 899 56 358New lease liabilities - - 69 966 69 966stReclassification 1 year\u2019s instalments (4 413) 4 413 - -Exchange differences (3 419) - 1 897 (1 522)Other transactions without cash settlement 55 297 - - 55 297Liabilities 31 December 2021 1 166 057 13 635 292 732 1 472 424Non-current Current interest interest-bearing bearing Lease (NOK 1 000)liabilitiesliabilitiesliabilities TotalLiabilities 1 January 2022 1 166 057 13 635 292 732 1 472 424Financing activities with cash settlementRepayment of non-current liabilities - (4 560) - (4 560)New interest bearing liabilities 318 268 221 039 - 539 307Repayment of lease liabilities - - (73 947) (73 947)Repayment of current liabilities - - - -Financing activities without cash settlementAdditions from acquisition of companies - - - -New lease liabilities - - 307 333 307 333stReclassification 1 year\u2019s instalments (4 673) 4 673 - -Exchange differences 2 089 (113) 25 474 27 450Other transactions without cash settlement 399 - - 399Liabilities 31 December 2022 1 482 140 234 674 551 592 2 268 406",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__127-1": {
"value": "Note 20 Interest-bearing liabilitiesCarrying amountFacility size (NOK 1 000) Interest rate conditions Currency Maturity(nok) 2022 2021SecuredTerm loan DNB and Danske Bank (bullet) Nibor 3 month + margin NOK 9 Dec 2024 1 100 000 1 100 000 1 100 000 4Revolving credit facility DNB and Danske Bank (bullet) Nibor 3 month + margin NOK 9 Dec 2026 350 000 350 000 31 732 4 Accordion facility DNB and Danske Bank (bullet) Nibor 3 month + margin NOK 31 Mar 2024325 000 100 000 -Overdraft facility DNB and Danske Bank Nibor 3 month + margin NOK 9 Dec 2024 250 000 130 002 - 1 Total DNB and Danske Bank2 025 000 1 680 002 1 131 732Bank loan Volksbank an der Niers AG 1.55% EUR 30 Sep 2036 N/A 7 356 7 677Bank loan Deutsche Bank AG 1.96% EUR 30 Mar 2037 N/A 16 881 15 469Bank loan Deutsche Bank AG 2.88% EUR 30 Jun 2033 N/A 14 524 17 547Bank loan Deutsche Bank AG 1.79% EUR 30 Nov 2025 N/A 5 586 5 865Overdraft facility Deutsche Bank Euribor 3 month + margin EUR 15 771 - 8 637 2 Total Deutsche Bank and Volkesbank15 771 44 347 55 194Total secured interest-bearing liabilities 1 724 348 1 186 927Other current interest bearing liabilities - 585 3 Amortized transaction costs loans(7 534) (7 820)Total interest-bearing liabilities 1 716 815 1 179 692hereof current:Overdraft facility 130 002 8 637Current interest bearing liabilities 100 000 585st1 year\u2019s instalments, classified as current 4 673 4 413Total current interest-bearing liailities 234 674 13 635Total non-current interest bearing liabilities 1 482 141 1 166 057Estimated repayment structure for non-current liabilities (NOK 1 000) as of 31 December 20212023 2024 2025 2026 2027 Thereafter234 674 1 104 672 3 134 354 422 3 103 24 3421 On December 9, 2021, Hexagon Composites ASA entered into a new Senior Secured bilateral loan facility with DNB and Danske Bank. The overall size of the committed facility was NOK 1 700 million, compris-ing a term loan of NOK 1 100 million, a multi-currency revolving credit facility (RCF) of NOK 350 million and an overdraft facility of NOK 250 million. The size of the uncommited facility amounted to a maximum of NOK 400 million, where NOK 325 was called upon and became committed as of 30 September 2022. At 31 December 2022 the total commitment under the facilities was NOK 2 025 million.2 The bank loans towards Volkesbank and Deutsche Bank relates to Wystrach. Wystrach has in addition an overdraft facility of MEUR 1.5 as of 31 December 2022.3 Costs associated with the loans are amortized over the duration of the loans using the effective interest method. Buy-back premium and rest amortization associated with the bond loan amounted to MNOK 22.7 and MNOK 24.2 respectively and was expensed in 2021 (see also note 6).4 Maturity includes extension options.CovenantsAs of 31 December 2022, financial covenants, related to equity ratio and leverage (NIBD/EBITDA) were in compliance with comfortable headrooms.Reconciliation for liabilities arising from financing activitiesNon-current Current interest interest-bearing bearing Lease (NOK 1 000)liabilitiesliabilitiesliabilities TotalLiabilities 1 January 2021 1 206 127 - 275 705 1 481 832Financing activities with cash settlementRepayment of non-current liabilities (1 265 825) - - (1 265 825)New interest bearing liabilities 1 134 459 4 595 - 1 139 054Repayment of lease liabilities - - (62 736) (62 736)Repayment of current liabilities - - - -Financing activities without cash settlementAdditions from acquisition of companies 43 831 4 627 7 899 56 358New lease liabilities - - 69 966 69 966stReclassification 1 year\u2019s instalments (4 413) 4 413 - -Exchange differences (3 419) - 1 897 (1 522)Other transactions without cash settlement 55 297 - - 55 297Liabilities 31 December 2021 1 166 057 13 635 292 732 1 472 424Non-current Current interest interest-bearing bearing Lease (NOK 1 000)liabilitiesliabilitiesliabilities TotalLiabilities 1 January 2022 1 166 057 13 635 292 732 1 472 424Financing activities with cash settlementRepayment of non-current liabilities - (4 560) - (4 560)New interest bearing liabilities 318 268 221 039 - 539 307Repayment of lease liabilities - - (73 947) (73 947)Repayment of current liabilities - - - -Financing activities without cash settlementAdditions from acquisition of companies - - - -New lease liabilities - - 307 333 307 333stReclassification 1 year\u2019s instalments (4 673) 4 673 - -Exchange differences 2 089 (113) 25 474 27 450Other transactions without cash settlement 399 - - 399Liabilities 31 December 2022 1 482 140 234 674 551 592 2 268 406Current interest-bearing debt is subject to the same financial terms as the secured non-current interest-bearing debt disclosed in note 20. The overdraft facilities within the Group are generally priced on base rate + margin, in addition to periodic charges connected to the provision of the facilities.The following table shows the group\u2019s sensitivity to potential changes in interest rates. The calculations take into account all interest-bearing instruments and associated interest rate derivatives (if any) as of 31 December.Gains or losses on interest rate Change in interest Effect on profit/loss derivatives in comprehensive rates in base pointsbefore tax (NOK 1 000)income before tax (NOK 1 000)2022 +100 (11 944) -(100) 11 944 -2021 +100 (11 797) -(100) 11 797 -Based on the interest bearing liabilities which existed as of 31 December 2022, an interest rate increase of 1% would reduce profit after tax by NOK 9 316 thousand (9 202 thousand).The average effective interest rate on financial liabilities was as follows:2022 2021Bank overdrafts 1.4\u20135.7% 1.4%Bank loan 1.5\u20137.4% 1.5\u20132.9%Lease liabilities 1\u201310.5% 1\u20136.0%Bond loan NA 4.1%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__126-1": {
"value": "Note 20 Interest-bearing liabilitiesCarrying amountFacility size (NOK 1 000) Interest rate conditions Currency Maturity(nok) 2022 2021SecuredTerm loan DNB and Danske Bank (bullet) Nibor 3 month + margin NOK 9 Dec 2024 1 100 000 1 100 000 1 100 000 4Revolving credit facility DNB and Danske Bank (bullet) Nibor 3 month + margin NOK 9 Dec 2026 350 000 350 000 31 732 4 Accordion facility DNB and Danske Bank (bullet) Nibor 3 month + margin NOK 31 Mar 2024325 000 100 000 -Overdraft facility DNB and Danske Bank Nibor 3 month + margin NOK 9 Dec 2024 250 000 130 002 - 1 Total DNB and Danske Bank2 025 000 1 680 002 1 131 732Bank loan Volksbank an der Niers AG 1.55% EUR 30 Sep 2036 N/A 7 356 7 677Bank loan Deutsche Bank AG 1.96% EUR 30 Mar 2037 N/A 16 881 15 469Bank loan Deutsche Bank AG 2.88% EUR 30 Jun 2033 N/A 14 524 17 547Bank loan Deutsche Bank AG 1.79% EUR 30 Nov 2025 N/A 5 586 5 865Overdraft facility Deutsche Bank Euribor 3 month + margin EUR 15 771 - 8 637 2 Total Deutsche Bank and Volkesbank15 771 44 347 55 194Total secured interest-bearing liabilities 1 724 348 1 186 927Other current interest bearing liabilities - 585 3 Amortized transaction costs loans(7 534) (7 820)Total interest-bearing liabilities 1 716 815 1 179 692hereof current:Overdraft facility 130 002 8 637Current interest bearing liabilities 100 000 585st1 year\u2019s instalments, classified as current 4 673 4 413Total current interest-bearing liailities 234 674 13 635Total non-current interest bearing liabilities 1 482 141 1 166 057Estimated repayment structure for non-current liabilities (NOK 1 000) as of 31 December 20212023 2024 2025 2026 2027 Thereafter234 674 1 104 672 3 134 354 422 3 103 24 3421 On December 9, 2021, Hexagon Composites ASA entered into a new Senior Secured bilateral loan facility with DNB and Danske Bank. The overall size of the committed facility was NOK 1 700 million, compris-ing a term loan of NOK 1 100 million, a multi-currency revolving credit facility (RCF) of NOK 350 million and an overdraft facility of NOK 250 million. The size of the uncommited facility amounted to a maximum of NOK 400 million, where NOK 325 was called upon and became committed as of 30 September 2022. At 31 December 2022 the total commitment under the facilities was NOK 2 025 million.2 The bank loans towards Volkesbank and Deutsche Bank relates to Wystrach. Wystrach has in addition an overdraft facility of MEUR 1.5 as of 31 December 2022.3 Costs associated with the loans are amortized over the duration of the loans using the effective interest method. Buy-back premium and rest amortization associated with the bond loan amounted to MNOK 22.7 and MNOK 24.2 respectively and was expensed in 2021 (see also note 6).4 Maturity includes extension options.CovenantsAs of 31 December 2022, financial covenants, related to equity ratio and leverage (NIBD/EBITDA) were in compliance with comfortable headrooms.Reconciliation for liabilities arising from financing activitiesNon-current Current interest interest-bearing bearing Lease (NOK 1 000)liabilitiesliabilitiesliabilities TotalLiabilities 1 January 2021 1 206 127 - 275 705 1 481 832Financing activities with cash settlementRepayment of non-current liabilities (1 265 825) - - (1 265 825)New interest bearing liabilities 1 134 459 4 595 - 1 139 054Repayment of lease liabilities - - (62 736) (62 736)Repayment of current liabilities - - - -Financing activities without cash settlementAdditions from acquisition of companies 43 831 4 627 7 899 56 358New lease liabilities - - 69 966 69 966stReclassification 1 year\u2019s instalments (4 413) 4 413 - -Exchange differences (3 419) - 1 897 (1 522)Other transactions without cash settlement 55 297 - - 55 297Liabilities 31 December 2021 1 166 057 13 635 292 732 1 472 424Non-current Current interest interest-bearing bearing Lease (NOK 1 000)liabilitiesliabilitiesliabilities TotalLiabilities 1 January 2022 1 166 057 13 635 292 732 1 472 424Financing activities with cash settlementRepayment of non-current liabilities - (4 560) - (4 560)New interest bearing liabilities 318 268 221 039 - 539 307Repayment of lease liabilities - - (73 947) (73 947)Repayment of current liabilities - - - -Financing activities without cash settlementAdditions from acquisition of companies - - - -New lease liabilities - - 307 333 307 333stReclassification 1 year\u2019s instalments (4 673) 4 673 - -Exchange differences 2 089 (113) 25 474 27 450Other transactions without cash settlement 399 - - 399Liabilities 31 December 2022 1 482 140 234 674 551 592 2 268 406Note 22 Current interest-bearing liabilities(NOK 1 000) 2022 2021Current interest-bearing liabilities overdraft facility 130 002 8 637Other current interest-bearing liabilities 100 000 585st1 year\u2019s instalments, non-current interest-bearing liabilities 4 673 4 413Total current interest-bearing liabilities 234 674 13 635st1 year\u2019s instalments, lease liabilities 70 574 62 455Total 305 248 76 090Current interest-bearing debt is subject to the same financial terms as the secured non-current interest-bearing debt disclosed in note 20. The overdraft facilities within the Group are generally priced on base rate + margin, in addition to periodic charges connected to the provision of the facilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__135": {
"value": "Note 21 Other financial liabilities and provisions(NOK 1 000) 2022 2021Cross-currency swap 216 885 81 423Deferred payment from business combination - 43 490Contingent liabilities from business combination 39 789 65 616Total non-current financial liabilities 256 675 190 529Deferred payment from business combination 45 776 -Contingent liabilities from business combination 29 275 -Total current financial liabilities 75 051 -In 2019 the company entered into a cross-currency swap of USD 120.3 to effectively convert long-term financing from NOK to USD. During 2021 the swap was settled and re-issued with an USD denominated balance of 132.7 million. In relation with the refinancing of the Group in December 2021 the maturity of the swap was extended concurrent with the initial maturity of the bank loan. The value of the swap as of 31 December 2022 was NOK -216 885 thousand.Deferred payment from business combinations of NOK 43 490 thousand and contingent liabilities from business combinations of NOK 65 616 thousand in 2021 relates to the acquisition of Wystrach GmbH, Germany (see also note 5). As of 31 December 2022, the deferred payment and a portion of the contingent liability are classified as current. There have been no changes in the valuation of the contingent liabilities during the year. The change in the carrying values relates only to changes in foreign exchange rates, as the liability is denominated in EUR.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__134-1": {
"value": "Note 21 Other financial liabilities and provisions(NOK 1 000) 2022 2021Cross-currency swap 216 885 81 423Deferred payment from business combination - 43 490Contingent liabilities from business combination 39 789 65 616Total non-current financial liabilities 256 675 190 529Deferred payment from business combination 45 776 -Contingent liabilities from business combination 29 275 -Total current financial liabilities 75 051 -In 2019 the company entered into a cross-currency swap of USD 120.3 to effectively convert long-term financing from NOK to USD. During 2021 the swap was settled and re-issued with an USD denominated balance of 132.7 million. In relation with the refinancing of the Group in December 2021 the maturity of the swap was extended concurrent with the initial maturity of the bank loan. The value of the swap as of 31 December 2022 was NOK -216 885 thousand.Deferred payment from business combinations of NOK 43 490 thousand and contingent liabilities from business combinations of NOK 65 616 thousand in 2021 relates to the acquisition of Wystrach GmbH, Germany (see also note 5). As of 31 December 2022, the deferred payment and a portion of the contingent liability are classified as current. There have been no changes in the valuation of the contingent liabilities during the year. The change in the carrying values relates only to changes in foreign exchange rates, as the liability is denominated in EUR.Note 29 Purchasing commitmentsThe Group has the following commitments resulting from purchasing materials(NOK 1 000) 2022 20212022 - 299 4432023 599 243 -Thereafter - -Total 599 243 299 443The Group has the following commitments resulting from contracts for investments in production facilities/machines(NOK 1 000) 2022 20212022 - 159 7472023 204 112 -Thereafter - -Total 204 112 159 747All contracts relate to investments in production facilities/machines.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__133-1": {
"value": "Note 21 Other financial liabilities and provisions(NOK 1 000) 2022 2021Cross-currency swap 216 885 81 423Deferred payment from business combination - 43 490Contingent liabilities from business combination 39 789 65 616Total non-current financial liabilities 256 675 190 529Deferred payment from business combination 45 776 -Contingent liabilities from business combination 29 275 -Total current financial liabilities 75 051 -In 2019 the company entered into a cross-currency swap of USD 120.3 to effectively convert long-term financing from NOK to USD. During 2021 the swap was settled and re-issued with an USD denominated balance of 132.7 million. In relation with the refinancing of the Group in December 2021 the maturity of the swap was extended concurrent with the initial maturity of the bank loan. The value of the swap as of 31 December 2022 was NOK -216 885 thousand.Deferred payment from business combinations of NOK 43 490 thousand and contingent liabilities from business combinations of NOK 65 616 thousand in 2021 relates to the acquisition of Wystrach GmbH, Germany (see also note 5). As of 31 December 2022, the deferred payment and a portion of the contingent liability are classified as current. There have been no changes in the valuation of the contingent liabilities during the year. The change in the carrying values relates only to changes in foreign exchange rates, as the liability is denominated in EUR.Note 23 Other current liabilities(NOK 1 000) 2022 2021Public duties payable 26 949 40 406Unpaid salaries, bonuses, holiday pay 111 892 118 282Accrued expenses and other current liabilities 204 313 161 463Total 343 154 320 150",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__132": {
"value": "Note 21 Other financial liabilities and provisions(NOK 1 000) 2022 2021Cross-currency swap 216 885 81 423Deferred payment from business combination - 43 490Contingent liabilities from business combination 39 789 65 616Total non-current financial liabilities 256 675 190 529Deferred payment from business combination 45 776 -Contingent liabilities from business combination 29 275 -Total current financial liabilities 75 051 -In 2019 the company entered into a cross-currency swap of USD 120.3 to effectively convert long-term financing from NOK to USD. During 2021 the swap was settled and re-issued with an USD denominated balance of 132.7 million. In relation with the refinancing of the Group in December 2021 the maturity of the swap was extended concurrent with the initial maturity of the bank loan. The value of the swap as of 31 December 2022 was NOK -216 885 thousand.Deferred payment from business combinations of NOK 43 490 thousand and contingent liabilities from business combinations of NOK 65 616 thousand in 2021 relates to the acquisition of Wystrach GmbH, Germany (see also note 5). As of 31 December 2022, the deferred payment and a portion of the contingent liability are classified as current. There have been no changes in the valuation of the contingent liabilities during the year. The change in the carrying values relates only to changes in foreign exchange rates, as the liability is denominated in EUR.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__131-1": {
"value": "Note 21 Other financial liabilities and provisions(NOK 1 000) 2022 2021Cross-currency swap 216 885 81 423Deferred payment from business combination - 43 490Contingent liabilities from business combination 39 789 65 616Total non-current financial liabilities 256 675 190 529Deferred payment from business combination 45 776 -Contingent liabilities from business combination 29 275 -Total current financial liabilities 75 051 -In 2019 the company entered into a cross-currency swap of USD 120.3 to effectively convert long-term financing from NOK to USD. During 2021 the swap was settled and re-issued with an USD denominated balance of 132.7 million. In relation with the refinancing of the Group in December 2021 the maturity of the swap was extended concurrent with the initial maturity of the bank loan. The value of the swap as of 31 December 2022 was NOK -216 885 thousand.Deferred payment from business combinations of NOK 43 490 thousand and contingent liabilities from business combinations of NOK 65 616 thousand in 2021 relates to the acquisition of Wystrach GmbH, Germany (see also note 5). As of 31 December 2022, the deferred payment and a portion of the contingent liability are classified as current. There have been no changes in the valuation of the contingent liabilities during the year. The change in the carrying values relates only to changes in foreign exchange rates, as the liability is denominated in EUR.Note 23 Other current liabilities(NOK 1 000) 2022 2021Public duties payable 26 949 40 406Unpaid salaries, bonuses, holiday pay 111 892 118 282Accrued expenses and other current liabilities 204 313 161 463Total 343 154 320 150",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__144-1": {
"value": "Note 25 Market riskFinancial riskThe Group\u2019s principal financial liabilities, other than derivatives, comprise loans and borrowings, and trade and other payables. The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group\u2019s principal financial assets include trade receivables, cash and cash equivalents that derive directly form its opera-tions. The Group use some financial derivatives for hedging purposes.The Group is exposed to interest rate risk, liquidity risk, currency risk and credit risk. The Group\u2019s management regularly evaluates these risks and defines guidelines on appropriate financial risk governance framework for the Group. Procedures for risk management are adopted by the board and carried out by the chief financial officer in close cooperation with the subsidiaries.The Group may use financial instruments to hedge risks associated with interest rate and foreign currency fluctu-ations. The Group uses derivative financial instruments to minimize these risks under its strategy for interest and currency exposure. The accounting treatment of financial derivatives is described in note 2.(i) Credit riskThe Group is mainly exposed to credit risk associated with trade receivables and contract assets. The Group minimizes its exposure to credit risk by ensuring that all parties requiring defined levels of credit (primarily trade receivables) are approved and undergo a credit check.The Group has a small number of large customers or counterparties who could be considered to be a Group due to similarities in credit risk. The risk associated with these counterparties is regularly reviewed and is minimized by measures such as use of credit insurance. The subsidiaries Hexagon Ragasco AS, Hexagon Composites GmbH and Hexagon Purus GmbH applies credit insurance to cover parts of the companies\u2019 receivables.Trade receivables amounted to NOK 878 568 thousand (891 311 thousand). Except of parts in Hexagon Ragasco AS, Hexagon Composites GmbH and Hexagon Purus GmbH these do not have credit insurance. However, these are partly covered through Letter of Credits and prepayments from customers.The Group has policies in place to ensure that sales of products are made to customers with an appropriate credit history and that outstanding amounts do not exceed the defined credit limits. Credit information is also used in the group\u2019s regular appraisal of new and existing customers.The Group has not issued guarantees for third party obligations.The carrying amount of the financial assets, including derivatives, in the balance sheet represents the maximum risk exposure. As counterparties in derivative transactions are normally banks, the credit risk associated with derivatives is considered to be negligible. The Group considers its maximum risk exposure to be the carrying amount of its trade receivables (see note 14) and contract assets (see note 4).An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e. geographical region, product type, customer type and rating, coverage by letter of credit or prepayments or other forms of credit insurance). The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current con-ditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity. Note 14 disclose the ageing of trade receivables.(ii) Interest rate riskThe Group is exposed to interest rate risk from its financing activities (see notes 20, 22 and 24). The majority of the Group\u2019s interest-bearing liabilities have variable interest rates, which means it is affected by changes in interest rates.The aim of the Group\u2019s interest rate risk management is to reduce interest expenses, while also keeping the volatility of future interest payments within acceptable limits. The Group\u2019s strategy is for its finance departments to regularly evaluate the interest rate exposure of Hexagon Composites liabilities based on a total assessment of interest expectations and risk profile. The total fixed-interest term must not exceed 10 years. The Group may use derivatives to adjust its effective interest rate exposure. As a starting point, all interest rate derivatives are adapted to the duration and other conditions of individual loans. The principal bank loan facility in the parent company has been drawn in Euro, NOK and USD, with EURIBOR/NIBOR/LIBOR base rates. As part of the NOK 1.1 billion financing of the acquisition of Hexagon Agility, a cross-currency hedge was established where the Group receives a variable rate equal to NIBOR + margin and pays a variable rate equal to LIBOR + margin. In addition to the cross currency swap, Hexagon Composites ASA entered into three float-to-fix interest rate swaps in May 2022 with a maturity of 5, 7 and 10 years and a total principal amount of USD 53 million.The following table shows the group\u2019s sensitivity to potential changes in interest rates. The calculations take into account all interest-bearing instruments and associated interest rate derivatives (if any) as of 31 December.Gains or losses on interest rate Change in interest Effect on profit/loss derivatives in comprehensive rates in base pointsbefore tax (NOK 1 000)income before tax (NOK 1 000)2022 +100 (11 944) -(100) 11 944 -2021 +100 (11 797) -(100) 11 797 -Based on the interest bearing liabilities which existed as of 31 December 2022, an interest rate increase of 1% would reduce profit after tax by NOK 9 316 thousand (9 202 thousand).The average effective interest rate on financial liabilities was as follows:2022 2021Bank overdrafts 1.4\u20135.7% 1.4%Bank loan 1.5\u20137.4% 1.5\u20132.9%Lease liabilities 1\u201310.5% 1\u20136.0%Bond loan NA 4.1%(iv) Foreign exchange riskAs the Group has production and sales in different countries with different functional currencies, it is exposed to currency risk associated with movements of the Norwegian krone against other currencies, while the Group\u2019s presentation currency is NOK. The carrying amount of the Group\u2019s net investments in foreign companies fluc-tuates as the Norwegian krone moves in relation to other relevant currencies. The Group\u2019s profit after tax is also affected by currency movements, as the results of foreign companies are translated to the Norwegian currency using the weighted average exchange rate for the period. The Group uses forward contracts to reduce its cur-rency risk from cash flows denominated in foreign currencies. Currency risk is calculated for each currency and takes into consideration assets and liabilities, off-balance sheet obligations and highly probable purchases and sales in the relevant currency.The following table shows the group\u2019s sensitivity to potential changes in the Norwegian krone, with all other conditions remaining constant. The calculation is based on the same movement of the krone against the relevant currencies. The effect on the profit/loss is caused by changes in the value of monetary items and currency deriva-tives. The effect on equity is caused by currency effects of net investments in foreign currencies.Effect on other comprehensive Movement of Effect on profit/loss income and expenses before NOK against USDbefore tax (NOK 1 000)tax (NOK 1 000)2022 +10% (15 575) (21 531)(10%) 15 575 21 5312021 +10% (9 275) (21 073)(10%) 9 275 21 073Effect on other comprehensive Movement of Effect on profit/loss income and expenses before NOK against EURbefore tax (NOK 1 000)tax (NOK 1 000)2022 +10% 14 105 67 365(10%) (14 105) (67 365)2021 +10% 15 557 62 376(10%) (15 557) (62 376)The fair values of derivatives classified as hedging instruments are reported under other current assets/liabilities or other non-current assets/liabilities depending on the recovery or settlement date for the associated hedged item.As of 31 December 2022, the group had the following forward contracts to hedge forecast sales to customers. Forward contracts are used to reduce currency risk associated with expected future sales. The terms of the con-tracts are as follows:Currency Amount Exchange Fair value Forward exchange contractssell/buy(1 000) Maturityrate31 Dec 2022Forward contracts to hedge 1 expected future salesEUR/NOK 100/1 050 2023 10.50\u201310.50 -Total -1 The forward contracts do not qualify for hedge accounting under IFRS 9.As of 31 December 2021, the Group had the following forward contracts to hedge future sales to customers.Currency Amount Exchange Fair value Forward exchange contractssell/buy(1 000) Maturityrate31 Dec 2021Forward contracts to hedge 1 expected future salesEUR/NOK 1 400/15 228 2022 10.38\u201311.22 1 130Forward contracts to hedge 1 expected future salesEUR/NOK 100/1 050 2023 10.50\u201310.50 32Total 1 1621 The forward contracts do not qualify for hedge accounting under IFRS 9.Net investments in foreign operationsAn intercompany interest-bearing loan from Hexagon Composites ASA of USD 105 091 thousand MNOK 1 035.9 at 31 December 2022 (MNOK 926.8 at 31 December 2021) has been designated as net investments in the subsidiary in the United States, Hexagon USA Holdings Inc. Settlement of this loan is neither planned nor is likely to occur in the foreseeable future. This borrowing is being used to reduce the exposure to the USD foreign exchange risk on this investment. Gains or losses on the retranslation of this borrowing are transferred to OCI to offset any gains or losses in the Group on translation of this loan in the Group.At 31 December 2022 there is recognized a hedging gain of NOK 85 078 thousand (hedging gain on NOK 23 509 thousand at 31 December 2021) in OCI related to this loan. Accumulated OCI effect in equity at 31 December 2022 is NOK 48 380 thousand (NOK -36 698 thousand at 31 December 2021). The hedging loss recognized in OCI is equal to the change in fair value used for measuring effectiveness. There is no ineffectiveness recognized in profit and loss.(vi) Capital structure and equityThe main goal of the Group\u2019s capital structure management is to ensure it maintains a strong credit rating (and therefore reasonable borrowing terms from lenders) and a level of equity which is reasonable in relation to the Group\u2019s operations.By achieving a good debt/equity ratio, the Group will be able to support its operations and in doing so maxi-mize the value of its shares. The Group\u2019s shareholders shall receive a competitive return on their shares, mainly through price increases in the Group\u2019s shares, but also in the form of dividends based on financial performance/investment needs.The Group manages and makes necessary changes to its capital structure by regularly assessing prevailing eco-nomic conditions and prospects of short and medium-term growth.Capital structure management is largely dealt with by means of new share issues. No changes to guidelines in this area were made in 2021 or 2022.Note 32 Climate riskClimate change is among the most important megatrends affecting businesses across all sectors today. The urgent need for a transition to a resource-efficient, low-carbon economy opens new business opportunities for Hexagon, as a solutions provider in this space. The transition to a low-carbon economy will continue to entail extensive policy, legal, technology, and market changes, with a potential to have significant impact on Hexagon\u2019s revenues. The Group has experienced an increasing demand for its near-zero- and zero emission energy solutions in the last couple of years due to an increased global focus on climate change and -mitigation. Hexagon expects this focus to continue and expects strong sustainability-driven demand in all its businesses in the years ahead. This climate-related opportunity has impacted the Company\u2019s goodwill impairment tests by being an important driver for future revenue- and activity growth in the financial planning in these tests. In addition, the climate-related opportunities also positively impact the Company\u2019s assessment of future economic benefits expected to materialize from capitalized development projects.Climate change also represents some level of physical risk to the Group in terms of severe climate events that could damage business facilities or disrupt supply chains. The general level of risk and potential impact from physical climate change for Hexagon is, however, considered relatively low \u2013 the Group does not have facilities on low-lying shorelines or floodplains or has a history of forest fires around its facilities. Hexagon has not identified material assets expected to have a significantly shorter life due to climate-related risks.Hexagon strives to maximize the positive climate impact of its technologies by enabling the avoidance of greenhouse gas emissions from both material production and waste management in the application of those technologies. The most critical factors in Hexagon\u2019s own greenhouse gas emissions are the production processes which, throughout the value chain, can be reduced to further strengthen Hexagon\u2019s business model. More information on climate and environmental risks and how these are managed can be found in the ESG Report.",
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}
},
"s10_notes__6__143-1": {
"value": "Note 25 Market riskFinancial riskThe Group\u2019s principal financial liabilities, other than derivatives, comprise loans and borrowings, and trade and other payables. The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group\u2019s principal financial assets include trade receivables, cash and cash equivalents that derive directly form its opera-tions. The Group use some financial derivatives for hedging purposes.The Group is exposed to interest rate risk, liquidity risk, currency risk and credit risk. The Group\u2019s management regularly evaluates these risks and defines guidelines on appropriate financial risk governance framework for the Group. Procedures for risk management are adopted by the board and carried out by the chief financial officer in close cooperation with the subsidiaries.The Group may use financial instruments to hedge risks associated with interest rate and foreign currency fluctu-ations. The Group uses derivative financial instruments to minimize these risks under its strategy for interest and currency exposure. The accounting treatment of financial derivatives is described in note 2.The Group has the following financial assets and liabilities divided into different categories for accounting treatment and reconciled against the balance sheet items 31 December 2022Derivatives designated Equity as hedging instruments Financial Financial instruments designated instruments instruments through at fair value at fair value at amortized (NOK 1 000)profit or lossthrough OCIthrough P&Lcost TotalAssetsOther non-current financial assets 25 431 67 727 48 270 141 429Trade receivables 865 403 865 403Bank deposits, cash and cash equivalents 713 547 713 547Total financial assets 25 431 - 67 727 1 627 220 1 720 378LiabilitiesNon-current interest-bearing liabilities 1 482 140 1 482 140Other non-current financial liabilities 216 885 39 789 - 256 675Non-current lease liabilities 481 018 481 018Current lease liabilities 70 574 70 574Current interest-bearing liabilities 234 674 234 674Other current financial liabilities 29 275 45 776 75 051Trade payables 572 569 572 569Total financial liabilities 216 885 - 69 064 2 886 751 3 172 701The Group has the following financial assets and liabilities divided into different categories for accounting treatment and reconciled against the balance sheet items 31 December 2021Derivatives designated Equity as hedging instruments Financial Financial instruments designated instruments instruments through at fair value at fair value at amortized (NOK 1 000)profit or lossthrough OCIthrough P&Lcost TotalAssetsOther non-current financial assets 379 379Trade receivables 880 396 880 396Forward exchange contracts 1 162 1 162Bank deposits, cash and cash equivalents 600 209 600 209Total financial assets 1 162 - - 1 480 984 1 482 147LiabilitiesNon-current interest-bearing liabilities 1 166 057 1 166 057Other non-current financial liabilities 81 423 65 616 43 490 190 529Non-current lease liabilities 230 276 230 276Current lease liabilities 62 455 62 455Current interest-bearing liabilities 13 635 13 635Trade payables 392 747 392 747Total financial liabilities 81 423 - 65 616 1 908 660 2 055 699(i) Credit riskThe Group is mainly exposed to credit risk associated with trade receivables and contract assets. The Group minimizes its exposure to credit risk by ensuring that all parties requiring defined levels of credit (primarily trade receivables) are approved and undergo a credit check.The Group has a small number of large customers or counterparties who could be considered to be a Group due to similarities in credit risk. The risk associated with these counterparties is regularly reviewed and is minimized by measures such as use of credit insurance. The subsidiaries Hexagon Ragasco AS, Hexagon Composites GmbH and Hexagon Purus GmbH applies credit insurance to cover parts of the companies\u2019 receivables.Trade receivables amounted to NOK 878 568 thousand (891 311 thousand). Except of parts in Hexagon Ragasco AS, Hexagon Composites GmbH and Hexagon Purus GmbH these do not have credit insurance. However, these are partly covered through Letter of Credits and prepayments from customers.The Group has policies in place to ensure that sales of products are made to customers with an appropriate credit history and that outstanding amounts do not exceed the defined credit limits. Credit information is also used in the group\u2019s regular appraisal of new and existing customers.The Group has not issued guarantees for third party obligations.The carrying amount of the financial assets, including derivatives, in the balance sheet represents the maximum risk exposure. As counterparties in derivative transactions are normally banks, the credit risk associated with derivatives is considered to be negligible. The Group considers its maximum risk exposure to be the carrying amount of its trade receivables (see note 14) and contract assets (see note 4).An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e. geographical region, product type, customer type and rating, coverage by letter of credit or prepayments or other forms of credit insurance). The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current con-ditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity. Note 14 disclose the ageing of trade receivables.(ii) Interest rate riskThe Group is exposed to interest rate risk from its financing activities (see notes 20, 22 and 24). The majority of the Group\u2019s interest-bearing liabilities have variable interest rates, which means it is affected by changes in interest rates.The aim of the Group\u2019s interest rate risk management is to reduce interest expenses, while also keeping the volatility of future interest payments within acceptable limits. The Group\u2019s strategy is for its finance departments to regularly evaluate the interest rate exposure of Hexagon Composites liabilities based on a total assessment of interest expectations and risk profile. The total fixed-interest term must not exceed 10 years. The Group may use derivatives to adjust its effective interest rate exposure. As a starting point, all interest rate derivatives are adapted to the duration and other conditions of individual loans. The principal bank loan facility in the parent company has been drawn in Euro, NOK and USD, with EURIBOR/NIBOR/LIBOR base rates. As part of the NOK 1.1 billion financing of the acquisition of Hexagon Agility, a cross-currency hedge was established where the Group receives a variable rate equal to NIBOR + margin and pays a variable rate equal to LIBOR + margin. In addition to the cross currency swap, Hexagon Composites ASA entered into three float-to-fix interest rate swaps in May 2022 with a maturity of 5, 7 and 10 years and a total principal amount of USD 53 million.The following table shows the group\u2019s sensitivity to potential changes in interest rates. The calculations take into account all interest-bearing instruments and associated interest rate derivatives (if any) as of 31 December.Gains or losses on interest rate Change in interest Effect on profit/loss derivatives in comprehensive rates in base pointsbefore tax (NOK 1 000)income before tax (NOK 1 000)2022 +100 (11 944) -(100) 11 944 -2021 +100 (11 797) -(100) 11 797 -Based on the interest bearing liabilities which existed as of 31 December 2022, an interest rate increase of 1% would reduce profit after tax by NOK 9 316 thousand (9 202 thousand).The average effective interest rate on financial liabilities was as follows:2022 2021Bank overdrafts 1.4\u20135.7% 1.4%Bank loan 1.5\u20137.4% 1.5\u20132.9%Lease liabilities 1\u201310.5% 1\u20136.0%Bond loan NA 4.1%(iii) Liquidity riskLiquidity risk is the risk of the group not being in a position to fulfil its financial liabilities when they fall due. The group\u2019s strategy for managing liquidity risk is to set a level of available liquidity to enable it to discharge its finan-cial liabilities when they fall due, both under normal and unexpected circumstances, without risking unacceptable losses or damaging the group\u2019s reputation. Undrawn credit facilities are disclosed in note 16.The majority of excess liquidity is invested in bank depositsThe following table provides an overview of the maturity structure of the group\u2019s financial obligations based on undiscounted contractual payments. In cases where the counterparty is entitled to ask for early settlement, the amount is included in the earliest period in which the payment may be demanded. If the counterparty is entitled to ask for on-demand settlement, the amount is included in the first column (under 1 month):31 December 2022 Remaining periodLess than 1\u20133 3\u201312 1\u20135 More than (NOK 1 000)1 monthMonthsMonthsYears5 years TotalRepayment of interest-bearing liabilities 389 101 168 133 117 1 466 430 23 244 1 724 348Interest on interest-bearing liabilities 9 595 19 578 79 903 82 107 1 962 193 144Non-current financial liabilities - - - 256 675 - 256 675Current financial liabilities - 75 051 - - - 75 051Repayment of leases 5 900 11 715 52 959 224 637 256 381 551 592Interest on leases 2 626 5 196 22 481 90 978 82 432 203 713Trade payables 475 232 97 337 572 569Total 493 743 310 044 288 461 2 120 826 364 019 3 577 09231 December 2021 Remaining periodLess than 1\u20133 3\u201312 1\u20135 More than (NOK 1 000)1 monthMonthsMonthsYears5 years TotalRepayment of interest-bearing liabilities 368 1 103 12 164 1 150 862 23 014 1 187 512Interest on interest-bearing liabilities 3 020 6 126 27 091 72 944 1 850 111 031Non-current financial liabilities - - - 190 529 - 190 529Repayment of leases 6 019 11 850 49 369 130 482 95 011 292 731Interest on leases 698 1 356 5 466 18 227 11 935 37 682Trade payables 255 286 137 462 392 747Total 265 390 157 897 94 089 1 563 045 131 810 2 212 232See note 20 for information on long-term loans, and notes 21 and 22 for short-term liabilities.(iv) Foreign exchange riskAs the Group has production and sales in different countries with different functional currencies, it is exposed to currency risk associated with movements of the Norwegian krone against other currencies, while the Group\u2019s presentation currency is NOK. The carrying amount of the Group\u2019s net investments in foreign companies fluc-tuates as the Norwegian krone moves in relation to other relevant currencies. The Group\u2019s profit after tax is also affected by currency movements, as the results of foreign companies are translated to the Norwegian currency using the weighted average exchange rate for the period. The Group uses forward contracts to reduce its cur-rency risk from cash flows denominated in foreign currencies. Currency risk is calculated for each currency and takes into consideration assets and liabilities, off-balance sheet obligations and highly probable purchases and sales in the relevant currency.The following table shows the group\u2019s sensitivity to potential changes in the Norwegian krone, with all other conditions remaining constant. The calculation is based on the same movement of the krone against the relevant currencies. The effect on the profit/loss is caused by changes in the value of monetary items and currency deriva-tives. The effect on equity is caused by currency effects of net investments in foreign currencies.Effect on other comprehensive Movement of Effect on profit/loss income and expenses before NOK against USDbefore tax (NOK 1 000)tax (NOK 1 000)2022 +10% (15 575) (21 531)(10%) 15 575 21 5312021 +10% (9 275) (21 073)(10%) 9 275 21 073Effect on other comprehensive Movement of Effect on profit/loss income and expenses before NOK against EURbefore tax (NOK 1 000)tax (NOK 1 000)2022 +10% 14 105 67 365(10%) (14 105) (67 365)2021 +10% 15 557 62 376(10%) (15 557) (62 376)The fair values of derivatives classified as hedging instruments are reported under other current assets/liabilities or other non-current assets/liabilities depending on the recovery or settlement date for the associated hedged item.As of 31 December 2022, the group had the following forward contracts to hedge forecast sales to customers. Forward contracts are used to reduce currency risk associated with expected future sales. The terms of the con-tracts are as follows:Currency Amount Exchange Fair value Forward exchange contractssell/buy(1 000) Maturityrate31 Dec 2022Forward contracts to hedge 1 expected future salesEUR/NOK 100/1 050 2023 10.50\u201310.50 -Total -1 The forward contracts do not qualify for hedge accounting under IFRS 9.As of 31 December 2021, the Group had the following forward contracts to hedge future sales to customers.Currency Amount Exchange Fair value Forward exchange contractssell/buy(1 000) Maturityrate31 Dec 2021Forward contracts to hedge 1 expected future salesEUR/NOK 1 400/15 228 2022 10.38\u201311.22 1 130Forward contracts to hedge 1 expected future salesEUR/NOK 100/1 050 2023 10.50\u201310.50 32Total 1 1621 The forward contracts do not qualify for hedge accounting under IFRS 9.Net investments in foreign operationsAn intercompany interest-bearing loan from Hexagon Composites ASA of USD 105 091 thousand MNOK 1 035.9 at 31 December 2022 (MNOK 926.8 at 31 December 2021) has been designated as net investments in the subsidiary in the United States, Hexagon USA Holdings Inc. Settlement of this loan is neither planned nor is likely to occur in the foreseeable future. This borrowing is being used to reduce the exposure to the USD foreign exchange risk on this investment. Gains or losses on the retranslation of this borrowing are transferred to OCI to offset any gains or losses in the Group on translation of this loan in the Group.At 31 December 2022 there is recognized a hedging gain of NOK 85 078 thousand (hedging gain on NOK 23 509 thousand at 31 December 2021) in OCI related to this loan. Accumulated OCI effect in equity at 31 December 2022 is NOK 48 380 thousand (NOK -36 698 thousand at 31 December 2021). The hedging loss recognized in OCI is equal to the change in fair value used for measuring effectiveness. There is no ineffectiveness recognized in profit and loss.(v) Measurement of fair valueThe fair value of forward exchange contracts is calculated by comparing the agreed forward rate and the estimated equivalent forward rate prevailing on the balance sheet date with the same maturity multiplied by the fixed volume specified in the contract. Contingent considerations arising from business combinations are measured as a best estimate of target achievement at each reporting date. For the derivatives, the fair value is confirmed by the financial institution with which the Company has entered into the contract.The following of the Group\u2019s financial instruments are not measured at fair value: Cash & cash equivalents, trade receivable, other current receivables and payables and bank overdrafts. These items are recognized at nominal value in the balance sheet as of 31 December, without taking into account the discount rate which relates to future inflows and outflows. Loans to employees and non-current interest bearing liabilities are recognized in accordance with amortized cost.The carrying amount of cash and cash equivalents is approximately equal to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables and other current receivables and payables is approximately equal to fair value since they are short term and entered into on \u201cnormal\u201d terms and conditions. The carrying amount of bank overdrafts are assessed to be approximately equal to fair value because the floating interest rate are adjusted to reflect current conditions.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilitiesLevel 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.Carrying amount and fair value of financial assets and financial liabilities2022 2021(NOK 1 000) Level Book value Fair value Book value Fair valueFinancial assetsOther non-current financial assets 2 141 429 141 429 379 379Forward exchange contracts 2 - - 1 162 1 162Financial liabilitiesBank loans (incl. amortized costs) 2 1 482 140 1 489 674 1 166 057 1 173 877Bond loan (incl. amortized costs) 2 - - - -Lease liabilities 2 551 592 551 592 292 731 292 731Non-current contingent liabilities 3 39 789 39 789 65 616 65 616Other non-current financial liabilities 3 216 885 216 885 124 913 124 913Current interest-bearing liabilities 2 234 674 234 674 13 635 13 635The fair values of the Group\u2019s interest-bearing bank loans and finance leases are determined by using the DCF method using discount rate that reflects the issuer\u2019s borrowing rate as at the end of the reporting period. The own non-performance risk as at 31 December 2022 and 31 December 2021 was assessed to be insignificant.The Group enters into foreign exchange contracts with various counterparties, principally financial institutions with investment grade credit ratings. Foreign exchange forward contracts are valued using valuation techniques, which employ the use of market observable inputs. The most frequently applied valuation techniques include forward pricing models using present value calculations.Financial instruments apprised at fair value with gains and losses in the income statement2022 2021(NOK 1 000) Assets Liabilities Assets LiabilitiesLevel 1: Based on prices in an active market - - - 1 Level 2: Observable market data25 431 (216 885) - (80 261) 2 Level 3: Other than observable market data67 727 (69 064) 379 (65 616)Total financial instruments at fair value 93 158 (285 950) 379 (145 877)1 Level 2 relates to currency- and interest rate swaps shown in note 12 and 21, is estimated based on calculating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of the balance sheet date.2 Level 3 relates to contingent liabilities arising from acquisitions as shown in note 21 and unlisted equity investments at fair value as shown in note 12. The fair value of contingent liabilities is estimated based on expected achievement of earn-out targets and corresponding payments of acquired companies. The fair value of unlisted equity investments are estimated by using commonly used valuation techniques or by implicit valuations derived from private placements undertaken in the companies.Financial instruments apprised at fair value with gains and losses in the income statement(NOK 1 000) 2022 2021Level 1: Based on prices in an active market - -Level 2: Observable market data (191 455) (80 261)Level 3: Other than observable market data (39 789) (65 616)Total financial instruments at fair value (231 244) (145 877)Financial instruments appraised at fair value with gains and losses over other income and expenses in total comprehensive income(NOK 1 000) 2022 2021Level 1: Based on prices in an active market - -Level 2: Observable market data - -Level 3: Other than observable market data - -Total financial instruments at fair value - -Other information relating to financial instrumentsDuring the reporting period there were no financial assets or liabilities which were reclassified by changing the measurement method from amortized cost to fair value or vice versa, and there were no changes in the fair value measurement which caused transfers between level 1 and level 2, and no transfers to or from level 3.(vi) Capital structure and equityThe main goal of the Group\u2019s capital structure management is to ensure it maintains a strong credit rating (and therefore reasonable borrowing terms from lenders) and a level of equity which is reasonable in relation to the Group\u2019s operations.By achieving a good debt/equity ratio, the Group will be able to support its operations and in doing so maxi-mize the value of its shares. The Group\u2019s shareholders shall receive a competitive return on their shares, mainly through price increases in the Group\u2019s shares, but also in the form of dividends based on financial performance/investment needs.The Group manages and makes necessary changes to its capital structure by regularly assessing prevailing eco-nomic conditions and prospects of short and medium-term growth.Capital structure management is largely dealt with by means of new share issues. No changes to guidelines in this area were made in 2021 or 2022.Note 32 Climate riskClimate change is among the most important megatrends affecting businesses across all sectors today. The urgent need for a transition to a resource-efficient, low-carbon economy opens new business opportunities for Hexagon, as a solutions provider in this space. The transition to a low-carbon economy will continue to entail extensive policy, legal, technology, and market changes, with a potential to have significant impact on Hexagon\u2019s revenues. The Group has experienced an increasing demand for its near-zero- and zero emission energy solutions in the last couple of years due to an increased global focus on climate change and -mitigation. Hexagon expects this focus to continue and expects strong sustainability-driven demand in all its businesses in the years ahead. This climate-related opportunity has impacted the Company\u2019s goodwill impairment tests by being an important driver for future revenue- and activity growth in the financial planning in these tests. In addition, the climate-related opportunities also positively impact the Company\u2019s assessment of future economic benefits expected to materialize from capitalized development projects.Climate change also represents some level of physical risk to the Group in terms of severe climate events that could damage business facilities or disrupt supply chains. The general level of risk and potential impact from physical climate change for Hexagon is, however, considered relatively low \u2013 the Group does not have facilities on low-lying shorelines or floodplains or has a history of forest fires around its facilities. Hexagon has not identified material assets expected to have a significantly shorter life due to climate-related risks.Hexagon strives to maximize the positive climate impact of its technologies by enabling the avoidance of greenhouse gas emissions from both material production and waste management in the application of those technologies. The most critical factors in Hexagon\u2019s own greenhouse gas emissions are the production processes which, throughout the value chain, can be reduced to further strengthen Hexagon\u2019s business model. More information on climate and environmental risks and how these are managed can be found in the ESG Report.",
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},
"s10_notes__6__142": {
"value": "Note 25 Market riskFinancial riskThe Group\u2019s principal financial liabilities, other than derivatives, comprise loans and borrowings, and trade and other payables. The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group\u2019s principal financial assets include trade receivables, cash and cash equivalents that derive directly form its opera-tions. The Group use some financial derivatives for hedging purposes.The Group is exposed to interest rate risk, liquidity risk, currency risk and credit risk. The Group\u2019s management regularly evaluates these risks and defines guidelines on appropriate financial risk governance framework for the Group. Procedures for risk management are adopted by the board and carried out by the chief financial officer in close cooperation with the subsidiaries.The Group may use financial instruments to hedge risks associated with interest rate and foreign currency fluctu-ations. The Group uses derivative financial instruments to minimize these risks under its strategy for interest and currency exposure. The accounting treatment of financial derivatives is described in note 2.The Group has the following financial assets and liabilities divided into different categories for accounting treatment and reconciled against the balance sheet items 31 December 2022Derivatives designated Equity as hedging instruments Financial Financial instruments designated instruments instruments through at fair value at fair value at amortized (NOK 1 000)profit or lossthrough OCIthrough P&Lcost TotalAssetsOther non-current financial assets 25 431 67 727 48 270 141 429Trade receivables 865 403 865 403Bank deposits, cash and cash equivalents 713 547 713 547Total financial assets 25 431 - 67 727 1 627 220 1 720 378LiabilitiesNon-current interest-bearing liabilities 1 482 140 1 482 140Other non-current financial liabilities 216 885 39 789 - 256 675Non-current lease liabilities 481 018 481 018Current lease liabilities 70 574 70 574Current interest-bearing liabilities 234 674 234 674Other current financial liabilities 29 275 45 776 75 051Trade payables 572 569 572 569Total financial liabilities 216 885 - 69 064 2 886 751 3 172 701The Group has the following financial assets and liabilities divided into different categories for accounting treatment and reconciled against the balance sheet items 31 December 2021Derivatives designated Equity as hedging instruments Financial Financial instruments designated instruments instruments through at fair value at fair value at amortized (NOK 1 000)profit or lossthrough OCIthrough P&Lcost TotalAssetsOther non-current financial assets 379 379Trade receivables 880 396 880 396Forward exchange contracts 1 162 1 162Bank deposits, cash and cash equivalents 600 209 600 209Total financial assets 1 162 - - 1 480 984 1 482 147LiabilitiesNon-current interest-bearing liabilities 1 166 057 1 166 057Other non-current financial liabilities 81 423 65 616 43 490 190 529Non-current lease liabilities 230 276 230 276Current lease liabilities 62 455 62 455Current interest-bearing liabilities 13 635 13 635Trade payables 392 747 392 747Total financial liabilities 81 423 - 65 616 1 908 660 2 055 699(i) Credit riskThe Group is mainly exposed to credit risk associated with trade receivables and contract assets. The Group minimizes its exposure to credit risk by ensuring that all parties requiring defined levels of credit (primarily trade receivables) are approved and undergo a credit check.The Group has a small number of large customers or counterparties who could be considered to be a Group due to similarities in credit risk. The risk associated with these counterparties is regularly reviewed and is minimized by measures such as use of credit insurance. The subsidiaries Hexagon Ragasco AS, Hexagon Composites GmbH and Hexagon Purus GmbH applies credit insurance to cover parts of the companies\u2019 receivables.Trade receivables amounted to NOK 878 568 thousand (891 311 thousand). Except of parts in Hexagon Ragasco AS, Hexagon Composites GmbH and Hexagon Purus GmbH these do not have credit insurance. However, these are partly covered through Letter of Credits and prepayments from customers.The Group has policies in place to ensure that sales of products are made to customers with an appropriate credit history and that outstanding amounts do not exceed the defined credit limits. Credit information is also used in the group\u2019s regular appraisal of new and existing customers.The Group has not issued guarantees for third party obligations.The carrying amount of the financial assets, including derivatives, in the balance sheet represents the maximum risk exposure. As counterparties in derivative transactions are normally banks, the credit risk associated with derivatives is considered to be negligible. The Group considers its maximum risk exposure to be the carrying amount of its trade receivables (see note 14) and contract assets (see note 4).An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e. geographical region, product type, customer type and rating, coverage by letter of credit or prepayments or other forms of credit insurance). The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current con-ditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity. Note 14 disclose the ageing of trade receivables.(ii) Interest rate riskThe Group is exposed to interest rate risk from its financing activities (see notes 20, 22 and 24). The majority of the Group\u2019s interest-bearing liabilities have variable interest rates, which means it is affected by changes in interest rates.The aim of the Group\u2019s interest rate risk management is to reduce interest expenses, while also keeping the volatility of future interest payments within acceptable limits. The Group\u2019s strategy is for its finance departments to regularly evaluate the interest rate exposure of Hexagon Composites liabilities based on a total assessment of interest expectations and risk profile. The total fixed-interest term must not exceed 10 years. The Group may use derivatives to adjust its effective interest rate exposure. As a starting point, all interest rate derivatives are adapted to the duration and other conditions of individual loans. The principal bank loan facility in the parent company has been drawn in Euro, NOK and USD, with EURIBOR/NIBOR/LIBOR base rates. As part of the NOK 1.1 billion financing of the acquisition of Hexagon Agility, a cross-currency hedge was established where the Group receives a variable rate equal to NIBOR + margin and pays a variable rate equal to LIBOR + margin. In addition to the cross currency swap, Hexagon Composites ASA entered into three float-to-fix interest rate swaps in May 2022 with a maturity of 5, 7 and 10 years and a total principal amount of USD 53 million.The following table shows the group\u2019s sensitivity to potential changes in interest rates. The calculations take into account all interest-bearing instruments and associated interest rate derivatives (if any) as of 31 December.Gains or losses on interest rate Change in interest Effect on profit/loss derivatives in comprehensive rates in base pointsbefore tax (NOK 1 000)income before tax (NOK 1 000)2022 +100 (11 944) -(100) 11 944 -2021 +100 (11 797) -(100) 11 797 -Based on the interest bearing liabilities which existed as of 31 December 2022, an interest rate increase of 1% would reduce profit after tax by NOK 9 316 thousand (9 202 thousand).The average effective interest rate on financial liabilities was as follows:2022 2021Bank overdrafts 1.4\u20135.7% 1.4%Bank loan 1.5\u20137.4% 1.5\u20132.9%Lease liabilities 1\u201310.5% 1\u20136.0%Bond loan NA 4.1%(iii) Liquidity riskLiquidity risk is the risk of the group not being in a position to fulfil its financial liabilities when they fall due. The group\u2019s strategy for managing liquidity risk is to set a level of available liquidity to enable it to discharge its finan-cial liabilities when they fall due, both under normal and unexpected circumstances, without risking unacceptable losses or damaging the group\u2019s reputation. Undrawn credit facilities are disclosed in note 16.The majority of excess liquidity is invested in bank depositsThe following table provides an overview of the maturity structure of the group\u2019s financial obligations based on undiscounted contractual payments. In cases where the counterparty is entitled to ask for early settlement, the amount is included in the earliest period in which the payment may be demanded. If the counterparty is entitled to ask for on-demand settlement, the amount is included in the first column (under 1 month):31 December 2022 Remaining periodLess than 1\u20133 3\u201312 1\u20135 More than (NOK 1 000)1 monthMonthsMonthsYears5 years TotalRepayment of interest-bearing liabilities 389 101 168 133 117 1 466 430 23 244 1 724 348Interest on interest-bearing liabilities 9 595 19 578 79 903 82 107 1 962 193 144Non-current financial liabilities - - - 256 675 - 256 675Current financial liabilities - 75 051 - - - 75 051Repayment of leases 5 900 11 715 52 959 224 637 256 381 551 592Interest on leases 2 626 5 196 22 481 90 978 82 432 203 713Trade payables 475 232 97 337 572 569Total 493 743 310 044 288 461 2 120 826 364 019 3 577 09231 December 2021 Remaining periodLess than 1\u20133 3\u201312 1\u20135 More than (NOK 1 000)1 monthMonthsMonthsYears5 years TotalRepayment of interest-bearing liabilities 368 1 103 12 164 1 150 862 23 014 1 187 512Interest on interest-bearing liabilities 3 020 6 126 27 091 72 944 1 850 111 031Non-current financial liabilities - - - 190 529 - 190 529Repayment of leases 6 019 11 850 49 369 130 482 95 011 292 731Interest on leases 698 1 356 5 466 18 227 11 935 37 682Trade payables 255 286 137 462 392 747Total 265 390 157 897 94 089 1 563 045 131 810 2 212 232See note 20 for information on long-term loans, and notes 21 and 22 for short-term liabilities.(iv) Foreign exchange riskAs the Group has production and sales in different countries with different functional currencies, it is exposed to currency risk associated with movements of the Norwegian krone against other currencies, while the Group\u2019s presentation currency is NOK. The carrying amount of the Group\u2019s net investments in foreign companies fluc-tuates as the Norwegian krone moves in relation to other relevant currencies. The Group\u2019s profit after tax is also affected by currency movements, as the results of foreign companies are translated to the Norwegian currency using the weighted average exchange rate for the period. The Group uses forward contracts to reduce its cur-rency risk from cash flows denominated in foreign currencies. Currency risk is calculated for each currency and takes into consideration assets and liabilities, off-balance sheet obligations and highly probable purchases and sales in the relevant currency.The following table shows the group\u2019s sensitivity to potential changes in the Norwegian krone, with all other conditions remaining constant. The calculation is based on the same movement of the krone against the relevant currencies. The effect on the profit/loss is caused by changes in the value of monetary items and currency deriva-tives. The effect on equity is caused by currency effects of net investments in foreign currencies.Effect on other comprehensive Movement of Effect on profit/loss income and expenses before NOK against USDbefore tax (NOK 1 000)tax (NOK 1 000)2022 +10% (15 575) (21 531)(10%) 15 575 21 5312021 +10% (9 275) (21 073)(10%) 9 275 21 073Effect on other comprehensive Movement of Effect on profit/loss income and expenses before NOK against EURbefore tax (NOK 1 000)tax (NOK 1 000)2022 +10% 14 105 67 365(10%) (14 105) (67 365)2021 +10% 15 557 62 376(10%) (15 557) (62 376)The fair values of derivatives classified as hedging instruments are reported under other current assets/liabilities or other non-current assets/liabilities depending on the recovery or settlement date for the associated hedged item.As of 31 December 2022, the group had the following forward contracts to hedge forecast sales to customers. Forward contracts are used to reduce currency risk associated with expected future sales. The terms of the con-tracts are as follows:Currency Amount Exchange Fair value Forward exchange contractssell/buy(1 000) Maturityrate31 Dec 2022Forward contracts to hedge 1 expected future salesEUR/NOK 100/1 050 2023 10.50\u201310.50 -Total -1 The forward contracts do not qualify for hedge accounting under IFRS 9.As of 31 December 2021, the Group had the following forward contracts to hedge future sales to customers.Currency Amount Exchange Fair value Forward exchange contractssell/buy(1 000) Maturityrate31 Dec 2021Forward contracts to hedge 1 expected future salesEUR/NOK 1 400/15 228 2022 10.38\u201311.22 1 130Forward contracts to hedge 1 expected future salesEUR/NOK 100/1 050 2023 10.50\u201310.50 32Total 1 1621 The forward contracts do not qualify for hedge accounting under IFRS 9.Net investments in foreign operationsAn intercompany interest-bearing loan from Hexagon Composites ASA of USD 105 091 thousand MNOK 1 035.9 at 31 December 2022 (MNOK 926.8 at 31 December 2021) has been designated as net investments in the subsidiary in the United States, Hexagon USA Holdings Inc. Settlement of this loan is neither planned nor is likely to occur in the foreseeable future. This borrowing is being used to reduce the exposure to the USD foreign exchange risk on this investment. Gains or losses on the retranslation of this borrowing are transferred to OCI to offset any gains or losses in the Group on translation of this loan in the Group.At 31 December 2022 there is recognized a hedging gain of NOK 85 078 thousand (hedging gain on NOK 23 509 thousand at 31 December 2021) in OCI related to this loan. Accumulated OCI effect in equity at 31 December 2022 is NOK 48 380 thousand (NOK -36 698 thousand at 31 December 2021). The hedging loss recognized in OCI is equal to the change in fair value used for measuring effectiveness. There is no ineffectiveness recognized in profit and loss.(v) Measurement of fair valueThe fair value of forward exchange contracts is calculated by comparing the agreed forward rate and the estimated equivalent forward rate prevailing on the balance sheet date with the same maturity multiplied by the fixed volume specified in the contract. Contingent considerations arising from business combinations are measured as a best estimate of target achievement at each reporting date. For the derivatives, the fair value is confirmed by the financial institution with which the Company has entered into the contract.The following of the Group\u2019s financial instruments are not measured at fair value: Cash & cash equivalents, trade receivable, other current receivables and payables and bank overdrafts. These items are recognized at nominal value in the balance sheet as of 31 December, without taking into account the discount rate which relates to future inflows and outflows. Loans to employees and non-current interest bearing liabilities are recognized in accordance with amortized cost.The carrying amount of cash and cash equivalents is approximately equal to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables and other current receivables and payables is approximately equal to fair value since they are short term and entered into on \u201cnormal\u201d terms and conditions. The carrying amount of bank overdrafts are assessed to be approximately equal to fair value because the floating interest rate are adjusted to reflect current conditions.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilitiesLevel 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.Carrying amount and fair value of financial assets and financial liabilities2022 2021(NOK 1 000) Level Book value Fair value Book value Fair valueFinancial assetsOther non-current financial assets 2 141 429 141 429 379 379Forward exchange contracts 2 - - 1 162 1 162Financial liabilitiesBank loans (incl. amortized costs) 2 1 482 140 1 489 674 1 166 057 1 173 877Bond loan (incl. amortized costs) 2 - - - -Lease liabilities 2 551 592 551 592 292 731 292 731Non-current contingent liabilities 3 39 789 39 789 65 616 65 616Other non-current financial liabilities 3 216 885 216 885 124 913 124 913Current interest-bearing liabilities 2 234 674 234 674 13 635 13 635The fair values of the Group\u2019s interest-bearing bank loans and finance leases are determined by using the DCF method using discount rate that reflects the issuer\u2019s borrowing rate as at the end of the reporting period. The own non-performance risk as at 31 December 2022 and 31 December 2021 was assessed to be insignificant.The Group enters into foreign exchange contracts with various counterparties, principally financial institutions with investment grade credit ratings. Foreign exchange forward contracts are valued using valuation techniques, which employ the use of market observable inputs. The most frequently applied valuation techniques include forward pricing models using present value calculations.Financial instruments apprised at fair value with gains and losses in the income statement2022 2021(NOK 1 000) Assets Liabilities Assets LiabilitiesLevel 1: Based on prices in an active market - - - 1 Level 2: Observable market data25 431 (216 885) - (80 261) 2 Level 3: Other than observable market data67 727 (69 064) 379 (65 616)Total financial instruments at fair value 93 158 (285 950) 379 (145 877)1 Level 2 relates to currency- and interest rate swaps shown in note 12 and 21, is estimated based on calculating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of the balance sheet date.2 Level 3 relates to contingent liabilities arising from acquisitions as shown in note 21 and unlisted equity investments at fair value as shown in note 12. The fair value of contingent liabilities is estimated based on expected achievement of earn-out targets and corresponding payments of acquired companies. The fair value of unlisted equity investments are estimated by using commonly used valuation techniques or by implicit valuations derived from private placements undertaken in the companies.Financial instruments apprised at fair value with gains and losses in the income statement(NOK 1 000) 2022 2021Level 1: Based on prices in an active market - -Level 2: Observable market data (191 455) (80 261)Level 3: Other than observable market data (39 789) (65 616)Total financial instruments at fair value (231 244) (145 877)Financial instruments appraised at fair value with gains and losses over other income and expenses in total comprehensive income(NOK 1 000) 2022 2021Level 1: Based on prices in an active market - -Level 2: Observable market data - -Level 3: Other than observable market data - -Total financial instruments at fair value - -Other information relating to financial instrumentsDuring the reporting period there were no financial assets or liabilities which were reclassified by changing the measurement method from amortized cost to fair value or vice versa, and there were no changes in the fair value measurement which caused transfers between level 1 and level 2, and no transfers to or from level 3.(vi) Capital structure and equityThe main goal of the Group\u2019s capital structure management is to ensure it maintains a strong credit rating (and therefore reasonable borrowing terms from lenders) and a level of equity which is reasonable in relation to the Group\u2019s operations.By achieving a good debt/equity ratio, the Group will be able to support its operations and in doing so maxi-mize the value of its shares. The Group\u2019s shareholders shall receive a competitive return on their shares, mainly through price increases in the Group\u2019s shares, but also in the form of dividends based on financial performance/investment needs.The Group manages and makes necessary changes to its capital structure by regularly assessing prevailing eco-nomic conditions and prospects of short and medium-term growth.Capital structure management is largely dealt with by means of new share issues. No changes to guidelines in this area were made in 2021 or 2022.",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__145-1": {
"value": "The Group has the following financial assets and liabilities divided into different categories for accounting treatment and reconciled against the balance sheet items 31 December 2022Derivatives designated Equity as hedging instruments Financial Financial instruments designated instruments instruments through at fair value at fair value at amortized (NOK 1 000)profit or lossthrough OCIthrough P&Lcost TotalAssetsOther non-current financial assets 25 431 67 727 48 270 141 429Trade receivables 865 403 865 403Bank deposits, cash and cash equivalents 713 547 713 547Total financial assets 25 431 - 67 727 1 627 220 1 720 378LiabilitiesNon-current interest-bearing liabilities 1 482 140 1 482 140Other non-current financial liabilities 216 885 39 789 - 256 675Non-current lease liabilities 481 018 481 018Current lease liabilities 70 574 70 574Current interest-bearing liabilities 234 674 234 674Other current financial liabilities 29 275 45 776 75 051Trade payables 572 569 572 569Total financial liabilities 216 885 - 69 064 2 886 751 3 172 701The Group has the following financial assets and liabilities divided into different categories for accounting treatment and reconciled against the balance sheet items 31 December 2021Derivatives designated Equity as hedging instruments Financial Financial instruments designated instruments instruments through at fair value at fair value at amortized (NOK 1 000)profit or lossthrough OCIthrough P&Lcost TotalAssetsOther non-current financial assets 379 379Trade receivables 880 396 880 396Forward exchange contracts 1 162 1 162Bank deposits, cash and cash equivalents 600 209 600 209Total financial assets 1 162 - - 1 480 984 1 482 147LiabilitiesNon-current interest-bearing liabilities 1 166 057 1 166 057Other non-current financial liabilities 81 423 65 616 43 490 190 529Non-current lease liabilities 230 276 230 276Current lease liabilities 62 455 62 455Current interest-bearing liabilities 13 635 13 635Trade payables 392 747 392 747Total financial liabilities 81 423 - 65 616 1 908 660 2 055 699(v) Measurement of fair valueThe fair value of forward exchange contracts is calculated by comparing the agreed forward rate and the estimated equivalent forward rate prevailing on the balance sheet date with the same maturity multiplied by the fixed volume specified in the contract. Contingent considerations arising from business combinations are measured as a best estimate of target achievement at each reporting date. For the derivatives, the fair value is confirmed by the financial institution with which the Company has entered into the contract.The following of the Group\u2019s financial instruments are not measured at fair value: Cash & cash equivalents, trade receivable, other current receivables and payables and bank overdrafts. These items are recognized at nominal value in the balance sheet as of 31 December, without taking into account the discount rate which relates to future inflows and outflows. Loans to employees and non-current interest bearing liabilities are recognized in accordance with amortized cost.The carrying amount of cash and cash equivalents is approximately equal to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables and other current receivables and payables is approximately equal to fair value since they are short term and entered into on \u201cnormal\u201d terms and conditions. The carrying amount of bank overdrafts are assessed to be approximately equal to fair value because the floating interest rate are adjusted to reflect current conditions.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilitiesLevel 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.Carrying amount and fair value of financial assets and financial liabilities2022 2021(NOK 1 000) Level Book value Fair value Book value Fair valueFinancial assetsOther non-current financial assets 2 141 429 141 429 379 379Forward exchange contracts 2 - - 1 162 1 162Financial liabilitiesBank loans (incl. amortized costs) 2 1 482 140 1 489 674 1 166 057 1 173 877Bond loan (incl. amortized costs) 2 - - - -Lease liabilities 2 551 592 551 592 292 731 292 731Non-current contingent liabilities 3 39 789 39 789 65 616 65 616Other non-current financial liabilities 3 216 885 216 885 124 913 124 913Current interest-bearing liabilities 2 234 674 234 674 13 635 13 635The fair values of the Group\u2019s interest-bearing bank loans and finance leases are determined by using the DCF method using discount rate that reflects the issuer\u2019s borrowing rate as at the end of the reporting period. The own non-performance risk as at 31 December 2022 and 31 December 2021 was assessed to be insignificant.The Group enters into foreign exchange contracts with various counterparties, principally financial institutions with investment grade credit ratings. Foreign exchange forward contracts are valued using valuation techniques, which employ the use of market observable inputs. The most frequently applied valuation techniques include forward pricing models using present value calculations.Financial instruments apprised at fair value with gains and losses in the income statement2022 2021(NOK 1 000) Assets Liabilities Assets LiabilitiesLevel 1: Based on prices in an active market - - - 1 Level 2: Observable market data25 431 (216 885) - (80 261) 2 Level 3: Other than observable market data67 727 (69 064) 379 (65 616)Total financial instruments at fair value 93 158 (285 950) 379 (145 877)1 Level 2 relates to currency- and interest rate swaps shown in note 12 and 21, is estimated based on calculating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of the balance sheet date.2 Level 3 relates to contingent liabilities arising from acquisitions as shown in note 21 and unlisted equity investments at fair value as shown in note 12. The fair value of contingent liabilities is estimated based on expected achievement of earn-out targets and corresponding payments of acquired companies. The fair value of unlisted equity investments are estimated by using commonly used valuation techniques or by implicit valuations derived from private placements undertaken in the companies.Financial instruments apprised at fair value with gains and losses in the income statement(NOK 1 000) 2022 2021Level 1: Based on prices in an active market - -Level 2: Observable market data (191 455) (80 261)Level 3: Other than observable market data (39 789) (65 616)Total financial instruments at fair value (231 244) (145 877)Financial instruments appraised at fair value with gains and losses over other income and expenses in total comprehensive income(NOK 1 000) 2022 2021Level 1: Based on prices in an active market - -Level 2: Observable market data - -Level 3: Other than observable market data - -Total financial instruments at fair value - -Other information relating to financial instrumentsDuring the reporting period there were no financial assets or liabilities which were reclassified by changing the measurement method from amortized cost to fair value or vice versa, and there were no changes in the fair value measurement which caused transfers between level 1 and level 2, and no transfers to or from level 3.Norwegian Hydrogen ASHexagon Purus ASA, a subsidiary of Hexagon Composites ASA, has been a shareholder of Norwegian Hydrogen AS since its inception in 2020. In December 2021, Norwegian Hydrogen conducted a capital raise in which Hexagon Purus\u2019 ownership was diluted from 21.0 per cent to 17.7 per cent. Despite having an ownership less than 20 per cent, the Company has in the period from 1 January 2022 to 31 August 2022 retained its classification of Norwegian Hydrogen as an associated company due to an assessment of still having significant influence in the entity. Important factors for this assessment have been Board of Directors representation and being the second largest shareholder of the entity in the same period. On 27 August 2022, Norwegian Hydrogen AS announced that Mitsui & Co. Ltd invests NOK 70 million in a private placement, and thus reducing Hexagon Purus\u2019 owner-ship from 17.7 per cent to 15.0 per cent. Following this private placement, the Company assessed that significant influence is no longer present, as the Company is now the third largest shareholder and the fact that the new shareholder has received two additional seats in the Board of Directors, resulting in diluted decisional and stra-tegical influence. The Company has consequently from this date reclassified the investment to a financial asset (equity instrument) measured at fair value. The fair value of Hexagon Purus\u2019 ownership Norwegian Hydrogen, derived from the said capital raise, is NOK 67.3 million, resulting in an accounting gain of NOK 63.1 million, rec-ognized in profit/loss from investments in associates in the income statement. At 31 December 2022, Hexagon Purus ownership share in Norwegian Hydrogen AS was 14 per cent, as a result of a second private placement in the company in October 2022.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__146": {
"value": "(i) Credit riskThe Group is mainly exposed to credit risk associated with trade receivables and contract assets. The Group minimizes its exposure to credit risk by ensuring that all parties requiring defined levels of credit (primarily trade receivables) are approved and undergo a credit check.The Group has a small number of large customers or counterparties who could be considered to be a Group due to similarities in credit risk. The risk associated with these counterparties is regularly reviewed and is minimized by measures such as use of credit insurance. The subsidiaries Hexagon Ragasco AS, Hexagon Composites GmbH and Hexagon Purus GmbH applies credit insurance to cover parts of the companies\u2019 receivables.Trade receivables amounted to NOK 878 568 thousand (891 311 thousand). Except of parts in Hexagon Ragasco AS, Hexagon Composites GmbH and Hexagon Purus GmbH these do not have credit insurance. However, these are partly covered through Letter of Credits and prepayments from customers.The Group has policies in place to ensure that sales of products are made to customers with an appropriate credit history and that outstanding amounts do not exceed the defined credit limits. Credit information is also used in the group\u2019s regular appraisal of new and existing customers.The Group has not issued guarantees for third party obligations.The carrying amount of the financial assets, including derivatives, in the balance sheet represents the maximum risk exposure. As counterparties in derivative transactions are normally banks, the credit risk associated with derivatives is considered to be negligible. The Group considers its maximum risk exposure to be the carrying amount of its trade receivables (see note 14) and contract assets (see note 4).An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e. geographical region, product type, customer type and rating, coverage by letter of credit or prepayments or other forms of credit insurance). The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current con-ditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity. Note 14 disclose the ageing of trade receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__149": {
"value": "(iii) Liquidity riskLiquidity risk is the risk of the group not being in a position to fulfil its financial liabilities when they fall due. The group\u2019s strategy for managing liquidity risk is to set a level of available liquidity to enable it to discharge its finan-cial liabilities when they fall due, both under normal and unexpected circumstances, without risking unacceptable losses or damaging the group\u2019s reputation. Undrawn credit facilities are disclosed in note 16.The majority of excess liquidity is invested in bank depositsThe following table provides an overview of the maturity structure of the group\u2019s financial obligations based on undiscounted contractual payments. In cases where the counterparty is entitled to ask for early settlement, the amount is included in the earliest period in which the payment may be demanded. If the counterparty is entitled to ask for on-demand settlement, the amount is included in the first column (under 1 month):31 December 2022 Remaining periodLess than 1\u20133 3\u201312 1\u20135 More than (NOK 1 000)1 monthMonthsMonthsYears5 years TotalRepayment of interest-bearing liabilities 389 101 168 133 117 1 466 430 23 244 1 724 348Interest on interest-bearing liabilities 9 595 19 578 79 903 82 107 1 962 193 144Non-current financial liabilities - - - 256 675 - 256 675Current financial liabilities - 75 051 - - - 75 051Repayment of leases 5 900 11 715 52 959 224 637 256 381 551 592Interest on leases 2 626 5 196 22 481 90 978 82 432 203 713Trade payables 475 232 97 337 572 569Total 493 743 310 044 288 461 2 120 826 364 019 3 577 09231 December 2021 Remaining periodLess than 1\u20133 3\u201312 1\u20135 More than (NOK 1 000)1 monthMonthsMonthsYears5 years TotalRepayment of interest-bearing liabilities 368 1 103 12 164 1 150 862 23 014 1 187 512Interest on interest-bearing liabilities 3 020 6 126 27 091 72 944 1 850 111 031Non-current financial liabilities - - - 190 529 - 190 529Repayment of leases 6 019 11 850 49 369 130 482 95 011 292 731Interest on leases 698 1 356 5 466 18 227 11 935 37 682Trade payables 255 286 137 462 392 747Total 265 390 157 897 94 089 1 563 045 131 810 2 212 232See note 20 for information on long-term loans, and notes 21 and 22 for short-term liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__150-1": {
"value": "(iv) Foreign exchange riskAs the Group has production and sales in different countries with different functional currencies, it is exposed to currency risk associated with movements of the Norwegian krone against other currencies, while the Group\u2019s presentation currency is NOK. The carrying amount of the Group\u2019s net investments in foreign companies fluc-tuates as the Norwegian krone moves in relation to other relevant currencies. The Group\u2019s profit after tax is also affected by currency movements, as the results of foreign companies are translated to the Norwegian currency using the weighted average exchange rate for the period. The Group uses forward contracts to reduce its cur-rency risk from cash flows denominated in foreign currencies. Currency risk is calculated for each currency and takes into consideration assets and liabilities, off-balance sheet obligations and highly probable purchases and sales in the relevant currency.The following table shows the group\u2019s sensitivity to potential changes in the Norwegian krone, with all other conditions remaining constant. The calculation is based on the same movement of the krone against the relevant currencies. The effect on the profit/loss is caused by changes in the value of monetary items and currency deriva-tives. The effect on equity is caused by currency effects of net investments in foreign currencies.Effect on other comprehensive Movement of Effect on profit/loss income and expenses before NOK against USDbefore tax (NOK 1 000)tax (NOK 1 000)2022 +10% (15 575) (21 531)(10%) 15 575 21 5312021 +10% (9 275) (21 073)(10%) 9 275 21 073Effect on other comprehensive Movement of Effect on profit/loss income and expenses before NOK against EURbefore tax (NOK 1 000)tax (NOK 1 000)2022 +10% 14 105 67 365(10%) (14 105) (67 365)2021 +10% 15 557 62 376(10%) (15 557) (62 376)The fair values of derivatives classified as hedging instruments are reported under other current assets/liabilities or other non-current assets/liabilities depending on the recovery or settlement date for the associated hedged item.As of 31 December 2022, the group had the following forward contracts to hedge forecast sales to customers. Forward contracts are used to reduce currency risk associated with expected future sales. The terms of the con-tracts are as follows:Currency Amount Exchange Fair value Forward exchange contractssell/buy(1 000) Maturityrate31 Dec 2022Forward contracts to hedge 1 expected future salesEUR/NOK 100/1 050 2023 10.50\u201310.50 -Total -1 The forward contracts do not qualify for hedge accounting under IFRS 9.As of 31 December 2021, the Group had the following forward contracts to hedge future sales to customers.Currency Amount Exchange Fair value Forward exchange contractssell/buy(1 000) Maturityrate31 Dec 2021Forward contracts to hedge 1 expected future salesEUR/NOK 1 400/15 228 2022 10.38\u201311.22 1 130Forward contracts to hedge 1 expected future salesEUR/NOK 100/1 050 2023 10.50\u201310.50 32Total 1 1621 The forward contracts do not qualify for hedge accounting under IFRS 9.Net investments in foreign operationsAn intercompany interest-bearing loan from Hexagon Composites ASA of USD 105 091 thousand MNOK 1 035.9 at 31 December 2022 (MNOK 926.8 at 31 December 2021) has been designated as net investments in the subsidiary in the United States, Hexagon USA Holdings Inc. Settlement of this loan is neither planned nor is likely to occur in the foreseeable future. This borrowing is being used to reduce the exposure to the USD foreign exchange risk on this investment. Gains or losses on the retranslation of this borrowing are transferred to OCI to offset any gains or losses in the Group on translation of this loan in the Group.At 31 December 2022 there is recognized a hedging gain of NOK 85 078 thousand (hedging gain on NOK 23 509 thousand at 31 December 2021) in OCI related to this loan. Accumulated OCI effect in equity at 31 December 2022 is NOK 48 380 thousand (NOK -36 698 thousand at 31 December 2021). The hedging loss recognized in OCI is equal to the change in fair value used for measuring effectiveness. There is no ineffectiveness recognized in profit and loss.Note 31 Exchange ratesAverage Exchange rate exchange rate Exchange rate 1 Jan 2022202231 Dec 2022USD 8.8194 9.6137 9.8573CAD 6.9400 7.3796 7.2810EUR 9.9888 10.1021 10.5138GBP 11.8875 11.8471 11.8541RUB 11.7100 9.6057 13.6700SEK 97.4500 95.057 94.5300HKD 1.1308 1.228 1.2642CNY 138.8400 142.737 142.8900",
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"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__154": {
"value": "(v) Measurement of fair valueThe fair value of forward exchange contracts is calculated by comparing the agreed forward rate and the estimated equivalent forward rate prevailing on the balance sheet date with the same maturity multiplied by the fixed volume specified in the contract. Contingent considerations arising from business combinations are measured as a best estimate of target achievement at each reporting date. For the derivatives, the fair value is confirmed by the financial institution with which the Company has entered into the contract.The following of the Group\u2019s financial instruments are not measured at fair value: Cash & cash equivalents, trade receivable, other current receivables and payables and bank overdrafts. These items are recognized at nominal value in the balance sheet as of 31 December, without taking into account the discount rate which relates to future inflows and outflows. Loans to employees and non-current interest bearing liabilities are recognized in accordance with amortized cost.The carrying amount of cash and cash equivalents is approximately equal to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables and other current receivables and payables is approximately equal to fair value since they are short term and entered into on \u201cnormal\u201d terms and conditions. The carrying amount of bank overdrafts are assessed to be approximately equal to fair value because the floating interest rate are adjusted to reflect current conditions.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilitiesLevel 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.Carrying amount and fair value of financial assets and financial liabilities2022 2021(NOK 1 000) Level Book value Fair value Book value Fair valueFinancial assetsOther non-current financial assets 2 141 429 141 429 379 379Forward exchange contracts 2 - - 1 162 1 162Financial liabilitiesBank loans (incl. amortized costs) 2 1 482 140 1 489 674 1 166 057 1 173 877Bond loan (incl. amortized costs) 2 - - - -Lease liabilities 2 551 592 551 592 292 731 292 731Non-current contingent liabilities 3 39 789 39 789 65 616 65 616Other non-current financial liabilities 3 216 885 216 885 124 913 124 913Current interest-bearing liabilities 2 234 674 234 674 13 635 13 635The fair values of the Group\u2019s interest-bearing bank loans and finance leases are determined by using the DCF method using discount rate that reflects the issuer\u2019s borrowing rate as at the end of the reporting period. The own non-performance risk as at 31 December 2022 and 31 December 2021 was assessed to be insignificant.The Group enters into foreign exchange contracts with various counterparties, principally financial institutions with investment grade credit ratings. Foreign exchange forward contracts are valued using valuation techniques, which employ the use of market observable inputs. The most frequently applied valuation techniques include forward pricing models using present value calculations.Financial instruments apprised at fair value with gains and losses in the income statement2022 2021(NOK 1 000) Assets Liabilities Assets LiabilitiesLevel 1: Based on prices in an active market - - - 1 Level 2: Observable market data25 431 (216 885) - (80 261) 2 Level 3: Other than observable market data67 727 (69 064) 379 (65 616)Total financial instruments at fair value 93 158 (285 950) 379 (145 877)1 Level 2 relates to currency- and interest rate swaps shown in note 12 and 21, is estimated based on calculating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of the balance sheet date.2 Level 3 relates to contingent liabilities arising from acquisitions as shown in note 21 and unlisted equity investments at fair value as shown in note 12. The fair value of contingent liabilities is estimated based on expected achievement of earn-out targets and corresponding payments of acquired companies. The fair value of unlisted equity investments are estimated by using commonly used valuation techniques or by implicit valuations derived from private placements undertaken in the companies.Financial instruments apprised at fair value with gains and losses in the income statement(NOK 1 000) 2022 2021Level 1: Based on prices in an active market - -Level 2: Observable market data (191 455) (80 261)Level 3: Other than observable market data (39 789) (65 616)Total financial instruments at fair value (231 244) (145 877)Financial instruments appraised at fair value with gains and losses over other income and expenses in total comprehensive income(NOK 1 000) 2022 2021Level 1: Based on prices in an active market - -Level 2: Observable market data - -Level 3: Other than observable market data - -Total financial instruments at fair value - -Other information relating to financial instrumentsDuring the reporting period there were no financial assets or liabilities which were reclassified by changing the measurement method from amortized cost to fair value or vice versa, and there were no changes in the fair value measurement which caused transfers between level 1 and level 2, and no transfers to or from level 3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__152": {
"value": "(v) Measurement of fair valueThe fair value of forward exchange contracts is calculated by comparing the agreed forward rate and the estimated equivalent forward rate prevailing on the balance sheet date with the same maturity multiplied by the fixed volume specified in the contract. Contingent considerations arising from business combinations are measured as a best estimate of target achievement at each reporting date. For the derivatives, the fair value is confirmed by the financial institution with which the Company has entered into the contract.The following of the Group\u2019s financial instruments are not measured at fair value: Cash & cash equivalents, trade receivable, other current receivables and payables and bank overdrafts. These items are recognized at nominal value in the balance sheet as of 31 December, without taking into account the discount rate which relates to future inflows and outflows. Loans to employees and non-current interest bearing liabilities are recognized in accordance with amortized cost.The carrying amount of cash and cash equivalents is approximately equal to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables and other current receivables and payables is approximately equal to fair value since they are short term and entered into on \u201cnormal\u201d terms and conditions. The carrying amount of bank overdrafts are assessed to be approximately equal to fair value because the floating interest rate are adjusted to reflect current conditions.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilitiesLevel 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.Carrying amount and fair value of financial assets and financial liabilities2022 2021(NOK 1 000) Level Book value Fair value Book value Fair valueFinancial assetsOther non-current financial assets 2 141 429 141 429 379 379Forward exchange contracts 2 - - 1 162 1 162Financial liabilitiesBank loans (incl. amortized costs) 2 1 482 140 1 489 674 1 166 057 1 173 877Bond loan (incl. amortized costs) 2 - - - -Lease liabilities 2 551 592 551 592 292 731 292 731Non-current contingent liabilities 3 39 789 39 789 65 616 65 616Other non-current financial liabilities 3 216 885 216 885 124 913 124 913Current interest-bearing liabilities 2 234 674 234 674 13 635 13 635The fair values of the Group\u2019s interest-bearing bank loans and finance leases are determined by using the DCF method using discount rate that reflects the issuer\u2019s borrowing rate as at the end of the reporting period. The own non-performance risk as at 31 December 2022 and 31 December 2021 was assessed to be insignificant.The Group enters into foreign exchange contracts with various counterparties, principally financial institutions with investment grade credit ratings. Foreign exchange forward contracts are valued using valuation techniques, which employ the use of market observable inputs. The most frequently applied valuation techniques include forward pricing models using present value calculations.Financial instruments apprised at fair value with gains and losses in the income statement2022 2021(NOK 1 000) Assets Liabilities Assets LiabilitiesLevel 1: Based on prices in an active market - - - 1 Level 2: Observable market data25 431 (216 885) - (80 261) 2 Level 3: Other than observable market data67 727 (69 064) 379 (65 616)Total financial instruments at fair value 93 158 (285 950) 379 (145 877)1 Level 2 relates to currency- and interest rate swaps shown in note 12 and 21, is estimated based on calculating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of the balance sheet date.2 Level 3 relates to contingent liabilities arising from acquisitions as shown in note 21 and unlisted equity investments at fair value as shown in note 12. The fair value of contingent liabilities is estimated based on expected achievement of earn-out targets and corresponding payments of acquired companies. The fair value of unlisted equity investments are estimated by using commonly used valuation techniques or by implicit valuations derived from private placements undertaken in the companies.Financial instruments apprised at fair value with gains and losses in the income statement(NOK 1 000) 2022 2021Level 1: Based on prices in an active market - -Level 2: Observable market data (191 455) (80 261)Level 3: Other than observable market data (39 789) (65 616)Total financial instruments at fair value (231 244) (145 877)Financial instruments appraised at fair value with gains and losses over other income and expenses in total comprehensive income(NOK 1 000) 2022 2021Level 1: Based on prices in an active market - -Level 2: Observable market data - -Level 3: Other than observable market data - -Total financial instruments at fair value - -Other information relating to financial instrumentsDuring the reporting period there were no financial assets or liabilities which were reclassified by changing the measurement method from amortized cost to fair value or vice versa, and there were no changes in the fair value measurement which caused transfers between level 1 and level 2, and no transfers to or from level 3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__6__156": {
"value": "(vi) Capital structure and equityThe main goal of the Group\u2019s capital structure management is to ensure it maintains a strong credit rating (and therefore reasonable borrowing terms from lenders) and a level of equity which is reasonable in relation to the Group\u2019s operations.By achieving a good debt/equity ratio, the Group will be able to support its operations and in doing so maxi-mize the value of its shares. The Group\u2019s shareholders shall receive a competitive return on their shares, mainly through price increases in the Group\u2019s shares, but also in the form of dividends based on financial performance/investment needs.The Group manages and makes necessary changes to its capital structure by regularly assessing prevailing eco-nomic conditions and prospects of short and medium-term growth.Capital structure management is largely dealt with by means of new share issues. No changes to guidelines in this area were made in 2021 or 2022.",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__6__159": {
"value": "Note 26 Investments in associated companiesOwnership share Ownership share Ownership share Companies Country Business segment1 Jan 202131 Dec 202131 Dec 2022 Accounting method 1 1 Norway Hexagon Purus 21% 18% 14% Equity method / Fair value Norwegian Hydrogen AS 2 Cryoshelter LH2 GmbHAustria Hexagon Purus - - 40% Equity method 2 Cryoshelter BioLNG GmbHAustria Hexagon Agility - - 40% Equity method 3 CIMC Hexagon Hydrogen Energy Systems Ltd.Hong Kong Hexagon Purus - - 49% Equity method 4 Hyon ASNorway Hexagon Purus 33% - - Equity method1 Classified as an associated company and accounted for using the equity method in the period 1 January\u201331 August 2022. As of 1 September, the investment is classified as an equity instrument at fair value through profit or loss.2 Acquired on 1 August 2022 and classified as associated companies effective from the same date3 Entity legally established in July 2022 and classified as an associated company effective from the same date4 On 28 June 2021, Hexagon Purus ASA sold all shares in Hyon ASIncome statement reconciliationCIMC Hexagon Hydrogen Norwegian Hydrogen AS Cryoshelter LH2 GmbH Cryoshelter BioLNG GmbHEnergy Systems Hyon AS Total(NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Share of profit after tax (2 845) (2 922) (2 439) - (2 579) - (5 988) - - (35) (13 851) (2 957)PPA amortizations associated companies - - - - (992) - - - - (992) -Gain on loss of significant influence 63 159 - - - - - - - - - 63 159 -Total profit/loss from investments in associated companies as per 31 Dec 60 314 (2 922) (2 439) - (3 571) - (5 988) - - (35) 48 317 (2 957)Balance sheet reconciliationCIMC Hexagon Hydrogen Norwegian Hydrogen AS Cryoshelter LH2 GmbH Cryoshelter BioLNG GmbHEnergy Systems Hyon AS Total(NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Carrying value as at 1 Jan 7 024 2 066 - - - - - - - - 7 024 2 066Purchase of shares - - 33 738 - 23 898 - - - - - 57 636 -Share capital contribution - 7 880 - - - - 7 743 - - 700 7 743 8 580Share of profit after tax incl. PPA amortizations (2 845) (2 922) (2 439) - (3 571) - (5 988) - - (35) (14 843) (2 957)Sale of shares - - - - - - - - - (665) - (665)Derecognition - loss of significant influence (4 179) - - - - - - - - - (4 179) -Currency translation effects - - (41) - (84) - 16 - - - (110) -Carrying value as per 31 Dec - 7 024 31 258 - 20 243 - 1 771 - - - 53 272 7 024Norwegian Hydrogen ASHexagon Purus ASA, a subsidiary of Hexagon Composites ASA, has been a shareholder of Norwegian Hydrogen AS since its inception in 2020. In December 2021, Norwegian Hydrogen conducted a capital raise in which Hexagon Purus\u2019 ownership was diluted from 21.0 per cent to 17.7 per cent. Despite having an ownership less than 20 per cent, the Company has in the period from 1 January 2022 to 31 August 2022 retained its classification of Norwegian Hydrogen as an associated company due to an assessment of still having significant influence in the entity. Important factors for this assessment have been Board of Directors representation and being the second largest shareholder of the entity in the same period. On 27 August 2022, Norwegian Hydrogen AS announced that Mitsui & Co. Ltd invests NOK 70 million in a private placement, and thus reducing Hexagon Purus\u2019 owner-ship from 17.7 per cent to 15.0 per cent. Following this private placement, the Company assessed that significant influence is no longer present, as the Company is now the third largest shareholder and the fact that the new shareholder has received two additional seats in the Board of Directors, resulting in diluted decisional and stra-tegical influence. The Company has consequently from this date reclassified the investment to a financial asset (equity instrument) measured at fair value. The fair value of Hexagon Purus\u2019 ownership Norwegian Hydrogen, derived from the said capital raise, is NOK 67.3 million, resulting in an accounting gain of NOK 63.1 million, rec-ognized in profit/loss from investments in associates in the income statement. At 31 December 2022, Hexagon Purus ownership share in Norwegian Hydrogen AS was 14 per cent, as a result of a second private placement in the company in October 2022.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"s10_notes__6__158": {
"value": "Note 26 Investments in associated companiesOwnership share Ownership share Ownership share Companies Country Business segment1 Jan 202131 Dec 202131 Dec 2022 Accounting method 1 1 Norway Hexagon Purus 21% 18% 14% Equity method / Fair value Norwegian Hydrogen AS 2 Cryoshelter LH2 GmbHAustria Hexagon Purus - - 40% Equity method 2 Cryoshelter BioLNG GmbHAustria Hexagon Agility - - 40% Equity method 3 CIMC Hexagon Hydrogen Energy Systems Ltd.Hong Kong Hexagon Purus - - 49% Equity method 4 Hyon ASNorway Hexagon Purus 33% - - Equity method1 Classified as an associated company and accounted for using the equity method in the period 1 January\u201331 August 2022. As of 1 September, the investment is classified as an equity instrument at fair value through profit or loss.2 Acquired on 1 August 2022 and classified as associated companies effective from the same date3 Entity legally established in July 2022 and classified as an associated company effective from the same date4 On 28 June 2021, Hexagon Purus ASA sold all shares in Hyon ASIncome statement reconciliationCIMC Hexagon Hydrogen Norwegian Hydrogen AS Cryoshelter LH2 GmbH Cryoshelter BioLNG GmbHEnergy Systems Hyon AS Total(NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Share of profit after tax (2 845) (2 922) (2 439) - (2 579) - (5 988) - - (35) (13 851) (2 957)PPA amortizations associated companies - - - - (992) - - - - (992) -Gain on loss of significant influence 63 159 - - - - - - - - - 63 159 -Total profit/loss from investments in associated companies as per 31 Dec 60 314 (2 922) (2 439) - (3 571) - (5 988) - - (35) 48 317 (2 957)Balance sheet reconciliationCIMC Hexagon Hydrogen Norwegian Hydrogen AS Cryoshelter LH2 GmbH Cryoshelter BioLNG GmbHEnergy Systems Hyon AS Total(NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Carrying value as at 1 Jan 7 024 2 066 - - - - - - - - 7 024 2 066Purchase of shares - - 33 738 - 23 898 - - - - - 57 636 -Share capital contribution - 7 880 - - - - 7 743 - - 700 7 743 8 580Share of profit after tax incl. PPA amortizations (2 845) (2 922) (2 439) - (3 571) - (5 988) - - (35) (14 843) (2 957)Sale of shares - - - - - - - - - (665) - (665)Derecognition - loss of significant influence (4 179) - - - - - - - - - (4 179) -Currency translation effects - - (41) - (84) - 16 - - - (110) -Carrying value as per 31 Dec - 7 024 31 258 - 20 243 - 1 771 - - - 53 272 7 024Norwegian Hydrogen ASHexagon Purus ASA, a subsidiary of Hexagon Composites ASA, has been a shareholder of Norwegian Hydrogen AS since its inception in 2020. In December 2021, Norwegian Hydrogen conducted a capital raise in which Hexagon Purus\u2019 ownership was diluted from 21.0 per cent to 17.7 per cent. Despite having an ownership less than 20 per cent, the Company has in the period from 1 January 2022 to 31 August 2022 retained its classification of Norwegian Hydrogen as an associated company due to an assessment of still having significant influence in the entity. Important factors for this assessment have been Board of Directors representation and being the second largest shareholder of the entity in the same period. On 27 August 2022, Norwegian Hydrogen AS announced that Mitsui & Co. Ltd invests NOK 70 million in a private placement, and thus reducing Hexagon Purus\u2019 owner-ship from 17.7 per cent to 15.0 per cent. Following this private placement, the Company assessed that significant influence is no longer present, as the Company is now the third largest shareholder and the fact that the new shareholder has received two additional seats in the Board of Directors, resulting in diluted decisional and stra-tegical influence. The Company has consequently from this date reclassified the investment to a financial asset (equity instrument) measured at fair value. The fair value of Hexagon Purus\u2019 ownership Norwegian Hydrogen, derived from the said capital raise, is NOK 67.3 million, resulting in an accounting gain of NOK 63.1 million, rec-ognized in profit/loss from investments in associates in the income statement. At 31 December 2022, Hexagon Purus ownership share in Norwegian Hydrogen AS was 14 per cent, as a result of a second private placement in the company in October 2022.Cryoshelter LH2 GmbH and Cryoshelter BioLNG GmbHIn April 2022, Hexagon announced an agreement to acquire a 40 per cent stake in Cryoshelter GmbH, an Austria based company specialized in the development of cryogenic tank technology for liquid natural gas (LNG) and liquid hydrogen (LH2). Upon closing, Cryoshelter GmbH has been demerged into two separate legal entities, Cryoshelter BioLNG GmbH and Cryoshelter LH2 GmbH. On 1 August 2022, Hexagon Composites made a EUR 2.4 (NOK 24) million investment and acquired 40 per cent of the shares in Cryoshelter BioLNG GmbH, with options to acquire the remaining shares of the next 3\u201310 years. Hexagon Purus made a EUR 3.4 (NOK 34) million invest-ment and acquired 40 per cent of the shares in Cryoshelter LH2 GmbH, with options to acquire the remaining shares over the next 5\u201310 years. As of 1 August 2022, the said options do not give rise to any de-facto control and both investments are consequently accounted for by using the equity method effective from 1 August 2022. The table below shows the purchase price allocation of the two entities per 1 August 2022.Purchase price allocationCryoshelter Cryoshelter Total BioLNG GmbHLH2 GmbHCryoshelterNon-current assets 2 715 203 2 919Current assets 2 351 5 150 7 502Non-current liabilities 3 946 3 946 7 891Current liabilities 21 603 2 951 24 554Equity as per 1 August 2022 (20 482) (1 543) (22 025)Hexagon's share of equity (40%) (8 193) (617) (8 810) 1 Intangible assets (Technology) (40%) 22 942 19 702 42 644Goodwill (40%) 9 148 14 654 23 802Hexagon's carrying value of the investment 23 898 33 738 57 6361 Lifetime of technology asset set to 10 years for LNG technology and 15 years for LH2 technologyCIMC Hexagon Hydrogen Energy Systems Ltd.In 2021, Hexagon Purus entered into an agreement with CIMC Enric, encompassing cylinder and systems pro-duction for Fuel Cell Electric Vehicles (FCEVs) and hydrogen distribution in China and Southeast Asia. In July 2022, CIMC Hexagon Energy Systems Ltd. was legally established and registered in Hong Kong, where Hexagon Purus HK Holding AS, a wholly owned subsidiary of Hexagon Purus ASA, subscribed for 49 per cent of the shares and hold an equal amount of voting rights. CIMC Enric holds the remaining 51 per cent of the shares. The entity is classified as an associate company and accounted for via the equity method as of 1 July 2022. CIMC Hexagon Hydrogen Energy Technologies Ltd. was also legally established and registered in Hong Kong in July 2022. Hexagon Purus HK Holding AS holds a majority shareholding of 51 per cent in this entity while CIMC Enric holds the remaining 49 per cent. As Hexagon Purus controls the entity, the entity is thus consolidated in the Group accounts.",
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"language": "en",
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}
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"s10_notes__6__157-1": {
"value": "Note 26 Investments in associated companiesOwnership share Ownership share Ownership share Companies Country Business segment1 Jan 202131 Dec 202131 Dec 2022 Accounting method 1 1 Norway Hexagon Purus 21% 18% 14% Equity method / Fair value Norwegian Hydrogen AS 2 Cryoshelter LH2 GmbHAustria Hexagon Purus - - 40% Equity method 2 Cryoshelter BioLNG GmbHAustria Hexagon Agility - - 40% Equity method 3 CIMC Hexagon Hydrogen Energy Systems Ltd.Hong Kong Hexagon Purus - - 49% Equity method 4 Hyon ASNorway Hexagon Purus 33% - - Equity method1 Classified as an associated company and accounted for using the equity method in the period 1 January\u201331 August 2022. As of 1 September, the investment is classified as an equity instrument at fair value through profit or loss.2 Acquired on 1 August 2022 and classified as associated companies effective from the same date3 Entity legally established in July 2022 and classified as an associated company effective from the same date4 On 28 June 2021, Hexagon Purus ASA sold all shares in Hyon ASIncome statement reconciliationCIMC Hexagon Hydrogen Norwegian Hydrogen AS Cryoshelter LH2 GmbH Cryoshelter BioLNG GmbHEnergy Systems Hyon AS Total(NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Share of profit after tax (2 845) (2 922) (2 439) - (2 579) - (5 988) - - (35) (13 851) (2 957)PPA amortizations associated companies - - - - (992) - - - - (992) -Gain on loss of significant influence 63 159 - - - - - - - - - 63 159 -Total profit/loss from investments in associated companies as per 31 Dec 60 314 (2 922) (2 439) - (3 571) - (5 988) - - (35) 48 317 (2 957)Balance sheet reconciliationCIMC Hexagon Hydrogen Norwegian Hydrogen AS Cryoshelter LH2 GmbH Cryoshelter BioLNG GmbHEnergy Systems Hyon AS Total(NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021Carrying value as at 1 Jan 7 024 2 066 - - - - - - - - 7 024 2 066Purchase of shares - - 33 738 - 23 898 - - - - - 57 636 -Share capital contribution - 7 880 - - - - 7 743 - - 700 7 743 8 580Share of profit after tax incl. PPA amortizations (2 845) (2 922) (2 439) - (3 571) - (5 988) - - (35) (14 843) (2 957)Sale of shares - - - - - - - - - (665) - (665)Derecognition - loss of significant influence (4 179) - - - - - - - - - (4 179) -Currency translation effects - - (41) - (84) - 16 - - - (110) -Carrying value as per 31 Dec - 7 024 31 258 - 20 243 - 1 771 - - - 53 272 7 024Norwegian Hydrogen ASHexagon Purus ASA, a subsidiary of Hexagon Composites ASA, has been a shareholder of Norwegian Hydrogen AS since its inception in 2020. In December 2021, Norwegian Hydrogen conducted a capital raise in which Hexagon Purus\u2019 ownership was diluted from 21.0 per cent to 17.7 per cent. Despite having an ownership less than 20 per cent, the Company has in the period from 1 January 2022 to 31 August 2022 retained its classification of Norwegian Hydrogen as an associated company due to an assessment of still having significant influence in the entity. Important factors for this assessment have been Board of Directors representation and being the second largest shareholder of the entity in the same period. On 27 August 2022, Norwegian Hydrogen AS announced that Mitsui & Co. Ltd invests NOK 70 million in a private placement, and thus reducing Hexagon Purus\u2019 owner-ship from 17.7 per cent to 15.0 per cent. Following this private placement, the Company assessed that significant influence is no longer present, as the Company is now the third largest shareholder and the fact that the new shareholder has received two additional seats in the Board of Directors, resulting in diluted decisional and stra-tegical influence. The Company has consequently from this date reclassified the investment to a financial asset (equity instrument) measured at fair value. The fair value of Hexagon Purus\u2019 ownership Norwegian Hydrogen, derived from the said capital raise, is NOK 67.3 million, resulting in an accounting gain of NOK 63.1 million, rec-ognized in profit/loss from investments in associates in the income statement. At 31 December 2022, Hexagon Purus ownership share in Norwegian Hydrogen AS was 14 per cent, as a result of a second private placement in the company in October 2022.Cryoshelter LH2 GmbH and Cryoshelter BioLNG GmbHIn April 2022, Hexagon announced an agreement to acquire a 40 per cent stake in Cryoshelter GmbH, an Austria based company specialized in the development of cryogenic tank technology for liquid natural gas (LNG) and liquid hydrogen (LH2). Upon closing, Cryoshelter GmbH has been demerged into two separate legal entities, Cryoshelter BioLNG GmbH and Cryoshelter LH2 GmbH. On 1 August 2022, Hexagon Composites made a EUR 2.4 (NOK 24) million investment and acquired 40 per cent of the shares in Cryoshelter BioLNG GmbH, with options to acquire the remaining shares of the next 3\u201310 years. Hexagon Purus made a EUR 3.4 (NOK 34) million invest-ment and acquired 40 per cent of the shares in Cryoshelter LH2 GmbH, with options to acquire the remaining shares over the next 5\u201310 years. As of 1 August 2022, the said options do not give rise to any de-facto control and both investments are consequently accounted for by using the equity method effective from 1 August 2022. The table below shows the purchase price allocation of the two entities per 1 August 2022.Purchase price allocationCryoshelter Cryoshelter Total BioLNG GmbHLH2 GmbHCryoshelterNon-current assets 2 715 203 2 919Current assets 2 351 5 150 7 502Non-current liabilities 3 946 3 946 7 891Current liabilities 21 603 2 951 24 554Equity as per 1 August 2022 (20 482) (1 543) (22 025)Hexagon's share of equity (40%) (8 193) (617) (8 810) 1 Intangible assets (Technology) (40%) 22 942 19 702 42 644Goodwill (40%) 9 148 14 654 23 802Hexagon's carrying value of the investment 23 898 33 738 57 6361 Lifetime of technology asset set to 10 years for LNG technology and 15 years for LH2 technologyCIMC Hexagon Hydrogen Energy Systems Ltd.In 2021, Hexagon Purus entered into an agreement with CIMC Enric, encompassing cylinder and systems pro-duction for Fuel Cell Electric Vehicles (FCEVs) and hydrogen distribution in China and Southeast Asia. In July 2022, CIMC Hexagon Energy Systems Ltd. was legally established and registered in Hong Kong, where Hexagon Purus HK Holding AS, a wholly owned subsidiary of Hexagon Purus ASA, subscribed for 49 per cent of the shares and hold an equal amount of voting rights. CIMC Enric holds the remaining 51 per cent of the shares. The entity is classified as an associate company and accounted for via the equity method as of 1 July 2022. CIMC Hexagon Hydrogen Energy Technologies Ltd. was also legally established and registered in Hong Kong in July 2022. Hexagon Purus HK Holding AS holds a majority shareholding of 51 per cent in this entity while CIMC Enric holds the remaining 49 per cent. As Hexagon Purus controls the entity, the entity is thus consolidated in the Group accounts.Note 30 List of subsidiaries and associatesThe following companies are included in the consolidated financial statementsCompany Home Country Registered office Business segment Owner ship VotesSubsidiariesHexagon Ragasco AS Norway Raufoss Hexagon Ragasco 100% 100%Hexagon Ragasco NA Inc. USA Lincoln, NE Hexagon Ragasco 100% 100%Composite Scandinavia AB Sweden Pite\u00e5 Hexagon Ragasco 100% 100%Hexagon Composites India Pvt. Ltd. India Bangalore Hexagon Ragasco 100% 100%Hexagon Composites Russia LLC Russia Nizhny Novgorod Hexagon Ragasco 100% 100%Hexagon USA Holdings Inc. USA Lincoln, NE Unallocated 100% 100%Hexagon R&D Services LLC USA Lincoln, NE Unallocated 100% 100%Hexagon Digital Wave LLC USA Centennial, CO Digital Wave 100% 100%Hexagon Agility Inc. USA Costa Mesa, CA Hexagon Agility 100% 100%Agility Fuel Solutions LLC USA Costa Mesa, CA Hexagon Agility 100% 100%Agility Fuel Systems LLC USA Costa Mesa, CA Hexagon Agility 100% 100%Agility California LLC USA Costa Mesa, CA Hexagon Agility 100% 100%Agility Canada ULC Canada Kelowna, BC Hexagon Agility 100% 100%Agility Fuel Solutions UK Ltd UK Hexagon Agility 100% 100%Agility North Carolina LLC USA Salisbury, NC Hexagon Agility 100% 100%AFS Salisbury LLC USA Costa Mesa, CA Hexagon Agility 100% 100%Agility Cylinders, LLC USA Lincoln, NE Hexagon Agility 100% 100%Agility Powertrain Systems, LLC USA Costa Mesa, CA Hexagon Agility 100% 100%Agility India Private Ltd India Bangalore Hexagon Agility 100% 100%Agility Fuel Solutions Norway AS Norway Raufoss Hexagon Agility 100% 100%Agility Fuel Solutions Brazil Ltda Brazil Sao Paulo Hexagon Agility 100% 100%Hexagon Lincoln LLC USA Lincoln, NE Hexagon Agility 100% 100%Hexagon Technical Services LLC USA Lincoln, NE Hexagon Agility 100% 100%Hexagon Mobile Pipeline GmbH Germany Kassel Hexagon Agility 100% 100%Hexagon Composites GmbH Germany Kassel Hexagon Agility 100% 100%Hexagon Operations GmbH Germany Kassel Hexagon Agility 100% 100%Company Home Country Registered office Business segment Owner ship VotesAssociates owned by Hexagon Composites ASACryoshelter BioLNG GmbH Austria Hexagon Agility 40% 40%Hexagon Purus ASA Norway Aalesund Hexagon Purus 73% 73%Hexagon Technology H2 AS Norway Aalesund Hexagon Purus 73% 73%Hexagon Purus HK Holding AS Norway Aalesund Hexagon Purus 73% 73%Hexagon Purus Beijing Ltd China Beijing Hexagon Purus 73% 73%CIMC Hexagon Hydrogen Energy Development Heibei & Co Ltd China Heibei Hexagon Purus 73% 73%CIMC Hexagon Hydrogen Energy Technologies Ltd Hong Kong Hong Kong Hexagon Purus 51% 51%CIMC Hexagon Hydrogen Energy Technologies Beijing Ltd. China Beijing Hexagon Purus 51% 51%CIMC Hexagon Hydrogen Energy Technologies Heibei Ltd. China Heibei Hexagon Purus 51% 51%Hexagon Purus Germany Holding GmbH Germany Herford Hexagon Purus 73% 73%Hexagon Purus GmbH Germany Kassel Hexagon Purus 73% 73%Wystrach GmbH Germany Weeze Hexagon Purus 73% 73%Wyrent GmbH Germany Weeze Hexagon Purus 73% 73%Hexagon Purus Real Estate GmbH Germany Herford Hexagon Purus 73% 73%xperion E&E US Holding Inc. USA Heath, OH Hexagon Purus 73% 73%xperion E&E USA LLC USA Heath, OH Hexagon Purus 73% 73%Hexagon Purus North America Holdings Inc. USA Lincoln, NE Hexagon Purus 73% 73%Hexagon Purus LLC USA Lincoln, NE Hexagon Purus 73% 73%Hexagon Masterworks Inc. USA Taneytown Hexagon Purus 73% 73%Hexagon Purus Systems USA, LLC USA Costa Mesa, CA Hexagon Purus 73% 73%Hexagon Purus Systems Canada, Ltd. Canada Kelowna Hexagon Purus 73% 73%Hexagon Purus Maritime AS Norway \u00c5lesund Hexagon Purus 73% 73%Hexagon Raufoss AS Norway Raufoss Unallocated 100% 100%Hexagon Technology AS Norway Aalesund Unallocated 100% 100%Hexagon Cylinders India Pvt. Ltd. India Unallocated 100% 100%Associates owned by Hexagon Purus ASACryoshelter LH2 GmbH Austria Hexagon Purus 40% 40%CIMC Hexagon Hydrogen Energy Systems LtdChina Hong Kong Hexagon Purus 49% 49%Cryoshelter BioLNG GmbH and Cryoshelter LH2 GmbH were acquired on 1 August 2022.Wystrach GmbH and Wyrent GmbH were acquired on 10 November 2021.",
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"s10_notes__6__161": {
"value": "Note 27 Share based paymentShare-based payment in Hexagon Composites ASAThe Company has a performance share units program (PSUs) and a restricted share units program (RSUs) cover-ing certain employees in senior positions. As at 31 December 2022, total 57 employees were included in the PSUs programs and 52 employees in the RSUs programs.22 May 2018 Hexagon Composites ASA issued 1 200 000 call options to senior executives and managers in the Group at NOK 20.85 per share, provided that the share price on the date of exercise was minimum NOK 25.36 per share. The options could be exercised in part or in full within three weeks following the official announcement of the financial results for the fourth quarter of 2020, first quarter of 2021 or second quarter of 2021. The exercise period was extended to 14 December 2021. During 2021, 1 140 000 of the options have been exercised at the weighted average share price of NOK 41.96.20 December 2018 Hexagon Composites ASA issued 100 000 Restricted Stock Units (RSUs) to certain employees of the Group. Subject to continued employment three years after date of grant, each employee would at such time receive such number of Hexagon shares as corresponds to the number of RSUs allocated. During 2021, 100 000 of the RSU\u2019s have been exercised at the weighted average share price of NOK 35.42.12 April 2019 Hexagon Composites ASA provisionally awarded 2 492 438 Performance Share Units (PSUs) to senior executive management in the Group. The PSUs are non-transferable and will vest on 11 February 2022 subject to satisfaction of the applicable vesting conditions (fulfilling Group EBITDA and revenue targets). The actual number of PSUs vested will depend on 2019 performance and attain minimum zero and maximum 2 492 438. Each vested PSU will give the holder the right to receive one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.10. During 2022, 1 078 628 of the options have been exercised at the weighted average share price of NOK 28.11.26 September 2019 Hexagon Composites ASA issued 49 994 Restricted Stock Units (RSUs) to certain employees of the Group. Subject to continued employment three years after date of grant, each employee will at such time receive such number of Hexagon shares as corresponds to the number of RSUs allocated. During 2022, 42 852 of the RSU\u2019s have been exercised at the weighted average share price of NOK 23.08.22 April 2020 Hexagon Composites ASA decided to provisionally award up to 3 711 634 Performance Share Units (\u201cPSUs\u201d) to executives. The PSUs are non-transferable and will vest in Q1 2023 subject to satisfaction of the applicable vesting conditions (fulfilling Group EBITDA and revenue targets). Each vested PSU will give the holder the right to receive one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.10.29 July 2020 Hexagon Composites ASA issued 70 000 Restricted Stock Units (RSUs) to certain employees of the Group. Subject to continued employment three years after date of grant, each employee will at such time receive such number of Hexagon shares as corresponds to the number of RSUs allocated.2 May 2021 Hexagon Composites ASA decided to provisionally award up to 1 734 990 Performance Share Units (\u201cPSUs\u201d) to executives. The PSUs are non-transferable and will vest in Q1 2024 subject to satisfaction of the applicable vesting conditions. Each vested PSU will give the holder the right to receive one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.10.20 August 2021 Hexagon Composites ASA issued 100 000 Restricted Stock Units (RSUs) to certain employees of the Group. Subject to continued employment three years after date of grant, each employee will at such time receive such number of Hexagon shares as corresponds to the number of RSUs allocated.2 May 2022 Hexagon Composites ASA decided to provisionally award up to 2 808 616 Performance Share Units (\u201cPSUs\u201d) to executives. The PSUs are non-transferable and will vest in Q1 2025 subject to satisfaction of the applicable vesting conditions. Each vested PSU will give the holder the right to receive one share in the Company at an exercise price corresponding to the par value of the shares being NOK 0.10.29 August 2022 Hexagon Composites ASA issued 175 000 Restricted Stock Units (RSUs) to certain employees of the Group. Subject to continued employment three years after date of grant, each employee will at such time receive such number of Hexagon shares as corresponds to the number of RSUs allocated.The fair value of the options, PSUs and RSUs was calculated on the grant date, based on the Black-Scholes model, and the cost is recognized over the service period. Cost associated with these programs were NOK 34.4 (25.5) million YTD 31 December. The fair value of all outstanding PSUs (5 028 864) and RSUs (334 500) is estimated to NOK 52.4 million per 31 December 2022.In addition to the above-mentioned instruments, the Company has issued bonus arrangements to certain exec-utives within the Group. The bonus arrangements are dependent upon the share price development of Hexagon Purus ASA and is converted to a given number of cash settlement options in Hexagon Purus ASA, for the purpose of calculating quarterly fair values using the Black-Scholes model. These cash settlement arrangements involved total expenses of NOK 5.0 (4.6) million in 2022 and a remaining unamortized accrual estimated to MNOK 8.0 as of 31 December 2022.Overview of options with equity settlementShare Share Options RSUs PSUsOptions RSUs PSUs2022 2022 2022 2021 2021 2021Outstanding options 1 January - 212 852 6 243 552 1 140 000 219 994 4 582 638Options granted - 200 000 2 660 082 - 100 000 1 734 990Options exercised - (42 852) (1 078 628) (1 140 000) (100 000) -Options lapsed/cancelled - (35 500) (2 796 142) - (7 142) (74 076)Share options outstanding 31 December - 334 500 5 028 864 - 212 852 6 243 552Exercisable at 31 December - - - - - -Weighted average exercised price (NOK) NA 23.08 28.11 41.96 35.42 NAThe following table list the input to the model used for the plan for year ended 31 DecemberRSUs Awarded PSUs Awarded RSUs Awarded PSUs Awarded2022 2022 2021 2021Weighted average fair values at the measurement date per share (NOK) 28.05 35.12 32.50 49.00Dividend yield (%) - - - -Expected volatility (%) - - - -Risk-free interest rate (%) - - - -Expected lifetime (years) 4.00 3.84 4.00 3.84Weighted average share price (NOK) - - - -Model used Black-Scholes Black-Scholes Black-Scholes Black-ScholesShare-based payment in Hexagon Purus ASAThe Company has a performance share units program (PSUs) and a restricted share units program (RSUs) covering certain employees in senior positions. As at 31 December 2022, total 37 employees were included in the PSUs programs and 42 employees in the RSUs programs.On 14 December 2020, the Company announced that key members of Hexagon Purus\u2019 executive management team exercised their right to purchase the maximum number of shares allowable in the management invest-ment program, equal to a total number of 210 621 shares. As part of this management investment program, the Company awarded up to 421 242 related PSUs and 210 621 Restricted Stock units (\u201cRSUs\u201d) to the executives. The instruments are non-transferable and will vest in 2024 when the Board of Directors approve the annual accounts for 2023, subject to satisfaction of the applicable vesting conditions. Each vested instrument will give the holder the right to receive one share in the Company.The second share-based long term incentive plan is an employee RSU program, where 561 000 RSUs are currently issued to key personnel and management employees of the Group. Subject to satisfaction of the applicable vesting conditions, each RSU entitles eligible employees to receive such number of Hexagon Purus shares as corresponds to the number of RSUs vested at the date on which the Company\u2019s Board of Directors approves the Company\u2019s annual accounts for the financial year of 2023.The third share-based long term incentive plan is an employee PSU program, where 988 686 PSUs are currently issued to key personnel and management employees of the Group. Subject to satisfaction of the applicable vesting conditions and share price development, each PSU entitles eligible employees to receive up to twice the number of Hexagon Purus shares as corresponds to the number of PSUs vested on March 3, 2025.The fourth share-based long term incentive plan is an employee RSU program, where 91 350 RSUs are currently issued to key personnel of the Group. Subject to satisfaction of the applicable vesting conditions, each RSU entitles eligible employees to receive such number of Hexagon Purus shares as corresponds to the number of RSUs on March 3, 2025.The fair value of the RSUs and PSUs are calculated on the grant date, using the Black-Scholes model and Monte Carlo simulation, and the cost is recognized over the service period. Cost of the RSU and PSU schemes, includ-ing social security, was NOK 15.8 (7.7) million year-to-date 31 December 2022. The unamortized fair value of all outstanding RSUs and PSUs as of 31 December 2022 is estimated to be NOK 38.0 million (NOK 18.8) million as of 31. December 2021).Overview of number of outstanding optionsRSUs PSUs RSUs PSUs2022 2022 2021 2021Outstanding options 1 January 771 621 421 242 695 621 421 242Options granted 96 350 988 686 91 000 -Options exercised - - - -Options lapsed/cancelled (36 090) - (15 000) -Share options outstanding 31 December 831 881 1 409 928 771 621 421 242Exercisable at 31 December - - - -Weighted average exercised price (NOK) NA NA NA NAThe following table list the input to the model used for the plan for year ended 31 DecemberRSUs Awarded PSUs Awarded RSUs Awarded PSUs Awarded2022 2022 2021 2021Weighted average fair values at the measurement date per share (NOK) 27.3\u201327.7 27.3\u201334.0 27.30 27.30Dividend yield (%) - - - -Expected volatility (%) 30% 30% 30% 30%Risk-free interest rate (%) - - - -Expected lifetime (years) 3.54 4.00 3.54 4.00Weighted average share price (NOK) - - - -Model used Black-Scholes Black-Scholes Black-Scholes Black-Scholes",
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"s10_notes__6__163": {
"value": "Note 28 Transactions with related partiesThe Group\u2019s related parties consist of associates, main shareholders, members of the Board and management. Transactions with associates are disclosed in note 26.There are no sales to, purchases from, loans to, receivables or liability/payables to members of the Board. There are no sales to, purchases from, loans to, receivables or liability/payables to key management personnel of the Group, except for any short-term postings related to salary payout and remuneration of out-of-the pocket expenses.All the transactions were carried out as part of normal business and at arm\u2019s length prices.The income statement includes the following amounts resulting from transactions with related parties(NOK 1 000) 2022 2021Sales revenue - -Other operating income - -Cost of materials - -Other operating expenses 4 773 3 437The balance sheet includes the following amounts resulting from transactions with related parties(NOK 1 000) 2022 2021Trade receivables - -Trade payables 473 449Remuneration of the Board and Executive management 2022Total Salaries Benefits Pension Value of remune ration 1 2 in kindpremiumshare options (NOK 1 000)and fees Bonuses2022Executive management 24 169 18 300 463 1 529 14 485 58 946Board of Directors 2 154 - - - - 2 154Total remuneration 26 323 18 300 463 1 529 14 485 61 1001 Bonuses relates to bonuses expensed in the year.2 The value of share options relates to recognized costs for the year. Executives hold other share-based instruments as well (see note Share based payments).Remuneration of the Board and Executive management 2021Total Salaries Benefits Pension Value of remune ration 1 2 in kindpremiumshare options (NOK 1 000)and fees Bonuses2021Executive management 24 840 15 342 144 1 355 11 588 53 270Board of Directors 1 990 - - - - 1 990Total remuneration 26 830 15 342 144 1 355 11 588 55 2601 Bonuses relates to bonuses expensed in the year.2 The value of share options relates to recognized costs for the year. Executives hold other share-based instruments as well (see note Share based payments).Pursuant to Section 6-16a and b of the Norwegian Public Limited Liabilities Companies Act, the Company will disclose a separate remuneration report regarding the determination of pay and benefits to the CEO and man-agement executives. Reference is made to the separate remuneration report which will be made available on the Company`s website.The Chairman of the Board has no agreement relating to termination benefits. In his employment agreement, the Group President has a period of notice of 6 months. He has an agreement for up to 12 months\u2019 severance pay. The management of the Group have a target-based bonus agreement.Group management participates in the Company\u2019s general pension arrangements, which are described in note 18, Pensions. The Group President and CFO participate in the Group\u2019s defined contribution plan.Group management participate in the Company\u2019s share-based incentive scheme, which are described in note 26, Share-based Payment. As of 31 December 2022 the Group President has 164 thousand (147 thousand) provisional performance share units (PSUs performance adjusted) outstanding. In addition he has 573 thousand cash set-tlement options (573 thousand). The CFO has 109 thousand (99 thousand) provisional performance share units (PSUs performance adjusted) outstanding.No loans have been made, or security provided for loans, to any member of Group management, the Board or other elected standing committees or any of their related parties.Shares owned by Board Members or related parties2022 2021 1 Knut Flakk, (Chair)27 868 314 27 834 969 2 Kristine Landmark (Deputy chair)10 000 10 000 3 Katsunori Mori (Board member)45 833 321 45 833 3211 Of the shares owned by Knut Flakk, 164 593 are privately owned, 500 000 are owned by his wife and 27 203 721 are owned through limited liability companies.2 The shares are owned by Kristine Landmark\u2019s husband.3 Shares owned by Mitsui & Co., Ltd., represented in the Board by Katsunori Mori.Shares held by key management personnel2022 2021 1 Jon Erik Engeset, Group President & CEO378 216 323 554David Bandele, Group Chief Financial Officer 152 654 115 4291 The shares owned by Jon Erik Engeset, 64 106 are privately owned and 259 448 are owned by related limited liability companies.",
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"s10_notes__6__162": {
"value": "Note 28 Transactions with related partiesThe Group\u2019s related parties consist of associates, main shareholders, members of the Board and management. Transactions with associates are disclosed in note 26.There are no sales to, purchases from, loans to, receivables or liability/payables to members of the Board. There are no sales to, purchases from, loans to, receivables or liability/payables to key management personnel of the Group, except for any short-term postings related to salary payout and remuneration of out-of-the pocket expenses.All the transactions were carried out as part of normal business and at arm\u2019s length prices.The income statement includes the following amounts resulting from transactions with related parties(NOK 1 000) 2022 2021Sales revenue - -Other operating income - -Cost of materials - -Other operating expenses 4 773 3 437The balance sheet includes the following amounts resulting from transactions with related parties(NOK 1 000) 2022 2021Trade receivables - -Trade payables 473 449Remuneration of the Board and Executive management 2022Total Salaries Benefits Pension Value of remune ration 1 2 in kindpremiumshare options (NOK 1 000)and fees Bonuses2022Executive management 24 169 18 300 463 1 529 14 485 58 946Board of Directors 2 154 - - - - 2 154Total remuneration 26 323 18 300 463 1 529 14 485 61 1001 Bonuses relates to bonuses expensed in the year.2 The value of share options relates to recognized costs for the year. Executives hold other share-based instruments as well (see note Share based payments).Remuneration of the Board and Executive management 2021Total Salaries Benefits Pension Value of remune ration 1 2 in kindpremiumshare options (NOK 1 000)and fees Bonuses2021Executive management 24 840 15 342 144 1 355 11 588 53 270Board of Directors 1 990 - - - - 1 990Total remuneration 26 830 15 342 144 1 355 11 588 55 2601 Bonuses relates to bonuses expensed in the year.2 The value of share options relates to recognized costs for the year. Executives hold other share-based instruments as well (see note Share based payments).Pursuant to Section 6-16a and b of the Norwegian Public Limited Liabilities Companies Act, the Company will disclose a separate remuneration report regarding the determination of pay and benefits to the CEO and man-agement executives. Reference is made to the separate remuneration report which will be made available on the Company`s website.The Chairman of the Board has no agreement relating to termination benefits. In his employment agreement, the Group President has a period of notice of 6 months. He has an agreement for up to 12 months\u2019 severance pay. The management of the Group have a target-based bonus agreement.Group management participates in the Company\u2019s general pension arrangements, which are described in note 18, Pensions. The Group President and CFO participate in the Group\u2019s defined contribution plan.Group management participate in the Company\u2019s share-based incentive scheme, which are described in note 26, Share-based Payment. As of 31 December 2022 the Group President has 164 thousand (147 thousand) provisional performance share units (PSUs performance adjusted) outstanding. In addition he has 573 thousand cash set-tlement options (573 thousand). The CFO has 109 thousand (99 thousand) provisional performance share units (PSUs performance adjusted) outstanding.No loans have been made, or security provided for loans, to any member of Group management, the Board or other elected standing committees or any of their related parties.Shares owned by Board Members or related parties2022 2021 1 Knut Flakk, (Chair)27 868 314 27 834 969 2 Kristine Landmark (Deputy chair)10 000 10 000 3 Katsunori Mori (Board member)45 833 321 45 833 3211 Of the shares owned by Knut Flakk, 164 593 are privately owned, 500 000 are owned by his wife and 27 203 721 are owned through limited liability companies.2 The shares are owned by Kristine Landmark\u2019s husband.3 Shares owned by Mitsui & Co., Ltd., represented in the Board by Katsunori Mori.Shares held by key management personnel2022 2021 1 Jon Erik Engeset, Group President & CEO378 216 323 554David Bandele, Group Chief Financial Officer 152 654 115 4291 The shares owned by Jon Erik Engeset, 64 106 are privately owned and 259 448 are owned by related limited liability companies.Expensed auditor fees were divided among the following services (excl. VAT)(NOK 1 000) 2022 2021Statutory audit and auditing-related services 9 530 7 275Other attestation services 1 444 560Tax advice 4 245 4 491Other non-auditing services 470 863Total 15 689 13 189",
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"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__6__164": {
"value": "Expensed auditor fees were divided among the following services (excl. VAT)(NOK 1 000) 2022 2021Statutory audit and auditing-related services 9 530 7 275Other attestation services 1 444 560Tax advice 4 245 4 491Other non-auditing services 470 863Total 15 689 13 189",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__6__166": {
"value": "Note 29 Purchasing commitmentsThe Group has the following commitments resulting from purchasing materials(NOK 1 000) 2022 20212022 - 299 4432023 599 243 -Thereafter - -Total 599 243 299 443The Group has the following commitments resulting from contracts for investments in production facilities/machines(NOK 1 000) 2022 20212022 - 159 7472023 204 112 -Thereafter - -Total 204 112 159 747All contracts relate to investments in production facilities/machines.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXJWMW49",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__6__167": {
"value": "Note 30 List of subsidiaries and associatesThe following companies are included in the consolidated financial statementsCompany Home Country Registered office Business segment Owner ship VotesSubsidiariesHexagon Ragasco AS Norway Raufoss Hexagon Ragasco 100% 100%Hexagon Ragasco NA Inc. USA Lincoln, NE Hexagon Ragasco 100% 100%Composite Scandinavia AB Sweden Pite\u00e5 Hexagon Ragasco 100% 100%Hexagon Composites India Pvt. Ltd. India Bangalore Hexagon Ragasco 100% 100%Hexagon Composites Russia LLC Russia Nizhny Novgorod Hexagon Ragasco 100% 100%Hexagon USA Holdings Inc. USA Lincoln, NE Unallocated 100% 100%Hexagon R&D Services LLC USA Lincoln, NE Unallocated 100% 100%Hexagon Digital Wave LLC USA Centennial, CO Digital Wave 100% 100%Hexagon Agility Inc. USA Costa Mesa, CA Hexagon Agility 100% 100%Agility Fuel Solutions LLC USA Costa Mesa, CA Hexagon Agility 100% 100%Agility Fuel Systems LLC USA Costa Mesa, CA Hexagon Agility 100% 100%Agility California LLC USA Costa Mesa, CA Hexagon Agility 100% 100%Agility Canada ULC Canada Kelowna, BC Hexagon Agility 100% 100%Agility Fuel Solutions UK Ltd UK Hexagon Agility 100% 100%Agility North Carolina LLC USA Salisbury, NC Hexagon Agility 100% 100%AFS Salisbury LLC USA Costa Mesa, CA Hexagon Agility 100% 100%Agility Cylinders, LLC USA Lincoln, NE Hexagon Agility 100% 100%Agility Powertrain Systems, LLC USA Costa Mesa, CA Hexagon Agility 100% 100%Agility India Private Ltd India Bangalore Hexagon Agility 100% 100%Agility Fuel Solutions Norway AS Norway Raufoss Hexagon Agility 100% 100%Agility Fuel Solutions Brazil Ltda Brazil Sao Paulo Hexagon Agility 100% 100%Hexagon Lincoln LLC USA Lincoln, NE Hexagon Agility 100% 100%Hexagon Technical Services LLC USA Lincoln, NE Hexagon Agility 100% 100%Hexagon Mobile Pipeline GmbH Germany Kassel Hexagon Agility 100% 100%Hexagon Composites GmbH Germany Kassel Hexagon Agility 100% 100%Hexagon Operations GmbH Germany Kassel Hexagon Agility 100% 100%Company Home Country Registered office Business segment Owner ship VotesAssociates owned by Hexagon Composites ASACryoshelter BioLNG GmbH Austria Hexagon Agility 40% 40%Hexagon Purus ASA Norway Aalesund Hexagon Purus 73% 73%Hexagon Technology H2 AS Norway Aalesund Hexagon Purus 73% 73%Hexagon Purus HK Holding AS Norway Aalesund Hexagon Purus 73% 73%Hexagon Purus Beijing Ltd China Beijing Hexagon Purus 73% 73%CIMC Hexagon Hydrogen Energy Development Heibei & Co Ltd China Heibei Hexagon Purus 73% 73%CIMC Hexagon Hydrogen Energy Technologies Ltd Hong Kong Hong Kong Hexagon Purus 51% 51%CIMC Hexagon Hydrogen Energy Technologies Beijing Ltd. China Beijing Hexagon Purus 51% 51%CIMC Hexagon Hydrogen Energy Technologies Heibei Ltd. China Heibei Hexagon Purus 51% 51%Hexagon Purus Germany Holding GmbH Germany Herford Hexagon Purus 73% 73%Hexagon Purus GmbH Germany Kassel Hexagon Purus 73% 73%Wystrach GmbH Germany Weeze Hexagon Purus 73% 73%Wyrent GmbH Germany Weeze Hexagon Purus 73% 73%Hexagon Purus Real Estate GmbH Germany Herford Hexagon Purus 73% 73%xperion E&E US Holding Inc. USA Heath, OH Hexagon Purus 73% 73%xperion E&E USA LLC USA Heath, OH Hexagon Purus 73% 73%Hexagon Purus North America Holdings Inc. USA Lincoln, NE Hexagon Purus 73% 73%Hexagon Purus LLC USA Lincoln, NE Hexagon Purus 73% 73%Hexagon Masterworks Inc. USA Taneytown Hexagon Purus 73% 73%Hexagon Purus Systems USA, LLC USA Costa Mesa, CA Hexagon Purus 73% 73%Hexagon Purus Systems Canada, Ltd. Canada Kelowna Hexagon Purus 73% 73%Hexagon Purus Maritime AS Norway \u00c5lesund Hexagon Purus 73% 73%Hexagon Raufoss AS Norway Raufoss Unallocated 100% 100%Hexagon Technology AS Norway Aalesund Unallocated 100% 100%Hexagon Cylinders India Pvt. Ltd. India Unallocated 100% 100%Associates owned by Hexagon Purus ASACryoshelter LH2 GmbH Austria Hexagon Purus 40% 40%CIMC Hexagon Hydrogen Energy Systems LtdChina Hong Kong Hexagon Purus 49% 49%Cryoshelter BioLNG GmbH and Cryoshelter LH2 GmbH were acquired on 1 August 2022.Wystrach GmbH and Wyrent GmbH were acquired on 10 November 2021.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__6__172": {
"value": "Note 33 Events after the balance sheet dateHexagon Purus \u2013 Capital raise of NOK 1 300 millionOn 1 March 2023, Hexagon Purus ASA successfully completed a Convertible Bond Private Placement and an Equity Private Placement raising total gross proceeds of NOK 1 300 million. Gross proceeds from the Convertible Bond Private Placement amounted to approximately NOK 800 million and is structured as a 5-year unsecured convertible bond with 6 per cent fixed interest rate paid semi-annually in kind. The settlement and delivery of the bonds was formally completed at an extraordinary general meeting in the Company on 16 March 2023. Gross proceeds from the Equity Private Placement amounted to approximately NOK 500 million, through issuance of 18 518 519 new shares. Hexagon Composites ASA waived its right to participate in the private placements but retains a controlling ownership share of 68.4 per cent following the Equity Private Placement, compared to 73.3 per cent prior to the transaction. The capital raises accommodate support for the Company\u2019s growth trajectory including its global expansion program and financial targets for 2025.Hexagon Purus \u2013 Memorandum of understanding with Mitsui as anchor investorIn addition to the announcement of the Convertible Bond Private Placement and the Equity Private Placement on 1 March 2023, Hexagon Purus ASA simultaneously announced a deeper strategic alliance with Mitsui & Co. Ltd (\u201cMitsui\u201d), whereby Mitsui, through a non-binding memorandum of understanding (\u201cMoU\u201d), intends to participate as an anchor investor in future capital raises in Hexagon Purus ASA. Mitsui subscribed for and was allocated NOK 500 million in the Convertible Bond Private Placement completed 1 March 2023, and the announced non-binding MoU includes future additional investments up to a total of NOK 1 500 million, subject to among other things, Hexagon Purus\u2019 fulfillment of commercial and operational milestones agreed between the parties in good faith.Hexagon Purus \u2013 Signs landmark long-term agreement with Hino Trucks for zero emission heavy-duty trucks in the U.S.The distribution agreement signed with Hino entails that Hexagon Purus will assemble complete battery electric heavy-duty trucks for the U.S. market using Hexagon Purus\u2019 proprietary zero-emission technology, including battery systems, auxiliary modules, power modules and the vehicle-level software. The agreement provides for up to 10 000 trucks by 2030. The potential total value over the course of this agreement could reach approximately USD 2.0 billion (approximately NOK 20 billion). Hexagon Agility \u2013 Received several orders for Mobile Pipeline modules totaling NOK 343 millionDuring January and February 2023, Hexagon Agility received three new larger orders from CORE Automated Fueling Solutions, RenewGas Transportation, and Certarus for Mobile Pipeline\u00ae TITAN modules worth NOK 46 million, NOK 44 million and NOK 253 million respectively. The latter order with Certarus represented also an inaugural order for Hexagon Agility\u2019s newly designed TITAN 450 modules.Hexagon Agility \u2013 Received fuel system orders for UPS heavy-duty renewable natural gas trucks worth approximately NOK 197 millionOn 17 February 2023, Hexagon Agility received new 2023-orders from UPS, under a master services agreement from October 2019, totaling USD 19 million (approximately NOK 197 million) for delivery of renewable natural gas (RNG) fuel systems for heavy duty trucks. UPS is the world\u2019s premier package delivery company and a leading provider of global supply chain management solutions.There have been no other significant events after the balance sheet date that have not already been disclosed in this report.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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