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"ifrs-full:RetainedEarningsMember", "unit": "iso4217:NOK" } }, "f6636": { "value": "579442000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6651": { "value": "
Note 1 - General Information
Reach Subsea ASA Group offers subsea services as a
subcontractor and/or directly to end clients, based out of our head office in Haugesund. Reach Subsea ASA\u2019s shares are listed on Oslo Stock Exchange (Oslo B\u00f8rs) under the ticker REACH. Reach Subsea ASA is the parent company in the Group and is domiciled in Norway, with office address M\u00f8llervegen 6, 5525 Haugesund. The Group has a Branch in Trinidad & Tobago. The company\u2019s consolidated financial statements for the 2023 financial year covers Reach Subsea ASA and its subsidiaries Reach Subsea AS, Connect Offshore AS, Reach Remote AS, Reach International AS, Reach Subsea Inc, Gravitude UK Ltd, Reach Subsea Sweden AB, Reach Subsea UK Ltd, Reach Subsea Pte Ltd, Reach Subsea Ltd, Guardian Geomatics Pty Ltd and Guardian Geomatics Pte Ltd.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6654": { "value": "
Reach Subsea ASA Group offers subsea services as a
subcontractor and/or directly to end clients", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6657": { "value": "Reach Subsea ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6658": { "value": "Reach Subsea ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6659": { "value": "Reach Subsea", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6660": { "value": " ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6667": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6668": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6669": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6670": { "value": "M\u00f8llervegen 6, 5525 Haugesund", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6680": { "value": "
Note 2 - Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The consolidated financial statements of Reach Subsea ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU, and in accordance with the additional requirements following the Norwegian Accounting Act.
The consolidated financial statements are prepared under the assumption of going concern and on a historical cost basis, with some exceptions as detailed under accounting policies set out below. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4.
New & amended standards adopted by the Group Certain new standards, amendments to standards, and annual improvements to standards and interpretations are effective for annual periods beginning after January 1, 2023 and have been applied in preparing these consolidated financial statements. These applications did not materially impact the Group\u2019s consolidated financial statements. New standards & interpretations not yet adopted Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2023 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
Basis of consolidation
Subsidiaries The consolidated financial statements incorporate the financial statements of Reach Subsea ASA, and entities controlled by Reach Subsea ASA. Control is achieved where Reach Subsea ASA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
Joint arrangements The group has applied IFRS 11 to all joint arrangements as of 1 January 2012. Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor. Reach Subsea ASA has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the group\u2019s net investment in the joint ventures), the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealized gains on transactions between the group and its joint ventures are eliminated to the extent of the group\u2019s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the steering committee that makes strategic decisions. The group has two segments. Oil & Gas and Renewable/Other, and Data and Solutions. Revenues are categorized as either Data or Solutions based on the nature of the service delivered to a client. Data represents delivery of various types of maps, models and/or reports collected through subsea survey and/ or inspection projects. Solutions represents delivery of a specific client solution such as repair, modification, installation or removal of subsea equipment and infrastructure.
Foreign currency translation
Functional currency and presentation currency The Group presents its financial statements in NOK. All Norwegian companies have NOK as functional currency. Reach Subsea AS\u2019 branch in Trinidad, Reach Subsea Inc and Guardian Geomatics Pte Ltd have USD as functional currency, Gravitude UK Ltd and Reach Subsea UK Ltd has GBP as functional currency, Reach Subsea Sweden AB has SEK as functional currency, Reach Subsea PTE Ltd has SGD as functional currency, Reach Subsea Ltd has EUR as functional currency and Guardian Geomatics Ply Ltd has AUD as functional currency.
Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income within financial income and financial costs.
Property, plant and equipment Property, plant, and other equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes costs related to the purchase of the item. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive income during the financial period in which they are incurred.
Upon acquisition, property, plant and equipment are decomposed for depreciation purposes if this is material for the determination of the depreciation expense. The components are depreciated on a straight-line basis over expected useful life to estimated residual value at the end of their useful life.
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Godwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.
Onerous contracts Provisions for onerous contracts are recognized when the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Leases Accounting as lessee At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract includes the right to control the use of an identified asset for a period in exchange for consideration.
Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\u201cpay-as- you-go\u201d), are also capitalized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are classified as depreciation and interest expense. Vessels and ROVs with a \u201cpay-as-you-go\u201d lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying value to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever: \u2022 The lease term has changed. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value. \u2022 A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right of use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. They are subsequently measured at cost less accumulated depreciation and impairment losses.
The right of use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets.
Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
Financial assets The classification of financial assets under IFRS 9 is generally based on the business model in which a financial instrument is managed and its contractual cash flow characteristics. Classification of financial assets is determined at initial recognition and is not reclassified subsequently unless the Group changes its business model for managing financial assets. The Groups financial assets are measured at amortized cost.
Derecognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
Trade receivables Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment.
Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the consolidated statement of comprehensive over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are included in noncurrent liabilities as deferred government grants and are credited to the consolidated statement of comprehensive income on a straight- line basis over the expected lives of the related assets.
Cash and cash equivalents Cash equivalents are ordinary bank deposits.
Share capital Ordinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds.
Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
Taxes The tax expense in the period comprises current tax and changes in deferred taxes. Tax expense is recognized in the consolidated statement of comprehensive income, except to the extent that it relates to items that are recognized in other comprehensive income, or directly in equity. In such cases the relating tax expense is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income.
Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
Share-based payments The group has an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the group. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted: \u2022 including any market performance conditions (for example, an entity\u2019s share price); \u2022 excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and \u2022 Including the impact of any non-vesting conditions (for example, the requirement for employees to save). Non-market performance and service conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognizes the impact of the revision to original estimates, if any, in the consolidated statement of comprehensive income, with a corresponding adjustment to equity. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium. The grant by the company of options over its equity instruments to the employees of subsidiary undertakings in the group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognized over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity in the parent entity accounts. The social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction.
Provisions, contingent liabilities and contingent assets Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that an economic settlement will take place in consequence of this obligation, and a reliable estimate can be made of the amount. Provisions are based on best estimate.
Recognition of revenue General Revenue from sale of services is recognized in accordance with IFRS 15. Revenues are shown net of value added tax and discounts. Sales of services The Group revenue comprises revenue recognized from contracts with customers for the provision of subsea services. Although scope of work varies from project to project, there are similarities in all projects, such as mobilisation and demobilisation of vessel, vessel hire, ROV crewing etc. These elements are highly related and comprise an integrated service negotiated with the customer. As such, all elements within a contract is normally considered to be one single performance obligation. Reach Subsea reviews all customer contracts to assess if there are elements that may indicate several performance obligations within one contract. Such elements may be use of several vessel spreads or project phases requiring separate mobilisation of vessels. For sales of services under fixed rate contracts, revenue is recognized in the accounting period in which the services are rendered, by reference to stage of completion of the specific transaction and assessed on the basis of the actual service provided as a proportion of the total services to be provided. For other services, revenue is recognized based on the agreed rate as the services are rendered. The transaction price for day- rate contracts is determined by the expected value approach being the number of scheduled days multiplied with dayrate. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. For contracts with pricing elements that need to be estimated, revenue is recognised at best estimate only when it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. Revenue is recognized as control is passed, either over time or at a point in time. Control of an asset is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the asset. This includes the ability to prevent others from directing the use of and obtaining the benefits from the asset. The benefits related to the asset are the potential cash flows that may be obtained directly or indirectly. Reach Subsea has concluded that customers receive benefits from the subsea services as they are performed, and therefore recognize revenue over the time the subsea service is provided. Incremental costs of obtaining a contract is recognized as an asset if we expect to recover these costs. However, incremental costs are limited to the costs that would not have incurred if the contract had not been successfully obtained. Revenue from leases Revenue from time-charter leases is recognized using a straight-line basis over the term of the contract
Cash flow statement The cash flow statement is prepared according to the indirect method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6688": { "value": "
Basis of preparation
The consolidated financial statements of Reach Subsea ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU, and in accordance with the additional requirements following the Norwegian Accounting Act.
The consolidated financial statements are prepared under the assumption of going concern and on a historical cost basis, with some exceptions as detailed under accounting policies set out below. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6691": { "value": "
The consolidated financial statements of Reach Subsea ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU, and in accordance with the additional requirements following the Norwegian Accounting Act.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6709": { "value": "
New & amended standards adopted by the Group Certain new standards, amendments to standards, and annual improvements to standards and interpretations are effective for annual periods beginning after January 1, 2023 and have been applied in preparing these consolidated financial statements. These applications did not materially impact the Group\u2019s consolidated financial statements. New standards & interpretations not yet adopted Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2023 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6710": { "value": "
New & amended standards adopted by the Group Certain new standards, amendments to standards, and annual improvements to standards and interpretations are effective for annual periods beginning after January 1, 2023 and have been applied in preparing these consolidated financial statements. These applications did not materially impact the Group\u2019s consolidated financial statements. New standards & interpretations not yet adopted Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2023 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6743": { "value": "
Basis of consolidation
Subsidiaries The consolidated financial statements incorporate the financial statements of Reach Subsea ASA, and entities controlled by Reach Subsea ASA. Control is achieved where Reach Subsea ASA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
Joint arrangements The group has applied IFRS 11 to all joint arrangements as of 1 January 2012. Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor. Reach Subsea ASA has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the group\u2019s net investment in the joint ventures), the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealized gains on transactions between the group and its joint ventures are eliminated to the extent of the group\u2019s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6746": { "value": "
Subsidiaries The consolidated financial statements incorporate the financial statements of Reach Subsea ASA, and entities controlled by Reach Subsea ASA. Control is achieved where Reach Subsea ASA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
Joint arrangements The group has applied IFRS 11 to all joint arrangements as of 1 January 2012. Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor. Reach Subsea ASA has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the group\u2019s net investment in the joint ventures), the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealized gains on transactions between the group and its joint ventures are eliminated to the extent of the group\u2019s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Company Business office Voting rights and ownership Reach Subsea AS Haugesund 100 % Connect Offshore AS (100 % owned by Reach Subsea AS) Haugesund 100 % Reach Remote AS (100 % owned by Reach Subsea AS) Haugesund 100 % Reach Subsea International AS (100 % owned by Reach Subsea AS) Haugesund 100 % Reach Subsea UK Ltd (100 % owned by Reach Subsea International AS Scotland, UK 100 % Reach Subsea Pte. Ltd (100 % owned by Reach Subsea International AS) Singapore 100 % Reach Subsea Ltd (100 % owned by Reach Subsea International AS) Limassol, Cyprus 100 % Reach Subsea Inc (100 % owned by Reach Subsea International AS) Delaware, USA 100 % Gravitude UK Ltd (100 % owned by Reach Subsea International AS) Scotland, UK 100 % Reach Subsea Sweden AB (100 % owned by Reach Subsea International AS) Gothenburg, Sweden 100 % Guardian Geomatics Pty Ltd (100 % owned by Reach Subsea International AS) Perth, Australia 100 % Guardian Geomatics Pte Ltd (100 % owned by Guardian Geomatics Pty Ltd) Perth, Australia 100 %
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6747": { "value": "
Subsidiaries The consolidated financial statements incorporate the financial statements of Reach Subsea ASA, and entities controlled by Reach Subsea ASA. Control is achieved where Reach Subsea ASA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Company Business office Voting rights and ownership Reach Subsea AS Haugesund 100 % Connect Offshore AS (100 % owned by Reach Subsea AS) Haugesund 100 % Reach Remote AS (100 % owned by Reach Subsea AS) Haugesund 100 % Reach Subsea International AS (100 % owned by Reach Subsea AS) Haugesund 100 % Reach Subsea UK Ltd (100 % owned by Reach Subsea International AS Scotland, UK 100 % Reach Subsea Pte. Ltd (100 % owned by Reach Subsea International AS) Singapore 100 % Reach Subsea Ltd (100 % owned by Reach Subsea International AS) Limassol, Cyprus 100 % Reach Subsea Inc (100 % owned by Reach Subsea International AS) Delaware, USA 100 % Gravitude UK Ltd (100 % owned by Reach Subsea International AS) Scotland, UK 100 % Reach Subsea Sweden AB (100 % owned by Reach Subsea International AS) Gothenburg, Sweden 100 % Guardian Geomatics Pty Ltd (100 % owned by Reach Subsea International AS) Perth, Australia 100 % Guardian Geomatics Pte Ltd (100 % owned by Guardian Geomatics Pty Ltd) Perth, Australia 100 %
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6748": { "value": "
Subsidiaries The consolidated financial statements incorporate the financial statements of Reach Subsea ASA, and entities controlled by Reach Subsea ASA. Control is achieved where Reach Subsea ASA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6771": { "value": "
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
Joint arrangements The group has applied IFRS 11 to all joint arrangements as of 1 January 2012. Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor. Reach Subsea ASA has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the group\u2019s net investment in the joint ventures), the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealized gains on transactions between the group and its joint ventures are eliminated to the extent of the group\u2019s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6772": { "value": "
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6773": { "value": "
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
Joint arrangements The group has applied IFRS 11 to all joint arrangements as of 1 January 2012. Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor. Reach Subsea ASA has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the group\u2019s net investment in the joint ventures), the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealized gains on transactions between the group and its joint ventures are eliminated to the extent of the group\u2019s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6774": { "value": "
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6776": { "value": "
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6777": { "value": "
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6778": { "value": "
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6779": { "value": "
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the steering committee that makes strategic decisions. The group has two segments. Oil & Gas and Renewable/Other, and Data and Solutions. Revenues are categorized as either Data or Solutions based on the nature of the service delivered to a client. Data represents delivery of various types of maps, models and/or reports collected through subsea survey and/ or inspection projects. Solutions represents delivery of a specific client solution such as repair, modification, installation or removal of subsea equipment and infrastructure.
Property, plant and equipment Property, plant, and other equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes costs related to the purchase of the item. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive income during the financial period in which they are incurred.
Upon acquisition, property, plant and equipment are decomposed for depreciation purposes if this is material for the determination of the depreciation expense. The components are depreciated on a straight-line basis over expected useful life to estimated residual value at the end of their useful life.
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Godwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.
Onerous contracts Provisions for onerous contracts are recognized when the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Leases Accounting as lessee At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract includes the right to control the use of an identified asset for a period in exchange for consideration.
Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\u201cpay-as- you-go\u201d), are also capitalized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are classified as depreciation and interest expense. Vessels and ROVs with a \u201cpay-as-you-go\u201d lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying value to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever: \u2022 The lease term has changed. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value. \u2022 A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right of use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. They are subsequently measured at cost less accumulated depreciation and impairment losses.
The right of use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets.
Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the consolidated statement of comprehensive over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are included in noncurrent liabilities as deferred government grants and are credited to the consolidated statement of comprehensive income on a straight- line basis over the expected lives of the related assets.
Share capital Ordinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds.
Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
Taxes The tax expense in the period comprises current tax and changes in deferred taxes. Tax expense is recognized in the consolidated statement of comprehensive income, except to the extent that it relates to items that are recognized in other comprehensive income, or directly in equity. In such cases the relating tax expense is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income.
Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Share-based payments The group has an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the group. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted: \u2022 including any market performance conditions (for example, an entity\u2019s share price); \u2022 excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and \u2022 Including the impact of any non-vesting conditions (for example, the requirement for employees to save). Non-market performance and service conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognizes the impact of the revision to original estimates, if any, in the consolidated statement of comprehensive income, with a corresponding adjustment to equity. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium. The grant by the company of options over its equity instruments to the employees of subsidiary undertakings in the group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognized over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity in the parent entity accounts. The social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction.
Provisions, contingent liabilities and contingent assets Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that an economic settlement will take place in consequence of this obligation, and a reliable estimate can be made of the amount. Provisions are based on best estimate.
Recognition of revenue General Revenue from sale of services is recognized in accordance with IFRS 15. Revenues are shown net of value added tax and discounts. Sales of services The Group revenue comprises revenue recognized from contracts with customers for the provision of subsea services. Although scope of work varies from project to project, there are similarities in all projects, such as mobilisation and demobilisation of vessel, vessel hire, ROV crewing etc. These elements are highly related and comprise an integrated service negotiated with the customer. As such, all elements within a contract is normally considered to be one single performance obligation. Reach Subsea reviews all customer contracts to assess if there are elements that may indicate several performance obligations within one contract. Such elements may be use of several vessel spreads or project phases requiring separate mobilisation of vessels. For sales of services under fixed rate contracts, revenue is recognized in the accounting period in which the services are rendered, by reference to stage of completion of the specific transaction and assessed on the basis of the actual service provided as a proportion of the total services to be provided. For other services, revenue is recognized based on the agreed rate as the services are rendered. The transaction price for day- rate contracts is determined by the expected value approach being the number of scheduled days multiplied with dayrate. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. For contracts with pricing elements that need to be estimated, revenue is recognised at best estimate only when it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. Revenue is recognized as control is passed, either over time or at a point in time. Control of an asset is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the asset. This includes the ability to prevent others from directing the use of and obtaining the benefits from the asset. The benefits related to the asset are the potential cash flows that may be obtained directly or indirectly. Reach Subsea has concluded that customers receive benefits from the subsea services as they are performed, and therefore recognize revenue over the time the subsea service is provided. Incremental costs of obtaining a contract is recognized as an asset if we expect to recover these costs. However, incremental costs are limited to the costs that would not have incurred if the contract had not been successfully obtained. Revenue from leases Revenue from time-charter leases is recognized using a straight-line basis over the term of the contract
Impairment of property, plant and equipment A review for indicators of impairment is performed at each reporting date. If there are indicators of impairment, a review for impairment is carried out by management. To determine an assets recoverable amount a value-in-use method is used, where management uses judgement in estimating future asset utilisation, cash flow and discount rate. To assess impairment of property, plant and equipment, management also use judgement to group assets at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units, \u201cCGU\u2019s\u201d). Management has determined that each ROV and associated ROV equipment is considered as separate GCU\u2019s. For right-of-use assets under IFRS 16, each vessel is considered as a separate CGU.
Assessment of leases under IFRS 16 The application of IFRS 16 requires significant judgements and certain key estimations. Critical judgements required in application of IFRS 16 may include, among others, the following: \u2022 Identifying whether a contract includes a lease \u2022 Determination of whether variable payments are in substance fixed \u2022 Determining whether there are multiple leases in an arrangement.
Key sources of estimation uncertainty in the application of IFRS 16 may include, among others, the following: \u2022 Estimation of lease term \u2022 Estimation of lease payments when the contract includes options to extent the lease period \u2022 Determination of the appropriate rate to discount the lease payments \u2022 Assessment of whether a right of use asset is impaired. Management uses judgement in evaluating each contract. At each balance sheet date management also assess if there are any impairment indicators for the right-of- use assets. For impairment see section above.
Income taxes Judgment is required in determining the provision for income taxes, and the recognition of deferred tax assets. During the ordinary course of business, transactions and calculations occur for which the ultimate tax effect is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The accounting for deferred income tax asset relies upon management\u2019s judgment of the Group\u2019s ability to generate future positive taxable income in each respective jurisdiction.
Business combinations The acquisitions require the use of substantial judgement when assessing the fair value of net identifiable assets and liabilities in a business combination. Allocation of excess value relating to any business combinations is, amongst other, based on expected cash flows and results for certain items of the acquired assets. Refer to note 27 for further information. Changes in presentation As of 2023 the group classifies accrued, not billed revenue as trade receivables in the balance sheet. Previously the group has reported it as other current receivables. Comparative figures from 2022 have been adjusted accordingly. The changes have no effect on the income statement. The following table illustrates the effect on the balance sheet items before and after the adjustments.
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Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6781": { "value": "
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized on separate lines in the consolidated statement of comprehensive income or the statement of other comprehensive income respectively. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6810": { "value": "
Joint arrangements The group has applied IFRS 11 to all joint arrangements as of 1 January 2012. Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor. Reach Subsea ASA has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the group\u2019s net investment in the joint ventures), the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealized gains on transactions between the group and its joint ventures are eliminated to the extent of the group\u2019s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6812": { "value": "
Joint arrangements The group has applied IFRS 11 to all joint arrangements as of 1 January 2012. Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor. Reach Subsea ASA has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the group\u2019s net investment in the joint ventures), the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealized gains on transactions between the group and its joint ventures are eliminated to the extent of the group\u2019s interest in the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6854": { "value": "
Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the steering committee that makes strategic decisions. The group has two segments. Oil & Gas and Renewable/Other, and Data and Solutions. Revenues are categorized as either Data or Solutions based on the nature of the service delivered to a client. Data represents delivery of various types of maps, models and/or reports collected through subsea survey and/ or inspection projects. Solutions represents delivery of a specific client solution such as repair, modification, installation or removal of subsea equipment and infrastructure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6856": { "value": "
Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the steering committee that makes strategic decisions. The group has two segments. Oil & Gas and Renewable/Other, and Data and Solutions. Revenues are categorized as either Data or Solutions based on the nature of the service delivered to a client. Data represents delivery of various types of maps, models and/or reports collected through subsea survey and/ or inspection projects. Solutions represents delivery of a specific client solution such as repair, modification, installation or removal of subsea equipment and infrastructure.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6873": { "value": "
Foreign currency translation
Functional currency and presentation currency The Group presents its financial statements in NOK. All Norwegian companies have NOK as functional currency. Reach Subsea AS\u2019 branch in Trinidad, Reach Subsea Inc and Guardian Geomatics Pte Ltd have USD as functional currency, Gravitude UK Ltd and Reach Subsea UK Ltd has GBP as functional currency, Reach Subsea Sweden AB has SEK as functional currency, Reach Subsea PTE Ltd has SGD as functional currency, Reach Subsea Ltd has EUR as functional currency and Guardian Geomatics Ply Ltd has AUD as functional currency.
Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income within financial income and financial costs.
The following table demonstrates the sensitivity to a reasonably possible change in USD, GBP and EUR, with all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary assets and liabilities. Inc/dec USD Effect on profit before tax 2023 Increase 5 % (17 971 438) Decrease 5 % 17 971 438 2022 Increase 5 % 5 703 008 Decrease 5 % (5 703 008) Inc/dec EUR Effect on profit before tax 2023 Increase 5 % 4 260 713 Decrease 5 % (4 260 713) 2022 Increase 5 % 1 509 462 Decrease 5 % (1 509 462) Inc/dec GBP Effect on profit before tax 2023 Increase 5 % 2 122 662 Decrease 5 % (2 122 662) 2022 Increase 5 % 3 754 376 Decrease 5 % (3 754 376)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6874": { "value": "
Foreign currency translation
Functional currency and presentation currency The Group presents its financial statements in NOK. All Norwegian companies have NOK as functional currency. Reach Subsea AS\u2019 branch in Trinidad, Reach Subsea Inc and Guardian Geomatics Pte Ltd have USD as functional currency, Gravitude UK Ltd and Reach Subsea UK Ltd has GBP as functional currency, Reach Subsea Sweden AB has SEK as functional currency, Reach Subsea PTE Ltd has SGD as functional currency, Reach Subsea Ltd has EUR as functional currency and Guardian Geomatics Ply Ltd has AUD as functional currency.
Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income within financial income and financial costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6877": { "value": "
Functional currency and presentation currency The Group presents its financial statements in NOK. All Norwegian companies have NOK as functional currency. Reach Subsea AS\u2019 branch in Trinidad, Reach Subsea Inc and Guardian Geomatics Pte Ltd have USD as functional currency, Gravitude UK Ltd and Reach Subsea UK Ltd has GBP as functional currency, Reach Subsea Sweden AB has SEK as functional currency, Reach Subsea PTE Ltd has SGD as functional currency, Reach Subsea Ltd has EUR as functional currency and Guardian Geomatics Ply Ltd has AUD as functional currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6899": { "value": "
Property, plant and equipment Property, plant, and other equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes costs related to the purchase of the item. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive income during the financial period in which they are incurred.
Upon acquisition, property, plant and equipment are decomposed for depreciation purposes if this is material for the determination of the depreciation expense. The components are depreciated on a straight-line basis over expected useful life to estimated residual value at the end of their useful life.
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6900": { "value": "
Property, plant and equipment Property, plant, and other equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes costs related to the purchase of the item. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive income during the financial period in which they are incurred.
Upon acquisition, property, plant and equipment are decomposed for depreciation purposes if this is material for the determination of the depreciation expense. The components are depreciated on a straight-line basis over expected useful life to estimated residual value at the end of their useful life.
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6902": { "value": "
Property, plant and equipment Property, plant, and other equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes costs related to the purchase of the item. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive income during the financial period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6917": { "value": "
Upon acquisition, property, plant and equipment are decomposed for depreciation purposes if this is material for the determination of the depreciation expense. The components are depreciated on a straight-line basis over expected useful life to estimated residual value at the end of their useful life.
Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\u201cpay-as- you-go\u201d), are also capitalized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are classified as depreciation and interest expense. Vessels and ROVs with a \u201cpay-as-you-go\u201d lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The right of use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6918": { "value": "
Upon acquisition, property, plant and equipment are decomposed for depreciation purposes if this is material for the determination of the depreciation expense. The components are depreciated on a straight-line basis over expected useful life to estimated residual value at the end of their useful life.
Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\u201cpay-as- you-go\u201d), are also capitalized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are classified as depreciation and interest expense. Vessels and ROVs with a \u201cpay-as-you-go\u201d lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The right of use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6942": { "value": "
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Godwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.
Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets.
Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Business combinations The acquisitions require the use of substantial judgement when assessing the fair value of net identifiable assets and liabilities in a business combination. Allocation of excess value relating to any business combinations is, amongst other, based on expected cash flows and results for certain items of the acquired assets. Refer to note 27 for further information. Changes in presentation As of 2023 the group classifies accrued, not billed revenue as trade receivables in the balance sheet. Previously the group has reported it as other current receivables. Comparative figures from 2022 have been adjusted accordingly. The changes have no effect on the income statement. The following table illustrates the effect on the balance sheet items before and after the adjustments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6943": { "value": "
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Godwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.
Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.
Investment in associated companies comprises shares in the entities Eidesvik Reach AS and Guardian Geomatics Arabia Limited. Reach Subsea holds a 49.9 % ownership in Eidesvik Reach AS, and a 40 % ownership in Guardian Geomatics Arabia Limited. Eidesvik Reach AS owns and operates the vessel Viking Reach. Guardian Geomatics Arabia Limited is a Saudi Arabia registered company, and was acquired through the purchase of 100 % of the shares in Guardian Geomatics in November 2023. Refer to note 27 for further information. The investments are accounted for using the equity method: Reconciliation and specification of carrying amount of investments in associates (NOK 1000) 2023 Opening balance carrying amount of investments in associates - Acquisition cost shares acquired, Eidesvik Reach AS 95 632 Acquisition cost shares acquired through business combination (note 27), Guardian Geomatics Arabia Limited 1 129 Translation differences Guardian Geomatics Arabia Limited (23) Share of net result in investment, Eidesvik Reach AS 16 714 Share of net result in investment, Guardian Geomatics Arabia Limited - Total carrying amount of investments in associates at balance date 113 452 Financial figures for the associated company Eidesvik Reach AS (unaudited) (NOK 1000) 2023 Revenues 100 583 Operating result 41 782 Pre-tax profit 33 778 Liquidity 29 827 Net working capital 14 571 Equity 225 142 Eidesvik Reach AS is an associated company where Reach controls 49.9 % of the shares and voting rights. The associate is accounted for using the equity method. Eidesvik Reach AS owns and operates the vessel Viking Reach with headoffice in B\u00f8mlo, Norway. The vessel is on contract with Reach Subsea AS until april 2029. The group has not identified impairment indicators related to the investment in Eidesvik Reach AS. Specification of net result from investment in associates recognised in the income statement (NOK 1000) 2023 Share of net result in investment, Eidesvik Reach AS 16 714 Share of net result in investment, Guardian Geomatics Arabia Limited - Net result from investments in associates 16 714 Significant associates
Acquisition of Guardian Geomatics In November 2023 Reach Subsea acquired Guardian Geomatics Ply Ltd including its subsidiary Guardian Geomatics Pte Ltd, \u201cGuardian Geomatics\u201d. The agreement was finalized 15.11.2023 with the effect that the balance sheet for Guardian Geomatics is consolidated into our Group accounts as per November 15 2023. The transaction was closed November 2023. A preliminary purchase price allocation (PPA) has been performed and all identified assets and liabilities have been measured at their acquisition date fair values in accordance with the requirements of IFRS 3. The agreed purchase price is NOK 116.3 million. Adjusted for interim period adjustments and working capital, the total consideration is estimated to NOK 119.4 million. At this stage, the purchase priceallocation is preliminary. As a result, the final PPA and the impact on the financial statements from the transaction may differ. The final PPA will be completed within 12 months of the acquisition at the latest. The PPA presented below is based on the PPA on the acquisition date. No updates to the initial PPA have been made. The fair values of the identifiable assets and liabilities in the transaction as at the date of the acquision have been estimated as follows: 1. The agreement with the sellers includes a bad leaver clause for certain key personell within Guardian Geomatics. The clause is related to the consideration shares and is threated as share-based payments according to IFRS 2. The adjustment is based on 8.5 million shares at share price on closing, NOK 4.42, and with a discount on lockup period of 35 % (5 years). 2. The cash payment of AUD 5.8 million is due on November 15 2024 and is discounted with an interest rate of 7.5 % 3. The consideration shares are valued at NOK 5.02 per share in the transaction, while the market price per share at closing was NOK 4.42. Adjustments on the purchase price (NOK 1000) Agreed purchase price before adjustments 119 430 1) Agreed bad leaver clause (IFRS 2 treatment ) (24 440) 2) Discounted cash consideration due in November 2024 (2 900) 3) Valuation consideration shares at closing date, 15.11.2023 (9 560) Adjusted total consideration 82 530
Purchase price allocation (NOK 1000) Investment in assoiciated companies 1 129 Property, plant and equipment 2 857 Fair value adjustments property, plant and equipment 34 000 Right of use assets 517 Trade receivables 17 853 Fair value adjustments customer relationships 22 000 Other receivables 11 901 Cash and cash equivalents 27 652 Total assets 117 909 Deferred tax 14 000 Interest-bearing debt to credit institutions 219 Interest-bearing debt, leases 545 Tax payable 4 944 Trade payables 19 500 Other current liabilities 19 038 Total liabilities 58 246 Total identifiable net assets at fair value 59 664 Total consideration 82 530 Goodwill 22 866 Summary A goodwill of 22.9 million were recognized as a result of the transaction. Acquired receivables The fair value of the aquired trade recievables equals the book value of recievables in the acquired company. Revenue and profit contribution The acquired business contributed with revenues of NOK 28.8 million and net profit of NOK 3.5 million to the group for the period from 15 November to 31 December 2023. If the acquisition had occurred on 1 January 2023, consolidated pro-forma revenue and profit for the year ended 31 December 2023 would have been NOK 2,115 million (increase NOK 119 million) and NOK 227 million (increase NOK 2 million) respectively. In the estimated increase in result of NOK 2 million, NOK 16,1 million of estimated costs related to IFRS 2 share based payments (bad leaver clause) are included. These amounts have been calculated using the subsidiary\u2019s results and adjusting them for: \u2022 differences in the accounting policies between the group and the subsidiary, and \u2022 costs related to IFRS 2, and \u2022 the additional depreciation and amortisation that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had applied from 1 January 2023, together with the consequential tax effects.
Purchase price allocation (NOK 1000) Deferred tax assets 1 254 Property, plant and equipment 19 837 Fair value adjustments property, plant and equipment 20 000 Right of use assets 10 327 Trade receivables 27 944 Fair value adjustments customer relationships 10 000 Other receivables 12 639 Cash and cash equivalents 6 132 Total assets 108 133 Interest-bearing debt to credit institutions (non-current) 2 924 Interest-bearing debt, leases (non-current) 5 337 Other long-term debt - Interest-bearing debt to credit institutions (current) 7 784 Interest-bearing debt, leases (current) 4 990 Public duties a.o 5 060 Tax payable 4 Trade payables 8 636 Other current liabilities 18 912 Provisions 2 780 Total liabilities 56 429 Total identifiable net assets at fair value 51 704 Total consideration 138 427 Goodwill 86 723
2022 Acquisition of iSurvey Group AS In March 2022 Reach Subsea aquired iSurvey Group AS including its subsidiaries iSurvey AS, iSurvey Assets AS, iSurvey Ltd, iSurvey Pte Ltd and iSurvey Offshore Ltd, \u201ciSurvey Group\u201d. The agreement was finalized 22.03.2022 with the effect that the balance sheet for iSurvey Group is consolidated into our Group accounts as per end March 2022. The transaction was closed in March 2022. A purchase price allocation (PPA) has been performed and all identified assets and liabilities have been measured at their acquisition date fair values in accordance with the requirements of IFRS 3. The agreed purchase price was NOK 135 million. Adjusted for interim period adjustments and working capital, the total cash consideration was NOK 138.4 million. The fair values of the identifiable assets and liabilities in the transaction as at the date of the acquision have been estimated as follows:
Summary A goodwill of 86.7 million were recognized as a result of the transaction. Acquired receivables The fair value of the aquired trade recievebles equals the book value of recievables in the acquired company. Revenue and profit contribution The acquired business contributed with revenues of NOK 178.3 million and net profit of NOK 11.8 million to the group for the period from 1 April to 31 December 2022. If the acquisition had occurred on 1 January 2022, consolidated pro-forma revenue and profit for the year ended 31 December 2022 would have been NOK 1,199 million and NOK 85.7 million respectively. These amounts have been calculated using the subsidiary\u2019s results and adjusting them for: \u2022 differences in the accounting policies between the group and the subsidiary, and \u2022 the additional depreciation and amortisation that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had applied from 1 January 2022, together with the consequential tax effects. No changes have been made on the preliminary purchase price allocation in 2023, and the allocation is considered final.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6944": { "value": "
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Godwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.
Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.
Investment in associated companies comprises shares in the entities Eidesvik Reach AS and Guardian Geomatics Arabia Limited. Reach Subsea holds a 49.9 % ownership in Eidesvik Reach AS, and a 40 % ownership in Guardian Geomatics Arabia Limited. Eidesvik Reach AS owns and operates the vessel Viking Reach. Guardian Geomatics Arabia Limited is a Saudi Arabia registered company, and was acquired through the purchase of 100 % of the shares in Guardian Geomatics in November 2023. Refer to note 27 for further information. The investments are accounted for using the equity method: Reconciliation and specification of carrying amount of investments in associates (NOK 1000) 2023 Opening balance carrying amount of investments in associates - Acquisition cost shares acquired, Eidesvik Reach AS 95 632 Acquisition cost shares acquired through business combination (note 27), Guardian Geomatics Arabia Limited 1 129 Translation differences Guardian Geomatics Arabia Limited (23) Share of net result in investment, Eidesvik Reach AS 16 714 Share of net result in investment, Guardian Geomatics Arabia Limited - Total carrying amount of investments in associates at balance date 113 452 Financial figures for the associated company Eidesvik Reach AS (unaudited) (NOK 1000) 2023 Revenues 100 583 Operating result 41 782 Pre-tax profit 33 778 Liquidity 29 827 Net working capital 14 571 Equity 225 142 Eidesvik Reach AS is an associated company where Reach controls 49.9 % of the shares and voting rights. The associate is accounted for using the equity method. Eidesvik Reach AS owns and operates the vessel Viking Reach with headoffice in B\u00f8mlo, Norway. The vessel is on contract with Reach Subsea AS until april 2029. The group has not identified impairment indicators related to the investment in Eidesvik Reach AS. Specification of net result from investment in associates recognised in the income statement (NOK 1000) 2023 Share of net result in investment, Eidesvik Reach AS 16 714 Share of net result in investment, Guardian Geomatics Arabia Limited - Net result from investments in associates 16 714 Significant associates
Acquisition of Guardian Geomatics In November 2023 Reach Subsea acquired Guardian Geomatics Ply Ltd including its subsidiary Guardian Geomatics Pte Ltd, \u201cGuardian Geomatics\u201d. The agreement was finalized 15.11.2023 with the effect that the balance sheet for Guardian Geomatics is consolidated into our Group accounts as per November 15 2023. The transaction was closed November 2023. A preliminary purchase price allocation (PPA) has been performed and all identified assets and liabilities have been measured at their acquisition date fair values in accordance with the requirements of IFRS 3. The agreed purchase price is NOK 116.3 million. Adjusted for interim period adjustments and working capital, the total consideration is estimated to NOK 119.4 million. At this stage, the purchase priceallocation is preliminary. As a result, the final PPA and the impact on the financial statements from the transaction may differ. The final PPA will be completed within 12 months of the acquisition at the latest. The PPA presented below is based on the PPA on the acquisition date. No updates to the initial PPA have been made. The fair values of the identifiable assets and liabilities in the transaction as at the date of the acquision have been estimated as follows: 1. The agreement with the sellers includes a bad leaver clause for certain key personell within Guardian Geomatics. The clause is related to the consideration shares and is threated as share-based payments according to IFRS 2. The adjustment is based on 8.5 million shares at share price on closing, NOK 4.42, and with a discount on lockup period of 35 % (5 years). 2. The cash payment of AUD 5.8 million is due on November 15 2024 and is discounted with an interest rate of 7.5 % 3. The consideration shares are valued at NOK 5.02 per share in the transaction, while the market price per share at closing was NOK 4.42. Adjustments on the purchase price (NOK 1000) Agreed purchase price before adjustments 119 430 1) Agreed bad leaver clause (IFRS 2 treatment ) (24 440) 2) Discounted cash consideration due in November 2024 (2 900) 3) Valuation consideration shares at closing date, 15.11.2023 (9 560) Adjusted total consideration 82 530
Purchase price allocation (NOK 1000) Investment in assoiciated companies 1 129 Property, plant and equipment 2 857 Fair value adjustments property, plant and equipment 34 000 Right of use assets 517 Trade receivables 17 853 Fair value adjustments customer relationships 22 000 Other receivables 11 901 Cash and cash equivalents 27 652 Total assets 117 909 Deferred tax 14 000 Interest-bearing debt to credit institutions 219 Interest-bearing debt, leases 545 Tax payable 4 944 Trade payables 19 500 Other current liabilities 19 038 Total liabilities 58 246 Total identifiable net assets at fair value 59 664 Total consideration 82 530 Goodwill 22 866 Summary A goodwill of 22.9 million were recognized as a result of the transaction. Acquired receivables The fair value of the aquired trade recievables equals the book value of recievables in the acquired company. Revenue and profit contribution The acquired business contributed with revenues of NOK 28.8 million and net profit of NOK 3.5 million to the group for the period from 15 November to 31 December 2023. If the acquisition had occurred on 1 January 2023, consolidated pro-forma revenue and profit for the year ended 31 December 2023 would have been NOK 2,115 million (increase NOK 119 million) and NOK 227 million (increase NOK 2 million) respectively. In the estimated increase in result of NOK 2 million, NOK 16,1 million of estimated costs related to IFRS 2 share based payments (bad leaver clause) are included. These amounts have been calculated using the subsidiary\u2019s results and adjusting them for: \u2022 differences in the accounting policies between the group and the subsidiary, and \u2022 costs related to IFRS 2, and \u2022 the additional depreciation and amortisation that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had applied from 1 January 2023, together with the consequential tax effects.
Purchase price allocation (NOK 1000) Deferred tax assets 1 254 Property, plant and equipment 19 837 Fair value adjustments property, plant and equipment 20 000 Right of use assets 10 327 Trade receivables 27 944 Fair value adjustments customer relationships 10 000 Other receivables 12 639 Cash and cash equivalents 6 132 Total assets 108 133 Interest-bearing debt to credit institutions (non-current) 2 924 Interest-bearing debt, leases (non-current) 5 337 Other long-term debt - Interest-bearing debt to credit institutions (current) 7 784 Interest-bearing debt, leases (current) 4 990 Public duties a.o 5 060 Tax payable 4 Trade payables 8 636 Other current liabilities 18 912 Provisions 2 780 Total liabilities 56 429 Total identifiable net assets at fair value 51 704 Total consideration 138 427 Goodwill 86 723
2022 Acquisition of iSurvey Group AS In March 2022 Reach Subsea aquired iSurvey Group AS including its subsidiaries iSurvey AS, iSurvey Assets AS, iSurvey Ltd, iSurvey Pte Ltd and iSurvey Offshore Ltd, \u201ciSurvey Group\u201d. The agreement was finalized 22.03.2022 with the effect that the balance sheet for iSurvey Group is consolidated into our Group accounts as per end March 2022. The transaction was closed in March 2022. A purchase price allocation (PPA) has been performed and all identified assets and liabilities have been measured at their acquisition date fair values in accordance with the requirements of IFRS 3. The agreed purchase price was NOK 135 million. Adjusted for interim period adjustments and working capital, the total cash consideration was NOK 138.4 million. The fair values of the identifiable assets and liabilities in the transaction as at the date of the acquision have been estimated as follows:
Summary A goodwill of 86.7 million were recognized as a result of the transaction. Acquired receivables The fair value of the aquired trade recievebles equals the book value of recievables in the acquired company. Revenue and profit contribution The acquired business contributed with revenues of NOK 178.3 million and net profit of NOK 11.8 million to the group for the period from 1 April to 31 December 2022. If the acquisition had occurred on 1 January 2022, consolidated pro-forma revenue and profit for the year ended 31 December 2022 would have been NOK 1,199 million and NOK 85.7 million respectively. These amounts have been calculated using the subsidiary\u2019s results and adjusting them for: \u2022 differences in the accounting policies between the group and the subsidiary, and \u2022 the additional depreciation and amortisation that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had applied from 1 January 2022, together with the consequential tax effects. No changes have been made on the preliminary purchase price allocation in 2023, and the allocation is considered final.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6945": { "value": "
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Godwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.
Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6946": { "value": "
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Godwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.
Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6948": { "value": "
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Godwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
Impairment of property, plant and equipment A review for indicators of impairment is performed at each reporting date. If there are indicators of impairment, a review for impairment is carried out by management. To determine an assets recoverable amount a value-in-use method is used, where management uses judgement in estimating future asset utilisation, cash flow and discount rate. To assess impairment of property, plant and equipment, management also use judgement to group assets at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units, \u201cCGU\u2019s\u201d). Management has determined that each ROV and associated ROV equipment is considered as separate GCU\u2019s. For right-of-use assets under IFRS 16, each vessel is considered as a separate CGU.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6949": { "value": "
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Godwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Impairment of property, plant and equipment A review for indicators of impairment is performed at each reporting date. If there are indicators of impairment, a review for impairment is carried out by management. To determine an assets recoverable amount a value-in-use method is used, where management uses judgement in estimating future asset utilisation, cash flow and discount rate. To assess impairment of property, plant and equipment, management also use judgement to group assets at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units, \u201cCGU\u2019s\u201d). Management has determined that each ROV and associated ROV equipment is considered as separate GCU\u2019s. For right-of-use assets under IFRS 16, each vessel is considered as a separate CGU.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6950": { "value": "
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Godwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Impairment of property, plant and equipment A review for indicators of impairment is performed at each reporting date. If there are indicators of impairment, a review for impairment is carried out by management. To determine an assets recoverable amount a value-in-use method is used, where management uses judgement in estimating future asset utilisation, cash flow and discount rate. To assess impairment of property, plant and equipment, management also use judgement to group assets at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units, \u201cCGU\u2019s\u201d). Management has determined that each ROV and associated ROV equipment is considered as separate GCU\u2019s. For right-of-use assets under IFRS 16, each vessel is considered as a separate CGU.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6955": { "value": "
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Leases Accounting as lessee At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract includes the right to control the use of an identified asset for a period in exchange for consideration.
Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\u201cpay-as- you-go\u201d), are also capitalized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are classified as depreciation and interest expense. Vessels and ROVs with a \u201cpay-as-you-go\u201d lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying value to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever: \u2022 The lease term has changed. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value. \u2022 A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right of use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. They are subsequently measured at cost less accumulated depreciation and impairment losses.
The right of use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Assessment of leases under IFRS 16 The application of IFRS 16 requires significant judgements and certain key estimations. Critical judgements required in application of IFRS 16 may include, among others, the following: \u2022 Identifying whether a contract includes a lease \u2022 Determination of whether variable payments are in substance fixed \u2022 Determining whether there are multiple leases in an arrangement.
Key sources of estimation uncertainty in the application of IFRS 16 may include, among others, the following: \u2022 Estimation of lease term \u2022 Estimation of lease payments when the contract includes options to extent the lease period \u2022 Determination of the appropriate rate to discount the lease payments \u2022 Assessment of whether a right of use asset is impaired. Management uses judgement in evaluating each contract. At each balance sheet date management also assess if there are any impairment indicators for the right-of- use assets. For impairment see section above.
(NOK 1000) 2023 2022 Notes Rental cost 16 346 12 021 23 Consultant cost 31 583 72 751 Operating equipment and maintenance 58 940 45 919 Administration costs 81 689 49 509 Other operating costs, in total 188 558 180 200
Note 14 - Property, plant & equipment - continued
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment ROV, leased from financial institutions Equipment and office mashinery Right of use asset Vessels and other equipment* Total At 31. December 2022 Accumulated depreciation 1.1.22 - (108 387) (100 544) (11 953) (316 426) (537 310) Depreciation - (21 640) (5 394) (18 459) (306 795) (352 288) Depreciation disposed assets - - - - - - Adjustment fully depreciated items - - - - 327 678 327 678 Accumulated depreciation 31.12.22 - (130 027) (105 939) (30 412) (295 542) (561 920) Accumulated impairment 1.1.23 - - - - (7 505) (7 505) Impairment - - - - - - Adjustment fully depreciated items - - - - 7 505 7 505 Accumulated impairment 31.12.22 - - - - - - Book value 150 499 28 530 7 945 48 535 90 258 325 768 Depreciation plan/useful life 3-8 years 3-8 years 3 years 1-3 years Depreciation method linear linear linear linear Bank borrowings are secured on fixed assets. Refer to note 22 Borrowings for further information
Impairment
Summary Impairment testing has been performed in accordance with IAS 36. The impairment testing for 2023 did not result in any impairment. Discount rate The discount rate is based on the Weighted Cost of Capital (WACC) pre tax for the Group. The discount rate is 11.0 %. Revenue assumptions The revenue assumption in the cash flow forecast is based on a combination of utilisation for assets and selling price. Utilisation is based on firm contractual days on a short to medium term and estimated future selling on a medium to longer term. Forecasted utilisation on a longer term is based on historical data, as well as managements expectations of market development. Forecasted selling rates are based on historical data. No inflation adjustments have been made to revenue assumptions. Future change in how the world will react in light of the goals set in the Paris-agreement could, depending on the characteristics of the change, have a negative effect on the demand for the company\u2019s services. Right-of use-assets - vessels: The right-of-use assets at 31 December 2023 represents the remaining committed vessel days on charter agreements with vessel owners. The impairment testing demonstrated that the recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to estimated utilisation and selling rate assumptions. Sensitivity analysis show that a 20 % drop in estimated future revenue would result in an impairment charge of NOK 4.6 million. An increase in WACC of 2 percentage points will not result in any additional impairment due to the short remaining lifetime of the assets. Se note 24 for further information on Right-of-use assets. ROV and ROV equipment: Impairment testing has been performed on each ROVs CGU, i.e. both owned and leased ROVs. Other assets, such as activated mobilisation costs and other ROV equipment is not included in the impairment test as these assets do not have impairment indicators. The recoverable amount is based on estimated future cash flows, which is based on estimated selling price, budgeted maintenance cost and utilisation. The impairment testing demonstrated that the assets recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to utilisation and selling rate assumptions. Sensitivity analysis show that a 20 % drop in revenue for all ROV CGU\u2019s would result in no impairment. An increase in WACC of 2 percentage points will not result in any impairment. Sensitivity on total fixed assets Drop in estimated revenue Impairment charge on fixed assets (NOK 1000) 10 % - 20 % 4 580 30 % 73 702
(NOK 1000) 2023 2022 Non current Bank borrowings 24 623 4 854 Lease liabilities to credit institutions (IFRS 16) 32 795 78 Other lease liabilities ( IFRS 16) 805 931 4 310 Total 863 350 9 242 Current Bank borrowings 5 817 20 746 Lease liabilities to credit institutions (IFRS 16) 4 358 2 339 Other lease liabilities ( IFRS 16) 386 036 98 661 Total 396 211 121 746 Total borrowings 1 259 561 130 988
(NOK 1000) 2023 2022 Gross lease liabilities - minimum lease payments No later than 1 year 4 358 2 339 Later than 1 year and no later than 5 years 32 795 78 Later than 5 years - - Total instalments on lease liabilities 37 153 2,418 Future finance charges on finance lease liabilities 10 751 103 Total instalments and finance charges on lease liabilities 47 904 2 520 Refer to note 14 Property, plant and equiptment for secured assets. For other lease liabilities under IFRS 16 see note 24.
Lease liabilities to credit institutions Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default.
Short term leases Costs relating to operational leases recognized in the income statement for 2023 is NOK 6.2 million, whereof NOK 0.5 million in real estate rental. The real estate rental is short term with 3 months termination notice.
Movement schedule for right of use assets and lease liabilities (NOK 1000) Right of use asset Interest-bearing debt, non-current Interest-bearing debt, current Opening balance 01.01.2023 90 258 4 310 98 660 Additions 1 656 186 - 1 656 186 Additions from business combination (note 27) 517 - 545 Disposals - - - Adjusted commitment (2 094) (2 094) - Depreciation (581 645) - - Impairment - - - Interests - - 74 892 Reclassed from short to long term - 803 715 (803 715) Currency adjustments - - (12 685) Payments - - (627 846) Ending balance 31.12.2023 1 163 222 805 931 386 036
Note 24 - Leases (Group as a lessee) Long and short term leases (commited lease term 12 months or less) of vessels and ROV\u2019s are capitalized as right- of use assets and depreciated under IFRS 16. The impact is that all cost in relation to leases of vessels/ROV\u2019s are presented as depreciation and interest expenses. No other short term leases, except for vessels and ROV\u2019s, are capitalized as right- of use assets and depreciated. As of December 31 2023, Right of use assets in the balance sheet consist of contractual commitments for vessels and offices. Short term leases with no contractual commitment (pay as you go contracts), are not capitalized. At inception of a contract the lease liability and the corresponding Right-of-use assets is measured at the present value of the estimated lease payments. Short term hired in vessels and ROV\u2019s are treated as short term leases under IFRS 16 and are also recognized as depreciations. The calculated lease liability is calculated with a discount rate of 7.5 %. For leases towards credit institutions please see note 22. The following tables are related to leases, except for leases towards credit institutions.
Movement schedule for right of use assets and lease liabilities (NOK 1000) Right of use asset Interest-bearing debt, non-current Interest-bearing debt, current Opening balance 01.01.2022 277 212 105 171 176 627 Additions 126 717 - 126 717 Additions from business combination (note 27) 10 327 5 337 4 990 Disposals - - - Adjusted commitment (17 203) (17 203) - Depreciation (306 795) - - Impairment - - - Interests - - 13 090 Reclassed from short to long term - (88 995) 88 995 Currency adjustments - - 55 Payments - - (311 814) Ending balance 31.12.2022 90 258 4 310 98 660 Lease liabilities Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default. Lease liabilities 2023 2022 Amounts due for settlement within 12 months (shown under current liabilities) 386 036 98 660 Amounts due for settlement after 12 months (present value) 805 931 4 310 Total 1 191 967 102 970 Maturity analysis Not later than 1 year 386 036 98 660 Later than 1 year and not later than 5 years 788 312 4 310 Later than 5 years 17 619 Total instalments 1 191 967 102 970 Future finance charges 167 196 3 322 Total instalments and finance charges 1 359 163 106 292 Reconciliation of depreciation 2023 2022 Depreciations of long term right- of use assets 429 015 254 580 Depreciations of short term right- of use assets (Pay as you go contracts) 152 630 52 215 Depreciations of other assets (Note 14) 41 360 46 737 Total depreciations 623 005 353 532 Other Information related to leases: For information related to leases to credit institutions, see note 22. For information related to cost of short term leases (except for Vessels and ROV\u2019s), see note 7 For information related to righ-of-use assets, see note 14
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6956": { "value": "
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Leases Accounting as lessee At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on whether the contract includes the right to control the use of an identified asset for a period in exchange for consideration.
Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\u201cpay-as- you-go\u201d), are also capitalized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are classified as depreciation and interest expense. Vessels and ROVs with a \u201cpay-as-you-go\u201d lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying value to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever: \u2022 The lease term has changed. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value. \u2022 A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right of use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. They are subsequently measured at cost less accumulated depreciation and impairment losses.
The right of use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Assessment of leases under IFRS 16 The application of IFRS 16 requires significant judgements and certain key estimations. Critical judgements required in application of IFRS 16 may include, among others, the following: \u2022 Identifying whether a contract includes a lease \u2022 Determination of whether variable payments are in substance fixed \u2022 Determining whether there are multiple leases in an arrangement.
Key sources of estimation uncertainty in the application of IFRS 16 may include, among others, the following: \u2022 Estimation of lease term \u2022 Estimation of lease payments when the contract includes options to extent the lease period \u2022 Determination of the appropriate rate to discount the lease payments \u2022 Assessment of whether a right of use asset is impaired. Management uses judgement in evaluating each contract. At each balance sheet date management also assess if there are any impairment indicators for the right-of- use assets. For impairment see section above.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6991": { "value": "
Onerous contracts Provisions for onerous contracts are recognized when the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Provisions, contingent liabilities and contingent assets Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that an economic settlement will take place in consequence of this obligation, and a reliable estimate can be made of the amount. Provisions are based on best estimate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6992": { "value": "
Onerous contracts Provisions for onerous contracts are recognized when the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Provisions, contingent liabilities and contingent assets Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that an economic settlement will take place in consequence of this obligation, and a reliable estimate can be made of the amount. Provisions are based on best estimate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7098": { "value": "
Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets.
Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Business combinations The acquisitions require the use of substantial judgement when assessing the fair value of net identifiable assets and liabilities in a business combination. Allocation of excess value relating to any business combinations is, amongst other, based on expected cash flows and results for certain items of the acquired assets. Refer to note 27 for further information. Changes in presentation As of 2023 the group classifies accrued, not billed revenue as trade receivables in the balance sheet. Previously the group has reported it as other current receivables. Comparative figures from 2022 have been adjusted accordingly. The changes have no effect on the income statement. The following table illustrates the effect on the balance sheet items before and after the adjustments.
Investment in associated companies comprises shares in the entities Eidesvik Reach AS and Guardian Geomatics Arabia Limited. Reach Subsea holds a 49.9 % ownership in Eidesvik Reach AS, and a 40 % ownership in Guardian Geomatics Arabia Limited. Eidesvik Reach AS owns and operates the vessel Viking Reach. Guardian Geomatics Arabia Limited is a Saudi Arabia registered company, and was acquired through the purchase of 100 % of the shares in Guardian Geomatics in November 2023. Refer to note 27 for further information. The investments are accounted for using the equity method: Reconciliation and specification of carrying amount of investments in associates (NOK 1000) 2023 Opening balance carrying amount of investments in associates - Acquisition cost shares acquired, Eidesvik Reach AS 95 632 Acquisition cost shares acquired through business combination (note 27), Guardian Geomatics Arabia Limited 1 129 Translation differences Guardian Geomatics Arabia Limited (23) Share of net result in investment, Eidesvik Reach AS 16 714 Share of net result in investment, Guardian Geomatics Arabia Limited - Total carrying amount of investments in associates at balance date 113 452 Financial figures for the associated company Eidesvik Reach AS (unaudited) (NOK 1000) 2023 Revenues 100 583 Operating result 41 782 Pre-tax profit 33 778 Liquidity 29 827 Net working capital 14 571 Equity 225 142 Eidesvik Reach AS is an associated company where Reach controls 49.9 % of the shares and voting rights. The associate is accounted for using the equity method. Eidesvik Reach AS owns and operates the vessel Viking Reach with headoffice in B\u00f8mlo, Norway. The vessel is on contract with Reach Subsea AS until april 2029. The group has not identified impairment indicators related to the investment in Eidesvik Reach AS. Specification of net result from investment in associates recognised in the income statement (NOK 1000) 2023 Share of net result in investment, Eidesvik Reach AS 16 714 Share of net result in investment, Guardian Geomatics Arabia Limited - Net result from investments in associates 16 714 Significant associates
Note 26 - Investment in associated companies
Acquisition of Guardian Geomatics In November 2023 Reach Subsea acquired Guardian Geomatics Ply Ltd including its subsidiary Guardian Geomatics Pte Ltd, \u201cGuardian Geomatics\u201d. The agreement was finalized 15.11.2023 with the effect that the balance sheet for Guardian Geomatics is consolidated into our Group accounts as per November 15 2023. The transaction was closed November 2023. A preliminary purchase price allocation (PPA) has been performed and all identified assets and liabilities have been measured at their acquisition date fair values in accordance with the requirements of IFRS 3. The agreed purchase price is NOK 116.3 million. Adjusted for interim period adjustments and working capital, the total consideration is estimated to NOK 119.4 million. At this stage, the purchase priceallocation is preliminary. As a result, the final PPA and the impact on the financial statements from the transaction may differ. The final PPA will be completed within 12 months of the acquisition at the latest. The PPA presented below is based on the PPA on the acquisition date. No updates to the initial PPA have been made. The fair values of the identifiable assets and liabilities in the transaction as at the date of the acquision have been estimated as follows: 1. The agreement with the sellers includes a bad leaver clause for certain key personell within Guardian Geomatics. The clause is related to the consideration shares and is threated as share-based payments according to IFRS 2. The adjustment is based on 8.5 million shares at share price on closing, NOK 4.42, and with a discount on lockup period of 35 % (5 years). 2. The cash payment of AUD 5.8 million is due on November 15 2024 and is discounted with an interest rate of 7.5 % 3. The consideration shares are valued at NOK 5.02 per share in the transaction, while the market price per share at closing was NOK 4.42. Adjustments on the purchase price (NOK 1000) Agreed purchase price before adjustments 119 430 1) Agreed bad leaver clause (IFRS 2 treatment ) (24 440) 2) Discounted cash consideration due in November 2024 (2 900) 3) Valuation consideration shares at closing date, 15.11.2023 (9 560) Adjusted total consideration 82 530
Note 27 - Business combinations
Note 27 - Business combinations - continued
Purchase price allocation (NOK 1000) Investment in assoiciated companies 1 129 Property, plant and equipment 2 857 Fair value adjustments property, plant and equipment 34 000 Right of use assets 517 Trade receivables 17 853 Fair value adjustments customer relationships 22 000 Other receivables 11 901 Cash and cash equivalents 27 652 Total assets 117 909 Deferred tax 14 000 Interest-bearing debt to credit institutions 219 Interest-bearing debt, leases 545 Tax payable 4 944 Trade payables 19 500 Other current liabilities 19 038 Total liabilities 58 246 Total identifiable net assets at fair value 59 664 Total consideration 82 530 Goodwill 22 866 Summary A goodwill of 22.9 million were recognized as a result of the transaction. Acquired receivables The fair value of the aquired trade recievables equals the book value of recievables in the acquired company. Revenue and profit contribution The acquired business contributed with revenues of NOK 28.8 million and net profit of NOK 3.5 million to the group for the period from 15 November to 31 December 2023. If the acquisition had occurred on 1 January 2023, consolidated pro-forma revenue and profit for the year ended 31 December 2023 would have been NOK 2,115 million (increase NOK 119 million) and NOK 227 million (increase NOK 2 million) respectively. In the estimated increase in result of NOK 2 million, NOK 16,1 million of estimated costs related to IFRS 2 share based payments (bad leaver clause) are included. These amounts have been calculated using the subsidiary\u2019s results and adjusting them for: \u2022 differences in the accounting policies between the group and the subsidiary, and \u2022 costs related to IFRS 2, and \u2022 the additional depreciation and amortisation that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had applied from 1 January 2023, together with the consequential tax effects.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7099": { "value": "
Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets.
Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Business combinations The acquisitions require the use of substantial judgement when assessing the fair value of net identifiable assets and liabilities in a business combination. Allocation of excess value relating to any business combinations is, amongst other, based on expected cash flows and results for certain items of the acquired assets. Refer to note 27 for further information. Changes in presentation As of 2023 the group classifies accrued, not billed revenue as trade receivables in the balance sheet. Previously the group has reported it as other current receivables. Comparative figures from 2022 have been adjusted accordingly. The changes have no effect on the income statement. The following table illustrates the effect on the balance sheet items before and after the adjustments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7170": { "value": "
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7171": { "value": "
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7173": { "value": "
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7181": { "value": "
Financial assets The classification of financial assets under IFRS 9 is generally based on the business model in which a financial instrument is managed and its contractual cash flow characteristics. Classification of financial assets is determined at initial recognition and is not reclassified subsequently unless the Group changes its business model for managing financial assets. The Groups financial assets are measured at amortized cost.
Derecognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
(NOK 1000) 2023 2022 Invoiced receivables 149 209 216 328 Revenue recognised, not billed 164 958 67 451 Less: provision for impairment of trade receivables - - Current portion trade receivables 314 166 283 778 Prepayments 15 370 5 782 Other receivable 26 535 13 019 Current portion other receivables 41 904 18 801 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 149 209 216 328 Revenue recognised, not billed 164 958 67 451 Receivables from related parties - - Loans to related parties - - Total trade receivables 314 166 283 778 Transactions with subsidiaries have been eliminated in the Group\u2019s financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables There has been no losses or provisions for impairment of recievables in 2022 and 2023 As of 31.12., the Group had the following trade receivables which was due, but not been paid:
Based on previous experience with customers and assessment of intial credit risk and expected credit losses as at 31 December 2023, there is no allowance for bad debt on receivables in 2023. The main portion of overdue receivables has been paid after balance sheet date.
Total Not due <30 d 30-90 d 91-360 d >361 d 2023 149 209 83 559 32 855 23 061 9 733 - 2022 216 328 158,342 48 893 7 958 1 134 -
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7182": { "value": "
Financial assets The classification of financial assets under IFRS 9 is generally based on the business model in which a financial instrument is managed and its contractual cash flow characteristics. Classification of financial assets is determined at initial recognition and is not reclassified subsequently unless the Group changes its business model for managing financial assets. The Groups financial assets are measured at amortized cost.
Derecognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7183": { "value": "
Financial assets The classification of financial assets under IFRS 9 is generally based on the business model in which a financial instrument is managed and its contractual cash flow characteristics. Classification of financial assets is determined at initial recognition and is not reclassified subsequently unless the Group changes its business model for managing financial assets. The Groups financial assets are measured at amortized cost.
Derecognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7193": { "value": "
Derecognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7200": { "value": "
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
3.1.1 Market Risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the NOK, USD, GBP and EUR. Foreign exchange risk arises from future commercial transactions and recognized assets or liabilities. Potential currency fluctuations are considered during the tendering phase. Long term contracts in a foreign currency will be considered hedged to be consistent with the currency of costs. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not an entity\u2019s functional currency. The Group aims at achieving a natural hedge between cash inflows and cash outflows and manages remaining foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, by forward contracts and similar instruments as appropriate. The Group\u2019s risk management policy is to continuously review its exposure against foreign exchange risk and consider the need for hedging activities on transactions in each major currency.
The following table demonstrates the sensitivity to a reasonably possible change in USD, GBP and EUR, with all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary assets and liabilities. Inc/dec USD Effect on profit before tax 2023 Increase 5 % (17 971 438) Decrease 5 % 17 971 438 2022 Increase 5 % 5 703 008 Decrease 5 % (5 703 008) Inc/dec EUR Effect on profit before tax 2023 Increase 5 % 4 260 713 Decrease 5 % (4 260 713) 2022 Increase 5 % 1 509 462 Decrease 5 % (1 509 462) Inc/dec GBP Effect on profit before tax 2023 Increase 5 % 2 122 662 Decrease 5 % (2 122 662) 2022 Increase 5 % 3 754 376 Decrease 5 % (3 754 376)
3.1.1 Market Risk - continued Price risk The Group is exposed to commodity price risk at two main levels: \u2022 The demand for ROV units is sensitive to changes in the offshore energy industry, for example oil price developments, fluctuation in production levels, exploration results and general activity levels. Market fluctuations may affect asset utilization and earnings. \u2022 The cost of construction of future units is sensitive to changes in market prices of the input factors. The risks are managed by having focus on targeting moderate risk contracts, signing contracts with suppliers with the necessary financial strength and using our expertise to complete projects in accordance with agreements. The Group also monitors commodity prices, evaluate the need for hedging activities, and consider commodity prices in our tender process.
3.1.2 Credit Risk Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to customers. The Group has no significant concentration of credit risk towards single financial institutions and has policies that limit the amount of credit exposure to any single financial institution. Credit exposures to customers arise when entering medium- or short-term contracts and are managed by performing a financial risk evaluation in the tendering process. The level of financial risk analysis performed in each case depends on the nature of the contract (including volume). Where the financial risk is substantial, bank guarantees are requested.
3.1.3 Liquidity Risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities, and the ability to close out market positions. The Group aims to maintain flexibility in its liquidity by keeping committed credit lines available. The need for working capital is continuously being considered based on payment terms and financial status of clients and the Group\u2019s firm expenses (including loan instalments and interest). Refer to note 21 for maturity analyses. The Group entered into a one-year bank overdraft agreement in June 2023, securing access to NOK 30 million in excess funds. Further extensions will be considered based on liquidity position and needs at expiry date. As the Group\u2019s business is capital intensive, the Group may need to raise additional funds in the future to execute the Group\u2019s strategies. The Group\u2019s loan agreement, and bank overdraft agreement include terms, conditions, and covenants. The Group monitors its future liquidity positions on an ongoing basis, with monthly reports on cash flow forecasts and covenants.
2023 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive incom Fair value Financial assets Trade receivables 314 166 - - 314 166 Other receivables 26 534 - - 26 534 Cash and cash equivalents 436 423 - - 436 423 Assets, in total 777 124 - - 777 124 Financial liabilites Borrowings (long & short term interest bearing debt) 1 259 561 - - 1 259 561 Trade payables 205 773 - - 205 773 Other current liabilities 206 197 - - 206 197 Liabilites, in total 1 671 531 - - 1 671 531
Note 21 - Classification of financial assets and liabilities - continued
2022 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive incom Fair value Financial assets Trade receivables 283 778 - - 283 778 Other receivables 13 019 - - 13 019 Cash and cash equivalents 191 591 - - 191 591 Assets, in total 488 389 - - 488 389 Financial liabilites Borrowings (long & short term interest bearing debt) 130 988 - - 130988 Trade payables 102 430 - - 102 430 Other current liabilities 112 541 - - 112 541 Liabilites, in total 345 959 - - 345 959 The following of the Group\u2019s financial instruments are measured at amortised cost: cash and cash equivalents, trade receivables, other current receivables, trade payables, other current liabilities and all interest bearing debt. The carrying amount of cash and cash equivalens is approximately similar to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables trade payables and other receivables/liabilities is approximately equal to fair value since they are entered into at standard terms and conditions. The fair value of the interest-bearing debt is the disclosed face value of the loans.
Financial liabilities 2023 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 205 773 - - - 205 773 Other current liabilities 206 197 - - - 206 197 Interest-bearing debt to credit institutions 5 220 4 984 16 967 40 422 67 594 Interest-bearing debt, leases 180 523 205 497 719 649 86 299 1 191 967 Interest on interest-bearing debt to credit institutions 2 848 2 640 8 261 7 878 21 627 Interest on interest-bearing debt, leases 42 338 35 005 85 211 4 642 167 196 Financial liabilities, in total 642 899 248 127 830 088 139 241 1 860 353 Financial liabilities 2022 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 102 430 - - - 102 430 Other current liabilities 112 541 - - - 112 541 Interest-bearing debt to credit institutions 19 506 3 580 4 932 - 28 018 Interest-bearing debt, leases 52 871 45 800 4 179 120 102 970 Interest on interest-bearing debt to credit institutions 753 317 183 - 1 252 Interest on interest-bearing debt, leases 2 213 943 166 - 3 322 Financial liabilities, in total 290 313 50 639 9 460 121 350 533 The tables below provides an analysis of the maturity of financial liabilities.
2023 2022 Changes in interest-bearing debt: Interest bearing debt, leases Interest bearing debt to credit instituations Interest bearing debt, leases Interest bearing debt to credit institutions Opening balance 102 970 28 018 281 798 30 757 Repayment incl interest (627 846) (23 300) (311 814) (13 448) Interest-bearing debt from acquisition of iSurvey Group AS (note 27) - - - 10 709 Interest-bearing debt from acquisition of Guardian Geomatics (note 27) - 219 - - Proceeds from bank loan - 27 500 - - Non-cash changes: Reclassified costs related to financing of Reach Remote - (2 877) - - Additions of fixed assets financed through leasing from credit institutions - 38 034 - - Interest-bearing debt from acquisition of Guardian Geomatics (note 27) 545 - - - Interest-bearing debt from acquisition of iSurvey Group AS (note 27) - - 10 327 - Addition IFRS 16 lease liability throughout the year 1 656 186 - 126 717 - Adjustment IFRS 16 lease liability (2 094) - (17 203) - Currency adjustment (12 685) - 55 - Accrued interests 74 892 - 13 090 - Closing balance 1 191 967 67 594 102 970 28 018 Distribution non-current and current debt 2023 2022 Non-current interest-bearing debt to credit institutions 57 418 4 932 Non-current interest- bearing debt, leases 805 931 4 310 Current interest-bearing debt to credit institutions 10 176 23 086 Current interest-bearing debt, leases 386 036 98 660 Closing balance 1 259 561 130 988
Carrying amount Fair value (NOK 1000) 2023 2022 2023 2022 Bank borrowings 30 440 25 600 30 440 25 600 Lease liabilities to credit institutions (IFRS 16) 37 153 2 418 37 153 2 418 Other lease liabilities ( IFRS 16) 1 191 967 102 970 1 191 967 102 970 Total 1 259 560 130 988 1 259 560 130 988
(NOK 1000) 2023 2022 Gross lease liabilities - minimum lease payments No later than 1 year 4 358 2 339 Later than 1 year and no later than 5 years 32 795 78 Later than 5 years - - Total instalments on lease liabilities 37 153 2,418 Future finance charges on finance lease liabilities 10 751 103 Total instalments and finance charges on lease liabilities 47 904 2 520 Refer to note 14 Property, plant and equiptment for secured assets. For other lease liabilities under IFRS 16 see note 24.
Note 22 - Borrowings - continued
The fair value of Bank borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values are based on cash flows discounted using a rate based on the borrowing rate of 8.5 % and are within level 3 of the fair value hierarchy. The carrying amounts of the group\u2019s borrowings are all denominated in Norwegian kroner.
Lease liabilities to credit institutions Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default.
The carrying amounts and fair value of the interest-bearing debts are as follows:
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7202": { "value": "
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7203": { "value": "
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7204": { "value": "
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
3.1.2 Credit Risk Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to customers. The Group has no significant concentration of credit risk towards single financial institutions and has policies that limit the amount of credit exposure to any single financial institution. Credit exposures to customers arise when entering medium- or short-term contracts and are managed by performing a financial risk evaluation in the tendering process. The level of financial risk analysis performed in each case depends on the nature of the contract (including volume). Where the financial risk is substantial, bank guarantees are requested.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7205": { "value": "
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7207": { "value": "
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7213": { "value": "
Trade receivables Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment.
(NOK 1000) 2023 2022 Invoiced receivables 149 209 216 328 Revenue recognised, not billed 164 958 67 451 Less: provision for impairment of trade receivables - - Current portion trade receivables 314 166 283 778 Prepayments 15 370 5 782 Other receivable 26 535 13 019 Current portion other receivables 41 904 18 801 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 149 209 216 328 Revenue recognised, not billed 164 958 67 451 Receivables from related parties - - Loans to related parties - - Total trade receivables 314 166 283 778 Transactions with subsidiaries have been eliminated in the Group\u2019s financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables There has been no losses or provisions for impairment of recievables in 2022 and 2023 As of 31.12., the Group had the following trade receivables which was due, but not been paid:
Trade receivables - Counterparty without external credit rating 2023 2022 Group 1 11 073 95 791 Group 2 138 136 120 537 Group 3 - - Total trade receivables 149 209 216 328 Group 1 - New customers (less than 6 months customer relationship) Group 2 - Existing customers (more than 6 months customer relationship) with no defaults in the past Group 3 - Existing customers (more than 6 months customer relationship) with some defaults in the past The carrying amounts of the group\u2019s trade receivables are denominated in the following currencies: NOK 45 043 74 323 EUR 18 331 2 477 USD 62 679 83 556 GBP 22 490 54 714 SGD - 148 DKK - 1 110 AUD 666 - Total trade receivables 149 209 216 328
Based on previous experience with customers and assessment of intial credit risk and expected credit losses as at 31 December 2023, there is no allowance for bad debt on receivables in 2023. The main portion of overdue receivables has been paid after balance sheet date.
Total Not due <30 d 30-90 d 91-360 d >361 d 2023 149 209 83 559 32 855 23 061 9 733 - 2022 216 328 158,342 48 893 7 958 1 134 -
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7214": { "value": "
Trade receivables Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7224": { "value": "
Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the consolidated statement of comprehensive over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are included in noncurrent liabilities as deferred government grants and are credited to the consolidated statement of comprehensive income on a straight- line basis over the expected lives of the related assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7225": { "value": "
Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the consolidated statement of comprehensive over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are included in noncurrent liabilities as deferred government grants and are credited to the consolidated statement of comprehensive income on a straight- line basis over the expected lives of the related assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7239": { "value": "
Cash and cash equivalents Cash equivalents are ordinary bank deposits.
Rating on banks for cashcredit rating 2023 2022 AA+ 16 56 A+ 14 030 11 209 A- 422 365 180 310 BBB- 12 16 Total cash and cash equivalents 436 423 191 591
2023 2022 Cash and cash equivalents in NOK 99 698 99 497 Cash and cash equivalents in USD 210 112 53 615 Cash and cash equivalents in EUR 74 977 15 382 Cash and cash equivalents in GBP 42 358 23 097 Cash and cash equivalents in AUD 7 652 - Cash and cash equivalents in SGD 1 624 - Cash and cash equivalents in SEK 1 - Restricted cash equivalence hereof - - Cash and cash equivalents, in total 436 423 191 591 The company also has restricted cash related to withheld tax of NOK 14.6 million in 2023 (2022: NOK 10.3 million). The Group has a bank overdraft agreement. As at 31.12.23 the Group had NOK 30 million in unused drawing rights.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7240": { "value": "
Cash and cash equivalents Cash equivalents are ordinary bank deposits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7244": { "value": "
Share capital Ordinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7245": { "value": "
Share capital Ordinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7247": { "value": "
Share capital Ordinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7254": { "value": "
Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7255": { "value": "
Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7284": { "value": "
Taxes The tax expense in the period comprises current tax and changes in deferred taxes. Tax expense is recognized in the consolidated statement of comprehensive income, except to the extent that it relates to items that are recognized in other comprehensive income, or directly in equity. In such cases the relating tax expense is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income.
Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Income taxes Judgment is required in determining the provision for income taxes, and the recognition of deferred tax assets. During the ordinary course of business, transactions and calculations occur for which the ultimate tax effect is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The accounting for deferred income tax asset relies upon management\u2019s judgment of the Group\u2019s ability to generate future positive taxable income in each respective jurisdiction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7285": { "value": "
Taxes The tax expense in the period comprises current tax and changes in deferred taxes. Tax expense is recognized in the consolidated statement of comprehensive income, except to the extent that it relates to items that are recognized in other comprehensive income, or directly in equity. In such cases the relating tax expense is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income.
Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Income taxes Judgment is required in determining the provision for income taxes, and the recognition of deferred tax assets. During the ordinary course of business, transactions and calculations occur for which the ultimate tax effect is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The accounting for deferred income tax asset relies upon management\u2019s judgment of the Group\u2019s ability to generate future positive taxable income in each respective jurisdiction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7299": { "value": "
Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7300": { "value": "
Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7315": { "value": "
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7316": { "value": "
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7317": { "value": "
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7327": { "value": "
Share-based payments The group has an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the group. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted: \u2022 including any market performance conditions (for example, an entity\u2019s share price); \u2022 excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and \u2022 Including the impact of any non-vesting conditions (for example, the requirement for employees to save). Non-market performance and service conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognizes the impact of the revision to original estimates, if any, in the consolidated statement of comprehensive income, with a corresponding adjustment to equity. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium. The grant by the company of options over its equity instruments to the employees of subsidiary undertakings in the group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognized over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity in the parent entity accounts. The social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction.
2023 2022 Average exercise price per share option Number of options Average exercise price per share option Number of options At 1 January 2.82 2 000 000 3.00 3 000 000 Granted - - - - Forfeited - - - - Exercised* 2.64 850 000 2.82 812 500 Expired - 175 000 - 187 500 At 31 December 2.64 975 000 2.82 2 000 000 *The initial exercise price of 3.0 were adjusted for dividends paid in 2022 and in 2023, making the actual exercise price 2.82 in 2022 and 2.64 in 2023. The group has recognised NOK 0.8 million (including social security tax) in cost related to the options in 2023 (2022: NOK 1.6 million). The group has no legal or constructive obligation to repurchase or settle the options in cash. In 2021 the Board of directors of Reach Subsea ASA approved a stock option scheme to further align the interests of the participating employees in Reach Subsea with those of the shareholders. The stock option scheme was finalised with a signed agreement between the company and Management and certain key employees 15.12.2021. Management and certain key employees of the Reach Subsea-group is granted the right to acquire up to a certain maximum number of shares in the Company at a fixed strike price (\u201cthe Option\u201d). The strike price was set equal to the volume weighted average share price of the Company\u00b4s stock traded on the Oslo Stock Exchange 10 days prior to the finalization of the option scheme. The options are vested with 1/3 each year, over a period of three years until 31.12.2024. The options are non-tradable and conditional upon the participant being employed by the Reach Subsea-group at the vesting date. The stock option plan constitued a maximum of 3,000,000 options equivalent to a similar number of Reach Subsea ASA shares. The fair value at grant date was determined using a Black Scholes Model. The most significant inputs and assumptions in determining fair value at grant date was: Excercise price: NOK 3.0 Share price at grant date: NOK 3.0 Expected volatility: NOK 56.14 % Risk free interest rate: NOK 1.092 % Term of options: 3 years Movements in the number of share options and their related weighted average exercise prices were as follows:
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7328": { "value": "
Share-based payments The group has an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the group. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted: \u2022 including any market performance conditions (for example, an entity\u2019s share price); \u2022 excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and \u2022 Including the impact of any non-vesting conditions (for example, the requirement for employees to save). Non-market performance and service conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognizes the impact of the revision to original estimates, if any, in the consolidated statement of comprehensive income, with a corresponding adjustment to equity. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium. The grant by the company of options over its equity instruments to the employees of subsidiary undertakings in the group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognized over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity in the parent entity accounts. The social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7398": { "value": "
Recognition of revenue General Revenue from sale of services is recognized in accordance with IFRS 15. Revenues are shown net of value added tax and discounts. Sales of services The Group revenue comprises revenue recognized from contracts with customers for the provision of subsea services. Although scope of work varies from project to project, there are similarities in all projects, such as mobilisation and demobilisation of vessel, vessel hire, ROV crewing etc. These elements are highly related and comprise an integrated service negotiated with the customer. As such, all elements within a contract is normally considered to be one single performance obligation. Reach Subsea reviews all customer contracts to assess if there are elements that may indicate several performance obligations within one contract. Such elements may be use of several vessel spreads or project phases requiring separate mobilisation of vessels. For sales of services under fixed rate contracts, revenue is recognized in the accounting period in which the services are rendered, by reference to stage of completion of the specific transaction and assessed on the basis of the actual service provided as a proportion of the total services to be provided. For other services, revenue is recognized based on the agreed rate as the services are rendered. The transaction price for day- rate contracts is determined by the expected value approach being the number of scheduled days multiplied with dayrate. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. For contracts with pricing elements that need to be estimated, revenue is recognised at best estimate only when it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. Revenue is recognized as control is passed, either over time or at a point in time. Control of an asset is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the asset. This includes the ability to prevent others from directing the use of and obtaining the benefits from the asset. The benefits related to the asset are the potential cash flows that may be obtained directly or indirectly. Reach Subsea has concluded that customers receive benefits from the subsea services as they are performed, and therefore recognize revenue over the time the subsea service is provided. Incremental costs of obtaining a contract is recognized as an asset if we expect to recover these costs. However, incremental costs are limited to the costs that would not have incurred if the contract had not been successfully obtained. Revenue from leases Revenue from time-charter leases is recognized using a straight-line basis over the term of the contract
2023 2022 Contract with customers: Oil and gas Renewable/ other Total Oil and gas Renewable/ other Total Revenue from contracts with customers 1 248 277 633 588 1 881 865 831 413 186 715 1 018 127 Revenue from other contracts* 84 719 - 84 719 122 986 21 707 144 693 Segment revenue 1 332 996 633 588 1 966 584 954 399 208 422 1 162 821 Timing of revenue recognition At a point in time - - - - - - Over time 1 332 996 633 588 1 966 584 954 399 208 422 1 162 821 Sum 1 332 996 633 588 1 966 584 954 399 208 422 1 162 821 * Revenue that fall under cooperation agreement with Ocean Infinity Sweden AB. Revenue by region (NOK 100) 2023 2022 Ivory Coast 440 748 5 293 Norway 412 117 387 938 Netherlands 309 070 - Brazil 244 141 - UK 225 181 262 720 France 127 595 21 491 Singapore 53 890 29 499 US 33 636 156 730 Egypt 31 483 114 337 Australia 29 002 - Germany 27 744 51 553 Finland 22 030 - Greece 5 342 8 463 Sweden 3 446 77 753 Denmark 1 001 1 200 Trinidad og Tobago 95 39 856 Saudi Arabia 56 - Malta 7 2 437 Morocco - 1 963 Spain - 932 Israel - 631 Philippines - 23 Total 1 966 584 1 162 821 The Groups revenue comprises of revenue recognized from contract with customers for the provision of subsea services. Reach Subsea has assessed its contracts with customers and concluded that these fall under the definition of customer contracts in IFRS 15, with one exeption. Revenue derived from services provided to projects that fall under the cooperation agreement with Ocean Infinity Sweden AB (OI) does not constitute as revenue from a customer contract. As such, this revenue is recognised on a monthly basis in line with rendering of services to OI.
Assets and liabilities related to contracts with customers The group has recognized the following assets and liabilities related to contracts with customers: 31.12.2023 31.12.2022 Current contract assets 164 958 67 451 Loss allowance 3 000 - Total contract assets 167 958 67 451 Contract liabilities - - Total current contract liabilities - - Revenue recognised that was included in contract liability balance at beginning of period - - Revenue recognised from performance obligations satisfied in previous periods - - The group has not recognised any assets from costs incurred to fulfil a contract at 31 December 2023 (2022: 0). Fixed-price contracts 31.12.2023 31.12.2022 Revenue recognised from fixed-price contract 72 500 - Cost recognised for fixed-price contract 77 700 - Net (5 200) -
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7399": { "value": "
Recognition of revenue General Revenue from sale of services is recognized in accordance with IFRS 15. Revenues are shown net of value added tax and discounts. Sales of services The Group revenue comprises revenue recognized from contracts with customers for the provision of subsea services. Although scope of work varies from project to project, there are similarities in all projects, such as mobilisation and demobilisation of vessel, vessel hire, ROV crewing etc. These elements are highly related and comprise an integrated service negotiated with the customer. As such, all elements within a contract is normally considered to be one single performance obligation. Reach Subsea reviews all customer contracts to assess if there are elements that may indicate several performance obligations within one contract. Such elements may be use of several vessel spreads or project phases requiring separate mobilisation of vessels. For sales of services under fixed rate contracts, revenue is recognized in the accounting period in which the services are rendered, by reference to stage of completion of the specific transaction and assessed on the basis of the actual service provided as a proportion of the total services to be provided. For other services, revenue is recognized based on the agreed rate as the services are rendered. The transaction price for day- rate contracts is determined by the expected value approach being the number of scheduled days multiplied with dayrate. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. For contracts with pricing elements that need to be estimated, revenue is recognised at best estimate only when it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. Revenue is recognized as control is passed, either over time or at a point in time. Control of an asset is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the asset. This includes the ability to prevent others from directing the use of and obtaining the benefits from the asset. The benefits related to the asset are the potential cash flows that may be obtained directly or indirectly. Reach Subsea has concluded that customers receive benefits from the subsea services as they are performed, and therefore recognize revenue over the time the subsea service is provided. Incremental costs of obtaining a contract is recognized as an asset if we expect to recover these costs. However, incremental costs are limited to the costs that would not have incurred if the contract had not been successfully obtained. Revenue from leases Revenue from time-charter leases is recognized using a straight-line basis over the term of the contract
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7453": { "value": "
Cash flow statement The cash flow statement is prepared according to the indirect method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7454": { "value": "
Cash flow statement The cash flow statement is prepared according to the indirect method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7473": { "value": "
Note 3 \u2013 Financial Risk Management 3.1 Financial Risk Factors The Group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The Group\u2019s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Risk management for the Group is carried out by Management. Management identifies, evaluates, and hedges financial risks in close co-operation with the operating units within the Group. The Board approves the principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and investment of excess liquidity.
3.1.1 Market Risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the NOK, USD, GBP and EUR. Foreign exchange risk arises from future commercial transactions and recognized assets or liabilities. Potential currency fluctuations are considered during the tendering phase. Long term contracts in a foreign currency will be considered hedged to be consistent with the currency of costs. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not an entity\u2019s functional currency. The Group aims at achieving a natural hedge between cash inflows and cash outflows and manages remaining foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, by forward contracts and similar instruments as appropriate. The Group\u2019s risk management policy is to continuously review its exposure against foreign exchange risk and consider the need for hedging activities on transactions in each major currency.
The following table demonstrates the sensitivity to a reasonably possible change in USD, GBP and EUR, with all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary assets and liabilities. Inc/dec USD Effect on profit before tax 2023 Increase 5 % (17 971 438) Decrease 5 % 17 971 438 2022 Increase 5 % 5 703 008 Decrease 5 % (5 703 008) Inc/dec EUR Effect on profit before tax 2023 Increase 5 % 4 260 713 Decrease 5 % (4 260 713) 2022 Increase 5 % 1 509 462 Decrease 5 % (1 509 462) Inc/dec GBP Effect on profit before tax 2023 Increase 5 % 2 122 662 Decrease 5 % (2 122 662) 2022 Increase 5 % 3 754 376 Decrease 5 % (3 754 376)
3.1.1 Market Risk - continued Price risk The Group is exposed to commodity price risk at two main levels: \u2022 The demand for ROV units is sensitive to changes in the offshore energy industry, for example oil price developments, fluctuation in production levels, exploration results and general activity levels. Market fluctuations may affect asset utilization and earnings. \u2022 The cost of construction of future units is sensitive to changes in market prices of the input factors. The risks are managed by having focus on targeting moderate risk contracts, signing contracts with suppliers with the necessary financial strength and using our expertise to complete projects in accordance with agreements. The Group also monitors commodity prices, evaluate the need for hedging activities, and consider commodity prices in our tender process.
3.1.2 Credit Risk Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to customers. The Group has no significant concentration of credit risk towards single financial institutions and has policies that limit the amount of credit exposure to any single financial institution. Credit exposures to customers arise when entering medium- or short-term contracts and are managed by performing a financial risk evaluation in the tendering process. The level of financial risk analysis performed in each case depends on the nature of the contract (including volume). Where the financial risk is substantial, bank guarantees are requested.
3.1.3 Liquidity Risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities, and the ability to close out market positions. The Group aims to maintain flexibility in its liquidity by keeping committed credit lines available. The need for working capital is continuously being considered based on payment terms and financial status of clients and the Group\u2019s firm expenses (including loan instalments and interest). Refer to note 21 for maturity analyses. The Group entered into a one-year bank overdraft agreement in June 2023, securing access to NOK 30 million in excess funds. Further extensions will be considered based on liquidity position and needs at expiry date. As the Group\u2019s business is capital intensive, the Group may need to raise additional funds in the future to execute the Group\u2019s strategies. The Group\u2019s loan agreement, and bank overdraft agreement include terms, conditions, and covenants. The Group monitors its future liquidity positions on an ongoing basis, with monthly reports on cash flow forecasts and covenants.
3.1.4 Cash Flow and Fair Value Interest Rate Risk The Group\u2019s interest rate risk arises from bank deposit held at floating rates, and the possible impact on the financial statement is estimated to be immaterial.
3.1.5 Capital Management The Group\u2019s objectives when managing capital are to \u2022 safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and \u2022 maintain an optimal capital structure to reduce the cost of capital. The Group has defined KPI levels for equity, liquidity and earning. The KPIs are consistent with loan covenants and are being reported on a monthly basis as well as in budgets/forecasts. The development of the KPIs is being monitored closely. Breach of covenants request a waiver from the bank (measured quarterly) to avoid a formal breach of the loan agreement. If a breach of one or more KPI is discovered in the forecast, the Board will consider taking actions such as provision capital from existing and/or new owners. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7492": { "value": "
3.1.1 Market Risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the NOK, USD, GBP and EUR. Foreign exchange risk arises from future commercial transactions and recognized assets or liabilities. Potential currency fluctuations are considered during the tendering phase. Long term contracts in a foreign currency will be considered hedged to be consistent with the currency of costs. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not an entity\u2019s functional currency. The Group aims at achieving a natural hedge between cash inflows and cash outflows and manages remaining foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, by forward contracts and similar instruments as appropriate. The Group\u2019s risk management policy is to continuously review its exposure against foreign exchange risk and consider the need for hedging activities on transactions in each major currency.
The following table demonstrates the sensitivity to a reasonably possible change in USD, GBP and EUR, with all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary assets and liabilities. Inc/dec USD Effect on profit before tax 2023 Increase 5 % (17 971 438) Decrease 5 % 17 971 438 2022 Increase 5 % 5 703 008 Decrease 5 % (5 703 008) Inc/dec EUR Effect on profit before tax 2023 Increase 5 % 4 260 713 Decrease 5 % (4 260 713) 2022 Increase 5 % 1 509 462 Decrease 5 % (1 509 462) Inc/dec GBP Effect on profit before tax 2023 Increase 5 % 2 122 662 Decrease 5 % (2 122 662) 2022 Increase 5 % 3 754 376 Decrease 5 % (3 754 376)
3.1.1 Market Risk - continued Price risk The Group is exposed to commodity price risk at two main levels: \u2022 The demand for ROV units is sensitive to changes in the offshore energy industry, for example oil price developments, fluctuation in production levels, exploration results and general activity levels. Market fluctuations may affect asset utilization and earnings. \u2022 The cost of construction of future units is sensitive to changes in market prices of the input factors. The risks are managed by having focus on targeting moderate risk contracts, signing contracts with suppliers with the necessary financial strength and using our expertise to complete projects in accordance with agreements. The Group also monitors commodity prices, evaluate the need for hedging activities, and consider commodity prices in our tender process.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7609": { "value": "
3.1.3 Liquidity Risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities, and the ability to close out market positions. The Group aims to maintain flexibility in its liquidity by keeping committed credit lines available. The need for working capital is continuously being considered based on payment terms and financial status of clients and the Group\u2019s firm expenses (including loan instalments and interest). Refer to note 21 for maturity analyses. The Group entered into a one-year bank overdraft agreement in June 2023, securing access to NOK 30 million in excess funds. Further extensions will be considered based on liquidity position and needs at expiry date. As the Group\u2019s business is capital intensive, the Group may need to raise additional funds in the future to execute the Group\u2019s strategies. The Group\u2019s loan agreement, and bank overdraft agreement include terms, conditions, and covenants. The Group monitors its future liquidity positions on an ongoing basis, with monthly reports on cash flow forecasts and covenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7652": { "value": "
3.1.5 Capital Management The Group\u2019s objectives when managing capital are to \u2022 safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and \u2022 maintain an optimal capital structure to reduce the cost of capital. The Group has defined KPI levels for equity, liquidity and earning. The KPIs are consistent with loan covenants and are being reported on a monthly basis as well as in budgets/forecasts. The development of the KPIs is being monitored closely. Breach of covenants request a waiver from the bank (measured quarterly) to avoid a formal breach of the loan agreement. If a breach of one or more KPI is discovered in the forecast, the Board will consider taking actions such as provision capital from existing and/or new owners. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Financing and capital Reach Subseas future development and investments depend on multiple sources, including operational cash flow, capital, and borrowings. Increased concern over climate change could lead to increased cost of capital. To mitigate such risk, the group works closely with financial institutions and investors and continuously evaluates its investment strategy to optimize a strong balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7689": { "value": "
Note 4 \u2013 Accounting Estimates and Judgments Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are assumed to be reasonable under current circumstances.
4.1 Critical Accounting Estimates and Assumptions The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.
Impairment of property, plant and equipment A review for indicators of impairment is performed at each reporting date. If there are indicators of impairment, a review for impairment is carried out by management. To determine an assets recoverable amount a value-in-use method is used, where management uses judgement in estimating future asset utilisation, cash flow and discount rate. To assess impairment of property, plant and equipment, management also use judgement to group assets at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units, \u201cCGU\u2019s\u201d). Management has determined that each ROV and associated ROV equipment is considered as separate GCU\u2019s. For right-of-use assets under IFRS 16, each vessel is considered as a separate CGU.
Assessment of leases under IFRS 16 The application of IFRS 16 requires significant judgements and certain key estimations. Critical judgements required in application of IFRS 16 may include, among others, the following: \u2022 Identifying whether a contract includes a lease \u2022 Determination of whether variable payments are in substance fixed \u2022 Determining whether there are multiple leases in an arrangement.
Key sources of estimation uncertainty in the application of IFRS 16 may include, among others, the following: \u2022 Estimation of lease term \u2022 Estimation of lease payments when the contract includes options to extent the lease period \u2022 Determination of the appropriate rate to discount the lease payments \u2022 Assessment of whether a right of use asset is impaired. Management uses judgement in evaluating each contract. At each balance sheet date management also assess if there are any impairment indicators for the right-of- use assets. For impairment see section above.
Income taxes Judgment is required in determining the provision for income taxes, and the recognition of deferred tax assets. During the ordinary course of business, transactions and calculations occur for which the ultimate tax effect is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The accounting for deferred income tax asset relies upon management\u2019s judgment of the Group\u2019s ability to generate future positive taxable income in each respective jurisdiction.
Business combinations The acquisitions require the use of substantial judgement when assessing the fair value of net identifiable assets and liabilities in a business combination. Allocation of excess value relating to any business combinations is, amongst other, based on expected cash flows and results for certain items of the acquired assets. Refer to note 27 for further information. Changes in presentation As of 2023 the group classifies accrued, not billed revenue as trade receivables in the balance sheet. Previously the group has reported it as other current receivables. Comparative figures from 2022 have been adjusted accordingly. The changes have no effect on the income statement. The following table illustrates the effect on the balance sheet items before and after the adjustments.
NOK 1000 2022 (reported) 2022 (adjusted) Change Current assets Trade receivables 216 328 283 778 67 451 Other current receivables 86 252 18 801 (67 451)
A sensitivity analysis have been made stand alone for the assets and that there is no alternativ use for the assets if there was a decrease in the demand. The possible impact on impairment charges as a result of a decrease in demand for our services within Oil & Gas would have this impairment-effect: been made stand alone for the assets and that there is no alternativ use for the assets if there was a decrease in the demand. The possible impact on impairment charges as a result of a decrease in demand for our services within Oil & Gas would have this impairment-effect.
Financing and capital Reach Subseas future development and investments depend on multiple sources, including operational cash flow, capital, and borrowings. Increased concern over climate change could lead to increased cost of capital. To mitigate such risk, the group works closely with financial institutions and investors and continuously evaluates its investment strategy to optimize a strong balance sheet.
Risks related to the physical impacts of climate change Reach Subsea is exposed to changing weather conditions caused by climate change as a result of its operation activities offshore. Impact of severe climate change could cause damage to assets, disrupt operational activities and result in significant costs increased. The company maintain insurance to protect its physical assets and also manage the risk of lost revenue due to weather conditions through its contracts with customers.
Decline in demand for services related to Oil & Gas Inpairment charge (NOK 1000) 10 % - 20 % 3 957 30 % 58 667
Note 13 - Climate Risk Climate-related risks to Reach Subsea include market effects from changing demand for oil and gas (implying lower demand for our services in this segment), evolving laws and regulations, stricter climate policies, disruptive technology, as well as physical effects of climate change and reputational effects. Reach Subsea assesses climate transition risks into two major categories: (1) risks related to the transition to a low-carbon economy and (2) risks related to the physical impacts of climate change. Risks related to the transition to a low-carbon economy Demand Demand for our services within the Oil & Gas segment in the long-term is uncertain due to the global clean energy transition. The groups assessment is that risk of reduced demand for services within Oil & Gas is partly mitigated by correspondingly increased demand for our services within the renewable segment. The groups primary revenue stream is owning, leasing and operating vessels and ROVs. Based on the 2023-levels of revenue and distribution between different segments, the estimated effect of decrease in demand for services within Oil & Gas are as follows:
Impairment/stranded assets Reduced demand for services within the Oil&Gas segment in the long term could prompt the groups assets (both own assets and the Right-of-use assets) to become stranded. An assessment has been made as to whether the Group has assets that are exposed to significant environmental risk or climate risk (\u2018stranded assets\u2019). The Group has not identified any stranded assets at 31 December 2023. The company\u2019s assets are depreciated over a lifetime of maximum 8 years, and the groups assessment is that the risk of assets being stranded or subject to material impairments within its initial lifetime due to climate risk is low.
Decline in demand for services related to Oil & Gas Decrease in total revenue (NOK 1000) Decrease in operating result (NOK 1000) 10 % 133 300 20 502 20 % 266 599 41 004 30 % 399 899 61 506
Summary Impairment testing has been performed in accordance with IAS 36. The impairment testing for 2023 did not result in any impairment. Discount rate The discount rate is based on the Weighted Cost of Capital (WACC) pre tax for the Group. The discount rate is 11.0 %. Revenue assumptions The revenue assumption in the cash flow forecast is based on a combination of utilisation for assets and selling price. Utilisation is based on firm contractual days on a short to medium term and estimated future selling on a medium to longer term. Forecasted utilisation on a longer term is based on historical data, as well as managements expectations of market development. Forecasted selling rates are based on historical data. No inflation adjustments have been made to revenue assumptions. Future change in how the world will react in light of the goals set in the Paris-agreement could, depending on the characteristics of the change, have a negative effect on the demand for the company\u2019s services. Right-of use-assets - vessels: The right-of-use assets at 31 December 2023 represents the remaining committed vessel days on charter agreements with vessel owners. The impairment testing demonstrated that the recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to estimated utilisation and selling rate assumptions. Sensitivity analysis show that a 20 % drop in estimated future revenue would result in an impairment charge of NOK 4.6 million. An increase in WACC of 2 percentage points will not result in any additional impairment due to the short remaining lifetime of the assets. Se note 24 for further information on Right-of-use assets. ROV and ROV equipment: Impairment testing has been performed on each ROVs CGU, i.e. both owned and leased ROVs. Other assets, such as activated mobilisation costs and other ROV equipment is not included in the impairment test as these assets do not have impairment indicators. The recoverable amount is based on estimated future cash flows, which is based on estimated selling price, budgeted maintenance cost and utilisation. The impairment testing demonstrated that the assets recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to utilisation and selling rate assumptions. Sensitivity analysis show that a 20 % drop in revenue for all ROV CGU\u2019s would result in no impairment. An increase in WACC of 2 percentage points will not result in any impairment. Sensitivity on total fixed assets Drop in estimated revenue Impairment charge on fixed assets (NOK 1000) 10 % - 20 % 4 580 30 % 73 702
2023 2022 Average exercise price per share option Number of options Average exercise price per share option Number of options At 1 January 2.82 2 000 000 3.00 3 000 000 Granted - - - - Forfeited - - - - Exercised* 2.64 850 000 2.82 812 500 Expired - 175 000 - 187 500 At 31 December 2.64 975 000 2.82 2 000 000 *The initial exercise price of 3.0 were adjusted for dividends paid in 2022 and in 2023, making the actual exercise price 2.82 in 2022 and 2.64 in 2023. The group has recognised NOK 0.8 million (including social security tax) in cost related to the options in 2023 (2022: NOK 1.6 million). The group has no legal or constructive obligation to repurchase or settle the options in cash. In 2021 the Board of directors of Reach Subsea ASA approved a stock option scheme to further align the interests of the participating employees in Reach Subsea with those of the shareholders. The stock option scheme was finalised with a signed agreement between the company and Management and certain key employees 15.12.2021. Management and certain key employees of the Reach Subsea-group is granted the right to acquire up to a certain maximum number of shares in the Company at a fixed strike price (\u201cthe Option\u201d). The strike price was set equal to the volume weighted average share price of the Company\u00b4s stock traded on the Oslo Stock Exchange 10 days prior to the finalization of the option scheme. The options are vested with 1/3 each year, over a period of three years until 31.12.2024. The options are non-tradable and conditional upon the participant being employed by the Reach Subsea-group at the vesting date. The stock option plan constitued a maximum of 3,000,000 options equivalent to a similar number of Reach Subsea ASA shares. The fair value at grant date was determined using a Black Scholes Model. The most significant inputs and assumptions in determining fair value at grant date was: Excercise price: NOK 3.0 Share price at grant date: NOK 3.0 Expected volatility: NOK 56.14 % Risk free interest rate: NOK 1.092 % Term of options: 3 years Movements in the number of share options and their related weighted average exercise prices were as follows:
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7690": { "value": "
Note 4 \u2013 Accounting Estimates and Judgments Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are assumed to be reasonable under current circumstances.
4.1 Critical Accounting Estimates and Assumptions The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.
Impairment of property, plant and equipment A review for indicators of impairment is performed at each reporting date. If there are indicators of impairment, a review for impairment is carried out by management. To determine an assets recoverable amount a value-in-use method is used, where management uses judgement in estimating future asset utilisation, cash flow and discount rate. To assess impairment of property, plant and equipment, management also use judgement to group assets at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units, \u201cCGU\u2019s\u201d). Management has determined that each ROV and associated ROV equipment is considered as separate GCU\u2019s. For right-of-use assets under IFRS 16, each vessel is considered as a separate CGU.
Assessment of leases under IFRS 16 The application of IFRS 16 requires significant judgements and certain key estimations. Critical judgements required in application of IFRS 16 may include, among others, the following: \u2022 Identifying whether a contract includes a lease \u2022 Determination of whether variable payments are in substance fixed \u2022 Determining whether there are multiple leases in an arrangement.
Key sources of estimation uncertainty in the application of IFRS 16 may include, among others, the following: \u2022 Estimation of lease term \u2022 Estimation of lease payments when the contract includes options to extent the lease period \u2022 Determination of the appropriate rate to discount the lease payments \u2022 Assessment of whether a right of use asset is impaired. Management uses judgement in evaluating each contract. At each balance sheet date management also assess if there are any impairment indicators for the right-of- use assets. For impairment see section above.
Income taxes Judgment is required in determining the provision for income taxes, and the recognition of deferred tax assets. During the ordinary course of business, transactions and calculations occur for which the ultimate tax effect is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The accounting for deferred income tax asset relies upon management\u2019s judgment of the Group\u2019s ability to generate future positive taxable income in each respective jurisdiction.
Business combinations The acquisitions require the use of substantial judgement when assessing the fair value of net identifiable assets and liabilities in a business combination. Allocation of excess value relating to any business combinations is, amongst other, based on expected cash flows and results for certain items of the acquired assets. Refer to note 27 for further information. Changes in presentation As of 2023 the group classifies accrued, not billed revenue as trade receivables in the balance sheet. Previously the group has reported it as other current receivables. Comparative figures from 2022 have been adjusted accordingly. The changes have no effect on the income statement. The following table illustrates the effect on the balance sheet items before and after the adjustments.
NOK 1000 2022 (reported) 2022 (adjusted) Change Current assets Trade receivables 216 328 283 778 67 451 Other current receivables 86 252 18 801 (67 451)
A sensitivity analysis have been made stand alone for the assets and that there is no alternativ use for the assets if there was a decrease in the demand. The possible impact on impairment charges as a result of a decrease in demand for our services within Oil & Gas would have this impairment-effect: been made stand alone for the assets and that there is no alternativ use for the assets if there was a decrease in the demand. The possible impact on impairment charges as a result of a decrease in demand for our services within Oil & Gas would have this impairment-effect.
Financing and capital Reach Subseas future development and investments depend on multiple sources, including operational cash flow, capital, and borrowings. Increased concern over climate change could lead to increased cost of capital. To mitigate such risk, the group works closely with financial institutions and investors and continuously evaluates its investment strategy to optimize a strong balance sheet.
Risks related to the physical impacts of climate change Reach Subsea is exposed to changing weather conditions caused by climate change as a result of its operation activities offshore. Impact of severe climate change could cause damage to assets, disrupt operational activities and result in significant costs increased. The company maintain insurance to protect its physical assets and also manage the risk of lost revenue due to weather conditions through its contracts with customers.
Decline in demand for services related to Oil & Gas Inpairment charge (NOK 1000) 10 % - 20 % 3 957 30 % 58 667
Impairment/stranded assets Reduced demand for services within the Oil&Gas segment in the long term could prompt the groups assets (both own assets and the Right-of-use assets) to become stranded. An assessment has been made as to whether the Group has assets that are exposed to significant environmental risk or climate risk (\u2018stranded assets\u2019). The Group has not identified any stranded assets at 31 December 2023. The company\u2019s assets are depreciated over a lifetime of maximum 8 years, and the groups assessment is that the risk of assets being stranded or subject to material impairments within its initial lifetime due to climate risk is low.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7698": { "value": "
4.1 Critical Accounting Estimates and Assumptions The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.
Key sources of estimation uncertainty in the application of IFRS 16 may include, among others, the following: \u2022 Estimation of lease term \u2022 Estimation of lease payments when the contract includes options to extent the lease period \u2022 Determination of the appropriate rate to discount the lease payments \u2022 Assessment of whether a right of use asset is impaired. Management uses judgement in evaluating each contract. At each balance sheet date management also assess if there are any impairment indicators for the right-of- use assets. For impairment see section above.
A sensitivity analysis have been made stand alone for the assets and that there is no alternativ use for the assets if there was a decrease in the demand. The possible impact on impairment charges as a result of a decrease in demand for our services within Oil & Gas would have this impairment-effect: been made stand alone for the assets and that there is no alternativ use for the assets if there was a decrease in the demand. The possible impact on impairment charges as a result of a decrease in demand for our services within Oil & Gas would have this impairment-effect.
Financing and capital Reach Subseas future development and investments depend on multiple sources, including operational cash flow, capital, and borrowings. Increased concern over climate change could lead to increased cost of capital. To mitigate such risk, the group works closely with financial institutions and investors and continuously evaluates its investment strategy to optimize a strong balance sheet.
Risks related to the physical impacts of climate change Reach Subsea is exposed to changing weather conditions caused by climate change as a result of its operation activities offshore. Impact of severe climate change could cause damage to assets, disrupt operational activities and result in significant costs increased. The company maintain insurance to protect its physical assets and also manage the risk of lost revenue due to weather conditions through its contracts with customers.
Decline in demand for services related to Oil & Gas Inpairment charge (NOK 1000) 10 % - 20 % 3 957 30 % 58 667
Note 13 - Climate Risk Climate-related risks to Reach Subsea include market effects from changing demand for oil and gas (implying lower demand for our services in this segment), evolving laws and regulations, stricter climate policies, disruptive technology, as well as physical effects of climate change and reputational effects. Reach Subsea assesses climate transition risks into two major categories: (1) risks related to the transition to a low-carbon economy and (2) risks related to the physical impacts of climate change. Risks related to the transition to a low-carbon economy Demand Demand for our services within the Oil & Gas segment in the long-term is uncertain due to the global clean energy transition. The groups assessment is that risk of reduced demand for services within Oil & Gas is partly mitigated by correspondingly increased demand for our services within the renewable segment. The groups primary revenue stream is owning, leasing and operating vessels and ROVs. Based on the 2023-levels of revenue and distribution between different segments, the estimated effect of decrease in demand for services within Oil & Gas are as follows:
Impairment/stranded assets Reduced demand for services within the Oil&Gas segment in the long term could prompt the groups assets (both own assets and the Right-of-use assets) to become stranded. An assessment has been made as to whether the Group has assets that are exposed to significant environmental risk or climate risk (\u2018stranded assets\u2019). The Group has not identified any stranded assets at 31 December 2023. The company\u2019s assets are depreciated over a lifetime of maximum 8 years, and the groups assessment is that the risk of assets being stranded or subject to material impairments within its initial lifetime due to climate risk is low.
Decline in demand for services related to Oil & Gas Decrease in total revenue (NOK 1000) Decrease in operating result (NOK 1000) 10 % 133 300 20 502 20 % 266 599 41 004 30 % 399 899 61 506
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(NOK 1000) 2023 2022 Notes Project cost 142 400 89 991 Fuel 75 885 72 389 Victualling 48 642 27 543 Rental offshore equipment 102 277 47 217 Hire offshore personell 133 389 31 379 Other procurements 1 167 4 284 Procurement expenses, in total 503 760 272 803
(NOK 1000) 2023 2022 Notes Rental cost 16 346 12 021 23 Consultant cost 31 583 72 751 Operating equipment and maintenance 58 940 45 919 Administration costs 81 689 49 509 Other operating costs, in total 188 558 180 200
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7840": { "value": "
(NOK 1000) 2023 2022 Notes Project cost 142 400 89 991 Fuel 75 885 72 389 Victualling 48 642 27 543 Rental offshore equipment 102 277 47 217 Hire offshore personell 133 389 31 379 Other procurements 1 167 4 284 Procurement expenses, in total 503 760 272 803
(NOK 1000) 2023 2022 Notes Rental cost 16 346 12 021 23 Consultant cost 31 583 72 751 Operating equipment and maintenance 58 940 45 919 Administration costs 81 689 49 509 Other operating costs, in total 188 558 180 200
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f7869": { "value": "
(NOK 1000) 2023 2022 Notes Rental cost 16 346 12 021 23 Consultant cost 31 583 72 751 Operating equipment and maintenance 58 940 45 919 Administration costs 81 689 49 509 Other operating costs, in total 188 558 180 200
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(NOK 1000) 2023 2022 Notes Rental cost 16 346 12 021 23 Consultant cost 31 583 72 751 Operating equipment and maintenance 58 940 45 919 Administration costs 81 689 49 509 Other operating costs, in total 188 558 180 200
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(NOK 1000) 2023 2022 Notes Rental cost 16 346 12 021 23 Consultant cost 31 583 72 751 Operating equipment and maintenance 58 940 45 919 Administration costs 81 689 49 509 Other operating costs, in total 188 558 180 200
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(NOK 1000) 2023 2022 Oil & Gas vs Renewables/other Revenue Oil & Gas 1 332 996 954 399 Renewable / other 633 588 208 422 Total 1 966 584 1 162 821 Operating expense Oil & Gas (1 127 977) (868 009 Renewable / other (536 140) (189 556) Total (1 664 117) (1 057 566) Operatiting result Oil & Gas 205 773 86 289 Renewable / other 97 448 18 866 Total 302 467 105 255 Data vs Soulutions Revenue Data 406 336 735 559 Solutions 1 560 248 427 262 Total 1 966 584 1 162 821 Operating expense Data (343 840) (668 978) Solutions (1 320 277) (388 587) Total (1 664 118) (1 057 567) Operatiting result Data 62 496 66 581 Solutions 239 971 38 674 Total 302 467 105 255
Gain from sale of assets in \u201cOther income\u201d is not related to a segment and therefore excluded from the tables above. Refer to note 14 for further information. All assets and liabilities are used jointly in all segments.
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(NOK 1000) 2023 2022 Oil & Gas vs Renewables/other Revenue Oil & Gas 1 332 996 954 399 Renewable / other 633 588 208 422 Total 1 966 584 1 162 821 Operating expense Oil & Gas (1 127 977) (868 009 Renewable / other (536 140) (189 556) Total (1 664 117) (1 057 566) Operatiting result Oil & Gas 205 773 86 289 Renewable / other 97 448 18 866 Total 302 467 105 255 Data vs Soulutions Revenue Data 406 336 735 559 Solutions 1 560 248 427 262 Total 1 966 584 1 162 821 Operating expense Data (343 840) (668 978) Solutions (1 320 277) (388 587) Total (1 664 118) (1 057 567) Operatiting result Data 62 496 66 581 Solutions 239 971 38 674 Total 302 467 105 255
Gain from sale of assets in \u201cOther income\u201d is not related to a segment and therefore excluded from the tables above. Refer to note 14 for further information. All assets and liabilities are used jointly in all segments.
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104 Reach Subsea | Annual Report 2023 Contents Directors Report Sustainability Financial Statements Corporate Governance & Management Annual Report 2023 Notes
Compensation to CEO, CFO, CCO, CTO and COO (NOK 1000) Salary Pension costs Other comp. Shared options to be vested 2023 Jostein Alendal, Managing Director CEO 2 189 99 809 150 Birgitte W. Johansen, CFO 2 177 109 842 150 B\u00e5rd Thuen H\u00f8gheim, CCO 2 366 93 809 150 Audun Brandtz\u00e6g, CTO 2 028 89 579 150 Inge Grutle, COO 2 177 93 809 150 Total 10 937 483 3 849 750 Audun Brandtz\u00e6g started in his position 1 February 2023. 2022 Jostein Alendal, Managing Director CEO 2 039 94 616 300 Birgitte W. Johansen, CFO 1 919 100 583 300 B\u00e5rd Thuen H\u00f8gheim, CCO 1 919 87 616 300 Inge Grutle, COO 1 919 87 616 300 Total 7 795 367 2 431 1 200
Managing director has no agreement regarding early retirement. Manag
Wages and social costs (NOK 1000) 2023 2022 Salaries and wages including holiday allowance 308 639 205 868 Social security tax 43 412 29 004 Pensions 13 160 12 256 Other benefits 11 292 7 363 Option cost 2 897 1 235 Salaries transfered to CAPEX-projects (30 607) (4 696) Wages and social costs, in total 348 794 251 031 Number of man-years 333 253 The company has a defined contribution plan that complies with the requirements of the Mandatory Occupational Pension Act. Total cost during the year is as specified above. For further information related to share based compensation, see note 19. Compensation and benefits to Management
Guidelines for remuneration The company\u2019s guideline for management compensation and benefits is to offer competitive conditions to secure continuity in the management group. Reach Subsea shall offer benefits as for comparable Norwegian companies. In accordance with Section 6-16 b. (2) of the Norwegian Public Limited Liability Companies Act and the Norwegian regulations on guidelines and report on remuneration for executives, the Group will publish a separate report on remuneration to executives for presentation at the Annual General Meeting on 31 May 2024. In addition to detailed information on paid and pending remuneration to directors for the 2023 accounting year, the report on remuneration for directors will contain an overview of performance targets that form the basis for variable remuneration. Shareholdings and allocated shares will also be included.
Note 8 - Personel Expenses
The Boards Remuneration (NOK 1000) Posistion 2023 2022 Rachid Bendriss Chairman of the Board 503 458 K\u00e5re Johannes Lie Vice-Chairman of the Board (until June 2022) - 118 Anders Onarheim Board member 255 231 Martha Kold Monclair Board member 255 231 Arvid St\u00e5le Pettersen Board member (from June 2022) 255 113 Espen Gjerde Board member (from June 2022) 255 113 Sverre B. Mikkelsen Board member (until February 2022) - 61 Kristine Skeie Board member 306 256 Ingunn \u00d8. Iveland Board member 332 287
2023 2022 Average exercise price per share option Number of options Average exercise price per share option Number of options At 1 January 2.82 2 000 000 3.00 3 000 000 Granted - - - - Forfeited - - - - Exercised* 2.64 850 000 2.82 812 500 Expired - 175 000 - 187 500 At 31 December 2.64 975 000 2.82 2 000 000 *The initial exercise price of 3.0 were adjusted for dividends paid in 2022 and in 2023, making the actual exercise price 2.82 in 2022 and 2.64 in 2023. The group has recognised NOK 0.8 million (including social security tax) in cost related to the options in 2023 (2022: NOK 1.6 million). The group has no legal or constructive obligation to repurchase or settle the options in cash. In 2021 the Board of directors of Reach Subsea ASA approved a stock option scheme to further align the interests of the participating employees in Reach Subsea with those of the shareholders. The stock option scheme was finalised with a signed agreement between the company and Management and certain key employees 15.12.2021. Management and certain key employees of the Reach Subsea-group is granted the right to acquire up to a certain maximum number of shares in the Company at a fixed strike price (\u201cthe Option\u201d). The strike price was set equal to the volume weighted average share price of the Company\u00b4s stock traded on the Oslo Stock Exchange 10 days prior to the finalization of the option scheme. The options are vested with 1/3 each year, over a period of three years until 31.12.2024. The options are non-tradable and conditional upon the participant being employed by the Reach Subsea-group at the vesting date. The stock option plan constitued a maximum of 3,000,000 options equivalent to a similar number of Reach Subsea ASA shares. The fair value at grant date was determined using a Black Scholes Model. The most significant inputs and assumptions in determining fair value at grant date was: Excercise price: NOK 3.0 Share price at grant date: NOK 3.0 Expected volatility: NOK 56.14 % Risk free interest rate: NOK 1.092 % Term of options: 3 years Movements in the number of share options and their related weighted average exercise prices were as follows:
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104 Reach Subsea | Annual Report 2023 Contents Directors Report Sustainability Financial Statements Corporate Governance & Management Annual Report 2023 Notes
Compensation to CEO, CFO, CCO, CTO and COO (NOK 1000) Salary Pension costs Other comp. Shared options to be vested 2023 Jostein Alendal, Managing Director CEO 2 189 99 809 150 Birgitte W. Johansen, CFO 2 177 109 842 150 B\u00e5rd Thuen H\u00f8gheim, CCO 2 366 93 809 150 Audun Brandtz\u00e6g, CTO 2 028 89 579 150 Inge Grutle, COO 2 177 93 809 150 Total 10 937 483 3 849 750 Audun Brandtz\u00e6g started in his position 1 February 2023. 2022 Jostein Alendal, Managing Director CEO 2 039 94 616 300 Birgitte W. Johansen, CFO 1 919 100 583 300 B\u00e5rd Thuen H\u00f8gheim, CCO 1 919 87 616 300 Inge Grutle, COO 1 919 87 616 300 Total 7 795 367 2 431 1 200
Managing director has no agreement regarding early retirement. Managi
Guidelines for remuneration The company\u2019s guideline for management compensation and benefits is to offer competitive conditions to secure continuity in the management group. Reach Subsea shall offer benefits as for comparable Norwegian companies. In accordance with Section 6-16 b. (2) of the Norwegian Public Limited Liability Companies Act and the Norwegian regulations on guidelines and report on remuneration for executives, the Group will publish a separate report on remuneration to executives for presentation at the Annual General Meeting on 31 May 2024. In addition to detailed information on paid and pending remuneration to directors for the 2023 accounting year, the report on remuneration for directors will contain an overview of performance targets that form the basis for variable remuneration. Shareholdings and allocated shares will also be included.
The Boards Remuneration (NOK 1000) Posistion 2023 2022 Rachid Bendriss Chairman of the Board 503 458 K\u00e5re Johannes Lie Vice-Chairman of the Board (until June 2022) - 118 Anders Onarheim Board member 255 231 Martha Kold Monclair Board member 255 231 Arvid St\u00e5le Pettersen Board member (from June 2022) 255 113 Espen Gjerde Board member (from June 2022) 255 113 Sverre B. Mikkelsen Board member (until February 2022) - 61 Kristine Skeie Board member 306 256 Ingunn \u00d8. Iveland Board member 332 287
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104 Reach Subsea | Annual Report 2023 Contents Directors Report Sustainability Financial Statements Corporate Governance & Management Annual Report 2023 Notes
Compensation to CEO, CFO, CCO, CTO and COO (NOK 1000) Salary Pension costs Other comp. Shared options to be vested 2023 Jostein Alendal, Managing Director CEO 2 189 99 809 150 Birgitte W. Johansen, CFO 2 177 109 842 150 B\u00e5rd Thuen H\u00f8gheim, CCO 2 366 93 809 150 Audun Brandtz\u00e6g, CTO 2 028 89 579 150 Inge Grutle, COO 2 177 93 809 150 Total 10 937 483 3 849 750 Audun Brandtz\u00e6g started in his position 1 February 2023. 2022 Jostein Alendal, Managing Director CEO 2 039 94 616 300 Birgitte W. Johansen, CFO 1 919 100 583 300 B\u00e5rd Thuen H\u00f8gheim, CCO 1 919 87 616 300 Inge Grutle, COO 1 919 87 616 300 Total 7 795 367 2 431 1 200
Managing director has no agreement regarding early retirement. Managi
Guidelines for remuneration The company\u2019s guideline for management compensation and benefits is to offer competitive conditions to secure continuity in the management group. Reach Subsea shall offer benefits as for comparable Norwegian companies. In accordance with Section 6-16 b. (2) of the Norwegian Public Limited Liability Companies Act and the Norwegian regulations on guidelines and report on remuneration for executives, the Group will publish a separate report on remuneration to executives for presentation at the Annual General Meeting on 31 May 2024. In addition to detailed information on paid and pending remuneration to directors for the 2023 accounting year, the report on remuneration for directors will contain an overview of performance targets that form the basis for variable remuneration. Shareholdings and allocated shares will also be included.
The Boards Remuneration (NOK 1000) Posistion 2023 2022 Rachid Bendriss Chairman of the Board 503 458 K\u00e5re Johannes Lie Vice-Chairman of the Board (until June 2022) - 118 Anders Onarheim Board member 255 231 Martha Kold Monclair Board member 255 231 Arvid St\u00e5le Pettersen Board member (from June 2022) 255 113 Espen Gjerde Board member (from June 2022) 255 113 Sverre B. Mikkelsen Board member (until February 2022) - 61 Kristine Skeie Board member 306 256 Ingunn \u00d8. Iveland Board member 332 287
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The Boards Remuneration (NOK 1000) Posistion 2023 2022 Rachid Bendriss Chairman of the Board 503 458 K\u00e5re Johannes Lie Vice-Chairman of the Board (until June 2022) - 118 Anders Onarheim Board member 255 231 Martha Kold Monclair Board member 255 231 Arvid St\u00e5le Pettersen Board member (from June 2022) 255 113 Espen Gjerde Board member (from June 2022) 255 113 Sverre B. Mikkelsen Board member (until February 2022) - 61 Kristine Skeie Board member 306 256 Ingunn \u00d8. Iveland Board member 332 287
Numbers of shares 31.12.2023 Ownership 31.12.2023 NORTH ENERGY ASA Partly owned by Rachid Bendriss (COB) and Anders Onarheim (Board member ) 50 832 449 18.7 % JT INVEST AS Partly owned by Jostein Alendal (CEO) 5 739 539 2.1 % INVICTA INVEST AS Partly owned by Inge Grutle (Management) 1 209 179 0.4 % AB INVESTMENT AS Owned by Anders Onarheim (Board member) 1 000 000 0.4 % KOLD INVEST AS Owned by Martha Kold Monclair (Board member) 949 534 0.4 % B\u00c5RD THUEN H\u00d8GHEIM Management 780 000 0.3 % VEST-NORSK HANDELSKOMPANI AS Owned by Kristine Skeie (Board member) 505 588 0.2 % BIRGITTE WENDELBO JOHANSEN Management 299 050 0.1 % AUDUN BRANDTZ\u00c6G Management 200 000 0.1 % JOSTEIN ALENDAL CEO 150 000 0.1 % I \u00d8VERENG AS Owned by Ingunn \u00d8vereng Iveland (Board member) 30 588 0.0 % INGUNN \u00d8VERENG IVELAND Board Member 30 000 0 % INGE GRUTLE Management 10 000 0 % KRISTINE SKEIE Board Member 5 0 % Total 61 735 932 22.7 % Shares owned by members of the Board and by the management at year-end, including shares owned by immediate family members and/or controlled companies are as follows:
Short term leases Costs relating to operational leases recognized in the income statement for 2023 is NOK 6.2 million, whereof NOK 0.5 million in real estate rental. The real estate rental is short term with 3 months termination notice.
CAPEX and vessel capacity The Reach Remote project is expected to amount to approximately NOK 400 million. As of December 31 the company has capitalized NOK 208.1 million as Asset under construction. In addition, the company has financed two eROVs through leasing. As of December 31 the ROVs are under construction, and costs not recognised related to the ROVs amounts to NOK 37.3 million. The ROVs will be recognised in the balance sheet at commencement date. Besides the Reach Remote project, Reach has taken further steps to secure vessel capacity at competitive terms as well as technology development and equipment upgrades. After year end Reach has entered into chartering agreements for the vessels Olympic Taurus and Northern Maria. Investments in the coming six months associated with these vessels and other capex projects is expected to amount to approximately NOK 170 million. Reach has secured bank and lease financing to partly fund these investments. Charter commitments for the vessels Olympic Taurus and Northern Maria will increase interest-bearing debt with an estimated amount of NOK 506 million.
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Auditors Remuneration (NOK 1000) 2023 2022 Auditing 1 716 1 794 Attestation services 229 22 Tax advice* 2 016 397 Other assistance* 1 724 3 025 Total 5 685 5 239 All amounts are exclusive of value added tax.
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(NOK 1000) 2023 2022 Interest income on short term bank deposits 4 991 1 264 Total interest income 4 991 1 264 Interest expense on bank borrowings (2 617) (2 309) IFRS 16 interest expense (74 892) (13 090) Other interest expense (373) (16) Total interest expense (77 881 ) (15 415) Net foreign exchange expense/income 1 819 7 131 Currency adjustment related to IFRS 16 12 685 (55) Other finance costs (580) (158) Total other financial items 13 925 6 918 Finance items - net (58 965) (7 232)
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(NOK 1000) 2023 2022 Interest income on short term bank deposits 4 991 1 264 Total interest income 4 991 1 264 Interest expense on bank borrowings (2 617) (2 309) IFRS 16 interest expense (74 892) (13 090) Other interest expense (373) (16) Total interest expense (77 881 ) (15 415) Net foreign exchange expense/income 1 819 7 131 Currency adjustment related to IFRS 16 12 685 (55) Other finance costs (580) (158) Total other financial items 13 925 6 918 Finance items - net (58 965) (7 232)
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(NOK 1000) 2023 2022 Interest income on short term bank deposits 4 991 1 264 Total interest income 4 991 1 264 Interest expense on bank borrowings (2 617) (2 309) IFRS 16 interest expense (74 892) (13 090) Other interest expense (373) (16) Total interest expense (77 881 ) (15 415) Net foreign exchange expense/income 1 819 7 131 Currency adjustment related to IFRS 16 12 685 (55) Other finance costs (580) (158) Total other financial items 13 925 6 918 Finance items - net (58 965) (7 232)
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(NOK 1000) 2023 2022 Interest income on short term bank deposits 4 991 1 264 Total interest income 4 991 1 264 Interest expense on bank borrowings (2 617) (2 309) IFRS 16 interest expense (74 892) (13 090) Other interest expense (373) (16) Total interest expense (77 881 ) (15 415) Net foreign exchange expense/income 1 819 7 131 Currency adjustment related to IFRS 16 12 685 (55) Other finance costs (580) (158) Total other financial items 13 925 6 918 Finance items - net (58 965) (7 232)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8309": { "value": "
(NOK 1000) 2023 2022 Interest income on short term bank deposits 4 991 1 264 Total interest income 4 991 1 264 Interest expense on bank borrowings (2 617) (2 309) IFRS 16 interest expense (74 892) (13 090) Other interest expense (373) (16) Total interest expense (77 881 ) (15 415) Net foreign exchange expense/income 1 819 7 131 Currency adjustment related to IFRS 16 12 685 (55) Other finance costs (580) (158) Total other financial items 13 925 6 918 Finance items - net (58 965) (7 232)
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(NOK 1000) 2023 2022 Interest income on short term bank deposits 4 991 1 264 Total interest income 4 991 1 264 Interest expense on bank borrowings (2 617) (2 309) IFRS 16 interest expense (74 892) (13 090) Other interest expense (373) (16) Total interest expense (77 881 ) (15 415) Net foreign exchange expense/income 1 819 7 131 Currency adjustment related to IFRS 16 12 685 (55) Other finance costs (580) (158) Total other financial items 13 925 6 918 Finance items - net (58 965) (7 232)
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(NOK 1000) 2023 2022 Taxes Taxes payable 42 261 9 344 Changes in deferred taxes 21 482 16 490 Taxes in total 63 743 25 838 Deferred taxes/ (Deferred tax assets) - Temporary differences Other fixed assets (3 135) (31 709) Financial leases 17 415 1 509 Fixed-price contracts - - Inventories (934) (934) Accruals (18 376) (4 025) Right-of-use assets (29 172) (12 657) Intangible assets 74 775 25 750 Tax loss carried forward Norway - (91 184) Tax loss carried forward outside of Norway (64 338) (65 452) Temporary differences, in total (23 765) (178 703) Deferred tax assets (799) (36 401) Not recognized deferred tax assets (11 366) (11 486) Deferred tax (assets) in balance sheet 10 567 (24 915)
Reconciliation from nominal to actual tax rate 31.12.2023 31.12.2022 Profit & loss before taxes 289 534 98 023 Nominal tax rate 22 % 22 % Anticipated income tax due to nominal tax rate 63 698 21 565 Actual tax cost 63 743 25 838 Deviation 46 4 272 Tax effects of Permanent differences 104 (126) Effect of tax rates outside Norway different from 22 % (270) (2 852) Changes in deferred tax assets, not recognized 120 (1 294) Explanation (46) (4 272) Effective tax rate 22 % 26 % Payable taxes in the balance sheet Payable taxes in the tax charge (37 138) (9 344) Advances paid on tax charge 1 056 1 491 Tax payable previous years - - Tax payable from business combinations (note 27) (4 944) - Payable taxes in the balance sheet (41 025) (7 853)
Note 10 - Taxes - continued
In November 2023 Reach Subsea acquired Guardian Geomatics. The transaction was completed in November 2023. Deferred tax assets incorporated at closing was NOK 0 million while deferred tax related to excess values was estimated to NOK 14.0 million. Net deferred tax related to the acquisition is NOK 14.0 million and is recognized in the balance sheet as per end December 2023. Refer to note 27 for further details. Deferred tax assets are recognized in the balance sheet based on expected utilization of tax losses carried forward and temporary differences. The carrying amount of deferred income tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
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(NOK 1000) 2023 2022 Taxes Taxes payable 42 261 9 344 Changes in deferred taxes 21 482 16 490 Taxes in total 63 743 25 838 Deferred taxes/ (Deferred tax assets) - Temporary differences Other fixed assets (3 135) (31 709) Financial leases 17 415 1 509 Fixed-price contracts - - Inventories (934) (934) Accruals (18 376) (4 025) Right-of-use assets (29 172) (12 657) Intangible assets 74 775 25 750 Tax loss carried forward Norway - (91 184) Tax loss carried forward outside of Norway (64 338) (65 452) Temporary differences, in total (23 765) (178 703) Deferred tax assets (799) (36 401) Not recognized deferred tax assets (11 366) (11 486) Deferred tax (assets) in balance sheet 10 567 (24 915)
Reconciliation from nominal to actual tax rate 31.12.2023 31.12.2022 Profit & loss before taxes 289 534 98 023 Nominal tax rate 22 % 22 % Anticipated income tax due to nominal tax rate 63 698 21 565 Actual tax cost 63 743 25 838 Deviation 46 4 272 Tax effects of Permanent differences 104 (126) Effect of tax rates outside Norway different from 22 % (270) (2 852) Changes in deferred tax assets, not recognized 120 (1 294) Explanation (46) (4 272) Effective tax rate 22 % 26 % Payable taxes in the balance sheet Payable taxes in the tax charge (37 138) (9 344) Advances paid on tax charge 1 056 1 491 Tax payable previous years - - Tax payable from business combinations (note 27) (4 944) - Payable taxes in the balance sheet (41 025) (7 853)
Note 10 - Taxes - continued
In November 2023 Reach Subsea acquired Guardian Geomatics. The transaction was completed in November 2023. Deferred tax assets incorporated at closing was NOK 0 million while deferred tax related to excess values was estimated to NOK 14.0 million. Net deferred tax related to the acquisition is NOK 14.0 million and is recognized in the balance sheet as per end December 2023. Refer to note 27 for further details. Deferred tax assets are recognized in the balance sheet based on expected utilization of tax losses carried forward and temporary differences. The carrying amount of deferred income tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
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(NOK 1000) 2023 2022 Taxes Taxes payable 42 261 9 344 Changes in deferred taxes 21 482 16 490 Taxes in total 63 743 25 838 Deferred taxes/ (Deferred tax assets) - Temporary differences Other fixed assets (3 135) (31 709) Financial leases 17 415 1 509 Fixed-price contracts - - Inventories (934) (934) Accruals (18 376) (4 025) Right-of-use assets (29 172) (12 657) Intangible assets 74 775 25 750 Tax loss carried forward Norway - (91 184) Tax loss carried forward outside of Norway (64 338) (65 452) Temporary differences, in total (23 765) (178 703) Deferred tax assets (799) (36 401) Not recognized deferred tax assets (11 366) (11 486) Deferred tax (assets) in balance sheet 10 567 (24 915)
Reconciliation from nominal to actual tax rate 31.12.2023 31.12.2022 Profit & loss before taxes 289 534 98 023 Nominal tax rate 22 % 22 % Anticipated income tax due to nominal tax rate 63 698 21 565 Actual tax cost 63 743 25 838 Deviation 46 4 272 Tax effects of Permanent differences 104 (126) Effect of tax rates outside Norway different from 22 % (270) (2 852) Changes in deferred tax assets, not recognized 120 (1 294) Explanation (46) (4 272) Effective tax rate 22 % 26 % Payable taxes in the balance sheet Payable taxes in the tax charge (37 138) (9 344) Advances paid on tax charge 1 056 1 491 Tax payable previous years - - Tax payable from business combinations (note 27) (4 944) - Payable taxes in the balance sheet (41 025) (7 853)
In November 2023 Reach Subsea acquired Guardian Geomatics. The transaction was completed in November 2023. Deferred tax assets incorporated at closing was NOK 0 million while deferred tax related to excess values was estimated to NOK 14.0 million. Net deferred tax related to the acquisition is NOK 14.0 million and is recognized in the balance sheet as per end December 2023. Refer to note 27 for further details. Deferred tax assets are recognized in the balance sheet based on expected utilization of tax losses carried forward and temporary differences. The carrying amount of deferred income tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
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(NOK 1000) 2023 2022 Profit (loss) - attributable to the owners 225 791 72 185 Basic profit (loss) per share 0.89 0.35 Diluted profit (loss) per share 0.88 0.34 Average numbers of shares 252 610 567 206 966 734 Average diluted number of shares for EPS 256 131 566 209 835 227 Number of shares 1/1 225 725 928 144 940 708 Number of shares 31/12 271 769 245 225 725 928 Note 11 - Earnings per share
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A sensitivity analysis have been made stand alone for the assets and that there is no alternativ use for the assets if there was a decrease in the demand. The possible impact on impairment charges as a result of a decrease in demand for our services within Oil & Gas would have this impairment-effect: been made stand alone for the assets and that there is no alternativ use for the assets if there was a decrease in the demand. The possible impact on impairment charges as a result of a decrease in demand for our services within Oil & Gas would have this impairment-effect.
Decline in demand for services related to Oil & Gas Inpairment charge (NOK 1000) 10 % - 20 % 3 957 30 % 58 667
Impairment/stranded assets Reduced demand for services within the Oil&Gas segment in the long term could prompt the groups assets (both own assets and the Right-of-use assets) to become stranded. An assessment has been made as to whether the Group has assets that are exposed to significant environmental risk or climate risk (\u2018stranded assets\u2019). The Group has not identified any stranded assets at 31 December 2023. The company\u2019s assets are depreciated over a lifetime of maximum 8 years, and the groups assessment is that the risk of assets being stranded or subject to material impairments within its initial lifetime due to climate risk is low.
Impairment
Summary Impairment testing has been performed in accordance with IAS 36. The impairment testing for 2023 did not result in any impairment. Discount rate The discount rate is based on the Weighted Cost of Capital (WACC) pre tax for the Group. The discount rate is 11.0 %. Revenue assumptions The revenue assumption in the cash flow forecast is based on a combination of utilisation for assets and selling price. Utilisation is based on firm contractual days on a short to medium term and estimated future selling on a medium to longer term. Forecasted utilisation on a longer term is based on historical data, as well as managements expectations of market development. Forecasted selling rates are based on historical data. No inflation adjustments have been made to revenue assumptions. Future change in how the world will react in light of the goals set in the Paris-agreement could, depending on the characteristics of the change, have a negative effect on the demand for the company\u2019s services. Right-of use-assets - vessels: The right-of-use assets at 31 December 2023 represents the remaining committed vessel days on charter agreements with vessel owners. The impairment testing demonstrated that the recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to estimated utilisation and selling rate assumptions. Sensitivity analysis show that a 20 % drop in estimated future revenue would result in an impairment charge of NOK 4.6 million. An increase in WACC of 2 percentage points will not result in any additional impairment due to the short remaining lifetime of the assets. Se note 24 for further information on Right-of-use assets. ROV and ROV equipment: Impairment testing has been performed on each ROVs CGU, i.e. both owned and leased ROVs. Other assets, such as activated mobilisation costs and other ROV equipment is not included in the impairment test as these assets do not have impairment indicators. The recoverable amount is based on estimated future cash flows, which is based on estimated selling price, budgeted maintenance cost and utilisation. The impairment testing demonstrated that the assets recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to utilisation and selling rate assumptions. Sensitivity analysis show that a 20 % drop in revenue for all ROV CGU\u2019s would result in no impairment. An increase in WACC of 2 percentage points will not result in any impairment. Sensitivity on total fixed assets Drop in estimated revenue Impairment charge on fixed assets (NOK 1000) 10 % - 20 % 4 580 30 % 73 702
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total Year ended 31. December 2023 Opening net book amount 1 873 8 750 86 723 97 347 Additions - - - - Addition from business combination (note 27) - 22 000 22 866 44 866 Depreciation (228) (2 125) - (2 353) Disposals/adjustments 499 - - 499 Closing net book value 2 144 28 625 109 590 140 359 At 31 december 2023 Cost 1.1.23 1 873 10 000 86 723 98 597 Additions - - - - Addition from business combination (note 27) - 22 000 22 866 44 866 Disposals/adjustments 499 - - 499 Cost 31.12.23 2 372 32 000 109 590 143 962
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total At 31. December 2023 Accumulated depreciation 1.1.2 - (1 250) - (1 250) Depreciation (228) (2 125) - (2 353) Accumulated depreciation 31.12.2 (228) (3 375) - (3 603) Accumulated impairment 1.1.23 - - - - Impairment - - - - Accumulated impairment 31.12.23 - - - - Book value 2 144 29 875 109 590 140 359 Depreciation plan/useful life 3 - 5 years 6 years Indefinite Depreciation method linear linear Customer relationships and goodwill is related to the acquisition of iSurvey Group in March 2022 and Guardian Geomatics in November 2023. Refer to note 27 for further information. Research and development are related to development of software/equipment related to the company\u2019s ASUMO project. As of December 31 2023 the group has net book values for R&D totaling NOK 2.1 million. Hours spent have been capitalized for personell as well as other external consultants related to the development of equipment and software. Impairment The residual goodwill is tested for impairment on corporate level. The starting point for the impairment test is the difference between market value and book value of equity. At year end 2023 the market value exceeds the carrying amount of equity, and no impairment indicators have been identified.
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Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office mashinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2023 Opening net book amount 150 499 28 530 7 945 48 535 90 258 325 768 Additions 144 400 28 460 11 250 63 266 1 656 194 1 903 570 Additions from business combination (note 27) 36 857 517 37 374 Disposals - - - (1 541) - (1 541) Adjustment of commitment - - - - (2 094) (2 094) Other reclassification (28 241) - - (968) - (29 209) Depreciation - (12 709) (2 877) (23 421) (581 645) (620 652) Impairment - - - - - - Closing net book value 266 658 44 233 16 319 122 727 1 163 222 1 613 159 At 31. December 2023 Cost 1.1.23 150 499 158 521 113 844 78 947 385 800 887 651 Additions 144 400 28 460 11 250 100 123 1 654 617 1 903 570 Other reclassification (28 241) - - (968) - (29 209) Disposals at cost - - - (22 244) - (22 244) Adjustment fully depreciated items - - - - (433 144) (433 144) Cost 31.12.23 266 658 186 981 125 134 155 858 1 607 273 2 341 904
Assets under construction can be divided into the following categories: Reach Remote 212 878) Tax deduction scheme Reach Remote-project (SkatteFUNN) (4 750) Minor capex-projects and mobilizations 58 530 Net book value 31.12.23 266 658 Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office mashinery Right of use asset Vessels and other equipment* Total At 31. December 2023 Accumulated depreciation 1.1.23 - (130 027) (105 939) (30 412) (295 542) (561 920) Depreciation - (12 709) (2 877) (23 421) (581 645) (620 652) Depreciation disposed assets - - - 20 703 - 20 703 Adjustment fully depreciated items - - - - 433 144 433 144 Accumulated depreciation 31.12.23 - (142 735) (108 816) (33 130) (444 043) (728 725) Accumulated impairment 1.1.23 - - - - - Impairment - - - - - - Adjustment fully depreciated items - - - - - - Accumulated impairment 31.12.23 - - - - - - Book value 266 658 44 233 16 319 122 727 1 163 222 1 613 159 Depreciation plan/useful life 3 - 8 years 3 - 8 years 3 years 1-6 years Depreciation method linear linear linear linear During 2023 the group has sold various assets resulting in a gain of approximately 29.8 million. The gain is presented as other income in the financial statement. Reclassifications is explained by reclassification of the prepayments related to the acquisition of Viking Reach (former Edda Sun) of NOK 29.2 million made in 2022. The prepyment was used to partly fund the investment in the associated company Eidesvik Reach AS in 2023, and is classified as \u201cInvestment in associated companies\u201d in the balance sheet as of December 31 2023. \u2018See note 24 for further information for Right of use asset Vessels and other equipments and note 22 for Right of use asset ROV, leased from financial institutions \u2018Refer to note 27 for equipment acquired in the Guardian Geomatics transaction, and note 24 for Right-of-use assets.
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office mashinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2022 Opening net book amount - 46 709 13 340 13 720 277 212 350 974 Additions 150 499 3 453 - 13 437 126 717 294 106 Additions from business combination (note 27) - 39 837 10 327 50 163 Disposals - - - - - - Adjustment of commitment - - - - (17 203) (17 203) Other reclassification - - - - - Depreciation - (21 640) (5 394) (18 459) (306 795) (352 288) Impairment - - - - - - Closing net book value 150 499 28 530 7 945 48 535 90 258 325 768 At 31. December 2022 Cost 1.1.22 - 155 068 113 844 25673 601 143 895 768 Additions 150 499 3 453 - 53 274 119 841 327 066 Other reclassification - - - - - - Disposals at cost - - - - - - Adjustment fully depreciated items - - - - (335 183) (335 183) Cost 31.12.22 150 499 158 521 113 884 78 947 385 800 887 651
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment ROV, leased from financial institutions Equipment and office mashinery Right of use asset Vessels and other equipment* Total At 31. December 2022 Accumulated depreciation 1.1.22 - (108 387) (100 544) (11 953) (316 426) (537 310) Depreciation - (21 640) (5 394) (18 459) (306 795) (352 288) Depreciation disposed assets - - - - - - Adjustment fully depreciated items - - - - 327 678 327 678 Accumulated depreciation 31.12.22 - (130 027) (105 939) (30 412) (295 542) (561 920) Accumulated impairment 1.1.23 - - - - (7 505) (7 505) Impairment - - - - - - Adjustment fully depreciated items - - - - 7 505 7 505 Accumulated impairment 31.12.22 - - - - - - Book value 150 499 28 530 7 945 48 535 90 258 325 768 Depreciation plan/useful life 3-8 years 3-8 years 3 years 1-3 years Depreciation method linear linear linear linear Bank borrowings are secured on fixed assets. Refer to note 22 Borrowings for further information
Impairment
Summary Impairment testing has been performed in accordance with IAS 36. The impairment testing for 2023 did not result in any impairment. Discount rate The discount rate is based on the Weighted Cost of Capital (WACC) pre tax for the Group. The discount rate is 11.0 %. Revenue assumptions The revenue assumption in the cash flow forecast is based on a combination of utilisation for assets and selling price. Utilisation is based on firm contractual days on a short to medium term and estimated future selling on a medium to longer term. Forecasted utilisation on a longer term is based on historical data, as well as managements expectations of market development. Forecasted selling rates are based on historical data. No inflation adjustments have been made to revenue assumptions. Future change in how the world will react in light of the goals set in the Paris-agreement could, depending on the characteristics of the change, have a negative effect on the demand for the company\u2019s services. Right-of use-assets - vessels: The right-of-use assets at 31 December 2023 represents the remaining committed vessel days on charter agreements with vessel owners. The impairment testing demonstrated that the recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to estimated utilisation and selling rate assumptions. Sensitivity analysis show that a 20 % drop in estimated future revenue would result in an impairment charge of NOK 4.6 million. An increase in WACC of 2 percentage points will not result in any additional impairment due to the short remaining lifetime of the assets. Se note 24 for further information on Right-of-use assets. ROV and ROV equipment: Impairment testing has been performed on each ROVs CGU, i.e. both owned and leased ROVs. Other assets, such as activated mobilisation costs and other ROV equipment is not included in the impairment test as these assets do not have impairment indicators. The recoverable amount is based on estimated future cash flows, which is based on estimated selling price, budgeted maintenance cost and utilisation. The impairment testing demonstrated that the assets recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to utilisation and selling rate assumptions. Sensitivity analysis show that a 20 % drop in revenue for all ROV CGU\u2019s would result in no impairment. An increase in WACC of 2 percentage points will not result in any impairment. Sensitivity on total fixed assets Drop in estimated revenue Impairment charge on fixed assets (NOK 1000) 10 % - 20 % 4 580 30 % 73 702
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Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office mashinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2023 Opening net book amount 150 499 28 530 7 945 48 535 90 258 325 768 Additions 144 400 28 460 11 250 63 266 1 656 194 1 903 570 Additions from business combination (note 27) 36 857 517 37 374 Disposals - - - (1 541) - (1 541) Adjustment of commitment - - - - (2 094) (2 094) Other reclassification (28 241) - - (968) - (29 209) Depreciation - (12 709) (2 877) (23 421) (581 645) (620 652) Impairment - - - - - - Closing net book value 266 658 44 233 16 319 122 727 1 163 222 1 613 159 At 31. December 2023 Cost 1.1.23 150 499 158 521 113 844 78 947 385 800 887 651 Additions 144 400 28 460 11 250 100 123 1 654 617 1 903 570 Other reclassification (28 241) - - (968) - (29 209) Disposals at cost - - - (22 244) - (22 244) Adjustment fully depreciated items - - - - (433 144) (433 144) Cost 31.12.23 266 658 186 981 125 134 155 858 1 607 273 2 341 904
Assets under construction can be divided into the following categories: Reach Remote 212 878) Tax deduction scheme Reach Remote-project (SkatteFUNN) (4 750) Minor capex-projects and mobilizations 58 530 Net book value 31.12.23 266 658 Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office mashinery Right of use asset Vessels and other equipment* Total At 31. December 2023 Accumulated depreciation 1.1.23 - (130 027) (105 939) (30 412) (295 542) (561 920) Depreciation - (12 709) (2 877) (23 421) (581 645) (620 652) Depreciation disposed assets - - - 20 703 - 20 703 Adjustment fully depreciated items - - - - 433 144 433 144 Accumulated depreciation 31.12.23 - (142 735) (108 816) (33 130) (444 043) (728 725) Accumulated impairment 1.1.23 - - - - - Impairment - - - - - - Adjustment fully depreciated items - - - - - - Accumulated impairment 31.12.23 - - - - - - Book value 266 658 44 233 16 319 122 727 1 163 222 1 613 159 Depreciation plan/useful life 3 - 8 years 3 - 8 years 3 years 1-6 years Depreciation method linear linear linear linear During 2023 the group has sold various assets resulting in a gain of approximately 29.8 million. The gain is presented as other income in the financial statement. Reclassifications is explained by reclassification of the prepayments related to the acquisition of Viking Reach (former Edda Sun) of NOK 29.2 million made in 2022. The prepyment was used to partly fund the investment in the associated company Eidesvik Reach AS in 2023, and is classified as \u201cInvestment in associated companies\u201d in the balance sheet as of December 31 2023. \u2018See note 24 for further information for Right of use asset Vessels and other equipments and note 22 for Right of use asset ROV, leased from financial institutions \u2018Refer to note 27 for equipment acquired in the Guardian Geomatics transaction, and note 24 for Right-of-use assets.
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office mashinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2022 Opening net book amount - 46 709 13 340 13 720 277 212 350 974 Additions 150 499 3 453 - 13 437 126 717 294 106 Additions from business combination (note 27) - 39 837 10 327 50 163 Disposals - - - - - - Adjustment of commitment - - - - (17 203) (17 203) Other reclassification - - - - - Depreciation - (21 640) (5 394) (18 459) (306 795) (352 288) Impairment - - - - - - Closing net book value 150 499 28 530 7 945 48 535 90 258 325 768 At 31. December 2022 Cost 1.1.22 - 155 068 113 844 25673 601 143 895 768 Additions 150 499 3 453 - 53 274 119 841 327 066 Other reclassification - - - - - - Disposals at cost - - - - - - Adjustment fully depreciated items - - - - (335 183) (335 183) Cost 31.12.22 150 499 158 521 113 884 78 947 385 800 887 651
Note 14 - Property, plant & equipment - continued
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment ROV, leased from financial institutions Equipment and office mashinery Right of use asset Vessels and other equipment* Total At 31. December 2022 Accumulated depreciation 1.1.22 - (108 387) (100 544) (11 953) (316 426) (537 310) Depreciation - (21 640) (5 394) (18 459) (306 795) (352 288) Depreciation disposed assets - - - - - - Adjustment fully depreciated items - - - - 327 678 327 678 Accumulated depreciation 31.12.22 - (130 027) (105 939) (30 412) (295 542) (561 920) Accumulated impairment 1.1.23 - - - - (7 505) (7 505) Impairment - - - - - - Adjustment fully depreciated items - - - - 7 505 7 505 Accumulated impairment 31.12.22 - - - - - - Book value 150 499 28 530 7 945 48 535 90 258 325 768 Depreciation plan/useful life 3-8 years 3-8 years 3 years 1-3 years Depreciation method linear linear linear linear Bank borrowings are secured on fixed assets. Refer to note 22 Borrowings for further information
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total Year ended 31. December 2023 Opening net book amount 1 873 8 750 86 723 97 347 Additions - - - - Addition from business combination (note 27) - 22 000 22 866 44 866 Depreciation (228) (2 125) - (2 353) Disposals/adjustments 499 - - 499 Closing net book value 2 144 28 625 109 590 140 359 At 31 december 2023 Cost 1.1.23 1 873 10 000 86 723 98 597 Additions - - - - Addition from business combination (note 27) - 22 000 22 866 44 866 Disposals/adjustments 499 - - 499 Cost 31.12.23 2 372 32 000 109 590 143 962
Note 15 - Intangible assets - continued
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total At 31. December 2023 Accumulated depreciation 1.1.2 - (1 250) - (1 250) Depreciation (228) (2 125) - (2 353) Accumulated depreciation 31.12.2 (228) (3 375) - (3 603) Accumulated impairment 1.1.23 - - - - Impairment - - - - Accumulated impairment 31.12.23 - - - - Book value 2 144 29 875 109 590 140 359 Depreciation plan/useful life 3 - 5 years 6 years Indefinite Depreciation method linear linear Customer relationships and goodwill is related to the acquisition of iSurvey Group in March 2022 and Guardian Geomatics in November 2023. Refer to note 27 for further information. Research and development are related to development of software/equipment related to the company\u2019s ASUMO project. As of December 31 2023 the group has net book values for R&D totaling NOK 2.1 million. Hours spent have been capitalized for personell as well as other external consultants related to the development of equipment and software. Impairment The residual goodwill is tested for impairment on corporate level. The starting point for the impairment test is the difference between market value and book value of equity. At year end 2023 the market value exceeds the carrying amount of equity, and no impairment indicators have been identified.
Movement schedule for right of use assets and lease liabilities (NOK 1000) Right of use asset Interest-bearing debt, non-current Interest-bearing debt, current Opening balance 01.01.2023 90 258 4 310 98 660 Additions 1 656 186 - 1 656 186 Additions from business combination (note 27) 517 - 545 Disposals - - - Adjusted commitment (2 094) (2 094) - Depreciation (581 645) - - Impairment - - - Interests - - 74 892 Reclassed from short to long term - 803 715 (803 715) Currency adjustments - - (12 685) Payments - - (627 846) Ending balance 31.12.2023 1 163 222 805 931 386 036
Movement schedule for right of use assets and lease liabilities (NOK 1000) Right of use asset Interest-bearing debt, non-current Interest-bearing debt, current Opening balance 01.01.2022 277 212 105 171 176 627 Additions 126 717 - 126 717 Additions from business combination (note 27) 10 327 5 337 4 990 Disposals - - - Adjusted commitment (17 203) (17 203) - Depreciation (306 795) - - Impairment - - - Interests - - 13 090 Reclassed from short to long term - (88 995) 88 995 Currency adjustments - - 55 Payments - - (311 814) Ending balance 31.12.2022 90 258 4 310 98 660 Lease liabilities Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default. Lease liabilities 2023 2022 Amounts due for settlement within 12 months (shown under current liabilities) 386 036 98 660 Amounts due for settlement after 12 months (present value) 805 931 4 310 Total 1 191 967 102 970 Maturity analysis Not later than 1 year 386 036 98 660 Later than 1 year and not later than 5 years 788 312 4 310 Later than 5 years 17 619 Total instalments 1 191 967 102 970 Future finance charges 167 196 3 322 Total instalments and finance charges 1 359 163 106 292 Reconciliation of depreciation 2023 2022 Depreciations of long term right- of use assets 429 015 254 580 Depreciations of short term right- of use assets (Pay as you go contracts) 152 630 52 215 Depreciations of other assets (Note 14) 41 360 46 737 Total depreciations 623 005 353 532 Other Information related to leases: For information related to leases to credit institutions, see note 22. For information related to cost of short term leases (except for Vessels and ROV\u2019s), see note 7 For information related to righ-of-use assets, see note 14
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Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total Year ended 31. December 2023 Opening net book amount 1 873 8 750 86 723 97 347 Additions - - - - Addition from business combination (note 27) - 22 000 22 866 44 866 Depreciation (228) (2 125) - (2 353) Disposals/adjustments 499 - - 499 Closing net book value 2 144 28 625 109 590 140 359 At 31 december 2023 Cost 1.1.23 1 873 10 000 86 723 98 597 Additions - - - - Addition from business combination (note 27) - 22 000 22 866 44 866 Disposals/adjustments 499 - - 499 Cost 31.12.23 2 372 32 000 109 590 143 962
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total At 31. December 2023 Accumulated depreciation 1.1.2 - (1 250) - (1 250) Depreciation (228) (2 125) - (2 353) Accumulated depreciation 31.12.2 (228) (3 375) - (3 603) Accumulated impairment 1.1.23 - - - - Impairment - - - - Accumulated impairment 31.12.23 - - - - Book value 2 144 29 875 109 590 140 359 Depreciation plan/useful life 3 - 5 years 6 years Indefinite Depreciation method linear linear Customer relationships and goodwill is related to the acquisition of iSurvey Group in March 2022 and Guardian Geomatics in November 2023. Refer to note 27 for further information. Research and development are related to development of software/equipment related to the company\u2019s ASUMO project. As of December 31 2023 the group has net book values for R&D totaling NOK 2.1 million. Hours spent have been capitalized for personell as well as other external consultants related to the development of equipment and software. Impairment The residual goodwill is tested for impairment on corporate level. The starting point for the impairment test is the difference between market value and book value of equity. At year end 2023 the market value exceeds the carrying amount of equity, and no impairment indicators have been identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9415": { "value": "
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total Year ended 31. December 2023 Opening net book amount 1 873 8 750 86 723 97 347 Additions - - - - Addition from business combination (note 27) - 22 000 22 866 44 866 Depreciation (228) (2 125) - (2 353) Disposals/adjustments 499 - - 499 Closing net book value 2 144 28 625 109 590 140 359 At 31 december 2023 Cost 1.1.23 1 873 10 000 86 723 98 597 Additions - - - - Addition from business combination (note 27) - 22 000 22 866 44 866 Disposals/adjustments 499 - - 499 Cost 31.12.23 2 372 32 000 109 590 143 962
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total At 31. December 2023 Accumulated depreciation 1.1.2 - (1 250) - (1 250) Depreciation (228) (2 125) - (2 353) Accumulated depreciation 31.12.2 (228) (3 375) - (3 603) Accumulated impairment 1.1.23 - - - - Impairment - - - - Accumulated impairment 31.12.23 - - - - Book value 2 144 29 875 109 590 140 359 Depreciation plan/useful life 3 - 5 years 6 years Indefinite Depreciation method linear linear Customer relationships and goodwill is related to the acquisition of iSurvey Group in March 2022 and Guardian Geomatics in November 2023. Refer to note 27 for further information. Research and development are related to development of software/equipment related to the company\u2019s ASUMO project. As of December 31 2023 the group has net book values for R&D totaling NOK 2.1 million. Hours spent have been capitalized for personell as well as other external consultants related to the development of equipment and software. Impairment The residual goodwill is tested for impairment on corporate level. The starting point for the impairment test is the difference between market value and book value of equity. At year end 2023 the market value exceeds the carrying amount of equity, and no impairment indicators have been identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9591": { "value": "
(NOK 1000) 2023 2022 Invoiced receivables 149 209 216 328 Revenue recognised, not billed 164 958 67 451 Less: provision for impairment of trade receivables - - Current portion trade receivables 314 166 283 778 Prepayments 15 370 5 782 Other receivable 26 535 13 019 Current portion other receivables 41 904 18 801 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 149 209 216 328 Revenue recognised, not billed 164 958 67 451 Receivables from related parties - - Loans to related parties - - Total trade receivables 314 166 283 778 Transactions with subsidiaries have been eliminated in the Group\u2019s financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables There has been no losses or provisions for impairment of recievables in 2022 and 2023 As of 31.12., the Group had the following trade receivables which was due, but not been paid:
Based on previous experience with customers and assessment of intial credit risk and expected credit losses as at 31 December 2023, there is no allowance for bad debt on receivables in 2023. The main portion of overdue receivables has been paid after balance sheet date.
Total Not due <30 d 30-90 d 91-360 d >361 d 2023 149 209 83 559 32 855 23 061 9 733 - 2022 216 328 158,342 48 893 7 958 1 134 -
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9592": { "value": "
(NOK 1000) 2023 2022 Invoiced receivables 149 209 216 328 Revenue recognised, not billed 164 958 67 451 Less: provision for impairment of trade receivables - - Current portion trade receivables 314 166 283 778 Prepayments 15 370 5 782 Other receivable 26 535 13 019 Current portion other receivables 41 904 18 801 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 149 209 216 328 Revenue recognised, not billed 164 958 67 451 Receivables from related parties - - Loans to related parties - - Total trade receivables 314 166 283 778 Transactions with subsidiaries have been eliminated in the Group\u2019s financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables There has been no losses or provisions for impairment of recievables in 2022 and 2023 As of 31.12., the Group had the following trade receivables which was due, but not been paid:
Based on previous experience with customers and assessment of intial credit risk and expected credit losses as at 31 December 2023, there is no allowance for bad debt on receivables in 2023. The main portion of overdue receivables has been paid after balance sheet date.
Total Not due <30 d 30-90 d 91-360 d >361 d 2023 149 209 83 559 32 855 23 061 9 733 - 2022 216 328 158,342 48 893 7 958 1 134 -
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9594": { "value": "
(NOK 1000) 2023 2022 Invoiced receivables 149 209 216 328 Revenue recognised, not billed 164 958 67 451 Less: provision for impairment of trade receivables - - Current portion trade receivables 314 166 283 778 Prepayments 15 370 5 782 Other receivable 26 535 13 019 Current portion other receivables 41 904 18 801 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 149 209 216 328 Revenue recognised, not billed 164 958 67 451 Receivables from related parties - - Loans to related parties - - Total trade receivables 314 166 283 778 Transactions with subsidiaries have been eliminated in the Group\u2019s financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables There has been no losses or provisions for impairment of recievables in 2022 and 2023 As of 31.12., the Group had the following trade receivables which was due, but not been paid:
Based on previous experience with customers and assessment of intial credit risk and expected credit losses as at 31 December 2023, there is no allowance for bad debt on receivables in 2023. The main portion of overdue receivables has been paid after balance sheet date.
Total Not due <30 d 30-90 d 91-360 d >361 d 2023 149 209 83 559 32 855 23 061 9 733 - 2022 216 328 158,342 48 893 7 958 1 134 -
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9595": { "value": "
(NOK 1000) 2023 2022 Invoiced receivables 149 209 216 328 Revenue recognised, not billed 164 958 67 451 Less: provision for impairment of trade receivables - - Current portion trade receivables 314 166 283 778 Prepayments 15 370 5 782 Other receivable 26 535 13 019 Current portion other receivables 41 904 18 801 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 149 209 216 328 Revenue recognised, not billed 164 958 67 451 Receivables from related parties - - Loans to related parties - - Total trade receivables 314 166 283 778 Transactions with subsidiaries have been eliminated in the Group\u2019s financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables There has been no losses or provisions for impairment of recievables in 2022 and 2023 As of 31.12., the Group had the following trade receivables which was due, but not been paid:
Based on previous experience with customers and assessment of intial credit risk and expected credit losses as at 31 December 2023, there is no allowance for bad debt on receivables in 2023. The main portion of overdue receivables has been paid after balance sheet date.
Total Not due <30 d 30-90 d 91-360 d >361 d 2023 149 209 83 559 32 855 23 061 9 733 - 2022 216 328 158,342 48 893 7 958 1 134 -
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9761": { "value": "
2023 2022 Cash and cash equivalents in NOK 99 698 99 497 Cash and cash equivalents in USD 210 112 53 615 Cash and cash equivalents in EUR 74 977 15 382 Cash and cash equivalents in GBP 42 358 23 097 Cash and cash equivalents in AUD 7 652 - Cash and cash equivalents in SGD 1 624 - Cash and cash equivalents in SEK 1 - Restricted cash equivalence hereof - - Cash and cash equivalents, in total 436 423 191 591 The company also has restricted cash related to withheld tax of NOK 14.6 million in 2023 (2022: NOK 10.3 million). The Group has a bank overdraft agreement. As at 31.12.23 the Group had NOK 30 million in unused drawing rights.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9810": { "value": "
Reach Subsea\u2019s share capital amounts to NOK 271,769,245 divided into 271,769,245 shares, each with a nominal value of NOK 1. 17 February 2022, Wilhelmsen New Energy AS, a wholly owned subsidiary of Wilh. Wilhelmsen Holding ASA, agreed to subscribe for, and be allocated, 46,126,567 new shares in Reach Subsea ASA at a subscription price of NOK 3.25 per share. The agreement also included the issuance of warrants, whereby Wilhelmsen New Energy AS received the right to subscribe for and be allocated an additional 44,766,864 new shares in Reach Subsea ASA at a subscription price of NOK 4.00 per share. The warrants have a duration of three years and can be exercised at any time. The private placement and the issuance of the warrants was approved on an extraordinary general meeting in Reach Subsea ASA, held on 15 March 2022. As of 31 December 2023 Wilhelmsen New Energy AS have a combined holding of shares and warrants of 96,903,500. On February 15 2023 Reach Subsea announced and successfully executed a private placement. A total of 29,411,000 new shares was allocated by the Board of Directors. In addition the company also announced that the Board has resolved to undertake a subsequent offering of up to 3,000,000 new shares. The subscription period for the subsequent offering ended on 27 March 2023 and resulted in a total subscription of 312,635 new shares. The shares from the subsequent offering was registered 3 April 2023. On October 6 2023 Reach Subsea announced the acqusition of 100 % of the shares in the Australian marine survey company Guardian Geomatics Pty. Ltd. The transaction was settled through the issuance of 15,469,682 shares in Reach, valued at NOK 5.02 per share in the transaction, and AUD 5.86 million in cash to be paid in one year after the closing date. The transaction was completed on November 15 2023. Refer to note 27 for further details.
The 20 largest shareholders as of 31/12-2023 Number of shares Ownership in per cent 1. WILHELMSEN NEW ENERGY AS 52 136 636 19.2 % 2. NORTH INDUSTRIES 1 AS 50 832 449 18.7 % 3. SURVEY HOLDING AS 29 116 897 10.7 % 4. Citibank, N.A. 11 602 262 4.3 % 5. SOBER AS 10 963 446 4.0 % 6. HOLME HOLDING AS 6 644 000 2.4 % 7. JT INVEST AS 5 739 539 2.1 % 8. NORMAND DRIFT AS 5 000 000 1.8 % 9. Pershing LLC 4 100 389 1.5 % 10. LION INVEST AS 3 769 928 1.4 % 11. Danske Invest Norge Vekst 3 187 815 1.2 % 12. ALTEA AS 2 973 658 1.1 % 13. CORUNA AS 2 725 000 1.0 % 14. N\u00c6RINGSLIVETS HOVEDORGANISASJON 2 499 799 0.9 % 15. STAVA INVEST AS 2 267 141 0.8 % 16. Avanza Bank AB 2 216 000 0.8 % 17. BARRUS CAPITAL AS 2 110 090 0.8 % 18. RMS INVEST AS 2 000 000 0.7 % 19. JAKOB HATTELAND HOLDING AS 2 000 000 0.7 % 20. A-\u00c5 INVEST AS 1 938 725 0.7 % Sum 20 largest 203 823 774 75.0 % The rest of shareholders 67 945 471 25.0 % Total number of shares 271 769 245 100.0 %
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9811": { "value": "
Reach Subsea\u2019s share capital amounts to NOK 271,769,245 divided into 271,769,245 shares, each with a nominal value of NOK 1. 17 February 2022, Wilhelmsen New Energy AS, a wholly owned subsidiary of Wilh. Wilhelmsen Holding ASA, agreed to subscribe for, and be allocated, 46,126,567 new shares in Reach Subsea ASA at a subscription price of NOK 3.25 per share. The agreement also included the issuance of warrants, whereby Wilhelmsen New Energy AS received the right to subscribe for and be allocated an additional 44,766,864 new shares in Reach Subsea ASA at a subscription price of NOK 4.00 per share. The warrants have a duration of three years and can be exercised at any time. The private placement and the issuance of the warrants was approved on an extraordinary general meeting in Reach Subsea ASA, held on 15 March 2022. As of 31 December 2023 Wilhelmsen New Energy AS have a combined holding of shares and warrants of 96,903,500. On February 15 2023 Reach Subsea announced and successfully executed a private placement. A total of 29,411,000 new shares was allocated by the Board of Directors. In addition the company also announced that the Board has resolved to undertake a subsequent offering of up to 3,000,000 new shares. The subscription period for the subsequent offering ended on 27 March 2023 and resulted in a total subscription of 312,635 new shares. The shares from the subsequent offering was registered 3 April 2023. On October 6 2023 Reach Subsea announced the acqusition of 100 % of the shares in the Australian marine survey company Guardian Geomatics Pty. Ltd. The transaction was settled through the issuance of 15,469,682 shares in Reach, valued at NOK 5.02 per share in the transaction, and AUD 5.86 million in cash to be paid in one year after the closing date. The transaction was completed on November 15 2023. Refer to note 27 for further details.
The 20 largest shareholders as of 31/12-2023 Number of shares Ownership in per cent 1. WILHELMSEN NEW ENERGY AS 52 136 636 19.2 % 2. NORTH INDUSTRIES 1 AS 50 832 449 18.7 % 3. SURVEY HOLDING AS 29 116 897 10.7 % 4. Citibank, N.A. 11 602 262 4.3 % 5. SOBER AS 10 963 446 4.0 % 6. HOLME HOLDING AS 6 644 000 2.4 % 7. JT INVEST AS 5 739 539 2.1 % 8. NORMAND DRIFT AS 5 000 000 1.8 % 9. Pershing LLC 4 100 389 1.5 % 10. LION INVEST AS 3 769 928 1.4 % 11. Danske Invest Norge Vekst 3 187 815 1.2 % 12. ALTEA AS 2 973 658 1.1 % 13. CORUNA AS 2 725 000 1.0 % 14. N\u00c6RINGSLIVETS HOVEDORGANISASJON 2 499 799 0.9 % 15. STAVA INVEST AS 2 267 141 0.8 % 16. Avanza Bank AB 2 216 000 0.8 % 17. BARRUS CAPITAL AS 2 110 090 0.8 % 18. RMS INVEST AS 2 000 000 0.7 % 19. JAKOB HATTELAND HOLDING AS 2 000 000 0.7 % 20. A-\u00c5 INVEST AS 1 938 725 0.7 % Sum 20 largest 203 823 774 75.0 % The rest of shareholders 67 945 471 25.0 % Total number of shares 271 769 245 100.0 %
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9940": { "value": "
(NOK 1000) 2023 2022 Other current liabilities 8 601 1 631 Accruals 141 175 75 308 Accrued salaries and benefits 50 549 31 009 Witholding taxes 631 367 Other taxes payable 5 227 4 082 Accrued interests 15 145 Other current liabilities, in total 206 197 112 541 Other current liabilities consist mainly of incurred operational expenses and performed planned periodic maintenance not yet invoiced at year end.
Note 20 - Other current liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9941": { "value": "
(NOK 1000) 2023 2022 Other current liabilities 8 601 1 631 Accruals 141 175 75 308 Accrued salaries and benefits 50 549 31 009 Witholding taxes 631 367 Other taxes payable 5 227 4 082 Accrued interests 15 145 Other current liabilities, in total 206 197 112 541 Other current liabilities consist mainly of incurred operational expenses and performed planned periodic maintenance not yet invoiced at year end.
Note 20 - Other current liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9943": { "value": "
(NOK 1000) 2023 2022 Other current liabilities 8 601 1 631 Accruals 141 175 75 308 Accrued salaries and benefits 50 549 31 009 Witholding taxes 631 367 Other taxes payable 5 227 4 082 Accrued interests 15 145 Other current liabilities, in total 206 197 112 541 Other current liabilities consist mainly of incurred operational expenses and performed planned periodic maintenance not yet invoiced at year end.
Note 20 - Other current liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10062": { "value": "
2023 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive incom Fair value Financial assets Trade receivables 314 166 - - 314 166 Other receivables 26 534 - - 26 534 Cash and cash equivalents 436 423 - - 436 423 Assets, in total 777 124 - - 777 124 Financial liabilites Borrowings (long & short term interest bearing debt) 1 259 561 - - 1 259 561 Trade payables 205 773 - - 205 773 Other current liabilities 206 197 - - 206 197 Liabilites, in total 1 671 531 - - 1 671 531
Note 21 - Classification of financial assets and liabilities - continued
2022 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive incom Fair value Financial assets Trade receivables 283 778 - - 283 778 Other receivables 13 019 - - 13 019 Cash and cash equivalents 191 591 - - 191 591 Assets, in total 488 389 - - 488 389 Financial liabilites Borrowings (long & short term interest bearing debt) 130 988 - - 130988 Trade payables 102 430 - - 102 430 Other current liabilities 112 541 - - 112 541 Liabilites, in total 345 959 - - 345 959 The following of the Group\u2019s financial instruments are measured at amortised cost: cash and cash equivalents, trade receivables, other current receivables, trade payables, other current liabilities and all interest bearing debt. The carrying amount of cash and cash equivalens is approximately similar to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables trade payables and other receivables/liabilities is approximately equal to fair value since they are entered into at standard terms and conditions. The fair value of the interest-bearing debt is the disclosed face value of the loans.
Financial liabilities 2023 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 205 773 - - - 205 773 Other current liabilities 206 197 - - - 206 197 Interest-bearing debt to credit institutions 5 220 4 984 16 967 40 422 67 594 Interest-bearing debt, leases 180 523 205 497 719 649 86 299 1 191 967 Interest on interest-bearing debt to credit institutions 2 848 2 640 8 261 7 878 21 627 Interest on interest-bearing debt, leases 42 338 35 005 85 211 4 642 167 196 Financial liabilities, in total 642 899 248 127 830 088 139 241 1 860 353 Financial liabilities 2022 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 102 430 - - - 102 430 Other current liabilities 112 541 - - - 112 541 Interest-bearing debt to credit institutions 19 506 3 580 4 932 - 28 018 Interest-bearing debt, leases 52 871 45 800 4 179 120 102 970 Interest on interest-bearing debt to credit institutions 753 317 183 - 1 252 Interest on interest-bearing debt, leases 2 213 943 166 - 3 322 Financial liabilities, in total 290 313 50 639 9 460 121 350 533 The tables below provides an analysis of the maturity of financial liabilities.
2023 2022 Changes in interest-bearing debt: Interest bearing debt, leases Interest bearing debt to credit instituations Interest bearing debt, leases Interest bearing debt to credit institutions Opening balance 102 970 28 018 281 798 30 757 Repayment incl interest (627 846) (23 300) (311 814) (13 448) Interest-bearing debt from acquisition of iSurvey Group AS (note 27) - - - 10 709 Interest-bearing debt from acquisition of Guardian Geomatics (note 27) - 219 - - Proceeds from bank loan - 27 500 - - Non-cash changes: Reclassified costs related to financing of Reach Remote - (2 877) - - Additions of fixed assets financed through leasing from credit institutions - 38 034 - - Interest-bearing debt from acquisition of Guardian Geomatics (note 27) 545 - - - Interest-bearing debt from acquisition of iSurvey Group AS (note 27) - - 10 327 - Addition IFRS 16 lease liability throughout the year 1 656 186 - 126 717 - Adjustment IFRS 16 lease liability (2 094) - (17 203) - Currency adjustment (12 685) - 55 - Accrued interests 74 892 - 13 090 - Closing balance 1 191 967 67 594 102 970 28 018 Distribution non-current and current debt 2023 2022 Non-current interest-bearing debt to credit institutions 57 418 4 932 Non-current interest- bearing debt, leases 805 931 4 310 Current interest-bearing debt to credit institutions 10 176 23 086 Current interest-bearing debt, leases 386 036 98 660 Closing balance 1 259 561 130 988
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f10064": { "value": "
2023 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive incom Fair value Financial assets Trade receivables 314 166 - - 314 166 Other receivables 26 534 - - 26 534 Cash and cash equivalents 436 423 - - 436 423 Assets, in total 777 124 - - 777 124 Financial liabilites Borrowings (long & short term interest bearing debt) 1 259 561 - - 1 259 561 Trade payables 205 773 - - 205 773 Other current liabilities 206 197 - - 206 197 Liabilites, in total 1 671 531 - - 1 671 531
Note 21 - Classification of financial assets and liabilities - continued
2022 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive incom Fair value Financial assets Trade receivables 283 778 - - 283 778 Other receivables 13 019 - - 13 019 Cash and cash equivalents 191 591 - - 191 591 Assets, in total 488 389 - - 488 389 Financial liabilites Borrowings (long & short term interest bearing debt) 130 988 - - 130988 Trade payables 102 430 - - 102 430 Other current liabilities 112 541 - - 112 541 Liabilites, in total 345 959 - - 345 959 The following of the Group\u2019s financial instruments are measured at amortised cost: cash and cash equivalents, trade receivables, other current receivables, trade payables, other current liabilities and all interest bearing debt. The carrying amount of cash and cash equivalens is approximately similar to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables trade payables and other receivables/liabilities is approximately equal to fair value since they are entered into at standard terms and conditions. The fair value of the interest-bearing debt is the disclosed face value of the loans.
Financial liabilities 2023 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 205 773 - - - 205 773 Other current liabilities 206 197 - - - 206 197 Interest-bearing debt to credit institutions 5 220 4 984 16 967 40 422 67 594 Interest-bearing debt, leases 180 523 205 497 719 649 86 299 1 191 967 Interest on interest-bearing debt to credit institutions 2 848 2 640 8 261 7 878 21 627 Interest on interest-bearing debt, leases 42 338 35 005 85 211 4 642 167 196 Financial liabilities, in total 642 899 248 127 830 088 139 241 1 860 353 Financial liabilities 2022 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 102 430 - - - 102 430 Other current liabilities 112 541 - - - 112 541 Interest-bearing debt to credit institutions 19 506 3 580 4 932 - 28 018 Interest-bearing debt, leases 52 871 45 800 4 179 120 102 970 Interest on interest-bearing debt to credit institutions 753 317 183 - 1 252 Interest on interest-bearing debt, leases 2 213 943 166 - 3 322 Financial liabilities, in total 290 313 50 639 9 460 121 350 533 The tables below provides an analysis of the maturity of financial liabilities.
2023 2022 Changes in interest-bearing debt: Interest bearing debt, leases Interest bearing debt to credit instituations Interest bearing debt, leases Interest bearing debt to credit institutions Opening balance 102 970 28 018 281 798 30 757 Repayment incl interest (627 846) (23 300) (311 814) (13 448) Interest-bearing debt from acquisition of iSurvey Group AS (note 27) - - - 10 709 Interest-bearing debt from acquisition of Guardian Geomatics (note 27) - 219 - - Proceeds from bank loan - 27 500 - - Non-cash changes: Reclassified costs related to financing of Reach Remote - (2 877) - - Additions of fixed assets financed through leasing from credit institutions - 38 034 - - Interest-bearing debt from acquisition of Guardian Geomatics (note 27) 545 - - - Interest-bearing debt from acquisition of iSurvey Group AS (note 27) - - 10 327 - Addition IFRS 16 lease liability throughout the year 1 656 186 - 126 717 - Adjustment IFRS 16 lease liability (2 094) - (17 203) - Currency adjustment (12 685) - 55 - Accrued interests 74 892 - 13 090 - Closing balance 1 191 967 67 594 102 970 28 018 Distribution non-current and current debt 2023 2022 Non-current interest-bearing debt to credit institutions 57 418 4 932 Non-current interest- bearing debt, leases 805 931 4 310 Current interest-bearing debt to credit institutions 10 176 23 086 Current interest-bearing debt, leases 386 036 98 660 Closing balance 1 259 561 130 988
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f10065": { "value": "
2023 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive incom Fair value Financial assets Trade receivables 314 166 - - 314 166 Other receivables 26 534 - - 26 534 Cash and cash equivalents 436 423 - - 436 423 Assets, in total 777 124 - - 777 124 Financial liabilites Borrowings (long & short term interest bearing debt) 1 259 561 - - 1 259 561 Trade payables 205 773 - - 205 773 Other current liabilities 206 197 - - 206 197 Liabilites, in total 1 671 531 - - 1 671 531
Note 21 - Classification of financial assets and liabilities - continued
2022 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive incom Fair value Financial assets Trade receivables 283 778 - - 283 778 Other receivables 13 019 - - 13 019 Cash and cash equivalents 191 591 - - 191 591 Assets, in total 488 389 - - 488 389 Financial liabilites Borrowings (long & short term interest bearing debt) 130 988 - - 130988 Trade payables 102 430 - - 102 430 Other current liabilities 112 541 - - 112 541 Liabilites, in total 345 959 - - 345 959 The following of the Group\u2019s financial instruments are measured at amortised cost: cash and cash equivalents, trade receivables, other current receivables, trade payables, other current liabilities and all interest bearing debt. The carrying amount of cash and cash equivalens is approximately similar to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables trade payables and other receivables/liabilities is approximately equal to fair value since they are entered into at standard terms and conditions. The fair value of the interest-bearing debt is the disclosed face value of the loans.
Financial liabilities 2023 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 205 773 - - - 205 773 Other current liabilities 206 197 - - - 206 197 Interest-bearing debt to credit institutions 5 220 4 984 16 967 40 422 67 594 Interest-bearing debt, leases 180 523 205 497 719 649 86 299 1 191 967 Interest on interest-bearing debt to credit institutions 2 848 2 640 8 261 7 878 21 627 Interest on interest-bearing debt, leases 42 338 35 005 85 211 4 642 167 196 Financial liabilities, in total 642 899 248 127 830 088 139 241 1 860 353 Financial liabilities 2022 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 102 430 - - - 102 430 Other current liabilities 112 541 - - - 112 541 Interest-bearing debt to credit institutions 19 506 3 580 4 932 - 28 018 Interest-bearing debt, leases 52 871 45 800 4 179 120 102 970 Interest on interest-bearing debt to credit institutions 753 317 183 - 1 252 Interest on interest-bearing debt, leases 2 213 943 166 - 3 322 Financial liabilities, in total 290 313 50 639 9 460 121 350 533 The tables below provides an analysis of the maturity of financial liabilities.
2023 2022 Changes in interest-bearing debt: Interest bearing debt, leases Interest bearing debt to credit instituations Interest bearing debt, leases Interest bearing debt to credit institutions Opening balance 102 970 28 018 281 798 30 757 Repayment incl interest (627 846) (23 300) (311 814) (13 448) Interest-bearing debt from acquisition of iSurvey Group AS (note 27) - - - 10 709 Interest-bearing debt from acquisition of Guardian Geomatics (note 27) - 219 - - Proceeds from bank loan - 27 500 - - Non-cash changes: Reclassified costs related to financing of Reach Remote - (2 877) - - Additions of fixed assets financed through leasing from credit institutions - 38 034 - - Interest-bearing debt from acquisition of Guardian Geomatics (note 27) 545 - - - Interest-bearing debt from acquisition of iSurvey Group AS (note 27) - - 10 327 - Addition IFRS 16 lease liability throughout the year 1 656 186 - 126 717 - Adjustment IFRS 16 lease liability (2 094) - (17 203) - Currency adjustment (12 685) - 55 - Accrued interests 74 892 - 13 090 - Closing balance 1 191 967 67 594 102 970 28 018 Distribution non-current and current debt 2023 2022 Non-current interest-bearing debt to credit institutions 57 418 4 932 Non-current interest- bearing debt, leases 805 931 4 310 Current interest-bearing debt to credit institutions 10 176 23 086 Current interest-bearing debt, leases 386 036 98 660 Closing balance 1 259 561 130 988
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f10520": { "value": "
Total borrowings to bank and financial institutions includes secured liabilities (bank and collateralised borrowings) of NOK 30.4 million (2022: NOK 26.7 million). Bank borrowings are secured by equipment and receivables of the group.
Carrying amount Fair value (NOK 1000) 2023 2022 2023 2022 Bank borrowings 30 440 25 600 30 440 25 600 Lease liabilities to credit institutions (IFRS 16) 37 153 2 418 37 153 2 418 Other lease liabilities ( IFRS 16) 1 191 967 102 970 1 191 967 102 970 Total 1 259 560 130 988 1 259 560 130 988
The fair value of Bank borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values are based on cash flows discounted using a rate based on the borrowing rate of 8.5 % and are within level 3 of the fair value hierarchy. The carrying amounts of the group\u2019s borrowings are all denominated in Norwegian kroner.
The carrying amounts and fair value of the interest-bearing debts are as follows:", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f10539": { "value": "
Carrying amount Fair value (NOK 1000) 2023 2022 2023 2022 Bank borrowings 30 440 25 600 30 440 25 600 Lease liabilities to credit institutions (IFRS 16) 37 153 2 418 37 153 2 418 Other lease liabilities ( IFRS 16) 1 191 967 102 970 1 191 967 102 970 Total 1 259 560 130 988 1 259 560 130 988
(NOK 1000) 2023 2022 Gross lease liabilities - minimum lease payments No later than 1 year 4 358 2 339 Later than 1 year and no later than 5 years 32 795 78 Later than 5 years - - Total instalments on lease liabilities 37 153 2,418 Future finance charges on finance lease liabilities 10 751 103 Total instalments and finance charges on lease liabilities 47 904 2 520 Refer to note 14 Property, plant and equiptment for secured assets. For other lease liabilities under IFRS 16 see note 24.
Note 22 - Borrowings - continued
The fair value of Bank borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values are based on cash flows discounted using a rate based on the borrowing rate of 8.5 % and are within level 3 of the fair value hierarchy. The carrying amounts of the group\u2019s borrowings are all denominated in Norwegian kroner.
Lease liabilities to credit institutions Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default.
The carrying amounts and fair value of the interest-bearing debts are as follows:
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Short term leases Costs relating to operational leases recognized in the income statement for 2023 is NOK 6.2 million, whereof NOK 0.5 million in real estate rental. The real estate rental is short term with 3 months termination notice.
CAPEX and vessel capacity The Reach Remote project is expected to amount to approximately NOK 400 million. As of December 31 the company has capitalized NOK 208.1 million as Asset under construction. In addition, the company has financed two eROVs through leasing. As of December 31 the ROVs are under construction, and costs not recognised related to the ROVs amounts to NOK 37.3 million. The ROVs will be recognised in the balance sheet at commencement date. Besides the Reach Remote project, Reach has taken further steps to secure vessel capacity at competitive terms as well as technology development and equipment upgrades. After year end Reach has entered into chartering agreements for the vessels Olympic Taurus and Northern Maria. Investments in the coming six months associated with these vessels and other capex projects is expected to amount to approximately NOK 170 million. Reach has secured bank and lease financing to partly fund these investments. Charter commitments for the vessels Olympic Taurus and Northern Maria will increase interest-bearing debt with an estimated amount of NOK 506 million.
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Short term leases Costs relating to operational leases recognized in the income statement for 2023 is NOK 6.2 million, whereof NOK 0.5 million in real estate rental. The real estate rental is short term with 3 months termination notice.
CAPEX and vessel capacity The Reach Remote project is expected to amount to approximately NOK 400 million. As of December 31 the company has capitalized NOK 208.1 million as Asset under construction. In addition, the company has financed two eROVs through leasing. As of December 31 the ROVs are under construction, and costs not recognised related to the ROVs amounts to NOK 37.3 million. The ROVs will be recognised in the balance sheet at commencement date. Besides the Reach Remote project, Reach has taken further steps to secure vessel capacity at competitive terms as well as technology development and equipment upgrades. After year end Reach has entered into chartering agreements for the vessels Olympic Taurus and Northern Maria. Investments in the coming six months associated with these vessels and other capex projects is expected to amount to approximately NOK 170 million. Reach has secured bank and lease financing to partly fund these investments. Charter commitments for the vessels Olympic Taurus and Northern Maria will increase interest-bearing debt with an estimated amount of NOK 506 million.
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2023 2022 Contract with customers: Oil and gas Renewable/ other Total Oil and gas Renewable/ other Total Revenue from contracts with customers 1 248 277 633 588 1 881 865 831 413 186 715 1 018 127 Revenue from other contracts* 84 719 - 84 719 122 986 21 707 144 693 Segment revenue 1 332 996 633 588 1 966 584 954 399 208 422 1 162 821 Timing of revenue recognition At a point in time - - - - - - Over time 1 332 996 633 588 1 966 584 954 399 208 422 1 162 821 Sum 1 332 996 633 588 1 966 584 954 399 208 422 1 162 821 * Revenue that fall under cooperation agreement with Ocean Infinity Sweden AB. Revenue by region (NOK 100) 2023 2022 Ivory Coast 440 748 5 293 Norway 412 117 387 938 Netherlands 309 070 - Brazil 244 141 - UK 225 181 262 720 France 127 595 21 491 Singapore 53 890 29 499 US 33 636 156 730 Egypt 31 483 114 337 Australia 29 002 - Germany 27 744 51 553 Finland 22 030 - Greece 5 342 8 463 Sweden 3 446 77 753 Denmark 1 001 1 200 Trinidad og Tobago 95 39 856 Saudi Arabia 56 - Malta 7 2 437 Morocco - 1 963 Spain - 932 Israel - 631 Philippines - 23 Total 1 966 584 1 162 821 The Groups revenue comprises of revenue recognized from contract with customers for the provision of subsea services. Reach Subsea has assessed its contracts with customers and concluded that these fall under the definition of customer contracts in IFRS 15, with one exeption. Revenue derived from services provided to projects that fall under the cooperation agreement with Ocean Infinity Sweden AB (OI) does not constitute as revenue from a customer contract. As such, this revenue is recognised on a monthly basis in line with rendering of services to OI.
Assets and liabilities related to contracts with customers The group has recognized the following assets and liabilities related to contracts with customers: 31.12.2023 31.12.2022 Current contract assets 164 958 67 451 Loss allowance 3 000 - Total contract assets 167 958 67 451 Contract liabilities - - Total current contract liabilities - - Revenue recognised that was included in contract liability balance at beginning of period - - Revenue recognised from performance obligations satisfied in previous periods - - The group has not recognised any assets from costs incurred to fulfil a contract at 31 December 2023 (2022: 0). Fixed-price contracts 31.12.2023 31.12.2022 Revenue recognised from fixed-price contract 72 500 - Cost recognised for fixed-price contract 77 700 - Net (5 200) -
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New commitments During the first quarter of 2024 Reach has been awarded several contracts and call-offs under frame agreements, involving inspection, survey and construction support projects across Europe, the Americas and in Asia Pacific. Clients represent major operators and tier 1 contractors in both the oil & gas and renewable sectors. Reach also has expanded its capacity by securing charters for both the vessels Northern Maria and Olympic Taurus. For the Northern Maria, the charter arrangement includes 3 years firm period and 6+6 months options. For the Olympic Taurus, a project charter commenced in January 2024 for a duration of 100 days. In March 2024 Reach extended the charter for Olympic Taurus for an additional 2 years with the potential for extension up to an additional 1+1 years. Charter commitments for vessels mobilized in 1Q24 will increase interest bearing debt (leases) with an estimated amount of NOK 506 million. Refer to press releases sent via Newsweb for further information.
Proposed dividends The Board proposed a dividend of NOK 0.36 per share, in accordance with the company\u2019s dividend policy, to be resolved on the AGM on 31 May 2024. 2023 2022 Dividend per share (NOK) 0.36 0.18 Total number of shares 271 769 245 255 449 563 Dividends in total (NOK million) 97 837 45 981
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Proposed dividends The Board proposed a dividend of NOK 0.36 per share, in accordance with the company\u2019s dividend policy, to be resolved on the AGM on 31 May 2024. 2023 2022 Dividend per share (NOK) 0.36 0.18 Total number of shares 271 769 245 255 449 563 Dividends in total (NOK million) 97 837 45 981
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